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APC Govt Inherited $63.8bn Debt, Not $7bn, Says DMO - Politics - Nairaland

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APC Govt Inherited $63.8bn Debt, Not $7bn, Says DMO by CaptainMeks: 3:19pm On Dec 10, 2019


Ndubuisi Francis in Abuja

The Debt Management Office (DMO) has debunked a recent statement reportedly made by a former Deputy Governor of the Central Bank of Nigeria (CBN), Dr. Obadiah Mailafiya to the effect that the All Progressives Congress (APC) administration under President Muhammadu Buhari inherited a debt stock of less than $7 billion in 2015, which according to him, now stands at $84 billion.

In a statement issued yesterday, the DMO said the purported claim was totally incorrect and not supported by public debt data that is readily available on its website




“Contrary to the claim by Dr. Obadiah Mailafiya, the total public debt stock as at June 30, 2015, (shortly after the current administration came into office), was $63.81 billion, and not $7.0 billion as claimed by Dr. Obadiah.

“Similarly, the nominal increase in the public debt stock between June 30, 2015 ($63.81 billion) and June 30, 2019 ($83.88 billion), was about $20.0 billion, which is a far cry from the gross misrepresentation made at the live programme on Channels that the public debt stock increased by $77.0 billion during this period,” the statement said

The DMO stated that it considered it expedient at this time, in the interest of the general public to make some clarifications regarding Nigeria’s public debt.


According to the agency, the public debt stock data published by it comprises debt of the Federal Government of Nigeria (FGN), the 36 states of the federation and the Federal Capital Territory (FCT), adding that it is therefore, erroneous to attribute the growth in the public debt stock to borrowings by the FGN only.

It also noted that while the public debt stock has increased, the increase is well guided by the objectives of the Economic Recovery and Growth Plan (ERGP) and the Medium-Term Debt Management Strategy, 2016– 2019, stressing that new Borrowing was included as one of the strategies in the ERGP to be deployed in the near term, to stimulate economic growth and job creation.

“With the deployment of more funds into capital projects, the borrowings contributed to job creation and the recovery from economic recession in June 2017. The introduction of project-tied financing products (Sukuk and Green Bonds) in the second half of 2017 as part of the new borrowing also supported infrastructural development.

The debt management agency also stated that by international benchmarks, Nigeria’s total public debt relative to the Gross Domestic Product (GDP) is sustainable at 18.99 per cent of Gross Domestic Product (GDP) as at June 30, 2019.

“However, the government recognises that the ratio of its debt service to revenue is rather high, a situation that is directly attributable to Nigeria’s low Revenues. This is clearly evident from the Tax-to-GDP ratio of 6% in 2018. It is for this reason, that the FGN has developed and is implementing a number of strategies to enhance the Government’s Revenues significantly.

“The Strategic Revenue Growth Initiative introduced in January 2019

and more recently, the Finance Bill are some of the measures

introduced by the government. It is expected that these efforts would

substantially enhance government’s revenue and thus, bring down the

ratio of debt service to revenue,” the DMO stressed.

The statement pointed out that it was also expedient to highlight the

need for the government’s recent request for approval of the $22.718

billion Medium-Term External Borrowing Plan, 2016 – 2018 (outstanding

from the $29.96 billion previously submitted) by the National

Assembly.

The proposed loans which are meant to finance critical infrastructure,

it added, will be mostly sourced from the multilateral and bilateral

window, and are project-tied. “The loans come with cheaper financing

terms namely: low interest rates, longer tenors and ample grace

periods. This proposed loans which are concessional and

semi-concessional are more cost efficient and would facilitate

infrastructural development which in turn would create new jobs;

improve the quality of life and make Nigeria more competitive for

business.

“It is instructive to note that the proposed External Borrowing Plan,

also includes the external funding needs of the States and FCT,” the DMO said.


https://www.thisdaylive.com/index.php/2019/12/10/apc-govt-inherited-63-8bn-debt-not-7bn-says-dmo-2/

Mynd44, Lalasticlala

2 Likes 1 Share

Re: APC Govt Inherited $63.8bn Debt, Not $7bn, Says DMO by CaptainMeks: 3:21pm On Dec 10, 2019
The way people run with fake and concocted news and shout from the mountain top as if it is the truth is appalling. The other day everyone who is a wailer was supporting the Dr. Obadiah Mailafiya of a man not knowing all he was saying were all fabricated lies.

