Under his watch as President, between 2011 -2014, Nigeria made so much money like never before! but today, Nigeria is in a serious problem. Low reserve and falling price of crude has now caused inflation and naira devaluation (unofficially). There is so much hardship in the land.

I decided to do a rough estimate to arrive at the amount we would have earned from crude oil sales during our oil boom period. Militants were settled with amnesty largess and juicy security contracts so production was never halted during these 4 years.

Let us take an average figure of $100 per barrel for the 4 year period and 2.5million per day as production average to calculate. If it cost around $25 to produce a barrel in Nigeria then plus or minus, Nigeria should have been able to earn $40 as profit while the other $35 could have gone to their partners.

$40 * 2.5mil barrel should have given us $100 million daily, $36.5 billion in a year and $146 billion in 4 years. If we decide to add NNLNG revenue on natural gas, it can even be upto $160 billion !

The question is, what have they done with all of these billions of dollars? This is apart from the incomes from taxes and levies, just oil and gas ( though the major income earner ) . But the point or rather the question to ask is ... where have these billions gone to?

When OBJ left office, our reserve was around $60 billion with zero foreign debt, oil price average for his tenure was berely around $50 per barrel. Yaradua was not profligate either, so how did G.E Jonathan then manage the wealth of this nation? He left a paltry $30 billion and huge external and internal debt for President Buhari to chew amist constant falling prices of our main source of revenue .. oil.

He no try abeg! and President Buhari is not the one to blame for this, the blame should go to his predecessor. We should also blame ourselves for allowing this monumental kleptocracy to happen in our country.

Losers. .........

If with corruption, a dollar was 180naira, and now without corruption, a dollar is 400naira, Ladies and gentlemen, you all will agree with me that we need corruption in this country.

SMH*

GEJ giving APC sleepness nights..

Shame!!

I see...says the blind man.

Buhari is using the money GEJ left behind to bail out state governments and to fund wasteful foreign trips

#Budgetofyamsandeba

Jonathan is a prodigal president

Gej killed nigeria...Buhari has come to buri it

Gidoka:
If with corruption, a dollar was 180naira, and
now without corruption, a dollar is 400naira, Ladies
and gentlemen, you all will agree with me that we
need corruption in this country.

Supported... I think we need more PDP corruption to reverse $1 to N180 and to make forex to be available.

Gidoka:
If with corruption, a dollar was 180naira, and
now without corruption, a dollar is 400naira, Ladies
and gentlemen, you all will agree with me that we
need corruption in this country.

I agree

It is not about sentiment but about facts. I know some of you like Jonathan but I had to take the pain to write all of these so as to open your eyes to the root cause of our economic quagmire.

On the contrary, Buhari is merely trying to patch the basket. If Jonathan had left upto $100 billion in our reserve , if he had effectively diversified our economy with our wealth , if he had listened to his then CBN governor in the person of Malam Sanusi, when he raised alarm about stolen billions which eventually landed him a sack , we would not have been in this problem. The sowing had been done in Jonathan's tenure, Buhari is just trying hard to manage the bitter harvest. Had Jonathan won a re-election, Nigeria would have gone under with oil selling at $30.

There is excess naira in the system (post election windfall), and now to launder these in addition to importers huge demand for dollars as against a reserve that cannot cope, what would you expect? we will surely experience what we are going thru right now... STAGFLATION.

kingviny:
It is not about sentiment but about facts. I know some of you like Jonathan but I had to take the pain to write all of these so as to open your eyes to the root cause of our economic quagmire.

On the contrary, Buhari is merely trying to patch the basket. If Jonathan had left upto $100 billion in our reserve , if he had effectively diversified our economy with our wealth , if he had listened to his then CBN governor in the person of Malam Sanusi, when he raised alarm about stolen billions which eventually landed him a sack , we would not have been in this problem. The sowing had been done in Jonathan's tenure, Buhari is just trying hard to manage the bitter harvest. Had Jonathan won a re-election, Nigeria would have gone under with oil selling at $30.

There is excess naira in the system (post election windfall), and now to launder these in addition to importers huge demand for dollars as against a reserve that cannot cope, what would you expect? we will surely experience what we are going thru right now... STAGFLATION.

Kingviny, unfortunately I don't subscribe to your position. And if PMB team continue to think it's all about GEJ, then we will have no solution in the short term to our foreign exchange crisis.

Till date, no leader has tried diversification of our economy like GEJ. Who issued policies to reduce imports of wheat, tomato paste and worked with private sector to introduce local substitutes? Who first screamed on the need to remove oil subsidies to free up monies for capital expenditures? You also mentioned sls as giving advices to GEJ? Now, you can factually see that the reduction of our reserves was by Sls advice to defend our naira to prevent devaluation. He still said it on BBC radio last week that he deployed those reserves to defend the naira because it was huge. That really is where our reserves went. Please seperate corruption from foreign exchange management. I do agree that corruption was high under GEJ, but pls note that corruption is still ongoing.

