Akshow:
Forgive my naivety o. But, why then are they trying to borrow money?? ? Any one pls explain.

All of dey learn bro. We still need the foreign reserve when paying for our imports. You really asked a good question. I am really thinking King thru my answer. Any contributions anyone?

I thought buhari said he met an empty reserve... so there was $29b a year ago and where has the $4billion gone...cos people are still complaining

malton:


Mediocrity you call it?

Your hero met over 40 billion US dollars in foreign exchange account and the excess crude account at over 20 billion US dollars. With oil selling over 100 dollars per barrel almost throughout his reign, imagine if he added a billion US dollars every two months.

That will leave you with what? 2 x 30 = 60 + 47 = 107 billion US dollars. That's asides the 20 billion in the excess crude account.

But what did we end up having? He left 32 billion US dollars in Forex account and almost nothing in ECA.

So, where did the $75b go? How about the $20b?

This is despite having that overated woman in glasses as coordinating minister for the economy within the same period.

What's your definition of mediocrity again?

Are you being genuinely being dubious or just comment for talking sake
where was you when few governors took the FG to court to share the so called savings for the rainy day? ECA??
and you saying he met over $40, na wah where did you get that?


**
“We then established a stabilisation mechanism and opened an account for the oil surplus, which posted up to $22 billion. In 2008, when prices fell from 148 to $38 a barrel, no one had heard of Nigeria because the country was able to tap into this fund. And that, I am very proud [of].

“When I returned to the department in 2011, there remained only $4 billion on this account while the price of oil was very high! I tried again to put money aside. The president agreed, but the governors did not accept.

“I suffered a lot of attacks from them and now that the country would really need this account, these same people accuse me of not having saved. If Nigeria had been more careful, we would not be here today. It hurts me. We have the mechanism, we had the experience, but we were prevented to act.”
http://dailypost.ng/2016/04/07/why-jonathan-did-not-save-okonjo-iweala/

malton:


Mediocrity you call it?

Your hero met over 40 billion US dollars in foreign exchange account and the excess crude account at over 20 billion US dollars. With oil selling over 100 dollars per barrel almost throughout his reign, imagine if he added a billion US dollars every two months.

That will leave you with what? 2 x 30 = 60 + 47 = 107 billion US dollars. That's asides the 20 billion in the excess crude account.

But what did we end up having? He left 32 billion US dollars in Forex account and almost nothing in ECA.

So, where did the $75b go? How about the $20b?

This is despite having that overated woman in glasses as coordinating minister for the economy within the same period.

What's your definition of mediocrity again?

No, they will tell u rice was cheap. We are talking of tens of trillions squandered, they will be talking about rice being cheap, mtchewww.

malton:


Mediocrity you call it?

Your hero met over 40 billion US dollars in foreign exchange account and the excess crude account at over 20 billion US dollars. With oil selling over 100 dollars per barrel almost throughout his reign, imagine if he added a billion US dollars every two months.

That will leave you with what? 2 x 30 = 60 + 47 = 107 billion US dollars. That's asides the 20 billion in the excess crude account.

But what did we end up having? He left 32 billion US dollars in Forex account and almost nothing in ECA.

So, where did the $75b go? How about the $20b?

This is despite having that overated woman in glasses as coordinating minister for the economy within the same period.

What's your definition of mediocrity again?

Mathematician!.
Did you forget the reserve was later put in alternative use?.

Yawns out of thread.

nextprince:


O boy, na u need to go to school oh cos u don't seem to know the Economics of External Reserve. Even Somalia, a very poor country, has External Reserve.

External reserve means nothing when you have nothing to sustain it but saving your investment.

Pylony:
External reserves sky rocketing while Internally Nigerians are Hungry and angry.

Yeah. While people are dying of hunger.
What kind of clueless and wicked government is that.

Bants:
I thought buhari said he met an empty reserve... so there was $29b a year ago and where has the $4billion gone...cos people are still complaining

Help me ask the lying thief in Aso Rock.

tiwiex:

All of dey learn bro. We still need the foreign reserve when paying for our imports. You really asked a good question. I am really thinking King thru my answer. Any contributions anyone?

Easier repayment and boasting economy.. if we spend external reserve anyhow the country might go broke... so we borrow to boast our credit rating as well ....moreover external reserve is like a collateral

If we spend external reserve anyhow...Things are going to get worse than it is now

nextprince:


No, they will tell u rice was cheap. We are talking of tens of trillions squandered, they will be talking about rice being cheap, mtchewww.

DO not do follow follow, read and understand so you are up to date with whats going on around you,do not trust politicians,
http://dailypost.ng/2016/04/07/why-jonathan-did-not-save-okonjo-iweala/

The saving mentality of the government is reason for hunger in the land. Nobody gets rich saving, the best you can be is have a lot of money ridden with holes of inflection.

