₦airaland Forum

fiizznation:
color=#990000]Premium times quoted the former finance minister in her own words. So what are you saying again?[/color]

koboko69:
The late President Umaru Musa Yar'Adua became Nigeria's president on May 29 2007. As at the time, he met an external debt of about $3,348.22 billion, and foreign reserves of about $45.0 billion and also a growing oil price of about $90/barrrel.
The Nigeria's Bonny Light Crude Oil Spot Price FOB which was $95.16 per barrel in January 2008 rose to $146.15 in July 2008 before declining to $76.24 per barrel by October 17 2008. Thus, within four months, it had lost 50% of its peak price.
Within this period, Yar'Adua was able to grow the external reserves to about $64 billion.
During the global financial crises, Nigeria capital markets, and banking industry were hit, coupled with the dwindling oil prices.The nation‘s foreign reserves decelerated from $64
billion in August 2008 to $47 billion as at March 2009, a 27% decrease, as the government had to resort to the ECA which is also part of the national reserves.
However according to records by CBN; Nigeria’s growth trajectory was not significantly impaired. The real Gross domestic Product (GDP) growth rate which averaged 6.29 percent between 2004 and 2007 declined marginally to 5.99 per cent in 2008 rising thereafter to 6.9 percent in 2009. This is often attributed to the impressive performance of the non-oil sector, particularly, agriculture and the continuous implementation of sound macroeconomic policies.
The external reserves was, however, still able to support at least 15 months of imports.
In conclusion, the foreign reserves played a major factor in the survival of the economy before the early dismiss of President Yar'Adua.
Goodluck Jonathan's takeover;
After President's Yar'Adua's Dismiss, President Jonathan took over May 05 2010. He met a foreign reserve of about $47. 7 billion and external debt of about $3.94 billion Dollars.
While Jonathan was unable grow the foreign reserves like his predecessor during the oil boom remains unclear.
However the immeidate past Finance minsiter in her response to Obosanjo's accusations about Jonathan squandering $55bn said below

Read more at: http://www.vanguardngr.com/2015/01/55bn-got-wrong-fg-replies-obasanjo/
In conclusion again, according to Okonjo here, The national reserves played a major role in defending the economy.
[b]THE REALITY TODAY
Buhari met $32 bn as external reserves and $63 billion esternal debt even though Ngozi Okonjo-Iweala, promptly rose to the defence of Mr. Jonathan’s administration, saying of the $63 billion debt, the administration only incurred $21.8 billion. How the external debt rose to an alarming rate remains unclear. Buhari also met a subsidy debt of about N600bn. How subsidy claims rose from N320bn to a whooping 2 trillion Naira under his administration remains unclear till this day.
Buhari also took over with oil price selling below $50/barrel whch later dwindled to as low as $28/barrel.
The price of crude remains below $50/barrel today.
The current oil production rate have also dwindled with the renewed activities of some misguided, and deluded criminals in the name of Avengers in the ND region.
FINAL CONCLUSION
In conclusion and in the reality today, President Buhari have been trying his best to move the nation forward. Alot of leakages have been plugged, and a solid foundation is being layed down. It will be hypocritical and unfair for anyone not to expect the economy woes of today with the above analysis. With the indications above it is not out of place to say President Buhari inherited a virtually empty Treasury.
I urge every right thinking Nigerian, to criticise this government in good faith and not born our of tribal hatred or the hangover of the fact that the last government was booted out of office. The Economy woes experienced today should be expected by every right thinking Nigerian.
Even the immediate past Finance minister celebrated by some section of the country, warned severally about a very tough econmy.
Lets pass a vote of confidence in President Buhari by clicking Like!!!!
References
http://www.vanguardngr.com/2015/01/55bn-got-wrong-fg-replies-obasanjo/
http://ends.ng/umaru-musa-yaradua-the-legacy-of-a-president/
http://www.premiumtimesng.com/news/headlines/185523-i-met-huge-debts-virtually-empty-treasury-buhari.html
http://www.dailytrust.com.ng/daily/index.php/news-menu/news/58250-jonathan-left-32bn-for-buhari-ex-minister
http://www.thenationonlineng.net/archive2/tblnews_Detail.php?id=74667
http://www.cenbank.org/OUT/2012/PUBLICATIONS/REPORTS/STD/GLOBAL%20FINANCIAL%20MELTDOWN%20AND%20THE%20REFORMS%20IN%20THE%20NIGERIAN%20BANKING%20SECTOR.PDF

