phineas:



In the middle eastern countries,1 country built 4 futuristic cities with their windfall.(Imagine building the equivalent of 4 cities far greater that Abuja with their windfall)

In Nigeria what did we do, we declared there was a rainy day and couldn't pay salaries during the Jonathan regime and drained the excess crude account by about 80-90%.The countries foreign reserve was also drained by about 50%.(the exact percentages are still been argued but we should have had a full stash not drained bank accouts)

How does that explain this man's place in history.

I respect all leaders.Leading Nigeria is not easy.He had his strengths but the economy was not it.The General has done way better and is doing way better with the economy

Next year will be better and Nigeria n's had better thank God and his economic team for it.

Last word-my advice to you all is to go an pay your taxes

1. Middle eastern oil producers have tiny population, and produce a lot of oil.

The UAE has ten million people, and produces 3 million BPD of crude.Saudi has eleven million and produces 11 million BPD. Nigeria has 170 million and produces 2.2 million BPD of crude.

2.GEJ did not drain the reserve by 90% and he did try to get agriculture rolling.I am not a fan of him or his party, and he certainty kept us oil dependent, but he was not that awful. Could have done much better though.

3.Pmb needs to deregulate the oil downstream sector, and get us on the road to industrial development, then I will start looking at him with a good eye

deomelo:





Don't you mean the greatest looter of our time?



Good riddance to that crooked, corrupt and incompetent loser, glad Nigerians kicked him back to his village.

Oga, can you tell me how much GEJ looted?

How much did Jonathan loot?

-Lord

Anyone noticed that all those in favour of Jonathan are mainly Igbos? Well, he carried a lot of them along in his government and they misled him. Us Niger Deltans don't love him. he messed up the country.

Bohari is a disaster, bad luck and wicked being. Just that Nigerians are not good history student. 1983/1984 aren't be different. Read history and stop talking about oil price this and oil price that.

We miss you GEJ!.

Deo1986:
Anyone noticed that all those in favour of Jonathan are mainly Igbos? Well, he carried a lot of them along in his government and they misled him. Us Niger Deltans don't love him. he messed up the country.

go and sleep, which state of Niger Delta are you from? Enjoy the economy while it last, Animal in human clothing

well, most of what is written in the report support the list i sent....oil price rose at some point to 120$/Barrel , fell to as low as 50$/b but the average throughout gej tenure was never 120$/b ...
http://inflationdata.com/Inflation/Inflation_Rate/Historical_Oil_Prices_Table.asp

9jakohai:

Read this, then come back.
https://en.m.wikipedia.org/wiki/World_oil_market_chronology_from_2003

[s]

LordAdam16:


There are lots of indication that the economy wouldn't have plunged into recession if GEJ retained power.

1. There would have been no NDA crisis, singlehandedly caused by the stupidity of Buhari.
2. The country would not have run on autopilot for 6 months, when Buhari was selecting his angels.
3. It wouldn't have taken NOI 20 months to compile an economic plan.

Those are the major three and there's more.

The naira nosedived in 2008/2009 during the Global Recession+Oil Slump. We didn't enter a recession. The prices of foodstuff was tied to the naira nosediving and marketers hoarding gasoline because they were unsure of payments since subsidy was a contentious issue leading up to the election.

Sanusi in the tail-end of his tenure CBN governor was a rabble-rouser, doomsday predictor, and political saboteur. First off, no $20b was missing. He reviewed it downwards to $5b or $2b, he was even unsure of the exact amount. Even then, it's been 2+ years since he left, why has Buhari and Magu not found the phantom "missing $5b"? Or did it just disappear out of the world's financial system?

You'd think smart people can at least do independent research or reason critically.

For every $1, this government has added to the reserves, $1.2+ has been borrowed. Yet, no projects are being commissioned. Less than 20% of the 2017 budget has been implemented and we're in December (same story for the 2016 budget).

Later in 2019, he'd use a high reserve balance to do campaign while 11m people have been unemployed under his stead in the last 24 months. And I expect lots of you to shower him with praise.

You were one of those who danced against subsidy removal in 2012. Then went back to your vomits to support its removal in 2016. Barely a year later, subsidy has ballooned to N40 per liter, and you're itching to quote stats blindly as an arm-chair quasi-economist about a government that is better than the current one in virtually all indices.

