NgeneUkwenu: Okonjo Iweala, a woman that had seen it all could come out to say at an American conference that the SEED OF THIS RECESSION WAS PLANTED DURING THE JONATHAN REGIME DUE TO OUR LACK OF FINANCIAL DISCIPLINE, INABILITY AND LACK OF POLITICAL WILL TO SAVE.
Obasanjo's administration earned # 17trn [/b]from crude oil sales within eight years and left behind 45bn dollars external reserves and 3.348bn dollars external debt.
Yaradua grew the reserves to [b]64bn dollars within just one year and the administration was able to finance 15 months of imports despite the 2008/2009 world economic meltdown. Hence, Nigeria survived the melt down because of the political will by the administration to save(a great achievement by Yaradua which most Nigerians are not aware of). Despite the tough economic reality at that time, Yaradua left 47.7bn dollars in reserves and an external debt of 3.94bn dollars. Meanwhile, the administration earned only # 9trn from crude oil sales within that short period.
Now, Jonathan administration witnessed an oil boom when Brent crude sold for over 100 dollars/barrel, with the regime earning # 51trn within a period of 5years. But because of corruption, the administration did not only squander the oil revenue but even depleted the reserves left by Yaradua, leaving just 32bn dollars and a huge external debt of 63bn dollars for Buhari. The same Brent crude sold for as low as 35 dollars/barrel at a point shortly after Buhari took over power and had only managed to climb to about 48 dollars just recently.
These are facts that can be verified. So, it's amazing hearing people criticize Buhari for the hunger in the land.
According to Fashola, Buhari's administration inherited 206 uncompleted road projects and contract arrears worth #2.1trn from Jonathan; and for about 2 to 3 years the contractors where not paid. This slowed down the economic activities, with most of the companies laying off their staff. This was when the seed of recession was sowed.
It's obvious that Buhari came in to rescue Nigeria, because if Jonathan had continued in power, the nation's economic crisis would have been worse, perhaps even the Federal government wouldn't have been able to pay salaries of civil servants by now.
According to Okonjo Iweala, Nigeria started borrowing money to pay salaries since October, 2014; but today Nigeria now borrow money for investment in capital projects.
Those who blame Buhari for the current hardship do so either out of mischief (hatred) or ignorance. So, we shouldn't join the bandwagon in criticising him. [b]He may not have done much to save the situation, considering that he is not a perfect human being but he means well for the country and can only succeed with our prayers[/b].
[size=15pt]May Almighty God continue to guide Baba Buhari. [/size]
. And withing this one year that buhari entered, he grew the money to 100B dollars abi ? Zombie
NgeneUkwenu: Okonjo Iweala, a woman that had seen it all could come out to say at an American conference that the SEED OF THIS RECESSION WAS PLANTED DURING THE JONATHAN REGIME DUE TO OUR LACK OF FINANCIAL DISCIPLINE, INABILITY AND LACK OF POLITICAL WILL TO SAVE.
Obasanjo's administration earned # 17trn [/b]from crude oil sales within eight years and left behind 45bn dollars external reserves and 3.348bn dollars external debt.
Yaradua grew the reserves to [b]64bn dollars within just one year and the administration was able to finance 15 months of imports despite the 2008/2009 world economic meltdown. Hence, Nigeria survived the melt down because of the political will by the administration to save(a great achievement by Yaradua which most Nigerians are not aware of). Despite the tough economic reality at that time, Yaradua left 47.7bn dollars in reserves and an external debt of 3.94bn dollars. Meanwhile, the administration earned only # 9trn from crude oil sales within that short period.
Now, Jonathan administration witnessed an oil boom when Brent crude sold for over 100 dollars/barrel, with the regime earning # 51trn within a period of 5years. But because of corruption, the administration did not only squander the oil revenue but even depleted the reserves left by Yaradua, leaving just 32bn dollars and a huge external debt of 63bn dollars for Buhari. The same Brent crude sold for as low as 35 dollars/barrel at a point shortly after Buhari took over power and had only managed to climb to about 48 dollars just recently.
These are facts that can be verified. So, it's amazing hearing people criticize Buhari for the hunger in the land.
