₦airaland Forum

kenonze:
Pls this shld not make Front page.

I don't want Names checkers to suck out all the blood left In the 5%

A doctor has been allowed to carry on practising despite being found guilty of professional misconduct for making lewd comments to two 'very vulnerable' women patients.
Cyprian Okoro, a GP from Beckenham, Kent, was yesterday found guilty by the General Medical Council's Professional Misconduct Committee, which imposed conditions on how he could practise for 18 months.

Okoro quizzed a pregnant 16-year-old girl about whether she enjoyed sex with her boyfriend. He also asked her to stick out her tongue to see if she was any good at MouthAction, and suggested that she should touch him.

In a separate incident, Okoro asked a 35-year-old woman recovering from cervical cancer about whether she liked sex, how often she had it, in what positions, and whether her husband had any problems getting an erection.

A doctor was caught with a stash of 'extreme' pornography, including a video of a man having sex with a snake, a court heard.

Cyprian Okoro, 55, allegedly stored the images on his Samsung mobile phone having received them via mobile messaging app WhatsApp, the Old Bailey heard.

They included three videos of a woman having sex with a dog, one of a man having sex with a snake and one of a woman having sex with a horse, jurors were told.

The defendant is on trial charged with five counts of possessing pornography of a 'grossly offensive, disgusting or otherwise obscene character'.

Okoro is also accused of one charge of possessing indecent images of a child relating to a video of a two-year-old boy.

piagetskinner:
If okonjo and her boss were still in power ...I bet the government would have been borrowing to offset salaries

By Michael Eboh The Minister of Finance, Mrs. Kemi Adeosun, Thursday, said the ministry cannot afford to pay the N1.2 billion requested by its workers, while she confirmed that the Federal Government was already borrowing funds to be able to pay the N165 billion a month needed to cover civil service salaries.

Seriki Adinoyi in Jos

The Federal government has again owned up to the crumbling economy of the nation, lamenting that it borrows an average of N600 billion every month to augment payment of workers’ salaries.

OkoNDOoBo:
Ngozi the vodoo economist.

SHe supervised the depletion of nigeria's foreign reserve. From$47b to $29b during oil boom.
She started borrowing To pay salaries while oil was$74
What will Be the fate of. Nigeria economy now that oil is. Langusihing between $28 to $45 with no maximum production of crude oil

Nigeria's external reserves which fell on Monday to $31.784 billion Thursday further depleted due to leakages in the country's Joint Venture cash calls.

By Michael Eboh The Minister of Finance, Mrs. Kemi Adeosun, Thursday, said the ministry cannot afford to pay the N1.2 billion requested by its workers, while she confirmed that the Federal Government was already borrowing funds to be able to pay the N165 billion a month needed to cover civil service salaries.

Seriki Adinoyi in Jos

The Federal government has again owned up to the crumbling economy of the nation, lamenting that it borrows an average of N600 billion every month to augment payment of workers’ salaries.

“Mr. President, you plan to borrow 33% of the entire budget, or 3.62% of GDP which is higher than the 3% stipulated in the Fiscal Responsibility Act. Your total
debt service is N542 billion (which is higher than your total capital spending on power, roads, health and education put together). Your total recurrent expenditure (including debt service) is N3.023 trillion, meaning that with a revenue of N2.83 trillion, your government plans to borrow money to finance recurrent expenditure even if capital budget is zero.

The Director, Corporate Communications, Central Bank of Nigeria, Mr. Ibrahim Mu’azu, confirmed to our correspondent on Thursday that the three states’ accounts with commercial banks had been credited with the combined sum of N56.2bn.

According to the breakdown, Ogun got N20bn; Oyo, N26.606bn; and Ekiti, N9.6bn.

Sant1m:
the timing of the critism from soludo and sanusi closely is a pointer that they both had insider scoop that there tenure was to be probed. since Nigerians are very gullible to sway public opinion the first thing most of these guys do is to criticise the Govt and wait for the Govt to make her move. unfortunately because of hate we fall for it.

Nigeria’s respected former central bank chief has said that exchange rate policies backed by President Muhammadu Buahri are doomed to fail, the UK-based Financial Times newspaper reports.

