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How Stable Was The Naira Under Gen. Buhari? - Politics (11) - Nairaland

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Re: How Stable Was The Naira Under Gen. Buhari? by Nobody: 8:33pm On Dec 21, 2014
Lol. Chai see number....
Collynzo9:

Learn to relax when issues beyond your brain capacity are being discussed.

1 Like

Re: How Stable Was The Naira Under Gen. Buhari? by duni04(m): 8:34pm On Dec 21, 2014
major466:

Exactly. The value of the naira had always been artificially supported by crude oil prices. That has always been the case since 1970s.
The way forward is for government to increase its diversification drive and allow market forces determine the true value of the naira. Its better to have a strong economy and a weak naira than have a weak economy with a strong naira supported by the nation's reserve.
True
Re: How Stable Was The Naira Under Gen. Buhari? by obayaya(m): 8:36pm On Dec 21, 2014
dre11:


I thought you read the post I did quote

I did...

And it makes no sense..

What indices will you throw up to prove that the lives of Nigerians that have to queue up for basic amenities like sugar in 1984 is better than the life they have now? like the post you quoted claimed.

All I need are the indices

2 Likes

Re: How Stable Was The Naira Under Gen. Buhari? by duni04(m): 8:41pm On Dec 21, 2014
atlwireles:


For the size of this economy, it is a crime against humanity, that Nigeria still depends on oil and gas, for 80% of government spending. The economy is diversified already. Oil and gas represents only 18% of the GDP.
Truth is that we can't help the fact that we're an oil producing country. What we can do is to base our spending on non oil exports and probably channel a huge chunk, maybe 80%, of our oil revenues into a sovereign wealth fund. That way we can hedge our economic growth against what we actually produce. Crude oil is 18% of our GDP and 80% of our government revenue because the value of our non oil production is abysmal.
Re: How Stable Was The Naira Under Gen. Buhari? by Nobody: 8:44pm On Dec 21, 2014
nduchucks:


Back your silly assertions up with evidence. No one believes you. The fact that US no longer buys oil from us is now your uninformed reason why the naira was devaluated.

I will stop responding to you if you continue to make lazy statements without sensible points to back them up.


You are the ignorant fellow here

If you understand basic economic , you will know that a nation earning less needs to cut down expenses in order to preserve her reserve.

Simple illustration

You are earning #1mil every month and was able to save #100 mil.

If you lose your job would you go on with your usually spending especially when you know that the probability of getting such jobs is little

Counter me intelligently and not threatening not to respond to my comment

I am disappointed in you threatening me instead of countering me intelligently.

2 Likes

Re: How Stable Was The Naira Under Gen. Buhari? by duni04(m): 8:47pm On Dec 21, 2014
nduchucks:


Please provide supporting evidence that the CBN would not had been able to ward off the recent devaluation of the naira if we had had $50billion in reserve instead of $38. Mind you the naira has been successfully defended for many years by Sanusi and Soludo when the reserves hovered around $40 billion without devaluation.
Defend the naira from what? Admist record oil prices? Oil was selling for 110 dpb from 2010 to early 2014. The naira didn't need any defending within that period undecided

1 Like

Re: How Stable Was The Naira Under Gen. Buhari? by atlwireles: 8:49pm On Dec 21, 2014
duni04:

Truth is that we can't help the fact that we're an oil producing country. What we can do is to base our spending on non oil exports and probably channel a huge chunk, maybe 80%, of our oil revenues into a sovereign wealth fund. That way we can hedge our economic growth against actual production.

Yes we are an oil producing nation, yet oil is just 18% of the GDP. Nigeria needs to reconfigure her public spending. The sooner we carry out this process, the better. The economy has the capacity to finance our public spending without oil.
Re: How Stable Was The Naira Under Gen. Buhari? by Nobody: 8:51pm On Dec 21, 2014
OEmperor:

Ok what is the difference between when obj was ruling and now. Yes he stole but it was still better than now. I suggest you go for deliverance since you don't know the difference between good and bad. THUNDER FIRE YOU IF YOU QUOTE ME


May all those above you be in the spirit of OBJ and relate with you the way OBJ govern Nigeria


Say amen if you believe in what you wrote

2 Likes

Re: How Stable Was The Naira Under Gen. Buhari? by Nobody: 8:54pm On Dec 21, 2014
datribune:


Ur over simplification shows absolute ignorance of d type of hand dat Buhari was dealt when he became head of state. We ar talking of someone inheriting an economy dat was practically dead & resuscitating it & u thru ignorance of d depth & magnitude of d problem u ask whether he diversified an economy dat was practically dead. d NPN crooks looted d country to bankruptcy. No food, no money. Soap, milk, sugar etc popularly called essential commodities disappeared frm d market. Fed govt couldn't pay salaries & u ar here talking of diversification. smh



If he had encouraged 50% derivation on royalties/ taxes the economy would have most probably be diversified within that 20 months.