I'm sure in February next year when Nigeria will officially be declared as the country with the most people under poverty (overtaking India with a population five times larger than ours), you'd also find a way to prove it'd have still being the case if GEJ was the president.

I think you should be thrilled by this administration. It is exactly what you wanted. Since you seem to have excuses for every failure.

Nonsense! And to think you're a mod.

Buhari would probably win in 2019 not because he performed well, but because there are a lot of people with egos the size of Jupiter who continue to rationalize their mistake in 2015. You are one of these people. And let's not forget the ones in whose eyes Buhari can do no wrong.

-Lord

[/s]

FG Borrows N473bn To Pay Salaries – Okonjo-Iweala






The federal government has borrowed 473 billion naira to meet up with recurrent expenditure including paying of salaries while it is yet to release funds for capital projects.

According to Reuters, Nigeria has already used half the borrowing allowance it has budgeted for and has not released any funds for capital expenditure so far this year, as lower oil prices eat into its revenues, the country’s finance minister said on Tuesday.

“We have serious challenges,” Finance Minister Ngozi Okonjo-Iweala said in an emailed statement. “Things have been tough since the beginning of the year and they are likely to remain so till the end of the year.”

The borrowed money has been spent to cover overhead, including salaries, the minister said.

https://www.pmnewsnigeria.com/2015/05/06/fg-borrows-n473bn-to-pay-salaries-okonjo-iweala/

Nigeria was already broke and in recession before the elections and as far back as 2014 because Jona was borrowing hundreds of billions to pay workers salary even though Nigeria earned record $s from oil under jona with oil selling for over $100/barrel.


Question, was Jona borrowing hundreds of billions to pay workers salary if everything was so great under him?


Do you even mind listing the projects he innitiated and commissioned while in office?


You people act as if we are not Nigerians or clueless about Jona and his admin.

tuniski:

I noo get energy for this uncalled for line of logic of yours. Buhaari is too poor to handle even America that owns the dollar without taking the to recession. Wake up abeg.

I am not a Buhari supporter, nor a GEJ supporter.

I am prepared only to support a leader that invests in actual solutions to take us off oil, and also ends subsidies too...

PDP nor APC is it.

If the view above represent the view of the majority of Nigerians then I think I can safely conclude that this country is destined to fail.

deomelo:
[s][/s]









Nigeria was already broke and in recession before the elections and as far back as 2014 because Jona was borrowing hundreds of billions to pay workers salary even though Nigeria earned record $s from oil under jona with oil selling for over $100/barrel.


Question, was Jona borrowing hundreds of billions to pay workers salary if everything was so great under him?


Do you even mind listing the projects he innitiated and commissioned while in office?


You people act as if we are not Nigerians or clueless about Jona and his admin.

1.He did build new universities plus the almajiri schools

2.Finished the Kaduna-Abuja railway link...and revitalised the rail system.

3.Did try to fix the airports.

4.Did try to deregulate OIL.

5.Played a key role in getting the Dangote refinery...by helping to negotiate for the loans needed.

6.We improved our cash crop exports...especially cocoa

Still...we did not get on a path away from oil...which is why i don't think he was a success.

LordAdam16:


Oga, can you tell me how much GEJ looted?

How much did Jonathan loot?

-Lord

I know about the $2 billion he looted and gave to Dasulki to share with his cronies and corrupt gangs. That's a documented fact.



1. My own question, why was jona borrowing hundreds of billions if Nigeria was not in recession under him or if the economy was so great under him.

2. If Jona was borrowing billions to pay workers salary when oil was selling for almost $100/barrel, please tell us how Nigeria should be doing better under PMB with oil selling for as low as $27 when he assumed office.?

I will never regret partaking in voting you OUT!16years damage can not be ameliorated in just 4years.The monumental corruption which is still ongoing but in a lower form was the highest and brazen during GEJs reign/regime.The nation will have sunk/collapsed if your regime continued!
If each succesive past goverment has done averagely well cumulatively we wont be in this precarious situation!You allowed excessive impunity to occur from that of your wife to that of your ministers/aides!PMB the great is not perfect but has the right&high patriotism and is integrity laden/loaded!

wxyz1:
go and sleep, which state of Niger Delta are you from? Enjoy the economy while it last, Animal in human clothing

Another confused igbo spotted how is Kanu and Biafra?

