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.

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.

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.

Shikini:


1) Oga, how old are you? I hate wasting time on childish bear parlour talk with kids

2) OBJ had on many occasions explained that the so-called $16 Billion was a future commitment to be deducted gradually at source from monthly federation accounts and excess crude for the electricity sector. He said before he left office, less than $4 Billion was realised which he used to build the following power plants:
1) Alaoji Power Plant. Abia State.
2) Olorunsogo 1, Power plant. Ogun State.
3) Olorunsogo 11, Power Plant, Oyo State
4) Calabar Power Plant. Cross River State.
5) Gereku Power Plant, Kogi State
6) Omotosho Power Plant. Ondo State.
7) Gbarain Power Plant. Bayelsa State.
Ihovbor Power Plant. Edo State.
9) Egbema Power Plant. Imo State
10) Papalanto Power Plant, Ogun State

3) Oga, do you know what £18.5 Billion is? So, Deizani alone ferried this amount to UK? This is laughable. What is your source?. How old are you sef?

Pakute:

No dey deceive yourself, no be beer parlour forum you dey. You dey hype Okonjo Iweala?, the same woman who dey borrow to pay salaries, person wey come out come tell to get ready for suffer times, shey you dey whine me ni?. The only reason GEJ take survive hir first 4years was say e inherit strong external reserves and oil price at its peak but the next two years to the end of his tenure, the economy don almost collapse.

MASTERCHIEF0847:

You illiterate,something you have no idea about you will still be arguing and calling people liars. The 2020 you mentioned was even the year crude oil price was at its lowest under Buhari, you be real mumu.
The screenshot is from Business Times, you can go to their website and verify or do your research. I am not an illiterate like you who goes about arguing without having a clue.

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.

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.

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.

forgiveness:


Mention the competent person ignored for the office of Minister of finance and CBN. Leave stori.

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

nairalanda1:


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

Before anyone comes here to abuse me

1..I am an APC supporter

2..I don't back PDP.


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.

Pakute:

Can a minister clear debts without the approval of her boss?, una dey open mouth to talk like say OBJ was not the one that appointed all the member of the team. Na the President even appeal to the creditors before they agree to negotiate. OBJ only made Okonjo Iweala to lead the negotiation as say she be the finance minister.

forgiveness:


I don't think Tinubu is confused. We need to move from the way we did things to another way.

We are in the right direction. Buhari secretly removed subsidy long before the election. The reason it wasn't included in the budget. There was nothing Tinubu could do.

Why are people interested in the exchange rate? Because they depend so much on imported goods including toothpick. Can you imagine?

It's not that we don't produce anything but we don't seems to patronize our own produts hence the rush for anything foreign.

We must change our lifestyle to adopt our own products.

mrvitalis:

How would i list competent person there are certain criteria for having a good minister of finance n cbn governor

Person should at least have a PhD n minimum of 10 years experience in macro economics (not micro economics)

Have a minimum of 10 years developmental economics policy formulations

Should at least have work experience with international monetary policy agencies like IMF, world Bank, AFDB and the rest

This 3 conditions have never been met by anyone appointed by APC

Only the present CBN governor has met 1 criteria and that's just the first one

I know u know nothing about economics/management let alone macro /developmental economics to understand this things

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

Pakute:

And at the end of the day, he demoted her as finance minister and threw her into an inferior ministry when he discovered her incompetence during the deal. OBJ even talk am inside his book that Okonjo Iweala cannot work without little or no supervision. I pity you.

forgiveness:


I don't think Tinubu is confused. We need to move from the way we did things to another way.

We are in the right direction. Buhari secretly removed subsidy long before the election. The reason it wasn't included in the budget. There was nothing Tinubu could do.

Why are people interested in the exchange rate? Because they depend so much on imported goods including toothpick. Can you imagine?

It's not that we don't produce anything but we don't seems to patronize our own produts hence the rush for anything foreign.

We must change our lifestyle to adopt our own products.

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.

Kukutente23:

Same thing I was just explaining to him. It's unfortunate the volume of lies APC spread and propagated just to get to power. OBJ built pwr plants, yet APC that couldn't build one in 8 years are accusing him of corruption.
Just imagine!!

MASTERCHIEF0847:
The screenshot is from Business Times, you can go to their website and verify or do your research.

forgiveness:


Okay. Mention the better options.

Kukutente23:

You can blame him for not saving but you should be aware that it was renegade govs like Amaechi, Aregbe and Oshiomole who threatened to take him to court if he continued saving instead of sharing the money. They actually got a court order that said all monies must be remitted to federation account

TheGoodJoe:
It is a mirage to believe things were healthy under GEJ. It was not. We borrowed to pay workers despite a windfall of dollars from our revenue like no other.

We dipped our hands in the ECA to pay subsidy. In NNPC, there was clear evidence of diversion of our Crude Oil Revenue.

Kukutente23:

It's not a mirage. All the talk of borrowing to pay salaries only happened in a few months in 2014 and not throughout the administration as a lot of you believe.
ECA was not well managed under Jonathan I agree but the opposition govs were the arrowheads of the mismanagement and not GEJ. He was just to weak to restrain them. What is left in the ECA now?
There was no clear evidence of diversion of oil revenue. Sanusi lied. Even Ganduje has come out to say the truth about it all. Sanusi was used by northern elements in the opposition

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.

Kukutente23:

It's not a mirage. All the talk of borrowing to pay salaries only happened in a few months in 2014 and not throughout the administration as a lot of you believe.
ECA was not well managed under Jonathan I agree but the opposition govs were the arrowheads of the mismanagement and not GEJ. He was just to weak to restrain them. What is left in the ECA now?
There was no clear evidence of diversion of oil revenue. Sanusi lied. Even Ganduje has come out to say the truth about it all. Sanusi was used by northern elements in the opposition