According to Fashola, Buhari's administration inherited 206 uncompleted road projects and contract arrears worth #2.1trn from Jonathan; and for about 2 to 3 years the contractors where not paid. This slowed down the economic activities, with most of the companies laying off their staff. This was when the seed of recession was sowed.
It's obvious that Buhari came in to rescue Nigeria, because if Jonathan had continued in power, the nation's economic crisis would have been worse, perhaps even the Federal government wouldn't have been able to pay salaries of civil servants by now.
According to Okonjo Iweala, Nigeria started borrowing money to pay salaries since October, 2014; but today Nigeria now borrow money for investment in capital projects.
Those who blame Buhari for the current hardship do so either out of mischief (hatred) or ignorance. So, we shouldn't join the bandwagon in criticising him. [b]He may not have done much to save the situation, considering that he is not a perfect human being but he means well for the country and can only succeed with our prayers[/b].
[size=15pt]May Almighty God continue to guide Baba Buhari. [/size]
Corruption has been in Nigeria since 1914. Go and Sleep we know all that...
Buhari said we should vote for him to fix it. He promise heaven and earth He beg for the vote
And we voted him Today Buhari is looking for who to blame
We should blame my poor dog who did not understand the change Because he want me to get his food from shoprit like I use to.... Nonsense he never see anything.
CSTR2: Why not jusxatpose it to the entire Igbo nation since that is what you were meaning to say. Buhari was rejected by the entire Igbo nation and will not get up to 1% in 2019.
NgeneUkwenu: Okonjo Iweala, a woman that had seen it all could come out to say at an American conference that the SEED OF THIS RECESSION WAS PLANTED DURING THE JONATHAN REGIME DUE TO OUR LACK OF FINANCIAL DISCIPLINE, INABILITY AND LACK OF POLITICAL WILL TO SAVE.
Obasanjo's administration earned # 17trn [/b]from crude oil sales within eight years and left behind 45bn dollars external reserves and 3.348bn dollars external debt.
Yaradua grew the reserves to [b]64bn dollars within just one year and the administration was able to finance 15 months of imports despite the 2008/2009 world economic meltdown. Hence, Nigeria survived the melt down because of the political will by the administration to save(a great achievement by Yaradua which most Nigerians are not aware of). Despite the tough economic reality at that time, Yaradua left 47.7bn dollars in reserves and an external debt of 3.94bn dollars. Meanwhile, the administration earned only # 9trn from crude oil sales within that short period.
Now, Jonathan administration witnessed an oil boom when Brent crude sold for over 100 dollars/barrel, with the regime earning # 51trn within a period of 5years. But because of corruption, the administration did not only squander the oil revenue but even depleted the reserves left by Yaradua, leaving just 32bn dollars and a huge external debt of 63bn dollars for Buhari. The same Brent crude sold for as low as 35 dollars/barrel at a point shortly after Buhari took over power and had only managed to climb to about 48 dollars just recently.
These are facts that can be verified. So, it's amazing hearing people criticize Buhari for the hunger in the land.
According to Fashola, Buhari's administration inherited 206 uncompleted road projects and contract arrears worth #2.1trn from Jonathan; and for about 2 to 3 years the contractors where not paid. This slowed down the economic activities, with most of the companies laying off their staff. This was when the seed of recession was sowed.
It's obvious that Buhari came in to rescue Nigeria, because if Jonathan had continued in power, the nation's economic crisis would have been worse, perhaps even the Federal government wouldn't have been able to pay salaries of civil servants by now.
According to Okonjo Iweala, Nigeria started borrowing money to pay salaries since October, 2014; but today Nigeria now borrow money for investment in capital projects.
Those who blame Buhari for the current hardship do so either out of mischief (hatred) or ignorance. So, we shouldn't join the bandwagon in criticising him. [b]He may not have done much to save the situation, considering that he is not a perfect human being but he means well for the country and can only succeed with our prayers[/b].
[size=15pt]May Almighty God continue to guide Baba Buhari. [/size]
Brother you have done it well. Nairaland.com is home of the wise and the big fools, by fools I meant the fools are the majority, the wise are just very few and those in the class of fools are the Igbos, this kind of of information they will either ignore it or attack it and successfully prove that their fool is type C (classic).
