9jatriot:
Hope you know the difference between federal reserves and Excess Crude account. The total reserves left by Obasanjo was in the neighbourhood of $60 billion. Obj was taking about the federal reserves not ECA.

I know what I'm saying

https://www.thecable.ng/buhari-misleading-nigerians-gej-left-30bn

cktheluckyman:
GEJ left $30billion in the excess crude account. Please ignoramuses get your facts right

Faints!!!

afroniger:


Why she come borrow over a billion dollars to pay salaries towards the end of the last administration's tenure

na because ameachi, fayemi and fashola wan chop from excess crude oil account.

Where's is lalasticlala and mynd44 when u need them

If you are hoping that it is stolen, then you are wrong. I don't understand the economic mechanics of what you have asked but I know it is a common practice world wide.

cktheluckyman:


what did Buhari do with the $30billion that he is travelling to china to borrow just $2billion smh

Your link is a report by a minister in GEJ's government. Show me the one you said Obj said lets start from there.

betterABIAstate:
I know what I'm saying

https://www.thecable.ng/buhari-misleading-nigerians-gej-left-30bn

‘

Buhari misleading Nigerians, GEJ left $30bn



June 23


22:25

2015

Abubakar Sulaiman, the immediate past minister of national planning, has faulted the claim of President Muhammadu Buhari that he inherited “virtually an empty treasury”, saying former president, Goodluck Jonathan, left about $30 billion before handing over.

Suleiman described the report as “unscientific and unfair”, asking Nigerians not to accept Buhari’s claim until there is substantive evidence to back it up.

“It will be misleading for our respected President Muhammadu Buhari and indeed the ruling APC to claim to have met an empty treasury,” he said in a statement issued late Tuesday.

“Government can’t tell us that there is no Excess Crude Account (ECA), Sovereign Wealth Fund (SWF) or are we saying the Federal Inland Revenue Service (FIRS) and related agencies had not in the last one month been generating revenue?

“Until they are able to prove they had no receipts from these government agencies in the last one month before Nigerians can now buy into Mr. President’s claim of an empty treasury.”

Lauding the administration of Jonathan, Suleiman justified the deficit that Buhari’s predecessor left behind.

“Money made by government is meant to be spent, and this the immediate past administration did responsibly,” he said.

“Every government, even in the so-called western world, including the US which today remains one of the largest debtors nations in the world, government operates on deficit.

“Is it not on record that President Obama inherited US$3 triillion debt, a collapsed banking sector and mortgage industry, yet he never raised any alarm. None of these has happened in Nigeria under Jonathan.

“Under Jonathan, Nigeria became the largest Africa economy and 26th in the world amidst deadly security challenges and dwindling international prices of oil. In spite of all these, the FG never owed salary.

“Upon inception of Jonathan’s administration, it is on record that the price of oil at the global stage was over $100 per barrel and at the close of the administration, it dropped to $46. Yet, there wasn’t collapse of government and federal civil servants were paid as at when due.”

He advised Buhari to hit the ground

https://www.thecable.ng/buhari-misleading-nigerians-gej-left-30bn

afroniger:


Why she come borrow over a billion dollars to pay salaries towards the end of the last administration's tenure

Because she does not know what she was doing. IN FACT Nigeria was borrowing even when it was sharing excess crude under her watch. She is a failure and should her head out of shame, after all she is not beautiful.

9jatriot:
Your link is a report by a minister in GEJ's government. Show me the one you said Obj said lets start from there.

give me a reason to disbelieve the minister and believe PMB.

bakila:

Because she does not know what she was doing. IN FACT Nigeria was borrowing even when it was sharing excess crude under her watch. She is a failure and should her head out of shame, after all she is not beautiful.

well the gurus in the global financial field do not consider her a failure and keeps giving her more jobs.With what is happening today we know know she was far better than the imcompetent Kemi Adeseoun we have on seat today

Hmmm, although you have change topic, the answer is the minister was not specific the same way PMB was not specific. PMB says he met a VIRTUALLY empty account, the former minister reply that "it cannot be tru". No specific mention of amount by both parties. That why I want you to refer to Obj's post, he was very specific about amounts.

betterABIAstate:
give me a reason to disbelieve the minister and believe PMB.

