dustmalik:
My brother, help me ask them. Here are links to some of the publications on the said borrowed money to pay salaries. They were all published on the 6th of May 2015:

http://www.premiumtimesng.com/business/182543-nigerian-govt-borrowing-billions-to-pay-salaries-okonjo-iweala.html

http://www.pmnewsnigeria.com/2015/05/06/fg-borrows-n473bn-to-pay-salaries-okonjo-iweala/

http://www.vanguardngr.com/2015/05/nigeria-borrows-to-pay-salaries-with-cash-crunch-worsening/

http://www.aljazeera.com/news/2015/05/150506055148505.html

She made the revelation on the 6 May 2015. So, the question is, how come, all of a sudden, they are claiming that they left $30billion and another $2billion in the government coffers?

Cc: lalasticlala, Ishilove, I call on you guys to do the needful by moving this thread to the FP. This is, indeed, a serious question. We need to get this straight.

barcanista:
Illiteracy/ignorance is really a disease. That a country borrows doesn't mean she doesn't have reserves. The $30bn and $2bn left in the External Reserve and ECA are not subject to debate. Nigeria is indebted but we still have monies of $32b in total left in our savings. Kai Buharists o


America is Heavily indebtyed yet she has billions of dollars in reserve. Only a foooolish country will empty her reserve.

SUBMARINE:
Op na Olodo

Foreign Reserve helps boast investors confidence

SUBMARINE:
Op na Olodo
Foreign Reserve helps boast investors confidence

barcanista:
Illiteracy/ignorance is really a disease. That a country borrows doesn't mean she doesn't have reserves. The $30bn and $2bn left in the External Reserve and ECA are not subject to debate. Nigeria is indebted but we still have monies of $32b in total left in our savings. Kai Buharists o


America is Heavily indebtyed yet she has billions of dollars in reserve. Only a foooolish country will empty her reserve.

blym4real:


Did America borrow to pay salaries?

A country can borrow to erect infastructures and other projects but not to pay salaries.

Can you name any country that has billions in reserve and is still borrowing to pay salaries.

blym4real:


Did America borrow to pay salaries?

A country can borrow to erect infastructures and other projects but not to pay salaries.

Can you name any country that has billions in reserve and is still borrowing to pay salaries.

blym4real:
I read an article where a past minister under jonathan administration said the past goverment left over $30 billion for the new government.
I also read an article sometimes ago where the past minister of finance said the government had to borrow money to pay salaries.

My question: How will a government who left over $30billion had to borrow to pay salaries ?

blym4real:


Did America borrow to pay salaries?

A country can borrow to erect infastructures and other projects but not to pay salaries.

Can you name any country that has billions in reserve and is still borrowing to pay salaries.

Wildrage:


Not just to pay salaries but to also fund a lot of other items in their budget, that's what they call deficit budgeting and as far as I know, America has never balanced her budget in the last 50yrs. It only means the short fall in revenue needed to finance a yearly budget is borrowed either internally or from creditors abroad

cyril83:



You don't expect reasonable and healthy government to borrow just to pay workers whil having urge sum in her reserve.

barcanista:
The reserve is for a purpose and not meant to be depleted. That FG borrowed to pay workers is due to revenue shortfall is no blunder. No serious government empties its treasury just like that. Buhari will be foolish to spend all the money in the reserve.

blym4real:


Did America borrow to pay salaries?

A country can borrow to erect infastructures and other projects but not to pay salaries.

Can you name any country that has billions in reserve and is still borrowing to pay salaries.

blym4real:

Go and read what okonjo Iwela said again.

