₦airaland Forum

ORIENTATION101:
olodo fish head Governors protested when aunty noi was busy spending from eca account without informing co owners.

Provide the Supreme court ruling that said the money should be shared?? Ode

What did federal govt did with the 52% they got from the eca crude oil account

Mind you foreign reserve is different from excess crude oil account. Olodo jati jati

They share excess crude oil account so what happened to foreign reserve why was it depleted ??despite oil boom

Did governors also collect abacha loot return from aunty ngozi what did they do with it

Ahah so at least you used ur block head to read about the sharing and you are still here asking of what savings . Aren't you Daft

I see a lot of wailers foaming in the mouth over this report.

NOI/OBJ reduced Nigeria's external debt to $3bn and even saved over $60bn for Nigeria in forex; that was very commendable.

But a simple question for the the numerous clowns blasting Kemi on this thread; during the 5 year period between 2010 and 2015 when Nigeria made unprecedented high income from oil to the tune of almost $400bn, how much debt did NOI/GEJ incur for Nigeria?... What was Nigeria's total debt stock as at May 29th 2015?.....

No need to even talk of the forex reserve that was depleted to less than $30bn even during the years of plenty, or the fact that Nigeria under GEJ/NOI borrowed over $2bn in February 2015 to offset recurrent bills including salaries. Someone also forgot the over $2.5bn (over N500bn) in subsidies owed to fuel importers which had to be offset by the new govt.

ORIENTATION101:
i guess you didnt read the article
.
she did so under obj but could replicate the same performance under Gej this means she cant take the glory except obasanjo

Was Obasanjo not a member of PDP at the time

But, but, but Penresa says Nigeria is Africa's "best" economy. I can show the article if you like ma'am. Facts and figures they've got to prove it.

Kundagarten:
Wow this is coming from a former Buhari employee.
And we replaced NOI with Kemi, a woman without something as basic as NYSC certificate.

If we must copy, we should learn to paste correctly.
Bubu and co take note.

wirinet:
What did Amina Muhammad say that is new?
No one and I repeat no one contests Okonjo-Iweala's performance under Obasanjo, it was her performance under Jonathan that is subject to debate.

What was her performance under GEJ? Did she lead Nigeria to recession? Oh, i remember, Nigeria became the largest African economy during GEJ
https://www.google.com.ng/amp/s/www.aljazeera.com/amp/news/africa/2014/04/nigeria-becomes-africa-largest-economy-20144618190520102.html

Shayetet13:
What was her performance under GEJ? Did she lead Nigeria to recession? Oh, i remember, Nigeria became the largest African economy during GEJ
https://www.google.com.ng/amp/s/www.aljazeera.com/amp/news/africa/2014/04/nigeria-becomes-africa-largest-economy-20144618190520102.html

She was leading Nigeria into recession

FINANCIALOkonjo-Iweala Warns Successor, Sees Tough Times Ahead

Ngozi Okonjo-Iweala, former finance minister has said that her successor will face a “difficult” year because of plunging oil revenues and the economy needs expert management to weather the storm.

“We have a serious situation with a cash crunch,” she said in an interview in Cape Town at the World Economic Forum on Africa
https://nigeriacommunicationsweek.com.ng/okonjo-iweala-warns-successor-sees-tough-times-ahead/

Buhari and the criminal APC will finish off Nigeria if given another 4 years. Nigerians should do themselves a favor and vote out the incompetent Buhari.

ORIENTATION101:
i guess you didnt read the article
.
she did so under obj but could replicate the same performance under Gej this means she cant take the glory except obasanjo

Here's a confirmed knucklehead.

Shayetet13:
What was her performance under GEJ? Did she lead Nigeria to recession? Oh, i remember, Nigeria became the largest African economy during GEJ

Yes she did; Nigeria was already on the pathway to recession by the time she and GeJ bailed out of the sinking ship in 2015, only for the new captain to come in and was punished with 100% of the blame.