The truth has caught up with him

4 Likes 1 Share

Re: APC Govt Inherited $63.8bn Debt, Not $7bn, Says DMO by Eteka1(m): 3:45pm On Dec 10, 2019
You won't see them here now.

3 Likes 1 Share

Re: APC Govt Inherited $63.8bn Debt, Not $7bn, Says DMO by Beosten(m): 3:47pm On Dec 10, 2019
This is why you need speech regulation in this lawless nation. Dish out misleading facts and face the music.

2 Likes 1 Share

Re: APC Govt Inherited $63.8bn Debt, Not $7bn, Says DMO by CaptainMeks: 5:12pm On Dec 10, 2019
Beosten:
This is why you need speech regulation in this lawless nation. Dish out misleading facts and face the music. Awon eeyan PDP...

I am telling you. This social media regulation needs to be done ASAP otherwise one day we will all wake up to read how Somebodys father in the north or south who was on vacation was gruesomely murdered by assassins sent by Nyesom Wike or by Tinubu or by Babangida while the said "father" is still well alive and just decided to take a vacation which was why he was unable to be reached. Then when you begin to see ethnic violence and inter-ethnic killings we will be wondering why when it all began when one mad fool decided to concoct a social media lie and make it go viral as if it is the truth.

2 Likes

Re: APC Govt Inherited $63.8bn Debt, Not $7bn, Says DMO by CaptainMeks: 5:12pm On Dec 10, 2019
Eteka1:
You won't see them here now.

They always run from the truth but you will see them gathering in droves over lies like flies over shiit

2 Likes

Re: APC Govt Inherited $63.8bn Debt, Not $7bn, Says DMO by itsme01: 5:15pm On Dec 10, 2019
we know already

1 Like

Re: APC Govt Inherited $63.8bn Debt, Not $7bn, Says DMO by Susu888(m): 6:49pm On Dec 10, 2019
Mehn! Every day we are being shown exactly why we need to regulate the media undecided.

Yet the man was shamelessly yelling at the top of his voice on t.v Unknown to the viewers it was all concocted nd to think he was a former CBN Governor, haba! At least protect your name and reputation na

How unfortunate, trying to tarnish the regime's image but ended up tarnishing your own.

Non the less he and the t.v channel that hosted him should be prosecuted for public misinformation, this can't keep going on.

I fully support the social media bill and any bill to regulate the media.

3 Likes 1 Share

Re: APC Govt Inherited $63.8bn Debt, Not $7bn, Says DMO by stonemasonn: 7:08pm On Dec 10, 2019
Susu888:
Mehn! Every day we are being shown exactly why we need to regulate the media undecided.

Yet the man was shamelessly yelling at the top of his voice on t.v Unknown to the viewers it was all concocted nd to think he was a former CBN Governor, haba! At least protect your name and reputation na

How unfortunate, trying to tarnish the regime's image but ended up tarnishing your own.

Non the less he and the t.v channel that hosted him should be prosecuted for public misinformation, this can't keep going on.

I fully support the social media bill and any bill to regulate the media.
stop talking rubbish, how do you want social media to be regulated? Be careful what you wish for.
Re: APC Govt Inherited $63.8bn Debt, Not $7bn, Says DMO by Xisnin(m): 7:11pm On Dec 10, 2019
Beosten:
This is why you need speech regulation in this lawless nation. Dish out misleading facts and face the music. Awon eeyan PDP...
No.
This is why you should learn to read and do independent research.
Re: APC Govt Inherited $63.8bn Debt, Not $7bn, Says DMO by QueenAddyRealty: 7:33pm On Dec 10, 2019
With due respect to my friends above advocating for regulating the media, I’d like to say that there are already laws that guide the publication and dissemination of wrong and false information and there are also stipulated penalties where a party is found to have breached said laws. Any amendment of these led would only make the punishments more draconian and more weighty than the offense committed.

Thanks.

However, if you are interested in buying lands and property that have no conflict and no stress involved, I can help you with that. Our properties are super safe and either half a C or O or Consent.

Please check my contact details on my signature and call today. Thanks
Re: APC Govt Inherited $63.8bn Debt, Not $7bn, Says DMO by CaptainMeks: 7:50pm On Dec 10, 2019
QueenAddyRealty:
With due respect to my friends above advocating for regulating the media, I’d like to say that there are already laws that guide the publication and dissemination of wrong and false information and there are also stipulated penalties where a party is found to have breached said laws. Any amendment of these led would only make the punishments more draconian and more weighty than the offense committed.

