₦airaland Forum

By Emma Ujah, Abuja Bureau Chief Abuja—The nation’s foreign reserve
currently stands at $38 billion, the
Coordinating Minister for the Economy
and Minister of Finance, Dr. Ngozi
Okonjo-Iweala, disclosed yesterday. Speaking at the Public Affairs Forum, in
Abuja, the minister said the economy
was stable and the Gross Domestic
product, GDP, was growing at over 6
per cent in spite of the challenges
facing the nation. Her words, “One of the key things I
want to tell you is that we have tried to
keep this economy stable under this
administration. All these things you
are seeing- the investments in roads,
the investments in industries cannot happen if your economy lacks
stability. “If you wake up worrying about
inflation; if you wake up worrying
about exchange rate, you know
Nigerians watch the exchange rate
every single day. If you wake up
worrying about no growth then you cannot even talk about investing in
the sector. “So the number one task that every
government delivers in every country-
America, UK, Nigeria- is stability. One
thing you have to say for the
administration of President Goodluck
Jonathan is that it has been able to deliver on macro-economic stability
for the past three years. “The exchange rate, yes, it has gone
up and down, it fluctuates, but it has
been relatively stable. The inflation
rate has come down from about 12
per cent last year to about 8.5 per
cent. The reserves are at $38 billion today and enough to cushion us for 5
months. We have been able to put a
little more into the Excess Crude
Account”. The minister described Nigeria’s fiscal
deficit as “one of the lowest in the
world- just over 1 per cent of GDP”,
adding that many countries, even in
Europe, run fiscal deficits of between 5
to 10 per cent. On borrowing , she noted that
Nigerians voiced their objections to
large borrowing and that as such the
President Goodluck Jonathan
administration decided to maintain a
low debt profile. “By 2010, we borrowed N1.3 trillion
to help finance our spending. We
determined under the president who
said Nigerians don’t want borrowing,
let’s bring it down. Today do you
know what our borrowing is, N571 billion. We will continue to take it
down, even if it is by N1, we will
continue trending down. The debt
stock is very high because of past
borrowing but will continue to bring it
down. That means we must be prudent in the way we spend and we
must also be very fast to try to
organize additional revenues”. Non-oil revenue Dr. Okonjo-Iweala said that the nation
was too dependent on oil revenue
and that with the falling oil price in the
international market, coupled with
declining crude oil production,
expanding the non-oil revenue base had become inevitable. Her words, “We are too depending on
oil. The price of oil is now coming
down. The quantities are also not as
large as they used to be. So we have to
plan differently. That is why we have
to rely more on non-oil.” “I am convinced that this economy can
generate additional $ 3 billion that can
help us finance our expenditures”. She pointed out that Nigeria has a big
responsibility, not just for itself but for
the whole West African Sub-region
and the entire African continent. “We form 77 per cent of west African
GDP, we form 25 per cent of Africa’s
GDP. It means that if things don’t work
well in Nigeria, a quarter of the African
GDP is affected”, she said, adding, “that
is why this administration is not only thinking of what we will deliver here
but how to be a responsible African
citizen and global citizen in the way it
delivers for its home people”.http://www.vanguardngr.com/2014/11/foreign-reserve-now-38bn-okonjo-iweala/

Okonjo r u sure? No come dey give us tory later.

Waiting for the haters to come and tell us their own APC cyber rodent we are waiting for ur amala and ewedu economics analysis.

I don't know if I should be rejoicing and jubilating or be moody over this news.

Wake me when electricity problem is totally solved in Nigeria

So why are the states not getting their FAAC allocations as at when due?

I hope this woman won't end up discredited

Chai!!!!!!! Where is lier mohammed? Your urgent opinion is needed here

And how has it affected the life if the common man??

YungwizzzyPt7:
And how has it affected the life if the common man??

and that is the fuckin problem!

These people are just bothered abt enriching their pockets indirectly by directly enriching the federal purse. Yet, this frog-faced puffy-lipped she-pig knws that one of the best ways to influence the masses is to increase the amount spent infrastructure development which, sadly, has not received anything more than 13% form trillions of budget each year. With their own expenses taking nothing less that 70% each year...

