AreaFada2:
.

All those monies used for train, new universities, roads, airports and so on, and for fighting Buhari's Boko Haram friends, where do you think they come from? From the only about 25% capital expenditure or less in our budget?

Even the so-called missing 20 billion, if there was any evidence, you think APC would not put it everywhere for the whole world to see?

It was alleged to be 50 Billion, then 10 billion, then 20 billion. Can you trust anybody that flip-flops between such vastly different figures, especially an Islamic scholar who got into banking through Northern Royal connections and CBN via quota system?

Sure, 9ja is a corrupt nation, but 50b or 20b would go missing & Naira didn't turn to Zimbabwe currency through devaluation?

You are a foool. If Gej is sure the money wasn't missing let himmake public the PWC's report... Monkwa!!!

Iamsynord:
And so what
Buhari is still the incoming president come 2015.
PDP go and die

And you'll be the first to die. FOOL

989900:


Saudi's economy is different from Nigeria's.

Oil as at 2015, though our major forex earner, is just about 10% of Nigeria's GDP, compared to Saudi's almost 50%.

Now the Saudi's have their currency pegged to the dollar (it rises and falls with the dollar). They have an excess of $700b in reserves.

Which brings us to;

1. We should have taken heed to Soludo, and pegged the Naira to between N115-N125 to $1 . . . ensures stability, which is the cornerstone of any half-serious economy. Well, I guess that wasn't in the best interest of NOI and her bosses.

2. You save for rainy days like the Saudis.
OBJ grew $4B in '99 to $43b, Yar'Adua took us to $62b, exponentiating, taking into consideration that GEJ sold oil for the highest average prices ever, for the longest time ever, we should be looking at well over $110b minimum in our reserves, that is why Sanusi and Soludo are yelling 'missing money'.

Unfortunately, we have roughly $30b left.

Saving and lacking infastructural development is negetive Economics,its better to use such funds to etreagnthen the country;s aging and nearly non existent infrastructure.You said something bout pegging, Now in todays Economic climate.Do you know what will happen if naira was 10 to 1 $1? things will be mega xpenssive.Unless we manufacture more.Take the Uk for example, coming here to buy is bad market but comming here to sell is good Biz.I live and work in London I can tell you we are being encouraged to come home to invest with our hard currency.I remember one year it was 31 to $2, damn everybody went to the US for xmas shopping.As Im speaking to you right now,The tourist industry in the likes of Europea are getting ready for big mkt as the pounds is going up to 1.5 B4 summer time.I think devaluing the money is a nice move at this time, it will bring much needed investment into the economy.

ahaika23:
The difference is crystal clear between one who cares for the common man and the other who wants to be God-father for life

What proof is there that these are Benin-Ore roads?

What proof is even there that the pictures of good road are pictures of roads in Nigeria?

Safari29:


it is as worst as the pix u put above. shagamu ore express though it's same express lane Is longer than Benin ore express

Liar!

erico2k2:

Saving and lacking infastructural development is negetive Economics,its better to use such funds to etreagnthen the country;s aging and nearly non existent infrastructure.You said something bout pegging, Now in todays Economic climate.Do you know what will happen if naira was 10 to 1 $1? things will be mega xpenssive.Unless we manufacture more.Take the Uk for example, coming here to buy is bad market but comming here to sell is good Biz.I live and work in London I can tell you we are being encouraged to come home to invest with our hard currency.I remember one year it was 31 to $2, damn everybody went to the US for xmas shopping.As Im speaking to you right now,The tourist industry in the likes of Europea are getting ready for big mkt as the pounds is going up to 1.5 B4 summer time.I think devaluing the money is a nice move at this time, it will bring much needed investment into the economy.

1. We need to ask, were those monies used for developing infrastructure? No.

2. You do not necessarily need your own money to develop infrastructure (I have brought investors from South Korea and Singapore both during OBJ's and GEJ's tenure, only for those greedy mfxckers to be asking for unrealistic 'advance-bribes' from investors who wanna help develop infrastructure with their own funds.).

