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At $43.507bn, External Reserves Hit Five-month High - Politics (2) - Nairaland

Nairaland Forum / Nairaland / General / Politics / At $43.507bn, External Reserves Hit Five-month High (9633 Views)

Nigeria’s FX Reserves Hit $34.14bn / Filling Stations Slash Petrol Pump Price As Naira Appreciates To 7-Month High / Nigeria’s External Reserves Hit $44bn First Time In 2019 (2) (3) (4)

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Re: At $43.507bn, External Reserves Hit Five-month High by theoldpretender(m): 8:45am On Mar 25, 2019
directonpc:
But price of dollar to naira will not drop.

Idiats!

That's because due to low oil prices, we don't have enough dollars flowing into the economy....therefore value of naira remains high.

Oil has to go above the breakeven of $140 per barrel before we can have a high value naira.

1 Like

Re: At $43.507bn, External Reserves Hit Five-month High by StOla: 8:45am On Mar 25, 2019
theoldpretender:


Yes but even then

1.Under this admin, we are still over dependent on oil

2.We still throw away billions on subsides

3.And we still have issues with corruption.


You are right with your 2nd point.

If Buhari is unable to solve the problem of local refining in 8years, despite have 4 refineries that are ever under repairs, he would be no less a failure than Jonathan.

When Allison Diezani was asked about the status of the refineries during the period of the subsidy removal protests and subsidy payment investigations, she said and I quote "it is not in the interest of the government to operate oil refineries".

That was when I realised that we have inglorious bastards as the leaders of Nigeria.

Is it a crime for a government to allow its own people enjoy the benefits of a resource that is readily available?

If we are already borrowing funds from foreign partners, can't we borrow funds to build refineries that is not as cumbersome and expensive as building a space station?

Can't the federal government run a refinery that can survive on the profits of the sales of the crude oil derivatives, and use same profits to pay off the loan, yet the pump price of such derivatives would still be cheaper than importation?

Why are we stuck with clueless vagabonds in power?

6 Likes

Re: At $43.507bn, External Reserves Hit Five-month High by NaMeAboki: 8:46am On Mar 25, 2019
StOla:
Anytime I remember what Jonathan and Okonjo Iweala did to Nigerian foreign reserves and savings, I shake my head at the lost opportunity to build on the economic successes of the Obasanjo regime that same Okonjo Iweala played a celebrated role.

When I remember that all the expenditures made was largely to buy 2nd hand trains, build almajiri schools, provide funds for embezzlement by military chiefs, and provide funds for Jonathan's reelection under the guise of security funds to fight terrorism, I rejoice that he was sacked and returned to his village.

When I remember that over $6.8b of counterpart funding for JV oil projects with International Oil Companies, were left unpaid by the same regime that was making a windfall from the sales of crude oil, I begin to wonder if the then president was not an enemy of the state.

When I remember that the same economy we were told was very sound, had to start borrowing to pay federal workers salaries to the tune of N470b ($2.5b) for Feb/Mar/Apr 2015, just because oil prices had dropped to below $60/barrel, the more reason I believe Nigeria would have encountered the Venezuelan type of economic collapse, had the same Ineffectual Buffoon remained in power when oil price eventually dropped to $27/barrel.

The Jonathan government was a big ponzi scheme that refused to invest, liquidated all the investments inherited, spent all the savings with $20b ECA perished to $2b, spent every single kobo they generated in their tenure, and left a national wage bill that even oil producing states could not fulfill if they had to be responsible for other state expenditure to provide public services to the people.

Even when the EFCC was busy trying to limit the corruption and theft ongoing in that regime, Jonathan did not welcome the publicity his regime was getting, and exclaimed that there was no corruption but ordinary theft, yet billions of dollars were disappearing and those who dared to speak were forced out of their station like Lamido Sanusi.

When we needed a Joseph to save up grain for the years of famine, we were saddled with a Jonathan who would work against his own house and give up his own inheritance to his friends.

God bless you for summarising Jonathan's era of huge economic mismanagement - they literally stole our yesterday, today and tomorrow; how many of our youths are blind to that still escapes me.

