States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani - Politics - Nairaland
Nairaland Forum / Nairaland / General / Politics / States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani (2489 Views)
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| States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by lamzybaby: 2:53am On Feb 22, 2016 |
In apparent opposition to the desire of the Northern Governors Forum to seek loan from the Islamic Development Bank, IDB in Saudi Arabia to bail them out of the current economic down turn, Senator Shehu Sani has revealed that current foreign debt profile of Nigerian states stands at a staggering $3,271,960,461.03 mark. Senator Sani, representing Kaduna Central senatorial district is the Chairman, Senate Committee on Foreign and Domestic Debts. According to the lawmaker, “Most of these debts were loans collected in the name of infrastructure or investment without anything to show for them.” Senator Sani, who was reacting to the Northern Governors’ claim through their chairman, Alhaji Kashim Shettima of Borno State that he was wrong in his opposition to their move to secure loan from the IDB in Saudi Arabia, insisted that, “most states are incapable of servicing their debt in the next 50 years”. In a statement issued over the weekend and made available to journalists in Abuja, he said: - See more at: http://nigerianpilot.com/states-foreign-debts-hit-3-2bn/#sthash.z2ka6MVT.dpuf
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| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by Nobody: 3:02am On Feb 22, 2016 |
We r in trouble in dis con3. 1 Like |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by Blackfire(m): 3:04am On Feb 22, 2016 |
All our leaders from independence irrespective of there tribe,religion, or political affiliation .... Should all be flogged 5 lashes per day for enslaving not just us ,but our grandchildren... Uwa mmebi. Opin aye. Injury time. 2 Likes |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by Sibrah: 3:42am On Feb 22, 2016 |
Ha ha ha! They will rather use salary payment and projects as excuse to borrow in order to have a better looting margin in state finance. The docile masses are begining to think revolution in their closets but too divided to come out fighting. 50 yrs repayment plan is for the unborn generation and some are happy to collect 500MB data for their grand children future. I suggest we go down to 18 states and save trillion cos it make no sense for lagos house of rep to be debating and making policy same as what Ogun is also doing. Zamfara and Neighbors farm same sugar cane so what are they discusing separately? 1 Like |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by Nobody: 3:49am On Feb 22, 2016 |
The funny thing is those foreign debts are largely owned by SW and North though exponentially by SW...they even borrow to pay salaries which is wrong. SS and SE have the lowest foreign states debt profile. Now you know whom the real parasitic leeches of One Nigeria are. 8 Likes 3 Shares |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by tsdarkside(m): 4:06am On Feb 22, 2016 |
america has 17trillion dollar debt...how about that??.... i still dont understand,that someone believes,living on dept is okay.... it doesnt make sense!!!... one day the ones that you owe will come for their money!!!.... we nigerians know,what type of drama that is..... 1 Like |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by nnachukz(m): 5:54am On Feb 22, 2016 |
I can bet with my left ball, that 85% of that debt is owned by APC controlled States and it happened within their tenure. Even our lack of savings in the last administration was because of them, they vehemently kicked against saving and was even ready to challenge the move to save in court claiming that fg was starving them of fund especially the Lagos State governor who happens to own the biggest part of the debt owe by states. Today we are suffering together and they have the chance to blame others because people choose to forget so soon. 5 Likes |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by cckris: 9:24am On Feb 22, 2016 |
tsdarkside:Most Public Debts owed by the United States are used to establish structures that can pay back those Debts. That's why Obama gave Banks & Car Manufacturers billions of dollars BAIL OUT. And the Banks have paid back as Automobiles Manufacturers are also paying. Now mention which Investment Nigerian Govts made with Public Debts that is even functioning, well, perhaps Jim Nwobodo's Nike Lake Hotel. The fear now is that if Buhari acquires external Debts to fund his dubious 6 trillion Naira Budget, the money might be STOLEN through loopholes cleverly built into the same Budget. And the Media noise about KWARRAPTION can never stop CORRUPTION. 3 Likes 1 Share
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| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by baralatie(m): 9:47am On Feb 22, 2016 |
cckris: 1 Like |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by Oz4realsss: 9:54am On Feb 22, 2016 |
