External Reserve: Across The US$40bn Threshold, And Counting - Business (2)

External Reserve: Across The US$40bn Threshold, And Counting - Business (2) - Nairaland

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Re: External Reserve: Across The US$40bn Threshold, And Counting by bgossipnaija(f): 7:21am On Feb 08, 2018

NIGERIA NEWSPAPERS: TODAY'S THE PUNCH NEWSPAPER HEADLINES [8TH FEBRUARY , 2018].
Naija Newspapers

Below are the headlines found on The Punch Online Newspaper for today, Thursday, 8th February, 2018.

Killings by herdsmen: Reps want IG sacked, Senate rejects Benue panel report
Thu, 08 Feb 2018
The House of Representatives on Wednesday asked President Muhammadu Buhari to sack the Inspector-General of Police, Mr. Ibrahim Idris, over his “lack of capacity” to address security challenges in the country, particularly the killings by herdsmen in Benue State and the insecurity in Kano State.

“We call on Mr. President to replace the IGP with a more professional officer,” the resolution of the House read.

The resolution was passed after lawmakers debated two motions: one on the killings by herdsmen in Benue State, and the second on the “need to curb thuggery development in political activities in Kano and Nigeria in general.”

The motion on the killings by herdsmen was moved by a member from Benue State, Mr. Mark Terseer-Gbillah, while the second motion was moved by a Kano State lawmaker, Mr. Abubakar Danburam-Nuhu.

The two motions were later amended to a motion for the sacking of the IG.

Ruling on the motion to sack the IGP, the Speaker, Mr. Yakubu Dogara, said, “If we pass this amendment, it means that the entire House has passed a vote of no confidence in the IGP.

“I will go ahead and put the question since that is the decision of the House.”

http://www.naijanewspapers.com.ng/2018/02/nigeria-newspapers-todays-punch_7.html

1 Like

Re: External Reserve: Across The US$40bn Threshold, And Counting by handsomeyinka(m): 7:21am On Feb 08, 2018

Re: External Reserve: Across The US$40bn Threshold, And Counting by ayusco85(m): 7:21am On Feb 08, 2018

Won't stop buhari from going bck to daura

2 Likes

Re: External Reserve: Across The US$40bn Threshold, And Counting by mudiana(m): 7:21am On Feb 08, 2018

rxmusa:
President Muhammadu Buhari is indeed working. Oh God please give him more wisdom and guidance to lead this nation to greatness.

Fuel Scarcity! Before you crucify Mr President....

Most people propose two solutions and blame the president for inability to select one of the two. The popular suggestions are:-
A--Fixing our refineries
B—Return of fuel subsidy regime
I am not in the oil industries but I read what happens.
Before we discuss further let’s state some facts:
1- It’s obvious landing cost of petrol and its distribution to fuel station, is quite above 145 naira per litre.
2- Daily Fuel consumption in Nigeria is about 35 million liters
3- Our four refineries installation capacity is 445,000bpd.
4- When refined, a barrel of crude produces average of 13% pms (petrol)
5- Therefore our refineries (The four we have) can produce about 8 million liters of petrol per day when they operate at full capacity
6- Fixing the obsolete refineries (of 1983) can cost govt about $2bn (close to a N1tr)
7- Returning the subsidy regime for petrol to be sold at N145/liter will cost govt about 1.5bn naira daily, equivalent to 550bn naira annually. Of which a lot will be looted by marketers crudely.
8- Average share of FG from monthly FAAC is N235bn naira monthly, N2.8tr annually. Of which 65% goes to salaries and other recurrent expenditure. The balance is less than a trillion.

Knowing it cannot build a mega refinery for lack of resources, the FG resolved to engaging the billionaire Dangote, and giving him all kind of support to build a mega refinery for the benefit of all.
If we insist on subsidizing oil now, remember the FG may not be able to provide the required Forex to Dangote for timely completion of his project.
If we insist on fixing our refineries, we may end up with “biyu babu”, spending the money without getting the result.
Now, considering above, it will be futile to spend the limited resources we have on fuel subsidy or trying to fix refineries.
We have only one option, which is allowing the marketers to sell at competing prices. While we await Dangote with his refinery. Hopping his MOU with the government is masses oriented.

Until then lets be patient

This thing wey u talk be make sense oh! But na lie. Buhari is a shithole.