6 Likes 3 Shares

Re: At $43.507bn, External Reserves Hit Five-month High by Teenaira: 8:52am On Mar 25, 2019
StOla:
Anytime I remember what Jonathan and Okonjo Iweala did to Nigerian foreign reserves and savings, I shake my head at the lost opportunity to build on the economic successes of the Obasanjo regime that same Okonjo Iweala played a celebrated role.

When I remember that all the expenditures made was largely to buy 2nd hand trains, build almajiri schools, provide funds for embezzlement by military chiefs, and provide funds for Jonathan's reelection under the guise of security funds to fight terrorism, I rejoice that he was sacked and returned to his village.

When I remember that over $6.8b of counterpart funding for JV oil projects with International Oil Companies, were left unpaid by the same regime that was making a windfall from the sales of crude oil, I begin to wonder if the then president was not an enemy of the state.

When I remember that the same economy we were told was very sound, had to start borrowing to pay federal workers salaries to the tune of N470b ($2.5b) for Feb/Mar/Apr 2015, just because oil prices had dropped to below $60/barrel, the more reason I believe Nigeria would have encountered the Venezuelan type of economic collapse, had the same Ineffectual Buffoon remained in power when oil price eventually dropped to $27/barrel.

The Jonathan government was a big ponzi scheme that refused to invest, liquidated all the investments inherited, spent all the savings with $20b ECA perished to $2b, spent every single kobo they generated in their tenure, and left a national wage bill that even oil producing states could not fulfill if they had to be responsible for other state expenditure to provide public services to the people.

Even when the EFCC was busy trying to limit the corruption and theft ongoing in that regime, Jonathan did not welcome the publicity his regime was getting, and exclaimed that there was no corruption but ordinary theft, yet billions of dollars were disappearing and those who dared to speak were forced out of their station like Lamido Sanusi.

When we needed a Joseph to save up grain for the years of famine, we were saddled with a Jonathan who would work against his own house and give up his own inheritance to his friends.

Look my very good friend, elections are over. No need for further campaigns. We are indeed in a big shit now.lt is time to stop deceiving ourselves. If you know, you know
Re: At $43.507bn, External Reserves Hit Five-month High by Ugosample(m): 9:00am On Mar 25, 2019
Esseite:


How the article down played the Bond and treasury bill market despite being the major cause of the treasury rise. And when its time to pay debt and its interest, it would drop significantly again... otherwise where are the investors or has the crude not always hovered on the same 66$ to 71$?

Maybe the $100bn bond sale proposed by the govt would one day give lies & propaganda chance to say buhari saved $100bn from its media team.


don't mind them
Re: At $43.507bn, External Reserves Hit Five-month High by balonaija(f): 9:01am On Mar 25, 2019
hm
Re: At $43.507bn, External Reserves Hit Five-month High by Pat4321: 9:02am On Mar 25, 2019
At what debt?
Re: At $43.507bn, External Reserves Hit Five-month High by RichBoy247: 9:03am On Mar 25, 2019
Esseite:


How the article down played the Bond and treasury bill market despite being the major cause of the treasury rise. And when its time to pay debt and its interest, it would drop significantly again... otherwise where are the investors or has the crude not always hovered on the same 66$ to 71$?

Maybe the $100bn bond sale proposed by the govt would one day give lies & propaganda chance to say buhari saved $100bn from its media team.

Lazy youth, check how your brother looted the external reserve over the years that the unfortunate drunk fool was President. If you have eyes, you will see the graph movement for the period of the fisherman's rule

3 Likes 1 Share

Re: At $43.507bn, External Reserves Hit Five-month High by Ugosample(m): 9:04am On Mar 25, 2019
Teenaira:


Look my very good friend, elections are over. No need for further campaigns. We are indeed in a big shit now.lt is time to stop deceiving ourselves. If you know, you know

don t mind him
Re: At $43.507bn, External Reserves Hit Five-month High by Ugosample(m): 9:07am On Mar 25, 2019
StOla:



You are right with your 2nd point.

If Buhari is unable to solve the problem of local refining in 8years, despite have 4 refineries that are ever under repairs, he would be no less a failure than Jonathan.

When Allison Diezani was asked about the status of the refineries during the period of the subsidy removal protests and subsidy payment investigations, she said and I quote "it is not in the interest of the government to operate oil refineries".

That was when I realised that we have inglorious bastards as the leaders of Nigeria.

Is it a crime for a government to allow its own people enjoy the benefits of a resource that is readily available?

