₦airaland Forum

Goke7:
Debt relief is what made obj regime looks good. I was in university all through obj first tenure and I can tell you life was hard as hell with incessant strikes and all sorts. The same thing Nigerians complain about today was still the same things being said today; bad roads, poor healthcare systems and poverty. The so called economic team obj was just rhetorics because of the nice cvs of the persons in the govt. That Nigerians were richer or fared better under obj is a mirage

My brother food was not a problem during obasanjo era.

Insecurity was not a problem. See you can travel from rivers state to sokoto by night nothing go happen. You can't try it now.

I could remember teachers buying cars for the first time my headmaster and Primary 6 teacher bought cars in 2001. At 2001 i was already in jss2

Accident of record high oil prices.
Windfall from privatisation, privitizing NEPA, national theatre.
Obasanjo gave away oil rich Bakassi
Obasanjo gave our $1tn oil block for pennies
Obasanjo was an unmitigated disaster, the level of which even Tinubu is yet to attain although he has almost caught up.

chopnaira:
At OP.

Obasanjo grew Nigeria’s foreign reserves mainly because oil prices were high, but unlike past governments, he saved excess earnings (ECA), secured debt relief, reduced debt service costs, and maintained tighter fiscal discipline. These combined with financial reforms pushed reserves to record highs by the time he left office in 2007.

Goke7:
Debt relief is what made obj regime looks good. I was in university all through obj first tenure and I can tell you life was hard as hell with incessant strikes and all sorts. The same thing Nigerians complain about today was still the same things being said today; bad roads, poor healthcare systems and poverty. The so called economic team obj was just rhetorics because of the nice cvs of the persons in the govt. That Nigerians were richer or fared better under obj is a mirage

Don’t mind Nigerians. Even their so called Yaradua was known for just two things and he cold have failed woefully if he had completed his tenure, maybe. Amnesty and #5 reductions in fuel subsidy.

What I know is even when people used to build upstairs with #40000 all the songs that were sang then were about how bad the country was.

As it was in the beginning so it is now. No wonder Fayose would always say that Nigerians are naturally people who are know to always complain.

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
GEJ - FOR 6- YRS
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

Rubbish talk!
Can you tell us the number of Infrastructure that your OBJ Completed - for his Eight Years,?
Can you also tell us the Number of the Infrastructures Completed by
• If So,then what NUMBERS OF ROADS?
Show us-THE NUMBERS OF RAILWAY 🚂 PROJECTS - DID OBJ COMPLETED,
-WHY WAS THE LAGOS - IBADAN--EXPRESS ROAD - WAS LATER DONE 80% BY BUHARI and is Now being Completed by Tinubu?
- Why was -EAST - West Road are now being Constructed by the Tinubu Administration
- When is the $16Billiion Independent - Power Projects (IPP) - that insdpite of these Humongous NBILLIONS ( 💰) - Nigeria is in Perpetual Darkness!
• It so Unfortunate that you people chose the best Negative SCENERIO to always used to Condemn A 2- yrs Tinubu-govt

004gist:
On the average as how mr man? U mean highest like 8$, 20$ or 40$?
Remember that he paid over 12 billion debt. Who has ever done that?

From the Data you posted, the Oil Price average $42-$47 in the years leading to the end of his Tenure (2005-2007), those figures are not in any way small.

OBJ through the BPE got loads of Cash from those Deals, he was the one that Licensed the Telcos. Remember MTN, ECONET, GLO paid $400m each for those Licences.

These Cash Flow aided the growth of the Foreign Reserves.

Tinubu is borrowing from Peter to pay Paul.

Tinubu and Buhari technically did not increase the reserve if you look at the debt they amassed

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?

Nigeria is in the right direction with president Tinubu

Slawoomir:
You don't need to be aggressive to prove a point sir.

To be fair, you're actually proving his point more and more. With the help of a strategic economic team and an impeccable relationship with the international community, OBJ lobbied and worked tirelessly with foreign leaders for the debt to be written off.

I don't think of any other Nigerian leader that has been able to achieve such feat. Please correct me if I'm wrong.

You dey mind the guy that keep shouting, "our debt was forgiving", as if it's easy for one's debt to be forgiven and written off by the international community.

ambale:
They need to justify their pay now, I used to not believe the fact that they are being paid for this their comments

But recent happenings of defending what's not defendable actually makes me began to think maybe they are actually paying these guys to do all of these sha

Which pay? Are you alright. Lmao.

