Nigeria on the brink.....God help us

Beremx:
Madam Ngozi,you will not escape being probed. You will not!

For your refusal to pay fuel marketers their subsidy payments and make Nigerians suffer,prosterity will judge you.

See pain oooo, go and sit down. When GEJ asked for fuel subsidy removal you all jobless fo0ols rolled out your s1lly protest drums at Ojota sponsored by your slave masters to cast aspersions on GEJ. Didn't you collect food packs & pure water that day? Where is Femi Falana today?
It's like your brother is one of those who forged subsidy claim documents to steal from Nigerians. Better go hide your face.

babestella:


He will not eat his words bro, why is it so difficult for you APC minions to accept empirical fact? Rather you bask in the euphoria of deceit, lies and propaganda pushed by your evil deceptive political masters. I can't believe pastor Osinbajo promoted this falsehood, it's the height of irresponsibility on his path. It's really sad.

Woooooow..... I never knew you're this dull... Did you see me campaign or what. I am just a Nigerian who believes Nigeria will be great someday somehow... Lol, bros you need prayer oooo... I am not the negative type man, for as long as the earth is God, I will benefit from the good of any government in power. But that doesn't suffix to say that a government will fail in all aspect. Jonathan did not fail in all aspect but he just failed to be the president people voted for 4 years ago...



Bros Abeg pack go one side....

#Godblessnigeria #nigeriawillbegreatagain.

PassingShot:


Thank you.
To understand that NOI is a fraud, one only needs to read and re-read Prof. Soludo's article on NOI's handling of the economy.

I keep wondering what would have happened to us in another one year had GEJ found a way to win that election.

It is the end of Nigeria had GEJ won the election.

Even with her explanation something is still very wrong somewhere all the past leader incur 42bn debt from btw 1960-2010 and only gej incur 21bn debt just within 5years






My brother there is GOD ooooooo

Koroaso:


You probably believe everything you read. where is the source of the external debt? where is the source of the internal debt?
which of these debts are we not going to pay back?
if the external debt is 3.7billion dollars why is the total sum 60billion dollars......does it matter the debt source if you still owe the same net sum at the end of the day ??

Please explain,i dont mind learning from you.

summary,
public and fin management key points.


1.total debt=$63.7billion
1a. total ext=$9.7billion
1b.tot domestic=$54billion

2.Gej administration(2010-2015)
2a.ext. debt=$3.7billion
2b.domestic debt=$14.4billion

3.Accrued debt before Gej administration
3a.total debt=$40billion
3b.ext=$6.4billion
3c.domestic=$39.6billion

4.state to duration debt ratio

5.consultation fee and miscellaneous by me
5a.total=$1 million pere!!!

PassingShot:


I guess it was same fact she fed us last year October when she said the economy was doing fine! Fast forward six months after, the same economy is borrowing to pay salaries of employees.

Who still believes NOI, GEJ, Diezani and their cohorts btw?

6 months is a long time in the life of an economy.

Ngozi is an economist, you are not. And if she makes a comment about the economy backed with facts, you listen and not refute her comments with baseless comments.

baralatie:

the problem with some people is that they are not in the know of the domestic debt incurred before Jonathan administration and the attempts to manage them.
economics and financial management things!!

Of the $18 billion domestic dept incurred between 2007 and 2015, only about $1 billion was directly under Jonathan. I'm not defending anybody. Most politicians and the two dominant political parties are pretty much the same. Just stating the facts.

cantell:

Someone sounds pained.
Did you buy petrol at 1k per litre? Hehehehehehe!
Remember those days you danced and protested against removal of subsidy?
Karma has come!

Every government in the history of man subsidise one item or the other. The problem was never the subsidy program, no! The real problem is corruption & mismanagement in high places!!

NOI is the "coordinating minister of the economy" (whatever that means) if any marketers have ganged up to steal from the country, don't we have a president & commander in chief? Is our attorney general dead? Is the coordinating minister lost on her JD??

