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Nigeria’s Economy Under Threat As Debts Hit N11trillion - Politics (3) - Nairaland

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Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by PassingShot(m): 7:11am On May 07, 2015
barcanista:
I have not been comfortable on reading that the FG borrowed money to pay wages and salaries of workers. This is sad and a shame that saner countries borrow to fund developmental project, ours is to consume and loot. One of our challenges in this country has been fiscal indiscipline, and it is appearing like we aren't getting better. Jonathan administration with due respect has done little or nothing to better the situation, and the APC program is more of consumption than long term development. Truth must be said, we are in a dire situation. The incoming administration have lots of work to do.

Now you're talking like a patriotic Nigerian cheesy

Can you explain what you mean by the bolded part of your post please? But forget about the social programs since they are not cast in stone.

2 Likes

Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by Futureleader201(m): 7:12am On May 07, 2015
The only solution to this problem is to divide Nigeria into three sections ... North, west, east, so world bank will forget about the debt. # Nigeriaisafailstate....therichgetmorericherthepoorgetmorepoorer
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by luthorcorp: 7:14am On May 07, 2015
jayfolarin:
Should jonathan in connivance with okonjo be given the green light to milk the nation dry just because he conceded to an election he obviously lost and congratulated the winner? No, I don't think so.

GMB and the APC have been crying out about jonathan's steals and economy ruins but some pathetic heads think they should shut up and allow nigeria plunge into more problems just coz they desperately want the APC to fail.

This supporters of impunity both online and offline are the nation's worst enemies. They'd rather see nigeria burn than progress. I think a lengthy jail term or outright execution of this set will do this country a world of good!

Until secession which I believe every region is prepared for right now, nigeria remains your country as well as mine. crimes and perpetrators should be condemned in strong terms by all.

I pray and hope buhari succeeds in bringing corrupt politicians to book and recovers stolen funds and institutions, 50% recovery is more than enough seff. Cant wait!

i seriously agree with you patroit but the problem with the laww is that the actuall looters are the ones making and amending the laws so they will always be linear with it as long as it suits their criminal activities....have u been following their transformations rescently,from my view it seems the govt is bent on creatings a crown of thorns 4 d incomin govt,i mean more debt on deir adams apple n it will now sim like they(buhari) is worse....thats pathetic

1 Like

Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by adebisiolumide5(m): 7:15am On May 07, 2015
OREMUSSANCTUS:
Even china america dhe owe debts
So nufin so special abt dis news
Money was used for developmental projects
Only dat u all fail to accept dat he worked very hard for dis country

Say no to "change"
Say yes to transformation

Thunder will definitely fire you_!!! bastard_!!!!!.. Where are the developmental projects You are mad.... Your parents made big mistakes by bringing you to this World...

do you have the slightest idea what an Average Nigerian is passing through

May Ogun strike your left balls there....

MODS forgive my strong use of language... this dude deserves em...

6 Likes

Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by condralbede(m): 7:15am On May 07, 2015
The Messiah will clear d dept....Or are u guys disputing the fact that buhari might not do that

E go red for this incoming adminstration, then they will knw dat AC nobi Fangrin
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by dekdek: 7:16am On May 07, 2015
Jonah-daft Destiny is to Bankrupt Nigeria - Pastor Bakare.

Truly, the man of God was right.

4 Likes

Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by misterh(m): 7:17am On May 07, 2015
chuna1985:


Only if u Nigerians can step up in knowledge n understand things wen they happen.

Try as much as possible to accept the fact that okonjo iweala didn't come here to stealnur money.

She left her position @ d world bank as a Director n came here to help Nigeria.

Anyone who is intelligent enough should avoid baseless n thrash statements against her.

As if u don't know why n how Nigeria got to this point.
So because she left her position in the World Bank makes her immune to criticism when she goofed? How has her coming 'here to help Nigeria' actually benefitted Nigeria. Some weeks ago, she said the country's economy was healthy. Now, the country is borrowing to pay SALARIES. If a company has to take a loan to pay salaries, that means that the company is broke. Did you read Soludo's article tackling her economic policies? He took those policies to the cleaners. Her response, through one of her aides, was a shallow one. She was making reference to trains and highways. How the hell does that relate to the economy?

4 Likes 1 Share

Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by Sibrah: 7:17am On May 07, 2015
Few painful conclusions:
We borrow with capital projects as excuse but end up paying a few hands salary with it.
We can't cope on the oil revenue and have zero plan for alternative source of income.
Majority of Nigerians are indifferent to our loopsided economy structure.
The core economic rot we are facing preceeds the Jonathan admin and is most beneficial to those who have the power to overturn it.

