deomelo:
[s][/s]



Very ignorant, reterdedd, unintelligent and silly on your part not to know that budgets to run governments including borrowings are formulated in the year before.

How do you even go broke next year after raking oil windfall for several years this year and even borrowing to pay workers salary?


When you are done dancing around with silly and irrelevant essays, please tell us how you borrow tomorrow with your bank account full with money yesterday and your business making money left and right.

Sometimes I wonder about your lousy judgments and puerile mental stability.

Which of Nigeria's bank account was full of money in 2014?

It seems you are not alright.

Or were you not in this country when the GEJ administration used $5b from our reserves between October and December 2014 to stabilize the exchange rate after the sharp fall?

Is the 2018 budget going to use 2017 revenue or 2018 revenue?

Awon illiterate.

Dumbito!

-Lord

GoroTango:
GEJ is one of the reasons we find ourselves in such a mess as this. When Buhari took over the kind of rot he met on ground will be enough to unnerve even the most committed of presidents. Buhari is doing his best and I support him

So they have made you believe. GEJ did not do well but let's look at it. PMB made a bad situation. If we import petrol when oil price was as low as & 30, how come we paid much more for it? Shouldn't the price have dropped? They mismanaged d exchange rate. It kept rising till it hit 500. Thank God PMB was on his sick leave. Osinbajo took charge which is why we're got to 360. The cabals and Buhari had no excuse than to fall in line. We require less dollar to import petrol now. It balances out. Leave all this GEJ wrecked economy argument. It's not working anymore

deji68:
even using the opec Chart ...
2010 =77$/b
2011=107$/b
2012=109/b
2013=105$/b
2014=96$/b
2015=50$/b

oil never sold for 120$ throughout GEJ tenure.....

Imagine oil selling at 105$, 107$, 109$ and the Ineffectual Buffon still busy borrowing recklessly!

LordAdam16:


Which of Nigeria's bank account was full of money in 2014?

It seems you are not alright.

Or were you not in this country when the GEJ administration used $5b from our reserves between October and December 2014 to stabilize the exchange rate after the sharp fall?

Is the 2018 budget going to use 2017 revenue or 2018 revenue?

Awon illiterate.

Dumbito!

-Lord

Please tell us why Jonathan borrowed hundreds of billions to pay workers salary.

deomelo:




Please tell us why Jonathan borrowed hundreds of billions to pay workers salary.

Jonathan borrowed money because oil revenue was dramatically low and we were already running a huge deficit.

He used part of the loan to pay salaries and other recurrent expenditure, since they constituted 70% of the budgetary spending.

Now, let me ask you, do you have a problem with GEJ using part of a loan to pay workers when revenue is down?

-Lord

9jakohai:
There is a simple explanation, and no i am not defending the govt.

1.During GEJ'S govt, the oil price was $94-120. That meant we had enough dollars to buffer the naira...and as a result the value of the naira was stronger..meaning we needed fewer naira to import rice.

2.Now, during Old Man Bubu's govt, the price of oil has fallen to $28-65. This means we have less dollars to buffer the naira, and the value falls.Meaning we need more naira to import the rice.

3.If oil jumps up to $100 again, rice prices will fall...see1 .

4.What does this mean?

a)INCREASE DOMESTIC RICE PRODUCTION...via mechanised farming and irrigation

b)Get other sources of dollars...ie industrialization., industrialization.

Fin.

At the beginning of Jonathan's regime oil price was about 50 per barrel, it rose to 120 2014. Why didn't rice go up back then, even yaradua and Obasanjos regime oil price was around 50 to 60 but Nigeria didn't have the problem its facing now.

LordAdam16:


Jonathan borrowed money because oil revenue was dramatically low and we were already running a huge deficit.

He used part of the loan to pay salaries and other recurrent expenditure, since they constituted 70% of the budgetary spending.

Now, let me ask you, do you have a problem with GEJ using part of a loan to pay workers when revenue is down?

-Lord

When you borrow to fund capital and recurrent expenditures, do you do so because your economy is good or bad.?

nely:
[s]
You see how you messed up your life and that of your generation,you come online and insult people anyhow without knowing who they're and you think you will progress in Life, If your parents knew this would be how you will end up they would have invested the money they used in paying your school fees I think by now they would have been competing with Otedolas and dangotes... slowpoke [/s]

trash from a miserable biafran

MENTORCH:


At the beginning of Jonathan's regime oil price was about 50 per barrel, it rose to 120 2014. Why didn't rice go up back then, even yaradua and Obasanjos regime oil price was around 50 to 60 but Nigeria didn't have the problem its facing now.

What was our foreign reserve under OBJ and now?


