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Nairaland Forum / Nairaland / General / Politics / PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory (33404 Views)
We’ll Return Nigeria To Good Old Days Of Accountability – Buhari / PMB 100-days-in-office-calendar-view / PMB 100 Days Of Hard Work And Sincere Service To Humanity (2) (3) (4)
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Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by Nobody: 5:44am On Sep 03, 2015 |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by omoalaro: 6:38am On Sep 03, 2015 |
Thanks ops for putting things in the right perspectives. Another four years of Jonathan would have seen the end of Nigeria with his destruction agenda. 1 Like |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by MizMyColi(f): 7:53am On Sep 07, 2015 |
Good Morning Kaboninc Whynotthetruth Please what are your thoughts on this? I) Increase in Nigeria’s Foreign Reserves: Jonathan met $47.7bn in our foreign reserve in 2009 and despite that crude sold for upward of $100 per barrel for a good period of his tenure, our reserves witnessed depletion and the man left it at $29.1bn in May 2015. What they did with the money remains a mystery. |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by kaboninc(m): 8:01am On Sep 07, 2015 |
MizMyColi: I) Increase in Nigeria’s Foreign Reserves: Jonathan met $47.7bn in our foreign reserve in 2009 and despite that crude sold for upward of $100 per barrel for a good period of his tenure, our reserves witnessed depletion and the man left it at $29.1bn in May 2015. What they did with the money remains a mystery. The bolded is not true and should not be encouraged. I have taken my time to put up a comprehensive response and it is open to scrutiny and debate. An organization can generate income/revenue and can expend resources either to offset obligations, acquire another resource for future economic benefit or pay for expenses incurred in running the business. Foreign Reserve is composed of two major components - the CBN's Foreign Exchange reserve and the Excess Crude Fund (which belongs solely to the Nigerian Federation). I’ll take on the Excess Crude Savings and then later, CBN's Foreign Exchange Reserve later. On the excess crude savings fund.... In the case of Nigeria, the proper question to ask should be how much was earned/generated and how much was expended. If expended, how much was expended such that some monies may not be saved. What were the circumstances surrounding such expenditures. Also, we have 3 arms of government - Local, State and Federal Governments. What were the savings profile in each of the arms? Were they able to save or expend? We should not forget that the governors, in the former administration, led by Rotimi Amaechi, were very vocal in their demand for the withdrawal of funds from the excess crude savings account. So how do you expect monies withdrawn to be saved? That's impossible. More so, a large chunk of this fund was used to pay for fuel subsidy for which the opposition politicized so much that today they are complaining of lack of funds. We need to ask for the expenditure profile of the partial subsidy on a government by government basis. We all know what the Government at the federal level did with their portion – construction of roads, building of schools, agriculture and primary health care across the states of the federation and the FCT. What did the States do with theirs? Of note is the fact that we must commend GEJ for the foresight in diversifying our economy such that macroeconomic indices – inflation, interest rates - were stable during the 2009 and 2014 economic crises as our import bill was significantly reduced. We all are witnesses to the reduction in rice importation even when we had a challenging period of mass flooding that affected many farm lands across various states and the security situation in the North East. We should not forget in a hurry, the cleansing of the oil industry such that legitimate requests for PMS import, having passed through strict and rigorous screening were granted. We should not forget in a hurry the local support for our automotive industry. We should also never forget that ALL these were done at the FEDERAL LEVEL! All these significantly helped in reducing our overall import bill and improving our economy. Thus, it can be said that GEJ, even with the pressure to withdraw and expend funds from the excess savings prudently utilized his portion for the good of ALL. On the CBN's foreign exchange reserve...... In June last year, the world witnessed again another drop in the prices of crude oil as a result of shale exploration and production in the US and reduced growth rate (weakening consumption) from China. These acts were not under the control of Nigeria and as such affected us negatively, reducing our earnings by more than 50%. The corresponding