Dsimmer:
We had little debt and the forex reserve was good enough. Something good which OBj did at least but he failed to build functional refineries while he and his vp, Atiku looted the money meant for electricity!

So Jonathan met little debt and good reserve when he came in at the time when oil was also selling high but what did he do? Looted our forex reserve and got us into some debt without doing anything tangible nor built any refineries or electricity. Buhari came and sank us into large amount of debt while also looting our forex reserve and refused to build any refineries!

ironically oil prices has experienced a surge since the Russia Ukraine war of more than a year now, but it did not stop apc from borrowing.

Charly68:
Which economy did he manage ? How do you people forget things so easily. Would Nigeria have voted for Buhari if all was well under Jonathan ?

if tinubu even succeeds now to take us back to where we were under Jonathan, u lots will praise him to high heavens. let's not allow sentiments to becloud our judgements, the south westerners were the ones who championed opposition against GEJ because some key positions in his administration were occupied by person from the SS and SE. this infuriated u lots and there were no amount of performance that would have pleased u people. let's not forget how u denigrates and insulted his person and his family was not even spared your verbal assaults.

Burob:
Only an oblivious minded thing, will compare a government of 5 months, to a government of six years, the wise know that it is never how you start, but how you finish.

Compare Bola Tinubu to Jonathan after his first term.

apc, the ruling party has been in power for more than 8 years oga, same party, same manifesto, same program and basically same people.

nairalanda1:


Obasanjo debt clearance was part of a deal involving several African countries

12 of them got their debt cancelled totally. Nigeria got 67%of our debt cancelled in return we paid the balance. Even then some people crticsed Obasanjo..me I thought obj did good..he got us the best deal under the circumstances ( I was scared IMF would tell us to go and sit down!)

oga we are saying the same thing, he did not accumulate more debt, rather he was able to raise money to negotiate and clear Nigeria's debt, but apc has accumulated more debt in just 8 years than we did in the elast 2 decabes prior to apc.

Damian077:


Yes bamboo is stronger than iron but the availability of the bamboo is the problem. Google it

bamboo is not stronger than iron or steel, stop this miss information. it only has a better strength to weight ratio, hence it is stronger per unit weight.

nairalanda1:



The answer is simple


When the price of what we sell is too low, we borrow money. When the price goes back up we pay money and borrow more.

We've been doing that since independence.

It goes way beyond APC and PDP. Buhari contributed his own, but it did not start with him.

really? then how was obj able to virtually clear Nigeria's external debt despite oil price not being as high as what it was under buhari?

nairalanda1:


High oil prices and a lower debt burden to begin with.

Before anyone comes here to abuse me

1..I am not an APC supporter

2..I don't back PDP either.


Jona had high oil prices. Buhari started off with dropping oil prices and it was only in 2021 that oil prices went up to the 2011-14 level.

Even then we didn't benefit from Buhari high oil prices because we had borrowed up so much under his rule to feed corruption, feed defending the naira and feed growing subsides.


We had the same thing happening in 1973-82. High oil prices and then in 1982, crash. By 1992 we had gone through years of mess and the naira was hovering around 33 to the dollar compared to 1 to 1 in 1978

Every oil country has the same boom and bust. Venezuela was very prosperous in the 1970s. By 1980s the economy was a mess. Iraq too, which is partly why saddam invaded Kuwait. He needed their oil revenue. Ten years of low oil prices led him there.


The problem Jona, tinubu and Buhari and for that matter many of our past leaders share ( Yaradua was a exception somewhat) is that they think we are a rich country. When oil prices fall, we borrow to keep our heads above water and maintain the illusion.when they are high we spend and spend.

Oil was going above 200 naira by the end of GEj regime. By January 2015 , NOI was warning that hard times awaited, whoever won that year. In fact by 2014, April when oil prices started crashing, anyone who remembered 1982 would have had a feeling of déjà vu.

who created the high debt burden in the first place?

Pakute:

Did GEJ experience recession?, No.
Did GEJ experience pipeline vandalism and production shortfalls?, No
Did GEJ experience Covid?, No.
Did GEJ experience Ukrain/Russia war that's affecting food prices? No.

the Russia Ukraine war is actually a positive for every oil producing nation. the recession was partly caused by the backward economic policies of buhari. he closed the land borders of Nigeria throughout his administration, and most of our factories rely heavily on the west African market for their products.

