₦airaland Forum

chopnaira:
High oil prices actually.

chopnaira:
High oil prices actually.

004gist:
What magic did obasanjo did that helps us grew the reserve this fast?

EXTERNAL RESERVES SINCE 1999 — BY GOVT

🟢OBASANJO — grew by 845%
May 1999 — $4.99 billion
May 2007 — $43.17 billion

🔴YAR'ADUA — dropped by 6.6%
May 2007 — $43.17 billion
Apr 2010 — $40.32 billion

🔴JONATHAN — dropped by 29%
Apr 2010 — $40.32 billion
May 2015 — $28.57 billion

🟢BUHARI — grew by 20%
May 2015 — $28.56 billion
May 2023 — $34.39 billion

🟢TINUBU [Ongoing] — grew by 19%
May 2023 — $34.38 billion
As of 20 Aug 2025 — $41.05 billion

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/

happney65:
You think Obasanjo is a tribalist like the current ones in power? Absolutely NO. OBJ doesn't care where the hell you are from as long as you can do the Job. Go Ahead.

And that is why since 1999,He had the best economic indices. These ones now blaming themselves didn't even have it worst as we did in 1999.

I keep on wondering what they would have said if they were the ones that took over in 99. They would have simply sold us off to China or somewhere else

Awọn Oluya

P.S
The Obasanjo years were even a period of very low oil prices. Yet,he still increased minimum wage that had been stagnant for years. This post deserves FP.
Mods over to you

chopnaira:
High oil prices actually.

ruggedtimi:
It was the magic of Ngozi Okonji.

Felimax:
No one has it as good as Obasanjo.
He knew the task ahead and was ready to face it head on.

One beautiful thing about Obasanjo I so much love about him is he not tribalistic and you cannot even fashion him to any religion.

He was the president for everybody, Yar'Adua also to an extent.

Moniya4Real:
That Jonathan drop na Diezzani , Aluko and co steal am.

helinues:
There is something mutual about those who increased the FX they met. They all have political will.

President Tinubu is just 2 years old, oil price have not been that high but still saving .I am just imagining what our FX would be by 2031.

And to those who have been shouting it should have been more than that because of the subsidy removal, how about the state governors that their money have been increased for over a year now? How about different projects across the Nigeria regions?

Judolisco:
Many of Nigeria's debt were forgiven... So he had time to save

Goke7:
Obj is now the new messiah 😂

Nigerians get problem sha always feeling nostalgic of the yesterday’s failures

chopnaira:
High oil prices actually.

happney65:
You think Obasanjo is a tribalist like the current ones in power? Absolutely NO. OBJ doesn't care where the hell you are from as long as you can do the Job. Go Ahead.

And that is why since 1999,He had the best economic indices. These ones now blaming themselves didn't even have it worst as we did in 1999.

I keep on wondering what they would have said if they were the ones that took over in 99. They would have simply sold us off to China or somewhere else

Awọn Oluya

P.S
The Obasanjo years were even a period of very low oil prices. Yet,he still increased minimum wage that had been stagnant for years. This post deserves FP.
Mods over to you

chopnaira:
You are correct.

chopnaira:
High oil prices actually.

ruggedtimi:
It was the magic of Ngozi Okonji.

004gist:
What magic did obasanjo did that helps us grew the reserve this fast?

EXTERNAL RESERVES SINCE 1999 — BY GOVT

🟢OBASANJO — grew by 845%
May 1999 — $4.99 billion
May 2007 — $43.17 billion

🔴YAR'ADUA — dropped by 6.6%
May 2007 — $43.17 billion
Apr 2010 — $40.32 billion

🔴JONATHAN — dropped by 29%
Apr 2010 — $40.32 billion
May 2015 — $28.57 billion

🟢BUHARI — grew by 20%
May 2015 — $28.56 billion
May 2023 — $34.39 billion

🟢TINUBU [Ongoing] — grew by 19%
May 2023 — $34.38 billion
As of 20 Aug 2025 — $41.05 billion

happney65:
You think Obasanjo is a tribalist like the current ones in power? Absolutely NO. OBJ doesn't care where the hell you are from as long as you can do the Job. Go Ahead.

And that is why since 1999,He had the best economic indices. These ones now blaming themselves didn't even have it worst as we did in 1999.
I keep on wondering what they would have said if they were the ones that took over in 99. They would have simply sold us off to China or somewhere else

Awọn Oluya

P.S
The Obasanjo years were even a period of very low oil prices. Yet,he still increased minimum wage that had been stagnant for years. This post deserves FP.
Mods over to you

chopnaira:
High oil prices actually.

Lukuluku69:
1. OBJ refused to share the Excess of Crude sales above the Budget price projection. He set up the Excess Crude Account.

2. Most of the Nations Loan Obligations were nearing the end and as such got many Loan Write Offs.

3. There were actually High Crude Price during his Tenure (On the Average).

lexy2014:
as per the highlighted, that is why some yorubas call him omo ale