consequences was the need to devalue our currency as the naira faced a strong competition against the dollar - besides we are more of an import dependent economy – and not control of international crude oil prices (I hope this rings a bell) In tackling the situation, the CBN initiated a series of measures to protect the naira. These measures were to protect against currency speculation, round tripping, terrorism financing and funding of irrelevant imports. The first was using the Foreign Exchange reserve to protect the naira. While that was on, the CBN stopped the issuance of FX to BDCs through the bank as the BDCs which were suppose to be an insignificant segment in the FX industry became a force to reckon with as they were even operating like the Authorized Dealers (banks). Secondly, the CBN instructed banks to adhere to FX issuance guidelines which requires funds sourced via the CBN be used for the purpose for which it was applied and any excess or unutilized fund must be refunded to the bank within a specific period (72 hours) else a very stiff sanction will be slammed on the defaulting bank. All these helped to take off unnecessary demands and admit genuine demands for legitimate business. Thirdly, the CBN stopped some banks from allowing their customers with domiciliary accounts to transfer USD to other countries especially accounts funded using CBN's issued FX. Then the devaluation came in as the bank stopped the WDAS and RDAS windows, placing the rate at the interbank rate. This was where the exchange differential brouhaha came in with the oil marketers. All these happened in GEJ's administration and they all laid the foundation for an increase in the Foreign Reserve. Later in July, the CBN weld the hammer by banning access to certain items as they felt, that these items were items that could be produced locally, saving us substantial FX, stimulating local growth and development. Then in August, dollar deposits into domiciliary accounts were suspended until further notice. We need to understand that the actions that led to the depletion of CBN's FX reserves were external factors that they are beyond the control of the Nigerian State. Politicizing issues like this takes us backwards and should not be encouraged. We must always give honor to whom it is due at ALL TIMES. This administration is yet to walk and we should not give it legs but rather allow it to grow its legs. The second part will come shortly..... 1 Like 1 Share |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by MizMyColi(f): 3:09pm On Sep 07, 2015 |
![]() kaboninc: |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by kaboninc(m): 6:18pm On Sep 07, 2015 |
MizMyColi: II) Increase in allocations to states due to more prudent management of resources: It is somewhat surprising that there has been increase in cash to states from the federal Account Allocation Committee (FAAC) despite reduction in Nigeria’s gross earnings. Another spin treatment. So it means that this administration’s 'body language' caused about '130 billion naira' to be ‘added’ to our revenue pot from ‘corrupt individuals’? That’s funny. A close look at the trend of revenue generation over the years will show that the revenues generated on a monthly basis are usually the lowest at the beginning of the year and it is mostly due to the fact that companies are yet to remit their income tax for the previous year. Haba, Businessday can do a better job than this nau. Whoever wrote that piece is a politician. More so, economic activities are usually low during this time and that translates to reduced revenue. Have we also forgotten that the tax paid by NLNG was also shared within this period? ![]() There is no doubt that as time goes on, prudent management of our resources will translate to having more money available to prosecute more projects for the government. This is another funny comment. I’ll wait until the audit is completed before I make my comment. 1 Like 1 Share |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by MizMyColi(f): 6:49pm On Sep 07, 2015 |
Yes Jonathan met about 47.7billion in foreign reserves and left 29.7 or so, especially despite the fact that oil sols at its peak, why? Could he have saved more? Yes. Why didn't he save then? That would be because aside subsidy...he had more recurrent expenditure than his predecessors. OBJ stole so much and still saved as much as 47.7b because his wage bill was low. In retrospect, Jonathan it was who started paying NYSC 19800 from 9800, kindly calculate the percentage increase and difference. Jonathan paid workers 18000 minimum wage as against 7500 paid by Obj and co The implication is that he couldn't have saved more because he had more expenses. We're not yet taking into introspect the impact of foreign debts, among others. Buhari doesn't have his cabinet yet, so it is expected that he should have more expendable income