The statement read in part: “It is absolutely not true that the administration of President Goodluck Jonathan squandered the nation’s reserves.
The facts are clear and indisputable. At the end of May 2007, Nigeria’s gross reserves stood at $43.13 billion, comprising the CBN’s external reserves of $31.5billion, $9.43billion in the Excess Crude Account, and $2.18 billion in Federal Government’s savings. “These figures can be independently verified from the CBN’s records. “Secondly, it is a misconception to think that reserves are immutable or cast in stone.
The reality is that since May 2007, the reserves have fluctuated in line with developments in the international oil market, rising from $43.13billion at that time, peaking at $62billion in September 2008 during the Yar’adua/Jonathan administration, when oil prices reached a peak of $147 per barrel, and falling subsequently to a low of $31.7 billion in September 2011.
This fall in reserves was largely a result of the vicissitudes of the global economy and oil market which caused the CBN to intervene, using some of the reserves, to defend the value of the naira.
[/b]

fitzmayowa:
Make siddon for this place...they watch

Oya our e - warriors over to you...

koboko69:
The late President Umaru Musa Yar'Adua became Nigeria's president on May 29 2007. As at the time, he met an external debt of about $3,348.22 billion, and foreign reserves of about $45.0 billion and also a growing oil price of about $90/barrrel.

The Nigeria's Bonny Light Crude Oil Spot Price FOB which was $95.16 per barrel in January 2008 rose to $146.15 in July 2008 before declining to $76.24 per barrel by October 17
2008. Thus, within four months, it had lost 50% of its peak price.

Within this period, Yar'Adua was able to grow the external reserves to about $64 billion.

During the global financial crises, Nigeria capital markets, and banking inustry was hit, coupled with the dwindling oil prices.The nation‘s foreign reserves decelerated from $64
billion in August 2008 to $47 billion as at March 2009, a 27% decrease, as the government had to resort to the ECA which is also part of the national reserves.

However according to records by CBN; Nigeria’s growth trajectory was not significantly impaired. The real Gross domestic Product (GDP) growth rate which averaged 6.29 percent between 2004 and 2007 declined marginally to 5.99 per cent in 2008 rising thereafter to 6.9 percent in 2009. This is often attributed to the impressive performance of the non-oil sector, particularly, agriculture and the continuous implementation of sound macroeconomic policies.
The external reserves was, however, still able to support at least 15 months of imports.

In conclusion, the foreign reserves played a major factor in the survival of the economy before the early dismiss of President Yar'Adua.

Goodluck Jonathan's takeover;

After President's Yar'Adua's Dismiss, President Jonathan took over May 05 2010. He met a foreign reserve of about $47. 7 billion and external debt of about $3.94 billion Dollars.

While Jonathan was unable grow the foreign reserves like his predecessor during the oil boom remains unclear.

However the immeidate past Finance minsiter in her response to Obosanjo's accusations about Jonathan squandering $55bn said below


Read more at: http://www.vanguardngr.com/2015/01/55bn-got-wrong-fg-replies-obasanjo/

In conclusion again, according to Okonjo here, The national reserves played a major role in defending the economy.

[b]THE REALITY TODAY

Buhari met $32 bn as external reserves and $63 billion esternal debt even though Ngozi Okonjo-Iweala, promptly rose to the defence of Mr. Jonathan’s administration, saying of the $63 billion debt, the administration only incurred $21.8 billion. How the external debt rose to an alarming rate remains unclear. Buhari also met a subsidy debt of about N600bn. How subsidy claims rose from N320bn to a whooping 2 trillion Naira under his administration remains unclear till this day.

Buhari also took over with oil price selling below $50/barrel whch later dwindled to as low as $28/barrel.
The price of crude remains below $50/barrel today.

The current oil production rate have also dwindled with the renewed activities of some misguided, and deluded criminals in the name of Avengers in the ND region.

FINAL CONCLUSION

In conclusion and in the reality today, President Buhari have been trying his best to move the nation forward. Alot of leakages have been plugged, and a solid foundation is being layed down. It will be hypocritical and unfair for anyone not to expect the economy woes of today with the above analysis. Which the indications above it is not out of place to say President Buhari inherited a virtually empty Treasury.

I urge every right thinking Nigerian, to criticise this government in good faith and not born our of tribal hatred or the hangover of the fact that the last government was booted out of office. The Economy woes experienced today should be expected by every right thinking Nigerian.

Even the immediate past Finance minister celebrated by some section of the country, warned severally about a very tough econmy.

Lets pass a vote of confidence in President Buhari by clicking Like!!!!



