Mynd44:
Okay, the governors effed up.
What happened to the FG's 51% why didn't they save out of that?
Awon oniyeye

That is the question they can NEVER answer!
I bet the governors also pressurised the FG to squander their own share.
What a pity.

Malctunji can you now stop spreading your rubbish lies now

Mynd44:
Okay, the governors effed up.

What happened to the FG's 51% why didn't they save out of that?

Awon oniyeye

As at may 29, 2015 Nigeria had a closing blance of $29bn in foriegn reserves.

You can choose to ignore that fact!

But where did Buhai get money to bail Aregberascal and co?

Can you answer that for me

I Think she is right.
http://allafrica.com/stories/201507170541.html
http://www.may30.org/eca-how-rotimi-amachi-destroyed-the-future-of-nigerian-children/
http://www.vanguardngr.com/2014/07/jonathan-moved-governors-forum-amaechi/

omenka:
That is the question they can NEVER answer!

I bet the governors also pressurised the FG to squander their own share.

What a pity.

And where did Buhari get well over $1bn to share to his thieving APC governors?

https://www.nairaland.com/2399644/govs-ask-buhari-share-1.6bn

12Monkeys:


As at may 29, 2015 Nigeria had a closing blance of $29bn in foriegn reserves.

You can choose to ignore that fact!

But where did Buhai get money to bail Aregberascal and co?

Can you answer that for me

I hope you realize that $29 billion is less than the amount there when he was sworn. Which means he realy did not save squat.

Mynd44:


I hope you realize that $29 billion is less than the amount there when he was sworn. Which means he realy did not save squat.

He was fighting an insurgency in the NE

Honoring the amnesty program signed by Yaradua

Increased the minimum wage for federal workers and allowances.

Maintained an expensive subsidy policy for imported Petroluem when crude was selling at an all time high because ojota peeps no gree make him remove am.

Improved dramatically our infrastructure and power generation output

Rolled out the most successful agricultural subsidy

Financed the forex market adequately that for most parts of his 6yr rule , the naira remained relatively stable. The estimate is that well over $100bn was sold to banks in 6yrs to float the import based economy.

But you won't see this .

12Monkeys:

[s]
He was fighting an insurgency in the NE

Honoring the amnesty program signed by Yaradua

Increased the minimum wage for federal workers and allowances.

Maintained an expensive subsidy policy for imported Petroluem when crude was selling at an all time high because ojota peeps no gree make him remove am.

Improved dramatically our infrastructure and power generation output

Rolled out the most successful agricultural subsidy

Financed the forex market adequately that for most parts of his 6yr rule , the naira remained relatively stable. The estimate is that well over $100bn was sold to banks in 6yrs to float the import based economy.

But you won't see this .
[/s]

Pathetic. Very silly excuses
Boko Haram still chased Nigerian army to cameroon.
How much was spent on amesty that he couldn't save when the country earned the highest revenue ever.
As if he was the first to increase he minimum wage. Didn't the OBJ administration also increased wages and still left good saving
oil subsidy only became unbearably expensive when the only Ineffectual buffon took over.
Which Infrastructure are you referring to? I hope you're not talking about airport remodelling, railways and 25000km of roads.
He stabilized the forex yet the dollar was pegged artificailly at N199/$ under his watch.

Let us even assume he did all these, the money the country earned was more than enough to do twice what you listed and still have good savings. I can't imagine BH chasing NA to cameroon if the $2b was used appropriately.

gists:

Pathetic.
With all that the following still happened:
Boko Haram still chased Nigerian army to cameroon.
How much was spent on amesty that he couldn't save when the country earned the highest revenue ever.
As if he was the first to increase he minimum wage. Didn't the OBJ administration also increased wages and still left good saving
oil subsidy only became unbearably expensive when the only Ineffectual buffon took over.
Which Infrastructure are you referring to? I hope you're not talking about airport remodelling, railways and 25000km of roads.
He stabilized the forex yet the dollar was pegged artificailly at N199/$ under his watch.

