₦airaland Forum

rhymestech:
i don't expect this woman that is a total failure can even take up the courage to comment about anything that has to do with the economy at a time like this.
She is one of those that have brought nigeria t where it is now and the brain she boroowed GEJ since he doesn't have a mind of his own is obviously the indomie brain that has killed our economy.
What do you expect from someone that ties headgear like a pepper seller.

Shame on her jo

989900:
That old-thieving senile OBJ and his cohorts met $2b in 1999 ¹; grew it to $62b in 2007 ²

3. If we didn't clear $36b debt owed, then how much did we pay, and how much were we pardoned? And how much debt do we owe now?³

5. I think you meant the President should ask the governors what they did with the monies he gave them ('cause that would be the proper line of reasoning any half-sane individual would tow) -- well unless he is not fit to ask.⁴

Historical Background Over the past three decades, Nigeria has taken numerous policy initiatives and measures in the management of its external reserves. Although very little was achieved because the structure in place then could not support efficient reserves management, enduring lessons could be distilled from the nation’s past experience. Thus, Since the 1970s, Nigerian economy has persistently depended on oil as the main source of foreign exchange earnings with the attendant cycles of economic booms and bursts.

From 1999, world oil prices began to rise again resulting in another but better managed boom and unprecedented accumulation in the level of reserves from USD4.98 billion in May 1999, to USD59.37 billion as at March 28, 2007.

“At the end of May 2007, Nigeria’s gross reserves stood at $43.13 billion – comprising the CBN’s external reserves of $31.5 billion, $9.43 billion in the Excess Crude Account, and $2.18 billion in the federal government’s savings."

The package in final terms that we are to expect would yield debt relief of about 60% on our current Paris Club debt. We shall pay off the 40 percent balance through a buy back operation. The total write off is close to $20 billion

while its external component is valued at about $9.38 billion.

kaboninc:
1. This is a snapshot from the link posted below.



Ref: http://www.cenbank.org/IntOps/ReserveMgmt.asp

Obviously, the Foreign Reserve was USD4.98 billion in May 1999. So your imaginary $2 billion in 1999 is wacked.

2. Another excerpt:

Ref: http://www.thisdaylive.com/articles/2007-2012-movement-in-foreign-reserves-account/138991/
From 2 above, Nigerian's Foreign Exchange Reserve and Excess Crude as at 2007 were $31.5 billion and $9.43 billion respectively.


3. This is President Obasanjo's speech on "Debt Relief for Nigeria: A Dividend of Democracy"


Ref: http://www.dmo.gov.ng/debtrelief/parisclubdeal.php

Another excerpt:

Ref:http://www.thisdaylive.com/articles/2007-2012-movement-in-foreign-reserves-account/138991/

4. It is a pity you ask why the President should ask the Governors on what they did with their own share of the Excess Crude Savings. I don't know if I should educate you because you just throw in your own ideas and stamp them as facts.

And if you notice, my sources are easily verifiable and credible. Please spend more of your time learning and acquiring information not going about with very false and misleading information.

“At the end of May 2007, Nigeria’s gross reserves stood at $43.13 billion – comprising the CBN’s external reserves of $31.5 billion, $9.43 billion in the Excess Crude Account, and $2.18 billion in Federal Government’s savings,” Ms. Okonjo-Iweala said.
The minister said the balance in the foreign reserves have been fluctuating over time in line with the swings of global crude oil prices in the international oil market.
According to her, the reality has been that since May 2007, oil prices reached a peak of $147 per barrel, the country’s reserves rose from $43.13 billion to peak at $62 billion in September 2008 during the Yar’adua/Jonathan Administration.

From a reserve position of US$8.0 billion in 2002, the country has as at end January, 2006 the sum of US$30.0 billion in the reserve- over 300% increase and about 30months of import level.
The exchange rate has been stable since the commencement of DAS particularly in the year 2004. Year 2004 opened with a rate of N137.00/$1 and closed with an exchange rate of N132.85/$1, indicating an appreciation of N4.15 (or 3.03%). There was further improvement in 2005 as the naira appreciated by 2% from N132.00/$1 to N129/$1 as at end December, 2005.

kaboninc:
How about World Economic status in 2007 vs 2014. Please provide figures for your comparisons. We can start from there.

And why say Soludo never directed personal attacks on NOI? That piece was simply an indictment on her management of the economy. The truth is that they were laced with wrong facts and figures.