tsdarkside:Enough of this gibberish about comparing Nigeria to America. In the US, you can visibly identify the numerous infrastructural developments that account for the debt profile you ignorantly referred to. Can you then show us the infrastructures that make up these mountainous debts in Nigeria? 4 Likes |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by tsdarkside(m): 10:28am On Feb 22, 2016 |
Oz4realsss: pahh...you think the ones that america owes,will not come one day for thier money??,,, guy,,,,give me a break..... nigeria is certainly not america,but we are not that underdeveloped like sudan.... remember??...nigeria is the giant of africa.....that is not just a paper-title.. or you want to tell me that nigeria surpass south-africa only in paper??... look,the fact is nobody can live on debt,not even a nation like america... rom was destroyed because their was no money left to pay their allies and military..... |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by tsdarkside(m): 10:33am On Feb 22, 2016 |
cckris: guy,you are not wise.......how the hell do you want to pay back 17trillion dollars??... rubbish.....infrastructure my ass...the american dream is over....finish..the end...dont believe me??... |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by cckris: 11:15am On Feb 22, 2016 |
tsdarkside:You don't know UNCLE SAM. Which other nation has recovered from the 2008 Toxic-Debt engineered Recession, half the much Obama has rapidly RESTORED the American Economy? The US has a Dynamic Economic foundation, which Nigeria has the Resources to replicate, WHEN the naysayers are overcome. And the naysayers MUST BE OVERCOME. 1 Like |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by Oz4realsss: 10:41pm On Feb 22, 2016 |
tsdarkside:I don't understand your argument. Are you against Nigeria's debt burden or you are justifying it? So, what are you saying? |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by omonnakoda: 10:52pm On Feb 22, 2016 |
cckris:This is simply not true. When you borrow to fund your budget you cannot say that the borrowed part was used for was used to fund infrastructure and the non-borrowed part was used for salaries that is not credible.How much does the US use to fight wars every year? The truth is this https://en.wikipedia.org/wiki/United_States_federal_budget#/media/File:U.S._Federal_Spending_-_FY_2011.png 65% of the US federal budget goes on Health Defence and Social Security. Social Security accounting for about 25 % and the same for health. There is very little government owned infrastructure in terms of Hospitals in the US so we can assume that money goes on wages,drugs and consumables. The truth is the US borrows to consume so they are not the right role model for us to follow |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by Scholes007(m): 11:02pm On Feb 22, 2016 |
Debt without substance is a very bad omen for generation to come. Too bad nigeria is already neck deep into it... Aku ruo ulo. Pls lets join hands and make a sustainable region, make it a duty to bring investment home, no matter how small. #Aku ruo ulo... 2 Likes 1 Share |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by tomakint: 11:50pm On Feb 22, 2016 |
omonnakoda:Absolutely fantastic analysis you got up there....capitalism entrenched in a Presidential System can never rescue a developing nation like Nigeria from the woods, the earlier we realised this the better for us. Economic blueprints of countries like; Thailand, South Korea, Malaysia, Singapore, Hong Kong are all what Nigeria needs to survive. With the myriads of exotic plants (that have medicinal values) surrounding us as a nation I see no reason why Nigeria cannot be a Medical Tourism Destination per excellence just like Malaysia and Thailand. Too many resources but terrible leaders. 1 Like |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by omonnakoda: 11:54pm On Feb 22, 2016 |
tomakint:Are you knowledgeable on medicinal plants? |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by tomakint: 12:01am On Feb 23, 2016 |
omonnakoda:Not really but as a trained environmentalist who studies the environment I know Nigeria is home to some exotic plants (in Edo, Cross Rivers, Ondo State, Taraba etc) that are generally believed have medicinal values against cancer, diabetes, hemorrhage etc |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by omonnakoda: 12:03am On Feb 23, 2016 |
tomakint:Well you are quite right I think the thing is how to monetize it.In a way that is what those agbo sellers are doing but they need to polish their act |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by tomakint: 12:09am On Feb 23, 2016 |
omonnakoda:My brother this Country is too loaded to dey suffer like this....it is a fact that about 8 million tourists visit top Medical Destinations of the World every year for medical reasons....Nigerian government only need little money to harness this great potentials and hey presto! we are up there selling our medicinal potentials as one of the World Medical Destinations. 1 Like 1 Share |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by omonnakoda: 12:21am On Feb 23, 2016 |