koboko69:
The late President Umaru Musa Yar'Adua became Nigeria's president on May 29 2007. As at the time, he met an external debt of about $3,348.22 billion, and foreign reserves of about $45.0 billion and also a growing oil price of about $90/barrrel.
The Nigeria's Bonny Light Crude Oil Spot Price FOB which was $95.16 per barrel in January 2008 rose to $146.15 in July 2008 before declining to $76.24 per barrel by October 17 2008. Thus, within four months, it had lost 50% of its peak price.
Within this period, Yar'Adua was able to grow the external reserves to about $64 billion.
During the global financial crises, Nigeria capital markets, and banking industry were hit, coupled with the dwindling oil prices.The nation‘s foreign reserves decelerated from $64
billion in August 2008 to $47 billion as at March 2009, a 27% decrease, as the government had to resort to the ECA which is also part of the national reserves.
However according to records by CBN; Nigeria’s growth trajectory was not significantly impaired. The real Gross domestic Product (GDP) growth rate which averaged 6.29 percent between 2004 and 2007 declined marginally to 5.99 per cent in 2008 rising thereafter to 6.9 percent in 2009. This is often attributed to the impressive performance of the non-oil sector, particularly, agriculture and the continuous implementation of sound macroeconomic policies.
The external reserves was, however, still able to support at least 15 months of imports.
In conclusion, the foreign reserves played a major factor in the survival of the economy before the early dismiss of President Yar'Adua.
Goodluck Jonathan's takeover;
After President's Yar'Adua's Dismiss, President Jonathan took over May 05 2010. He met a foreign reserve of about $47. 7 billion and external debt of about $3.94 billion Dollars.
While Jonathan was unable grow the foreign reserves like his predecessor during the oil boom remains unclear.
However the immeidate past Finance minsiter in her response to Obosanjo's accusations about Jonathan squandering $55bn said below

Read more at: http://www.vanguardngr.com/2015/01/55bn-got-wrong-fg-replies-obasanjo/
In conclusion again, according to Okonjo here, The national reserves played a major role in defending the economy.
[b]THE REALITY TODAY
Buhari met $32 bn as external reserves and $63 billion esternal debt even though Ngozi Okonjo-Iweala, promptly rose to the defence of Mr. Jonathan’s administration, saying of the $63 billion debt, the administration only incurred $21.8 billion. How the external debt rose to an alarming rate remains unclear. Buhari also met a subsidy debt of about N600bn. How subsidy claims rose from N320bn to a whooping 2 trillion Naira under his administration remains unclear till this day.
Buhari also took over with oil price selling below $50/barrel whch later dwindled to as low as $28/barrel.
The price of crude remains below $50/barrel today.
The current oil production rate have also dwindled with the renewed activities of some misguided, and deluded criminals in the name of Avengers in the ND region.
FINAL CONCLUSION
In conclusion and in the reality today, President Buhari have been trying his best to move the nation forward. Alot of leakages have been plugged, and a solid foundation is being layed down. It will be hypocritical and unfair for anyone not to expect the economy woes of today with the above analysis. With the indications above it is not out of place to say President Buhari inherited a virtually empty Treasury.
I urge every right thinking Nigerian, to criticise this government in good faith and not born our of tribal hatred or the hangover of the fact that the last government was booted out of office. The Economy woes experienced today should be expected by every right thinking Nigerian.
Even the immediate past Finance minister celebrated by some section of the country, warned severally about a very tough econmy.
Lets pass a vote of confidence in President Buhari by clicking Like!!!!
References
http://www.vanguardngr.com/2015/01/55bn-got-wrong-fg-replies-obasanjo/
http://ends.ng/umaru-musa-yaradua-the-legacy-of-a-president/
http://www.premiumtimesng.com/news/headlines/185523-i-met-huge-debts-virtually-empty-treasury-buhari.html
http://www.dailytrust.com.ng/daily/index.php/news-menu/news/58250-jonathan-left-32bn-for-buhari-ex-minister
http://www.thenationonlineng.net/archive2/tblnews_Detail.php?id=74667
http://www.cenbank.org/OUT/2012/PUBLICATIONS/REPORTS/STD/GLOBAL%20FINANCIAL%20MELTDOWN%20AND%20THE%20REFORMS%20IN%20THE%20NIGERIAN%20BANKING%20SECTOR.PDF

koboko69:
The joke is on you. You guys only see what you want to see.

You cleary see this

"Ngozi Okonjo-Iweala, promptly rose to the defence of Mr. Jonathan’s administration, saying of the $63 billion debt, the administration only incurred $21.8 billion."

See link;

http://www.premiumtimesng.com/news/headlines/185471-jonathan-left-n7trillion-deficit-for-nigeria-buharis-transition-committee-chairman-joda.html

As for OBJ, he received the bulk of Abacha's loot. And it took a whooping 8 year to leave 47bn in the reserves. Also note that oil prices soared high, hence your logic is null and void.

