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Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh - Politics - Nairaland

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Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by MzansiBeat: 5:53pm On May 06, 2015
"Lagos - Africa's richest economy is borrowing money to pay salaries as it struggles through a "difficult cash crunch" brought on by halved oil prices, Nigeria's finance minister revealed on Tuesday.

The news comes as Nigeria prepares to welcome a new government at the end of month and its naira currency remains in a slump, hovering between 180 and 220 to the US dollar. It was trading at 160 a few months ago.

Minister Ngozi Okonjo-Iweala tried to be upbeat in a speech after the legislature on Tuesday approved the 2015 budget thrice revised because of slashed oil prices that provide 80% of revenue for the government of Africa's biggest petroleum producer.

She said "revenue challenges" have prohibited the release of any funds for capital expenditure this year but that food prices and single-digit inflation remain quite stable. And she said the economy still is on course to grow 4.8% this year.

"We have front-loaded the borrowing program to manage the cash crunch," Okonjo-Iweala told legislators. "Out of the ?882bn budgetary provision for borrowing, the government has borrowed ?473bn to meet up with recurrent expenditure, including salaries and overheads."

That's bad news for the incoming government of President-elect Muhammadu Buhari, who takes over May 29 from incumbent Goodluck Jonathan.

Buhari acknowledges that constricted revenue and endemic corruption threaten his will to deliver on development and reconstruction of areas devastated by a nearly 6-year-old Islamic uprising in the northeast.

He says his fight against corruption should produce the money needed to bring change to a country where petroleum riches benefit a small clique while the majority of the 170 million people in Africa's most populous nation live hand to mouth.

Critics blame the financial crisis in part on the most expensive election ever held in Nigeria, though no one knows how much politicians from both sides spent trying to buy influence and bribe voters".

The giant of (WEST) Africa - grin grin grin grin cheesy cheesy cheesy cheesy

2 Likes 1 Share

Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by MugabeRobert: 6:00pm On May 06, 2015
Do you know how much America is owing? Fool.

12 Likes

Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by Volksfuhrer(m): 6:09pm On May 06, 2015
Op, from the tone of your post I may have to concede you are South African, no?

5 Likes

Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by tobtap: 6:10pm On May 06, 2015
south africa/african can hate naija,but we lead in all social-economic aspect in africa...south africa is a sour loser and now we can see why apartheid worked in that country because majority of you guys reason with your anus ..yeye ignoramus cool

4 Likes

Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by SkyBlue1: 6:11pm On May 06, 2015
Five years of Jonathan but don't worry, in a few weeks time we will actually have a leader running the country.

4 Likes 1 Share

Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by MduZA: 6:44pm On May 06, 2015
Lol...

1 Like

Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by ucheokpara100(m): 7:02pm On May 06, 2015
the south africa we are going to or talking about is just the places whites developed not africa's south africa if u doubt me come to south africa, all thy do is buy cloths on credit dress with big eye glass and go about with empty pocket.
i swear these people go to shops as big as shoprite with their R5 without shame let's say their 5 naira but because of exchange rate it is our 80 naira.

8 Likes

Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by moha225: 7:08pm On May 06, 2015
Just waiting 4 day were they will surely account 4 all their miserable actions, over looting againt Nigerians will to enriched them selves,,making the poor become poorer with no sympathy..God dey watch wuna..
Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by SLIDEwaxie(m): 7:11pm On May 06, 2015
MugabeRobert:
Do you know how much America is owing? Fool.
and this is an excuse to fail, abi?

I'm sure u're a PDP supporter

1 Like 1 Share

Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by EZEIGBO1OFIMO: 8:04pm On May 06, 2015
America's Debt to GDP ratio is 101.3% , totalling 24 trillion dollars in debt, Germany has 87% in debt GDP ratio, Japan has 224% Debt GDP ratio totalling $10 trillion in debt. The truth is, with capitalism, no country can ever be debt free, so long the bretton woods and keynesian economics stand.
cc- barcanista truckpusher buddahmonk

1 Like

Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by EZEIGBO1OFIMO: 8:05pm On May 06, 2015
SLIDEwaxie:
and this is an excuse to fail, abi?

