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Nigeria’s External Reserves Hit $44bn First Time In 2019 - Politics (2) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Nigeria’s External Reserves Hit $44bn First Time In 2019 (11406 Views)

At $43.507bn, External Reserves Hit Five-month High / Nigeria’s External Reserves Hit $43.2bn / Nigeria’s External Reserves Climb Back To $42b (2) (3) (4)

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Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by helinues: 6:26am On Mar 27, 2019
Good news
Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by Vickthore: 6:31am On Mar 27, 2019
SimplePlan34:
External reserve $44 billion and Nigerians are suffering. How can a nation have money and not carrying out infrastructural projects.
Shut ur dirty mouth up, I mean shut up

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Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by Sluvist(m): 6:34am On Mar 27, 2019
jy2kbeyond:
Then why still running to china at the slightest opportunity to borrow?

Any country that helped in opening a way for government officials to loot our money will borrow is their money, when they come back to ask of it then we tell them to uses our money that is at their hands in settling the debt by themselves.
Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by omachas: 6:34am On Mar 27, 2019
Prompto:
PDP Igbo people will still wail they prefer Ebele spending it like yahoo boy after all what is the saving for when the masses are suffering.

Buhari as no integrity but to list PDP politicians with beta integrity they find that excessively tasking.

PDP Igbo logic #
How does it affect the price of Garri in the market?
Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by Vickthore: 6:37am On Mar 27, 2019
SimplePlan34:
External reserve $44 billion and Nigerians are suffering. How can a nation have money and not carrying out infrastructural projects.
Wen Nigeria was selling crude oil for 120$ where are d infrastructures ? Au much was d reserves they left for us? How many months salary dd those States own? Was d govt according to d minister of finance not borrowing to pay salaries

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Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by anonymous1759(m): 6:40am On Mar 27, 2019
omega2128:
I hate it when people are just throwing figures around without development to back it up.

show us numbers of people, your govt lifted above poverty level,
show us current debt level against foreign reserve. you can't keep borrowing and claiming you are saving at the same time.

masses don't care about amount of saved but can they get jobs, security, good road,good hospitals, good schools.



America is the most indebted country if I'm not mistaken. Their external reserve is equal to what they owe China . Even Dangote still receive loan. You don't put all your eggs in one basket. When you become a very big business man you'll understand Better.

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Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by Martartins(m): 6:49am On Mar 27, 2019
The question no one wants to ask is why did the reserve go down to $41 billion during October 2018? Was it used to fund the election? what is the emergency situation that could have warranted the removal of $3 billion from the reserve.
Buhari is fighting corruption indeed.

3 Likes 1 Share

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by seguno2: 6:52am On Mar 27, 2019
BuhariAdvocate:
Good development .Dear God we Nigerians pray against the PDP era in Nigeria.

What stupidity will lead someone to borrow money at a high rate and be making mouth for having a reserve of little or no interest?
What stupidity will make a parent have money in savings but not send his children to school or give them food
Buhari’s economic stupidity is unprecedented and unparalleled.

1 Like

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by seguno2: 6:55am On Mar 27, 2019
xperiencelove:
Norway is embarking on a single covered bridge that will pass in the midst of ocean that is 4000ft deep and 3000ft wide to cut a journey of 23hours to 10hours, the first of its kind. The cost of the project is $45billion which is higher than our current foreign reserve and will be completed in 2035.
We could have saved enough money when our crude oil price was higher and stable and was selling well in the market before the crash in price world wide. I won't swear for those that milked this country dry but I hope they change their ways.

They actually changed their ways into APC for protection grin

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Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by LawrenceOnline: 7:11am On Mar 27, 2019
I said it before, Nigeria economy is better than that that of the US on paper.

2 Likes

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by Kuginzi: 7:16am On Mar 27, 2019
SimplePlan34:
External reserve $44 billion and Nigerians are suffering. How can a nation have money and not carrying out infrastructural projects.
The wicked wailers/thieves shall never have peace. Amen

2 Likes

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by omega2128(m): 7:26am On Mar 27, 2019
anonymous1759:



America is the most indebted country if I'm not mistaken. Their external reserve is equal to what they owe China . Even Dangote still receive loan. You don't put all your eggs in one basket. When you become a very big business man you'll understand Better.

I don't need to understand. economy is booming but people are becoming poorer.
we are in year of surplus but people are hungry

1 Like

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by mysticgal(f): 7:28am On Mar 27, 2019
some people will not see this oh

2 Likes

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by jjohndoe83: 7:41am On Mar 27, 2019
mysticgal:
some people will not see this oh
Who is interested in macro economic indices I am concerned about the value of the money in my pocket and the quality of life I can live as a Nigerian citizen. Good roads, affordable healthcare, health insurance, mortgage, schooling for my kids, social welfare, job security, effective policing, swift justice system, etc., Why should I care what our foreign reserves are, if we're not making headway in all these areas that make life worth living in Nigeria.

