While hunger is squeezing peoples mouth, you are talking of external reserve. What of our debt statistics? They will not tell you that one. Keep deceiving yourself.

tetralogyfallot:
This administration are more interested in boosting the foreign reserve at the expense of every other thing. The question is, what is the use of money in bank account while u r feeling hungry?

Go and ask Venezuela that question. They applied this your special wisdom by eating it all (including the seeds they should have left in the reserves for planting); that's why Venezuelans are currently one of the worlds happiest people. Go figure!

Ikwokrikwo:
What about our debt?

APC and devilish statistics.

You claim to be increasing your savings, while your debt is growing at a faster rate, who are you deceiving?

Nigeria's debt also increased at a fast rate between 2010 to 2015. The only difference then was that Nigeria's oil income was also at an all time high and Nigeria's foreign reserves also dropped astronomically.

phineas:
This is why I am a firm advocate for the anti power to the youths movement,I must add I qualify for the Nigeria defiantion of youth (less than 45) but youth is not an excuse for power without the necessary knowledge

On economic growth ,macro economics especially,this Government has revived Nigeria and put her back squarely on the road to development

how does this translate to more km of roads? Read about the sukuk bond,About PPP with local companies for development, all wwith a growing reserve and growing Excess crude account.

you all need to find the economic growth and recovery plan of this country developed in concert with international experts and think tanks with local content and context and see how it is been applied literary like a bible,I challenge all youths must run critics of the present government to point out its weakness and what could be better and their proposed methodology

Please be aware it takes strong politicall will to implement policies in Nigeria,so success achieved on strategies such as 100% sign up on TSA and BVN is no mean feat,even jonathan couldnt achieve it,

funds were released for ogonni clean up despite low revenues in the country,private companies such as dNgotes and otedolas amongst others sign up for partnership with Goverment on development,non oil revenue especially Agric export is increasing,leakages are been blocked in Goverment (you cant even print tshirts and ordinary bags for govt programs,or earn more than 5% working for Goverment,TSA is working group like magic so much jamb is lying on a snake)income from taxation is increasing and savings in our reserves is returning to an all time high again

So youths with beer parlour critiicsm that cannot successfully lead a primary school class on noise makers,not to talk of university think the criteria for them to be handed the country is their age should pleasentake a back seat

Lastly my free advice to the presidents media team,rather than been attack dogs in the media,please use your heads and time to develop scorecards on our development and economic plan because we have made great growth in many areas and we may not be there yet,but the fact that we are making progress on the right indices matter and we MUST not deter those working with silly demoralising speeches

thank u my brother, may Allah reward u abundantly, tell the wailers from d forgotten land of isreal, erosional capital of united state of nigeria,,, don't quote me wrong ask d man with d red barret.

kabrud:

Wailers are just funny. The govt says this is what is in our foreign account and the strongest opposition with its good number of Economists cannot oppose the claim, but it is one wailer who doesn't know his left from his right that is sweating out his comfort calling it a lie. Be prepared to get HBP because more good news are still coming. Is foreign reserve a personal account that cannot be verified be any competent authority?

Read the message in the links attached and watch govt contradict itself.

obailala:
Ignorance! Just like many others out there, you are simply ignorant of what the foreign reserves is meant for, that's why you believe it's foolish to save money in the reserves; you'd rather have it all spent and plunge the country instantly into an economic mess like Venezuela.

I don't want to insult u back because u speak from a position of ignorance far deeper than where u assume I speak from.

Nigeria in the 21st century has a population of about 180 million people And they generate around 2000 - 3000 Megawatts of electricity.

Meanwhile to function properly as a nation n compete with our peers, We don't need MW, We need GW, At least 1 - 2 gigga watts on a short term. On a long term to run fully like a country in Europe, We need around 50GW of electricity.


No pls explain to me the importance of having 980 billion dollars as ur foreign reserve while u generate 3000MW of electricity daily, crippling the nation of making any meaningful manufacturing, Thus leading to making useless n senseless imports like clay, toothpick, Biscuit, Red oil, tomatoes, etc.
(We actually import as much as 90% of our needs).