Lamido Sanusi, who is now the emir of Kano, an influential religious post among Muslims in Nigeria, told the Financial Times that he was disappointed to see Mr Buhari’s strong security and anti-corruption efforts overshadowed by a monetary policy regime with “very obvious drawbacks that far outweigh its dubious benefits”.

abokibuhari:
Malaria way Jonathan don already kill finish before the 'clueless of all cluelessness' came and resurrect it

Passing Shot:
Some of my favourites:

Why should our internal debts continue to represent more than two-thirds of Nigeria’s external debt profile, when the cost of servicing domestic debts is ridiculously far more expensive than servicing external debts? Why should government continue to borrow internally when in
so doing results in insufficient funds, skyrockets the cost of borrowing and above all, crowds out the real sector from the money market? Shouldn’t the high cost of domestic borrowing override whatever are the assumed benefits? Since both London Interbank Offer Rates (LIBOR) and the US Treasury Bonds rates offer far better interest rates for sovereign borrowings, why have we continued not to take advantage of cheaper interest rates?

4Play:
I find this interesting as it implies that external debt is superior to internal debt, that is to say, that it is better that the Nigerian Govt owes money denominated in foreign currency to foreign creditors than owe money denominated in Naira to domestic creditors.

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:
[b]
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.[/b]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.

The high interest rates the Govt pays when it borrows in Naira is supposed to compensate for the higher rate of inflation in Nigeria but the flip side of high inflation is that the real value of Naira denominated debt is eroded over time than if the debt is denominated in a foreign currency. Remember that in the bond market, if the Govt borrows 100bn Naira for a term of 10 years at yields of 14% per year, it will merely pay the yield per year and redeem or pay back the 100bn Naira at expiration of the 10 year period. 100bn Naira in 2007 and at an inflation rate of 9% per year will mean that in the 10th year, the Govt will pay back the equivalent of 39bn Naira in 2017. In contrast to US dollars which erodes value at a slower rate, the redemption of Naira debt will be a lot cheaper than dollar debt.

So, it's actually likely that from issuance to maturity, an internal bond denominated in Naira is cheaper for the Nigerian Govt than an external bond denominated in US dollars for instance. Almost all sovereign debt crisis occurs in countries borrowing in currencies that they do not control - Greece, Portugal, Spain, Zimbabwe, Ireland, e.t.c.

External debt is good in the short term but incredibly dangerous in the long term. The talk about borrowing in Naira crowding out local borrowers assumes that there is strong domestic private sector demand. If there is such strong demand, then the economy is doing well and it undercuts the opposition's argument.

Listening to and reading policy debates in Nigeria, it's almost like the 80s never happened. Those who refuse to learn from history are bound to repeat it.

Quakertellicus1:
Read my whole piece again....slowly.

Keep in mind that Okonjo Iweala was saying that we should expect hard times by 2015....in the event of a GEJ victory.

We are a Dutch diseased economy.

For more info...this article is good....And it was wrote in 2004.

Managing the Dutch disease in Nigeria

Represented by the Director, Development Finance of the CBN, Dr Mudashiru Olaitan, Emefiele blamed the decline of non oil revenue on the low level of loans to exporters which invariably contributed to the decline in non oil export revenue receipts from $10.53billion in 2014 to $4.39billion in 2015.

Non-oil exports recorded improvements with aggregate export value increasing continuously from N23,327.5million (US$287million) in 1996 to N29, 163.3 million (US$357.2 million) in 1997; and further to N34, 070.2 million (US$406.5 million) in1998. The CBN (1998) attributed the sustained increase in non-oil export to the liberalization of the foreign exchange policy environment by the federal government, and better operating conditions for Nigeria’s semi-manufacturing sector.

12Monkeys:
What are the implications of this?

1. Hyperinflation

2. Increase in interest rates

3. Economic slowdown

4. Further naira devaluation (buhari will have to approve a 100,000 naira bill soon)

What they had ought to do?

1. Cut govt expenditure and capital projects until oil prices rebound

2. Lower taxes and not increase it in order to stimulate investment drive

3. Reduce lending rates ( which they did the opposite) . Now who is going to borrow at 40% to start a business in an economy in recession.

The only good news is that Nigeria's economic woes are not entirely due to fundamental factors or a slowing economy but rather the ineptitude of those in power today.

ALLOCATIONS to the three tiers of government after the monthly Federation Account Allocation Committee (FAAC) meeting yesterday dropped to N443.663 billion.
Last month’s allocation of N559.032 billion triggered jubilation and predictions from some quarters that the July disbursements will may be higher.

