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How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today - Politics (9) - Nairaland

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Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by LaExpert: 2:03pm On May 25, 2016
superstar1:


I have no business with any party.

OBJ made impact an turned things around. Yar Adua only came to save and to stop all on-going projects.

Th Mandela of Otuoke only came to loot. Even Abacha will be scared of the looting capabilities of the wailers' Hero.

You cannot answer simply.
Hypocrisy on your own part.

I challenge you to present evidence for Jonathan's loot as you alleged in the bold.

Remember it is credited to Buhari to have said that 'Abacha never looted.'

allafrica.com/stories/200806090008.html
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by kaboninc(m): 2:04pm On May 25, 2016
nenergy:

Oga! Stop shouting!! where are your own links? Op provided links to support his point, where at yours?

dont goandread!

Stay dere be shouting links!
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by Alwaystruth: 2:04pm On May 25, 2016
By Emeka Anaeto, Economy Editor & Peter Egwuatu LAGOS — Nigeria’s external debt stock as at second quarter 2015 stood at about USD10.3 billion, over 10 per cent increase, against USD9.5bn recorded in the first quarter of the year, just as the Federal Government revenue rose to N485.95 billion, up from May figure of N324.7 billion. A release, yesterday, by the Debt Management Office (DMO) of the Federal Government, however, shows an unchanged position in the domestic debt stock at N8.39 trillion against N8.31 trillion in the first quarter. The breakdown of the external debt stock shows a significant rise in the indebtedness to multilateral institutions (World Bank and African Development Bank Groups) which stood at USD7.23 billion from USD6.54 billion in the first quarter while Bilateral debt stock (owed to countries and or their financial institutions) stood at USD1.58 billion, up from USD1.42 billion. At USD6.19 billion, the indebtedness to the World Bank Group accounts for the bulk of the debt owed multilateral institutions, increasing from USD5.73 billion, while the African Development Bank Group was owed USD1.04 billion, up from USD810 million. Further breakdown of the external debt shows that the bulk of Bilateral debt stock was owed to Exim Bank of China amounting to N1.39 billion while the balance of USD194 million Bilateral debt was owed to France, Japan and Germany in aggregate. The breakdown of the domestic debt stock shows that the bulk is in Federal Government Bond amounting to N5.3 trillion, accounting 63.1 per cent while Nigerian Treasury Bill (NTB) was N2.8 trillion or 33.6 per cent and the balance of N271 billion was in Treasury Bond. Meanwhile the Federal Ministry of Finance said yesterday that gross government revenues rose for the second consecutive month in June to 485.95 billion Naira, up 33 percent against May figures. International oil prices rose at the end of April and benchmark Brent futures were sustained at above US$60 a barrel before falling again below that mark a barrel in July. Nigeria depends on oil sales for about 70 percent of its government revenues.

Read more at: http://www.vanguardngr.com/2015/07/nigerias-foreign-debt-rises-to-10-3bn/

If I say the OP is a Zombie, that would be a serious insult to zombies ,so is better say the OP is nonredeemable and pathological liar and Apcshit chief lying liar and worst than chief Liar himself Lai Mohammed. The truth is that the dullard is a stubborn illiterate and not too hot economically according to Obasanjo. He would have been better a retired old soldier than a president .Truly in sane clime Dullardino has no business being in Aso rock.
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by kaboninc(m): 2:04pm On May 25, 2016
Cvesta:


What might those rules be Mr?

