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Nairaland Forum / Nairaland / General / Politics / Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion (1036 Views)
External Reserves Fall By $1.8bn In 10 Weeks / Nigeria Nears OPEC’s Renegotiated 1.5 Million BPD Quota / External Reserves Slides To 27 Months Low (2) (3) (4)
Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by Islie: 8:02pm On Aug 03, 2022 |
.........contrary to CBN’s $36 billion claim With Nigeria spending N5.9 trillion on imports in the first quarter, irrespective of the preferred exchange rate, reserves of $15 billion would barely cover four months of import. By Oladeinde Olawoyin https://www.premiumtimesng.com/news/headlines/546650-nigeria-nears-economic-collapse-external-reserves-down-to-15-billion-contrary-to-cbns-36-billion-claim.html Mynd44 lalasticlala 1 Like 1 Share |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by pinkPUSSY(f): 8:02pm On Aug 03, 2022 |
Can Nigeria still be redeemed again ? Yes, but not through these two grandpapa in PDP and APC... If you give them chance they will finish Nigeria completely and blame the previous government for their failure like Buhari is still doing till today.. They blamed Jonathan again in the morning today...Lol.. The link... https://punchng.com/apc-exonerates-buhari-blames-jonathan-for-incubating-terrorism/?utm_medium=Social&utm_source=Facebook#Echobox=1659548623 We need a leader that will lay a good foundation by starting afresh We need younger competent and sound candidate.. A leader who will make Nigeria habitable is all we are seeking for now ... Even if such leader didn't perform miracle over night let him make an indelible mark or lay a foundation that will make the next coming government more easier and flexible to govern for the betterment of the majority not the few... Anambra state was in bottomless pit of hell in all angles both in education, infrastructure and otherwise before the emergence of Peter Obi.. The foundation he laid in Anambra today is still being enjoyed by all Anambrarians both the upper class, middle class and lower class.. This is the last opportunity for Nigeria and Nigerians to get it right... Don't vote "Business as usual men" whose administration will benefit only his family and circle of friends.. 5 Likes |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by Ddokie: 8:05pm On Aug 03, 2022 |
When I consider the amount of work the next president and his vice will have to do to get Nigeria back on track after this disastrous administration, I shudder. One thing those of us who vehemently opposed a Buhari presidency in 2015 and 2019 can boast of today is that we are more analytical of issues, are better judges of character, and are not driven by sentiments. For anyone who still has the interest of this country at heart, hear this: we cannot afford to have a president and a vice who will sit in their offices and wait to be given reports by supposed foot soldiers on the field. The President would practically have to be on the field himself and be on top of all critical issues. This will require a lot of physical stamina and mental alertness, no capping. Between now and the handover, this country will be shredded to pieces by those who are in power today. Having seen that the country is almost bankrupt, they will make extraordinary efforts to squeeze out what ever they can so that they may have very stable financial base to keep up with their luxurious lifestyles. If the new set of power brokers and appointees in 2023 notice that the president is not neck deep in trying to resolve the issues the country will be facing then, they will only try to cash out before the whole thing collapses. Leaving the masses to suffer extreme hardship. Guys vote wisely. We need a frugal, energetic and mentally alert president in 2023 if we are going to come out of Buharis 8 years of mis-governance. And you all know who that person is. 5 Likes |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by Kenneth4u205(m): 8:05pm On Aug 03, 2022 |
TINUBU why ? |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by NwaNimo1(m): 8:06pm On Aug 03, 2022 |
[img]https://giffiles./216/216372.gif[/img] |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by Vote4ObiDatti: 8:06pm On Aug 03, 2022 |
I just pray it doesn't collapse before Obi takes over. 2 Likes |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by BloomingDale(f): 8:09pm On Aug 03, 2022 |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by RenaissanceGuy: 8:09pm On Aug 03, 2022 |
I was pleasantly surprised when I saw that it was currently around $36B a few days ago. Began wondering why the naira was plummeting so much if it was still that 'high'. 1 Like |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by Emergingnation3(m): 8:09pm On Aug 03, 2022 |
Vote4ObiDatti:Nigeria has expired, no one can redeem her... 3 Likes |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by manutdrichie(m): 8:11pm On Aug 03, 2022 |