9jakohai:
There is a simple explanation, and no i am not defending the govt.

1.During GEJ'S govt, the oil price was $94-120. That meant we had enough dollars to buffer the naira...and as a result the value of the naira was stronger..meaning we needed fewer naira to import rice.

2.Now, during Old Man Bubu's govt, the price of oil has fallen to $28-65. This means we have less dollars to buffer the naira, and the value falls.Meaning we need more naira to import the rice.

3.If oil jumps up to $100 again, rice prices will fall...see1 .

4.What does this mean?

a)INCREASE DOMESTIC RICE PRODUCTION...via mechanised farming and irrigation

b)Get other sources of dollars...ie industrialization., industrialization.

Fin.

And GEJ that was paying about $400m on subsidy just to alleviate the price on the poor masses..

If crude oil goes higher, we earn more but also spend more importing crude because those countries purchased at a higher price for crude... this analysis you brought up has be debunked..

9jakohai:
There is a simple explanation, and no i am not defending the govt.

1.During GEJ'S govt, the oil price was $94-120. That meant we had enough dollars to buffer the naira...and as a result the value of the naira was stronger..meaning we needed fewer naira to import rice.

2.Now, during Old Man Bubu's govt, the price of oil has fallen to $28-65. This means we have less dollars to buffer the naira, and the value falls.Meaning we need more naira to import the rice.

3.If oil jumps up to $100 again, rice prices will fall...see1 .

4.What does this mean?

a)INCREASE DOMESTIC RICE PRODUCTION...via mechanised farming and irrigation

b)Get other sources of dollars...ie industrialization., industrialization.
By
Fin.

This has been the line of argument by the uniformed to justify the failure of Buhari in the area of Economy. The Price of crude oil from 1999 to 2003 was less than $40usd pet barrel yet OBJ was able to effectively managed our economy and even had substantial money in reserves. Buhari is a gross failure as far as economy is concern.

God bless U Sir we wish you n your family a joyous celebration

nely:

Oga abeg ur family name na Nigerians, why e de pain you

u speak 4 ur self.abi who chose u as ambassador

folahann:
Somebody tell the ineffectual Buffon that we once bought bag of rice for 2,500 and petrol for 40 Naira. Ask him how much he met in our excess crude account and how much he left there.

you are a big fool, go ask him urself...petrol was #40 b4 OBJ came into power in 99 , obj increased it and since them its keeps increasing. You better wake up APC is worst thing dat ever happened to dis country . Maybe we should just rename it to LAI-apc.

deji68:
well, most of what is written in the report support the list i sent....oil price rose at some point to 120$/Barrel , fell to as low as 50$/b but the average throughout gej tenure was never 120$/b ...
http://inflationdata.com/Inflation/Inflation_Rate/Historical_Oil_Prices_Table.asp

From your source..

Prices are based on historical free market (stripper) oil prices of Illinois Crude as presented by Plains All American. Typically Illinois Crude is a couple of dollars cheaper per barrel than West Texas Intermediate (WTI) because it requires a bit more refining.

Whereas from mine...

From the mid-1980s to September 2003, the inflation adjusted price of a barrel of crude oil on [b]NYMEX [/b]was generally under $25/barrel. Then, during 2004, the price rose above $40, and then $50. A series of events led the price to exceed $60 by August 11, 2005, leading to a record-speed hike that reached $75 by the middle of 2006. Prices then dropped back to $60/barrel by the early part of 2007 before rising steeply again to $92/barrel by October 2007, and $99.29/barrel for December futures in New York on November 21, 2007.[1] Throughout the first half of 2008, oil regularly reached record high prices.[2][3][4][5] Prices on June 27, 2008, touched $141.71/barrel, for August delivery in the New York Mercantile Exchange, amid Libya's threat to cut output, and OPEC's president predicted prices may reach $170 by the Northern summer.[6][7] The highest recorded price per barrel maximum of $147.02 was reached on July 11, 2008.[8] After falling below $100 in the late summer of 2008, prices rose again in late September. On September 22, oil rose over $25 to $130 before settling again to $120.92, marking a record one-day gain of $16.37. Electronic crude oil trading was temporarily halted by NYMEX when the daily price rise limit of $10 was reached, but the limit was reset seconds later and trading resumed.[9] By October 16, prices had fallen again to below $70, and on November 6 oil closed below $60.[10] Then in 2009, prices went slightly higher, although not to the extent of the 2005-2007 crisis, exceeding $100 in 2011 and most of 2012. Since late 2013 the oil price has fallen below the $100 mark, plummeting below the $50 mark one year later.

