Na today? Una no sabi who be GenBuhari?

It was recently discovered by some of our activist , that Abacha's constitutions written by him during his reigning that was never implemented till date, the documents was recently discovered, That the constitution was best ever written by any individual or group of Nigerians…, it was a shocking discovering…

Look here,during Abacha's regime,we had only 1 thief he decides who to give his loot to and who not to.Anybody who gets caught trying to steal without d knowledge of d head nigger is already a GONNER.But now dis is Demoncrazy (freedom of Demons to steal),you have GEJ,Manadi,Obj,109 senators,360 reps,42 ministers,767 or is it 776 local govt chairmen plus other numerous demons all willing and able to steal from the same acct Abacha TOOK From.Naija is in trouble.

lovejo:

@ op. you said 1$ is 22 naira during abacha regime, but he sold it at black market for 80 naira, if you understand me he takes it out at 22 naira at cbn and sells it at 80 naira to loot money.
He has done some good according to you, but sincerely we are doing better now generally as citizen than then.

even if it's 80 naira, what is the rate now? 200 naira!
there you go. . . . .

And Sergeant Rogers and Al-Mustafa should be made National Heroes

wow, Eye opening,

yes i support Genbuhari,

obasanjo arrested abacha.
Obasanjo died to hand over to abubakar. Abububakar handed over to abacha.
Abacha is now currently the chairman BOT PDP.

I support @Genbuhari,
we are both in the psychiatric hospital now.

yes i support Genbuhari,

obasanjo arrested abacha.
Obasanjo died to hand over to abubakar. Abububakar handed over to abacha.
Abacha is now currently the chairman BOT PDP.

I support @Genbuhari,
we are both in the psychiatric hospital now.

Who's fooling who?

Eyah  

Dearth of good leaders is making our citizens plead for the return of the devil.

Abacha took the country to the cleaners FFS. . . $1.2 billion my ass.

I guess this poster was living in a cave wen Abacha nearly ran this country aground. thanks to those Indian babes, they deserve national award

@lovejo
Why would he need to go to those lengths in order to loot?
Does every government since Babangida devalued Naira by 2000%  not had an official rate and a black market rate?
You need to come up with something better.

@ op. you said 1$ is 22 naira during abacha regime, but he sold it at black market for 80 naira, if you understand me he takes it out at 22 naira at cbn and sells it at 80 naira to loot money.
He has done some good according to you, but sincerely we are doing better now generally as citizen than then.

Why people argue senslessly with out having fact to back their argument?

I simply stated some verifable achievements of Abacha, who from recent research I have come to realise, had out performed by far Obasanjo and others that succeeded him and all you guys can to is to regurgitate the same lies that have been fed to you about him.

Remember who accused Abacha of corruption, is the biggest looter and biggest liar Nigeria has ever known - Obasanjo with assistance from hism criminal friend babangida.

Just take a moment and educate yourself before continuing to expose you ignorance further.

https://www.nairaland.com/nigeria/topic-693700.0.html

i love ABACHA'S administration more than odechukwu's
i love his stance on issues more thn clueless
i love d develpoments dt took place more than GEJ's
i love his foreign and local polices more than dissss jonah of a persn

Abacha we miss u cos dis corrupt politicians(pdp n there coholt) don dey make us weep

The problem we have had since 1985 is that we have had leaders worse than their predecessors, this is the reason Abacha can be praised on these pages, it is a sad indictment of all of our leaders that a military despot performed better economically than them, in actual fact, Abacha's human rights records are far better than that of OBJ and Yar Adua.

hercules07:

The problem we have had since 1985 is that we have had leaders worse than their predecessors, this is the reason Abacha can be praised on these pages, it is a sad indictment of all of our leaders that a military despot performed better economically than them, in actual fact, Abacha's human rights records are far better than that of OBJ and Yar Adua.

gbam!!!

GenBuhari:

Why people argue senslessly with out having fact to back their argument?

I simply stated some verifable achievements of Abacha, who from recent research I have come to realise, had out performed by far Obasanjo and others that succeeded him and all you guys can to is to regurgitate the same lies that have been fed to you about him.

Remember who accused Abacha of corruption, is the biggest looter and biggest liar Nigeria has ever known - Obasanjo with assistance from hism criminal friend babangida.

Just take a moment and  educate yourself before continuing to expose you ignorance further.

https://www.nairaland.com/nigeria/topic-693700.0.html

The link you posted contains more than 11 pages of posts, which will take more than a "moment" to read especially since the link is about Nigeria in General. If you want to make claims that you believe are verifiable, enumerate the claims and link the supporting article or post number so that we can read it and rebut if necessary.

