The higher the crude price, the higher the subsidy. He had good economic management team, that's all.

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.

mikeapollo:


Jonathan did not appoint any best brains in and outside Nigerians.
Most of the people in his administration were the people that Yara'dua appointed before he died.

Really?
You guys and lies
Was Okonjo Iweala the minister of finance under Yaradua?
Was Diezani his minister of petroleum
What about Agric? Was it Adesina

nairalanda1:


High oil prices and a lower debt burden to begin with.

Before anyone comes here to abuse me

1..I am not an APC supporter

2..I don't back PDP either.


Jona had high oil prices. Buhari started off with dropping oil prices and it was only in 2021 that oil prices went up to the 2011-14 level.

Even then we didn't benefit from Buhari high oil prices because we had borrowed up so much under his rule to feed corruption, feed defending the naira and feed growing subsides.


We had the same thing happening in 1973-82. High oil prices and then in 1982, crash. By 1992 we had gone through years of mess and the naira was hovering around 33 to the dollar compared to 1 to 1 in 1978

Every oil country has the same boom and bust. Venezuela was very prosperous in the 1970s. By 1980s the economy was a mess. Iraq too, which is partly why saddam invaded Kuwait. He needed their oil revenue. Ten years of low oil prices led him there.


The problem Jona, tinubu and Buhari and for that matter many of our past leaders share ( Yaradua was a exception somewhat) is that they think we are a rich country. When oil prices fall, we borrow to keep our heads above water and maintain the illusion.when they are high we spend and spend.

Oil was going above 200 naira by the end of GEj regime. By January 2015 , NOI was warning that hard times awaited, whoever won that year. In fact by 2014, April when oil prices started crashing, anyone who remembered 1982 would have had a feeling of déjà vu.

who created the high debt burden in the first place?

TheOgaBoss:
the Russia Ukraine war is actually a positive for every oil producing nation. the recession was partly caused by the backward economic policies of buhari. he closed the land borders of Nigeria throughout his administration, and most of our factories rely heavily on the west African market for their products.

buhari administration is responsible for Nigeria's battered economy.

MASTERCHIEF0847:

Even the PDP presidents failed. For example under OBJ $16 billion NIPP project failed with the money gone, under GEJ his petroleum minister was arrested in the UK with £18.5 billion, where did the money come from? These people are all the same PDP and APC and whatever platform they come under.
Among oil producing countries Nigeria has the least developed public infrastructure with the little available also dilapidated.

Where do you get all these fake figures from? All these were fake propagate by APC just to get into power. There was nothing like $16billion NIPP nonsense. All where propaganda to distrust the PDP govt

Its not about the dollar, there was actually prosperity during GEJ era. People were buying new cars! I bought a brand new Hyundai accent 2012 model for N2.8 million then

MASTERCHIEF0847:

Going by that logic am sure Nigerians would pay to go back to Abacha days when the dollar was 22 naira and petrol 18 naira.
If our leaders had been sincere and done their job we won’t be wishing backwards.

Who created the recession? Bubu's ineptitude

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.

Pristine664:


Lol exchange rate was less than 50 under Abacha, by you guys logic it means Abacha was a far better administrator.

Oga calm down.....in a very short time things have gotten worse

How much was oil prices during Obj tenure?

Truth is Bubu and Tinubu are just incompetent and corrupt!

nairalanda1:


High oil prices and a lower debt burden to begin with.

Before anyone comes here to abuse me

1..I am not an APC supporter

2..I don't back PDP either.


Jona had high oil prices. Buhari started off with dropping oil prices and it was only in 2021 that oil prices went up to the 2011-14 level.

Even then we didn't benefit from Buhari high oil prices because we had borrowed up so much under his rule to feed corruption, feed defending the naira and feed growing subsides.


We had the same thing happening in 1973-82. High oil prices and then in 1982, crash. By 1992 we had gone through years of mess and the naira was hovering around 33 to the dollar compared to 1 to 1 in 1978

Every oil country has the same boom and bust. Venezuela was very prosperous in the 1970s. By 1980s the economy was a mess. Iraq too, which is partly why saddam invaded Kuwait. He needed their oil revenue. Ten years of low oil prices led him there.