tomakint:It is not as simple as that very little of what went into the original Coca Cola came from the US Coltan is a component of virtually every mobile phone and much of the world supply comes from Congo .It does not enrich them........ 1 Like |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by tomakint: 12:34am On Feb 23, 2016 |
omonnakoda:The technical know-how is what we need to be up there....have you ever imagined what Cadbury (UK) and Nestle (Switzerland) make from Africa alone every month (billions of dollars) yet the major components (cocoa powder) of these International Products are found in Africa (especially Ghana, Congo and Nigeria). Imagine if we have the technical know-how and a Nigerian is behind Nestle (our own brand). Leadership remains the bane of Africa's development. 1 Like |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by omonnakoda: 12:47am On Feb 23, 2016 |
tomakint:Yes technical know how is important but it is not as simple as that .There are forces that share out the world among themselves.There is not such complex technical knowhow in Cadbury or Nestle but you will not get access to capital and markets without being strong, If we used our oil money properly perhaps we could have acquired relevant companies through sovereign wealth funds. By the Way Cadbury was bought by Kraft foods(US) a few years ago. Those companies are listed on specific stock exchanges and pay taxes there and they have institutional share holders tat are usually major banks in the same countries. You might not know but Unilever used to be the Royal Niger Company which effectively colonized Nigeria in the 1890s. This has been going on for a long time.Even if our leaders are awake it is an uphill battle but with the kind of leaders we have.............. 1 Like |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by tomakint: 1:33am On Feb 23, 2016 |
omonnakoda:Good....I heard about the bidding for Cadbury by Kraft Foods but never knew when it scaled through.... Of course I am aware of the Unilever thingy but what do you make out of the Asian Tigers (South Korea, Hong Kong, Thailand and Singapore) who rose from virtually struggling economies in the '60s to one of the developed Countries of the world the question now is, Is Africa the only Continent being caged by the New World Order of the Freemasonry Controlled States up North....hope you got my drift? I maintain that Nigeria especially needs no excuse to be crawling economically at 55+ years old. |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by omonnakoda: 2:00am On Feb 23, 2016 |
tomakint:Those countries you mention are very old indeed . They have a sense of identity. We are stil struggling with a "national question" and whether we want to be together in the same country.Jonathan gets there and makes an Ijaw man COAS before him Yar'adua did the same. It is not totally hopeless but we need a fair Nigeria. The current one is not working but if it breaks up it will be worse because we will spend the next hundred years fighting wars and buying weapons that we do not produce .Those selling the weapons will sell just enough to both sides to make sure there is never a winner by the way @ 2million barrels a day we have about 30 years of oil left in the ground 1 Like |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by tomakint: 2:12am On Feb 23, 2016 |
omonnakoda:My brother the situation right now is indeed grim and the future is bleak. The 'National Question' will continue to ravage this Entity called Nigeria until it ceases to be.....I am a big fan of regionalism but this time around on the basis of the Geopolitical zones which must be more than 6 (if you ask me 12 will comereferable). On the Asian Tiger example I am of the opinion that if we can study their Economic Blueprint Templates we may just be out of the woods in couple of years to come but with regionalism and not this wasteful Presidential System of Government. 1 Like |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by tsdarkside(m): 2:23am On Feb 23, 2016 |
Oz4realsss: all nations have to take loans to finance projects....all... nigerias own is realy not that bad... and because of obansanjo,we have a good reputation of paying back our debts.... |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by Pidggin(f): 2:53am On Feb 23, 2016 |
These same States were beneficiaries of excess crude oil savings which they insisted must be shared, also they were given bail out funds from savings left by GEJ, yet they are still broke. Tribalists will never criticize state governments on their spending habits but will not fail to blame GEJ for their own cooked up stories, the truth will surely prevail one day. 2 Likes |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by anonimi: 3:22am On Feb 23, 2016 |
Pidggin: www.nairaland.com/attachments/2578022_iweala_jpeg0858fd35c7757170d8155dae6623e1c2 2 Likes 1 Share |
| Re: States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani by adconline(m): 3:27am On Feb 23, 2016 |
tsdarkside:Offering ignorance from the bottomless pit of their congenital lunacy!!! 1 Like |
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