I agree with you and many other aware of this all we need to do is praying for this administration to succeed because I can see great achievement in the next few years which PDP could not for 16yrs uninterrupted. God bless Nigeria.
NgeneUkwenu: Okonjo Iweala, a woman that had seen it all could come out to say at an American conference that the SEED OF THIS RECESSION WAS PLANTED DURING THE JONATHAN REGIME DUE TO OUR LACK OF FINANCIAL DISCIPLINE, INABILITY AND LACK OF POLITICAL WILL TO SAVE.
Obasanjo's administration earned # 17trn [/b]from crude oil sales within eight years and left behind 45bn dollars external reserves and 3.348bn dollars external debt.
Yaradua grew the reserves to [b]64bn dollars within just one year and the administration was able to finance 15 months of imports despite the 2008/2009 world economic meltdown. Hence, Nigeria survived the melt down because of the political will by the administration to save(a great achievement by Yaradua which most Nigerians are not aware of). Despite the tough economic reality at that time, Yaradua left 47.7bn dollars in reserves and an external debt of 3.94bn dollars. Meanwhile, the administration earned only # 9trn from crude oil sales within that short period.
Now, Jonathan administration witnessed an oil boom when Brent crude sold for over 100 dollars/barrel, with the regime earning # 51trn within a period of 5years. But because of corruption, the administration did not only squander the oil revenue but even depleted the reserves left by Yaradua, leaving just 32bn dollars and a huge external debt of 63bn dollars for Buhari. The same Brent crude sold for as low as 35 dollars/barrel at a point shortly after Buhari took over power and had only managed to climb to about 48 dollars just recently.
These are facts that can be verified. So, it's amazing hearing people criticize Buhari for the hunger in the land.
According to Fashola, Buhari's administration inherited 206 uncompleted road projects and contract arrears worth #2.1trn from Jonathan; and for about 2 to 3 years the contractors where not paid. This slowed down the economic activities, with most of the companies laying off their staff. This was when the seed of recession was sowed.
It's obvious that Buhari came in to rescue Nigeria, because if Jonathan had continued in power, the nation's economic crisis would have been worse, perhaps even the Federal government wouldn't have been able to pay salaries of civil servants by now.
According to Okonjo Iweala, Nigeria started borrowing money to pay salaries since October, 2014; but today Nigeria now borrow money for investment in capital projects.
Those who blame Buhari for the current hardship do so either out of mischief (hatred) or ignorance. So, we shouldn't join the bandwagon in criticising him. [b]He may not have done much to save the situation, considering that he is not a perfect human being but he means well for the country and can only succeed with our prayers[/b].
[size=15pt]May Almighty God continue to guide Baba Buhari. [/size]
thank you very much, they are just hating for nothing. Buhari is God sent, Nigeria would've been grounded by now
You really think these "other" guys are here to know the truth?
Honestly I used to think it was because Nairaland had a lot of kids signed up, but I have also spoken to many one on one and I see its all the same mentality.
They have been so blindfolded by the thickness of their hatred and psychopathic situation that I have gotten tired explaining to.
The point is, they are not ready to see any of your intelligent and researched reasons on why the economy is in this state and will soon get better.
We know all that Buhari promise to fix it.
With poor economy team? Poor economy policy? That pull investors out Corruption that is still in the high side??
NgeneUkwenu: If Okonjo Iweala, a woman that had seen it all could come out to say at an American conference that the SEED OF THIS RECESSION WAS PLANTED DURING THE JONATHAN REGIME DUE TO OUR LACK OF FINANCIAL DISCIPLINE, INABILITY AND LACK OF POLITICAL WILL TO SAVE.
Obasanjo's administration earned # 17trn [/b]from crude oil sales within eight years and left behind 45bn dollars external reserves and 3.348bn dollars external debt.
Yaradua grew the reserves to [b]64bn dollars within just one year and the administration was able to finance 15 months of imports despite the 2008/2009 world economic meltdown. Hence, Nigeria survived the melt down because of the political will by the administration to save(a great achievement by Yaradua which most Nigerians are not aware of). Despite the tough economic reality at that time, Yaradua left 47.7bn dollars in reserves and an external debt of 3.94bn dollars. Meanwhile, the administration earned only # 9trn from crude oil sales within that short period.
