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Nairaland Forum / Nairaland / General / Politics / External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations (103019 Views)
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Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Amisec: 1:09am On Nov 07, 2014 |
barcanista: Yes you have to, because you have to sell your market. 18 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by hercules07: 1:29am On Nov 07, 2014 |
Nigeria's debt profile from the 70s to now. http://www.indexmundi.com/facts/nigeria/external-debt-stocks |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 1:30am On Nov 07, 2014 |
I hope that Jonathanians and PDP apologists will grant me the honor of a fact-4-fact debate without insult. However, no amount of insult can deter me. Seun Obinoscopy and Mukina2 This thread is informative, Nigerians #NeedToKnow 23 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by SLIDEwaxie(m): 2:28am On Nov 07, 2014 |
Mogidi:power house with debt, power house but broke, power house with no meaningful infrastructure, power house without power, power house with incessant corruption.. It's funny u have to resolve to this yeye argument as a defence...the 'on-paper' matter... It beats me how u survive with no brain.. 26 Likes 2 Shares |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by manck2: 2:34am On Nov 07, 2014 |
For Nigeria obasanjo did not achieve much in govt. This figures are not correct. I don't think obasanjo left much money.it is more of propaganda Because Nigeria economy need the USA dollar they have to find way to get it. 7 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 2:35am On Nov 07, 2014 |
SLIDEwaxie:It will be interesting when the day breaks. 5 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by karlmax2: 2:45am On Nov 07, 2014 |
barcanista:i have better things doing since Uve started by telling us how much external debt nigeria owe u can also help us break it down to Federal government and states.that won't be hard for you. Since u already started with the total amount. 6 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 4:14am On Nov 07, 2014 |
Opiosko:You are a fool.is this calculation true or false? 17 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by omenka(m): 4:44am On Nov 07, 2014 |
Johnpaul2k2:Very typical, just like your lord; hound a man for exposing corruption. Whenever I think about Jonathan and the manner in which he manages the country's wealth, all I remember are Amanpour's words in the interview she had with him when he attended a meeting of the World Economic Forum in Davos. Below was her question:
And Jonathan's awesome reply was:
People around the president know deep down he should have absolutely no business whatsoever with leadership. 37 Likes 5 Shares |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by omenka(m): 4:47am On Nov 07, 2014 |
barcanista: 10 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Descartes: 4:49am On Nov 07, 2014 |
Following... |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Descartes: 4:51am On Nov 07, 2014 |
Datolee... what do you have to say on these facts presented here? 1 Like |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by mekd: 5:14am On Nov 07, 2014 |
Meaning, Jonathan have access to more more money than Yar Adua, but he depleted the Foreign Reserve and Still Purge Us into Further Debt With NOTHING to show i concor if u say GEJ have more access to more money. but let me remind u ibcasr u forgot that the gravity of challanges GEJ is facing is more more more than what any past president"yaradua" faced.thanks 13 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Descartes: 5:17am On Nov 07, 2014 |
Are we not on Frontpage yet? Admin please do the needful 1 Like |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by gratiaeo(m): 5:41am On Nov 07, 2014 |
GEJ is corrupt but we don't want to change him with Buhari, Atiku, Tinubu etc 21 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Descartes: 5:44am On Nov 07, 2014 |
Typing... |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 5:50am On Nov 07, 2014 |
First of all, I must thank barcanista for presenting facts, My position has been, if you must campaign, please do so with facts and not some lies. (Please lets cut out insult and debate like matured people, we will have so much to learn, the only winner here is Nigerians who will become more enlighten and take our government to task) I'm not here to defend the government, but lets go 1. Before talking about external debt, we must first talk about the revenue and expenditure under these government. We must know that Nigeria's expenditure has been increases on yearly bases, has revenue kept the same pace? Lets talk about aggregate expenditure from 2004 (the one I could get my hands on) 2004 expenditure was 1.79 trillion 2005 = 1.799 trillion Naira 2006 = 1.876 trillion naira 2007 = 2.266 trillion naira 2008 = 2.492 trillion 2009 = 2.870 trillion 2010 = 4.608 trillion 2011 = 4.226 trillion As a matter of fact the total expenditure on recurrent expenses was more than the total expenditure in 2007 http://www.slideshare.net/statisense/emperical-analysis-of-nigeria-budget So my point is this, we have more commitment now than we had during Yaradua and Obj times yet the revenue haven't so much increased (I haven't the fact right now). So the increase in debt is because the government is faced with more expenses, GEJ expended in 2011 about 2 times the expenditure of OBJ in 2007. By the way, from your post, I would think that GEJ have not done too bad in terms of external debt and here is my analysis After paying off Nigeria's debt through the paris club whatever, OBJ still borrowed $3.3 billion Since 2009 that GEJ has been in office, the FG has borrowed $2.42 billion (6.36 - 3.94) 2) When we talk about external reserve depletion, we must look at the value of the Naira! By refusing to devalue the Naira during the tennure of SLS as CBN governor, Nigeria has been using the external reserve to defend the naira... case in point http://www.nigeria-news-world.com/2013/09/i-will-defend-naira-with-reserves-sanusi.html#.VFxC7_mUf-E As a matter of fact, using external reserve to defend the naira was the brainchild of SLS so much so that the external reserve started raising again once he was removed from the office https://www.nairaland.com/1847921/aftermath-sanusis-sack-foreign-reserve Here is naira exchange to dollar history https://www.nairaland.com/498412/nigeria-exchange-rates-dollar-history So let me recap my point 1) External debt increased because we have more expenditure and revenue haven't kept the pace (still trying to find Nigeria's revenue history) plus the issue of theft of crude and output disruptions http://www.bloomberg.com/news/2013-10-31/nigeria-finance-ministry-says-revenue-gap-may-reach-12-billion.html 2) GEJ haven't done so bad with borrowing, infact, OBJ borrowed more than him 3) External reserve was deplated because SLS prefer defending the Naira with external reserve than devaluing the naira I hope we will as usual, keep it a clean debate. Thanks 50 Likes 3 Shares |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 5:54am On Nov 07, 2014 |
