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Nairaland Forum / Nairaland / General / Politics / We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG (2566 Views)
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We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by Gbawe: 8:04pm On Jul 05, 2013 |
http://saharareporters.com/news-page/we-would-not-watch-jonathan%E2%80%99s-administration-drag-us-bankruptcy-says-arg-premium-times We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG-PREMIUM TIMES |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by Nobody: 8:10pm On Jul 05, 2013 |
for how long will this campaign of calumny continue? 2 Likes |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by Nobody: 9:21pm On Jul 05, 2013 |
careytommy: for how long will this campaign of calumny continue? for as long as we continue these politics of "turn by turn". |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by fiscalcliff: 9:29pm On Jul 05, 2013 |
careytommy: for how long will this campaign of calumny continue?What should set off alarm bells is now calumny Why is nobody taking NOI and her boss to task i.e. accountability? Is NOI not an economic hitman? During OBJ's regime, she led the charge to repay spurious off debts to the west with the bait we can now channel our resources to infrastructure Fast forward a decade later with no visible infrastructure, fresh mounting debt and an abacradabra economy which favours foreign investors but impoverishes many a local, she's still on this infrastructure tale and on a trip with her boss to burrow $3 billion afresh Oil sales are falling, the flow of money is slowing down yet the politicians are getting fatter Is the demand for fiscal accountability void of profligacy and corruption now to be called calumny 3 Likes |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by solomon111(m): 9:41pm On Jul 05, 2013 |
This gbawe of a guy just specialise in digging up questionable anti-GEJ articles. This old man has become so predictable. He is either spamming nairaland with untrue anti-GEJ news or unreal pro-Acn propaganda. 3 Likes |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by Nobody: 9:53pm On Jul 05, 2013 |
fiscalcliff: In all fairness, I think this administration is investing in visible capital projects but the problem of graft seems to undermine their efforts. Considering the huge recurrent expenditure, it only makes sense to burrow money to finance this capital projects to benefit the masses. Fashola is employing the same tactics in Lagos 1 Like |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by plaindealer: 9:58pm On Jul 05, 2013 |
solomon111: This gbawe of a guy just specialise in digging up questionable anti-GEJ articles. Why is Gbawe your problem and not the sad realities about your own country swimming in debt and your kids getting bankrupt even before birth...? 2 Likes |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by dasparrow: 10:15pm On Jul 05, 2013 |
solomon111: This gbawe of a guy just specialise in digging up questionable anti-GEJ articles. How is Gbawe becoming predictable? So because he's trying to make Nairalanders aware that Nigeria is in a big financial mess, that now makes Gbawe anti-GEJ and Pro-ACN agenda? Come on now. What about YOU Solomon who never admits any of GEJ's wrong doing and all you do all day is try to paint a false picture of the actual situation our dear country Nigeria is in? Are you not one of the laptop crew members who were employed to be GEJ's praise singers online? @Post We are in trouble as a nation. Nigeria which way? 4 Likes |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by Nobody: 10:19pm On Jul 05, 2013 |
Gbawe please continue being a true and patriotic Nigerian. Indeed GEJ will drag us to bankruptcy and while he and Okonjo Iweala are dead, our children will be paying the debt...Naija which way??... 1 Like |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by Katsumoto: 10:20pm On Jul 05, 2013 |
solomon111: This gbawe of a guy just specialise in digging up questionable anti-GEJ articles. But what do you have to contribute to the article that wasn't written by the OP? 2 Likes |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by Tolexander: 10:25pm On Jul 05, 2013 |
solomon111: This gbawe of a guy just specialise in digging up questionable anti-GEJ articles.mr man face the issue and leave the tissue. You would have made a sense by bringing out a claim or fact to refute the allegation against the GEJ's government. 2 Likes |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by Gbawe: 10:51pm On Jul 05, 2013 |
