₦airaland Forum

agba iya

What's the benefit of external reserve to situation of nigerians?

People can't afford meat, fish, egg and now ponmo

It's not your fault, you shall receive your judgement ask okupe

jmoore:
Our foreign reserve reached 47 billion dollars in 2018 under Buhari.

Buhari was paying subsidy and was defending naira.

Tinubu is not paying subsidy and has devalued naira.

Our foreign reserve should be hitting above 100 billion dollars currently.

When Tinubu took over, there was $4bn in net foreign reserves, and the CBN was owing forex buyers $7bn. The net foreign reserves could not even cover one month worth of imports.

The fx scarcity was so bad that many multinationals left the country because of it. GSK and Shoprite are two good examples.

It is also an indication that Enefiele wasn't transparent. He always painted rosy foreign reserves but was really the figure? What were the net foreign reserves, the actual forex the CBN had access to, and not the gross figure.

If forex was so buoyant, why was there forex scarcity?

From $4bn or actually -$3bn, to net $40bn in two years is a massive achievement,

The feat is even more glaring considering that then, in 2023, 97% of government revenue was going towards debt servicing. The government was basically bankrupt.

Now, with the elimination of the petrol subsidy, the floating the Naira, and improved revenue generation, less than 50% of government revenue now goes towards debt servicing.

givedemwotowoto:
In 2023, most people in Lagos voted against Tinubu. The same people voted for Sanwo Olu and other APC members at the state and local level. Now Nigerians are experiencing the most extreme hardship and insecurity from day 1 of his government.

2027 is going to be a massive vote against Tinubu regardless of party affiliation.

When Buhari was destroying the economy from 2015, why didn't you call him out? When he assumed office, 26% of government revenue was going towards debt servicing. By 2023, it was 97%.

The painful reforms he initiated were necessary. They have been praised by most economists, including Soludo and Okonjo-Iweala.

Peter Obi and Atiku said they were going to eliminate petrol subsidies. They also mentioned they were going to merge the exchange rates, which Tinubu did through floating the currency

The pain, was unavoidable. Blame Buhari was completely wrecking the economy.

Walai:
Under GEJ no one complained of hunger.
Everybody was well fed. People had varieties of cheap rich food to choose from.
Valuable money circulated and civil servants bought cars and built houses

Read how ludicrous your post is,reeks ignorance from letter to letter......you were either too young then and being fed by your parents or you were downright oblivious of reality at the time......if people weren't hungry under GEJ why then did they resist the subsidy removal.

The minister of finance and co ordinating minister of the economy at the time madam okonjo iweala,CBN gov sanusi now emir of Kano, minister for petroleum,the avaricious Allison maduekwe,nnpcl etc were all crying to high heavens a out how badly the economy was haemorrhaging and that something had to be done to salvage the situation,that hard reforms had to be taking to save the country......those decisions tinubu is taking now and you are still here crying,distorting history to suit your warped narrative.

Why will all these Apc spokemen will not talk to Nigerians for once but to opppsition…Apc knows nothing about democracy

helinues:
The opposition want to be vindicated by not wanting the progress of Nigeria

The mugu should tell us why naira is not appreciating if all is not window dressing. He thinks we are all transport union illiterate workers.
That is whr the effect should be felt in economics

nairalandkachy1:
@BayoOnanuga

https://www.facebook.com/share/p/1FDVPhnjLS/

where's your net reserve number released by the CBN

jmoore:
Our foreign reserve reached 47 billion dollars in 2018 under Buhari.

Buhari was paying subsidy and was defending naira.

Tinubu is not paying subsidy and has devalued naira.

Our foreign reserve should be hitting above 100 billion dollars currently.

So Buhari has become an achiever because it fits in your narrative. He was no longer APC.

israelmao:
External reserve is shoring up in the face of intense hunger, unemployment and poverty.If people are really feeling the positive impact of this govt ordinary men and women on the streets would speak in support of it.

