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Nairaland Forum / Nairaland / General / Politics / Senate Rejects Buhari’s Request To Borrow $30bn (29940 Views)
Ezekwesili Reacts To Buhari's Request To World Bank To Focus On Northern Nigeria / FFK Reacts To Buhari's Request To World Bank To Focus On Northern Nigeria / Presidency Reacts To Senate’s Rejection Of Buhari’s Plan To Borrow $30bn (2) (3) (4)
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Re: Senate Rejects Buhari’s Request To Borrow $30bn by KunkeAkinola(m): 4:01pm On Nov 01, 2016 |
DONSMITH123: So u really don't know that the economy is gradually diversifying. Oh, u think sey suddenly we go just wake up and see a diversified economy? Niqq, wake up |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by KunkeAkinola(m): 4:02pm On Nov 01, 2016 |
Keneking: It's obvious u don't know what u are saying in addition to the fact that u are a joker |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by repogirl(f): 4:03pm On Nov 01, 2016 |
ilynem:I totally agree with you o, I agree a hundred percent but the problem here is I don't trust Buharis govt to carry out this plan effectively. You compare us to the US but our country is very different from the US. US has brains and strategists planning their economy while Buhari has nepotists and cabals destroying ours. Imagine appointing someone like Udo udoma in charge of our budget and the man doesn't even know what Nigeria owes at present.....how did he then plan the budget without factoring in that analysis. I just dont trust Buharis people, even his finance minister hasn't come out with any concrete plans or a roadmap to revitalising the economy. These are the things the IMF is asking for before they can think of approving the loans. Even if they manage to come up with a workable blue print, I doubt Buhari and his people will be able to implement it successfully because so far, the only thing Buhari has done is to push us into recession less than two years in office. 4 Likes |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by KunkeAkinola(m): 4:07pm On Nov 01, 2016 |
falxx: Yh. U must have said something similar in GEJ's regime |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by repogirl(f): 4:18pm On Nov 01, 2016 |
tohchee96:lmao! I remember when Boooohari was still campaigning and was asked during an interview that where will he get money to finance all his big ideas.... he replied that once they block all the leakages that there will be more than enough. Me, I am now wondering whether they are not blocking leakages anymore. Why are they now going to borrow? 4 Likes |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by ilynem(m): 4:26pm On Nov 01, 2016 |
Largas:This is why I don't argue with Buhari haters. I just gave my opinion and the next thing u say is "sharap". Calm down, forget hate and reason. How did U.S and China become exporting countries? Infrastructure. That is what the fund is for. How can we start exporting without proper funding in the right sectors?? The idea is a good one, the only problem is implementation, that's why this government needs to be more transparent. 1 Like |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by Chigold101(m): 4:30pm On Nov 01, 2016 |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by ilynem(m): 4:38pm On Nov 01, 2016 |
eduj:You are mostly correct. But you are getting something wrong. They are long term projects, yes. But they still have short term effects. For instance, these foreigners employ Nigerians in their companies and so this increases income which in turn stimulates demand. But you are right! Some of the funds will go out of the country. But us there any other way |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by Nobody: 4:42pm On Nov 01, 2016 |
I think therefore Our Democracy z advancing, Not as if I am in support or against Senate deliberation /ruling but because our legislators can act independently without influence from the executive, I wish there will be absolute separation of power in the nearest future b/w d various arms of govt, this z d beauty of democracy, (God help us to live peacefully as a country or break up peacefully as a failed state) whichever is Your Will. |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by frank202012: 4:52pm On Nov 01, 2016 |
Largas: Kikikikikikikikiki 1 Like |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by Collins0609(m): 4:59pm On Nov 01, 2016 |
Buhari frustrate Saraki with executiv power,Saraki frustrate Buhari with Legislative power, Game on 1 Like |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by chidozieikeji2: 5:02pm On Nov 01, 2016 |
seunmsg:approve what? The ones he borrowed what have he done with it dis man is as confused as chameleon 2 Likes |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by DamiBukola: 5:12pm On Nov 01, 2016 |
