PassingShot:
Who did then?

The fact are there for all to see:

1. Crude oil sold for far more than what it did under OBJ and Yar'Adua

2. We earned more under GEJ than OBJ and Yar'Adua

3. GEJ has achieved little compared to what has been spent or claimed to have been spent

4. Add the fact that GEJ met a healthy reserve, we should be in the region of hundred of billion dollars even with the little achievement.

So who is deceiving who?

Who's deceiving who u asked ? Well PDP= people deceive people .
Hope I ve answered ur question of who's deceiving who ?

Obasanjo, as a head of state, siphoned our money to the tune of 2.6 billion naira which Idi Amin Dada of Uganda grabbed. Obasanjo has to tell us what happened to that money

walezy14:

Mr. Jonah, how much have you saved in 6 years? Please tell us.

I think the more intelligent question to ask is what the money has been spent on. A man who prides himself in having saved a lot of money in the bank while his family are starving cannot be said to have achieved anything spectacular. It is the one who is able to improve the lives of his people by investing in their education, feeding, infrastructure (railways, Power Supply etc), etc , that can be said to have managed the resources better. There has been no evidence of your Jihadist 'messiah', GMB, doing anything meaningful for the pas 30 years after being kicked out of power. It should worry you that you are committing so much of your useful time and resources in propagating a non-achiever, whose only achievement was in organizing a coup, to foist on the nation an era of tyranny coupled with the abuse of basic rights of the citizens. It is not surprising that he was kicked out before he could complete his transformation into the new Idi Amin in Africa. Never again shall we allow a mediocre who in better climes, would be serving time in jail, to come and take over the nation. GMB should go back to the only vocation he was involved in, for the past 30 years after being kicked out of power which is the nomadic rearing of cows, for which his people and type are known for. GEJ till 2019.

We need light !

We need change !

[size=22pt]
Vote wisely for change FeBuhari 14th[/size]

I want to challenged all the Jonathanians on NL to this questions. The Old locomotive trains back on track, a few train coaches in some states, improved power supply in few parts of the country,constructing some new Federal roads and abandoning most Federal roads, approving 12 New Federal Universities that has not even started operations, building Almajiri schools in the North, what else please feel free to add more. My question is, is this an achievement for 6 years in power with high oil price.

Dear NOI, this is too complex for some illiterate Ex army officer and his vagabond corper-lynching supporters to understand.... I suggest you rearrange and compose it with nursery rhymes...

nicflame:
..and the story belongs to the gods

The story does not belong to the gods. The real story is that you just hate the fact that this story does not fit into your narrative about how the money was spent. You just hate the fact that the government was able to counter and put in check the mis information peddeled by you and your lot.

SaiBuharii:
They have started giving us endless lies to cover up initial lies. A president is working against you, another one is contesting against you. If they can even tell us what they squandered the reserves on. We will not complain.

Part of the 20b donated is a percentage of our reserves.

We are tayad. We need change.

Jonathan has failed us.

#GMB2015 #SAIBuhari FEBUHARI

. Shut up and stop insulting my president

The Federal Government has denied allegations by former President Olusegun Obasanjo that it squandered the country’s foreign reserve.

In a statement yesterday the federal ministry of finance said: “It is absolutely not true that the Administration of President Goodluck Jonathan has squandered the nation’s reserves.”

The ministry noted that “facts are clear and indisputable. At the end of May 2007, Nigeria’s gross reserves stood at $43.13 billion – comprising the CBN’s external reserves of $31.5 billion, $9.43 billion in the Excess Crude Account, and $2.18 billion in Federal Government’s savings.”
- Can someone please tell us what the value of the gross reserve is now ?
- Can someone also please tell us what our external debt is presently as compared to 2007?
- Finally can someone please tell us what the oil price was as at 2007 compared to its present value?