As at May 2015, Nigeria's GDP growth rate had already dropped to 2% (from its average 6-7%); at the rate it was dropping, getting to zero (recession) was inevitable especially given that the primary factor causing the drop (low oil price and meagre reserves) was getting much worse. Also, Nigeria's forex reserve was dropping rapidly (it dropped from ~$40bn to $29bn within 7 months), exchange rate had also dropped from N160/$ to N220 just in early 2015, virtually nothing was allocated for capital expenditure in the 2015 budget (e.g. the Works ministry got less than N20bn for the whole country in 2015), the government was so badly short of cash that over $2bn had to be borrowed in Feb 2015 for things like salaries, fuel importers were owed subsidies running over $2bn in the last 8 months prior to handover, etc etc.

All of the above happened when oil even still sold for over $60. But we all know how oil prices plunged further to less than $30 and how production volumes dropped by over 60% after the new govt took over. But still we have people who think and argue that all was rosy when NOI and GEJ handed over... Wouldn't even know whether to call this ignorance or just.

one of the countries I like to visit is Thailand - it is not Germany,Japan, China or even the US

But citizens of those countries flock there every year. Beautiful airport, nice infrastructure and I never never experienced power failure once

This is a country that should have been comparable to Nigeria - they don’t even have oil.

But guess what - there exports are finished products, and that is why the country is called the Detroit of Asia.

Cars by the bucket load, and their finance minister never went to havard or worked in the world bank.

Without power, great roads, amazing ports and airports nobody would bring the kind of industries that would help us develop

You can drive from bkk to chonburi which is a 90 minute ride and all you would see along the beautiful highway are Japanese factories.

Parked on either side of the highway are trucks ready to take goods to the ports for onward delivery round the world.

Their education system is no even world class but people still go to their hospitals from other countries for treatment - medical tourism is a great income earner for them

Alas how can we get to Thailand’s level ?

We infrastructure- we need steady power supply we need great technical skills and above all we have to become a safer country.

Am sorry but obj and Jonathan blew it. People are talking about how obj got us out of debt — foolish man - he should have built our roads and fixed our light - not hand money to the IMF or world banks.

Go and find out how much China owes inspire or have a foreign reserve in the trillions. Go and find find out how much Britain owes. We know the Americans owe a lot. But their infrastructure is amazing.

I once drove from philly to Ohio - beauty road and it took me over 10hrs. Can’t try that in Nigeria

Iamgrey5:
So throwing insults is your best way to counter a comment?

The president is the head of the executive council which Dr Ngozi was part of, So any decision made by Dr. Ngozi must have received a seal of approval from the president before it was acted upon, otherwise the president could have reject her proposal and follow another path. Thus, credit is given to the leader or president in this case.

Or haven't you seen President Trump praising himself for the economic growth experienced in the United States, why doesn't he praise his commerce secretary, finance secretary or Reserve bank president instead.

zombie so who do we credit for taking us to recession and perpetual borrowing? maybe okonjo iwaala too

wirinet:
She was leading Nigeria into recession

You are not an economist, so you dont know what recession is. You saying that NOI was leading Nigeria to recession based on her own warnings for politicians to plan ahead is crass ignorance. You need to go and rid yourself of such crass ignorance and then come back so we both can reason on the same level. My suggestion: start by buying Principles of Economics
Textbook by Alfred Marshall or any senior secondary economics text you can lay hands on

Racoon:
This is a serious indictment & confirmation of APC utter cluelessness in managing the Nigerian economy.
Debts & recession are just bywords according to the APC.Meanwhile zombies keep on telling us how this senseless government is the best to ever happen to Nigeria.I pity another 4year under the lifeless man.

Ngeneukwenu and other blind followers of doomed All Poverty Centered party won't see this fact.

All thanks to those who sold this doom to Nigeria.

Sadly, this has ended into their PRIVATE pockets, yet they are all saints!

obailala:
Yes she did; Nigeria was already on the pathway to recession by the time she and GeJ bailed out of the sinking ship in 2015, only for the new captain to come in and was punished with 100% of the blame.

As at May 2015, Nigeria's GDP growth rate had already dropped to 2% (from its average 6-7%); at the rate it was dropping, getting to zero (recession) was inevitable especially given that the primary factor causing the drop (low oil price and meagre reserves) was getting much worse. Also, Nigeria's forex reserve was dropping rapidly (it dropped from ~$40bn to $29bn within 7 months), exchange rate had also dropped from N160/$ to N220 just in early 2015, virtually nothing was allocated for capital expenditure in the 2015 budget (e.g. the Works ministry got less than N20bn for the whole country in 2015), the government was so badly short of cash that over $2bn had to be borrowed in Feb 2015 for things like salaries, fuel importers were owed subsidies running over $2bn in the last 8 months prior to handover, etc etc.