If we are already borrowing funds from foreign partners, can't we borrow funds to build refineries that is not as cumbersome and expensive as building a space station?

Can't the federal government run a refinery that can survive on the profits of the sales of the crude oil derivatives, and use same profits to pay off the loan, yet the pump price of such derivatives would still be cheaper than importation?

Why are we stuck with clueless vagabonds in power?


look at this one undecided


The govt CANNOT run a profitable refinery

We have seen that for more than 25 years now

Privatise the refineries and stop wasting govt money on it..

let us have 11 to 15 privately run refineries

And you will see how Nigeria will improve in the next 10 years
.But Jona as Buhari, two goats no wan privatise the refinery undecided

especially that punk Buhari
Re: At $43.507bn, External Reserves Hit Five-month High by Ugosample(m): 9:09am On Mar 25, 2019
theoldpretender:


That's because due to low oil prices, we don't have enough dollars flowing into the economy....therefore value of naira remains high.

Oil has to go above the breakeven of $140 per barrel before we can have a high value naira.

another way to boost the naira is to increase dramatically local refining capacity

Afterall, up to 25% if not more of our import bill is from oil imports undecided

many ways to kill a rat brother
Re: At $43.507bn, External Reserves Hit Five-month High by chronique(m): 9:09am On Mar 25, 2019
How much is the country's debt again? Celebrating high reserves when our debt is shooting up daily and almost going through the roof, is simply foolishness. It's like a man who is owing 5m naira that he borrowed to do business, celebrating that he now has 2m in his account as savings and tomorrow, he'd still spend part of his savings to pay interest on the money he borrowed.
Re: At $43.507bn, External Reserves Hit Five-month High by utytill(m): 9:10am On Mar 25, 2019
Why saving when we are in a huge debt and spending so much to service the debt yearly?why not pay off debts and have a lean but clean reserve.
Re: At $43.507bn, External Reserves Hit Five-month High by ozo13(m): 9:18am On Mar 25, 2019
mmadu5:
Geez so that means the owner of Facebook is richer than nigeria
No billionaire alive today is richer than Nigeria.
Re: At $43.507bn, External Reserves Hit Five-month High by theoldpretender(m): 9:24am On Mar 25, 2019
Ugosample:


another way to boost the naira is to increase dramatically local refining capacity

Afterall, up to 25% if not more of our import bill is from oil imports undecided

many ways to kill a rat brother

Increase in refining capacity can be done via removal of fuel subsidy...which would attract investment in downstream and upstream sectors.

But since Nigerians don't want that....

1 Like

Re: At $43.507bn, External Reserves Hit Five-month High by erico2k2(m): 9:32am On Mar 25, 2019
StOla:



You are right with your 2nd point.

If Buhari is unable to solve the problem of local refining in 8years, despite have 4 refineries that are ever under repairs, he would be no less a failure than Jonathan.

When Allison Diezani was asked about the status of the refineries during the period of the subsidy removal protests and subsidy payment investigations, she said and I quote "it is not in the interest of the government to operate oil refineries".

That was when I realised that we have inglorious bastards as the leaders of Nigeria.

Is it a crime for a government to allow its own people enjoy the benefits of a resource that is readily available?

If we are already borrowing funds from foreign partners, can't we borrow funds to build refineries that is not as cumbersome and expensive as building a space station?

Can't the federal government run a refinery that can survive on the profits of the sales of the crude oil derivatives, and use same profits to pay off the loan, yet the pump price of such derivatives would still be cheaper than importation?

Why are we stuck with clueless vagabonds in power?
No that will turn NNPC to the ministry of Education.
Re: At $43.507bn, External Reserves Hit Five-month High by martineverest(m): 9:41am On Mar 25, 2019
mmadu5:
Geez so that means the owner of Facebook is richer than nigeria
external reserve,not market capitalisation.....Apple raw cash is almost twice of USA external reserve,will u say apple is richer than USA?

3 Likes 1 Share

Re: At $43.507bn, External Reserves Hit Five-month High by 4Play(m): 10:16am On Mar 25, 2019
These Buhari propagandists exploit the naivety of Nigerians by comparing the stock total of forex reserves now with the stock total when GEJ was in power. This is an apples to oranges comparison as the exchange rates are different.