This fall in reserves, the ministry explained, “was largely a result of the vicissitudes of the global economy and oil market which caused the CBN to intervene, using some of the reserves, to defend the value of the Naira”. - Story for the gods... Speaking big English to bamboozle the common man but I still wonder how these vicissitudes explains a loss of over $30biliion in reserves...

The ministry said: “It is not correct to say that the nation’s external reserves were dipped into or misapplied by the Administration. Anyone familiar with foreign reserves management will be aware that the Federal Government cannot dip its hands into the external reserves. Like in other countries, the management of external reserves is one of the statutory mandates of the Central Bank of Nigeria (CBN). Section 2 sub-section (c) of the CBN Act (2007) states that the Bank shall “maintain external reserves to safeguard the international value of the legal tender” – in other words, to defend the value of the Naira. No President since the democratic dispensation has contravened this Act.”

The reserves it added was used to settle both public and private sector foreign currency obligations, “including the importation of goods such as equipment for power sector. Whenever an agency of government or a private individual/company needs to make a payment in foreign currency (e.g. payment of goods and services, settlement of external debt, etc) it must provide the naira equivalent to the CBN in exchange for the required foreign currency. - With over $30billion?... I guess this administration must have spent more money than OBJ in reviving the dead power sector with no commensurate impact. Or maybe I forgot, the money was used to refurbish the high class airconditioned 1970 trains running the PH to Enugu route

“The reality is that since May 2007, the reserves have fluctuated in line with developments in the international oil market, rising from $43.13 billion at that time, peaking at $62 billion in September 2008 during the Yar’adua/Jonathan Administration when oil prices reached a peak of $147 per barrel, and falling subsequently to a low of $31.7 billion in September 2011. - I thought the idea was to save money when you have excessive bonuses on your income?... If I receive a salary bonus in December and my salary falls back to normal in January, I would expect the bonus I received in December to still be in my account (except of course I squandered it). This economics is quite difficult for me to understand

[size=14pt]Nigeria’s reserves during the period were not squandered but used appropriately in the course of normal transactions required for the development of the Nigerian economy.”[/size] - Please what is the definition of these NORMAL transactions?... A country's reserve doubles in a short period and the extra funds disappears even faster and someone tells me the excess was spent on normal transactions without any special capital projects to show for it?

On the Excess Crude savings, the ministry said it is a component of the reserves, which “was largely used to cushion the economy at the height of the global financial crisis in 2008-2009. As a result, Nigeria was one of the few countries in the world that did not seek assistance from international financial institutions at that time.

“Similarly, savings in the ECA were also used to pay for fuel subsidies for the entire nation and that sharing continued after the crisis ended. Starting in 2012, such payments have been published each time they are made. - Subsidies, interesting!.. ON THIS ONE, the FG might not be wrong after all. We all know how expensive subsidy fee became as soon as GEJ took over the reigns. To the common man on the street, all he knows is that there were no more fuel queues in the month of December since GEJ but the question sound people ask is, "at what cost to the nation did we get this greek gift?"

-In 2007 OBJ paid N188billion for fuel subsidies, price of petrol was N65
-In 2010 Yaradua paid N673billion for fuel subsidies, price of petrol was N65
-In 2011 GEJ paid N2.2Trillion for fuel subsidies, price of petrol was N65
-In 2012 GEJ paid N1.049Trillion for fuel subsidies (even though subsidy was partially removed, price of petrol was N97

“The savings in the ECA would now have been higher but for the fact that a number of Governors, against strong professional advice, actively kicked against continuous building up of the ECA and, indeed, pushed for its sharing. It is on record that states even took the Federal Government to court on this matter, and the case is still pending at the Supreme Court.” - And the gentle benevolent president shared the excess crude funds to be squandered by the mouth watering governors in return for a support of his election bid in 2011. Right now we have to put the blame on the governors and not the one who released the funds.

The ministry noted that the Jonathan administration built the first ever Sovereign Wealth Fund (SWF) for the nation in which savings are being made for future generations of Nigerians. - ..and how much is currently lodged in this SWF?

