9jakohai:


Is what happens when oil prices are high....to use the Nigerian example.

Bubble burst when oil prices fell.

We are about to borrow and spend money we dont have to give a semblance of everything being normal, the bulkof which will go into recurrent expenditure.

michoim:
What did Fayose know about economy. He knows no better than to buy 5kg of rice and distribute to few people; he knows no better than to entice some few carpenters and old market women with material gifts because of Ekiti 2018 gubernatorial elections in view. ..

Zombie is over here.
Your master that knows economy should do the needful, let him give us rice and other materials.

If only you know catastrophe this will cause our future u won't be talking with ur anus.

Omeokachie:



We are about to borrow and spend money we dont have to give a semblance of everything being normal, the bulkof which will go into recurrent expenditure.

As i said up-thread...we should ensure that the money is spent on things like transport and power.

But I am not surprised we are going to be spending on recurrent expenditure. Oil is down. Agriculture is not going to take over . That nickel hoard in Kaduna is going to take ages to develop. And oil is going to stay down.(Borno discovery only makes things worse...it makes the oil glut worse, reducing prices) So...we have to borrow.

Price of being an economy dependent on exporting raw materials.

ALMUSTAQIM:



THE FG WILL SURELY PAY BACK IN RECORD TIME.

FAYOSE IS JUST BEING PESSIMISTIC AS USUAL.

THE EKITI GOMINA WITH MOUTH DIARRHEA.

Please detail how the government intends to repay the loan

nzeobi:

Please detail how the government intends to repay the loan

Salient question.
You know, some people have shallow sense, they can never reason far just like animals.

.

9jakohai:


As i said up-thread...we should ensure that the money is spent on things like transport and power.

But I am not surprised we are going to be spending on recurrent expenditure. Oil is down. Agriculture is not going to take over . That nickel hoard in Kaduna is going to take ages to develop. And oil is going to stay down.(Borno discovery only makes things worse...it makes the oil glut worse, reducing prices) So...we have to borrow.

Price of being an economy dependent on exporting raw materials.

We have trillions earned from implementation of TSA.
We have trillions recovered from looters (even though they have suddenly downgraded it to N288bn)
We have projected close to a trillion in revenue from customs and over a trillion from taxes.
All of the above is aside oil revenue and sale from Agriculture.

I do not think we need to borrow $30bn, except the government has been insincere and outrightly lied about all these revenue streams.

we will all c hw it will end

Aufbauh:
Those who are against the borrowing are simply been mischievous and are the true enemies of the state.
Before this move,Nigeria have a debt profile of about $97B from previous administrations and our present future is not being jeopardize even with visible infrastructural gap.

The hypocrisy about this same opposition is that they are the same group of people who wanted a quick fix and immediate free easy money without recourse to future plans. The same people crying for the future of our unborn children mischievously...smh

We understand . . . $90bn . . .That's debt value at $100pb of oil.

With no economic blue print, that 30 bill will put us in perpetual hardship. He has chased many sources of FDIs for this country and you guys want that loan? Look at his cabinet,and tell me if the loan is worth it. My fellow Nigerians, we can't afford to be stupid for the second time. Voting Buhari was a mistake. We must reject that loan.

All this talk assumes that there's $30 billion out there just waiting to be lent to Nigeria, but who will lend such sums to a country which has 5 different exchange rates, which refuses to privatize even refineries that have never functioned at full capacity in decades, and which is clearly going to use a lot of the borrowed money to pay the salaries of a bloated public workforce?

It's time more people recognized that the $30 billion talk is just pure wishful thinking. Sources like the IMF and the World Bank will never lend big sums to Nigeria without structural reforms Buhari doesn't even understand and wouldn't be willing to implement if he did. On the other hand, the interest rates demanded by the Eurobond markets would be ruinous, especially now that the US Federal Reserve has started hiking interest rates. Even if the NASS unanimously approved Buhari's borrowing proposals tomorrow, they still wouldn't go through.

Can any objective person tell us waht was achieved with the 7trillion 2016 budget

90% of the money will go to North east as usual for the clearance of grass and N10,000 per day meal for individuals. 5% will go to Kano for printing voter's card for Almajiris and empowerment of more Shekau while the remaining 5% will be used to strengthened the army against IPOD, QUARANTINED AFONJA and others. I doubt if any will reach the remaining infected Zombies. However, Fayose and Obasanjo understood the consequences of this evil borrowing to the future, Zombies wont see it but quarantine Zombies may. The country is dead under PMB the day he was sworn in as the leader of Zombie network

victorazy:


If Nigeria can pay back a 30 billion dollars debt, then they have no reason to borrow. And how are you sure Nigeria is up to 170m?

