Un? anyway i part-work in the CBN i know whats going on "he is my governor" but let him work with concience not sentiment.

Billyonaire: When 2 economic Titans challenge each other, who should I support ? Common sense tells me to cut my coat according to my size. Another reason is that funds borrowed might even end up in a wrong purse. I agree with SLS on this. We should stop borrowing.

Imagine that GEJ accepts your "cut your coat according to your size" advice and:
1. Sacks over fifty percent of the federal workforce
2. No more subsidies and other benefits

People are never satisfied. When he wants to remove subsidy to depend less on borrowed funds, y'all complain. When he borrows to fund your comfort, y'all complain.

This is one of the major area of conflicts among great Economists all over the world. No prudent person will be happy to see his debt profile rising unnecessarily especially if it comes with high interest rate but on the other hand, there is no developing country/State that can do without debts finance. For instance, Lets compare Lagos State(one of the highest indebted States in Nigeria) and Anambra State(one of the least indebted states in Nigeria), while Lagos carries out most of its developmental projects through debt finance, Anambra State limits it's development strides to what the State can afford for now and it's left for us to decide who among the Governors is a better manager as far as development at the State level is concerned.

I seriously doubt if Nigeria can afford to limit its projects to the amount it has in its treasury especially now that we need to finance several critical social infrastructural projects. However, we should be more concerned with the prudent use of our borrowed funds.

hypeman:
This woman exemplifies why education, overly-stacked CV, and experience are somewhat overrated...

Somewhat?

PHIPEX: This is one of the major area of conflicts among great Economists all over the world. No prudent person will be happy to see his debt profile rising unnecessarily especially if it comes with high interest rate but on the other hand, there is no developing country/State that can do without debts finance. For instance, Lets compare Lagos State(one of the highest indebted States in Nigeria) and Anambra State(one of the least indebted states in Nigeria while Lagos carries out most of its developmental projects through debt finance, Anambra State limits it's development strides to what the State can afford for now and it's left for us to decide who among the Governors is a better manager as far as development at the State level is concerned.

I seriously doubt if Nigeria can afford to limit its projects to the amount it has in its treasury especially now that we need to finance several critical social infrastructural projects. However, we should be more concerned with the prudent use of our borrowed funds.

Well . . . Part of why Anambra might well remain a backwater for eons, and Lagos is primed to reap dividends over the next few decades, as a result of Fashola's bold moves.

As per social infrastructure . . . I doubt it is reasonable to borrow to finance that. There should be a federally-funded initiative to finance basic infrastructure (roads, healthcare, security) that can support the Nigerian citizens no matter where they choose to reside. Everything else, such as power, mega-city development (like Eko Atlantic etc), urban transportation, etc, should be strictly for-profit, and based on PPP or wholly-privatized models.

I am sorry to say, Lagos seems to be the only state on that road. At the end of this decade, Lagos will have two additional seaports, another international airport, and a brand-new premium city (Eko Atlantic). I wonder what the other governors, especially those who were said to have received 7.33trn since 1999 are doing.

Government should stop sharing the bulk of their oyel revenue between federal and state government functionaries, and use it to develop national security and healthcare initiatives, and also ensure that we have a decent inter-state road network pan Nigeria. They should privatize the goddamned power sector and be done with it, focus on regulation only. Everything else should be left to state. Let states develop as they are able, without waiting for the Abuja goodies.

Okonjo and Sanusi, no be me una dey fool ooo, na ur boss GEJ i pity!

J12: She's right. Even the US states has a huge debt profile. Liquidity is all that matters.

you left out one major fact - the US dollar is the world reserve currency which means that most international transactions are conducted in dollars , giving the dollar an artificially high value, also the US govt prints its own money which it uses to make up for any shortfall in revenue but extensive printing of their dollars (quantitative easing) has resulted in massive depreciation of the dollar which could result in many foreign coutnries looking for a way to exit from the dollar and form their own reserve currency - the BRICS are currently trying to do this.

Tusky44: Okonjo disappoints me. Why plow so much in the sovereign wealth fund and then go borrow with heavy repayment interest? Are you pleasing the world bank & IMF? Anyway, Sanusi may be right but with GEJ as their boss, nothing can go right.

