₦airaland Forum

Odobaone:
Tinubu dey try but h8t and tribalism too much especially for the nut

Debt servicing... Interest paid on debt.

The debt still remains as it is.

We must give obasanjo thanks... He made things easier


But APC came and reverse everything

Odobaone:
Tinubu dey try but h8t and tribalism too much especially for the nut

Debt servicing... Interest paid on debt.

This means our debt is increasing.. As the amount of debt servicing paid per annum keeps increasing

The debt still remains as it is.


In 1999 our debt servicing was about 4 billion dollars and external reserve at 4 billion dollars

Obj said that troubled him and seek ways to free Nigeria.

NinjaMetahuman:
school no be scam.
It's debt serviced not debt accrued.

It means Tinubu has paid or cleared more Nigeria's debt in 2 years than any other president in the history of Nigeria bar buhari.


It's positive stat for him.

No rather interest ln debt has increased significantly due to much borrowing

Goke7:
😂 really? so sales girls will just carry their entire salary to buy bag of rice, no transport no other expenses. And you call my job or the sales girls menial job? 😂 something I was doing five days a week, even sales girls worked full time way back anyway left the job for my masters and my friend who took over and still confirmed to me just yesterday was earning 25k monthly 5k increase from where I stopped. The other workers on the farm were even earning 9k.

Even all the so called bank jobs I know so many who still lost those jobs due to the hammer from sanusi on banks like intercontinental and oceanic, then and so many of them till today are yet to recover.

Just look at what u are typing.

In 2010 just 2010. 10k can buy a bag of rice.

A sales girl earning 15k or 10k can get it.

Stop supporting this failure

Barzinime:
Conspiracy?
You are a kid!

I said let mz know what u have in mind? What did they trade? Because u haven't said anything

CodeTemplarr:
largest when you use a defended Naira to calculate GDP size. . . Lol.
Use the actual value n Nigeria is not top 5. . . Lol

Whats a defended naira? Are they not defending the naira event till today? Are they not injecting funds? Why didn't they leave it when they said they will allow ot to float.

As u can see the naira started coming down from 1850 now 1400 to 1500

Goke7:
How many people the banks could employ back then? this banking sector criteria you guys are using to say Nigerians were richer back then is flawed. But am glad you admitted that I was either unemployed or under employed and that sounds more reasonable which is the reality of many and most Nigerians even till today!

Go and take the same bank job now and see if u can be better off.

All i see is either u are unemployed or doing menial jobs... I could remember sales girls then on 10k to 15k salary could buy bag of rice then today those things we saw as nothing is now far from reach

Goke7:
If I tell you I didn't have that 20k then will you believe me? What was the minimum wage then? So, how many could truly afford the basics you talk about, make una fear God abeg

Then in 2001 with ur 20k u can buy 4 bags of rice today 4 bags of rice is getting to 300 to 400k

With 20k in 2001 or 2003 you can buy 800 to 900 litres of fuel today you can get only 23 litres of fuel.



Nigeria was way better then than now. The fact u don't have it then means u were unemployed or under employed then.

In 2005 if u are working in the banking sector then u will be comfortable. If u are a lecturer earning 150k as a family then u are comfortable and more than ok.
But today any earning 300k is like a poor man.

What i mean is that today the middle income earners have been wiped off.

Nigerian per capital income was placed around 1800 then. Today is less than 800.

Barzinime:
Wiped off debt fine, but did you know how he did it?
You think he is special that they wiped it off? Did you for once think about what he traded for it?

What did he trade for it?

Barzinime:
Wiped off debt fine, but did you know how he did it?
You think he is special that they wiped it off? Did you for once think about what he traded for it?

Leave Conspiracy theories and face fact

Goke7:
And you say telecoms do not drive towards science and tech .

Nigerians were never richer under OBJ., They did groan under incessant increases in petrol prices and all. Check Otedola's new book, where he said OBJ abused him for advising him on the deregulation of diesel, leading to diesel scarcity at the time. We have short memories, always thinking the past was better.

Nigeria was far richer under obasanjo.
If u earn 20k then you can afford basic things .eat well.

If u earn 150 then u are classified as middle income.

Goke7:
The insecurity issue in Nigeria which is responsible for the food crisis was an offshoot of the so called Niger delta struggle which actually began in obj era with kidnappings of expatriates to make a statement of the issues in the region. I remember then someone from the middle belt I worked with raised an alarm that if northerners should learn the art of kidnapping then there will be a major national crisis and anytime I see what’s happening now I remember that statement.

The major change in Nigeria is moral than economic as we are becoming more heartless and losing our humanity under the guise of economic hardship that has been there since the military era.

The inability of the current government to tame it and bring a lasting solution to it means that they hace failed.
Why on earth should tinubu be there and terrorists take hostage the people? Then he is incapable.

