TheGoodJoe:


Total misconception.
Amaech and co. fought for their share of ECA money when GEJ and Okonjo Iweala kept illegally taking from it without the consent of the governors and the FAAC commissioners. The recklessness of GEJ is what caused the ECA project to fail.

cc: walexbiz

That's the excuse they gave. ECA was created to act as a buffer for the economy. OBJ who created it and Yaradua who actually took from it as well never got consent of FAAC before taking from it. The important thing is that what is used for must be to buffer the economy. Instead Amaechi and Co claimed the money belongs to everybody and should thus be shared to everybody instead of just one person (FG) managing it. Okonjo Iweala even advised that all the money should be moved to the newly created SWF. Those govs refused and they had it shared.
So don't defend what you don't know.

amc:
Oil prices. And he also borrowed and emptied ECA and Forex Reserves

Jonathan met $47.7bn in our foreign reserve in 2009 and despite that crude sold for upward of $100 per barrel for a good period of his tenure, our reserves witnessed depletion and the man left it at $29.1bn in May 2015.

Jonathan met $20bn in our Excess Crude Account in a time of oil boom and squandered it leaving only $2bn when he left.

Our totally debt (states and FG) was $35.09 billion In 2010 and increased to $67bn in 2015 by the time he left.

All the above in a time of unprecedented high oil prices.

foreign reserve was used to pay for the subsidy remember occupy Nigeria?
ECA was shared at the request of the govs led by Amaechi
Most of the those debts were local debts incurred by the states, chief of whom was Oshiomole, Fashola and Aregbe of the ACN.
Aregbe even fought Iweala for rejecting his intent to borrow foreign loans

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

Because you are ignorant doesn't change reality.

Cardoso had 10 years of experience of economic policy formulation and work experience with international monetary agencies.


With diverse corporate governance experience, Mr Cardoso has also sat on the boards of Nigerian subsidiaries of Texaco and Chevron and chaired the board of EFInA, a financial sector development organisation supported by the Bill and Melinda Gates foundation.

Who is Yemi Cardoso, the nominee for CBN governor? - Businessday NG

Yemi Cardoso, the nominee for CBN governor
He served in government as Commissioner for Economic Planning and Budget for Lagos State, where he championed the financial reform process which led to the state’s development of independent tax revenues.

In his capacity as a consultant and policy expert, Mr Cardoso has advised and collaborated with major international development organisations including the World Bank, Ford Foundation, UN Habitat, World Health Organisation and the Swedish Development Foundation.

He is the recipient of several awards including an honorary Doctorate Degree in Business Administration from Aston University, his alma mater, and the Global Distinguished Alumni award from Citi.


Businessday Nigeria.

10 years of economic policy formulation with Lagos state the biggest economy in Nigeria and sub saharan Africa.

10 years experience of economic policy formulation with world bank, etc. What else?

I will still burst your lies about Wale Edun. See the next page.

TheGoodJoe:


Sanusi never lied. It was proven by the PWC report that about $20 billion left the NNPC. Also, GEJ was the one removing money from the ECA illegally, no one else.

That's a lie. PWC said $1.5bn and not $20bn was what was unremitted. Mind you, Sanusi kept changing figures per week which made NOI request for a forensic audit

TheGoodJoe:


PwC's audit report supports many of Sanusi's allegations. The auditors found that the total gross revenues generated from the federal government of Nigeria crude oil liftings was $69.34bn from January 2012 to July 2013.

The total cash remitted into the government's accounts in relation to crude oil lifting was $50.81bn, leaving $18.53bn unaccounted for.

The report raised serious questions about the level of transparency and corporate structure of the national oil company.

This is a lie. Where is the source of this?

Sanusi who kept on changing figures as he went on and on

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

Wale Edun meets 2nd and 3rd criteria. Stop lying. Somebody wey co-founded a bank, worked with world bank, was commissioner of finance etc doesn't have experience in economic policy formulation, abi?


The job of the two-term Commissioner for Finance in Lagos State between 1999 and 2007 seems to be cut out for him. With a Bachelor’s Degree in Economics from the University of London, a Master’s in Economics from the University of Sussex, England, has achieved remarkable success in the financial sector at local and international levels.
Edun worked at the World Bank/IFC where he handled economic and financial packages for several countries in Latin America and the Caribbean, including the Dominican Republic, Trinidad, Indonesia, and India in the Far East. However, his new task of managing an economy with virtually all the economic fundamentals precipitously heading south requires extraordinary measures. Inflation is at an 18-year high, the local currency is completely battered, debt service obligations have reached unprecedented levels while revenue generation is abysmally low. With an additional responsibility to coordinate the economy, he is expected to quickly gravitate towards some framework for policy coordination with the monetary authorities. Focus should be how to navigate the economy away from dire straits, tame inflation, boost revenue and instil cost-cutting measures/wastages in public service.


Now, that meet your requirements, do you still have others others you would like to present?

My last comment on this thread.

At the end of the day, the problem with Nigeria is very simple. We rely too much on selling raw materials. A better way would have been getting off raw materails and using them to make stuff the world needs.

It does not matter what GEJ, and Buhari did, or what Tinubu would do, if we do not get off oil, nothing will change.

If Tinubu does not remove subsides, improve tax to gdp ratio and end corruption, and allow the naira to float, nothing is going to happen. Things are not going to change.

We cannot keep on pretending we are rich. We ain't , and the corruption makes it worse

Last comment!

