RICHEST AFRICANS

Jannie Mouton

0out of 5

Shafik Gabr

0out of 5

Nassef Sawiris

0out of 5

OPINION: How external reserves declined from $47 billion in 2013 to $29 billion in 2015 under Jonathan

by 13/08/2017 13:16:00 0 comments 1 Views

Editor’s note: It is argued that the economic recession plaguing Nigeria was caused by the fall in oil price at the international market. But some people opine that the country is facing the economic crisis because of the failure of previous government to plan for the future.

NAIJ.com gathered that a concerned Nigerian, Yakub Aliyu in his Facebook page, explains how Nigeria real net oil exports revenue: 2010-2015 under President Jonathan.

Nigeria real net oil exports revenue: 2010-2015 (under President Jonathan)

Oil price $110 per barrel average

Stable oil production at 2.4 million barrels per day

2010-$70 billion

2011-$99 billion

2012-$94 billion

2013-$84 billion

2014-$77 billion

2015-$21 billion (January-May)

Total-$445 billion

READ ALSO: BREAKING: Gunmen allegedly attack another Anambra church, kill policeman, civilian

Source: OPEC Revenue Fact Sheet and Energy Information Administration (EIA), a statistical arm of the US Department of Energy for various years; and my estimates.

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 (under PMB)

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 and now solvent and liquid.

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 and ploughed back into the budget.

PAY ATTENTION: Watch more videos on NAIJ.com TV

l) TSA the plugged loopholes of waste and swindle of public funds, now N4 trillion - to mention just a few.

Bottom line:

a) Those looking for a magic wand, here it is. Using $52 billion or 12% in TWO years to achieve what Jonathan could not achieve 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. I rest my case. May PMB/PYO succeed.

Meanwhile, NAIJ.com had previously reported that former President Goodluck Jonathan said that there were instances of corruption during his administration and admitted that he failed to plug all the loopholes.

The views expressed in this article are the author’s own and do not necessarily represent the editorial policy of NAIJ.com.

Your own opinion articles are welcome at [email protected] — drop an email telling us what you want to write about and why. More details in Naij.com’s step-by-step guide for guest contributors.

We’re ready to trade your news for our money: submit news and photo reports from your area using our Citizen Journalism App.

Contact us if you have any feedback, suggestions, complaints or compliments. We are also available on Facebook and Twitter. Subscribe to Naij.com Opinion page!

Watch a NAIJ.com TV video below of Nigerians identifying who they think the best president is:

[embedded content]
No tags for this article
View More Posts

Movies

News from all over the world

THE DETECTIVE

4.2 out of 5 Rating: 2 out of 5 stars

Read More

Pride Of A Housegirl

4.2 out of 5 Rating: 2 out of 5 stars

Read More

Wet Love

4.2 out of 5 Rating: 0 out of 5 stars

Read More

The Powerful Virgin

4.2 out of 5 Rating: 3 out of 5 stars

Read More

BEAUTIFUL BRIDE

4.2 out of 5 Rating: 2 out of 5 stars

Read More

BARREN MARRIAGE

4.2 out of 5 Rating: 2 out of 5 stars

Read More