₦airaland Forum

GeneralDae:
Excess crude account is not a savings account, it's not even constitutional. It was a circumstantial account created to accommodate excess revenue from crude oil sales.
As at 2015, it was just $2 Billion although in 2011, it was $20 Billion but Nigeria has other saving accounts ie NSIA.

it is like you lack comprehension or you just want to talk cus I do not relate excess crude account Into any of the above account you typed up there. I said Excess crude is simply the money created as a sovereign wealth, which is purposely allocated for future events . Just like how the money gotten from it was used for security purpose etc. Though it is a redundancy ideology because it is serving the same purpose as NSIA..

It would have be a sort of relief if it is enough to cushion the effect of dollar on naira performance.

If your govt are struggling to maintain the excess wealth gotten from oil revenue, what give you clues that your govt will be able to manage the main income.


In Ghana we called it mineral sovereign wealth, nearly every nation has something similar.

forgiveness:
The olodo rabata doesn't know that that account is illegal and no longer functioning because the Supreme court of Nigeria has ruled against it.

na you be the olodo wey no sabi read . You go still f.oolishly ask me to quote it verbal to verbal where it was written. Anyway the ruling was about transparency and not actual withdrawal.

GeneralDae:
What is Excess crude account? Do you know what it means? Besides, Nigeria has stopped maintaining excess crude account for long (almost a decade now) because it’s irrelevant since crude oil production has been below all budget targets since 2014, so it’s not a new phenomenon. NSIA is the focus and they had a whopping growth in 2024.

I shouldn’t be doing this with you but…

Cus your emotions will not let you go.


You are asking me who homeschool you that you can actually fall into recession even if your economy grow if I know what is excess crude account?

Anyway Nigeria is not the only country that maintain such account , nearly every country has such sovereign wealth to maintain stability in case of any future happenings.


Now that the naira is fallen , the excess account would have help to mitigate the effect a bit but it is less than 500k

Fact does not care about your emotions , even if you are gullible ...


This is the fact , money no dey inside 9ja pulse hence the falls of the naira .. stop arguing with emotions.

Shamseldeen Ogunjimi, accountant-general of the federation (AcGF), says the nation’s excess crude account (ECA) balance is $473,754.57 as of April from 72 million dollars

forgiveness:
What an ignoramus! Where is it reported there naira depreciated because of shortage of Dollars?

Highlight it and shame me.

But I shamed you already with the reference.


😂

Forgiveness

Read biko... Don't argue like a beer parlor customer



https://punchng.com/cbn-blames-debt-servicing-as-fx-reserves-drop-2bn/

forgiveness:
Keep quiet. Naira fell to 1,600 naira now because of shortage of dollars, to you, right?

Maybe you were living in space when Nigeria devalued her currency for economic reasons.

Oga, Nigeria's foreign reserve is about $40b and they have cleared all fx foreign backlogs of $7b. Boasting investors confidence to trooping into the country.

Besides, there's no shortage of dollars in Nigeria. The problem is this people has dollarized the economy. In addition to speculators working hard to destroy the naira for economical gains.

Dollar rate in Nigeria is man made.

Nevertheless, we can't ignore the fact that this current administration is working hard to bring lasting economic reforms for lasting stability.

forgiveness please read biko.



https://www.bloomberg.com/news/articles/2024-02-29/why-nigeria-s-naira-currency-has-plunged-and-dollars-are-scarce-ngn-usd

Even if your currency is redenominated to 1 naira to 1 dollar, your economy fundamentals will exposed you.

And once the economy is compared to other major economy, the truth will be exposed. Works on your currency by stabilizing the fundamentals and improving them. not by f.oolishly thinking redenomination will save you .

theenchanter:
the things u sprout out of ur brain doesn't makes sense. U sef see am ba?😂

A typical brain wey you dey take care of your children be this. This one off me I swear


Again , what is it that is written there that you don't understand.

theenchanter:
so, why did u say this?🤷🏾‍♂️

which brain you get.😂 Wetin you know understand

theenchanter:
so with all these, and after so many years of your currency redenomination, why hasn't your economy or gdp topped?

redenomination doesn't add value to currency or GDP. It is the improvement in your macro and micro economy indexes that does that .

Anyway Ghana GDP has improved though not impressive but better than the previous

theenchanter:
Nairaland is now an evidence, a potent one at that, abi?

That brain of yours need complete biopsy.

I say make you continue to dey train your children with such brain , nothing concern me .


Have you been to the page to fact check if the post doesn't come up with evidence

theenchanter:
it's ur dispute, You should be able to make your points convincingly. U don't see anyone arguing here and asking the other person to go check a front page.😂

If ur point is so certain for u, just prove it saliently.

***************************************
But don't cross the road with that brain of yours, it many be disastrous.😂

Not when you have the evidence in your laps. It sounds so irritating and f.oolish

Keep training your children with this type of brain, none concern me, I no be part of una family

theenchanter:
😂😂😂

You always want to be spoon-fed, even when there was reference topic to the above discussion on nairaland page yesterday. You still want me to provide the evidence.

And you are proud to train your children with this kind of brain😂

theenchanter:
obviously not ur kind of brain.

henhen now tell me which type of brain , the one you used in replying me 😂

QuietMynd:
Omo.
I will reduce the way I argue with Ghanaians on this platform.
I think i have overestimated ur intelligence in the past.
Nevermind jst 4get about it

You are just blabbing. Whatever you say don't have an impact.

