predictor1:
Keep throwing insults. It shows you are in pain. Post the average prices up to the end of the pdp years then let's see something. PDP didn't leave in 2007, son.

Is already given to you in the links but you can't read so you keep asking silly questions even after I have you screenshot.

According to data obtainable from OPEC’s Basket Price, the average crude oil price from 1999 to 2015 was $61 a barrel.

https://dailypost.ng/2018/05/24/fact-check-buhari-got-wrong-nigerias-oil-revenue/

predictor1:
You stopped at 2006. As at then I saw the average was already $65. Post for the remaining years, dumbo with a tail.

Insults don't make you more intelligent dear dullard. Go and read the link very well. Even the screenshot did not stop at 2006!!

Your intelligence is really low I regret to say. So you didn't see $69 in 2007 in both posts?

Wow!! Just wow!!

predictor1:
You are angry so soon when I'm just starting with you. Ad hominem is the escape route for weaklings like you.(you might have to look up the meaning of the term in bold )

I just showed you where you said rate of depreciation was always a percentage. And you got 0.88% from your calculations. Just like legendhero told you: stop confusing yourself. And please stop lying. You are a very poor student of maths. Your percentage was already in decimal. There's absolutely no need to change it to percentage again.

So I said rate of depreciation is always a percentage? Yes!
Now kindly show me where I wrote 0.88% in all my posts. You're simply showing that you don't understand maths. 0.88 in decimals is simply 88% in percentage. Show it to a primary 5 kid anywhere around you.
It's shameful we're debating this at this level.
I've given you the formula for depreciation rate. Input the figures and see if you get 0.88%.
Wahala dey for this country o.

predictor1:
Your links showed that pdp had better oil deals than you are trying to portray. Your links were mostly silent about oil prices during APC years. Also your links were trying to debunk average barrels per day during PDP as put forward by PMB. Yet it was silent about the average bpd during apc days. You are so lazy you didn't fully grasp the import of those links and how foolish they made you look.

Below is a chart about oil prices between 2000 and 2015

The links were during APC years in 2022 and the point was to debunk Buhari's claim of PDP having higher oil price.
And as I always tell people you can't use bpd as an excuse because its a reflection of the ability of the govt in power to be productive. Bpd don't just jump out of the blue neither us or out of govt's control

predictor1:
Let me deal with this your stupid lie first before I handle the other nonsensical things you said. You did your calculations and arrived at 0.88 which you said was a percentage without the negative sign, olodo.




Or was that not you? Abi the rate of depreciation was not what you calculated when you got 0.88?

So where did I say 0.88 is a percentage? You don't know maths. You're poor at English too. How did you pass WAEC?
Any dullard should know how to convert decimal to percentage. I don't expect to be showing anyone who claims to be educated how to do that.
Your argument is nauseating.

LegendHero:


Wetin your doubt go do for me? Will it put $$ to my account?

Next time, you will understand argument context before delving into it. If you are going to take the argument to application of formular for this basic discussion, then bring all the parameters and use the same calculation to tell us the value of the forex PDP generated in their 16 years high and compare that to what APC generate so as to know who actually is better among the two parties.

You cannot choose to use calculation for the parameter that favors your argument and then ignore other factor that make the whole.

I should give you calculation to calculate depreciation? You no sabi use google abi you dey pay me for Nairaland lesson? See this one.

You claimed you can calculate with other factors. So do it now. Abi your own engineering calculation na for mouth?
I already shared links to show you there's not much difference between both earnings in terms of crude. If you don't agree bring your own.
You guys swallow too much lies from your APC which is why you're mostly irrational tribal bigots cause that's the only way you can be able to stomach such lies.
I've shown you how depreciation is calculated. Bring your own.

LegendHero:

Below is the oil price chart. Looking at the trend alone, you will see that it fell in 2020 to that amount as reported by CNN. Yes, in 1999, it was also at that $24 and it rose from that point to a massive $109 at some point in 2012. Check the data, do you see that PDP deserve a curse for squandering all those huge revenues they generated?