since he's paying nobody. He has no projects too yet. From what I learned, most of the ongoing projects like airport remodelling which will be completed by 2016 is already paid for by Jonathan with his loan from China, including the 2nd Niger bridge etc. PShot, blocking loopholes is a political statement with no substantial proof. Let's look at the analogue monetary policy of CBN Emefiele and co stopped selling dollars to about 41 category of importers thereby pushing up our foreign reserves increasingly but stifling and suffocating our SMEs. Now, please remember that SMEs is the engine room of any economy anywhere and employment provider. Instead of devaluing the naira, as even Segun Agbaje of GTBank advised, they chose to stifle SME's with such policy. I don't even want to remember the N1.6trn that was lost on stock trading grounds. The minimum wage increase alone must have guzzled all the money gotten from oil peak price. Why did states have more money to share compared to the previous two months of Jona's stay in office? It is on record that states shared more money in other months than the 500billion plus being bandied about, so why compare to only the last two months of EbeleJ's administration? Would you please be kind enough to show me figures of other months under Jonathan... You say Buhari is blocking leakages, which areas and what methodology is being used? Buhari is cleaning up mess, which MDAs and what methodology is being used? For me, the CBN governor is simply playing politics by such statement as he made..."due to leakage blocking that foreign reserve increased"...he was simply playing and dancing to the tune of the current administration. Who doesn't like fitting in? This is the reality on ground... SMEs are dying hence retrenching workers and not creating new jobs, NBS new job creation statistics dropped badly, unemployment rating grew... NBS statistics for same period as now last year was around 6.78% but today it is 2.34% in terms of new job creation. I have attached a Buhari 100 day score card by Business day to buttress some of the points discussed above. Infact, that diesel that they wrote 108 PL is a pure farce! I was at the filling station today to fill my tank. It sold for 168 at an Oando flagship station, as in Original Oando filling station. In all fairness PMS was 87 naira. Thank You Kaboninc Whynotthetruth PassingShot, please see his submissions from here... https://www.nairaland.com/2567691/pmbs-100-days-restoring-sanity/8#37752664 2 Likes 2 Shares |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by PassingShot(m): 7:25pm On Sep 07, 2015 |
MizMyColi:Sincerely speaking, I advise you don't dabble into discussions on economic workings and principles. Foreing reserve is not meant for all the things you have listed here. Go read about what foreign reserve is meant for. Buhari doesn't have his cabinet yet, so it is expected that he should have more expendable income since he's paying nobody.Same answer as above. PShot, blocking loopholes is a political statement with no substantial proof.Did you really read the original article? What you ask for is contained there. Let's look at the analogue monetary policy of CBN Emefiele and co stopped selling dollars to about 41 category of importers thereby pushing up our foreign reserves increasingly but stifling and suffocating our SMEs.Your imagination and expectation. Where are the SMEs that have been suffocated? One or two names with proof of such suffocation will help your argument. Just fyi, all SMEs with genuine business need for dollars can easily access same from the banks. They only need to fill required forms and fiam, they have the dollars. That much has been assured them and there has been no report of any legit business complaining. Again, fyi, this measure to stop making dollars easily accessible has nothing to do with increase in FR. I may need to give you some lessons on basic economics. ![]() ![]() I don't even want to remember the N1.6trn that was lost on stock trading grounds.I bet you don't understand what is actually meant by "money lost" at stock trading. If you do, you'd understand that stock trading is basically operated on speculations. Gains and loss is a regular occurrence on per second basis. It has no relevance in this discussion. The minimum wage increase alone must have guzzled all the money gotten from oil peak price.Again, wrong! FR is not for this purpose. And when you argue, avoid such thing as "must have", "perhaps" and "may be". Look for facts to back your position and if you got no fact, walk away. It's better to lose an argument honourably than saying "must have" when you have no facts. Why did states have more money to share compared to the previous two months of Jona's stay in office?Now you make me laugh ![]() ![]() ![]() ![]() ![]() ![]() The last two months are more relevant and more important given the fact