The only way out of the vicious cycle above is to start manufacturing most of our needs. If that happens, devaluing the currency will have very little negative effect as our exports will earn more money and the country will become richer.

That is actually true! It testifies to the level of abjection Nigerian state has experienced since its creation.

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%

Nothing you've posted thus far in this thread can stand up to scrutiny. All you've shown is that someone with rudimentary knowledge of economics was at the helm of the state. The only thing I give Abacha credit for was keeping looters.

Absolutely nothing was done during his regime, which is reflected by the GDP.

Check out the GDP during Abacha’s tenure (1993-98) and compare it to when he left:
1993 2.09
1994 0.91
1995 -0.307
1996 4.994
1997 2.802
1998 2.716
1999 0.474
2000 5.318
2001 8.164
2002 21.177
2003 10.335
2004 10.585
2005 5.393
2006 6.211
2007 6.972
2008 5.984
2009 6.96
2010 8.724

http://www.indexmundi.com/nigeria/gdp_real_growth_rate.html

@ Wallie
GDP as we all know are an accident of oil prices

95% of Nigeria's  GDP is down to revenue from sale of oil.

Therefore it is remarkable that he acheived  what he achieved despite having such low revenue from oil.


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

OP must be high as a kite

What is up with this worshiping of tin-pot African dictators?

GenBuhari:

@ Wallie
GDP as we all know are an accident of oil prices

95% of Nigeria's  GDP is down to revenue from sale of oil.

Therefore it is remarkable that he acheived  what he achieved despite having such low revenue from oil.

Do you read my replies at all or you just choose a phrase to respond to? Do you see how the exchange rate is tied to Nigeria's revenue? For avoidance of doubt, I'm stating that Abacha's economic policy was responsible for Nigeria's stagnated growth during his period.

If your theory about oil prices directly tied to GDP is true, can you explain why the GDP between 2008 and 2010 are below 10% when oil prices are at an historical high?

@GenBuhari

Here's a link to historical crude oil prices

http://inflationdata.com/inflation/inflation_rate/historical_oil_prices_chart.asp

Do you now see that devaluing the Naira will generate more revenue and that keeping the dollar at NGN22 is uninformed? Read post #63 again if you're not sure.

Devaluation would only make sense if we were selling oil in Naira rather than the Dollar as we do, also if we were not restricted by OPEC as the amount of oils we could sell.

Because we sell oil in Dollar all that devaluation does is make imports very dear and harm are manufacturing capacity as it becomes too espensive to purchase essential raw materials from abroad.

I am not worshiping Abacha, but the guy has been given such bad press orchestrated by the criminals Obasanjo and Babangida , to confuse and distract us for the massive looting.


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

Wallie:

The only way out of the vicious cycle above is to start manufacturing most of our needs. If that happens, devaluing the currency will have very little negative effect as our exports will earn more money and the country will become richer.

Another great achievement of Abacha is that he imprisoned Obasanjo


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

GenBuhari:

Devaluation would only make sense if we were selling oil in Naira rather than the Dollar as we do, also if we were not restricted by OPEC as the amount of oils we could sell.

Because we sell oil in Dollar all that devaluation does is make imports very dear and harm are manufacturing capacity as it becomes too espensive to purchase essential raw materials from abroad.

I am not worshiping Abacha, but the guy has been given such bad press orchestrated by the criminals Obasanjo and Babangida , to confuse and distract us for the massive looting.


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

1. I don't understand what you mean by selling oil in dollars. Isn't it one of the same? You sell in dollar equivalent of your naira. At the end of the day you consume Naira locally and covert to dollars when spending internationally. All that matters is for the exchange rate to stay the same. The end result will always be the same and if you think otherwise, give me an example with numbers involved.

2. Oil output is one of the variables that we can change but it doesn't change the value we are getting for a barrel of oil. The unitary value is still the same.

Go back and re-think your rebuttals. I'm ready to spend the next few hours rebutting every single point your make.

GenBuhari:

Another great achievement of Abacha is that he imprisoned Obasanjo


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

I think you said that tongue-in-cheek but just to be sure, I'll call "conjecture."

GenBuhari:

, devaluation does is make imports very dear and harm are manufacturing capacity as it becomes too espensive to purchase essential raw materials from abroad.

I already told you in post #63 that the major con in devaluing Naira is the higher cost of import especially when the average family depends heavily on foreign goods. But before devaluing Naira, what was the state of the manufacturing sector? Why couldn't our manufactured goods compete in the international market?

Further, with the government being the largest employer in the country and the wages being raised, where do you want them to get the money to pay while also investing billions of dollars in infrastructure?