2 Likes

Re: How Stable Was The Naira Under Gen. Buhari? by LouisVanGaal(m): 8:56pm On Dec 21, 2014
Although am no authority in Economics, let alone macro-economics..but let's be realistic in comparing buhari's regime with GEJ's era(currently). Buhari's govt was yet to settle down..I.e, his economic plans were still unfolding gradually before he was sacked by IBB! The bulk of his regime was on the Anti-corruption campaign and WAI. Can you compare a 'baby' of 20 months Old Vs 5-6yrs old? Which is matured btw dem? To be fair to GEJ, you CAN'T fix nigeria's problem in 4yrs, as stated in the interview with GMB in datolee link ab initio, BUT d only Challenge he gave us abt fixing the power sector,he wasn't able to do dat in dat 4years...4m, it's a failure! Like I said earlier on, it would be unfair to judge d 20months of GMB on the same ground with GEJ. If there's ANY leader in the past dat deserves to come back and prove himself again is either Gen. Murtala Mohammed or Gen. Buhari...shikena! The rest had full tenures

1 Like

Re: How Stable Was The Naira Under Gen. Buhari? by Nobody: 8:58pm On Dec 21, 2014
Doyin2:


Diversify the economy in 20 months? What PDP could not do in 15 years?


PDP couldn't do because the PDP North opposed it.

And I know APC North will oppose it.

1 Like

Re: How Stable Was The Naira Under Gen. Buhari? by Nobody: 9:02pm On Dec 21, 2014
chemali:


You do not know for a certain. If PDP can't achieve something that is beneficial to us, it is folly to stick with them and assume another person won't succeed where they failed.

Take your time to study the North and you will agree with me that

Resource control

Fiscal federalism

Privatization

Political federalism

Decentralization of Nigeria

Restructuring of Nigeria


Is not in their agenda


So both APC North and PDP North are impediment to National development due to their stand

1 Like

Re: How Stable Was The Naira Under Gen. Buhari? by shomutuski(m): 9:31pm On Dec 21, 2014
Collynzo9:

Learn to relax when issues beyond your brain capacity are being discussed.
Chai!!!! Broo! You they yab oh. Legendary yabber. If nah me be dat guy. I go just de activate my nairaland account.. The yabbing mean sey him brain nah pentium 1/4.

1 Like

Re: How Stable Was The Naira Under Gen. Buhari? by Nicklee(m): 9:31pm On Dec 21, 2014
Jonathanians are seriously taking Nigerians for a ride. Y'all must think Nigeria is made up of grossly inept people like your educated illiterate pay master.

There are clearly two records of primary market FX data available for the period under consideration:

1980: Official - N0.55/$ and Parallel - N0.90/$
1981: Official - N0.61/$
1982: Official - N0.673/$
1983: Official - N0.724/$
1984: Official - N0.765/$
1985: Official - N0.894/$ and Parallel - N1.70/$

The statistically meaningful thing to do is to interpolate between N0.90 and N1.70 to fill out the unreported data between 1981 and 1984. If this is done, the data looks like this:

1980: Official - N0.55/$ and Parallel - N0.90/$
1981: Official - N0.61/$ and Parallel - N1.04/$
1982: Official - N0.673/$ and Parallel - N1.186/$
1983: Official - N0.724/$ and Parallel - N1.304/$
1984: Official - N0.765/$ and Parallel - N1.399/$
1985: Official - N0.894/$ and Parallel - N1.70/$


2010: Official - N148/$ and Parallel - N155/$
Now:Official - N168/$ and Parallel - N193/$

Based on this, Naira lost value as follows:

Official Parallel
Buhari 23.48% 30.37%
Jonathan 13.51% 24.54%


However, in Buhari's period in power, Nigeria earned a total of $69.92B (in 2014 $) with [b]$41.95B [/b]accruing to the FG and states. In Jonathan's time, Nigeria has earned a total of $484.2B as at October (in 2014 $) with [b]$290.5B [/b]of that accruing to the FG and states. These numbers were derived from monthly records of crude sales (from CBN's website) and a roughly 60% vs 40% split between Nigeria and the IOCs respectively.

Nigeria has never seen as much record earnings in its history as we have seen in Jonathan's time yet there is nothing to show for it. Slow people want us to compare Buhari's 20 months in office with $41B and Jonathan's 60 months in office with $290B. What did Jonathan do with Nigeria's $290B record earnings? Why is the ECA just at $2B when countries like Norway have saved up hundreds of Billions this same period? Why is the foreign reserve still at $30B? What happened to the Sovereign Wealth Fund (SWF)? Jonathan and his cronies have 'gang-banged' (whatever that means) the economy and have absolutely nothing to show for it.

Nonsense!

2 Likes

Re: How Stable Was The Naira Under Gen. Buhari? by erico2k2(m): 10:30pm On Dec 21, 2014
Nicklee:
Jonathanians are seriously taking Nigerians for a ride. Y'all must think Nigeria is made up of grossly inept people like your educated illiterate pay master.