Please stop making elementary arguments..

I knew a day like this will come. Am so happy dat Nigerians are beginging to see how good GEJ is. I told people to vote him in; many refused and called him names. Many turned nairaland to a war zone just because we d GEJ supporters saw what was coming ahead. I told them that the devil you know is far better then the angel you don't known.

Like you don't know we suffered during your time.
You had your chance but blew it.

LordAdam16:


Jonathan borrowed money because oil revenue was dramatically low and we were already running a huge deficit.

He used part of the loan to pay salaries and other recurrent expenditure, since they constituted 70% of the budgetary spending.

Now, let me ask you, do you have a problem with GEJ using part of a loan to pay workers when revenue is down?

-Lord

WILL NIGERIA WITNESS ANOTHER BORROWING SPREE IN 2015?

Nigeria’s total debt portfolio has risen 30 percent to $62 billion in 2014, up from $47.6 billion as at September last year. The country’s external debt stood at $9.52 billion, 15 percent of the entire debt stock. Domestic borrowing however accounted for bulk of the total money owed by Africa’s largest economy.

Nigeria, Africa’s largest economy, has twice raised funds from the bond market since its debt relief in 2005. First in 2011 with a $500 million 10-year Eurobond, then in 2013 when it issued a $500 million 5-year bond at a yield of 5.375 percent and a $500 million 10-year bond with a yield of 6.625 percent. Aside the government’s capital sourcing tours, state governments also embarked on a bond sale spree in 2013, offering Islamic Bonds (Sukuk) and chasing other forms of capital. But with infrastructure and capital spending still a mile away from re-current expenditure, international economic bodies are questioning the rationale behind seeking such huge funding.

http://venturesafrica.com/will-nigeria-witness-another-borrowing-spree-in-2015/

Apart from borrowing to pay workers salary in 2015, Jona actually borrowed all the years he spent in office from 2011 all the way till his last days in office/2015.


.....even though he accumulated the largest oi revenue in the history of Nigeria.


And what did we get for all his debts and borrowings? NOTHING.


And you think this man was great for Nigeria and he managed our economy brilliantly when in fact it was the other way around.


Justifying this level of disastrous economic management and calamity jona put us in is definitely a reflection of your own ignorance, corrupt mentality and mental incompetence.

I can not even take jokers like you seriously.

MENTORCH:


At the beginning of Jonathan's regime oil price was about 50 per barrel, it rose to 120 2014. Why didn't rice go up back then, even yaradua and Obasanjos regime oil price was around 50 to 60 but Nigeria didn't have the problem its facing now.

1. Oil prices at OBJ regime...$17 in 1999, $67 in 2007.

2.Yaradua..$67 in 2009 to $77 by 2010

3.Jonathan: $77 in 2010- $109 IN 2012. $105 IN 2013, $96 in 2014, $49 mid 2015.

4.Bubu:$49 IN 2015, $40 in 2016,$61 in 2017.

Sauce: https://www.statista.com/statistics/262858/change-in-opec-crude-oil-prices-since-1960/

5.Common excuse during OBJ's first term...The Army rule has messed up the economy, be patient.

Oil was never $50 under GEJ...till last 2 months of his regime.

And you were not around from 1982-90, 91-2002...things were bad then, SAP was dealing with us by 1988, and fuel queues came from 1990 onwards. Things have been bad before...when oil prices went down.

Nigeria should diversify. My main point really. Sorry you missed it...since you think i am a PMB supporter...which i am not.

Dis hell on earth is nt funny,its like d last person dt enterd above mentioned forgot to lock d gate

FG Has Borrowed A Total Of N2.57 Trillion Under President Jonathan, National Assembly Complains


Under President Goodluck Jonathan, the Federal Government has borrowed a total of N2.57tn.

Thus, the Federal Government’s debt profile rose from N4.18tn as of June 30, 2010 to N6.75tn as of June 30, 2012.

Jonathan was sworn in as Nigeria’s Acting President on February 10, 2010 following the death of President Umaru Yar’Adua and was later sworn in as the elected president on May 29, 2011.

Records obtained from the Debt Management Office showed that four months after Jonathan became Acting President, the total debt profile stood at N4.18tn (as at June 30, 2010).

However, by June 30, 2012; the debt profile had ballooned to N6.75tn.

This shows that within a period of 24 months or two years, the Federal Government debt profile rose by 61.48 per cent.

Analysis of the debt increment between June 30, 2010 and June 30, 2012 shows that the Federal Government borrowed an average of N107.08bn every month for 24 months or a total of N1.285tn per annum.


https://www.naija.ng/16198.html

1. This shows that within a period of 24 months or two years, the Federal Government debt profile rose by 61.48 per cent.