You used local American prices...I used the international price...as determined in New York, and London.

Here is OPEC'S chart....shows oil above 100 USD from 2011-13.

And all those people are northerners o, it's well.

9jakohai:


1. Middle eastern oil producers have tiny population, and produce a lot of oil.

The UAE has ten million people, and produces 3 million BPD of crude.Saudi has eleven million and produces 11 million BPD. Nigeria has 170 million and produces 2.2 million BPD of crude.

2.GEJ did not drain the reserve by 90% and he did try to get agriculture rolling.I am not a fan of him or his party, and he certainty kept us oil dependent, but he was not that awful. Could have done much better though.

3.Pmb needs to deregulate the oil downstream sector, and get us on the road to industrial development, then I will start looking at him with a good eye

I am replying item 2 above I said excess crude drained by 80_90%,foreign reserve 50%.There's a difference in the 2 you know.You may want to check the history of the excess crude account as well only come back with data and your source not he did not this or that..The record are in the public space

9jakohai:


1. Middle eastern oil producers have tiny population, and produce a lot of oil.

The UAE has ten million people, and produces 3 million BPD of crude.Saudi has eleven million and produces 11 million BPD. Nigeria has 170 million and produces 2.2 million BPD of crude.

2.GEJ did not drain the reserve by 90% and he did try to get agriculture rolling.I am not a fan of him or his party, and he certainty kept us oil dependent, but he was not that awful. Could have done much better though.

3.Pmb needs to deregulate the oil downstream sector, and get us on the road to industrial development, then I will start looking at him with a good eye

Deregulating at this point is not a good option anymore.

It was a good idea in 2012 when oil price was high, as a lot of investors buoyed by the market outlook may have decided to key in to build refineries. Today, when we are even begging oil majors to invest in exploration, deregulation of the oil downstream sector will be PHCN privatization 2.0.

That is, it'd be great on paper, but in reality players will frustrate it.

If NNPC wasn't importing up to 90% of PMS currently, the scarcity would be much worse.

The first concrete step to take before deregulating is making sure we have enough refining capacity to meet at least 60% of national consumption. That involves selling and fixing the four government refineries and waiting for the two largest private refineries under construction to come on line. That'd create healthy competition

You may look at diesel and kerosene as good reasons to deregulate PMS. But that's because the demand for those products are not high. Deregulate PMS today and see how quickly cabals would form to corner markets and keep prices artificially high, complaining of everything from vandalism to high cost of doing business in Nigeria.

GEJ comes on top as the best leader in our nation's history who tried to diversify the economy. But the person who laid the foundation was OBJ. OBJ stabilized the economy after the disaster that was the 90's. Yar'Adua was so-so. Then GEJ took it up a notch. Buhari is reversing the trend.

I pity whoever takes over from him.

-Lord

folahann:
Somebody tell the ineffectual Buffon that we once bought bag of rice for 2,500 and petrol for 40 Naira. Ask him how much he met in our excess crude account and how much he left there.

you are a big fool, go ask him urself...petrol was #40 b4 OBJ came into power in 99 , obj increased it and since them its keeps increasing. You better wake up APC is worst thing dat ever happened to dis country .

RICE #8K THEN, #16k NOW.
The reason behind this is ( we borrow to pay salary THEN, We source money through anchor borrowers to pay salary NOW.

AnodaIT:
That's a presidential statement not like that of the other animal who needs a documentary to show that he is human.
Imagine Buhari using the word annihilate in a Christmas message to Nigerians

Una get time to listen to the dullard speech sef

LordAdam16:


Oga, how much subsidy did GEJ pay in his five years?