All of the above happened when oil even still sold for over $60. But we all know how oil prices plunged further to less than $30 and how production volumes dropped by over 60% after the new govt took over. But still we have people who think and argue that all was rosy when NOI and GEJ handed over... Wouldn't even know whether to call this ignorance or just.

Your earlier statistic is crap and unfounded. Show me a link to such unfounded statistics. However, it was true that the oil price was going down and then i ask, and so what? Was Nigeria the only country that its oil price was going down? Why didnt Angola go into recession? Why didnt algeria go into recession? Since they too were dependent on oil

obailala:
Yes she did; Nigeria was already on the pathway to recession by the time she and GeJ bailed out of the sinking ship in 2015, only for the new captain to come in and was punished with 100% of the blame.

As at May 2015, Nigeria's GDP growth rate had already dropped to 2% (from its average 6-7%); at the rate it was dropping, getting to zero (recession) was inevitable especially given that the primary factor causing the drop (low oil price and meagre reserves) was getting much worse. Also, Nigeria's forex reserve was dropping rapidly (it dropped from ~$40bn to $29bn within 7 months), exchange rate had also dropped from N160/$ to N220 just in early 2015, virtually nothing was allocated for capital expenditure in the 2015 budget (e.g. the Works ministry got less than N20bn for the whole country in 2015), the government was so badly short of cash that over $2bn had to be borrowed in Feb 2015 for things like salaries, fuel importers were owed subsidies running over $2bn in the last 8 months prior to handover, etc etc.

All of the above happened when oil even still sold for over $60. But we all know how oil prices plunged further to less than $30 and how production volumes dropped by over 60% after the new govt took over. But still we have people who think and argue that all was rosy when NOI and GEJ handed over... Wouldn't even know whether to call this ignorance or just.

Don't mind wailers (pdp and it's allies), if Okonjo-Iweala and Jonathan were still in charge of the economy when crude crashed to $30, the recession we faced under Buhari would have been child's play. We would have been worse than Venezuela.

Wailers should tell us, which oil exporting country that was not adversely affected by the oil crash.

wirinet:
Why are supporters of Mrs world Bank so obsessed with the year 2006? Was that the only year she served as finance minister? Why not also talk about 2014 to 2015 when she was borrowing to pay salaries.

In the second coming of madam world Bank, she met an external debt of US$5.67 billion, she then left with an external debt of US$10.71 billion, meaning she almost double Nigeria 's external debt profile despite record crude sales.
Buhari on the other hand met an external debt of $10.71 billion and is now about $19 billion.

This political season, most of the statistics churned out is simply political, like this one. When referring to Okonjo-Iweala, the report mentioned external debt, but when referring to Buhari, it switched to total debts (both external and internal debts). Why not talk of internal debt also when referring to Okonjo-Iweala. Paris club never cancelled Nigeria’s internal debt.

Please note; in March 2014, when Okonjo-Iweala was preparing her exit, Nigeria’s total debt stock was N12.06 trillion or $63.5 billion

So three[3] years after, where are we now?

Those who rescued Nigeria from PDP's perceived "Mismanagement and looting " can we safely conclud they are now more skilled in mismanagement and looting, hence impoverishing Nigeria the more?

Sad!

wirinet:
Do mind wailers (pdp and it's allies), if Okonjo-Iweala and Jonathan was still in charge of the economy when crude crashed to $30, the recession we faced under Buhari would have been child's play. We would have been worse than Venezuela.

Wailers should tell us, which oil exporting country that was not adversely affected by the oil crash.

Sweeping assertion reeks ignorance.

What is the debt profile of those countries in comparison to Nigeria's?

Stay on discourse!