that crude sale and price have reduced which should naturally mean a reduction on what was available for sharing. Alas, a better manager of resources has made the reverse to be the case. Did you read the BusinesDay submission on it? It's result of findings and not my words. You say Buhari is blocking leakages, which areas and what methodology is being used?I answered all these in my original thread. Argue against the points outlined there. For me, the CBN governor is simply playing politics by such statement as he made..."due to leakage blocking that foreign reserve increased"...he was simply playing and dancing to the tune of the current administration. Who doesn't like fitting in?The stats you refer to represent the first six months of 2015 (Jan to June) and Jona was in charge of five of those months. Impossible for any sincere person to put that blame on PMB. When results for 3rd quarters are released, they will be squarely on PMB's head. I have attached a Buhari 100 day score card by Business day to buttress some of the points discussed above.Most of your submissions are very vague and watery. Sincerely speaking, you need more and better understanding of the rudiments of economic workings. At least the Chief Wailer would have done a far better job than this even though facts are difficult to argue against. Now, you guys make me miss him ![]() https://www.nairaland.com/2567691/pmbs-100-days-restoring-sanity/8#37752664 [/quote] |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by kaboninc(m): 7:36pm On Sep 07, 2015 |
MizMyColi, I even forgot the wage increas]e across board, in the NYSC. Most of these governors did not tell us that one major reason for their reduced allocation was as a result of poor planing and short sightedness when they were planing to borrow forgetting that creditors do not smile. Am tired of these lies and spin treatment dished out to Nigerians by half baked 'intellectuals' whose interest is scoring cheap political points. Then some lazy student will come pick these lies and present as fact. How can one with proper functioning senses credit these things to an administration that is yet to grow legs? If na joke make una stop am. 3 Likes 2 Shares |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by kaboninc(m): 7:48pm On Sep 07, 2015 |
Passingshot, there are informed folks on this thread so u suggest you keep that in mind. When MizMyColi said: This is the reality on ground.... This was your reply: The stats you refer to represent the first six months of 2015 (Jan to June) and Jona was in charge of five of those months. Impossible for any sincere person to put that blame on PMB. When results for 3rd quarters are released, they will be squarely on PMB's head Really? And the other you wrote a funny article giving Buhari full credit for the stability in electricity and revamping of the refineries? You guys are not to be taken with a nano molecule of salt. Another funny comment:
1 Like |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by PassingShot(m): 7:50pm On Sep 07, 2015 |
kaboninc:Lol @ not true. How can it be true since it doesn't support your line of thought? With this statement alone, you've rendered everything else you're saying useless. An organization can generate income/revenue and can expend resources either to offset obligations, acquire another resource for future economic benefit or pay for expenses incurred in running the business.Not necessary statement. Foreign Reserve is composed of two major components - the CBN's Foreign Exchange reserve and the Excess Crude Fund (which belongs solely to the Nigerian Federation). I’ll take on the Excess Crude Savings and then later, CBN's Foreign Exchange Reserve later.Even though our discussion has nothing to do with ECA, you cannot justify its depletion. The concern of Nigerians is not what was duly shared by the states and the FG. It is what was taken (stolen) from it without joint agreement by the owners. NOI has equally owned up to taking the alleged money from the ECA on the orders of GEJ. And you must know that it was illegal since the states who are joint owners were not aware. Of note is the fact that we must commend GEJ for the foresight in diversifying our economy such that macroeconomic indices – inflation, interest rates - were stable during the 2009 and 2014 economic crises as our import bill was significantly reduced. We all are witnesses to the reduction in rice importation even when we had a challenging period of mass flooding that affected many farm lands across various states and the security situation in the North East. We should not forget in a hurry, the cleansing of the oil industry such that legitimate requests for PMS import, having passed through strict and rigorous screening were granted. We should not forget in a hurry the local support for our automotive industry. We should also never forget that ALL these were done at the FEDERAL LEVEL!Very irrelevant to the issue you were meant to comment on. GEJ's paper economic achievement can be discussed another time. I will oblige you if you do a thread on it and alert me. On the CBN's foreign exchange reserve......1. Do you agree we should have increased our FR to between $80bn and $90bn when we sold crude at an average of $100 per barrel if not for irresponsible wasting of the earnings? 