The problem Jona, tinubu and Buhari and for that matter many of our past leaders share ( Yaradua was a exception somewhat) is that they think we are a rich country. When oil prices fall, we borrow to keep our heads above water and maintain the illusion.when they are high we spend and spend.

Oil was going above 200 naira by the end of GEj regime. By January 2015 , NOI was warning that hard times awaited, whoever won that year. In fact by 2014, April when oil prices started crashing, anyone who remembered 1982 would have had a feeling of déjà vu.

TheOgaBoss:
who created the high debt burden in the first place?

The answer is simple


When the price of what we sell is too low, we borrow money. When the price goes back up we pay money and borrow more.

We've been doing that since independence.

It goes way beyond APC and PDP. Buhari contributed his own, but it did not start with him.

DMerciful:
How much was oil prices during Obj tenure?

Truth is Bubu and Tinubu are just incompetent and corrupt!

Obj was selling around 2.2 million bpd. Today we sell 1.5 million bpd. Before September 2023 we sold an average of 1.2 million bpd. So oil prices alone is not the only factor.

DMerciful:
How much was oil prices during Obj tenure?

Truth is Bubu and Tinubu are just incompetent and corrupt!

We got a debt write-off along with several other African countries under Obasanjo otherwise our debt would have been sky high by 2007.

I agree with you about Buhari and Tinubu and I also stand by my comments.

Repaying which debts? What about the 23 trillion Bubu printed? Where are the infrastructures he was borrowing money to build?

You're still continuing with the propaganda that brought Nigeria to her knees!

nairalanda1:


Started repaying the debts which we incurred when oil prices were low, especially during COVID when oil was as low as 23 dollars


Unless you have a tiny population, oil countries run into debt when oil prices are too too low.When the oil prices rise, the debt has to be paid off.

We would have been in the same situation in 2011-14 if not for the 2006 debt write-off and oil hitting 140 per barrel in 2008, which yaradua used to buffer our savings.

This is by no means a defence of Buhari. APC came into power with mandate to diversify the economy. They did not. Buhari didn't even raise tax income and fight corruption either

Revenue is based on price multiplied by volume. Too much oil theft in Bubu administration and the theft is being done by the military and politicians

MASTERCHIEF0847:

Was the price higher than during the GEJ days? Una too like sentiments shish!
Me am not a supporter of any Nigeria leader past or present, they all failed miserably considering the amount of resources and power at their disposal.

DMerciful:
Repaying which debts? What about the 23 trillion Bubu printed? Where are the infrastructures he was borrowing money to build?

You're still continuing with the propaganda that brought Nigeria to her knees!

At the end, Nigeria.is not earning enough money. Whoever is in charge.

You're actually defending APC govts

MASTERCHIEF0847:

You are not bright, so your small brain told you that i am a Tinubu supporter and trying to exonerate him?
You be real mumu and illiterate, carry your hate for Tinubu elsewhere you fool.
I have no time for both you and the Tinubu.

nairalanda1:



The answer is simple


When the price of what we sell is too low, we borrow money. When the price goes back up we pay money and borrow more.

We've been doing that since independence.

It goes way beyond APC and PDP. Buhari contributed his own, but it did not start with him.

really? then how was obj able to virtually clear Nigeria's external debt despite oil price not being as high as what it was under buhari?

GeneralDae:

Jonathan had oil production at around 2.5 million barrels per day compared to the present 1.4 million bpd. Obasanjo and Yar adua left him 22 Billion dollars in excess crude account and he also had the highest oil prices ever in our history, yet he depleted foreign reserves from 44 Billion dollars to 28 Billion dollars. Depleted Excess crude account from 22 Billion dollars to 2 Billion dollars and increased our debt from 35 Billion dollars to 67 Billion dollars.

2.5 was in 2010, production during his tenure averaged 2.25m. And was due to his setting aside for amnesty program, the militants were quiet then.