2. Thus, the Federal Government’s debt profile rose from N4.18tn as of June 30, 2010 to N6.75tn as of June 30, 2012.


3. Analysis of the debt increment between June 30, 2010 and June 30, 2012 shows that the Federal Government borrowed an average of N107.08bn every month for 24 months or a total of N1.285tn per annum.



Basically, Jona was borrowing and sinking us in debt from his first day in office at N107.08bn/month, I repeat, Jona was borrowing N107.08bn/month = N1.285 TRILLION per year.


This man illiterately started killing us from his first day in office till his last day in office.

DateMynd44:
trash from a miserable biafran

Everybody is now a Biafran if he/she praises GEJ, you see why I said you school fees is waste

deomelo:



When you borrow to fund capital and recurrent expenditures, do you do so because your economy is good or bad.?

You fund both regardless of the state of the economy.

You can't say because the economy is bad, you wouldn't pay worker's salaries. And you can't say because the economy is bad you'll cease all capital projects like your Id*ot-in-Chief is doing, because it's only going to worsen the economic contraction.

That has always been the PDP policy. That's why in 2008/2009 in the height of the global economic crisis and oil slump, Nigeria was one of the few oil producing nations that did not fall into recession. Exchange rate fell, growth rate subsided, reserves fell by around $20b, but we didn't enter recession because we didn't hold back from funding.

We even bailed banks exposed to the crisis with over $5b.

Three years later we were already the fastest-growing economy in Africa and in the top 5 in the world.

Currently, why the Ministry of Finance isn't experiencing much problems with salaries is that while in 2014/2015 official exchange rate was 150/168. Today, official exchange rate is 305. Meaning the government gets twice the amount of naira for every dollar while paying the same salary.

So if the Nigerian government needed $1b in 2014/2015 to pay N150b monthly wage bill. Today, they only need $500m to pay the same N150b monthly wage bill. That is why the government is not in a hurry to increase minimum wage.

Another reason is that the IPPIS and FGMIS introduced in 2012 and is still being implemented as I type this message has eliminated hundreds of thousands of ghost workers. NOI uncovered 46,000 ghost workers within 6 months of launching IPPIS. As at 2016, when implementation got to the National Railway Corporation, they found that 10,000 staff were receiving salaries, whereas number of workers were not up to 40%. Even Adeosun found that some civil servants were tampering with the IPPIS.

The problem is that your kind are looking for miracle workers and have unexplained hate for GEJ. Nothing you accuse him of is based on facts. All the propaganda you've shared on this thread have been squashed. And you've refrained from answering my questions, while I answer yours satisfactorily.

-Lord

9jakohai:


1. Oil prices at OBJ regime...$17 in 1999, $67 in 2007.

2.Yaradua..$67 in 2009 to $77 by 2010

3.Jonathan: $77 in 2010- $109 IN 2012. $105 IN 2013, $96 in 2014, $49 mid 2015.

4.Bubu:$49 IN 2015, $40 in 2016,$61 in 2017.

Sauce: https://www.statista.com/statistics/262858/change-in-opec-crude-oil-prices-since-1960/

5.Common excuse during OBJ's first term...The Army rule has messed up the economy, be patient.

Oil was never $50 under GEJ...till last 2 months of his regime.

And you were not around from 1982-90, 91-2002...things were bad then, SAP was dealing with us by 1988, and fuel queues came from 1990 onwards. Things have been bad before...when oil prices went down.

Nigeria should diversify. My main point really. Sorry you missed it...since you think i am a PMB supporter...which i am not.

Ok but why were things not this bad during OBJs regime,despite the fact that oil was as low as 17dollars at a point and didn't go further than 67. Buhari is not good economically and he lacks creativity. He would have been better as the EFCC chairman.

so USA economy is bad ...no 1 debtor nation even Germany

deomelo:



When you borrow to fund capital and recurrent expenditures, do you do so because your economy is good or bad.?

MENTORCH:


Ok but why were things not this bad during OBJs regime,despite the fact that oil was as low as 17dollars. Buhari is not good economically and he lacks creativity. He would have been better as the EFCC chairman.

Things were bad during OBJ term 1. They only got better from term 2 when oil rose again.

And in 2006....we paid off our debts. Helps a lot too.

folahann:
Somebody tell the ineffectual Buffon that we once bought bag of rice for 2,500 and petrol for 40 Naira. Ask him how much he met in our excess crude account and how much he left there.

ANIMAL...I feel like breaking this bottle of hero in my hand right now on your useless head.