LORDOFTHEOSU:
Chei!!

So after reading the body of the report like you claim, you still can't see that the commencement of a genuine and legal process is what the report tries to show irrespective of the enticing headline?

Can you point to anywhere the EFCC or Magu tries to portray a false picture in the quotes attributed to them?

blueto:
APC propaganda at work again

Quakertellicus1:
All it shows is that Nigeria and Venezuela are both oil dependent nations....whose economies rise and fall with the oil price.

If there were an award for the messiest year in Latin America, Venezuela would win it by a landslide. Currency problems, drastic shortages and political wars marked a 2013 that began with the death of Comandante Hugo Chávez in early March. Since then, successor and current President Nicolás Maduro has been trying to carry on his legacy at any cost -- and many fear that is bringing the country close to collapse.

Whether Maduro's failing policies or the so-called “economic war” Maduro is accusing his opposition of waging are to blame, Venezuela entered a recession in 2013. GDP suffered a 0.4 percent contraction this year, according to estimates by Trading Economics. This, in a year when Venezuela dealt with 42 percent inflation, and the Venezuelan bolívar dropped 32 percent against the U.S. dollar

4Play:
These online propagandists get emailed talking points which they promote endlessly - for APC propagandists, their recent talking points include the misleading comparison to Venezuela.

At the heart of the talking point is that the present government deserves praise as Nigeria's present economic performance is not as bad as Venezuela's, a fellow oil producer. The problem with this line of argument is that it masks a major piece of irony: if Nigeria's relative outperformance vis-a-vis Venezuala constitutes a basis for praising the present government, it is also a basis for praising the PDP government. This is because Nigeria has been outperforming Venezuala for a while. Here is an extract from a January 2014 article about the Venezuelan economy:

If there were an award for the messiest year in Latin America, Venezuela would win it by a landslide. Currency problems, drastic shortages and political wars marked a 2013 that began with the death of Comandante Hugo Chávez in early March. Since then, successor and current President Nicolás Maduro has been trying to carry on his legacy at any cost -- and many fear that is bringing the country close to collapse.

Whether Maduro's failing policies or the so-called “economic war” Maduro is accusing his opposition of waging are to blame, Venezuela entered a recession in 2013. GDP suffered a 0.4 percent contraction this year, according to estimates by Trading Economics. This, in a year when Venezuela dealt with 42 percent inflation, and the Venezuelan bolívar dropped 32 percent against the U.S. dollar

By Hilary Matfess

Aisha, a witty and strangely charming 25-year-old from Banki, a town bordering Cameroon, recalled how members of Boko Haram came to her town in 2012 and began preaching their rigid brand of Salafi jihadism. The insurgents then turned to some of the women, asked what they ate, and when they replied, “just rice,” offered them a tantalizing deal. “They would give us a regular allowance of 5,000 naira and better food if we married them,” said Aisha who was so intrigued by the prospect that she asked her then-husband for a divorce, which he granted. The sum of money, most likely doled out monthly, is an incredible sum given 80 percent of rural Nigerians live on less than 400 naira a day. Aisha explained matter-of-factly, “I was tired of my husband and I wanted a rich man…of course I knew there are many rich men in Boko Haram.”

Despite its reputation for gross human rights abuses, particularly against women and girls, it appears that Boko Haram’s stature among the women it courted for marriage is less sullied. Of the seven women I spoke to in a special camp in Maiduguri, which held roughly two dozen militant wives who were “rescued” by the Nigerian military during raids of Boko Haram camps, most claimed that they had willingly married members of Boko Haram. Under the founder, Mohammed Yusuf, and the current leader Abubaker Shekau, who took over after Yusuf’s extrajudicial murder in 2009 by Nigerian security forces, the sect has been involved in the organization of marriages between members. Part of this process involves aqidah, or “creed,” a process of preaching and conversion within Islam that Boko Haram has adopted to recruit members - including a number of women.

francoray:
How genuine is your source of income?