Generally, Nigeria is getting worse because the fundamentals are either decaying or non-existent. Your argument is akin to a patient that’s suffering from a terminal illness that argues that Panadol works better than narcotic painkillers because he’s in more pain now while taking narcotic painkillers than when he was taking ordinary Panadol a few months ago. The patient fails to realize that he’s now more closer to death than he ever was a few months ago.

Please, give us more details
do you have a link?

victor2exl:

It was recently discovered by some of our activist , that Abacha's constitutions written by him during his reigning that was never implemented till date, the documents was recently discovered, That the constitution was best ever written by any individual or group of Nigerians…, it was a shocking discovering…

@Wallie,

Check the links below for starters:
[size=18pt]Summary of Abacha's economic performance[/size]

Abacha maintained Exchange rate of : $1=N22 throughout his 5year in office (No devaluation of Naira)


Abacha's reduced inflation from 54% (left by IBB), to below 10% on his death

Sources:
http://www.tradingeconomics.com/nigeria/inflation-average-imf-data.html

https://www.nairaland.com/nigeria/topic-693700.224.html

Wallie:

The link you posted contains more than 11 pages of posts, which will take more than a "moment" to read especially since the link is about Nigeria in General. If you want to make claims that you believe are verifiable, enumerate the claims and link the supporting article or post number so that we can read it and rebut if necessary.

GenBuhari:

@lovejo
Why would he need to go to those lengths in order to loot?
Does every government since Babangida devalued Naira by 2000%  not had an official rate and a black market rate?
You need to come up with something better.

OP, he is not the best, neither worst nor average.

That was just an example but we don't need to argue about the achievement of Abacha, he laid the foundation for all the calamities happening now, especially unemployment.

Here's a wiki page on Abacha with cited references to the claims made. Can you dispute any of them with your references?

Specifically, address the sections that deals with "Corruption allegations" and "Recovery of stolen funds".

During Abacha's regime, a total of £5 billion was reported siphoned out of the country's coffers by the head of state and members of his family.[10] At that time Abacha was listed as the world's fourth most corrupt leader in recent history.[11][12] Abacha's national security adviser, Alhaji Ismaila Gwarzo, played a central role in the looting and transfer of money to overseas accounts.[13] His son Mohammed Abacha was also involved. A preliminary report published by the Abdulsalam Abubakar transitional government in November 1998 described the process. Sani Abacha told Ismaila Gwarzo to provide fake funding requests, which Abacha approved. The funds were usually sent in cash or travellers' cheques by the Central Bank of Nigeria to Gwarzo, who took them to Abacha's house. Mohammed Abacha then arranged to launder the money to offshore accounts.[14] An estimated $1.4 billion in cash was delivered in this way.[15]

After Sani Abacha's death, the Obasanjo government implicated Abacha and his family in a wholesale looting of Nigeria's coffers. According to post-Abacha governmental sources, some $3[5] or $4 billion USD in foreign assets have been traced to Abacha, his family and their representatives, $2.1 billion of which the Nigerian government tentatively came to an agreement with the Abacha family to return, with the quid pro quo being that the Abachas would be allowed to keep the rest of the money. Although this proposal caused a massive outcry at the time for seeming to reward the theft of public funds, it was subsequently rejected by the late dictator's son, Mohammed Abacha, who continues to maintain that all the assets in question were legitimately acquired.[19][20] In 2002, Abacha's family agreed to return $1.2 billion that was taken from the central bank.[21]

http://en.wikipedia.org/wiki/Sani_Abacha

https://www.nairaland.com/nigeria/topic-693700.224.html

see privitisations halted when he took power Nov '93

World bank estimates that Nigerian leaders have looted $400billion, I Abacha looted $5billion, the Obasanjo and Babangida between them must have looted the remaining $395billion yes?

Governments who loot, have poor performance and do very little to progress the nation, Abacha's government has all the performance indicators of a clean government, so I am very doubltful he looted.

Is it very far -fetched to Obj and swiss bankers conspired to claim that they found Abacha loot?

many things don't add up about this supposed Abacha loot that was recovered:

What prompted Abubakar and Obasanjo to investigate Abach for looting in the 1st place?
What made them so sur Abacha looted given his good economic performance?

Nigerians we need to learn to think critically - abeg shine your eyes well well!

GenBuhari:

@Wallie,

Check the links below for starters:
[size=18pt]Summary of Abacha's economic performance[/size]

Abacha maintained Exchange rate of : $1=N22  throughout his 5year in office   (No devaluation of Naira)

Abacha's reduced inflation from 54% (left by IBB), to below 10% on his death

Sources:
http://www.tradingeconomics.com/nigeria/inflation-average-imf-data.html    

https://www.nairaland.com/nigeria/topic-693700.224.html

Assuming arguendo that the Naira devaluation you posted is correct, it is irrelevant except when shown in the context of infrastructural developments made during that time. Any president reduce need for foreign exchange at the detriment of the economy.