If my shoe shiner had the kind of money that Mr IB had, Petrol would have sold for 25 naira P/L

[s]

LordAdam16:


You fund both regardless of the state of the economy.

You can't say because the economy is bad, you wouldn't pay worker's salaries. And you can't say because the economy is bad you'll cease all capital projects like your Id*ot-in-Chief is doing, because it's only going to worsen the economic contraction.

That has always been the PDP policy. That's why in 2008/2009 in the height of the global economic crisis and oil slump, Nigeria was one of the few oil producing nations that did not fall into recession. Exchange rate fell, growth rate subsided, reserves fell by around $20b, but we didn't enter recession because we didn't hold back from funding.

We even bailed banks exposed to the crisis with over $5b.

Three years later we were already the fastest-growing economy in Africa and in the top 5 in the world.

Currently, why the Ministry of Finance isn't experiencing much problems with salaries is that while in 2014/2015 official exchange rate was 150/168. Today, official exchange rate is 305. Meaning the government gets twice the amount of naira for every dollar while paying the same salary.

So if the Nigerian government needed $1b in 2014/2015 to pay N150b monthly wage bill. Today, they only need $500m to pay the same N150b monthly wage bill. That is why the government is not in a hurry to increase minimum wage.

Another reason is that the IPPIS and FGMIS introduced in 2012 and is still being implemented as I type this message has eliminated hundreds of thousands of ghost workers. NOI uncovered 46,000 ghost workers within 6 months of launching IPPIS. As at 2016, when implementation got to the National Railway Corporation, they found that 10,000 staff were receiving salaries, whereas number of workers were not up to 40%. Even Adeosun found that some civil servants were tampering with the IPPIS.

The problem is that your kind are looking for miracle workers and have unexplained hate for GEJ. Nothing you accuse him of is based on facts. All the propaganda you've shared on this thread have been squashed. And you've refrained from answering my questions, while I answer yours satisfactorily.

-Lord

[/s]




I asked you 1 simple question and you bored me irrelevant and pointless essay.


Jona not only borrowed hundreds of billions to pay salaries in 2015, he started borrowing billions from his first day in office till his last day in office.

Jona was borrowing and sinking us in debt from his first day in office at N107.08bn/month, I repeat, Jona was borrowing N107.08bn/month = N1.285 TRILLION per year.


And NOTHING TO SHOW

I'm not even talking about the huge foreign reserves and savings he met in office.


And you still want us to believe that this man did great for our economy, that he left a great economy even though he was borrowing billions every month from his first to his last day in office.


I don't know what is wrong with blind and unintelligent jokers like you, but I'm very certain that this is a sad reflection of your own poor cognition, warped and disingenuous state of being.

deomelo:




1. This shows that within a period of 24 months or two years, the Federal Government debt profile rose by 61.48 per cent.


2. Thus, the Federal Government’s debt profile rose from N4.18tn as of June 30, 2010 to N6.75tn as of June 30, 2012.


3. Analysis of the debt increment between June 30, 2010 and June 30, 2012 shows that the Federal Government borrowed an average of N107.08bn every month for 24 months or a total of N1.285tn per annum.



Basically, Jona was borrowing and sinking us in debt from his first day in office at N107.08bn/month, I repeat, Jona was borrowing N107.08bn/month = N1.285 TRILLION per year.


This man illiterately started killing us from his first day in office till his last day in office.

Since you're going to selectively copy stats, let me post this from the same article.

Ademola, on the other hand, said unbudgeted expenditure for the funding of petrol subsidy consumed in 2011 by the country must have depleted the nation’s resources and thereby forced the Federal Government to the debt market.

He had said, “You are aware that the subsidy on petrol rose from less than N500bn in the budget to more than N2tn. The finance minister has also come out to say that the nation lost 20 per cent revenue to oil theft."

And since we're talking of debt,

Buhari and his ilk borrowed almost N4 trillion in only 18 months (December 2015 to June 2017).

https://www.premiumtimesng.com/news/headlines/243644-nigerias-foreign-debt-40-buhari-nbs.html

deji68:
so USA economy is bad ...no 1 debtor nation even Germany

So, you are going to start comparing yourself with USA and Germany right? So, you have wonderful infrastructures like the USA and Germany too.?


Very reterdded and comical. Please go away with that nonsense.


Even sef, what did what did you get from Jona's N107.08bn/month borrowing? Darkness, zero infrastructure and going away gift of hundreds of billions to pay workers salary in may 2015?


Abeg STFU with that rubbish.

deomelo:
[s][/s]




I asked you 1 simple question and you bored me irrelevant and pointless essay.


