MIBB:

You need to understand the structure of these debts. out of the $32.5b, only $4.5billion is foreign while over $25billion is local. OBJ never cleared the local debts. He only fixed the foreign debts. Thats not to say that he did not do well. he left us a very healthy reserve.
The cabal under Yardua messed up the debt profile, not Johnathan.

i sincerely hope that he has the acumen to cap the debts and stop further build up, otherwise, all the gains we made under OBJ would have been eroded.

Hmm. . .interesting. Those who didn't read between the lines would immediately conclude, as the article title suggests, that the $32.5b is what the YARD/GEJ administration incurred within a space of just about two years, when a sizeable chunk--the domestic--was never forgiven in the first place.

The unsettling question, however, remains about the speed at which our external reserves have been, and are still being depleted in the post OBJ era. . .

So sad.

Tweengle.com - a Nigerian Social Network page - Check it out is it HOT or Not? Let me know, Thanks

Katsumoto:

Greece went to the IMF and the EU. The UK went to the IMF in 1975. Russia, although a member of the G8, still has debts with the IMF. There are many developed nations that have gone to the IMF. If Greece, Ireland, and Portugal default on their soverign debt, as predicted by most analysts, they would all go to the IMF.

I actually meant developing nations; I will correct it. Generally, most nations go to the IMF if they are unable to either service their soverign debt or if they are unable to borrow from the capital markets.

Do you have proof my friend? And I would not consider Russia as a developed nation. It is not considered part of the 1st World, but a member as the 2nd World in which all the former Soviet nations used to be a part of. Greece is not as developed as people think, nor is Portugal. They are not considered periphery countries, but they are definitely not considered 1st World.

Only Ireland has risen to the rank as developed when it was classified as a Celtic Tiger.

EzeUche0:

Do you have proof my friend? And I would not consider Russia as a developed nation. It is not considered part of the 1st World, but a member as the 2nd World in which all the former Soviet nations used to be a part of. Greece is not as developed as people think, nor is Portugal. They are not considered periphery countries, but they are definitely not considered 1st World.

Only Ireland has risen to the rank as developed when it was classified as a Celtic Tiger.

Is the UK not a developed nation? See the attached about UKs loan from the IMF in 1976.

http://www.nationalarchives.gov.uk/cabinetpapers/themes/imf-crisis.htm

Actually Greece did go to EU/IMF for loans and they were given condition to shore up their debt ratings when S&P had actually downgraded them.

Katsumoto:

Is the UK not a developed nation? See the attached about UKs loan from the IMF in 1976.

http://www.nationalarchives.gov.uk/cabinetpapers/themes/imf-crisis.htm

You see I did not mention the UK. lol

That was an exception to the rule.

EzeUche0:

You see I did not mention the UK. lol

That was an exception to the rule.

Actually, many nations have gone to the IMF/WB in the past. When I have time, I will go through archives.

Ezeuche kinda looks at things from a mini perspective. No wonder u were voted for that much

sulad82i:

Ezeuche kinda looks at things from a mini perspective. No wonder u were voted for that much

Mini perspective, because I am giving credit to Dr. Ngozi Okonjo-Iweala?

We all know I was voted for, but I am not going to say the reason. . .

igbayen nko?? make i come pay am nii?

How can Nigeria be in debt when practically everything is not functioning?

Princek12:

How can Nigeria be in debt when practically everything is not functioning?

Good question

Mai Suya:

Good question

MAI suya, i have noticed that you rarely talk but when you do, it has so much sense in it.

@ this why i might not vote for GJ.
1) he is not an honest man
2) what is his substantial impact to the country other than pampering MEND
3) external bodies such as fifa and the common wealth has viewed him as a weak person. i have never seen all this bodies warning nigeria before
4) i believe clark is his master and he uses him to push forward the ijaw agenda
5) all this money, where has it gone to amnesty, thats even promoting mend to bomb our country during Independence day?

p.s: some people might start insulting me because i am saying the truth but this are my opinions. if you do not have to reply them.

Weep not, Nigeria, America is the biggest debtor in the world.

Ndipe:

Weep not, Nigeria, America is the biggest debtor in the world.

this is for you

Princek12:

How can Nigeria be in debt when practically everything is not functioning?

Kobokunje,

I guess we could draw the inference that at least America has something to show for her debts. What has Naija has to show for hers? Nada.

there we go again, corruption from the top. we better give jonathan all the supports he most needed at this point to rebrand the nation

Princek12:

Kobokunje,

I guess we could draw the inference that at least America has something to show for her debts. What has Naija has to show for hers? Nada.

We [i]do [/i]have something to show, as a matter of fact. . .it called $32billion debt. LOL!

High debt profile, but yet you still get politicians and president spending money like no man's business.

jason12345:

MAI suya, i have noticed that you rarely talk but when you do, it has so much sense in it.

@ this why i might not vote for GJ.
1) he is not an honest man
2) what is his substantial impact to the country other than pampering MEND
3) external bodies such as fifa and the common wealth has viewed him as a weak person. i have never seen all this bodies warning nigeria before
4) i believe clark is his master and he uses him to push forward the ijaw agenda
5) all this money, where has it gone to amnesty, thats even promoting mend to bomb our country during Independence day?

p.s: some people might start insulting me because i am saying the truth but this are my opinions. if you do not have to reply them.