Let us even assume he did all these, the money the country earned was more than enough to do twice what you listed and still have good savings. I can't imagine BH chasing NA to cameroon if the $2b was used appropriately.

At 199 to a dollar, you could still walk into any bank and get it .

The fall only occurred in early 2015 and was a precautionary move in the midst of dwindling oil prices.

The fall of the currency was also attributed to the tense atmosphere created by your useless Buhari who promised war if he did not win.

Even the 2015 budget reflected the austerity ahead as it recorded the lowest surplus in 6yrs of just 0.1%

But then came your Buhari who left the naira as he saw it, stirred up fears by not doing damn squat on the economy or appointing ministers and will later release the largest deficit budget ever even though oil price was at an all time low.

And the outcome is there for us to see...

Naira crashed well over 300% since he assumed power

Stock market lost well over half IRS value

Inflation at an all time high

And a recession in full swing.


Keep blaming Jonathan if that will make you feel better in wasting your useless vote.

Mynd44:

Why not open a thread to talk about the states. This thread is about how the FG failed to save moneh during an oil boom

No. this thread is abt who NOI blamed for lack of political will to save. You guys said she blamed Jonathan, but she has come out to say she never blamed Jonathan but the governors. That's what this thread is about

cktheluckyman:


you are yet to explain what Fashola and other "progressives"did with their own share of the 49%

Too many e.dot..... going by the percentage, i do not think Fashola had more than [size=16pt]2%[/size] of the lot.... this question still returns to you !!!!

[size=16pt]What has GEJ done with whopping 51% ? NOTHING EXCEPT FOR CLUELESS LOOTING[/size]

Mylove55:
how can i be a bigot like u, i dont know how gej izon man become an ipod or iweala a delta woman is now an ipod, and i am from south-south, i cant remember when south-south people became an ipod

Mr MAN sharrap and stop typing horse _shit abeg!



Does what you wrote here even make an atom of sense to you? The man said he does not want to engage a tribalist like you so go and try your luck somewhere else! Abi na by force?

12Monkeys:


He was fighting an insurgency in the NE

Wrong. He was losing a war against insurgency. Thousands dead, ten thousands displaced, soldiers dying and without weapons, an area the size of Belgium lost. Please dont lets go back there

Honoring the amnesty program signed by Yaradua

Not to insult President Yardy but that amnesty program was pure blood money. Destroying the environment and taking a small fraction of the money to "bribe" armed thugs from that area so they can hush up is really silly. What the Niger Delta needs is development and not paying criminals money each month. It never works

Increased the minimum wage for federal workers and allowances.

Yaaaaaaay President Jonathan increased minimum wage. Okay, how much is this in relation to how much we earned?

Maintained an expensive subsidy policy for imported Petroluem when crude was selling at an all time high because ojota peeps no gree make him remove am.

Subsidy was partially removed right? There was some 70 Naira per litre or so that was supposed to be used to "cushion" the effects where were the cushions? You were busy subsiding without thinking of how to stop it. He was president 5 years and they was no plan to build or fix the refineries. Stop joking

Improved dramatically our infrastructure and power generation output

Which of our infrastructure was improved? Please name em

Rolled out the most successful agricultural subsidy

And yet we spent 1.7 Trn each year on food imports? What is this, a joke?

Financed the forex market adequately that for most parts of his 6yr rule , the naira remained relatively stable. The estimate is that well over $100bn was sold to banks in 6yrs to float the import based economy.

He was using money he ought to save to defend the Naira so Nigerian can import lousy things such as toothpicks and office pins? He was using our savings to defend the Naira so Nigerians could import Ankara. I doubt you know that we now import garri. Yes, we were defending the Naira so we could import garri when we could have been producing it ourselves if the producers saw how expensive it was to import it. Very what? Very nice

But you won't see this .

dunkem21:



Can't you understand that the FG failed to save because the governors led by Amaechi threatened fire and brimstone if the yam is not shared

Amaechi collected FG portion and spend abi?

