GEJ left $30b in reserves for the new Buhari govt as of May 2015.

In 2015 alone, the Sovereign Wealth Fund (SWF) yielded N25billion (=$83m). Yield for 2016 will at least match this figure if they have not already spent the money. Yet the Buhari wastes our resources to fly around the world to lie to whoever cares to listen to him that nothing was saved by previous governments.

On top of this at average of $50/bbl for last 16 months since he took over in May 2015, the EB has raked in $29b in oil revenues (assuming 60% NNPC average equity in the JV). This figure excludes Petroleum Profits Tax and Royalties.

Over that same period, NLNG paid well over $1.4billion annually as dividends and interests to government. This figure excludes arrears owed previous governments, which Babs Omotowa the last NLNG MD announced have been cleared.

Govt has also been raking in over N4trillion ($13.3billion) in IGR from customs duty, taxes, VAT, levies, etc

On top of these they have borrowed over N2.2 trillion ($7.3billion) in one year that Finance Minister has been "guessing", and is not even sure, what it was spent on.

Just this week, African Development Bank approved a loan of over $5.1billion to Nigeria Fed Govt, and $1billion is to be released immediately to fund 2016 budget.

https://www.channelstv.com/2016/09/27/afdb-offers-5-1-billion-loan-nigeria-budget-support-diversification/

Fed Govt by its own account has also recovered almost $500million from looted funds.

Meanwhile, latest CBN report indicates that the foreign reserves which stood at $30billion when Buhari (EB) took over has been drawn down to $24billion, a net decrease of $6billion in just 16months.

https://www.nairaland.com/3374414/nigerias-foreign-reserves-drop-24.74billion

If you sum it up, the Buhari (EB) government has expended in 16 months a [size=14pt]GRAND TOTAL of (29+1.4+13.3+7.3+1+0.5+6) = $58.5billion[/size]

With such huge sum of money already spent, the life of the citizens has not felt the impact. The economy is in a tail-spin, spiralling downwards. No single new project has commenced, the ones he met on ground are not receiving funding, pensioners are not being paid, salaries are delayed.

The question we should all begin to ask Buhari is [size=14pt]WHERE HAS ALL THE MONEY GONE?[/size]

GEJ admin left $30b..

But bubu talk say he no meet any money ?

They are all the same .thieves claiming to be saints

He has come to steal kill n destroy

$58B?

He will still tell zombies that the change they voted for begins with them while he lavishes our money. This Republic below will die defending him.

fanacy:
GEJ admin left $30b..

But bubu talk say he no meet any money ?

I try my best to research, and I post cold facts so the down trodden masses can see how their government at all levels are deceiving them.

The picture below of the declining reserves should serve as a sober reminder to all that we have a very confused and deceptive President in Aso Rock, who has no clue how to run a modern economy.

The chart from CBN clearly shows that Buhari started with $30.3billion

FastShipping:
$58B?

Do the math yourself. That figure is grossly underestimated

cuteboy2:


Do the math yourself. That figure is grossly underestimated

No need.

Useless government

buhari thinks aso rock is his father house where he can do anything,by the time buhari is done with Nigeria we would sell d country on Amazon.
I know apc zombies would still defend this day light robbery.

All the contractors left unpaid ,fuel subsidy debt and so on.....

That means we are not technically in any recession. Don't come and quote me oooo

fendorf:
All the contractors left unpaid ,fuel subsidy debt and so on.....

If you have facts and figures, why not share them here? Or you are doing the typical bait-and-run.

Just do a breakdown of the Contractors and Projects for which a whopping $58billion was paid out. This figure is about double the national reserve that Buhari met in May 2015

Lai Mohammed and Kemi Adeosun already announced to us that the recent release of N350 billion ($1.2billion) was to pay arrears of contractor they have not paid since they assumed office.

Which subsidy are talking about. Have you forgotten so soon that the government ended subsidy by massively jerking up pump price of petrol. Subsidy on diesel was ended long time ago during GEJ govt.

In any case the account is still not balanced. $58b-$1.2b still leaves a yawing balance of $56.8billion.
If you know what they have done with the difference, where they kept it, please educate us.

cuteboy2:


I try my best to research, and I post cold facts so the down trodden masses can see how their government at all levels are deceiving them.

The picture below of the declining reserves should serve as a sober reminder to all that we have a very confused and deceptive President in Aso Rock, who has no clue how to run a modern economy.

The chart from CBN clearly shows that Buhari started with $30.3billion

For u to think fedral reserve is Nigerian money shows u level of thinking..... when u change money in malam hands.. Go back n demand the dollars u hear


Oh sorry I know u will not get the relationship

Bubu thereisgod o! Shey ná u be d next abacha? Go ask abacha n his cohort wetin e eye see wet mak pple like me dey write him name with small letter.

Education is very important.. . Read u refused.. Well let km educate u Op

First of all oil revenue are not calculated as u said... What's the cost of production of one barrel of oil in Nigeria (think not sure but it's around $25) so when u subtract that from $50 what is left I calculate it
U mind forgot to tell u that it was shared between the fedral government, state and local government??

And my dear fedral reserves is not ur money ooh.. . Please stop embarrassing ur self and go and read

mrvitalis:
Education is very important.. . Read u refused.. Well let km educate u Op

First of all oil revenue are not calculated as u said... What's the cost of production of one barrel of oil in Nigeria (think not sure but it's around $25) so when u subtract that from $50 what is left I calculate it
U mind forgot to tell u that it was shared between the fedral government, state and local government??