Regardless, we shall vote GEJ in 2015 - 2019 cos God sent him and his mission is to deal with SW & up North.

As in!!!!!! Someone with a grasp of sophisticated thoughts!!!!!!! The above poster has earned my respect for the point I was trying to explain to tribal warlords on this thread https://www.nairaland.com/1141918/ministers-should-protest-immediate-sack

Why have a sovereign wealth fund that won't be invested in Nigeria right away and borrow money? Why? In a bad economy, you spend money not save billions!! Why did America take trillions from the federal reserve when their economy was crashing?

I don't think Okonjo Iweala is dumb with all that schooling; I believe she is acting out a script!!! WTH!!

Nigeria also has an account with JP Morgan that our finance minister said she doesn't know who opened it. But you are aware of it? There are banks in Nigeria that should be giving loans to help businesses expand instead we are having "sovereign wealth fund" and opening an account with JP Morgan which will be used to invest not in Nigeria?

MY PEOPLE WAKE UP!! JUST LIKE SLAVERY, WE ARE BEEN SOLD AGAIN. PLEASE WAKE UP!! THIS IS SERIOUS!! Okonjo Iweala is nothing but IMF's puppet in Nigeria. Her allegiance is not with Nigeria!! PLEASE WAKE UP! PLEASE!! PLEASE!! STOP BEING DISTRACTED BY TRIBAL THREADS!! NIGERIA'S ISSUES ARE WAYYY BEYOND TRIBE! PLEASE WAKE UP!!

hypeman: However, what's the point of borrowing and accumulating more debt when there's absolutely nothing to show for it - except her pig-like fat lips These clowns will run an already poor country into the ground with their wastefulness... Paris club or China/BRIC - what difference does it make? Isn't this the same woman who committed the greatest financial blunder in[b][/b] history by paying off a debt that we shouldn't have been paid off in the first place?? She's a fraud!!

This woman exemplifies why education, overly-stacked CV, and experience are somewhat overrated...

Classic example of "more books than common sense"

I've got no problem with nigeria borrowing, afterall dynamic economies run on debt so far as it can be funded and sustained but my problem is what this money is used for. If the government comes and tell us that we need to borrow money to build a high speed rail connecting lagos, abuja and p.h! No one will complain but borrowing money we don't see it's use is a tragic!!

victorazy: I WILL NEVER BLAME SANUSI FOR ANYTHING, HE IS ACCOMPLISHING A TASK, RATHER I WILL BLAME THE MMORON WE HAVE AS PRESIDENT THAT APPOINTED HIM TO THAT SENSITIVE POSITION KNOWING FULLY WHAT HE CAN DO.

was it Jonathan that appointed him CBN governor?

Ikengawo:
pigs don't have lips.

and what is the blunder in paying off a debt, which the majority of it was simply forgiven

i don't know where you are getting your information - nigeria paid off ALL OF THE PRINCIPAL on the original loan in the 1980s, all it owed was the interest which had been hiked up by the criminal paris club who are quite frankly duping and scamming african countries in order to keep them in a permannent state of debt.

AjanleKoko:

Well . . . Part of why Anambra might well remain a backwater for eons, and Lagos is primed to reap dividends over the next few decades, as a result of Fashola's bold moves.

As per social infrastructure . . . I doubt it is reasonable to borrow to finance that. There should be a federally-funded initiative to finance basic infrastructure (roads, healthcare, security) that can support the Nigerian citizens no matter where they choose to reside. Everything else, such as power, mega-city development (like Eko Atlantic etc), urban transportation, etc, should be strictly for-profit, and based on PPP or wholly-privatized models.

I am sorry to say, Lagos seems to be the only state on that road. At the end of this decade, Lagos will have two additional seaports, another international airport, and a brand-new premium city (Eko Atlantic). I wonder what the other governors, especially those who were said to have received 7.33trn since 1999 are doing.

Government should stop sharing the bulk of their oyel revenue between federal and state government functionaries, and use it to develop national security and healthcare initiatives, and also ensure that we have a decent inter-state road network pan Nigeria. They should privatize the goddamned power sector and be done with it, focus on regulation only. Everything else should be left to state. Let states develop as they are able, without waiting for the Abuja goodies.

