9jakohai:


Big question for you.

With oil prices falling from $100 in Jan 2014 TO $75 in April 2015 to $29 IN Jan 2016....what did you expect?

Also consider that Nigeria needs oil at $123 per barrel to meet all our needs.

Mind...I am not here to defend or attack any government....but to show you the problem,....which is our chronic dependence on selling raw materials....and sharing the cash...which causes problems when cash falls.

The only way out....we have to make the hard decision to switch from selling raw materials to selling manufactured goods. That is where the issue is. And that is how we should vote in 2019...for the party willing to make such decisions....even if it is not APC or PDP.

clarocuzioo:
Borrowing increased, subsidy was removed, TSA was fully implemented, EFCC recovering billions of dollars, taxes skyrocketed, highest budget so far in the history of this country, yet we are not seeing things that are comesurate with these heavy funds. God help this Nation.

9jakohai:


We are out of recession....that is the truth.

The issue is that when we were in recession , we had to take loans to keep our economy afolat due to oil losing its value...from $100 in Jan 2014 to $29 in 2016.

That is what happens when you rely too much on selling one or more resources , once the price goes down, you have to take loans to maintain the same level of lifestyle. Or else...run really severe austerity govt (while spending more on power, rail, etc...so that we become a manufacturer).

Now...PDP should have saved money under GEJ . But even if GEJ saved...it would not have mattered much so long as oil stayed below $60.

vedaxcool:
Meaning Jonathan left Over N12 trn debt on Nigeria

vedaxcool:
[s][/s]

See liar debt since 1960. .. may God's wrath not descend on you for this hellish lie... the $2B borrowed and stolen by GEJ administration was done in 1960? When will shame catch defenders of looters

sarrki:


Uncle if it is judiciously used its in line

Tell me the country that didn't borrow ?

You don't have to lose your brain because of hate, You may need it after 2023!

Cc vedaxcool, omenka, madridguy, omenka lives, jesuslovesyou, victornezzar

sarrki:


Uncle if it is judiciously used its in line

Tell me the country that didn't borrow ?

You don't have to lose your brain because of hate, You may need it after 2023!

Cc vedaxcool, omenka, madridguy, omenka lives, jesuslovesyou, victornezzar

vedaxcool:
[s][/s]

See liar debt since 1960. .. may God's wrath not descend on you for this hellish lie... the $2B borrowed and stolen by GEJ administration was done in 1960? When will shame catch defenders of looters

gurunlocker:


Can you read the first line of your post and see how dumb it sound? That was within 2 years and you are saying "if it is judiciously used". Used to do what please? Tell me what they use it to do..... How about the said recovered loot?

989900:
Borrowed to do what?

A more detailed breakdown will be better.

clarocuzioo:
Borrowing increased, subsidy was removed, TSA was fully implemented, EFCC recovering billions of dollars, taxes skyrocketed, highest budget so far in the history of this country, yet we are not seeing things that are comesurate with these heavy funds. God help this Nation.

senatordave1:

Chairman,the 7trillion was incurred by both states and fg? Part of the fg loans is being used to fund the various rail pojects around the country and also the mambilla power plant.the fg has retarred the calabar-itu road,oyo-ilorin road,sokoto talata mafara road,yunusari-geidam-ngazargamu road,yola-gombe road,ogoja-bekwarra road,

989900:
Borrowed to do what?

A more detailed breakdown will be better.

Histrings08:
OK... They borrowed a lot, so is that a good or bad?

gurunlocker:


How much is 2015, 2016 and 2017 budget please?

jpphilips:
The right question to ask under the circumstance is; why did the Jonathan's administration borrow up to 12T naira in plenty?
Local borrowing control inflation as experienced lately, nevertheless, our debt profile is a disaster!!

SalamRushdie:


You need to open your mind more bro , it was never about low oil prices but the poor shallow decision decisions of the Buhari administration..Like I always say send Buhari to Sweden and he will destroy their prosperous economy in 6 months ..

gurunlocker:


Lol.... Your hatred for GEJ won't let you use your brain, that's if you have one. So 12trn was borrowed under GEJ alone? That means OBJ didn't borrow anything right? or he was able to pay all debt before Yar'adua / GEJ came on board?

jpphilips:


Do you think it is a coincidence that the 3rd largest crude oil exporter in the world just exited recession after 2yrs?
Do you think it is a coincidence that the largest producer of crude oil in Africa just exited recession?
Do you sincerely think it is equally a coincidence that the second largest producer of crude oil in Africa is in recession?
Do you think it is a coincidence that 6 out of 8 oil producing states in the US are in recession?
Buhari is the president and governors of all these places I guess?
Like someone told you, the borrowing was necessitated by low crude prices (earnings) while our recurrent expenditure remained the same, it was impossible sacking the workers to cut down rec. expenditure, it was difficult taxing Nigerians already at the edge without risking implosion, so what other option do you think the Government has? borrow.

This is what we need to do, any 2019 presidential contestant, ask him what he will do under the circumstance, if he suggests borrowing, then APC stays, if he has a better idea, then he takes the votes, how about that?

nnaeyes6:


Go sleep bro. When something is wrong u won't tackle that, u want to divert to GEJ. they said total debt before ur father Buhari became president. Only him for two years 7.trillion. all the past administration put together is 12.tr from independence till date. Maybe before he finishes in 2019, he will break another record for GUINNESS as serving president who doubled the debts of his country and surpassed put together all regime of his country. Aboki in Afonjas atire.

jpphilips:


Nigeria's debt was paid off by OBJ, guess you were not born during the Paris club debt relief.