Ladies and gentlemen GEJ left $78bn in that reserve, if we don't kill APC as a party Corruption will kill us 6 Likes |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by gambia(m): 8:14pm On Aug 03, 2022 |
From top to bottom. Buhari and his deluded team only came to destroy. 5 Likes
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Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by Jessyjeff: 8:20pm On Aug 03, 2022 |
If the present axis of evil (APC) continue to rule after next year's election, then one can rightly say goodbye to Nigeria. Nigeria's economy has never gotten so bad like now. 3 Likes |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by TollMind: 8:20pm On Aug 03, 2022 |
Islie: Jez Country would be in total collapse soon, these evil people campaign for change and Umbrella wizards and witch’s have intention of leaving the country once it’s done for The heart of Men is really wicked The military boys facing terrorists haven’t been paid ASUU still on strike But BUHARI HAS 1.4BILLION TO DO GIVEAWAY AHAHAH |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by Fuckyoumod: 8:21pm On Aug 03, 2022 |
Good one! Let it happen, let APC and Buhari collapse the country kpatapkata so we can all eat and kill ourselves. So we can learn the hard way. Nigerians must get sense..! Maybe sense would return should the country collapse. But there is still time, we have a third chance in 2023 to correct the wrongs of 2015/2019. Please Nigerians let's give LP or PDP a chance! I know they would be better than APC. APC have brought untold hardship and suffer head to Nigerians and they are adding more and more suffer head on Nigerians. But if you pay deaf ears to my advice for a better Nigeria. How much is kerosene, cooking gas, fuel, electricity, bank charges, VAT, import duty , rice, beans, yam, oil etc? How many families have lost their love ones at the hands of APC's failure to secure Nigeria? Boko Haram, Iswap, bandits, Fulani herdsmen and kidnappers. Don't think you are safe because you are not a victim. We will all become potential victims if we don't vote right 2023. If after seeing and witnessing all these under APC and you still vote APC in 2023 then you are irredeemable. Good night Nigeria. |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by VeryWickedGoat: 8:23pm On Aug 03, 2022 |
Yes My plan is progressing smoothly 2 Likes |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by SmartPolician: 8:29pm On Aug 03, 2022 |
Good news is rare in Nigeria lately because Buhari and Osinbajo have destroyed Nigeria! |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by yomi961: 8:32pm On Aug 03, 2022 |
Buhari will tackle security. Osinbanjo will tackle economy. If we don't kill apc, APC will kill us all.
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Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by Godjone(m): 8:35pm On Aug 03, 2022 |
Any where you see that dullard call Buhari even if he is out of office, he deserved to be stoned to death |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by FreeStuffsNG: 8:35pm On Aug 03, 2022 |
Nations do not collapse because their external reserve go down. Suggesting such idea is misinformation so I will advice us to ignore such alarmist sensational reporting. Meanwhile , you can check nations at risk of default. El Savador led by a Yahoo boy and Ghana led by a Professor are slugging it out for the two worst nations on earth at risk of collapase Check my signature for freebies! 1 Like
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Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by Betanaija42moro: 8:49pm On Aug 03, 2022 |
APC just dragged this country into mess. Just wish 2023 will bless us with a new set of Leaders that can turn things around. May God help us. 1 Like |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by DeLaRue: 9:01pm On Aug 03, 2022 |
FreeStuffsNG: You are wrong. That's exactly what happened in Sri Lanka. They ran out of money to import essential goods. The subsidy needs to go, but APC can't afford to remove it with elections coming. Yet, if they don't remove it, the country could become bankrupt. Catch 22. With the way things are going N1,000 to a dollar is just a matter of months or even weeks away. |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by ajekpaks(m): 9:08pm On Aug 03, 2022 |
hmm |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by okeysoninv: 9:10pm On Aug 03, 2022 |
DeLaRue:whether you remove subsidy or not , naira will still reach#1000. |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by DeLaRue: 9:13pm On Aug 03, 2022 |
