Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,154,182 members, 7,821,992 topics. Date: Thursday, 09 May 2024 at 12:08 AM

External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... (3147 Views)

Presidency Launches Television And Radio Programme To Promote Buhari’s Policies / Buhari’s Policies Are ‘Mere Propaganda’ – Buba Galadima, APC BoT Member / I Will Support Buhari’s Policies – Wike (2) (3) (4)

(1) (2) (Reply) (Go Down)

External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by Nobody: 2:17am On Aug 03, 2016
The nation’s external reserves fell marginally to $26.20bn on July 28, down from $26.32 on July 22, data from the Central Bank of Nigeria’s website showed on Monday.
Month-on-month, the reserves fell by 0.4 per cent from the $26.34bn recorded on June 29, the report indicated.
The foreign exchange reserves stood at $26.42bn on May 28; it was down by 9.2 per cent year-on-year.

During the month of July, the reserves hovered between $26.3 and $26.4bn.
Similarly, the foreign exchange reserves oscillated between $26.3 and $26.4bn in June.
The reserves had stood at the $26.4bn between May 24 and 27, after dropping to $26.5bn from $26.6bn the same month.
Between May 31 and June 7, the external reserves stood at $26.3bn, before rising back to the $26.4bn mark on June 8, a level it maintained up until June 24. On June 27, it fell back to $26.36bn.
The CBN had last month lifted its 16-month-old currency controls and auctioned about $4bn on the spot and futures market to clear a backlog of dollar demand, to help boost interbank market trading.
The reserves had dropped by over 10 per cent from last year when they were at $29.7bn.
The global plunge in oil prices has caused the reserves to be depleting very fast. The development has forced the CBN to introduce foreign exchange controls, which were abandoned last month.
The CBN’s Monetary Policy Committee announced plans to adopt a flexible exchange rate policy after the external reserves fell to $26.56bn on May 23.
The external reserves have lost over $2bn dollar this year.
The nation recorded a balance of payments deficit of 1.4 per cent in its Gross Domestic Product at the end of 2015, owing largely to its first current account deficit (three per cent of the GDP) in over a decade.
The nation’s external reserves had reduced by $6.7bn within a period of 21 months, the Minister of Budget and National Planning, Senator Udo Udoma, said on March 23.
http://dailyglobewatch.com/index.php?url=2016%2F08%2Fexternal-reserves-figures-released-will-make-you-weep-for-nigeria-as-buhari-s.html#.V6CDwO6jtmM.facebook
Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by AbuMaryam1(m): 2:23am On Aug 03, 2016
Thank God we still have foreign reserve, I thought it has gone like PDP. Baba will fix it don't worry.

6 Likes 1 Share

Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by Holyman3(m): 2:27am On Aug 03, 2016
You don't ask a native doctor to preside over the gathering of Pastors and expect him to start with 'In Jesus name'.

Buhari is running an exclusive government with his brothers as his advicers.
These are his brothers who cannot point correctly at Bayelsa State in an unlabeled map.

But they manage oil resources that sustain the entire nation.

20 Likes

Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by KanwuliaExtra: 3:35am On Aug 03, 2016
Next time. . . .
Ask him for WAEC! wink

BUHARI for 2019! cheesy

5 Likes

Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by Flexherbal(m): 4:35am On Aug 03, 2016
KanwuliaExtra:
Next time. . . .
Ask him for WAEC! wink

BUHARI for 2019! cheesy
Hmmmmmm!
Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by Nobody: 4:37am On Aug 03, 2016
Reamining $26b reserves should be converted to naira and shared into all Nigerians bank accounts equally, make everybody go house sleep. If you have problem, use your share of reserve and fix it. grin cheesy

6 Likes 2 Shares

Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by amaechi1: 4:55am On Aug 03, 2016
Assuming that this true, then kudo to Mr president for being prudent and discipline, How much did the last administration acquired from his predecessor $ 52b when oil was sold at greater than $100/barrel? How much did he left $28? In all this, how much is oil now? $ 40/barrel. Calculate the difference.

Speaking about policies, most people would have preferred they open up the reserve and filter away as usual and turn around to go and borrow.

11 Likes 1 Share

Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by amaechi1: 5:02am On Aug 03, 2016
Holyman3:
You don't ask a native doctor to preside over the gathering of Pastors and expect him to start with 'In Jesus name'.

Buhari is running an exclusive government with his brothers as his advicers.
These are his brothers who cannot point correctly at Bayelsa State in an unlabeled map.

But they manage oil resources that sustain the entire nation.

