ahmedkoded95:


https://www.pmnewsnigeria.com/2020/06/16/atiku-shocked-by-nigerias-debt-profile-says-nation-in-financial-crisis/amp/?utm_source=&utm_medium=twitter&__twitter_impression=true

PerfectlyPerfect:

Is there anything in that post that is a lie? What has your useless president ever maintained?

Intrepid01:


Oga what are you saying, what is SDP?

WUdec:
Let me let you all in on the shocker

If Nigeria backtracks on the deadlines per loan, countries like the UK, US and China will have them pay back by force using land. And Nigeria has always been eyed by the West. And once the land is taken, they have every right to protect it as it becomes their national interest.

What would follow would be land excavation for cobalt, Gold, copper and rare commodities and so on.

And Nigeria will be shared like cake at a birthday party. That's when the real poverty will kick in


Look up Fiji, Chagos, Haiti and the Islands stolen by America and the UK. You'd be amazed. Nigeria is bigger than an Island. And they will come for their slice of the cake

And Nigeria was promised independence just like other countries colonised by the UK. They signed treaties but they signed up to be pimped by the Queen for almost forever. So if you think we got independence, think again. The queen still runs Nigeria and other Commonwealth nations but behind closed doors. They let the puppets do the work while they take their cuts. Why do you think the UK is always part of Nigerian elections? You think its just to monitor. The last one they monitored, how far? It was free and fair they said.

Do your own research on the Commonwealth origins and current state. Here's a tip:

https://en.m.wikipedia.org/wiki/Member_states_of_the_Commonwealth_of_Nations

Nigeria is being sold without the dummies knowing the implications of their looting. They have sold their generations through debt

Run whilst you can and don't look back at an opportunity to leave the country when it presents itself

4Play:


What they ignore is that borrowing has to be sustainable. It's not a question of whether the country needs to borrow, but the scale of the borrowing weighed against the tax revenues needed to service the debt.

When the oil price initially collapsed in the second half of 2014, Iweala started talking about the need to implement austerity (i.e., cut costs) and it was in that context that she made the (in)famous comment about borrowing to pay salaries.

From the beginning, this government has taken the path of expansive fiscal spending as a way of stimulating the economy. But you cannot stimulate your way out of a currency crisis. The more you spend, the more you increase naira supply in the midst of a dollar shortage putting your currency under more pressure (too much naira chasing too few dollars).

What it needed to do at the beginning was reduce the cost of government. Too few Nigerians (mainly politicians and govt workers) actually benefit from the government anyway. Fuel subsidy has to go too, ditto the currency regime that fixes the exchange rate to the dollar.

To illustrate how something like the currency regime has been wasteful. The government's spending is mainly in naira so it would convert oil export dollars to naira. If it converts it at the then fixed rate of N197 to $1, the government was effectively shortchanging itself as the market exchange rate was over N300 whilst committing to borrowing the shortfall. So the government's expansive spending increased naira supply and facilitated naira depreciation but by using an artificially inflated exchange rate it had to borrow more than necessary to meet its spending commitments which worsened debt sustainability.

The government hasn't given serious thought to economic reforms that would attract foreign nvestment like privatization (why are the Lagos ports run by government?) and deregulation (think of the downstream oil sector).

The government's state-led interventionist model relies on government spending to do the heavy lifting of revitalizing the economy. It is this way of thinking that condemns Nigeria to a debt crisis.

Okoroawusa:

Nna, gbam na ahu biko

teadrake:
We might be headed towards financial doom. If funds borrowed to finance critical infrastructure is being looted again. This country is not sustainable

Intrepid01:


Oga I no be Ibo!!!

tradetips:
The one him and Obasanjo left nko

jrusky:


Bro wetin you smoked? Nnwanne biko what did you sniffed this afternoon?

Pls what brought tribal issue into these can you tell me in brief statement.

That thing you just smoked not good for you health because its like the screw upstair has loosen.

winterfell007:


Why are you such a terrible tribalist, you're increasingly getting psychotic. Do you have nightmares about the yoruba people?
You need help, you need psychiatric evaluation. Take the advice from me as an igbo guy...

ernieboy:
oga make una try use una brain sometimes, obasanjo was the only president who virtually cleared all Nigeria's foreign debt under the financial expertise of ngozi okonjo iweal, obasanjo left the lowest debt profile in recent time.

Flier:
I don’t know where you guys want Buhari to get money without borrowing and I am sure Atiku would have done the same
Almost every nation on earth is in debt at the moment
America have been printing money non stop for 4 months now and still not enough
Close to 9 trillion dollars printed already and they are still contemplating printing more
Gej and okonjo started borrowing when oil was $65 per barrel and you are telling Buhari not to borrow when oil was 19$ barrel,the worse is there was no one to buy it
Buhari is clueless but when it comes to our economic situation,he has no choice than to borrow otherwise you all will starve to death

Yusman316:

Why didn't he build infrastructures? Of what importance is a low debt profile without any meaningful development? America has the highest debt ceiling in the world but do we here them screaming about it