"Such legacies, she said, include 1.4 million jobs created yearly out of 1.8 million jobs required as confirmed by the National Bureau of Statistics."

I can bet this woman is a pathetic liar. If the emboldened is true, why the frightening unemployment in the country? You people have manipulated all the figures to score yourselves high, but remember God can never be fooled; indeed, "Diaris God in everything we're doing!"

PassingShot:
Liar!

As at the time OBJ was leaving office, Nigeria didn't have external debts (I stand to be corrected if wrong) and Yar'Adua left over $40 billion in ECA which sadly is now $2 billion.

NOI is the next worst thing to befall Nigeria after GEJ.

What an intelligent, smart and informed being would have done is to provide verifiable and veritable link to counter her on this if you think she's lying...and not insult someone FAR better than your mother here...try Google for your mother's name and achievements before insulting other people's mother...

kjhova:


Every government in the history of man subsidise one item or the other. The problem was never the subsidy program, no! The real problem is corruption & mismanagement in high places!!

NOI is the "coordinating minister of the economy" (whatever that means) if any marketers have ganged up to steal from the country, don't we have a president & commander in chief? Is our attorney general dead? Is the coordinating minister lost on her JD??

not when the nation fields against her with a nation shut down at ojota.it makes the situation helpless!

kjhova:


Actually OBJ did clear much of our $36B external debt in his time but didn't do much on the domestic front. He also built our external reserves up above the $40B mark which led to improved ratings for the country by international agencies. He did his best & it was good for us.

GEJ & NOI have worsened our domestic debt which have left many government contractors broke & moribund. The external debt has also increased marginally in their time leading to our reduced ratings. However NOI still does what she does best, spewing stats at us to confuse us!

Debt to GDP ratio of 1.5% sounds good until you figure out dat your debt is real while yur GDP is only statistical work. For example, Nigeria's GDP grew over double to $500B in one night just by MOF rebasing of the calculation!! Debt to revenue ratio of 22% is atrocious for a country bedevilled with poor infrastructure, high recurrent expenditure, endemic corruption & opaque financials!

How did this people get their PHDs?? My God!!

You can always tell when someone is being tendentious by the inconsistency resulting from their attempt to contort logic. You note that OBJ reduced our external debt, who was the Finance Minister who negotiated that debt reduction? Oddly, the Finance Minister is not credited for the reduction of external debt but is of course to blame for its, and the domestic debt's, increase.

I will make a point I made in December 2013 (I just looked through my post history, surprisingly it was made to PassingShot!). High domestic debt is not good but it is hardly as damaging as people think. This is because the debt is denominated in Naira, which the Govt of Nigeria produces. This is distinct from external debt which gets worse with exchange rate depreciation. Here is an extract from my December 2013 post:

The pitfalls of external debts should be obvious. It was external debt that birthed SAP and culminated in the erosion of living standards in the 80s which is unprecedented in the country's history. The main problem with external debt is the exchange rate risk as follows:

Supposing you borrow $10bn in 2007, assuming an exchange rate of N100 to $1, giving a debt of N1 trillion when converted to Naira. If exchange rates move against you, say it now takes N160 to buy $1, you suddenly have a debt of 1.6 trillion Naira. Many underestimate how exchange rates can deteriorate quickly. In the 70s to the 80s and I stand to be corrected, we went from 60 Kobo to $1 to in excess 2 Naira to $1 pretty rapidly, that would amount to a multiplication of the debt burden by more than a factor of 3. The funny thing is that the bigger your external debt burden, the quicker the deterioration in exchange rates because money has to leave the country to service the debt. Imagine what that does to the inflation rate and the living standards of Nigerians as much of what we consume is imported. High inflation brings about high interest rates which dampens the supply of credit to the private sector. The negative spiral is relentless and we have witnessed it before.

https://www.nairaland.com/1563336/must-read-reps-50-questions/2#20372749

4Play:


Make una take am easy with the mendacity You have made 2 claims of fact, neither of which is correct and both of which you could have ascertained for yourself:

1) OBJ left no external debt - See page 5 of source here:[url]http://www.dmo.gov.ng/recent/NATIONAL%20DEBT%20MANAGEMENT%20FRAMEWORK%20%282008-2012%29.pdf[/url]

I indicated I might be wrong on the debt left by OBJ. Besides, what OBJ left as external debt is "negligible" compared to what we have accumulated despite unprecedented earnings from oil during GEJ's regime.

