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Nairaland Forum / Nairaland / General / Politics / Obasanjo Says Nigeria Faces Impending Bankruptcy (27242 Views)
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Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by SIRAO(m): 2:15pm On Dec 29, 2019 |
VirginSearcher: what is important here? nothing wrong in borrowing provided it will aid development. |
Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by godliman: 2:17pm On Dec 29, 2019 |
yarimo:who bankrupt what? Bros Are you alright? |
Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by Dansarai: 2:31pm On Dec 29, 2019 |
Yes sir,ur foresight is 100% true but what they are using 2 defend this intention of theirs;is investment in power nd infracstructures within which u budget $16 million or billion in..nd yet nothing 2 show as achievement or improvement in power sector during ur economic booming time...nd sir i think if something possitive is done at then...they will find it difficult 2 use and convince nigerians about these debt...unless if both of u want 2 make power and infracstructural problems as smthing constant on ngrians,..so dat every candidate can use it 2 campaign 4 prsdnt |
Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by Charly68: 2:57pm On Dec 29, 2019 |
This Baba has never accepted his misdemeanor in governance ,despite the waste he plunged the nation to because of his third term,he kept denying the truth and raising for false alarm due to his personal agenda . They won't agree to anything that will not allow them to control the treasury of Nigeria. If what we owe are tied to capital projects it is a good deal |
Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by executive12: 3:04pm On Dec 29, 2019 |
yarimo: The fools are coming out. |
Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by Cantonese: 3:14pm On Dec 29, 2019 |
itsme01: All these projects quoted were initiated by PDP. Looking honestly were are APC led government initiated projects? Truthfully government is continuity. If only our leaders can stop the bickerings then life generally will be better for all Nigerians. They always abandon projects over petty things and not belonging to the same party. Look at the Lagos blue lines initiated by Bola Tinubu. Fashola continued the job but Ambode abandoned it. Now Sanwo Olu has continued Ambode's projects. If they pursue governance like this infrastructural development would be faster and sustainable. |
Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by TUANKU(m): 3:18pm On Dec 29, 2019 |
AODT:Get facts from the national bureau of statistics, debt management office and the central bank, but farm tools like you who know nothing will come up with stupid sentiments, it's not about obasanjo its about the fact that the nation's debt has grown by 700% in little over 4 years and this affects all no matter the party you support but you see a farm tool like you have no understanding of these things so you can continue in your ignorance. |
Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by TUANKU(m): 3:19pm On Dec 29, 2019 |
Chukwurah003:I can put you and your miserable father on a monthly salary for life. |
Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by juman(m): 3:43pm On Dec 29, 2019 |
Olusegun obasanjo deserve to go to jail. A useless old man that could not perform well as president. Nigeria became destroyed. |
Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by chaloskyx: 3:59pm On Dec 29, 2019 |
ehen so what we have always been bankrupt or close to it due to our useless leaders the real question is did you and other corrupt leaders not benefit from our current predicament by awarding useless juicy contract and reckless siphoning of the country's funds for selfless gains. dont worry u just let the nation go under then you would see what would happen to our leaders both past and present in this country |
Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by ojih122: 4:17pm On Dec 29, 2019 |
Our leaders knew what they are up to hence the continue and incessant borrowing because very soon the splits will happen and it will be to your tent oh isreal. And guess who will be at the receiving end? |
Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by yellowman2225(m): 4:56pm On Dec 29, 2019 |
Bedwyr:This is incorrect. possibly you are not in Nigeria or too young during objs time. obj and okonjo iweala worked to take our Paris club debt to zero during their time. oil prices wasn't high at the time. the highest oil price was during GEJ time. You. can abuse obj for anything, but for that debt issue, Obj is the. best president. General Buhari complained during GEJ era. but he's currently doing bad than GEJ now in terms of borrowing. QED 1 Like |
Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by tck2000(m): 5:02pm On Dec 29, 2019 |
Mr Treasurer well done! |
Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by Legendguru: 5:27pm On Dec 29, 2019 |
Hmmm |
Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by vineyardfarms: 8:27pm On Dec 29, 2019 |
Kwanza:GOD HELP NIGERIA FROM THIS EVIL WAITING TO EXPLODE FOR APC HAS RUN OUT OF LIES. |
Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by Nobody: 9:34pm On Dec 29, 2019 |
yellowman2225: In 2003, oil was at $28.1 per barrel average....by 2006, oil had risen to $61 per barrel. Thus, we earned enough money to pay our Paris club debt. Also, the write off of the debt was part of 1.A deal involving over ten African countries...most of whom had their debts written off in total. Nigeria got 66.7% of the debt written off, the rest was paid off by the government. 2.We had the money...thanks to the rise in oil prices....from 17 dollars in 1999-28 dollars in 2003 to 61 dollars in 2006. Plus a minister who beleived in savings.
In fairness to Buhari (and note, I don't consider him as being a good ruler...he has failed to reduce government spending, and refuses to completely deal with corruption)...oil price when he took over was $75 (down from the highs of $91-130 between 2010- April 2014, and the all time high of $145 in 2008...when Yaradua was in charge) when thanks to the Saudis playing a game of chicken with the US shale oil producers...by trying to out pump them...oil prices started to fall. And by 2016, oil was down to $30 in January... Add the fact that Nigeria since 2011 needs oil above $100 to run a budget sans borrowing.(due to our growing populaiton= growing dollar needs) There was no way we were not going to borrow (the problem with borrowing in Nigeria is that it is haphazard and prone to corruption)...because we were earning more than $60 less in 2016-date than we were in 2012....add the fact that Buhari inherited a dinimished forex reserve from the previous government which he had to rebuild (about the only comendable thing he has done) (By the way we were there before in the 1980's...oil went down from $32 per barrel in 1982 to $14 in 1988. Era of SAP, IMF Loans, and the like...and also the era of my childhood. Many oil producers suffered. Infact, chronic low oil prices was one of the reasons why Iraq invaded Kuwait in Gulf war 1 in 1990!) 1 Like |
Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by Nobody: 9:43pm On Dec 29, 2019 |
MobilityExpress: Hmm, you missed the point. Oil under Obasanjo was at $17 in 1999, $28 in 2003, and then $61 in 2006. Also our foreign exchange needs then were far less than our needs now. (In 2005, most Nigerian students could not afford a mobile phone and PC....see now). Also, Buhari came in with oil at $75 in 2015...$30 in 2016, and $60 now. Plus...according to Fitch, our breakeven oil price...the price we need to run a surplus budget ....is $139...and it was $120 in 2012. So, you see, we are not earning enough money to fund a healthy budget. Now, it does not mean I think Buhari is a good leader...no...because there are measures he could have taken to improve productivity...which he has not taken. (and going into them takes us off topic). The truth is, Nigeria does not have enough money. And the theiving corrupt elite make the bad situation worse. And you people vote for them...because chaps like me don't vote for PDP or APC...and never ever will! |
Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by Raalsalghul: 1:38am On Dec 30, 2019 |
ValCon888:It's terrible. [i]Borrowing to pay the ones already borrowed? Is it that terrible? [/i] |
Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by Raalsalghul: 1:55am On Dec 30, 2019 |
J111333: You'd be surprised! |
Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by sulaak(m): 4:06am On Dec 30, 2019 |
Are Nigerians now expecting a government that can't manage basic refineries to manage a $30 billion infrastructures investment? Refineries process no crude oil in three months The same NNPC GMD that cannot operate the refineries can afford to close down Maiduguri, no wonder Boko Haram exists today. How police locked down Maiduguri for NNPC GMD’s children’s wedding |
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