₦airaland Forum

seunmsg:
It was not an achievement while government was building it up. Now that it's going down, Buhari must take the stick for it. Why are you wailers like this?




Crude oil sold averagely for over $100 all through Jonathan's government and not a single kobo was added to the foreign reserve. Instead, what he inherited from Yat'adua were squandered. Buhari met the reserve at around $30billion and has build it up to over $45billion despite oil averaging at around $50 for the past three years but Buhari is the problem. Again I ask, why are you wailers like this?

oil average what during Buhari? haba! if you can't be sincere, be smarth.
how much has this govt borrowed? let me help u, they have borrowed, in 3 yrs twice what pdp borrowed in 16 yrs.
what project has this govt initiated? let me also help you NON. they have being masturbating on GEJ project since 3 yrs.
on security, hmmmn, they want surpass GEJ in killing. even fulani has barack under Buhari, boko haram could not achieve that in all their reign.

Keep calm, the money isn't missing. it will be used for election and part of it given to some of us in form or Vote Buying on election day.

don't worry the money will still come back to us

seunmsg:
It was not an achievement while government was building it up. Now that it's going down, Buhari must take the stick for it. Why are you wailers like this?




Crude oil sold averagely for over $100 all through Jonathan's government and not a single kobo was added to the foreign reserve. Instead, what he inherited from Yat'adua were squandered. Buhari met the reserve at around $30billion and has build it up to over $45billion despite oil averaging at around $50 for the past three years but Buhari is the problem. Again I ask, why are you wailers like this?

are you not tired of associating and defending failure?
when will this blame game stop?
don't you know that Only thieves, lazy vagabounds, senile idiots and unrepentant dogs lacking decency in every regards support Buhari that has steadily grew poverty while mortgaging the future generations into debt?
do u know that you are owning China money?
why then do u sell your conscience for paltry sum while wallowing in hungry.
please Ponder on this points and your future

mrvitalis:
You think foreign reserves are money you can steal?

Lol and people like this call buhari dullard

But APC and their zombies are celebrating same foreign reserves like it's a money saved somewhere, we tried explaining this but they won't listen

d downward has began
looting for 2019 loading...

wyt:
oil average what during Buhari? haba! if you can't be sincere, be smarth.
how much has this govt borrowed? let me help u, they have borrowed, in 3 yrs twice what pdp borrowed in 16 yrs.
what project has this govt initiated? let me also help you NON. they have being masturbating on GEJ project since 3 yrs.
on security, hmmmn, they want surpass GEJ in killing. even fulani has barack under Buhari, boko haram could not achieve that in all their reign.

When Buhari took over,oil was at $75. By 2016 .....oil fell to $30. Now it is at $70.

Meanwhile, we need oil to be at $140 per barrel to be at a point where we do not borrow...(see here)

That is why Government was borrowing...and why APC has borrowed so much. Oil prices even now are too low for us to survive. (If we had refused to borrow...we would have been bankrupt by now)

GEJ borrowed too...because oil, despite being above $100...never reached above $130 per barrel(we had to borrow even then to keep above water)...and we were spending billions of that money on wasteful polices like maintaing fuel subsidy.Where I get annoyed with GEJ was that he did not save at all....and meanwhile..Buhari saved.

Where APC fails is that they don't fight corruption...and also keep on wasting money on subsidy. But their borrowing is not a sign of failure...but reality

seunmsg:
It was not an achievement while government was building it up. Now that it's going down, Buhari must take the stick for it. Why are you wailers like this?




Crude oil sold averagely for over $100 all through Jonathan's government and not a single kobo was added to the foreign reserve. Instead, what he inherited from Yat'adua were squandered. Buhari met the reserve at around $30billion and has build it up to over $45billion despite oil averaging at around $50 for the past three years but Buhari is the problem. Again I ask, why are you wailers like this?