Jona not only borrowed hundreds of billions to pay salaries in 2015, he started borrowing billions from his first day in office till his last day in office.

Jona was borrowing and sinking us in debt from his first day in office at N107.08bn/month, I repeat, Jona was borrowing N107.08bn/month = N1.285 TRILLION per year.


And NOTHING TO SHOW

I'm not even talking about the huge foreign reserves and savings he met in office.


And you still want us to believe that this man did great for our economy, that he left a great economy even though he was borrowing billions every month from his first to his last day in office.


I don't know what is wrong with blind and unintelligent jokers like you, but I'm very certain that this is a sad reflection of your own poor cognition, warped and disingenuous state of being.

You asked a question that I answered in the very first paragraph.

Have you answered any of my questions?

And here,

Buhari and his ilk have borrowed almost N4 trillion in only 18 months (December 2015 to June 2017). That is N222 BILLION every month.

https://www.premiumtimesng.com/news/headlines/243644-nigerias-foreign-debt-40-buhari-nbs.html

Oh, and as at 2016, Buhari was borrowing N600b annually to pay salaries.

Read more at: https://www.vanguardngr.com/2016/04/fg-borrows-n600bn-monthly-augment-staff-salaries-says-sgf/

Sycophant.

You think you are the only one with access to the Internet.

At least GEJ was using his for subsidy, infrastructure and extensive capital projects, what has Buhari been using his for?

-Lord

if your targeted revenue is not enough , u borrow, almost all Nigerian budget are deficit budgets ..

maasoap:

Imagine oil selling at 105$, 107$, 109$ and the Ineffectual Buffon still busy borrowing recklessly!

deomelo:




1. This shows that within a period of 24 months or two years, the Federal Government debt profile rose by 61.48 per cent.


2. Thus, the Federal Government’s debt profile rose from N4.18tn as of June 30, 2010 to N6.75tn as of June 30, 2012.


3. Analysis of the debt increment between June 30, 2010 and June 30, 2012 shows that the Federal Government borrowed an average of N107.08bn every month for 24 months or a total of N1.285tn per annum.



Basically, Jona was borrowing and sinking us in debt from his first day in office at N107.08bn/month, I repeat, Jona was borrowing N107.08bn/month = N1.285 TRILLION per year.


This man illiterately started killing us from his first day in office till his last day in office.

When Jonah became the Ag President, his first executive order was to unban the importation of toothpick. That is when I realised that GEJ is a monumental failure and a natural disaster walking on two legs.

deomelo:

And what did we get for all his debts and borrowings? NOTHING.

Oga which money did he use to pay the N2 TRILLION per year subsidy?

Which money did he use to revitalize the rail sector?

Which money did he use to build the schools and new federal universities?

Which money did he use to add over 2000 MW of generating plants and increased transmission capacity to 6000MW?

Which money did he use to construct and rehabilitate thousands of kilometers of roads?

Which money did he use to kickstart the rice revolution?

Which money did he use to pay the new wage bill after he increased minimum wage?

You are M*D and you have no one to tell you!

-Lord

u dont need to get angry , u ony need to improve the quality of your argument. debt is debt, wether USA or Nigeria... almost if not all NIGERIAN budgets are deficit budgets, u plug the deficit by borrowing even if your oil earning is high.....

deomelo:



So, you are going to start comparing yourself with USA and Germany right? So, you have wonderful infrastructures like the USA and Germany too.?


Very reterdded and comical. Please go away with that nonsense.


Even sef, what did what did you get from Jona's N107.08bn/month borrowing? Darkness, zero infrastructure and going away gift of hundreds of billions to pay workers salary in may 2015?


Abeg STFU with that rubbish.

mikolo80:


Name them

Name them
You can't cos they're not serious
Just there to collect inec money or for disgruntled elements to run to if they don't win party primaries


I don't know their candidate. If he can't make himself known then he's not ready.


So if I bring innoson car and Benz which will you choose.
Not only must they come out. They MUST CONVINCE voters that they can deliver. Actions louder than words
see you don't vote yet want change.

Anyway recent research shows that we don't need govt to solve most of our problems

You are assuming wrongly. There are people in other parties that wants to make a difference. It seems APC and PDP have succeeded in brainwashing us all. We are not a two party system so why base the election on both?

deji17:
When Jonah became the Ag President, his first executive order was to unban the importation of toothpick. That is when I realised that GEJ is a monumental failure and a natural disaster walking on two legs.

All the while the ban was on, how many toothpick factories were set up?

Or were foreign toothpick not being smuggled across the border?

Why do you think he did not unban the importation of plastic?

Rubbish! Go and meet the person who borrowed your brain to give it back to you.

-Lord