Anyone insulting you simply because he/she has a differing opinion is just being childish. And unfortunately there are too many children in the politics section these days. . .

But lets take look @ your points:

1) you could give instances of his dishonesty. . .
2) well, his stooges will quickly point to the salary increases, the [i]marginal [/i]improvement in electricity supply, etc
3)He was listening and hearkening to popular opinion hence his numerous capitulations. . .remember the facebook saga??
4)Well, he has to be his broda's keeper. . .
5)yes, the money issue. . .em I think I need help here. . .OGA BEAF!!

the marginal improvement in electricity supply

What marginal improvement in electricity supply? lol

hmmmmmmmmm

Kobojunkie:

What marginal improvement in electricity supply? lol

Oh dear! where Beaf sef? anyway, here it goes: You do know that some places are now getting up to 20hrs of light, something that was previously unheard of. Surely that would qualify for . . .marginal improvement?

I can tell you this for sure Nigeria political leaders are the most VISION-LESS BUNCH OF IMBECILES, We don't lack the intelligence or know-how to have one of the most developed country's in the world, what we lack are leaders with VISION.
Look at how lagos is being transformed because they finally got a governor with a vision and the know-how to execute unlike all the other worthless politician that line their pockets & their constituents have nothing to show. I think mediocrity has become the norm in Nigeria & that's why we'll accept whatever is dished out to the masses by the thieving(political) class, Sorry to break the news to you guys but GEJ is just as clueless as the rest of the pack

What is the nations foremost social commentator cum central bank governor doing to reduce the fiscal deficit?
Shooting erring bank directors does not appear to be an option.

Ileke-IdI:

High debt profile, but yet you still get politicians and president spending money like no man's business.

umm that's how you get in debt in the first place. spending money you don't have.

theoretically, naija is borrowing in order to develop and replace crumbling infrastructure but the naija factor encourages skepticism. we have no choice but to borrow considering our needs and large population (you think that oil money is enough?)

bawomolo:

umm that's how you get in debt in the first place. spending money you don't have.

theoretically, naija is borrowing in order to develop and replace crumbling infrastructure but the naija factor encourages skepticism.   we have no choice but to borrow considering our needs and large population (you think that oil money is enough?)

bawo, that's not what I meant.

If we can reduce a bit of the unnecessary spending [i.e politician's salaries/ looting] here and there, it would help.

As for the infrastructure/ development, wouldnt it also be wonderful to end all these half-done projects [i.e Ogun 's ongoing project]?

@ezeuche na wa u oo! So na Ngozi clear our debt,why didnt she clear it since n why is she not clearin it nw? *hiss* Dem no dey pay am den(wasn't it in dollars) U said Obasanjo had talented professionals in cabinet, is dat not d duty of d president to select his wrking team. It's like saying no be IBB or ABACHA kill DELE GIWA n REWANE say na dem , or Sgt Rogers do am. Nigeria no good u go say na Obasanjo/president no good, but wen better tin happen, na minister/Ngozi do am, u ethnicaly-biased thing.

The Legendary man himself ( FELA KUTI )said it. He said As Nigeria is growing we will keep drowning in Debt as long as we have thieves in power. It's not a surprise if it keeps rising.

You need to understand the structure of these debts. out of the $32.5b, only $4.5billion is foreign while over $25billion is local

.


It simply means our real debts is $4.5 billion, which is reasonable for a big nation like ours. The local content can be written off or better still by using the now infamous quantitative easing module OR in local parlance or street talk " printing more money" the debt can be absorbed. The Naira as per the latter would probably be devalued to absorb the upsurge of the new Naira created.

Okonjo Iweala tried as the finance minister in the sense that she was a little bit forthright and dedicated to her job ( I actually gbadun Ezekwesili more sha), the debt forgiveness was not only down to her but to the President of the time, people seem to forget that Obasanjo for some reason is loved by these oyinbos, he has real clout. As per people's debt being forgiven, i believe Senegal had her debt forgiven some time ago because they joined the alliance against Iraq in the first war.

KnowAll:

.


It simply means our real debts is $4.5 billion, which is reasonable for a big nation like ours. The local content can be written off or better still by using the now infamous quantitative easing module OR in local parlance or street talk " printing more money" the debt can be absorbed. The Naira as per the latter would probably be devalued to absorb the upsurge of the new Naira created.

How can you suggest quantitative easing in a country like Nigeria that is still very incompetent with monetary and fiscal policies. What would be the objective of QE in Nigeria? It is only countries that have the right balance of fiscal and policies that can/should employ QE and QE is only used to battle deflation or to stimulate growth when you can not lower interest rates.

You can not write off local content because that money belongs to investors. Besides, I don't understand how Nigeria can have creditors in Nigeria. Can someone explain that? I have a feeling that figure is non-existent or exaggerated. Does Nigeria raise funds from the capital markets in Lagos?