Some group of people would be quick to tell how crude oil sells for peanuts and how we should fly with Bulllhari and be grateful to him for the amazing things he's being able to do with crude oil selling for 40$ a barrel.

But what they would refuse to tell you is that in 2008 all through the financial crisis of 2007-2010, oil prices were known to fluctuate way below the 40$ mark.

Amidst all these, petrol was sold at it's cheapest during those period. Inface Yaradua made sure that it was N65 across the country.

We never had fuel shortages. Civil servants were not being owed.

Amidst these, amidst all the global economic meltdown and marginal oil prices, Yaradua and GEJ were able to put $43.13 billion in our foriegn reserves.



As of today, oil sales for $40. What's left of our foreign reserves is being depleted everyday. An intelligiant government should have work out a way to make things work and not whine everyday and blame everyone else.

Jonathan might have being clueless but Bulllhari is a slowpoke.

rusher14:
With 45 Billion dollars in reserves and debt paid already.

My friend talk another thing.

google could have being your best friend if had learned how to read and understand in primary school.

shachris02:
Some group of people would be quick to tell how crude oil sells for peanuts and how we should fly with Bulllhari and be grateful to him for the amazing things he's being able to do with crude oil selling for 40$ a barrel.
But what they would refuse to tell you is that in 2008 all through the financial crisis of 2007-2010, oil prices were known to fluctuate way below the 40$ mark.
Amidst all these, petrol was sold at it's cheapest during those period. Inface Yaradua made sure that it was N65 across the country.
We never had fuel shortages. Civil servants were not being owed.
Amidst these, amidst all the global economic meltdown and marginal oil prices, Yaradua and GEJ were able to put $43.13 billion in our foriegn reserves.
As of today, oil sales for $40. What's left of our foreign reserves is being depleted everyday. An intelligiant government should have work out a way to make things work and not whine everyday and blame everyone else.
Jonathan might have being clueless but Bulllhari is a slowpoke.

Bia has your account being hacked? All these insult on buhari? When did you have a change in mindset in this govt and why?

asha80:


Bia has your account being hacked? All these insult on buhari? When did you have a change in mindset in this govt and why?

nkita ara, maintain your lane. Bulllhari is a scam.

shachris02:


nkita ara, maintain your lane. Bulllhari is a scam.

lol after all the insults you gave to people because they did not like buhari? Even some months after the handover you were still insulting those people so what has changed? Huh..buhari is now scam okwa ya?

This is one of the most stupid posts ever. You said oil fell below $30 and yaradua had saved billions to cushion the effect for gej administration.

Ok how much did gej save to cushion the effect for this administration. Rather he was dashing the billions to his friends and cronies!

Let me pretend and forgive your past JUST THIS ONCE.
At topic,don't mind these confused buharists justifying suffering and smiling.

blackpanda:
This is one of the most stupid posts ever. You said oil fell below $30 and yaradua had saved billions to cushion the effect for gej administration.

Ok how much did gej save to cushion the effect for this administration. Rather he was dashing the billions to his friends and cronies!

oil sold for less than $30 and Yaradua was able to save. Now oil is selling for $40 and all Buhari has done in the past one year is deplete already saved funds in our reserves. He has not saved a single penny instead he keeps complaining!

Mack3N:
Let me pretend and forgive your past JUST THIS ONCE.

At topic,don't mind these confused buharists justifying suffering and smiling.

lol you are willing to forgive that guy after the funny and useless comments he used to make? I just had to check his profile again to check whether someone did not mimic his moniker but it is actually him

shachris02:


oil sold for less than $30 and Yaradua was able to save. Now oil is selling for $40 and all Buhari has done in the past one year is depleted already saved funds on reserves. He has not saved a single penny instead he keeps complaining!

You missed the point. The money was saved before the price of oil fell. I mean, common sense shld tell u that. What are u saving when the price is that low

Shachris, the bible tale of 7yrs of "bountiful harvest" & 7 successive years of "famine" is applicable in this case!! Savings!!!! Savings!!! Savings!!


*modified*

shachris02:

oil sold for less than $30 and Yaradua was able to save. Now oil is selling for $40 and all Buhari has done in the past one year is deplete already saved funds on our reserves. He has not saved a single penny instead he keeps complaining!