I'm sure u're a PDP supporter
America's Debt to GDP ratio is 101.3% , totalling 24 trillion dollars in debt, Germany has 87% in debt GDP ratio, Japan has 224% Debt GDP ratio totalling $10 trillion in debt. The truth is, with capitalism, no country can ever be debt free, so long the bretton woods and keynesian economics stand.
cc- barcanista truckpusher buddahmonk
Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by Rossikk(m): 8:14pm On May 06, 2015
MugabeRobert:
Do you know how much America is owing? Fool.

I was about to ask him the same thing. I'm sure he worships America.

1 Like

Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by since1914(m): 8:47pm On May 06, 2015
@ MzansiBeat...at least the report did not say Nigeria is borrowing from South Africa to pay salary. Most certainly, the borrowing is local, and will likely be funded by local Nigerian banks. The inferiority complex displayed by some Africans towards Nigerians is almost getting irritating. As Nigerians, we know we have lots of problems and we have never denied them, rather we keep shouting ourselves hoarse at every given opportunity we get, to discuss the way forward...Yet other Africans abandon all of their own domestic problems to focus on that of Nigeria. I personally fear for South Africa because, there is a huge social crisis brewing there, all the Xenophobic attacks and the incessant violent labour strikes are only symptoms of a deeper problem - the staggering disparity of the social, economic and educational conditions between South African blacks and the whites. Which if not tackled soonest, will lead to an inevitable civil war. So OP, that is what you should be worried about, and not about how we foot our bills.

Back to the issue at hand, I hope NOI is begining to see all that we had warned her about several months ago. We have no business borrowing to pay salaries if we had been more prudent with our earnings. Most Nigerians might not have Economics degrees from Harvard, but at least they still have commonsense.

3 Likes

Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by Nobody: 8:48pm On May 06, 2015
[size=18pt]S.Africa is a ‘cappuccino economy - white cream over a large black mass, with some chocolate sprinkled on top’[/size]

@Op, Perhaps if Nigeria had kept the $61B it spent on freeing your sorry black azzes from your white massa's chains, it probably wouldn't be borrowing, dont u think? Besides, the largest economy in the world (USA) borrows, so what if the largest Economy in Africa (Nigeria) does the same? Your country S.Africa borrows too. So, to laugh at Nigeria is not only foolish of you, but shameful. We Nigerians never shy away from admitting our problems, and by God grace, we are making efforts to make our country better.

You Black South Africans cant get over the fact that Nigeria has relegated SA economy to 2nd place. You should bow your heads in shame comparing your white massa's economy with Nigeria, an all black economy. As if thats not enough, you are killing your fellow black Africans who are helping to change the dynamics of your economy for the better. But guest what, you black SAs would rather remain slave to your white massa's economy than see your country economy dominated by fellow black Africans. Believe it or not, you black SAs are indebted to Nigeria for its major role in ending Apartheid. Remember this, anytime you come online to spew your hatred of Nigerians and their country, you have them to thank for, for bailing your sorry black azz from those Apartheid govt jails.


[img]http://4.bp..com/-nzJUXZjpT0o/VS-IMi2645I/AAAAAAAE-vA/eqpVYD7h5hY/s1600/4.png[/img]

6 Likes

Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by SUBWAY101(m): 8:53pm On May 06, 2015
MugabeRobert:
Do you know how much America is owing? Fool.

Good answer.
Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by Nobody: 8:56pm On May 06, 2015
poverty ridden hell on earth .




a place of quota system . hell land .



nigga-area a place of torment .



referendum is coming be prepare .
Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by Phoenix001(m): 9:02pm On May 06, 2015
Borrowing is a normal thing for government all over the world, but the most painful thing is that the essence of borrowing those funds are not met.
#SMH4Nigeria
Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by vandalZA(m): 9:35pm On May 06, 2015
MzansiBeat:
"Lagos - Africa's richest economy is borrowing money to pay salaries as it struggles through a "difficult cash crunch" brought on by halved oil prices, Nigeria's finance minister revealed on Tuesday.

