₦airaland Forum

QuotaSystem:
This is why I voted for Buhari.

Between Egypt & the promised land, there is always a wilderness.

Thank God we have a Moses in PMB already leading us out of the wilderness & we are NEVER going back to Egypt.

God bless President Buhari.

Oblang:
So PDP used all our money for their fraudulent subsidy?

naijapips04:
calculate selling petrol at N85 naira when price was over $100 and tell me what you get.

Aluckiest:
Remember, Moses NEVER gets to the promise land, Atiku is our Joshua.

StOla:
Would there have been a recession at all if Jonathan had not wiped away all savings, and rather than take the foreign reserves from $47 beyond $100b, it plummeted to $29b?


Would Okonjo-Iweala have had need to borrow N470b to pay civil servant salaries, if the FG had done well with the windfall from 2010 to 2014?

Or you expect a magic wand solution to the bankruptcy executed by PDP?

sotall:
Use your brain properly...is Nigeria still in recession??

sotall:
Which is essential to the people, food for their survival or critical energy and essential imports?

Meanwhile a wise government doesn't need to import food. It grows it's own food

Ovamboland:
Now that the government restricts rice imports to encourage local production your ilk keeps saying Jonathan left rice at 8,000 per bag now its 18,000.
What exactly do you want?

Reference:
Good. You added N1.52 kobo to your savings. Then what. It is a means to prosperity. It is not an end so it cannot be counted as an achievement. It does not immediately address our problems which I continue to emphasize is the patent lack of productivity. As a nation we are just not earning enough to progress, to keep up with the pace of our population growth. I reminded some folks just yesterday.

Oil which remains our mainstay gold laying goose has been stuck around dropping 2 million eggs for some two decades or so from when our family had 120 million bellies to fill till now when we have added another third, 60 million empty plates. So to be at or to return the poverty levels of the Abacha era we need a daily oil output of some 3 million barrels per day which is not even on the cards, so where is this shortfal some 5 trillion coming from...

The fact is that Nigerians are poorer by the year by default simply because our economy is not generating new cash. We are not prepared by structure to find the new oil reserves. This is the mandate of government and the barometer by which its economic programs, successes and failures should be judges, not foreign reserves that are pitifully meagre compared to its massive debt counterpart.

Aluckiest:
Remember, Moses NEVER gets to the promise land, Atiku is our Joshua.

Reference:
Good. You added N1.52 kobo to your savings. Then what. It is a means to prosperity. It is not an end so it cannot be counted as an achievement. It does not immediately address our problems which I continue to emphasize is the patent lack of productivity. As a nation we are just not earning enough to progress, to keep up with the pace of our population growth. I reminded some folks just yesterday.

Oil which remains our mainstay gold laying goose has been stuck around dropping 2 million eggs for some two decades or so from when our family had 120 million bellies to fill till now when we have added another third, 60 million empty plates. So to be at or to return the poverty levels of the Abacha era we need a daily oil output of some 3 million barrels per day which is not even on the cards, so where is this shortfal some 5 trillion coming from...

The fact is that Nigerians are poorer by the year by default simply because our economy is not generating new cash. We are not prepared by structure to find the new oil reserves. This is the mandate of government and the barometer by which its economic programs, successes and failures should be judges, not foreign reserves that are pitifully meagre compared to its massive debt counterpart.

deomelllo:
www.nairaland.com/attachments/8345912_dumns2dwoaaq4lt_jpeg_jpeg41a4ed27189664152172cf8b2e677e94 By this time in 2014, it was emaciating.

StOla:
What I still cannot fathom is how Nigeria sold crude oil at over $100/barrel from 2010 to 2014, yet the foreign reserves that stood at $47b in 2010 had plummeted to $29b in 2015. While the same FG of PDP and Jonathan also managed to incur petroleum sector debts of over $6b in unpaid counterpart funding for JV oil pojects within same period?

What manner of lunatic will then say that the failure of APC in 3yrs should be replaced by the unrelenting untiring and unapologetic failure of the PDP of 16yrs?


The MMM economy that Jonathan and Okonjo-Iweala ran, was exposed as a facade the minute oil prices began to fall from $100/barrel towards $50/barrel.

What manner of government refuses to improve on savings and foreign reserves in a time of plenty and excessive petrodollar revenue, but rather spends everything previous regimes saved in a time of austerity?

