₦airaland Forum

Acidosis:
Lol, you expect me to argue your points over another "missing 20 zillion" pounds?

I thought the magistrate lawyer turn power "expatriate" said he will fix it in 6 months? If Jonathan ate and digested 1 zillion pounds for electricity, what has Fashola done with the resources at his disposal? Has he stolen the electricity budget as well?

I hope you won't blame the missing funds in your cerebral?

Why exactly is he finding it hard to do something?

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.

MetaHuman:
go back and read again... This time very slowly..

The articles are based on madam okonjo iweala words not just some individual accounts.

You are just another typical example of nigerian youth who dont read and understand but want to talk like a smart person but at the end showing how foolish they really are.

Reading and understanding makes you smart, read op again and the links he posted instead of talking like a typical Nigerian youth.

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
[s]I already responded to your friend on this already[/s]

She also said the $63.7 billion cited by Mr. Osinbajo included multilateral and domestic loans by successive federal and state governments since 1960.

She said the debts incurred under the Jonathan government were made up of $18 billion domestic component and $3.7 billion external component. (totaling approx. $21.8 billion) She added that 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 had further explained that the leap in the debt profile between 2012 and 2015 was triggered by the 53 per cent wage increase implemented by the late Umaru Yar’Adua administration.

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

seunmsg:
OBJ'S first budget was a little over N800billion, 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. In addition the work force has tripled

plaetton:
[s]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 .[/s]

kaboninc:
You must have drank acid when you were growing up (in place of milk) and that is why you have absolutely nothing in that thing you call a head. I mean that place is just an empty space occupying nothing.


Let me reproduce it, and quote your comrade:



Let me also go a step further to the link:



If you can't think with your brain, use your spinal cord so you stop behaving like some ignorant zombie.

girlfriendsnatc:
You forgot to mention a critical issue: the economics of demand and supply of our crude in today's global oil market. There's unprecedented shale oil production in the USA, Iran is back from an oil ban, pricing of averagely $40/bbl is due to oil price crash, not appreciation, several oil-producing giants have lost some critical markets, hence a push into other markets resulting in a tremendously competitve global market...etc and these things have occurred simultaneously at a time when there is a glut in supply and low demand. Hence, simply put, the Buhari Administration has done a hell of a great job managing effectively the economic crisis of our time due to the fantastically corrupt, monumentally inept and radically destructive PDP governance of Nigeria for 16 years. If PDP were still in power, by now, there probably would be widespread 'apocalyptic famine' in the country, and who knows maybe it would have induced the cannibalistic proclivity of the ibos, especially in the Southeast to eat themselves just like they did during the past Civil War. No matter how the majority of ibos make machinations to sabotage the Nigerian government and Nigerians, and conspire to destroy the country in order to create a Cocaine Republic of Biafra, they will fail and lose, just like they always have, because they are just fundamentally inferior, despite the reckless arrogance that is a trademark of the most insecure, hateful, tribalistic tribe that is completely anti-Nigeria.

FOLYKAZE:
I have argued on many occasions with my boss who is a fanatical PDP fan and Hausa hating tribal bigot

MetaHuman:
I'm gonna ask again, how does abnormalities in figure which has already been addressed in subsequent posts made the post less valid and the post the dude*s post a great counter..


Waiting...

MetaHuman:
nothing is funnier than reading posts from wailing ekpa.

Show us the video of fashola saying that..

If you have cell in your brain, you will ask where the billions allocated to power for 6years or 16years went ..

Lemme use a simple logic.. May be a miracle will happen and u you will understand it.
If your father gave your brother 2000naira to buy TV within a period of one week, and he didn't buy it and also cannot account for the money, then your father decided to pay for another TV but this time gave you a check to buy another TV, you haven't cashed the check, you haven't even leave home and the rest of your family are already wailing about how you didnt give them tv but hail your brother that cannot tell them how he spent the money for TV and call him a hero.

You are exactly like the wailing family..

kaboninc:
The abnormalities were not in figures, but in content.