plaindealer: dasparrow: Katsumoto: Guys, thank you all for the sense of perspective. Ignore that character. He has nothing to contribute. The truth, for every decent person who is appalled by how Nigeria is being led, is that we are sitting on another big scam that is episode number 2 of the fuel subsidy scam GEJ carried out with Allison-Madueke and fraudster cronies they both issued marketer license to. They cannot hide what is coming, allied to their appaling profligacy and greed, and it will be very disruptive for Nigeria when someone provides a powerful fan that will make us all smell the sh1t. GEJ's crude actions vividly reveal his agenda. What on earth,as one example, is the mission of a President who ignored seasoned maritime authority (the Navy and other specialised and appropriately trained official forces) already being maintained by the wealth of Nigeria to give pipeline security contracts to Militant warlord who have only being rehabilitated recently with no way to establish their loyalty and with no competence evaluation done to establish their moral, physical and intellectual suitability? Is it not obvious GEJ wanted "partners in crime" with this unbelievably crude move? Are we surprise crude oil theft is now at a 3 year peak and robbing Nigeria of very serious income? We should all think of those getting rich from fuel theft to begin seeing what GEJ is planning. Hs actions makes no sense as they are the sort unseen before and also because they always seem to be the direct opposite of what is required to deliver solutions. We can all remember that they made similar denial noise trying to quell rumblings about the subsidy scam from many voices that were insisting that Nigeria was being scammed blind until Senator Bukola Saraki officially set things in motion to reveal that GEJ, Allison-Madueke and all their affiliates had been secretly orchestrating the mother of all theft against Nigeria. They are at it again and the signs are obvious. The main problem, and the reason the public are even hearing 'noise' similar to the fuel subsidy grumblings, is that GEJ is now becoming too crude and transparently partisan in pursuit of his shallow agenda. His buddies in greed are beginning to realise that this is a guy not conforming to the script. They know he will get all of them in trouble. 3 Likes |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by lakpalakpa: 12:20am On Jul 06, 2013 |
Nna wa oooo!! Still on the fresh air sha.... |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by otokx(m): 6:31am On Jul 06, 2013 |
This is serious. |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by karlmax2: 8:13am On Jul 06, 2013 |
Out of these dept how much do the ac.n stats owe?.of course the hypocrites would turn a blind eye to that. The dept owed by states also adds to the countries dept. Nigeria is not bankrupt a country with 47 billion dollar reserve cannot be said to be bankrupt.well let them keep critizing while the country continue to make giant strides 1 Like |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by Gbawe: 8:14am On Jul 06, 2013 |
otokx: This is serious. For those who are adult in reasoning, plenty of articles exist that chronicle the profligacy of GEJ that makes all we are seeing currently no surprise to those who have followed the antics of one of the most fiscally irresponsible and crude President I can remember. I always maintain that GEJ is heading a house of scams. Pensions, ECA depletion, rising domestic debt profile with not much to show in return, fuel subsidy scam, sheer profligate spending, bloated governance etc, etc ,etc. Nothing confirms this more than how it is Okonjo Iweala who shouted, while out of government, that our high recurrent expenditure would damn us to failure is now the same person who is doing nothing about this unfeasibly high recurrent expenditure as defacto prime minister. Nairalanders look at the actions of GEJ from 2010 to note we were always due to arrive here. Also note the scathing criticism of the profligacy of GEJ that Okonjo Iweala spoke against while out of government only for her to now be ever ready to pretend and lie all is well when even a child knows the country is being bled dry with sheer fiscal irresponsibility, inane decision making and childish profligacy. See the article below to note that Okonjo Iweala who harshly criticised our rising domestic debt profile in 2010 is the same woman identified by this article as skilfully and deliberately failing to mention it today in her crude "all is well" ruse. The article below is from August 2010 and it shows how GEJ's 2011 Presidential ambition was threatening to bankrupt Nigeria. Lo and behold, all manners of scams, not even indicated by the article below, were revealed once GEJ won. We are now 4 years along the