SaintLucia:
That shouldn't be your concern cos you are not a Nigerian. Meanwhile have you paid your Biafra due? Hurry up before your supreme leader sanction you with plenty fine.

Isn't it ironic that they are paying with naira?

Adaogwashi1:
More looting for buhari government







I still remain Ada ogwashi

Pervert

SLAP44:
So they can loot more and stash their country's money abroad?

Ok

Pervert

SLAP44:
So they can loot more and stash their country's money abroad?

Ok

Nowonder Godfrey onyema was sympatising chinese government in there abuse against Nigerians in china

wow this is great news
it gives us opportunity to start afresh I.e borrow afresh and start incurring new debts.
old things are passed away!

nextstep:


This is not relief (as in cancellation/reduction which OBJ was able to secure).
This is a forbearance (as in payments are suspended, but will resume in the near future).

I don't have to point out that "the borrower is slave to the lender", and we wouldn't have needed forbearance/relief if there was no debt in the first place.

Relief doesnt mean elimination of debt.

You can use forbearance or any fancy word but what it means is you do not have to service it over a period.

You know there is nothing you would tell me about debt being such a terrible thing because I wouldn't buy it.

Most of the nations you wish for your country to be like are all indebted ; Italy to 140 of her GDP, Japan a whoopikg 238% to her GDP whilst good old Nigeria is 23%.

All this scaremongering is not needed.

Oh I forgot:

USA debt to GDP = 107%
UK debt to GDP = 87%


What is important is utilising the debt for the purpose for which they were incurred.

Instructively, in the last couple of years, our debt have been tied to infrastructural projects such as railway and we are seeing them being utilised.

It would do you well not to lie to yourself.

If in doubt , point to any project for which Nigeria has borrowed in the last 5 years that haven't been undertaken.

uncleinans:


Lol. Very funny, greedy China next world power? China that is begging USA not to cut her funding to WHO is next world power? Please read wide so you dont spill trash like this

China greedy? Ask African countries.

Wetin China want from Nigeria sef?

It will not be well with those people who are mismanaging the resources of this Country for us to be classified as a poor country.

ignis:
No matter the debt relief granted Nigeria, we can never be debt free under this current government.

The more the debt relief comes, the greater the borrowing capacity and tendency to borrow more and use it for frivolous irrelevant looting projects.

U spoke very wisely. It's quite sad how we have a highly incompetent and confused economic team. And that's even the good part, the worse part is they don't even have much say in what gets implemented eventually in the economic policies as decision can come from other places.

Patrioticman007:


That's a lie, China for where ?. Na USA still dey use koboko on Africans till date.

Unfortunately I wasn't speaking with any religious thoughts in mind. I only echoed the OP's mind that all the relief and loans China is granting African nations comes with a cost.

Even now which country is literally chasing legal migrants off their homes in the crisis.
I could give a link of some video advert I found today on Twitter that echoes same.

Blaze232:

Shut up man

Why chief ?

Any good reason to counter my assertion ? Pls give plus I think if you asked me to know the perspective I was coming from, you might change your mind. Anyways cheers !

Pls does anyone here has a good proposal on agriculture or any other good business proposal

This is goodnews but I know my country.

You would give them debt relief and they would use that opportunity to borrow another loan

Amotolongbo:
how is it possible to be positive towards a negative system?

If you were a right thinking person, you would know that is mathematically impossible.

A debt relief is a very good things, as at now no funds has exchanged hand on account of borrowing, atop jumping the gun and assume you know the future based on what you think happened in the past.

rusher14:
Relief doesnt mean elimination of debt.
You can use forbearance or any fancy word but what it means is you do not have to service it over a period.
You know there is nothing you would tell me about debt being such a terrible thing because I wouldn't buy it.

Most of the nations you wish for your country to be like are all indebted ; Italy to 140 of her GDP, Japan a whoopikg 238% to her GDP whilst good old Nigeria is 23%.

All this scaremongering is not needed.

Oh I forgot:

USA debt to GDP = 107%
UK debt to GDP = 87%

What is important is utilising the debt for the purpose for which they were incurred.

Instructively, in the last couple of years, our debt have been tied to infrastructural projects such as railway and we are seeing them being utilised.

It would do you well not to lie to yourself.

If in doubt , point to any project for which Nigeria has borrowed in the last 5 years that haven't been undertaken.

OK, I agree there's such a thing as good debt: when it's used to finance productivity, not consumption. It's true with governments as it is with people. What you're suggesting is akin to saying "since persons A,B,andC have borrowed money to be where they are, person D should too". Not realizing that it's not the borrowing per-se, but what you do with it that's crucial. If given a large enough sum, would you rather borrow money to build a car manufacturing plant, or buy a fleet of cars? My question is a bit spurious, but should have the intended effect.

