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Nairaland Forum / Nairaland / General / Politics / External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations (103384 Views)
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Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by femolevsky(m): 2:03pm On Nov 07, 2014 |
What we fail to take jnto account through all of these is that we have had a relatively stable Macro Economy through all the crises of the world economy. The Foreign Reserve of any Nation fluctuates as a function of many things, one of which is the Exchange Rate. Whether there is a draw down on the reserve or not, it's value fluctuates as the exchange rate does. Now, the Foreign Reserve is domiciled with the CBN and not the Executive, PGEJ or any other president for that matter can't touch the reserve. What he can touch is the ECA and he can only do that with the support of FAAC which comprises of all the states and their FM/commissioners. So this argument really is pointless. Now you may be asking why the Naira is falling right now against the Dollar which is our official reserve currency and the answer is Oil Output and Pricing which is subject to OPEC and the US, the US because they are/were our largest buyers until Shale entered the picture. Now they have scaled down their Orders which is what Obama promised to do, to keep their economy away from the shocks of the Unstable Middle East and African countries. In all of these, we have had a stable Macro Economic structure that has seen the largest ever influx of FDI and Investor confidence. But as the risk of being an oil dependent economy exacerbates, no thanks to Politicians and their utterances towards the elections and falling sales, the Naira falls as investors get shaky as seen on the NSE, so NOIweala has done a great job keeping our economy stable in the face of the most troubling times we have faced since the War, some say even more so, considering the Financial crisis and Shale's assistance to our biggest buyers. If PGEJ had not partially removed the Subsidy, we would have suffered more, our dependence on the dollar and affinity for foreign made goods, including the BlackBerry I'm typing with, is what keeps us open to external shocks. Until we can wriggle free, I'm afraid, we will continue to see our Reserve fluctuating. It has nothing to do with GEJ. In fact, GEJ has shown more ingenuity than past leaders in that he has financed critical infrastructure using external funds directly tied to performance contracts which will ensure those projects are delivered and we are currently witnessing that. The largest infrastructural investments are taking place in Nigeria. 9 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by donmalcolm21(m): 2:03pm On Nov 07, 2014 |
Where is that datolee guy, I need him here to tackle barcanista objectively. Berem stay away from this thread because figures are being discussed not APCccccccccc. 1 Like |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Dannyset(m): 2:04pm On Nov 07, 2014 |
If only we youth could come back to our senses. We keep defending the present government. We want them to continue with their deceit for anoda 4 years after d unfruitful 4 or 6 yrs spent. Another faction want those that had the opportunity to deliver this country from what we are facing now, but reluctantly allowed it to slip, to come back and rule over us(maybe to put things right this time, or to come and finish us). We have everything it takes to make this Nation rank among the best in the world. Yet, we are being deceived that its not easy to manage. These people keep bettering the lives of their family and unborn generations at the expense of ours. Yet, all what we are capable of doing is to take to everywhere, anywhere to vouch for them and defend them even if it takes going the extra mile of lying. We keep fighting ourselves here, and they keep enjoying themselves there. If this medium even allows it, we can punch ourselves. Its a BIG pity. Look at the great work you guys are doing just to defend leaders who couldn't(can't) defend us. Let's defend ourselves. You have the traits of leaders. WE CAN'T WIN THIS WAY. #UCanBashMeCosUrBetaThanMe. 1 Like |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by OrlandoOwoh(m): 2:04pm On Nov 07, 2014 |
barcanista:I pity him and Altwireles, who said bringing this to front page would be digracing to you. I'm sure they now know that they are the ones that are disgraced. It will be silly for any person to still want Jonathan to come back. Less I forget, where is Bro. Nqwakwe? |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by hardebounty(m): 2:05pm On Nov 07, 2014 |
aguiyi: Kip deluding pple that likes ur comment ooh.. |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 2:05pm On Nov 07, 2014 |
Ahmeduana:Let us be true to ourselves. Obasnjo faced Militancy, they blow up oil pipes, kidnap workers and he deployed Military. Yet he saved LOTS of Money and Still managed the debt from $30b to $3 billion Yar Adua faced similar thing until the Amnesty Program. Yet he saved More Money and managed the debt well. See this... Militants blow up oil installation= Nigeria loses Money Militants Kidnap Oil Workers= Nigeria Loses Oil Money Oil Coys Pay Ransome= It tells on our tax Oil Coys cut production= Nigeria loses money President Obasanjo Spent Money on Military= Just Like Jonathan. Yet, we had enough in our revenue and almost zero external debt 4 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by ichidodo: 2:05pm On Nov 07, 2014 |
dguyindcorner:That's your negligible opinion,let front page people decide... 7 Likes 1 Share |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by dguyindcorner(m): 2:07pm On Nov 07, 2014 |
Ahmeduana: God go catch you! Is it the same allocation president was collecting then he's still collecting? Which one b world class Airport? Your eye no clear go chop apple sir. If you need exemplary infrastructure go ask Fashola and Akpabio. |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Candyrain(m): 2:08pm On Nov 07, 2014 |
barcanista:OBJ left a reserve of $45 billion, right? Maybe we should wait till GEJ leaves and then know what he'll leave. He'll leave 2015 if APC present a better candidate other than Buhari but if not then we'll have to wait till 2019. Thanks 6 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 2:08pm On Nov 07, 2014 |
femolevsky:In all your noise, I have decided to single out this. Do you realise that the SUBSIDY bills started to speak in trillions when Jonathan came on board? It wasn't so when Yar Adua was there... Hey, Jonathan admitted Fraud in the sector and the subsidy bill. Yet, the same indicted people are his campaigners 5 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 2:09pm On Nov 07, 2014 |