Imagine a few population not up to 20% of the whole population eating up 70% of the whole budget!
SMH!!!

The woman is a clear fraud. And she was able to succeed due to the dullness of the dark-face bitter-smile hat-wearing mofo who nods at every trick she played. The trick was simple:

If a man hoards money and spends little, he definitely will have reserves. And doesn't amount to progress because u need to spend 'normally', and still have more.

That is why countries like south africa are better, no matter the reserves we have as GDP... They spend to the masses, and still grows!

Madam as una dey reserve our money for foreign bank.my firstbank account is empty oh.my stomack is empty too.pls use this money to execute stomack project oh.

fellow nigerian no mean say na u.wait o,u think the 38b is for us..na dem dem.

SLIDEwaxie:
and that is the fuckin problem!

These people are just bothered abt enriching their pockets indirectly by directly enriching the federal purse. Yet, this frog-faced puffy-lipped she-pig knws that one of the best ways to influence the masses is to increase the amount spent infrastructure development which, sadly, has not received anything more than 13% form trillions of budget each year. With their own expenses taking nothing less that 70% each year...

Imagine a few population not up to 20% of the whole population eating up 70% of the whole budget!
SMH!!!

The woman is a clear fraud. And she was able to succeed due to the dullness of the dark-face bitter-smile hat-wearing mofo who nods at every trick she played. The trick was simple:

If a man hoards money and spends little, he definitely will have reserves. And doesn't amount to progress because u need to spend 'normally', and still have more.

That is why countries like south africa are better, no matter the reserves we have as GDP... They spend to the masses, and still grows!

Just recently, you posted:

SLIDEwaxie:
The hype abt 27 million he got as a loan from the bank is really exposing many people's ignorance! grin

It's funny, he sure has 27 million naira in his account, but a good businessman who is highly influential doesn't dip his hands in his cash at hand even for business..

Dangotte collects loan and pays back in bits..this allows u to focus the cash at hand into other things..

This 27 mills can be paid thru his monthly pensions as a head of state, petroleum minister and so on..

An agreement will just be signed and he wldnt even knw wen he finished paying..

You people are funny, I swear!

According to @SLIDEwaxie, Buhari's decision to save his money and purchase APC Presidential nomination form with borrowed funds is a very wise decision and makes him a very wise business man but Nigeria's desire to save money for the rainy day is foo.lish. To this guy, Nigeria should spend all her income to 'upgrade the status of the common man' and save anything so that his fellow APC fans will call the government at the center names. You once posted this:

SLIDEwaxie:
If economy is growing, GPD rises.

But now, our own economy is growing, but we still have to borrow from our reserves to shore up the economy.

The way u ride on our intelligence is appalling. But one thing i knw:

If u finish sharing the money, dem no born u to share us join...

https://www.nairaland.com/1549737/excess-crude-account-deplete-further

In that thread, you were angry that the economy was growing but the account was depleting. Now, the account is growing and you are still complaining. What exactly do you wnt?

FrankC3:
Just recently, you posted:



According to @SLIDEwaxie, Buhari's decision to save his money and purchase APC Presidential nomination form with borrowed funds is a very wise decision and makes him a very wise business man but Nigeria's desire to save money for the rainy day is foo.lish. To this guy, Nigeria should spend all her income to 'upgrade the status of the common man' and save anything so that his fellow APC fans will call the government at the center names. You once posted this:


https://www.nairaland.com/1549737/excess-crude-account-deplete-further

In that thread, you were angry that the economy was growing but the account was depleting. Now, the account is growing and you are still complaining. What exactly do you wnt?

I see u av a problem with comprehension..

They were hoarding money to steal..
What is the business aspect of a country hoarding money so as to steal it?

What raining season hasn't come since?

Foreign reserve depleting and increasing..we all knw who's stealing it and that the problem..

Now, abt buhari, lemme ask u a question: will u, as a sane person, use a whole 27mills of ur saved money to buy a nomination form wen u cld av the option to pay back in bits in form of bank loans.

Now, he is not wise abi? U think say he be fool?

He has the resources to pay back and it won't be a problem to him..

Abeg, go reason before u argue