road with National fiscal health worsening while they lie "all is well" as they glibly denied the subsidy scam initially. Deja Vu anyone? Is the action of handing lucrative pipeline protection contracts different to issuing marketers licence, literally, to roadside mechanics with no capacity, history or competence to engage in fuel importation? Can it be that the President does not learn or is it simply that this is a callous man ready to bankrupt the nation and ruin millions of lives to get what he wants? Nairalanders, please indulge me and read the article below. Sometimes we need our memories jogged so we can note 'patterns' of behaviour. https://www.facebook.com/notes/elombah-perspective/jonathans-ambition-to-be-president-would-bankrupt-nigeria/460714959922 by Elombah Perspective (Notes) on Saturday, 21 August 2010 at 08:12 1 Like |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by anonimi: 8:49am On Jul 06, 2013 |
mitwitdot: I am really surprised that the ACN crowd of follow, follow conmen never give you e-slap to harrass and intimidate you for bringing their "exemplary" Fashola into the conversation Quite a miracle! @OP, It should be obvious to you that some people feel cheated by being left out of the pipeline security contract. When we yorubas start growing cocoa and contributing as much as oil does to our national GDP, forex, revenue etc we can request cocoa plantation security contract. How much of the cocoa revenue did we share with the Niger Delta people in the 60s? We are currently just behaving like a bunch of shameless parasites! Understood 2 Likes |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by anonimi: 9:03am On Jul 06, 2013 |
Gbawe: Our elders say: Eni ba ma da aso fun ni, ti orun re ni a koko nwo - when person promise us sey im go give us cloth, we go first look the dress wey im sef dey wear. - Has SINator Bukola Saraki refunded all the depositors, including dying pensioners, of Societe Generale Bank that he and his father liquidated to fund his campaign to be governor and his sister to be SINator? -Has SINator Saraki accounted for the billions he received as Kwara state governor every year for 8 years with very little to show for it? - Does SINator Saraki collect N29 million monthly in defiance of RMAFC recommendations despite that workers for the SAME government are paid 18k minimum wage? - How many bills have SINator Saraki sponsored in the past two years and what is their status? Abi he is no longer a law maker? I can understand that it must be painful for him to see Dr. Goodluck Ebele Jonathan PERFORMING and DELIVERING on his electioneering promise to turn Nigeria's fortune around despite the security challenges posed by Saraki's northern brothers. He must imagine and be really missing how much of OUR money he could steal if he were the president as he did in Kwara state for 8 years!!! 4 Likes |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by SLIDEwaxie(m): 9:08am On Jul 06, 2013 |
solomon111: This gbawe of a guy just specialise in digging up questionable anti-GEJ articles.why dnt u treat the wound instead of chasing the flies? It's a simple logic, but i think u lack it. Is gbawe ur problem? The truth is, he wld av had nothing to say if that aspect of Jonathan's administration is safe! |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by takedat(m): 9:19am On Jul 06, 2013 |
Where Is The Money? By: Ayisha Osori on July 2, 2013 - 3:46am inShare Why should a country which earns US$80bn in oil revenues each year take any loans from the World Bank? – Twitter question Seven years ago, Nigerians learnt that the administration of President Obasanjo had successfully negotiated our debt with the Paris Club. We paid $12 billion and discharged the rest of the debt, leaving the country almost free of any foreign debt. For many, it was a great move that restored national pride and would “clear the way for greater government spending on infrastructure, health care and education” since Nigeria would no longer have to spend tens of billions annually to service the debt. Others felt that if there was any sincerity, the $12 billion would have been better spent building infrastructure and investing in services. After all, despite how greedy and unscrupulous those in positions of power are, no one has been able to roll up the 3rd Mainland Bridge and put it in their pocket. Four weeks ago, we heard from the minister of finance, Dr Ngozi Okonjo-Iweala, that our external debt had climbed to $6.67 billion. The Debt Management Office (DMO) projects that, by 2015, this debt would be $16 billion, and this does not include domestic debt. According to Dr Abraham Nwankwo, the director-general of the DMO, domestic debt is