GEJ i could say to an extent was able to give technical blow to boko haram but this was during his last months in office.

If any government could maintain that tide then things wilm improve. The government doesn't care, soldiers are crying.. I mean under ranks soldiers fighting the war. The president has said nothing

creativejagaban:
Why not then wait for 8 years and see God's wonders through Tinubu. At least you have seen the reserve grown in two years to 41b dollars.

Tinubu till 2031.

No that is not growth. Wait small u go seee say the thing go fall.

Obj was adding like 5 billion per year.

Tinubu should have added like 15 to 20 given the fact that he doesn't pay subsidy

Judolisco:
it was part of the deal... Pay 12 billion and we'll forgive 18 billion.... Is that not a cool deal? Who wouldn't take it?

. Yes cool deal. He wa strategic to achieve that.

But paying 12 billion is no small feet. He should be commended

God1000:
This is heartbreaking, Israel is deliberately starving Palestinians to death


Imagine what the hypocritical america would have done to any country aiding and abetting such genocide, but they see nothing wrong in this

The Eastern Nigeria faced this during the civil war period

chopnaira:
In 2001, I was in year 2 at university. So our realities are different.

With your reality are you saying that a man who saved 43 billions dollars aside the 25 billion dollars excess crude funds and the 12.5 billion debt he paid for paris club to wipde off our debt did not try or do much? And in 18 years 3 president combined hasn't been able to carry the reserve above 40 billion

I am typing from Europe man. A lot of banker are here in factory, i have some lecturers here cleaning old women bombom in old people homes..
I dont think in 2001 or 2005 bankers and lecturers resigned their jobs to flee economic hardship

In 2023 i was in cotonou in Benin republic that was when i know how useless the Naira is.. Market women just de laugh when i brought it out because then my Benin funds has finished.
But before it wasn't like this. I could remember those days in 2001 when my neighbours went to contonou to buy Toyota bus, people went there with fewer naira to pack things down to Lagos

chopnaira:
Remember, Nigeria jaga jaga. Poor man dey suffer suffer. Everything scatter scatter. By Idris abdulkarim

That was Obj's era.

The jagaga then and now is on another level. Check out how insecurity is now

chopnaira:
Lmao.

No wonder.

Yes i was around 15 years old then so i could recollect what happened in 2001. And by the time he left office i was around 21 years old.

Any big deal?

Like i said i could tell u the price of fuel then. In 2003 that was the election to his second tenure.
Fuel for the first time went to 20 Naira per litre.

Garri per module wad 15 Naira.

Lukuluku69:
From the Data you posted, the Oil Price average $42-$47 in the years leading to the end of his Tenure (2005-2007), those figures are not in any way small.

OBJ through the BPE got loads of Cash from those Deals, he was the one that Licensed the Telcos. Remember MTN, ECONET, GLO paid $400m for those Licences.

These Cash Flow aided the growth of the Foreign Reserves.

Oil price is not static it goes up and down.

During the Israeli and iran crises oil shut up to over 80+ immediately.
Even now its getting closer to 70.

During Buhari tenure for almost 2 years oil was 90+ per barrel..

Remember Obj saved additional 25 billion aside this 42 billion? Remember the excess crude account?

We need to start asking the current leader what he is using the money for. At least he is not paying subsidy and he removed subsidy from Naira/ dollar.

Goke7:
Debt relief is what made obj regime looks good. I was in university all through obj first tenure and I can tell you life was hard as hell with incessant strikes and all sorts. The same thing Nigerians complain about today was still the same things being said today; bad roads, poor healthcare systems and poverty. The so called economic team obj was just rhetorics because of the nice cvs of the persons in the govt. That Nigerians were richer or fared better under obj is a mirage

My brother food was not a problem during obasanjo era.

Insecurity was not a problem. See you can travel from rivers state to sokoto by night nothing go happen. You can't try it now.

I could remember teachers buying cars for the first time my headmaster and Primary 6 teacher bought cars in 2001. At 2001 i was already in jss2

Kokodeni:
Plus debt relief

Remember he paid 12.5 billion dollars before they forgave us the debt

Lukuluku69:
1. OBJ refused to share the Excess of Crude sales above the Budget price projection. He set up the Excess Crude Account.

2. Most of the Nations Loan Obligations were nearing the end and as such got many Loan Write Offs.

3. There were actually High Crude Price during his Tenure (On the Average).

On the average as how mr man? U mean highest like 8$, 20$ or 40$?
Remember that he paid over 12 billion debt. Who has ever done that?

Judolisco:
Many of Nigeria's debt were forgiven... So he had time to save

Obj paid over 12 billion dollars debt.

Please note that no government had ever done that

helinues:
There is something mutual about those who increased the FX they met. They all have political will.