So we should use all our savings to give free food and forget about tomorrow. If any adverse thing happens to our economy or world economy then the country will be helpless?

infohenry:
You are intelligent, you are one those people in Nigeria that are sway by their propaganda. You are not paying subsidy, not defending naira and oil production is on the rise and they gloating over foreign reserve.

What did Buhari eventually leave the reserves at? Buhari's government is no longer APC?

MICHEALADEX:
How much of your loan was buhari servicing?

How much was he paying governors?

Mr metrics please answer!

You didn't add loads and loads of foreign exchange obligations that were never met. All cleared under PBAT.

jogojogo:
What has happened?
You asked?
Go and check the faac monthly record .
Check the amount disbursed to States and LGA. Come back and I will direct you where the left over is

They are asking why there is still immense hardship despite the gains of subsidy removal which include the increase in FAAC allocation. Stop being half clever.

grandstar:
When Buhari was destroying the economy from 2015, why didn't you call him out? When he assumed office, 26% of government revenue was going towards debt servicing. By 2023, it was 97%.

The painful reforms he initiated were necessary. They have been praised by most economists, including Soludo and Okonjo-Iweala.

Peter Obi and Atiku said they were going to eliminate petrol subsidies. They also mentioned they were going to merge the exchange rates, which Tinubu did through floating the currency

The pain, was unavoidable. Blame Buhari was completely wrecking the economy.

Isn't it ironic that the same you was chanting and shouting Sai Buhari, Sai Baba. Why ate you now saying he destroyed the economy from 2015?

Vision101:
You didn't add loads and loads of foreign exchange obligations that were never met. All cleared under PBAT.

But you were among those hailing Buhari and saying his policies are great. So now you are criticising him for not honoring FX obligations.

AMINDA:
Bayo Onanuga has since lost the plot. Everything he does seems geared to gain the validation of the opposition. Shouldn't he be communicating directly to Nigerians on what Tinubu has done instead? He seems to mistake his role for a campaign spokesman than a presidential spokesman that he is.

APC just won zamfara

Believeintruth:
Isn't it ironic that the same you was chanting and shouting Sai Buhari, Sai Baba. Why ate you now saying he destroyed the economy from 2015?

I have never supported Buhari. My history here will defend me

I have q good understanding of economics, so I can tell a good one from bad, and the likely damage.

Look at my thread below:

https://www.nairaland.com/2778962/naira-hit-300-dollar-2019

Okpebholo1:
APC just won zamfara

Then go ahead and swear Tinubu in. Sanwo-olu won Lagos in the gubernatorial in 2023. What about Tinubu?

Okpebholo1:
APC just won zamfara

Then go ahead and swear Tinubu in. Sanwo-olu won Lagos in the gubernatorial in 2023. What about Tinubu? Atiku won all the Northeastern states except Borno and all the Northwestern states except Zamfara and Jigawa but most of these states voted APC in the gubernatorial. What does that tell you? Tinubu does not own the APC.

Vision101:
So we should use all our savings to give free food and forget about tomorrow. If any adverse thing happens to our economy or world economy then the country will be helpless?

Why focus on hunger alone? I also mentioned unemployment at least a vibrant economy should be measured by its employment rate among others..Govt does need to use its money to buy food for citizens in a vibrant and good economy people's basic necessities are easily accessible if enabling environment is created.How many Ghanaians do you have in Nigeria today?When Ghana's economy was bad Ghanaians were all over Nigeria to work in order to keep body and soul together.

jogojogo:
Oya give us the statistics of suicide. No include the man in mabatoli thT committed suicide because somebody was allegedly funking his wife

Your paymaster doesn't care a hoot about statistics giving you statistics will be like flogging a dead horse.

jogojogo:
Oya give us the statistics of suicide. No include the man in mabatoli thT committed suicide because somebody was allegedly funking his wife

You have issue with comprehension.Read my comment again and take some time to digest it.