Jonathan 'squandered' the foreign reserves in maintaining our exchange rate, and that's why life was easy for Nigerians. What do you think would have happened to Nigeria by now if Buhari maintained exchange rate where Jonathan left it? Let's not also forget about fuel subsidy and the price at which petrol sold under Jonathan. Those are all contributory factors. Also, remember Buhari has borrowed more in 3 years than PDP's 16 years borrowing.

FarahAideed:
Myndd44 Seun Lalasticlala...is rule 2 dead ? I have been banned before for using the word zombie and yet this character is being allowed to use the word wailed to bully others for their opinion...

One of those super moderator is an active member of the BMC crew, every thread is littered with their members using abusive words like pigs, wailers, flat heads etc without been banned. they're also the ones intentionally fanning the embers of tribalism.

yomi96:
are you not tired of associating and defending failure?
when will this blame game stop?
don't you know that Only thieves, lazy vagabounds, senile idiots and unrepentant dogs lacking decency in every regards support Buhari that has steadily grew poverty while mortgaging the future generations into debt?
do u know that you are owning China money?
why then do u sell your conscience for paltry sum while wallowing in hungry.
please Ponder on this points and your future

Oil has been below $80 dollars all throughout this regime, while it needs to be at $140 for us to be in a position not to borrow from anyone.

Plus...we have been borrowing money from China long before Bubu took over.

We will continue to borrow money until oil goes above $140 or until we become an industrialized nation.

FarahAideed:
Myndd44 Seun Lalasticlala...is rule 2 dead ? I have been banned before for using the word zombie and yet this character is being allowed to use the word wailed to bully others for their opinion...

This is not bullying. The purpose of media is to inform, educate & entertain people. This is to pass message across to people. Correction of wrong personal opinions on national issue is not bullying. Wailing is wrong lamentation.

The actual reserve Buhari met was around $26 billion. What saved GEJ is Emefiele at CBN. It is very difficult to get the accurate figure .Most of the projects Buhari inherited from GEJ when crude sold for less than $40 were not funded with FG highly indebted to contractors. It is Buhari that is funding these projects. South East complained about the state of Enugu Airports, Niger Bridge and about 69 FG roads in the East. They complained about PH Airports, dredging of Ports in South South but they have forgotten that Yaradua/GEJ made the highest revenue in the history of Africa but did not save ONE KOBO. Rather, Obj met $5.5 billion in 1999 and left $50 billion in Foreign Reserve & other little investiment in AFC & other places for Yaradua/ GEJ in 2007. GEJ borrowed heavily & left Obj reserve depleted by almost $24 billion.

The Ibos are not supposed to complain about infrastructure decay or neglect without finding out who looted the money. You are complaining of foreign reserve that was increased to $47 billion being depleted by $2 billion when GEJ spent above that money after he lost election.

Kennydoc:
Jonathan 'squandered' the foreign reserves in maintaining our exchange rate, and that's why life was easy for Nigerians. What do you think would have happened to Nigeria by now if Buhari maintained exchange rate where Jonathan left it? Let's not also forget about fuel subsidy and the price at which petrol sold under Jonathan. Those are all contributory factors. Also, remember Buhari has borrowed more in 3 years than PDP's 16 years borrowing.

If Bubu had continued to allow the dollars to flow...we would have been in a situation like Venezuela.

Dollar restrictions under this regime were harsh....but probably saved our country from falling into a worse situaiton.

However, we should have borrowed to build up things like power and transport solely....in my opinion. And saved more money by getting rid of fuel subsidy once and for all...which would have brought in foreign investment...and more jobs.(Like the GSM sector which was deregulated from the word go).

theoldpretender:
Oil has been below $80 dollars all throughout this regime, while it needs to be at $140 for us to be in a position not to borrow from anyone.

Plus...we have been borrowing money from China long before Bubu took over.

