₦airaland Forum

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.

plaetton:
Lol.
What a joker.

How dare you quote Premium Times to me as your source for economic facts.

Premium Times is a tabloid, not a source for real economic facts.

I suggest you get an education to help you know the difference between external DEBT and Total debt stock that includes Domestic DEBT.

Stop embarrassing yourself with your half-baked knowledge.

Gosh!
Talk about dishonesty and buffoonery.

MetaHuman:
exactly..

I use to respect the dude in religion section as one of the smart ones.. But politics and tribalism has really brought out the dumbness and ediocy in him
He throws logic and facts in to the wind at the alter of bigotry whenever he talks now.

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:
More than 100 petitions against Amaechi have been forwarded to the EFCC.

Can u swear on the life of ur seeds born and unborn on this?

I have seen copies of such petitions, marked " received " by EFCC, here on Nairaland.

Yes and far before he became minister he like his other colleagues have been investigated and found not wanting. Wike claims he has documents to nail him, why and what is stopping him from starting prosecution if he is so sure of himself? He doesn't even need efcc to do that. Does Amaechi has immunity


Aside from that , last October, CNN reported that Amaechi had $750 or so stashed in a named American bank.

Kindly provide the CNN link to this report and not what another online bullshit claimed they said and let's see how wise u are.

Has EFCC even questioned one single person to at least very the seriousness of such allegations ?

Yes they have. Infact they didn't need to call upon Amaechi but he presented himself after submittal of the petition. They realised the petition was nothing but baseless lies. The main reason why wike finds it difficult to prosecute.

So Wike should take Amaechi to court for allegedly stealing millions of dollars in Rivers State funds?

Who is in a better position to do that? So it is Buhari who is in aso rock that will know more about the alleged thievery that happened in brick house than wike himself who is currently occupying it and have access to all documents that even aso rock doesn't?

This is clearly where you have displayed your dishonesty.

Actually u displayed senselessness in here. Wike should wake up and start prosecution.

Big laugh.
So, where is the EFCC?
Does the EFCC have no jurisdiction on economic crimes committed in Rivers State ?

The same economic crimes wike and his cronies have not been able to prove? No shred of verifiable evidence presented. Efcc has no time for such bullshit
[s]
I now realize that you must be a juvenile , probably paid for image laundering of your savior god, Buhari.[/s]

Bunkum

koboko69:
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

I already responded to your friend on this already

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.

Paye88:
Most Nigerians who criticize president Buhari do that out of Sentiment for the Man or just ignorance. With the current economic trend specially in the downstream sector, th hardship we face today in Nigeria is a direct fallout of failure of governance by the Goodluck Jonathan administration. Even if he was still in power and a mono economy solely dependent on oil, we still would not escape the current hardships. I bet many of you GEJites would not see that. Okonjo-Iweala knew that when she said Nigeria will face trying times. These are those times. Let's not even go into the corruption aspect and how GEJs croonies looted this country and left us in a sorry state. Government is a continuity but the truth is The GEJ administration burnt all bridges before leaving office. Buhari is in a very terrible position right now regarding the affairs of the Nigerian economy but let's give the man a chance. Its less than a year and we are already judging the man. Let's wait and See...

folks4luv:
hummmm. great counter.

gabicon:
As much as I will want to reason with you, I can't help but think that you are merely giving facts from your head, I'll suggest you bring facts that can be referenced be it tabloid or NBS to educate the undecided on this issue

Acidosis:
Is Jonathan also responsible for the current epileptic power supply, tomato Ebola?

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

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

Ariani:
Obama was never a failure. He turned US economy around. He never hid behind Bush failures to hide his own incompetence. He was competent and delivered.

Buhari on the other hand, up till now has been an epitome of failure.

MetaHuman:
yes, because we don't know what he did with 12billions dollars meant for power.. Use your brain.

And no one is responsible for pest just like hiv and their pests diseases out there.

fiizznation:
We are not talking about leadership here rather we are talking about the ECONOMY. So don't even try to divert from the subject of discuss here. I won't like to waste my time by pulling out figures and numbers here just to make you see reasons with me. But I'm going to ask you this questions; How much did Jonathan left in our excess crude account before handling power to buhari? Why did the previous administration had to borrow money in the last two months of their administration if our economy was so buoyant? Jonathan sold oil for a whooping sum of $147 per barrel for about 5yrs, why wasnt the monies accounted for?