I find the bolded in your statement contradictory, If you consider Fashola's borrowings at the state level to finance social infrastructure as a bold step why are u not considering FG borrowing for same purpose as a bold step too? Like I said earlier, there are situations where public borrowing are justified. Certain things are considered such as what the loans are meant for (that is if they will not be embezzled or diverted) and the cost of borrowing. In this case nobody can guarantee the safety of the loan from embezzlement but they seem to come cheap. I'll focus my criticism on how to safeguard the funds for now rather than avoiding borrowing altogether. I personally doubt if there is any single country in the whole world that doesn't borrow.

Pick your favorite verse

Bible Verses about Usury

Exodus 22:25 ESV /

“If you lend money to any of my people with you who is poor, you shall not be like a moneylender to him, and you shall not exact interest from him.

Ezekiel 18:13 ESV /

Lends at interest, and takes profit; shall he then live? He shall not live. He has done all these abominations; he shall surely die; his blood shall be upon himself.

Ezekiel 22:12 ESV /

In you they take bribes to shed blood; you take interest and profit and make gain of your neighbors by extortion; but me you have forgotten, declares the Lord God.

Ezekiel 18:8 ESV /

Does not lend at interest or take any profit, withholds his hand from injustice, executes true justice between man and man,

Deuteronomy 23:19 ESV /
“You shall not charge interest on loans to your brother, interest on money, interest on food, interest on anything that is lent for interest.

Ezekiel 18:17 ESV /

Withholds his hand from iniquity, takes no interest or profit, obeys my rules, and walks in my statutes; he shall not die for his father's iniquity; he shall surely live.

Leviticus 25:37 ESV /

You shall not lend him your money at interest, nor give him your food for profit.

Deuteronomy 23:19-20 ESV /

“You shall not charge interest on loans to your brother, interest on money, interest on food, interest on anything that is lent for interest. You may charge a foreigner interest, but you may not charge your brother interest, that the Lord your God may bless you in all that you undertake in the land that you are entering to take possession of it.

Luke 6:35 ESV /

But love your enemies, and do good, and lend, expecting nothing in return, and your reward will be great, and you will be sons of the Most High, for he is kind to the ungrateful and the evil.

Jeremiah 15:10 ESV /

Woe is me, my mother, that you bore me, a man of strife and contention to the whole land! I have not lent, nor have I borrowed, yet all of them curse me.

Proverbs 28:8 ESV /

Whoever multiplies his wealth by interest and profit gathers it for him who is generous to the poor.

Leviticus 25:36 ESV /
Take no interest from him or profit, but fear your God, that your brother may live beside you.

Proverbs 22:7 ESV /

The rich rules over the poor, and the borrower is the slave of the lender.

Leviticus 25:35-37 ESV /
“If your brother becomes poor and cannot maintain himself with you, you shall support him as though he were a stranger and a sojourner, and he shall live with you. Take no interest from him or profit, but fear your God, that your brother may live beside you. You shall not lend him your money at interest, nor give him your food for profit.

Psalm 15:5 ESV /

Who does not put out his money at interest and does not take a bribe against the innocent. He who does these things shall never be moved.

Nehemiah 5:1-13 ESV /

Now there arose a great outcry of the people and of their wives against their Jewish brothers. For there were those who said, “With our sons and our daughters, we are many. So let us get grain, that we may eat and keep alive.” There were also those who said, “We are mortgaging our fields, our vineyards, and our houses to get grain because of the famine.” And there were those who said, “We have borrowed money for the king's tax on our fields and our vineyards. Now our flesh is as the flesh of our brothers, our children are as their children. Yet we are forcing our sons and our daughters to be slaves, and some of our daughters have already been enslaved, but it is not in our power to help it, for other men have our fields and our vineyards.” ...

Acts 2:44-45 ESV /

And all who believed were together and had all things in common. And they were selling their possessions and belongings and distributing the proceeds to all, as any had need.

Matthew 25:27 ESV /

Then you ought to have invested my money with the bankers, and at my coming I should have received what was my own with interest.