We will continue to borrow money until oil goes above $140 or until we become an industrialized nation.

how many months was oil above $120 throughout PDPs 16 year rule?

sircrabo:
Keep calm, the money isn't missing. it will be used for election and part of it given to some of us in form or Vote Buying on election day.

don't worry the money will still come back to us

Not just for elections..

Experts have blamed the continuous decline in reserves on three factors: increased dollar supply by the CBN to the foreign exchange market, instability in the nation’s securities and exchange market, and the coming general elections in the country.

Per the course for an oil dependent country.

theoldpretender:
When Buhari took over,oil was at $75. By 2016 .....oil fell to $30. Now it is at $70.

Meanwhile, we need oil to be at $140 per barrel to be at a point where we do not borrow...(see here)

That is why Government was borrowing...and why APC has borrowed so much. Oil prices even now are too low for us to survive. (If we had refused to borrow...we would have been bankrupt by now)

GEJ borrowed too...because oil, despite being above $100...never reached above $130 per barrel(we had to borrow even then to keep above water)...and we were spending billions of that money on wasteful polices like maintaing fuel subsidy.Where I get annoyed with GEJ was that he did not save at all....and meanwhile..Buhari saved.

Where APC fails is that they don't fight corruption...and also keep on wasting money on subsidy. But their borrowing is not a sign of failure...but reality

Where did buhari save? do you realize then opposition forced GEJ to share funds rather than save, let's be truthful to ourselves lies helps nobody

[quote author=seunmsg post=71046226]It was not an achievement while government was building it up. Now that it's going down, Buhari must take the stick for it. Why are you wailers like this?




Crude oil sold averagely for over $100 all through Jonathan's government and not a single kobo was added to the foreign reserve. Instead, what he inherited from Yat'adua were squandered. Buhari met the reserve at around $30billion and has build it up to over $45billion despite oil averaging at around $50 for the past three years but Buhari is the problem. Again I ask, why are you wailers like this? [/quote
Zombies ll always remind us about GEK regime each time the lifeless has question to answer. Have a wary situation at hand nd u re here talking about GEJ. Ask questions what happened to the deduction from foreign reserves and stop being a sl*wp*ke

seunmsg:
It was not an achievement while government was building it up. Now that it's going down, Buhari must take the stick for it. Why are you wailers like this?




Crude oil sold averagely for over $100 all through Jonathan's government and not a single kobo was added to the foreign reserve. Instead, what he inherited from Yat'adua were squandered. Buhari met the reserve at around $30billion and has build it up to over $45billion despite oil averaging at around $50 for the past three years but Buhari is the problem. Again I ask, why are you wailers like this?

please why build ur reserves while the masses are suffering, no jobs, no good roads, no security, no infrastructures. ...we need sound men to get us out of the mess these dullard are gradually digging 4 our future. Even if there is no president, we will still sell crude oil

naijapips04:
how many months was oil above $120 throughout PDPs 16 year rule?

Between 2013-14...and above $100 on average from between 2011-14.

Oil had been on the rise from 2003....and the highest prices fell between 2010-14.

See here


Thing is, GEJ benefited from high oil prices above 100 dollars...but did not save.

I should add that the problem with Nigeria...and that includes this current govt...is that we are not ready to spend our oil money wisely.(Sorry, I have to say this because people like you would callme a BMC crew...and I am not. I am a Nigerian). I hail Bubu for saving when times were hard...but bash him for bad polices like the fuel subsidy thing, the corruption, and the refusal to deregulate the electricity sector.

sanpipita:
Where did buhari save? do you realize then opposition forced GEJ to share funds rather than save, let's be truthful to ourselves lies helps nobody

on point, amaechi led that crusade to share the funds which was eventually used 4 buhari campaign. ..and d ex governors should shows us what those funds were used for...we keep deceiving and lamenting while these guys are cleaning out our future.

What a joke of a country...When will you people wake up and see what your real identity is

FarahAideed:
Myndd44 Seun Lalasticlala...is rule 2 dead ? I have been banned before for using the word zombie and yet this character is being allowed to use the word wailed to bully others for their opinion...

