₦airaland Forum

Amalekki:
If you are that interested in the topic, go ahead and do your research. It's a good topic for an academic exercise.

So you that have done the study don't know how to present them with facts?

It is like telling people you studied medicine and you tell them that eating beans is bad, and they ask you why, then you tell them to do go and study medicine to know why...

[quote author=grandstar post=138320411][/quote]CBN has not published it, it is analysts that are speculating there, the question you should even be asking there is why CBN has not published it...

johnmartus:
Jonathan administration really destroyed Nigeria.

Y'all should at least read your news na, haba!!! That was the period the world fell into recession, it was this same external reserve that acted as a buffer that didn't allow us feel the impact of the recession and even thrive in Nigeria while the world around us burned. Even if you don't like GEJ, at least give him his flowers.

Since you appear to be too lazy to do some digging by yourself. Let me help you out, this is 2026 and no one should be this lazy in terms of basic research and information.

====================================================

Nigeria was in economic limbo during the military era prior to 1999, characterized by stagnant growth (averaging 1.5%) and hyper-inflation that peaked at 72.8% in 1995. The year 1999 is described as a clean slate economy because it marked a total departure from this 'extraction-only' model. This reset enabled a move toward market liberalization, most notably the GSM Revolution which expanded connectivity by 4,000%, and provided the international legitimacy needed to clear $30 billion in debt (Okonjo-Iweala, 2012). By redefining the economy through the NEEDS framework, the new democracy moved from fiscal insolvency to a decade of consistent GDP growth exceeding 6% annually.

The transition from military rule to the Fourth Republic in 1999 is often called a "clean slate" not because the problems vanished overnight, but because it represented a fundamental break from a decade of international isolation, systemic looting, and institutional decay.

Here is a more detailed breakdown of why 1999 served as that economic "reset button," along with citations to ground the analysis.

1. Restoration of International Legitimacy

Prior to 1999, Nigeria was a "pariah state" due to the human rights abuses and corruption of the Abacha regime. The return to democracy signaled to the global community that Nigeria was "open for business" again.

The Shift: Sanctions were lifted, and Nigeria was readmitted into the Commonwealth. This allowed the Obasanjo administration to begin the grueling process of negotiating debt relief with the Paris Club, which eventually led to the 2005 $18 billion debt write-off - Okonjo-Iweala, N. (2012). "Reforming the Unreformable: Lessons from Nigeria". MIT Press. (This highlights how the democratic mandate was the prerequisite for international financial re-engagement).

2. From Command Economy to Market Liberalization

Military rule was characterized by a "command and control" approach where state-owned enterprises (SOEs) were used as conduits for patronage rather than service delivery.

The "Clean Slate" Action: The 1999 transition allowed for the establishment of the Bureau of Public Enterprises (BPE) and the privatization of crumbling sectors. The most iconic example was the GSM revolution in 2001, which replaced the moribund NITEL and effectively birthed the modern Nigerian telecommunications industry - Jerome, A. (2002). Privatization and Regulation in Nigeria. University of Ibadan.
The 2001 GSM auction is cited as the single most successful liberalization policy in Nigerian history. It grew the sector from 0.4% of GDP to nearly 10% by the end of the decade - Ndukwe, E. (2011). Telecommunications Revolution in Nigeria.

3. Institutional Rebuilding (Transparency & Accountability)

The military era left the treasury with zero oversight. The "clean slate" involved creating new institutions from scratch to guard the public purse.

The Mechanism: The administration introduced the Budget Office of the Federation and eventually established the EFCC (Economic and Financial Crimes Commission) and the ICPC. These were attempts to erase the "culture of impunity" that had become the standard operating procedure under military juntas.
Citation: Lewis, P. M. (2007). Growing Apart: Oil, Politics, and Economic Change in Indonesia and Nigeria. University of Michigan Press.

4. Macroeconomic Stability (The "Needs" Framework)

The "clean slate" provided the political capital to introduce the National Economic Empowerment and Development Strategy (NEEDS). This was Nigeria’s first coherent, home-grown poverty reduction and economic strategy in decades.

The Impact: It de-linked the budget from the volatile price of oil through the Excess Crude Account (ECA), allowing for a "fiscal buffer" that hadn't existed during the military era's erratic spending cycles.

Brendaniel:
You just said the economy was in limbo, explain to me hos that became a clean slate?

What exactly was given to OBJ that Tinubu does not have now that made it a clean slate, please list them out, you can't call something a clean slate without explaining what made it clean.

And Buhari crashed it completely

johnmartus:
Jonathan administration really destroyed Nigeria.