Please, if you have access to a bible, please search for Genesis 41: 1-36. Read and digest. If we hand as nation has done the needful......
Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by naijaboy756: 5:02am On Aug 03, 2016
AbuMaryam1:
Thank God we still have foreign reserve, I thought it has gone like PDP. Baba will fix it don't worry.
which baba? What has he fixed in almost 2 years? Someone that can't fix even his own certificate

7 Likes

Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by dunkem21(m): 5:03am On Aug 03, 2016
naijaboy756:
which baba? What has he fixed in almost 2 years? Someone that can't fix even his own certificate


Wicked cheesy

4 Likes

Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by Jengem: 5:13am On Aug 03, 2016
Bubu the dum dum
Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by AbuMaryam1(m): 5:48am On Aug 03, 2016
naijaboy756:
which baba? What has he fixed in almost 2 years? Someone that can't fix even his own certificate

No wonder only in PDP 16 is greater than 18, comparing one and a half year performance with 16 years. What Buhari achieved on security alone in a year is better than PDP's years of Padding budget. You guys have no functional brain.

5 Likes

Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by Nobody: 5:52am On Aug 03, 2016
nwanna89:
Reamining $26b reserves should be converted to naira and shared into all Nigerians bank accounts equally, make everybody go house sleep. If you have problem, use your share of reserve and fix it. grin cheesy

Hahahahahaaaa! grin

8 Likes 2 Shares

Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by keally: 6:28am On Aug 03, 2016
AbuMaryam1:
Thank God we still have foreign reserve, I thought it has gone like PDP. Baba will fix it don't worry.
Illiteracy is a deadly disease. So, you mean you did not know that PDP left about 32 billion dollars in foreign reserve, about 2 billion dollars in excess crude account, and that is what has been depleted to 26 billion in 1 year and you are hear yarning dust. shmm for you.

9 Likes

Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by AbuMaryam1(m): 6:32am On Aug 03, 2016
keally:
Illiteracy is a deadly disease. So, you mean you did not know that PDP left about 32 billion dollars in foreign reserve, about 2 billion dollars in excess crude account, and that is what has been depleted to 26 billion in 1 year and you are hear yarning dust. shmm for you.


amaechi1:
Assuming that this true, then kudo to Mr president for being prudent and discipline, How much did the last administration acquired from his predecessor $ 52b when oil was sold at greater than $100/barrel? How much did he left $28? In all this, how much is oil now? $ 40/barrel. Calculate the difference.
Speaking about policies, most people would have preferred they open up the reserve and filter away as usual and turn around to go and borrow.

2 Likes

Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by ba7man(m): 6:38am On Aug 03, 2016
naijaboy756:
which baba? What has he fixed in almost 2 years? Someone that can't fix even his own certificate
Even though the reason for the fall is under your nose, you still fail to see it.

2 Likes

Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by ivandragon: 6:49am On Aug 03, 2016
governance is not easy & no government can please ALL its citizens (& even foreigners). this foreign reserve issue is neither here nor there as it depends on the peculiar challenges/issues a government faces at that particular point in time. through exigencies, mismanagement, corruption & bad policies, the reserves will always fluctuate. however, for those who argue that GEJ frittered away a good chunk of our reserves, we must take into cognisance the peculiarities of the time. for instance, GEJ met an economy that was far more import dependent in 2010, he spent more on infrastructure (well, allocated the money anyway), increased salaries by over 100%, shared more money to the 'federating units', defended the naira to keep it manageable, massive purchase of arms & ammunitions to confront book haram & most importantly, was paying about 1tr a year on fuel subsidies alone (fertilizer was also heavily subsidised). this would have amounted to approx. $20b in 4 years on fuel subsidy. while the nitty gritty of the expenses can be debated, the fact remains these issues impacted on our reserves. this is not to say GEJ couldn't do better though. but facts are facts. for Buhari, he is not 'spending' much & low oil prices have affected savings too. bottom line is that its easy to apportion blame when we are not the ones carrying the load.

3 Likes 1 Share

Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by oduastates: 7:15am On Aug 03, 2016
nwanna89:
Reamining $26b reserves should be converted to naira and shared into all Nigerians bank accounts equally, make everybody go house sleep. If you have problem, use your share of reserve and fix it. grin cheesy


Meh.
The external reserve is not for sharing. It is a recipe for economic disaster and hyper inflation.
Whenever the FG makes foreign money from oil, licenses, mining rights etc, the money is lodged in the central bank, and the central bank gives the naira equivalent to the FG for sharing to the states,LG and FG.