There are clearly two records of primary market FX data available for the period under consideration:

1980: Official - N0.55/$ and Parallel - N0.90/$
1981: Official - N0.61/$
1982: Official - N0.673/$
1983: Official - N0.724/$
1984: Official - N0.765/$
1985: Official - N0.894/$ and Parallel - N1.70/$

The statistically meaningful thing to do is to interpolate between N0.90 and N1.70 to fill out the unreported data between 1981 and 1984. If this is done, the data looks like this:

1980: Official - N0.55/$ and Parallel - N0.90/$
1981: Official - N0.61/$ and Parallel - N1.04/$
1982: Official - N0.673/$ and Parallel - N1.186/$
1983: Official - N0.724/$ and Parallel - N1.304/$
1984: Official - N0.765/$ and Parallel - N1.399/$
1985: Official - N0.894/$ and Parallel - N1.70/$


2010: Official - N148/$ and Parallel - N155/$
Now:Official - N168/$ and Parallel - N193/$

Based on this, Naira lost value as follows:

Official Parallel
Buhari 23.48% 30.37%
Jonathan 13.51% 24.54%


However, in Buhari's period in power, Nigeria earned a total of $69.92B (in 2014 $) with [b]$41.95B [/b]accruing to the FG and states. In Jonathan's time, Nigeria has earned a total of $484.2B as at October (in 2014 $) with [b]$290.5B [/b]of that accruing to the FG and states. These numbers were derived from monthly records of crude sales (from CBN's website) and a roughly 60% vs 40% split between Nigeria and the IOCs respectively.

Nigeria has never seen as much record earnings in its history as we have seen in Jonathan's time yet there is nothing to show for it. Slow people want us to compare Buhari's 20 months in office with $41B and Jonathan's 60 months in office with $290B. What did Jonathan do with Nigeria's $290B record earnings? Why is the ECA just at $2B when countries like Norway have saved up hundreds of Billions this same period? Why is the foreign reserve still at $30B? What happened to the Sovereign Wealth Fund (SWF)? Jonathan and his cronies have 'gang-banged' (whatever that means) the economy and have absolutely nothing to show for it.

Nonsense!

How about comparing standard of living then to now?

1 Like

Re: How Stable Was The Naira Under Gen. Buhari? by Sunnybobo3(m): 10:31pm On Dec 21, 2014
Nicklee:
Jonathanians are seriously taking Nigerians for a ride. Y'all must think Nigeria is made up of grossly inept people like your educated illiterate pay master.

There are clearly two records of primary market FX data available for the period under consideration:

1980: Official - N0.55/$ and Parallel - N0.90/$
1981: Official - N0.61/$
1982: Official - N0.673/$
1983: Official - N0.724/$
1984: Official - N0.765/$
1985: Official - N0.894/$ and Parallel - N1.70/$

The statistically meaningful thing to do is to interpolate between N0.90 and N1.70 to fill out the unreported data between 1981 and 1984. If this is done, the data looks like this:

1980: Official - N0.55/$ and Parallel - N0.90/$
1981: Official - N0.61/$ and Parallel - N1.04/$
1982: Official - N0.673/$ and Parallel - N1.186/$
1983: Official - N0.724/$ and Parallel - N1.304/$
1984: Official - N0.765/$ and Parallel - N1.399/$
1985: Official - N0.894/$ and Parallel - N1.70/$


2010: Official - N148/$ and Parallel - N155/$
Now:Official - N168/$ and Parallel - N193/$

Based on this, Naira lost value as follows:

Official Parallel
Buhari 23.48% 30.37%
Jonathan 13.51% 24.54%


However, in Buhari's period in power, Nigeria earned a total of $69.92B (in 2014 $) with [b]$41.95B [/b]accruing to the FG and states. In Jonathan's time, Nigeria has earned a total of $484.2B as at October (in 2014 $) with [b]$290.5B [/b]of that accruing to the FG and states. These numbers were derived from monthly records of crude sales (from CBN's website) and a roughly 60% vs 40% split between Nigeria and the IOCs respectively.

Nigeria has never seen as much record earnings in its history as we have seen in Jonathan's time yet there is nothing to show for it. Slow people want us to compare Buhari's 20 months in office with $41B and Jonathan's 60 months in office with $290B. What did Jonathan do with Nigeria's $290B record earnings? Why is the ECA just at $2B when countries like Norway have saved up hundreds of Billions this same period? Why is the foreign reserve still at $30B? What happened to the Sovereign Wealth Fund (SWF)? Jonathan and his cronies have 'gang-banged' (whatever that means) the economy and have absolutely nothing to show for it.

Nonsense!


For your mind now you make sense.

Oya clap for yourself.

6 Likes 1 Share

Re: How Stable Was The Naira Under Gen. Buhari? by marldean(m): 10:32pm On Dec 21, 2014
I really learnt a lot from this argument you guys had. you are the people i believe should find their way Nigerian parastatals.
Re: How Stable Was The Naira Under Gen. Buhari? by Sunnybobo3(m): 10:37pm On Dec 21, 2014
erico2k2:

How about comparing standard of living then to now?

Don't mind the bitter revisionist. He even tactically ignored the population aspect.

3 Likes

Re: How Stable Was The Naira Under Gen. Buhari? by atlwireles: 10:38pm On Dec 21, 2014
[s]
Nicklee:
Jonathanians are seriously taking Nigerians for a ride. Y'all must think Nigeria is made up of grossly inept people like your educated illiterate pay master.