Thanks.

However, if you are interested in buying lands and property that have no conflict and no stress involved, I can help you with that. Our properties are super safe and either half a C or O or Consent.

Please check my contact details on my signature and call today. Thanks

You are very very wrong!

What you do not understand is that those laws only take effect after the damage has been done.

E.G in Rwanda hate speeches fueled the Hutu and Tutsi Genocide of some years ago.

The damage gets done first before the repercussion. So why not apply preventive measures to avoid a repeat of such damages?

Today Rwanda is seriously censoring her social media in order to avoid a repeat of the genocide via hate speech especially in this day of faceless social media.


Should we not learn from such countries so we can avoid what they went through especially with the level of ethnic hatred going on in Nigeria from Igbo to Yoruba to Hausa?

That is why Social media needs to be regulated. Imagine what happened in Rwanda happening here in Nigeria you would see that Rwanda would have been childs play


Link below to show how seriously censored social media is in Rwanda

https://cpj.org/reports/2014/12/legacy-of-rwanda-genocide-includes-media-restricti.php

Before the laws of Libel and slander kick in damage has long been done. People in their numbers would have been killed (if it is hate speech related) before laws kick in.

Prevention is better than cure

This is why in the USA people are clamoring for gun control laws in order to stop the situation whereby anyone can easily gain access to a fire arm and walk into any place and start shooting people.


There are laws for such crimes in the USA but before the laws kick in many would have been killed first and this is why there is a clamour for gun control as a preventive measure .

For many careless talk has led to the killing of others as witnessed in the Tutsi and Hutu massacre of Rwanda

1 Like 1 Share

Re: APC Govt Inherited $63.8bn Debt, Not $7bn, Says DMO by helinues: 7:50pm On Dec 10, 2019
Thanks for the clarification

1 Like 1 Share

Re: APC Govt Inherited $63.8bn Debt, Not $7bn, Says DMO by CaptainMeks: 7:52pm On Dec 10, 2019
Xisnin:

No.
This is why you should learn to read and do independent research.

How many people actually do independent research in todays "swallow hook line and sinker" social media
Re: APC Govt Inherited $63.8bn Debt, Not $7bn, Says DMO by CaptainMeks: 7:55pm On Dec 10, 2019
stonemasonn:
stop talking rubbish, how do you want social media to be regulated? Be careful what you wish for.

Stop thinking and talking rubbish. Read this to help your brain

https://www.nairaland.com/5574366/why-social-media-needs-regulation
Re: APC Govt Inherited $63.8bn Debt, Not $7bn, Says DMO by QueenAddyRealty: 8:01pm On Dec 10, 2019
CaptainMeks:


You are very very wrong!

What you do not understand is that those laws only take effect after the damage has been done.

E.G in Rwanda hate speeches fueled the Hutu and Tutsi Genocide of some years ago.

The damage gets done first before the repercussion. So why not apply preventive measures to avoid a repeat of such damages?

Today Rwanda is seriously censoring her social media in order to avoid a repeat of the genocide via hate speech especially in this day of faceless social media.


Should we not learn from such countries so we can avoid what they went through especially with the level of ethnic hatred going on in Nigeria from Igbo to Yoruba to Hausa?

That is why Social media needs to be regulated. Imagine what happened in Rwanda happening here in Nigeria you would see that Rwanda would have been childs play


Link below to show how seriously censored social media is in Rwanda

https://cpj.org/reports/2014/12/legacy-of-rwanda-genocide-includes-media-restricti.php

Before the laws of Libel and slander kick in damage has long been done. People in their numbers would have been killed (if it is hate speech related) before laws kick in.

Prevention is better than cure

This is why in the USA people are clamoring for gun control laws in order to stop the situation whereby anyone can easily gain access to a fire arm and walk into any place and start shooting people.


There are laws for such crimes in the USA but before the laws kick in many would have been killed first and this is why there is a clamour for gun control as a preventive measure .

For many careless talk has led to the killing of others as witnessed in the Tutsi and Hutu massacre of Rwanda

Sir/Ma, with due respect, there are legal remedies for all you have cited as lapses of libel/slander laws.

First of all, Dr. Obadiah could well be sued and I believe of the government has a case, they should win easily. I mean, a government that can go and end ongoing proceedings in a court with gunshots and a stampede should have no problems securing a mere libel/slander conviction. Upon which Dr. Obadiah will be made to pay damages and public apologies, etc.

