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Obasanjo Gets Nigeria’s Debt Figures Wrong - Politics (3) - Nairaland

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Re: Obasanjo Gets External Debt Figures Wrong - APC Is Misquoting Obasanjo / Buhari Rejects National Assembly’s Debt Figures For States / Despite Being An Ex- President, Obasanjo Gets New Office (2) (3) (4)

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Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by oldtruth: 7:12am On Dec 30, 2019
Wiseandtrue:

Old age Someone who went through alot to cancel the previous debts

The message is not about the accuracy of the figure, it's about the debt profile which could lead YOU and your future unborn generation into perpetual bankruptcy.

Get that into your skull and

Stop quoting these kids. Let me give you small advice. Flee from any Buharist, they are sadist. They are never well to do and don't worth your eye blink.

Look at the headings itself, "Obasanjo *gets*..." Does that even sound sane? Even if your friend is a Buharist, flee from such relationship. The general followers are the real fools we have in this country. Know them and don't have anything to do with them. If your staff is a Buharist, sack him/her!

3 Likes

Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by miclil: 7:13am On Dec 30, 2019
It's part of the game
Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by azikiweironsi(m): 7:14am On Dec 30, 2019
amc:


I told you your problem is poor education and ignorance.

If Obasanjo talked about Nigeria's overall debt profile as you claim, then he got that wrong too. Both of you are first class dummies. The total debt profile in June 2015 was not $10.32bn. It was $63.8bn

If you are too lazy to go to the DMO website, find the proof below.

Are you minding them ? They always play everything on politics. Showing their ignorant and stupidity on social media.
Even with all the figures and tables from DMO, they will still not uunderstand.
Can you see how they all rushed to the thread ? Anything negative, they are quick to respond but anything positive, they keep mute. Hypocrites everywhere.

1 Like 1 Share

Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by Advocate500: 7:15am On Dec 30, 2019
helinues:


This article was about correcting OBJ false statements and you are still repeating the same

At least if you didn't read the article, did you also miss the headlines?

You people sha like to dey argue blindly..

Na war oo
apc and their zombies has nothing to clarify, is glaring to all that this government has nothing to offer but to continue on aimless borrowing to fild their personal pockets.

1 Like

Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by RAbayomi: 7:17am On Dec 30, 2019
The question is where did Obasanjo get his own figure from? The Guardian article quoted the last figure provided by DMO.

You can not throw up figures without stating the source, no matter how highly placed you are. This will only heat up the polity and misinform.

1 Like 1 Share

Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by GEJDHERO: 7:18am On Dec 30, 2019
amc:


Obasanjo got the figures wrong. Our external debt today is no where near the $81.2bn that he quoted. It is around $22bn. I actually suspect he knows the truth but he is playing to the gallery for those dummies who can't read nor reason.
My friend Zombie Google is your friend ooo.Nigerias external debt is $81.2bn about N24.5 trillion

1 Like

Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by mercyville: 7:19am On Dec 30, 2019
It is very disheartening that Nigeria is sinking into debt,debt and debt.I bet Nigeria's succesive govts have borrowed money even when we were bouyant.


Reading comments from zombies and wailers here has also been really disheartening.Both sides have acted like half baked literates or childish except a couple of them who posted the DMO current and known statistics which I believe is for June 2019.

Does Dr Obasanjo know what we do not know as per Nigeria's up to Dec 2019 debt or he made a mistake about the value?


Do we need to borrow again?



As much as I am disgusted by the flagrant flouting of courts' orders and Buhari's highly nepotistic tendencies,I personally believe that we must build more infrastructures across the country and the only person right now who will borrow money and use it for what it is meant for is Major General Buhari (rtd).

This is a very big plus for him that had made me not to be able to go totally against him.

I am a young man that does not trust any politician up to even 2% material wise but I trust Buhari more than 80%.....not talking about people around him o....