Isaiah 1:1-31 ESV /
The vision of Isaiah the son of Amoz, which he saw concerning Judah and Jerusalem in the days of Uzziah, Jotham, Ahaz, and Hezekiah, kings of Judah. Hear, O heavens, and give ear, O earth; for the Lord has spoken: “Children have I reared and brought up, but they have rebelled against me. The ox knows its owner, and the donkey its master's crib, but Israel does not know, my people do not understand.” Ah, sinful nation, a people laden with iniquity, offspring of evildoers, children who deal corruptly! They have forsaken the Lord, they have despised the Holy One of Israel, they are utterly estranged. Why will you still be struck down? Why will you continue to rebel? The whole head is sick, and the whole heart faint. ...

Psalm 15:1-5 ESV /

A Psalm of David. O Lord, who shall sojourn in your tent? Who shall dwell on your holy hill? He who walks blamelessly and does what is right and speaks truth in his heart; who does not slander with his tongue and does no evil to his neighbor, nor takes up a reproach against his friend; in whose eyes a vile person is despised, but who honors those who fear the Lord; who swears to his own hurt and does not change; who does not put out his money at interest and does not take a bribe against the innocent. He who does these things shall never be moved.

Nehemiah 5:1-19 ESV /
Now there arose a great outcry of the people and of their wives against their Jewish brothers. For there were those who said, “With our sons and our daughters, we are many. So let us get grain, that we may eat and keep alive.” There were also those who said, “We are mortgaging our fields, our vineyards, and our houses to get grain because of the famine.” And there were those who said, “We have borrowed money for the king's tax on our fields and our vineyards. Now our flesh is as the flesh of our brothers, our children are as their children. Yet we are forcing our sons and our daughters to be slaves, and some of our daughters have already been enslaved, but it is not in our power to help it, for other men have our fields and our vineyards.” ...

Deuteronomy 15:7-11 ESV /

“If among you, one of your brothers should become poor, in any of your towns within your land that the Lord your God is giving you, you shall not harden your heart or shut your hand against your poor brother, but you shall open your hand to him and lend him sufficient for his need, whatever it may be. Take care lest there be an unworthy thought in your heart and you say, ‘The seventh year, the year of release is near,’ and your eye look grudgingly on your poor brother, and you give him nothing, and he cry to the Lord against you, and you be guilty of sin. You shall give to him freely, and your heart shall not be grudging when you give to him, because for this the Lord your God will bless you in all your work and in all that you undertake. For there will never cease to be poor in the land. Therefore I command you, ‘You shall open wide your hand to your brother, to the needy and to the poor, in your land.’

Leviticus 25:1-55 ESV /

The Lord spoke to Moses on Mount Sinai, saying, “Speak to the people of Israel and say to them, When you come into the land that I give you, the land shall keep a Sabbath to the Lord. For six years you shall sow your field, and for six years you shall prune your vineyard and gather in its fruits, but in the seventh year there shall be a Sabbath of solemn rest for the land, a Sabbath to the Lord. You shall not sow your field or prune your vineyard. You shall not reap what grows of itself in your harvest, or gather the grapes of your undressed vine. It shall be a year of solemn rest for the land. ...

Matthew 25:1-46 ESV /
“Then the kingdom of heaven will be like ten virgins who took their lamps and went to meet the bridegroom. Five of them were foolish, and five were wise. For when the foolish took their lamps, they took no oil with them, but the wise took flasks of oil with their lamps. As the bridegroom was delayed, they all became drowsy and slept. ...

Isaiah 10:1-34 ESV /
Woe to those who decree iniquitous decrees, and the writers who keep writing oppression, to turn aside the needy from justice and to rob the poor of my people of their right, that widows may be their spoil, and that they may make the fatherless their prey! What will you do on the day of punishment, in the ruin that will come from afar? To whom will you flee for help, and where will you leave your wealth? Nothing remains but to crouch among the prisoners or fall among the slain. For all this his anger has not turned away, and his hand is stretched out still. Ah, Assyria, the rod of my anger; the staff in their hands is my fury! ...

