Tculest:
. 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

ogbonti:
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require some minimum amount to be in that external reserve, i know for sure that naija polithiefcians would have withdrawn and stolen every kobo in it.

erico2k2:



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

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?

Pylony:
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..

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

9jakohai:


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).

jamislaw:
I don't think so........I wanna be nigga, go sell your sugar and garri. My money work for me MMM, Swiss gold winthrill are paying me even though am sleeping. Go and open your shop bro before you start blaming Buhari for your misfortune.

erico2k2:

ahahahah guy your MUMUness no get level infact your fulishness get CV, at ur age just look the craaap you wrote up there, at your age my hustle don pay,MMM ahah I don die
Guy go school abeg, these kids mehn yah lot don't learn

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 roughly 2 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?

jamislaw:
your are ignorant. You can google what Swiss gold is all about di**k head. Don't forget go and open your shop boy don't waste much of your time surfing on Internet.

erico2k2:

whats the meaning of that trash you wrote up there, I had swiss gold 10 years ago when you was in secondary school,you just finished your NYSC just now and you dey here dey rake when you are fed still by your parents, guy go FARM at your Kaduna town plz,or you think I have not gone fru your post,you are a small hungry boy who can only afford fanta garri and gwaro.

erico2k2:

whats the meaning of that trash you wrote up there, I had swiss gold 10 years ago when you was in secondary school,you just finished your NYSC just now and you dey here dey rake when you are fed still by your parents, guy go FARM at your Kaduna town plz,or you think I have not gone fru your post,you are a small hungry boy who can only afford fanta garri and gwaro.

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 roughly 2 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?

soulpeppersoup:


Go to school I beg you because you have economic sense. It is stupidity to save what you can't keep. Invest what you have to generate what you need.

Furthermore, your tin god did not save $25 billion. Go read again

jamislaw:
grandy go and open ya shop and sell your ugwu.

erico2k2:

whats the meaning of that trash you wrote up there, I had swiss gold 10 years ago when you was in secondary school,you just finished your NYSC just now and you dey here dey rake when you are fed still by your parents, guy go FARM at your Kaduna town plz,or you think I have not gone fru your post,you are a small hungry boy who can only afford fanta garri and gwaro.

jamislaw:
what a bad luck I shouldn't be talking with you. You have only two likes one share since you join Nairaland nine years ego. What a fu**c. I will never mention you again.

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 roughly 2 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?

jjman2322:
relax guys

only reason reserves grew is because cbn isn't giving funds.

our company has bills of close to $1m unpaid and we are small fish.

it's like saying you having 1m in your account but you are homeless and can't eat.

estimates by international analysts are that our import bill is over $2b a month.

right now last report released was that cbn has over $20b of unpaid bills and LC. reserves are just propaganda.

for the last one month cbn has been giving only $1.5m daily while demand is closer to 100m a day. LOL at people hailing increase in reserve.

dollar is still 485 as i speak. and rising.

reserve has nothing to do with dollar price. most likely dollar will actually go higher since cbn refuses to pay bills for collections and Lcs

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.

erico2k2:

Well said

Rad1cal:


Your ignorance and lies are disgusting. You either provide proof to the nonsense you posted or shift out of here.

malton:


Maybe you shouldn't criticise that which you do not understand? I get that not everyone is smart, but you're embarrassing yourself, really.

Rad1cal:


You either prove your mettle or shut the hell up please. You shameless lied on indices you are starkly ignorant of.

If you must defend Buhari, you must be ready to be confronted with the truth.

Now show us proof of that nonsense you posted.

Rad1cal:


Your ignorance and lies are disgusting. You either provide proof to the nonsense you posted or shift out of here.

9jakohai:


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.

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

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

porka:


They can't generate enough income to run their budget. 

They miscalculated on fines and taxes through bogus assumptions from Lagos IGR conjectures/exaggerations - recall that they slammed MTN over a N1trn fine - such were the amount of irrationality they brought to government. 

They couldn't swallow their pride to accommodate the Niger Delta amnesty program that has proven workable since Yaradua administration. They stopped the amnesty program immediately they assumed office just because of an over-bloated ego. The pipeline surveillance contracts awarded to ensure a 'buy-in' of the Niger Delta and forestall sabotage were similarly crudely stopped. Not because they found any alternatives with technology or military superior techniques but to just satisfy their irrational ego - 'the New Sherrifat in Town things.' The results were a devastating blowout of oil pipelines that has reduced our production capacity significantly.
‎
And then they lacked the foresight and requisite strategies, skills and experience to deal with the oil price ‎volatility. We couldn't even get buyers for our oil at a point. 

They can't attract any tangible foreign investments - both portfolio and FDI. No investor takes us seriously. ‎Those already in are leaving. Those who don't have immediate exit plans are not expanding, they are merely 'coping'. Reports had it that over $80b dollars was pulled out of the country by investors in the first six months of this government.

Now, the country has totally been ran aground by Buhari and his gang. No money and no financial institution is ready to lend to us - except Akinwumi Adesina's AfDB that has granted us this paltry $600m, which they have added to the foreign exchange reserves and for which they are clinking glasses all over town. Note that the request made to AfDB was for $1b. ‎

The 'multi-quadrillion dollars' they alleged was 'looted' and for which they roamed the whole planet to 'repatriate' has not yielded anything. They don't even have money to pay to forensic accountants and lawyers to help them 'trace the loots'. 

What is more? The TSA as the 'cure-all capsule' has proven to be a disaster. ‎That is why ASUU is militant about getting itself excluded from it. More organizations with enough 'industrial muscles' could follow on ASUU's steps to opt out soon. ‎
‎
Food costs will continue to increase; very soon, basic medicines and drugs in the hospitals will disappear, leading to high mortality rate. More companies will close down - with the attendant loss of jobs in the millions. ‎

Now, we are at the most vulnerable position we have ever been fiscally. IMF and World Bank are excited about our situation, as it were‎. They will come with their extreme 'policy support instruments' to be met with little or no formidable resistance, because, at this juncture we don't have any leverage. No bargaining chips. 

We are in a very bad shape.