I don't need a report to understand the $ value of crude oil revenue when it is an open information. Looking at the chart below, repeat the jargons about APC generating more than PDP again, let me hear. When you factor crude revenue, you will factor both crude price and the output per year to get the true picture.

Lol PDP prudent, e no go better for PDP. Even the crude oil output during PDP was so massive and at some point doing over 2million bpd steady coupled with that ridiculous price average, what did that useless party do with the money? Where are the infrastructure and where is the production?

See the 2015 average when Buhari took over, tat is $49
https://www.statista.com/statistics/262858/change-in-opec-crude-oil-prices-since-1960/

You're just writing jargon. The Nigerian press took up Buhari on his claim of higher oil price and found it to be a lie.
In 1999 when PDP took over crude price was at $18 not $24.
Also it's a big lie to claim crude output averaged 2.2m under PDP. Seems to guys were in a cave at the height of Niger delta militancy abi Nigeria was pumping 2.2m then too? Do you know how many times Shell was forced to declare force majeure?
Also, the global financial crisis took oil price to less than $30. In fact, I don't have time for silly arguments.
Read the links and debunk any claims made by daily post and premium times with your facts.
PDP never wrecked CBN. They shored up our foreign reserve and even created excess crude account. How have both fared under APC? PDP instituted SWF with the money saved from excess crude and subsidy removal in 2011. Show us APC's savings. Mind you APC have been having excess crude since 2018 till now with the exception of 2020. Where's the excess crude savings?
PDP instituted pensions reforms which is worth over 10trn today. Show us any such savings under APC who even wrecked the CBN with 28trn debt minus other foreign and local debts!! APC is a locust

predictor1:
You don't know anything. You keep confusing yourself. You obviously don't know percentages can be in decimals as well. Your 0.88 was already a percentage according to you. To justify your nonsense you had to convert percentage to percentage again.

Should I work it for you to see that the naira has lost over 400% of it's value and not less than 1% you are erroneously pushing forward? You are the one mixing up many things. You are making a simple thing complex like the other guy said.
Take this quote from Einstein:


Simplicity is a good thing.

Kindly show your calculations. And I hope its not that nonsense you guys are brandishing about.

Can you also show where I said 0.88 was in percentage?
Simple question is if you know how to convert decimal to percentage. You don't even know how to calculate depreciation. Yet you're arguing with me.

Here's the formula for depreciation for you and your fellow ignoramuses to suck on

predictor1:
The same thing I told the idiot calling himself who thought the naira lost only 88%.

I already told you that insults don't make you intelligent. They just show how empty you are.

Depreciation rate is a mathematical tool. I guess you know more than those who use it. You and your fellow dumbos can't even get your figures right yet you think you make sense. Naira was 22 to a dollar in 1999 and it was 199 to a dollar in 2015.

Secondly, that silly calculation you're brandishing is giving a unit rate of 28 to PDP and a unit rate of 216 to APC. How does that make mathematical sense.

Why don't you use 28 for the baseline for both since that's where the calculations started from and let's see how APC will fare.

Do you know how many 28 you will see in 216? So with your calculations, PDP will reach 100% devaluation when you count to 28 while you have to count up to 216 for APC to reach 100% devaluation. How does that make sense? Which school did you go to that they taught you ratio and metrics that way?

Thirdly, you and your fellow ignoramus conveniently ignore the number of years it took each party to reach that figure never mind its inaccuracy.

Divide your 800% by 16 and you get average devaluation of 50% every year.

Divide 550% by 9 and you get 61% every year

Which is worse now between 50% and 61%?

You're all just disgracing yourself showing your poor maths skills!

predictor1:
Your own links have killed you. You obviously didn't read it out of your usual laziness. There's nowhere in the links that suggests APC earned more on average than the PDP.