Shayetet13:
Your earlier statistic is crap and unfounded. Show me a link to such unfounded statistics. However, it was true that the oil price was going down and then i ask, and so what? Was [b] Nigeria the only country that its oil price was going down? Why didnt Angola go into recession? Why didnt algeria go into recession? [/b]Since they too were dependent on oil

Angola

The drop in the price of crude oil to its lowest level in more than a decade has not only pushed Angola's currency to record lows, it has plunged the economy of Africa's second largest crude producer into a crisis.

Despite the country's oil and diamond resources, Angola suffers endemic poverty, with more than a third of the population of around 24 million living below the poverty line, according to the United Nations.

Fallout from the oil price crunch is inflicting even more pain on the already struggling poor, and risks threatening the stability of the country.

The kwanza currency lost 35% of its value against the dollar last year and Angolans are rushing to turn their local savings into more stable units, yet banks are low on foreign exchange.
https://m.news24.com/Africa/News/angola-economy-in-crisis-as-oil-price-sinks-currency-20160203-5

Algeria

Oil dependency prolongs Algeria’s economic downturn

TWO and a half years after the downturn in global oil prices, from $108 to $30 per barrel, the Algerian economy is still struggling to recover from the impact.
Immediately following the drop, at the end of 2014, Algeria’s energy earnings declined by 40 per cent. As a result, the country incurred a national trade deficit of $13 billion, while it had previously enjoyed a $25 billion surplus. At the same time, youth unemployment reached a high of almost 30 per cent.
http://www.newagebd.net/article/13757/oil-dependency-prolongs-algerias-economic-downturn

Shayetet13:
Your earlier statistic is crap and unfounded. Show me a link to such unfounded statistics. However, it was true that the oil price was going down and then i ask, and so what? Was Nigeria the only country that its oil price was going down? Why didnt Angola go into recession? Why didnt algeria go into recession? Since they too were dependent on oil

Unfounded?... Can you kindly point out the exact sentences you want me to provide reference for?... I'll be glad to provide references for every single word I typed above cos I didnt type rubbish.

By the way, your references to Algeria and Angola not falling into recession are very watery and pointless comparisons. Different countries have different buffer measures against economic shocks such as the loss of value of their main trade commodity. A country like Saudi Arabia for instance with 1-sixth of Nigeria's population had 25 times more forex ($750bn) stored in their reserves for eventualities like a drop in oil prices. Similarly, Algeria with just over 1-fifth of Nigeria's population had about $195bn in forex reserves prior to the oil price drop. As at 2016 ending, Algeria's reserves had dropped to less than $100bn; that is to say it cost the Algerian central bank about $100bn in reserves to prevent a recession.
https://tradingeconomics.com/algeria/foreign-exchange-reserves

Your country has over 180 million mouths which are fed only by oil. By mid 2014 when oil prices crashed, how much did your expert leaders have in reserves to counter the impending recession?.... Oh sorry I forgot, Buhari should have manufactured forex to prevent recession...

By the way, your comparison with Angola as one of the countries not affected by oil price plunge is obviously out of ignorance, my apologies.

modik:
Sweeping assertion reeks ignorance.

What is the debt profile of those countries in comparison to Nigeria's?

Stay on discourse!

Algeria's debt profile

Algeria national debt goes up
In 2016 Algeria public debt was 32,739 million dollars, has increased 18,222 million since 2015.

This amount means that the debt in 2016 reached 20.58% of Algeria GDP, a 11.83 percentage point rise from 2015, when it was 8.75% of GDP.
https://countryeconomy.com/national-debt/algeria

Angola's debt profile,

Angola’s external public debt rises to US$38.06 billion

Angola’s external public debt currently stands at US$38.06 billion, Finance Minister Archer Mangueira said in Luanda on Tuesday in the presentation session of the Macroeconomic Stabilisation Programme of 2018.

The minister also said that the stock of public debt last year reached 12.2 trillion kwanzas (US$73.1 billion), “which represents almost 67% of the country’s Gross Domestic Product (GDP).”

Angola’s external public debt at the end of 2010 amounted to US$30 billion, about 38.7% of GDP.
https://macauhub.com.mo/2018/01/04/pt-divida-publica-externa-de-angola-ascende-a-3806-mil-milhoes-de-dolares/

modik:
So three[3] years after, where are we now?