Get your facts right.

plaetton:
Premium Times first quoted an obviously biased chairman of the transition committee, whom, the former finance minister had to come out publicly to refute and correct.

Now, if the OP did not have serious comprehension problems, or had been more honest, he would also noticed and acknowledged that both officials were referring to the total DEBT stock that includes both external and domestic DEBT, the external being $10b and the domestic being the bulk.

Another important FACT that OP's jaundiced analysis deliberately skipped is the portion that where the former finance minister stated that GEJ government's contributions to the total sum of the DEBT stock was $21b or a third of the total.
The rest were accumulations from all previous administrations going back all the way to 1960.

FACTS are stubborn things.
They always come to bite hard at liars .

Stalwert:
[s][/s]

So while the op gave us reference for all his claims you simply post unreferenced claims and expect sane and sensible individuals to take your claims not backed up by links over a well researched and referenced op? You are posting absurdities and mere fart out of ethnic bigotry and tribal chauvinism.

plaetton:
Like I told you the other day, facts are stubborn things.
They bite hard at liars.

The OP has obviously ran away, just like yoy did the other day, because he has met with real FACTS.

Now, take this UNICORN meat , run away and go play with your other intellectual toddlers.

koboko69:
Don't tell me you are getting this facts from the same tabloid . You guys are clowns. The question is was the debt inherited by Buhari or not irrespective of how it was accumulated. Even in my original post i clearly put Okonjor's defence there and even quoted how much she said was Jonathan's contribution. So how am i being biased? What exactly is your point?

koboko69:
Don't tell me you are getting this facts from the same tabloid . You guys are clowns. The question is was the debt inherited by Buhari or not irrespective of how it was accumulated. Even in my original post i clearly put Okonjor's defence there and even quoted how much she said was Jonathan's contribution. So how am i being biased? What exactly is your point?

plaetton:
Like I told you the other day, facts are stubborn things.
They bite hard at liars.

The OP has obviously ran away, just like yoy did the other day, because he has met with real FACTS.

Now, take this UNICORN meat , run away and go play with your other intellectual toddlers.

plaetton:
Op.

You are a big liar.

As of October 2015, Nigeria's external debt stood at around $10b.
In FACT, $8b to $10 had been the average since 2008, long before Jonathan became president.

Therefore, Jonathan did not increase Nigeria's external debt by any significant amount.

It is on record that the current minister of finance is using Nigeria's very low DEBT to GDP ratio as a justification for seeking more external loans this year.

In your lopsided analysis, selective amnesia didn't allow you mention that OBJ inherited a Nigeria that had completely collapsed economically and politically.

He inherited a mere $3b in reserves and $38b in debt and oil price in the teens.
How did he and NOI do the magic?

Buhari inherited $30b reserves, $10b external debt and he is sulking and whining like a spoilt brat.

Be man enough to call incompetence and failure what it is: INCOMPETENCE and FAILURE.

All of you should go and hide in shame.

Okonjo-Iweala said the Goodluck Jonathan administration differed seriously from the Olusegun Obasanjo administration under whose administration the Nigeria government saved $22 billion, which she said, helped to cushion the dryness that came the way of the country at the end of the last decade.

“We saved $22 billion because the political will to do it was there. And when the 2008 /2009 crisis came, we were able to draw on those savings precisely to issue about a five per cent of GDP fiscal stimulus to the economy, and we never had to come to the Bank or the Fund.

“This time around and this is the key now, you need not only to have the instrument, but you also need the political will. In my second time as a finance minister, from 2011 to 2015, we had the instrument, we had the means, we had done it before, but zero political will.

“So we were not able to save when we should have. That is why you find that Nigeria is now in the situation it is in. Along with so many other countries.

http://www.vanguardngr.com/2016/04/nigeria-had-no-political-will-to-save-under-jonathan-okonjo-iweala/

Demdem:
Op made perfect sense.
Jonah-daft really destroyed this country. Thank goodness we booted out the bastard if not by now half of the population would have kpeme.

koboko69:
Lol. God forbid me run away from amateur wailers. I can bet mu left tentacles on that. Where is your "real Facts"

Look above u before you start rejoicing over your failure.

Stalwert:
Yet a tribal goat kb in this thread doesn't just get it

superstar1:
OP may God bless you for this.

2 things are salient.

OBJ performed next to miracle with our economy.

GEJ was a mistake. May we never see his type again.