He was able to keep to keep the economy in good shape then, that's what Nigerians want.

Which one did APC govt achieve? They increased out debts exponentially too and things are getting worser.

Also mind you, Nigeria does not make much from oil these years, you can ask yourself how much nnpc has remitted to the fed govt each year since 2010. You will know that it's nothing.

We make much money from taxes, custom, oil and gas facility licence fees and royalties ( which are much higher now than during GEJ admin).

DMerciful:
Repaying which debts? What about the 23 trillion Bubu printed? Where are the infrastructures he was borrowing money to build?

You're still continuing with the propaganda that brought Nigeria to her knees!

Well, oil prices crashed in 2014 and remained low till 2021

Also, you have to accept that we aren't making enough money..one of GEJs officals said as much and before that Obasanjo even made a comment on it.

If we want to earn enough from oil we have to be selling it at least at 120 dollars a barrel. 100 if you must be generous.

Where Buhari failed is that in the face of low oil prices he acted as if oil was high.

Plus even then, that iswhat happens with resource depwndkent economies. Price low, take loans price high pay the loans.

Kukutente23:

Is Nigeria the only country relying on oil? How come other countries rely on oil and are still better off?
Tinubu removed subsidy. Which other subsidy You talking about
Nigeria is rich. It is govt looters that send propagandists to tell us we're poor.

Because they produce more than us and lesser population.

DMerciful:
The higher the crude price, the higher the subsidy. He had good economic management team, that's all.

You are a genius for this link to fuel subsidy.
Stay blessed sir.

TheOgaBoss:
really? then how was obj able to virtually clear Nigeria's external debt despite oil price not being as high as what it was under buhari?

Obasanjo debt clearance was part of a deal involving several African countries

12 of them got their debt cancelled totally. Nigeria got 67%of our debt cancelled in return we paid the balance. Even then some people crticsed Obasanjo..me I thought obj did good..he got us the best deal under the circumstances ( I was scared IMF would tell us to go and sit down!)

DMerciful:
Revenue is based on price multiplied by volume. Too much oil theft in Bubu administration and the theft is being done by the military and politicians

Was Buhari not packaged by Tinubu as the strongman, retired General to deal with all crimes that weak, corrupt, clueless, bloody civilian Jonathan failed to do

And they brought in a drug dealer to finnish withe economy kpata kpata

How much was oil prices during Obj era?

Bubu could not maintain our opec volume due to his inability to manage Niger delta. Its not only about oil price but exported volume

nairalanda1:


Well, oil prices crashed in 2014 and remained low till 2021

Also, you have to accept that we aren't making enough money..one of GEJs officals said as much and before that Obasanjo even made a comment on it.

If we want to earn enough from oil we have to be selling it at least at 120 dollars a barrel. 100 if you must be generous.

Where Buhari failed is that in the face of low oil prices he acted as if oil was high.

Plus even then, that iswhat happens with resource depwndkent economies. Price low, take loans price high pay the loans.

DMerciful:
How much was oil prices during Obj era?

Bubu could not maintain our opec volume due to his inability to manage Niger delta. Its not only about oil price but exported volume

Obj economy was bad. I lived under it.

I agree with you about buhari

Obj had one of the fatest growing economy in the world then

nairalanda1:



Obj economy was bad. I lived under it.

I agree with you about buhari

qwertyuioplm:
Despite paying for subsidy and not a producing nation exchange rate moved from 140-180 ,what type of magic did he perform

He employed the best brains while others after him employed looters and tribalist.

Pakute:

GEJ was borrowing to pay salaries, that was the foundation for recession.
Covid shut down the world, Ebola was curtailed by Fashola less than a month.

Borrowing to pay salaries leads to recession ~ Pakute
This is the dumbest statement I've ever seen

qwertyuioplm:
Despite paying for subsidy and not a producing nation exchange rate moved from 140-180 ,what type of magic did he perform

There were a lot of thieves in his government, even though we had them in Buhari's and have them in Tinubu's own, Jona own see money well well, some de abroad de enjoy the loot.

Illiterate na illiterate. Buhari na donkey