My point is that Nigeria is a complex society and you have to balance the 10 or 20 variables.

Apart from fact that Abacha had extremely low oil prices /revenue to contend with, he was also facing sanctions from western nations frustrated that he had rejected their western ImF / World Bank loans / policies.

I find the policies Abacha very inconsistent with that of looting head of state.

1. When oil prices are so low, a looting president will jump at the chance of taking an IMF loan, Abacha rejected the loans

2. Abacha  liquidated dozens of corrupt banks, a looting president would use them to loot money

3. Abacha used a lot of resources despite low oil revenue intervening in Liberia and Sierra Leone to fulfill our role as regional superpower a looting president would not bother as this expenditure of resources would eat into his potential loot.

4. Abacha held Naira value pumping money into it to prop it up at a steady N22=$1, a looting president always devalue as it is an easy way to effectivly steal from pocket of every Nigerian.

5. Abacha increased fuel price by a small amount and used the  proceeds for the Peroleum Trust Fund, which he entrusted to General Buhari used to improve and maintain infrastructure. A Looting president would abolish the PTF and loot proceeds of increased fuel prices.

It is interesting that after 10 years of going after Abacha's loot, there has been no significant proof of what the money that was supposedly recvered was used for.

After Abacha was poisoned (by agents of Babangida), what was justification for Abubakar to start investigating Abacha, given Abacha's economic performance, unless he was put up to it by the man running things from behind the scenes - Babangida (Abubakar and IBB were very close friends and neighbours in Minna)

Babangida was desperate to blame someone of looting to distract Nigeria from his own massive looting.

Something does not add up




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

During Abacha regime dollar is not sold  at 22 naira all most claimed here, it is 80 naira at black market where the citizen can buy it. Only CBN sold it @ 22 naira and average citizen don't have the chance, don't judge it with 22 naira. Even now the ratE CBN sold dollar to bank and bureau de change is not the cheaper than the rate we can trade dollar in black market.

@lovejo,
As I said earlier, no government since 1986 existed without having an official exchange rate and a black market exchange rate, it was not a creation of Abacha, but simply market forces created by the differnce between demand for the dollar an the supply of dollar.

GenBuhari:

Apart from fact that Abacha had extremely low oil prices /revenue to contend with, he was also facing sanctions from western nations frustrated that he had rejected their western ImF / World Bank loans / policies.

I find the policies Abacha very inconsistent with that of looting head of state.

1. When oil prices are so low, a looting president will jump at the chance of taking an IMF loan, Abacha rejected the loans

2. Abacha dozens liquidated corrupt banks, a looting president would use them to loot money

Conjecture. You go from stating “facts” in your OP to arguing your opinion that can neither be proved nor disproved! What makes you think that IMF was willing to extend him loans? Even if they did, wouldn’t Nigeria’s credit rating determine the terms of the loan? You expect a bank to loan you money under great terms when they know that the likelihood of you not paying is high?

GenBuhari:

3. Abacha used a lot of resources despite low oil revenue intervening in Liberia and Sierra Leone to fulfill our role as regional superpower a looting president would not bother as this expenditure of resources would eat into his potential loot.

Do you have any proof that he didn’t make any money (directly or indirectly) in Liberia and Sierra Leone?

GenBuhari:


4. Abacha held Naira value pumping money into it to prop it up at a steady N22=$1, a looting president always devalue as it is an easy way to effectivly steal from pocket of every Nigerian.

The policy was very uninformed because we didn’t have the economy to back it up (see my earlier posts)!

GenBuhari:


5. Abacha increased fuel price by a small amount and used the  proceeds for the Peroleum Trust Fund, which he entrusted to General Buhari used to improve and maintain infrastructure. A Looting president would abolish the PTF and use proceeds on increased fuel prices to add to hteir loot.

So in your definition of a looting president, every sector of the economy and every contract should have been looted? Creating PTF was a noble thing and I give him props for that but that does not mean that he didn’t loot or knew what he was doing.

GenBuhari:


It is interesting that after 10 years of going after Abacha's loot, there has been no significant proof of what the money that was supposedly recvered was used for.

After Abacha was poisoned (by agents of Babangida), what was justification for Abubakar to start investigating Abacha, given Abacha's economic performance, unless he was put up to it by the man running things from behind the scenes - Babangida (Abubakar and IBB were very close friends and neighbours in Minna)

Babangida was desperate to blame someone of looting to distract Nigeria from his own massive looting.

Something does not add up

The money wasn’t “supposedly” recovered. It was recovered and that’s a fact. Plus, what does this have to with Abacha’s economic performance? Apples and oranges! Try to stay on-point and stop grasping at empty straws.