Those who rescued Nigeria from PDP's perceived "Mismanagement and looting " can we safely conclud they are now more skilled in mismanagement and looting, hence impoverishing Nigeria the more?

Sad!

Mr A borrows during a period of plenty. Mr B borrows during a period of drought. Only an unwise person attempts to compare both scenarios.

Under the last five years of PDP, Nigeria made almost $400bn from oil sales but still ended up borrowing massively and even running down the country's reserves from over $40bn to $28.6bn at the time of handover. Currently under the present government, Nigeria has made less than $100bn from oil sales but reserves have been built up marginally to about $47.

Any sympathiser of the last government who sees this $400bn vs $100 comparison but still thinks it makes sense to mock the current govt and then praise the last govt over debt issues must really need help.

These politicians must think Nigerians short memory is something they can keep cashing in on forever.

Is it not the same Ngozi Okonjo Iweala that served under Jonathan administration and looted the treasury inside out of billions during oil boom, including the tens of billions of surplus Obj boasts of leaving behind, only for Buhari to walk into total deficit left as a result of her inability to balance the budget?

I think someone has received money to prepare her for another public office, well, it's not my problem as long as she's representing only her people, after all, it's kind of the criteria to be worshipped in that neck of the wood, and the more criminal you are the better.

wirinet:
Don't mind wailers (pdp and it's allies), if Okonjo-Iweala and Jonathan were still in charge of the economy when crude crashed to $30, the recession we faced under Buhari would have been child's play. We would have been worse than Venezuela.

Wailers should tell us, which oil exporting country that was not adversely affected by the oil crash.

Its really sad that people still come up with the senseless argument suggesting that the immediate past government was any good in terms of financial responsibility.

Under the last five years of PDP, Nigeria made almost $400bn from oil sales but still ended up borrowing massively and even running down the country's reserves from about $45bn to $28.6bn. Under the present government, Nigeria has made less than $100bn from oil sales but reserves have been built up marginally to about $47.

It's acknowledged that the debt stock is pretty high and disturbing, but given the above scenarios, only a capital buffoon would think the last govt was better than the current in terms of debts accrued.

I wouldn't even want to talk of the ignoramuses who keep coming up with the silly argument that Nigeria was economically robust prior to handover. With Nigeria's GDP growth rate nosediving from over 6% to 2% in the periods prior to handover (due to oil price drop), only illiterates would argue that the current govt ALONE was responsible for the rate hitting the zero mark even when it was obvious that the uncontrollable economic factor which led to the crash (i.e. oil price drop) kept getting worse.

wirinet:
Algeria's debt profile


Angola's debt profile,

For a balanced comparison, our pioverty index in comparison to those countries mentioned should be examined too.

Secondly, Nigeria enjoyed oil boom alongside those countries too. Could you equally compare their debt profile when the previous government succefully reduced ours?

Irrespective of how you benchmark Nigeria, if intensified borrowing and mortgaging the future of this country is the only economic solution available/known to this government, Nigerians need a better eceonic Manager to say the least.

Felixv:
one of the countries I like to visit is Thailand - it is not Germany,Japan, China or even the US

But citizens of those countries flock there every year. Beautiful airport, nice infrastructure and I never never experienced power failure once

This is a country that should have been comparable to Nigeria - they don’t even have oil.

But guess what - there exports are finished products, and that is why the country is called the Detroit of Asia.

Cars by the bucket load, and their finance minister never went to havard or worked in the world bank.

Without power, great roads, amazing ports and airports nobody would bring the kind of industries that would help us develop

You can drive from bkk to chonburi which is a 90 minute ride and all you would see along the beautiful highway are Japanese factories.

Parked on either side of the highway are trucks ready to take goods to the ports for onward delivery round the world.

Their education system is no even world class but people still go to their hospitals from other countries for treatment - medical tourism is a great income earner for them

Alas how can we get to Thailand’s level ?

We infrastructure- we need steady power supply we need great technical skills and above all we have to become a safer country.

Am sorry but obj and Jonathan blew it. People are talking about how obj got us out of debt — foolish man - he should have built our roads and fixed our light - not hand money to the IMF or world banks.

Go and find out how much China owes inspire or have a foreign reserve in the trillions. Go and find find out how much Britain owes. We know the Americans owe a lot. But their infrastructure is amazing.

