chronique:
Someone talked about Nigerian youths being intellectually lazy and as soon as I read that post,my mind flashed to your moniker cos you're one of such youths always eager to type and comment,without thinking or taking time to find out accurate information,before you talk. Obj got a debt relief for Nigeria,but didn't clear Nigeria's debt. He left an external debt of $3bn and about $13bn worth of internal debt. These are facts in the public domain which you have failed to access due to your intellectual laziness. What irritates me more is that,people who do not have a mind of their own and who are equally intellectually lazy like you,would swallow this your opinion hook,line and sinker,and spread it round to other folks in the same category. Let me ask you one quick question: how were you expecting Obj to clear all Nigeria's internal debts(including those incurred by the state governments)? Is the federal govt responsible for bonds taken by state governments? Is there any nation in this world that doesn't have debts? Are you aware that part of the monetary policies which government uses in reducing money supply in the economy to control inflation,requires them selling treasury bills and bonds? Are you aware that these bonds raised,form part of the internal debts? I followed GEJ's economic team's policies throughout his govt and I realized they were constantlyy working on reduction of inflation rate and trying to stabilize the rate of inflation. This is why banks were asked to increase their reserve levels with the CBN,and bank rates for borrowing from the CBN were also increased and invariably passed down to the consumers. The objective of these,was to reduce the money supply in the market as banks would have lesser cash to borrow out,and consumers would be discouraged from borrowing money,due to higher interest rates for borrowing. Bonds were also placed in the market and investors were given higher returns for buying govt bonds. This simply meant those who had money to spend,witheld their funds and money kept moving from banks,companies and investors purse,into govt purse.

porka:

[size=16pt]
Is Osinbajo inheriting Lagos State debt too?[/size]

peedeeasobie:




What is it about being objective that repels you? Caution and shape the reckless behavior of which states? Lagos? The mismanagement is both a problem of the FG and Lagos state and others.

Osibanjo told halftruth. If he says FG, the average will only think GeJ and his cabinet, meanwhile the chunk of the debts were accumulated by APC controlled states.

Try objectivity sometimes, it helps!

jpphilips:


who do you think you are giving monetry policy lectures when you cannot even ask the right questions?

Metu told us that Nigeria has debt dating from 1960, how can you believe that nonsense?
does metuh know what Nigeria's credit rating was in 1980?
Does metuh know the purchasing power of the naira in 1980? How could all these be possible if the economy was debt ladden?

i still rem vividly that in 1978, Nigerian economy was referrenced world over as a ''boom'', how was that possible if the economy was debt ladden?

What was Nigeria's credit rating in 2004 after the debt relief? How could that be possible if we had outstandings from 1960?

Let us for the sake of arguement agree with your figures OBJ left behind, over $60b in just 4yrs with nothing to show for it is abysmal, never mind that oil price was good within the period under review save for last year August.

State Govt internal debt is never the problem, it is the external debt that is the issue here and it is guaranteed by the FG, it is irresponsible of the FG to guarantee loans for governors who have shared Excess crude revenue, taken their Federal allocations, if not for political patronage, what else explains this madness?

jpphilips:


clown!! i doubt if you know what a loan guarantor is.

your guarantor is in a position to stop you from acessing any loan as a state, it is the irresponsibility of the FG that put Lagos in bad shape.

amaechi applied for an ADB loan for a water project during the cholera out break in rivers state, the moment he joined APC, iweala refused to guarantee that loan, Amaechi made some political concessions after a while and voila!! Loan was guaranteed!!

back to Lagos, FG is aware that Lagos has the biggest IGR in the country.
lagos has the 4th highest federal allocation, would ave been highest if not for 13% derivative.
lagos was amongst the states that benefitted from the ECA.

So, tell me Mr objective, what justified the FG to guarantee foreign loans for them?

If lagos wants to build Eko atlantic over night, or even turn to New wark, they can tax themselves to death for all i care, the FG was wrong to guarantee over $1b for Lagos at the expense of the federation.

iweala, Metu are in the same dumb league as Jonathan, no diff.

peedeeasobie:




I can see you just came across the word 'clown' for the first time, kindly find out how and when to use it in a sentence!

'Amaechi made some political concessions...', pls do tell the concessions he made.