Descartes: Please Sir, I'm not a spokesperson for GEJ. My stand is that we must play politics devoid of distorted fact, in worst cases outright lies and selling them as truth. Moreover we should stop re-packaging old time coupist as the Messiah of our time 27 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 5:56am On Nov 07, 2014 |
barcanista:It is clear to all who wish to see that Gej is fraud 6 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 5:56am On Nov 07, 2014 |
1. Before talking about external debt, we must first talk about the revenue and expenditure under these government. We must know that Nigeria's expenditure has been increases on yearly bases, has revenue kept the same pace?datolee you are talking nonsense. What is the Budget performance of the government? You are talking EXPENDITURE and I am saying the Government is bleeping our moneies with nothing to SHOW for it, In other words our budgetary expenditure does not reflect to our economy and their is a possible MASSIVE waste in the system powered by corruption. Since Jonathan took over, everything skyrocketted within a twinkling of an eye. Subsidy bills especially, Military Expenditure yet with nothing to show. Where are the monies going to? There is heavy CORRUPTION going on 2) GEJ haven't done so bad with borrowing, infact, OBJ borrowed more than himHonestly, you are talking thrash. You claimed Obj borrowed externally more than GEJ? Whereas Obj left an external debt of $3 billion Dolloars. Yar ardua left a similar figure, while FG's debt as at today(external) is over $6 billion. Let me tell you, the External debt of Obj was not due to FG alone but to states Something you must to note: Obasanjo did not only Cleared Debt, He also Paid Debt Yar Adua only borrowed little during the recession when the price of crude oil went drastically doiwn Jonathan have been enjoying the privilege of a good reserve, good oil price and STILL BORROWED The External debt of ALL of them is included those owed by States. Only In Jonathan's case that I SPECIFIED his For the rest of your nonsense are pice of thrash. You don't have to be mumbling up and down. 24 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by gratiaeo(m): 5:58am On Nov 07, 2014 |
datolee:Thank you my brother.... Bacernista here comes your nemesis 26 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 5:58am On Nov 07, 2014 |
barcanista: 5 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 6:00am On Nov 07, 2014 |
barcanista: |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 6:03am On Nov 07, 2014 |
#GejOut 17 Likes 2 Shares
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Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 6:04am On Nov 07, 2014 |
gratiaeo:You don't understand what is being discussed obviously 15 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 6:06am On Nov 07, 2014 |
barcanista: 7 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 6:08am On Nov 07, 2014 |
barcanista: Please let not shift the goal post while the match is still in play sir. The argument is not about performance. But if you want to know, I will state some fact to you again. What is performance in terms of government expenditure to you? you are talking about capital project right? but you and 1 know that capital project is not the only job of the Government (I must agree 100% that Nigeria government right from OBJ haven't address the inbalance of capital and recurrent expenditure, but that didn't start with GEJ and it would be hard to stop in few day without sacking a lot of civil servants) Here is where the expenses went to, I will take 2 years of 2007 and 2011 2007 Total statutory transfer to states and LG = 102 Billion Total debt service = 326 billion Total recurrent (non debt) = 1.05 trillion Total capital = 781 billion 2011 Total statutory transfer to states and LG = 196 billion Total debt service = 542 billion Total recurrent (non debt) = 2.481 trillion Total capital = 1.005 trillion So what is your point exactly? 29 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 6:12am On Nov 07, 2014 |
barcanista: Lets do this exercise once again. Do you agree that OBJ left $3 billion in debt? Do you you agree by the time Yaradua left, the debt only increase by about $500 million If you agree by these, would also agree that as at today, Nigeria debt has only increased by $2.42 billion since Yaradua left office? Lets be guided... 28 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 6:15am On Nov 07, 2014 |
datolee:Guy you are shifting to budget. First, things I am not even the first to point out this waste in Government, Madam Oby Obiasekili did. And even challenged the Finance Minister to a Parliamentary debate, NOBODY RESPONDED. Then Sanusi was there You keep coming up with figures of how much government spent, WE are saying the same thing that government spent ALOT!!! However, The Government have spent MUCH more than Yar Adua and Obasanjo, it has depleted the Reserve and deepened the External debt. Please stop saying government spent this or that,,, We are saying the same thing. Just address the justification in spending so much money, achieving SO LESS and having a good Oil Market Price. 37 Likes 2 Shares |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by perez019(m): 6:16am On Nov 07, 2014 |
Mr barcanista, what if GMB ends us losing the 2015 general election despite painting GEJ's adminisration bad? Secondly, please give me 5 genuine reasons why I need to vote for GMB. Awaiting your response Mr barcanista. 11 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 6:19am On Nov 07, 2014 |
datolee:Guy figures don't LIE. The Reserves APPRECIATED during Yar Adua's era when Oil Price was Increasing The Reserve APPRECIATED during OBJ's era when Oil Price was soaring from virtually nothing to something Tangible, while he paid $18 billion debts and cleared $12 billion The Reserve is depleting in Jonathan's era despite increased Oil Price, relative High Production and the debt isn't helping. Yar Adua only borrowed few Millions of Dollars during all this time. Jonathan has borrowed over 3 billion dollars. Leave Obasanjo out of this, he set the foundation, He Yar Adua was building WHAT ABOUT JONATHAN? Are we progressing or retrogressing>? 20 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 6:20am On Nov 07, 2014 |
Please this is a direct argument and I also gave the Price of Oil during their government |
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