There are clearly two records of primary market FX data available for the period under consideration:

1980: Official - N0.55/$ and Parallel - N0.90/$
1981: Official - N0.61/$
1982: Official - N0.673/$
1983: Official - N0.724/$
1984: Official - N0.765/$
1985: Official - N0.894/$ and Parallel - N1.70/$

The statistically meaningful thing to do is to interpolate between N0.90 and N1.70 to fill out the unreported data between 1981 and 1984. If this is done, the data looks like this:

1980: Official - N0.55/$ and Parallel - N0.90/$
1981: Official - N0.61/$ and Parallel - N1.04/$
1982: Official - N0.673/$ and Parallel - N1.186/$
1983: Official - N0.724/$ and Parallel - N1.304/$
1984: Official - N0.765/$ and Parallel - N1.399/$
1985: Official - N0.894/$ and Parallel - N1.70/$


2010: Official - N148/$ and Parallel - N155/$
Now:Official - N168/$ and Parallel - N193/$

Based on this, Naira lost value as follows:

Official Parallel
Buhari 23.48% 30.37%
Jonathan 13.51% 24.54%


However, in Buhari's period in power, Nigeria earned a total of $69.92B (in 2014 $) with [b]$41.95B [/b]accruing to the FG and states. In Jonathan's time, Nigeria has earned a total of $484.2B as at October (in 2014 $) with [b]$290.5B [/b]of that accruing to the FG and states. These numbers were derived from monthly records of crude sales (from CBN's website) and a roughly 60% vs 40% split between Nigeria and the IOCs respectively.

Nigeria has never seen as much record earnings in its history as we have seen in Jonathan's time yet there is nothing to show for it. Slow people want us to compare Buhari's 20 months in office with $41B and Jonathan's 60 months in office with $290B. What did Jonathan do with Nigeria's $290B record earnings? Why is the ECA just at $2B when countries like Norway have saved up hundreds of Billions this same period? Why is the foreign reserve still at $30B? What happened to the Sovereign Wealth Fund (SWF)? Jonathan and his cronies have 'gang-banged' (whatever that means) the economy and have absolutely nothing to show for it.

Nonsense!

[/s]

Keep your lies to yourself.

2 Likes

Re: How Stable Was The Naira Under Gen. Buhari? by tecmon: 10:53pm On Dec 21, 2014
Nicklee:
Jonathanians are seriously taking Nigerians for a ride. Y'all must think Nigeria is made up of grossly inept people like your educated illiterate pay master.

There are clearly two records of primary market FX data available for the period under consideration:

1980: Official - N0.55/$ and Parallel - N0.90/$
1981: Official - N0.61/$
1982: Official - N0.673/$
1983: Official - N0.724/$
1984: Official - N0.765/$
1985: Official - N0.894/$ and Parallel - N1.70/$

The statistically meaningful thing to do is to interpolate between N0.90 and N1.70 to fill out the unreported data between 1981 and 1984. If this is done, the data looks like this:

1980: Official - N0.55/$ and Parallel - N0.90/$
1981: Official - N0.61/$ and Parallel - N1.04/$
1982: Official - N0.673/$ and Parallel - N1.186/$
1983: Official - N0.724/$ and Parallel - N1.304/$
1984: Official - N0.765/$ and Parallel - N1.399/$
1985: Official - N0.894/$ and Parallel - N1.70/$


2010: Official - N148/$ and Parallel - N155/$
Now:Official - N168/$ and Parallel - N193/$

Based on this, Naira lost value as follows:

Official Parallel
Buhari 23.48% 30.37%
Jonathan 13.51% 24.54%


However, in Buhari's period in power, Nigeria earned a total of $69.92B (in 2014 $) with [b]$41.95B [/b]accruing to the FG and states. In Jonathan's time, Nigeria has earned a total of $484.2B as at October (in 2014 $) with [b]$290.5B [/b]of that accruing to the FG and states. These numbers were derived from monthly records of crude sales (from CBN's website) and a roughly 60% vs 40% split between Nigeria and the IOCs respectively.

Nigeria has never seen as much record earnings in its history as we have seen in Jonathan's time yet there is nothing to show for it. Slow people want us to compare Buhari's 20 months in office with $41B and Jonathan's 60 months in office with $290B. What did Jonathan do with Nigeria's $290B record earnings? Why is the ECA just at $2B when countries like Norway have saved up hundreds of Billions this same period? Why is the foreign reserve still at $30B? What happened to the Sovereign Wealth Fund (SWF)? Jonathan and his cronies have 'gang-banged' (whatever that means) the economy and have absolutely nothing to show for it.

Nonsense!

you are asking where the money made under GEJ went ? , i suppose building roads , bridges, railways, and fixing airports, giving grants to thousands of Nigerians youths to start their own business are charity projects by your father. itiboribo

3 Likes

Re: How Stable Was The Naira Under Gen. Buhari? by Legacy44(f): 10:56pm On Dec 21, 2014
LouisVanGaal:
Although am no authority in Economics, let alone macro-economics..but let's be realistic in comparing buhari's regime with GEJ's era(currently). Buhari's govt was yet to settle down..I.e, his economic plans were still unfolding gradually before he was sacked by IBB! The bulk of his regime was on the Anti-corruption campaign and WAI. Can you compare a 'baby' of 20 months Old Vs 5-6yrs old? Which is matured btw dem? To be fair to GEJ, you CAN'T fix nigeria's problem in 4yrs, as stated in the interview with GMB in datolee link ab initio, BUT d only Challenge he gave us abt fixing the power sector,he wasn't able to do dat in dat 4years...4m, it's a failure! Like I said earlier on, it would be unfair to judge d 20months of GMB on the same ground with GEJ. If there's ANY leader in the past dat deserves to come back and prove himself again is either Gen. Murtala Mohammed or Gen. Buhari...shikena! The rest had full tenures

Just so u knw...Buhari will never win 2015 election.
Re: How Stable Was The Naira Under Gen. Buhari? by Nicklee(m): 11:05pm On Dec 21, 2014
Sunnybobo3:


For your mind now you make sense.