Hmmmm
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by adeoluolagbegi(m): 2:06pm On May 25, 2016
let just forget dis stupid liar u can come here to foul everybody in dis modern age when we hav all this figure evrywhr.APC ...........LIAR
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by Nobody: 2:14pm On May 25, 2016
Demdem:
Op made perfect sense.
Jonah-daft really destroyed this country. Thank goodness we booted out the bastard if not by now half of the population would have kpeme.
I believe you are now living the life? undecided
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by Alwaystruth: 2:20pm On May 25, 2016
By Emeka Anaeto, Economy Editor & Peter Egwuatu LAGOS — Nigeria’s external debt stock as at second quarter 2015 stood at about USD10.3 billion, over 10 per cent increase, against USD9.5bn recorded in the first quarter of the year, just as the Federal Government revenue rose to N485.95 billion, up from May figure of N324.7 billion. A release, yesterday, by the Debt Management Office (DMO) of the Federal Government, however, shows an unchanged position in the domestic debt stock at N8.39 trillion against N8.31 trillion in the first quarter. The breakdown of the external debt stock shows a significant rise in the indebtedness to multilateral institutions (World Bank and African Development Bank Groups) which stood at USD7.23 billion from USD6.54 billion in the first quarter while Bilateral debt stock (owed to countries and or their financial institutions) stood at USD1.58 billion, up from USD1.42 billion. At USD6.19 billion, the indebtedness to the World Bank Group accounts for the bulk of the debt owed multilateral institutions, increasing from USD5.73 billion, while the African Development Bank Group was owed USD1.04 billion, up from USD810 million. Further breakdown of the external debt shows that the bulk of Bilateral debt stock was owed to Exim Bank of China amounting to N1.39 billion while the balance of USD194 million Bilateral debt was owed to France, Japan and Germany in aggregate. The breakdown of the domestic debt stock shows that the bulk is in Federal Government Bond amounting to N5.3 trillion, accounting 63.1 per cent while Nigerian Treasury Bill (NTB) was N2.8 trillion or 33.6 per cent and the balance of N271 billion was in Treasury Bond. Meanwhile the Federal Ministry of Finance said yesterday that gross government revenues rose for the second consecutive month in June to 485.95 billion Naira, up 33 percent against May figures. International oil prices rose at the end of April and benchmark Brent futures were sustained at above US$60 a barrel before falling again below that mark a barrel in July. Nigeria depends on oil sales for about 70 percent of its government revenues.

Read more at: http://www.vanguardngr.com/2015/07/nigerias-foreign-debt-rises-to-10-3bn/

If I say the OP is a Zombie, that would be a serious insult to zombies ,so is better say the OP is nonredeemable and pathological liar and Apcshit chief lying liar and worst than chief Liar himself Lai Mohammed. The truth is that the dullard is a stubborn illiterate and not too hot economically according to Obasanjo. He would have been better a retired old soldier than a president .Truly in sane clime Dullardino has no business being in Aso rock. Bubu is a millennial and kiloyears mistake and will take Nigerians another millennium to correct this Colossal and emotional mistake.

1 Like

Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by LaExpert: 2:36pm On May 25, 2016
adeniyibolanle:
In as much that I respect GEJ, I must say the fact that his administration was full of mismanagement and corruption. But what really baffles me when I see people all because of hatred for PMB tends to still pretend that GEJ was perfect. Even if you blind say you no see people wey EFCC dey arrest for massive looting? you deaf too wey you no fit hear angry. I swear to Almighty God, I witnessed where pdp members where sharing Dollars to get people to vote for GEJ because I was a presiding officer and i conducted the election in my polling unit. Right now Nigerians are feeling the pain of mismanagement

GEJ administration wasn't prefect neither is Buhari's administration...but

That is not the problem, the issue here is the stinking hypocrisy of the APC and its supporters.


They ascribe even their own faults to Jonathan and never give credits to him for the sound economic policies and all the positives of his administration. The only thing they see is the negatives.


Yes, during the elections, both the APC and the PDP shared various items to gain votes which included money. Why then is the APC blaming the PDP for exactly the same things they're guilty of? Isn't that gross hypocrisy?

1 Like

Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by LaExpert: 2:44pm On May 25, 2016
koboko69:


The issue is not about debts incurred. I don't know why u are capitalising on that. What else is a liw in the article?

First, admit that you're distorting facts by claiming the external debt was over $60bn...after that, go back to the original post, modify and apologize for mis-informing people.

You shouldn't shy away from that if you're honest.