So, the FG is dumb for guaranteeing the loan but Lagos state is not dumb for asking for it?

If FG had refused, you will still run to nairaland to cry foul!

The fact is, whatever APC does whether good or bad will always be right to you and whatever PDP does whether good or bad will always be wrong to you!

Mr. Non-objectivity.

Forwetinnah:


The bolded is a compilation of All dept owed by past leaders including buhari. .Don't heap it all on GEJ. I really pity the people you lot are misleading on NL, I can see why your ancestor-elect is beginning to avoid some people in your party.

chronique:
There goes another ignorant Nigerian who doesn't know,but behaves like He knows. I would have expected that you'd take yyour time to do just a lil research before blurting out to counter me with your uninformed opinion. Majority of you guys here,suffer from the same problem(laziness to find out proper info before talking). Anyways,I'd give you a link from the DMO so you don't have to query my analysis again. It's a shame that you're trying to talk like you know,but do not even realize that Nigeria started having foreign debts even before independence. You still have a lot to read and know about your country cos you presently don't have enough info to make an arguement with me.

Origin of Nigeria's debt according to the DMO.
http://www.dmo.gov.ng/ardrnigeriaexternalanddomesticdebt.php

Finally,stop spreading that ignorant view of yours that GEJ accumulated over 60bn dollars debt in 4 years;it is wrong. Thank you.

BabaO2:

Impersonator , you are a ardent fan of the two foools. $1b out of $63b for the most populated state in Nigeria is too much?

Genius100:
Dumb PDP clowns. All Osinbajo said was that they were inheriting a debt profile of $60 billion which is true...

BackDatAssUp:


The only major source of funding the 2014 budget was crude sales.

In spite of the drop in pricing which was duly captured in the budget with the low benchmark do you know we had no market for our crude since Obama blocked US imports from us but increased importation from Saudi Arabia.

If you major revenue drops the only option we had was to dip into our savings.

Try and post wisely.

ossy4rill:
Everything Olisa Metuh said is absolutely true. Osinbanjo only told us Nigerias debt but refused to go into details in a bid to sway the mis-informed. The fact that we have very many full and partial illiterates in Nigeria has played in favor of APC.

Who said Buhari and Obasanjo completely cleared all the debts in their time. Obasanjo ensured that majority of Abacha debts were forgiven because it would have taken the country years to pay up.

The debt quoted by the VP is accumulated debt form 1960. If supporting a political party makes you loose your ability to think, compare statements and make research then i pity Nigeria.

Every incoming government in Nigeria has inherited debt and its how you manage the debt that counts.


SPECTATORS ARE THE BEST PLAYERS IN EVERY TOURNAMENT. EVERY FOOTBALL GAME LOOKS SIMPLE FROM THE OUTSIDE, THE FANS ALWAYS SEEM TO KNOW WHAT A PLAYER SHOULD HAVE DONE IN ORDER TO SCORE. YOU ARE NOW ON THE PITCH LETS SEE HOW WELL YOU CAN PLAY.

BackDatAssUp:



Not true. Shale oil had nothing to do with it rather Saudi pumped the market with too much oil in order to hurt Russia, Iran, Venezuela and Nigeria.

America's crude imports did not drop but the sources.

peedeeasobie:




I can see you just came across the word 'clown' for the first time, kindly find out how and when to use it in a sentence!

'Amaechi made some political concessions...', pls do tell the concessions he made.

So, the FG is dumb for guaranteeing the loan but Lagos state is not dumb for asking for it?

If FG had refused, you will still run to nairaland to cry foul!

The fact is, whatever APC does whether good or bad will always be right to you and whatever PDP does whether good or bad will always be wrong to you!

Mr. Non-objectivity.

jpphilips:



I dont expect you to have sense, Lagos and FG are equally guilty, FG had the power to stop Lagos but never did, jonathan is weak, OBj stopped Tinubu's lagos from accessing Federal allocation for 7 newly created LGA, even though Osibanjo won obasanjo in court, we are glad that OBJ put up a fight.
Governors agitated for the sharing of the ECR, Obj fought them to a stand still, just a little pressure from Amaechi, jonathan gave up the ECR, see where it has landed us.

ramdris:

Your parent (If u av any) did a bad job raising u.