greatiyk4u:



High income begat low debt
Low income begat high debt.


When Saudi Arabia saved $900B in the reserves, our own GEJ saved only $27B and you expect Buhari to turn magician

Agbegbaorogboye:


Stop saying nonsense. Reserves is not a bank account where you withdraw when you need money. It is based on foreign trade and balance of trade. The more you earn from foreign trade the more your foreign reserves and vice versa

greatiyk4u:


How and why does it get depleted?

Agbegbaorogboye:


When you don't earn enough to cover your forex import obligations, your reserves get depleted to meet the payments. If for example Nigeria earned $1m in a week and spent $3m on imports that week, the balance will be sort from the reserve. Most especially if the naira equivalent is also not sufficient to meet that demand.
The question we should ask is what we are spending forex on to incur such drop in forex given the so-called rice revolution and the obvious fuel scarcity. What are we spending forex on?

greatiyk4u:


While you are correct, Government sometime withdraw from the reserve to cushion economic effects on citizens, Yaradua did it during 2008 economic meltdown

Agbegbaorogboye:


Like I already told you, you can't withdraw foreign reserves like that. Yaradua withdrew from the ECA to cushion the 2008 economic meltdown

PrinceOfLagos:
Buhari and bad luck are inseparable

greatiyk4u:
@$40B it is not a bad one judging from the $27B GEJ left it in 2015 despite consistent oil boom throughout his tenure

winterfell007:


You guys are clearly sycophants. You twist lies to make it sound like the truth so effortlessly. GEJ's administration never left the reserves at $27 billions as at 2015 when we vacated office, Even the Excess Crude Account(ECA), which he left at $1.5 billion has grossly be depleted to about $200 million or thereabout. Your cynicism stinks to the high level, it's obvious.

greatiyk4u:
@$40B it is not a bad one judging from the $27B GEJ left it in 2015 despite consistent oil boom throughout his tenure

winterfell007:


You guys are clearly sycophants. You twist lies to make it sound like the truth so effortlessly. GEJ's administration never left the reserves at $27 billions as at 2015 when we vacated office, Even the Excess Crude Account(ECA), which he left at $1.5 billion has grossly be depleted to about $200 million or thereabout. Your cynicism stinks to the high level, it's obvious.

greatiyk4u:


Thanks, though ECA is part of the reserve.

Agbegbaorogboye:


It is. Though that is ECA has become a subject of scams since the time of GEJ until now. We have had oil exceed our budget benchmarks since 2018. Yet our ECA is not growing rather, it is been depleted. Same with the SWF. I daresay this govt has been more opaque than that of GEJ in regard to both funds

greatiyk4u:


Hope you know budget implementation hasn't been upto 65% since this govt came on board due to paucity of fund.

Tumbulum:
Now that oil is up and up should the external reserve not supposed to be on the increase.

Tumbulum:
Now that oil is up and up should the external reserve not supposed to be on the increase.

Okudiover:


Didn't you read the part that says Nigeria is exporting crude oil below it's expected output?