989900:
Regardless of who you believe in (my sources, or yours), $2b, or $4.98b to $40b or $62b (Even NOI 'acknowledges' OBJ left $43b and YarA'dua grew it to $62b), I posted the link before, obviously you didn't go thru . . .
If it makes it easier for you.
-- http://www.premiumtimesng.com/news/top-news/174461-excess-crude-foreign-reserves-obasanjo-lied-says-okonjo-iweala.html
Go back and read your earlier post and mine, and the links, and tell me again this justifies your allegations/repudiation, or indicates progress/improvement.
Or the fact that we're accumulating debt at break neck speed right now.
-- http://www.vanguardngr.com/2014/08/nigeria-sinks-deeper-external-debt/
This is improvement:
--http://www.cbn.gov.ng/IntOps/
Can you say the same for the present administration?

kaboninc:
Nothing I say will make you see reasons. So let me reserve my resources.

Seun:
It happened by mistake. A Iraqi economist created the structure at a time when politicians and voters did not appreciate the value of the oil:
http://www.ft.com/cms/s/2/99680a04-92a0-11de-b63b-00144feabdc0.html also it's easier to save when your citizens are not very poor.

Curlieweed:
It's a good thing you didn't get into the fuel subsidy issue. I'm ideologically opposed to the subsidy and government control of the energy sector.

I wasn't talking about hard here when discussing "political capital". Realistically, can you imagine the social and political fallout of firing about 50% of the Federal work force? I think a gradualist approach is more prudent especially when you realize that government spending (and revenue) as a percentage of our GDP is one of the lowest in the world. Increasing this take while keeping personnel costs almost constant will correct the imbalance in the long run. This will take a longer time to achieve but is a less disruptive alternative.

I don't honestly understand your question about legislative reform but I believe that GEJ attempted a wholesale review of the 1999 fraud constitution. However, it's actually the Legislature not the GEJ that's responsible for laws in this country. Sorry, that's the law of the land. Unfortunately, our inheritted Yankee constitution is not designed for radical, unilateral action by the President. We need to deal with that.

Regarding the reports you mentioned, I believe actions were taken on most of them. For example, some people are currently undergoing trials because of the "fuel subsidy" report.

kaboninc:
You are funny.

For the record, OBJ did not leave behind anything close to $62 billion in any reserve. Facts are sacred.

Secondly, since you claim to know much about U.A.E, Dubai and co, you should know that in 2010, there was a 53% increase in labour wages across Federal Civil Servants - remember one of ASUU's demands? And the government had to borrow to meet that obligation?

Thirdly, you should also know that we pay subsidy for products which we have in abundance. If the removal and subsequent liberalisation of the oil sector had been allowed to sail through when OBJ sold the refineries, we wouldn't be in this subsidy mess. Ironically, the same people who were against the removal of subsidy in 2012 are now championing its removal because there is a decrease in allocations to states.

You say we paid up $36 billion debt owed by us to creditors. That's a fat lie. Do your research again and find the truth.

Lastly you should ask these State Governors, what they did with their own share of the Excess Savings. That savings wasn't 'leaking'. Do a proper research and avoid beer parlour politics.

adconline:
U
I don't believe-it doesn't win argument, facts do. Provide counter facts.. ObJ btw saved $43bn and Yar'dua saved $62bn.. NOI and her team have NEVER disputed these numbers! BTW, GEJ has saved nothing in the last 6 years!

adconline:
U
I don't believe-it doesn't win argument, facts do. Provide counter facts.. ObJ btw saved $43bn and Yar'dua saved $62bn.. NOI and her team have NEVER disputed these numbers! BTW, GEJ has saved nothing in the last 6 years!

kaboninc:


1. This is a snapshot from the link posted below.



Ref: http://www.cenbank.org/IntOps/ReserveMgmt.asp

Obviously, the Foreign Reserve was USD4.98 billion in May 1999. So your imaginary $2 billion in 1999 is wacked.

2. Another excerpt:

Ref: http://www.thisdaylive.com/articles/2007-2012-movement-in-foreign-reserves-account/138991/
From 2 above, Nigerian's Foreign Exchange Reserve and Excess Crude as at 2007 were $31.5 billion and $9.43 billion respectively.