Mynd44 is an APC apologist. I will soon disgrace him here by posting his pics and number here.


Mynd44 I'm with your information and I will soon strike

Anyad231:
please why build ur reserves while the masses are suffering, no jobs, no good roads, no security, no infrastructures. ...we need sound men to get us out of the mess these dullard are gradually digging 4 our future. Even if there is no president, we will still sell crude oil

Because if we don't build reserves...we end up like Venezuela.

Venezuela is down to their last $10billion in reserves. They continued to spend dollars on their people...and as a result, they have no dollars to back up their economy....meaning you now need a wheelbarow full of Venezuelan currency to buy essentials like bread, beer, toilet roll, rice, etc.

There are queues for food, water, etc...and millions have left the country.

Nigeria is bad...but compared to Venezeula...we are far better off.Ironically, it is thanks to the lifeless one, and to people like Emefiele who learned the lessons of the 1980's

OreMI22:
BUHARI AND HIS GOVERNMENT ARE ROBBING NIGERIA BLIND.

So we have:

1. $30 billion dollars debt borrowed by Buhari from China,World Bank and IMF,

2. Billions of dollars recovered by whistle blowers mysteriously unaccounted

3. Billions of dollars earned in excess crude price of oil above $75 dollars while we budgeted for $45 dollars

4. Billion of dollars from the new taxes this regime has imposed on everything

YET, THE BUHARI REGIME IS STILL DEPLETING OUR FOREIGN RESERVE??

In response....

Nigeria needs oil to be at $140 per barrel for us not to borrow.

The $45 you mention does not make sense...and even IF there was no corruption....we would still be borrowing.

Here is a list of countries's breakeven oil prices, according to global ratings company Fitch (as at 2017)

Nigeria at $139
Bahrain at $84
Angola at $82
Oman at $75
Saudi Arabia at $74
Russia at $72
Kazakhstan at $71
Gabon at $66
Azerbaijan at $66
Iraq at $61
Abu Dhabi, United Arab Emirates, at $60
Republic of Congo at $52
Qatar at $51
Kuwait at $45

Sauce

theoldpretender:
Because if we don't build reserves...we end up like Venezuela.

Venezuela is down to their last $10billion in reserves. They continued to spend dollars on their people...and as a result, they have no dollars to back up their economy....meaning you now need a wheelbarow full of Venezuelan currency to buy essentials like bread, beer, toilet roll, rice, etc.

There are queues for food, water, etc...and millions have left the country.

Nigeria is bad...but compared to Venezeula...we are far better off.Ironically, it is thanks to the lifeless one, and to people like Emefiele who learned the lessons of the 1980's

it was not just d depletion of their reserves that caused d chaos in venezula...these were other issues caused by
Economic policy, crime, corruption, economic downturn, shortages, unemployment, hyperinflation, authoritarianism, human rights violations and political conflict.....we are gradually getting there

sanpipita:
Where did buhari save? do you realize then opposition forced GEJ to share funds rather than save, let's be truthful to ourselves lies helps nobody

1.The foreign reserve was already in decline long before the governors took GEJ to court. Need I remind you that most of those governors were from the PDP too.?

2.Buhari met the reserve at $32Bn. It went down to $28 BN before it reached $47bn, and now has fallen to$45 bn.

3.It does not mean that Bubu is better than GEJ...it means our economy is so dependent on oil...and it is high time we developed polices to get rid of that dependency....and it starts by spending more on power, transport,and removing fuel subsidy completely!

sanpipita:
Where did buhari save? do you realize then opposition forced GEJ to share funds rather than save, let's be truthful to ourselves lies helps nobody

The money shared was not from the foreign reserves it was from the sovereign account which is different from the foreign reserves.

Gej looted the foreign reserves despite all prices being at an all time high during his tenure which enabled him to earn as much as $398b for his 4 years in office yet from all he earned he never added one dollar to the foreign reserves but kept draining it.