Oya clap for yourself.

Rubbish! it is too hard for you to comprehend, right? It is convenient for you to believe the 107% lie (comparing official price at one end with parallel at the other end) but hard data is tough to reckon with, right? Typical Nigerian! Nonsense.
Re: How Stable Was The Naira Under Gen. Buhari? by Nicklee(m): 11:10pm On Dec 21, 2014
Sunnybobo3:


Don't mind the bitter revisionist. He even tactically ignored the population aspect.

Lol - it is looong thing for Naija with the sort of people we have. I think the next administration needs to do something about our educational system.

Okay, the whole idea of bringing in earnings is to normalize things so that we are making apple-to-apple comparisons. Population could be another normalizing denominator. Now, your homework is to figure out per carpita Earnings between GMB and GEJ's times, then come back and talk to me. The difference is that I go out, and actually run numbers rather than sit and spew senseless arguments. Imagine the arrant nonsense.

Lol - una no go kill person.
Re: How Stable Was The Naira Under Gen. Buhari? by HONNESSTY(m): 11:14pm On Dec 21, 2014
Collynzo9:

Learn to relax when issues beyond your brain capacity are being discussed.
wat is here that is beyond his brain? If u dnt av reasonable contribution just kip ur damn fuckin mouth shot. Ezi lik u
Re: How Stable Was The Naira Under Gen. Buhari? by Sunnybobo3(m): 11:18pm On Dec 21, 2014
Nicklee:


Lol - it is looong thing for Naija with the sort of people we have. I think the next administration needs to do something about our educational system.

Okay, the whole idea of bringing in earnings is to normalize things so that we are making apple-to-apple comparisons. Population could be another normalizing denominator. Now, your homework is to figure out per carpita Earnings between GMB and GEJ's times, then come back and talk to me. The difference is that I go out, and actually run numbers rather than sit and spew senseless arguments. Imagine the arrant nonsense.

Lol - una no go kill person.

Bros I do not have time otherwise I'd engage you on this. Your analysis is at best fit for the trash can.

Just a few layman questions for you;

-How about adjusting the earnings for inflation

-Was there any legislature in 1983-1985 taking up 25% of recurrent budget?

-How many Federal universities and other institutions were funded by the FG?

1 Like

Re: How Stable Was The Naira Under Gen. Buhari? by erico2k2(m): 11:19pm On Dec 21, 2014
Sunnybobo3:


For your mind now you make sense.

Oya clap for yourself.
Thats what happens when you copy and paste without knowing the meaning of waht you are pasting grin grin grin grin

1 Like

Re: How Stable Was The Naira Under Gen. Buhari? by erico2k2(m): 11:21pm On Dec 21, 2014
Sunnybobo3:


Bros I do not have time otherwise I'd engage you on this. Your analysis is at best fit for the trash can.

Just a few layman questions for you;

-How about adjusting the earnings for inflation

-Was there any legislature in 1983-1985 taking up 25% of recurrent budget?

-How many Federal universities and other institutions were funded by the FG?

Bro dnt waste ur time with brains for bins,he just copied and paste all that C*rap without duly digesting its contents to observe it bears no meaning in real term to what we are all debating on here.trash Indeed.

1 Like

Re: How Stable Was The Naira Under Gen. Buhari? by duni04(m): 11:37pm On Dec 21, 2014
Nicklee:
Jonathanians are seriously taking Nigerians for a ride. Y'all must think Nigeria is made up of grossly inept people like your educated illiterate pay master.

There are clearly two records of primary market FX data available for the period under consideration:

1980: Official - N0.55/$ and Parallel - N0.90/$
1981: Official - N0.61/$
1982: Official - N0.673/$
1983: Official - N0.724/$
1984: Official - N0.765/$
1985: Official - N0.894/$ and Parallel - N1.70/$

The statistically meaningful thing to do is to interpolate between N0.90 and N1.70 to fill out the unreported data between 1981 and 1984. If this is done, the data looks like this:

1980: Official - N0.55/$ and Parallel - N0.90/$
1981: Official - N0.61/$ and Parallel - N1.04/$
1982: Official - N0.673/$ and Parallel - N1.186/$
1983: Official - N0.724/$ and Parallel - N1.304/$
1984: Official - N0.765/$ and Parallel - N1.399/$
1985: Official - N0.894/$ and Parallel - N1.70/$


2010: Official - N148/$ and Parallel - N155/$
Now:Official - N168/$ and Parallel - N193/$

Based on this, Naira lost value as follows:

Official Parallel
Buhari 23.48% 30.37%
Jonathan 13.51% 24.54%


However, in Buhari's period in power, Nigeria earned a total of $69.92B (in 2014 $) with [b]$41.95B [/b]accruing to the FG and states. In Jonathan's time, Nigeria has earned a total of $484.2B as at October (in 2014 $) with [b]$290.5B [/b]of that accruing to the FG and states. These numbers were derived from monthly records of crude sales (from CBN's website) and a roughly 60% vs 40% split between Nigeria and the IOCs respectively.

