| Re: External Reserves Hit Three Month High Near $25bn by ekanDamie: 8:03pm On Dec 12, 2016 |
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. he asked a question u did not even answer even with all dis lecture u wrote. he asked why are we still borowing money? he meant despite d huge billion dollars in our reserves, why are we still borrowing? d answer is, reserves are not created to fund a budget, we borrow to meet economic needs that if vested properly could generate enough revenue to pay back and still shur up the reserves 1 Like |
| Re: External Reserves Hit Three Month High Near $25bn by Appleyard(m): 1:53am On Dec 13, 2016 |
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? Maybe his definition of mediocrity is "regional zombie-ism". The reckless spending and free-to air-looting of the last maladministration is the reason why we are where we are today. Only zombies would suggest otherwise. |
| Re: External Reserves Hit Three Month High Near $25bn by porka: 4:53am On Dec 13, 2016 |
ekanDamie:
he asked a question u did not even answer even with all dis lecture u wrote.
he asked why are we still borowing money? he meant despite d huge billion dollars in our reserves, why are we still borrowing?
d answer is, reserves are not created to fund a budget, we borrow to meet economic needs that if vested properly could generate enough revenue to pay back and still shur up the reserves
Dear Prof., The first paragraph of the 'lecture' you quoted already provided the basic needed 'answer', which you unnecessarily repeated in yours. And, if you know just a little of what reserves is all about, you won't refer to a $25b reserves as 'huge'. Maybe you should try and get your understanding correctly. The report says your 'huge' reserves can only support 6 months of import. Additionally, this report in question says borrowed funds from AfDB ($600m) has been added to the reserves, which is responsible for the marginal increase, wherein lies your 'theory' about borrowing 'to meet economic needs' in this context? Before you jump into discussion to show you are running a master's degree next time, try and get the context to avoid mixing too many things up. 1 Like |
| Re: External Reserves Hit Three Month High Near $25bn by DauraDullard0(m): 5:38am On Dec 13, 2016 |
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? We're not all stupid you know. How much was the said Foreign Reserves when Buhari took over in 2015? Besides, the price of crude oil has been on a steady increase. |
| Re: External Reserves Hit Three Month High Near $25bn by ekanDamie: 10:48am On Dec 13, 2016 |
porka:
Dear Prof.,
The first paragraph of the 'lecture' you quoted already provided the basic needed 'answer', which you unnecessarily repeated in yours.
And, if you know just a little of what reserves is all about, you won't refer to a $25b reserves as 'huge'. Maybe you should try and get your understanding correctly. The report says your 'huge' reserves can only support 6 months of import.
Additionally, this report in question says borrowed funds from AfDB ($600m) has been added to the reserves, which is responsible for the marginal increase, wherein lies your 'theory' about borrowing 'to meet economic needs' in this context?
Before you jump into discussion to show you are running a master's degree next time, try and get the context to avoid mixing too many things up. did u calculate how much 25billion dollars is? oga, wether it is sufficient for our economy or not is not what I was saying but d AMT in itself is huge, I was only looking at it from the askers perspective. if u answers is question in d first paragraph, why did u need to start going off point in subsequent paragraphs? that was exactly what I was trying to make u see. |
| Re: External Reserves Hit Three Month High Near $25bn by erico2k2(m): 3:50pm On Dec 13, 2016 |
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. Oga MMM , How market now  chey I tell you to go look for work 
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| Re: External Reserves Hit Three Month High Near $25bn by jamislaw(m): 3:57pm On Dec 13, 2016 |
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| Re: External Reserves Hit Three Month High Near $25bn by erico2k2(m): 5:51pm On Dec 13, 2016 |
jamislaw:
don't take panadol for another persons headache I was match with 3 people to pay me two has paid since friday the remaining lady is just 30k. I hope you are the one that need job here surfing Nairaland to look for my moniker, go and look for job am not from poor family. Ahah MMM don wound U sotey ur brain die.that shuse crashed since Friday and u dey give ursef hope plz call 112 Me I nor need work I'm on holiday . Unlike you jobless youth no direction . 
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| Re: External Reserves Hit Three Month High Near $25bn by porka: 12:22pm On Dec 14, 2016 |
ekanDamie:
did u calculate how much 25billion dollars is? oga, wether it is sufficient for our economy or not is not what I was saying but d AMT in itself is huge, I was only looking at it from the askers perspective. if u answers is question in d first paragraph, why did u need to start going off point in subsequent paragraphs? that was exactly what I was trying to make u see. It's obvious you have more learning to do. Here are simple words of advice for you; whether or not you take to them is entirely up to you. When you get into a public forum going forward, refrain from making unintelligible comments in matters above your current school syllabus. You should read and learn; use google to find out the meanings of words, phrases, concepts and definitions terms; and then go back to your peers and make informed contributions at that level. It'll save you the hassles of calculating 'how much $25b is'. |
