sunnyb0b0:


Obasanjo met the foreign reserve at $3.5bn, oil price at $9 and a foreign debt of $32bn.

Buhari met the foreign reserve at $30bn, oil price at $40 and foreign debt of about $8bn.

So, what are you guys on about?

There is an obvious flaw in your argument but to get to it, APC fans will have to admit something they have always mendaciously denied - that the size of the economy has grown substantially since 1999 such that foreign reserves of $30bn and oil prices of $40 are not sufficient to maintain our present standard of living.

In 1999, the minimum wage was about 550 to 800 Naira. At today's income levels, Nigerians consume far more (much of it imported) that foreign reserves of $30bn are now insufficient to maintain present consumption levels. This is also a major indictment of our PDP governments. If you wanted to know why GEJ's era failed to produce savings from the high oil prices, look no further than recurrent expenditure (the public sector wage bill and its attendant effect on aggregate consumption).

Wages should increase in line with productivity growth, but by more than tripling wages (the minimum wage went from N5000 to N18,000), it meant government needed oil prices to remain at +$100 p/b to pay workers. The big increase in wages meant that consumption increased and with that our import bill. Because these wage increases were not driven by productivity growth but by government fiat to gain cheap popularity, they were unsustainable once the government and the economy's main source of income and forex, oil, collapsed.

Where I differ from most is that I do not attribute blame for these policy mis-steps to just the political class. It's Nigerians' penchant for supporting populist and economically illiterate policies that puts us in these dire situations. Yar'Adua & GEJ increased public sector wages because such financially suicidal policy goes down well with Nigerians. When people today laugh at Osun, we should remember that its fiscal troubles are not because Aregbesola was extraordinarily corrupt, it's because he was trying to gain/maintain popularity by spending on infrastructure at a financially unsustainable rate. To illustrate how financial imprudence is popular with Nigerians, recall that APC's official policy according to Lai Mohammed when oil prices were high was that the excess crude account and other saving measures like the SWF ought to be abolished. You see, the political class are drawn from the ranks of Nigerians and as long as Nigerians support moronic policies, changing the ruling party won't make much of a difference in the long run.

Mutuwa:


Agree,agreeyah,agreeiest.

YES, you go school.....

sunnyb0b0:


And what has Buhari achieved with what he met on ground?

Has he left, safe your breathe and allow him time, the difference is, PMB carries what GEJ laçks. I know wailers like you won't understand

repogirl:
Story! What moves did this government make in its early stages when it was plain to every one that recession was coming?

Your president was travelling for months looking for what we don't know.

To pick ministers nko? He delayed for so long, so that he could pick Angels like Amaechi and co. Till now sef, it's still as if the Ministers are absent. Especially Finance minister, what's her name again? Exactly!

In the mean time, the CBN was hitting us with stúpid policies, that was speedily increasing the rate of worthlessness of our currency instead of helping it.

The minister of works and power added his own. Higher tariffs for lesser electricity. Or was that the fault of the previous government too?

IMF came and warned, The whole world warned, but Boooohari with F9 in Economics, on his fake certificate was forming Economist.

What has happened now? Hasn't he bowed?

Time to face the reality. This government is filled with confused people who don't know what should be done at the moment.

We haven't even begun. Even this 145 which they have fixed as Petrol price will never work! The demand for forex will get higher than the 298 they are talking about. This government is not ready to face reality.

When they are ready, that's when positive changes will happen.

By blaming the present administration for the issues you listed and saying the government should have have handled the issues this or that way means we are facing issues that we shouldn't be facing, but we are because 16 years of PDP did not possition the country properly to deal with the challenges we are dealing with.

Did 16 years of PDP and looting and stealing $20 billion plus power money get us out of darkness? No


Did 16 years of PDP and wholesale and institutionalized corruption and incompetence deliver infrastructures to better our existence ? No.

Did 16 years of PDP and wholesale and wholesale and institutionalized corruption and incompetence improve our federal accounts with the funds they looted and shared? No.