Also, there is such a thing as “incitement to violence” in law and it is a crime. This means anybody found guilty of inciting violence already has their punishment prescribed in the law books.

I truly believe that adding more bite to libel/slander laws is nothing short of a dictatorial attempt at policing speech. By the way, why now as the world gets more democratic and the fights for human freedom get more holistic does the Nigerian government want to restrict the boundaries of acceptable speech?



PS: I sell and lease land and properties with stress-free titles; C of O, Governor’s Consent, etc. Call me today, let me hook you up.
Re: APC Govt Inherited $63.8bn Debt, Not $7bn, Says DMO by CaptainMeks: 8:08pm On Dec 10, 2019
QueenAddyRealty:


Sir/Ma, with due respect, there are legal remedies for all you have cited as lapses of libel/slander laws.

First of all, Dr. Obadiah could well be sued and I believe of the government has a case, they should win easily. I mean, a government that can go and end ongoing proceedings in a court with gunshots and a stampede should have no problems securing a mere libel/slander conviction. Upon which Dr. Obadiah will be made to pay damages and public apologies, etc.

Also, there is such a thing as “incitement to violence” in law and it is a crime. This means anybody found guilty of inciting violence already has their punishment prescribed in the law books.

I truly believe that adding more bite to libel/slander laws is nothing short of a dictatorial attempt at policing speech. By the way, why now as the world gets more democratic and the fights for human freedom get more holistic does the Nigerian government want to restrict the boundaries of acceptable speech?



PS: I sell and lease land and properties with stress-free titles; C of O, Governor’s Consent, etc. Call me today, let me hook you up.

Again you are wrong. Every nation in the world is working to regulate social media in their nation despite also having so called laws for libel etc.

What you fail to realize is that Social media is like a government of its own with zero regulation and if left unchecked would set everywhere ablaze easily. Let me show you a simple example.


These are some Nairaland rules against free speech

1. Please post all threads in the right section, and don't derail threads by posting off topic.
2. Don't abuse, bully, deliberately insult/provoke, fight, or wish harm to Nairaland members OR THEIR TRIBES.
3. Don't threaten, support or DEFEND violent acts against any person, tribe, race, animals, or group (e.g. rape).
4. Discussions of the art of love-making should be restricted to the hidden sexuality section.
5. Don't post pornographic or disgusting pictures or videos on any section of Nairaland.

6. Don't post adverts or affiliate links outside the areas where adverts are explicitly allowed.
7. Don't say, do, or THREATEN to do anything that's detrimental to the security, success, or reputation of Nairaland.
8. Don't post false information on Nairaland.
9. Don't use Nairaland for illegal acts, e.g scams, plagiarism, hacking, gay meetings, incitement, promoting secession.
10. Don't violate the privacy of any people e.g. by posting their private pics, info, or chats without permission.


The reason behind the laws nairaland has is so there would be a sense of SANITY here otherwise everywhere would be a mess.

Social media regulation just like Seun had in mind for nairaland would bring a sense of SANITY to Nigeria and Nigerians otherwise everywhere would be mess as anybody can wake up, cook up a story and decide to share it to everyone despite it being a lie. Thus creating conflict and chaos over such a lie

Now i will ask you a very simple question.

IS SEUN RIGHT OR WRONG FOR CREATING THESE RULES ON A SOCIAL MEDIA PLATFORM WHICH IS MEANT TO PROMOTE FREEDOM OF SPEECH?


You need to also read from this link to see what other countries we "look up to" as it were are doing to regulate social media in their countries. Nigeria must do same otherwise we will be our own downfall.

https://www.nairaland.com/5574366/why-social-media-needs-regulation#84791330

1 Like

Re: APC Govt Inherited $63.8bn Debt, Not $7bn, Says DMO by CaptainMeks: 8:13pm On Dec 10, 2019
QueenAddyRealty:


Sir/Ma, with due respect, there are legal remedies for all you have cited as lapses of libel/slander laws.

First of all, Dr. Obadiah could well be sued and I believe of the government has a case, they should win easily. I mean, a government that can go and end ongoing proceedings in a court with gunshots and a stampede should have no problems securing a mere libel/slander conviction. Upon which Dr. Obadiah will be made to pay damages and public apologies, etc.

Also, there is such a thing as “incitement to violence” in law and it is a crime. This means anybody found guilty of inciting violence already has their punishment prescribed in the law books.