Mynd44:
Okay, the governors effed up.

What happened to the FG's 51% why didn't they save out of that?

Awon oniyeye

The only savings was d one by FG! Governors are just spenders without innovative leadership!

tuniski:

The only savings was d one by FG! Governors are just spenders without innovative leadership!

My MD travelled and left 5k in the company account. He came back and he met 4k and I claimed to have saved. Am I clown or am i clueless?

Samtob90:


Amaechi collected FG portion and spend abi?

FG collected Amechi's own and spend abi?

tuniski:

The only savings was d one by FG! Governors are just spenders without innovative leadership!

Tell them.. I don't know how to break it further into naira and kobo..

Mynd44:


Wrong. He was losing a war against insurgency. Thousands dead, ten thousands displaced, soldiers dying and without weapons, an area the size of Belgium lost. Please dont lets go back there



Not to insult President Yardy but that amnesty program was pure blood money. Destroying the environment and taking a small fraction of the money to "bribe" armed thugs from that area so they can hush up is really silly. What the Niger Delta needs is development and not paying criminals money each month. It never works




Yaaaaaaay President Jonathan increased minimum wage. Okay, how much is this in relation to how much we earned?




Subsidy was partially removed right? There was some 70 Naira per litre or so that was supposed to be used to "cushion" the effects where were the cushions? You were busy subsiding without thinking of how to stop it. He was president 5 years and they was no plan to build or fix the refineries. Stop joking





Which of our infrastructure was improved? Please name em




And yet we spent 1.7 Trn each year on food imports? What is this, a joke?




He was using money he ought to save to defend the Naira so Nigerian can import lousy things such as toothpicks and office pins? He was using our savings to defend the Naira so Nigerians could import Ankara. I doubt you know that we now import garri. Yes, we were defending the Naira so we could import garri when we could have been producing it ourselves if the producers saw how expensive it was to import it. Very what? Very nice

But you won't see this .

Please let us put things into perspective.
Here is what Jonathan inherited, and how he left Nigeria ...
Here is Jonathan score card.

Figures don't lie.
Average yearly crude oil prices 2010 to 2016
2010 = $ 77.38 / barrel
2011 = $107.46 / barrel
2012 = $109.45 / barrel
2013 = $ 105.87 / barrel
2014 = $ 96.29 / barrel
2015 = $ 49.51 / barrel
2016 = $ 26.5 / barrel - Jan & Feb , 2016 average

Foreign Reserve & ECA/SWF

May 2011=$65b
May 2015=$30b

Total debt

MAY 2011 = $35 billion,in 2010,
MAY 2015 = $63 billion dollars in 2015..


Algeria was able to save over $160 billion dollars in the past few years from oil sales..That is why they are able to weather the storm of drop in oil price better.
On the average Jonathan earned over 100 dollars per barrel from oil, squandered the foreign reserve and borrowed more money with nothing to show for it

omenka:
That is the question they can NEVER answer!

I bet the governors also pressurised the FG to squander their own share.

What a pity.

Please let us put things into perspective.
Here is what Jonathan inherited, and how he left Nigeria ...
Here is Jonathan score card.

Figures don't lie.
Average yearly crude oil prices 2010 to 2016
2010 = $ 77.38 / barrel
2011 = $107.46 / barrel
2012 = $109.45 / barrel
2013 = $ 105.87 / barrel
2014 = $ 96.29 / barrel
2015 = $ 49.51 / barrel
2016 = $ 26.5 / barrel - Jan & Feb , 2016 average

Foreign Reserve & ECA / SWF

May 2011=$65b
May 2015=$30b

Total debt

MAY 2011 = $35 billion,in 2010,
MAY 2015 = $63 billion dollars in 2015..