Did 16 years of PDP and wholesale and institutionalized corruption and incompetence deliver1 single refinery to help us out of the ever present fuel shortages? No.

Did 16 years of PDP and wholesale and institutionalized corruption and incompetence maintain and keep running our 4 refineries to prevent shortages. No.

What did GEJ and his administration to his service chiefs who looted $15 billion while our men and women in uniform die on the battlefield? He promoted and gave them National awards.

We are still gwtting bombarded daily with new revelations about this and that billions looted and diverted here and their so what's your.point exactly.? That that rotten and decayed looting and stealing government did a great job and we are in this mess because of this less than a year administration.?


Nigerians did the right thing by getting rid of Jona and his looting and stealing gang because it stopped the national bleading, it stopped the daylight looting and stealing.

The office of the NSA is no longer looting and sharing our money.

Our funds is no longer funding dubious spiritual prayers or paying for Metuh style presidential assingments.

Our meager foreign reserve is ni longer for corrupt, pointless and silly activities like importing toothpicks and other rubhish.

Stealing is now coruption.

Looters for the 1st time are on trial and set to go to jail.

The 2nd Niger bridge is finally getting built with direct FG money on the table to fund it with after 16 years of PDP lies, gimmicks, deceptions, incompetence and bogus tolling arrangements.

Lagos Ibadan express is now getting full and final attention.

Lagos Abuja rail is on track.

Lagos calabar rail sytem and the largest public works project in Africa is set to commence with money and federal will on the table.

Our looted funds stashed abroad is heading back to Nigeria to serve put needs.

Boko Haram is no longer invisible to our galant troops.

Our image on the global stage is shining again.

Petrol shortages is about to be over forever because we consume 33.6m liters per day, but ordinary Dangote refinery will pump out 55.2 million liters per day with left over to export.

Of course we have challenges, but we've gained so much in less than a year and better days are ahead.


We know the problem with many of you, but fact remains that GEJ is gone for good, stealing is now corruption and we have major job creating projects, pooicies and programs coming up, our economy is geting repositioned to serve us better.

sunnyb0b0:


Obasanjo met the foreign reserve at $3.5bn, oil price at $9 and a foreign debt of $32bn.

Buhari met the foreign reserve at $30bn, oil price at $40 and foreign debt of about $8bn.

So, what are you guys on about?

So why don't you just wait till the end of buhari's tenure before u start spitting rubbish. Obasanjo spent 8 years as the president and yet you are already condemning an administration that is barely a year old

sunnyb0b0:


Obasanjo met the foreign reserve at $3.5bn, oil price at $9 and a foreign debt of $32bn.

Buhari met the foreign reserve at $30bn, oil price at $40 and foreign debt of about $8bn.

So, what are you guys on about?

your point is baseless without qouting the value of naira (against dollar) and the minimum wage of both periods.

Flexherbal:
On a serious note, there is hunger in the land.

and we havent seen anything yet. In one or two months time, when the new fuel price takes full effect we will know what hunger really is.

WHO WANTED TO GO AND PROTEST BEFORE. SHEBI NA TO JAMBOREE TILL DAWN WE DEY WAIT FOR

sunnyb0b0:


Obasanjo met the foreign reserve at $3.5bn, oil price at $9 and a foreign debt of $32bn.

Buhari met the foreign reserve at $30bn, oil price at $40 and foreign debt of about $8bn.

So, what are you guys on about?

And am sure the reserve grew four fold and oil price quadrupled and debt disappeared during his first two years in office?

If they ask you to compare things you will surely fail cos you don't know how to

I have no pity for una. You brought this chains on yourselves so ENJOY IT. Sai buhari

This same buhari told us during campaign that he will bring fuel Down to 50 naira

johnnday222:


I just like d way both of u argue with point n comparison....not some kid dat will start raining curse/abuse on each oda...

one nation sir nigeria will get better u will smile ur children will laugh nd ur grand children will dance

sunnyb0b0:


In 1999, N34bn would be 34bn ÷ 22 (official exchange rate) = $1545454545.45 ie $1.545bn.