I truly believe that adding more bite to libel/slander laws is nothing short of a dictatorial attempt at policing speech. By the way, why now as the world gets more democratic and the fights for human freedom get more holistic does the Nigerian government want to restrict the boundaries of acceptable speech?



PS: I sell and lease land and properties with stress-free titles; C of O, Governor’s Consent, etc. Call me today, let me hook you up.

Let me pick out your "incitement to violence" example

Do you even realize that many would have been dead and properties destroyed prior to this law catching up with the one who incited violence?

Violence is like a wild fire, it mostly goes uncontrolled FIRST and damages much before slowly sanity creeps up on it in the name of the law. Can the damage or loss of lives it brought about be undone?


Social media regulation acts as a preventive measure in order to help curb the damages such would have brought

2 Likes 1 Share

Re: APC Govt Inherited $63.8bn Debt, Not $7bn, Says DMO by QueenAddyRealty: 8:16pm On Dec 10, 2019
CaptainMeks:


Again you are wrong. Every nation in the world is working to regulate social media in their nation despite also having so called laws for libel etc.

What you fail to realize is that Social media is like a government of its own with zero regulation and if left unchecked would set everywhere ablaze easily. Let me show you a simple example.


These are some Nairaland rules against free speech

1. Please post all threads in the right section, and don't derail threads by posting off topic.
2. Don't abuse, bully, deliberately insult/provoke, fight, or wish harm to Nairaland members OR THEIR TRIBES.
3. Don't threaten, support or DEFEND violent acts against any person, tribe, race, animals, or group (e.g. rape).
4. Discussions of the art of love-making should be restricted to the hidden sexuality section.
5. Don't post pornographic or disgusting pictures or videos on any section of Nairaland.

6. Don't post adverts or affiliate links outside the areas where adverts are explicitly allowed.
7. Don't say, do, or THREATEN to do anything that's detrimental to the security, success, or reputation of Nairaland.
8. Don't post false information on Nairaland.
9. Don't use Nairaland for illegal acts, e.g scams, plagiarism, hacking, gay meetings, incitement, promoting secession.
10. Don't violate the privacy of any people e.g. by posting their private pics, info, or chats without permission.


The reason behind the laws nairaland has is so there would be a sense of SANITY here otherwise everywhere would be a mess.

Social media regulation just like Seun had in mind for nairaland would bring a sense of SANITY to Nigeria and Nigerians otherwise everywhere would be mess as anybody can wake up, cook up a story and decide to share it to everyone despite it being a lie. Thus creating conflict and chaos over such a lie

Now i will ask you a very simple question.

IS SEUN RIGHT OR WRONG FOR CREATING THESE RULES ON A SOCIAL MEDIA PLATFORM WHICH IS MEANT TO PROMOTE FREEDOM OF SPEECH?


You need to also read from this link to see what other countries we "look up to" as it were are doing to regulate social media in their countries. Nigeria must do same otherwise we will be our own downfall.

https://www.nairaland.com/5574366/why-social-media-needs-regulation#84791330

A ban from nairaland is hardly life-altering, and certainly not physically inconvenient. Imagine, someone like NwaAmaikpe getting locked up for his eccentric comments. This is what you are supporting. Nairaland could well ban him but asking that he be shipped off to detention somewhere is a bit extreme.

This is just my opinion, though

10 Likes 2 Shares

Re: APC Govt Inherited $63.8bn Debt, Not $7bn, Says DMO by CaptainMeks: 8:28pm On Dec 10, 2019
QueenAddyRealty:




A ban from nairaland is hardly life-altering, and certainly not physically inconvenient. Imagine, someone like NwaAmaikpe getting locked up for his eccentric comments. This is what you are supporting. Nairaland could well ban him but asking that he be shipped off to detention somewhere is a bit extreme.

This is just my opinion, though

We are saying same thing and you do not even see it. A ban on nairaland is not enough. A warning in real world scenario is just a tap on the wrist despite the problems, chaos and destruction such hate speeches, lies would have caused in the name of freedom of speech.

More punitive measures are required and that is my stand.

Anyone who deliberately generates, spreads hate speeches, falsehood which causes civil unrest and violence should be viewed as same way one views an accessory to murder even if they did not partake physically.

That is my stand.

Even with God there is no such thing as freedom of speech because every careless word and action WILL BE JUDGED BY HIM.


matthew 12-36 (But I say unto you, That every idle word that men shall speak, they shall give account thereof in the day of judgment)

Is God wrong too for not allowing Freedom of speech?

3 Likes 1 Share

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