[size=14pt]"Nigeria’s reserves during the period were not squandered but used appropriately in the course of normal transactions required for the development of the Nigerian economy.”[/size]
Excess income was used for 'Normal Transactions' and someone here thinks this is a sensible explanation by the government?

Nigerians have grown too smart to be continuously deceived by these charlatans!... except of course we sometimes decide to act a fool and allow ourselves to be deceived due to ethnic/tribal/religious sentiments.

bakynes:
I want to challenged all the Jonathanians on NL to this questions. The Old locomotive trains back on track, a few train coaches in some states, improved power supply in few parts of the country,constructing some new Federal roads and abandoning most Federal roads, approving 12 New Federal Universities that has not even started operations, building Almajiri schools in the North, what else please feel free to add more. My question is, is this an achievement for 6 years in power with high oil price.

Of course he ONLY supported local auto manufacturing that has given Nigerians a sense of belonging in the auto assembly realm.. He ONLY gave Nigerians the opportunity to take decent and cheap train rides for the first time in their lives with a progressive rail expansion plan acknowledged by KPMG and co...
He ONLY endured the smooth privatisation of the power sector which has seen the most massive recruitment in history (Transmission company of Nigeria recruited over 500 in the first batch, Sahara group - over 100, ibedc , Bedc, eedc have collectively taken over five hundred graduates out of the labour market over 6,000 are to be trained and employed by 2018 if the plan is followed) . And all these with just 4000mw of power. Lemme add.that for over 17 years, recruitment into nepa was frozen which led to the promotion of charlatans in handling the power assets.

He ONLY made a significant impact in the agric sector that has led to improved yield and local production and export- this point is so starkly obvious, I don't even need to mention it..

He has ONLY done this and a "few" others I don't have time to mention here.....

atlwireles:
Nigerians live in a world of propaganda, they never take time to research.

Abi oh. Only God will help us at this rate.

GEJ, otueke born bastar.d..... you are going up down next month insha Allah.

PDPwayoo:
This clueless govt. think we have no idea on how to run foreign account or Foreign currency account. Ngozi Okonjor Iwala is over rated. she corrupt and causing Nigeria's economy woes. Liars.

Whats concerns oil price with cash already deposited and credited in a foreign currency account perhaps in a foreign country?? The price of oil or exchange rate can only affect the cash in Naira.

Meanwhile, price of fuel has been reduced everywhere in the the world except Nigeria. yeye govt.

Please back up your claims...

Accountability and transparency died with Tafawa Belewa's government.

bakynes:
I want to challenged all the Jonathanians on NL to this questions. The Old locomotive trains back on track, a few train coaches in some states, improved power supply in few parts of the country,constructing some new Federal roads and abandoning most Federal roads, approving 12 New Federal Universities that has not even started operations, building Almajiri schools in the North, what else please feel free to add more. My question is, is this an achievement for 6 years in power with high oil price.

Talking of "locomotives"-, Don't forget that GMB annihilated the Lagos Metro line project for reasons best comprehensible by an almajiri brain.... The trains commissioned and being used now may not be contemporary (i.e electric maglev, bullet "shinkansen" trains) but they are Diesel powered and by all means MODERN!

MOBJECTIVE:


Please back up your claims...

Holy crap!!.. Please don't ever debate with anyone on macro economic issues again ...... I beg you...
#modified....

Sorry, I was referring to the Guy you quoted...

ceejayluv:

Of course he ONLY supported local auto manufacturing that has given Nigerians a sense of belonging in the auto assembly realm.. He ONLY gave Nigerians the opportunity to take decent and cheap train rides for the first time in their lives with a progressive rail expansion plan acknowledged by KPMG and co...
He ONLY endured the smooth privatisation of the power sector which has seen the most massive recruitment in history (Transmission company of Nigeria recruited over 500 in the first batch, Sahara group - over 100, ibedc , Bedc, eedc have collectively taken over five hundred graduates out of the labour market over 6,000 are to be trained and employed by 2018 if the plan is followed) . And all these with just 4000mw of power. Lemme add.that for over 17 years, recruitment into nepa was frozen which led to the promotion of charlatans in handling the power assets.