2. What are the world class projects done with the unprecedented earnings then? Please don't tell me about airport remodelling and the railway project. You must know I have the answers for those. 3. Why were other countries whose economy are dependent solely on oil as us not having problems with defending their currency? Take a look at UAE, KSA, Qatar and others and you'd realize that our currecy would not have been devalued if we had done the right thing earlier. In those countries I mentioned, their exchange rate have remained unchanged for more than eight years despite acute drop in crude price. Do the research. Any Economics student/graduate worth his/her salt will not even argue about the economic disaster supervised by GEJ and his cohorts. I understand what sentiments can make one do though. GEJ's economic achievements were 90% paper achievements. Good night. |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by PassingShot(m): 7:53pm On Sep 07, 2015 |
kaboninc:Prof Soludo and others who saw beyond the deceit of GEJ and his cronies must be half baked intellectuals too! And Nigerians who felt the brunt of mismanaged economy surely don't have a clue as well. 1 Like |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by PassingShot(m): 7:58pm On Sep 07, 2015 |
kaboninc:Informed folks who couldn't even argue with facts but their own conjectures! Informed folk who clearly said a report of findings by Business Day is a lie and should not be believed? Informed folks indeed! And is stock market not largely based on speculations? 1 Like |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by PassingShot(m): 8:00pm On Sep 07, 2015 |
Feel free to drop your comments if any. I will respond to them tomorrow. |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by kaboninc(m): 9:00pm On Sep 07, 2015 |
PassingShot: That's the first thing they do. You never seize to amaze me. All we're discussing here is just common sense.
Depletion? By who? Did GEJ use the money to fund an acquisition of a presidential ibrary? Who was going to pay for the fuel subsidy? Buhari? Maybe you'll suggest a novel idea for Buhari to use in offsetting the accumulating subsidies. Then who told you it was an illegal withdrawal? Our discussion has everything to do with the ECA Oga. You talk about Foreign Reserve and you mean you're excluding ECA yet you claim to be what, an economist? Don't insult our intelligence here. If we're not talking about ECA then what are we talking about? Foreign Exchange Reserve which belongs solely to the CBN? Oga, hold your own. Don't spin words with me. Very irrelevant to the issue you were meant to comment on. GEJ's paper economic achievement can be discussed another time. I will oblige you if you do a thread on it and alert me. We'll see about that.
Now you talk about FR? What waste of earnings? Money that is meant for the federation will be wasted by one person singlehandedly? Let me tell you some of the projects - the East West Road, the Lagos Ibadan roads, the second river Niger bridge,the various entrepreneurship programs, the agricultural incentives in the form of fertilizer subsidies and many more. Its also funny that you really do not know much about basic economics. Saudi exports more than 8 million barrels of crude per day and has a size that's less than any geopolitical zone in the country. The population of Saudi is just slightly above 29 million and a GDP of almost 1 trillion USD. The economy has a well diversified oil base and very high per capital income. They do not have threats like pipeline vandalism and crude oil thefts which will definitely threaten their production. They have very functioning refineries. Heck, they have a stable political climate unlike us and in case you don't know, these things contribute towards establishing a strong economy. Strong economy translates to strong currency. However of note is that the country is stupendously rich and their action alone can affect the price of crude....they have the largest reserves. UAE, Qatar are very tiny countries with low economic activities compared to ours. These countries have functioning refineries which takes off huge pressure on FX due to importation of PMS as it is with the case with us. Ours is about 30%. Maybe you should go find out about Venezuela. We should address issues with objectivity and clear purpose. 5 Likes 4 Shares |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by kaboninc(m): 9:17pm On Sep 07, 2015 |
