₦airaland Forum

We never had 20 billion n ECA under GEJ....

tayejay:
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More like what really happened. Ameachi only made mistake in referring to the foreign reserve as excess crude account and it was inherited from Yadua. The excess crude inherited from yaradua should be above 20 billion dollars, making a total of over 85billion dollars Jonathan inherited.

If u check the chart FR rose from 35bill to 46bill in 2013 under GEJ...under Pmb fell from 31 bill to 30 bill in 2016.....

INTEGRITYA1:
I agreed that foreign reserves serve as back up to local currency as you said.

But can still be mismanaged, have you take time to study the trend of Nigeria foreign Reserve from Obasanjo regime till date, when Obasanjo took over our foreign Reserve was around $3b and rose to about $34b when he left and Yar Adua pick it from there to about $64b, so when Jonathan came on board, our foreign reserve fall below $25b as at when he left, so what happened to our common wealth during Jonathan regime?

Foreign reserve, is not liquid cash u can steal or spend ....Foreign reserve of all countries in the world fluctuate,they used to back up the local currency

INTEGRITYA1:
@Op, I'm not in support of either Jonathan or Amechi, but we need more clarification regards your post and Amachi claim, there is different between "Excess Crude Account" and "Foreign Reserve"
But what I'm sure of was both were depleted during Jonathan regime, according to CBN data and information.

Here is a worldbank report if u have data to read it...

he trends in macroeconomic management
during 2011-2012 have been quite positive. The
Government has reined in the excessive fiscal
expansion of 2010. The general government deficit
(including budgets, extrabudgetary funds, the
fuel subsidy, and net accumulation in the Excess
Crude Account) was reduced from an estimated
5.7% of GDP in 2010 to 2.2% in 2011 and a projected
1.9% in 2012. In this context, the Excess
Crude Account balance increased from negligible
levels at the end of 2010 to an estimated US$
8.6 billion in 2012. This is still far less than the
US$ 22 billion that the country had accumulated
on the eve of the world financial turmoil in 2008.
Two primary factors prevented a more rapid increase
in the ECA balance during the time of
generally strong oil prices in 2011-2012. In 2011,
a major increase in fuel subsidy payments (4.6%
of GDP) limited the accumulation of the ECA.
In 2012, the Government succeeded in reducing
fuel subsidy obligations significantly, but a
decline in oil output and revenues tightened the
budgetary position of the country

http://documents.worldbank.org/curated/en/934931468291633000/pdf/776840WP0Niger0Box0342041B00PUBLIC0.pdf

Newbiee:
Is the news from CBN or from premium times.
When has premium times becomes CBN's spokesman?

Feraz:
.

no mind them, they are even claiming the project as their own. the trains they were calling 2nd hand

Feraz:
What changed?

CC: Deji68, LordAdam16

Chukazu:
Let's agree that Jonathan frittered money away with fear and trembling but Buhari's regime is stealing with "confidence and composure "

so PMB Performance is so bad that Baba Majek who was homeless thinks he can do better than him...chai

buoda Lai get talent sha

Even nairaland mod doesnt know the difference between FEC and NEC

Fayose !!!! But shebi dem say money no dey ECA again

The cable hatchet voodoo report

Small time now baba go call millitary base soft target....

Worldbank report on ECA, not Simeon Kolawole voodoo report

[b]The trends in macroeconomic management
during 2011-2012 have been quite positive. The
Government has reined in the excessive fiscal
expansion of 2010. The general government deficit
(including budgets, extrabudgetary funds, the
fuel subsidy, and net accumulation in the Excess
Crude Account) was reduced from an estimated
5.7% of GDP in 2010 to 2.2% in 2011 and a projected
1.9% in 2012. In this context, the Excess
Crude Account balance increased from negligible
levels at the end of 2010 to an estimated US$
8.6 billion in 2012. This is still far less than the
US$ 22 billion that the country had accumulated
on the eve of the world financial turmoil in 2008.
Two primary factors prevented a more rapid increase
in the ECA balance during the time of
generally strong oil prices in 2011-2012. In 2011,
a major increase in fuel subsidy payments (4.6%
of GDP) limited the accumulation of the ECA.
In 2012, the Government succeeded in reducing
fuel subsidy obligations significantly, but a
decline in oil output and revenues tightened the
budgetary position of the country.[/b]

http://documents.worldbank.org/curated/en/934931468291633000/pdf/776840WP0Niger0Box0342041B00PUBLIC0.pdf

