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.

nairalanda1:



Even ifJona was super prudent, it would have only delayed the inevitable by a few years.

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.

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.

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

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.

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.

zoghys:


We wouldn't have known that. Jonathan's administration did us lots of disservice by his lame approach. Buhari did help either and sincerely am more disappointed in him, because I expect better approach to managing the economy.

mrvitalis:

He had a team with world class experience
... Check all his economic team they were rushed by international agencies

Even the corrupt ones are Allison you can't deny they were brilliant at what they did


APC issue is the right people to do jobs don't come from the region they want it to come from

For APC all positions are reward to regions for supporting them..

. For PDP there were some key positions they were reserve for technocrats irrespective of were they are from

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 us to get ready for suffer times, shey you dey whine me ni?. The only reason GEJ take survive his 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.

mikeapollo:


Jonathan did not perform any magic. In fact he was also clueless, confused and spineless too.
He was only fortunate to have met a strong CBN governor like Sanusi Lamido Sanusi, whose polices helped to maintain the exchange rate and prevented the dubious banks from fleecing and taking advantage of Nigerians to manipulate the rate.
But the same Jonathan removed Sanusi as CBN governor when Sanusi raised the alarm about the corruption in NNPC Jonathan then appointed the useless Emefiele (most useless CBN governor), who started the destruction of the Naira and then this useless Tinubu has now made it worse.
We need very stern and strong CBN governor like SLS who can take on the banks, BDCs and politicians that manipulate the exchange rate system

Ozommadu:


Stop lying

Crude oil price was at its highest in 2020 under the failure buhari you supported

NzogbuNzogbu:
Uits not by oilprice, buhari had fair enough oil price and killed this country

Mr master strategist is now burying it, if gej had half the pateience yorubas are giving tinubu he would have done more

They didn't give him breathing space, manufactured Boko haram, always creating sabotage but he is still miles above them

Newdawn30:
Exactly the clueless one is 10× better(170=$) than the first class economic genius(1100= $)

GeneralDae:

Jonathan had the highest oil prices ever on average with production around 2 million bpd. So the indices were favorable to him as well.

kpompey:
Jonathan, one of the leaders that should be stoned to death in Nigeria, just like Tinubu , Buhari and any past or current politician that has a part in the current predicament being faced by Nigerians. With the excess crude oil money, countries like Saudi-Arabia were busy planning for the future, vision 2030 then, which led to many industrial cities in Al-Jubail and other part of Saudi's.Aside the excess money made from hajj and oil,Saudi diversified their economy through Sabic and Aramco by producing different petrochemicals, fertilizers, pipes, copper wire and cable, truck assembly, refrigeration, plastics, aluminum products, metal products, cement to mention few, and this has led to the birth of so many companies both local and internationals that are serving as affiliate to these two giant companies. Goodluck should tell us what happened to our own excess reserve, part was shared to some rogues who called themselves governors and the rest was stolen by Goodluck and his allies which include Madueke and even Peter Obi. Nigerian will not forgive them. I remembered how he shared gold plated i-phone as souvenir at the wedding of an adopted daughter.Also, he wasted billions of dollars on reelection bid to settle their corruption structure. Nigerians should wake up to teach people like Tinubu what to do.Enough of empty strike threat, we should all come together, anywhere we see any public office holder either senator, governor,president and even their family members, we should gather in thousands and STONE THEIR CARS. Let them shoot all of us , then we would see the position of the international community.Some of us don't have landed property to sell to Japa and we are well nurtured that we can do cyber crime. We need to hold the bull by the horn and let them know it is eye for an eye.I wept today when I see naira falling to 1,155. Enough of our joint wealth being stolen.We need to save our country.

Pakute:

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

nairalanda1:


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

Before anyone comes here to abuse me

1..I am not an APC supporter

2..I don't back PDP either.


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.

Daystar7:


Y'all agreed that GEJ was clueless, why then is he a million times better than APC?

He employed Ngozi Okonjo Iweala....
But the strange thing is,evil coneheaded structures did their evil best to rope her with one scandal or the other but thank God they failed woefully.

Jonathan did his best for just few years and these same evil southern abomination kept attacking him even till this very day but the destroyer like buhari did worse for good 8yrs but funny enough,these same southern banzas taa ti sepe fun, are as mute as a sheep

just2endowed:


You didn't write when NOI wanted to created account for excess crude oil account for saving but the governor fought for the account to be shared with no intention of saving

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.

zoghys:


We wouldn't have known that. Jonathan's administration did us lots of disservice by his lame approach. Buhari did help either and sincerely am more disappointed in him, because I expect better approach to managing the economy.