He ONLY made a significant impact in the agric sector that has led to improved yield and local production and export- this point is so starkly obvious, I don't even need to mention it..

He has ONLY done this and a "few" others I don't have time to mention here.....

To me you and your likes are just stating paper achievements. To the question is this enough achievement in 6 yrs?

Like in
other countries, the management of external
reserves is one of the statutory mandates of
the Central Bank of Nigeria (CBN). Section 2
sub-section (c) of the CBN Act (2007) states
that the Bank shall “maintain external reserves
to safeguard the international value of the
legal tender” – in other words, to defend the
value of the Naira. No President since the
democratic dispensation has contravened this
Act.”



if the external reserve is used to defend naira, then why is our dear naira this bad

bakynes:

To me you and your likes are just stating paper achievements. To the question is this enough achievement in 6 yrs?

You wrote "feel free to add more" and I did. . It's clear that you'll never be satisfied even if I write all that's in my mind... You can vote your "MESSIAH" with the hope of getting one of those phantom 22000 jobs in your state.... I choose to face the reality and challenges of leadership in our society. I choose not to go back to our collective vomit repackaged as a meal in the name of utopian assurance..... I choose GEJ till 2019.

You borrowed it abi

J12:


So we should be piling up cash in our reserves, while we are in dire need of infrastructure and development?
Your state probably has an annual budget of over 100 billion naira which is a hundred times more than what was obtainable during the Obasanjo era. You should be asking your state governor and local government chairmen what they're doing with their allocated funds.

What infrastructure have they spent the money on in your own State?

Anybody that supports this government is only heaping curses on his/her lineage and future generation

Let's call a spade a spade, this government is worse

Period.

Points to note..

1. They never told us how much is left now in our foreign reserves.

2. They never spoke about the monies in the reserve since after 2011 which is when GEJ officially took office as an elected President.

3. The President does not control our external reserves but controls who becomes CBN governor.

4. Same President illegally fired the CBN Governor that whistle blew on the NNPC for illegally handling accruals from oil sales to the tune of over 20 billion U.S. Dollars.

5. The Government also didn't speak about our external debt between the time GEJ took office and now.

6. The FG blamed the drop in the reserve on monies used to import power equipment.. they said when a company wants to buy equipment from overseas, they approach the CBN with Naira to get the Dollar equivalent.. Question is; where is the naira equivalent of the dollars exchanged?

7. The FG failed to talk about the volume of oil sales in the OBJ era and under this administration..


They can dance in circles all they want, we are still watching them and laughing at their folly..


FEBRUARY 14 2015... A date with Destiny for Nigeria...

Change is all we want..

ceejayluv:

Of course he ONLY supported local auto manufacturing that has given Nigerians a sense of belonging in the auto assembly realm.. He ONLY gave Nigerians the opportunity to take decent and cheap train rides for the first time in their lives with a progressive rail expansion plan acknowledged by KPMG and co...
He ONLY endured the smooth privatisation of the power sector which has seen the most massive recruitment in history (Transmission company of Nigeria recruited over 500 in the first batch, Sahara group - over 100, ibedc , Bedc, eedc have collectively taken over five hundred graduates out of the labour market over 6,000 are to be trained and employed by 2018 if the plan is followed) . And all these with just 4000mw of power. Lemme add.that for over 17 years, recruitment into nepa was frozen which led to the promotion of charlatans in handling the power assets.

He ONLY made a significant impact in the agric sector that has led to improved yield and local production and export- this point is so starkly obvious, I don't even need to mention it..