Today, the same amount would be $1,545,454,545.45 × 199 (official exchange rate) = N307,545,454,545

So, the N34bn budgeted in 1999 is actually equivalent to N307.5bn today.

What do you have to say?

bros, na wao, na economatics u study ni?

i just d smile for you. weldone

Who will bail the cat?

Who will do the do.

Buhari needs to go.

sunnyb0b0:


Obasanjo met the foreign reserve at $3.5bn, oil price at $9 and a foreign debt of $32bn.

Buhari met the foreign reserve at $30bn, oil price at $40 and foreign debt of about $8bn.

So, what are you guys on about?

Price of oil was $16 per barrel during OBJ regime and the increased to about $32 per barrel


http://www.google.com.ng/url?q=http://ends.ng/umaru-musa-yaradua-the-legacy-of-a-president/&sa=U&ved=0ahUKEwiuouSPg9rMAhVFBsAKHa1TDMsQFggLMAA&sig2=af_bTUp41JbFjFfaTAeB_Q&usg=AFQjCNGCTf5E8Bk3QikQz-adY7WQ2UR6qw

sunnyb0b0:


Obasanjo met the foreign reserve at $3.5bn, oil price at $9 and a foreign debt of $32bn.

Buhari met the foreign reserve at $30bn, oil price at $40 and foreign debt of about $8bn.

So, what are you guys on about?

the point is that when Obasanjo came in, we were not importing 4 billion dollars worth of goods monthly and Abacha weaned us off products from the US and others so the 3 billion would have lasted longer than the present 30 billion. we all buy champange and luxury vacations has increased to Dubai and Uk. i still dont support the way the are going about the economy though!

Stingman:



Are you responding to stark ZOMBIES...? Even if their right arms were to be cut off by Buhari with pretense that it will make Nigeria great...they will foolishly accept...and ask people to bring forth their own arms to be cut...That's how bad things have turned...in this Nigeria.

my broda, at times it is better to respond to zombies because you have to remind them were they belong, ie the grave

sunnyb0b0:


Both of you should ask your Mathematics teachers to refund whatever monies they collected for tutoring you.

Nigeria sells oil in dollars and converts the dollars to naira with which it funds it's budgets. Now at $9 per barrel in 1999 and official exchange rate of 22 naira, 1 barrel of crude would fetch OBJ 9 × 22 = N198

At $40 per barrel in 2016 and official exchange rate of 199, 1 barrel of oil would fetch Buhari 40 x 199 = N7,960

So, for every N198 OBJ earned, Buhari earned N7,960.

What are you guys still on about?

Oga na wa for you. is it zombie that can not different between change and chain that will understand the mathematics above.

repogirl:
Story! What moves did this government make in its early stages when it was plain to every one that recession was coming?

Your president was travelling for months looking for what we don't know.

To pick ministers nko? He delayed for so long, so that he could pick Angels like Amaechi and co. Till now sef, it's still as if the Ministers are absent. Especially Finance minister, what's her name again? Exactly!

In the mean time, the CBN was hitting us with stúpid policies, that was speedily increasing the rate of worthlessness of our currency instead of helping it.

The minister of works and power added his own. Higher tariffs for lesser electricity. Or was that the fault of the previous government too?

IMF came and warned, The whole world warned, but Boooohari with F9 in Economics, on his fake certificate was forming Economist.

What has happened now? Hasn't he bowed?

Time to face the reality. This government is filled with confused people who don't know what should be done at the moment.

We haven't even begun. Even this 145 which they have fixed as Petrol price will never work! The demand for forex will get higher than the 298 they are talking about. This government is not ready to face reality.

When they are ready, that's when positive changes will happen.

