₦airaland Forum

This piece is not to try to badmouth the administration but rather to question genuine accountability.
They weren't pressured to make reports on the foreign reserve.

Now let's delve into the report.

The previous president PMB left a foreign reserve of $35.15B for Pres Tinubu although months before this he equally grew the reserve to $45B. It's still a mystery how he managed to deplete the national Treasury by such volume.

How do we grow foreign reserve?

I may not be able to give an empirical record of all medium involved but the most obvious means are simply from sales of crude oil and gas products and import tarrif. There are definitely more especially with export of rare earth minerals and agro products.

Now here is where nothing is adding up;

The government reported it has grown the reserve to $43.0B after 28 months in office from where Buhari handed it over at $35.15B. So there's an addition of $9B after 28 months.

A little break down;

The average monthly expense of this government for the past 28 months is about=
$1.29 billion minus subsidy.

In Buharis tenure, the average monthly expenses for the first 28 months in office is about _$2.0 billion + subsidy.

If you add the average cost of subsidy which is about $867,000,000 monthly before may 2023 to what jagaban is spending monthly, we'll have. We'll have $2.157 billion.

So while they're hyping their under performance, it's worthy of note that about 157 million dollars hasn't been fully accounted for on a monthly basis by this government.

So every month about 157 million dollars disappears. Where is this money?

I simply used dollar rate to calculate to avoid confusion or excuse of inflation.

If you calculate this amount by 28 months, you'll have about 4.4 billion dollars.

So the deceit is quite ridiculous

You're celebrating raising the reserve by $9 billion but you are under reporting and under performing by a total of $4.4 billion.

Those that are clapping for them I hope at least they are giving you something reasonable.

Psalmistproject:
This piece is not to try to badmouth the administration but rather to question genuine accountability.

They are coming for you

21 more characters not needed

Psalmistproject:
This piece is not to try to badmouth the administration but rather to question genuine accountability.
They weren't pressured to make reports on the foreign reserve.

Now let's delve into the report.

The previous president PMB left a foreign reserve of $35.15B for Pres Tinubu although months before this he equally grew the reserve to $45B. It's still a mystery how he managed to deplete the national Treasury by such volume.

How do we grow foreign reserve?

I may not be able to give an empirical record of all medium involved but the most obvious means are simply from sales of crude oil and gas products and import tarrif. There are definitely more especially with export of rare earth minerals and agro products.

Now here is where nothing is adding up;

The government reported it has grown the reserve to $43.0B after 28 months in office from where Buhari handed it over at $35.15B. So there's an addition of $9B after 28 months.

A little break down;

The average monthly expense of this government for the past 28 months is about=
$1.29 billion minus subsidy.

In Buharis tenure, the average monthly expenses for the first 28 months in office is about _$2.0 billion + subsidy.

If you add the average cost of subsidy which is about $867,000,000 monthly before may 2023 to what jagaban is spending monthly, we'll have. We'll have $2.157 billion.

So while they're hyping their under performance, it's worthy of note that about 157 million dollars hasn't been fully accounted for on a monthly basis by this government.

So every month about 157 million dollars disappears. Where is this money?

I simply used dollar rate to calculate to avoid confusion or excuse of inflation.

If you calculate this amount by 28 months, you'll have about 4.4 billion dollars.

So the deceit is quite ridiculous

You're celebrating raising the reserve by $9 billion but you are under reporting and under performing by a total of $4.4 billion.

Those that are clapping for them I hope at least they are giving you something reasonable.

You do not know what foreign reserves are
I really do not blame you because in a year I do not meet any one who does and most are university graduates and quite intelligent


Most people are confused by the word reserves
They assume foreign reserves are some kind of savings

Foreign reserves are not
The National Treasury
Foreign reserves are not government funds and that is why it is clear you do not know what they are as in you HAVE ZERO CLUE

FOREIGN RESERVES HAVE NO CONNECTION WITH THE BUDGET OR GOVERNMENT SPENDING


IT. IS NOT GOVERNMENT MONEY

Therefore it has nothing to do with subsidy

I expect you to introduce bluster aka shakara but

You have no clue what foreign reserves are

I suggest you find time like 2 hours to properly read the basics about what foreign reserves are


You can fact check everything I said

That is the technical side


On the political side if the Central Bank is working properly the government would not normally claim credit for increasing foreign reserves unless they can claim they have industrialised the country and reduced dependence on imports


As long as we can pay for imports or live on what we produce foreign don't matter much. It is a problem because we are so dependent on imports

That is what drains or boosts reserves = exports ,imports and diaspora remittance
If diaspora remittance grows reserves grow, Do those remittances belong to government?