Amalekki:
Since you appear to be too lazy to do some digging by yourself. Let me help you out, this is 2026 and no one should be this lazy in terms of basic research and information.

====================================================

Nigeria was in economic limbo during the military era prior to 1999, characterized by stagnant growth (averaging 1.5%) and hyper-inflation that peaked at 72.8% in 1995. The year 1999 is described as a clean slate economy because it marked a total departure from this 'extraction-only' model. This reset enabled a move toward market liberalization, most notably the GSM Revolution which expanded connectivity by 4,000%, and provided the international legitimacy needed to clear $30 billion in debt (Okonjo-Iweala, 2012). By redefining the economy through the NEEDS framework, the new democracy moved from fiscal insolvency to a decade of consistent GDP growth exceeding 6% annually.

The transition from military rule to the Fourth Republic in 1999 is often called a "clean slate" not because the problems vanished overnight, but because it represented a fundamental break from a decade of international isolation, systemic looting, and institutional decay.

Here is a more detailed breakdown of why 1999 served as that economic "reset button," along with citations to ground the analysis.

1. Restoration of International Legitimacy

Prior to 1999, Nigeria was a "pariah state" due to the human rights abuses and corruption of the Abacha regime. The return to democracy signaled to the global community that Nigeria was "open for business" again.

The Shift: Sanctions were lifted, and Nigeria was readmitted into the Commonwealth. This allowed the Obasanjo administration to begin the grueling process of negotiating debt relief with the Paris Club, which eventually led to the 2005 $18 billion debt write-off - Okonjo-Iweala, N. (2012). "Reforming the Unreformable: Lessons from Nigeria". MIT Press. (This highlights how the democratic mandate was the prerequisite for international financial re-engagement).

2. From Command Economy to Market Liberalization

Military rule was characterized by a "command and control" approach where state-owned enterprises (SOEs) were used as conduits for patronage rather than service delivery.

The "Clean Slate" Action: The 1999 transition allowed for the establishment of the Bureau of Public Enterprises (BPE) and the privatization of crumbling sectors. The most iconic example was the GSM revolution in 2001, which replaced the moribund NITEL and effectively birthed the modern Nigerian telecommunications industry - Jerome, A. (2002). Privatization and Regulation in Nigeria. University of Ibadan.
The 2001 GSM auction is cited as the single most successful liberalization policy in Nigerian history. It grew the sector from 0.4% of GDP to nearly 10% by the end of the decade - Ndukwe, E. (2011). Telecommunications Revolution in Nigeria.

3. Institutional Rebuilding (Transparency & Accountability)

The military era left the treasury with zero oversight. The "clean slate" involved creating new institutions from scratch to guard the public purse.

The Mechanism: The administration introduced the Budget Office of the Federation and eventually established the EFCC (Economic and Financial Crimes Commission) and the ICPC. These were attempts to erase the "culture of impunity" that had become the standard operating procedure under military juntas.
Citation: Lewis, P. M. (2007). Growing Apart: Oil, Politics, and Economic Change in Indonesia and Nigeria. University of Michigan Press.

4. Macroeconomic Stability (The "Needs" Framework)

The "clean slate" provided the political capital to introduce the National Economic Empowerment and Development Strategy (NEEDS). This was Nigeria’s first coherent, home-grown poverty reduction and economic strategy in decades.

The Impact: It de-linked the budget from the volatile price of oil through the Excess Crude Account (ECA), allowing for a "fiscal buffer" that hadn't existed during the military era's erratic spending cycles.

So what is in this content here that Tinubu doesn't have currently as president of Nigeria ?

Kind of sad that no one is commenting on the fact that for a nation like Nigeria, our foreign reserves haven't breached the hundred billion dollar mark.

It's also kind of amusing to see people defending their favorite leader

From what I can see, Nigeria has never really had good leadership. Just saying.

D

Brendaniel:
CBN has not published it, it is analysts that are speculating there, the question you should even be asking there is why CBN has not published it...

You just want to poo-poo the results. Estimates from external resources are actually more credible from the CBN as the central bank might try to hide the true figures. This was the scenario during the Emefiele years.

Check the link below:

https://www.facebook.com/share/p/1AZ4j7bkMA/

grandstar:
D

You just want to poo-poo the results. Estimates from external resources are actually more credible from the CBN as the central bank might try to hide the true figures. This was the scenario during the Emefiele years.

Check the link below:

https://www.facebook.com/share/p/1AZ4j7bkMA/

No, I have also done my search, the last report by the CBN as at Nov 2025 2as 23.11 billion dollars, so I won't follow the speculators...

