In Ghana the conversation in the Senate and on the media has been direct— Place a moratorium on Government borrowing for one to two years prior to any election. Nigeria is yet to have its conversation despite worse crisis. Nigeria has been borrowing aggressively in recent years. The Jonathan government borrowed 1.1 billion from China in July of 2013 for “Abuja light rail” project and airport repair. This loan was to be repaid in 20 years and came at an interest rate of 2.5%. Rewinding a bit, the Jonathan government launched into action in 2010 with an almost $1 billion  loan, a$915 million concessionary loan from the World Bank to be repaid in 40 years after 7 years loan-draw period. At this time, Nigeria’s external debt stood at $3.98 billion.
The House of Reps approved a borrowing cap of $7.3 billion for 2013-2015; while Nigeria borrowed $4.4 billion from the World bank with $1.8 billion disbursed and the rest attracting service charges, Business Eye reports. In November this year, Jonathan borrowed another almost $1 Billion from the International Development Association of the World Bank, to “diversify the Nigerian economy.” The $945 million loan repayable in 20 years at an interest rate of 1.5% and service fee of 0.75%. Nigeria has the highest borrow rate in Africa, period. According to Business Eye, Nigeria has become the largest recipient of loans from the International Development Agency (IDA) arm of the World Bank between 2009 and 2012 and currently has the largest outstanding IDA portfolio in Africa, ahead of Kenya and Tanzania.
Additional loans like the $1 Billion to supposedly fight Boko Haram, paint a picture of a nation that lives off of financial indebtedness. We also have dozens of other loans from varying counties, including the $100 million loan from the Indian Import-Export Bank in 2012 for Kaduna, Enugu and Cross River States, which is to be paid back in 10 years at 2% interest rates. He who goes a borrowing goes a sorrowing they say. A unique example out of the African region which defies the need for loan dependent development is that of Kano Governor in North West Nigeria, Rabiu Kwankwaso who steered significant development in his State, one-third the population of Ghana while actually paying off past debts and keeping the State 100% debt free.
Nigeria has become loan dependent under the current administration which cannot account for the nation’s oil revenue and has financed all partial infrastructure developments on crippling loans that promise to send the nation into humiliating suffering and slavery to the colonial and Eastern financial institutions for the next 40 years.

http://www.news24.com.ng/MyNews24/Ghana-Nigeria-in-billions-of-dollars-debt-20141222

My question is with all oil fall which is not likely to rise again and boko Haram wahala, are we not heading for doom as a nation? I read somewhere today that foreign reserve also fell by 500 million dollars in less than a month which is now around 31 billion dollars or so? And what matter most is raising billions for reelection for pdp lead government? I for every troubled nation ahead. But they kept telling us economic growth? And Someone was listing unverified Jonathan achievements with even borrowed money? This is getting messier especially in downward oil price.

4bobo:
My question is with all oil fall which is not likely to rise again and boko Haram wahala, are we not heading for doom as a nation

What did they use the money for?

It was not easy for Lawrence Anini
It was not easy for Oyenusi
It was not easy for Shina Rambo
Lawrence Anini did it.
Oyenusi did it.
Shina Rambo did it
Now, President Goodluck Jonathan is doing it.
Mr President keep stealing because STEALING IS NOT
CORRUPTION and thieves behind you are more than
the saints against you.
This message has been sponsored by the
Transformation Ambassadors of Nigeria (TAN)

chemali:


What did they use the money for?

U jst enta naija ni? U no hear say we buy bullet proof bmw, we spend on personal trips(dezeani), we wan buy stove for al d awses in nigeria(when srz countries r tryina reduce pollution). What else we do sef ...cnt remember jare
Oh! We dey pay sm neegah salary to sch abroad so they wnt blow up pipelines. Some of d money dey South Africa...

theM16:


U jst enta naija ni? U no hear say we buy bullet proof bmw, we spend on personal trips(dezeani), we wan buy stove for al d awses in nigeria(when srz countries r tryina reduce pollution). What else we do sef ...cnt remember jare
Oh! We dey pay sm neegah salary to sch abroad so they wnt blow up pipelines. Some of d money dey South Africa...

I sabi o. I wan form mugu like them TANoids.

chemali:


What did they use the money for?

That's what me I still dey find answers to. A good leader will quickly plan to build at least 2 refineries within 2 years as oil prices begin to fall.all they are doing is raising money for next election.
I was one of those who supported Jonathan when he came to power. I was so happy because I believe in him as a humble xtain and also a naija deltan he should be able to build 2 solid refineries within his tenure. Even I opened few threads that even made fp then about his likely achievments to expect. But here we are today. Obasanjo and iweala were able to write off our debts by their influences. Now see where we are.
What will pain me most is that they will not be in Nigeria with their families if things goes out of hand. Yet we youths here that are on nl will be likely affected most yet people here nearly killing them selves for some people that values us not.

4bobo:

That's what me I still dey find answers to. A good leader will quickly plan to build at least 2 refineries within 2 years as oil prices begin to fall.
I was one of those who supported Jonathan when he came to power. I was so happy because I believe in him as a humble xtain and also a naija deltan he should be able to build 2 solid refineries within his tenure. Even I opened few threads that even made fp then about his likely achievments to expect. But here we are today. Obasanjo and iweala were able to write off our debts by their influences. Now see where we are.

When we didn't need the debt as we had high oil prices, he took it like water. I want to see how we will survive next year. And how much debt he will be taking on after the elections. The banks are already shaky due to their exposure to the power and oil sector. We are in a mess.

[quote author=chemali post=29117767]

chemali:


When we didn't need the debt as we had high oil prices, he took it like water. I want to see how we will survive next year. And how much debt he will be taking on after the elections. The banks are already shaky due to their exposure to the power and oil sector. We are in a mess.

And if they totally remove oil subsidises, as fg is planning, we should expect increase in pump price of petrol, and not vice versa (just take diesel and kerosene price for example with no subsidy). Then serious inflation will hit us like a trailer. We are in for a long thing.

Nigeria is in so huge a debt and these monies were borrowed for capital projects none of which are anywhere to be found.
No light rail system
No refineries
Few good roads
Poor electricity supply
And so on.
Yet all GEJ and his men could do is to be raising billions of naira to fund his campaign for next year's elections - an election which he vowed in 2011 that he won't be part of.

I used to believe so much in this guy. But now I realise that its either he is an even worse criminal than our past leaders or he is not in actual control of his government. He might be asleep because honestly, I don't understand how a president can be taking such issues plaguing his nation with a pinch of salt. And if he is truly asleep, I hope it's not too late for him to wake up and do something.

Sirniyeh:
It was not easy for Lawrence Anini
It was not easy for Oyenusi
It was not easy for Shina Rambo
Lawrence Anini did it.
Oyenusi did it.
Shina Rambo did it
Now, President Goodluck Jonathan is doing it.
Mr President keep stealing because STEALING IS NOT
CORRUPTION and thieves behind you are more than
the saints against you.
This message has been sponsored by the
Transformation Ambassadors of Nigeria (TAN)

funny but sadly true

Yesterday they were donating billions like #50. Last month they awarded billions to buy stove. All these scam must stop. Vote for change