4Play:
2) Yar'Adua left over $40bn in the ECA - http://www.elombah.com/index.php/articles/daniel-elombah/3918-now-that-president-jonathan-has-decimated-the-excess-crude-account-v15-3918

Both GEJ and Yar'Adua are to blame for the deterioration of our financial position because of their public sector wage increases. In the internet age, there is no excuse for such a blatant disregard of facts.

I meant to refer to what OBJ left as foreign reserves and not ECA. Apologies for that.

This article may interest you. http://www.thisdaylive.com/articles/my-sojourn-into-the-excess-crude-account/140508/

baralatie:

what was the domestic debt figure After obj tenure in 2007?

NOI in her report suggested that $18.1B had been incurred domestically since 2007. You may do the maths thereon if you will.

baralatie:
summary, public and fin management key points.

1.total debt=$63.7billion 1a. total ext=$9.7billion 1b.tot domestic=$54billion
2.Gej administration(2010-2015) 2a.ext. debt=$3.7billion 2b.domestic debt=$14.4billion
3.Accrued debt before Gej administration 3a.total debt=$40billion 3b.ext=$6.4billion 3c.domestic=$39.6billion
4.state to duration debt ratio
5.consultation fee and miscellaneous by me 5a.total=$1 million pere!!!

@kjhova

Sweetguy25:
APC wants to run a government built and sustained by lies and forgery. They won't last.

Hahahaha, don't mind Apc, they will probe and end up probing their self. I hope they don't stop the probe halfway when Apc open and hidden supporters start getting roped into the probe.
Moral lesson is there are places and people that don't deserve your help no matter how they beg you. Nigeria doesn't deserve Okonjo Iweala. Posterity will judge her and GEJ.

baybeeboi:



you are the most unintelligent female av come accross in this forum.

How can a woman be so dumb?

There's never any meaningful thing you say.

i wonder what you look like, maybe a pig

@u quoted her just to spill trash just becox u're allegic to the truth....if ur mother was half as intellegent as her,she definately wld av given birth to a better offspring than u..,,probably one with an IQ of a worm...

Yungwizzzy:


So Ngo baby is now APC? interesting....

Maybe the fuel scarcity could also be another lie from APC?

Who said Ngozi is apc? Ngozi just exposed the lies and propaganda of apc concerning 60billion naira depth osinbajo and his cronies were talking about.
Didn't you read the explanation on fuel scarcity and the propaganda/gang up of oil marketers on that? Please you people should try and source information by reading wide before making up judgment. Don't make NL your beginning and end. You can do better because your brain is so large that can accommodate a whole lot of information.

PassingShot:


I indicated I might be wrong on the debt left by OBJ. Besides, what OBJ left as external debt is "negligible" compared to what we have accumulated despite unprecedented earnings from oil during GEJ's regime.



I meant to refer to what OBJ left as foreign reserves and not ECA. Apologies for that.

This article may interest you. http://www.thisdaylive.com/articles/my-sojourn-into-the-excess-crude-account/140508/

External debt has gone up from circa $3.5bn to circa $9.5bn of which circa $3bn is attributable to state governments. I don't think $9bn of external debt is anything but negligible.

I note your comment re OBJ and foreign reserves/ECA. Just as an aside, I am one of those who thinks that OBJ, at least in the 2nd term, was the best President we ever had. Or put another way, he is the least bad of all the atrocious presidents we have had including the incoming Buhari. Having said that, you can't deny that NOI was central to getting that external debt reduction deal done.

