ECONOMY

NIGERIA BECAME THE LARGEST ECONOMY UNDER GEJ


I will respond with facts and figures.

1. Yes Nigeria became the largest economy in Africa under GEJ but did GEJ handed over th same largest economy to Buhari? The answer is a capital NO! The truth was that the economy was bleeding profusely when Buhari took over from GEj.

It is one thing to become the largest econony in Africa and it is also a different thing to sustain the status. GEj made Nigeria the largest econony in Africa but couldn't sustain it even though he had the resources at his disposa to do so.

If the economy was doing well under GEJ, why would the FG borrow to pay salaries? According to Mrs Iweala, it was due to the crash of oil price in late 2014.

Yhttps://www.premiumtimesng.com/business/182543-nigerian-govt-borrowing-billions-to-pay-sYalaries-okonjo-iweala.html

If the economy was that vibrant as as we were made to believe, why did the FG had to borrow? What happened to all that the FG earned when the oil price was above $100/barrel?

What did they do with the money the nation earned when oil price was high that warranted them to start borrowing to pay salaries just few months after the fall of oil price despite producing over 2.5 million barrels of crude oil per dayy?

https://www.vanguardngr.com/2016/08/jonathan-nigeria-earned-n51trillion-crude-oil/

GEJ's govt earned oil revenue as much as OBj, YAR'ARDUA, and Abdusalani conbined

www.saharareporters.com/2014/10/19/jonathans-oil-revenue-much-yaradua-obj-abdusalami-abacha-combined

Yet he did not save any money apart the from the ones saved by OBJ and Yar'Ardua.

Don't forget that when the oil price crashed under Yar'Ardua that he injected $1bn from the ECA into the econony to save the nation. He didn't rushed to borrow because he already save money unlike GEJ who rus3hed to borrow because he didn't save despite earning more oil revenue than those who saved from the little they earned.

THE FALL OF NAIRA AND WHY BUHARI HAD TO BORROW.

The foreign exchange rate was about N180/$1. But there were othter factors to consider in order to know why Naira fell to N363/$1

1. Nigeria earns 95% of her forex through crude oil export.

2. When Buhari took over from Jonathan, the oil price was $37/barrel.

3. After Buhari took over, Niger Delta militants declaredf war on oil facilities which brought the daily output to below 500,000 bpd. That was a deadly and massive blow on our only source of survival as a nation.

4. GEJ left about $35 billion in our resrrve which wast part of funds saved by OBJ and Yar'Ardua. That amount was too small to sustain the economy.

5. The fall of oil price, the attack on oil facilities that brought oil production to below 25% and the fact that the immedate past govt did not save but went ahead and spent the money saved by OBJ and Yar'Ardua was what brought the pressure on Naira.

6. Nigeria was not the only nation that devaluated her currency due to fall of oil price. Russia, Egypt, and other OPRC member nations all had their currencies affected. Venezuela's economy lies in ruin today because of the fall in oil price.

7. In Nigeria, the demand for dollar was and is still high but the only means for Nigeria to earn forex was undfer heavy attack by Niger Delta Avengers and this was the sole reason many companies folded up because they couldn't source for dollars to run their companies resulting the lost of millions of jobs.

8. That was why the govt went for foreign loans so it can be injected in the economy because that was one of the 22 options the govt had to save the economy. The other option was to tax the masses even more to raise money but Buhari said no to that because the masses were already suffering due to the state of the economy.

RAILWAY SECTORtt

2. Talking about the revival of the railway sector, i want to make it clear that it was actually started by OBJ. Obasanjo was the one who planned and designed it but due to lack of funds, he changed it from a standard track to narrow track. But when Yar'Ardua took over from Obasanjo, he insisted that the right thing must be done. He ordered the review of the projects which was completed in late 2009 but unfortunately he became sick and eventually died in Nay 2010. GEJ took the next step which was to award the contract and release the funds for work to commence.

Facts about the rail sector can be seen here

https://www.thecable.ng/factcheck-obasanjo-leave-65bn-excess-crude-account

Jonatthan did the major job of awarding the contracts and releasing of funds for work to commence but he wasn't the one who originally planned and designed the projects. Buhari has completed Kaduna - Abuja rail project, Abuja light rail project. He is also working on the Warri - Ajeokuta rail project that was awarded in 1987 and hopefully would start operation soon. Buhari governnent started Lagos - Ibadan rail project and according to reports the train will start operation by December 2018 or January 2019.

AGRIC SECTOR

3. Someone rightly said that making a law is not the problem of Nigeria. But enforcing the law iss real the problem. Jonathan had good agricultural policies but he lacked the political will to implement those policies. U will agree with me that unless the policies are implemented, they will remain worthless and unproductive.

Lets use rice for an example. Jonathan was planning on banning the importation of rice in order to encourage local production. But the same Jonathan was approving rice importation worth billions of dollars to his men to import rice into the same country that he was encouraging local production.

There was no way the local farmer could survive when the same product is been imported into the country and sold cheaply.

Yet Reno Omokri is fond of telling everyone that Nigerians bought a bag of rice at N8009/bag but he won't tell them that under GEJ that Nigeria spent over $4 billion ( exchange rate was N180/$1) in 2014 to import rice and that Buhari cancelled all the rice import quota for 2025 which GEJ hurriedly signed few hours before handing over to Buhari.

Nigerians were actually been fed with cheap rice of sorrow while enriching some politicians.

See facts and figures of the sharing fornula under GEJ in the link below.

https://www.premiumtimesng.com/news/headlines/197242-how-jonathan-govt-issued-multi-billion-naira-rice-import-quotas-last-day-in-office.html

Jonathan's agricultural policies failed because he lacked the political will to implement them. So give credits to the man with the political will to implement policies that is encouraging local production.

4. Ameachi and other govs demanded that the money saved by OBJ and Yar'Ardua be shared because Jonathan was illegally withdrawing the funds for reasons only known to him and his aides which was against the law.

Just earlier this year President Buhari withdrewed about $500m to pay for fighter jets and all hell was let losed because he didn't get permission from the National Assembly. The question is, where were the National Assembly when Jonathan was withdrawing funds from the same account without telling Nigerians what he used the money for.

Jonathan did not save but was illegally withdrawing the one saved by OBJ and Yar'Ardua. But Buhari is saving and building infrastructures with the little his govt is earning.

So your job is just to support a lifeless dullard

mercenary:
So your job is just to support a lifeless dullard

Is that all you have got to say?

Bring facts to the table and stop with all these silly comments just for nairaland likes.

...

Ehiscotch:


Is that all you have got to say?

Bring facts to the table and stop with all these silly comments just for nairaland likes.

Am not jobless like you... Go to Reno's page and get all the facts you need and stop dishing out gibberish

mercenary:
Am not jobless like you... Go to Reno's page and get all the facts you need and stop dishing out gibberish

U mean Reno's hypocritical lies? I have given u the raw and undiluted facts

This reeno is loosing it, its glaring that Reeno is not just criticizing the Buhari led Administration for no reason, he must have been paid to rubbish this government, He has never said anything good about the Buhari led government which still surprises me, comparing the two government does not mean anything, the Buhari government has been trying so hard in fixing the damages caused by the previous government, that is just the fact.