004gist:
My brother food was not a problem during obasanjo era.

Insecurity was not a problem. See you can travel from rivers state to sokoto by night nothing go happen. You can't try it now.

I could remember teachers buying cars for the first time my headmaster and Primary 6 teacher bought cars in 2001. At 2001 i was already in jss2

Lmao.

No wonder.

oalandAgents2:
Accident of record high oil prices.
Windfall from privatisation, privitizing NEPA, national theatre.
Obasanjo gave away oil rich Bakassi
Obasanjo gave our $1tn oil block for pennies
Obasanjo was an unmitigated disaster, the level of which even Tinubu is yet to attain although he has almost caught up.

Obj introduced bribery of legislative arm of government by Ghana-must-go.

Lukuluku69:
From the Data you posted, the Oil Price average $42-$47 in the years leading to the end of his Tenure (2005-2007), those figures are not in any way small.

OBJ through the BPE got loads of Cash from those Deals, he was the one that Licensed the Telcos. Remember MTN, ECONET, GLO paid $400m for those Licences.

These Cash Flow aided the growth of the Foreign Reserves.

Oil price is not static it goes up and down.

During the Israeli and iran crises oil shut up to over 80+ immediately.
Even now its getting closer to 70.

During Buhari tenure for almost 2 years oil was 90+ per barrel..

Remember Obj saved additional 25 billion aside this 42 billion? Remember the excess crude account?

We need to start asking the current leader what he is using the money for. At least he is not paying subsidy and he removed subsidy from Naira/ dollar.

Britishpea:
Don’t mind Nigerians. Even their so called Yaradua was known for just two things and he cold have failed woefully if he had completed his tenure, maybe. Amnesty and #5 reductions in fuel subsidy.

What I know is even when people used to build upstairs with #40000 all the songs that were sang then were about how bad the country was.

As it was in the beginning so it is now. No wonder Fayose would always say that Nigerians are naturally people who are know to always complain.

Remember, Nigeria jaga jaga. Poor man dey suffer suffer. Everything scatter scatter. By Idris abdulkarim

That was Obj's era.

Lukuluku69:
Ok.

But then, he initiated the Sales of many Govt Assets through the BPE. He was the one that Licensed the Telcos. He got loads of Cash from them.

While i don't support his selling of Govt. Assets (Example 1004 Towers in VI etc), from your submission you further help me in butressing my point on OBJ's good economic acumen.

MTN is currently the biggest tax paying entity in Nigeria (i stand to be corrected), they alongside other telecos remit billions of Naira to the Nigerian govt. Year on year till date, they are still licensed by the Govt (NCC).

Obj was the one who set the foundation for all these. So saying that he got loads of cash from them is a one sided statement. At inception, we had only MTN on mobile telephony (introduced by Obj) Currently, we have multiple mobile network operators in Nigeria. The current govt. is getting even more cash from them than Obj ever did.

chopnaira:
Lmao.

No wonder.

Yes i was around 15 years old then so i could recollect what happened in 2001. And by the time he left office i was around 21 years old.

Any big deal?

Like i said i could tell u the price of fuel then. In 2003 that was the election to his second tenure.
Fuel for the first time went to 20 Naira per litre.

Garri per module wad 15 Naira.

Slawoomir:
While i don't support his selling of Govt. Assets (Example 1004 Towers in VI etc), from your submission you further help me in butressing my point on OBJ's good economic acumen.

MTN is currently the biggest tax paying entity in Nigeria (i stand to be corrected), they alongside other telecos remit billions of Naira to the Nigerian govt. Year on year till date, they are still licensed by the Govt (NCC).

Obj was the one who set the foundation for all these. So saying that he got loads of cash from them is a one sided statement. The current govt. is even getting more cash from them than Obj did.

Of course you are right. Me saying he got loads of cash from selling govt assets and stuff is simply to show that he was able to save up. That was the thrust of my argument.

I am only saying he was able to build the Foreign Reserves that high because of those factors.

004gist:
Yes i was around 15 years old then so i could recollect what happened in 2001. And by the time he left office i was around 21 years old.

Any big deal?

In 2001, I was in year 2 at university. So our realities are different.

chopnaira:
Remember, Nigeria jaga jaga. Poor man dey suffer suffer. Everything scatter scatter. By Idris abdulkarim

That was Obj's era.