Now, Jonathan administration witnessed an oil boom when Brent crude sold for over 100 dollars/barrel, with the regime earning # 51trn within a period of 5years. But because of corruption, the administration did not only squander the oil revenue but even depleted the reserves left by Yaradua, leaving just 32bn dollars and a huge external debt of 63bn dollars for Buhari. The same Brent crude sold for as low as 35 dollars/barrel at a point shortly after Buhari took over power and had only managed to climb to about 48 dollars just recently.
These are facts that can be verified. So, it's amazing hearing people criticize Buhari for the hunger in the land.
According to Fashola, Buhari's administration inherited 206 uncompleted road projects and contract arrears worth #2.1trn from Jonathan; and for about 2 to 3 years the contractors where not paid. This slowed down the economic activities, with most of the companies laying off their staff. This was when the seed of recession was sowed.
It's obvious that Buhari came in to rescue Nigeria, because if Jonathan had continued in power, the nation's economic crisis would have been worse, perhaps even the Federal government wouldn't have been able to pay salaries of civil servants by now.
According to Okonjo Iweala, Nigeria started borrowing money to pay salaries since October, 2014; but today Nigeria now borrow money for investment in capital projects.
Those who blame Buhari for the current hardship do so either out of mischief (hatred) or ignorance. So, we shouldn't join the bandwagon in criticising him. [b]He may not have done much to save the situation, considering that he is not a perfect human being but he means well for the country and can only succeed with our prayers[/b].
[size=15pt]May Almighty God continue to guide Baba Buhari. [/size]
I have said before and I still believe it. There is virtually no single worst president in the world right now than buhari. From war torn middle-east to Africa and then to drug addled latin america . None Mugabe may be at the same level of cluelessness and mental retardity, but still not worse off than buhari, I believe. If buhari gets as much time as Mugabe, he would achieve exactly the same level of economic ruin since both of them play from the same textbook.
Even the so-called corruption fight has been a mess. Fighting corruption like a third world dictator, choosing sides and condoning blatant corruption as long as you are on the right side of the party divide, destroying the reputation of Nigeria's business environment and value among international community by a mad series of policies and utterances leading to a drastic drop in foreign investments, alarming and unprecedented cash outflows, and terrible ratings among credible investment portfolios. What exactly is the merit of a buhari's administration with so many outstanding demerits?
NgeneUkwenu: If Okonjo Iweala, a woman that had seen it all could come out to say at an American conference that the SEED OF THIS RECESSION WAS PLANTED DURING THE JONATHAN REGIME DUE TO OUR LACK OF FINANCIAL DISCIPLINE, INABILITY AND LACK OF POLITICAL WILL TO SAVE. Then Those Harshly Criticizing Buhari, Should In All Honesty, Do A Retrospective Search On Their Conscience...
Obasanjo's administration earned # 17trn [/b]from crude oil sales within eight years and left behind 45bn dollars external reserves and 3.348bn dollars external debt.
Yaradua grew the reserves to [b]64bn dollars within just one year and the administration was able to finance 15 months of imports despite the 2008/2009 world economic meltdown. Hence, Nigeria survived the melt down because of the political will by the administration to save(a great achievement by Yaradua which most Nigerians are not aware of). Despite the tough economic reality at that time, Yaradua left 47.7bn dollars in reserves and an external debt of 3.94bn dollars. Meanwhile, the administration earned only # 9trn from crude oil sales within that short period.
Now, Jonathan administration witnessed an oil boom when Brent crude sold for over 100 dollars/barrel, with the regime earning # 51trn within a period of 5years. But because of corruption, the administration did not only squander the oil revenue but even depleted the reserves left by Yaradua, leaving just 32bn dollars and a huge external debt of 63bn dollars for Buhari. The same Brent crude sold for as low as 35 dollars/barrel at a point shortly after Buhari took over power and had only managed to climb to about 48 dollars just recently.
These are facts that can be verified. So, it's amazing hearing people criticize Buhari for the hunger in the land.
