₦airaland Forum

I'm interested in your Doberman. How much?

God Bless Ezenwata opposite UBA at Ijora deliver dogs to Jos

'This Video is not Available'

How much? And where are you located?

Prices for Mobil 1 and Toyota 5w 30 Full Synthetic Engine Oils?

Strahovski is perfectly right. But sustainability is not guaranteed yet. There is need for sound fiscal policy to forestall another spike in the exchange rate

Hi, Tried your phone number but switched off. I am interested

kingviny:
I am not biased bro. Who was in power when oil was being sold at over $100 the highest ever in Nigeria's history? If his diversification effort as you have put it really yielded result, how come our import bills are still very high? there are empirical evidence by which one should measure good governance, I still maintain that he under performed. He might have tried in some areas but he was the luckiest cus he earned the most and we expected a lot more from him .

The reserve fell from $60 to around $45 billion during Yaradua, when Jonathan left, it was around $30 billion, did his regime use all the huge oil money earned to defend the naira? to the extent that our reserve still went further down? common! lets call a spade a spade.

My guy, I agree that GEJ underperformed, but my opinion is that ALL leaders past and present have do little or nothing to salvage our economy. See, after our economy boomed under Yaradua and GEJ, our lifestyle also changed. Our visa applications skyrocketed, Naija became highest champagne consumer in Africa, our ATM cards were withdrawing foreign currency worldwide at huge cost o forex depletion. But let me also state empirically th two major items that depleted our reserves: petroleum imports and naira defence. Long long ago, our 120/160 , even now 197 exchange rates are not reflective of our Naira strength. Just like Saudi/Angola with their oil-backed reserves, reserves, we have been defending our naira with our reserves

kingviny:
It is not about sentiment but about facts. I know some of you like Jonathan but I had to take the pain to write all of these so as to open your eyes to the root cause of our economic quagmire.

On the contrary, Buhari is merely trying to patch the basket. If Jonathan had left upto $100 billion in our reserve , if he had effectively diversified our economy with our wealth , if he had listened to his then CBN governor in the person of Malam Sanusi, when he raised alarm about stolen billions which eventually landed him a sack , we would not have been in this problem. The sowing had been done in Jonathan's tenure, Buhari is just trying hard to manage the bitter harvest. Had Jonathan won a re-election, Nigeria would have gone under with oil selling at $30.

There is excess naira in the system (post election windfall), and now to launder these in addition to importers huge demand for dollars as against a reserve that cannot cope, what would you expect? we will surely experience what we are going thru right now... STAGFLATION.

Kingviny, unfortunately I don't subscribe to your position. And if PMB team continue to think it's all about GEJ, then we will have no solution in the short term to our foreign exchange crisis.

Till date, no leader has tried diversification of our economy like GEJ. Who issued policies to reduce imports of wheat, tomato paste and worked with private sector to introduce local substitutes? Who first screamed on the need to remove oil subsidies to free up monies for capital expenditures? You also mentioned sls as giving advices to GEJ? Now, you can factually see that the reduction of our reserves was by Sls advice to defend our naira to prevent devaluation. He still said it on BBC radio last week that he deployed those reserves to defend the naira because it was huge. That really is where our reserves went. Please seperate corruption from foreign exchange management. I do agree that corruption was high under GEJ, but pls note that corruption is still ongoing.

Our reserves rose by 2bn after PMB was sworn in and Pmb was widely praised even by Cbn governor. Now it has dropped but you point yet at GEJ? We still have a long way to go with such biased perceptions!

Inec has learnt from Kogi elections where they erred and as you can see, from Bayelsa Supplementary elections till date, they now avoid cancellations due to ' inconclusive' cancelled votes

emzila:
. u don't know what foreign reserve is, use the Google and search for component of foreign reserve, thereafter you may comeback to prove me wrong or apologize, that is if you understand the value of apology.

