Shock:

Why is everybody making an issue out of nothing?

If Jonathan borrows money and the money is put to good use vis a vis infrastructural development, then by all means, the dude should command our respect.

UK's net debt is over 160 trillion pounds, so WTF are talking about here?
And people should really stop screaming about external reserves, let's leave it as it should be, a "Reserve", once you start spending into your reserve, it signals your economy is experiencing a real downfall and nobody is willing to lend to you, and even that, is capable of causing real damage to the Naira.

The world bank is going to give him a loan at a rate that is cheaper than what he'd have paid if he tried to raise debt vis a vis bond issues.

Youngichou:

u are absolutly right omo ibo

nobilia:

Are we sure the appointment is not a form of kick back for the Billions of Naira he is pushing Nigeria to borrow?
I do not see the need to borrow with excessive interest where we have lots of fund that are not bearing enough interest, Excess Crude Account, Foreign Reserves.
For Pete sake, we just paid off a huge chunk during Obasanjo regime. Goldman has a reputation for ruining countries, I hope this is not it.

Ibime:

I think the question should be. . . how are we sure the money is being put to good use. . . there is nothing wrong with borrowing (at the recommended 3% of GDP level). . . . . but we all know that the economic theories around borrowing assumes that the money is being put to good use.

We are yet to see what all the stimuluses that Yara'dua released last year has done for us in terms of infrastructure. . . they should release the outcome of that one first before borrowing again for more spending.

debosky:

How long will Aganga be there before the new government sweeps them all out? Just about a year it seems - I'd advise him to get after the problems on the ground - ensuring how much we are spending NOW is better allocated and monitored for proper use, than worrying about securing further loans that he might never get the chance to ensure proper usage.

brauneyes:

Today, Standard and Poors have downgraded Greece to JUNK status. Iceland was first, now Greece, who knows the next country in Europe that will default. Nigerians in diaspora should start looking towards home.

4 Play:

@Tmoni

Good points, but rather than taking money from our ''excess crude reserves'', we can simply spend less to run a surplus. The reserves is our buffer against a potential fall in oil prices, our key revenue source. If you don't accumulate reserves like we did in the 70s, you are making a one way bet that oil prices will always go up.

Also, the argument that the scope for borrowing is limited by Aganga's tenure in office fails to take into consideration the fact that Govts must at all times engage in long term planning and investment.

4 Play:

Firstly, Greece hasn't defaulted and if there is a wave of sovereign defaults across Europe, Nigeria is the last place you want to be.

PS: S&P rated Nigeria BB- (worse than Greece's BB+) and Fitch also rates us as BB- : http://www.alacrastore.com/research/fitch-ratings-Nigeria_Credit_Trends_A_Mixed_Bag-496188_report_frame

PapaBrowne:

Aganga emerges World Bank chairman
By Daniel Idonor

ABUJA—MINISTER of Finance, Mr. Olusegun Aganga,  in Washington D.C. has emerged as the new Chairman of the Board of World Bank and International Monetary Fund, BWIs, after a keenly contested election.

kev-d:

Nigerians should wake up and stop celebrating CHEAP Non existent victories.Please why are we so naive and easily fooled.Just because someone is given a Titular position in the World Bank is not a cause to celebrate.Can Someone Tell me what we have won, WE HAVE NOT WON ANYTHING.

NIGERIANS HAVE SHOWN THAT THEY HAVE NOT LEARN T ANYTHING AFTER IBB SOLD your COLLECTIVE FUTURE TO THE US UNDER THE GUISE OF IMF LOANS.- TRUTH BE TOLD  ALL THESE GLOBAL FINANCIAL ORGANIZATIONS WORLD BANK, IMF ARE JUST SCHEMES SET UP BY THE WEST TO ENSLAVE DEVELOPING COUNTRIES WITH RESOURCES-THATS THE GOSPEL TRUTH.

IBB THAT WE WORSIP,WAS JUST A STOOGE FOR THE US,THEY FUNDED HIS COUP, SUPPORTED HIS REEGAN LIKE TRICKLE DOWN ECONOMICS AND THAT IS WHY IBB EASILY TOOK THEIR LOANS AND WAS NOT EVEN CRITICIZED BY THE US DESPITE ALL THE HUMAN VIOLATIONS HE COMMITTED.DO NIGERIANS EVEN BOTHER TO ASK WHY US NEVER MENTIONS IBB BUT ALWAYS BLAMES ABACHA FOR ALL OUR EVILS. ARE WE  SO NAIVE TO THINK THAT THE WEST HAVE OUR INTEREST AT HEART. THIS IS A GAME THAT THEY HAVE DESIGNED AND WE STUPIDLY FOLLOW BECAUSE OF CHEAP VICTORIES AND MEANINGLESS TITLES.

THERE IS NO DEVELOPING COUNTRY TODAY THAT IS ACHIEVING SUCCESS TODAY THAT RELIED ON WORLD BANK LOANS AND IMF, CHECK INDIA,BRAZIL,HONG KONG ETC.ALL THESE COUNTRIES ACHIEVED SUCCESS BY INVESTING IN  EDUCATION AND DEVELOPING THE INFRASTRUCTURE OF THEIR SOCIETIES.

NIGERIA HAS NO NEED FOR A LOAN WE HAVE ALL THE WEALTH WE NEED , ALL WE NEED IS THE COMMITMENT, PATIENCE AND DEDICATION TO ACHIEVE OUR GOALS.

JONATHAN IS STILL A PRODUCT OF THE SAME SYSTEM THAT ENSLAVES US (PDP) TODAY,HE IS PART OF THE SAME ILLEGITIMATE GOVERMENT  AS THE YARADUA HE SUCCEEDED.JUST BECAUSE HE SUCCEEDED A SICK PRESIDENT THAT WAS NOT ELECTED, DOES THAT NOW MAKE HIM LEGITIMATE?

WHY DO NIGERIANS LIKE TAKING SHORT CUTS INSTEAD OF FIGHTING FOR REAL VICTORY WHICH IS TO ENSURE THAT WE HAVE CREDIBLE ELECTIONS AND VOTE OUR CHOICE THOSE THAT TRULY REPRESENT OUR ASPIRATIONS.  NOW JONATHAN IS PLAYING BALL WITH THE US AND SELLING OUR COLLECTIVE FUTURE AND WE A RE CELEBRATING MEANINGLESS VICTORIES.DOES ANYONE THINK THE WEST CARES ABOUT OUR PROGRESS,THEY WILL DO ANYTHING TO ENSLAVE US BECAUSE THAT WHAT KEEPS THEM ON TOP AND WE ARE CELEBRATING.CELEBRATING OUR OWN DOOM.
T[b]THE WEST KNOWS THAT WE ARE EASILY SENTIMENTAL TO TRIBAL LOYALTIES AND PETTINESS AND MANY PEOPLE WILL JUST SUPPORT JONATHAN JUST BECAUSE HE IS FROM NIGER DELTA OR SOUTH, AS A RESULT WE LOOSE COLLECTIVELY, WE LOOSE WHERE IT MATTERS MOST.[/b].


NIGERIANS PLEASE WAKE UP, PUT BEHIND SHORT TERM VICTORIES ,PETTY TRIBAL SENTIMENTS AND LOOK AT THE BIG PICTURE, LET US LEARN FROM OUR MISTAKES AND STOP SETTLING FOR LESS.WE ARE SELLING OUR FUTURE FOR NOTHING.

misterh:

This is good news. I hope it is good for Nigeria also.