Reserves are just a guarantee that you can bring in money to trade and when you want to exit you can change the naira without ilosing value

It is the job of the Central Bank to Bank foreign reserves which should be readily available for exchange with Naira

The Naira is nothing more than CBN paper Which is backed by reserves

Predictable ignorance

aribisala0:
You do not know what foreign reserves are
I really do not blame you because in a year I do not meet any one who does and most are university graduates and quite intelligent

Most people are confused by the word reserves
They assume foreign reserves are some kind of savings

Foreign reserves are not
The National Treasury
Foreign reserves are not government funds and that is why it is clear you do not know what they are as in you HAVE ZERO CLUE

FOREIGN RESERVES HAVE NO CONNECTION WITH THE BUDGET OR GOVERNMENT SPENDING


IT. IS NOT GOVERNMENT MONEY

Therefore it has nothing to do with subsidy

I expect you to introduce bluster aka shakara but

You have no clue what foreign reserves are

I suggest you find time like 2 hours to properly read the basics about what foreign reserves are


You can fact check everything I said

That is the technical side


On the political side if the Central Bank is working properly the government would not normally claim credit for increasing foreign reserves unless they can claim they have industrialised the country and reduced dependence on imports


As long as we can pay for imports or live on what we produce foreign don't matter much. It is a problem because we are so dependent on imports

That is what drains or boosts reserves = exports ,imports and diaspora remittance
If diaspora remittance grows reserves grow, Do those remittances belong to government?

Reserves are just a guarantee that you can bring in money to trade and when you want to exit you can change the naira without ilosing value

It is the job of the Central Bank to Bank foreign reserves which should be readily available for exchange with Naira

The Naira is nothing more than CBN paper Which is backed by reserves

Mr. ITK, you are the ignorant one. Mr Fact checker,
"Central banks build foreign reserves by using domestic currency to buy foreign currency in the foreign exchange market to prevent their own currency from appreciating too rapidly or to stabilize exchange rates. They can also accumulate reserves by managing funding operations for reserves, such as issuing foreign-denominated debt or investing existing reserves to generate returns. Other methods include receiving foreign currency through foreign direct investment or other international financial flows. "

aribisala0:
You do not know what foreign reserves are
I really do not blame you because in a year I do not meet any one who does and most are university graduates and quite intelligent


Most people are confused by the word reserves
They assume foreign reserves are some kind of savings .


Foreign reserves are not
The National Treasury
Foreign reserves are not government funds and that is why it is clear you do not know what they are as in you HAVE ZERO CLUE

FOREIGN RESERVES HAVE NO CONNECTION WITH THE BUDGET OR GOVERNMENT SPENDING


IT. IS NOT GOVERNMENT MONEY

Therefore it has nothing to do with subsidy

I expect you to introduce bluster aka shakara but

You have no clue what foreign reserves are

I suggest you find time like 2 hours to properly read the basics about what foreign reserves are


You can fact check everything I said

That is the technical side


On the political side if the Central Bank is working properly the government would not normally claim credit for increasing foreign reserves unless they can claim they have industrialised the country and reduced dependence on imports


As long as we can pay for imports or live on what we produce foreign don't matter much. It is a problem because we are so dependent on imports

That is what drains or boosts reserves = exports ,imports and diaspora remittance
If diaspora remittance grows reserves grow, Do those remittances belong to government?

Reserves are just a guarantee that you can bring in money to trade and when you want to exit you can change the naira without ilosing value

It is the job of the Central Bank to Bank foreign reserves which should be readily available for exchange with Naira

The Naira is nothing more than CBN paper Which is backed by reserves

Why must you disgrace yourself. That guy there was pointing out and how hold your leaders accountable, whereas you are here shaming yourself.