Come on, you can do better than this!

lovejo:

During Abacha regime dollar is not sold  at 22 naira all most claimed here, it is 80 naira at black market where the citizen can buy it. Only CBN sold it @ 22 naira and average citizen don't have the chance, don't judge it with 22 naira. Even now the ratE CBN sold dollar to bank and bureau de change is not the cheaper than the rate we can trade dollar in black market.

it was sold at 22 naira at all bureau de changes in nigeria - you can only get them in the black market at 80 naira!
an average citizen could go to bureau de change in nigeria then and change naira to dollars!

GenBuhari:

@lovejo,
As I said earlier, no government since 1986 existed without having an official exchange rate and a black market exchange rate, it was not a creation of Abacha, but simply market forces created by the differnce between demand for the dollar an the supply of dollar.

Abacha exchange rate btw official rate and black mkt is the widest in 9ja history

That may well be so, but I guess it may have something to do with economic sanctions imposed on Abacha's government by US

OP must be a Northerner
And most Northerners think like Cows
Am not surprised he is thinking this way

past presidents bunch of losers,even d current one a bigger loser.lets get it 9ja has failed as a nation so lets split

This is the biggest problem with Nigeria - Amnesia.
It beats me when we constantly try to rewrite history. For those who were old enough when Abacha's dark regime was messing us all up; I guess you are not happy and I am very angry right now. The fact that other thieves are stealing more doesn't mean we should now start praising such a man with a dark heart. A crude and unrefined soldier. Even though the other idiots stole as much or maybe more than him, but there was constant fear and Nigeria was heading towards the political system of Libya with a life president. A forum like Nairaland couldn't even exist back then with the threads dissing government - people couldn't even have beer parlour talks in buses and elsewhere. The atmosphere was tense.
Yet people try to distort history. Again I say that other despots were not better but you cannot abuse our intelligence.

Everything I have stated is absolute verifiable facts that are on public record, all you have to do is

click the link and verify, before commenting the any further and exposing your ignorance.

I was like everyone else, thinking that Abacha was one of the most corrupt leaders we ever had until I start to research all past leaders and consistently discovered that he managed Nigeria's economy very well.

Fellow Nigerians, the truth is that we have all been misled by the enemies of our country (like Obasanjo and Babangida) who blame everything wrong with Nigeria on Abacha.

Babangida and Obasanjo are agents of white western countries and they are working togethr to convince us that Abacha destroyed our country, but hard economic data exposes their lies.

We need to stop paying attention to Nigerian News media as they have all been bought by these enemies to confuse and mislead the masses about how Nigeria got to the dissarray that we find ourselves.

BTW I am not a Northerner, I just believe that we should all know the truth.

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

pls.can we still have somebody like Abacha again?

In the evolution of money, there are stages, like the bimetallic standard. A bimetallic standard is one which the monetary unit defined in terms of two metals (for example Gold and silver) at a legally fixed ratio for one another. The requirements for such a standard are the same as those of gold standard. With the addition that all the provisions regarding redeemablity purchases and sale, import and export apply to silver as well as to gold.

Abagworo:
Why I still regard that regime as the best economically is what they were able to achieve with oil prices ranging from 7dollar to 11dollar per barrel.I see that as an economic miracle going by our rate of borrowing with current oil prices above 80dollars.Imagine if Abacha regime traded oil above 40dollars not to talk of 100.The infrastructure he built for the riverine people is still unequaled till date.

His human right records went sour because he was fighting to remain in power.The opposition were trying to make the country ungovernable for Abacha.Also remember that nadeco were involved in some bombings and there was a fight between Abacha and nadeco.

Abacha is not and will never be an hero.

Abacha is a hero to those who know the truth

Fash20:


Abacha is not and will never be an hero.

GenBuhari:
Abacha is a hero to those who know the truth

Yeh distorted truth. I guess thats why monies are being found in the account he opened for the country.

Fash20:

Yeh distorted truth. I guess thats why monies are being found in the account he opened for the country.

Truth cannot be distorted. It is either truth or it's a lie.

Irrespective of how you try to distort history, Abacha will never be seen or regarded as a hero. Those who were sensible during his regime know better. He was detribalised though.

GenBuhari:


Truth cannot be distorted. It is either truth or it's a lie.

Then it a lie. Your abacha was a fraud and a villain

Fash20:


Then it a lie. Your abacha was a fraud and a villain

If I ask you to prove what you just stated, you would not be able to.

I have provided you with credible sources to evidence my position.