The nation’s foreign reserves rose by $1.518bn from $41.523bn on November 22 to $43.041bn as of December 17, the latest figures from the Central Bank of Nigeria revealed.

Records revealed that the reserves, which had suffered significant declines in past months, had been maintaining a steady rise of recent.

The nation’s foreign exchange reserves fell from $45.838bn at the end of August to $41.533bn on November 21.

Figures from the CBN had earlier revealed that the reserves fell by $990.98m from $47.11bn in July to $46.128bn on August 23, 2018.

But of recent, records from the apex bank showed that the external reserves were gradually moving on a recovery path.

The Governor of the CBN, Godwin Emefiele, had earlier said that because crude oil was a major source of the country’s foreign exchange, the nation’s economy became sensitive to fluctuations in the price of crude oil.

https://punchng.com/foreign-reserves-gained-1-52bn-in-four-weeks/

The Governor of the CBN, Godwin Emefiele, had earlier said that because crude oil was a major source of the country’s foreign exchange, the nation’s economy became sensitive to fluctuations in the price of crude oil.

OBJ, FACTS/SENTIMENTS & THE REST OF US:

BY - Don Kmanero

Kindly and patiently look through the talking points, see if OBJ's issues are facts or sentiments. I think PMB should be judged by the numbers & not emotions ...

TALKING POINTS..

Nigeria real net oil export revenue: 2010-2015.

Oil price $110 per barrel average
Stable oil production at 2.4 million barrels per day in the period under review:-

2010-$70 billion
2011-$99 billion
2012-$94 billion
2013-$84 billion
2014-$77 billion
2015-$21 billion (January-May)

Total-$445 billion

Source: OPEC Revenue Fact Sheet and Energy Information Administration (EIA), a statistical arm of the US Department of Energy.

Outcomes in 5 YEARS:

a) External reserves declined from $47 billion in 2013 to $29 billion in 2015;

b) Savings depleted from $21 billion in 2010 to $2 billion in 2015.

c) Federal Government borrowed $2 billion to pay salaries.

d) 24 States of the federation bankrupt -could not pay salaries of workers, could not repay debts and other contractual obligations.

e) accumulated arrears of workers salaries and pensions, running into billions of Naira.

f) accumulated contractors debt such that all major construction works stopped.

g) NNPC technically bankrupt.

h) Foreign Direct Investment (FDI) at its all time low. Declined to $3.1 billion in 2015 from $8.8 billion in 2011

i) Nigeria's Credit Rating downgraded

j) Massive capital flight: industries relocating to neighbouring West African countries.

Nigeria real net oil export revenue: 2015-2017.

Oil price $45 per barrel average
Loss of 1.2 million barrels per day due to disruption by the Niger Delta Avengers

2015-$16 billion (June-December)
2016-$26 billion
2017-$10 billion (January-April)

Total-$52 billion

Outcomes:in 2 YEARS

a) External reserves boosted to $31.22 billion from $29 billion in 2015;

b) Savings increased to $2.29 billion from $2 billion in 2015.

c) Federal Government stopped borrowing to pay salaries.

d) 24 States of the federation bailed out- to pay salaries of workers, repay debts and other contractual obligations.

e) Settled fully accumulated arrears of workers salaries and pensions, running into billions of Naira.

f) Settled fully accumulated contractors debt such that all major contractors are now back to site.

g) settled fully oil importers claims amounting to $400 million.

h) NNPC restructured.

i)Foreign Direct Investment (FDI) steadily picking up.

j) Agricultural revolution taken off such that we now have small holder farmers millionaires.

k) Looted funds recovered running into trillion Naira mark

l) TSA the plugged loopholes of waste and swindle of public funds, now N4 trillion.

Bottom line:

a) Those looking for a magic wand, here it is. Using $52 billion or 12% in TWO years to achieve what could not be achieved with $445 billion in FIVE years.

b) Only an incorrigible hater will say that Nigeria is not making progress under the PMB administration with the acute resource constraint and the multiplying challenges facing the country.

Think Deeply.......

deomelllo:
www.nairaland.com/attachments/8345912_dumns2dwoaaq4lt_jpeg_jpeg41a4ed27189664152172cf8b2e677e94 foreign reserve and u are borrowing?

QuotaSystem:
This is why I voted for Buhari.

BruncleZuma:
As against what previously?

BruncleZuma:
As against what previously?

adecz:

What do you call a man who has so much money in his bank account, always getting awards from the bank for his wonderful savings culture, but his family are starving to death??

sotall:
What's the use of foreign reserves when 80 million Nigerians are wallowing in extreme poverty??

TheGreenLand:

God bless you