FOLYKAZE:
NOI who had worked as part of the economic team between OBJ lead Govt and GEJ lead govt. She understand the problem than you sitting behind the computer defending the indenfensible.

She was on the driver seat and busy steering the economy. Here is her statement in USA:

plaetton:
Oh gosh, I am getting really embarrassed debating with intellectual Lilliputians.

Every government in Nigeria has inherited Debts and other liabilities from the previous government.
That is the nature of governance.
Daahhhh!!

Government is a super dynamic entity.
Buhari is no exception.
We are simply tired of this Cry Baby.

What exactly did Buhari expect when he was campaigning against the previous government so that he could lead?

What is the purpose of political campaigns , if not to take a bad situation and make it Better ?


Shame shame shame.

1NigeriaOnlyIf:
There you go again with deflection. Face the issue at hand. I asked a simple question: What is the policy direction of this government. Tell me pls.

Why is Buhari spending 40bn on oil exploration when same oil has failed us.
There was a time for blaming GEJ. That time is over now. Its a year into Buharis administration. We all recognise the mistakes of the past, from the time nigeria became a nation. But tell me the positive Buhari has done to help the economy. What is his policy direction.

Just incase you go into another deflection, let me specify my questions here clearly. Just two for now

why spend 40bn naira on oil that has failed us.
what is the economic policy direction of this administration.

FOLYKAZE:
NOI who had worked as part of the economic team between OBJ lead Govt and GEJ lead govt. She understand the problem than you sitting behind the computer defending the indenfensible.

She was on the driver seat and busy steering the economy. Here is her statement in USA:

plaetton:
My dear friend,
How far?

I don't know why people get sentimental over simple issues of fact.

What exactly do you surmise that I am defending here?

I am here simply rebuking someone who came here to publish outright lies and innuendos.

Facts are facts, opinions are opinions.

If anyone wants to promote Buhari or wants criticize GEJ, let them do it with FACTS.

For example, look how the liar stated that Jonathan left behind an external DEBT of $63b.
A big fat, shameful lie.

Should I have just looked away and allow him to publicly hawk lies?
Remember, there are very impressionable people, young and old, on Nairaland.

Have a good day.

koboko69:
Every government inherited debts

Guess Obj's claim of leaving a debt free nation was a phantom of his imagination Oh, he probably lied, or CBN lied, in fact everybody lied. How much debt did Yaradua incur, b4 his dismiss, and how much was it raised to in 2 years by Jonathan Mr fact finder the econmy intellect?
You people like whining and moving rollercoaster to defend the indefensible. You have even deliberately ignored how subsidy claims became 2 trillion naira within a short time. Did the cars in Nigeria tripple, or generators, or is it population? What exactly? Or is that a lie too?

plaetton:
My dear friend,
How far?

I don't know why people get sentimental over simple issues of fact.

What exactly do you surmise that I am defending here?

I am here simply rebuking someone who came here to publish outright lies and innuendos.

Facts are facts, opinions are opinions.

If anyone wants to promote Buhari or wants criticize GEJ, let them do it with FACTS.

For example, look how the liar stated that Jonathan left behind an external DEBT of $63b.
A big fat, shameful lie.

Should I have just looked away and allow him to publicly hawk lies?
Remember, there are very impressionable people, young and old, on Nairaland.

Have a good day.

FOLYKAZE:
I have known you to be intelligent when arguing. You also back your claims with facts. But bro, you are not doing that here. You are judging and throwing in sentiment here.

The OP quote NOI words and backed it with an accessible evidence. So to be fair enough, you need to show us your own accessible and realiable facts.

I challenge you on that

seunmsg:
OBJ'S first budget was N800 billion, now, we are talking of financing a N6trillion budget. The minimum wage as at the time OBJ took over was less than N4000 before he increased it to N7500. Today, it's N18000 and labour are already calling for increase. So bro, times are very different. Nobody, not even OBJ can do any miracle with Nigeria's economy if crude oil prices remain as low as we've seen since last year.

plaetton:
Another bold face lie.

Buhari inherited a modest economy on a growth trajectory, though with structural weaknesses.

But it plain idiotic to blame lacklustre management capabilities on the previous administration.

Every successive government in Nigeria and all over the world inherits liabilities of some sort from previous eras.
That naturally comes with the territory.

No aspiring leader chooses and picks the best economic conditions under which to lead.

True leadership, let me repeat it again, is fashioned and honed during periods of great challenges.

If we sincerely want to play the blame game, it would take us all the way back to 1960.

It is very very obvious to anyone who has eyes and ears that Buhari has Zero qualities that true leaders are made of.

For the past 1 year, it's been sulking and whining, blaming, deflection of RESPONSIBILITIES.