MASTERCHIEF0847:

Even the PDP presidents failed. For example under OBJ $16 billion NIPP project failed with the money gone, under GEJ his petroleum minister was arrested in the UK with £18.5 billion, where did the money come from? These people are all the same PDP and APC and whatever platform they come under.
Among oil producing countries Nigeria has the least developed public infrastructure with the little available also dilapidated.

even in the USA there are instances of corruption by officials, that does not mean the administration failed. we still have till today, lasting policy results that helped certain sectors of the economy from pdp era of 1999, what lasting positive legacy can u point to from apc administration of buhari that just finished less than a year ago?

MASTERCHIEF0847:

Please read my comment again, it i did not base it solely on oil prices but you cannot take out the fact that that was during an era of oil boom worldwide and every oil producing nation benefited from increased revenues so its a factor oga.
I also made emphasis on his good economic team and policies.
In reality, all the governments since 1999 have all failed so personally am not giddy about any.

crude oil price and especially the price of lng has been very high since the Russia Ukraine war started, even b4 the war it was rising, go and compare with the prices during Jonathan's administration.

orisa37:
NA BANKS: NA BANKS: NA BANKS. CBN IS NOT QUALIFIED AND COMPETENT. ALL OUR COMMERCIAL BANKS' CHIEF EXECUTIVES AND SENIOR MANAGERS ARE GUILTY. THEY SHOULD BE BOUNDLED, ROASTED AND WIPED OUT.

cbn officials and tip politicians are involved in the game too, that is why they cannot regulate banks.

Vision101:
You are here shouting over a naira that has all these years been overvalued. The over valuation has been supporting your consumption economy and importation business.

The good side is that it will stop the importation mentality. I have been calling my relatives and friends abroad that this is the right time to invest in Nigeria. Just a few dollars and they could own a prime property that the value can sure triple in few years. They could invest in bluechip companies on the stock exchange with few dollars.

Every event is an opportunity for smart and discerning investor. The ordinary people will spend endless time complaining.

Nigeria has bluechip companies? LOL?

paragons:
Enough of this blame game , could an expert in the house kindly advise on the way forward . I need an expert in economy to tell us how this situation can be salvaged .In all honestly , is everyone raising their hands in helplessness while this situation continues? do we know effect of all this , businesses are closing , there is massive inflation , people are suffering .....someone should profer a solution instead of criticizing we need solution not criticisms what is the way forward

how many experts in the house have the power to make policies? when tinubu removed subsidy and unified the exchange rate simultaneously, we argued that it was a wrong move because the Nigerian economy will not be able to withstand both shocks at once, but some of u called us names, now the aftershock are still being felt all over. go to any local market and get prices of goods and services.

opamoses1:

How many Nigerians spend dollars on a daily or even monthly basis.

u don't spend dollars on a daily basis but most of the items u buy including petrol were imported with dollars.

tinubu is really a failure, even russia and Ukraine that are running a war time economy has not experienced this type of decline in currency.

Father4all:
All the so called Christian in Nigeria are happy that the zionist are killing Palestinians but then the Muslims in the north starting killing them they will be wailing

and christians are incapable of fighting back abi? don't let previous crisis deceive u many christians are now ready to defend themselves.

devilmaycry:
Processor is definitely nothing to write about
This brand is so backward even nonsense techno and infinix are making phones with better processors these days

but itel and Tecno belong to the same transsion family.

Macphenson:
These hypocrites never called Buhari to open southern borders when Buhari shut it down without notice and left the northen borders open.

That stupid and wicked action from Buhari wrecked a lot of Business. I personally lost about #10M.

Because the northern borders has been shut and it is really affecting them, they are now talking rubbish.

Hypocrisy will kill this country.

bro I was about to make this point when I saw uras, in addition where were the SW legislators when buhari shut SW borders for 8 yrs? I can guarantee u for free that it is northern legislators that are championing this resolution .