He has ONLY done this and a "few" others I don't have time to mention here.....

ONLY How about this

He ONLY squandered our foreign reserves
He ONLY presided over the most corrupt government in Nigeria's history
He ONLY protected all the criminally corrupt people in his cabinet i.e Diezani, Oduah etc
He ONLY decided to make EFCC a toothless bulldog
He ONLY lost $20 billion
He ONLY protected Boko Haram sponsors
He ONLY cannot account for excess funds accrued to Nigeria when crude oil was at its highest ever price
He ONLY did absolutely nothing about Boko Haram
He ONLY made excuses for all his shortcomings
He ONLY ensured that after 6 years Nigeria still has no power
He ONLY ensured that NNPC was never audited and that it remained a cesspit of corruption

Like you said

He has ONLY done this and a "few" others I don't have time to mention here.....

The problem with some Nigerians can easily be ascribed to ignorance. They are uninformed and have refused to help themselves. The internet has become a fodder for the folies and miscreants. Like I mentioned before(https://www.nairaland.com/2014860/cbn-devalues-naira-155-to168/9). The issue with the depletion of the Reserves/ECA begins and stops at the table of the greedy and myopic politicians. And that includes APC and PDP.

U can still tell us okonjo dat d moni is nt squandered bt stollen...
I cant blame wen u,gej nd ya fathers cant produce anyone bt ntin in d account anymore...
It shall nt be well wit u...

When wil u get sense bt i knw u cant...bt i can borrow u small...
Dis is a sign eternal poverty as u still shout bej...

Ode ti o ni sense!!!

When wil u get sense bt i knw u cant...bt i can borrow u small...
Dis is a sign of eternal poverty as u still shout bej...

Ode ti o ni sense!!!

sevule:


ONLY How about this

He ONLY squandered our foreign reserves
He ONLY presided over the most corrupt government in Nigeria's history
He ONLY protected all the criminally corrupt people in his cabinet i.e Diezani, Oduah etc
He ONLY decided to make EFCC a toothless bulldog
He ONLY lost $20 billion
He ONLY protected Boko Haram sponsors
He ONLY cannot account for excess funds accrued to Nigeria when crude oil was at its highest ever price
He ONLY did absolutely nothing about Boko Haram
He ONLY made excuses for all his shortcomings
He ONLY ensured that after 6 years Nigeria still has no power
He ONLY ensured that NNPC was never audited and that it remained a cesspit of corruption

Like you said

He has ONLY done this and a "few" others I don't have time to mention here.....

6 years?... yaradua died in 2010. You folks have been screaming "6 years" since last year...
The explanation for our reserves dwindle has been explained in the OP, try to read that with an unbiased mindset...

As for BH.. Someone in the recent past said "Attack on boko haram is an attack on the North".. The same victims of BH were reluctant from the beginning to have a full military confrontation.. Those are the same APC northern sympathisers saying he did nothing...

Pls name the BH sponsors that were protected..

Our Transparency international rating is inconsistent with your "most corrupt government" claim...

STEALIN IS NOT CURRUPTION..GEJ...BUHARI FOR CHANGE..JOE AND HIS GANGS DAYS ARE NUMBERED..THIEVES..

PUSH1:
Confession time. Now what have you done with the foreign reserve. With date, time and location...

9.6 billion dollars laundered to South Africa
9 billion naira used in d purchase of stoves (I hope it doesn't use kerosene, but if it uses light, whr ll we get light)
Others in someone's bank account or secret tunnel.
Balance: $0.00

“The savings in the ECA would now have been higher but for the fact that a number of Governors, against strong professional advice, actively kicked against continuous building up of the ECA and, indeed, pushed for its sharing. It is on record that states even took the Federal Government to court on this matter, and the case is still pending at the Supreme Court.”

wow ...so if its not shared why has it dwindled ..and the case is still pending in court .... over to you GEJ fanatics