So what did the links show?
Did you read them or you just started advertising your lazy intellect as usual? The links show that there's not much difference on average in terms of oil earnings between PDP and APC. And that was in 2022. Oil prices have been on a high since 2022 till now so I'm sure if you add those APC will earn more on average. What you ignoramus don't know is that when PDP took over Nigeria in 1999, oil price was less than $20 and remained so until 2002 at least. Yet you people will be crying about $37 in 2015 or $27 in 2020.

GeneralDae:

Jonathan have had the highest oil revenues so far. All through the PDP years, we did an average of 2.2 million bpd and in Jonathan’s time, we sold above 100 dollars per barrel in addition to that.
Also, 20 dollars in 2002 was much more valuable than 20 dollars in 2020 because dollar itself have also depreciated in all of those years due to inflation.

Did you read the links? We never did an average of 2.2m in the PDP years but even if we did, it's a testament to their proper management of the oil industry.
What rubbish is $20 in 2002 compared to 2020? What effect does that have on exchange rate? Stop saying rubbish abeg

LegendHero:


Don’t mind these guys . Abi Wetin be him name no understand all these basic stuffs when trying to absolve PDP of blames.

There was a period oil price crashed below $20 compared to near steady $100 of Jonathan period coupled with Covid-19 slowdown and etc.

But they want us to just take it as isolated case as tho both PDP and APC both have the same $$ revenue arsenal to balance the exchange rate.

Again you've shown your poor knowledge and ability to understand. Your headline says 18 year low. The news is from 2020. That means the oil price fell to the rate it was in 2002. Is that not under PDP?

Anyway, so you don't go about deceiving yourself that you have a point, your claim about $$ revenue, which is actually a rehashed tale that was started by Buhari has already been debunked. Here are links below that you can read to see how false you're claim on $ revenue is. I'm pretty sure if you add Tinubu's revenue from oil, it will surprise you that APC have actually had higher oil price on average than PDP years. PDP were simply more prudent. Or is that calculation and research you're too mentally lazy to do that's making you regurgitate APC's false narratives that's been debunked multiple times

https://www.premiumtimesng.com/business/504571-buhari-repeats-false-claim-on-nigerias-oil-revenue-in-past-years.html?tztc=1

https://dailypost.ng/2018/05/24/fact-check-buhari-got-wrong-nigerias-oil-revenue/

LegendHero:

Any doctor that is discussing on social media and quoting medical terms to explain simple analogy is simply a nuisance. If rate of depreciation is an economic term, then why don’t you also factor the variables of “Forex revenue of the government” in your rubbish economic terms? Why not bring the revenue PDP generate for 16 years and use that to infer which of them performed well since we have to check all economic metrics for a simple one sentence argument?




We are not calculating inflation rate initially. No one mentioned inflation, we were just comparing values without factoring it other metrics. The assumption is that all other factors are kept constant. Na you come with your diversionary tactics to turn the argument elsewhere.



Oga don’t tell me nonsense. Everybody can prove technical, if you can’t argue based on context, then your technical jargons mean nothing.


What calculations do I need to show? That PDP generated more $$ revenue than APC when you use your own time value of money? That Jonathan generated the highest amount of crude sales accruals? That PDP fail to improve infrastructure or diversify revenue to make Nigeria stop being an import dependent country? Abi what are the metrics affecting exchange rates in an economy like Nigeria?

I'm seriously beginning to doubt that you're a Masters degree holder. What technical term have I used that will be difficult for an average educated person to understand? Forex revenue is an extenuating factor that is not calculated into rate of depreciation. You're just showing your ignorance in a bid to sound intelligent. I gave you example of inflation and exchange rate and you still managed to turn it upside down.
What context are you arguing on? You're applying wrong maths and you're claiming context. Can you give a link to the formula you used for calculating exchange rate depreciation?
You're the one who made the claim of $$ revenue. Kindly substantiate it!

predictor1:
You claimed your 0.88 was a percentage. Now you are multiplying the percentage back by 100.
Keep hiding behind a finger, you dumb bag of sh.it.