9jatriot:
Hmmm, although you have change topic, the answer is the minister was not specific the same way PMB was not specific. PMB says he met a VIRTUALLY empty account, the former minister reply that "it cannot be tru". No specific mention of amount by both parties. That why I want you to refer to Obj's post, he was very specific about amounts.

let's assume PMB met $2bilion, can that be term as virtually empty?

cktheluckyman:
GEJ left $30billion in the excess crude account. Please ignoramuses get your facts right

You need Jesus!

When you compare it with about $30billion left by Obj, then yes. When you compare it with over $700billion Saudi Arabia was able to save during the same period, then yes you can say virtually empty.
Moreover, reserves are not usually part of the running cost, They are used for other things that only economics can explain. In a normal situation, as my little economics can permit, you are not even suppose to be looking at using your reserves to pay salary and other running cost. When you start using your savings (reserves) to handle daily expenses, it is already a sign that you are in crisis.

betterABIAstate:
let's assume PMB met $2bilion, can that be term as virtually empty?

9jatriot:
Hmmm, although you have change topic, the answer is the minister was not specific the same way PMB was not specific. PMB says he met a VIRTUALLY empty account, the former minister reply that "it cannot be tru". No specific mention of amount by both parties. That why I want you to refer to Obj's post, he was very specific about amounts.

so $30billion is virtually empty? seriously dude?

9jatriot:
When you compare it with about $30billion left by Obj, then yes. When you compare it with over $700billion Saudi Arabia was able to save during the same period, then yes you can say virtually empty.
Moreover, reserves are not usually part of the running cost, They are used for other things that only economics can explain. In a normal situation, as my little economics can permit, you are not even suppose to be looking at using your reserves to pay salary and other running cost. When you start using your savings (reserves) to handle daily expenses, it is already a sign that you are in crisis.

how much did GEJ meet when he assumed office? Buhari should work and stop blaming anyone for his inefficiency

cktheluckyman:


well the gurus in the global financial field do not consider her a failure and keeps giving her more jobs.With what is happening today we know know she was far better than the imcompetent Kemi Adeseoun we have on seat today

Do the Gurus in the financial world want a very prosperous Nigeria or a Nigeria that is dependant on their goods? Iweala is a symbol of the black global economist that seeks to maintain the status qou, third world produce raw material and they import finished goods from those countries that control international lending. If she is good why was she borrowing when the country has excess? Adeosun was smarter by borrowing at 4.5 something you gurguru was doing at 10+% when we are very buoyant. Bros read the history and activities of world Bank and imf and say whether they do things in your interest. Take 10 minutes of your time and read Haiti the first independent black Country and guinea as well and come back with your opinion of Iweala the Guru or Gurguru of economics for Africa development.

You guys would do this nation a lot of good by not looking at your reserves as cash for handling routine expenses. Google Norway's reserve and you will know that $30 billion non be money compared to 170 million people

cktheluckyman:


so $30billion is virtually empty? seriously dude?

In terms of reserves, Yar'adua/ GEJ met about $60 billion. In Soludo's exposé, he claim that our reserves had no reason not to be more than $120 billion because of the consistent high price of oil during the period of GEJ/ NOI regime.

cktheluckyman:


how much did GEJ meet when he assumed office? Buhari should work and stop blaming anyone for his inefficiency

9jatriot:
When you compare it with about $30billion left by Obj, then yes. When you compare it with over $700billion Saudi Arabia was able to save during the same period, then yes you can say virtually empty.
Moreover, reserves are not usually part of the running cost, They are used for other things that only economics can explain. In a normal situation, as my little economics can permit, you are not even suppose to be looking at using your reserves to pay salary and other running cost. When you start using your savings (reserves) to handle daily expenses, it is already a sign that you are in crisis.

obasanjo did not leave 30billion in the excess crude oil account.

And again, I'm from the school of thought of "stop blaming and start working". We don't need someone that blames all the way without proffering solution to the problem, buhari was not elected to blame past government, he's job is to rectify faults and if he fails to do that then he will be more of a failure.

I'm part of the HR personels of my company and I cannot employ someone that will always blame his predecessors for His failure, I will sack such person immediately, it's better to employ a problem solver because there will always be problems at every point in time.

His job is to fix and salvage the situation, only a fool will blame Jonathan for the current problem when have someone (buhari) whose job is to manage the situation and he's performin woefully at that.