The jagaga then and now is on another level. Check out how insecurity is now

chopnaira:
In 2001, I was in year 2 at university. So our realities are different.

With your reality are you saying that a man who saved 43 billions dollars aside the 25 billion dollars excess crude funds and the 12.5 billion debt he paid for paris club to wipde off our debt did not try or do much? And in 18 years 3 president combined hasn't been able to carry the reserve above 40 billion

I am typing from Europe man. A lot of banker are here in factory, i have some lecturers here cleaning old women bombom in old people homes..
I dont think in 2001 or 2005 bankers and lecturers resigned their jobs to flee economic hardship

In 2023 i was in cotonou in Benin republic that was when i know how useless the Naira is.. Market women just de laugh when i brought it out because then my Benin funds has finished.
But before it wasn't like this. I could remember those days in 2001 when my neighbours went to contonou to buy Toyota bus, people went there with fewer naira to pack things down to Lagos

ruggedtimi:
It was the magic of Ngozi Okonji.

I thought she worked with Ebele too

Lukuluku69:
Of course you are right. Me saying he got loads of cash from selling govt assets and stuff is simply to show that he was able to save up. That was the thrust of my argument.

I am only saying he was able to build the Foreign Reserves that high because of those factors.

Oh, my bad. I initially thought otherwise, sorry for the misunderstanding.

Honestly, considering the fact that he had to shell out over $12Bn in the process of writing off the debts, i wouldn't blame him so much for selling some of those assets. The money just had to come from somewhere.

Nevertheless, i would have thought that future governments would leverage on the debt relief from Obj to build a solid and robust economy for Nigeria but no!

They rather acquired even more debts than ever before, and made the situation worse than it was at the onset.

| Year | Estimated Reserves (USD) | Key Drivers / Events

| **1999** | **\$2–3.7 billion** | Obasanjo takes office (May 1999) with very low reserves. Oil prices low (\~\$17/barrel). IMF notes reserves at \~\$7.1bn at end of 1999 after recovery in prices. Debt burden still high. |

| **2000** | **\~\$10 billion** | Oil prices begin to rise. Some fiscal discipline introduced. Reserves improve. Nigeria starts pushing for debt relief. |

| **2001** | **\~\$10.4 billion** | Prices fluctuate but savings continue modestly. Debt servicing consumes large share of revenues. |

| **2002** | **\~\$7 billion** | Oil price dip, reserves decline slightly. Still constrained by debt obligations. |

| **2003** | **\~\$7.5–10 billion** | Obasanjo reelected. CBN introduces tighter monetary policy. Start of reforms in banking and fiscal management. |

| **2004** | **\~\$17 billion** | Oil prices climb (\~\$38/barrel). **Excess Crude Account (ECA)** created to save surplus oil earnings. Reserves increase sharply. |

| **2005** | **\~\$28 billion** | Nigeria negotiates **Paris Club debt deal**: pays \$12.4 billion, gets \$18 billion written off. Debt servicing obligations fall. Oil price averages \$54/barrel. |

| **2006** | **\~\$32–34 billion** | Oil price boom continues (\~\$66/barrel). Fiscal discipline via NEEDS program. Banking consolidation under Soludo strengthens economy. |

| **2007 (May)** | **\~\$43 billion** | Obasanjo leaves office with gross reserves at \$43.13 billion (including \$9.43 billion in ECA + \$2.18 billion in FG savings). Oil at \~\$69/barrel. Debt stock significantly reduced. |

GEJ pass
Yaradua failed
GEJ failed
Buhari passed
Tinubu currently passing.

Slawoomir:
Oh, my bad. I initially thought otherwise, sorry for the misunderstanding.

Honestly, considering the fact that he had to shell out over $12Bn in the process of writing off the debts, i wouldn't blame him so much for selling some of those assets. The money just had to come from somewhere.

Nevertheless, i would have thought that future governments would leverage on the debt relief from Obj to build a solid and robust economy for Nigeria but no!

They rather acquired even more debts than ever before, and made the situation worse than it was at the onset.

Exactly.

My angst with the subsequent regimes is the way they rush back and took the Loan plunge again and again.

They could have leverage on the clean sheet of zero Debt obligations and build bearing in mind that they enjoyed higher oil prices but the refrain of "building critical infrastructure" made them go back the Debt lane by acquiring more Loans.

