Editor1:
GEJ, go ahead and borrow any amount u want...

The S-south has given u the go-ahead. Afterall, wen its comes to repay the loans, its still the oil money from south dat is used....not the rotten onions from North!
Its our money...we spend it as we wish.

Meanwhile its GEJ till we find a better replacement!

Editor1:
GEJ, go ahead and borrow any amount u want...

The S-south has given u the go-ahead. Afterall, wen its comes to repay the loans, its still the oil money from south dat is used....not the rotten onions from North!
Its our money...we spend it as we wish.

Meanwhile its GEJ till we find a better replacement!

anonimi:


Can one take that as a grudging acknowledgement of PROGRESS under Jonathan/Sambo in the last five years of the needed diversification away from Niger Delta crude oil

Editor1:
GEJ, go ahead and borrow any amount u want...

The S-south has given u the go-ahead. Afterall, wen its comes to repay the loans, its still the oil money from south dat is used....not the rotten onions from North!
Its our money...we spend it as we wish.

Meanwhile its GEJ till we find a better replacement!

bushdoc9919:


Have you forgotten the 1980's.? Where we were in so much debt that we had to take the SAP medication?

Yes...a lot of countries borrow. And that does not mean their governments or people are happy about it. And in extreme cases...the economy can collapse eventually. (Look at Greece and Argentina).And even healthy borrowers like the UK are cutting back on government services.

Also....many first world debtor countries have the potential means to pay off their debt. Means like innovative economies, technology, etc. All Nigeria has is oil....which is not earning us enough money right now.Guess what...our debt will grow.

Simple fact is....we would not have needed this debt if we had not been so reliant on oil.

So, don't rejoice. Just because other countries have debt....does not mean that a third world country like Nigeria too should have debt...especially when we have no cushions against the adverse effects of the debt.

babadee1:
That is old news. The projection has now changed and Nigeria is no longer expected to be among the top fastest growing economies in 2015. The 7% projected growth rate is now down to about 4%.

Sanchez01:

Ammy? Can't believe you could comment on a thread as this

ammyluv2002:
Forgive me sir.....i won't do it again

Lolz... I didn't mean it that way, Dearie. I was only surprised

Editor1:
GEJ, go ahead and borrow any amount u want...

The S-south has given u the go-ahead. Afterall, wen its comes to repay the loans, its still the oil money from south dat is used....not the rotten onions from North!
Its our money...we spend it as we wish.

Meanwhile its GEJ till we find a better replacement!

Sanchez01:

Lolz... I didn't mean it that way, Dearie. I was only surprised

chronique:


Owing debt isn't usually the problem but what the debts are being used for,is the main problem. Americans are spendstrift and they simply can't control that habit.

Nigeria wouldn't have needed this new loan but for the decrease in oil revenues,and our inability to save enought when oil was being sold at around a $100 per barrel. The federal and state governments keep arguing about this. FG claims state governors insisted in sharing proceeds from the excess crude account. The state governors justified it by saying the ECA was an illegal account and that it isn't backed by the constitution,hence their demand for their share.

At the end of the day,we as citizens need to cut down on our demand for foreign products and start looking at consuming more of locally produced goods. The economy is not run by magic;it is a function of what our demands,supplies and consumptions are. Less imports would strengthen our naira and reduce the amount of foreign exchange we spend in defending the value of the naira.

HOW??

chronique:
What's all these nonsense you guys are screaming about? Is there a country in the world that doesn't borrow?

America's debt profile is 17 trillion dollars with a foreign reserve of 129 billion,Britain's debt profile is 9.5 trillion dollars with a foreign reserve of 139 billion,China's debt profile is 3.8 trillion dollars with a foreign reserve of almost 4 trillion dollars. Nigeria's debt profile is 47 billion dollars with a foreign reserves of 32 billion dollars. Out of this 47 billion,9 billion makes up our external debt,which is about 5.5 billion up from 2005 when NOI left the Obasanjo govt. When she left,domestic debt was around 14 billion dollars. As at now,the federal govt owes about 6 billion of the external debt while the state governments owe the remaining 3 billion.

Our debt to GDP ratio is 12.51 percent,which is much lower than the 26 percent benchmark set by international standards for countries in our category. So what's all the big noise about? That being said,I know it's not a yardstick for us to keep accumulating debts but these debts come in different packages via bonds and treasury bills and some of them are being used to control money supply in the economy so as to reduce inflation,amongst other things.

The way Nigerians react to issues bothering on economics at times,could be so embarrassing. Most Nigerians act like we're the only nation in the world that borrows money. You guys should try and update yourselves on certain issues at times before debating on them.

anonimi:


Source

dammytosh:
The e-diot spent all the exxcess crude oil funds (Billions of dollars )

and they are borrowing at 3%.

Obasanjo paid all the debts and left reserve


GEJ spent all the reserver and will leave debt.

chuna1985:
THE ONLY PROBLEM THAT NIGERIA CITIZENS HAVE IS LACK OF KNOWLEDGE.