currently $7.12 billion and is projected to be $8.44 billion by 2015. These revelations came within the same period when Dr Okonjo-Iweala was quoted in the media as saying, “Our economy is in danger.” This is an escalation of the 2011 warning when Dr Okonjo-Iweala, Prof Nnaji and Mr Segun Aganga said “our economy is in trouble”. Yet, during this period, Nigeria has continued to earn about $80bn a year from oil revenue alone which, according to the Ministry of Finance, accounts for 58 per cent of our revenue. Where does all this money go? There are two ways to look at the question. The first is the money that government admits to having, i.e., the money accrued from oil revenue or raised by the FIRS, Customs and the sale of oil licences etc. This is the money which allegedly ends up in the annual budget. The second stream is the money which no one admits to having, e.g., the $6bn Nigeria loses every year to crude oil theft, the $9.8bn in unpaid taxes NEITI says oil companies are owing, the government assets sold to insiders quietly under the table or the $23-27m from the sale of Nigerian assets in the US. It is general knowledge that less than 30 per cent of our annual budget is actually invested in improving goods, services and infrastructure – the bulk of the money is spent on maintaining government. But what is less certain due to opaque budget regulation and disclosure is how much of this paltry allocation to capital expenditure is spent as it should. According to the Center for Social Justice, only 11.9 per cent of the quarterly released capital budget was implemented in 2012. This means if N100 was allocated to capital, only N11.90 was spent with no detail on where the balance of N88.10 went. Allegedly ministries, departments and agencies spend the last few weeks of the year in a mad rush to spend budget allocations because “the money will go back”. Go back where? Do these last-minute projects really count towards the capital investment or does the money provided in the budget end up with the second stream of Nigerian revenue which evaporates and is never accounted for? Look around you. What are the glaring obvious results of the “increased investment in infrastructure and services” that was promised as a result of paying off the Paris Club debt? What can account for where the money has gone? What monuments to infrastructure development has the federal government built in the last seven years? Do we have a single world-class airport in Nigeria? Has any state, despite the billions in debt, managed to build a light or inter-city rail system? Apart from worrying about our rising debt which cannot be linked to meaningful improvement in the lives of Nigerians, we must be concerned about whom we owe. Most of our current external debt is held by the World Bank -- the same World Bank which said in May 2013 that the economic rating of Nigeria had improved from a low-income country to a medium-income one. Why was it important to move our rating? Because our “improved” rating gives Nigeria the dubious privilege of borrowing from the International Bank for Reconstruction and Development. Yet, a month later, the same World Bank blasted the Jonathan administration for the increasing number of Nigerians living in poverty. According to the Nigeria Economic Report, it is a puzzle why “a decade of rapid GDP growth by official statistics…did not bring stronger welfare and employment benefits to the population”. Which is it? Is Nigeria now a medium-income country or a country where the majority are wallowing in poverty? And this is the same World Bank that will eventually tell our inheritors – our undereducated and unskilled children and grandchildren – to restructure their economy in order to pay back these loans, even though they won’t know where the money went. We know the answer to the question even if those in power want to pretend otherwise. The answers lie in the luxury cars and grandiose mansions scattered around our cities and the most backward small towns which count for state capitals. Where is the money? is answered in the enviable position Nigeria holds as the second largest champagne market in the world and a leading consumer of private jets. It is answered by the exorbitant salaries and benefits of our elected and appointed officials and the steady displays of vulgarity of those in power with weddings and birthdays in Dubai. As our oil revenue drops from decreased production, crude oil theft and declining need for our oil, this question will become increasingly important. As the population of Nigeria continues to rise faster than the development of its resources and services, and unrest and dissatisfaction increase, the demands for answers to this question will become louder. And as the next general elections approach, Nigerians must require those who contest to not only throw light on this issue but provide us with clear solutions on how we can address this problem and turn things around for Nigerians. http://leadership.ng/news/020713/where-money |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by Gbawe: 9:25am On Jul 06, 2013 |