According to Fashola, Buhari's administration inherited 206 uncompleted road projects and contract arrears worth #2.1trn from Jonathan; and for about 2 to 3 years the contractors where not paid. This slowed down the economic activities, with most of the companies laying off their staff. This was when the seed of recession was sowed.
It's obvious that Buhari came in to rescue Nigeria, because if Jonathan had continued in power, the nation's economic crisis would have been worse, perhaps even the Federal government wouldn't have been able to pay salaries of civil servants by now.
According to Okonjo Iweala, Nigeria started borrowing money to pay salaries since October, 2014; but today Nigeria now borrow money for investment in capital projects.
Those who blame Buhari for the current hardship do so either out of mischief (hatred) or ignorance. So, we shouldn't join the bandwagon in criticising him. [b]He may not have done much to save the situation, considering that he is not a perfect human being but he means well for the country and can only succeed with our prayers[/b].
[size=15pt]May Almighty God continue to guide Baba Buhari. [/size]
May Almighty God give you wisdom to enlightened people this way.
Ask Emeka offor how market.. if he's still getting those huge scam contract he use to get under the inefficient buffoon..
Power change hand to Northerns
Ask me who control CBN And foreign currency.
For your information Buhari 1Year + In Office. Buhari was handed over:- - $30billion in our Foreign Reserves, - $2.5billion Sovereign Wealth Fund, - $1.4billion in the ECA, - $4.65b back taxes from NLNG. - Buhari met an approved budget of N4.5trillion Budget. - 3trilion on STA.
Received Below within a year, - $2.7billion collected by Inland Revenue in his first 8 months. - $2.1billion world bank loan. - $850million Grants from UK, USA and Europe. - Excluding crude oil sales, Joint Venture profits, Royalties, Income from Customs, NIMMSA, NPA, NACHO ......
Nigeria is automatically poor in one year. Not even a 1 kilometer road to show for it... Name one project?
OP For sake of emphasis and to shed some light, I would like to explain the following issues: i) Yes, much money was made during Jonathan's administration, but the Governors through their umbrella body (Governors' forum) insisted on sharing the money. It was in this country that they (Gov's Forum) took Jonathan to court and eventually all the money were shared. Those Governors then, are the 'so called' non corrupt APC Governors today.
ii) I am aware that the recession was not caused by Jonathan rather by bad policies and stubbornness of the current administration. I may not have the right words, but since you quoted Okonjo Iweala, may I also quote her former colleague Oby Ezekwesili on the cause of the recession: Pls read and be enlightened
still find it funny that most people don't know why Nigeria economy went into recession, they love the incompetent lies of Lai Mohammed about the past government ruining everything. It's also myopic to think that if Jonathan were to still be in power, we would be worse off. The truth about Nigeria's recession is this; it was caused by the president's unguided rhetoric and uncultured body language. Firstly, there is nothing we are buying today that we weren't buying 5 years ago, therefore it's not our purchase that put pressure on Naira but withdrawal of funds by foreign investors. After the election, the president created instability with his unguided statements about how everyone is corrupt and how everyone is going to jail. The instability made foreign investors to liquidate their investment and change their money to dollars. In the process of trying to flee, they were willing to buy dollars at any price, which lead to high exchange dollar rate. Even though some of them were not ready to run away, but want their money in dollars to save their investments from devaluation, the president gave a bad signal by banning deposit of foreign currency into dormiciliary accounts. That was enough for free market believers to see the draconian handwriting on the wall, that was the beginning of dollar rush. To make matters worse, the president came up with another outrageous policy of rationing dollar to certain sectors and blocking many sectors out. That was the nail in the coffin which facilitated the emergence of free FALL. In the end, foreign investors took over $80B out of the economy within a short period and everything went down to free fall. To those who believe it will be worse if Jonathan is still there, you are all wrong. Policy continuity and political stability will not let billions of dollars leave our shores within such tiny time frame. Even though the government might have income shortage, the private sector will weather the storm by their confidence in the market. The fear of the unknown created by PMB is responsible for the economic downturn not low oil price. Interest rate in America is currently at 0.5% while it is 12% in Nigeria. JP Morgan Chase will not mind borrowing $50 billion from Feds at 0.5 and put in Nigeria for return of %2000 profit. Citi bank will do the same, likewise US Bank Corp. Chase gave Buhari warning about the repercussions of his fixing policy before they pulled out, but his illiterate cyber warriors and misseducated e-soldiers said JPMORGAN can go to hell, they no longer believe in economic metrics since their messiah is in charge. Funny enough they are all suffering today because of the stupid policy, but they find relief by blaming it on past administration and Gucci appetite of average Nigerians. For your information, if your president "kontunu" with his unguided rhetoric, Naira will go down to N1000/1 $. But we thank God, he is no longer talking.