Please state here what is the meaning and clearly state the compoents of Foreign Reserve. Drop down your politcal sentiments and I openly promise to apologise if you prove me wrong. I want to see your academic treatise which even illustrates how one can draw from Foreign Reserves. We dont use Google and wikipedia for our academic publications, but even for your defence you can Still submit yours. I even want, as a pointer, for you to illustrate how GEJ withdrew from the reserves leaving PMB with little to ' fund' the economy as claimed by you and thus PMB also reducing it further within 9 months.

emzila:
FOREIGN RESERVE SINCE 1999
OBJ: INHERITED $3.7b in 1999
LEFT $45.0b in 2007
YAR ADUA: INHERITED $45.0b 2007
GREW TO $63b in 2008
drew from the reserve to boost the economy
during the 2008/ 2009 recession and
LEFT $47.7 2009 as at the time GEJ took over
the mantle
the growth was as a result of savings when oil
price was $147 per barrel and he took out of it to
shore up the economy when oil price dropped.
GEJ: INHERITED $47.7b
BUT LEFT $29.2b. from this I hope well meaning
Nigerian can see that unlike during the previous
administrations that had enough reserve from
which the were able to boost the economy, GEJ
left barely nothing from which buhari could get
fund to bust the economy. NB Yar Adua withdrew
about $15b to shore up the economy and still left
more than he met on ground but if Buhari is to
draw out such money from our reserve today,
Nigeria could be bought by dangote. if you don't know how the economy works, ask questions.

Yaradua withdrew from our Reserves? The above analysis is a product of the last campaigns. Just to make th factually clear, your Foreign Reserves are not physical funds like vaults in banks. You cannot physically withdraw from it for expenditures. It's a reflection of you balance of trade activities- what you export an what you import. It was reduced during last administration because the CBN Governor(SLS) preferred to defend the naira with the reserves instead of allowing it devalued by market forces. He posited h ha large reserves to do such. And CBN under present administration also towing Same line. I will not say GEJ depleted our reserves. Using such analogy will imply PMB has depleted or 'withdrawn' almost $3b since he cam on board

I dont believe President Buhari said these as they are not factual. He was praised when Reserves rose marginally at his administration inception. And of course reserves are at historical low during this current administration. And it's even theoretically stable because of several over protection policies by the cbn.

@demosoft, how much are you selling the Euro to transfer into my Dom Acct?

Interesting Toyins. I will like to key in. Are you in Jos anytime next week to explore it's use?

This is why Emir Sanusi told Buhari he is encouraging corruption by refusing to Devalue the Naira!

It was 325 naira in the morning. Afternoon I heard it was 329, low and behold the day closed at 335..definitely a record!

If you read the article, you will notice it's Federal Government Overhead spend in the period covered. Bulk of these were spent by Federal Civil Servants and Ministries, not Presidency

If it meets all legal expectations, I still marvel why the swearing in was done in secrecy..inside the Governor's Private Residence.

Fairplus adding more issues to his woes..the Supplementary Governor of Kogi State

yvesboss:
Disagree with you...cuz i have a lot of friends that studied agric and works as an accountant in good organisations...how??


ATS and ICAN.
MY bsc acct is rubbish

You have agric graduates that work as accountants in Nigeria Public Sector?

ucdemasprop:
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Pls where is the 5 bedroom semi-detached locaated? Ikeja GRA?

2 + 2= got me laughing!

What load will this carry Geesam?

Pls pass this on to Mr. President. It is not cbn governor oo

Kalm Sleep

Simple..he dreams about seeing old people. Sure needs deliverance as it has nothing to do with becoming a president

But from Uganda to Kenya, Rwanda and Tanzania, Nigerian films are on their screens everyday and watched in virtually every homes. They call Nigerians 'IGWE' maybe because they hear it called loudly(winks)

Wow..Following

Dalung used to stay just beside the Mai Shayi tea place when he was studying in the University in 90s. He branched there to reach out to old friends as he used to take tea there regularly as a student and gist with the Mai Shayi who still operates there.

rachybeatz:
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