Explain what I asked above again with our inability to refine crude oil, leading to Nigeria importing 40 million litres of petroleum products daily (I don't want to calculate the monetary equivalent of that).

PrecisionFx:




I don't want to insult u back because u speak from a position of ignorance far deeper than where u assume I speak from.

Nigeria in the 21st century has a population of about 180 million people And they generate around 2000 - 3000 Megawatts of electricity.

Meanwhile to function properly as a nation n compete with our peers, We don't need MW, We need GW, At least 1 - 2 gigga watts on a short term. On a long term to run fully like a country in Europe, We need around 50GW of electricity.


No pls explain to me the importance of having 980 billion dollars as ur foreign reserve while u generate 3000MW of electricity daily, crippling the nation of making any meaningful manufacturing, Thus leading to making useless n senseless imports like clay, toothpick, Biscuit, Red oil, tomatoes, etc.
(We actually import as much as 90% of our needs).



Explain what I asked above again with our inability to refine crude oil, leading to Nigeria importing 40 million litres of petroleum products daily (I don't want to calculate the monetary equivalent of that).

Just the same way every single part of the human body has its unique function, the foreign reserves of a country has it's unique functions. Yes it is cash that's saved in the reserves, and the nation is in dire need of cash for infrastructure. But that a nation is cash strapped and also in dire need of infrastructure, that doesn't mean the nation should abandon common sense and start squandering reserves which serves specific survival functions; most especially for a country like ours which almost imports even the air we breathe.

If you think there is any wisdom in spending all your cash on capital and stomach infrastructure at the detriment of having a buoyant reserve, then you should really go and study what happened and is currently still happening to a nation called Venezuela which applied this very idea you suggest.

obailala:
Just the same way every single part of the human body has its unique function, the foreign reserves of a country has it's unique functions. Yes it is cash that's saved in the reserves, and the nation is in dire need of cash for infrastructure. But that a nation is cash strapped and also in dire need of infrastructure, that doesn't mean the nation should abandon common sense and start squandering reserves which serves specific survival functions, especially for a country like ours which almost imports even the air we breathe.

If you think there is any wisdom in spending all your cash on capital and stomach infrastructure at the detriment of having a buoyant reserve, then you should really go and study what happened and is currently still happening to a nation called Venezuela which applied this very idea you suggest.

""nation should abandon common sense and start squandering reserves""

Explain how spending 15 billion dollars from our foreign reserve to generate 15,000MW of electricity and also build 5 oil refineries that will refine around 500k barrels per day translate to ""Squandering"" of foreign reserves?



""If you think there is any wisdom in spending all your cash on capital and stomach infrastructure""

Point out where I said the above.

princejenks:
am very interested in this,pls can you back up your claim that cbn injected fresh $141million into forex market to keep the naira stable cos all the info I could glean online states that the cbn injected $210 million into the interbank segment of forex market after its last monetary policy committee(mpc) sitting in November,2017.
*A statement was released by cbn in january about this,remember also mpc hasn't sat this year cos they couldn't form a quorum so when did mpc sit to authorize this fresh $141 million you've stated*

intelligent man!!!

obailala:

What exactly do you think increases the GPD of a nation?... A higher reserve improves a country's credit rating, a higher credit rating improves investor confidence, and with investors having confidence, they flock into an economy with the confidence that they can make money and actually get paid/extract their profits whenever they want. With investors flocking into an economy and improving its productivity, what effect do you think that would have on the nation's GDP?... Also with higher productivity, what effect do you think that would have on employment, inflation and the poverty index?

I'm not surprised that there are people who dont understand this elementary economic logic; after all a lot of our people still believe it was Buhari's face that made investors to flee Nigeria between 2014 & 2017 when Nigeria struggled to obtain forex and when its foreign reserves hit the rock bottom.

Of course security is a factor which worries foreign investors, but rubbishing the pivotal position of a sound forex reserve in providing investor confidence is rather very myopic; even at the height of the bokoharam menace when a bomb went off everyday with repeated occurences in Abuja, investors still flocked into Nigeria but simply just avoided troubled spots.