The news comes as Nigeria prepares to welcome a new government at the end of month and its naira currency remains in a slump, hovering between 180 and 220 to the US dollar. It was trading at 160 a few months ago.

Minister Ngozi Okonjo-Iweala tried to be upbeat in a speech after the legislature on Tuesday approved the 2015 budget thrice revised because of slashed oil prices that provide 80% of revenue for the government of Africa's biggest petroleum producer.

She said "revenue challenges" have prohibited the release of any funds for capital expenditure this year but that food prices and single-digit inflation remain quite stable. And she said the economy still is on course to grow 4.8% this year.

"We have front-loaded the borrowing program to manage the cash crunch," Okonjo-Iweala told legislators. "Out of the ?882bn budgetary provision for borrowing, the government has borrowed ?473bn to meet up with recurrent expenditure, including salaries and overheads."

That's bad news for the incoming government of President-elect Muhammadu Buhari, who takes over May 29 from incumbent Goodluck Jonathan.

Buhari acknowledges that constricted revenue and endemic corruption threaten his will to deliver on development and reconstruction of areas devastated by a nearly 6-year-old Islamic uprising in the northeast.

He says his fight against corruption should produce the money needed to bring change to a country where petroleum riches benefit a small clique while the majority of the 170 million people in Africa's most populous nation live hand to mouth.

Critics blame the financial crisis in part on the most expensive election ever held in Nigeria, though no one knows how much politicians from both sides spent trying to buy influence and bribe voters".

The giant of (WEST) Africa - grin grin grin grin cheesy cheesy cheesy cheesy
impressed loving the news!!
Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by vandalZA(m): 9:39pm On May 06, 2015
MugabeRobert:
Do you know how much America is owing? Fool.
NO!!!...we don't know how much?...financial deputy minister of USA!
Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by MzansiBeat: 9:40pm On May 06, 2015
No where has South Africa been mentioned in this article angry. I'm unsure what's the hysteria all about. Among the 52 countries which make up this continent you can only think of SA! Why doe the mere mention of this country tend to haunt some of you this much?

What's this assertion about black or white? Are these human beings perhaps? I've never seen a black or white human being in SA for that matter. Perhaps in Nigeria or west Africa you get quite a few (pitch black) of those, but not white ones - who look like your standard A4 paper.

Therefore, can you refrain from dragging SA or this black/white chronic obsession into this thread, but rather interrogate the state of your country's finances as mirrored by this article. Perhaps you could then start making intelligent inputs like some have done. We need to help build this country'ooo. One Naija! Thanks for complying.
wink cool grin

4 Likes 1 Share

Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by vandalZA(m): 9:41pm On May 06, 2015
Volksfuhrer:
Op, from the tone of your post I may have to concede you are South African, no?
Nop from MZANSI FO SHO
Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by OohLalah(f): 9:47pm On May 06, 2015
MzansiBeat:
"Lagos - Africa's richest economy is borrowing money to pay salaries as it struggles through a "difficult cash crunch" brought on by halved oil prices, Nigeria's finance minister revealed on Tuesday.

The news comes as Nigeria prepares to welcome a new government at the end of month and its naira currency remains in a slump, hovering between 180 and 220 to the US dollar. It was trading at 160 a few months ago.

Minister Ngozi Okonjo-Iweala tried to be upbeat in a speech after the legislature on Tuesday approved the 2015 budget thrice revised because of slashed oil prices that provide 80% of revenue for the government of Africa's biggest petroleum producer.

She said "revenue challenges" have prohibited the release of any funds for capital expenditure this year but that food prices and single-digit inflation remain quite stable. And she said the economy still is on course to grow 4.8% this year.

