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How Was Jonathan Able To Manage Nigeria Economy - Politics (12) - Nairaland

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Re: How Was Jonathan Able To Manage Nigeria Economy by GeneralDae: 4:06pm On Oct 20, 2023
soullove1881:


Very simple, naija expectations wasn't this high. Monetization really opened Nigerians eyes. People don't really Japa and there was no much pressure on Naira. Same goes to people taste when it comes to house appliances and furnitures.

So many factors work in his favor. It wasn't like Nigeria was in anyway better bro. To see 1M naira, ur eyes go see shege.
This is why a country like Gambia for instance have the Gambian leone currency very strong. The demand for foreign currency and products is not high. I think it also coincides with economic growth. The only problem is high inflation. Inflation is more important metric than exchange rate as long as the exchange rate is stable.
Re: How Was Jonathan Able To Manage Nigeria Economy by Pakute: 4:09pm On Oct 20, 2023
Kukutente23:

Lol. Look at this ignoramus. So borrowing to pay salaries means a govt can't spend for economic activities? What exactly do you even mean?
You're just saying rubbish all through.
Recession means two succesion of negative quarterly economic growth. Kindly explain how borrowing to pay salaries leads to that in a country that runs deficit budgeting like Nigeria.
Budget deficit doesn't equate borrowings for recurrents. Don't dabble into a subject you're ignorant of, better to keep quiet than clear all doubts.
Re: How Was Jonathan Able To Manage Nigeria Economy by Burob: 4:12pm On Oct 20, 2023
qwertyuioplm:
Despite paying for subsidy and not a producing nation exchange rate moved from 140-180 ,what type of magic did he perform
Only an oblivious minded thing, will compare a government of 5 months, to a government of six years, the wise know that it is never how you start, but how you finish.

Compare Bola Tinubu to Jonathan after his first term.

1 Like

Re: How Was Jonathan Able To Manage Nigeria Economy by Kukutente23: 4:17pm On Oct 20, 2023
TheGoodJoe:


Did I open the link? I even have a thread on the PWC report.

https://www.nairaland.com/2736550/revisiting-pwc-did-emir-sanusi#40016509

I also know about the CBN part. No one called CBN saints, we are talking of the reckless and illegal handling of our resources, with GEJ pretending not to know.

Finito.
Oh now it's about cbn not being a saint?
Anyone who wants to be honest with himself will agree no serious CBN gov should go about bandying figures he can't substantiate and then start changing them like wind.
What I've pointed out and you've managed to agree is that Sanusi had no evidence on his claims. PWC later found accounting errors. Does that equate fraud or stolen money?
Let's get serious pls
Maybe we should say 22.7trn was stolen under Emefiele in CBN since he exceeded his ways and means cap. Plsss
Re: How Was Jonathan Able To Manage Nigeria Economy by Kukutente23: 4:20pm On Oct 20, 2023
saysoo:
My point is, watch that clip of their summon by the senate and hear what the three said. They were all giving fair hearing. Forget what PWC did, it was goverment sponsored.
PwC was govt sponsored? Lol. You probably don't know what you're saying.
Re: How Was Jonathan Able To Manage Nigeria Economy by Acidosis(m): 4:20pm On Oct 20, 2023
God will certainly punish APC.
Re: How Was Jonathan Able To Manage Nigeria Economy by Kukutente23: 4:23pm On Oct 20, 2023
Pakute:

Budget deficit doesn't equate borrowings for recurrents. Don't dabble into a subject you're ignorant of, better to keep quiet than clear all doubts.
Keep quiet you bumbling ignoramus
A govt that runs deficit budgeting is already condemned to borrow from the get go. Whether it's the recurrent or the capital does not make a difference to its borrowing.
Secondly, your Buhari borrowed to pay salaries too. His was even worse. He borrowed to fund FAAC!! Yet it is borrowing to fund budget you're concerned about like a true ignoramus.
Re: How Was Jonathan Able To Manage Nigeria Economy by TheGoodJoe(m): 4:24pm On Oct 20, 2023
Kukutente23:

Oh now it's about cbn not being a saint?
Anyone who wants to be honest with himself will agree no serious CBN gov should go about bandying figures he can't substantiate and then start changing them like wind.
What I've pointed out and you've managed to agree is that Sanusi had no evidence on his claims. PWC later found accounting errors. Does that equate fraud or stolen money?
Let's get serious pls
Maybe we should say 22.7trn was stolen under Emefiele in CBN since he exceeded his ways and means cap. Plsss

My point is simple. Emir Sanusi did not lie. It was his private letter to GEJ that got leaked by members of GEJ's office that led to the PWC audit. He did not go about brandishing figures. He pointed out how NNPC was operating illegally and not remitting money. The audit showed he was saying the truth. Meanwhile, GEJ got him removed for doing the right thing.