2 Likes 1 Share

Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by 4Play(m): 7:19am On May 07, 2015
PassingShot:


Do not pretend not to know the reason for the governors asking for the savings to be shared. If you sincerely do not know, it's because the reserves got depleted without their knowledge and without good explanation for such depletion. If FG had not stolen from the reserves, those governors would not have insisted on sharing it.

All in all, GEJ/NOI/FG are responsible for this mess we are now.

The article I linked actually sets out the reason APC wanted to scrap savings, that it is illegal to maintain such savings account. You are implying in your post that savings would have been allowed if it wasn't depleted sans the consent of the governors, but if it is illegal to have the savings, the manner in which this purported illegality is utilised would be immaterial. You cannot have it both ways.

Sept. 30 (Bloomberg) -- Nigeria’s main opposition party said it will scrap the country’s sovereign wealth fund and a separate excess crude account if it wins elections in February.“We’re going to put a stop to them,” Lai Mohammed, a spokesman for the All Progressives Congress, or APC, said in an interview in London yesterday. “The sovereign wealth fund and the excess crude account are illegal.”
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by luthorcorp: 7:19am On May 07, 2015
clip:
Okonjo bought-out our debt,Nigerians and the world clapped for her as an achievement
Now, she has brought us more debt. The world and Nigeria must condemn her as a failure.
She got award for buying-out debt
She should be punished for putting us into more debt.
not dat i disagree with u but it wouldnt be dat easy coz these ppls no1 priority wen loot and pepetraitin evil and cash looting is to delete all evidences that will trace it back 2 them,i mean its all connected d subsidy scam,refinery scam,all of it......*sighn*may god help us
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by ichidodo: 7:21am On May 07, 2015
The political class will destroy this country...
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by OversightTM(m): 7:22am On May 07, 2015
The moment some persons start accepting the fact that the rise in Nigeria's external borrowings is unconnected to any form of political propaganda the better for them. Nigeria's been trolling in debt even before the current administration assumed governance; I wonder why eye brows weren't raised then.
The fall in crude oil globally is enough reason for any economy depending solely on crude revenue to fall back on inevitable borrowings.
I hope the incoming administration will be able to address majorly the excesses in Nigeria's recurrent expenditure especially in the legislature and maybe help implement measures that will boost other forms of exports rather than solely depending on crude oil. God bless Nigeria.
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by Nobody: 7:23am On May 07, 2015
bro4u:
The third richest country in Africa is borrowing money,well there are three questions i want to ask

(1)Who is borrowing the money.
(2)Who is the lender.
(3)What are the using the money to do to benefit the masses.
Somebody said''An aid from a rich Country to a poor Country is an aid from the poor people in the rich Country to the rich people in the poor country"but in this case Nigeria is not poorlipsrsealed
third richest in africa? which countries are richer?
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by luthorcorp: 7:23am On May 07, 2015
focus7:
Gov. Rotimi Amaechi was the first expose the bad condition of the economy followed by Sanusi, then I remember that Jonathan followers accused them of blowing false alarm, and Okonjo Iweala has came out to lie to the nation severally that the economy was growing. Now we know that Jonathan government has offered Nigeria nothing than to plunge the country into the ditch of indebtedness. Jonathan second term would have been a disaster.
it would have been much more worse than disaster,i mean i would have been d time 4 him to milk the country's tit dry coz he would have nofin 2 loose,i always tot a ruler from south south wouldn't be this outwitted,i was wrong
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by PassingShot(m): 7:26am On May 07, 2015
4Play:


The article I linked actually sets out the reason APC wanted to scrap savings, that it is illegal to maintain such savings account. You are implying in your post that savings would have been allowed if it wasn't depleted sans the consent of the governors, but if it is illegal to have the savings, the manner in which this purported illegality is utilised would be immaterial. You cannot have it both ways.



There are two issues here:

1. The accounts are actually illegal and it is not contestable since it is not backed by the constitution or any bill of the NASS

2. As illegal as they were, these accounts are maintained and are expected to be used for the benefit of the country. But when the custodian of the accounts, hiding behind the illegality of operating the accounts, decided to use the funds for their personal ends with no recourse to joint-owners (the states); no good explanation for what the money has been used for, you cannot blame the governors for asking the money to be shared.

2 Likes

Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by Sibrah: 7:29am On May 07, 2015
PassingShot:


Now you're talking like a patriotic Nigerian cheesy

Can you explain what you mean by the bolded part of your post please? But forget about the social programs since they are not cast in stone.
The bolded part by Barcanista is a pointer to the fact that the APC is going to blot recurrent expenditure when they start feeding people who aren't guaranteed to be productive. Aregbe is already guilty of this in Osun state. For every one capital project(Omoluabi Garment Factory) he executes he negates it with a recurrent scheme of greater effect and magnitude(OYES or School feeding).