In layman's term

It is just like you going to aboki to change your dollars. After collecting the naira, you also want the dollars back.
Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by SylarsMcQuins: 7:35am On Aug 03, 2016
Lemme relax here
Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by SylarsMcQuins: 7:37am On Aug 03, 2016
oduastates:



Meh.
The external reserve is not for sharing. It is a recipe for economic disaster and hyper inflation.
Whenever the FG makes foreign money from oil, licenses, mining rights etc, the money is lodged in the central bank, and the central bank gives the naira equivalent to the FG for sharing to the states,LG and FG.

In layman's term

It is just like you going to aboki to change your dollars. After collecting the naira, you also want the dollars back.



Hope its in safe hands tho
Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by Nobody: 7:52am On Aug 03, 2016
This isn't an election period, we're not having monstrous debts as it were in Obj's time, yet our external reserves are falling like a shooting star. I hope these guys know that the strength and stability of the external reserve is a key index investors look at before they put their money in your economy.
A robust ext reserve would be able to mitigate economic shocks.

2 Likes

Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by EzeNri(m): 8:01am On Aug 03, 2016
AbuMaryam1:


No wonder only in PDP 16 is greater than 18, comparing one and a half year performance with 16 years. What Buhari achieved on security alone in a year is better than PDP's years of Padding budget. You guys have no functional brain.
A zombie will alwz be a zombie. Do u really think Nigeria is safer now than before? You must be high on wet weeds.

If you are talking abt NE, for the records, GEJ decimated BH b4 handing over.

I prefer security during GEJ.

2 Likes 1 Share

Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by onyepapa(m): 8:30am On Aug 03, 2016
keally:
Illiteracy is a deadly disease. So, you mean you did not know that PDP left about 32 billion dollars in foreign reserve, about 2 billion dollars in excess crude account, and that is what has been depleted to 26 billion in 1 year and you are hear yarning dust. shmm for you.
Pls allow the transgendered to have his fun the zombie don't get that much outside
Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by Nobody: 8:32am On Aug 03, 2016
amaechi1:
Assuming that this true, then kudo to Mr president for being prudent and discipline, How much did the last administration acquired from his predecessor $ 52b when oil was sold at greater than $100/barrel? How much did he left $28? In all this, how much is oil now? $ 40/barrel. Calculate the difference.

Speaking about policies, most people would have preferred they open up the reserve and filter away as usual and turn around to go and borrow.
the problem is that many youths of these days cant even reason how things work. Too much pressure on that account. You want to buy phone on aliexpress, it will pass thru that, you want to buy rice from thailand, it will pass thru it. You are buying foreign drugs in a pharmacy, it will pass thru it, you want to pay for something on ebay? yes it is going thru that indirectly.
What is replacing the money now from abroad since oil price has fallen? nothing at all. So it will continue to fall either jona left 33billion or 35 billion $.
The reality is that Nigeria is terribly broke just because some bad, past leaders were very wasteful. All politicians either apga, pdp, apc ,(mmm or ddd ,) i mean all politicians and past military leaders put us up here. All the monies being lavishly spent on their families in abroad are part of our treasury. Nigeria suppose to have over $100 billion in her external reserve from the day OBJ handed over until now. We wont even feel any bad impact now . With oil price unattractive now, It is either

1.we open our treasury of $2x billion to the market and in 6 months to come, we should be begging IMF and world bank to help us pay salaries , then we turn to greece way which recently heard economy breakdown, (this option is what a lot of people that dont know situation on ground wants)
or 2. we face what we face now, and pray/hope for better future by looking else where to improve on our foreign reserve earnings which i dont think can come easily. difersifying is good but it doesnt come easily. while the oil price slums, for over a year now, gold price and some other resources keep jetting higher and higher drastically. Do we want to say we dont have gold in nigeria? But assuming it is part of our exported resources now, we will have sigh of relief .
Buhari goofed : the situation wouldn't have gotten to this state, if , immediately as he resumed office, go to ND and settle with them, because no matter the diversification now, they still remain the heartbeat of the nation. he would have used carrot and stick approach on them while diversifying the economy. Calling them 5% on international broadcast didnt help the nation. It only gave birth to more hatred.
It is not late at all, he should just bury his head in shame and summon them in other to appeal to them. Hope he listens.

1 Like 1 Share

Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by AbuMaryam1(m): 8:44am On Aug 03, 2016
EzeNri:

A zombie will alwz be a zombie. Do u really think Nigeria is safer now than before? You must be high on wet weeds.

If you are talking abt NE, for the records, GEJ decimated BH b4 handing over.

I prefer security during GEJ.

May God handle your life security the way GEJ handled security in NE, say ameen.

1 Like

Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by EzeNri(m): 10:55am On Aug 03, 2016
AbuMaryam1:


May God handle your life security the way GEJ handled security in NE, say ameen.
May God handle your security the way Buhari is handling our national security. Say amen.