THE UNITED STATES DEBT IS OVER 100% OF THEIR GDP, OUR DEBT IS LESS THAN 20% OF OUR GDP.

MAKE UNA NO DE RUN MOUTH.

babadee1:


The ones they borrowed before how many jobs did it create? Remember this was the same woman who negotiated Nigeria's debt forgiveness some years back under Obj now she is the one piling on more debt. With the way we manage our resources in this country any future debt negotiation will be unlikely.

chronique:
What's all these nonsense you guys are screaming about? Is there a country in the world that doesn't borrow?

America's debt profile is 17 trillion dollars with a foreign reserve of 129 billion,Britain's debt profile is 9.5 trillion dollars with a foreign reserve of 139 billion,China's debt profile is 3.8 trillion dollars with a foreign reserve of almost 4 trillion dollars. Nigeria's debt profile is 47 billion dollars with a foreign reserves of 32 billion dollars. Out of this 47 billion,9 billion makes up our external debt,which is about 5.5 billion up from 2005 when NOI left the Obasanjo govt. When she left,domestic debt was around 14 billion dollars. As at now,the federal govt owes about 6 billion of the external debt while the state governments owe the remaining 3 billion.

Our debt to GDP ratio is 12.51 percent,which is much lower than the 26 percent benchmark set by international standards for countries in our category. So what's all the big noise about? That being said,I know it's not a yardstick for us to keep accumulating debts but these debts come in different packages via bonds and treasury bills and some of them are being used to control money supply in the economy so as to reduce inflation,amongst other things.

The way Nigerians react to issues bothering on economics at times,could be so embarrassing. Most Nigerians act like we're the only nation in the world that borrows money. You guys should try and update yourselves on certain issues at times before debating on them.

sevule:


Your reasoning is definitely logical but your argument is flawed. I USED to respect Ngozi Okonji Iweala but she has proven that she is really no better than any of our corrupt politicians.

I am not an economist but IT MAKES ZERO SENSE to borrow money to shore up the Naira because of its falling value. What happens when the Naira keeps on falling? Do we borrow more to further shore up a dead currency? And her argument that Nigerians should curb their appetite for foreign goods is what I would expect a quack quasi economist to say. LIKE REALLY
What ever happened to all the money we made from crude oil during the boom that Jonathan presided over??

The question is where is how do we spend our dollars? We spend it IMPORTING FUEL when we have refineries! Instead of her to advise the government to stop using OUR SCARCE forex to import fuel she is busy spewing banalities that a Harvard educated economist has no business saying. Our clueless government has allocated more than 80 percent of our budget to recurrent expenditure and you actually expect the economy to grow. HOW??

The answer to our problems are simple:
1. Drastically reduce cost of governance
2. Stop importation of fuel
3. Tackle corruption head on and plug loopholes for theft of funds
4. Increase capital expenditure and make the power sector a priority
5. Have a viable plan for Nigeria's industrialization.

The only Economics I ever did was Secondary school economics but even with that I know that Iweala either has no idea what she is doing or she has sold herself to Jonathan and has REFUSED to advise the government properly.

Sadly none of the above WOULD EVER happen if Jonathan is elected!

angelsing:
All these country u listed are they stable or not?...Do they lack basic amenities?..Do they have power failure in their economy?...Are they oil producing country?...you see the difference now..while trying to defend Madam/GEj policy can u post the link where u got those debts of those country from

Editor1:
GEJ, go ahead and borrow any amount u want...

The S-south has given u the go-ahead. Afterall, wen its comes to repay the loans, its still the oil money from south dat is used....not the rotten onions from North!
Its our money...we spend it as we wish.

Meanwhile its GEJ till we find a better replacement!

peteonline:
Only if this would create more jobs. I support her if this will boost the economy more to the first 20 in the world. She is an expatriate in this field.

Pavarottii:
This are good loans because they surely be paid back from investments the government will use to money for, knowing that interest rate is 3 - 4%... And due to low oil price that lead to the devaluation of our naira that has eaten into our external foreign reserves. This loan will be needed to keep investments and businesses going on so we can make profit from the business so as to strengthen our naira and boost our reserves...

Pavarottii:
It surprises me, when I come on Nairaland and read some comments.. Not sure some people did basic economics in sch... And When I also see people lay insults on Okonjo Iweala, it just shows we are not well informed or its just pure hatred. This woman didn't apply for this job, she was recommended for it.. This woman was the representative from the whole of africa to contest for the President of WORLD BANK. Am not sure any Nigerian has reached that level... She is a professional and an expatraite in this field... Is it her fault oil price dropped to almost half. Let us read more about our country's economy before coming here to insult people that have achieved way beyond us.

Editor1:
GEJ, go ahead and borrow any amount u want...

The S-south has given u the go-ahead. Afterall, wen its comes to repay the loans, its still the oil money from south dat is used....not the rotten onions from North!
Its our money...we spend it as we wish.

Meanwhile its GEJ till we find a better replacement!