Second, what is the issue if not that distortion of facts?
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by olakan22: 2:51pm On May 25, 2016
You didn't finish reading the article sef. I don't blame u sha. The remainder of the Ngozi's quotation is this o----In defence of Mr. Jonathan, Ms. Okonjo-Iweala had stated that it was wrong to blame Mr. Jonathan’s administration for the huge debt stock which she said was accumulated over a long period of time by successive administrations.
She said the debts incurred under the Jonathan government were made up of $18 billion domestic component and $3.7 billion external component.
She added that between 2007 and 2011, a debt of $17.3 billion was recorded while between 2012 and 2015, the debt incurred stood at $18.1 billion.
She had further explained that the leap in the debt profile between 2012 and 2015 was triggered by the 53 per cent wage increase implemented by the late Umaru Yar’Adua administration.
koboko69:


The joke is on you. You guys only see what you want to see.

You cleary see this

"Ngozi Okonjo-Iweala, promptly rose to the defence of Mr. Jonathan’s administration, saying of the $63 billion debt, the administration only incurred $21.8 billion."

See link;

http://www.premiumtimesng.com/news/headlines/185471-jonathan-left-n7trillion-deficit-for-nigeria-buharis-transition-committee-chairman-joda.html

As for OBJ, he received the bulk of Abacha's loot. And it took a whooping 8 year to leave 47bn in the reserves. Also note that oil prices soared high, hence your logic is null and void.

Get your facts right.
bros I just read that article, the real joke is on you why? Because you believed the words of a party faithful acting a well rehearsed script of deceit. Also, ur analysis is nt on point why? Because you're comparing eight years OBJ, 4 years GEJ and 1 year PMB. Why don't u luk at GEJ's first year in office. Wait o, don't tell me dat u didn't knw that GEJ finished Yaradua's tenure. The success recorded in the final yr of Yaradua's admin are GEJ's handiwork.

Finally, let Lai do his work. Helping him won't get u free fuel and nice tomatos na.

Oya quote me and say rubbish.
NEXT!

1 Like

Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by adconline(m): 2:55pm On May 25, 2016
seunmsg:


OBJ'S first budget was a little over N800billion, now, we are talking of financing a N6trillion budget. The minimum wage as at the time OBJ took over was less than N4000 before he increased it to N7500. Today, it's N18000 and labour are already calling for increase. So bro, times are very different. Nobody, not even OBJ can do any miracle with Nigeria's economy if crude oil prices remain as low as we've seen since last year.
You got it all wrong. Crude oil price during OBJ was less $ 20. He doubled minimum wage, Paid our debt to over $30bn, saved in external reserves and ECA... Times were rougher during OBJ time. He also pegged capital budget at 40something percent
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by koboko69: 2:56pm On May 25, 2016
LaExpert:


First, admit that you're distorting facts by claiming the external debt was over $60bn...after that, go back to the original post, modify and apologize for mis-informing people.

You shouldn't shy away from that if you're honest.


Second, what is the issue if not that distortion of facts?

I am sure u saw the Okonjo Iweala part also on the original article. There is nothing to edit, i can't even touch it once its on FP.
Asides the controversial debt, what else are not facts there?

The point is while others had enough forex in the reserves, with an higher oil price, Buhari inherited a depleted reserves of about $30bn, subsidy debts of about N600bn, oil price lower than 40usd. How exactly is the economy to look like with the facts? Even Okonjo blamed the econmy today on Jonathan's lack of political will to save, and was already sounding alarm about a very tough economy when dollar was even still as high as 75 usd. Are these lies?
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by koboko69: 2:58pm On May 25, 2016
olakan22:
bros I just read that article, the real joke is on you why? Because you believed the words of a party faithful acting a well rehearsed script of deceit. Also, ur analysis is nt on point why? Because you're comparing eight years OBJ, 4 years GEJ and 1 year PMB. Why don't u luk at GEJ's first year in office. Wait o, don't tell me dat u didn't knw that GEJ finished Yaradua's tenure. The success recorded in the final yr of Yaradua's admin are GEJ's handiwork.

Finally, let Lai do his work. Helping him won't get u free fuel and nice tomatos na.

Oya quote me and say rubbish.
NEXT!

Look at this clown. Where was OBJ mentioned in the whole article asides the fact that he handed over a robust reserve to Yaradua. The focus of the article is more on Yaradua and Jonathan. Is it that you have comprehension problem or you just choose to interpret what u read to the way it suits your wailing needs?
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by gcof(m): 3:03pm On May 25, 2016
I weep whenever I hear the present government blame oil price for Nigeria's present economic situation. by now I expected the government to have put in place policies for diversion of our economy. the past administrations mismanaged our money but are we going to dwell on that till eternity? like I always say, one year may not be enough to reach my destination but its enough to where am going to.
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by modath(f): 3:04pm On May 25, 2016
agabaI23:
First off, why did you eliminate the fact that oil rose to $147/barrel under UMYA before the downward trend?