3. This is President Obasanjo's speech on "Debt Relief for Nigeria: A Dividend of Democracy"


Ref: http://www.dmo.gov.ng/debtrelief/parisclubdeal.php

Another excerpt:

Ref:http://www.thisdaylive.com/articles/2007-2012-movement-in-foreign-reserves-account/138991/

4. It is a pity you ask why the President should ask the Governors on what they did with their own share of the Excess Crude Savings. I don't know if I should educate you because you just throw in your own ideas and stamp them as facts.

And if you notice, my sources are easily verifiable and credible. Please spend more of your time learning and acquiring information not going about with very false and misleading information.

themano:
When you guys were encouraging different labour groups and gangs to press for more pay and sustain fuel subsidy, where did u think the money will come from? From Jonathans personal savings account?

adconline:
Blame galore Nig Ltd! OBJ implemented national minimum wage for the first time and still managed to save. Oil sold $38/barrel under OBJ while it sold $90/barrel under GEJ

kaboninc:
The minimum wage in OBJ's time was 7,500. GEJ increased it to 18k and that's 140% increase. Across the Federal labour workforce, salaries were increased by 53%. That's a huge increase in the wage bill. Now, compare how many workers during OBJ's tenure to that of GEJ's. Just the NYSC scheme alone is enough proof to tell you that there have been an increase in labour force. Even some states are yet to implement the minimum wage bill.

Even with facts you choose to stand on your personal opinion. Go and find out oil price trend between 1999 and 2007. Ordinary common sense will tell you that for the fact OBJ saved up to $43 Billion crude oil will not be sold at $38 per barrel. If during Yar'adua's tenure, it shot up to $62 billion, still it cannot be at $38 per barrel.

Use your time to find information and not gloat in ignorance.

And when you say GEJ did not save, it means you're not current. Because if you are, you'd know that it is only in GEJ's administration that Governors exerted the most pressure for excess savings to be shared. And he has no option than to do so because the money belongs to the Federation.

Like I said, asked the governors what they did with their own share. The Federal Government is the most scrutinised tier of government. Even the Local Governments receive a share. These are the questions you should be asking.

In their wisdom, the Federal Government decided to set up a saving scheme, the Sovereign Wealth Fund. The purpose for this scheme is being threatened because the same Governors have taken the Federal Government to court.

Also, part of the Excess Crude Savings was used to finance NIPP power projects managed via the Niger Delta Power Holding Co (a Special Purpose Vehicle) and a gentleman agreement in which all three tiers of governments are shareholders with the shareholding as according to their percentage allocation in the Excess Crude Savings.

Today, State Governments exert a domineering pressure on the Local Governments. You should be pushing for complete autonomy for Local Governments and stop this blind argument and criticism against GEJ. Ask the right questions.

Lastly when you say increase in reserve, I hope you understand or know that the component that's of utmost important to us is the Excess Crude Savings which can actually be tampered and subsequently shared.

nigeriapowerreform.org/index.php?option=com_content&view=article&id=74

adconline:
OBJ increased minimum wage from N3000 to N7500, that's a 150% increment, even though he inherited a $5bn foreign reserves with over $40bn external debt.
http://eujournal.org/index.php/esj/article/download/114/119. Pg 24, par 2.
Btween 1999 and 2007, average price was $38/barrel. In fact, btw 2001/02, it sold for less than $22/barrel.
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=F000000__3&f=A
ECA was shared between FG and state governors during 2010/11 election season. GEJ shared what he didn't save. Main foreign reserve of about $43bn was not shared. Mind you Yar,dua/GEJ inherited $62bn. How much did GEJ save?
Sovereign wealth fund is only $1bn which was drawn from ECA. You depleted about $20bn in ECA and replaced it with SWF? It's like gambling away your Boeing 787 Dreamliner Jet and replacing with a bicycle.
The more I talk about this profligacy, the more I get convinced that Nigeria is irredeemably doomed!

Seun:
It's hard for government to save in times of plenty in a democracy. The opposition will accuse you of not doing anything to help the people.

milychocs:
Lol,..I know you joke...nice
You need to double check cos I knew this long ago
Harakiri is like honour killing

A kind of suicide that Japanese ?men commit by slicing a sword thru their ? bellies...
To atone for any blight on their family (unsure of personal now) honour
I do not remeber exactly sha , and I am resentful of the internet so will not check
I read this from before Google, when encyclopaediae rocked my word
When I was a knowledge goddess

Now Google has made people aware of things and stolen my thunder!