Psalm 22:1-31 ESV /
To the choirmaster: according to The Doe of the Dawn. A Psalm of David. My God, my God, why have you forsaken me? Why are you so far from saving me, from the words of my groaning? O my God, I cry by day, but you do not answer, and by night, but I find no rest. Yet you are holy, enthroned on the praises of Israel. In you our fathers trusted; they trusted, and you delivered them. To you they cried and were rescued; in you they trusted and were not put to shame. ...

Luke 19:23 ESV /

Why then did you not put my money in the bank, and at my coming I might have collected it with interest?’

Matthew 21:1-46 ESV /

Now when they drew near to Jerusalem and came to Bethphage, to the Mount of Olives, then Jesus sent two disciples, saying to them, “Go into the village in front of you, and immediately you will find a donkey tied, and a colt with her. Untie them and bring them to me. If anyone says anything to you, you shall say, ‘The Lord needs them,’ and he will send them at once.” This took place to fulfill what was spoken by the prophet, saying, “Say to the daughter of Zion, ‘Behold, your king is coming to you, humble, and mounted on a donkey, and on a colt, the foal of a beast of burden.’” ...

Malachi 3:1-18 ESV /

“Behold, I send my messenger, and he will prepare the way before me. And the Lord whom you seek will suddenly come to his temple; and the messenger of the covenant in whom you delight, behold, he is coming, says the Lord of hosts. But who can endure the day of his coming, and who can stand when he appears? For he is like a refiner's fire and like fullers' soap. He will sit as a refiner and purifier of silver, and he will purify the sons of Levi and refine them like gold and silver, and they will bring offerings in righteousness to the Lord. Then the offering of Judah and Jerusalem will be pleasing to the Lord as in the days of old and as in former years. “Then I will draw near to you for judgment. I will be a swift witness against the sorcerers, against the adulterers, against those who swear falsely, against those who oppress the hired worker in his wages, the widow and the fatherless, against those who thrust aside the sojourner, and do not fear me, says the Lord of hosts. ...

Isaiah 50:1 ESV /

Thus says the Lord: “Where is your mother's certificate of divorce, with which I sent her away? Or which of my creditors is it to whom I have sold you? Behold, for your iniquities you were sold, and for your transgressions your mother was sent away.



Jesus drives the money-changers from the temple

[img]http://3.bp..com/-5lkSAKwSrvs/TvirfAG8QgI/AAAAAAAACkA/pZDYVmhperE/s1600/images-jesus_temple.jpg[/img]

Ikengawo:
pigs don't have lips.

and what is the blunder in paying off a debt, which the majority of it was simply forgiven

buhari's economic advisers recommended a moratorium (freeze) on the fraudulent hiked interest - this led to buhari being removed by way of a military coup funded and organised by the CIA.

Our Babaristic baba, most articulate baba! Dat one no be ordinary sleep o! He is in spirit meditating over this economical issue......

hypeman: However, what's the point of borrowing and accumulating more debt when there's absolutely nothing to show for it - except her fat lips These clowns will run an already poor country into the ground with their wastefulness... Paris club or China/BRIC - what difference does it make? Isn't this the same woman who committed the greatest financial blunder in history by paying off a debt that we shouldn't have been paid off in the first place?? She's a fraud!!

This woman exemplifies why education, overly-stacked CV, and experience are somewhat overrated...

you are very right, all of this was discussed by Ola Kazeem - a nigerian journalist:

Nigerian Economy: Rising debt, IMF Once again, Collapsing Infrastructure as fat Cats get fatter


Written by Ola Kazeem
Friday, 12 August 2011 17:36
In 2005, during the tenure of Obasanjo with Okonjo Iweala as Finance minister, Nigeria paid a whopping sum of 12 Billion dollars to buy back 18 Billion dollars debt owed Paris club. This prepared the ground for Nigeria to completely pay off its debt by April 2006 and made her first African country to fully pay off its debt (estimated at $30 billion) owed to the Paris Club. This “exit” from debt trap was celebrated both nationally and internationally; the celebration alone was estimated to gulp 2.4Billion Naira.