3. When the likes of countries like Qatar, U.A.E, Saudi and co. were busy investing overseas to secure their economies, and their children's future what were we doing? Buying 10 private jets?

4. Naira does not have to be N10 to $1. The key word here is 'relative-stability', as opposed to a free falling currency -- an epileptic one.

Even at N100/$1, in a stable politico-economic/security environment, no investor with cash would resist Nigeria.

On the flip side, even @ N250/$1 now, investor's are losing, and are fleeing with the remnant of their cash.

5. Even though I spend most of my times outside the country too, with sources of income outside the country, my business interests back home suffer the same predicaments as other importers do. From drugs to electronics to automobiles honest business people are going bankrupt--is that the way forward?

6. Take for example a salary earner, that's taken co-operative loan to import a car for personal use, only to learn he needs 1.5 times more to make that happen, is that progress? Or waking up to find out that, your N1m worth over $6k some few months ago, is worth just $4k now, is that progress? Or you saved N200k for flight ticket, only to be told you now need N300k for same ticket?

7. I understand living outside the country the effects may not directly affect you, just as when you all went to the US when the dollar was weak, but were the Americans happy? Are the Nigerians living in Nigeria happy?

P.S. OTOH, the current dollar exchange rate is highly influenced/affected by the up coming elections (especially the postponement) -- which should not be so!

ochejoseph:
GEJ means we'll for this great Nation,
Youwin na him

Trains Na him

Benin-Ore-Sagamu na him

Lagos-Ibadan na him

Kano Maiduguri express na him

Abuja Lokoja Na him

High speed Train Abj Kaduna na him


Agricultural revolution na Him

12 brand new Univ from scratch



Only a Blind man will vote Buhari

Nonsense! what about the most important. insecurity and peaceful coexistence? you didn't mention..

erico2k2:

Saving and lacking infastructural development is negetive Economics,its better to use such funds to etreagnthen the country;s aging and nearly non existent infrastructure.You said something bout pegging, Now in todays Economic climate.Do you know what will happen if naira was 10 to 1 $1? things will be mega xpenssive.Unless we manufacture more.Take the Uk for example, coming here to buy is bad market but comming here to sell is good Biz.I live and work in London I can tell you we are being encouraged to come home to invest with our hard currency.I remember one year it was 31 to $2, damn everybody went to the US for xmas shopping.As Im speaking to you right now,The tourist industry in the likes of Europea are getting ready for big mkt as the pounds is going up to 1.5 B4 summer time.I think devaluing the money is a nice move at this time, it will bring much needed investment into the economy.

Sorry to say this Sir but you are talking ABSOLUTE RUBBISH!!!!! You have your voodoo Economics completely upside down. The Naira was not devalued to bring in investment but it was devalued because it could not be supported against the dollar at the old rate. In spite of the fact that we have been selling crude at the highest prices Nigeria has ever seen OUR RESERVES ARE FAR LOWER THAN WHEN JONATHAN ENTERED OFFICE!!!

The annoying thing is that instead of people like you to be asking questions about what happened to all our money, you would rather sell yourself to Jonathan for a morsel of bread and then come to Nairaland to post beautiful nonsense.

ahaika23:
What's worse, the road leading to his home town in Ogun state was worse than this and he only fixed it few weeks to his handover as president. Such selfless man

hw abt dah wich leads to his farm at ota?

Nigerians ain't craving for change rather we believe in the mighty power of transformation . . . Meanwhile GEJ till 2019

gej has regretably tribalized and politicize his giant strides on devt because sagamu to ore is under apc onolememe didnt see any thing wrong leaving it out even though anenih his godfather was given the contract by obj but did nothing. that southwest is now the decider they are romancing

[quote
author=Safari29 post=31699667]op please what is the current state of
Shagamu Ore express way on the same express? [/quote] presently Undergoing construction.

planetuzor:

You are a foool. If Gej is sure the money wasn't missing let himmake public the PWC's report... Monkwa!!!

.

By law, the accuser produces the evidence, you provide evidence that money is missing. Use FOI to request for information.