Find out and check whether what you typed makes sense.

-Lord

I have time for you people preaching this GEJ was great for our economy trash.Yoh all have no conscience or are just un educated

By how much did the administrations be for him subsidise on lesser crude oil returns and how much did they save.One paid off all our debts and established the excess crude account your hero drained.What did GEJ do...build almajiris schools and drained the countries future.You all should get on your knees and thank the present economic team for saving the day

factsandfigures:
This has been the line of argument by the uniformed to justify the failure of Buhari in the area of Economy. The Price of crude oil from 1999 to 2003 was less than $40usd pet barrel yet OBJ was able to effectively managed our economy and even had substantial money in reserves. Buhari is a gross failure as far as economy is concern.

1.During OBJ'S second term, oil rose from $31-67.That is when he got the reserves rising too.

2.The economy was bad between 1999-2003 too. Then the explanation was that the mistakes of the Army rule take time to fix!.

3.PMB met our reserves at $28 billion. Now they are at $34 billion. So PMB is now a good leader, eh? (He isn't mind, but not for the reasons you think).

4.I was in university during OBJ's first term. That's how i know the economy was not in good shape.

9jakohai:


1.He did build new universities plus the almajiri schools

Very laughable and shameful to be listing such nonsense as achievement.

2.Finished the Kaduna-Abuja railway link...and revitalised the rail system.

He did not complete anything, it was completed and commissioned by PMB.

3.Did try to fix the airports.

Try is not an accomplishment especially with the largest oil revenue he generated and still end up borrowing billions from China to fix the airports and at the end of the were either not fix or just gave us rubbish like the now shameful and river niger flooding enugu airport.

4.Did try to deregulate OIL.

Try is not an achievement.

5.Played a key role in getting the Dangote refinery...by helping to negotiate for the loans needed.

Stop lying, he tried so much, but Fashola moved the project from his own PDP state in Ondo to APC Lagos under his watch so keep that lie to yourself.

6.We improved our cash crop exports...especially cocoa

Not an achievement, cocoa producers in the SW were responsible for making cocoa available for exports

Still...we did not get on a path away from oil...which is why i don't think he was a success.

If everything was great under Jona, why was he borrowing billions to pay workers salary after making so much money and borrowing billions from china?

ffo:
Some Nigerians are actually regretting and asking for forgiveness.

The shame is on the older generation who knew the disaster buhari is and deceitfully packaged him for the youths who have no clue about his incompetence, such oldies as obj, tinubu, lai,Soyinka, bakare,father mbaka,tony momoh,falana e.t.c should never be trusted with such things again, whenever they come with their recommendations, tell them to keep it to themselves.

https://www.youtube.com/watch?v=ltrsjqTE_p8





Even his own finance and economic minister agreed that Jona mess up the economy and created the hardship in Nigeria.


Abeg leave story, Nigerians are better off without that useless worthless, crooked, corrupt and incompetent losers.

deomelo:




I know about the $2 billion he looted and gave to Dasulki to share with his cronies and corrupt gangs. That's a documented fact.



1. My own question, why was jona borrowing hundreds of billions if Nigeria was not in recession under him or if the economy was so great under him.

2. If Jona was borrowing billions to pay workers salary when oil was selling for almost $100/barrel, please tell us how Nigeria should be doing better under PMB with oil selling for as low as $27 when he assumed office.?

Did he loot $2b?

Or he appropriated $2b over a 4 year period to the NSA office?

Or does loot have a new meaning?

Babangida looted $12b in one year.

OBJ spent $16b on electricity.

Yet GEJ was the greatest looter.

And I should ask you, how much out of the so-called $2b has been recovered? How do you reconcile that less than N10b was recovered from a loot of more than N300b?

To answer your questions:

1. Are you saying no government in the world borrows? Or do you think only our revenue would have been enough to pay for the expensive subsidy and tons of ongoing projects under GEJ?

And since PMB hasn't commissioned a new project and halted other ongoing projects, what is he using the money he's getting for?

2. Can you provide proof that GEJ was borrowing to pay salaries when oil was at $100/barrel?

-Lord