₦airaland Forum

Anyad231:
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.

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.

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?

SarcasticGenius:
This one be heavy duty o. Over 2.3 billion dollars in 11 weeks, while Sambo Dasuki is on trial for 2.1 billion stolen over 3 years. APC una be masters for fvckery.

[]

Buterflyle0:
Stop being misinformed. We are talking about foreign reserves and you are busy talking about sovereign account.

Stop talking silly

Anyad231:
Na so person go dey insult person ontop nothing....why was the sovereign account opened, and can you trace one thing the ex governors used that fund for. Obviously, we all know buhari can not take naija anywhere. We are easily manipulated in nigeria. As a nation, we are not meant to be where we are currently.

gare:
ANY VERIFIABLE JUSTIFICATION FOR THAT REDUCTION ?

... 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.

...
They said the decline in the external reserves would persist in the short term as demand for the green back grows amid the continued intervention of CBN in order to curtail the pressure on the naira at both the I&E and BDC segments as well as the expected increased demand by portfolio investors who have been reported to be leaving the country ahead of the 2019 general elections.

...
The CBN had intensified injection of hard currencies into the forex market since it signed a currency swap deal with the Peoples Bank of China to ease pressure on the Nigerian foreign exchange market. On Friday, the Central Bank injected the sum $303.91 million into the interbank retail Secondary Market Intervention Sales.

Buterflyle0:
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.

theoldpretender:
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!

Anyad231:
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.

sanpipita:
Did I say money shared was foreign reserves? and stop the gross ignorance foreign reserves can't be looted its not a saved money

Buterflyle0:
Tell the bolded to the OP and all the PDP wailers who actually think otherwise.

Ignorance they say is bliss but in this case, ignorance is stupidity

sanpipita:
But you said GEJ looted foreign reserves, how are you different from them? APC themselves celebrate foreign reserves like its a saved money somewhere, most of you are just clueless no wonder you make wrong voting choices

theoldpretender:
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

sanpipita:
You still haven't told me how buhari saved Money like you said, where is the so called money buhari saved

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.

djon78:

Why should we be focusing on oil all the time? Meaning that whenever oil decline we start shaking. Is it not high time all this madness stops?

In this present age we are still looking at oil to break even.


Personally I still believe that successive governments have not been honest about changing Nigeria's economy.

What stops government from overhauling the power sector. Power is the major problem. Fix power and even fuel subsidy goes away because Nigerians consume millions of litre of fuel daily to run their generators.
Therefore when you fix power problem you remove that.
Power will also fix our industries, reduce the cost of production, support local industries more than importation.


Personally I believe that the political class don't want to do the Right thing. They want the ordinary man to always be at there mercy. That's my opinion because fixing Nigeria s power is not rocket science.

Swiftboy:
Your analysis is off completely.

Even at $50 per barrel we are should be able to fund our budget. We export around 2 million barrels of crude oil per day. That's about 13 trillion Naira per year. Our budget is only 8 trillion. Let's say we are making 10 trillion naira per y year.

This country is rich but so many leakages and corruption coupled with lack of vision by our government has plunged is into poverty.

That's why we need to take our country back from the corrupt political elites that have brought the nations to her knees.

theoldpretender:
If you read the article part of the money went towards keeping the naira afloat, ie preventing it from plummeting to n1000 to $1.

Part of it went to elections...but it has not reached the Dasuki levels yet!...and it still does not obscure the fact that GEJ depleted our forex reserves.

Having said that...the issue really is that Nigeria is a resource dependent country...and it is high time we tool steps to end our resource dependency. PDP vs APC, GEJ vis PMB is all irrelevant.

theoldpretender:
And have a good evening.

I am not into your PMB vs GEJ politic...sir. I am for Nigeria industrial!

SanusiGworo:
Thieves in Power

sholatech:
[s]Only politicians say this. No Academic or Finance professional will posit this.

Please show me how you arrive at your average price for each administration. Show me also a year by year graph showing the foreign reserves value each year, average crude oil price per year & average Usd exchange rate per year. You will clearly see the result of your statement[/s]. Let the current administration fix our exchange rate back to the last time we had Average $70 crude oil price like we have this year & then see what value you will get on the foreign reserve values.

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

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...

sholatech:
Only politicians say this. No Academic or Finance professional will posit this.

Please show me how you arrive at your average price for each administration. Show me also a year by year graph showing the foreign reserves value each year, average crude oil price per year & average Usd exchange rate per year. You will clearly see the result of your statement. Let the current administration fix our exchange rate back to the last time we had Average $70 crude oil price like we have this year & then see what value you will get on the foreign reserve values.