3 Likes

Re: External Reserve: Across The US$40bn Threshold, And Counting by Nobody: 7:24am On Feb 08, 2018

I have this question to ask..Instead of looking for loan, can't the govt just dip its hand into this Reserves, take about $5billion to fund critical infrastructure... Strictly infrastructure, no payment of salary, no subsidy payment, no bailout of any sort. just infrastructure.. Why is it so hard?

2 Likes

Re: External Reserve: Across The US$40bn Threshold, And Counting by seguno2: 7:24am On Feb 08, 2018

life2017:
It means that Buhari is focussing on Savings. Which is a good thing for a country that depends on a product like oil with uncertain future.

If the government want us to feel the effect , CBN will appreciate naira to 250naira to a dollar. Once he do that our enjoyments will increase because our enjoyment in Nigeria depends on importation. reserves will stop rising, we will stop saving and we will suffer for it in the future.

Bogus lies from a half-baked economist.
Have you seen any business that grew by saving instead of investing in research and development to generate new products for added value?
Buhari has invested nothing in education, health care, electricity and infrastructures. He is worsening our economy presently and in the future with recession.

1 Like

Re: External Reserve: Across The US$40bn Threshold, And Counting by Nobody: 7:29am On Feb 08, 2018

divinehand2003:
This is a welcome development. But my question is why is there no concomitant effect on the current high exchange rates? Why is this not changing the cost of garri in our local markets? Or is this another propaganda by the APC to win cheap political points again?

Lai Mohammed, over to you.

These are areas where they can easily lie, they cant lie about roads because we see none, neither can they lie about rails, or power, everyday external reserve, nonsense.

1 Like 1 Share

Re: External Reserve: Across The US$40bn Threshold, And Counting by seguno2: 7:29am On Feb 08, 2018

Esseite:
Meanwhile Amaech on the other thread just got approval from buhari to seek Financiers for a crucial rail project which took 7years for just feasibility studies....

That is the vision-less voodoo economics of Buhari the illiterate.
How can you be saving at low rates and bragging while borrowing money at high rates for stealing huh

Back to Daura 2019 loading.......

1 Like

Re: External Reserve: Across The US$40bn Threshold, And Counting by Desyner: 7:32am On Feb 08, 2018

BrandSpurNG:
Gross official reserves increased by US$1.92bn in January to US$40.69bn. The rapid accumulation of US$12.69bn over 12 months is due to two sizeable Eurobond launches, a small diaspora bond issue and the recovery in oil export revenues (through the NNPC’s share of production).

the bold part is 99% the reason for the increase and not those other self-serving factors the writer is trying to sell us.

Re: External Reserve: Across The US$40bn Threshold, And Counting by wildchild02: 7:38am On Feb 08, 2018

How does this affect the common man?

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Re: External Reserve: Across The US$40bn Threshold, And Counting by GMBuhari: 7:40am On Feb 08, 2018

seunlayi:

Thank God for the good news on my birthday. If your agreed with me that naija can and will be better soon despite the current hardship, kindly show me your love

Dtz my love

Re: External Reserve: Across The US$40bn Threshold, And Counting by vioment: 7:41am On Feb 08, 2018

Of what good is this when there are substantial results. No dynamic economy, am not talking of buying and selling. If we haven't realized that we have to go all out in infrastructure, we have to make it swaggalious to ease peoples' pains, we have to not owe any civil servant, then we are fooling ourselves. If one creditor decides to come for their pay, all that money will be gone. The best bet for any govt is to invest in its people and supporters of its people.

Re: External Reserve: Across The US$40bn Threshold, And Counting by Ikwokrikwo: 7:46am On Feb 08, 2018

Debt is growing at a much faster rate that the reserves. Does that make sense?

APC and their voodoo economics.

Re: External Reserve: Across The US$40bn Threshold, And Counting by slurity1: 7:48am On Feb 08, 2018

divinehand2003:
This is a welcome development. But my question is why is there no concomitant effect on the current high exchange rates? Why is this not changing the cost of garri in our local markets? Or is this another propaganda by the APC to win cheap political points again?

Lai Mohammed, over to you.

You need to be in Economic class for around 2 years to know Why

Re: External Reserve: Across The US$40bn Threshold, And Counting by dallyemmy: 7:50am On Feb 08, 2018

Why is the exchange rate not going down beyond N360 to $1?