Nigeria has never seen as much record earnings in its history as we have seen in Jonathan's time yet there is nothing to show for it. Slow people want us to compare Buhari's 20 months in office with $41B and Jonathan's 60 months in office with $290B. What did Jonathan do with Nigeria's $290B record earnings? Why is the ECA just at $2B when countries like Norway have saved up hundreds of Billions this same period? Why is the foreign reserve still at $30B? What happened to the Sovereign Wealth Fund (SWF)? Jonathan and his cronies have 'gang-banged' (whatever that means) the economy and have absolutely nothing to show for it.

Nonsense!

I'm not a Jonatharian but the truth is that for years, the minister of finance has been calling for savings from the ECA to be channelled into a SWF but our governors have refused. APC governors, led by Ameachi were at the forefront of the agitation for the money to be shared by the states. This one is fact.

1 Like

Re: How Stable Was The Naira Under Gen. Buhari? by jpphilips(m): 12:22am On Dec 22, 2014
FELLOW NIGERIANS, IS THIS THE PRESIDENT YOU DESERVE?

May the Judgment of God not befall us and our families if with our votes we deliberately return a Govt of Hunger, corruption and death to the Nigerian people. Kindly distribute through your BBM and Whatsapp contacts, enough is enough!!



November 2014, Jonathan shocked Nigerians with the news that Boko haram has taken control of 6 towns in 4 LGA’s the height of incompetence in balkanizing the Nigerian state, a week later, Nigerians were blown away by series of austerity measures handed to them for their stupidity in 2011.

The naira was devalued at the pretext of drop in oil prices but Nigerians never asked why the Naira never appreciated when the oil price was increasing?
If the foreign reserve were not stolen, Nigeria would have weathered the storm for at least 6months like we did during the global melt down of 2004 and 2008, unfortunately, the incompetence of the Jonathan administration has brought grave consequence on the Nigerian people, Inflation and high cost of energy are likely consequences.

According to Will Ross of the BBC “He said he hoped a parliamentary investigation would also find out why the country's Excess Crude Account had fallen from $11.5bn to under $2.5bn in a year - arguing that Nigeria's savings are a vital buffer against any drop in the global oil price and without this "rainy day" account, the economy is vulnerable and exposed.

October 2014; Ladies and Gentlemen, the President of the Federal republic of Nigeria uses a militant Asari Dokubo for black market gun running, evident from the grounding and seizure of over $10m by the South African authorities.
September, 2014, The Nigerian Government admitted ferrying over $10m in a private jet for arms procurement, where do we draw the line between money laundering and arms procurement? I asked myself about the recent helos that was delivered by Russia recently if it was purchased in the same manner, agree with me or not, Jonathan is neck deep not just in corruption but money laundering.

August 2014: As a result of the unabated corruption in the Nigerian Military, Mutiny of July gave rise to Boko haram declaring a caliphate on Nigerian Soil, Gentlemen and Ladies, Jonathan Has once again made a history of Incompetence. Never in the history of Nigeria have we ceded territories to bandits.


July 2014: saw a president who went to sleep while neighboring West African countries battled with the Ebola virus, his negligence paid off when Patrick Sawyer brought the deadly virus to Nigeria unabated. Since August 2012, when the Ebola outbreak began, The Nigerian govt had no single emergency response plan in place.
$11m emergency fund and N480m budgeted for the control of infectious diseases in the 2013 budget never got to the Lagos state government, the Nigerian Ebola Epicenter.
Still in June, we saw the worst abuse of his Royal majesties powers when he barred APC Governors from attending a rally in Ekiti state with soldiers, meanwhile Boko Haram is still having a field day in the North.
The senate revealed to Nigerians how the president Mis appropriated over 685b kerosene subsidy fund


May 2014: [/b]left us with this shocking statement
“Jonathan, who was asked to comment on the allegations of corrupt practices leveled against some of his ministers, had said that nobody was above mistakes and that if he were to be acting based on reports on each of them, “no one will stay for more than six months in office.” [b]Mere stealing we call corruption"
Still in the same month after the corrupt tales of embezzlement and diversion of military budget, the clueless one finally offered Amnesty to a terrorist group, the first of its kind, in the world.
An Indication that the Jonathan’s administration is run by a den of thieves.

April 2014: reminded us the climax of Jonathan’s administration where he went on a jamboree while book haram held over 200 young girls, hostage,
April never ended before the Dizeani madueke’s 10billion naira scam reached a climax.

March 2014: just before the centenary celebration where Abacha of all people was a beneficiary, scores of Innocent school children were murdered in Adamawa sate.

Feb 2014: saw the illegal suspension of the CBN Gov.at a time the nation was in dire need of foreign direct investment, the Kidnap of the president’s foster father is a realistic score card on his strides on security.
January 2014, a presidential committee was set up to investigate the October scandal of stella odua who came with a guilty verdict, yet she kept her job.

December 2013: ushered the yuletide of Obasanjo’s “before it is too late”, several corruption allegations and the extremism of the Jonathan’s administration, the impunity of plundering the people’ s common wealth and the tenacity of talking drums like Abati who have earned a reputation in insulting the sensibilities of Nigerians.10 bullet proof vehicles purchased by DICON for its top brass

November 2013: the CBN Governor raised an alarm that under Jonathan’s watch, the NNPC diverted $49billion dollars, fellow Nigerians, are we not tired of condoning corruption?