And my dear fedral reserves is not ur money ooh.. . Please stop embarrassing ur self and go and read

Exactly.

mrvitalis:

For u to think fedral reserve is Nigerian money shows u level of thinking..... when u change money in malam hands.. Go back n demand the dollars u hear


Oh sorry I know u will not get the relationship

I keep learning new things on this forum per second. You mind telling me more about the foreign reserves as regards it's ownership?

cuteboy2:
GEJ left $30b in reserves for the new Buhari govt as of May 2015.

In 2015 alone, the Sovereign Wealth Fund (SWF) yielded N25billion (=$83m). Yield for 2016 will at least match this figure if they have not already spent the money. Yet the Buhari wastes our resources to fly around the world to lie to whoever cares to listen to him that nothing was saved by previous governments.

On top of this at average of $50/bbl for last 16 months since he took over in May 2015, the EB has raked in $29b in oil revenues (assuming 60% NNPC average equity in the JV). This figure excludes Petroleum Profits Tax and Royalties.

Over that same period, NLNG paid well over $1.4billion annually as dividends and interests to government. This figure excludes arrears owed previous governments, which Babs Omotowa the last NLNG MD announced have been cleared.

Govt has also been raking in over N4trillion ($13.3billion) in IGR from customs duty, taxes, VAT, levies, etc

On top of these they have borrowed over N2.2 trillion ($7.3billion) in one year that Finance Minister has been "guessing", and is not even sure, what it was spent on.

Just this week, African Development Bank approved a loan of over $5.1billion to Nigeria Fed Govt, and $1billion is to be released immediately to fund 2016 budget.

https://www.channelstv.com/2016/09/27/afdb-offers-5-1-billion-loan-nigeria-budget-support-diversification/

Fed Govt by its own account has also recovered almost $500million from looted funds.

Meanwhile, latest CBN report indicates that the foreign reserves which stood at $30billion when Buhari (EB) took over has been drawn down to $24billion, a net decrease of $6billion in just 16months.

https://www.nairaland.com/3374414/nigerias-foreign-reserves-drop-24.74billion

If you sum it up, the Buhari (EB) government has expended in 16 months a [size=14pt]GRAND TOTAL of (29+1.4+13.3+7.3+1+0.5+6) = $58.5billion[/size]

With such huge sum of money already spent, the life of the citizens has not felt the impact. The economy is in a tail-spin, spiralling downwards. No single new project has commenced, the ones he met on ground are not receiving funding, pensioners are not being paid, salaries are delayed.

The question we should all begin to ask Buhari is [size=14pt]WHERE HAS ALL THE MONEY GONE?[/size]

please ask the theif and his co online conspirators...i curse the day this bag of bones was elected

kross01:


I keep learning new things on this forum per second. You mind telling me more about the foreign reserves as regards it's ownership?

When we sale oil or any other goods that earns us forex... the cbn keeps the forex and give Nigeria the naira equivalent... the forex is kept to be sold to banks to sale to Nigerians who wish to buy goods outside

Now at a point in time we had more dollars than we demanded and instead of the excess being saved for a day we will have more demand than supply (Like today) it was almost given to people for free or cheap rate.. Anyone could go to the cbn with naira and say the president said give me 40 million dollars and it will be given

Now u see, it's not money we can use to do Road, build bridges. .. no it is not.. It is ment to be released to defend the naira

I dont want to quote any idiot

So let me swallow the question

Buhari should be arrested now

mrvitalis:

When we sale oil or any other goods that earns us forex... the cbn keeps the forex and give Nigeria the naira equivalent... the forex is kept to be sold to banks to sale to Nigerians who wish to buy goods outside

Now at a point in time we had more dollars than we demanded and instead of the excess being saved for a day we will have more demand than supply (Like today) it was almost given to people for free or cheap rate.. Anyone could go to the cbn with naira and say the president said give me 40 million dollars and it will be given

Now u see, it's not money we can use to do Road, build bridges. .. no it is not.. It is ment to be released to defend the naira

So in essence it is actually Nigeria’s money right? Just not for our daily spending right?

Liar GEJ left behind what? just around $2 - 3B.

mrvitalis:

When we sale oil or any other goods that earns us forex... the cbn keeps the forex and give Nigeria the naira equivalent... the forex is kept to be sold to banks to sale to Nigerians who wish to buy goods outside

Now at a point in time we had more dollars than we demanded and instead of the excess being saved for a day we will have more demand than supply (Like today) it was almost given to people for free or cheap rate.. Anyone could go to the cbn with naira and say the president said give me 40 million dollars and it will be given

Now u see, it's not money we can use to do Road, build bridges. .. no it is not.. It is ment to be released to defend the naira

Vitalis, where did you stop your education, primary or commercial school?

vedaxcool:
Liar GEJ left behind what? just around $2 - 3B.

Try go back to sleep again, maybe you will wake up a lot better.

kross01:


So in essence it is actually Nigeria’s money right? Just not for our daily spending right?

No not really. .. cbn is our mallam... Just that our Father control this mallam

luvinhubby:


Vitalis, where did you stop your education, primary or commercial school?

B.Engr

mrvitalis:

B.Engr

Read my question again, then try once more.

luvinhubby:


Try go back to sleep again, maybe you will wake up a lot better.

Try shutting up rather than booking space on frontpage

mrvitalis:

No not really. .. cbn is our mallam... Just that our Father control this mallam

You and who father?
You might need to visit the below link to retouch this your analogy; http://www.investopedia.com/terms/f/foreign-exchange-reserves.asp