Yar'Adua saved during low oil price? Really? How, when, where? Nothing wey person nor go fit hear ooo!

asha80:
lol after all the insults you gave to people because they did not like buhari? Even some months after the handover you were still insulting those people so what has changed? Huh..buhari is now scam okwa ya?

ikuku kuo ahu ike okuko.

shachris02:


ikuku kuo ahu ike okuko.

lol Na wao

asha80:
lol you are willing to forgive that guy after the funny and useless comments he used to make? I just had to check his profile again to check whether someone did not mimic his moniker but it is actually him

its just this once,after this,fighting continues..

blackpanda:


You missed the point. The money was saved before the price of oil fell. I mean, common sense shld tell u that. What are u saving when the price is that low

oga stop talking rubbish,stop the oil price blame game already,nigeria is rich enough to survive another decade even if oil sells below $20,this is nigeria where you only know what the govt wants you to know,the apc govt simply lacks basic economics.
You are quick to remember how GEJ did not save,why didnt OBJ and others diversify!

people that don't understand economics, that don't even understand what they majored in school will come and be acting like economic experts on nairaland.

The excess crude account is different from the nation's treasury. The excess money from sales of crude enters the ECA while the remaining enters the treasury.

Now in 2008 when prices fell, money was taken from the ECA to buffer the economy. but in 2015, there was no ECA , hence no buffer and it impacted heavily on Nigeria's economy.

Buhari's government has no blame because it is only managing to take care of the situation. I trust this government to save anyway because a nation that doesn't save, doesn't grow.

moreover it was when the governors noticed the free for all that was taking place in the presidency with the ECA that they came out to say let's share the money.

Mack3N:

oga stop talking rubbish,stop the oil price blame game already,nigeria is rich enough to survive another decade even if oil sells below $20,this is nigeria where you only know what the govt wants you to know,the apc govt simply lacks basic economics.
You are quick to remember how GEJ did not save,why didnt OBJ and others diversify!

Pls be quiet and apply ur brain. I speak facts not bias. Obj saved for yaradua and thats part of what gej enjoyed. For some weirdly silly reason some people feel its their job to defend gej even at the expense of telling lies. Government is not magic. Its garbage in, garbage out. Nigeria has great potential to be the richest nation, but thanks to gej administration all that resource was flushed into the hands of a few

Why this new lie come up all of a sudden Crude oil did not go below $56 per barrel in 2008 and the low price also did not last long

shachris02:
Some group of people would be quick to tell how crude oil sells for peanuts and how we should fly with Bulllhari and be grateful to him for the amazing things he's being able to do with crude oil selling for 40$ a barrel.
But what they would refuse to tell you is that in 2008 all through the financial crisis of 2007-2010, oil prices were known to fluctuate way below the 40$ mark.
Amidst all these, petrol was sold at it's cheapest during those period. Inface Yaradua made sure that it was N65 across the country.
We never had fuel shortages. Civil servants were not being owed.
Amidst these, amidst all the global economic meltdown and marginal oil prices, Yaradua and GEJ were able to put $43.13 billion in our foriegn reserves.
As of today, oil sales for $40. What's left of our foreign reserves is being depleted everyday. An intelligiant government should have work out a way to make things work and not whine everyday and blame everyone else.
Jonathan might have being clueless but Bulllhari is a slowpoke.

blackpanda:


You missed the point. The money was saved before the price of oil fell. I mean, common sense shld tell u that. What are u saving when the price is that low

How much did yaradua meet, how much did he save? Remember he came into power amidst the global Economic meltdown of 2007.

Obasanjo left $40billion in our reserves. Between 2006 -2007 amidst the meltdown, yaradua saved $3billion dollars.

Please sir, how much has buhari saved amidst all his economic tightening and austerity measures?

blackpanda:
This is one of the most stupid posts ever. You said oil fell below $30 and yaradua had saved billions to cushion the effect for gej administration.

Ok how much did gej save to cushion the effect for this administration. Rather he was dashing the billions to his friends and cronies!

it was yar a'dua and gej,you hear? Yar a'dua and GEJ. Besides,wetin concern gej and matter now? I pray u dont attribute ur life woes to gej when u turn 50 and still miserable..mtchewwww

modath:

Shachris, the bible tale of 7yrs of "bountiful harvest" & 7 successive years of "famine" is applicable in this case!! Savings!!!! Savings!!! Savings!!


*modified*





Yar'Adua saved during low oil price? Really? How, when, where? Nothing wey person nor go fit hear ooo!

check this thread. Amidst the meltdown, yaradua actually saved us some good money.

https://www.nairaland.com/1985177/external-reserve-debt-under-obasanjo

Ignorance of the Op stinks

OBJ left a forex reserve of over $40billion + ECA savings of over $20billion

Yaradua took over, oil prices rose to its highest ever of $147/barrel, and within a year, Yaradua had grown the forex reserves by an extra $20billion. And then the global economic crises of 2008 came, oil prices also crashed from $148 to less than $40/barrel. But Nigeria didnt feel it because both OBJ administration and Yaradua's infant administration knew the importance of saving for the rainy day; according to CBN records, it cost Nigeria a whooping $20billion to counter the effects of the oil price crash in 2008.

