kross01:

You and who father?
You might need to visit the below link to retouch this your analogy; http://www.investopedia.com/terms/f/foreign-exchange-reserves.asp

What did say initially.. . I was trying to bring it low so he can get a little bit of what it means

That guy is financially illlitrate

luvinhubby:


Vitalis, where did you stop your education, primary or commercial school?

luvinhubby:


Vitalis, where did you stop your education, primary or commercial school?

This one stopped at "Otakara" school. Pele oooo. Eku recession ni!

mrvitalis:

What did say initially.. . I was trying to bring it low so he can get a little bit of what it means

Just need to touch up your financial management knowledge ok? Cheers man

What a cynical beer parlour analysis. By the way, NNPC's Jv equity is 41% not 60%. This nitwitted analyst of a OP, derived his figures using absolute terms yet filled with assumptions. Zombified Wailers will lap it all up but my advice for you is to go stick your nose in a book, however, you can't find a book in a beer parlour.
Kiss the truth!

kross01:


Just need to touch up your financial management knowledge ok? Cheers man

You don't have to display your ignorance of the subject of foreign reserves with so much glee.

Mrvitalis broke it down but you had to screen-grab a website to further reveal your weak knowledge.

Fyi foreign reserves cannot be "spent" in the same way government revenue is shared by tiers of government and spent. It is primarily for settlement of cross-country or cross-currency obligations.

Finally it has more to do with economics and balance of payments than financial management.

Thank me later

DelGardo:


You don't have to display your ignorance of the subject of foreign reserves with so much glee.

Mrvitalis broke it down but you had to screen-grab a website to further reveal your weak knowledge.

Fyi foreign reserves cannot be "spent" in the same way government revenue is shared by tiers of government and spent. It is primarily for settlement of cross-country or cross-currency obligations.

Finally it has more to do with economics and balance of payments than financial management.

Thank me later

Let me ask you in clear terms, is foreign reserves Nigeria’s asset or liability?? Because my sole interest in this topic was him saying that foreign reserves are not Nigeria’s money hence his analogy of changing dollars with a mallam. I'll also like you to tell me where i alluded to it being money to be spent

kross01:

Let me ask you in clear terms, is foreign reserves Nigeria’s asset or liability? Because my sole interest in this topic was him saying that foreign reserves are not Nigeria’s money hence his analogy of changing dollars with an aboki

It's an asset...

mrvitalis:

It's an asset...

So how is your asset not your own?

kross01:


So how is your asset not your own?

U sold ur father ur phone and u are the only son of ur father... is that phone not ur asset?? even as it is with ur father

mrvitalis:


U sold ur father ur phone and u are the only son of ur father... is that phone not ur asset?? even as it is with ur father

I bet you think that being a son or only son of your dad entitles you to all his assets right? Hope you will shoot him if he decides to will it or give it out to another person

By the time this guy finishes with us Nigeria will have had a new name- Zimbabwe.

the OP is a little too liberal with the figures.

but that shouldn't obscure the main thrust of the post which is that, what impact has the money spent so far had on the economy.

at a conservative $30b & at an exchange rate of N320 to a $1, this regime has realised & supposedly expended well over N3t.

& contrary to arguments that the foreign reserves cannot be expended or unilaterally utilised by the FG, that is a wrong assumption. a government can draw down on its reserves anytime it wishes. for instance, OBJ paid off a huge chunk of our external debt using the reserves we had at the time.

at this time, all we can do is pray for Nigeria. PMB started too slow & on the wrong footing. however, with time, things will hopefully take a positive upswing but this might be hampered by the growing crisis within the APC which will be a huge distraction.

mrvitalis:

For u to think fedral reserve is Nigerian money shows u level of thinking..... when u change money in malam hands.. Go back n demand the dollars u hear


Oh sorry I know u will not get the relationship

Oh! So Federal Reserves is no longer Nigeria's money?
Sounds like the kind of bombast Lai Mohammed will pull to fool Nigerians. Sad thing is many like this fellow will believe and applaud him.