Re: External Reserve: Across The US$40bn Threshold, And Counting by Wealthandjobs: 7:51am On Feb 08, 2018

God bless President Muhammadu Buhari.
May God bless all the patriots making Nigeria work again.
God bless the Federal republic of Nigeria,my fatherland.
God bless all the evil naysayers with long life to see but not enter the new Nigeria of our dreams.

1 Like

Re: External Reserve: Across The US$40bn Threshold, And Counting by chronique(m): 7:52am On Feb 08, 2018

Is illiteracy this rife amongst Nigerians? What is good about this news like some people are trying to insinuate up there? Buhari is plunging Nigeria into serious debts and people are talking about increase in foreign reserves. I weep for Nigeria.

Re: External Reserve: Across The US$40bn Threshold, And Counting by uba1991: 7:52am On Feb 08, 2018

With this foreign reserve growing it ll b hard for nigeria to go into recesion again.

Re: External Reserve: Across The US$40bn Threshold, And Counting by gidado14(m): 7:56am On Feb 08, 2018

boolet:
My question is; how abd when will it improve the people, the common people?

ask your economics teacher

Re: External Reserve: Across The US$40bn Threshold, And Counting by madridguy(m): 8:00am On Feb 08, 2018

Shhhh!
The more APC keep saying external reserve has increased from$23b to $42b,the Mo PDP desperately want come back to whack it.

Re: External Reserve: Across The US$40bn Threshold, And Counting by Idrismusty97(m): 8:11am On Feb 08, 2018

They should just withdraw everything and share for everyone in the country, Let's find our way. Left to me i will rather use the external reserve to finance major projects that will fetch the country some revenue in the long run. We have survived with less than $30bn external reserves, we will survived if we withdraw $10bn from it and finance major rail project, Dams, Solar plants etc.

Re: External Reserve: Across The US$40bn Threshold, And Counting by mrvitalis(m): 8:18am On Feb 08, 2018

AnodaIT:
Na only a useless father go dey save money so that him go dey use him bank account balance dey brag with people outside while him children inside house dey suffer

This one thinks reserves are money saved
Lol see them

Re: External Reserve: Across The US$40bn Threshold, And Counting by Q3(m): 8:27am On Feb 08, 2018

You are rightful thinking Nigerian My Brother! God bless you.

rxmusa:
President Muhammadu Buhari is indeed working. Oh God please give him more wisdom and guidance to lead this nation to greatness.

Fuel Scarcity! Before you crucify Mr President....

Most people propose two solutions and blame the president for inability to select one of the two. The popular suggestions are:-
A--Fixing our refineries
B—Return of fuel subsidy regime
I am not in the oil industries but I read what happens.
Before we discuss further let’s state some facts:
1- It’s obvious landing cost of petrol and its distribution to fuel station, is quite above 145 naira per litre.
2- Daily Fuel consumption in Nigeria is about 35 million liters
3- Our four refineries installation capacity is 445,000bpd.
4- When refined, a barrel of crude produces average of 13% pms (petrol)
5- Therefore our refineries (The four we have) can produce about 8 million liters of petrol per day when they operate at full capacity
6- Fixing the obsolete refineries (of 1983) can cost govt about $2bn (close to a N1tr)
7- Returning the subsidy regime for petrol to be sold at N145/liter will cost govt about 1.5bn naira daily, equivalent to 550bn naira annually. Of which a lot will be looted by marketers crudely.
8- Average share of FG from monthly FAAC is N235bn naira monthly, N2.8tr annually. Of which 65% goes to salaries and other recurrent expenditure. The balance is less than a trillion.

Knowing it cannot build a mega refinery for lack of resources, the FG resolved to engaging the billionaire Dangote, and giving him all kind of support to build a mega refinery for the benefit of all.
If we insist on subsidizing oil now, remember the FG may not be able to provide the required Forex to Dangote for timely completion of his project.
If we insist on fixing our refineries, we may end up with “biyu babu”, spending the money without getting the result.
Now, considering above, it will be futile to spend the limited resources we have on fuel subsidy or trying to fix refineries.
We have only one option, which is allowing the marketers to sell at competing prices. While we await Dangote with his refinery. Hopping his MOU with the government is masses oriented.

Until then lets be patient

Re: External Reserve: Across The US$40bn Threshold, And Counting by lexy2014: 8:40am On Feb 08, 2018

rxmusa:
President Muhammadu Buhari is indeed working. Oh God please give him more wisdom and guidance to lead this nation to greatness.