My brother the finance minister case tire me. No major experience in economics. When international papers were warning us about her we failed to listen,even with the instabilities in the global economic climate.
Now things have gone from bad to worse.
I predict she would be the first to lose her appointment. If she were good we would not need an emergency economic meeting.
Anyway that is what tribalism has brought us to,my only consolation is that we are in this together whether Zombie, Wailer,IPOD,herdsmen,quota system beneficiaries or 5%.To some it will affect their beer money,to some their feeding one way or another we are all stakeholders in this mess.

sunnyb0b0:


Obasanjo met the foreign reserve at $3.5bn, oil price at $9 and a foreign debt of $32bn.

Buhari met the foreign reserve at $30bn, oil price at $40 and foreign debt of about $8bn.

So, what are you guys on about?

Obasanjo did not have NDelta Avengers then reducing forex inflow
There was no Boko Haram to spend money on

Please how many months of imports could the $9b of forex reserve pay for
And how many months of imports (including iphone 6/7, Android 6 phones etc) can the current forex reserve pay for

Please chart our import bill from 1999 to 2016
and the population ten years ago was 130milion
It is now 175m and the oil budget is 2.2m bpd but ND avengers ensure we sell far less than that

obosirow:
If I'm wrong, kindly correct me... The Foreign reserve we accuse GEJ of mismanaging, was it used to fund project Nigeria or his personal asset?

GEJ and Okonjo made a case for a special savings account, if I remember clearly, Amaechi and his fellow APC colleagues demanded that the money be released to them to fund their state budgets.

If after a year PMB, Liar Moh'd are still accusing GEJ for the current state of affairs of Nigeria, it simply means they lack solution to project Nigeria.

I just wish APC had not misled some gullible Nigerians, and Labour Unions to protest against subsidy removal in 2012, I'm very sure by now Nigeria would have been out of the woods by now and the exchange rate wouldn't have been this high. The economy would have been stabilized.

Let's Pray that God will grant or leaders wisdom to rule and lead us right; Nigerians, the wisdom and humility to be led.

I believe in Nigeria and very certain things will get better. God bless Nigeria.

Did Ameachi stop the Fg from saving their own share?where is the Fg's share

amazingspiderma:

My brother the finance minister case tire me. No major experience in economics. When international papers were warning us about her we failed to listen,even with the instabilities in the global economic climate.
Now things have gone from bad to worse.
I predict she would be the first to lose her appointment. If she were good we would not need an emergency economic meeting.
Anyway that is what tribalism has brought us to,my only consolation is that we are in this together whether Zombie, Wailer,IPOD,herdsmen,quota system beneficiaries or 5%.To some it will affect their beer money,to some their feeding one way or another we are all stakeholders in this mess.

This is a distraction
Before Soludo did we have a Prof of Econ as CBN Gov?
When Sanusi got there people started complaining that he studied Sharia etc
Is Emefiele a prof of Econ?
Why is nobody talking about that

What is the matter with the Finance Minister?
Bigotry of the critics, period!

We have seen sponsored wailing by international papers in the past
The same way they wailed about Malaysia in 1987 and later ate their words

They are not God

sunnyb0b0:
Do you agree?

Click like if you agree.

Say you wouldn't protest not we. Hahaaaaaaa

U see God will jugde u people dat voted 4 APC

I agree totally,the present situation no give anybody "talking mouth".

sunnyb0b0:


Obasanjo met the foreign reserve at $3.5bn, oil price at $9 and a foreign debt of $32bn.

Buhari met the foreign reserve at $30bn, oil price at $40 and foreign debt of about $8bn.

So, what are you guys on about?

[size=16pt]Can you please explain why you jump Goodluck Jonathan regime? Is he not among Ex-President or you can't tell the truth, because there no truth in you as those ex-President you have named. You can give the truth you self don't have. [/size]

sunnyb0b0:


Bro, nobody is sabotaging the economy. Buhari is sabotaging himself.

I am beginning to suspect that your head is very correct the moment I read this comment so!!