Algeria was able to save over $160 billion dollars in the past few years from oil sales..That is why they are able to weather the storm of drop in oil price better.
On the average Jonathan earned over 100 dollars per barrel from oil, squandered the foreign reserve and borrowed more money with nothing to show for it. As at 2014, Jonathan was borrowing to pay salary. Is that sustainable?

OjukwuWarBird:

Your point is Absolutely wrong.

How is he wrong? What do you know as the cause?

deji15:


Please let us put things into perspective.
Here is what Jonathan inherited, and how he left Nigeria ...
Here is Jonathan score card.

Figures don't lie.
Average yearly crude oil prices 2010 to 2016
2010 = $ 77.38 / barrel
2011 = $107.46 / barrel
2012 = $109.45 / barrel
2013 = $ 105.87 / barrel
2014 = $ 96.29 / barrel
2015 = $ 49.51 / barrel
2016 = $ 26.5 / barrel - Jan & Feb , 2016 average

Foreign Reserve

May 2011=$65b
May 2015=$30b

Foreign debt

MAY 2011 = $35 billion,in 2010,
MAY 2015 = $63 billion dollars in 2015..


Algeria was able to save over $160 billion dollars in the past few years from oil sales..That is why they are able to weather the storm of drop in oil price better.
On the average Jonathan earned over 100 dollars per barrel from oil, squandered the foreign reserve and borrowed more money with nothing to show for it. As at 2014, Jonathan was borrowing to pay salary. Is that sustainable?

This is why I said I would have voted Patience Jonathan over President Jonathan.

It is nothing personal, just patrotism

Mynd44:

This is why I said I would have voted Patience Jonathan over President Jonathan.

It is nothing personal, just patrotism

hahahahahaha
Wallahi you should be a comedian. I am convinced you're in the wrong line of business

It's really a pity that we refuse to hold our governors responsible for this action..

They blackmailed the FG..

They arm-twisted the government..

GEJ and NOI begged, rolled on the floor to save our common wealth, instead..

.. The governors threatened legal action

omenka:
That is the question they can NEVER answer!

I bet the governors also pressurised the FG to squander their own share.

What a pity.

Yes, they squandered it on the Abuja - Kaduna rail project. What did Amaechi and Fashola squander theirs on?

deji15:


Please let us put things into perspective.
Here is what Jonathan inherited, and how he left Nigeria ...
Here is Jonathan score card.

Figures don't lie.
Average yearly crude oil prices 2010 to 2016
2010 = $ 77.38 / barrel
2011 = $107.46 / barrel
2012 = $109.45 / barrel
2013 = $ 105.87 / barrel
2014 = $ 96.29 / barrel
2015 = $ 49.51 / barrel
2016 = $ 26.5 / barrel - Jan & Feb , 2016 average

Foreign Reserve

May 2011=$65b
May 2015=$30b

Foreign debt

MAY 2011 = $35 billion,in 2010,
MAY 2015 = $63 billion dollars in 2015..


Algeria was able to save over $160 billion dollars in the past few years from oil sales..That is why they are able to weather the storm of drop in oil price better.
On the average Jonathan earned over 100 dollars per barrel from oil, squandered the foreign reserve and borrowed more money with nothing to show for it. As at 2014, Jonathan was borrowing to pay salary. Is that sustainable?

Perfect constructive analysis with facts and figures in time bound, this is as clear as a sunny day facing a crystal clear mirror, yet this wailing Zombies will still claim they cant see image on the mirror.
I swear Sule mallam with secondly school certificate at my gate will manage this windfall better than GEJ with his PHd. Despite the raise in crude for this graceful period, Nigeria came out worse with no tangible infrastructure to point to. GEJ WHY

deji15:


Please let us put things into perspective.
Here is what Jonathan inherited, and how he left Nigeria ...
Here is Jonathan score card.

