1. THE ISSUES ARE CLEAR!
a. In 1999, Obasanjo met naira at 88 to 1 dollar, but left it at about 130 to 1 dollar;
b. In 2007, naira exchanged to the dollar for 130, but GEJ left it at 235;
c. PMB met it at 235, and in three years it is now 360!
Now, let us calculate the percentage devaluation:
A. OBJ:
130- 88= 42.
42÷ 88×100= 48% , naira lost value by about fifty percent under the Obj administration in eight years !
B. GEJ
235- 130= 105÷130 ×100= 81%
Naira lost value by 81 %
C. PMB
360-235= 125
125 ÷ 235× 100
= 53%
The naira has lost value by 53% in about three years under PMB!
More facts behind the figures : under GEJ the least oil sold for was 70 dollars in 2007( average) while the highest was 110( average) in 2012! !
In fact, the penultimate years of 2011 and 2012 recorded sales at 105 dollars and 109 dollars respectively, yet our naira kept losing value!
PMB has sold oil for between 40 dollars(2016) and 50 dollars(2017) . Oil is being sold at 70 dollars currently , and that is the average selling price and not the current price of about 74 dollars!
Now , OBJ also had low selling prices but the responsibilities too were low.
Infrastructures were abandoned, power sector was abandoned, and so on.
Now, let them check the numbers and fault the claim that the PDP destroyed Nigeria! We thank PMB, our expectations have not been met fully , but we appreciate the efforts
Abass Adetunji !