PassingShot: That part I quoted was a fat lie and should be seen as such. That is a personal opinion of the reporter and not the true and fair representation of what's on ground. I ask again, can one's body language lead to an addition of 130 billion naira? So these monies were kept in Akwa Ibom State Government's mansion? Oga, it is a lie. You talk like you know so much about about the Capital Market. Let me help you regig your memory. Just the week before the election, the tension in the market was so high that foreign investors were exiting the market. No one wants to be trapped. After the election results were announced and the baboons and dogs dig not soak their blood, the confidence resumed as everyone felt happy that we have crossed a bridge. That was political stability. Now, this government is yet to issue a policy statement, chart a policy direction but leads the propaganda ship, investors have become weary and have to pull out. This is economic instability. As companies do not know what government will do, as their planing revolves around government's direction they have no choice than to hold. Holding means less activity. Less activity translates to reduced bottom line. Profitability reduces and prices reduces. So read and understand and take this message to Buhari to hit the ground and start WALKING! For your information, the stock market is NOT LARGELY based on SPECULATIONS but on FUNDAMENTALS! 4 Likes 4 Shares |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by kaboninc(m): 9:19pm On Sep 07, 2015 |
PassingShot: Of course |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by MizMyColi(f): 9:42am On Sep 08, 2015 |
Foreign reserves is composed of ECA...Excess Crude Account and CBN foreign reserves earnings, PassingShot. Why are you trying to water down my effort, and dismissing it, when even you know that valid points were raised, why? To be seen as right and always logical and I as wrong and always sentimental? Why are you asking me to give you names? Why not go to the NBS and enquire why unemployment grew and new job creation died down...or will you also play oblivious to the fact that SMEs are the largest employers of labour? Since you claim that GMB has achieved in 3 months what Jona couldn't in 5.5 years, isn't there also the possibility that Buhari's slow pace in one month could have downwed the employment rate to that level? Did you not read of Peter Obi's plea to the CBN to readjust that policy for the sake of SMEs in Nnewi? A little digging and I find out that to access these foreign currencies, SME need Form M, knowing the charges involved which is almost like sacrificing for your profit to banks (monkey dey work baboon dey chop) tell me which real SME that would like to do so? If you were in their shoes, would you? Apart from big firms...ALL SME's in Nigeria run away from Form M because it is not SME friendly in terms of cost. I also learnt that most Chinese who trade in Nigeria refuse to use form M, instead they do DOM transfers after sales to import more maximising profit and minimizing cost to remain in business. Even the uneducated Igbo boy in Alaba, or ladipo or Tradefair complex will teach you this basic economics ![]() NSE loss is thanks to lack of economic policy and direction under buhari hence investors are moving their funds to countries with serious leadership. Like I posited earlier, oil benchmark determines what goes to ECA which is an integral component of foreign reserve. Minimum wage forces government to share accruals in ECA to augment what's in federation account. Are you perhaps insinuating that Buhari is a magician? What's the crude oil price for those months vis a vis quantity sold and exchange rate ![]() Is crude sales constant over a period say like a month? Isn't amount saved a function of quantity sold? So why point on empty political statement of business day? Even kaboninc did teach you some little economics above or was he too complex? Whatever Jonathan gained in 1st quarter, PMB is messing up now, because nature abhors vacuum. Our economy doesn't need a break, Buhari is gallivanting around. Macroeconomic policies indices like inflation are still hanging low thanks to the diversification of. our economy by Jonathan Rice import reduced with improved food sufficiency which forced down our food import cost, hence allowing our economy and foreign reserve some fresh air There is over 2.7 trillion loss in NSE is thanks to buhari's ineptitude, and please don't tell me it's not part of the topic, if we must discuss Buhari's success, we might as well discuss his failures. Stop concoting half truths Pshot to massage the ego of Buhari and APC follower, it is doing our nation more harm than good. Economics isn't about muscle or writing epistles, rather it deals with realities and verifiable truths, not a function of any body language, but constructive reasoning, planning and implementation. In my opinion, I think you should take those economics and capital market classes. Learning never stops. How can you say Jonathan had paper economics achievements when; 1)Our economy experienced serious diversification which forced our food import cost down. 2)How come our rice import cost reduced drastically? 