004gist:
My brother food was not a problem during obasanjo era.

Insecurity was not a problem. See you can travel from rivers state to sokoto by night nothing go happen. You can't try it now.

I could remember teachers buying cars for the first time my headmaster and Primary 6 teacher bought cars in 2001. At 2001 i was already in jss2

The insecurity issue in Nigeria which is responsible for the food crisis was an offshoot of the so called Niger delta struggle which actually began in obj era with kidnappings of expatriates to make a statement of the issues in the region. I remember then someone from the middle belt I worked with raised an alarm that if northerners should learn the art of kidnapping then there will be a major national crisis and anytime I see what’s happening now I remember that statement.

The major change in Nigeria is moral than economic as we are becoming more heartless and losing our humanity under the guise of economic hardship that has been there since the military era.

004gist:
..

So what is your point now?
Because am asking how come obasanjo was able to grow the reserve to over 800% from 4billion to 40+ billion within 8 years despite low oil prices

It's the federal government policies, actions and inaction and business activities that grows these reserves.

Why not then wait for 8 years and see God's wonders through Tinubu. At least you have seen the reserve grown in two years to 41b dollars.

Tinubu till 2031.

Goke7:
That Nigeria has not seen a better tomorrow is not true, the military slowed us down as most of the development we see today would have happened in the 80s if we had no military rule. Telecoms would have been in earlier which would have hasten our drive towards science and technology aided by the private sector. The military made Nigerians to depend too much on govt for most things and destroyed our sense of dignity, self reliance and self worth.

Let's talk about the things that matter not telecoms and availability of internet. Governments around the world are not elected for that and their KPI's are not assessed on those things.

Standards of living as regards jobs, inflation, interest rates that either raise podrty levels or reduce them.

Security as it relates to life expectancy. That is anything from crime rates to education, health, the environment and other factors relating to social security.

These two are basic and should be the main reasons why people vote governments into office or vote them out.

What I am saying is that these factors have not been bettered by any subsequent regine since independence.

004gist:
Obj paid over 12 billion dollars debt.

Please note that no government had ever done that

it was part of the deal... Pay 12 billion and we'll forgive 18 billion.... Is that not a cool deal? Who wouldn't take it?

Britishpea:
Don’t mind Nigerians. Even their so called Yaradua was known for just two things and he cold have failed woefully if he had completed his tenure, maybe. Amnesty and #5 reductions in fuel subsidy.

What I know is even when people used to build upstairs with #40000 all the songs that were sang then were about how bad the country was.

As it was in the beginning so it is now. No wonder Fayose would always say that Nigerians are naturally people who are know to always complain.

Yar Adua even worsen things by reversing the sale and privatisation of refineries we are still battling with today! Imagine telling dangote that yar adua was a better president no be better slap person go chop?

Nigeria has never been fair to the poor and downtrodden in any regime both military and civilian. People should stop the gaslighting jare

So true! Most of the most serious problems we tace in the country today originated during Obasanjo presidency.

chopnaira:
Obj introduced bribery of legislative arm of government by Ghana-must-go.

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?

Nigeria is in the right direction with president Tinubu

heLLiLie-Annus I know say nah u go dey type dis kind thing

Reference:
Let's talk about the things that matter not telecoms and availability of internet. Governments around the world are not elected for that and their KPI's are not assessed on those things.

Standards of living as regards jobs, inflation, interest rates that either raise podrty levels or reduce them.

Security as it relates to life expectancy. That is anything from crime rates to education, health, the environment and other factors relating to social security.

These two are basic and should be the main reasons why people vote governments into office or vote them out.

What I am saying is that these factors have not been bettered by any subsequent regine since independence.

You need science and technology to drive basic standards of living whether it’s healthcare, education or environment, you can never separate them from science if you doubt check any developed or advanced nation what is driving their growth? Jobs and economic growth don’t appear suddenly, there must be driving factors which we are just beginning to understand or try to do in Nigeria. All regimes in Nigeria struggle to understand science and technology to solve problems which is why we have policy failures or summersault.

For example how can in this day and age farmers in Nigeria record so much post harvest losses due to spoilage of perishable crops where we have so much mouths to feed or why we do still have so much maternity deaths in Nigeria. Even the insecurity challenges from the Niger delta region to up north are caused by environmental challenges such as oil spills or drought due to climate change and you think scientific approaches are not needed?

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

What are the economic indices?