She clearly stated the amount that was borrowed to fund salary payments.

anulaxad:


Absolutely. So tell your common ignorant GEJITES that the main treasury account the federal account is empty as the excess crude account and foreign reserves shouldn't even be considered to borrow from. However, Gej and his cronies have completely emptied the main account for the treasury leaving Buhari no choice but to borrow from our rainy day reserves.

barcanista:
[s]The reserve is for a purpose and not meant to be depleted. That FG borrowed to pay workers is due to revenue shortfall is no blunder. No serious government empties its treasury just like that. Buhari will be foolish to spend all the money in the reserve.[/s]

barcanista:
It is very clear that you are speaking out of Ignorance. Every month the FG allocates monies to MDAs, pay contractors, pay workers and also earn salaries. All these monies are drawn from the FG Account. Because most times there is shortfall in revenue or due to unforseen circumstannces, even the allocation to the FG is not always enough. Why do you think the FG had to borrow $1b dollars to fund the military last year? Why do you think the FG had to borrow to make up payment of wages and salaries? Do you think monies fall from the sky or there is a Big money somewhere? The FG exhaust every dime in the FG Account because it is meant for that purpose. You will complain if salaries are not paid. Ask Aregbesola or any governor how things are done.

As for crises/emergency, the Sovereign Wealth Fund/ECA is statutorily meant to take care of that and NOT FG share of revenue allocation. You should stop arguinng what you don't know.

The FG Account isn't for safe-keeping! The FG Account isn't for "savings". Why can't you people understand that savings/treasury is the External Reserve and ECA? Is it so hard to understand that the FG Account is not meant to have leftovers but for funding operations of the government? Kai Buharists are ignorant

. . . . . .unintelligent minion, I wanted to ignore your latest gibberish and allow you wallow in ignorance . . . . . . . . .but it seems your coconut head is hard to learn . . . . . . . . . . .

number 1; the federal government has a savings account, Nigeria's gross reserves are made up of a) CBN external reserves b) excess crude account c) federal government savings . . . . . . . .minion, CBN has a website which you can verify

number 2; the excess crude account is not a solely FG account and has only about $2bn in it!!

number 3; the bulk of the money you refer to, belongs to the CBN external reserves . . . . . . .the external reserves is statutory managed by the CBN and its used to safeguard the value of the legal tender as well as settle foreign currency obligation.

barcanista:
You don't even understand stuffs. In the 2015 budget, Nigeria has over N1trn deficit as projected. She is meant to borrow N882b or $4.4billion dollars. The government announced that it has already borrowed N447billion to meet up expenditure INCLUDInG workers salaries. Where do you expect the government to get money to make up the deficit? Inasmuch as it is unhealthy for a country to resort to borrowing to pay salaries, it is also FOOLISH to empty treasury jst to avoid borrowing. The borrowing for salaries was even for this year not that it is a recurring exercise. This doesn't negate the fact that we have 30billon dollars in reserve and 2billion dollars in ECA

blym4real:


Did America borrow to pay salaries?

A country can borrow to erect infastructures and other projects but not to pay salaries.

Can you name any country that has billions in reserve and is still borrowing to pay salaries.

blym4real:


you said in your earlier post that a government shouldn't deplete its foreign reserve, but during OBJ and yaradua tenure that was when we had the highest reserve, from your analogy one would expect the reserve to increase under Jonathan administration but instead it was depleted not minding the fact that the administration enjoyed the highest price of crude oil in the history of Nigeria.

barcanista:
It is very clear that you are speaking out of Ignorance. Every month the FG allocates monies to MDAs, pay contractors, pay workers and also earn salaries. All these monies are drawn from the FG Account. Because most times there is shortfall in revenue or due to unforseen circumstannces, even the allocation to the FG is not always enough. Why do you think the FG had to borrow $1b dollars to fund the military last year? Why do you think the FG had to borrow to make up payment of wages and salaries? Do you think monies fall from the sky or there is a Big money somewhere? The FG exhaust every dime in the FG Account because it is meant for that purpose. You will complain if salaries are not paid. Ask Aregbesola or any governor how things are done.

As for crises/emergency, the Sovereign Wealth Fund/ECA is statutorily meant to take care of that and NOT FG share of revenue allocation. You should stop arguinng what you don't know.

The FG Account isn't for safe-keeping! The FG Account isn't for "savings". Why can't you people understand that savings/treasury is the External Reserve and ECA? Is it so hard to understand that the FG Account is not meant to have leftovers but for funding operations of the government? Kai Buharists are ignorant