1 Like

Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by Nobody: 7:31am On May 07, 2015
misterh:
So because she left her position in the World Bank makes her immune to criticism when she goofed? How has her coming 'here to help Nigeria' actually benefitted Nigeria. Some weeks ago, she said the country's economy was healthy. Now, the country is borrowing to pay SALARIES. If a company has to take a loan to pay salaries, that means that the company is broke. Did you read Soludo's article tackling her economic policies? He took those policies to the cleaners. Her response, through one of her aides, was a shallow one. She was making reference to trains and highways. How the hell does that relate to the economy?

please remove soludos strict st.upidity from here, I don't respond to issues concerning a power hungry individual who has already been in the helms of this same affair n has nothing to show for it.

Back to the topic, where did she goof? back up ur argument with facts about her crimes or her flaws...

If trains highways have no relationship with the economy, I guess I'd advise u to stop talking about things u don't know.

Many Nigerians are very gullible just like u, Wen u read any article (especially the ones that suggest billions of dollars is missing) u just believe it without even trying to analyse it.

Develop a mind of ur own n desist from following the crowd...

1 Like

Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by coputa(m): 7:33am On May 07, 2015
bro4u:
The third richest country in Africa is borrowing money,well there are three questions i want to ask

(1)Who is borrowing the money.
(2)Who is the lender.
(3)What are the using the money to do to benefit the masses.
Somebody said''An aid from a rich Country to a poor Country is an aid from the poor people in the rich Country to the rich people in the poor country"but in this case Nigeria is not poorlipsrsealed
The lenders are Iwealas employer,she is here to play their script.remember that you will always be a slave to your creditors.
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by rusher14: 7:33am On May 07, 2015
lonelydora:
Madam "Paper Economy" said Nigeria is not broke. Why the debt? I thought GEJ-led government is performing well.

Meanwhile In other news, WHO HAS SEEN DAME PATIENCE JONATHAN?

40-day dry fasting.

When next you see her she'll be looking like seyi shey. Only more haggard.

1 Like

Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by PassingShot(m): 7:34am On May 07, 2015
Sibrah:
The bolded part by Barcanista is a pointer to the fact that the APC is going to blot recurrent expenditure when they start feeding people who aren't guaranteed to be productive. Aregbe is already guilty of this in Osun state. For every one capital project(Omoluabi Garment Factory) he executes he negates it with a recurrent scheme of greater effect and magnitude(OYES or School feeding).

You mean the APC that has constantly criticized/condemned the current budget arrangement of 80%:20% in favour of recurrent expenditure will tow the same line?

It can NEVER happen. Just wait and see how things will be done differently.

1 Like

Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by philips70(m): 7:35am On May 07, 2015
barcanista:
I have not been comfortable on reading that the FG borrowed money to pay wages and salaries of workers. This is sad and a shame that saner countries borrow to fund developmental project, ours is to consume and loot. One of our challenges in this country has been fiscal indiscipline, and it is appearing like we aren't getting better. Jonathan administration with due respect has done little or nothing to better the situation, and the APC program is more of consumption than long term development. Truth must be said, we are in a dire situation. The incoming administration have lots of work to do.

Kudos for reclaiming your moniker from the children of multiple anger.

3 Likes

Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by eaglechild: 7:35am On May 07, 2015
Dysfunctional state governments are the bane of the Nigerian economy.
Many of the state governments are in heavy debt from Lagos to Imo to Osun.

The state governors just lie redundant await for hand outs from FG while looting and amassing wealth.

Only to turn and attack the FG instead of finding ways to generate revenue.
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by Tshaphilo: 7:38am On May 07, 2015
God will my unemployed children now pay the debts accrued by corrupt politicians with their hard earned money? God help us n teach this new wot to do.Amen.
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by shamecurls(m): 7:39am On May 07, 2015
The Okonjo Iweala Science states that the more an economy grows in GDP and become rich, the more it gets indebted.

1 Like

Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by Nobody: 7:39am On May 07, 2015
PassingShot:


Now you're talking like a patriotic Nigerian cheesy

Can you explain what you mean by the bolded part of your post please? But forget about the social programs since they are not cast in stone.
I always insist in patriotism above partisanship. Nobody should be comfortable when his country borrows to pay Salaries like what we are experiencing. The APC as the ruling party-elect is yet to tell us of any developmental programs that will cause for more work and less for reliance on government stipends. VP-elect Osinbanjo once said that the APC administration will reverse the propose increase in tarrif for imported vehicles. A reversal of that program will only promote reliance on import which isn't economic friendly. No country that rely on import can progress.