PLS TELL THESE ILLITERATES!!!!All am hearing is "brings no food on my table", "buhari is a cow" ,"this number is nothing".....and some of these fools call themselves GRADUATES??We are doomed!!!

kabrud:
[s][/s]
It is extraordinary because that is what looks like a rocket science to one drunk PhD holder from Bayelsa state. The price of oil was averagely double its present value, yet the external reserve could not grow. It did even remain what it was, it was dropping. As you can see, it is extraordinary.

TELL THE DUNCES PLSSS!!!

phineas:
This is why I am a firm advocate for the anti power to the youths movement,I must add I qualify for the Nigeria defiantion of youth (less than 45) but youth is not an excuse for power without the necessary knowledge

On economic growth ,macro economics especially,this Government has revived Nigeria and put her back squarely on the road to development

how does this translate to more km of roads? Read about the sukuk bond,About PPP with local companies for development, all wwith a growing reserve and growing Excess crude account.

you all need to find the economic growth and recovery plan of this country developed in concert with international experts and think tanks with local content and context and see how it is been applied literary like a bible,I challenge all youths must run critics of the present government to point out its weakness and what could be better and their proposed methodology

Please be aware it takes strong politicall will to implement policies in Nigeria,so success achieved on strategies such as 100% sign up on TSA and BVN is no mean feat,even jonathan couldnt achieve it,

funds were released for ogonni clean up despite low revenues in the country,private companies such as dNgotes and otedolas amongst others sign up for partnership with Goverment on development,non oil revenue especially Agric export is increasing,leakages are been blocked in Goverment (you cant even print tshirts and ordinary bags for govt programs,or earn more than 5% working for Goverment,TSA is working group like magic so much jamb is lying on a snake)income from taxation is increasing and savings in our reserves is returning to an all time high again

So youths with beer parlour critiicsm that cannot successfully lead a primary school class on noise makers,not to talk of university think the criteria for them to be handed the country is their age should pleasentake a back seat

Lastly my free advice to the presidents media team,rather than been attack dogs in the media,please use your heads and time to develop scorecards on our development and economic plan because we have made great growth in many areas and we may not be there yet,but the fact that we are making progress on the right indices matter and we MUST not deter those working with silly demoralising speeches

WOWWW!Never knew we still have INTELLIGENT folks here on NL. Great analysis...i am tired of "buhari is a dullard" , "buhari is a cow" illiterates. These economic grammar is too much for them to decipher.

PrecisionFx:


""nation should abandon common sense and start squandering reserves""

Explain how spending 15 billion dollars from our foreign reserve to generate 15,000MW of electricity and also build 5 oil refineries that will refine around 500k barrels per day translate to ""Squandering"" of foreign reserves?

For a nation of 180million people which is pathetically dependent on importation for just about everything it needs to survive (almost including the air we breathe), even $50billion in the reserves is dangerously too low especially when you consider that a volatile priced commodity is the only source of Nigeria's forex. You obviously do not understand the calamity Nigeria just avoided with the recent oil price and forex crisis; that's why you do not appreciate the importance of having substantial funds in the foreign reserves.

When world class economists like NOI who had a fair understanding of these dangers were pushing Nigeria's forex reserves beyond $60billion during OBJ days, do you really think she didnt know what she was doing?.. You really think OBJ/NOI didnt know that they could just withdraw $25 billion from the reserves to build world class roads, power stations, refineries, hospitals etc around the country and take the lifetime title of being the best administration?

""If you think there is any wisdom in spending all your cash on capital and stomach infrastructure""

Point out where I said the above.

Throughout this thread you've been of the opinion that saving billions of dollars in reserves when the country is in desperate need of infrastructure is foolishness.

obailala:
Nigeria's debt also increased at a fast rate between 2010 to 2015. The only difference then was that Nigeria's oil income was also at an all time high and Nigeria's foreign reserves also dropped astronomically.

