Under President OBJ, the highest price oil sold for was 60dollars per barrel, and production was less than 2m barrels per day, with these,he was able to settle the foreign debts of 12b dollars, and left 43b dollars in the FX out of which 9b dollars was excess crude savings.
Under late President Umar MUsa Yar'Adua, oil went up and down and being sold for 147dollar per barrel at some point and sinking to 31dollars per barrel at its lowest. With these also late president Umar Musa Yar'Adua in a short period raised FX reserves to 62b dollars by sept 2008(the highest in the history of our country).
Under president GEJ oil was sold between 70dollar and 120dollar per barrel. During his first three years in power as our elected president (2011 -2014) before the downward slide to 50dollar per barrel in 2015, when he left office. Nigeria hardly had 2b dollar in FX. If his management team were like that of president OBJ and late president Umar Musa Yar'Adua, GEJ would have left at least 100b dollars in reserves. But instead he surrounded himself with incompetent people that paraded themselves as members of his management team(mismanagement team).
If PMB had inherited such a heft kitty, the naira would not be gapsing for breath today. Failure to build an FX war chest in the time of plenty under GEJ exposed us to the infectious diseases we are battling today. Why couldn't president GEJ build robust reserves?.
Most Nigerians don't realise we 've been livin in matrix. The subsidy removal is the red pill that woke us up to reality. Nigeria is poor. Nigeria is broke. We've been raped,pillaged, looted and left for dead. All these years our economy have been sustaining on the junk food of corruption. We have kwashiorkor but thought we are healthy because we look chubby.
Those two bedrooms in ABUJA going for N80m. Those make up artists charging 300k and pre-wedding photoshoot for 500k and aso ebi for 100k. Buy rolexes and Ferraris, Range Rovers Sport all over Lagos like Keke Napep. It is all fake, it is a mirage. We have been living off the spoils of corruption.
Now there is no money to steal and to rent flat and shops for girlfriends anymore. No money for civil servant to pay bogus tithes of 500k in church anymore. No room for senators to spray dollars at their daughters wedding again. No way for Big Boys to spend N2m every Friday night at night clubs, AY lives and other comedy shows again. Why? Because it is time to face reality.The party is over. Now we will see the real Nigeria and Nigerians. Now that our money will go into our roads, bridges and hospital. It will benefit those who don't have money or rich corrupt uncle with connection in oil and gas. Those who can't travel to Dubai to celebrate birthdays and those who don't know what cold stone icecream tastes like etc.
The real estate market will surely crash. Those with fifteen houses in ABUJA with uncountable fleet of luxury automobile will definitely be forced to sell them fast and cheap for cash. Those in the service industry will have to revaluate their pricing. No charging of 500k to paint faces anymore, no free money to throw around anyhow anymore. We welcome Nigeria to the REAL world.
RPI..............Mission Rekindled.
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