Economy is all about circulation of money not stacking of money in a place.

soulpeppersoup:
The saving mentality of the government is reason for hunger in the land. Nobody gets rich saving, the best you can be is have a lot of money ridden with holes of inflection.

Economy is all about circulation of money not stacking of money in a place.

I get your point but this kind of savings is different,its the block of which you and I would buy goods and services abroad, its the guarantee for them to let their goods go, hope you understand.You only need to tap into this savings as a last result,like we need it now.

I read some comments saying the previous government squandered their money and some quoting figures. I laugh at some steriotype thinking.

If GEJ had save the money invested in his administration. Yes Nigeria will have billions in external reserve but there will be no job for people to earn money and eat. There will be no infrastructure in place. Nigeria would never have been in any economic fora in world. The world would be lending us food by now.

No one gets wealthy saving. Enough of civil servants leading this nation. We need businessmen to lead this nation.

erico2k2:

I get your point but this kind of savings is different,its the block of which you and I would buy goods and services abroad, its the guarantee for them to let their goods go, hope you understand.You only need to tap into this savings as a last result,like we need it now.

I understand you but my problem is that all the money from every sector is being plunged into this external reserve of a thing.

I suggest 50% of our foreign exchange go into external reserve, 25% to infrastructure, 25% for other things.

The bigger our investment and infrastructural development the bigger our external reserve but we are leaving the driver of this external reserve to what does not count.

It doesn't take time to wipe out that reserve. We will continue the circle of build and wipe out external reserve.

juman:


Yeah. While people are dying of hunger.
What kind of clueless and wicked government is that.

No mind the useless government, ordinary soap that was sold for N10 a year ago is now N30. This is the CHANGE they promise Nigerians and they have indeed change the way things were before now. All those who voted him in should now begin to shout "sai Buharism" make i hear as hunger don wire them no more energy..

I have always argued that this issue of foreign reserve is being over flogged.

India & Brazil have foreign reserves of over $300b. USA & UK have reserves of less than $120b & $170b respectively... yet which countries have the better economies? or let's put it this way, which countries would you rather make a living in?

high or low, your reserves don't mean squat if you have a chronic infrastructural deficit problem that has built up for over 40 years.

your reserves are useless if your developmental policies are wack, uncoordinated, ill timed, confused & aimed more at harassing your perceived opponents rather than building your economy.

furthermore, we scream blue murder that GEJ didn't save, yet the same finger pointers didn't want him to remove subsidy.

if PMB was paying subsidy, our reserves would have been down to about $10b or less.

OBJ saved because he didn't do much in the area of infrastructural development & neither did he have to deal with a full scale war.

erico2k2:

I take it you did not understand waht you read?

you that understand what is your take on that a**s hole.

Benita27:
Zombie celebrating mediocrity.

It rose from $23.89bn to $24.98bn.

. E pain am . Your curruption hero took it from 68b down to 24b

HtwoOw:
Buhari with no economic team managed gather $25B external reserves


If there was anything in the reserve, would the total be $25B?


Anyways, wailers will still come and curse Buhari , even though their own father's failed woefully at controlling thier own family, not to talk of a whole nation of mind Fucccked people



I hope the reserves continue to rise, that's only how our exchange rate to usd will reduce


Kudos baba Buhari

with the recent oil cut by OPEC, the reserve will continue to rise. as at this morning, oil price is at $56.55pb and hopefully it will get to $60pb before the end of the year.
For those that wish Nigeria good under this administration, they will see good and eat good but for those that wish it never get better for Nigeria, your case is with God.

ivandragon:
I have always argued that this issue of foreign reserve is being over flogged.

India & Brazil have foreign reserves of over $300b. USA & UK have reserves of less than $120b & $170b respectively... yet which countries have the better economies? or let's put it this way, which countries would you rather make a living in?

high or low, your reserves don't mean squat if you have a chronic infrastructural deficit problem that has built up for over 40 years.

your reserves are useless if your developmental policies are wack, uncoordinated, ill timed, confused & aimed more at harassing your perceived opponents rather than building your economy.

furthermore, we scream blue murder that GEJ didn't save, yet the same finger pointers didn't want him to remove subsidy.

if PMB was paying subsidy, our reserves would have been down to about $10b or less.

OBJ saved because he didn't do much in the area of infrastructural development & neither did he have to deal with a full scale war.

. I knw it wnt mean in ur eyes because it is pmb. If doesnt mean y are countries keeping reserve. Too many olodo plenty here

soulpeppersoup:


I understand you but my problem is that all the money from every sector is being plunged into this external reserve of a thing.

