NewStats: 3,261,888 , 8,175,466 topics. Date: Friday, 30 May 2025 at 10:09 PM 36e29

The importance of foreign reserve to any nations should not be overstated. In fact it helps nation to be able to maintain exchange rate and price stability and also meet any external obligations etc.
OBJ assumed leadership in May 1 1999. Despite inheriting just 4.99 billion from the military regim on May 1999, obasanjo never complained but he remained focused and by 2006 the foreign reserve jumped to USD38.07 billion as at July 31, 2006
Source: https://dc.cbn.gov.ng/bullion/vol30/iss3/6/
Note oil price as at May 1999 was just $13.92 per barrel
And by the end of December 2006 the reserve increased to US$42.42 billion while oil prices was $55 to $56 per barrel-source:https://www.cbn.gov.ng/monetarypolicy/Conduct/2007.asp#:~:text=As%20at%20November%202007%2C%20the,of%20current%20foreign%20exchange%20disbursements

And by November 2007 the reserve grew to US$50.0 billion while oil price was between 50+ to $85 source:
https://www.cbn.gov.ng/monetarypolicy/Conduct/2007.asp#:~:text=As%20at%20November%202007%2C%20the,of%20current%20foreign%20exchange%20disbursements.

And by July 2008 the reserve was standing at US$62.40 billion and David &
Baba went on further to opined that this made Nigeria the twenty-fourth largest reserves holder in the world. https://hdl.handle.net/10419/142051
Oil price was between 100 but fell to basat December.

Data for oil priceshttps://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=f000000__3&f=m

Obasanjo regime thought it wise to start saving for the raining day by opening an excess crude in 2005 and by 2008 the savings in the was 20 billion dollars

In 2005 October 2005 Nigeria and the Paris Club announced a final agreement for debt relief worth $18 billion source:https://www.cgdev.org/page/debt-relief-nigeria

Note that obasanjo regime successfully paid over 12 billion dollars before this debt was forgiven
Source:https://www.cgdev.org/blog/nigeria-unloads-paris-club-debt-what-next#:~:text=On%20April%2021%20Nigeria%20made,%2C%20an%20overall%2060%25%20discount
This means that as at 2008 Nigeria had over 62.40 billion dollars achieved within 9 years.

How much could Nigeria have saved assuming we continued with same trajectory? With a more conservative approach, reducing the growth rate given the economic and global factors, Nigeria's foreign reserves could have reached approximately $245 billion to over $300 billion by 2024.

And the current party has been in power for 9 years and couldn't increase the reserve rather they deplated it to 32 billion dollars.

The analysis is spot on.

Una don see am

..

Nigeria missed something when GEJ was stopped from removing subsidy and subsequently rigged out.

Nigeria was about to become a regional super power like India and Brazil.


The West knew it that was why they desperately backed criminals Buhari and Tinubu to do their dirty work and rewarded them till date.


After we missed that, Japa became a thing.
The Naira NEVER went up
Fuel price NEVER went down
20 year old cars became very expensive. Boys used to buy clean 10 year old cars for less than N1.5m back then.


Any time I think of this, I shed tears.

Toh

This na something something

Salewa97:
Toh

This na something something

Is that your last answer

Obasanjo is a genius...this Tinubu is a disaster the fact that both of them are from the same region where Obasanjo is hated by some people and Tinubu is worshipped by the same set of people shows how deeply senseless people can be

The foreign reserve is built not just by saving but also by earning through exports and prudent management of the economy. The APC istration met a huge debt and still worked to build the reserves.

Because OBJ had erudite financial experts as finance ministers (Adamu Ciroma, 1999 - 2003 & Okonjo Iweala, 2003 - 2006)

GEJ too has good economist as his finance minister but you can’t point to any of the finance ministers under Buhari as a knowledgeable people in elementary economics.


Moreso, the Excess Crude and NLNG opened we by OBJ engineered those speedy growth in our foreign reserve and currency stability.

Anither563:
The foreign reserve is built not just by saving but also by earning through exports and prudent management of the economy. The APC istration met a huge debt and still worked to build the reserves.

is it that you Don know how to read or just blindly ing

Most obi ers are brain dead people!

shivisee:
Most obi ers are brain dead people!

Honestly!
There is no point engaging them. It is better to allow them to wallow in their stupidity.

Rooomage:


Honestly!
There is no point engaging them. It is better to allow them to wallow in their stupidity.

I decided not to include articles from newspapers rather all data was gotten from CBN and highly reputable sources and academic research paper.

PDP under goodluck had it lapses as he allowed the reserve to tank a little probably due to the 2009 global economic meltdown but again the reserve picked up again shortly.

Again GEJ also borrowed and total external debt grew to N10.4 trillion as at June 2014.

This might be one of the reasons OBJ kicked against his government.

But APC took the borrowing and lavishing of the reserve to another level... Today the total external debt is at N56. 02 trillion (US$42.12 billion)

Anither563:
The foreign reserve is built not just by saving but also by earning through exports and prudent management of the economy. The APC istration met a huge debt and still worked to build the reserves.

Nigerian government has been earning more from crude oil export but has failed to grow the reserve.
If OBJ could achieve that feet then we expect 5 to 6 billion dollars added to the reserve each year

Reserves is not an achievement, it takes not effort or brainpower to allow money to accumulate in a bank doing nothing

Bad governance to be building reserves when your country is lacking in infrastructure;
No roads ,
No Railways
Liquidized our national carrier
No electricity
Rising insecurity across the country.
Refineries left to decay

Truth is Obasanjo did nothing but loot and scatter in his 8 years.
Obasanjo was an unmitigated disaster!