3)How come inflation never reached double digit even when other oil economy countries like Russia, Venezuela experienced such during this world oil price fall? 4)How come companies that left the shores of Nigeria rushed back to Nigeria after 20years and more? E.g Volkswagen. 5)How come we had the first indigenous oil company named Seplat listed on stock exchange under him thanks to his local content policy? 6)How come we had the first indigenous auto industry named Innoson under Jonathan thanks to auto policy? 7)How come numerous youth entrepreneurs emerged thanks to Youwin? ![]() 9)Have you ever read how the backward integration of Obj which became fully implemented under Jonathan pushed Nigeria into exporter of cement? 10)Ever cared to see how WCO copied and is copying us thanks to reforms in customs? Even international organizations are under-studying our agricultural revolutionary plans under Jonathan. It is only hatred or bigotry that will force someone to deny these obvious and conspicuous economic achievements under Jonathan, yet you say they were paper achievements. Smh Why are you excluding railway and airport remodelling? Aren't they federal government of Jonathan projects? Notwithstanding that airport remodelling was done with China bank loan fully paid and have 2016 completion date. What's the percentage difference between wage bills under Obj or previous governments and Jonathan's? Isn't it more than 150% increase by Jonathan?. How come roads like Apapa/Oshodi, Benin/Ore, Lagos/Ibadan, East/West road, Abuja/Lokoja road, Daura road, federal universities, tertiary or university intervention funds etc all saw life and breathe of fresh air under Jonathan ![]() Was almajiri education and feeding done with your urine or cash from such oil sales? Do you want me to go on with more achievements thanks to such funds from oil? Are you aware by what percentage countries like Russia, Venezuela etc who face similar challenges as us devalued their currency? Aren't you confusing yourself by saying somewhere that PDP wasted 16years and then come here eulogize drivers of such 16years like soludo? You, my dear, need to ask someone who's grounded in elementary economics to teach you ALL the indices of economic growth & development and then you compare Nigeria in 1999-2015 to previous years, using such indices. Maybe then you will know that we actually grew for the better not worse. Prof soludo calculated his estimated cost of crude stolen under Jonathan through oil theft and vandalism, BUT failed to give us amount stolen under Obj government that he served, and I await to see if he or Emefiele calculates the amount/estimate stolen under buhari too. 3 Likes 3 Shares |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by PassingShot(m): 9:51am On Sep 08, 2015 |
MizMyColi:My advice to you and your co-travelers: Take my article and tear it into shreds point by point. I mean, counter the points and arguments therein with your own facts with sources for those facts as I presented. I won't reply to conjectures and beer parlour economics from you guys. 1 Like |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by MizMyColi(f): 10:02am On Sep 08, 2015 |
PassingShot:Okay. |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by PassingShot(m): 10:11am On Sep 08, 2015 |
MizMyColi:While at it, pls understand that it is 110% wrong to say ECA is part of our FR. Your economist Kabonic (?) is 200% wrong about it. 1 Like |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by kaboninc(m): 10:26am On Sep 08, 2015 |
PassingShot: That is your way! Seriously, you are not really fit for a constructive debate. And am not sorry about it. Most of you guys just know how to dismiss an educative debate just for political sentiments. Even if you must support your master, please when superior arguments confront you, you just stay mute because from the moment you say anything, you cause more havoc than good. 2 Likes 2 Shares |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by MizMyColi(f): 10:27am On Sep 08, 2015 |
PassingShot: Is it not a spillover from our Foreign reserves? Please visit this link which details a statement from the federal ministry of finance at the time. http://www.nta.ng/2015/01/08/the-facts-about-nigerias-excess-crude-account-and-foreign-reserves-position/ 2 Likes 2 Shares
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Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by kaboninc(m): 10:27am On Sep 08, 2015 |