I agree with your school of thought. But I assure you, if in your workplace, you set out to work and try to improve things without talking, you are not going to keep quiet if the previous guy goes to management and starts saying he is better than you. At that stage I think you would take steps to show management what you met on ground and steps you are taking to improve it. If PDP keeps quiet and stops talking then APC will be very stupid to keep referring to them. When someone like NOI makes a statement and PDP goons hook on to it, you do not expect APC goons to allow them have a field day?

betterABIAstate:
obasanjo did not leave 30billion in the excess crude oil account.

And again, I'm from the school of thought of "stop blaming and start working". We don't need someone that blames all the way without proffering solution to the problem, buhari was not elected to blame past government, he's job is to rectify faults and if he fails to do that then he will be more of a failure.

I'm part of the HR personels of my company and I cannot employ someone that will always blame his predecessors for His failure, I will sack such person immediately, it's better to employ a problem solver because there will always be problems at every point in time.

His job is to fix and salvage the situation, only a fool will blame Jonathan for the current problem when have someone (buhari) whose job is to manage the situation and he's performin woefully at that.

The real reason why it was difficult to accumulate a rainy day fund when oil prices were higher is because of the public sector wage bill. During the OBJ era, the minimum wage was N5000, Yar'Adua and GEJ more than tripled public sector wages - making the minimum wage N18,000.

If you look at government budgets - both at state and federal levels - recurrent expenditure dominates and most of it is public sector wages. With a tripling of wages, consumer demand increased driving up fuel consumption and in turn the fuel subsidy bill, fuel subsidy had to increase anyway due to higher oil prices. The combination of a bloated wage bill and high fuel subsidy bill eroded the capacity to save.

The above is why I say that Nigeria's economic problems aren't simply driven by corruption. Nigeria is poor because we collectively support policies that inhibit sustainable development. Both the unsustainable increases in wages and the maintenance of the fuel subsidy received public support. It is not a good argument to claim that workers deserve higher wages otherwise the politicians will steal. If you support policies that damage the country's long term economic prospects, the ordinary people will suffer most whilst the politicians will continue stealing no matter what.

Another thing that has to be mentioned is that until oil prices collapsed and exposed the folly of not saving, there was no public demand for saving. To the contrary, Lai Mohammed was on record stating that APC's first policy will be to abolish the excess crude account and the sovereign wealth fund. As it is his wont to play to the gallery, this reflected the popular view. At the state level, state finances were run like oil prices will always stay high (witness Kemi Adeosun's stint bankrupting Ogun state as the state finance commissioner).No one was doing threads on Nairaland bemoaning the paucity of our rainy day fund. Only with hindsight did we realise the hole we had dug ourselves. People get the leadership they deserve and Nigerians have got what they deserve.

9jatriot:
In terms of reserves, Yar'adua/ GEJ met about $60 billion. In Soludo's exposé, he claim that our reserves had no reason not to be more than $120 billion because of the consistent high price of oil during the period of GEJ/ NOI regime.

Yaradua is not GEJ.How much did GEJ meet? Buhari should quit apportioning blames and work.Obasanjo looted $16billion energy fund yet it didn't stop GEJ and Yaradua from working.Enough of these puerile excuses.After APC Governors like Amaechi,Oshiomhole and Fashola had gone to court to share the ECA you still want $120billion.Oya continue

Not sure of GEJ. But Yar'Adua saved added about $3billion. that puts it at about $63 in total (ECA and Federal Reserves). If PDP do not try to paint APC black, they would not refer to the mistakes of PDP again. But as long as PDP try to score cheap points then people will be reminded of their failure.

cktheluckyman:


Yaradua is not GEJ.How much did GEJ meet? Buhari should quit apportioning blames and work.Obasanjo looted $16billion energy fund yet it didn't stop GEJ and Yaradua from working.Enough of these puerile excuses

9jatriot:
Not sure of GEJ. But Yar'Adua saved added about $3billion. that puts it at about $63 in total (ECA and Federal Reserves). If PDP do not try to paint APC black, they would not refer to the mistakes of PDP again. But as long as PDP try to score cheap points then people will be reminded of their failure.