2 Likes

Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by idupaul: 11:07am On Aug 03, 2016
AbuMaryam1:
Thank God we still have foreign reserve, I thought it has gone like PDP. Baba will fix it don't worry.

Ironically the foreign reserve you are thanking God for was handed over to Buhari by the PDP govt..what should be of note is that it hasn't increased by a dollar since Buhari took over

1 Like

Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by porka: 11:44am On Aug 03, 2016
amaechi1:
Assuming that this true, then kudo to Mr president for being prudent and discipline, How much did the last administration acquired from his predecessor $ 52b when oil was sold at greater than $100/barrel? How much did he left $28? In all this, how much is oil now? $ 40/barrel. Calculate the difference.

Speaking about policies, most people would have preferred they open up the reserve and filter away as usual and turn around to go and borrow.

Is it that you are confused or you are deliberately lying? At one point you will refer to 16 years of the PDP, at another point your bitterness will make you obtuse to limit it to the 'last administration'.

Where you people got your $52bn external reserves under Jonathan that you keep repeating without shame is not clear.

President Jonathan was sworn-in as president on the 6th of May, 2010, external reserves stood at $38.8bn as at end of May that year according to data from the CBN.

That was when Nigeria was importing everything, when nothing was restricted.

One would think that the reserves would be growing now that Nigeria’s import is virtually non-existent. If 41 items have been removed from the import list for forex support by the Buhari administration, and the foreign reserves is still being depleted at an alarming rate, then something is wrong.

If you don't have shame, you don't have shame. Period!

1 Like

Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by dearsly(m): 12:21pm On Aug 03, 2016
porka:


Is it that you are confused or you are deliberately lying? At one point you will refer to 16 years of the PDP, at another point your bitterness will make you obtuse to limit it to the 'last administration'.

Where you people got your $52bn external reserves under Jonathan that you keep repeating without shame is not clear.

President Jonathan was sworn-in as president on the 6th of May, 2010, external reserves stood at $38.8bn as at end of May that year according to data from the CBN.

That was when Nigeria was importing everything, when nothing was restricted.

One would think that the reserves would be growing now that Nigeria’s import is virtually non-existent. If 41 items have been removed from the import list for forex support by the Buhari administration, and the foreign reserves is still being depleted at an alarming rate, then something is wrong.

If you don't have shame, you don't have shame. Period!

Please don't reply that boy on this forum anymore....He's not literate .
Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by dearsly(m): 12:23pm On Aug 03, 2016
porka:


Is it that you are confused or you are deliberately lying? At one point you will refer to 16 years of the PDP, at another point your bitterness will make you obtuse to limit it to the 'last administration'.

Where you people got your $52bn external reserves under Jonathan that you keep repeating without shame is not clear.

President Jonathan was sworn-in as president on the 6th of May, 2010, external reserves stood at $38.8bn as at end of May that year according to data from the CBN.

That was when Nigeria was importing everything, when nothing was restricted.

One would think that the reserves would be growing now that Nigeria’s import is virtually non-existent. If 41 items have been removed from the import list for forex support by the Buhari administration, and the foreign reserves is still being depleted at an alarming rate, then something is wrong.

If you don't have shame, you don't have shame. Period!

Please don't reply that boy on this forum anymore....He's not literate ..
Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by obailala(m): 12:23pm On Aug 03, 2016
Holyman3:
You don't ask a native doctor to preside over the gathering of Pastors and expect him to start with 'In Jesus name'.

Buhari is running an exclusive government with his brothers as his advicers.
These are his brothers who cannot point correctly at Bayelsa State in an unlabeled map.

But they manage oil resources that sustain the entire nation.
KanwuliaExtra:
Next time. . . .
Ask him for WAEC! wink

BUHARI for 2019! cheesy
If there is anything Buhari's government has done well in the present economic crisis, it is in maintaining the level of Nigeria's forex reserves.
Re: External Reserves' Figures Will Make You Cry As Buhari's Policies Backfire.... by KanwuliaExtra: 12:26pm On Aug 03, 2016
obailala:
If there is anything Buhari's government wink has done well in the present economic crisis, it is in maintaining the level of Nigeria's forex reserves.

Na when he comot we go see the real "reserve" abi? grin

Yet his cheeks are getting FATTER and FATTER!
All the loot he has collected SECRETLY. . . . . WEY AM?

(1) (2) (Reply)

(photos) Meet This Beautiful Young Lady That Was Elected As Councillor In Ogun / Igbos Dominate Once Again / Buhari Allegedly Refuses Handshake From Queen Elizabeth II (pictures)

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 64
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.