mashin:I tut your useless government said they have met 70% of the 2016 budget? Imagine what your careless support has done to Nigeria, you accept anything from the government because of tribalism 2 Likes |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by jadyclem(m): 5:14pm On Nov 01, 2016 |
I read some comments saying that, ' you can't diversify an economy in 17 months' . really? diversification starts with d polices of d government. what is this administration's economic policies? how does their policies encourages d local industries and other sectors of d economy? come to think of it, how can a sane President ever think of borrowing an amount of money that is more than his country's reserve with no defined payment plan? thank God the senate turned it down! that man wan sell 9ja, I pray God comes to our aide! 4 Likes |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by ilynem(m): 5:15pm On Nov 01, 2016 |
repogirl:Don't you ever insult the finance minister. I love that woman, if not for anything but cuz she's cute and speaks well. Lol. Seriously though, you are right. The problem is implementation and I don't think the president has the right people around him. But instead of throwing out the whole plan, the senate should ask for more transparency in the implementation. Because whether you like it or not, we need that loan. 1 Like |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by Bolaadu(m): 5:21pm On Nov 01, 2016 |
krendo:this 1 is selfish check and balance,dey don want this man to archive anything.have change my prayer point before I pray 4Nigeria but now I pray for my self and my family no matter how Nigeria worst I shall succeed. |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by cyberguy72(m): 5:23pm On Nov 01, 2016 |
DONSMITH123:sumtin like what. |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by Nobody: 5:26pm On Nov 01, 2016 |
ilynem: If the Loan was being used to revamp our dead Oil Refineries so as to kill our Importation of Oil which is Nigeria's highest FOREX consumer then we'd see a gain of the Naira against the Dollar. We spend Trillions importing refined Oil, everything, toothpics, even GRASSES, but you can revamp the refineries and kill the importation of Oil. This will also lead to fall of Fuel Price, taking it as low as N60/L. And life will start getting normal. Of all the things the Loan will be used for, only the Mambilla Power Plant is that crucial, all these railtracks are stuffs you build when the Economy is stable, not in a time of recession and hardship. Who go use the trains when en never see rice chop as it costs 25k a bag?? Abegi. 2 Likes |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by drss2(m): 5:33pm On Nov 01, 2016 |
repogirl:chai! d way u wip dat boy him go cry for one week. zombeism na serious disease. 3 Likes |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by charlesedu777: 5:34pm On Nov 01, 2016 |
part 2 Please |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by Rilwayne001: 5:49pm On Nov 01, 2016 |
seunmsg: This is quite insightful. 1 Like |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by jrusky(m): 5:55pm On Nov 01, 2016 |
But why do they not passed it nah I think the borrowing is for our good as APC sickening heads always put it. Please Senate or Rep house why did you disallowed this borrowing why and why Please the bill should go second attempt please and I beg Buhari to increase the figure to like 100 trillion Dollars that would have be so nice. That is the 1 Like |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by CioAngels(f): 6:08pm On Nov 01, 2016 |
In asmuch as i would ask why the borrowing? I would also say, sorry to buhari, as the Aso rock Cabals, Saraki and his Group will use this to hold Buhari to ransom to do their bidding of dropping all charges against them before the loan will be approved just has being done in the case of Efcc, Magu. These people wants to sell and buy Nigeria just as pa obasanjo sold Nigerian airways and its assets to himself. May they all be asked, judged, disgraced and punished. 1 Like |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by Nobody: 6:13pm On Nov 01, 2016 |
kITATITA: Well let pmb attack them back by doing the right thing! Naija has no business borrowing in the midst of all the waste in government Let Buhari swallow the humble pie and do the right thing 1 Like |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by udumosam23(m): 6:20pm On Nov 01, 2016 |
Chigold101: Aren't you surprised too? I was anticipating a reduction of sort, not outright rejection. |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by clefstone(m): 6:33pm On Nov 01, 2016 |
Ephemmm:e pain am 1 Like |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by clefstone(m): 6:33pm On Nov 01, 2016 |
Inspectahdeck:I don't care 1 Like |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by frubben(m): 6:54pm On Nov 01, 2016 |