Take a book and read.

Recession can occur even when the economy grow. That is what I wrote up there

theenchanter:
I just hope u won't use this brain of yours to train your children.

which brain are you using to train yours.

forgiveness:
See this hypocrite. Who in Nigeria or world don't know that naira depreciation is part of economic reforms and devaluation which might lead to stabilization in the long run?

Most of you don't think. You just come here to argue blindly.

Since you don't know or failed to know. The continue reason for naira falls is linked to shortage of dollars and the declining rate of foreign reserve. There is not enough dollar with CBN to cushion the effect of dollar on the naira in the major market. And they are even more to it. But make I just stop there.


Now you know . Naira is not just fallen as a control measure , it is fallen due to above mentioned crisis . More Nigerian has become more poorer

QuietMynd:
U be olodo.
Recession is two quarter of negative growth back to back.
How can u be in Recession and still grow.
Is this thesame education ur president is calling ecowas citizens to come collect.

Another reasonable reason you guy's need the scholarship asap , you can still be in recession and still grow , it happens in Ghana, I have given you an example. recession are complex and multifaceted. Economy can experience some growth in a quarter and still experience a decline in another. It will still be considered a recession if the overall trend is downward .

Go take a book and read.


You can be in recession and still experience growth. Since it will be a significant growth,it would not be enough to transform the overall economy .

GeneralDae:
Can you show me where Ghana ever faced a recession and still had economic growth?

What is the definition of recession?

ogbeni you can face recession and still has economic growth. Which school una go self ? Read about technical recession or check about significant growth rate. If your economy is not growing proportionally to the population., the case of Ghana in 2020.

Just read about it online .


Ghana economy fall into recession in 2020 despite significant growth rate. Ghana was doing 0.5 rate

GeneralDae:
Lol. You just waste my time. No vex.

I only made it easier for you. Have you checked nairaland front page?

GeneralDae:
Can you show me this statistics? Note that Argentina was in a recession last year, so how come their production did better than the previous year and they entered recession? Do you read what you write before submitting?

oga , wetin you dey ask , economy growth does not mean your economy cannot enter recession. If there is much more higher inflation, it will push the economy into recession. Even social issues like political instability can forced an economic into recession

Ghana had once face such experience before

GeneralDae:
Can you show me this statistics? Note that Argentina was in a recession last year, so how come their production did better than the previous year and they entered recession? Do you read what you write before submitting?

it is on nairaland bro.. front page

GeneralDae:
Peso moved from around 380 in 2023 to around 1200 currently. Naira moved from 460 to 1600. That’s almost similar depreciation, so why is Argentine GDP growing in dollar terms despite the fact that they even had a recession?

Answer this straightforwardly, no shalaye.

simply because Argentina production and services are way doing better or has perform much more more better than the previous year .


And there is statistics for that.


Argentina is almost growing by 8 percent absorbing external shocks more more than Nigeria

GeneralDae:
What are you saying Oga? Peso lost value almost at thesame rate as the naira in early 2024 due to their devaluation. It has depreciated almost thesame way the naira depreciated since 2023.

Argentina is currently considering dollarization , they understand it is a sure way to curb inflation.

Peso is not under significant threat as naira , peso absorbed more external shocks than naira. Peso falls is part of economic reform effort, which might lead to stabilization in the long run, naira' problem are issues like oil dependency and foreign exchange shortages.

You can't compare orange and apple , they are both different types of fruit.

Naira is facing the same issue with Egyptian pounds ( foreign exchange shortages ).

GeneralDae:
No sir, economy is not measured in dollar terms. Dollar is only important here for global comparisons. This is why despite the rate of depreciation of the Argentine peso last year when it lost as much of a percentage as that of Nigeria, their economy did not shrink even in dollar terms.

oga, for international comparison, your economy will be converted into dollar using the current market exchange rate . If your goods and service production are calculated in naira , even if it gives you trillions, so far it falls flat behind major world dominant currency (dollars), it simply means your country is basically not doing well. Argentina is even considering dollarization to curb inflation . Check peso , you will realized it is actually fluctuating rather than loosing values . Naira is the opposite .

GeneralDae:
Lol. We shall see.

I would quote this data by end of May or June.

Note that according to thesame IMF, Nigeria’s PPP since 2023 have been growing at a greater rate and not shrinking and for the IMF is often ranked first in Africa. Nigerian economy grew by 3.4% in 2024 for only the second time in a decade (the only other time was in 2021 after a recession in 2020).

Before the end of May the GDP for Q1 would likely be released.

Ahead of its release, World Bank director in Nigeria said Nigeria remains the largest economy in Africa. This makes sense because Argentina and some other countries have also had their currencies devalued massively but they are still growing in dollar terms even though they faced a recession. So ignore IMF projections until Nigeria releases her gdp figures later on.

Economy are quantify in dollar terms. For Nigeria to regain her position back as Africa largest economy, she must work on her currency, it falls just way below the normal or average curve.


In reality, Nigerians are not doing well economically, except you are earning in dollars, An average Nigeria has become more poreer.

Good news for ecowas citizens to celebrate ecowas@ 50....