This further confirmed the subservience nature of Nigerian ruling elites to their foreign masters in the west. This 12Billion Dollars would have gone a long way in solving many infrastructural challenges, the health, education and power would have positively benefitted immensely from this windfall, but those become completely unimportant when the interest of Nigerian ruling class or their masters are involved. [b][/b]Despite the fact that, over 35Billion dollars already paid in interest and the destination of this debt cannot be rationally traced, yet it was still the priority of thieving gangsters to dole out such a huge amount, under a dubious buy back deal.

Something similar happened in Argentina on September 2, 2008; President Cristina Fernandez de Kirchner of Argentina announced plans to pay off the entirety of debt owed to the Paris Club, which amounted to roughly $6.7 billion. Political pressures ensued and though the government officially insisted on its intention to repay,[3] government officials eventually stated that this is unlikely until global credit conditions improve, in spite of the fact that Argentina is richer than Nigeria. Regime of Cristina Fernandez de Kirchner became so unpopular and even up till now it has not emerged from this infamous attempt; but in Nigeria, this mad wastage was greeted with drumming and dancing.

A naïve observer would have thought that for Nigerian ruling class to have rejoiced over exiting debt burden means never again will they enter it again. That they have forever learnt their lessions, but can an irresponsible, unproductive and useless ruling elites live without debt? In less than 5 years, the debt portfolio has climbed and surpassed the 2005 figures. Nigeria now owes $37Billion. The World Bank/IMF, just as it did in 2005, has once again stationed its representative in person of Okonjo Iweala; at least to oversee its interest and ensure that its policies are followed to the latter. Despite favourable oil price in the international market which means more money for Nigeria, the debt continues to rise uncontrollably. The main difference between now and 2005, is the composition of this debt figure. Just $5 Billion is foreign; the remaining is debt owed their local friends and contractors. The immediate response of Okonjo Iweala after her swearing in was that there is no cause for alarm; that the present debt is just 19% of GDP, which falls short of 40% boundary recommended by World Bank. From her response, it means we have just begun the part two into the jungle of unending debt. As at present, N542bn is earmarked for debt servicing in 2011 budget alone. This amount is more than the total allocation for education and health combined. Okonjo Iweala personally benefitted from the 2005 deal because her Consultancy outfit actually brokered the deal and the consultancy fee alone is enough to encourage her to do it over and over again.

The main thrust of IMF/WORLD BANK policy for Nigeria, like other less developed countries is to devalue the currency. Nigerian ruling class, a complete slave to foreign interest is always ready to carry through any policy irrespective of its own local narrow interest. With a devalued Naira, the local debt becomes cheaper and inflation becomes galloping. Devalued Naira will make foreign component of the debt to be more valued and at the same time cheapen the local component. There might be a determined resistance from local bourgeoisie against this move, but as always, in the final analysis, the interest of International capital prevails.

This revealed more glaringly why inflation presently at 12.5% will likely shot up the more. Why Goodluck Jonathan Government will continue to deceive the Nigerian workers as regards minimum wages; even if eventually paid, devaluation will make mess of it. This regime like previous regimes is only capable of bringing succour to foreign interest and local cronies and at the same time increase pain and agony for Nigerian masses. Nigerian ruling class is absolutely dependent on foreign interest, this was also revealed by wikileaks: how US Government mobilized support for Jonathan and sent their illustrious daughters(Okonjo Iweala) to directly oversee their collective interest.

As long as Nigerian ruling class remain in power, more agony and frustration will continue unabated for Nigerian masses, just as foreign capital and local bourgeoisies benefit more and more from our pains. The only available alternative to a better Nigeria is booting out this thieving ruling elites, establishing the Government of the working people; for working people and in the interest ordinary Nigerians.