Lemme not insult u o. Do u think they pay the debt at once, dey pay in on installment, over a long period of time, with an interest rate of about 2 percent or less.

MrTruth4real:

Lemme not insult u o. Do u think they pay the debt at once, dey pay in on installment, over a long period of time, with an interest rate of about 2 percent or less.

To insult me?
Is that what ur capable of? rather than enlighten us or demystify ur comment.

Anyway, Nigeria has no reason to borrow, the fact is that our Northern leaders are not economically inclined and no surprise our teeming youths will still go ahead and vote for Atiku come 2019.

We WARNED against voting for the I.DIOT but the zombies rubbished our claims...today they are the ones suffering the most. Today people with a genuine love for Nigeria are crying from the roof-tops to stop the dullard, but the paid zombies are at it again. No problems....we are watching

What's the way forward.


Dear Nairalanders thanks for your patronage so far. Please contact me on my signature for your Xmas goat.

Any person, any single person who is supporting this government's intention to borrow 30 billion dollars is completely insane, and completely bonkers!!! Completely off the hook and perhaps without remedy.

Your foreign reserves is about 25 billion dollars, yet you want to borrow 30 billion dollars, if any idiot supporting this evil cannot at this point see that we are being sold into slavery, then that person is mad.

Evil has taken over the world.

Jesus Christ will reset it!

God help 9ja...

FLYFIRE:
We WARNED against voting for the I.DIOT but the zombies rubbished our claims...today they are the ones suffering the most. Today people with a genuine love for Nigeria are crying from the roof-tops to stop the dullard, but the paid zombies are at it again. No problems....we are watching

Remember that 97%_5% comment that's how the money will be allocated and some will end in northern political pockets and the 5%ter will be the ones paying for the debt and these was his plan which till now no blue print of details of how the money will be disbursed up till now, buhari's inspiration and soul target has always been a northern agenda which he has initiated from the beginning, anybody from the south who so much invest his life and confidence in buhari has something coming.

this kpomo cutting foyose again abeg pay salary before u criticise fg

ALMUSTAQIM:



THE FG WILL SURELY PAY BACK IN RECORD TIME.

FAYOSE IS JUST BEING PESSIMISTIC AS USUAL.

THE EKITI GOMINA WITH MOUTH DIARRHEA.

How will they pay.
If you thinking of nd oil forget.

eyeview:
Can any objective person tell us waht was achieved with the 7trillion 2016 budget

My brother, I tire ooo, buhari is a good example of not acquiring a good secondary academic education and see the result, a nice, fat, juice recession and about to be taken with a fat, plum $30b debt which there isn't any guarantee of paying through the proposed project unless by slaving ourselves for the oyinbo men.

I am more interested in the alternative you are going to suggest.


Before you come and advise me against a course of action, at least you will bring a cogent alternative course of action for review.

Paragraph 6 dey sweet me

rusher14:
30 Billion dollars isn't much when one needs infrastructure for a population of 170 million people.

If Nigeria cannot pay back a debt of 30 Billion dollars over a set period the country should simply be recolonised.

What about what they boroowed in the last 2years. Add that to the 30b. Now they are proposing 7tr plus for 2017. What happened to the 6tr plus for 2016 ? Did it reduce the price of garri in your area ? The same will happen to the 30b if a allowed .

Nigeria in a comma 91% Loadind!

I No even dey 9ja

9jakohai:


Because...1) they were campaigning...PDP and APC. 2) Oil prices had not yet dropped below $30 per barrel.(as seen in January-Feb 2016).

It bothers me when people who claim to be educated spill some thrash and I'm like.... This oil prices as an excuse should be a shameful thing to we Nigerians as if we are the only exporters of oil in the world why aren't those other countries crying too? Instead the built non oil based economy( economy that when global oil prices fall the have an option to fall back to).

I don't think there is a country in this world that has what Nigeria has in terms of natural resources and manpower resources but look at where we are today. This drop in oil prices is just Gods way of warning us.
If Nigeria today leave oil and focus on agriculture, ict, manufacturing and other mineral resources I promise you that we will be dragging shoulders with countries like China, Brasil etc

[quote author=ALMUSTAQIM post=52117720]


THE FG WILL SURELY PAY BACK IN RECORD TIME.

FAYOSE IS JUST BEING PESSIMISTIC AS USUAL.

THE EKITI GOMINA WITH MOUTH DIARRHEA.[/quotebo

Please Show some respect !!!
Ekiti state is bearing the brunt due to the debt incurred by the past administration, no government has the moral justification to mortgage the future of her citizens at the expense of momentary comfort.In my opinion PMB may only borrow if the repayment plan will not outlive this administration.
Borrowing to fund campaign promises may not be a show of economic dexterity.