President Tinubu is just 2 years old, oil price have not been that high but still saving .I am just imagining what our FX would be by 2031.

And to those who have been shouting it should have been more than that because if the subsidy removal, how about the state governors that their money have been increased for over a year now? How about different projects across the Nigeria regions?

Nigeria is in the right direction with president Tinubu

.
Please delete that 2031 we can't have an old man of close to 90 at the helm of affairs..
He wouldn't have the mental capacity to rule.

Again we could remember how u campaign for Buhari and said he was turning things around. We should endure. You called him your darling daddy.

Always shouting.
GOd bless Buhari
Calling fellow Buhari supporters as patriots etc.

But today u have finally agreed that Buhari destroyed Nigeria and now shifted post to tinubu.

We are still telling u that he got nothing to offer and believe me after his tenure u will either delete ur account or leave it and open another one to support who ever suits ur personal gain.

Remember millions of Nigeria are receiving it hot now

chopnaira:
You have Google on your phone. Use it.

I do dont have time to explain right now. but I posted the output from two AI. Check out the number one answer of both.

1. Chatgpt
2. Grok 3.

Perhaps, you would accuse chatgpt and grok 3 of propaganda too.

Stop using ai.

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=f000000__3&f=m
It was in 2006 just few months left in office that oil climb to 60 dollars per barrel. Remember it started from 8 dollars


Obj paid subsidy, paid debt infact he wiped off our debt to almost 90% off.

aribisala0:
Describing it as magic indicates that you are clueless about what Foreign Reserves are
I understand many people see the words Reserves and think it is some kind of savings account or money set aside for the rainy day
It is none of those things
It does not even belong to the government
It belongs to the Central Bank
Some might say but is it not the government that owns the bank
Yes
Just like other owners own other banks the other bank owners do not own the cash or deposits in their vaults

The Foreign reserves are like those deposits and the holders of Naira are the depositors if the depositors continue to import without exporting the Reserves will shrink and vice versa

If you have Naira in your account you are a shareholder of those reserves

The NAIRA IS A CBN DEBT OR PROMISORY NOTE A CBN LIABILITY
THE R3SERVES ARE CBN ASSETS THAT BALANCE THE LIABILITY
Without reserves the Naira is an empty promise

When Foreign airline talked of trapped funds what they meant is they have Naira and want to change it for dollars and there is a delay on the CBN SIDE

..

So what is your point now?
Because am asking how come obasanjo was able to grow the reserve to over 800% from 4billion to 40+ billion within 8 years despite low oil prices

It's the federal government policies, actions and inaction and business activities that grows these reserves.

chopnaira:
High oil prices actually.

High price of 11 dollars per barrel or 25 per barrel.


Its higher than today's over 70 dollars per barrel

CodeTemplarr:
Better than that scam published yesterday. Also of importance is debt and major money saving policies like subsidy removal. Imagine if refineries had been privatised too. More savings.

Honestly they carefully removed OBJ tenure and made it look like tinubu is achieving more.

Whereas its OBJ that achieved wonders even with little income from oil and huge amounts of debt facing him

What magic did obasanjo did that helps us grew the reserve this fast?

EXTERNAL RESERVES SINCE 1999 — BY GOVT

🟢OBASANJO — grew by 845%
May 1999 — $4.99 billion
May 2007 — $43.17 billion

🔴YAR'ADUA — dropped by 6.6%
May 2007 — $43.17 billion
Apr 2010 — $40.32 billion

🔴JONATHAN — dropped by 29%
Apr 2010 — $40.32 billion
May 2015 — $28.57 billion

🟢BUHARI — grew by 20%
May 2015 — $28.56 billion
May 2023 — $34.39 billion

🟢TINUBU [Ongoing] — grew by 19%
May 2023 — $34.38 billion
As of 20 Aug 2025 — $41.05 billion

Here is the Nigerian foreign reserve from 1999 when obasanjo took over till date.

EXTERNAL RESERVES SINCE 1999 — BY GOVT

🟢OBASANJO — grew by 845%
May 1999 — $4.99 billion
May 2007 — $43.17 billion

🔴YAR'ADUA — dropped by 6.6%
May 2007 — $43.17 billion
Apr 2010 — $40.32 billion

🔴JONATHAN — dropped by 29%
Apr 2010 — $40.32 billion
May 2015 — $28.57 billion

🟢BUHARI — grew by 20%
May 2015 — $28.56 billion
May 2023 — $34.39 billion

🟢TINUBU [Ongoing] — grew by 19%
May 2023 — $34.38 billion
As of 20 Aug 2025 — $41.05 billion

This should give a clearer picture rather than half baked truth

Summary :

Budget for Building bus terminal now more than budget for the entire health Care sector

Too bad