Nigeria Economy was never strong. It was only revolving around corruption.
A man steals Millions of Naira. Uses part of it to build a house. He will buy bags of cements, building rods and other materials. Pay workers who work on the site. Give Millions to his girlfriend, who will go and buy Brazilian hair, buy expensive jewelleries and shoes. Spent Millions on a five star hotel to organize a birthday party and buy assorted drinks.
They were getting Billions of Naira from the scam called fuel subsidy. They will go and keep the money in the Banks, and the Banks were looking for fat deposits. From the loots, fat offerings and tithes were paid. Millions were even paid to Religious leaders for prayers. The Economy was booming around corruption.
Then, a new Sheriff came to town with integrity. He says, it is not going to be business as usual. TSA was introduced. The war against corruption declared. Most sources of ill gotten wealth cut off. No more free cash for the boys.
And because we are a consuming Nation from ill gotten wealth, the so called strong Economy suddenly collapsed. Some even suggested that corruption should be brought back.
We must now start to build a productive Economy based on genuine source of wealth.
This is the sorry state of Nigeria Economy today.

NextGovernor:
Our legislators are so corrupt that when it comes to money and corruption cases they unite. Who would have believe even Gbajamilia will strongly support this. This is to show that majority of them benefitted from this padding.

Femi Gbaja as he was known in the case file accepted payment of $25,000 as a personal injury claims and deposited those funds in his attorney trust account in January 2003. He failed to disburse the funds to his client; instead he withdrew the funds, closed his practice and left for Nigeria where he ran for elections to represent Surulere I Federal Constituency in the Federal House of Representative under the banner of Alliance for Democracy (AD) in 2003. Upon arrival in Nigeria, curiously, Mr. Femi Gbaja added another name to

dondo83:
like goodluck did bah? As long as NDA Keeps blowing pipelines even if crude is sold at $100 Nigeria wont feel the surplus

bjdon:
I am not a Buhari supporter, but I am with him 100% on this.

Nobody can show me one third world country that has developed by following IMF/World Bank prescriptions. People need to understand that these organizations simply act to enslave third world nations for the good of their western financial masters. We have everything that is required for a prosperous nation(Natural resources, fertile land, educated population) all we need is a serious focused govt to put in place the right polices so that all these attributes can come together for economic growth. We do not need the IMF/World Bank

Nigeria’s government is in talks for concessionary loans worth $3.5 billion from the World Bank and African Development Bank to help finance a planned record budget this year, Finance Minister Kemi Adeosun said.

Sibrah:
So she shouldn't raise alarm because it happened under Jonathan and PDP again. Your reasoning ehn . . . Very dàft!

lifezone247:
How many times una don talk this shi?

Saturday, 5 December 2015
Military Begins Final Assault On Sambisa Forest
Supported by the Airforce, Nigerian troops “have advanced deep” into Sambisa forest in the decisive assault to rid the Northeast of Boko Haram insurgents.

Acting Director of Army/Public Relations, Colonel Sani Usman, said in a statement that the troops have been “clearing most of the camps therein, rescuing persons held captive, arresting some terrorists and destroying most of their weapons and equipment."

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.”

obailala:
I will give you a simple analogy; a man's salary increases from 10k to 100k and then he marries more wives and births more children after several years. Now after many years and many more wives and children later, his salary is slashed suddenly from 100k to 30k. Of course it is only commonsensical to know that his general standard of living cannot remain the same as before, especially since he cannot chase away his new wives and new children. In summary, Nigeria of today is totally different from what it was during the days of OBJ's; so your comparison of things being 'fine' during the $20 days of OBJ vs the situation of things now is baseless, except you are suggesting Buhari to sack half of the federal civil service and reduce minimum wages to N3000.

If there were an award for the messiest year in Latin America, Venezuela would win it by a landslide. Currency problems, drastic shortages and political wars marked a 2013 that began with the death of Comandante Hugo Chávez in early March. Since then, successor and current President Nicolás Maduro has been trying to carry on his legacy at any cost -- and many fear that is bringing the country close to collapse.

Whether Maduro's failing policies or the so-called “economic war” Maduro is accusing his opposition of waging are to blame, Venezuela entered a recession in 2013. GDP suffered a 0.4 percent contraction this year, according to estimates by Trading Economics. This, in a year when Venezuela dealt with 42 percent inflation, and the Venezuelan bolívar dropped 32 percent against the U.S. dollar.

Israeljones:
Yu simply dont know how to read bruh or perhaps u lack simple understanding..
The author of that write up simply pointed out that what we had was a no go area again and we had to move on to the next one and if the next one doesnt deliver we simply move to the next best one in the coming election...