Check out
Foreign exchange reserves are a country's assets, held by its central bank or government, that consist of foreign currencies, gold, Special Drawing Rights (SDRs), and foreign government securities. These reserves are owned by the country's central bank and are used to influence the exchange rate of their national currency, settle international payments, and provide a buffer during financial crises.
What are Foreign Exchange Reserves?
Assets Foreign reserves are highly liquid assets that a country's monetary authorities can readily access and control.
Components They can include:
Foreign Currencies: Assets denominated in foreign currencies, such as U.S. dollars and euros, which are often held in deposits or as foreign bank notes.
Gold: Holdings of gold bars.
Special Drawing Rights (SDRs): A reserve asset created by the International Monetary Fund (IMF).
Foreign Government Securities: Holdings of bonds and treasury bills issued by foreign governments.
Purpose The primary purposes of foreign reserves are:
Exchange Rate Intervention: Used to influence the value of the national currency in the foreign exchange market.
Payment Imbalances: To directly finance a country's international payments.
Economic Stability: To serve as a buffer for the economy by ensuring a country has backup funds in case its own currency rapidly devalues.
Who Owns and Manages Them?
Central Banks and Monetary Authorities: Foreign exchange reserves are controlled and managed by a country's central bank or its equivalent monetary authority.
Government Control: While managed by the central bank, the reserves are considered national assets, effectively owned by the country's government.
Key Examples
Major Holders: Countries in Asia, such as China, tend to have the largest foreign exchange reserves.
Use of U.S. Dollars: A significant portion of global reserves are held in U.S. dollars, partly due to the stability and global economic prominence of the United States.

Govt pay foreign debt from the reserve. Such as Eurobonds investments from foreigners or borrowed money from outside the country or fund our foreign embassies as well as pay country association dues,etc

Kanixt:
Why must you disgrace yourself. That guy there was pointing out and how hold your leaders accountable, whereas you are here shaming yourself.

Check out
Foreign exchange reserves are a country's assets, held by its central bank or government, that consist of foreign currencies, gold, Special Drawing Rights (SDRs), and foreign government securities. These reserves are owned by the country's central bank and are used to influence the exchange rate of their national currency, settle international payments, and provide a buffer during financial crises.
What are Foreign Exchange Reserves?
Assets Foreign reserves are highly liquid assets that a country's monetary authorities can readily access and control.
Components They can include:
Foreign Currencies: Assets denominated in foreign currencies, such as U.S. dollars and euros, which are often held in deposits or as foreign bank notes.
Gold: Holdings of gold bars.
Special Drawing Rights (SDRs): A reserve asset created by the International Monetary Fund (IMF).
Foreign Government Securities: Holdings of bonds and treasury bills issued by foreign governments.
Purpose The primary purposes of foreign reserves are:
Exchange Rate Intervention: Used to influence the value of the national currency in the foreign exchange market.
Payment Imbalances: To directly finance a country's international payments.
Economic Stability: To serve as a buffer for the economy by ensuring a country has backup funds in case its own currency rapidly devalues.
Who Owns and Manages Them?
Central Banks and Monetary Authorities: Foreign exchange reserves are controlled and managed by a country's central bank or its equivalent monetary authority.
Government Control: While managed by the central bank, the reserves are considered national assets, effectively owned by the country's government.
Key Examples
Major Holders: Countries in Asia, such as China, tend to have the largest foreign exchange reserves.
Use of U.S. Dollars: A significant portion of global reserves are held in U.S. dollars, partly due to the stability and global economic prominence of the United States.

But this is exactly what aribisala said.

Validated:
Mr. ITK, you are the ignorant one. Mr Fact checker,
"Central banks build foreign reserves by using domestic currency to buy foreign currency in the foreign exchange market to prevent their own currency from appreciating too rapidly or to stabilize exchange rates. They can also accumulate reserves by managing funding operations for reserves, such as issuing foreign-denominated debt or investing existing reserves to generate returns. Other methods include receiving foreign currency through foreign direct investment or other international financial flows. "

So what's your point? This is the same thing aribisala0 said
But the problem is you are lifting it directly from the internet without understanding it

What do you expect from the underworld barons? You guys gave the keys of our collective commonwealth to known criminals.

aribisala0:
As long as we can pay for imports or live on what we produce foreign don't matter much. It is a problem because we are so dependent on imports

That is what drains or boosts reserves = exports ,imports and diaspora remittance
If diaspora remittance grows reserves grow, Do those remittances belong to government?

I think you have a problem with comprehension.

You just pointed out that import drains the reserve. You equally stated we are a consumer nation meaning we depend on imports

Does Nigerian government run on imports?

The answer is yes! For instance they need to procure military ware from foreign nations and this is in the budget are they not going to fund with dollar. If they contract to local vendors to handle the importation are the vendors not going to come back to them for forex?
As long as the government itself relys on imports just like the rest of the country you should know that even if the print naira to fund their budget they need the forex to back it up cos naira can't import you goods, you have to give equivalent in dollars for someone to bring in the goods you need to run the country.

