BE OBJECTIVE IN READING THIS. MAYBE IT MAY MAKE SENSE FOR ONCE
“Under President Olusegun Obasanjo, the highest price oil sold for was $60, and production was less than 2mbpd for the most part.
He parted with $12 billion to settle foreign debts, and still left FX reserves of $43 billion, out of which $9 billion was excess crude savings.
Under President Umaru Musa Yar’Adua, oil went up and down, hitting $147 per barrel at some point, and sinking to $31 at its lowest.
With that, Yar’Adua raised FX reserves to $62 billion by September 2008 — the highest in our history.
This is where the Jonathan team loses the argument.
Oil sold for between $70 and $120 during his first four years in power (2010-2014) before the downward slide to $50 in 2015, when he left office.
If our reserve management was anything like what we had under Obasanjo and Yar’Adua (when, by the way, Professor Chukwuma Soludo was the CBN governor), Jonathan could have left at least $100 billion in the reserves.
If Buhari had inherited such a heft kitty, the naira would not be gasping for breath today.
Clearly, our failure to build an FX war chest in the time of plenty exposed us to the infectious diseases we are battling with today.
Why couldn’t Jonathan build robust reserves?”
-Simon Kolawole, Thisday Newspaper
Most Nigerians don’t realise we’ve been living in The Matrix.
This subsidy removal is the red pill that may wake us up to reality.
We are poor.
We are broke.
We’ve been raped, pillaged, looted and left for dead.
All these years our economy has been sustained on the junk food of corruption.
We have kwashiorkor but because we look chubby we think we are healthy.
Those two bedrooms in Abuja going for N700 million. Those make up artists charging 500k and pre-wedding photo shoots for 700k. Aso ebi for 90k.
Buying Rolexes and Ferraris.
Range Rover Sport all over Lagos like keke napep.
It is all fake.
It’s all a mirage.
We’ve all been living off the spoils of corruption.
That’s why the country is so hard now. No money circulating.
Because no money to steal and rent flats and shops for girlfriends.
For civil servants to pay bogus tithes of N500k.
For senators to spray dollars at their daughters’ weddings.
For Lagos BIG Boys to spend N2m every Friday night at nightclubs and AY Live & other Comedy Shows.
It’s time to face reality.
The party is over. Now we may see the real Nigeria and Nigerians.
Now that money will go into our roads and bridges and hospitals.
It will benefit those who don’t have a rich corrupt uncle with connections in oil and gas.
Those who can’t travel to Dubai to celebrate birthdays.
Those who don’t know what Coldstone ice cream tastes like.
Hopefully the Real Estate markets will surely crash.
The theives with 15 houses in Abuja FCT with uncountable fleet of luxury automobile will definitely be forced to sell them fast for cash.
I would prefer if EFCC seized and auctioned them, though.
All those in the service industry will have to revaluate their pricing. You can’t charge 500k to paint faces anymore; free money don finish. Welcome to the REAL world.