PassingShot: Oga, do us good and prove me WRONG by telling us what is FOREIGN RESERVE and the components of Foreign Reserve! 1 Like |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by kaboninc(m): 10:30am On Sep 08, 2015 |
MizMyColi: Please allow him to dig up what it means. It is the height of ignorance that someone like PassingShot, who claims to know so much about our economy, with the available resources in the internet, including his respected Businessday, he still maintains that the Excess Crude is not part of our FOREIGN RESERVE! 2 Likes 2 Shares |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by MizMyColi(f): 10:33am On Sep 08, 2015 |
kaboninc: My dear.... For a moment there, I thought I didn't see clearly. So I had to go do some digging. This thread has forced me to become interested in Governance economics, and that's a good thing.....not minding Pshot's attempt at watering down my efforts. 2 Likes 2 Shares |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by rad1cal2: 10:37am On Sep 08, 2015 |
MizMyColi: kaboninc: I stopped taking the arrogant dullard called Passingshot serious when he made this comment below PassingShot: But everything happpening now ain't by natural occurence but Buhari body odour and integrity. ![]() https://www.nairaland.com/2557783/people-right-buhari/3 2 Likes 2 Shares |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by kaboninc(m): 10:38am On Sep 08, 2015 |
MizMyColi: That is what they do. Reminds me of jpphilips......they claim so much and yet give false information and rag tag analysis. The worse is their refusal to learn from a superior argument. Here's a proverb for these guys and I hope they faithfully consider it: “He who knows not and knows not he knows not: he is a fool - shun him. He who knows not and knows he knows not: he is simple - teach him. He who knows and knows not he knows: he is asleep - wake him. He who knows and knows he knows: he is wise - follow him.” 3 Likes 2 Shares |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by kaboninc(m): 10:41am On Sep 08, 2015 |
rad1cal2: Imagine!!!!!! Who does that? Sometimes, I just want to ignore them but other times, when they spread these vile and bile news, it makes it look like it is the truth and there is a saying that bad things happen because good people refuse to act. People like PassingShot, I really don't know. 2 Likes 2 Shares |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by PassingShot(m): 10:46am On Sep 08, 2015 |
MizMyColi: kaboninc: It pains me that some educated people will do anything and everything to support their position in the face of undeniable facts. Composition of External Reserves The Central Bank of Nigeria Act 1991 vests the custody and management of the country’s external reserves in the Central Bank of Nigeria (CBN). The Act provides that the CBN shall at all times maintain a reserve of external assets consisting of all or any of the following: a) Gold coin or bullion; b) Balance at any bank outside Nigeria where the currency is freely convertible and in such currency, notes, coins, money at call and any bill of exchange bearing at least two valid and authorized signatures and having a maturity not exceeding ninety days exclusive of grace; c) Treasury bills having a maturity not exceeding one year issued by the government of any country outside Nigeria whose currency is convertible; d) Securities of or guarantees by a government of any country outside Nigeria whose currency is freely convertible and the securities shall mature in a period not exceeding ten years from the date of acquisition; e) Securities of or guarantees by international financial institutions of which Nigeria is a member, if such securities are expressed in currency freely convertible and maturity of the securities shall not exceed five years; f) Nigeria’s gold tranche at the International Monetary Fund; g) Allocation of Special Drawing Rights made to Nigeria by the International Monetary Fund (IMF). http://www.cenbank.org/Intops/ReserveMgmt.asp That is from CBN as you know. Now show me where ECA is mentioned please? Excess Crude Account on the other hand represents the "excess" earnings from sale of crude. For example, if the FG benchmarks the crude per barrel at $50 and the crude later sells above that benchmark say for $60 a barrel; the $10 extra on each barrel of crude sold is now taken to the Excess Crude Account. The ECA was started by OBJ even though there is no legal backing for it up till now. Guys, if you want to be taken serious, please argue with facts and be ready to accept when you're wrong. Enough said. 2 Likes 1 Share |
Re: PMB's 100 Days Of Restoring Sanity, Accountability, Hope & Lost Glory by PassingShot(m): 10:50am On Sep 08, 2015 |
rad1cal2:If I come across to you as being arrogant, it's your low self esteem at work. We're clearly not in the same league and I have no apologies for that. Deal with it bro! ![]() |
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