Under Jonathan, the highest was about $105 or so...

Can you clarify if the $21.8 b mentioned by NOI include both foreign and domestic debt. I remember when NOI said that the bulk of the debt is due to the salary increase of 2010 which 'APC' strongly supported against NOI advice that the country could not carry it.

Out of the $21.8b, what percentage is external and what is domestic?

Agabs, there was no APC in 2010, even 2011 CPC & ACN presented different candidates so how did they get together to militate against your hero? cheesy

You need to do small research, madam gele may not be a thief but she watched and supervised major looting....

I posted some links on Pg 1.

2 Likes

Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by Nobody: 3:05pm On May 25, 2016
plaetton:


Op.

You are a big liar.

As of October 2015, Nigeria's external debt stood at around $10b.
In FACT, $8b to $10 had been the average since 2008, long before Jonathan became president.

Therefore, Jonathan did not increase Nigeria's external debt by any significant amount.

It is on record that the current minister of finance is using Nigeria's very low DEBT to GDP ratio as a justification for seeking more external loans this year.

In your lopsided analysis, selective amnesia didn't allow you mention that OBJ inherited a Nigeria that had completely collapsed economically and politically.

He inherited a mere $3b in reserves and $38b in debt and oil price in the teens.
How did he and NOI do the magic?

Buhari inherited $30b reserves, $10b external debt and he is sulking and whining like a spoilt brat.

Be man enough to call incompetence and failure what it is: INCOMPETENCE and FAILURE.

All of you should go and hide in shame.

where is you reference
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by folks4luv(f): 3:08pm On May 25, 2016
MetaHuman:
how is that a great counter exactly? Please show me... I really want to see it.

He didn't refute the fact that Jonathan left a very well battered country ... He only pointed out the abnormailties in figures which he was wrong cos he refused to bring fact as op did.. Op already, addressed the figure in his post self which on 100% you didn't read. Thanks to bigotry!

And you think its a great counter? Mehnnn Nigerian yoot oh! grin
I don't really reply zombies, but gonna dignify u with a response, but then, I can't present facts to u cos u are too blinded by sentimentalism to see them...
was d economy in good shape when ur lord took over? nope, I don't envy him, but was d situation salvageable? yes, even from d op analysis, it is evident we ve been through worst situations but things have never been this bad. don't worry, I no u can't see it, n u won't admit things are so bad cos ur master is incompetent, acute zombeism is a serious disorder, it makes ur mind shallow and weaken d capacity of ur brain.
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by LaExpert: 3:12pm On May 25, 2016
koboko69:


I am sure u saw the Okonjo Iweala part also on the original article. There is nothing to edit, i can't even touch it once its on FP.
Asides the controversial debt, what else are not facts there?

Okonjo was talking about the Total debt stock.

You portrayed the same figure as the esternal external debt stock

You have clearly distorted facts...probably with the intention to deceive...or maybe out of ignorance.

To show you're honest, simply set the records straight and possibly, apologise.
If you can't edit the post, edit one of your comments on the frontpage and acknowledge the distortion...and tender an apology for the distortion.


koboko69:

1. The point is while others had enough forex in the reserves, with an higher oil price, Buhari inherited a depleted reserves of about $30bn, subsidy debts of about N600bn, oil price lower than 40usd.


How exactly is the economy to look like with the facts?
2. Even Okonjo blamed the econmy today on Jonathan's lack of political will to save, and was already sounding alarm about a very tough economy when dollar was even still as high as 75 usd. Are these lies?

1. Buhari did not inherit a 'depleted' foreign reserve, in comparism with when PDP came on board. Obasanjo had it far worse.

2. If in that case, that's why we voted the present government into power...to do what Jonathan could not do.
What has the present administration done other than to 'hypocritically' blame the past administration?