I suggest 50% of our foreign exchange go into external reserve, 25% to infrastructure, 25% for other things.

The bigger our investment and infrastructural development the bigger our external reserve but we are leaving the driver of this external reserve to what does not count.

It doesn't take time to wipe out that reserve. We will continue the circle of build and wipe out external reserve.

That was what the past Ministry of Finance was trying to do until desperate thieves petitioned and claimed the withdrawals where unlawful when in fact it was used to support the economy hence we where ot borrowing

jamislaw:
you that understand what is your take on that a**s hole.

I have written my take more than 4 times on here,your slow brain is playing catch-up. You wonder why you are where you at right about now.

erico2k2:

I have wrote my take more than 4 times on here,your slow brain is playing catch-up. You wonder why you are where you at right about now.

Just go and open your shop, live politic for life because you ain't coping.

agabusta:
Nice. I would advise the Niger Delta Destroyers to cease their destructive activities and let the forex reserve grow.

The high inflation is mainly caused by non availability of forex for imports. And everybody is feeling the impact, them inclusive.

Advice for what. Development is all they need. Oil would flow if buhari demilitarize.

Firefire:
The guy below me should tell Nigerians how we arrived at 2 quarter's negative GDP?

The recent minutus External Reserves growth is due largely to the continuous fixing of the FX rate by CBN, and continuous unavailability of FX to meet the current and growing trade deficit.

Nigeria is in DEEP shit.

The exchange rate has always been fixed before Buhari. Infact the only economic direction of Nigeria since Abacha had been to defend Naira value with reserves.
What we are seeing as appreciation in reserves is sustainable and real. Nigerians are cutting their taste in imports because the Naira has been right valued

Adminisher:


The exchange rate has always been fixed before Buhari. Infact the only economic direction of Nigeria since Abacha had been to defend Naira value with reserves.
What we are seeing as appreciation in reserves is sustainable and real. Nigerians are cutting their taste in imports because the Naira has been right valued

Buhary & CBN made us to believe Nigeria now operates a flexible FX regime? Where the forces of demand and supply determines the rate?

Unfortunately, the continuous rate fixing has increase Nigeria Trade Deficit with many companies unable to access FX for their transactions.

The external reserves appreciation is artificial and not sustainable.

jamislaw:
Just go and open your shop, live politic for life because you ain't coping.

My belle I don die,
Guy I dey cope well, infact I cope well pass the whole of your street put together, go check
£1=N600 now and you dey ask me to open shop or I suppose open mall where I fit employ you as security

Adminisher:


The exchange rate has always been fixed before Buhari. Infact the only economic direction of Nigeria since Abacha had been to defend Naira value with reserves.
What we are seeing as appreciation in reserves is sustainable and real. Nigerians are cutting their taste in imports because the Naira has been right valued

what do you mean by real? was it not fixed?

soulpeppersoup:


External reserve means nothing when you have nothing to sustain it but saving your investment.

In a way, it was because Obasanjo and Yaradua (whose saving mentality makes PMB look like a liberal spender) saved that we were able to survive the fall in oil prcies between 2008/9.

And let's be frank.....we have to save as much as possible....because the way things are going, oil prices are going to keep on falling and falling....and if we do not have something in reserve....we would be in a worse state than we were last year....if oil should fall.

Of course....we may have to do some spending. That is where spending more on power and transport comes in...which is what I think this govt should be doing.

erico2k2:

That was what the past Ministry of Finance was trying to do until desperate thieves petitioned and claimed the withdrawals where unlawful when in fact it was used to support the economy hence we where ot borrowing

Actually, we were borrowing during the last administration (see here)....because having oil does not mean you are rich per se. (Which is why Nigeria has been talking about diversification since the 1970's).

if not that the international monetary organizations require some minimum amount to be in that external reserve, i know for sure that naija polithiefcians would have withdrawn and stolen every kobo in it.

soulpeppersoup:
I read some comments saying the previous government squandered their money and some quoting figures. I laugh at some steriotype thinking.

If GEJ had save the money invested in his administration. Yes Nigeria will have billions in external reserve but there will be no job for people to earn money and eat. There will be no infrastructure in place. Nigeria would never have been in any economic fora in world. The world would be lending us food by now.

No one gets wealthy saving. Enough of civil servants leading this nation. We need businessmen to lead this nation.

Yaradua saved (like a miser in fact..this was the guy who told ministries to return all unspent funds at the end of every fiscal year or else...)...and that is how we were able to survive the oil price drop of 2008-9.

A good piece of advice for oil nations...is to save when the times are good. Sure spend....but save.

Norway is a good example.