obailala:
90% of the debt Nigeria currently owes CHina was borrowed by GEJ. I'm guessing you and 99% of the people on this thread do not know this. SO next tme when you want to politicise Nigeria's debt crisis, it would pay you to arm yourself with data.

Fat lies, keep on deceiving yourself. Buhari got a booming economy. Things were moving fine for people

CID11:

Fat lies, keep on deceiving yourself. Buhari got a booming economy. Things were moving fine for people

Don't mind the deluded guy

CID11:

Fat lies, keep on deceiving yourself. Buhari got a booming economy. Things were moving fine for people

The person I quoted inferred that Buhari has borrowed alot from China and would soon sell Nigeria to China. I simply corrected that misleading notion by pointing out that ~90% of Nigeria's current debt to China was incurred by Buhari's immediate predecessor; this is one fact I'm sure 99% of folks commenting online are ignorant of. You proved me right by starting your response with "fat lies", I had expected a smart person to ask me to substantiate my claim with verifiable data, but instead you proceeded to a totally off topic rant on the economy booming or not booming.

Of course one wouldn't expect you to understand the effect of a 70% drop in oil revenue for an oil dependent nation; the only part you understand is that power changed from A to B and then the economy stopped booming, so therefore it must be a political issue.

Nukilia:

Don't mind the deluded guy

Too many educated but ignorant fellows across Nigeria.. A smart person would have stayed on the topic and asked for evidence of my claims. But you just exposed your mental power here.

GidiCars:

Our new slave masters.

mvem:
not cool but actually all nations have debt. Do you know US have the highest Debts in the world as a nation

Check their debt level as against what the money was used for, we keep borrowing with nothing to show for it. Check the rail line we are borrowing to build, we are paying outdated technologies.
If we are to borrow for anything, it should be on stuffs that can pay for itself. E.g High speed train that will connect Lagos-Ibadan down to Abuja, you can travel by train from Abuja to Lagos and back same day.
But we are borrowing to fund stuffs that we don't really need.
Do you think that in the next 30 years that this our rail projects will still be relevant?

obailala:

The person I quoted inferred that Buhari has borrowed alot from China and would soon sell Nigeria to China. I simply corrected that misleading notion by pointing out that ~90% of Nigeria's current debt to China was incurred by Buhari's immediate predecessor; this is one fact I'm sure 99% of folks commenting online are ignorant of. You proved me right by starting your response with "fat lies", I had expected a smart person to ask me to substantiate my claim with verifiable data, but instead you proceeded to a totally off topic rant on the economy booming or not booming.

Of course one wouldn't expect you to understand the effect of a 70% drop in oil revenue for an oil dependent nation; the only part you understand is that power changed from A to B and then the economy stopped booming, so therefore it must be a political issue.


Too many educated but ignorant fellows across Nigeria.. A smart person would have stayed on the topic and asked for evidence of my claims. But you just exposed your mental power here.

Source for assertion ?
And I noticed you gave an excuse as drop in oil revenue. I thought OBJ had debunked this notion that Nigeria can only function with high oil prices.
Also, is it wise to continue borrowing with depressed oil prices ? How much has been spent on all the agricultural initiatives started by this regime ? Where are the record customs and FIRS revenues this govt has touted ? Indeed, where is the 00's of billions recovered by Magu ?
These are substantial sums added together.
Are you not concerned by the incessant borrowing ? And the lack of accountability ? Or was this your expectation of this govt's change agenda ? With this govt's penchant for being economical with the truth would believe this govt's figures re the economy ?

ibolord:
How to spoil your day
1. Go on Nairaland
2. Read news about Nigeria
And Boom!!......There you go

I concur! Nairaland front-page topics especially.

tundess:


Source for assertion ?
And I noticed you gave an excuse as drop in oil revenue. I thought OBJ had debunked this notion that Nigeria can only function with high oil prices.
Also, is it wise to continue borrowing with depressed oil prices ? How much has been spent on all the agricultural initiatives started by this regime ? Where are the record customs and FIRS revenues this govt has touted ? Indeed, where is the 00's of billions recovered by Magu ?
These are substantial sums added together.
Are you not concerned by the incessant borrowing ? And the lack of accountability ? Or was this your expectation of this govt's change agenda ? With this govt's penchant for being economical with the truth would believe this govt's figures re the economy ?

Firstly, OBJ did not debunk anything; there's something called the 'Time Value of Money', N1000 in 1999 isn't the same thing as N1000 in 2020. A family man that could survive on a salary of N10,000 in 1999 would die of starvation with a salary of N20,000 in 2020 - this is basic economics so I wonder why people still throw up this "oil price was low in 1999" argument.

If the country could function at oil price of $7 in 1999 when only 0.0001% of the population needed forex, that does not mean the country can function efficiently in 2020 at oil price of $30 when even the aboki at my gate needs forex to buy his handkerchief. Go and check statistics, Nigeria's forex demand in 2020 is between 10-20 times more than it was in 1999. In 1999, we had a much lower fuel demand and comsupption and we weren't importing 99% of our petroleum products as is the case today. in 1999, how many Nigerians had cars, how many ordinary Nigerians went abroad for studies or for medical checkups or for holidays or for business? How many ordinary Nigerians were involved in import business compared to today? or should we mention the number of people involved n forex trading, crypto currencies etc? What was the minimum wage in 1999 and what was the size of the civil service compared to 2020? What was the size of Nigeria's recurrent expenditure in 1999 compared to 2020? All of these translate to a massive surge in the demand for forex and revenue in general over the last 21 years, yet you expect oil price of $7 to still float the economy efficiently as it did in 1999 because OBJ said so?

Also, is it wise to continue borrowing with depressed oil prices

Are you not concerned by the incessant borrowing ?

I didnt mention anywhere that it's wise to keep borrowing endlessly, you can kindly point out where I mentioned that in my earlier posts... I only clarified to someone who claimed Buhari has sold Nigeria to China that 90% of our current debt to China was borrowed by Buhari's predecessor, even at a time when oil revenues were significantly more than it is today. I wonder why this fact always incites and irritates some people; how can truth be so painful?

But then again, talking about the propriety of borrowing, in a recession caused by a sudden/massive drop in revenue such as was experienced since 2015, the only way to keep the economy afloat is to borrow (that's economics 101). The real question we should be asking is why Nigeria was borrowing before 2015, incurring a debt of up to $63bn (by June 2015) even with the reasonably higher oil prices and revenue at the time. It's a no-brainer that a country with the kind of revenue shortfall experienced since 2015 would have to borrow to stay afloat. My personal problem is the economic viability of the so called projects the borrowed funds are being used for.

>
Lazy airport workers trying hang on to their easy jobs...
The know that a private operator will not tolerate their incompetence like FAAN does.

Go to neighboring Cote D’Ivoire or Senegal with private concessionaires...
And see how smoothly and hassle-free their airports are run (without anyone asking for “dash”).
>

stevnwigw1:
if you allow that, they will kill all if you and take over your land

Just to have the privilege to learn their language and change from this present government

China is gradually claiming Nigeria. The Chinese know we have very corrupt and incompetent policians!