Vision101:
So Buhari has become an achiever because it fits in your narrative. He was no longer APC.

Is that what your myopic mindset could comprehend from the post?

For the records, our reserve hit 62 billion dollars under Yar Adua.

Just park one side.

nairalandkachy1:
@BayoOnanuga

https://www.facebook.com/share/p/1FDVPhnjLS/

Of cause uncle Bayo, with the subsidy removal I was thinking by now our external reserve would have exceeded $80 Billion.

AMINDA:
Then go ahead and swear Tinubu in. Sanwo-olu won Lagos in the gubernatorial in 2023. What about Tinubu? Atiku won all the Northeastern states except Borno and all the Northwestern states except Zamfara and Jigawa but most of these states voted APC in the gubernatorial. What does that tell you? Tinubu does not own the APC.

It tells you that APC is heavily loved and strong in the north. Atiku won most states in NW but Tinubu won. Atiku won NE narrowly. The by- election simply means the north will still vote APC and Tinubu regardless. If Atiku manages to win, it will be narrowly

OMBIIGA:
Of cause uncle Bayo, with the subsidy removal I was thinking by now our external reserve would have exceeded $80 Billion.

You are not too far off but if you truly understand what you were saying. You will understand the difference between gross and net.

When Tinubu took over our our gross reserves were $33B. But our real (net) reserves were $3.9B. Today our Gross reserves are $41B and our net reserves are $40B. If you do the math, the improvement is about $67B which is not far off your $80b which you and I know you just plucked from nowhere.

Believeintruth:
But you were among those hailing Buhari and saying his policies are great. So now you are criticising him for not honoring FX obligations.

I didn't. I supported Buhari's coming because there was so much corruption, indiscipline and no one controlled politicians under Jonathan unlike OBJ's time. I did this because of his antecedents but he failed totally.

Ali Baba and the 40 Thieves aka Coalition Bandits are not interested in Nigeria's growth and development. Not at all. Atiku needs to steal more money for his 30 children and 4 wives, and if possible for several generations unborn.

Ameachi wants to be Vice President so he can take over after 8 years of Atiku's mis-rule.

Babchair the grasscutter, and Jelly Rufai are just super bitter with PBAT for not making them VP and super Minister respectively.

The last bye election shows that Nigerians are not buying their lootocracy 😊😊😊

Jobless and lazy people can't afford.......

Does not apply to money na water gang

Zocalite:
agba iya

What's the benefit of external reserve to situation of nigerians?

People can't afford meat, fish, egg and now ponmo

It's not your fault, you shall receive your judgement ask okupe

jogojogo:
He doesn't need the validation of the enemies of Nigeria.

He is just exposing them for whom they are.

Who is a bigger enemy of Nigeria than ebilokan for his propaganda lies that made Jonathan a one term president to end PDP’s 16 years of privatisation and deregulation driven prosperity, before enthroning APC and Buhari shege

thisweekng:
The Minister of Finance and Coordinating Minister of the Economy Chief Olawale Edun has said the last time Nigeria’s economy looked stable was about a decade ago.

He made this statement during his maiden press conference as Minister of Finance where he outlined President Bola Tinubu’s vision, agenda and strategy for the economy.

He said, “I think as we all know, we are not where we should be. The economy is barely growing above the rate of population growth.

“But it was not always so, and I think in trying to look at the way forward, if we now have a situation of slow growth, double-digit inflation, weak/depreciating exchange rate, as well as security concerns that are resulting in an economy that is not growing and not taking Nigerians out of poverty.

“If we think back to the last time when the economy was stable- when it was growing, when inflation was low, and the interest rate was affordable, that period was about a decade ago. Growth was about 6% in 2013 and 2014.”
Private sector to drive the economy

https://nairametrics.com/2023/09/01/the-last-time-nigerias-economy-was-stable-was-about-a-decade-ago-wale-edun/