Another angry APC member, swearing and causing violence. Is that how you people want to build a nation?

989900:



1. We need to ask, were those monies used for developing infrastructure? No.

2. You do not necessarily need your own money to develop infrastructure (I have brought investors from South Korea and Singapore both during OBJ's and GEJ's tenure, only for those greedy mfxckers to be asking for unrealistic 'advance-bribes' from investors who wanna help develop infrastructure with their own funds.).

3. When the likes of countries like Qatar, U.A.E, Saudi and co. were busy investing overseas to secure their economies, and their children's future what were we doing? Buying 10 private jets?

4. Naira does not have to be N10 to $1. The key word here is 'relative-stability', as opposed to a free falling currency -- an epileptic one.

Even at N100/$1, in a stable politico-economic/security environment, no investor with cash would resist Nigeria.

On the flip side, even @ N250/$1 now, investor's are losing, and are fleeing with the remnant of their cash.

5. Even though I spend most of my times outside the country too, with sources of income outside the country, my business interests back home suffer the same predicaments as other importers do. From drugs to electronics to automobiles honest business people are going bankrupt--is that the way forward?

6. Take for example a salary earner, that's taken co-operative loan to import a car for personal use, only to learn he needs 1.5 times more to make that happen, is that progress? Or waking up to find out that, your N1m worth over $6k some few months ago, is worth just $4k now, is that progress? Or you saved N200k for flight ticket, only to be told you now need N300k for same ticket?

7. I understand living outside the country the effects may not directly affect you, just as when you all went to the US when the dollar was weak, but were the Americans happy? Are the Nigerians living in Nigeria happy?

P.S. OTOH, the current dollar exchange rate is highly influenced/affected by the up coming elections (especially the postponement) -- which should not be so!

Well Im gonna agree with point 7 you made and as for your PS I believe so too, I'm hoping it comes down after that cos I import too but at least 80% of my Income comes from England.Well lets see what will happen next month.cos something has to give.I think the main problem we have is corruption don't get me wrong, it has little or nothing to this with GEJ or GMB, there are worms in the system that need salting these guys have been there for the last 30 years seeping the system.

Safari29:



[size=44pt]Liar[/size]

driving on Shagamu Express to Ore is like driving on a rough moutain, no patches nothing done by this admin on it. anybody passing through that express can testifies

From Lagos to Benin is now 4 hours or less depending on the car. This used to be 7 to 8 hours just 3 years ago. It won't be possible if your claim is true. So you are a big fat liar. But that's not news since all APC members are liars

ahaika23:
What's worse, the road leading to his home town in Ogun state was worse than this and he only fixed it few weeks to his handover as president. Such selfless man

selfish man u meant to say

ahaika23:
What's worse, the road leading to his home town in Ogun state was worse than this and he only fixed it few weeks to his handover as president. Such selfless man

we know you as a drunkard over here in America.

We know you APC members are the cause of Nigeria's delay in growth.

you don't sound educated son.

theoctopus:


From Lagos to Benin is now 4 hours or less depending on the car. This used to be 7 to 8 hours just 3 years ago. It won't be possible if your claim is true. So you are a big fat liar. But that's not news since all APC members are liars

bro am not APC member o,I just want good government. The thing is that road is the most important express in sw,shagamu Benin expressway (and Lagos Ibadan expressway) has been under constructions since 2010. up till now, work done is not up to 50% which kinda government is that

Safari29:


bro am not APC member o,I just want good government. The thing is that road is the most important express in sw,shagamu Benin expressway (and Lagos Ibadan expressway) has been under constructions since 2010. up till now, work done is not up to 50% which kinda government is that

Lagos Ibadan and Shagamu-Benin expressway have not been under construction since 2010. Where did you get that from? Benin-Ore was the road under construction and has been completed. That is about 100km road. Shagamu-Ore was recently awarded fro reconstruction. It wasnt as bad as the Benin-Ore axis but it was still awarded for reconstruction as part of the whole reconstruction of Lagos-Benin stretch. Lagos Ibadan was awarded to JB in late 2013 and work started in 2014 and is still ongoing with good progress. The initial contract for Lagos-Ibadan was awarded to Babalakin, OBJ's boy, who failed to perform and the contract was revoked, juts like his contract for MMA Lagos

theoctopus:


Lagos Ibadan and Shagamu-Benin expressway have not been under construction since 2010. Where did you get that from? Benin-Ore was the road under construction and has been completed. That is about 100km road. Shagamu-Ore was recently awarded fro reconstruction. It wasnt as bad as the Benin-Ore axis but it was still awarded for reconstruction as part of the whole reconstruction of Lagos-Benin stretch. Lagos Ibadan was awarded to JB in late 2013 and work started in 2014 and is still ongoing with good progress. The initial contract for Lagos-Ibadan was awarded to Babalakin, OBJ's boy, who failed to perform and the contract was revoked, juts like his contract for MMA Lagos

the express stretches from Shagamu to Benin. It doesn't matter if it's Benin ore express or shagam ore express or shagam Benin, it is still same express lane which I heard about it reconstruction in 2010. I don't care whether obj or YaraDua or gej, what I know is that it's still under the same party government, and they have failed.


pdp has failed us. Let try another party. If they fail also we vote them out

Safari29:


the express stretches from Shagamu to Benin. It doesn't matter if it's Benin ore express or shagam ore express or shagam Benin, it is still same express lane which I heard about it reconstruction in 2010. I don't care whether obj or YaraDua or gej, what I know is that it's still under the same party government, and they have failed.


pdp has failed us. Let try another party. If they fail also we vote them out

You lied. Now you want to insist your lie is truth? It doesnt work that way sorry. The whole stretch is not the same. That is why the contract were awarded differently and nothing has failed there. The pictures from 3 years ago are there for all to see and the pictures now is a testimony that things have changed. so sorry to burst your lies. GEJ has not failed. He has done brilliantly. What has your useless party done to warrant that we give them a chance? Please park to one side joor...

theoctopus:


You lied. Now you want to insist your lie is truth? It doesnt work that way sorry. The whole stretch is not the same. That is why the contract were awarded differently and nothing has failed there. The pictures from 3 years ago are there for all to see and the pictures now is a testimony that things have changed. so sorry to burst your lies. GEJ has not failed. He has done brilliantly. What has your useless party done to warrant that we give them a chance? Please park to one side joor...

where did I lie. is it not the same express from Benin to shagamu again?

brother am not an APC member, but I have already decided to vote for Change. vote jonathann out. We need a new government. If they don't perform well we vote them out. that's the beauty of democracy. you can't force GEJ on us

Safari29:


where did I lie. is it not the same express from Benin to shagamu again?

brother am not an APC member, but I have already decided to vote for Change. vote jonathann out. We need a new government. If they don't perform well we vote them out. that's the beauty of democracy. you can't force GEJ on us

Who is forcing GEJ on you? You lied, simple! What has that got to do with you voting APC? That na your cup of tea. You said the contract for Lagos to Benin was awarded since 2010. Thats a big fat lie and I corrected you but you are still adding to the lie. Lagos-Ibadan contract is awarded to Julius Berger and they are on the ground working. Nothing has failed like you claim, sorry

theoctopus:


Who is forcing GEJ on you? You lied, simple! What has that got to do with you voting APC? That na your cup of tea. You said the contract for Lagos to Benin was awarded since 2010. Thats a big fat lie and I corrected you but you are still adding to the lie. Lagos-Ibadan contract is awarded to Julius Berger and they are on the ground working. Nothing has failed like you claim, sorry

bro camdan na.
There is no lagos Benin expressway. It is called Shagamu Benin Expressway. I do not care about when it was contracted. All i know is that it has been in deplorable state for as long as I cud think off under this same pdp government. and after GEJ 6 years in office it's not up to 50% completion is a shame. We deserve more than this and u know it. same thing applied to lagos Ibadan expressway.


pdp has failed us.
We need change in government and this is the best chance we could have

sevule:


Sorry to say this Sir but you are talking ABSOLUTE RUBBISH!!!!! You have your voodoo Economics completely upside down. The Naira was not devalued to bring in investment but it was devalued because it could not be supported against the dollar at the old rate. In spite of the fact that we have been selling crude at the highest prices Nigeria has ever seen OUR RESERVES ARE FAR LOWER THAN WHEN JONATHAN ENTERED OFFICE!!!