Buhari should borrow the 30 billion dollars and we are rest assured that he will deliver the infrastructures he promised Nigerians.

Obbasanjo,Jonathan,Gowon etc have all failed us because they only believe in amassing wealth that their generations unborn will inherit.
May God punish all of them accordingly.

A nepotistic bigot like Buhari is the one that is overwhelming the masses just because of his integrity....material wise...

OBASANJO AND CO SHOULD SHUT UP AND HIDE THEIR FACES IN SHAME!

BUHARI IS BETTER THAN ALL OF THEM JOINED TOGETHER.

IDIOTIC THIEVES!!!

1 Like 1 Share

Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by Giftedtu: 7:21am On Dec 30, 2019
Wiseandtrue:

Old age Someone who went through alot to cancel the previous debts

The message is not about the accuracy of the figure, it's about the debt profile which could lead YOU and your future unborn generation into perpetual bankruptcy.

Get that into your skull and
Tell him is like he dosn't understand.

1 Like

Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by Nwaonyishi69: 7:24am On Dec 30, 2019
Now our government and new level promise has turned to credible men becoming credible debtors.
Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by SirToby(m): 7:24am On Dec 30, 2019
Staro:
These Buhari's zombies are laughable, I swear!

While Obasanjo is quoting current debt figures the zombies
are referring us to June 2019

Why is every supporter of Buhari as dumb as the man himself?

.
Biafra or Death

1 Like

Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by ItooWorWor(m): 7:26am On Dec 30, 2019
Keemsleek005:


As much as I won't say much yes obj cancelled the debt but he also gave out false information just to cause panic, more over obasanjo is as selfish as another politician and he's still one of the people that messes these country up, also point of correction Nigeria airway died many years ago as nothing to do with these administration. Saying the truth is great but lieing in other to pass a message is shameful.happy New year
Even if Obj got it wrong our rising debt is still alarming.

1 Like

Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by oldtruth: 7:31am On Dec 30, 2019
EmmaOgbu:

No mind them, he forgot the recent one that the rubber stamp senate president approved.
We are owning that amount and they want to spend 37billion to renovate a complex instead of building even if its a toothpicks factory.

Yes... You can see how those hopeless followers were supporting the dunce. Flee from Buharist. Don't even offer them water. They don't have to be amongst us.

https://www.indexmundi.com/g/g.aspx?c=ni&v=94

The above link is the true link for external debts compiled by experts.

Zombies still went ahead forging so many figures. Honestly, zombies are toxic
Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by vezycash(m): 7:32am On Dec 30, 2019
MANNABBQGRILLS:
Gathering of criminals and fools.

OBJ, where is the power after 16 BILLION DOLLARS of looted funds.

Criminals supported by broke losers.
Bastards.

Didn't 16 billion dollars get missing from petroleum fund a while ago?

1 Like

Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by ohameakpu: 7:32am On Dec 30, 2019
External debt at $27b and domestic debt at $56b is crazy. With intention to still borrow $30b.

The problem is not collecting debt cos every country needs it to grow but our Challenge is Revenue. Most of these loans would still end up in peoples pockets.

My concern is not that Obj miss quoted the figure, but how do we intend to pay them.

2 Likes

Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by Congrats321(m): 7:34am On Dec 30, 2019
Bros abeg no kee me with laughter. Chai this one is a new one lmao
slimfit1:


It is a gift brother you think to be a fool is easy?
Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by Nobody: 7:35am On Dec 30, 2019
Why is our debt going up??

To understand why our debt is going up...we need these figures

1.The oil price

2.The oil breakeven price.


1.The oil price in 2015 was $75 in May, and went down to $30 in January 2016, then went up to $60 a few months ago.

2.The breakeven price for Nigeria...the price we need oil to run a budget without borrowing, went up from $120 in 2012 to $139 in 2017.

3.That means that on the average....Nigeria has been losing as much as $45-90 dollars per barrel of oil sold...so long as the breakeven oil price remains high since Buhari took over.