Was there any commodity that sold in 2015 at a price cheaper than when Jonathan assumed power in 2010?

What manner of bankrupting regime would already have to borrow N470 ($2.5b) as at May, just to pay civil servant salaries in February/March/April 2015, despite that crude oil was still selling above $50/barrel?

What then would Jonathan and Okonjo-Iweala have done if they had won reelection and oil price slumped to $27/barrel as it did in 2015/2016?

A people whom God had saved from a Venezuelan economic collapse, are still daily campaigning that the current regime has failed, and rather than seek new alternatives, insist that a return to Egypt is what they prefer.

Foolish Galatians!

Open your PDP polluted minds.

[b]Import cover shrinks to 1.8 months as forex reserves decline



KARACHI: Pakistan’s depleting foreign reserves brought the country’s import cover down to 1.8 months and the country may soon need to seek $10 to 15 billion of bailout package from the International Monetary Fund (IMF), analysts said on Friday.

“Looking at history, it looks like Pakistan usually rushes to IMF when the forex reserves fall below 2 months of goods imports,” Executive Director - Research at Insight Securities Zeeshan Afzal said in an economic outlook. “Currently, the country has 1.8 months of import cover, and the finance managers have started hinting at possible negotiation with the IMF.

The country’s foreign exchange reserves fell 3.3 percent to $16.243 billion during the week ended June 22.

https://www.thenews.com.pk/print/335338-import-cover-shrinks-to-1-8-months-as-forex-reserves-decline

rxmusa:
EXPLICIT!

An Open Apology Letter To Muhammadu Buhari GCFR, President And Commander-In-Chief Of The Armed Forces, Federal Republic Of Nigeria.

"I have been enlightened greatly by these facts as stated below by Don Kmanera."

OBJ, FACTS/SENTIMENTS & THE REST OF US:

BY - Don Kmanero

Kindly and patiently look through the talking points, see if OBJ's issues are facts or sentiments. I think PMB should be judged by the numbers & not emotions ...

TALKING POINTS..

Nigeria real net oil export revenue: 2010-2015.

Oil price $110 per barrel average
Stable oil production at 2.4 million barrels per day in the period under review:-

2010-$70 billion
2011-$99 billion
2012-$94 billion
2013-$84 billion
2014-$77 billion
2015-$21 billion (January-May)

Total-$445 billion

Source: OPEC Revenue Fact Sheet and Energy Information Administration (EIA), a statistical arm of the US Department of Energy.

Outcomes in 5 YEARS:

a) External reserves declined from $47 billion in 2013 to $29 billion in 2015;

b) Savings depleted from $21 billion in 2010 to $2 billion in 2015.

c) Federal Government borrowed $2 billion to pay salaries.

d) 24 States of the federation bankrupt -could not pay salaries of workers, could not repay debts and other contractual obligations.

e) accumulated arrears of workers salaries and pensions, running into billions of Naira.

f) accumulated contractors debt such that all major construction works stopped.

g) NNPC technically bankrupt.

h) Foreign Direct Investment (FDI) at its all time low. Declined to $3.1 billion in 2015 from $8.8 billion in 2011

i) Nigeria's Credit Rating downgraded

j) Massive capital flight: industries relocating to neighbouring West African countries.

Nigeria real net oil export revenue: 2015-2017.

Oil price $45 per barrel average
Loss of 1.2 million barrels per day due to disruption by the Niger Delta Avengers

2015-$16 billion (June-December)
2016-$26 billion
2017-$10 billion (January-April)

Total-$52 billion

Outcomes:in 2 YEARS

a) External reserves boosted to $31.22 billion from $29 billion in 2015;

b) Savings increased to $2.29 billion from $2 billion in 2015.

c) Federal Government stopped borrowing to pay salaries.

d) 24 States of the federation bailed out- to pay salaries of workers, repay debts and other contractual obligations.

e) Settled fully accumulated arrears of workers salaries and pensions, running into billions of Naira.

f) Settled fully accumulated contractors debt such that all major contractors are now back to site.

g) settled fully oil importers claims amounting to $400 million.

h) NNPC restructured.

i)Foreign Direct Investment (FDI) steadily picking up.

j) Agricultural revolution taken off such that we now have small holder farmers millionaires.

k) Looted funds recovered running into trillion Naira mark

l) TSA the plugged loopholes of waste and swindle of public funds, now N4 trillion.