References

http://www.vanguardngr.com/2015/01/55bn-got-wrong-fg-replies-obasanjo/

http://ends.ng/umaru-musa-yaradua-the-legacy-of-a-president/

http://www.premiumtimesng.com/news/headlines/185523-i-met-huge-debts-virtually-empty-treasury-buhari.html

http://www.dailytrust.com.ng/daily/index.php/news-menu/news/58250-jonathan-left-32bn-for-buhari-ex-minister

http://www.thenationonlineng.net/archive2/tblnews_Detail.php?id=74667

http://www.cenbank.org/OUT/2012/PUBLICATIONS/REPORTS/STD/GLOBAL%20FINANCIAL%20MELTDOWN%20AND%20THE%20REFORMS%20IN%20THE%20NIGERIAN%20BANKING%20SECTOR.PDF

prince088:


Abeg shift small, make i join u. Na Origin u dey drink?

Mama Nkechi, abeg give am 1 and 4 kpomor

Where is lalasticlala sef

plaetton:


Op.

You are a big liar.

As of October 2015, Nigeria's external debt stood at around $10b.
In FACT, $8b to $10 had been the average since 2008, long before Jonathan became president.

Therefore, Jonathan did not increase Nigeria's external debt by any significant amount.

It is on record that the current minister of finance is using Nigeria's very low DEBT to GDP ratio as a justification for seeking more external loans this year.

In your lopsided analysis, selective amnesia didn't allow you mention that OBJ inherited a Nigeria that had completely collapsed economically and politically.

He inherited a mere $3b in reserves and $38b in debt and oil price in the teens.
How did he and NOI do the magic?

Buhari inherited $30b reserves, $10b external debt and he is sulking and whining like a spoilt brat.

Be man enough to call incompetence and failure what it is: INCOMPETENCE and FAILURE.

All of you should go and hide in shame.

Firefire:
.

koboko69:


You have also grown this chilish?

Where is ur defence?

koboko69:


The joke is on you. You guys only see what you want to see.

You cleary see this

"Ngozi Okonjo-Iweala, promptly rose to the defence of Mr. Jonathan’s administration, saying of the $63 billion debt, the administration only incurred $21.8 billion."

See link;

http://www.premiumtimesng.com/news/headlines/185471-jonathan-left-n7trillion-deficit-for-nigeria-buharis-transition-committee-chairman-joda.html

As for OBJ, he received the bulk of Abacha's loot. And it took a whooping 8 year to leave 47bn in the reserves. Also note that oil prices soared high, hence your logic is null and void.

Get your facts right.

1NigeriaOnlyIf: 12:23pm On May 23

I think i have asked you somewhere before, WHO IS PAYING YOU.
i want to add another question. HOW MUCH ARE YOU BEEN PAID

WHY IS IT THAT YOU COME HERE ALL THE TIME TO DEFEND THE INDEFENSIBLE. WHY

Are you not been affected by the rising cost of things in nigeria. Even if you are not, think of the poor masses
EVERYTHING IS NOT POLITICS. I FOR ONE DO NOT BLAME BUHARI FOR THE COLLAPSE IN OIL PRICE WHICH IS THE MAIN CAUSE OF OUR PROBLEMS.

BUT I BLAME HIM FOR LACK OF POLICY DIRECTIONS

WHY IN THE NAME OF GOD IS HE USING 40BN NAIRA FOR OIL EXPLORATION, WHEN OIL IS FAILING US.
THAT MONEY SHOULD BE SPENT ON DIVERSIFYING THE ECONOMY

WHO IS PAYING YOU. AND HOW MUCH
STOP BETRAYING YOUR OWN COUNTRY

plaetton:



In your lopsided analysis, selective amnesia didn't allow you mention that OBJ inherited a Nigeria that had completely collapsed economically and politically.

He inherited a mere $3b in reserves and $38b in debt and oil price in the teens.
How did he and NOI his team do the magic?

Buhari inherited $30b reserves, $10b external debt and he is sulking and whining like a spoilt brat.

Be man enough to call incompetence and failure what it is: INCOMPETENCE and FAILURE.

All of you should go and hide in shame.

plaetton:


Lol.
What a joker.

How dare you quote Premium Times to me as your source for economic facts.

Premium Times is a tabloid, not a source for real economic facts.

I suggest you get an education to help you know the difference between external DEBT and Total debt stock that includes Domestic DEBT.

Stop embarrassing yourself with your half-baked knowledge.

Gosh!
Talk about dishonesty and buffoonery.

plaetton:


Lol.
What a joker.

How dare you quote Premium Times to me as your source for economic facts.

Premium Times is a tabloid, not a source for real economic facts.

I suggest you get an education to help you know the difference between external DEBT and Total debt stock that includes Domestic DEBT.

Stop embarrassing yourself with your half-baked knowledge.