I believe Nigeria's economic situation is worse than many think. Many state governments are effectively broke. By most objective measures, the Federal government has been broke for many years, since at least a year before Jonathan left. In Jonathan's last year, his government was borrowing money to pay federal workers. Buhari has failed to address the underlying problems of the economy. Instead, his government, like Jonathan's, has been secretly printing more naira than it discloses. With economic production experiencing little to no growth for many years now, and with the effect of Russia - Ukraine war sending many goods prices skyrocketing, it seems all the country's economic problems of the last decade are crystallising. Unless there's a miraculous turnaround, the naira is heading for serious problems. Bank of England is likely to increase interest rate aggressively tomorrow, in order to curb run -away inflation. The US Federal Reserve will meet in September, when it is expected to increase US rates too. These actions will increase the value of the Pound & US dollars even further, particularly against week currencies like the Naira & Ghanian Cedis. October is likely to be a turbulent month for the Naira. |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by Maxymilliano(m): 9:14pm On Aug 03, 2022 |
It's Deja Vu all over again, Welcome to 1983 |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by FreeStuffsNG: 9:26pm On Aug 03, 2022 |
DeLaRue:O ga o You just made it fashionable to make false claim with unimaginable cringeworthy gusto. This is why those in authorities anywhere in the world do not take most of you guys serious. You do not even understand the issues , you won't even calm down to understand issues and you are un-teachable. Sri Lanka did not fail because external reserves went down/decreased. Below is why Sri Lanka failed and has absolutely nothing to do with external reserves going down The Sri Lanka crisis is said by both local and intetnational economic experts to have begun due to multiple compounding factors like tax cuts, money creation, a nationwide policy to shift to organic or biological farming, the 2019 Sri Lanka Easter bombings, and the impact of the COVID-19 pandemic in Sri Lanka Your external reserves is savings in a foreign currency saved for the rainy days, supply forex source to your Central bank as the banker of the govt, intevene in forex supply and increase your chances of paying back debt in that foreign currency It fluctuates and may go down when you are on an expansionary economic plan and/or defending your own currency against that foreign currency like now that the global pressure caused a strong dollar requires increasing supply of the dollars locally by CBN. |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by DeLaRue: 9:46pm On Aug 03, 2022 |
FreeStuffsNG: People like you are just out to deceive people. You said Sri Lanka crisis was due to: 1. Money creation. That's exactly what I stated in my second post above. Money creation means their government has been printing too much of their currency. Exactly what Jonathan was doing towards the latter end of his regime, and what Mr Buhari's government has been doing non stop. 2. Sri Lankan Govt policy to shift to organic farming. Well, the reason the government shifted to organic farming was because it no longer had the foreign reserve/currency to import fertilizer which the highly agrarian people of Sri Lanka required. The govt had run down its foreign reserves. Exactly what is going on in Nigeria now. Its quite frankly astonishing and naive on your part to claim that running down Nigeria's foreign reserve has no effect on the economy. In fact, there's a direct correlation between the amount of foreign reserve Nigeria has and the value of the naira. 1 Like |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by Christistruth00: 9:53pm On Aug 03, 2022 |
Pack of Lies Nigeria just won the International Financial Jackpot Because of Ukraine invasion almost all of Europe is jostling to buy Natural Gas from Nigeria and the Price is still Skyrocketing |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by DeLaRue: 9:55pm On Aug 03, 2022 |
okeysoninv: I agree. But not removing the subsidy will make it happen faster (prob few weeks or couple of months). It may also precipitate a semi-collapsed economy. Removing it now (every day that the subsidy remains in place is a day too late) will slow down the pace of naira devaluation and economic deterioration and give the next govt an opportunity to reverse the economic decline. If subsidy is retained until after the election, the next gov't will feel sorry for itself. |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by Christistruth00: 9:58pm On Aug 03, 2022 |
okeysoninv: To be honest with you when one saw how the Naira plummeted in Buhari’s first year It was Obvious it would take a miracle for £1 to not reach N1000 before Buhari leaves |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by Fujiyama: 9:59pm On Aug 03, 2022 |
FreeStuffsNG: ^^^ |
Re: Nigeria Nears Economic Collapse; External Reserves Down To $15 Billion by DeLaRue: 10:02pm On Aug 03, 2022 |
Christistruth00: Unfortunately, Nigeria's production level means we can't take full advantage of the current high price. Most of Nigeria's gas is still in the soil. Increasing production massively & installing the necessary facilities to export the gas requires billions of dollars and will take up to 5yrs. You can't just increase gas production & start exporting straight away. |
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