"We have front-loaded the borrowing program to manage the cash crunch," Okonjo-Iweala told legislators. "Out of the ?882bn budgetary provision for borrowing, the government has borrowed ?473bn to meet up with recurrent expenditure, including salaries and overheads."

That's bad news for the incoming government of President-elect Muhammadu Buhari, who takes over May 29 from incumbent Goodluck Jonathan.

Buhari acknowledges that constricted revenue and endemic corruption threaten his will to deliver on development and reconstruction of areas devastated by a nearly 6-year-old Islamic uprising in the northeast.

He says his fight against corruption should produce the money needed to bring change to a country where petroleum riches benefit a small clique while the majority of the 170 million people in Africa's most populous nation live hand to mouth.

Critics blame the financial crisis in part on the most expensive election ever held in Nigeria, though no one knows how much politicians from both sides spent trying to buy influence and bribe voters".

The giant of (WEST) Africa - grin grin grin grin cheesy cheesy cheesy cheesy

Kwaaaaa Kwaaaaa Kwaaaaa!!!! Ja neh! Mr Giant Big mouth see your life!
Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by Nobody: 10:15pm On May 06, 2015
EZEIGBO1OFIMO:

America's Debt to GDP ratio is 101.3% , totalling 24 trillion dollars in debt, Germany has 87% in debt GDP ratio, Japan has 224% Debt GDP ratio totalling $10 trillion in debt. The truth is, with capitalism, no country can ever be debt free, so long the bretton woods and keynesian economics stand.
cc- barcanista truckpusher buddahmonk
You have spoken well. Though no government should borrow to make up recurrent expenditure. The problem is simply a structural one. Nigeria system is anti-progress.

1 Like 1 Share

Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by MzansiBeat: 10:46pm On May 06, 2015
@ Since1914, do not defend the indefensible by painting an adverse picture of SA. There's too much freedom and rights in SA. In that context you'd have certain groups trying to exploit the situation.

Well I can't say the same about Naija. I've seen a number labourers who are treated like dogs and aren't provided with protect I've gear. Who will they complain to? In SA this isn't the case. So continue making intelligent comments without becoming a prophet of doom at other countries.

Just take Nigeria as that elephant carcass which must be chopped off into pieces, but when you haven't chopped much & there you go jump into your neighbour's yard to cut off his sheep's carcass instead. Don't worry, his managing just fine. You still got too much elephant carcass to chop off
.

since1914:
@ MzansiBeat...at least the report did not say Nigeria is borrowing from South Africa to pay salary. Most certainly, the borrowing is local, and will likely be funded by local Nigerian banks. The inferiority complex displayed by some Africans towards Nigerians is almost getting irritating. As Nigerians, we know we have lots of problems and we have never denied them, rather we keep shouting ourselves hoarse at every given opportunity we get, to discuss the way forward...Yet other Africans abandon all of their own domestic problems to focus on that of Nigeria. I personally fear for South Africa because, there is a huge social crisis brewing there, all the Xenophobic attacks and the incessant violent labour strikes are only symptoms of a deeper problem - the staggering disparity of the social, economic and educational conditions between South African blacks and the whites. Which if not tackled soonest, will lead to an inevitable civil war. So OP, that is what you should be worried about, and not about how we foot our bills.

Back to the issue at hand, I hope NOI is begining to see all that we had warned her about several months ago. We have no business borrowing to pay salaries if we had been more prudent with our earnings. Most Nigerians might not have Economics degrees from Harvard, but at least they still have commonsense.
Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by MzansiBeat: 10:52pm On May 06, 2015
That is irrelevant to this article.
Thousands of civil servants may not get their wages come month end! Just think of it
shocked


Volksfuhrer:
Op, from the tone of your post I may have to concede you are South African, no?
Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by wordcat(m): 11:58pm On May 06, 2015
MzansiBeat:
No where has South Africa been mentioned in this article angry. I'm unsure what's the hysteria all about. Among the 52 countries which make up this continent you can only think of SA! Why doe the mere mention of this country tend to haunt some of you this much?