Fuel Scarcity! Before you crucify Mr President....

Most people propose two solutions and blame the president for inability to select one of the two. The popular suggestions are:-
A--Fixing our refineries
B—Return of fuel subsidy regime
I am not in the oil industries but I read what happens.
Before we discuss further let’s state some facts:
1- It’s obvious landing cost of petrol and its distribution to fuel station, is quite above 145 naira per litre.
2- Daily Fuel consumption in Nigeria is about 35 million liters
3- Our four refineries installation capacity is 445,000bpd.
4- When refined, a barrel of crude produces average of 13% pms (petrol)
5- Therefore our refineries (The four we have) can produce about 8 million liters of petrol per day when they operate at full capacity
6- Fixing the obsolete refineries (of 1983) can cost govt about $2bn (close to a N1tr)
7- Returning the subsidy regime for petrol to be sold at N145/liter will cost govt about 1.5bn naira daily, equivalent to 550bn naira annually. Of which a lot will be looted by marketers crudely.
8- Average share of FG from monthly FAAC is N235bn naira monthly, N2.8tr annually. Of which 65% goes to salaries and other recurrent expenditure. The balance is less than a trillion.

Knowing it cannot build a mega refinery for lack of resources, the FG resolved to engaging the billionaire Dangote, and giving him all kind of support to build a mega refinery for the benefit of all.
If we insist on subsidizing oil now, remember the FG may not be able to provide the required Forex to Dangote for timely completion of his project.
If we insist on fixing our refineries, we may end up with “biyu babu”, spending the money without getting the result.
Now, considering above, it will be futile to spend the limited resources we have on fuel subsidy or trying to fix refineries.
We have only one option, which is allowing the marketers to sell at competing prices. While we await Dangote with his refinery. Hopping his MOU with the government is masses oriented.

Until then lets be patient

cause of increase in external reserves, u say d president is working. How does increase in external refineries affect d living standard of Nigerians? U say d govt can't fix d refineries cos of d cost.did they not no d cost b4 they campaigned that they will fix d refineries?y all these excuses 4 incompetence?d govt keeps blaming marketers. Kindly explain how marketers loot subsidy money?d same subsidy removal that buhari himself said was a fraud under d last regime, is now d option u are saying is d way to go. According 2u if d govt keeps paying 4 subsidy, it won't b able 2 provide forex 4 dangote?how did u come 2 that conclusion? Does Nigeria exist because of dangote?so u are saying that d forex we have is meant 4 dangote?u sound as if dangote is doing Nigerians a favour by building refinery&when its done all our fuel problems will b over. So if according 2u,d daily fuel consumption of fuel is at 35million litres, can dangote meet that daily demand?If d health of d refineries is a challenge & d cost of fixing them is also a challenge, then y would d govt license just one individual 2 build a refinery considering that we consume "35million litres of fuel daily"? If d govt was sincere, y didn't it license d MNOCs to take over mgt of d refineries or build their own since most of them already have refineries even in countries that don't have crude oil?y would dangote now b d only hope Nigeria has 4 better fuel supply?has this govt tried 2 fix d refineries that u say it wont get results if it tries?let's go 2 gas. Is d govt paying subsidy 4 gas?gas is stlll expensive despite it being a waste product from oil refining. what has d govt done 2 make it available at a cheaper considering its economic & environmental advantages?

1 Like

Re: External Reserve: Across The US$40bn Threshold, And Counting by lexy2014: 8:42am On Feb 08, 2018*

uba1991:
With this foreign reserve growing it ll b hard for nigeria to go into recesion again.

was it foreign reserve that made Nigeria go into recession in d first place?

1 Like

Re: External Reserve: Across The US$40bn Threshold, And Counting by lexy2014: 8:50am On Feb 08, 2018

BrandSpurNG:
Gross official reserves increased by US$1.92bn in January to US$40.69bn. The rapid accumulation of US$12.69bn over 12 months is due to two sizeable Eurobond launches, a small diaspora bond issue and the recovery in oil export revenues (through the NNPC’s share of production).

We have to add the CBN’s fx reforms in H1 2017 because the substantial autonomous inflows have reduced its need to supply fx to the various windows. We should stress that the data are gross and mask the swap transactions the CBN has entered into with local banks.