You are an idiot. For naira to fall from 216 to 1200 is far far far above 100%! It has lost over 400% of its value. Not 88%. Which polytechnic did you drop out from?

That you don't know how to convert decimal to percentage shouldn't be blamed on me don't you think? It's primary school maths if memory serves me correctly so I don't expect anyone posing as educated to be spoon-fed on that fact.

Secondly, you need to read up depreciation rate. You're mixing up too many things

LegendHero:


You clearly don’t know what you are talking about. I am on Nairaland, conversing with people from different educational background, why do I need to speak in engineering terms when I can converse in lay man term? No be Nairaland we dey? Abi you think say I dey class?

So if we are discussing about why drug abuse is bad, then replying to a doctor mean he will start explaining how it affect the neurotransmitters such as dopamine, serotonins that leads to cognitive impairment. OR I should just say drug abuse is bad.

Oga we no dey mathematic class so why do I need to start quoting equation to explain a simple thing?

When I told you to bring in other factors too, you see that you’ve been arguing nonsense since right?

But you brought in mathematics first.

Your maths was wrong. I've seen many doctors discuss the technicalities of their field here and no one has arrested them. In public discourse you make intelligent submissions not market woman analysis. Exchange rate you're discussing is an economic term. Rate of depreciation is also an economic term. So what do you mean by you don't want to speak in technical terms?

Those factors are irrelevant to depreciation calculations which you embarked upon. Your claim is like saying when calculating inflation rate, one should consider the exchange rate.

It is irrelevant. Inflation rate is calculated regardless of exchange rate even if exchange rate can affect it.

You're yet to show the calculations you claimed will change the results.

predictor1:
So your rate of depreciation which is a percentage with the sign ignored gave a value where naira depreciated at less than 1% in 16 years. You are worse than an illiterate. You should seek for a refund from the village schools you attended.

No dummy. To convert 0.88 to percentage, you multiply by 100 which will give 88%.

I've been asking which school you attended because these are basic things anyone with average education should know

LegendHero:


You are just saying nonsense. This is not an accounting class or calculus class.

The argument wasn’t even with you before you center yourself in.

This is the argument:
PDP took it from N28 to 216
APC took it from 216 to 1200

The argument is about folds per political party tenure not about inserting formular into the discussion. Because trying to insert that will mean we will now try to check the time value of those billion $$ PDP got from crude sales during that time with it peaking over $100 during Jonathan period. Then now use that to extrapolate how much PDP had to cushion the effect of naira falling and what modalities they put in place to keep production growing to be able to support the Naira.

Then we will now bring when Buhari came and crude oil sales fell drastically to Covid-19 era, and then now use that to arrive at all factors to now consider which is better or not.

Now tell me how much PDP government earned for their 16 years from crude oil sales since that is the main source of revenue for the CBN and then compare it to Buhari tenure revenue and then use those time value of money to infer which one is better. At least you know our earning power determine how much we have at hand to defend the naira.

Can you see we can take this argument to next year if you’re trying to check all parameters. That’s why it’s good to stay on topic.

As a student of engineering, you should be aware that mathematical tools are usually employed to describe physical quantities and relationships between them. Calculus is a mathematical tool just as depreciation rate is.

That you're using "folds" instead of "rate" reflects poorly on you as a masters degree holder in engineering. You should be familiar with certain terms and use them appropriately.

You used arithmetic in describing your calculations first let me remind you. I'm shocked you're even trying to run away from the mathematics now.
All those other things you're trying to bring in show you're not conversant with the topic. Depreciation is what you were discussing when you brought in arithmetic but you used a fraudulent rate which is why I corrected you by giving you the formula for depreciation. If you want to bring in those other irrelevant factors into it, you're free to as long as you get the maths correct!

predictor1:
Go and sit down. You are worse than an illiterate. If you followed how the argument started you will see how poor your maths skills are. Someone said Pdp met currency at #28 and took it to #216. What's the percentage increase?