3 Likes 1 Share

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by Dino98: 7:44am On Mar 27, 2019
Prompto:
PDP Igbo people will still wail they prefer Ebele spending it like yahoo boy after all what is the saving for when the masses are suffering.

Buhari as no integrity but to list PDP politicians with beta integrity they find that excessively tasking.

PDP Igbo logic #

They did not say 44billion for the first time in Nigeria's History....they said for the first time since January this year. It is not a Buhari effect or whatever.


The foreign reserve even during GEJ rose to 40+ billion...it rises, we spend, it depletes. Under Buhari too, it has risen to 40+ before and depleted too.

There is no special news here....how does this directly/indirectly translate to making life better for the common man or a better economy or a better NIGERIA??

Stop grasping at straws!!!

When we start feeling the positive effect of this government, we will all applaud it, we are all Nigerians and regardless of our political affiliation, we all hope for a better country...but don't jump on this like it means anytin or its somtin new.

2 Likes

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by Terryboy81: 8:12am On Mar 27, 2019
Toosure70:
borrowing in our blood ni, nothing
.Reserve =44 Billion dollars debt = 50 billion dollars
Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by nusirat(m): 8:15am On Mar 27, 2019
damola1:
$1 = N1

Worst worst $1 = 210 ( as Apc met it)

Anything else. Na sakamanje

But you forgot that PDP met it at 22 naira, Abi you no never born during Abacus.

2 Likes 1 Share

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by damola1: 8:20am On Mar 27, 2019
nusirat:


But you forgot that PDP met it at 22 naira, Abi you no never born during Abacus.

Pdp didn’t make any promises to me.

Apc. Specifically buhari did.

1 Like

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by cyrilamx(m): 8:31am On Mar 27, 2019
IjebuWarrior:
Ignorant folks on here be ranting like that's a hell of money. BS, Nonsense, Crap!

A nation of 200 Million people couldn't boast of a foreign reserves of a several individual's net worth... Jeff Bezos is worth > $130 Billion, Bill Gates, Zuckerburg, Buffet et al... are all worth more than paltry foreign reserves yet, foolish ignorant folks on here think that's a hell of money for a nation of 200 Million monsters!
But it was a hell of money when a so called "hero of democracy" depleted our foreign reserve to the tune of $29B as at May 2015 even when oil sold at it highest for almost 4yrs. Is it still surprising why many never knew why Nigeria plunged into recession?

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Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by AmazingELixir: 9:23am On Mar 27, 2019
undecided


Ok ooh foreign reserve is crawling upward and while foreign and local debt is sprinting to Jupiter.

I wonder who this brainless mofos want to impress
Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by grandstar(m): 11:00am On Mar 27, 2019
contigiency:


If you are blind such that you are not seeing infrastructural projects going on everywhere in the country since the inception of this administration, then it's a pity.

Imagine if you visited a palatial house in Banana Iisland, Iloyi and you were blown away by large ensuute rooms, the 4 no. sitting rooms, the imported furniture., the Olympic size swimming pools and so on. You find out the house is worth a billion naira. You said to yourself, "One day I will be like this man"

The next day, you had a chance meeting with the man's accountant. You praise the man's wealth to high heavens. The accountant chuckles and said "all na for show. The man no get money"

He now tells how money he has borrowed money from banks, refuses to pay, that he's been taken to court and plan on seizing the house anytime soon. That if he is not careful, he may be going to prison for fraud for up to 15 years that he did abandoned a fully paid project after only carrying no more than 10% of it.

Would you still want to be like the rich man? I'm sure you'll say no.

The reason why you'll say no is that you now see things from 2 different angles.

Likewise for Buhari, you need to see things from 2 angles. One angle are the projects being carried out. Another angle is what are the numbers saying. That you do not readily see.

The numbers are nothing to write home about. The economy has barely grown more than 1% per annum on average since he assumed power. Last year, it grew by only 1.9%.

What does a 1.9% growth rate mean. The country's population is growing by 2.5% yearly. That means growth in real terms was negative by 0.6%. That means per capita income fell last year.

The country needs to grow by 7% to create enough jobs to cater for those entering the labour force every year. From 1999 -2013, the economy grew by 6% yearly.

The country's public debt is growing very fast. It was 12% of GDP in 2015 but now 22% OF GDP. By 2023, it may touch 30%. Presently, debt servicing gobbles more than 60% of the budget.

The projects you are seeing are mostly paid for through borrowed funds. It is unsustainable.

I'm apolitical. I'm neither APC or PDP. They are basically the same. Just saying it as it is

Read some of the economic threads I started.