PDP is not in power today but rather Buhari/APC!! They have 3 more years to perform or get kicked out in 2019.Enough of the excuses!!BTW how many of the APC men were former PDP members!! Enough of these puerile excuses

No wahala. APC has to work has clear up the mess. You are very right on that one.
As to the number of Nigerians who were once on PDP and then later became APC members, I do not know.
Have a lovely day ahead.

cktheluckyman:


PDP is not in power today but rather Buhari/APC!! They have 3 more years to perform or get kicked out in 2019.Enough of the excuses!!BTW how many of the APC men were former PDP members!! Enough of these puerile excuses

Sibrah:
So if it is management that crashes economy and not fund, what do we make of the fact that NOI complained of harsher period ahead while she was still Minister of Finance/Economy coordinating minister? She just indicted herself in a bid to take a subtly malicious swipe at Buhari govt.

harsher in terms of cutting cost f governance, govt spending less as oil prices fall. But with all that, there will still be foriegn investors coming into Nigeria. There will still be jobs for Nigerians and dollar won't be 325 in parallel market.

Today investors have left the country for king buhari and his team. Stock market crashed, people loosing jobs, inflation on the rise. And with the low oil price govt plans to share more money that jonathan's regime.

That's what lack of proper management can cause.

bjdon:


Are you dumb, ignorant or both?
The reason PMB meet less funds , was because over $10 Billion dollars in the excess crude fund was shared between the governors. Who pressed for it to be shared? Rotimi Amechi, the man who would later become Director of Buhari's campaign. GEJ did not want the money shared out, Amechi and other governors even went to court to force the FG to share out the funds.Despite all this ignorant people like you still keep running your mouths blaming GEJ and Ngozi for everything.

The governors also shared the billions of dollars this thoughtless and incompetent woman and GEJ stole and gave to dasuki to share?

Adminisher:


This is for low IQ , unemployed fools.
Deficit budgeting gets carried forward to increase National debt. The Naira value crashed sharply just before PDP left office.
I have said it again anybody who does not realise that the current economic conditions are the consequences of past mis management is a coward and a fool. What is the word management?
Management is proactive guidance of an economy for the future not to PATCH up the present. If Buhari were irresponsible, he could move questionable loans into the country, mortgage our future and destroy the future of the silly person posting this or his children. On top of everything, Nigerians own resources equal to about ten times the GDP of Nigeria and the Nigerian diaspora sends more foreign exchange than oil earnings as at last year. There is a lot that endurance, hardworking and patience can do but little that "flash" ideas can do.

Buhari is going for the loans already to finance a budget which 70% of it will be used to feed the govt and 30% on infrastructure.

He has shut the doors on foriegn investment and yet wants to borrow outside the country. What this simple means is that buhari will borrow money he and his team will share and Nigeria will remain broke.

The private sector will dry up after a while and we will be back to square one.

A government that wants to drive 2016 foriegn cars at lower oil prices.

No economic direction. All they want is to bring in money to be shared , which will eventually be flushed down the toilet.

today they say there is subsidy tommorow they say there is none. Today they say nnpc will import 80% of fuel 2morow they beg importers to come back.

Instead of promoting growth and empowering companies to grow. They increase tax, increase electricity, steal from people's account in the name of stamp duty. Shut out foriegn investment, making access to forex for raw materials hard and then wonder why inflation is on the rise and economic growth is slow.

That is what mismanagement is all about.

mekaboy:


She is saying oil price does not crash the economy, it is the management that crashes it.

Remember even if he present NEPA bill as certificate you will still vote?

That NEPA bill certificate can crash the economy like it did in 1985.

But the same uselesa woman was part of the same leadership that suppervised the largest income from oil for years in our history, but that didn't prevent the same woman from borrowing money to pay salaries all while still approving billions of dollars for dasuki to share for spiritual prayers and political errands for useless and incompetent stealing is not corruption Jona...


Do you people really think we have amnesia and have no clue how we get to this point..?

9jatriot:
Not sure of GEJ. But Yar'Adua saved added about $3billion. that puts it at about $63 in total (ECA and Federal Reserves). If PDP do not try to paint APC black, they would not refer to the mistakes of PDP again. But as long as PDP try to score cheap points then people will be reminded of their failure.

I keep saying this same thing, the only reason APC keeps falling back to blame PDP is because PDP and their confused supporters (who obviously are suffering from selective amnesia) keep accusing APC of things which the PDP was worse off. The APC only RESPONDS to attacks by PDP, and then after being confronted with evidence, the PDP supporters realising how shamelessly guilty their own heroes are always resort to statements like, "but we voted you in to change it."