DeltaBachelor:
Chai. It grew in recent times, but the masses are suffering. Na wa o

Over population, no birth control.

Love800:
Jonathan was the must dumbest president since 1999.

He lacked ideas. Was very jittery.

As wise as you are you can not differentiate between 'most' and 'must!'


A very wise fool!

Chai! Jonathan government chop money o.

Is a typo.

I appreciate.

snowball11:
As wise as you are you can not differentiate between 'most' and 'must!'


A very wise fool!

brain54:
Why did you single out Jonah...?

You can't use only foreign reserve to pass your judgement. The drop during Jonah's time was due to oil price volatility and foreign exchange interventions.

We have had many destroyers the only people excepted ( I personally) are obasanjo and probably yaradua because his tenure was too short lived to pass a judgement.


The rest are a bunch of scallies and that's not judging by foreign reserves alone but how they were generally able to manage the economy!

you dey mind that buffoon. 120k during GEJ was equivalent of almost $900 but now 200k is less than $130 but agbaorians are just ignorant and foolish on what the support

NairaMaster1:
I guess you don't know mathematics.

OBASANJO FROM 4B TO 43B

It's the highest Nigerian external reserve in history. This shouldn't be a debate. i tire for these types of unreasonable opposition.

Obj performed much better. From 4bn to 43 bn that's massive . Its like building a house from foundation. At how much did tinubu meet it and how much is it now? Sycophants, better look for a better job. This will still drop and sharply before the coming election

VEE2010:
Yet another misleading narrative designed to deceive the unwary.

Other administrations have achieved these figures during fuel subsidy regime.

Obasanjo actually revised our foreign reserve upward through a significant increase in petroleum product prices during his administration. Despite that, he obtained excellent results, and yet he was criticized by the very forces that seek to impose a false narrative on us.

Don't mind the sycophants. Let's see what happens before election. Obj did much better. Subsidy was being paid while obj was in office yet, he built our foreign reserves from the scratch. At that figure did tinubu meet it? That's a question they'd not want anyone to ask.

Image123:
Highest in history, Jagaban for a reason. GEJ dropped it like soap, unforgivable if not for God.

We ask you now how this very figure affects you as a person and I don't think you will objectively say something positive

Port443:
We ask you now how this very figure affects you as a person and I don't think you will objectively say something positive

Did the other figures your likes wail about not almost suffocate you? Are they no more after your life and that of your heroes?

Image123:
Did the other figures your likes wail about not almost suffocate you? Are they no more after your life and that of your heroes?

Exactly my point, it made no sense before,it makes no sense now. Just wanted to know why you were hailing "jagaban", but you mentioned it was an empty hailing

grandstar:
Do a search using Google Ai mode with these keywords: "what was the true state of Nigeria's foreign reserves when Tinubu assumed office in May 2023?"

Foreign reserve cann be influenced by borrowings in foreign currency.

Eriokanmi:
Don't mind the sycophants. Let's see what happens before election. Obj did much better. Subsidy was being paid while obj was in office yet, he built our foreign reserves from the scratch. At that figure did tinubu meet it? That's a question they'd not want anyone to ask.

It's pathetic to think Nigerians are fools. Imagine the blatant lie!

Let's do a simple calculation to convert the supposedly highest reserve into US dollars, and do the same for other administrations using the exchange rates at the time and the current rate, to determine which one was the highest.

Their lies will always be exposed.

nedu666:
It's not only 7 and half years Jonathan did, it's 15 years

Ok look it like this

He use 2 and half years of yar adua time
And is own 4 years

WebMind:
Foreign reserve cann be influenced by borrowings in foreign currency.

Buhari borrowed massively and there was nothing in the foreign reserves.

The foundation for the increase in foreign reserves was due primarily to the return to market led foreign exchange policy through the floating exchange rate policy.

That was the primary trigger. Buhari interfered in foreign exchange market by fixing the exchange rates well above its true value. This was a collosal blunder that Emefiele should have fought against.

They used insecurity to destroy Jonathan's administration.

johnmartus:
Jonathan administration really destroyed Nigeria.

Nigeria had its highest ever GDP during Jonathan's administration - over 500 billion dollars. Now we're at under 250 billion dollars. There is even more corruption and unaccountable spending now than ever.

Tinubu is the best president.

Amtasiu:
Nigeria's external reserves since 1999 by different administrations

🟢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 Jan 2026 — $46.012 billion ( the highest in history )

CBN/Statisense
(CBN)

Tinubu the original Jagaban Gbajue

SixSeven:
Tinubu is the best president.

The figure is actually close to $50 billion USD.