[/b]

http://www.workersalternative.com/economy/110-nigerian-economy-rising-debt-imf-once-again-collapsing-infrastructure-as-fat-cat-get-fatter

aasog1: [b][/b]

SLS has been known to be a professional bully, an idealistic perfectionist who loves the sound of his voice more than anything in the world! hes good at quoting statistics and making reference to Harvard Business Review, and the Economist! Gosh! The guy reminds me of one of my MBA lecturer .
Mummy NOI is too soft, and I dont see her as someone getting respect from the likes of SLS. As far as I can tell, shes not as crazy as him

What is your point dude? Or you just want to let us know your qualifications? And also that NOI is your mummy? Dude please act maturely. Any loan that is not judiciously spent is a crime and en slavery to a nation and its future generations. We should keep tribal, religious and party apart sometimes to accept truth from a reasonable source. We will not die when we nod collectively to the right logic. If this woman is out of office today will she encourage more borrowings? We are running the most expensive democracy in the world with borrowed funds. SHAME.It is only a foolish farmer that feeds on a borrowed seeds,while a wise farmer plant with a borrowed seeds for a bumpy and future planting seasons.

aasog1: Two professional and world class egg heads, lead by an ex-fisherman; sounds like a complete demotion
Lets see what the uninspiring and clueless guy in control will decide. I hope SLS doesnt have a stroke soon. He seems to hate his job but wont quit !

all three of them have no economic control over nigeria and will defer to the IMF and the world bank as did Obasanjo and IBB , the only person who stood up to the western criminal banking cartels was Buhari and nigerians owe that man a lot of respect for trying to do what was in nigeria's best economic interest.

That doesn't matter sometimes. Just saying that the fact someone is a top economist does not mean they might be better than the locally groomed economist.
Sometimes the solution to an economic issues could be so trivial that only a local chaps can see it. Ever heard of "African problem requires African solution"

J12:

She's been at the highest level of financial management for up to ten years(nationally and internationally). I don't think any other financial manager can perform better than her.

PHIPEX:

I find the bolded in your statement contradictory, If you consider Fashola's borrowings at the state level to finance social infrastructure as a bold step why are u not considering FG borrowing for same purpose as a bold step too? Like I said earlier, there are situations where public borrowing are justified. Certain things are considered such as what the loans are meant for (that is if they will not be embezzled or diverted) and the cost of borrowing. In this case nobody can guarantee the safety of the loan from embezzlement but they seem to come cheap. I'll focus my criticism on how to safeguard the funds for now rather than avoiding borrowing altogether. I personally doubt if there is any single country in the whole world that doesn't borrow.

Well, I haven't seen what the FG is doing with the money it's borrowing. By their own admission, 75% of the budget is used to finance OPEX, or recurrent expenditure. Mostly salaries, estacodes, and other unaccounted-for expense. Roads are crap, hospitals are crap, security is crap, no social welfare, most of our mineral resources remain unexploited under the ground. They are unable to get either the second Niger bridge or the Lagos-Ibadan Expressway projects off the ground. East-West coastal road? A mere fiction. Railways? They bought ancient diesels on narrow-gauge and are running a few services here and there, despite hundreds of millions of USD supposedly invested. No new airports or seaports (heck, states are now building airports!). List goes on

At least I live in Lagos and I have seen new roads built, bridges built, state general hospitals rebuilt and refurbished (now LASUTH is far better than LUTH, no kidding!) the BRT (a PPP initiative), a light rail system being built, a functional tolled road (PPP initiative), even funding for the police that the FG refused to equip, waterways being dredged, a new seaport/airport being built, and Eko Atlantic. So don't blame me. I'm right here and I see it all. I'm only reporting what I have seen.

It is time for Nigeria to stop, listen and think about where she is going as a nation. Without permanent democracy, the rule of law, patriotism, good and wise planning, hard work and good leadership there can be no progress. Nigeria cannot afford to be in the same position in 20 years time. Nigeria must quickly resolve her domestic political contradictions; establish democracy, transparency and the rule of law as a permanent way of life; get serious about making life sweet and happy for the majority of her people; fulfil her true potential and start playing her natural leadership role in Africa with confidence and pride. There can be no pride and confidence if in 20 years time we are still talking about debt relief, poverty and GDP of US$300 per capita in Nigeria. I, for one, would not like to be talking or writing about debt relief in 20 years time. I am sure that tireless and great campaigner, Sir Bob would be sick to his stomach if in 20 years time we are still talking about debt issues and poverty in Africa. It is a wake up call and a fresh start for Nigeria, not a case for national celebration or self-congratulation.

Billyonaire: When 2 economic Titans challenge each other, who should I support ? Common sense tells me to cut my coat according to my size. Another reason is that funds borrowed might even end up in a wrong purse. I agree with SLS on this. We should stop borrowing.