GEJ and Yar'Adua because both were weak and needed to hold on to power submitted to Governors' wishes to dip into the ECA and gave civil servants and other public sector workers jumbo pay rises. It is for that reason that we have had high recurrent expenditure and states/FGN are struggling to pay workers now that oil prices have collapsed.

When a person ike danjuma now wants ppl probed because of corruption den you tryly have a banana republic.

Sweetguy25:
APC wants to run a government built and sustained by lies and forgery. They won't last.

When you wrote that peice of yesterday showing how CBN rather than the Coordinating minister of the economy was responsible for everything that is wrong with the economy I only pointed you to the title of the minister just so you re-jig your head but today's comments suggest you don't jack about the economy and you are clearly suffering a hang over of the loss the GEJ and PDP suffered.
FYI, I am so PDP I should be crying but I can tell you that pointing fingers at APC and spewing stuff will not change the fact that the nation has veen poorly managed over time (16yrs).
Iweala claims our debt to GDP ratio at 1.5% is one of the smallest in the world, true but u will find our GDP remains largely tied to oil and infrastructure is worse today than it was before democracy resumed.
Under GEJ we have maintained a growing local debt profile that has been fueled by DMO sale of TBs to mop excess liquidity. Which excess liquidity other the ARTIFICIALLY created one?
Debt servicing to revenue at 22%? How can that be sustained? Especially when the back pocket is so much bigger?
I prayed it and I hoped it even though I knew it would end PDP reign, but I also knew that economically, change was the only way out and here we are.
Wait for it. Soon as the economic basis begin change, things will begin to fall in line. Trust me. Pls, dont insist that Iweala knew all the things she was doing. Too much micro managment of the economy got her befuddled.

Yungwizzzy:


So Ngo baby is now APC? interesting....

Maybe the fuel scarcity could also be another lie from APC?

. Boss dats nt wat she z saying.

PassingShot:
Who still believes anything that comes out of GEj's, NOI's and Diezani's mouth?

As at the time OBJ was leaving office, Nigeria didn't have external debts (I stand to be corrected if wrong) and Yar'Adua left over $40 billion in Foreign Reserves which sadly is now $2 billion.

NOI is the next worst thing to befall Nigeria after GEJ.

Am sure u failed woefully in school or you are s drop out...Obj left 7bn$ debt....so with a 5increase in wages coupled with a 50% decreasin in oil revenue.... Our economy will still be same.....please go to school....who told you selling at 100$ mean its too much.... all these lies will not go anywhere.... Greece, France , Spain etc are facing hard economic times but u expect Nigeria to be immune.... because you are sold lies

Jonathan and his pilferer cabinets should be probed and asked to return our monies back into d treasuries!
Just imagine what d useless thieves have turned dis country into.
U shall all reap wot u sow.

Forwarded as received. ...
OBASANJO & YARADUA DID NOT LEAVE ANY DEBT FOR NIGERIA BUT RATHER LEFT HUGE SUMS OF MONEY AS NATIONAL RESERVE FOR NIGERIA.
JONATHAN (WHO IS NIGERIA'S GREATEST MISTAKE) MISTAKENLY BECAME PRESIDENT ON MAY 2010 AND BY MAY 2015,IT WAS DISCOVERED THAT JONATHAN HAS ACCRUED A DEBT OF 60 BILLION U.S DOLLARS FOR NIGERIA
$1 = N228
60 BILLION DOLLARS � 228 = 13.7 TRILLION NAIRA (interest excluded)
IF NIGERIA PAYS BACK 5 BILLION NAIRA EVERY MONTH
13.7 TRILLION NAIRA DIVIDED BY 5 BILLION NAIRA = 2740 MONTHS
1 YEAR = 12 MONTHS
2740 MONTHS = 228 YEARS
IN OTHER WORDS,IT WILL TAKE NIGERIA AT LEAST 228 YEARS TO REPAY THE DEBT JONATHAN OWED (interest excluded)
THIS CLEARLY MEANS THAT OUR CHILDREN,
GRANDCHILDREN,GREAT GRANDCHILDREN AND GREAT GREAT GRANDCHILDREN WILL STILL PAY WHAT JONATHAN OWED.
Now,who says JONATHAN is not BADLUCK?
SHARE THIS WITH ALL NIGERIANS YOU KNOW VIA twitter,facebook,
whatsapp,SMS,etc
-Engr Rotimi Fabiyi,P.O Box 1709,Ikorodu,Lagos State,Nigeria