Please stop giving wrong information. Oil price has been over $70 in the past one year. The crude oil price plunge happened early 2015 to mid 2016. The Oil price has since then kept increasing. Don't back a corrupt govt with unfavorable decimals. You are sure one of those benefitting from this corrupt govt from all indications.

seunmsg:
It was not an achievement while government was building it up. Now that it's going down, Buhari must take the stick for it. Why are you wailers like this?




Crude oil sold averagely for over $100 all through Jonathan's government and not a single kobo was added to the foreign reserve. Instead, what he inherited from Yat'adua were squandered. Buhari met the reserve at around $30billion and has build it up to over $45billion despite oil averaging at around $50 for the past three years but Buhari is the problem. Again I ask, why are you wailers like this?

Anyad231:
it was not just d depletion of their reserves that caused d chaos in venezula...these were other issues caused by
Economic policy, crime, corruption, economic downturn, shortages, unemployment, hyperinflation, authoritarianism, human rights violations and political conflict.....we are gradually getting there

It was the global recession occasioned by crash in oil prices that set Venezuela on the road to recession which they took for granted and never recovered from.

Thank God Gej was removed and replaced by buhari in 2015 because according to Okonji iweala and her assessment, we would have ended up worse than Venezuela because GEJ had no conviction to save.

preciousfeb:
Please stop giving wrong information. Oil price has been over $70 in the past one year. The crude oil price plunge happened early 2015 to mid 2016. The Oil price has since then kept increasing. Don't back a corrupt govt with unfavorable decimals. You are sure one of those benefitting from this corrupt govt from all indications.

PMB met oil prices crashing to a meager $25 pb at a time but he still was able to ensure he gave states their bail out funds from it and never owed. He still had enough to clear debts in NNPC and commence payments for contracts GEJ awarded on paper with zero funding.

GEJ had oil prices at $130pb at a point yet before he left he rendered about 30 states bankrupt and unable to pay salaries while he ended up borrowing to pay salaries with which is the height of buffoonery.

Anyad231:
it was not just d depletion of their reserves that caused d chaos in venezula...these were other issues caused by
Economic policy, crime, corruption, economic downturn, shortages, unemployment, hyperinflation, authoritarianism, human rights violations and political conflict.....we are gradually getting there

I doubt we would get there...largely because

1.We manufacture a lot of goods here. For example...we manufacture things like toilet roll, soap, beer, soft drinks, etc here. Venezuela was imporitng most of that stuff....which means wasted froeign exchange.

2.Dollar restrictions are still in effect.

3.We have a fuel subsidy that keeps fuel at N145 per liter. Waste of money. Venezuela has a fuel subsidy that until recently kept fuel at N50-60 per liter....wasting valuable forex.

4.Chavez and Maduro virtulally nationalized private businesses...and forced them to sell their products at low prices (imagine Bubu nationalizing companies like Dangote and Nigeria Breweries and forcing them to sell things like Cement at N800, and Star beer at N30!)...which made it difficult for them to keep on employing staff, and making products. (As a result, Venezuela's only beer company has closed...meanwhile Nigeria Breweries and Guiness Nigeria keep on operating).

5.Many Nigerian manufacturers learned to use local raw materials a long time ago.(this predates 1999...by the way).

6.NNPC , as you know, is partial in its hiring. But that is limited to the office jobs...the techinical jobs are still merit based (plus NNPC has a number of joint ventures with big oil companies...which tend to be very merit based in employment)

Venezuela? Their equivalent of the NNPC...the PDVSA...was wrecked by Chavez and Maduro's weird policy of employing hundreds of inexpirenced people in both techincal and white collar jobs...which means the company is a shadow ofitself. Add the fact that Venezuela's diminishing forex means that the company cannot invest in new euipment plus the high cost of extracitng oil in Venezuela.....you can imagine.

Effect of electioneering time.