Now that the naira exchanges for N305 for $1, N360 at market rate, the forex reserves should increase as Nigerians have less naira purchasing power for imports. A person who needed N1.6m income to buy $10k worth of imports now needs N3.6m income to buy $10k. Unless income is rising sufficiently to offset naira depreciation, this will cause people to buy fewer imports and enable the central bank to accumulate forex reserves.

So the "achievement" of the Buhari government is that the collapse of naira has shrunk Nigerians purchasing power and, consequently, imports sufficiently to build up forex reserves. A similar "achievement" was accomplished by the Abacha government who grew reserves significantly as the naira collapse.

The Federal Government also said Mr. Abacha oversaw an increase in the country’s foreign exchange reserves from $494 million in 1993 to $9.6 billion by the middle of 1997; and reduced the external debt of Nigeria from $36 billion in 1993 to $27 billion in 1997.

https://www.premiumtimesng.com/news/156004-why-we-honoured-abacha-nigerian-government.html

The reason why Abacha built up such reserves is partly down to Naira collapse.

Applauding increased reserves in these circumstances is like applauding a starving person for reducing their body fat; an epiphenomenom of starvation.

5 Likes 2 Shares

Re: At $43.507bn, External Reserves Hit Five-month High by rapid101(m): 10:44am On Mar 25, 2019
StOla:
Anytime I remember what Jonathan and Okonjo Iweala did to Nigerian foreign reserves and savings, I shake my head at the lost opportunity to build on the economic successes of the Obasanjo regime that same Okonjo Iweala played a celebrated role.

When I remember that all the expenditures made was largely to buy 2nd hand trains, build almajiri schools, provide funds for embezzlement by military chiefs, and provide funds for Jonathan's reelection under the guise of security funds to fight terrorism, I rejoice that he was sacked and returned to his village.

When I remember that over $6.8b of counterpart funding for JV oil projects with International Oil Companies, were left unpaid by the same regime that was making a windfall from the sales of crude oil, I begin to wonder if the then president was not an enemy of the state.

When I remember that the same economy we were told was very sound, had to start borrowing to pay federal workers salaries to the tune of N470b ($2.5b) for Feb/Mar/Apr 2015, just because oil prices had dropped to below $60/barrel, the more reason I believe Nigeria would have encountered the Venezuelan type of economic collapse, had the same Ineffectual Buffoon remained in power when oil price eventually dropped to $27/barrel.

The Jonathan government was a big ponzi scheme that refused to invest, liquidated all the investments inherited, spent all the savings with $20b ECA perished to $2b, spent every single kobo they generated in their tenure, and left a national wage bill that even oil producing states could not fulfill if they had to be responsible for other state expenditure to provide public services to the people.

Even when the EFCC was busy trying to limit the corruption and theft ongoing in that regime, Jonathan did not welcome the publicity his regime was getting, and exclaimed that there was no corruption but ordinary theft, yet billions of dollars were disappearing and those who dared to speak were forced out of their station like Lamido Sanusi.

When we needed a Joseph to save up grain for the years of famine, we were saddled with a Jonathan who would work against his own house and give up his own inheritance to his friends.
lolz u must be in sevia pain to talk dis nonsense here
Ok I understand another paid ass linker if Mr integrity

U re d real definition of fela song
Suffering and smiling
Las las u go de alright

1 Like

Re: At $43.507bn, External Reserves Hit Five-month High by blackpanda: 10:45am On Mar 25, 2019
galadima77:
Polithiefcians and lies are like....discos and erratic power supply; Siamese twins

Fear God oooo
Re: At $43.507bn, External Reserves Hit Five-month High by Lexy100(m): 10:45am On Mar 25, 2019
StOla:
I couldn't have said more.
Anytime I remember what Jonathan and Okonjo Iweala did to Nigerian foreign reserves and savings, I shake my head at the lost opportunity to build on the economic successes of the Obasanjo regime that same Okonjo Iweala played a celebrated role.

When I remember that all the expenditures made was largely to buy 2nd hand trains, build almajiri schools, provide funds for embezzlement by military chiefs, and provide funds for Jonathan's reelection under the guise of security funds to fight terrorism, I rejoice that he was sacked and returned to his village.