You are like one uncle I had back then, He was in yr 3 in the University studying engineering. I once brought to him a simple algebraic term to solve (x²=36 solve for x) . He took 3 days applying differential equations and integrations to get the value of x and in the end still failed it.

I strongly believe you quickly went to check the meaning of foreign reserve and google gave you the advanced perspective which can simply be explain as the true running capital/asset of a country in the eyes of foreign trading partners but just like that uncle you don't even understand the basics so the advanced is equally an illusion so you simply want to confuse yourself.

If you like learn, if you like keep deceiving yourself.

This is the lies and propaganda wonderment called Tinubu's agbadorian economics. Believe anything about this corrupt and get your head evaluated for mental disorder.

Psalmistproject:
I think you have a problem with comprehension.

You just pointed out that import drains the reserve. You equally stated we are a consumer nation meaning we depend on imports

Does Nigerian government run on imports?

The answer is yes! For instance they need to procure military ware from foreign nations and this is in the budget are they not going to fund with dollar. If they contract to local vendors to handle the importation are the vendors not going to come back to them for forex?
As long as the government itself relys on imports just like the rest of the country you should know that even if the print naira to fund their budget they need the forex to back it up cos naira can't import you goods, you have to give equivalent in dollars for someone to bring in the goods you need to run the country.

You are like one uncle I had back then, He was in yr 3 in the University studying engineering. I once brought to him a simple algebraic term to solve (x²=36 solve for x) . He took 3 days applying differential equations and integrations to get the value of x and in the end still failed it.

I strongly believe you quickly went to check the meaning of foreign reserve and google gave you the advanced perspective which can simply be explain as the true running capital/asset of a country in the eyes of foreign trading partners but just like that uncle you don't even understand the basics so the advanced is equally an illusion so you simply want to confuse yourself.

If you like learn, if you like keep deceiving yourself.

You do not know what foreign reserves are
It is as simple as that
All of this is just ego
Accept what you don't know and take steps to learn

Kanixt:
Why must you disgrace yourself. That guy there was pointing out and how hold your leaders accountable, whereas you are here shaming yourself.

Check out
Foreign exchange reserves are a country's assets, held by its central bank or government, that consist of foreign currencies, gold, Special Drawing Rights (SDRs), and foreign government securities. These reserves are owned by the country's central bank and are used to influence the exchange rate of their national currency, settle international payments, and provide a buffer during financial crises.
What are Foreign Exchange Reserves?
Assets Foreign reserves are highly liquid assets that a country's monetary authorities can readily access and control.
Components They can include:
Foreign Currencies: Assets denominated in foreign currencies, such as U.S. dollars and euros, which are often held in deposits or as foreign bank notes.
Gold: Holdings of gold bars.
Special Drawing Rights (SDRs): A reserve asset created by the International Monetary Fund (IMF).
Foreign Government Securities: Holdings of bonds and treasury bills issued by foreign governments.
Purpose The primary purposes of foreign reserves are:
Exchange Rate Intervention: Used to influence the value of the national currency in the foreign exchange market.
Payment Imbalances: To directly finance a country's international payments.
Economic Stability: To serve as a buffer for the economy by ensuring a country has backup funds in case its own currency rapidly devalues.
Who Owns and Manages Them?
Central Banks and Monetary Authorities: Foreign exchange reserves are controlled and managed by a country's central bank or its equivalent monetary authority.
Government Control: While managed by the central bank, the reserves are considered national assets, effectively owned by the country's government.
Key Examples
Major Holders: Countries in Asia, such as China, tend to have the largest foreign exchange reserves.
Use of U.S. Dollars: A significant portion of global reserves are held in U.S. dollars, partly due to the stability and global economic prominence of the United States.

You are blocked.

Predictor3:
But this is exactly what aribisala said.

Why do we go to the same church, read the same book and go with different perception?

Tell me why?

May bitterness not be our portion IJN. Amen

You don't know what foreign reserves are. Your analysis is off point and disgraceful.

Go and read abeg. This is terrible.

aribisala0:
You are blocked.

He is blocked abi....
Meanwhile somewhere in nairaland

NSNO:
You don't know what foreign reserves are. Your analysis is off point and disgraceful.

Go and read abeg. This is terrible.

Since you know, now tell me exactly what depletes it and how that doesn't support the budget implementation.