SLIDE waxie: why dnt u treat the wound instead of chasing the flies? Don't mind the bigoted and hateful tw1t. Did I meet with David Cameron and force him to demand that the GEJ government account for billions they have received as income with, glaringly, Nigeria having nothing tangible to show for such? Is Cameron now another "hater" of GEJ? http://nigerianecho.com/?p=3969 David Cameron on Nigeria’s $100b oil money |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by Nobody: 9:41am On Jul 06, 2013 |
@Gbawe you have forgotten that david cameron is also an ACN supporter and a boko haram sympathiser 2 Likes |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by Gbawe: 9:55am On Jul 06, 2013 |
lakhadimar: @Gbawe you have forgotten that david cameron is also an ACN supporter and a boko haram sympathiser Dear lord. How silly of me. Thank you for reminding me about Olajide Mujahid Cameron The fact, for adults able to think critically, is that Cameron is just stunned about the revelation coming out of Nigeria under GEJ. The fuel subsidy scam showed the world, beyond any doubt, what GEJ is. Unlike in Nigeria where sentiments and ethnocentric/religious/sectional bias continue to hold Nigerians hostage, others can put two and two together to note that it is only the FG (controlled by GEJ) and the NNPC (headed by Allison-Madueke) authorised to issue marketers licence. If both meant the best for Nigeria, why were licences issued literally to roadside mechanics who did not even own a bicycle to transport fuel with or a barrel to store oil in? It is such crude and openly anti-Nation scamming, perpetrated by those meant to lead the nation forward, that has shocked many leaders in Countries where they are not hostages to bias and sentiments!!! Today, those leaders are doing away with diplomatic decorum to openly condemn GEJ !!!! Till today Cameron, the Prime Minister who dealt with UK rioters in days, continues to see GEJ dragging his feet over scammers who would have brought Nigeria to her knees if Saraki had not blown the whistle. Of course it is natural, as leader of a Country with one of the largest aid donation to Nigeria, for the man to speak against the profligacy of GEJ and co that puts others under pressure to help out. Will you not happily give to a poor cousin who is hungry, diseased and suffering? Yet will you not be angry if you find out said cousin is only poor and unhealthy because an Uncle is frivolously spending millions on himself and his concubines that he should be using to ensure the well-being of your cousin? 1 Like |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by Brimmie(m): 10:08am On Jul 06, 2013 |
**looks around** Oh Dear Jesus, Jona Lickers Has Taken Over!! **comment reserved** |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by anonimi: 2:24pm On Jul 06, 2013 |
Gbawe: In your excitement to malign the steady, albeit slow progress of Jonathan's administration, you deliberately or mistakenly missed out on the news bit below: Nigeria: Minister Reports on Subsidy Recovery Governance nor be by gra gra media-friendly propaganda hype without LONG LASTING effective results. That is why POLICY matters more than the launching of recycled yoyo projects like toys for babies. Panda (fake) may shine more than the original jewelry at the beginning. The panda go don fade long time while the original still dey shine dey go!!! |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by takedat(m): 2:38pm On Jul 06, 2013 |
@Anonimi, so recovering N14billion out of N232billion almost a year after is something to rejoice over? How many PPPRA officials have been sacked and are they facing prosecution? How come we so much cherish mediocrity in this country? |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by Ngwakwe: 2:45pm On Jul 06, 2013 |