Our reserves rose by 2bn after PMB was sworn in and Pmb was widely praised even by Cbn governor. Now it has dropped but you point yet at GEJ? We still have a long way to go with such biased perceptions!

sholatech:

Kingviny, unfortunately I don't subscribe to your position. And if PMB team continue to think it's all about GEJ, then we will have no solution in the short term to our foreign exchange crisis.

Till date, no leader has tried diversification of our economy like GEJ. Who issued policies to reduce imports of wheat, tomato paste and worked with private sector to introduce local substitutes? Who first screamed on the need to remove oil subsidies to free up monies for capital expenditures? You also mentioned sls as giving advices to GEJ? Now, you can factually see that the reduction of our reserves was by Sls advice to defend our naira to prevent devaluation. He still said it on BBC radio last week that he deployed those reserves to defend the naira because it was huge. That really is where our reserves went. Please seperate corruption from foreign exchange management. I do agree that corruption was high under GEJ, but pls note that corruption is still ongoing.

Our reserves rose by 2bn after PMB was sworn in and Pmb was widely praised even by Cbn governor. Now it has dropped but you point yet at GEJ? We still have a long way to go with such biased perceptions!

I am not biased bro. Who was in power when oil was being sold at over $100 the highest ever in Nigeria's history? If his diversification effort as you have put it really yielded result, how come our import bills are still very high? there are empirical evidence by which one should measure good governance, I still maintain that he under performed. He might have tried in some areas but he was the luckiest cus he earned the most and we expected a lot more from him .

The reserve fell from $60 to around $45 billion during Yaradua, when Jonathan left, it was around $30 billion, did his regime use all the huge oil money earned to defend the naira? to the extent that our reserve still went further down? common! lets call a spade a spade.

kingviny:


I am not biased bro. Who was in power when oil was being sold at over $100 the highest ever in Nigeria's history? If his diversification effort as you have put it really yielded result, how come our import bills are still very high? there are empirical evidence by which one should measure good governance, I still maintain that he under performed. He might have tried in some areas but he was the luckiest cus he earned the most and we expected a lot more from him .

The reserve fell from $60 to around $45 billion during Yaradua, when Jonathan left, it was around $30 billion, did his regime use all the huge oil money earned to defend the naira? to the extent that our reserve still went further down? common! lets call a spade a spade.

the problem is super cluelessness and not oil price. If you like let oil be 2000/barrel, Buhari and his team know nothing about governance @ the federal level

kingviny:


I am not biased bro. Who was in power when oil was being sold at over $100 the highest ever in Nigeria's history? If his diversification effort as you have put it really yielded result, how come our import bills are still very high? there are empirical evidence by which one should measure good governance, I still maintain that he under performed. He might have tried in some areas but he was the luckiest cus he earned the most and we expected a lot more from him .

The reserve fell from $60 to around $45 billion during Yaradua, when Jonathan left, it was around $30 billion, did his regime use all the huge oil money earned to defend the naira? to the extent that our reserve still went further down? common! lets call a spade a spade.

My guy, I agree that GEJ underperformed, but my opinion is that ALL leaders past and present have do little or nothing to salvage our economy. See, after our economy boomed under Yaradua and GEJ, our lifestyle also changed. Our visa applications skyrocketed, Naija became highest champagne consumer in Africa, our ATM cards were withdrawing foreign currency worldwide at huge cost o forex depletion. But let me also state empirically th two major items that depleted our reserves: petroleum imports and naira defence. Long long ago, our 120/160 , even now 197 exchange rates are not reflective of our Naira strength. Just like Saudi/Angola with their oil-backed reserves, reserves, we have been defending our naira with our reserves

kingviny:
Under his watch as President, between 2011 -2014, Nigeria made so much money like never before! but today, Nigeria is in a serious problem. Low reserve and falling price of crude has now caused inflation and naira devaluation (unofficially). There is so much hardship in the land.

I decided to do a rough estimate to arrive at the amount we would have earned from crude oil sales during our oil boom period. Militants were settled with amnesty largess and juicy security contracts so production was never halted during these 4 years.

Let us take an average figure of $100 per barrel for the 4 year period and 2.5million per day as production average to calculate. If it cost around $25 to produce a barrel in Nigeria then plus or minus, Nigeria should have been able to earn $40 as profit while the other $35 could have gone to their partners.

$40 * 2.5mil barrel should have given us $100 million daily, $36.5 billion in a year and $146 billion in 4 years. If we decide to add NNLNG revenue on natural gas, it can even be upto $160 billion !

The question is, what have they done with all of these billions of dollars? This is apart from the incomes from taxes and levies, just oil and gas ( though the major income earner ) . But the point or rather the question to ask is ... where have these billions gone to?

When OBJ left office, our reserve was around $60 billion with zero foreign debt, oil price average for his tenure was berely around $50 per barrel. Yaradua was not profligate either, so how did G.E Jonathan then manage the wealth of this nation? He left a paltry $30 billion and huge external and internal debt for President Buhari to chew amist constant falling prices of our main source of revenue .. oil.

He no try abeg! and President Buhari is not the one to blame for this, the blame should go to his predecessor. We should also blame ourselves for allowing this monumental kleptocracy to happen in our country.