4.So, in essence, we have to borrow....and as a result, our debt profile has risen. Add the fact that a priority of Buhari's economic polices has been to raise the forex reserves....which means for everything else, we have had to borrow.

5.In case you missed it, we are an oil dependent country. Our revenues from oil are anywhere between 88-95% of our total income.

6.If we did not borrow....we would have been in an even worse state than we are now.

7.We were here before...in the 1980's. In 1981...when oil was high, we were having a good time. By 1987...when oil had fallen to $13 per barrel (from $45 in 1981)...SAP was sapping us. (We had to take the SAP medicine because we had no choice).

8.What Obasanjo is not telling us, and what Buhari too is also not telling us, same as the PDP...is that for us to get out of this mess

a) We would have to remove suibsides on fuel, and power, and also cut the number of people working for the government, and useless government programmes....

b)we have to ruthlessly fight corruption...which means a lot of people , incluidng many rulers of this country, would have to face the music.

c) We would have to icnrease productivity...which means the long and hard road to industrial development.

The problem is, Nigerians love their corrupt leaders, love having money shared to them, and are reluctant to have subsides end because we are poor. We also think that the country is rich enough to meet all our needs. It isn't and it can't.

2 Likes

Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by vezycash(m): 7:36am On Dec 30, 2019
Advocate500:
apc and their zombies has nothing to clarify, is glaring to all that this government has nothing to offer but to continue on aimless borrowing to fild their personal pockets.

And they plan to borrow $23 billion more at once. They won't stop there. Election time, they'll borrow another security money.
Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by michoim(m): 7:39am On Dec 30, 2019
He is always into wrongdoings against this government
Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by klax(m): 7:39am On Dec 30, 2019
Wiseandtrue:

Old age Someone who went through alot to cancel the previous debts

The message is not about the accuracy of the figure, it's about the debt profile which could lead YOU and your future unborn generation into perpetual bankruptcy.

Get that into your skull and

Bro are you not surprise this apc govt are so silly and have no sense? so defending accuracy of huge debt that matters to them bah

ok $50 billion or $70 billion have they bollicks apc make any attempt to clear it partly? Hell No. Pls are we sure these people in apc are truly Nigerians or just some disguise strangers claiming Nigerian? it's a mystery because the way reason baffles me much.

1 Like

Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by Nobody: 7:43am On Dec 30, 2019
Some more explantion as to why we have debt.

Corden and Neary (1982) have demonstrated how Dutch disease occurs in an economy. According to them, in a country experiencing "boom" in the export of a commodity, the economy can be divided into three sectors: the "booming" export sector, the "lagging' traditional export sector and the non-export sector. The Dutch disease occurs when the traditional export (tradable goods) sector is crowded out by the booming export sector and the non-tradable goods sector. The lagging traditional tradable goods sector may include cocoa, palm produce, cotton, rubber, coal, copper, textiles and some manufactured goods while the booming export sector may be crude oil, coffee, gold, etc. The non-tradable (non-export) goods sector covers all those goods that are produced for domestic consumption only, e.g. staple food items, clothing, building materials, locally-assembled cars. Where crude oil (and gas) is the booming export sector, the non-oil export sector may be crowded out by the oil sector and the non-tradable goods sector of the economy. This can happen when the oil revenue windfall increases domestic demand for non-tradable goods and pushes up domestic prices leading to an appreciation of the real exchange rate which in turn reduces the competitiveness of the non-oil export sector. This will in turn lead to a reduction in non-oil exports in both quantum and value terms. The oil windfall may also lead to movement of the factors of production in the economy. For instance, capital and labor (and land) may shift from the non-oil export sector to the oil sector (in order to maintain or increase reserves and production) and the non-tradable goods sector (to take advantage of the growing domestic demand). This explains why the increase in oil prices and the subsequent oil revenue windfall in many oil-exporting countries have tended to depress their non-oil export sector while at the same time generating a boom in both the oil and the non-tradable goods sectors. With capital and labor shifting from the non-oil export sector to the oil-sector and non-traded goods sector, firms in the non-oil export sector are forced to either close down or reduce their scale of operation. The boom in the oil and non-traded goods sector increases the demand for imported goods. This may not be a problem in the short-term so long as the country has enough foreign exchange to pay for the imports. The depression in the non-oil export sector and the boom in the other two sectors have medium to long term implications for the economy because the oil windfall will not be permanent given the volatility, unpredictability and exhaustibility of crude oil. For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty


SAUCE

2 Likes

Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by OkikiOluwa1(m): 7:43am On Dec 30, 2019
amc:

https://www.pmnewsnigeria.com/2019/12/27/obasanjo-gets-nigerias-external-debt-figures-wrong/
From what Guardian said, Nigeria's debt is $79billion (70,549,657,600.00 dollars). Still high.
PMB govt v failed Nigerians
Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by ohameakpu: 7:50am On Dec 30, 2019
If only that 37b that would be used to renovate national assembly is used to develop skills like programming, A.i ,cybersecurity and Bpm amongst the youth. It would go along way to create jobs.

Our brainless Government can copy models from Singapore, south Korea and even California state in the u.s.
How long do we want to continue to depend on oil?

Finally, Ict like Iot and others would help to enhance Agriculture in nigeria.
Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by Nobody: 7:52am On Dec 30, 2019
One more comment.

This government could start saving money by making Nigeria more productive via

1.Completely removing fuel subsidy. On the negative side, the price of fuel would shoot up to N300 per liter, and there would be corresponding rise in food prices...which affects the poor. On the positive side....investors would come in, build more refinereis, and create more jobs. NNPC , which should be privatised, would become more compettiive, and would have enough of a profit to improve exisitng refienries, and build new ones. Increased productivity would bring prices of fuel down eventually...and Nigeria could become a major exporter of refined fuel in the future.

2.Allow DISCOS and GENCOS to control the price of power...instead of NERC. Yes, prices for electricity would go up, but we would also have an icnrease in investment in power..with more jobs being created as a result...and expansion of our power sector.

3.Give dollars at reduced rates to industrialists like Dangote and Innoson...who would in turn increase levels of production. Also incentvise small and medium scale industrialists via loans (especially in the automotive sector).

4.Stop programmes like N-power and Trader Moni..w.aste of time and money really

5.Start seriously fighting corruption. Seriously. Not partiality.

6.Raise taxes. Yes, cruel...but would also incentivse Nigerians to pay more attention to what their government is ACTUALLY doing.

1 Like

Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by Nobody: 7:52am On Dec 30, 2019
MANNABBQGRILLS:
Gathering of criminals and fools.

OBJ, where is the power after 16 BILLION DOLLARS of looted funds.

Criminals supported by broke losers.
Bastards.
But you know OBJ left Nigeria debt free. But Your darling president is doing just the opposite.

Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by Nobody: 7:55am On Dec 30, 2019
klax:


Bro are you not surprise this apc govt are so silly and have no sense? so defending accuracy of huge debt that matters to them bah

ok $50 billion or $70 billion have they bollicks apc make any attempt to clear it partly? Hell No. Pls are we sure these people in apc are truly Nigerians or just some disguise strangers claiming Nigerian? it's a mystery because the way reason baffles me much.
I doubt they are Nigerians, people like sarrki and mannabbqgrills are probably from Ghana or south Africa, who wants to see Nigeria fail.

1 Like

Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by freeay: 7:55am On Dec 30, 2019
MANNABBQGRILLS:
Gathering of criminals and fools.

OBJ, where is the power after 16 BILLION DOLLARS of looted funds.

