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Obasanjo Says Nigeria Faces Impending Bankruptcy - Politics (7) - Nairaland

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Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by SIRAO(m): 2:15pm On Dec 29, 2019
VirginSearcher:

I swear u don't have sense at all, an important issue will be raised and y'all will be saying trash. Did OBJ leave any debt for Nigeria before he left?.. start reasoning like a human being 2020 is close

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:
After you have bankrupts it abi? undecided nonsense embarassed
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:
After you have bankrupts it abi? undecided nonsense embarassed

The fools are coming out.
Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by Cantonese: 3:14pm On Dec 29, 2019
itsme01:


Atleast i have seen Abuja Kaduna rail, i have seen warri itapke and i have seen lagos - abeokuta - ibadan working just fine after decades of neglect.. and if you travel by hear you can see what Abuja airport now looks like same Portharcout and soon to be commissioned Lagos and Kano... you said we truly need help yet nuhari proposed a finacial idea of getting needed help and you are complaining


I never said Obasanjo is bad, but with increasing population and reducing revenue we need to fix our infrastructure to be able to diversify the economy

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:


So in your opinion because OBJ said it, it is correct abi!!. 1st he has no idea how economies run and because he criticizes does not mean he is smart am sure he is regretting the so many things he could have done but never did...too bad “stop being an old grumpy man” and allow us live our lives too
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:


Not everyone is hungry like you. We do not support President Buhari blindly.
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:
Yes we do because 95% of our revenue is from oil, we produce 2.2 million barrels of it a day, and we have to share the revenue amongst 200 million people.

We have been always at the verge of bankurptcy, even when OBJ was ruling...we just used high oil prices during his regime to mask it.

Nigeria also refuses to cut spending...excess spending...and corruption...and refuses to take steps to remove wasteful things like subsidy, TraderMoni, N-power, etc.
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:

https://m.guardian.ng/breakingnews/nigeria-faces-impending-bankruptcy-says-obasanjo/
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:
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.

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.

General Buhari complained during GEJ era. but he's currently doing bad than GEJ now in terms of borrowing. QED

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:


High oil.prices during OBJ regime? What a big lie. There was never high oil prices during OBJ regime, oil ppb was around $30 when he came in, and only got to about $90 during the end of his administration. So never ever compare OBJ presidency to a Buhari regime, because OBJ is 10 trillion times a better man and a better president than this current regime dictator is. Buhari government is the most corrupt government since 1999, all that anticorruption fight is a ruse, a smokescreen, he and his officers are living large off government purse, now they want to renovate a building built for N7b for almost N40b, and he is ready to sign off on it because they approved his $30b loan, loan money that his regime will still embezzle with nothing significant to show. I used to be a supporter of the Buhari admin, heck I voted for him the first term, but my eyes are very open now to see that he is the worst kind of leader for this country, zero economic prowess, zero direction, only thing he's good at is putting his fulani people in power and lying about Boko haram everyday while his sharia CJN is trying to convert Nigeria to a sharia state through the backdoor. Oh I forgot, he's a dictator that has no respect for the rule of law and acts as a law to himself, so our courts have been made useless by him. Greatest mistake of a ruler. But yet you claim trader moni, that hardly even circulates to the poor is responsible for the monumental financial wastefulness and massive corruption of this regime? Mtshewwwww! Everything you wrote is rubbish, no sense inside at all.


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:
Says one of the people that bankrupted us.

I have used Big Data to study the algorithm for Nigeria, and I'm not surprised to see how bleak and hopeless the future is.

Nigerians yet unborn are going to curse these generation of leaders for putting them under crippling debt.
It's terrible.

[i]Borrowing to pay the ones already borrowed? Is it that terrible? embarassed
[/i]
Re: Obasanjo Says Nigeria Faces Impending Bankruptcy by Raalsalghul: 1:55am On Dec 30, 2019
J111333:
This is like national anthem naa, everyone knows.

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
Refineries under the management of the Nigerian National Petroleum Corporation stayed dormant for three consecutive months as they processed no drop of crude oil, the latest report on the operations of the facilities has shown.

An analysis of the consolidated operations of the refineries showed that the plants were dormant in July, August and September with respect to the processing of crude oil.

The refineries under the management of the NNPC are the Warri Refining and Petrochemical Company, Port Harcourt Refining Company and Kaduna Refining and Petrochemical Company.

It was also observed that the consolidated capacity utilisation of the facilities was zero per cent in each of the three months.

It said, “The model takes cognisance of the products worth and crude costs. The combined value of output by the three refineries (at import-parity price) for the month of September 2019 amounted to N1.03bn.

https://punchng.com/refineries-process-no-crude-oil-in-three-mont

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

At least 46 aircraft reportedly landed at the Maiduguri International Airport, most conveying guests to the ceremony. On a normal day, about five aircraft land at the airport.

But the event turned out to be a nightmare for motorists and locals in the state who woke up to see armed security personnel barricading roads in strategic locations in the state capital.


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