I am really worried at the trend of borrowing in our Nation, Nigeria since independence. My question is, can't our leaders run the affairs of this country without borrowing? In my own opinion, I think we can. Just like Pastor Chris Oyakhilome recently said, we have brainless leaders in Africa. We have enough natural resources to generate revenues internally to run this country. Our key problem is corruption. Most of the internally generated revenue ends up in private pockets. This is where our problem is. Imagine the amount of billions looted by our past and present leaders. It means we have enough money in this country.

I believe our leaders just take loans to have the opportunity to loot. We need leaders with brains on how we can generate our monies. With all the loans collected, our roads are still bad, security challenge is worse than ever and our youths are still joblessness.

We have an indigenous company that produces cars. Why can't the government partner with him to produce tricycles which we import in hundreds of thousands? This is a project that can generate money for us. Why are they frustrating the Ajaokuta steel complex? Maybe most billionaires that have steel rolling mills don't want competition.

We need leaders that can think outside the box. Leaders that say no more loans and still delivers. Loans keeps us in bondage. Borrowing is a curse. We need to break ourselves from the this jinx of borrowing.

How many countries doesn't borrow

The OP is as dumb as unpastor Chris.
I thought he had some novel ideas but it is the same garbage natural resources cry.

Refrain from criticizing what you don't understand.

Op, if you study basic economics, you will come to understand that all countries of the world borrow and must borrow.

Borrowing could either be an instrument of
1. Fiscal Policy or
2. Monetary Policy

Fiscal Policy is borrowing to finance budget, projects and Programmes of govt .

Monetary Policy is borrowing used by CBN to control the economy , inflation, deflation by mopping up or releasing more money into circulation through buying and selling of Treasury Bills, Bonds and other Govt instruments to banks , corporations and individuals

We cant...we have garri but no soup.and the money meant for soup ingredients,is been used by greedy policians to buy salad oversea.leaving nigeria borrowing to survive.

TruthinAction:
I am really worried at the trend of borrowing in our Nation, Nigeria since independence. My question is, can't our leaders run the affairs of this country without borrowing? In my own opinion, I think we can. Just like Pastor Chris Oyakhilome recently said, we have brainless leaders in Africa. We have enough natural resources to generate revenues internally to run this country. Our key problem is corruption. Most of the internally generated revenue ends up in private pockets. This is where our problem is. Imagine the amount of billions looted by our past and present leaders. It means we have enough money in this country.

I believe our leaders just take loans to have the opportunity to loot. We need leaders with brains on how we can generate our monies. With all the loans collected, our roads are still bad, security challenge is worse than ever and our youths are still joblessness.

We have an indigenous company that produces cars. Why can't the government partner with him to produce tricycles which we import in hundreds of thousands? This is a project that can generate money for us. Why are they frustrating the Ajaokuta steel complex? Maybe most billionaires that have steel rolling mills don't want competition.

We need leaders that can think outside the box. Leaders that say no more loans and still delivers. Loans keeps us in bondage. Borrowing is a curse. We need to break ourselves from the this jinx of borrowing.

Can u run Nigeria without borrowing ?

The average African just like the op does not see beyond natural resources, the last time I checked Israel is a desert land with no sibgke oil but compare it to many nations today..

America is the highest debtors in the world, you can't run a country without borrowing. We need infrastructure to drive investment, where do you expect us to generate funds for the infrastructure?

With all the revenue the country generates. Beats me. Even America borrows.

freeborn02:


There are countries that don't borrow

Pls tell me!
Even America that produces dollar borrows.

Sammy07:


Pls tell me!
Even America that produces dollar borrows.

Macau.
British Virgin Islands.
Brunei.
Liechtenstein.
Palau.

mrvitalis:

Can u run Nigeria without borrowing ?

Yes, I can. Where is China borrowing from? We just need to be a producing country. We import so many items we can produce locally. This is why we are poor as a nation.

myboy2111:
Op, if you study basic economics, you will come to understand that all countries of the world borrow and must borrow.

Borrowing could either be an instrument of
1. Fiscal Policy or
2. Monetary Policy

Fiscal Policy is borrowing to finance budget, projects and Programmes of govt .

Monetary Policy is borrowing used by CBN to control the economy , inflation, deflation by mopping up or releasing more money into circulation through buying and selling of Treasury Bills, Bonds and other Govt instruments to banks , corporations and individuals

You borrow because of lack. Nigeria has no lack but our polithiefians looting our monies. We are the richest nation on earth but corruption is what is killing us. I insist that the borrowing is just an opportunity to loot. And most of the projects embarked on are over prized. Just imagine a fence of 27.3 km is costing the Federal Government 62 billion naira. We just need leaders of integrity and we will begin to lend instead of borrowing.

Sammy07:


Pls tell me!
Even America that produces dollar borrows.

America has fallen. They are no longer a yardstick for excellence.