Yoruba people and bad belle politics
Imagine this one praising a thief called Obj because he is Yoruba.
Jonathan remains the best.
Yorubas who hate him can join Awolowo through otapiapia

Goat zombies blaming others for their failure

kingviny:
Under his watch as President, between 2011 -2014, Nigeria made so much money like never before! but today, Nigeria is in a serious problem. Low reserve and falling price of crude has now caused inflation and naira devaluation (unofficially). There is so much hardship in the land.

I decided to do a rough estimate to arrive at the amount we would have earned from crude oil sales during our oil boom period. Militants were settled with amnesty largess and juicy security contracts so production was never halted during these 4 years.

Let us take an average figure of $100 per barrel for the 4 year period and 2.5million per day as production average to calculate. If it cost around $25 to produce a barrel in Nigeria then plus or minus, Nigeria should have been able to earn $40 as profit while the other $35 could have gone to their partners.

$40 * 2.5mil barrel should have given us $100 million daily, $36.5 billion in a year and $146 billion in 4 years. If we decide to add NNLNG revenue on natural gas, it can even be upto $160 billion !

The question is, what have they done with all of these billions of dollars? This is apart from the incomes from taxes and levies, just oil and gas ( though the major income earner ) . But the point or rather the question to ask is ... where have these billions gone to?

When OBJ left office, our reserve was around $60 billion with zero foreign debt, oil price average for his tenure was berely around $50 per barrel. Yaradua was not profligate either, so how did G.E Jonathan then manage the wealth of this nation? He left a paltry $30 billion and huge external and internal debt for President Buhari to chew amist constant falling prices of our main source of revenue .. oil.

He no try abeg! and President Buhari is not the one to blame for this, the blame should go to his predecessor. We should also blame ourselves for allowing this monumental kleptocracy to happen in our country.

until apc stop nagging I see no future to this country under them. In the time of pressure they use to know what we a call a man. If apc continue to blame their cluelessness on a past administration then its clear that they have nothing to offer. Only failure blame others for his woes. So if you are under such pattern you are a big failure. A man come to make changes where others fail that's what we call successful.

If Buhari cannot lead this nation as shown thus far, let him stand down. GEJ handed over when $1 was N210. Is GEJ expected to still be running this could try after handing over?

Buhari wasted a lot of time in appointing ministers that Blomberg even have to complain about his minister of finance. The state of things with the global economy requires someone that has experience and not someone who isn't conversant with management of economy to take up job when the economy is challenged globally.

Basically, Buhari killed Nigeria's economy with his policies that drove away investors. He should take the blame and stop blaming others for his woes.

@OP you're a very sensible man, but what must be done to restore it, though it will be a gradual process, what are the plans for resuscitating it and when will the plan kick off

kingviny:
Under his watch as President, between 2011 -2014, Nigeria made so much money like never before! but today, Nigeria is in a serious problem. Low reserve and falling price of crude has now caused inflation and naira devaluation (unofficially). There is so much hardship in the land.

I decided to do a rough estimate to arrive at the amount we would have earned from crude oil sales during our oil boom period. Militants were settled with amnesty largess and juicy security contracts so production was never halted during these 4 years.

Let us take an average figure of $100 per barrel for the 4 year period and 2.5million per day as production average to calculate. If it cost around $25 to produce a barrel in Nigeria then plus or minus, Nigeria should have been able to earn $40 as profit while the other $35 could have gone to their partners.

$40 * 2.5mil barrel should have given us $100 million daily, $36.5 billion in a year and $146 billion in 4 years. If we decide to add NNLNG revenue on natural gas, it can even be upto $160 billion !

The question is, what have they done with all of these billions of dollars? This is apart from the incomes from taxes and levies, just oil and gas ( though the major income earner ) . But the point or rather the question to ask is ... where have these billions gone to?

When OBJ left office, our reserve was around $60 billion with zero foreign debt, oil price average for his tenure was berely around $50 per barrel. Yaradua was not profligate either, so how did G.E Jonathan then manage the wealth of this nation? He left a paltry $30 billion and huge external and internal debt for President Buhari to chew amist constant falling prices of our main source of revenue .. oil.

He no try abeg! and President Buhari is not the one to blame for this, the blame should go to his predecessor. We should also blame ourselves for allowing this monumental kleptocracy to happen in our country.

why una dey sing like canary ova GEJ mata buari dullard is ur current president. was $1 = N400 during GEJ era

kestolove95:
Gej killed nigeria...Buhari has come to buri it

You want to murder someone with laughter tonight...

A killer is still subject to a criminal trial.

An undertaker hasn't committed any crime.

There's a huge difference...

hw did he killed it,the mny ur mumu presido dy carry travel na 4rm where,the budget he is planning na 4rm wer nd wen GEJ saved mny in the SWF acccount wer is Amaechi nd co dat shouted dy wanted the mny didnt he give it to dem nd y have dy citizens nt call Amaechi 2 ask him y he let other governors pressure GEJ in giving dem dy mny wen he was saving 4 dy future

as u clam GEJ credit also clam the problem