4Play:


You can always tell when someone is being tendentious by the inconsistency resulting from their attempt to contort logic. You note that OBJ reduced our external debt, who was the Finance Minister who negotiated that debt reduction? Oddly, the Finance Minister is not credited for the reduction of external debt but is of course to blame for its, and the domestic debt's, increase.

I will make a point I made in December 2013 (I just looked through my post history, surprisingly it was made to PassingShot!). High domestic debt is not good but it is hardly as damaging as people think. This is because the debt is denominated in Naira, which the Govt of Nigeria produces. This is distinct from external debt which gets worse with exchange rate depreciation. Here is an extract from my December 2013 post:



https://www.nairaland.com/1563336/must-read-reps-50-questions/2#20372749

I do not have much problem with high domestic debts even though it shouldn't be a thing of joy as it is a reflection of bad economic management. $9.7 billion dollars in external loan also should not be a huge source of concern ONLY if such money was used for infrastructural development. Again we have to look at the amount we spend in servicing these debts year in year out.

Funny enough, the example you gave in your 2013 post is not lending credence to your postulation that huge debt is not bad especially when one considers the fact that the exchange rate of naira to dollar has not been favourable; which means an increase in what we need to service the debts as well as in the debt value itself.

hadura29:



Woooooow..... I never knew you're this dull... Did you see me campaign or what. I am just a Nigerian who believes Nigeria will be great someday somehow... Lol, bros you need prayer oooo... I am not the negative type man, for as long as the earth is God, I will benefit from the good of any government in power. But that doesn't suffix to say that a government will fail in all aspect. Jonathan did not fail in all aspect but he just failed to be the president people voted for 4 years ago...



Bros Abeg pack go one side....

#Godblessnigeria #nigeriawillbegreatagain.

No, it's you that is a dullard like your deceiving slave masters. No one thinks negative about his or her country bro, but to have supposed leaders some online and propagate all sort of demeaning lies and propaganda just to deceive feeble minds like you is totally irresponsible. The facts have been laid out there, if you, Osinbajo and your political masters are on a different page, you can go sort that out in court. Simple and straight, unless you want to keep believing in lies and deceit, your choice bro.

Ngo baby u need 2 tell us what all those money is use for?we dnt still hav electricity,good road,no portable water,mass unemployment,fuel scarcity,food insecurity,insecurity,poor health services,no functional refinery?we know OBJ cleared all d debt frm 1960 to 2008.

The question to ask "prime Minster", voodoo economist NOI.
1.How much did Nigeria make between 2007 and 2015
2. How much was left in ECA bu Yaradua. How much is there now?
3. How much debt external and internal did GEJ inherit from Yaradua?

Sweetguy25:
APC wants to run a government built and sustained by lies and forgery. They won't last.

WHERE IS UR BRAINS?.... INCASE YOU HAVE LOST URS TO SENSELESS SYCOPHANCY TO PDP, ...I HAVE A SOLUTION 4 U, TRY BIOTECH MEDICINE FOR A TRANSPLANT OF BRAIN,SO YU CAN GET SENSE.

solreb:
The question to ask "prime Minster", voodoo economist NOI.
1.How much did Nigeria make between 2007 and 2015
2. How much was left in ECA bu Yaradua. How much is there now?
3. How much debt external and internal did GEJ inherit from Yaradua?

look at my post for the breakdown!