The annoying thing is that instead of people like you to be asking questions about what happened to all our money, you would rather sell yourself to Jonathan for a morsel of bread and then come to Nairaland to post beautiful nonsense.

Thanks for the insult,I believe you live on a morsel of bread as said by almighty you,it would be worthy to note I was having a good convo with a matured adult b4 you jumped in to establish your stupidity.Let me lecture you a bit and give you a brief history of currency devaluation.


The value of a currency is determined relative to the value of the other currencies i.e. how much of the other currency can be bought by one unit of your home currency. In general, this is the exchange rate of this currency pair and it fluctuates over time with currencies gaining or losing value against each other. When a currency reduces its value against other currencies, this process is called devaluation.

Devaluation is a natural process in the history of financial markets. All currencies witness their currency rates falling and rising and if 10 British pounds were able to buy, say, 20 U.S. dollars a year ago, today the pound could be devalued and its purchasing power would only be enough to buy only 15 dollars. In contrast to market devaluation, governments around the world sometimes resort to devaluation as a tool to protect their trade balances. Thus, the local currency is forcedly devalued and its currency rates against other major currencies is reduced while restrictions are often imposed preventing the home currency from being exchanged at higher rates.

These types of government intervention in the foreign exchange market are a perfect example of official devaluation while the natural market devaluation is often referred to as depreciation, a process when the currency rates fluctuate downwards. In both cases, the country whose currency is devaluated could benefit form the lower cost of its export of goods, which now are cheaper to buy by customers in ountries whose currencies are stronger. The history of trade recalls many examples of intentional devaluation with the purpose of conquering new markets through the lower currency rates of the devalued currency.

One of the biggest devaluation waves in history was in the 1930s when at least nine of the leading world economies devalued their national currencies, including Australia, France, Italy, Japan and the United States. During the Great Depression, all these nations decided to abandon the gold standard and to devalue their currencies by up to 40%, which helped revive their economies and stabilised currency rates.

Meanwhile, Germany, which lost the Great War a decade earlier, was burdened to pay strenuous war reparations and intentionally provoked a process of hyperinflation in the country. Thus, the Germans witnessed the biggest ever devaluation of their national currency and the currency rates hit rock bottom. At that time, the currency rate of the German mark to the U.S. dollar stood at several million or billion marks per dollar. On the other hand, this devaluation helped the German government in covering its debts to the war winners although the average Germans paid a disastrous price for this government policy.

The governments around the world are often tempted to lower unnaturally the currency rates in order to benefit from the lower value of the national currency. The lower currency value encourages exports and discourages imports improving the country’s trade deficit and imbalances. However, the average citizen of a country with a recently devalued currency could suffer from higher prices of imported goods and overseas holiday costs.Dont you feel stupid yet? or do you have any other explanation??
source http://www.currencysolutions.co.uk/feature/why-do-governments-devalue-their-currency-rates.html
Also http://www.marketoracle.co.uk/Article42894.html

Thank you Jonathan for this indisputable feat! I remember many years ago when I was travelling by bus for an interview from Port Harcourt to Lagos, I was at Ore hold-up till the end of the interview session. Thank you for giving us a better lease of life. You resurrected the railway, now I can get my goods for peanuts transported to my base here in Port Harcourt from Enugu. God bless you sir.

Jesusloveyou:
$20b missing na him,wasting our $47b foreign reserve na him,$20b excess crude acc wasted na him,$10b swf vanish na him,30tr naira accrue to federal govt for 6yrs,misappropriated and mismanaged na him.get some sense, biko

Your eye don clear now how is Buhari government