October 2013: ushered a month of corruption coronation in Jonathan’s camp, where the Aviation minister coerced the NCAA to purchase 2 fairly used armored 2008 BMW to the tune of $800,000 each.

September 2013: President Jonathan took a record breaking 600 men entourage for the UN General assembly in New york

August 2013: After the billions of dollars spent in revamping the nation’s airports, skytrax world airport ranking for Africa showed Nigeria didn’t make it to top 10 in Africa neither did it make it top 100th place in the world. Whereas Ethiopia and Mauritania made it to position 9th and 8th respectively, what a shame.

July 2013: transparency international rated Nigeria as the 8th most corrupt country in the world.

June 2013: World Bank appraised him thus;

“Nevertheless, improvements in social welfare indicators have been much slower than would be expected in the context of this growth. Poverty reduction and job creation have not kept pace with population growth, implying social distress for an increasing number of Nigerians. Progress toward the fulfillment of many of the Millennium Development Goals has been slow, and the country ranked 153 out of 186 countries in the 2013 United Nations Human Development Index” the World Bank said.



May 2013: The president after wasting tax payer’s money on an entourage as long as the third mainland bridge went sleeping while his foreign affairs minister represented him in his presence during the AU summit in Addis ababa.
Just outside President Goodluck Jonathan's office sat 17 ambulances, just in case he or one of his aides fell ill. They were seldom if ever used.

No actual health-care facility nationwide had as many, and in fact a few still have none at all. But as soon as a Nigerian newspaper took a photo of the ambulances and published a story about them, they suddenly disappeared -- probably to an underground garage.

March, 2013: we witnessed the height of moral bankruptcy when Mr President granted presidential pardon to the biggest criminal in the history of our democracy, Alamesigha to prepare him for a senatorial seat.

February 2013: amidst the short fall in crude prices, the president smuggled into the 2013 budget a 2bn appropriation fund for the office of the first lady

February 2013: the office of the presidency denied vehemently that the first lady was on vacation in Germany only for them to organize a survival party with tax payer’s money. Is this the kind of leader you want to hold to his words?

In January 2013: the erst while madam due process and former minister for education challenged the charlatans of jonathans’ administration to a debate on accountability of $67b as expected, honorable cowards and pen thieves, absconded as usual


November 2012: President Jonathan approved 2.2bn naira for the construction of a banquet hall in the villa. At a time our debt profile was all time high

As commander in chief, he stood dumb while a military helicopter was used for "kabu-kabu" at oronto douglas father’s burial that error in judgment alone claimed the life of a sitting Governor. and the most brilliant NSA Nigeria has ever produced.

October 2012: blatantly refusing to appeal the ICJ’s decision on ceding bakassi, thereby throwing Millions of Bakkasi indigenes into pandemonium

refusing to cut down on foreign trips and cost of Governance, contrary to his Nationwide address of 7th Jan 2012.


October 2012: Mr president’s administration spent 1.5 billion to patch the 3rd mainland bridge, 4 months later, triple of that amount was expended again on maintenance alone, Talk about waste and incompetence

August 2012 : He said our foreign reserve is 42billion usd , is that not only on iweala's notepad?
How can you have external debt of 48bn usd and come home to deceive us that we have reserves?
How much services that 48bn plus interest annually? Nearly 25% of 48bn.


August 2012: Under his watch militants earn 10% of the Nation's revenue, $22.5m, $9m and $12.5m for tompolo, Ateke and Asari as national honors.

He twisted facts during the Independence Day speech on his fight on corruption, in contrast to what the transparency international claimed.
By august 2012, 2012 budget implementation was just 13%

over 5, ooo Nigerian lives gone, Mr president is still trading words and negotiating with boko haram, we remain grateful that a quasi state of emergency came to be, at least I cant imagine an SOE where the State Govs sit tight to control state funds while the FG fight their battle.

July 2012: its 3yrs gone and he is yet to commission from scratch a new power plant worst still fired the only human being in his cabinet who knows his onions in the power sector.

July 2012: Mr President earned a congratulatory message for implementing local content policy by importing 200 luxury brands at the cost of over 13.5 million each for a 4 day first ladies summit. While our manufacturing industries beg for patronage.

June 2012: Almost all teaching hospitals in Nigeria have no functional dialysis machine, the most sought of this equipment cost just 5m naira. Statistics has it that more than 60,000 Nigerians die yearly of a kidney related ailment, however, he jets out with his cohorts to seek medical help elsewhere.

ferma is seriously patching federal highways with a budget of over 80 billion naira, there is no coordination between, the MND, NDDC and Federal ministry of works on road maintenance, same contract is awarded over and over before the job is done.

JUNE 2012: Under his watch, the giant of oil and gas reserves is undergoing its worst energy crisis in the world.

tanker drivers alone can cripple his supply network as they wish not to talk of ordinary Niger republic coming to our rescue via imports.

In case you have not heard, Nigeria is very close to Afghanistan on security progress under Jonathan's watch.