APC met it at #216 and took it to #1200. Calculate the percentage increase from 216 to 1200.
We found out that under the PDP the increase was higher than it has happened so far under the APC. That way there's no need to ignore or acknowledge any negative sign, you idiot.

There's nothing like percentage increase. Is 28 to 216 an increase in value or a decrease in value in terms of exchange rate valuation?

What you're discussing is currency depreciation. It's an accounting as well as economic term with mathematical definition. That you're unaware of that is based on your poor education.
Depreciation as the name implies comes with a negative sign. But rate of Depreciation is always a percentage at which you ignore the negative. Or have you ever heard of negative percentage?

Stop advertising your poor education and hiding behind insults. Insults don't make you look more intelligent.

yommen:


PDP met it at N22 and took it to N199. If you look at that critically, you will realise that that is 900% increase Sir.

Mind you, from 1994 to 1999(5 years) under military regime, it was stable at N22. But within one year of Obasanjo's reign (1999-2000), it rose from that same N22 to 85, that is 380%.

Sir, if it could stay at N22 for 5 good years under military regime but rose from 22 to 85 within 1 year of Obasanjo's reign, then OBJ has a lot of questions to answer. The obvious fact is OBJ laid the foundation for continuous devaluation of Naira. Its glaring enough. Politics aside, OBJ led us this far.

That's not true. Devaluation started with IBB and his SAP.

predictor1:

And these values you got here are negative in your eyes, Olodo?

Did you go to school at all? I removed the negative sign cause we are considering only the natural value and not the real value in depreciation. Depreciation is actually a percentage. Have you ever calculated mean error or percentage error or deviation? Don't you see negative value being ignored when you are comparing in terms of quantities? What school did you attend?

LegendHero:


Use your brain brother, it’s kept there to be used.

The reason I used N216 was because the person I quoted mentioned that and I just used the numbers. Now tell me the significant difference between 199 and 216 to affect my calculations. If 216 makes 8 folds, 199 will also dangle within 7-8 folds, so what are you talking about.

To your second point, don’t me a dullard. We are using term to compare and not actual time. The lady mentioned PDP met it at a value and APC term is still on and at this point is what we will use as our numbers. No one is asking for depreciation calculation. What gives you the assurance that it will be a linear progression? What if by the end of APC tenure (let’s say in 8 years time to make 16), they take the value down to N300? No law tells us the naira rate will always progress linearly.

The rest of your calculation are jargons because while trying to sound wise, you’re taking the argument to another context. What we are discussing is simple exchange rate fold increase per political party reign.

For my masters, I inserted that because of the nonsense you first quoted. You should tell us your own qualification instead of using Jonathan as a straw man.

You are still disgracing your so-called Masters degree.

What we are discussing on this thread is CURRENCY DEPRECIATION. To calculate depreciation, you either use the depreciation formula or you use the progression. That is why I said your progression was fraudulent because you changed the baseline. You used 28 for rate of progression for PDP only to change it to 216 for rate of depreciation under APC. That's false maths. Because you get almost x10 of the rate you used for PDP for one unit rate under APC. That's why the calculation for depreciation comes in to take care of that. You are expected to understand it as a student of engineering who has done calculus and integration which are basically calculations of rate of change based on non-linear rates.

So while you inserted your Masters, you have not shown adequate understanding of calculation of rate of change over a given period. Also, if you have taken business or accounting classes, you will know there are terms such as real and nominal rates which you have also ignored in your analysis. A good student of Engineering should know quantitative analysis should be balanced else you employ exponential series

predictor1:
It's always over the original value, you monkey. Tell your 10 year old daughter to teach you. If you do it your way you will end up with a negative value.

And depreciation is positive abi

Which school did you attend?

predictor1:
You have to divide by the initial value not present value. That's why when you are doing loss% and profit% in primary school, cost price is always at the bottom because cost price is the first or initial value and not selling price.

You are a dullard. Go and learn how to calculate rate of depreciation and stop disgracing yourself!

