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Nairaland Forum / Nairaland / General / Politics / Over $58billion Expended By Buhari In 16 Months (3277 Views)
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Re: Over $58billion Expended By Buhari In 16 Months by mrvitalis(m): 9:06pm On Sep 27, 2016 |
kross01:What did say initially.. . I was trying to bring it low so he can get a little bit of what it means |
Re: Over $58billion Expended By Buhari In 16 Months by buragidi(m): 9:06pm On Sep 27, 2016 |
That guy is financially illlitrate luvinhubby: |
Re: Over $58billion Expended By Buhari In 16 Months by Validated: 9:12pm On Sep 27, 2016 |
luvinhubby: This one stopped at "Otakara" school. Pele oooo. Eku recession ni! 1 Like |
Re: Over $58billion Expended By Buhari In 16 Months by kross01(m): 9:23pm On Sep 27, 2016 |
mrvitalis: Just need to touch up your financial management knowledge ok? Cheers man 2 Likes |
Re: Over $58billion Expended By Buhari In 16 Months by timeman: 9:23pm On Sep 27, 2016 |
What a cynical beer parlour analysis. By the way, NNPC's Jv equity is 41% not 60%. This nitwitted analyst of a OP, derived his figures using absolute terms yet filled with assumptions. Zombified Wailers will lap it all up but my advice for you is to go stick your nose in a book, however, you can't find a book in a beer parlour. Kiss the truth! 5 Likes |
Re: Over $58billion Expended By Buhari In 16 Months by DelGardo: 10:25pm On Sep 27, 2016 |
kross01: You don't have to display your ignorance of the subject of foreign reserves with so much glee. Mrvitalis broke it down but you had to screen-grab a website to further reveal your weak knowledge. Fyi foreign reserves cannot be "spent" in the same way government revenue is shared by tiers of government and spent. It is primarily for settlement of cross-country or cross-currency obligations. Finally it has more to do with economics and balance of payments than financial management. Thank me later 2 Likes |
Re: Over $58billion Expended By Buhari In 16 Months by kross01(m): 10:53pm On Sep 27, 2016 |
DelGardo:Let me ask you in clear terms, is foreign reserves Nigeria’s asset or liability?? Because my sole interest in this topic was him saying that foreign reserves are not Nigeria’s money hence his analogy of changing dollars with a mallam. I'll also like you to tell me where i alluded to it being money to be spent 2 Likes |
Re: Over $58billion Expended By Buhari In 16 Months by mrvitalis(m): 10:55pm On Sep 27, 2016 |
kross01:It's an asset... |
Re: Over $58billion Expended By Buhari In 16 Months by kross01(m): 10:57pm On Sep 27, 2016 |
mrvitalis: So how is your asset not your own? 2 Likes |
Re: Over $58billion Expended By Buhari In 16 Months by mrvitalis(m): 11:01pm On Sep 27, 2016 |
kross01: U sold ur father ur phone and u are the only son of ur father... is that phone not ur asset?? even as it is with ur father 1 Like |
Re: Over $58billion Expended By Buhari In 16 Months by kross01(m): 11:17pm On Sep 27, 2016 |
mrvitalis: I bet you think that being a son or only son of your dad entitles you to all his assets right? Hope you will shoot him if he decides to will it or give it out to another person 3 Likes |
Re: Over $58billion Expended By Buhari In 16 Months by buffalowings: 12:29am On Sep 28, 2016 |
By the time this guy finishes with us Nigeria will have had a new name- Zimbabwe. 2 Likes |
Re: Over $58billion Expended By Buhari In 16 Months by ivandragon: 7:00am On Sep 28, 2016 |
the OP is a little too liberal with the figures. but that shouldn't obscure the main thrust of the post which is that, what impact has the money spent so far had on the economy. at a conservative $30b & at an exchange rate of N320 to a $1, this regime has realised & supposedly expended well over N3t. & contrary to arguments that the foreign reserves cannot be expended or unilaterally utilised by the FG, that is a wrong assumption. a government can draw down on its reserves anytime it wishes. for instance, OBJ paid off a huge chunk of our external debt using the reserves we had at the time. at this time, all we can do is pray for Nigeria. PMB started too slow & on the wrong footing. however, with time, things will hopefully take a positive upswing but this might be hampered by the growing crisis within the APC which will be a huge distraction. 2 Likes |