Why not do a thing of honor and RESIGN and let another unfortunate person handle the economy ?

koboko69:
Every government inherited debts

Guess Obj's claim of leaving a debt free nation was a phantom of his imagination Oh, he probably lied, or CBN lied, in fact everybody lied. How much debt did Yaradua incur, b4 his dismiss, and how much was it raised to in 2 years by Jonathan Mr fact finder the econmy intellect?
You people like whining and moving rollercoaster to defend the indefensible. You have even deliberately ignored how subsidy claims became 2 trillion naira within a short time. Did the cars in Nigeria tripple, or generators, or is it population? What exactly? Or is that a lie too?

fiizznation:
Funny. The economy template of this administration is there on APC site if that's all you care to know. If you are too lazy to go there I can help you;

http://www.allprogressivescongress.org/manifesto/

Whether you want to hear it or you don't want to it, the truth must be told. And the truth is buhari INHERITED a bad economy from the previous government. There was virtually any left in our excess crude oil/external reserve. Our debt increased while our GDP was already declining. Some organizations were already retrenching workers. Our inflation rate was increasing while recession was very imminent. It was so bad that the Jonathan administration had to borrow in the last two months of their tenure just to pay workers.

Now I asked you; The previous administration sold oil{our only export earning commodity} for about $147 per barrel for almost 5yrs, now tell me, what the hell did they do with all the money and where did they kept the money?

fiizznation:
When Jonathan was running the nation aground, nobody asked him to resign, rather Nigerians mobilized and voted him out. So I will equally advice you to also mobilize your fellow compatriots and vote buhari out in 2019. And this "unfortunate person" statement you used in the concluding part of your post is rather unfortunate
[/i]

FOLYKAZE:
I have argued on many occasions with my boss who is a fanatical PDP fan and Hausa hating tribal bigot that situation at the moment is not Buhari's fault but stem from absolute mismanagement and massive looting from past government which causing massive hit on our economic system. The wastage and spending spree by GEJ and his croonies make things worse. He is a visionless, clueless and hardened crook. He cared not about saving during the raining days. A small ant is wiser than he is.

But, do I need to continue arguing with a blind person? Make them con sack me wey another oppourtunity no dey?

I often put Government economics with that of private individual on parallel lines. A man who earned 147,000 as a monthly salary will have to take harsh decision when his salary falls to 27,000. Therefore, in order to save face and escape the hard condition, he has to save for the doom days. The standard of living when earning is 147k will be incomparable when earning falls to 27k. So one needs to preprae by saving for the doomdays.

Now on the Government part, Yaradua saved us from experiencing harsh condition in 2008-2009 by saving whooping 67b dollars. He took advantage of the oil boom and saved for the oil fall. His efforts sustained the nation for months running to a year period. This is a man with vision.

Jonathan came in with his voodoo economic team lead by World Bank puppet NOI. They had chances of saving when price of fuel rises to it peak but wasted their oppoutunity. They stole, wasted and shared among themselves our resources and reserve. When oil was selling below $60/barrel, Nigeria was borrowing to pay salaries. This is to show the damages caused on our reserve. We are exposed to harsh hit.

Buhari is a good manager. Even when Oil fell below $30/barrel, he didnt borrow to pay salaries like the fedora hatman did. The damages done to the economy is beyond imagination but he is doing more than enough taking his time and energy to keep us in balance. Nigeria would have been swept away if GEJ had won. I believe in Buhari with time will put Nigeria back on tracks

1NigeriaOnlyIf:
excellent analysis

Its like me blaming my dad for not willing one billion dollars to me. HOW MANY HAVE I MADE
HOW MANY DID HIS OWN FATHER GIVE HIM.

IF BUHARI IS A GOOD LEADER, DESPITE THE CHALLENGES, HIS EFFORTS WILL BE SEEN.

WHAT I HAVE SEEN SO FAR IS BUDGET PADDING. ARREST OF OPPOSITION PARTY STALWARTS WHEN HIS OWN GOVERNMENT IS FULL OF CRIMINALS, OVER 3BN TO BE USED ON MAINTENANCE OF ASO ROCK, FLYING ALL OVER THE WORLD WHEN HIS HOME IS ON FIRE, COMPLACENCY OR COLLUSION WITH FULANI HERDMEN, PROBE OF THE SOURCE OF OPPOSITION CAMPAIGN FUNDS AS IF APC CAMPAIGN FUNDS WERE SENT BY GOD FROM HEAVEN.

I WANT SOMEONE TO TELL ME THE ONE POSITIVE THING BUHARI HAS DONE FOR THE ECONOMY.