LegendHero:


—If PDP took it from 28 to 216, that’s like 7.7x which is approx 8x. Meaning 8fold.

—If APC took it from 218 to 1200, that’s like 5.5x, which is approx 6x. It means 6 fold.

You should probably use your brain when responding so you can understand post before jumping to talk. By the way, I got my masters in Engineering in USA, maybe you can tell me your qualifications and level of education.

Lastly, my argument of 28 was based on the USA official report on their government website that placed official annual average dollar rate to 22 in 1998.

Oya show me your own rate in 1999 that said it’s over N80 for official rate.

https://1997-2001.state.gov/issues/economic/trade_reports/africa98/nigeria98.html

When you were doing your Master in USA they did not teach you how to calculate progression abi?

If you are going to use the official exchange rate of 22 at 1999, then you need to be aware that the official exchange rate in 2015 was 199 and not 216. 216 was the parallel rate. Meanwhile official rate today is at 1200

To calculate the rate of depreciation in a currency over a period of time, you remove the current value from the initial value and divide by the current value to get your rate of depreciation. If you apply that formula, you will find that both PDP (0.88) and APC(0.83) are close in terms of depreciation. However, if you spread it over the number of years both have spent in power, PDP gets 0.055 per year while 0.092 per year. Thus it is easy to see that APC has devalued the naira at twice the rate of PDP per year. So which is worse now?

Also, in nominal terms which is the number of units of a currency required to purchase another, it is obvious APC is far worse. 22 to 199 is simple 177 while 199 to 1200 is a whopping 1001 nominal decrease in naira value. The nominal rate is the real rate that affects trade against other currencies as you should be aware with your Masters degree

I hope you can understand the calculations instead of brandishing one empty Masters degree. And i wonder when Masters became something to brag with. You know how many dullards even hold a PhD. Did you lots not call Jonathan clueless while he possessed a PhD?

Max24:

Who was third scheming to be first? If you meant Ladoja, was he not the one appointed by the rest to address the press? Unless I missed the part you are saying.

Go back and read the Op and cure your ignorance

That's what you should have done first before jumping on a thread to exhibit silly tribal chauvinism

Sincerely, I'm worried for today's youth, they are going down a slope at a rate never seen in our national life

StOla:


It is not about difference but percentage.

That is almost 1000%.

Shame on you and PDP.

Percentage of what? You APC bots are actually a bunch of dullards

No wonder you asslick failures in govt

LegendHero:


Your attempt at sarcasm failed because you don’t understand basic arithmetic.

—PDP did almost 8x
—APC as at now are still 6x

You either condemn both or applaud both. You can’t use selective appraisal.

It is you who is poor at maths

You used 28 as the multiplying factor to get x8 for PDP

Then you used 216 as multiplying factor to arrive at x6 for APC

Why didn't you maintain the 28 as multiplying factor?

How did you pass WAEC?

You only proved that APC deteriorated naira at a geometric rate of 216/28 compared to PDP's arithmetic rate of 28

That's besides the fact that your N28 at 1999 is a lie

LegendHero:


PDP met it at N28 in 1999. Why did they left it at N216?

That means in 16 years PDP removed N198 from the value of the naira

Meanwhile in 9 years APC has removed N1,016 from the value of the naira

At this rate, in the next 7 years, APC will have finished the naira kpatakpata

APC is a bloody locust

Max24:
Yorubaland is known for orderliness and fairness. Our leaders are not greedy for power or money. A third will never claim to be first in Yorubaland unlike some people. Even Ladoja will not seek to overtake the rightful Oba-designate . We are Omoluabis. Thank God, Nigeria dodged a bullet.

Actually in this matter, a third was actually scheming to be first

Instead of you to learn the right lessons, your brain is filled with puerile and empty political brickbats that profit you nothing

Pity

Good

Ladoja wins again

Always on the side of truth and right

Respects

I just hope he'll get a special cell or protection because anything outside that is not safe for him.

The level of molestation is something he might not survive