God will continue to guide you PMB, no matter what we are going through now, i believe even in this your regime God will make Nigeria great. and we shall all rejoice when the victory comes. continue your good work and never be distracted, for God is with you and surely he will see us through. long live PMB long live Nigeria
Hope I capy and paste this without accusation of plagiarism? I like your analysis, its detailed
NgeneUkwenu: If Okonjo Iweala, a woman that had seen it all could come out to say at an American conference that the SEED OF THIS RECESSION WAS PLANTED DURING THE JONATHAN REGIME DUE TO OUR LACK OF FINANCIAL DISCIPLINE, INABILITY AND LACK OF POLITICAL WILL TO SAVE. Then Those Harshly Criticizing Buhari, Should In All Honesty, Do A Retrospective Search On Their Conscience...
Obasanjo's administration earned # 17trn [/b]from crude oil sales within eight years and left behind 45bn dollars external reserves and 3.348bn dollars external debt.
Yaradua grew the reserves to [b]64bn dollars within just one year and the administration was able to finance 15 months of imports despite the 2008/2009 world economic meltdown. Hence, Nigeria survived the melt down because of the political will by the administration to save(a great achievement by Yaradua which most Nigerians are not aware of). Despite the tough economic reality at that time, Yaradua left 47.7bn dollars in reserves and an external debt of 3.94bn dollars. Meanwhile, the administration earned only # 9trn from crude oil sales within that short period.
Now, Jonathan administration witnessed an oil boom when Brent crude sold for over 100 dollars/barrel, with the regime earning # 51trn within a period of 5years. But because of corruption, the administration did not only squander the oil revenue but even depleted the reserves left by Yaradua, leaving just 32bn dollars and a huge external debt of 63bn dollars for Buhari. The same Brent crude sold for as low as 35 dollars/barrel at a point shortly after Buhari took over power and had only managed to climb to about 48 dollars just recently.
These are facts that can be verified. So, it's amazing hearing people criticize Buhari for the hunger in the land.
According to Fashola, Buhari's administration inherited 206 uncompleted road projects and contract arrears worth #2.1trn from Jonathan; and for about 2 to 3 years the contractors where not paid. This slowed down the economic activities, with most of the companies laying off their staff. This was when the seed of recession was sowed.
It's obvious that Buhari came in to rescue Nigeria, because if Jonathan had continued in power, the nation's economic crisis would have been worse, perhaps even the Federal government wouldn't have been able to pay salaries of civil servants by now.
According to Okonjo Iweala, Nigeria started borrowing money to pay salaries since October, 2014; but today Nigeria now borrow money for investment in capital projects.
Those who blame Buhari for the current hardship do so either out of mischief (hatred) or ignorance. So, we shouldn't join the bandwagon in criticising him. [b]He may not have done much to save the situation, considering that he is not a perfect human being but he means well for the country and can only succeed with our prayers[/b].
[size=15pt]May Almighty God continue to guide Baba Buhari. [/size]
For your information Buhari 1Year + In Office. Buhari was handed over:- - $30billion in our Foreign Reserves, - $2.5billion Sovereign Wealth Fund, - $1.4billion in the ECA, - $4.65b back taxes from NLNG. - Buhari met an approved budget of N4.5trillion Budget. - 3trilion on STA.
Received Below within a year, - $2.7billion collected by Inland Revenue in his first 8 months. - $2.1billion world bank loan. - $850million Grants from UK, USA and Europe. - Excluding crude oil sales, Joint Venture profits, Royalties, Income from Customs, NIMMSA, NPA, NACHO ......