GEJ rather

Gej is the biggest criminal to ever rule this country. No wonder biafrans love him

OALandAgents:
Reserves is not an achievement, it takes not effort or brainpower to allow money to accumulate in a bank doing nothing

Bad governance to be building reserves when your country is lacking in infrastructure;
No roads ,
No Railways
Liquidized our national carrier
No electricity
Rising insecurity across the country.
Refineries left to decay

Truth is Obasanjo did nothing but loot and scatter in his 8 years.
Obasanjo was an unmitigated disaster!

Are you an economist? Who gave you that idea?
If there is no savings there will be no investment.
Even the ants which are not complex as human understand the importance of savings. They saved foods in summer against winter

APC came to STEAL, KILL and DESTROY .

Savings good but first ensure yourself in minimal essential infrastructure amenities

fastseo:


Are you an economist? Who gave you that idea?
If there is no savings there will be no investment.
Even the ants which are not complex as human understand the importance of savings. They saved foods in summer against winter

fastseo:
The importance of foreign reserve to any nations should not be overstated. In fact it helps nation to be able to maintain exchange rate and price stability and also meet any external obligations etc.
OBJ assumed leadership in May 1 1999. Despite inheriting just 4.99 billion from the military regim on May 1999, obasanjo never complained but he remained focused and by 2006 the foreign reserve jumped to USD38.07 billion as at July 31, 2006
Source: https://dc.cbn.gov.ng/bullion/vol30/iss3/6/
Note oil price as at May 1999 was just $13.92 per barrel
And by the end of December 2006 the reserve increased to US$42.42 billion while oil prices was $55 to $56 per barrel-source:https://www.cbn.gov.ng/monetarypolicy/Conduct/2007.asp#:~:text=As%20at%20November%202007%2C%20the,of%20current%20foreign%20exchange%20disbursements

And by November 2007 the reserve grew to US$50.0 billion while oil price was between 50+ to $85 source:
https://www.cbn.gov.ng/monetarypolicy/Conduct/2007.asp#:~:text=As%20at%20November%202007%2C%20the,of%20current%20foreign%20exchange%20disbursements.

And by July 2008 the reserve was standing at US$62.40 billion and David &
Baba went on further to opined that this made Nigeria the twenty-fourth largest reserves holder in the world. https://hdl.handle.net/10419/142051
Oil price was between 100 but fell to basat December.

Data for oil priceshttps://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=f000000__3&f=m

Obasanjo regime thought it wise to start saving for the raining day by opening an excess crude in 2005 and by 2008 the savings in the was 20 billion dollars

In 2005 October 2005 Nigeria and the Paris Club announced a final agreement for debt relief worth $18 billion source:https://www.cgdev.org/page/debt-relief-nigeria

Note that obasanjo regime successfully paid over 12 billion dollars before this debt was forgiven
Source:https://www.cgdev.org/blog/nigeria-unloads-paris-club-debt-what-next#:~:text=On%20April%2021%20Nigeria%20made,%2C%20an%20overall%2060%25%20discount
This means that as at 2008 Nigeria had over 82.40 billion dollars achieved within 9 years.

How much could Nigeria have saved assuming we continued with same trajectory? With a more conservative approach, reducing the growth rate given the economic and global factors, Nigeria's foreign reserves could have reached approximately $245 billion to over $300 billion by 2024.

And the current party has been in power for 9 years and couldn't increase the reserve rather they deplated it to 32 billion dollars.

The topic is about foreign reserve and not about the writer's hate for Obasanjo.

Make we face the topic without unnecessary distraction.

Obasanjo avoided Yorubas in his government. Owambe people only understand borrowing and partying

XerXers:
Obasanjo avoided Yorubas in his government. Owambe people only understand borrowing and partying

I am so happy with your point. Why will Obasanjo in his right senses not avoid Yorubas who didn't vote for him? 🤣🤣🤣🤣😁😁

Is it not INSANITY if Tinubu doesn't also avoid the Igbos that didn't vote for him?!

Softmirror:


I am so happy with your point. Why will Obasanjo in his right senses not avoid Yorubas who didn't vote for him? 🤣🤣🤣🤣😁😁

Is it not INSANITY if Tinubu doesn't also avoid the Igbos that didn't vote for him?!

The question should be why didn't Yoruba vote obi the way Igbos voted Obasanjo. Why do Yorubas clueless people like buhari and Tinubu

XerXers:

The question should be why didn't Yoruba vote obi the way Igbos voted Obasanjo. Why do Yorubas clueless people like buhari and Tinubu

Because the preferred the other Yoruba man Olu Falaye. My own question is why didn't Igbos vote Ojukwu like they voted Obasanjo?!

Softmirror:


Because the preferred the other Yoruba man Olu Falaye. My own question is why didn't Igbos vote Ojukwu like they voted Obasanjo?!

Are you saying that Yoruba are proud tribalist to the detriment of national progress. So it's everybody vote for your tribe? What a backwards people

Softmirror:

Yes goodluck lack the will to save although the effect of global economic meltdown of 2008 was felt beyond 2009 to 2010 but this shouldn't be the reason why he failed to save. APC used his inability to save to campaign and rally for vote but here they are doing pretty worst. Killing the economy, impoverishing Nigerians.

fastseo:

Yes goodluck lack the will to save although the effect of global economic meltdown of 2008 was felt beyond 2009 to 2010 but this shouldn't be the reason why he failed to save. APC used his inability to save to campaign and rally for vote but here they are doing pretty worst. Killing the economy, impoverishing Nigerians.

That was why I said I wonder what kind of juju emefile did.