June 2012: Education is in crisis. With adult literacy at 57 per cent, overall illiteracy at 66 per cent and more than 10 million out of the 30 million children of primary school age not in school, no serious government should be comfortable. When 40 million adults in a population of 170 million are illiterate, the country is ranked 161 out of 180 countries in the United Nations Comparative Index of Literacy 2012, and has an unemployment rate of 23.7 per cent,
it’s no longer news that only 26% of school leavers gain admission into the universities and only 5% are employed after school thanks to ASUU’s 6 months strike.

June 2012: Mr president’s economic blind men have blessed us with all time high of 37.5% inflation though his mickey mouse cbn governor is still claiming 28%, wondering what he will be claiming now that all bankers are at home, naira devalued, unemployment on the rise etc He still maintains a single digit inflation on paper, I dey laugh.


Mr president is the only Nigerian president that has not initiated a successful programme even Abacha did better with ptf while IBB with FSP and MAMSA, Mr president is still confused with ''YOU WIN''and SURE-P, with zero benefit to the Nigerian people.
on that same vein, Nigeria has the second record high job cuts within the last 2yrs, if in doubt ask the bankers and manufacturing industries.
before his ascension into power, the naira was in a sorry state of 150 to 1 dollar today, Jonathan has handed us an unstable 182 to 1 dollar

June 2012: The dana crash is a testimony that Mr president’s aviation is comatose, not even the attorney general could challenge the allegations of the dana staff in court, in a national disaster of that magnitude?
The girl could have served as a prime witness in a class action against dana
Less than 6months of inconclusive investigations, DANA air hit the Tarmac again.

Still on military, Nigeria has the most under educated junior military officers, before you ask how, Mr president is too lazy to ask him self why imo with highest national examination enrollments still have the least NDA and police academy enrollments, while borno and zamfara as educationally less privileged, have higher quota than Delta and Anambra put together in military enrollments. Nepotism and corruption at its best
Mr President is the only head of state in the world whose wife is a ministry of its own.



January 2012: Under Mr president’s watch, a 250bilion subsidy programme rose to 2 trillion naira yet no arrest, no conviction, no sack, the best miserable Nigerians could get was an AWOL attorney general after 7days of protests. Height of incompetence and corruption.

Mr President is the only president in the world whose parliament gulps 75% of the national budget as alleged by the CBN Gov. yet they still soak themselves in $625m bribery scandal.
Jonathan has not even initiated let alone fulfilling a single campaign promises except the one that he needs to surround himself with brain dead women in his cabinet.


Nigerians say thank you Sir, for your 6 wasted years of leadership.

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Re: How Stable Was The Naira Under Gen. Buhari? by ismolicious(m): 12:34am On Dec 22, 2014
datolee:
Sometimes I feel for the “poor” Nigeria voters who are constantly fed with half-truth and in some instances, outright lies. We are at it again, being told how perfect, stable Naira was under Buhari. To even quote GMB, . http://www.thecable.ng/exclusive-interview-im-opposed-muslim-muslim-ticket-says-buhari/2

Two things are involved here:

1. At no point during the administration of IBB was naira N80 to a dollar, the highest it was at parallel market was N21.90

2. When Buhari took over in 1983, the Naira was exchanging for N 0.724 to a dollar, by the time he left office, the Naira was exchanging at between N1.5 to 1.7 in the parallel market. We will make use of the N1.5 exchange rate.
From 1983 to 1985, the Naira moved from 0.724 to 1.5 representing a 107% depreciation of the Naira!

The question therefore, with 107% depreciation of naira from 1983 to 1985, how stable was the naira under Buhari?
Re: How Stable Was The Naira Under Gen. Buhari? by ismolicious(m): 12:34am On Dec 22, 2014
datolee:
Sometimes I feel for the “poor” Nigeria voters who are constantly fed with half-truth and in some instances, outright lies. We are at it again, being told how perfect, stable Naira was under Buhari. To even quote GMB, . http://www.thecable.ng/exclusive-interview-im-opposed-muslim-muslim-ticket-says-buhari/2

Two things are involved here:

1. At no point during the administration of IBB was naira N80 to a dollar, the highest it was at parallel market was N21.90

2. When Buhari took over in 1983, the Naira was exchanging for N 0.724 to a dollar, by the time he left office, the Naira was exchanging at between N1.5 to 1.7 in the parallel market. We will make use of the N1.5 exchange rate.
From 1983 to 1985, the Naira moved from 0.724 to 1.5 representing a 107% depreciation of the Naira!

The question therefore, with 107% depreciation of naira from 1983 to 1985, how stable was the naira under Buhari?
In 1983, it was 0.724 to a dollar, in 1984 it was 0.765 and in 1985 it was 1.5-1.7. But u said we use 1.5 to 1.7 as our exchange rate. Pls note this
Re: How Stable Was The Naira Under Gen. Buhari? by Nicklee(m): 12:39am On Dec 22, 2014
Sunnybobo3:


Bros I do not have time otherwise I'd engage you on this. Your analysis is at best fit for the trash can.

Just a few layman questions for you;

-How about adjusting the earnings for inflation

-Was there any legislature in 1983-1985 taking up 25% of recurrent budget?

-How many Federal universities and other institutions were funded by the FG?


Grrrrrhhh - too many senseless people here. You didn't see that the numbers are in 2014 $ or don't you know what that means? Lol... Clearly I shouldn't be wasting my time talkin to you here. You have no clue what you're saying. Now you want me to normalize for Congress and number of universities... lol

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