External debt <> total debt

Total debt = External Debt + Domestic Debt

adeniyibolanle:
[s]In as much that I respect GEJ, I must say the fact that his administration was full of mismanagement and corruption. But what really baffles me when I see people all because of hatred for PMB tends to still pretend that GEJ was perfect. Even if you blind say you no see people wey EFCC dey arrest for massive looting? you deaf too wey you no fit hear . I swear to Almighty God, I witnessed where pdp members where sharing Dollars to get people to vote for GEJ because I was a presiding officer and i conducted the election in my polling unit. Right now Nigerians are feeling the pain of mismanagement[/s]

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.

MetaHuman:
oya point it out.. So far you have already pointed out the abnormalities in figure just like plateon
Which has already been addressed.

Oya counter the thread with your own facts, figures and references.. Let's read


Waiting..

kaboninc:
Just shat app there.....

You don't respect him....

Your meaning of your words speak louder than your so called respect you have for GEJ!

Did APC not share money?

You witnessed only for PDP but turned your eyes to APC!

kaboninc:
It appeared you did not even read what you wrote. What's your gain for coming up with this lopsided basis of oargument? In your own words, your first post, here is what you said:



Are you also lazy not to note that it was never an external debt stock as you wrongly stated (of course with the intention of distorting facts and misleading the audience) but a total debt stock which consist of domestic and external component?

Did you also forget (because of the the hatred in you - for truth) that you did not put into consideration the statement of the former Minister that the (Jonathan) administration only incurred $21.8 billion (which is the Federal Government's share of the total debt)

Are you also this ignorant that the total debt stock is not exclusive to the Federal Government but other tiers of government?

Some of you guys who write lies, half-truths, fictions, distort statements just keep making mockery of yourselves.

You gained nothing by that epistle.

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

koboko69:
This is a direct response to the article on the surposed economy going into reccession.

I urge all those 5 Naira per post comrades who litter the 1st page with posts like zombie this and that or Buhari is a blabla, to sacrifice their pay on this thread for people who have better arguments or debates. They can restrict their kindergarten posts to the 4th or last page.

I call on omenka, modath, dropshot, mynd44, lalasticlala, seun, demdem, et all
Brah, your head dey there, but as you know, the wailers will always wail, hypocritical lots

989900 donphilopus orlandoowoh and all

IkpuMmadu:
Common external you can't spell...why would I believe this trash

Acidosis:
My problem with people like you is that you always attribute the current woes on "lack of money", " stolen funds", etc.

If Fashola had $100 zillion dollars on his first day in office, would that stop the bombardment of pipe lines? would that reduce the hardship and stress on gas pipe lines?

Zombies never cease to amaze me. Just few weeks ago, Fashola made history by generating 0 megawatts of Electricity, and people like you think it is all about MONEY?


You better call it what it is "GROSS INCOMPETENCY", and stop f00ling around.


Did Nigeria recorded 24/7 electricity supply when Buhari ruled in 1984? or you just choose to leverage on a widespread ignorance and Internet propaganda?

Give 1 zillion pounds to an incompetent person, NOTHING will change.

kaboninc:
Just shat app there.....

You don't respect him....

Your meaning of your words speak louder than your so called respect you have for GEJ!

Did APC not share money?

You witnessed only for PDP but turned your eyes to APC!

Acidosis:
My problem with people like you is that you always attribute the current woes on "lack of money", " stolen funds", etc.

If Fashola had $100 zillion dollars on his first day in office, would that stop the bombardment of pipe lines? would that reduce the hardship and stress on gas pipe lines?

Zombies never cease to amaze me. Just few weeks ago, Fashola made history by generating 0 megawatts of Electricity, and people like you think it is all about MONEY?


You better call it what it is "GROSS INCOMPETENCY", and stop f00ling around.


Did Nigeria recorded 24/7 electricity supply when Buhari ruled in 1984? or you just choose to leverage on a widespread ignorance and Internet propaganda?

Give 1 zillion pounds to an incompetent person, NOTHING will change.

koboko69:
The issue is not about debts incurred. I don't know why u are capitalising on that. What else is a liw in the article?

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.

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.