Pls don't waste your time with unrepentant illiterates......they have other agendas .

PrecisionFx:






""nation should abandon common sense and start squandering reserves""

Explain how spending 15 billion dollars from our foreign reserve to generate 15,000MW of electricity and also build 5 oil refineries that will refine around 500k barrels per day translate to ""Squandering"" of foreign reserves?



""If you think there is any wisdom in spending all your cash on capital and stomach infrastructure""

Point out where I said the above.

Unrepentant illiterate! The dude is forensically analyzing things to this one but you just cant counter intelligibly.....you have no point here!

obailala:
For a nation of 180million people which is pathetically dependent on importation for just about everything it needs to survive (almost including the air we breathe), even $50billion in the reserves is dangerously too low especially when you consider that a volatile priced commodity is the only source of Nigeria's forex. You obviously do not understand the calamity Nigeria just avoided with the recent oil price and forex crisis; that's why you do not appreciate the importance of having substantial funds in the foreign reserves.

When world class economists like NOI who had a fair understanding of these dangers were pushing Nigeria's forex reserves beyond $60billion during OBJ days, do you really think she didnt know what she was doing?.. You really think OBJ/NOI didnt know that they could just withdraw $25 billion from the reserves to build world class roads, power stations, refineries, hospitals etc around the country and take the lifetime title of being the best administration?

Throughout this thread you've been of the opinion that saving billions of dollars in reserves when the country is in desperate need of infrastructure is foolishness.

Did you study economicsGod bless you AGAIN!

tiger28:
PLS TELL THESE ILLITERATES!!!!All am hearing is "brings no food on my table", "buhari is a cow" ,"this number is nothing".....and some of these fools call themselves GRADUATES??We are doomed!!!

The part where people keep talking of 'putting food in the table' is most pathetic; just the typical black man mentality which always believes that feasting today is all there is to life irrespective of how detrimental it is to the future survival.

tiger28:
Did you study economicsGod bless you AGAIN!

I'm far from being an economist, but just listening to speeches by enlightened economists (not the partisan ones) is enough to give anyone a fair idea of some simple things.

tiger28:
Unrepentant illiterate! The dude is forensically analyzing things to this one but you just cant counter intelligibly.....you have no point here!

Stop demanding for a shout insult match Sir.


I'm not interested.

obailala:
For a nation of 180million people which is pathetically dependent on importation for just about everything it needs to survive (almost including the air we breathe), even $50billion in the reserves is dangerously too low especially when you consider that a volatile priced commodity is the only source of Nigeria's forex. You obviously do not understand the calamity Nigeria just avoided with the recent oil price and forex crisis; that's why you do not appreciate the importance of having substantial funds in the foreign reserves.

When world class economists like NOI who had a fair understanding of these dangers were pushing Nigeria's forex reserves beyond $60billion during OBJ days, do you really think she didnt know what she was doing?.. You really think OBJ/NOI didnt know that they could just withdraw $25 billion from the reserves to build world class roads, power stations, refineries, hospitals etc around the country and take the lifetime title of being the best administration?

Throughout this thread you've been of the opinion that saving billions of dollars in reserves when the country is in desperate need of infrastructure is foolishness.

I told u to explain how Spending the nations money to provide things we spend billions of dollar yearly to import (Power and crude oil products) amounts to squandering our money and u couldn't say anything. Im still waiting for thag.


""You obviously do not understand the calamity Nigeria just avoided with the recent oil price and forex crisis""


Buhari created forex crisis in Nigeria, Dont even go there, Its now obvious that this is not ur turf. We had a purely man-made crisis an immediately Buhari stopped being stupid, Everything came back to almost where it was pre 2016.




""For a nation of 180million people which is pathetically dependent on importation for just about everything it needs to survive""

What kind of trash is this So for a nation that imports
99% of her needs, The solution to the problem is actually to save more money for the imports? .....The way Nigerians can keep disgracing themselves on issues they don't have even the smallest idea about is alarming.