But come to think of it, as the years go by, countries develop and progress but in Nigeria, we are wishing to return back to our former days. Who do us this kind thing. No reason to blame anybody wey dey plan to Jakpa ohh because we are in a mess in this country. The dollar is now N1160/$1, Fuel scarcity is looming already cos independent marketers can't afford USD cos if dem try am na N1500 per ltr we go dey buy fuel. We are in for a very lonnnnnnnng thing my brother.

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.

TheGoodJoe:


PwC's audit report supports many of Sanusi's allegations. The auditors found that the total gross revenues generated from the federal government of Nigeria crude oil liftings was $69.34bn from January 2012 to July 2013.

The total cash remitted into the government's accounts in relation to crude oil lifting was $50.81bn, leaving $18.53bn unaccounted for.

The report raised serious questions about the level of transparency and corporate structure of the national oil company.

Exactly. But things haven't changed since PDP left tho. APC ain't any better.

The painful thing is all this stealing happened under a poor treasury.

Sincerity is purpose is the foundation of true success in all you do

How was Abacha able to manage the economy, what miracle did he perform to keep the exchange rate below 100 naira to a dollar ?

MASTERCHIEF0847:

Please read my comment again, it i did not base it solely on oil prices but you cannot take out the fact that that was during an era of oil boom worldwide and every oil producing nation benefited from increased revenues so its a factor oga.
I also made emphasis on his good economic team and policies.
In reality, all the governments since 1999 have all failed so personally am not giddy about any.

if its this extant disaster we call call leaders now were wat we had then, they wud av squandered, looted it too Gej was a super master

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.

You know these are pathetic excuses. You know the havoc PMB wreaked. And you will know by force what BAT is wreaking.

I think we need to call our Ngozi Okonjo Iweala on Twitter to come help our economy again.

Because Jonathan Has True Identity,
Tinubu Has No Identity So what do You Expect?

Kukutente23:

How is foreign affairs an inferior ministry
You write too much trash for your own good

Is minister of finance not a far bigger and powerful profile?. Dude, you need to start keeping quiet.

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

1. That was before Covid
2. Before the global inflation set in
3. Before war in Ukraine.
4. Check debt that we owed for Subsidy.

Really different times and era .

Excuses don start again.

Ode agbado people

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.

PDPdestroyer:
How was Abacha able to manage the economy, what miracle did he perform to keep the naira below 100?

Economy was still shit then

Plus our dollar needs were not as bad as they are now.

I own two things that in 1995 I would not have owned. A laptop and a cell phone. Back in 1995, those things were rare, and expensive..now they are commonplace. Guess what we use to import them...

Honestly this man deserves an apology though non of them is a saint but we are sorry oga jonah

His team was better simple. The first step of a good president is to acknowledge you don’t know it all and surround yourself with competent people in their respective fields. This is what’s Jonathan did.

Buhari chose to surround himself with sycophants instead. Let’s hope Tinubu does not make same mistake.

Waiting

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.

Haba Abdul, Buhari had the highest oil price but see where he left us with monumental borrowing which is a problem for Tinubu

rickleye:


1. That was before Covid
2. Before the global inflation set in
3. Before war in Ukraine.
4. Check debt that we owed for Subsidy.

Really different times and era .

Yes but Buhari made the mistake of keeping subsidy. That helped worsen our debt under his rule. Then no economic diversification and no fighting corruption plus subsidy on power and also no improvement in revenue from taxes.

Of he had sorted the above out, Nigeria would have been on the road up. He did not.

Tinubu is following the road by keeping subsides . Too early to talk of others, but I'm not optimistic

Isobug:
He had capable hands for the Economy.
It's still an enigma to me that the economy of the person they claim was clueless is 5 times better in their watch.
All they wanted was to get into power, they got it and destroy everything.
A car (ES 330 2006 model) I bought 3.450M on November last year, I went back to buy for my Niece, only to find out is now 5.8M last.
They have completely scattered the country

Capable hands were already crying and telling Nigerians to brace up for tough times


https://www.premiumtimesng.com/business/171145-brace-tougher-times-ahead-okonjo-iweala-tells-nigerians.html?tztc=1

Isobug:
He had capable hands for the Economy.
It's still an enigma to me that the economy of the person they claim was clueless is 5 times better in their watch.
All they wanted was to get into power, they got it and destroy everything.
A car (ES 330 2006 model) I bought 3.450M on November last year, I went back to buy for my Niece, only to find out is now 5.8M last.
They have completely scattered the country

Its a white fat lie.

Things were okay in the global economy then. From that time till now, count the number of incidences that have occured in the global economy. Covid19 impact is being felt till tomorrow.

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

No magic. The fall started from his tenure.
https://www.premiumtimesng.com/business/171145-brace-tougher-times-ahead-okonjo-iweala-tells-nigerians.html?tztc=1

Varunpulyani:
Jonathan did not use quota system

d few quota system people he associated with betrayed him

debeginin:

Capable hands were already crying and telling Nigerians to brace up for tough times


https://www.premiumtimesng.com/business/171145-brace-tougher-times-ahead-okonjo-iweala-tells-nigerians.html?tztc=1

Yes,but APC had tools they should have used

Removed all subsidies
Improved revenue from taxes
Fought corruption
Diversified the economy

Yes the warning was given, but nothing was done

Our last chance was in 2015. After that, downhill

How was every other past government able to but the evil government of apc