Finito.
Re: How Was Jonathan Able To Manage Nigeria Economy by TheGoodJoe(m): 4:26pm On Oct 20, 2023
Kukutente23:

Lol. I like you. So they adjusted their books such that PwC couldn't see anything. Kindly tell the dumb mikeapollo that CBN did not have documents with him to prove his claim so NNPCL had enough time to cook their books and come back looking clean. The dumbo claims CBN has access to NNPCL's books.

PWC actually made Emir Sanusi's allegation clear and showed how NNPC was not remitting and allocating figures as they like. They were not under leash.
Re: How Was Jonathan Able To Manage Nigeria Economy by Lerumo: 4:34pm On Oct 20, 2023
While I can say things are worse now than during Jonathan’s time, I think you are only comparing based on sentiments and not based on data.

That said, before you pounce on me, what is happening now are the sins of corruption, mismanagement, pilferage, stealing, lying , nepotism etc gradually catching up on Nigeria.

During Jonathan’s time, for example, the govt was borrowing money to pay salaries. The oil boom of those years made it easy hide what was coming. Buhari came and made things worse.

The best time Nigerians have had under this democracy, is still Obasanjo’s time. I don’t say this to praise him but compared to all his successors, his time was the best.
Re: How Was Jonathan Able To Manage Nigeria Economy by Kukutente23: 4:34pm On Oct 20, 2023
TheGoodJoe:


My point is simple. Emir Sanusi did not lie. It was his private letter to GEJ that got leaked by members of GEJ's office that led to the PWC audit. He did not go about brandishing figures. He pointed out how NNPC was operating illegally and not remitting money. The audit showed he was saying the truth. Meanwhile, GEJ got him removed for doing the right thing.

Finito.
Can you quote how exactly Sanusi pointed out the illegality in NNPC?
Amaechi leaked the letter. Sanusi himself said so.
The fact is there was no $20bn missing. NNPCL is corrupt. No one doubts that. But that claim was wild as it was bogus
Re: How Was Jonathan Able To Manage Nigeria Economy by Kukutente23: 4:35pm On Oct 20, 2023
TheGoodJoe:


PWC actually made Emir Sanusi's allegation clear and showed how NNPC was not remitting and allocating figures as they like. They were not under leash.
Oya quote where PWC said NNPC was not remitting and allocating figures
Re: How Was Jonathan Able To Manage Nigeria Economy by Charly68: 4:36pm On Oct 20, 2023
Which economy did he manage ? How do you people forget things so easily. Would Nigeria have voted for Buhari if all was well under Jonathan ?
Re: How Was Jonathan Able To Manage Nigeria Economy by dustydee: 4:37pm On Oct 20, 2023
qwertyuioplm:
Despite paying for subsidy and not a producing nation exchange rate moved from 140-180 ,what type of magic did he perform
He was using the money made from crude oil sales and the relief from our forgiven loans to defend the naira and pay subsidy. At some point, the money was bound to finish and here we are.
Re: How Was Jonathan Able To Manage Nigeria Economy by Slurity(m): 4:37pm On Oct 20, 2023
qwertyuioplm:
Despite paying for subsidy and not a producing nation exchange rate moved from 140-180 ,what type of magic did he perform
Beliveive me, Jonathan brought to us majority of our current havoc in economy. Jonathan make more money than any president in the history of Nigeria, yet did not save and also squander the external reserve that Obj let behind, Jonathan also borrowed more despite making money, spending savings and also borrowing at the same time. OUR GREATEST MISTAKE AS A NATION IS STILL JONATHAN AND NOT EVEN ABACHA OR BUHARI
Re: How Was Jonathan Able To Manage Nigeria Economy by KpukpuyekePikin(f): 4:37pm On Oct 20, 2023
Pakute:

Did GEJ experience recession?, No.
Did GEJ experience pipeline vandalism and production shortfalls?, No
Did GEJ experience Covid?, No.
Did GEJ experience Ukrain/Russia war that's affecting food prices? No.