""You really think OBJ/NOI didnt know that they could just withdraw $25 billion from the reserves to build""

Remove Okonjo iweala from this issue.

OBJ was president n he withdrew 16 billion dollars (U know where he withdrew the money from) to build 10 gas turbines (NIPP) across the NC, SE, SS n SW........This is exactly what I said part of our reserve should be IMMEDIATELY used for n OBJ did it? But at the end of the day he started the project n Abandoned it 1 year later as he left office n the 16 billion dollars disappeared with him.
NB - GEJ came in and took money from our reserves and started building the 10 gas turbines simultaneously, General electric executed the project n during that time they upgraded nigeria to the status of "Super Customers""
GEJ completed n commissioned about 6 of them before he left office and that's where the all time high 5000MW came from.





""Throughout this thread you've been of the opinion that saving billions of dollars in reserves when the country is in desperate need of infrastructure is foolishness""

Point out where I said its foolishness.

PrecisionFx:



I told u to explain how Spending the nations money to provide things we spend billions of dollar yearly to import (Power and crude oil products) amounts to squandering our money and u couldn't say anything. Im still waiting for thag.


""You obviously do not understand the calamity Nigeria just avoided with the recent oil price and forex crisis""


Buhari created forex crisis in Nigeria, Dont even go there, Its now obvious that this is not ur turf. We had a purely man-made crisis an immediately Buhari stopped being stupid, Everything came back to almost where it was pre 2016.




""For a nation of 180million people which is pathetically dependent on importation for just about everything it needs to survive""

What kind of trash is this So for a nation that imports
99% of her needs, The solution to the problem is actually to save more money for the imports? .....The way Nigerians can keep disgracing themselves on issues they don't have even the smallest idea about is alarming.


""You really think OBJ/NOI didnt know that they could just withdraw $25 billion from the reserves to build""

Remove Okonjo iweala from this issue.

OBJ was president n he withdrew 16 billion dollars (U know where he withdrew the money from) to build 10 gas turbines (NIPP) across the NC, SE, SS n SW........This is exactly what I said part of our reserve should be IMMEDIATELY used for n OBJ did it? But at the end of the day he started the project n Abandoned it 1 year later as he led office n the 16 billion dollars disappeared with him.
NB - GEJ came in and took money from our reserves and started building the 10 gas turbines simultaneously, General electric executed the project n during that time they upgraded nigeria to the status of "Super Customers""
GEJ completed n commissioned about 6 of them before he left office and that's where the all time high 5000MW came from.





""Throughout this thread you've been of the opinion that saving billions of dollars in reserves when the country is in desperate need of infrastructure is foolishness""

Point out where I said its foolishness.

"Buhari created forex crisis in Nigeria"
The above speaks volumes of the mentality on which your argument is built; it vividly explains exactly where you're coming from. Obviously it was also Buhari's 'spirit' that caused Nigeria's forex reserves to drop rapidly from almost $40billion in July 2014 (when global oil crisis started) to about $28.6billion on the 29th of May 2015 when Buhari actually assumed office. It was also Buhari's spirit that caused the Naira to drop in value from about N160/$1 in around Oct/Nov 2014 to about N220-N230/$1 as at May 2015 despite the up to $10billion which was drawm from the reserves within the said period to defend the Naira. In fact the entire forex scarcity which prevailed had nothing to do with oil price or oil income or a lack of adequate forex reserves for the rainy day, it was all a result of Buhari's dumbness, that's why Nigeria critically lacked forex and that's why everything went south between 2015 and 2016.

I really dont think I have the strength for this kind of arguments. But I'd leave you with a simple statement which I hope you will understand, "right from the days of Joseph and Pharoah in biblical Egypt, it has always been a foolish idea to eat up your reserves."

obailala:

"Buhari created forex crisis in Nigeria"
The above speaks volumes of the mentality on which your argument is built; it vividly explains exactly where you're coming from. Obviously it was also Buhari's 'spirit' that caused Nigeria's forex reserves to drop rapidly from almost $40billion in July 2014 (when global oil crisis started) to about $28.6billion on the 29th of May 2015 when Buhari actually assumed office. It was also Buhari's spirit that caused the Naira to drop in value from about N160/$1 in around Oct/Nov 2014 to about N220-N230/$1 as at May 2015 despite the up to $10billion which was drawm from the reserves within the said period to defend the Naira.