Today, unlike the oil crises of 2008 which lasted just under 1 year, we have a crises that has stretched for almost 2 years and we do not have either the ECA funds or sufficient funds in our forex reserves to combat the effect of the present economic crisis. Meanwhile ignoramuses all over the place are busy blaming Buhari for a crisis which has been exacerbated purely by the incompetence and thoughtlessness of the last administration. Nonsense!

blackpanda:


Pls be quiet and apply ur brain. I speak facts not bias. Obj saved for yaradua and thats part of what gej enjoyed. For some weirdly silly reason some people feel its their job to defend gej even at the expense of telling lies. Government is not magic. Its garbage in, garbage out. Nigeria has great potential to be the richest nation, but thanks to gej administration all that resource was flushed into the hands of a few

how did obj save?
By privatizing power holding company,brought mtn and so a pack of sim card for upto 30k,even minimum wage no gree am increase.mtchew.
Also how much was oil under him?abeg talk another thing jare!

shachris02:


check this thread. Amidst the meltdown, yaradua actually saved us some good money.

https://www.nairaland.com/1985177/external-reserve-debt-under-obasanjo

Yaradua did not save amidst a meltdown, I'm sure you know that is illogical. Rather he saved before the meltdown when oil prices rose to its highest value of $147 and within a year, up to $20billion was saved in the nation's reserves. The entire $20billion saved was eroded during the meltdown, that is how Nigeria survived in 2008-2009.

obailala:
Yaradua did not save amidst a meltdown, I'm sure you know that is illogical. Rather he saved before the meltdown when oil prices rose to its highest value of $147 and within a year, up to $20billion was saved in the nation's reserves. The entire $20billion saved was eroded during the meltdown, that is how Nigeria survived in 2008-2009.

you don't get it, do you? Before yaradua, our reserve was around $45 billion in 2007. After the oil price crisis and low oil revenue, yaradua rasised this amount to $47 billion.

i'm more particular about yaradua than GEJ's tenure. Buhari should go back and find out how yaradua was able to save amidst a global economic meltdown. How he was able to grow our Economy amidst a meltdown.

Since Buhari stepped in, all he's done is share all monies that were previously saved.

modath:

Shachris, the bible tale of 7yrs of "bountiful harvest" & 7 successive years of "famine" is applicable in this case!! Savings!!!! Savings!!! Savings!!


*modified*





Yar'Adua saved during low oil price? Really? How, when, where? Nothing wey person nor go fit hear ooo!

I suppose you are hearing this for d first time that's why it sounds like music to your ears. All you myopic Nigerians who don't know Nigeria and her story since 1999 are the ones being deceived by APC. Now that you have access to Internet, use it to read, get valuable info not using it to argue blindly.

shachris02:


oil sold for less than $30 and Yaradua was able to save. Now oil is selling for $40 and all Buhari has done in the past one year is deplete already saved funds in our reserves. He has not saved a single penny instead he keeps complaining!

what a foolish analysis? how much did yarudua met in 2007 and how much did he add to d foreign reserve in 2008, obj left 47b in reserve and 20b in excess crude acc, in a year yarudua depleted d reserve to 43b, gej is a ba
https://www.nairaland.com/politics

shachris02:


you don't get it, do you? Before yaradua, our reserve was around $45 billion in 2007. After the oil price crisis and low oil revenue, yaradua rasised this amount to $47 billion.

i'm more particular about yaradua than GEJ's tenure. Buhari should go back and find out how yaradua was able to save amidst a global economic meltdown. How he was able to grow our Economy amidst a meltdown.

Since Buhari stepped in, all he's done is share all monies that were previously saved.

The oil crisis which happened during Yaradua's time lasted for about 6 months before prices began to pick up; within a year, prices had returned to normal.

Jesusloveyou:
what a foolish analysis? how much did yarudua met in 2007 and how much did he add to d foreign reserve in 2008, obj left 47b in reserve and 20b in excess crude acc, in a year yarudua depleted d reserve to 43b, gej is a ba
https://www.nairaland.com/politics

can you show proofs to back this up?

obailala:
The oil crisis which happened during Yaradua's time lasted for well under a year before the prices picked up.

and buhari has being in office for exactly almost one year now.

shachris02:


and buhari has being in office for exactly almost one year now.

The present crisis has lasted for close to 2 years bro... and oil still sells below $40. Yaradua's case lasted for just about 6 months before prices began to pick up; within a year, prices had returned to normal. There is a clear difference.