Natural resources can't save the Nigerian economy in the long run.

As you see with oil, prices of resources often go up and down like a yo-yo and so will the fortune of any country that depends on them.

The best hope for catapulting Nigeria to middle income status in the shortest time is IT and STEM. There's enough low-hanging fruits in these areas where a country like Nigeria can compete with developed countries within 10 years. The quality of our education will need to improve massively.

OP,

You are right on point. Do not listen to these educated fools that call themselves economists without a single achievement in their lives or country except how to milk the system to make it favorable to their class.

Theses are the same children of Devaluation and Structural Adjustment that wiped out African Middle-class.

Indeed, they do do care one bit about Nigeria except to wipe it out. Kill Chop and Go.

The best way to explain your your point is to look at America which they all call the world most indebted country to model after.

1. More of African debts are owned by Americans.

2. All the foreign debts are in US Dollars.

Here is their folly. If America prints as much money as it wants, America does not owe anyone a red cent. It just prints more. There are more 100 US dollar bills out side USA than inside.

After all you can only redeem the printed decorated vouchers in America. Can Zimbabwe do the same?

You ever wondered why world currencies are no longer backed by Gold Standard? There was a country called Gold Coast that could have made a country called Ghana one of the richest.

When the educated mumu talk about Fiscal and Monetory Policies, that is what they teach them at Oxford and Harvard.

Who does China borrow from except as awof loan from World Bank.

OP, I actually understand the angle you are coming from. But I can assure you that some development will take years without borrowing. Even to start producing what we consume as you propose, we might still have to borrow. Let's look at this from this angle, how long do you think it might take someone in Nigeria with and average monthly income of say 100,000 to build say 3bedroom flat. The answer is obvious. With a good mortgage that has low interest rate, the same person can borrow money to build a house and service same loan with yearly rent he would have used to pay for rented apartment in couple of years.
Honestly, nothing is wrong with borrowing providers it's for capital investment. It's just unfortunate we are in a country where even the so called borrowed money for development will still be looted.

TruthinAction:
I am really worried at the trend of borrowing in our Nation, Nigeria since independence. My question is, can't our leaders run the affairs of this country without borrowing? In my own opinion, I think we can. Just like Pastor Chris Oyakhilome recently said, we have brainless leaders in Africa. We have enough natural resources to generate revenues internally to run this country. Our key problem is corruption. Most of the internally generated revenue ends up in private pockets. This is where our problem is. Imagine the amount of billions looted by our past and present leaders. It means we have enough money in this country.

I believe our leaders just take loans to have the opportunity to loot. We need leaders with brains on how we can generate our monies. With all the loans collected, our roads are still bad, security challenge is worse than ever and our youths are still joblessness.

We have an indigenous company that produces cars. Why can't the government partner with him to produce tricycles which we import in hundreds of thousands? This is a project that can generate money for us. Why are they frustrating the Ajaokuta steel complex? Maybe most billionaires that have steel rolling mills don't want competition.

We need leaders that can think outside the box. Leaders that say no more loans and still delivers. Loans keeps us in bondage. Borrowing is a curse. We need to break ourselves from the this jinx of borrowing.

A country like Nigeria can't survive without borrowing because we lack the basic funds to run the country. Forget about politicians looting funds, Nigeria's lack of finance is due to other reasons such as unemployment. From my little knowledge of economics I have come to know that a country whose working population is higher than the the rest of the population will have sufficient finances but in Nigeria our working population is lower than expected and to make matters worse 55.4% of the working population are unemployment causing a decrease in the countries annual income and also tax revenue will also be affected. So in my view, corruption of our leaders is not the reason why Nigeria borrows money.

Here we go again. We have to borrow to develop.

There is a difference between Ajo or Esusu and reckless borrowing. How much did Gadhafi borrow?

I will not deny that there is something called opportunity cost. You can borrow to buy a car to get to work in case of far distance. It is different from borrowing to buy a taxi. You can borrow to buy a house, even on long term of 20 to 30 years because in 10 years or more, the cost of mortgage would be lower than rent.

But a woman or man have to weigh opportunity cost when you decide to go out and work. If your children are young, you have to pay for daycare, hire househelps and the cost of driving around before and after work to pickup the children. Some people had to get up early in the morning to get children to "good" schools before heading to work (sometimes as early as 4 to 5 am). Will it be easier and better quality of life if one parent stayed home?

This is what Nigeria is. We borrow without need or justification. In short time, Arab countries developed from scattered deserts to rich counters. They have their problems but money was not one of them. Actually, Dubai defaulted on foreign loans and they could not take or carry the projects away. Nigeria only has disappearing projects to show according to that apt Kenyan jokes.

Nigerians borrow without weighing opportunity cost like family with children. We went from 10 percent fraudsters to disappearing projects we do not need, build or maintain.

Lenders and Borrowers know that we hate our country and only borrow to kill it. They gladly obliged.