As for other countries' debts (I've copied and pasted from several sources, words are not mine):

Japan: mostly owed to the Japanese people in the form of government bonds. The Japanese government owes each of its citizens about 7.5 million yen. Since 95% of its debt is held domestically, its economy is not as precarious as it would be if it were debt to foreign countries.

UK: debt is primarily held by (50%) Private financial institutions, 27% is held by overseas investors (e.g. American investment trusts/Japanese banks), 23% is held by Bank of England – as part of Quantitative easing/asset purchase programme.

USA: Some 70% of the national debt is owned by domestic government, institutions investors and the Federal Reserve. A shade under 30% is owned by foreign entities, according to the latest information from the U.S. Treasury.

In all these cases, the debts are in form of bonds (market instruments used by companies and governments alike to raise money). And who do they owe the vast proportion to? their own citizens/businesses, so the bulk of interest payments stay within country and go into other productive endeavors.

In our case, we're not issuing bonds to produce, we're borrowing to consume. Take the trains for instance: in sensible countries, if the bonds are used to (say) build a steel plant, there are effects to other industries: mining, machine tools, electronics, and so many people are employed to create train bogies, bodies, the rails, the nails, paints, engines, motors, etc. Each sector has value-add and and money circulation effect is enormous. In our country, we pay for all these value-adds (at marked up retail) when we buy the train and the rails, and practically nobody gets employed. Yes, people are paid to lay down the lines and drive the trains - but the same applies to if the trains were deployed in Japan/USA. What is missing in Nigeria is the thousands of people who would have made train parts, the wheels, the steel, etc.

The interest payments go mostly to your own (US/UK/Japan) citizens who use this investment income to buy goods and services - further growing your economy. The governments also get a ton of revenue from the taxes on salaries, business profits, and on interest payment.

The money circulation effect in Nigeria? Zero. No tax revenue from profits, income, or interest.

We borrowed to build hydroelectric dams in the 60s, 70s. We will need trillions more to build more electrical capacity. We borrowed massively to produce pipe-borne water in 60,70s. We will need trillions more to restore our waterworks to any semblance of usability.

Our situation is: borrow money; use that money to fund foreign industries who pay foreign workers; pay principal and interest on that money. Then 5-10 years, repeat the same thing.

Since we know that we're not good at borrowing to spur development, we should stop borrowing. When we have our system in place to use bonds to grow our economy, then we can continue borrowing.

We can't continue borrowing development... we have to develop, and that's why it's so dangerous for underdeveloped countries to keep borrowing. You can never stop.

Food don land for our politicians

Moratorium is different. What we need is total debt forgiveness!

I knew something will come from China, dey have lot of ways dey r making money from Nigerians

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Am not happy with this news

Please FG should me use of it...hunger is killing us all

How the hell did we become indebted to China

Always who help us or who will help us.

We are not in the business and news, of helping ourselves or others.

A very tufiakwa country from my point of view.

destinie2019:


International finance doesn't work that way.
Balance of trade is said to be healthy when revenues from exports is more than expenditures on imports. In the case of Nigeria, we import everything and earn almost nothing from exports. Apart from crude oil, that is. The earnings from crude could have built an alternative to our oil-driven mono economy, but while Dubai has transformed a desert, we are busy degrading a paradise.

F**K the rules created by CRIMINALS.

vioment:
Always who help us or who will help us.

We are not in the business and news, of helping ourselves or others.

A very tufiakwa country from my point of view.

Nonsense. It is Africa that helps the entire WORLD.

Mama Africa indeed because like a mother feeding her baby, the whole world is feeding on Africa's resources.

Wake up.

Whites and Asians have been looting Africa for millennia. Africans owe them nothing and they owe Africans everything, along with an apology.

Cousin9999:


Nonsense. It is Africa that helps the entire WORLD.

Mama Africa indeed because like a mother feeding her baby, the whole world is feeding on Africa's resources.

Wake up.

Am I not almost always awake because we don't have electricity. We can't store food for days especially perishables.

We are backwards in many things.

If countries or continents were a life character; the great countries will have respect for itself(it's people), be intelligent to solve their problems somehow, will be organized in their actions, etc

Am not even ready to waste typing space for what a useless always begging Africa will do.

Kingrefreshed:



Nigerian Keyboard warriors association (Nairaland chapter)

Fuel is now 12.6 dollar per barrel thats about 27 naira a litre now.


Can we protest for the first time in our lives?? Lets use this time ,join forces together and make our voices heard.

Seriously, we are preparing for this. Join us in the NIGERIA REVOLUTION group on facebook