Gosh!
Talk about dishonesty and buffoonery.

seunmsg:


OBJ'S first budget was N800 billion. The minimum wage as at that time was less than N4000 before he increased it to N7500. So, times are very different. Nobody, not even OBJ can do any miracle with Nigeria's economy if crude oil price remain as low as we've seen since last year.

fiizznation:
This was what a supposed educated person had to tell me on the other thread just because I dared to expressed my own opinion about our recessional state which is very imminent. Buhari inherited a bad economy from the previous administration, and people feel is always right when we blame buhari for all our economy woes while exonerating the previous administration of any wrongdoings. I could vividly remember when the then finance minister was urging Nigerians to brace up for the tougher times ahead.

Elose11:
The op lied in his figures on our external debt. Nigeria's external debt in Dec 2015 is $10.7b. Are you saying Buhari paid off about $50b from the $63b you are alleging as the external debt Jonathan left behind. Please let us know what happen to the difference between your $63b and the officially acknowledged $10.7b. At least make google your friend before making unfounded allegations.

fiizznation:
This was what a supposed educated person had to tell me on the other thread just because I dared to expressed my own opinion about our recessional state which is very imminent. Buhari inherited a bad economy from the previous administration, and people feel is always right when we blame buhari for all our economy woes while exonerating the previous administration of any wrongdoings. I could vividly remember when the then finance minister was urging Nigerians to brace up for the tougher times ahead.

plaetton:


Op.

You are a big liar.

As of October 2015, Nigeria's external debt stood at around $10b.
In FACT, $8b to $10 had been the average since 2008, long before Jonathan became president.

Therefore, Jonathan did not increase Nigeria's external debt by any significant amount.

It is on record that the current minister of finance is using Nigeria's very low DEBT to GDP ratio as a justification for seeking more external loans this year.

In your lopsided analysis, selective amnesia didn't allow you mention that OBJ inherited a Nigeria that had completely collapsed economically and politically.

He inherited a mere $3b in reserves and $38b in debt and oil price in the teens.
How did he and NOI do the magic?

Buhari inherited $30b reserves, $10b external debt and he is sulking and whining like a spoilt brat.

Be man enough to call incompetence and failure what it is: INCOMPETENCE and FAILURE.

All of you should go and hide in shame.

plaetton:


Op.

You are a big liar.

As of October 2015, Nigeria's external debt stood at around $10b.
In FACT, $8b to $10 had been the average since 2008, long before Jonathan became president.

Therefore, Jonathan did not increase Nigeria's external debt by any significant amount.

It is on record that the current minister of finance is using Nigeria's very low DEBT to GDP ratio as a justification for seeking more external loans this year.

In your lopsided analysis, selective amnesia didn't allow you mention that OBJ inherited a Nigeria that had completely collapsed economically and politically.

He inherited a mere $3b in reserves and $38b in debt and oil price in the teens.
How did he and NOI do the magic?

Buhari inherited $30b reserves, $10b external debt and he is sulking and whining like a spoilt brat.

Be man enough to call incompetence and failure what it is: INCOMPETENCE and FAILURE.

All of you should go and hide in shame.

plaetton:


Another bold face lie.

Buhari inherited a modest economy on a growth trajectory, though with structural weaknesses.

But it plain idiotic to blame lacklustre management capabilities on the previous administration.

Every successive government in Nigeria and all over the world inherits liabilities of some sort from previous eras.
That naturally comes with the territory.

No aspiring leader chooses and picks the best economic conditions under which to lead.

True leadership, let me repeat it again, is fashioned and honed during periods of great challenges.

If we sincerely want to play the blame game, it would take us all the way back to 1960.

It is very very obvious to anyone who has eyes and ears that Buhari has Zero qualities that true leaders are made of.

For the past 1 year, it's been sulking and whining, blaming, deflection of RESPONSIBILITIES.

Why not do a thing of honor and RESIGN and let another unfortunate person handle the economy ?

1NigeriaOnlyIf:
excellent analysis

Its like me blaming my dad for not willing one billion dollars to me. HOW MANY HAVE I MADE
HOW MANY DID HIS OWN FATHER GIVE HIM.

IF BUHARI IS A GOOD LEADER, DESPITE THE CHALLENGES, HIS EFFORTS WILL BE SEEN.

WHAT I HAVE SEEN SO FAR IS BUDGET PADDING. ARREST OF OPPOSITION PARTY STALWARTS WHEN HIS OWN GOVERNMENT IS FULL OF CRIMINALS, OVER 3BN TO BE USED ON MAINTENANCE OF ASO ROCK, FLYING ALL OVER THE WORLD WHEN HIS HOME IS ON FIRE, COMPLACENCY OR COLLUSION WITH FULANI HERDMEN, PROBE OF THE SOURCE OF OPPOSITION CAMPAIGN FUNDS AS IF APC CAMPAIGN FUNDS WERE SENT BY GOD FROM HEAVEN.

I WANT SOMEONE TO TELL ME THE ONE POSITIVE THING BUHARI HAS DONE FOR THE ECONOMY.