Dude you been making sense for sometime..... What happened/changed?

J12:

She's been at the highest level of financial management for up to ten years(nationally and internationally). I don't think any other financial manager can perform better than her.

You lie, that woman is just an overrated fellow, there is nothing special about her. What exactly are they borrowing the money for?.... It's evident that level of development in the country does not commensurate with the country's internally generated revenue, so what reason do they have to be borrowing up and down?

smh

The major problem I worry about is the comparison to some foreign countries like U.S with a huge debt profile, sometimes keynesian/monetary economic models may not work wholeheartedly in Nigeria. U.S has the productive capacity to absorb such a high debt profile with the worst case scenario being a recession. Their government revenue base is based on taxes which are not up to many Western European standards. So as long at the productivity rate grows in the long, and employment manageable in the long run, the tax base will be there. But in Nigeria, right now, the revenue is based on oil and oil is finite, then the accumulated debt, what are the plans to pay it back. It can work if their are plans to generate non oil revenues for government in the long run but if not then it will be just an extremely risky decision in which they basing their judgment on increase oil revenue or decrease in government services or workers.

the bottom line is that okonjo iweala has nothing positive to offer nigerians and can not and will not derail from the instructions of her masters in washington, sanusi on the other hand appears to have a conscience, but having a conscience can result in dire consequences - just ask buhari. i think Sanusi was initially on board with the IMF/ world bank agenda of sinking the nigerian economy in western debt but now he is having a change of mind, the sooner the nigerian people rise up and demand for the immediate resignation of this hopeless woman the better for us - she has already done more than enough damage, enough is enough.

Is like Okonjo has commission on every National debt

Twy: The major problem I worry about is the comparison to some foreign countries like U.S with a huge debt profile, sometimes keynesian/monetary economic models may not work wholeheartedly in Nigeria. U.S has the productive capacity to absorb such a high debt profile with the worst case scenario being a recession. Their government revenue base is based on taxes which are not up to many Western European standards. So as long at the productivity rate grows in the long, and employment manageable in the long run, the tax base will be there. But in Nigeria, right now, the revenue is based on oil and oil is finite, then the accumulated debt, what are the plans to pay it back. It can work if their are plans to generate non oil revenues for government in the long run but if not then it will be just an extremely risky decision in which they basing their judgment on increase oil revenue or decrease in government services or workers.

the US economy is facing imminent collapse - i dont know where you are getting this optimistic forecast from - the money the US govt generates from domestic taxation is not sufficient to discharge even a fraction of their public debt which currently stands at just over $16 trillion dollars.

the only reason why the US is still able to stay afloat is because as i said earlier its dollar is the world reserve currency and all major international transactiosn are conducted in the US dollar giving the dollar an artificially high value

the US has outsourced the bulk of its manufacturing capacity to china and other south east asian countries which has caused mass haemorraging of jobs in america and a rise in unemployment which is not going to go away because american corporations would rather make their products in places like china where they can pay starvation wages and make more profit than pay living wages to their own citizens - this is a trend which is set to continue not go away

also the US federal reserve prints dollars to service its debts - this is causing inflation of the dollar which is devaluing the dollar, eventually many of america's major creditors like china and japan and some western europeans countries are going to get fed up of accumulating dollar debt which is depreciating in value and sooner or later they are going to pull the plug on america - america's last card is its military which is the most powerful in the world, if china decides to completely abandon the dollar the US dollar will lose its value completely and other countries will follow suit and abandon the dollar - america will then transform into a third world nation overnight.
china therefore holds the last economic card.

Debt is okay if it's sustainable and if it's used to expand the economy's capacity for growth. The latter mainly refers to infrastructure investment.

The problem is that why most Nigerians criticise the growth in debt, they support passionately most wasteful spending, whether fuel subsidy or increases in public sector wages. The entire debt taken up by the FG this year will be wiped out by removing the fuel subsidy.

I guess she(Iweala) is trying to apply IGBO901 business strategy(Taking too much risk. If it works much gains, but if it fails aluta continua victory acerta )while Sanusi is seeing it the HFULANI901(Slow and steady) way.