The unorthodox fx policies did not impact upon the highly successful Eurobond roadshows. Indeed, in a receptive market for sovereign paper with yield attached, several governments with weaker credit stories than Nigeria’s managed to tap the international capital markets in 2017.

The CBN will be pleased with the encouraging signals from the NAFEX window. Turnover (ie both sides of trades) from its launch in April through to 05 February totals US$32.9bn. The weekly average has settled well above US$1.0bn.

Reserves at end-January covered 15.1 months’ merchandise imports, and 10.2 months when we add services. These calculations are based on the balance of payments for the 12 months through to September 2017. The debate should move on from whether Nigeria has an adequate external buffer.

It has been said that the FGN makes too much of this accumulation. We have no quarrel with such self-congratulation provided that we all acknowledge that conditions in the Eurobond market could become problematic for borrowers, that hot money could exit and that the oil price could tumble. (These are not our expectations, incidentally.) The reserves are “real”, however, having grown by a combination of good policy and good fortune.

FBN Quest…

Source : https://brandspurng.com/external-reserve-across-the-us40bn-threshold-and-counting/

if d highlighted is d reason 4d swell in d size of d foreign reserve, then this is actually a race being run backwards. Eurobonds are loans which Nigeria owes d investors that financed d bonds it floated. So I dont no how this is an achievement

1 Like

Re: External Reserve: Across The US$40bn Threshold, And Counting by Moukandjo: 8:57am On Feb 08, 2018

seguno2:
Bogus lies from a half-baked economist.
Have you seen any business that grew by saving instead of investing in research and development to generate new products for added value?
Buhari has invested nothing in education, health care, electricity and infrastructures. He is worsening our economy presently and in the future with recession.

You've been yarning crap all over this thread, thinking you're the only person with sense here! You go dey use words wey you no understand just to seem very smart! What is the meaning of "bogus lies," abeg?

1 Like 1 Share

Re: External Reserve: Across The US$40bn Threshold, And Counting by omoelerin1: 9:01am On Feb 08, 2018

AnodaIT:
Na only a useless father go dey save money so that him go dey use him bank account balance dey brag with people outside while him children inside house dey suffer

It is unfortunate that you don't know what the foreign reserve means.

1 Like 1 Share

Re: External Reserve: Across The US$40bn Threshold, And Counting by GavelSlam: 9:05am On Feb 08, 2018

seguno2:
Bogus lies from a half-baked economist.
Have you seen any business that grew by saving instead of investing in research and development to generate new products for added value?
Buhari has invested nothing in education, health care, electricity and infrastructures. He is worsening our economy presently and in the future with recession.

Is he not investing in infrastructure?

Are roads not being built even with Sukuk?

Are rail lines not being laid?

Are international markets not being commisioned?

We must have a buffer for future lows in oil price.

If you prefer a reckless president you have your chance in 2019 but I assure you Buhari would be re-elected.

Re: External Reserve: Across The US$40bn Threshold, And Counting by Moukandjo: 9:08am On Feb 08, 2018

omoelerin1:
It is unfortunate that you don't know what the foreign reserve means.

Exactly, bro! They just come online & display their illiteracy just because they must criticize. Even if you want to criticize, understand wetin you wan criticize first so you don't sound silly just like many guys here!

1 Like 1 Share

Re: External Reserve: Across The US$40bn Threshold, And Counting by bettercreature(m): 9:10am On Feb 08, 2018

MisterSols:
Just to impress the international community.

Meanwhile the people are suffering and smiling.

There's something wrong with this country,hope we can make DD2019 happen.

He is a very fooolish man! PDP will come back to embezzle the money again grin

2 Likes 1 Share

Re: External Reserve: Across The US$40bn Threshold, And Counting by seguno2: 9:15am On Feb 08, 2018

GavelSlam:
Is he not investing in infrastructure?
Are roads not being built even with Sukuk?
Are rail lines not being laid?
Are international markets not being commisioned?
We must have a buffer for future lows in oil price.
If you prefer a reckless president you have your chance in 2019 but I assure you Buhari would be re-elected.

See as you expose yourself anyhow.
Buhari is borrowing to COMPLETE roads initiated by Jonathan while bragging about increasing reserves.
If Buhari is dull, must you also be dull to follow him huh

You better redeem yourself before it is too late.

1 Like

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