Ignorance is a terrible disease. I weep for Nigeria
I won't waste my time to educate you. Your ignorance already signposts your level of thinking.

ivandragon:
the OP is a little too liberal with the figures.

but that shouldn't obscure the main thrust of the post which is that, what impact has the money spent so far had on the economy.

at a conservative $30b & at an exchange rate of N320 to a $1, this regime has realised & supposedly expended well over N3t.

& contrary to arguments that the foreign reserves cannot be expended or unilaterally utilised by the FG, that is a wrong assumption. a government can draw down on its reserves anytime it wishes. for instance, OBJ paid off a huge chunk of our external debt using the reserves we had at the time.

at this time, all we can do is pray for Nigeria. PMB started too slow & on the wrong footing. however, with time, things will hopefully take a positive upswing but this might be hampered by the growing crisis within the APC which will be a huge distraction.

I agree with all your comments, except the calculation in bold.
If you convert $30b to Naira at a rate of N320 you get N9.6trillion, not N3trillion.

I did not suggest in my original post that this government has already spent the entire national reserve of $30b. I said they have spent about $6b out of it.

The total amount they have expended is about $58b = N18.6 trillion if we use your preferred official rate of N320.

This is a colossal sum by any standard of measure, and we should feel the impact of it.

cuteboy2:


I agree with all your comments, except the calculation in bold.
If you convert $30b to Naira at a rate of N320 you get N9.6trillion, not N3trillion.

I did not suggest in my original post that this government has already spent the entire national reserve of $30b. I said they have spent about $6b out of it.

The total amount they have expended is about $58b = N18.6 trillion if we use your preferred official rate of N320.

This is a colossal sum by any standard of measure, and we should feel the impact of it.

my bad.

worse than I even thought...

The dullness of this ops is epic. Bt am nt surprised seeing that this very same dullness is contagiously common amongst other wailers desperate to discredit the govt of PMB.
I've long given up on engaging in rejoinders with them so I ll leave them to their unintellectuality.

cuteboy2:


I try my best to research, and I post cold facts so the down trodden masses can see how their government at all levels are deceiving them.

The picture below of the declining reserves should serve as a sober reminder to all that we have a very confused and deceptive President in Aso Rock, who has no clue how to run a modern economy.

The chart from CBN clearly shows that Buhari started with $30.3billion
www.nairaland.com/attachments/4287879_nigeriaforeignexchangereserves_png8eaf9176e8f21e2313b3efb881d3f807

Why don't you take the date of that your chart back a bit?.... You would clearly see that the rate of reduction of the foreign reserves clearly slowed down under Buhari even though we have suffered much lower price of oil and much lower production volumes. As at May 29th 2015, oil still sold for over $65/bbl and Nigeria's production was over 2 million barrels per day; but kindly take a look at what happened to Nigeria's reserves below and I'm sure you will be quiet.

The estimate did not consider the MTN fine originally put at N1.04 trillion or $5.2billion.

This was reduced to $1.7billion or N330billion.

Out of the reduced amount, MTN CEO Ferdi Moolman personally confirmed that N30billion (1st installment) has been paid

MTN Nigeria has made a total payment of N80bn to the Nigerian Communications Commission in respect of the fine imposed on the mobile operator.

The Chief Executive Officer, MTN Nigeria, Ferdi Moolman, stated this on Wednesday.

He said, “I am pleased to announce that the first payment of N30bn in the terms of settlement has already been disbursed to the NCC.

“In addition to the earlier payment of N50bn, which we paid in good faith and without prejudice on February 24, this means we have now paid a total of N80bn.”

I told you guys that Korruption cannot fight corruption!

Buhari plans to propose 2017 budget of N6.8 trillion. The govt claims to have saved the following amounts:

N2.6trn through TSA
N1.4trn from Subsidy
N3.2trn from recovered loot
N665bn from stamp duty
N1.1trn from custom
N2.6trn from Tax revenue
N2.7trn from crude oil
The list is endless.

Going by various government pronouncements, total funds garnered so far is well above N13.2trns.

Why is govt still running from IMF to AFDB to Islamic Bank looking for more money to borrow, when they have done next to nothing with this huge amount already in the kitty and still counting?