Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,135,465 members, 7,751,350 topics. Date: Wednesday, 28 February 2024 at 08:30 PM

Nigeria's Financial Mess: The Tragedy Of The Buhari Years - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Nigeria's Financial Mess: The Tragedy Of The Buhari Years (212 Views)

‘Nigeria’s Financial System Was Rotten’ — Tinubu Speaks On Emefiele’s Arrest / Peter Obi Is The Real Wealth Creator And Can Bring Us Out From Financial Mess / Debtor-states In Bigger Financial Mess As Banks Obey NFIU Order (2) (3) (4)

(1) (Reply) (Go Down)

Nigeria's Financial Mess: The Tragedy Of The Buhari Years by MrPristine: 3:56pm On Sep 24, 2023
*NIGERIA FINANCIAL MESS*
*The Tragedy Of Buhari Years*


*We have sold forward crude contracts so our crude is encumbered as some of the crude we haven't produced doesn't belong to us.*

*We have sold forward FX contracts so some of our future FX earnings are encumbered. Essentially, some of the FX we are yet to earn does not belong to us.*

*Under the infrastructure tax credit scheme, some of our major company income tax payers were awarded roads to either rehabilitate or construct and are entitled to utilize the total investment cost incurred in the construction or refurbishment of the eligible road as a Tax Credit against their future CIT liability, until full cost recovery is achieved. In essence, some of the future Company Income Tax is encumbered*.

*From inherited crude oil production volumes of 2.05 million bpd in May 2015 (and a production capacity of 2.13 million bpd) which was close to our OPEC Quota, by May 2016 production crashed to 1.4 million bpd, a 30 year low at the time but we had no idea that worse was to come. By the time the Buhari administration was exiting, crude oil production volumes had crashed to 998,602 barrels per day in April 2023 (against our OPEC Quota of 1.8 Million barrels per day), insufficient to cover our crude oil swap obligations and our Carry Arrangement with the IOCs, much less generating revenue crude. NNPC infamously was unable to remit a dime to FAAC since January 2022.*

*Do you now see why we cannot provide Dangote refineries with feedstock given that even our crude / PMS Swaps are locked in future contracts.*

*We have borrowed so much such that our cost of debt service (interest and not principal) currently exceeds our revenue so all our future earnings are encumbered to service debt only*.

*At N87 Trillion debt stock, Buhari borrowed Nigeria back into colonization and spent our future earnings in top!*

*In 8 years, in an environment of depleted foreign reserves, we created so much Naira supply, that we more than doubled total naira supply from N21 Trillion as at May 2015 to over N55 Trillion as at May 2023.*

*So, this N1,000/US$1 exchange rate is morning yet on judgement day.*

*I am not sure we have fully dimensioned the havoc the Buhari led APC government wrecked on our economy.*

*The chickens have come home to roost !!!*

Re: Nigeria's Financial Mess: The Tragedy Of The Buhari Years by MrPristine: 3:56pm On Sep 24, 2023
To make matters worse, thiefnubuu has vowed to continue in buharig's footsteps of failure.
Re: Nigeria's Financial Mess: The Tragedy Of The Buhari Years by happney65: 3:59pm On Sep 24, 2023
Leave Buhari alone and face the Man,Tinubu that brought Buhari.

Na him gangan be the main culprit

grin
Re: Nigeria's Financial Mess: The Tragedy Of The Buhari Years by Yujin(m): 4:00pm On Sep 24, 2023
He was voted in by Yorubas and they supported him for the full 8years. They have no moral ground to condemn him today. It is not possible.
Don't even attempt it.

2 Likes

Re: Nigeria's Financial Mess: The Tragedy Of The Buhari Years by RepoMan007: 4:00pm On Sep 24, 2023
All under one party. God will judge you guys.
Re: Nigeria's Financial Mess: The Tragedy Of The Buhari Years by MrPristine: 4:38pm On Sep 24, 2023
Yujin:
He was voted in by Yorubas and they supported him for the full 8years. They have no moral ground to condemn him today. It is not possible.
Don't even attempt it.

Not all Yorubas supported him, thiefnubuu and his gang of criminals don't represent all Yoruba people.
Re: Nigeria's Financial Mess: The Tragedy Of The Buhari Years by Cooldowntemper: 4:39pm On Sep 24, 2023
MrPristine:
To make matters worse, thiefnubuu has vowed to continue in buharig's footsteps of failure.


The same loafers who shouted sai baba metamorphosed to on ya mandate

1 Like

(1) (Reply)

What Did You Think About Recolonization Of Some Of Africa Countries / NLC, TUC To Hold Joint Briefing To Declare Indefinite Strike / Alleged Tinubu Records Scandal: Group Alerts On Plot To Undermine Discovery Case

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 14
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.