Nigeria’s external debt rose to $6.53bn in 2012 The Federal Government, the 36 states and the Federal Capital Territory have borrowed a total of $860m (N134.16bn) in the last one year from external sources, information available from the Debt Management Office has shown. Statistics from the DMO showed that the total external debt rose to $6.53bn as of December 31, 2012, as against $5.67bn on December 31, 2011, representing an increase of 15.19 per cent. The breakdown of the external debt as of December 2012 showed that 80.7 per cent was owed to multilaterals, including the World Bank Group, International Fund for Agricultural Development, African Development Bank Group, International Development Bank and Economic Development Fund; while 11.64 per cent was owed to non-Paris Group of creditors and 7.66 per cent to others. Further analysis of the external debt profile showed that the Federal Government had the biggest portion as it had borrowed $4.14bn as of December 31, 2012. The 36 states of the federation, on the other hand, accounted for $2.38bn of the nation’s external debt profile last year. This means that the states were responsible for 36.53 per cent of the country’s total external debt stock. Among the states, Lagos, Kaduna, Cross Rivers and Ogun emerged tops according to the sizes of their borrowings. Borno, Delta, Plateau and Taraba states are the least indebted states as far as external debt is concerned. The Lagos State external debt stock as of December 31, 2012 stood at $611.25m, while Kaduna’s was $215.68m. Cross River State owed $113.03m and Ogun, $102.06m. On the other hand, Borno owed $14.15m; Delta, $18.99m; Plateau, $21.93m; and Taraba, $23.03m. Meanwhile, the debt to Gross Domestic Product ratio as of September 31, 2012 stood at 18.26 per cent and could hit 19 per cent for the year ended 2012. The debt-to-GDP ratio is one of the indicators of the health of an economy. It is the amount of national debt of a country as a percentage of its GDP. A low debt-to-GDP ratio indicates an economy that produces a large number of goods and services and probably profits that are high enough to pay back debts. Governments aim for low debt-to-GDP ratios and can stand up to the risks involved by increasing debt as their economies have a higher GDP and profit margin Although Nigeria‘s debt to GDP is not yet at the 30 per cent threshold set by the government, two alarming trends are beginning to develop. The first is the rate at which the debt level is currently rising, and the second is the rising cost of government’s borrowing. While Nigeria is still a fair distance from reaching the 30 per cent threshold, analysts have warned that it is important for policy-makers to recognise these trends and learn from the country’s past mistakes and those of European countries. Reacting to the debt position, the Managing Director, Financial Derivatives Company Limited, Mr. Bismark Rewane, said there was a key difference in Nigeria’s debt and those of other advanced economies. “Instead of using debt for investment in government capital expenditure projects or fundamental transformation of essential services, the majority of Nigeria’s debt has been used to plug holes in its budget, while the rest has been spent on recurrent expenditure,” he said. Rewane said the nation’s increasing debt-to-GDP ratio had not been matched by investments in infrastructure projects or by increased spending on healthcare and education. “If the government deficit is spent on infrastructure, basic research, public health and/or education, it can increase its potential output in the long run. There are also issues surrounding the crowding out effect of the private sector,” he added. The Federal Government alone borrowed a total of N914bn from domestic sources in the last one year. The DMO statistics showed that as of December 31, 2012, the Federal Government’s domestic debt stock stood at N6.54tn, which is N914.69m higher than the 2011 figure of N5.62tn. The latest statistics on domestic debts showed that the Federal Government of Nigeria Bonds accounted for N4.08tn or 62.41 per cent of the total domestic debt. Nigeria Treasury Bills accounted for N2.12tn or 32.47 per cent of the government’s total domestic debt, while Nigeria Treasury Bonds accounted for N334.56bn or 5.12 per cent of the debts. The National Assembly recently approved external debt borrowings for some states and that will change their external debt profiles when the draw down begins. Similarly, the Federal Government, in the last six months, concluded arrangements for some external debts that would take its borrowings from outside beyond $10bn when they are fully drawn down. The Medium Term Expenditure Framework 2012 – 2014 showed that the Federal Government would also resort to the domestic debt market to raise N633.85bn in 2013. The MTEF, prepared by the Budget Office of the Federation, stated that the Federal Government would run a deficit of N833.85bn in 2013 and 76.01 per cent of this would be funded through borrowings from the domestic debt market. Other sources of funding the deficit are N50bn to be obtained from signature bonuses and N150bn to be obtained from the Stabilisation Fund/Excess Crude Account. Given the size of the domestic debt, the government in the 2012 budget provided a total of N511.98bn for its servicing. The amount proposed for servicing of domestic debt is expected to increase to N543.38bn, reflecting the increment expected in the volume of domestic debt in 2013. Source 2 Likes |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by Ngwakwe: 2:57pm On Jul 06, 2013 |