Ventura1:
This article was written to defend GEJ but ended up discrediting him, it confirmed he inherited $65 billion (both reserves & ECA @ $22 billion) from late Yar'adua and left both at $32 billion
https://www.thecable.ng/factcheck-obasanjo-leave-65bn-excess-crude-account

Vanguard report 2010....from chairman of Federaton account comittee
The Nation Excess crude account has been depleted from about $20 billion in 2007 to only $4.393 billion as at the end of April, 2010. This was disclosed at the week end by the Minister of State for Finance, Mr. Remi Babalola who is the chairman of the federation account allocation committee.

Read more at: https://www.vanguardngr.com/2010/05/excess-crude-account-depleted-to-4-393-billion/

/www.vanguardngr.com/2010/05/excess-crude-account-depleted-to-4-393-billion/

like i said the high value of Naira was due to this depletion...u cant steal or spend FR

Ventura1:
Yes, we understand what foreign reserves is, that it's been funded from earnings from oil and others.
The issue is why is the reserve not growing despite the fact that Nigeria earns more from crude oil during GEJ tenure but rather, it depleted.

Well oil earning form part of foriegn reserve, so u are confirming what said earlier....

Foreign-exchange reserves (also called forex reserves or FX reserves) is money or other assets held by a central bank or other monetary authority so that it can pay if need be its liabilities, such as the currency issued by the central bank, as well as the various bank reserves deposited with the central bank by the government and other financial institutions.[1] Reserves are held in one or more reserve currencies, mostly the United States dollar and to a lesser extent the Japanese yen.[

Ventura1:
Well I won't mind you sharing a link, but Naira was stable because theirs inflow of forex as a result of high crude oil prices and foreign portfolio investors are also pumping FX.

so having a stable Naira under GEJ is not enough justification ... well u can check for info from CBN

Ventura1:
At what point during GEJ tenure was that done?

Well, u cant spend Foregn reserve, ....it is used to shore up the Naira...

Ventura1:
THE TRUTH

The claim that Obasanjo left $65 billion in the ECA is false.  He left $43.13 billion in foreign reserves (out of which only $9.43 billion in ECA), while Yar’Adua build reserves to peak at $62 billion (out of which $22 billion was in ECA — the highest ever in Nigeria’s history).
GEJ inherit $62 billion and squandered it to $30 billion in foreign reserves and $2 billion ECA, without bothering to build the reserve despite crude selling at higher prices and nothing tangible to justify the spending.

Buhari = negative economic growth..... GEJ = positive economic growth..... chikenah

Even Babachir goodies reach them

The 1st and 2nd dollar pic are as old as PMB .......

So he should just layback and allow u to slander his name

Book written by the spokesman of the All Progressives Congress (APC), Bolaji Abdullahi, who also served [/b] (kicked out) [b] under Jonathan....and expect tha Dezeanis name wll not be mentioned , ...2019 don start

This Magu guy knows how to entertain Naija..... anytime we vex , just play “Ikoyi “ and little whistle everybody will be dancing or falling mugu

"No person will make a great business who wants to do it all himself or get all the credit." Andre carnegie.

... that is wetin dey kill baba

Well...reading this i now know why they dont want woman to face trial here ....

No Aisha...thwy only need to reveal her Account

velai:
Blind critics! Nigerias richest first lady ever? That title belongs to Abacha's wife.

No Aisha...they only need to reveal her Account

velai:
Blind critics! Nigerias richest first lady ever? That title belongs to Abacha's wife.

CROWNWEALTH019:
Looking from billions to pay saraki,[/b] maybe jubril put am inside budget [b]

...2014
https://www.vanguardngr.com/2014/09/jonathan-commissions-phase-benin-ore-road/

gnykelly:
this is not about tribalism. reno claimed the road was repaired by previous admin. how come in less than two years the whole thing failed beyound maintenance. fear God.

have you been to the east of lately.

Shaggy, it wasnt me..