When I remember that over $6.8b of counterpart funding for JV oil projects with International Oil Companies, were left unpaid by the same regime that was making a windfall from the sales of crude oil, I begin to wonder if the then president was not an enemy of the state.

When I remember that the same economy we were told was very sound, had to start borrowing to pay federal workers salaries to the tune of N470b ($2.5b) for Feb/Mar/Apr 2015, just because oil prices had dropped to below $60/barrel, the more reason I believe Nigeria would have encountered the Venezuelan type of economic collapse, had the same Ineffectual Buffoon remained in power when oil price eventually dropped to $27/barrel.

The Jonathan government was a big ponzi scheme that refused to invest, liquidated all the investments inherited, spent all the savings with $20b ECA perished to $2b, spent every single kobo they generated in their tenure, and left a national wage bill that even oil producing states could not fulfill if they had to be responsible for other state expenditure to provide public services to the people.

Even when the EFCC was busy trying to limit the corruption and theft ongoing in that regime, Jonathan did not welcome the publicity his regime was getting, and exclaimed that there was no corruption but ordinary theft, yet billions of dollars were disappearing and those who dared to speak were forced out of their station like Lamido Sanusi.

When we needed a Joseph to save up grain for the years of famine, we were saddled with a Jonathan who would work against his own house and give up his own inheritance to his friends.
Re: At $43.507bn, External Reserves Hit Five-month High by AbuAeesha: 10:54am On Mar 25, 2019
can't see the effect of this rise and fall of foreign reserve on an average Nigerian...
Re: At $43.507bn, External Reserves Hit Five-month High by djon78(m): 10:57am On Mar 25, 2019
StOla:



You are right with your 2nd point.

If Buhari is unable to solve the problem of local refining in 8years, despite have 4 refineries that are ever under repairs, he would be no less a failure than Jonathan.

When Allison Diezani was asked about the status of the refineries during the period of the subsidy removal protests and subsidy payment investigations, she said and I quote "it is not in the interest of the government to operate oil refineries".

That was when I realised that we have inglorious bastards as the leaders of Nigeria.

Is it a crime for a government to allow its own people enjoy the benefits of a resource that is readily available?

If we are already borrowing funds from foreign partners, can't we borrow funds to build refineries that is not as cumbersome and expensive as building a space station?

Can't the federal government run a refinery that can survive on the profits of the sales of the crude oil derivatives, and use same profits to pay off the loan, yet the pump price of such derivatives would still be cheaper than importation?

Why are we stuck with clueless vagabonds in power?


The main issue is that government has no business building refinery, coupled with high level of corruption in the system. The ones they have before, how has it been managed

Governments real job is note of creating the enabling environment and regulation of the sectors. Obasanjo still remains our best economic focused President, take for instance what he did with telecommunications sector, deregulated it, while putting NCC as regulators. The result, billions of dollars of investment and millions of job created in that sector.

Deregulation is the key
Dangote is already finishing up his refinery
Other private investors will also come in
What the government should do is create the enabling environment and regulatory capacity.
Millions of job will be created.

Likewise same template for power sector

Although like you rightly said, we are bedeviled with bad leadership. Nigeria has no reason being an underdeveloped economy. The fundamentals are so right for a sound economy but our challenge is bad, vision less, non critical thinking leadership that is just lusting after small change dropping now instead of having a robust economy that will better every Nigerian.
Re: At $43.507bn, External Reserves Hit Five-month High by obayendo1010(m): 11:00am On Mar 25, 2019
this govt is clueless how does having external reserve add to economy that still borrowed everyday from other country who has less external reserve? this is not rocket science everyone can add it up.. how would you have money in your account not meant for business and still goes out borrow money to pay transport is that not witch craft? can someone advice him to focus on what he has and invest in the economy instead of piling money for another country benefit....
Re: At $43.507bn, External Reserves Hit Five-month High by profbayo: 11:07am On Mar 25, 2019
Truthbites:
Until I see the effect on the common man in the streets, I'm not believing

And again Niger Delta is the region surviving Nigeria and that region is neglected.. One day our cars will run on water (or electric) according to that old prophesy...9ja make we get alternative source of income o, make yawa nor go gas for our eyes
You be mumu...Who's neglecting them? their woes Should be blamed on their political elite and if you doubt it, check what they get every month and see what's deceiving who.