Let them get to work, we'll support them.
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by manny4life(m): 3:13pm On May 25, 2016
According to the World Bank Report, Nigeria's external debt was under $10 billion as of 2015.
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by olakan22: 3:19pm On May 25, 2016
koboko69:


Look at this clown. Where was OBJ mentioned in the whole article asides the fact that he handed over a robust reserve to Yaradua. The focus of the article is more on Yaradua and Jonathan. Is it that you have comprehension problem or you just choose to interpret what u read to the way it suits your wailing needs?
okay sir. I don't have comprehension problem. It seems like you are the confused lad. Why did you mention OBJ and PMB if u were not 'analysing' them too? It's simple, the zombiac spirit that is in u only get excited when it posts 'articles' like this
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by koboko69: 3:20pm On May 25, 2016
LaExpert:


Okonjo was talking about the Total debt stock.

You portrayed the same figure as the esternal external debt stock

You have clearly distorted facts...probably with the intention to deceive...or maybe out of ignorance.

To show you're honest, simply set the records straight and possibly, apologise.
If you can't edit the post, edit one of your comments on the frontpage and acknowledge the distortion...and tender an apology for the distortion.




1. Buhari did not inherit a 'depleted' foreign reserve, in comparism with when PDP came on board. Obasanjo had it far worse.

2. If in that case, that's why we voted the present government into power...to do what Jonathan could not do.
What has the present administration done other than to 'hypocritically' blame the past administration?

Let them get to work, we'll support them.

There is nothing to edit. Stop being childish and forget about the typo in external, cos if u are not blind, u can see it correctly spelt in other places.

Obj rose on an oil cruise with a minimum wage of 4k, and a first budget of just 800bn. Oil rose steadily all through Obj' s tenure. U say 30bn is not depleted, when a previous government had to use almost $20bn to defend the Naira and support the economy when oil didn't even get as low as 28usd per barrel. Why are u not being truthful with yourself.
The polices you can achieve successfully with a robust reserve is not the same as the one u can achieve with a smaller reserve, except u want Nigeria bankrupt.
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by koboko69: 3:23pm On May 25, 2016
olakan22:
okay sir. I don't have comprehension problem. It seems like you are the confused lad. Why did you mention OBJ and PMB if u were not 'analysing' them too? It's simple, the zombiac spirit that is in u only get excited when it posts 'articles' like this


Mtcheeew..abeg shift. What is this one even talking about. Where was any comparison with Obj in my orginal post. Your wailing friends brought Obj up, and i whipped their arse for making such silly submissions
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by Emmyvans: 3:24pm On May 25, 2016
Well... See below details from the debt management office...
This should clear up some matters.

Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by olakan22: 3:24pm On May 25, 2016
I think OP is confused...


Dazzol
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by olakan22: 3:27pm On May 25, 2016
Everyone relaw....I think OP is confused...


Dazzol grin
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by koboko69: 3:30pm On May 25, 2016
gcof:
I weep whenever I hear the present government blame oil price for Nigeria's present economic situation. by now I expected the government to have put in place policies for diversion of our economy. the past administrations mismanaged our money but are we going to dwell on that till eternity? like I always say, one year may not be enough to reach my destination but its enough to where am going to.

Diversification is expected to work like magic. In fact Buhari amerlin should just shout, let their be diversification in Nigeria. And it will just happen. Previous govts had issue with oil price, they used the reserves to defend, non diversified. But you guys want Buhari the wizzard to make everything right in one year. 16years wreck is what u want to build back in one year. And u are a liar if u say their are no policies in place for diversification.
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by happney65: 3:41pm On May 25, 2016
plaetton:


Op.

You are a big liar.

As of October 2015, Nigeria's external debt stood at around $10b.
In FACT, $8b to $10 had been the average since 2008, long before Jonathan became president.

Therefore, Jonathan did not increase Nigeria's external debt by any significant amount.

It is on record that the current minister of finance is using Nigeria's very low DEBT to GDP ratio as a justification for seeking more external loans this year.

In your lopsided analysis, selective amnesia didn't allow you mention that OBJ inherited a Nigeria that had completely collapsed economically and politically.

He inherited a mere $3b in reserves and $38b in debt and oil price in the teens.
How did he and NOI do the magic?