Fashola Tackles FG over $600m World Bank Loan Lagos State Governor, Mr Babatunde Fashola By Onwuka Nzeshi Lagos State Governor, Mr Babatunde Fashola, Tuesday approached the House of Representatives Committee on Loans, Aids and Debts, seeking an intervention in an alleged attempt by the Federal Government to halt a $600m loan facility the state had with the World Bank. Fashola who met with members of the House Committee on Loans, Aids and Debts, told the lawmakers that it was improper to halt a running loan facility, particularly when the loan had been factored into the 2013 budget proposal of the state. In a petition presented to the House Committee Tuesday, the governor said the loan was procured on the understanding that Lagos State would access $200 million in three tranches over a period of three years, spanning from 2012 to 2014. He however expressed surprise that after the state had accessed the first tranche, there were indications that the Federal government was no longer prepared to guarantee the loan. Fashola, who stormed the National Assembly with his retinue of aides, was also joined in the protest by several members of the House of Representatives elected on the platform of the Action Congress of Nigeria (ACN) at the meeting. According to Fashola, the sudden refusal to guarantee the loan could frustrate the plans of state to deploy the borrowed funds to boost its infrastructure development plans. “We have a commitment with the World Bank for a loan of $600 million offered to Lagos. It is supposed to be in three tranches and the first tranche was paid in 2011. We were expecting the payment of the second tranche when we got the shocking information that the loan facility had been stopped. “As I speak, we have not received any official communication from the Federal Ministry of Finance about their concerns. I know that through the telephone communication I had with the Minister of Finance, she had told me that she could not accommodate Lagos State in the 2013 borrowing plan. My plea is for the second tranche to be included in the 2013 borrowing plan and the third included in the 2014 borrowing plans,” he said. In the course of the meeting with the House Committee, some lawmakers suggested that the action of the government may have been informed by the general fears that states were bad debtors and Lagos may have problems liquidating the loans. But Fashola dismissed such fears an unfounded and cited the case of his predecessor who took a loan facility and the state paid back fully. Source 3 Likes |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by anonimi: 3:01pm On Jul 06, 2013 |
take dat: @Anonimi, so recovering N14billion out of N232billion almost a year after is something to rejoice over? How many PPPRA officials have been sacked and are they facing prosecution? How come we so much cherish mediocrity in this country? Kindly point out to me where I said it was "something to rejoice over" NOW otherwise as they say in weddings keep your peace forever. I sincerely hope it is not a problem related to limitations in English language comprehension skills. #JustAsking. |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by Ngwakwe: 3:06pm On Jul 06, 2013 |
Why can't these all knowing Economists raise alarm over the Borrowing Escapades of the Lagos State Government. It is appalling that while these intellectuals criticize the Government of GEJ in debt management the same people hail Lagos State Government whom if left unchecked will bankrupt the Nations Commercial Capital. 1 Like |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by anonimi: 3:10pm On Jul 06, 2013 |
Ngwakwe: Why can't these all knowing Economists raise alarm over the Borrowing Escapades of the Lagos State Government. ....and future generations of unborn RESIDENTS of Lagos who will bear the brunt of higher tax burdens that is stolen steadily by Fashola and his oga on the top, ex-omo-iyaloja now baba-iyaloja of Lagos |
Re: We Would Not Watch Jonathan’s Administration Drag Us Into Bankruptcy, Says ARG by takedat(m): 3:23pm On Jul 06, 2013 |
anonimi:Did I hit a nerve? Well, I should be asking you the same question because i was referring to your post on Ngozi and her report on loot recovery effort. #I come in peace! |
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