Re: Over $58billion Expended By Buhari In 16 Months by cuteboy2: 8:15am On Sep 28, 2016 |
mrvitalis: Oh! So Federal Reserves is no longer Nigeria's money? Sounds like the kind of bombast Lai Mohammed will pull to fool Nigerians. Sad thing is many like this fellow will believe and applaud him. Ignorance is a terrible disease. I weep for Nigeria I won't waste my time to educate you. Your ignorance already signposts your level of thinking. 1 Like |
Re: Over $58billion Expended By Buhari In 16 Months by cuteboy2: 8:27am On Sep 28, 2016 |
ivandragon: I agree with all your comments, except the calculation in bold. If you convert $30b to Naira at a rate of N320 you get N9.6trillion, not N3trillion. I did not suggest in my original post that this government has already spent the entire national reserve of $30b. I said they have spent about $6b out of it. The total amount they have expended is about $58b = N18.6 trillion if we use your preferred official rate of N320. This is a colossal sum by any standard of measure, and we should feel the impact of it. 1 Like |
Re: Over $58billion Expended By Buhari In 16 Months by ivandragon: 8:47am On Sep 28, 2016 |
cuteboy2: my bad. worse than I even thought... |
Re: Over $58billion Expended By Buhari In 16 Months by NOETHNICITY(m): 1:05pm On Sep 28, 2016 |
The dullness of this ops is epic. Bt am nt surprised seeing that this very same dullness is contagiously common amongst other wailers desperate to discredit the govt of PMB. I've long given up on engaging in rejoinders with them so I ll leave them to their unintellectuality. |
Re: Over $58billion Expended By Buhari In 16 Months by obailala(m): 2:31pm On Sep 28, 2016 |
cuteboy2:Why don't you take the date of that your chart back a bit?.... You would clearly see that the rate of reduction of the foreign reserves clearly slowed down under Buhari even though we have suffered much lower price of oil and much lower production volumes. As at May 29th 2015, oil still sold for over $65/bbl and Nigeria's production was over 2 million barrels per day; but kindly take a look at what happened to Nigeria's reserves below and I'm sure you will be quiet. |
Re: Over $58billion Expended By Buhari In 16 Months by cuteboy2: 5:42pm On Sep 29, 2016 |
The estimate did not consider the MTN fine originally put at N1.04 trillion or $5.2billion. This was reduced to $1.7billion or N330billion. Out of the reduced amount, MTN CEO Ferdi Moolman personally confirmed that N30billion (1st installment) has been paid MTN Nigeria has made a total payment of N80bn to the Nigerian Communications Commission in respect of the fine imposed on the mobile operator. |
Re: Over $58billion Expended By Buhari In 16 Months by naijaking1: 6:39pm On Sep 29, 2016 |
I told you guys that Korruption cannot fight corruption! |
Re: Over $58billion Expended By Buhari In 16 Months by cuteboy2: 4:55pm On Oct 05, 2016 |
Buhari plans to propose 2017 budget of N6.8 trillion. The govt claims to have saved the following amounts: N2.6trn through TSA N1.4trn from Subsidy N3.2trn from recovered loot N665bn from stamp duty N1.1trn from custom N2.6trn from Tax revenue N2.7trn from crude oil The list is endless. Going by various government pronouncements, total funds garnered so far is well above N13.2trns. Why is govt still running from IMF to AFDB to Islamic Bank looking for more money to borrow, when they have done next to nothing with this huge amount already in the kitty and still counting? |
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