No we can't.. Only China in the world is not borrowing

DrEmmy01:


A country like Nigeria can't survive without borrowing because we lack the basic funds to run the country. Forget about politicians looting funds, Nigeria's lack of finance is due to other reasons such as unemployment. From my little knowledge of economics I have come to know that a country whose working population is higher than the the rest of the population will have sufficient finances but in Nigeria our working population is lower than expected and to make matters worse 55.4% of the working population are unemployment causing a decrease in the countries annual income and also tax revenue will also be affected. So in my view, corruption of our leaders is not the reason why Nigeria borrows money.

If you know the level of corruption, you will agree with me that we don't need to borrow. The one reported is just a tip of the iceberg. This country is rich. But the system is designed such that only a fraction of the money goes into government purse.

Do you know how many oil companies we have in Nigeria? Do you know how much we generate from import duties on a daily basis? Do you know how much oil being sold and unaccounted for in NNPC? Give me this country to run and I won't borrow a dime. Our leaders are thieves. We just need honest people with proven track records.

TruthinAction:


You borrow because of lack. Nigeria has no lack but our polithiefians looting our monies. We are the richest nation on earth but corruption is what is killing us. I insist that the borrowing is just an opportunity to loot. And most of the projects embarked on are over prized. Just imagine a fence of 27.3 km is costing the Federal Government 62 billion naira. We just need leaders of integrity and we will begin to lend instead of borrowing.

USA, UK, Japan, China, UAE-Dubai, Qatar, SAudi Arabia are allneedy countries living in lack hence their huge debts, but only Nigeria should be living in opulence and wealth hence needs not borrow.

Una mumu na follow come

Ovamboland:




USA, UK, Japan, China, UAE-Dubai, Qatar, SAudi Arabia are allneedy countries living in lack hence their huge debts, but only Nigeria should be living in opulence and wealth hence needs not borrow.

Una mumu na follow come

Mumu,

How many of those countries you listed launder billions away from their countries and borrow millions in return?

The same people defending those that made us the Poverty capital of the world, Structural Adjustment and Devaluation. They never stop until their last breath.

Ovamboland:




USA, UK, Japan, China, UAE-Dubai, Qatar, SAudi Arabia are allneedy countries living in lack hence their huge debts, but only Nigeria should be living in opulence and wealth hence needs not borrow.

Una mumu na follow come

We can choose to be different. The countries you mentioned are not the yardstick for standard. We are far richer than them all. Say no to borrowing. All we need is industrial revolution. But the leaders we have right now don't have the interest of the nation at heart. They only plan on how to loot.

googi:
Here we go again. We have to borrow to develop.

There is a difference between Ajo or Esusu and reckless borrowing. How much did Gadhafi borrow?

Why would Libya need to borrow when they are a bigger oil producer than Nigeria, and have just 6 million people?

Nigeria has 200 million people with a 35 billion dollar annual budget. Compare that to S.A. with 60 million people and a 125 billion dollar annual budget. The US annual budget is 6.1 TRILLION dollars. UK 1.2 Trilion, France 1.6 Trillion etc.

Nigeria does not earn enough as a country. Hence the borrowing to finance major infrastructure projects.

Nigeria needs further diversification away from oil and gas. What we DON'T need is folks sitting around thinking we make enough money to be like Japan or USA if only there was no corruption etc. That is pure delusion.

As usual, you make a good point. If that is the case, why are Nigerian politicians the highest paid in the world?

If that is so, why would the average Nigerian not clamor for more pay and the talents fleeing the country not ask for the same pay as the countries you mentioned.

Rossikki, I am sure like the rest of us, nobody knows how much the oil or income oil companies made, nobody could stop them from generating income from gas flaring and Nigerians only get crumbs from all our foreign income.

So, how do you know that those countries made more money than Nigeria?

Even then, natural resources do not make a country. Discipline, Branding, Consumers, Patriotism and pretty plastics make a country.

Indeed, Foreign Income does not make a country. When China was in famine, Nigeria had a Region that was First in Africa in many endeavors with meagre income from Cocoa.

More important, Nigerians, Africans and Diaspora blacks were happy to return home to Nigeria and contribute.

Rossikki, please find another reason to explain corruption and self-hate. Your contribution on this forum is great.

Rossikki:


Why would Libya need to borrow when they are a bigger oil producer than Nigeria, and have just 6 million people?

Nigeria has 200 million people with a 35 billion dollar annual budget. Compare that to S.A. with 60 million people and a 125 billion dollar annual budget. The US annual budget is 6.1 TRILLION dollars. UK 1.2 Trilion, France 1.6 Trillion etc.

Nigeria does not earn enough as a country. Hence the borrowing to finance major infrastructure projects.

Nigeria needs further diversification away from oil and gas. What we DON'T need is folks sitting around thinking we make enough money to be like Japan or USA if only there was no corruption etc. That is pure delusion.