Cheap stipend collector

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Re: How Was Jonathan Able To Manage Nigeria Economy by blueAgent(m): 4:46pm On Oct 20, 2023
seguno2:


Please how is keeping oil theft low not part of managing the economy well

You dey mind the ingnorant Buffons?

They just want to comment, like their foolish leader without thinking.

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Re: How Was Jonathan Able To Manage Nigeria Economy by Offpointng: 4:47pm On Oct 20, 2023
Pakute:

Did GEJ experience recession?, No.
Did GEJ experience pipeline vandalism and production shortfalls?, No
Did GEJ experience Covid?, No.
Did GEJ experience Ukrain/Russia war that's affecting food prices? No.

You're effortlessly confident in ur subliteracy. and ur Economic sense is almost Zero.

What do you think causes a Nations Recession?
How was Nigeria bfr Covid?
Russian/Ukraine war? how does the European war affect food prices in Nigeria??

This is not a Forum for inexperienced kids like yourself, kindly type like you've got a minimal education atleast
Re: How Was Jonathan Able To Manage Nigeria Economy by Pakute: 4:48pm On Oct 20, 2023
Kukutente23:

Keep quiet you bumbling ignoramus
A govt that runs deficit budgeting is already condemned to borrow from the get go. Whether it's the recurrent or the capital does not make a difference to its borrowing.
Secondly, your Buhari borrowed to pay salaries too. His was even worse. He borrowed to fund FAAC!! Yet it is borrowing to fund budget you're concerned about like a true ignoramus.
Budget deficit is not an estimate based off on borrowing for recurrents but on capital expenditure. NASS would never approve a budget on loans for recurrent when oil revenue was at the highest, get that into your empty skull. GEJ and Okonjo mismanaged the revenue, depleted our reserves and then go borrowing to pay salaries, No excuses. Your knowlege level is catastrophically low.
Re: How Was Jonathan Able To Manage Nigeria Economy by saintneo(m): 4:49pm On Oct 20, 2023
MASTERCHIEF0847:
[s]Crude oil prices were at its highest levels during GEJ days[/s] which was an advantage and also he had a good and competent economic team led by Ngozi Okonjo Iweala and other economic and financial experts who were picked based on merit instead of nepotism and political patronage as it was during Buhari and now under Tinubu.
Nigeria is now heading into “Gangster Capitalism “ like we had in countries like Russia,Romania,Belarus and other former Soviet Union states…the economy being controlled by criminals and outlaws with government power.

Everything was correct except the oil prices. Crude oil prices was not at the highest, rather 2008 recorded highest cost for crude so far. Nonetheless, it is safe to say that crude oil prices were relatively favourable during Jonathan's leadership.
Re: How Was Jonathan Able To Manage Nigeria Economy by Dsimmer: 4:51pm On Oct 20, 2023
We had little debt and the forex reserve was good enough. Something good which OBj did at least but he failed to build functional refineries while he and his vp, Atiku looted the money meant for electricity!

So Jonathan met little debt and good reserve when he came in at the time when oil was also selling high but what did he do? Looted our forex reserve and got us into some debt without doing anything tangible nor built any refineries or electricity. Buhari came and sank us into large amount of debt while also looting our forex reserve and refused to build any refineries!
Re: How Was Jonathan Able To Manage Nigeria Economy by Offpointng: 4:52pm On Oct 20, 2023
walexbiz:
He too was part of the problem. He didn't save during the raining days and he too went on spending spree even when the price of crude oil was high. He failed to repair the ailing refineries, placed the surveillance of crude pipeline in the hands of militant and there was upsurge in illegal siphoning of crude oil. Sanusi raised alarm about squandering of 20bn USD by NNPC and up till today nobody was arrested

He didn't safe, Did the Governors allow him?? Nigeria's Oil sector is in the hands of powerful Cabals GEJ wasn't strong enough to contend with them and that was why OBJ told BAT to forget bout getting our refinery to work again

Illegal siphoning of Oil, was Buhari able to stop it to?? is BAT currently stopping it?
Re: How Was Jonathan Able To Manage Nigeria Economy by Kukutente23: 5:12pm On Oct 20, 2023
Pakute:

Budget deficit is not an estimate based off on borrowing for recurrents but on capital expenditure. NASS would never approve a budget on loans for recurrent when oil revenue was at the highest, get that into your empty skull. GEJ and Okonjo mismanaged the revenue, depleted our reserves and then go borrowing to pay salaries, No excuses. Your knowlege level is catastrophically low.
Mtcheew. So you mean the loans to meet recurrent that were taken by both Buhari and Jonathan were illegal? I keep saying you're an ignorant mofo.
If GEJ mismanaged our revenue, where did Tinubu your god see money to go to rent hotels for olosho in New York?
Last i checked the wheat grain levy account was opened and funded by same GEJ.
I actually thought Tinubu will take out of his massive savings.
Re: How Was Jonathan Able To Manage Nigeria Economy by searchlight: 5:14pm On Oct 20, 2023
TheGoodJoe:


Total misconception.
Amaech and co. fought for their share of ECA money when GEJ and Okonjo Iweala kept illegally taking from it without the consent of the governors and the FAAC commissioners. The recklessness of GEJ is what caused the ECA project to fail.

cc: walexbiz
Among Jonathan, and APC who is better?
Re: How Was Jonathan Able To Manage Nigeria Economy by SuccessfulRichi: 5:15pm On Oct 20, 2023
Say what you want to say but I don't expect anything good can come from a personality like Tinubu. You can't give what you don't have. Look at thugs, gangsters, cultism, drugs, yahoo all manners of evil rising up cuz Tinubu is a bonafide member.
Re: How Was Jonathan Able To Manage Nigeria Economy by poiZon: 5:18pm On Oct 20, 2023
MASTERCHIEF0847:
Crude oil prices were at its highest levels during GEJ days which was an advantage and also he had a good and competent economic team led by Ngozi Okonjo Iweala and other economic and financial experts who were picked based on merit instead of nepotism and political patronage as it was during Buhari and now under Tinubu.
Nigeria is now heading into “Gangster Capitalism “ like we had in countries like Russia,Romania,Belarus and other former Soviet Union states…the economy being controlled by criminals and outlaws with government power.
Don't forget the higher the crude , the higher the price of fuel.
U can't do away with it.
Re: How Was Jonathan Able To Manage Nigeria Economy by saysoo: 5:22pm On Oct 20, 2023
Kukutente23:

PwC was govt sponsored? Lol. You probably don't know what you're saying.
Oga, Goverment are powerful institution. If they have interest, no one can win them. What they did was organized. David Cameron was caught on tape saying "GEJ goverment was fantastically corrupt" wheather that was true is a debate for another time.
Re: How Was Jonathan Able To Manage Nigeria Economy by Remii(m): 5:24pm On Oct 20, 2023
no magic, oil production then was high, close to 3mbopd, oil price was high relatively all that time. so he had money to defend the naira. plus more politicians go free dollars then to change on the street that artificially kept the dollar in circulation.

meanwhile, pmb too was able to stabilize the dollar at N360 for almost 2yrs, btw 2018 and 2020, until covid 19 messed up all the gains then hell let lossen.
Re: How Was Jonathan Able To Manage Nigeria Economy by Pakute: 5:26pm On Oct 20, 2023
Kukutente23:

Mtcheew. So you mean the loans to meet recurrent that were taken by both Buhari and Jonathan were illegal? I keep saying you're an ignorant mofo.
If GEJ mismanaged our revenue, where did Tinubu your god see money to go to rent hotels for olosho in New York?
Last i checked the wheat grain levy account was opened and funded by same GEJ.
I actually thought Tinubu will take out of his massive savings.
I have been wasting precious time on a nitwit that has been fed cow dung thrown at him by PG & Hundeyin.
Re: How Was Jonathan Able To Manage Nigeria Economy by poiZon: 5:28pm On Oct 20, 2023
Pakute:

Did GEJ experience recession?, No.
Did GEJ experience pipeline vandalism and production shortfalls?, No
Did GEJ experience Covid?, No.
Did GEJ experience Ukrain/Russia war that's affecting food prices? No.
Gej experience vandalism, he stopped it cos of his brilliance.
Gej experience ebola that was so devastating thru out West Africa, he curtailed it.
Gej experience recession during their first term with his boss yaradua, but they excelled, actually it was a global thing, the entire world economy collapsed, but Nigeria grew during those period.

Buhari's recession was self made, made and manufactured by APC for the suffering of Nigerians.

1 Like

Re: How Was Jonathan Able To Manage Nigeria Economy by TheGoodJoe(m): 5:29pm On Oct 20, 2023
searchlight:
Among Jonathan, and APC who is better?

They are both terrible. Without the money Obasanjo saved, Goodluck would have had a destroyed the economy.

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