Not even a 1 kilometer road to show for it... Name one project?
Road project is going on massively across the country presently. Ask those who know better to tell u that. This contractors have bin owed for 2yrs after which they abandon those projects. Now tell me how much the inefficient buffoon was handed by his predecessor and let's compare it to what he gave Buhari even when he enjoyed oil boom more than any other..
NgeneUkwenu: If Okonjo Iweala, a woman that had seen it all could come out to say at an American conference that the SEED OF THIS RECESSION WAS PLANTED DURING THE JONATHAN REGIME DUE TO OUR LACK OF FINANCIAL DISCIPLINE, INABILITY AND LACK OF POLITICAL WILL TO SAVE. Then Those Harshly Criticizing Buhari, Should In All Honesty, Do A Retrospective Search On Their Conscience...
Obasanjo's administration earned # 17trn [/b]from crude oil sales within eight years and left behind 45bn dollars external reserves and 3.348bn dollars external debt.
Yaradua grew the reserves to [b]64bn dollars within just one year and the administration was able to finance 15 months of imports despite the 2008/2009 world economic meltdown. Hence, Nigeria survived the melt down because of the political will by the administration to save(a great achievement by Yaradua which most Nigerians are not aware of). Despite the tough economic reality at that time, Yaradua left 47.7bn dollars in reserves and an external debt of 3.94bn dollars. Meanwhile, the administration earned only # 9trn from crude oil sales within that short period.
How gullible. Shame on those that ever awarded you a degree or a certificate. You have a head, use it, it is there for a reason. Dont use the mouth feature of the head more than you use the head itself.
Now, Jonathan administration witnessed an oil boom when Brent crude sold for over 100 dollars/barrel, with the regime earning # 51trn within a period of 5years. But because of corruption, the administration did not only squander the oil revenue but even depleted the reserves left by Yaradua, leaving just 32bn dollars and a huge external debt of 63bn dollars for Buhari. The same Brent crude sold for as low as 35 dollars/barrel at a point shortly after Buhari took over power and had only managed to climb to about 48 dollars just recently.
These are facts that can be verified. So, it's amazing hearing people criticize Buhari for the hunger in the land.
According to Fashola, Buhari's administration inherited 206 uncompleted road projects and contract arrears worth #2.1trn from Jonathan; and for about 2 to 3 years the contractors where not paid. This slowed down the economic activities, with most of the companies laying off their staff. This was when the seed of recession was sowed.
It's obvious that Buhari came in to rescue Nigeria, because if Jonathan had continued in power, the nation's economic crisis would have been worse, perhaps even the Federal government wouldn't have been able to pay salaries of civil servants by now.
According to Okonjo Iweala, Nigeria started borrowing money to pay salaries since October, 2014; but today Nigeria now borrow money for investment in capital projects.
Those who blame Buhari for the current hardship do so either out of mischief (hatred) or ignorance. So, we shouldn't join the bandwagon in criticising him. [b]He may not have done much to save the situation, considering that he is not a perfect human being but he means well for the country and can only succeed with our prayers[/b].
[size=15pt]May Almighty God continue to guide Baba Buhari. [/size]
What do you expect Obama to say? Bad!! You must be an illiterate, Obama is only being diplomatic. He knew Buhari is a failure, many American companies are shutting down, do you think Obama is so dump to see that. You such unlearned...Obama is very diplomatic to have said that
Road project is going on massively across the country presently. Ask those who know better to tell u that. This contractors have bin owed for 2yrs after which they abandon those projects. Now tell me how much the inefficient buffoon was handed by his predecessor and let's compare it to what he gave Buhari even when he enjoyed oil boom more than any other..
Story which road.. What massive??
Yes, much money was made during Jonathan's administration, but the Governors through their umbrella body (Governors' forum) insisted on sharing the money. It was in this country that they (Gov's Forum) took Jonathan to court and eventually all the money were shared. Those Governors then, are the 'so called' non corrupt APC Governors today.
Buhari Bad economy policy killed everything. 80b dollars was pull out of Nigeria in one year by foreign investors.