1 Like

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by Kagd10: 11:05am On Mar 27, 2019
Martartins:
The question no one wants to ask is why did the reserve go down to $41 billion during October 2018? Was it used to fund the election? what is the emergency situation that could have warranted the removal of $3 billion from the reserve.
Buhari is fighting corruption indeed.

You should be asking why it went down from $48b to $26b under Jonathan despite crude oil selling at a huge profitable price. Awon oponu. Yeye dey smell
Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by Martartins(m): 11:07am On Mar 27, 2019
Kagd10:


You should be asking why it went down from $48b to $26b under Jonathan despite crude oil selling at a huge profitable price. Awon oponu. Yeye dey smell

So that justifies $3 billion leaving the account? omode Oshi

1 Like 1 Share

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by ajl: 1:51pm On Mar 27, 2019
When do you ever hear countries like USA or other advanced countries talking about external reserve. You hand your money over to foreugn banks to keep fir you and they use the money to do business and develop their own country. Stupid Africans cant think.of ways of breakingvaway from western traps.
Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by haryomikun(m): 10:34pm On Mar 27, 2019
anonymous1759:



America is the most indebted country if I'm not mistaken. Their external reserve is equal to what they owe China . Even Dangote still receive loan. You don't put all your eggs in one basket. When you become a very big business man you'll understand Better.

Spot on brother. He doesn't understand

1 Like

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by haryomikun(m): 10:37pm On Mar 27, 2019
jjohndoe83:

Who is interested in macro economic indices I am concerned about the value of the money in my pocket and the quality of life I can live as a Nigerian citizen. Good roads, affordable healthcare, health insurance, mortgage, schooling for my kids, social welfare, job security, effective policing, swift justice system, etc., Why should I care what our foreign reserves are, if we're not making headway in all these areas that make life worth living in Nigeria.
Very true. These economic indicators are useless to the citizens in terms of reflection on standard of living

1 Like

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by haryomikun(m): 10:39pm On Mar 27, 2019
grandstar:


Imagine if you visited a palatial house in Banana Iisland, Iloyi and you were blown away by large ensuute rooms, the 4 no. sitting rooms, the imported furniture., the Olympic size swimming pools and so on. You find out the house is worth a billion naira. You said to yourself, "One day I will be like this man"

The next day, you had a chance meeting with the man's accountant. You praise the man's wealth to high heavens. The accountant chuckles and said "all na for show. The man no get money"

He now tells how money he has borrowed money from banks, refuses to pay, that he's been taken to court and plan on seizing the house anytime soon. That if he is not careful, he may be going to prison for fraud for up to 15 years that he did abandoned a fully paid project after only carrying no more than 10% of it.

Would you still want to be like the rich man? I'm sure you'll say no.

The reason why you'll say no is that you now see things from 2 different angles.

Likewise for Buhari, you need to see things from 2 angles. One angle are the projects being carried out. Another angle is what are the numbers saying. That you do not readily see.

The numbers are nothing to write home about. The economy has barely grown more than 1% per annum on average since he assumed power. Last it grew by only 1.9%.

What does a 1.9% growth rate mean. The country's population is growing by 2.5% yearly. That means growth in reals terms was negative by 0.6%. That means per capita income fell last year.

The country needs to grow by 7% to create enough jobs to cater for those entering the labour force every year. From 1999 -2013, the economy grew by 6% yearly.

The country's public debt is growing very fast. It was 12% of GDP in 2015 but now 22% OF GDP. By 2019, it may touch 30%. Presently, debt servicing gobbles more than 60% of the budget.

The projects you are seeing are mostly paid for through borrowed funds. It is unsustainable.

I'm apolitical. I'm neither APC or PDP. They are basically the same. Just saying it as it is

Read some of the economic threads I started.



I love the example you put up there... Your analysis of macro economics is lucid...

I'm following you asap

1 Like

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by kolaaderin: 10:57pm On Mar 27, 2019
IjebuWarrior:
Ignorant folks on here be ranting like that's a hell of money. BS, Nonsense, Crap!

A nation of 200 Million people couldn't boast of a foreign reserves of a several individual's net worth... Jeff Bezos is worth > $130 Billion, Bill Gates, Zuckerburg, Buffet et al... are all worth more than paltry foreign reserves yet, foolish ignorant folks on here think that's a hell of money for a nation of 200 Million monsters!

You lots are always quick to criticise , but those that supposed to raise the bar to over $100b actually got it serious reduced to faulty level during the boom.
Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by IjebuWarrior: 11:00pm On Mar 27, 2019
kolaaderin:


You lots are always quick to criticise , but those that supposed to raise the bar to over $100b actually got it serious reduced to faulty level during the boom.

Boom? What Boom, abeg? Sonic Boom?

Oh you mean Boom-Chakala? angry
Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by grandstar(m): 1:10am On Mar 28, 2019
haryomikun:

I love the example you put up there... Your analysis of macro economics is lucid...

I'm following you asap

Thanks

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