SalamRushdie:
Tinubu is a disgrace to the south .
Imagine Buhari being economically better than U

I wonder oo, buhari for that matter, a fellow who could not produce a waec certificate during election is now seemingly better than a Chicago graduate. wonders shall never end

iReddington:

Peak fooling, the council was created almost 20years ago, and Nigeria has never been a member, so how's that Tinubu's fault that has barely used 6months as President. You're just an hateful bigoted ignorant villager with internet.

but if on the other hand Nigeria had been elected, u lots would have attributed it to tinubu, and echo it all over the place as one of his "achievements".

juman:
Hope ladi win at the court. Abiodun is not good governor.

it is a federal road oga.

rbjimoh:
It's utterly a waste of time to engage Nigerian Christians in conversation about religious issues, their minds are warped.

u mean like the conversation u engaged in when your likes burned Deborah to death for alleged blasphemy? how funny that u want conversation when the table of violence turns on you.

dermmy:
Only Hamas is making Israel request additional military assistance.

The idea of Israel's "invincibility" has always been a joke. Only a non-state actor with no air force, air defense system, jammers, and ballistic missile has bloodied Israel's nose. This is the Israel that wants to take on Iran and its proxies. SMH

have u forgotten that is real has single handedly taken on all the Arab nations and bitch slapped them? if hamas is confident let them declare a conventional war, not this hiding behind civilians.

Zxcvbnmghtr:


Why is it that when Christians travel to Jerusalem for pilgrimage they mostly end up becoming Muslims?

really? where did u get that misinformation?

Zxcvbnmghtr:


Muslims and Jews do not believe Jesus Christ is son of God nor God. I can go on and on.

Jews practice Judaism, which is the foundation on which Christianity is built, Christianity, Islam, and judaism are all abrahamic regions. but ironically Christianity and Judaism can co exist peacefully, but Islam cannot.

Zxcvbnmghtr:


Jews and Muslims have so much more in common than Christians and Jews. I hope you know.

which Muslims? oga keep shut, a Muslim will kill a Jew at the slightest opportunity, if u had so much similarity why were Muslims rejoicing when isreal was attacked by Hamas? just stay tuned as isreal levels Gaza.

Whatisurproblem:
Hezbollah is in Lebanon, currently they're facing financial crisis, they don't even have president, no substantial government and they want to join war that will be sponsor by United States, France, Britain, Germany, Poland, Canada, name them. Even Russia and china will be neutral to this war then you will understand that middle east will be be a total failure.

all the major powers of the world are nations with Christianity as their foundation, even Russia is a deeply traditional christian country, and yet these failed states want to fight is isreal.

emmanuelbrown26:

If not igbos ehhhh, North for dun swallow d rest of d country
And if not igbo Christians too, Muslims for dun swallow other Christians.

what precisely did Igbos do to prevent the north from swallowing others? I can think of any particular action in this regard, can you please elaborate on what u believe Igbos did.

REDshouse:
Why did u not tell me u wanted to turn urself in ... I for shop 1m naira Sara money ...

So Ransome money of 1m for who provide information don't go be that....

so for ur mind u true true believe say Nigerian police go pay you 1m? I nor sure na dis country u day since.

RepoMan007:
after hitting the ground ruining, suddenly you remember production. Yeye.

people keep saying he hit the ground running but they don't tell us the direction he ran towards. from the look of things he hit the ground running BACKWARDS.

FreeStuffsNG:
Funny enough that same Ghana, formerly called Gold Coast, is among the last on the list , even behind Nigeria.

Despite being an independent nation before Nigeria, Ghana, like other nations older than our nation, have gone way behind Nigeria in terms of development and if anyone had predicted that Ghana would be behind us even in Gold, no one would have believed it.

I am happy that the CBN, under Emefiele, had even assured our Gold miners that Federal Government is ready to buy their gold from them too.

We need more investments in mining.

There's abundance of gold in Osun and Oyo state. This is the best time to invest in the mining sector and you will even enjoy tax holidays for 3 years and you can repatriate 100% of your funds!

Invest in Lagos and the neighbouring Yoruba South West states of Nigeria to enjoy great returns and best investor- friendly experience.

There's huge clay, sand for glass making etc deposit in Lagos , Ogun has loads of granite, bitumen, limestone etc, Osun and Oyo have perhaps the largest deposit of lithium ore in Africa along with gemstones, gold etc, Ondo has one of the world's largest deposit of bitumen.

Bring your investment to South West Nigeria today. God bless Nigeria for ever! Check my signature for free stuffs!

oga do u know what gold reserve means? or do u think they are talking about gold deposit.

Emmastan291:



Because this one matters to them

make una dey read, na the youths catch am, the police did not catch him, they merely arrested him when the youths wanted to lynch him.