Thread by @scarfizal

I will try a thread to explain to those who are willing to understand why things are expensive in the market, here goes nothing

With an economy that is heavily dependent on oil rent as much as 75% of our fiscal revenue, 89% forex earnings and with oil selling at a relatively low price today it means we are earning less

Let me also add for those who get triggered anytime why are still blaming our past governments anytime they complain about the price of $$ or the hike in the price of goods in the market the reason is not far fetched

At the time we had huge funds from oil instead of diversifying our economy our past governments spent money in subsidizing imported food through tax waivers which meant we exported jobs and left our famers useless

Before you start with the OBJ met bigger problems but managed better when oil was selling for less, here I will refer to some stats shared in his thread some days back @LanreRaheemk1

The average Oil price for 63 months that Buhari has been around is $53.6, while that of Jonathan was $99.59 for 61 months. For Yar'adua, it was $98.66 for 35months, then Obj had $54.5 for 96 months. Even Obj's average betters Buhari's and then adjust for inflation and others.

When adjusted for inflation, the average price that Obj sold, in current 2020 value, is $75.68; Yar'adua, $114.38; Jonathan, $107.26; while Buhari has $55.05. @LanreRaheemk1

Analysing crude oil production will give deep insight into the lost opportunities. Obj averaged 2303.5 kbpd; Yar'adua, 2244 kbpd; GEJ, 2403 kbpd; while Buhari is doing 1932 kbpd. These figures are for their respective tenure of 96, 35, 61 & 63 months respectively. @LanreRaheemk1

@LanreRaheemk1 said lost opportunities in the above tweet because when the oil money was flowing instead of investing in the things Nigeria could produce locally and infrastructure those past governments wasted the golden opportunity to make Nigeria great

OBJ spent $18 billion for debt cancellation when we had huge infrastructure deficit, he also spent $16 billion on power we ended up with darkness

Yar’adua was too sick to even do anything and his appointees had a field day mismanaging our treasury

Then came GEJ aka stealing is not corruption aka Klepto hero of Nigeria no administration in the history of Nigeria saw petro dollars like his admin, what did we have to show for it 2nd country with highest number of private jets...

Missing money from NNPC, corrupt arms deals, siubsidy scam etc

I also forgot to mention it was under OBJ we sold of national institutions and sacked workers and never paid their entitlements until the coming of Buhari

See @MBuhari is doing a very difficult job with low price of oil and pumping far less than his predecessors yet he is paying pensioners, building infrastructure and facing a very difficult insecurity situation.

Oil was gradually picking up and things were already looking better with our reserve rising and the building of infrastructure began to pick pace and then Covid happened

Can @MBuhari do better sure and I believe he can that’s why I still will stick my neck for him today.

My prayer for him s his administration is May God guide him to do right and pray the challenges he faces reduce as we enter the next year the End

PS for those of you who still want to wail please feel free to do so, I have no plan of interrupting

@threadreaderapp please unroll