Buhari inherited $30b reserves, $10b external debt and he is sulking and whining like a spoilt brat.

Be man enough to call incompetence and failure what it is: INCOMPETENCE and FAILURE.

All of you should go and hide in shame.


omolola15 come and see this,I guess if it was the APC that took over power in 1999,they would simply have sold off Nigeria to China..Which worse govt can anybody ever take over from in 1999?Nigeria was at its peak..Poverty was rife,Nigerian Civil Servants where among the least paid in Africa..The Military literaly destroyed Nigeria,but OBJ Came in and did wonders..That is why i will never in my life support buhari..He was once President,we asked what he's Economic Achievements where when he was president,none of you could answer us..The Same thing that happened then is happening now,so why will i support a man who destroyed the economy under the Military before IBB sent him out,shey na under Democracy with checks and balances he wld succeed..Eyin weere gbogbo,always blaming the next person for their woes..

1 Like

Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by saintmark88(m): 4:00pm On May 25, 2016
plaetton:


Op.

You are a big liar.

As of October 2015, Nigeria's external debt stood at around $10b.
In FACT, $8b to $10 had been the average since 2008, long before Jonathan became president.

Therefore, Jonathan did not increase Nigeria's external debt by any significant amount.

It is on record that the current minister of finance is using Nigeria's very low DEBT to GDP ratio as a justification for seeking more external loans this year.

In your lopsided analysis, selective amnesia didn't allow you mention that OBJ inherited a Nigeria that had completely collapsed economically and politically.

He inherited a mere $3b in reserves and $38b in debt and oil price in the teens.
How did he and NOI do the magic?

Buhari inherited $30b reserves, $10b external debt and he is sulking and whining like a spoilt brat.

Be man enough to call incompetence and failure what it is: INCOMPETENCE and FAILURE.

All of you should go and hide in shame.



Shame on you, you think u can just come here and say rubbish out of sentiments, we're r ur proofs to show what you are saying is true, pple like you who do not want this country to get better, all ur wicked plans for Nigerian would boomerang on u
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by anigold(m): 4:06pm On May 25, 2016
koboko69:
The late President Umaru Musa Yar'Adua became Nigeria's president on May 29 2007. As at the time, he met an external debt of about $3,348.22 billion, and foreign reserves of about $45.0 billion and also a growing oil price of about $90/barrrel.

The Nigeria's Bonny Light Crude Oil Spot Price FOB which was $95.16 per barrel in January 2008 rose to $146.15 in July 2008 before declining to $76.24 per barrel by October 17 2008. Thus, within four months, it had lost 50% of its peak price.

Within this period, Yar'Adua was able to grow the external reserves to about $64 billion.

During the global financial crises, Nigeria capital markets, and banking industry were hit, coupled with the dwindling oil prices.The nation‘s foreign reserves decelerated from $64
billion in August 2008 to $47 billion as at March 2009, a 27% decrease, as the government had to resort to the ECA which is also part of the national reserves.

However according to records by CBN; Nigeria’s growth trajectory was not significantly impaired. The real Gross domestic Product (GDP) growth rate which averaged 6.29 percent between 2004 and 2007 declined marginally to 5.99 per cent in 2008 rising thereafter to 6.9 percent in 2009. This is often attributed to the impressive performance of the non-oil sector, particularly, agriculture and the continuous implementation of sound macroeconomic policies.
The external reserves was, however, still able to support at least 15 months of imports.

In conclusion, the foreign reserves played a major factor in the survival of the economy before the early dismiss of President Yar'Adua.

Goodluck Jonathan's takeover;

After President's Yar'Adua's Dismiss, President Jonathan took over May 05 2010. He met a foreign reserve of about $47. 7 billion and external debt of about $3.94 billion Dollars.

While Jonathan was unable grow the foreign reserves like his predecessor during the oil boom remains unclear.

However the immeidate past Finance minsiter in her response to Obosanjo's accusations about Jonathan squandering $55bn said below


Read more at: http://www.vanguardngr.com/2015/01/55bn-got-wrong-fg-replies-obasanjo/

In conclusion again, according to Okonjo here, The national reserves played a major role in defending the economy.