A man - Nigerians - employs another man - President Buhari - as a steward to help him take care of his shop where he sells bread.
A customer comes into the shop to ask for good bread and the shop stewards says "All the bread in this shop are not good, In fact some of these bread have been here for 3 days but it is still tangible". The man like - many before him - doesn't buy any bread.

The man who employed asks his staff "What going on, why haven't you been able to sell any bread since you have been here". The stewards answer "it's the way I met the shop. You cannot blame me, if people refuse to buy bread, because it is not "today" bread is it my fault"

If the steward of the shop leaves such a person in that shop, for one year, how much bread is that person ever going to sell??

Who is to blame for the poor sales in the shop? The steward or owner of the shop who employed the steward??

When the shop business dies - note, I said when and not if the shop business dies - who suffers? The steward, the owner or both??

China is a country where corruption and crime is high class; it is only in places like China that currency designs are reviewed averagely on an 18months tenure because of currency counterfeiters. It is in China you hear how people pay others and their families to do plastic surgery so that they can help the high and mighty to serve jail terms.

But I have never heard Li xinping tell any one that China is a very corrupt country. He went to the UK to re-establish trade/diplomatic ties between China and the U.K.

Nigerian President goes everywhere telling anything that looks like a camera or a microphone that Nigeria is too corrupt. In fact he goes everywhere telling them to check if your banks may have "loot" because it is lost likely from my country.

And then you come home and start holding investment forums and ask foreign investors to put their money in your country. And you expect legitimate and honest business men and women to come. Infact you are worsen the case, because illegitimate and criminal businessmen are drawn to corrupt countries.

What stops a business front from coming to Nigeria under the guise of promoting agriculture in the North and then turn around and sell weapons to Boko Haram!!

This our President is the main saboteur as far as Nigeria as a country is concerned.

My dear, can you google the literal meaning of Zombie again?. I believe after the little task you won't waste your
energy to argue and educate Zombies again. How can a sensible man expects Buhari to make any head way other than
stuck us to awkward way of life and military leadership style. unfortunately for Zombies, 2016 is not 1983, while people like Buhari are facing trials and imprisonments for their past actions in other countries,we brought him back to rule us citing his actions and inaction in 1983. Well, it is either we wake up to reality or rewind the hand of clock to 1983 and live the way people lived in 1983 where our fathers queued to buy salt and sugar. Minus killings and brutal use force ,what else is Bubu known for?..Even in 1983 Buhari wasn't in charge, it was brigadier general Tunde Idiagbon that was in charge.

U see we all nigerians re fools, until we'll fight 4 our right

Chai, Nigerians can be funny

sunnyb0b0:


Both of you should ask your Mathematics teachers to refund whatever monies they collected for tutoring you.

Nigeria sells oil in dollars and converts the dollars to naira with which it funds it's budgets. Now at $9 per barrel in 1999 and official exchange rate of 22 naira, 1 barrel of crude would fetch OBJ 9 × 22 = N198

At $40 per barrel in 2016 and official exchange rate of 199, 1 barrel of oil would fetch Buhari 40 x 199 = N7,960

So, for every N198 OBJ earned, Buhari earned N7,960.

What are you guys still on about?

You are the one in need of some education
When Obasanjo came in, the exchange rate was not N22!
It was N90

So divide your 198 by 22 and multiply by 90

Now tell me
How many Nigerians depended on the fx?
We were not buying mobile phones like BB, iphone etc then
We were not paying so much in fx for internet data
Import Bill?
Minimum wage was N7,500

Please this is bus stop sophistry

Please compare apples

sunnyb0b0:


Obasanjo met the foreign reserve at $3.5bn, oil price at $9 and a foreign debt of $32bn.

Buhari met the foreign reserve at $30bn, oil price at $40 and foreign debt of about $8bn.

So, what are you guys on about?

Why you jump Oga johna tenure how much em meet how much ehh leave...be reasonable abeg