Criminals supported by broke losers.
Bastards.
Is like sixteen billion dollars power project is what put Nigeria into its current condition.
Meanwhile for your info doladinho, it's only 3billon dollars that was involved and he has since submitted himself for prob.. EFCC should do the needful hence dump ass like you should shut up.. Don't get it twisted, I'm pro Buhari but not Dump.
Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by OyinO: 7:57am On Dec 30, 2019
Wiseandtrue:

Old age Someone who went through alot to cancel the previous debts

The message is not about the accuracy of the figure, it's about the debt profile which could lead YOU and your future unborn generation into perpetual bankruptcy.

Get that into your skull and

This is 100% finishing. I like the way you finished the young fool who feels he'll not grow old.

1 Like

Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by InvertedHammer: 7:59am On Dec 30, 2019
/
Nigeria is comprised of 36 States including FCT.

A man owing mallam N50 and mama Fumi buka N100 still has a total debt of N150. Whether itemized or not, it is what it is.

OBJ stated N24.74Trillion. DMO stated (N8.3T + 17.3T) for total of N25.6Trillion.

Therefore, the entity called Nigeria has a debt profile of N25.6Trillion. Foreign or Domestic doesn't mean a thing.

It is still some debts that must be serviced.

/

1 Like

Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by anonymous1759: 7:59am On Dec 30, 2019
Wiseandtrue:

If you are wise enough, you will realize that OBJ is not only fighting for you but your children and unborn generation

If you don't have anything genuine to say on this matter, please don't!!!

Let's put politics aside!



....


Oga OBJ is fighting for Relevance not for me or my children. If he'd good intentions for us he wouldn't have wrecked Nigeria with looting.

Because of him senators and Rep members swallow Nigeria's budget, he allowed sharia law just to Nurse is ambition for power. That's leading the country into chaos. An old man like him had His private workers in Federal government's payroll. OBJ have no good intention for us. He's an wicked old man period.
Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by ohameakpu: 8:02am On Dec 30, 2019
[color=#006600][/One more comment.

This government could start saving money by making Nigeria more productive via

1.Completely removing fuel subsidy. On the negative side, the price of fuel would shoot up to N300 per liter, and there would be corresponding rise in food prices...which affects the poor. On the positive side....investors would come in, build more refinereis, and create more jobs. NNPC , which should be privatised, would become more compettiive, and would have enough of a profit to improve exisitng refienries, and build new ones. Increased productivity would bring prices of fuel down eventually...and Nigeria could become a major exporter of refined fuel in the future.

2.Allow DISCOS and GENCOS to control the price of power...instead of NERC. Yes, prices for electricity would go up, but we would also have an icnrease in investment in power..with more jobs being created as a result...and expansion of our power sector.

3.Give dollars at reduced rates to industrialists like Dangote and Innoson...who would in turn increase levels of production. Also incentvise small and medium scale industrialists via loans (especially in the automotive sector).

4.Stop programmes like N-power and Trader Moni..w.aste of time and money really

5.Start seriously fighting corruption. Seriously. Not partiality.

6.Raise taxes. Yes, cruel...but would also incentivse Nigerians to pay more attention to what their government is ACTUALLY doingcolor]

Agree with ur facts but for No 2, there are so many factors that would not make it to work except the Government is ready to go into court cases with different investors. Government would also need to sell it about 40% stake and allow a free market.
Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by b5ive(m): 8:02am On Dec 30, 2019
Wiseandtrue:

Old age Someone who went through alot to cancel the previous debts

The message is not about the accuracy of the figure, it's about the debt profile which could lead YOU and your future unborn generation into perpetual bankruptcy.

Get that into your skull and
Obj did all he could to service our debt during his tenure, but here we are again. Wallowing in impending backwardness. "There was a country"....
Re: Obasanjo Gets Nigeria’s Debt Figures Wrong by rusher14: 8:08am On Dec 30, 2019
Fvckmoderators:


when

At the time PDP left office in 2015, the nation's debt was 63.5 Billion Dollars.

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