[b]THE REALITY TODAY


Buhari met $32 bn as external reserves and $63 billion esternal debt even though Ngozi Okonjo-Iweala, promptly rose to the defence of Mr. Jonathan’s administration, saying of the $63 billion debt, the administration only incurred $21.8 billion. How the external debt rose to an alarming rate remains unclear. Buhari also met a subsidy debt of about N600bn. How subsidy claims rose from N320bn to a whooping 2 trillion Naira under his administration remains unclear till this day.

Buhari also took over with oil price selling below $50/barrel whch later dwindled to as low as $28/barrel.
The price of crude remains below $50/barrel today.

The current oil production rate have also dwindled with the renewed activities of some misguided, and deluded criminals in the name of Avengers in the ND region.

FINAL CONCLUSION

In conclusion and in the reality today, President Buhari have been trying his best to move the nation forward. Alot of leakages have been plugged, and a solid foundation is being layed down. It will be hypocritical and unfair for anyone not to expect the economy woes of today with the above analysis. With the indications above it is not out of place to say President Buhari inherited a virtually empty Treasury.

I urge every right thinking Nigerian, to criticise this government in good faith and not born our of tribal hatred or the hangover of the fact that the last government was booted out of office. The Economy woes experienced today should be expected by every right thinking Nigerian.

Even the immediate past Finance minister celebrated by some section of the country, warned severally about a very tough econmy.

Lets pass a vote of confidence in President Buhari by clicking Like!!!!



References

http://www.vanguardngr.com/2015/01/55bn-got-wrong-fg-replies-obasanjo/

http://ends.ng/umaru-musa-yaradua-the-legacy-of-a-president/

http://www.premiumtimesng.com/news/headlines/185523-i-met-huge-debts-virtually-empty-treasury-buhari.html

http://www.dailytrust.com.ng/daily/index.php/news-menu/news/58250-jonathan-left-32bn-for-buhari-ex-minister

http://www.thenationonlineng.net/archive2/tblnews_Detail.php?id=74667

http://www.cenbank.org/OUT/2012/PUBLICATIONS/REPORTS/STD/GLOBAL%20FINANCIAL%20MELTDOWN%20AND%20THE%20REFORMS%20IN%20THE%20NIGERIAN%20BANKING%20SECTOR.PDF
after all these jargons you ended up saying nothing... So you are really trying to say that Buhari have done alots by putting poor Nigerians in worse economic situations...
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by Malawian(m): 4:08pm On May 25, 2016
koboko69:


Don't tell me you are getting this facts from the same tabloid grin. You guys are clowns. The question is was the debt inherited by Buhari or not irrespective of how it was accumulated. Even in my original post i clearly put Okonjor's defence there and even quoted how much she said was Jonathan's contribution. So how am i being biased? What exactly is your point?
i was taking you serious until this post. from here i can honestly say that u are very stupid. datsall.
Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by saintmark88(m): 4:29pm On May 25, 2016
koboko69:


Mtcheeeeeew!

Premium times is not a valid source now. Even though u can see she was quoted in her own words from statement she released. Wonders will never end.

Why not help us with your own source to validate your claim rather trying to be smarter than yourslef grin


Leave the dullard, he is as dull as his god, Gej..... Truth is no matter how intelligent a person, he can't defend a stupid idea n still appear intelligent......

1 Like

Re: How The Economy fared Under Yaradua With Oil @ $40/barrel And The Reality Today by saintmark88(m): 4:31pm On May 25, 2016
1NigeriaOnlyIf:
There you go again with deflection. Face the issue at hand. I asked a simple question: What is the policy direction of this government. Tell me pls.

Why is Buhari spending 40bn on oil exploration when same oil has failed us.
There was a time for blaming GEJ. That time is over now. Its a year into Buharis administration. We all recognise the mistakes of the past, from the time nigeria became a nation. But tell me the positive Buhari has done to help the economy. What is his policy direction.

Just incase you go into another deflection, let me specify my questions here clearly. Just two for now

why spend 40bn naira on oil that has failed us.
what is the economic policy direction of this administration.




You pple r here talking rubbish bout policy direction n economic policies of this govt, Pls what was d policy direction of the last govt??

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