Figures don't lie.
Average yearly crude oil prices 2010 to 2016
2010 = $ 77.38 / barrel
2011 = $107.46 / barrel
2012 = $109.45 / barrel
2013 = $ 105.87 / barrel
2014 = $ 96.29 / barrel
2015 = $ 49.51 / barrel
2016 = $ 26.5 / barrel - Jan & Feb , 2016 average

Foreign Reserve

May 2011=$65b
May 2015=$30b

Foreign debt

MAY 2011 = $35 billion,in 2010,
MAY 2015 = $63 billion dollars in 2015..


Algeria was able to save over $160 billion dollars in the past few years from oil sales..That is why they are able to weather the storm of drop in oil price better.
On the average Jonathan earned over 100 dollars per barrel from oil, squandered the foreign reserve and borrowed more money with nothing to show for it. As at 2014, Jonathan was borrowing to pay salary. Is that sustainable?

I couldn't be bothered to read through the trash you posted up there but a quick glance spotted some fatal errors which I'd like to correct just 2.

Foreign reserve in May 2010 when GEJ took over was $38bn and nit $63bn as you've quoted.

Foreign debt when GEJ left office in May 2015 was around $8bn.


Stop misleading the public, elections are over.

This was the official position of the APC before, with the benefit of hindsight, it became fashionable to assert that Nigeria should save money:

Sept. 30 (Bloomberg) -- Nigeria’s main opposition party said it will scrap the country’s sovereign wealth fund and a separate excess crude account if it wins elections in February.

“We’re going to put a stop to them,” Lai Mohammed, a spokesman for the All Progressives Congress, or APC, said in an interview in London yesterday. “The sovereign wealth fund and the excess crude account are illegal.”

[url]
http://www.bloomberg.com/news/articles/2014-09-30/nigeria-s-opposition-wants-to-scrap-sovereign-oil-funds[/url]

What is remarkable is that the present finance minister and succesor to NOI whilst the finance commissioner for Ogun state did the opposite of saving in her 4 year stint - she went on a borrowing spree leaving Ogun state in a dire financial state and necessitating a bailout. The new found adulation for the virtues of financial prudence is an audacious display of hypocrisy. Go through most of these posters Nairaland posts prior to the oil collapse and you will not see one mention - not even an inkling - of the need to preserve a rainy day fund.

jamesibor:


I couldn't be bothered to read through the trash you posted up there but a quick glance spotted some fatal errors which I'd like to correct just 2.

Foreign reserve in May 2010 when GEJ took over was $38bn and nit $63bn as you've quoted.

Foreign debt when GEJ left office in May 2015 was around $8bn.


Stop misleading the public, elections are over.

Here is the clarification of the figures..

- $45 Billion was left in foreign reserve account and another $22 Billion in the Excess Crude Account, being direct savings from increased earnings from oil that the Obasanjo administration handed over to the Yar Adua / Jonathan Govt in 2007.

- The debt figure is for both foreign and domestic debt.

antispexish:
abeg, who be president , Jonathan or the governors?

The Opposition party governors were the President. Lol

deji15:


Here is the clarification of the figures..

- $45 Billion was left in foreign reserve account and another $22 Billion in the Excess Crude Account, being direct savings from increased earnings from oil that the Obasanjo administration handed over to the Yar Adua / Jonathan Govt in 2007.

- The debt figure is for both foreign and domestic debt.

Foreign reserve is distinct from ECA. you clearly stated FOREIGN RESERVE in your original post and it wasn't $45bn in May 2010.

You also clearly stated the figure for debt as Foreign debt and not a sum of both Foreign and domestic debts.


It is therefore clear to all that you set out with intent to obfuscate your audience which is a hallmark of the APC.

Mynd44:

This is why I said I would have voted Patience Jonathan over President Jonathan.

It is nothing personal, just patrotism

Nwokem, ogbeni, guy no kill person for here o.

Chai.