I'm trying as hard as possible not to bring OBJ's administration and what he left for late yar'adua into this discuss, because doing that will just expose your hypocrisy. Ok let me even use the obj-yar'adua tenure change.

Now how much was oil sold during OBJ's tenure?

How much was our debt when obj came on board?

How much did he leave in our external reserve before handling power to yar'adua?

And how much was our debt before handling to yar'adua?


If you have any sincerity in you, I bet your conscience will itch you. Jonathan messed everything up and handed buhari a broken economy, a fragile GDP, a bankrupt nation ravaged with corruption. And you in your little wonderfully decorated world of lies think is very OK if we don't call Jonathan's name. You know some of you are very funny

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

According to her between 2007 and 2011, a debt of $17.3 billion was recorded while between 2012 and 2015, the debt incurred stood at $18.1 billion.
She explained that the leap in the debt profile between 2012 and 2015 was triggered off by the 53 per cent wage increase implemented by the late Umaru Yar'Adua administration in a fell swoop.
This, she said, skyrocketed government's borrowing from N524 billion to over N1 trillion in order to meet the salary increase, adding that the country's domestic debt increased by $18.1 billion mainly because of the 53 per cent increase in the pay of civil and public servants.
The minister stated that at the time of the salary increase, she was still with the World Bank, adding that she had written and warned on the consequences of acquiescing to such a huge increase.
Absolving the Jonathan administration of blame, the minister said the government had in deed taken a careful and meticulous approach to managing the nation's debt, noting that the present administration, for the first time in the nation's history, retired a domestic debt of N75 billion in 2013.
Commenting on the $63.7 billion debt stock, the minister said $9.7 billion or 15 per cent is external while $54 billion or 85 per cent represents domestic debt. She added that the states' share of the $9.7 billion external debt is 33 per cent while the states' share of the $54 billion is 20 per cent.

Acidosis:
I'm sorry, I don't argue with zombies, I just watch them display their f00lery.

As regard your points, they've been duly noted, and flushed down the water closet (WC).

MetaHuman:
how is that a great counter exactly? Please show me... I really want to see it.

He didn't refute the fact that Jonathan left a very well battered country ... He only pointed out the abnormailties in figures which he was wrong cos he refused to bring fact as op did.. Op already, addressed the figure in his post self which on 100% you didn't read. Thanks to bigotry!

And you think its a great counter? Mehnnn Nigerian yoot oh!

MetaHuman:
yeah ... Exact response you will expect from a Typical wailing ekpa after making embarrassing statements.


Nothing in the brain. Just wail cos others are wailing

wordychap:
The law mandates that proceeds of ECA be shared
That's y d Governors took d FG to court n insisted that ALL of it be shared: NOI n GEJ pleaded that only 1b dollars be shared but they refused.
At d end it was All shared.

kaboninc:
Very lame point of view you have there!

The op brought in news reports whose meaning were in direct opposite with his article? Oh gosh!!! How do some of you learn? Don't you know how to think or are you that lazy to put the neurons in your brain to work?

The OP insinuated that GEJ's administration incurred an external debt profile of $63 billion (not the operative word: external) when the sources he quoted said the sum is the entire/total debt stock for the federation?

Did you not also read that the Federal Government's component was $21.8 billion?

I could go on and on but you really need to open a book or go to school to learn how to think!

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.[/b]In conclusion, the foreign reserves played a major factor in the survival of the economy before the early dismiss of President Yar'Adua.[b]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[b]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.THE REALITY TODAY[/b]Buhari met $32 bn as external reserves and [b]$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 CONCLUSIONIn 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!!!!Referenceshttp://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.htmlhttp://www.dailytrust.com.ng/daily/index.php/news-menu/news/58250-jonathan-left-32bn-for-buhari-ex-ministerhttp://www.thenationonlineng.net/archive2/tblnews_Detail.php?id=74667http://www.cenbank.org/OUT/2012/PUBLICATIONS/REPORTS/STD/GLOBAL%20FINANCIAL%20MELTDOWN%20AND%20THE%20REFORMS%20IN%20THE%20NIGERIAN%20BANKING%20SECTOR.PDF