On the other hand, the inflation figures that you posted sounds interesting.

GenBuhari:

World bank estimates that Nigerian leaders have looted $400billion, I Abacha looted $5billion, the Obasanjo and Babangida between them must have looted the remaining $395billion yes?

Sure if Obasanjo and Babaginda were the only other "leaders" in Nigeria. I would have thought that leaders will include all political office holders in the 3 arms of government?

GenBuhari:

@Wallie,

Check the links below for starters:
[size=18pt]Summary of Abacha's economic performance[/size]

Abacha maintained Exchange rate of : $1=N22 throughout his 5year in office (No devaluation of Naira)


Abacha's reduced inflation from 54% (left by IBB), to below 10% on his death

Sources:
http://www.tradingeconomics.com/nigeria/inflation-average-imf-data.html

https://www.nairaland.com/nigeria/topic-693700.224.html

I knew there had to be more to your inflation figures. Yes, Abacha reduced inflation but that just means that he reversed the damages caused Babangida's government. Before Babangida came to power in 1985, inflation was below 5% but by the time he left power 1993, inflation rose to about 45%.

Abacha’s government reduced it back to about 10% and by the end of Obasanjo’s government in 2007, inflation was at about 8%.

So, what’s your point about Abacha again?

Abacha reduce inflation from 54% to 8.5%, Obasanjo actually took it up to 12%, I cannot understand how Obj inflation figure was not even higher given his inflationary policy to devaluing the Naira 500%

All the stats show that, that semi illetrate soldier is performing more than that clueless Dr. in Aso Rock, it would be a shame if a man like Abacha can floor both Jonathan & Ngozi with all d books they have read.

Abacha will probably floor them because he had no IMF or World Bank Agenda, if Abacha could perform fairly well economically, I do not see why OBJ, Yar Adua and GEJ can not perform far better, they have more resources and technology is also on their side.

Abacha of all people, @Poster how are you? _{Must be a kid during Abacha Era, if not he will know that we were living in bondage them}

chines4:

Abacha of all people, @Poster how are you? _{Must be a kid during Abacha Era, if not he will know that we were living in bondage them}

so you are not living in bondage now?
petrol is about to be sold at 100 naira per litre! $1 = 200 naira.
if that is not bondage, i dunno what else to call it.

GenBuhari:

Abacha reduce inflation from 54% to 8.5%, Obasanjo actually took it up to 12%, I cannot understand how Obj inflation figure was not even higher given his inflationary policy to devaluing the Naira 500%

Do you actually think that it is always good to have almost the same currency parity value as the dollar? Let me play devil’s advocate for a minute:

Assume that the following is true in the US:
1. An LG TV cost $500.
2. A DVD player is $200
3. A fridge is $1000.
4. Fuel $1.50 per liter and a family will need 2000 liters per year at a cost of $3000.
5. Generator is $500.
Total cost for the family per year is $5200.

The assumptions above seem like what a middle class family in Nigeria might need in a given year. Since nothing is manufactured in Nigeria, everything has to be imported from some foreign country. Let’s assume that country is the US (it makes no difference which foreign country you choose).

During Abacha’s regime, the family will need NGN114,400 to cover the expenses if dollar was trading at NGN22.

Today, that same family will need NGN806,000. Problem solved right? Hurray for Abacha!!!!


Well not so fast! That also means that Nigeria will earn very little foreign exchange during Abacha’s regime considering the fact that about 90-95% of our money comes from selling oil in the international market.

For each barrel of oil we sell at $80 we will only get NGN1,760 during Abacha’s regime but we will get NGN10,850 today. Add to the fact that oil is trading at an historical high, which means that we have incentives to devalue naira further!

As you can see, the answer is not as simple as you think and it's more of a balancing act. There are only so many variables that you can shift around in your favor and the bottom line is that you have to pick your “poison.”

Actually, when you’re an export driven economy you want to devalue your currency so that you earn more money for your export (think China). The only problem with this approach in Nigeria is that we also rely on importation for almost everything!

There is no way that Abacha’s regime will be able to pay the new minimum wage or engage in meaningful infrastructural development with dollar trading at NGN22, which is why nothing was done during his time.

Like I said, pick your poison!

If you’re going to come back with a rebuttal that dollar trading at NGN22 is better for the Nigerian economy, make sure you back it up with numbers. At the very least, you’ll need the total number of barrels of oil being exported.