What's this assertion about black or white? Are these human beings perhaps? I've never seen a black or white human being in SA for that matter. Perhaps in Nigeria or west Africa you get quite a few (pitch black) of those, but not white ones - who look like your standard A4 paper.

Therefore, can you refrain from dragging SA or this black/white chronic obsession into this thread, but rather interrogate the state of your country's finances as mirrored by this article. Perhaps you could then start making intelligent inputs like some have done. We need to help build this country'ooo. One Naija! Thanks for complying.
wink cool grin

Because SA is the only African country where an illiterate villager believes that a qualified medical doctor from another African country living in SA is the reason for his unemployment thereby killing his fellow blackman.

1 Like 1 Share

Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by vandalZA(m): 7:22am On May 07, 2015
ucheokpara100:
the south africa we are going to or talking about is just the places whites developed not africa's south africa if u doubt me come to south africa, all thy do is buy cloths on credit dress with big eye glass and go about with empty pocket.
i swear these people go to shops as big as shoprite with their R5 without shame let's say their 5 naira but because of exchange rate it is our 80 naira.
lolest jealous is killing You.......you can stop black south Africans from shopping its in their blood.....the south African black middle class spend more than $50 billion dollars annually.....and that storyline of R5 even you country men can see that your father is an idio*t!

2 Likes

Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by vandalZA(m): 7:25am On May 07, 2015
EZEIGBO1OFIMO:
America's Debt to GDP ratio is 101.3% , totalling 24 trillion dollars in debt, Germany has 87% in debt GDP ratio, Japan has 224% Debt GDP ratio totalling $10 trillion in debt. The truth is, with capitalism, no country can ever be debt free, so long the bretton woods and keynesian economics stand.
cc- barcanista truckpusher buddahmonk
any link to back up your story?!
Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by vandalZA(m): 7:26am On May 07, 2015
EZEIGBO1OFIMO:

America's Debt to GDP ratio is 101.3% , totalling 24 trillion dollars in debt, Germany has 87% in debt GDP ratio, Japan has 224% Debt GDP ratio totalling $10 trillion in debt. The truth is, with capitalism, no country can ever be debt free, so long the bretton woods and keynesian economics stand.
cc- barcanista truckpusher buddahmonk
we need proof not that sh**t you wrote!!!
Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by vandalZA(m): 7:28am On May 07, 2015
Rossikk:


I was about to ask him the same thing. I'm sure he worships America.
don't solve a problem with a problem don't be fool like your friend you just quoted
Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by vandalZA(m): 7:30am On May 07, 2015
since1914:
@ MzansiBeat...at least the report did not say Nigeria is borrowing from South Africa to pay salary. Most certainly, the borrowing is local, and will likely be funded by local Nigerian banks. The inferiority complex displayed by some Africans towards Nigerians is almost getting irritating. As Nigerians, we know we have lots of problems and we have never denied them, rather we keep shouting ourselves hoarse at every given opportunity we get, to discuss the way forward...Yet other Africans abandon all of their own domestic problems to focus on that of Nigeria. I personally fear for South Africa because, there is a huge social crisis brewing there, all the Xenophobic attacks and the incessant violent labour strikes are only symptoms of a deeper problem - the staggering disparity of the social, economic and educational conditions between South African blacks and the whites. Which if not tackled soonest, will lead to an inevitable civil war. So OP, that is what you should be worried about, and not about how we foot our bills.

Back to the issue at hand, I hope NOI is begining to see all that we had warned her about several months ago. We have no business borrowing to pay salaries if we had been more prudent with our earnings. Most Nigerians might not have Economics degrees from Harvard, but at least they still have commonsense.
do you want to compare Nigerian problems with south Africa problems and prefer Nigerian problems
Re: Africa's Richest Economy Surviving On Borrowed Cash...(rotf) Such A Giant! Smh by EZEIGBO1OFIMO: 7:53am On May 07, 2015

1 Like

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