1 Like 1 Share

Re: At $43.507bn, External Reserves Hit Five-month High by ayo84(m): 11:13am On Mar 25, 2019
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Re: At $43.507bn, External Reserves Hit Five-month High by KotalKahn: 11:45am On Mar 25, 2019
StOla:
Anytime I remember what Jonathan and Okonjo Iweala did to Nigerian foreign reserves and savings, I shake my head at the lost opportunity to build on the economic successes of the Obasanjo regime that same Okonjo Iweala played a celebrated role.

When I remember that all the expenditures made was largely to buy 2nd hand trains, build almajiri schools, provide funds for embezzlement by military chiefs, and provide funds for Jonathan's reelection under the guise of security funds to fight terrorism, I rejoice that he was sacked and returned to his village.

When I remember that over $6.8b of counterpart funding for JV oil projects with International Oil Companies, were left unpaid by the same regime that was making a windfall from the sales of crude oil, I begin to wonder if the then president was not an enemy of the state.

When I remember that the same economy we were told was very sound, had to start borrowing to pay federal workers salaries to the tune of N470b ($2.5b) for Feb/Mar/Apr 2015, just because oil prices had dropped to below $60/barrel, the more reason I believe Nigeria would have encountered the Venezuelan type of economic collapse, had the same Ineffectual Buffoon remained in power when oil price eventually dropped to $27/barrel.

The Jonathan government was a big ponzi scheme that refused to invest, liquidated all the investments inherited, spent all the savings with $20b ECA perished to $2b, spent every single kobo they generated in their tenure, and left a national wage bill that even oil producing states could not fulfill if they had to be responsible for other state expenditure to provide public services to the people.

Even when the EFCC was busy trying to limit the corruption and theft ongoing in that regime, Jonathan did not welcome the publicity his regime was getting, and exclaimed that there was no corruption but ordinary theft, yet billions of dollars were disappearing and those who dared to speak were forced out of their station like Lamido Sanusi.

When we needed a Joseph to save up grain for the years of famine, we were saddled with a Jonathan who would work against his own house and give up his own inheritance to his friends.

This comment should be Framed and hanged on the wall of every public building.

6 Likes 4 Shares

Re: At $43.507bn, External Reserves Hit Five-month High by samlake(m): 11:55am On Mar 25, 2019
Less than 20 politicians have that amount... We should be far more than this...
Re: At $43.507bn, External Reserves Hit Five-month High by GiantParrot(m): 11:56am On Mar 25, 2019
Esseite:


How the article down played the Bond and treasury bill market despite being the major cause of the treasury rise. And when its time to pay debt and its interest, it would drop significantly again... otherwise where are the investors or has the crude not always hovered on the same 66$ to 71$?

Maybe the $100bn bond sale proposed by the govt would one day give lies & propaganda chance to say buhari saved $100bn from its media team.

Hmmm. I am quite confused. I understand external reserves as funds a country owns that is denominated in another country's currency. Whenever I see Foreign Portfolio Investments (FPIs) mentioned in the context of external reserves, I usually just assume they refer to foreign bonds bought by Nigeria which will be redeemed at a future date. Just like China and Japan buy US bonds as part of their foreign reserves, and receive interest payments on those bonds, Nigeria may have bought some other country's bond. This makes sense as foreign reserve because it is your own money that is used to purchase a foreign country's financial instruments and would be redeemed at some point.

Now it's looking like we are referring to debt we owe to others as foreign reserves. We are calling other people's money our reserves. How can one consider debt that one has to pay off as reserves? I find this hard process. Aren't we just being delusional? People who understand this thing well should please explain.
Re: At $43.507bn, External Reserves Hit Five-month High by Truthbites: 12:20pm On Mar 25, 2019
profbayo:
You be mumu...Who's neglecting them? their woes Should be blamed on their political elite and if you doubt it, check what they get every month and see what's deceiving who.

Your generation na mumu. From your name, you are uncouth like most of your people. Ozuor
Re: At $43.507bn, External Reserves Hit Five-month High by maisauki: 1:40pm On Mar 25, 2019
ds is wha pdp were eyeing but God pas man...dem wana return us to hades
anyways, d winner shd go to aso rock while d loser shd go to court but dey shd rememba dat onnoghen is nt d one headin d supreme court

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