OrlandoOwoh:Their said demand of fp was a ploy to weaken the topic. I realised it, henced, I refused to engage them. 1 Like |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by dguyindcorner(m): 2:09pm On Nov 07, 2014 |
ichidodo: You are entitle to your opinion but not to your facts. Sir, Jonathan told the foreigners we now enjoy light 24/7 , is that true? |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by champele40: 2:09pm On Nov 07, 2014 |
ndi APC ana edeherii.lol 4 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Ediss(m): 2:10pm On Nov 07, 2014 |
inconclusion we should not vote for gej? you no well o. you dey sick. i most i mean most vote for gej. apc or acp waiting him call himself 2 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by champele40: 2:12pm On Nov 07, 2014 |
barcanista or watever,i need your type of work,where i sit down at home making money.give me apc boss number.BIKO 1 Like |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by blym4real: 2:12pm On Nov 07, 2014 |
Nigeria’s Federal Government will spend N63.28 billion on Niger Delta former militants in 2014, figures in the new budget reveal. Out of the amount, stipends and allowance for an estimated 30,000 militants will gulp N23.6 billion, about half of the N48billion spent on the militants in 2012. This year, a programme for the re-integration of the militants will also cost the Nigerian treasury N35billion. Two years ago, the programme of re-integration cost N924million. Operational cost for the running of the programme called Presidential Amnesty Programme is estimated at N3.7 billion, far less than the N12.8billion spent in 2012. Niger Delta Ex-Militants: amnesty Programme to cost N63b There is an additional charge of N546million this year, meant for what is called ‘reinsertion, transition safety allowances for 3,642 former militants who fall under a third phase of the amnesty programme. Statistically, Nigeria will spend an estimated N2million on every militant captured by the programme this year. Last year, the amnesty programme gulped N66.28 billion. It gulped N66.17 billion in 2012. In contrast, the Federal Government proposes to spend just N2billion on a pilot initiative to ameliorate the poverty in Nigeria’s Northeast, where a five year insurgency by Boko Haram militants has cost thousands of lives, and created a climate of insecurity. The Federal Government special allocation to the three states of Borno, Adamawa and Yobe, represents just a part of what the programme will cost as the states in the region are also expected to make contributions. Foreign and local analysts have blamed the raging insurgency in the region to poverty and have called on the government to do something about it. The Federal response to these calls, which President Jonathan hinted at a programme in Gombe recently is the N2billion allocation. While the amnesty programme for the Niger Delta militants takes 6.8 per cent of the ‘consolidated revenue fund charges’ estimated at N925.1 billion, Nigeria proposes to spend just about N8billion on job creation scheme, an acute national crisis and another N1billion on ‘Quick Win’, an empowerment programme in which Nigerian youths compete for Federal assistance to start their own enterprises. Tweet 0 |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Princelyod(m): 2:15pm On Nov 07, 2014 |
Clown op how many boko haram did his predicessors fight....war cost money my friend 2 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Princelyod(m): 2:15pm On Nov 07, 2014 |
op how many boko haram did his predicessors fight....war cost money my friend |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by femolevsky(m): 2:18pm On Nov 07, 2014 |
datolee: The Reserve is vital to ensure the Nation has enough to meet its external obligations, it gives investors confidence to know that the economy has enough to meet its obligations to them, without it, no one will do business with Nigeria, internally or externally. So it can't be drawn down and spent as you insinuated. 3 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 2:18pm On Nov 07, 2014 |
naira is 170 as at today bro.. and thank you for your effort. #respect barcanista: 2 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by ichidodo: 2:18pm On Nov 07, 2014 |
For those not in-sync what you might be viewing at this point is the dying throes of a one-sided debate with the victor having since gone about his chores and the loser still loitering about tryna pick up pieces of his demolished pride with meaningless chit chats amongst fellow janjweed consolers who hope to massage his bruised ego following this latest APC fiasco..This ain't the last we'll hear of this,i tell you...stay tuned for more. 10 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Iffffffy(f): 2:21pm On Nov 07, 2014 |
Candyrain:best comment so far 1 Like |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by callylove(f): 2:23pm On Nov 07, 2014 |
Gudoos bro i realy dnt know what is happening on till now friend we have to wake up if possible go on fasting for d betterment of our dear country
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Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 2:24pm On Nov 07, 2014 |
nikpet2:Thank you for the correction. I appreciate |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 2:24pm On Nov 07, 2014 |
femolevsky: |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 2:25pm On Nov 07, 2014 |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by olapluto(m): 2:26pm On Nov 07, 2014 |
The funny thing about this discussion is that currently, the naira is nose diving. This really should not happen to a country like Nigeria when we have earned so much in the last 16 years (of PDP). The other day, I put a topic on Bloomberg's forcast for the naira. Naira is currently at an all time low and there is NO remedy in sight. Today, CBN is trying to cap dollar/naira trade, but is that going to solve anything? Seeing the figures spent by Jonathan makes it even frightening. Where did all the money go? Naira will depreciate further as election approaches. Oil prices are falling, BUT still higher than it was pre-PDP. I really fear for the price of things in Nigeria next year. Unless offcourse we have a change in the economic/finance team. |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Akpama47(m): 2:27pm On Nov 07, 2014 |
barcanista: |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 2:27pm On Nov 07, 2014 |
Obiagelli: leave the table for bacanista and dalotee, this guys are arguing maturely with fact. You are just asking one sentence questions, 1 Like |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by karkel(m): 2:27pm On Nov 07, 2014 |
barcanista:then who is greatest fool of all |
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