I once drove from philly to Ohio - beauty road and it took me over 10hrs. Can’t try that in Nigeria

Sent a pm, are you in the country?

kenddys:
the funny part is that they recovered $322m abacha loot and decided to share it with the poor and then borrow $324m to fund telecom sector who does that please?

All this morons will be shouting Sai Baba. Ignorance is a disease.

Felixv:
one of the countries I like to visit is Thailand - it is not Germany,Japan, China or even the US

But citizens of those countries flock there every year. Beautiful airport, nice infrastructure and I never never experienced power failure once

This is a country that should have been comparable to Nigeria - they don’t even have oil.

But guess what - there exports are finished products, and that is why the country is called the Detroit of Asia.

Cars by the bucket load, and their finance minister never went to havard or worked in the world bank.

Without power, great roads, amazing ports and airports nobody would bring the kind of industries that would help us develop

You can drive from bkk to chonburi which is a 90 minute ride and all you would see along the beautiful highway are Japanese factories.

Parked on either side of the highway are trucks ready to take goods to the ports for onward delivery round the world.

Their education system is no even world class but people still go to their hospitals from other countries for treatment - medical tourism is a great income earner for them

Alas how can we get to Thailand’s level ?

We infrastructure- we need steady power supply we need great technical skills and above all we have to become a safer country.

Am sorry but obj and Jonathan blew it. People are talking about how obj got us out of debt — foolish man - he should have built our roads and fixed our light - not hand money to the IMF or world banks.

Go and find out how much China owes inspire or have a foreign reserve in the trillions. Go and find find out how much Britain owes. We know the Americans owe a lot. But their infrastructure is amazing.

I once drove from philly to Ohio - beauty road and it took me over 10hrs. Can’t try that in Nigeria

How can you drive 10 hrs
You poor man
Use a flight lol

BeeBeeOoh:
https://www.thecable.ng/amina-mohammed-okonjo-iweala-got-nigeria-debt-now-back

As at June 30, 2018, Nigeria’s total debt profile, according to the Debt Management Office (DMO) had risen to $73.21 billion or N22.38 trillion.

These are the conversation we should be having now, how was this money spent, not Ameachi asking us to give PMB a second chance

asokoromadam:
How can you drive 10 hrs
You poor man
Use a flight lol

actually I was going to indiana (but spent day in ohio), with some family members --cheaper than buying a flight ticket, but not withstanding it is an America tradition to tour the country on the road. The roads are great and there is no better way to enjoy them than rent a new car,and just let loose..

Some of my ex colleagues have spent days on the road touring all the museums and monuments.

Jaqenhghar:
It is not your spoken english that os the problem. The fact that you auto.atically assume Capacity development to mean training workers is what I find amusing. Who creates wealth? Is it human beings or is it infrasturcture? If you take an example of California with all those tech companies. Is it infrastructure that established the tech companies or is it human beings? If Niggeria had bothered to invest in its human capacity you wont need to look for Chinese to come build bridges and airports for you. Did the Chinese wake up one day and start building the infrastructure they have? They underwent a process building their capacity went to study and built on existing knowledge. With that knowledge they built the infrastructure you see. Look at this shithole. You have been building infrastructure since 1960 yet look at the state of the infrastructure.

Iamgrey5, sit down and look critically at the salient points he raised.


Who creates wealth.? Humans.

Who builds superb infrastructures.? Wealthy Humans.

What are the tools that enable humans to create wealth.? Technical Education, Business Grants and Infrastructures.




So, don't deceive the government into thinking that a perfect infrastructural development automatically wipes off poverty.



There is a role Technical Education and Business Grants play in reduction of poverty.


If Buhari has being spending #300b since 2015 to empower 100,000 graduates with #3m/graduate every year, he would have influenced the creation of 300,000 SMEs by now.


Do you know the impact it would have made on job creations, tax revenues, proliferation of goods/services, availability of cheaper & quality services.?


Take YouWin for example and check how it lifted lots of Nigerians out of poverty under Jonathan.

Jomonic

They said she didnt do anything as a minister.

Fake Nigerians.

Sai Buhari by foot