seunmsg: But he can travel around the world in 17 month. Guy use brain now. 1 Like |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by ilynem(m): 6:55pm On Nov 01, 2016 |
Largas:Good point. We are all here to learn and I can understand where you are coming from. But rail tracks is something we actually need to aid transportation which is important for production. But let's forget that. Government spending actually stimulates the economy which is what we need now. You want to end the recession? We need to spend. But spend in the right sectors that will actually aid production. This is where I agree with you. Rail tracks will help, but that is not the priority now. Now talking about oil, we are actually looking for how to move away from oil to other sectors. Fixing refineries will help, but we have been talking about that for years now and nothing has been done! We need to improve on agriculture and manufacturing. That will earn us more foreign exchange and we need infrastructure in these sectors. |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by Splashme: 7:08pm On Nov 01, 2016 |
truefact: 1 Like |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by Nobody: 7:11pm On Nov 01, 2016 |
ilynem:The main reason why Refineries haven't worked after OBJ and GEJ invested too much in the sector is because of corruption. Diezanni Madueke never loot finish na to supervise revamping of Refineries? If Buhari is truly incorruptible and the real Minister for Petroleum he should overhaul our Refineries and get them working. You'll create jobs, export refined oil meaning MORE FOREX. Fuel price reduces to #60 and so many other goodies attached. You have another point about Agriculture and Manufacturing, but Innoson that COUPLES/Manufactures vehicles locally in Nigeria, what support has he gotten from the FG? Many civilized nations would have given him more favourable Auto-Policies, Loans, Incentives and in few months, Nigeria will become Vehicle exporting Country. Small African Nations like CHAD, Niger, etc will be our Consumer countries. But Bubu has poor economic team, or he doesn't listen to the available ones. 1 Like |
Re: Senate Rejects Buhari’s Request To Borrow $30bn by ehissi(m): 7:27pm On Nov 01, 2016 |
ilynem: Yeeeeeeeeeh!! Where did you get the idea that the money is for infrastructure?? And why is the loan request higher than the National budget?? Or does it make sense for the President to be seeking expenses/expenditure outside budgetary provisions?? Isn't it proper for an appropriation to be sought first before seeking this loan; assuming it is true that the funds will be used for infrastructure - according to you Oooh According to an official statement made by the current administration recently which I spotted here on Nairaland, the budget implementation is at 79%. 79% of 6.07trillion leaves a balance of #1.274trillion. So from your statement, we can imply that the government wants to increase the 2016 budget by over #7.785trillion using the instrument of debt. For a country that is going through a recession does this not count as a waste At we speak, rumour has it that the 2017 budget - in draft form - is even higher than the 2016 budget by over #1.1trillion. If we have to borrow to fund 2016 budget, what will we do when we seek to fund 2017 budget?? Borrow another $29.9billion to fund 2017 budget?? This was how aregbesola was doing when he started with Osun state, now he can't afford to pay salaries. Even his bail out plan needs a bail out plan. Let's not deceive ourselves here, this government has no idea what it is doing because it doesn't have experienced hands in the proper place. As I speak with you, even as we are right now, salaries for federal workers are not regular all-round. My in-laws both in Federal Medical Centre abuja and bida who are medical personnel have been told, "when you see salary at the end of the month thank God, when you don't see salary thank God.". And we haven't borrowed $29.9billion yet. If they now borrow nko, how will dey now pay back. The US you are quoting, have you seen the debt profile of US?? It was the stubborness of US congress to refuse to raise the debt borrowing limit that put Obama in a meeting at white house on duty through out 31st night into the new year a few years ago. The debt profile of US as at 2011 was over $18trillion and congress raised the debt borrowing ceiling to $24trillion at a time; I know by now, they would have exhausted that limit by now. As at 2001 the debt obligation the US had at the UN alone was $2trillion. We can't afford to be like them please Oooh!! Even if we have all the infrastructure of malaysia, singapore, us and china, it will not be sufficient an investment to generate income to pay off such debt that Buhari is looking to borrow. 1 Like 2 Shares |
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