I dont think I have the strength for this kind of arguments. But I'd leave you with a simple statement, "right from the days of Joseph and Pharoah in biblical Egypt, it has always been a foolish idea to eat up your reserves."

Till now u couldn't tackle the issues that I raised and most importantly, u still don't know what a foreign reserve is and its functions.

If taking 12 billion dollars from our reserves to end direct Crude oil export, build refineries, Allow us directly export crude oil products, Save us billions of dollars yearly on senseless imports and even give us millions of jobs is foolishness to u, Then i can confidently say u need medical help (Pu intended).




""foolish idea to eat up your reserves""

Can one be constantly forcefully stupid?

PrecisionFx:


Till now u couldn't tackle the issues that I raised and most importantly, u still don't know what a foreign reserve is and its functions.

If taking 12 billion dollars from our reserves to end direct Crude oil export, build refineries, Allow us directly export crude oil products, Save us billions of dollars yearly on senseless imports and even give us millions of jobs is foolishness to u, Then i can confidently say u need medical help (Pu intended).




""foolish idea to eat up your reserves""

Can one be constantly forcefully stupid?

You are definitely wiser than the handlers of the economy from the past and present, locally and internationally who make effort to build reserves despite known infrastructural deficits that need funds; you are definitely the wisest one and everyone else is foolish. Congratulations on your peculiar wisdom.

Meanwhile, to avoid any doubts, the question you asked in your final sentence wouldnt be more appropriate for anyone else than yourself.

obailala:
You are definitely wiser than the handlers of the economy from the past and present, locally and internationally who make effort to build reserves despite known infrastructural deficits that need funds; you are definitely the wisest one and everyone else is foolish. Congratulations on your peculiar wisdom.

Meanwhile, to avoid any doubts, the question you asked in your final sentence wouldnt be more appropriate for anyone else than yourself.

U build reserves wen u have an economy. Wen u have 30 million adults or maybe more roaming the streets daily with no jobs, U have gotten to the point where only a radical decision will save the day.

For decades now, Our recurrent expenditure is so fukkin large that it scares the shit outta anyone who goes thru our budget n yet people are insisting that such a behaviour should be sustained.


FG needs an emergency expense worth tens of billions of dollars to immediately arrest our electricity, crude oil and agricultural deficits, The more they waste time on these, The more our population skyrockets and thus these present problems holding us will get even worse.

PrecisionFx:




U build reserves wen u have an economy. Wen u have 30 million adults or maybe more roaming the streets daily with no jobs, U have gotten to the point where only a radical decision will save the day.

For decades now, Our recurrent expenditure is so fukkin large that it scares the shit outta anyone who goes thru our budget n yet people are insisting that such a behaviour should be sustained.


FG needs an emergency expense worth tens of billions of dollars to immediately arrest our electricity, crude oil and agricultural deficits, The more they waste time on these, The more our population skyrockets and thus these present problems holding us will get even worse.

I dont have much to say to you, but take it to heart that there is a reason why world class economic experts still insist on having viable reserves, these experts weren't and aren't blind to the choking infrastructural needs of the nation and neither are they stupid for insisting on viable reserves first even whilst they borrow for infrastructure. Like I said, stop thinking you are smarter than everyone else.

obailala:
I dont have much to say to you, but take it to heart that there is a reason why world class economic experts still insist on having viable reserves, these experts weren't and aren't blind to the choking infrastructural needs of the nation and neither are they stupid for insisting on viable reserves first even whilst they borrow for infrastructure. Like I said, stop thinking you are smarter than everyone else.

I didn't read all these I swear.

Have a nice day.

PrecisionFx:


I didn't read all these I swear.

Have a nice day.

You dont have to, I already made my point that you arent as smart as you thinkk you are.