Bottom line:

a) Those looking for a magic wand, here it is. Using $52 billion or 12% in TWO years to achieve what could not be achieved with $445 billion in FIVE years.

b) Only an incorrigible hater will say that Nigeria is not making progress under the PMB administration with the acute resource constraint and the multiplying challenges facing the country.

Think Deeply.......

Ovamboland:
Aha, they should use the reserves to import rice and toothpicks so that nothing will be left to pay for critical energy and essential imports. Then we will have the Venezuela situation.
You will cry for the return of Buhari once the ravenous wolves take over, only then it will be too late.

Ovamboland:
Osinbajo is the Joshua, please not Atiku

sotall:
Pls get off my mentions and do what you were paid to do like your colleagues on this thread

QuotaSystem:
Lol for more jokes, send ATK to 419 (or USA)

rxmusa:
EXPLICIT!

An Open Apology Letter To Muhammadu Buhari GCFR, President And Commander-In-Chief Of The Armed Forces, Federal Republic Of Nigeria.

"I have been enlightened greatly by these facts as stated below by Don Kmanera."

OBJ, FACTS/SENTIMENTS & THE REST OF US:

BY - Don Kmanero

Kindly and patiently look through the talking points, see if OBJ's issues are facts or sentiments. I think PMB should be judged by the numbers & not emotions ...

TALKING POINTS..

Nigeria real net oil export revenue: 2010-2015.

Oil price $110 per barrel average
Stable oil production at 2.4 million barrels per day in the period under review:-

2010-$70 billion
2011-$99 billion
2012-$94 billion
2013-$84 billion
2014-$77 billion
2015-$21 billion (January-May)

Total-$445 billion

Source: OPEC Revenue Fact Sheet and Energy Information Administration (EIA), a statistical arm of the US Department of Energy.

Outcomes in 5 YEARS:

a) External reserves declined from $47 billion in 2013 to $29 billion in 2015;

b) Savings depleted from $21 billion in 2010 to $2 billion in 2015.

c) Federal Government borrowed $2 billion to pay salaries.

d) 24 States of the federation bankrupt -could not pay salaries of workers, could not repay debts and other contractual obligations.

e) accumulated arrears of workers salaries and pensions, running into billions of Naira.

f) accumulated contractors debt such that all major construction works stopped.

g) NNPC technically bankrupt.

h) Foreign Direct Investment (FDI) at its all time low. Declined to $3.1 billion in 2015 from $8.8 billion in 2011

i) Nigeria's Credit Rating downgraded

j) Massive capital flight: industries relocating to neighbouring West African countries.

Nigeria real net oil export revenue: 2015-2017.

Oil price $45 per barrel average
Loss of 1.2 million barrels per day due to disruption by the Niger Delta Avengers

2015-$16 billion (June-December)
2016-$26 billion
2017-$10 billion (January-April)

Total-$52 billion

Outcomes:in 2 YEARS

a) External reserves boosted to $31.22 billion from $29 billion in 2015;

b) Savings increased to $2.29 billion from $2 billion in 2015.

c) Federal Government stopped borrowing to pay salaries.

d) 24 States of the federation bailed out- to pay salaries of workers, repay debts and other contractual obligations.

e) Settled fully accumulated arrears of workers salaries and pensions, running into billions of Naira.

f) Settled fully accumulated contractors debt such that all major contractors are now back to site.

g) settled fully oil importers claims amounting to $400 million.

h) NNPC restructured.

i)Foreign Direct Investment (FDI) steadily picking up.

j) Agricultural revolution taken off such that we now have small holder farmers millionaires.

k) Looted funds recovered running into trillion Naira mark

l) TSA the plugged loopholes of waste and swindle of public funds, now N4 trillion.

Bottom line:

a) Those looking for a magic wand, here it is. Using $52 billion or 12% in TWO years to achieve what could not be achieved with $445 billion in FIVE years.

b) Only an incorrigible hater will say that Nigeria is not making progress under the PMB administration with the acute resource constraint and the multiplying challenges facing the country.

Think Deeply.......

Aluckiest:
419, and there's no petition against him to EFCC till now?

sotall:
Is Nigeria still in recession??