The APC also talked about packages for unemployed, nysc members (after one year completion of service), elderly, disabled etc... All these are consumable programs that can never be sustainable and will only plunge us into more borrowings to fund the program (for how long?)

The APC is yet to take a public position on the whether or not subsidy should be retained(though their antecedent is pro-subsidy). If subsidy should be removed, when should that be and what do they plan to put as paliative before removal? If retained, how do they hope to fund it considering the ever increasing bill of the cabals?

Should we continue to rely on oil and borrowing or what other plans do they have to raise funds? The APC Govs apart from taxation, what other means do they generate funds? They all went to Abuja to meet the President-elect, is that not an indictment on their part when they should be with their team brainstorming? Their posture shows that they plan to shift more burden on the incoming FG, how is that different from what is presently obtainable? Such mentality only shows a continuation of the status quo. Which I believe shouldn't be our lot.

3 Likes

Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by timilehing(m): 7:39am On May 07, 2015
NOI, GEJ, your days are numbered. Nigerians will be delivered from una hand

1 Like

Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by durosegun(m): 7:40am On May 07, 2015
The 'consumption' economy that this country has been subjected to over the years is now about to take its full toll on us, and its the masses that will suffer the effect the most. This is what happens when a country decides to spend 70% of her national budget on recurrent expenditures leaving capital projects to suffer.
Every administration since 1999 is guilty of this but more of the blames go to the Jonathan's administration. His administration made huge revenue from crude sales in the last five years and instead of the administration of being proactive and diversified the country's economy in order to have concrete alternative sources of revenue generation and lessen the 'sole' dependent on oil revenue or at least embarked on capital project which to a very large extent would not have only lead to human development but also economic growth.
The incoming administration really have limited time to start their planning and carry out aggressive approach with a view to salvaging what is left of the present economy and also usher in a more robust and dynamic solutions that will put the country back on a fast track to economy buoyancy.
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by 4Play(m): 7:40am On May 07, 2015
PassingShot:


There are two issues here:

1. The accounts are actually illegal and it is not contestable since it is not backed by the constitution or any bill of the NASS

Precisely. If this is your party's official position, it would entail that we should have no savings in the first place. This renders hypocritical any criticism of the government that it failed to save nor could criticism be sustained on the basis that the government is having to borrow to meet revenue shortfalls arising from an oil price crash.

If NOI insisted that we need to maintain a rainy day fund in the event of a fall in oil price and your party said that we shouldn't save, tell me who has been vindicated?


2. As illegal as they were, these accounts are maintained and are expected to be used for the benefit of the country. But when the custodian of the accounts, hiding behind the illegality of operating the accounts, decided to use the funds for their personal ends with no recourse to joint-owners (the states); no good explanation for what the money has been used for, you cannot blame the governors for asking the money to be shared.

If the funds have been used for personal ends, then your party should be in a position to investigate and recover much of the money from May 29. No be so? Or are you effectively signalling by your defeatist posture the impotence of the incoming government?

1 Like

Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by Nobody: 7:41am On May 07, 2015
We are owing but no results to show for it...we should be seeing working train systems,the best of roads and bridges,infrastructure,refineries,etc....but we haave nothing...nothing...I spit on nigeria and our leaders... embarassed....11thrillion naira debt...
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by fineguy11(m): 7:45am On May 07, 2015
Truckpusher:
APC making series of 'I will fail' comments to have ready excuses to justify their imminent failure. grin




A barren woman will always blame a late marriage for her childlessness. grin
just like ur clueless ediot master GEJ and his barren wife....that idiot recked our economy.....GEJ remains a curse to this generation...

1 Like

Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by Sibrah: 7:45am On May 07, 2015
PassingShot:


You mean the APC that has constantly criticized/condemned the current budget arrangement of 80%:20% in favour of recurrent expenditure will tow the same line?

It can NEVER happen. Just wait and see how things will be done differently.
You tell me how will feeding of populace make Nigeria industrialized. When You feed people it ends there but when you create industries and allow them to thrive you feed them through employement, shelter them, and even earn taxes and forex. The APC are too desperate to impress and may end up going for a short term stomach infrastructure that will blot recurrent expenditure.

1 Like

Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by Nobody: 7:47am On May 07, 2015
Ariel20:


Now you are talking..This is really sad
Very sad my Dear... How are you btw?

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