Hmm

Penguin2:
This is terrible.

Buhari has mortgaged Nigeria’s future.

No wonder the cow was advocating debt cancellation at UNGA.

https://www.youtube.com/watch?v=5w5dVPV1jyM

sophsia62:

https://www.akelicious.net/nigeria-serviced-debt-with-n1-47tn-first-half-2021-dmo/

https://www.youtube.com/watch?v=5w5dVPV1jyM

Buhari is the best thing that has ever happened to Northern Muslims after prophet Muhammad and Usman Danfodio

This is getting serious.

And this Bubu government is still borrowing to develop Niger Republic

Kindly check my Signature for your Latest Business News and Making money tips

Fulani debt more like..

The railway will have a significant impact once completed and all the cargo that usually ply the roads noe use the rail from apapa all the way to kano and maradi...

You don't understand how badly we need our refineries back if not u won't type that nonsense and post

Fiscus105:
Its a foolish father that will use 80% of his salary to borrow money, and use the money to do foundation of his building project. When the borrowed money exhausted, he won't move to the house, yet he will still be paying house rent and every other obligations, with 80% gone, how would he sustain his family welfare?


It's on record that government in Nigeria can not do business successfully, yet bubu keeps piling debt to do railway and now refineries, not even railway that has very little minimum impact on economy , he is just doing it to satisfy his people in Niger republic a least for free flow of goods from Niger to Nigeria.

The painful thing is that the next government will not let this man taste all his misdeeds in government.

Funny enough... Even if crude oil jumbs to $140 ...we will still have to add trillions in order to subsidize fuel..

anorexicmuster:


Well, your government has to go from being resource dependent to being industrial dependent to do so.

We can't pay off the debt so long as we all rely on oil. Crude oil revenues aren't enough for the whole country...unless crude is being sold at $140 per barrel, all other things remaining the same.

Cognitivereason:
The railway will have a significant impact once completed and all the cargo that usually ply the roads noe use the rail from apapa all the way to kano and maradi...

You don't understand how badly we need our refineries back if not u won't type that nonsense and post

U don't understand how, Nigerians run government own company, that's why u are saying thrash, hope u know how much they want to borrow to repair the refineries.

I also believe you don't know the amount of salaries they are paying for workers that are redundant in dead refineries.

Cognitivereason:
The railway will have a significant impact once completed and all the cargo that usually ply the roads noe use the rail from apapa all the way to kano and maradi...

You don't understand how badly we need our refineries back if not u won't type that nonsense and post

I guess u just following successfully government in Nigeria, .....I will implore you to come to this forum and comment on the return of railway after expiration of next government.

Before you comment then, you should do comparative analysis of money borrowed, interest payable and return. You should not forget to find out the level of railway then, ....if would be able to get 1/10 of money borrowed before they will collapse.

Cognitivereason:
Funny enough... Even if crude oil jumbs to $140 ...we will still have to add trillions in order to subsidize fuel..

Goes without saying .

That's why i hate subsides

There is a reason why many governments past and present have wanted to totally remove subsides. But Nigerians..

G

So the workers employed at the refinery shouldnt be paid ...it really because u or ur family members don't work there that y ur wailing... Those workers are the reason why the refinery is still repairable after 2 decades of redundancy
More over if u understand the sophistication of a refinery u will understand why NNPC still have to employ staff to ensure not all the entire refinery infrastructure rot away..

How is $1.5 bn to repair a 210,000 barrel refinery.. The largest in west Africa.. Soon to be the second largest after dangote expensive..u think say refinery na ur normal factories u see around.. aside dangote who is a government pikin Y do u think no investor had ever thought of building one close to 50,000 barrel...even the modular refineries in IMO and delta have their capacities not more than 10,000ba and it took years to build them plus money
I hope you know the difference between a modular refinery and a refinery..
Refinery projects are regarded as major project all around the world because of the kin d of engineering and equipments that have to come together to form one.

Y not estimate the amount to build a new one..
Dangote refinery is 650,000ba/day and cost $19bn ,..u do the math for 210,000ba/day..
And ur here complaining about 1.5bn for a refinery that have been moribund for 2 decades plus...
Read this article and acquire some info
https://www.google.com/amp/s/www.channelstv.com/2021/03/21/we-wont-borrow-all-1-5bn-to-rehabilitate-port-harcourt-refinery-fg-tells-nigerians/amp/
Lastly... U need to get this simply economic fact...

No industry can ever progress if it is being subsidized...know this and know peace...it doesn't matter weather it is government owned or private....as far as that industry doesn't obey the law of demand and supply and doesn't make profit because of subsidies.. It will never grow...

Can't u see the obvious.. GEJ understood this that y he fought to remove subsidies because that was the fundamental problem...but Nigerians ignorant enough said no because of cheap fuel because some politicians benefit from it... If dey had remove this years ago...fuel won't cost this much simply because the value of the naira won't have lost so much value as a result of importation of refined products...

Buhari himself understood this ..that y they are slowing removing subsidies from the power sector... Y u do think disco now have the confidence to roll out pre paid meter massively during this tenure....it because of the fact that government is slowing deregulating that sector in order for it to be profitable...

There are many kind of industries in Nigeria but the two major industry or sector that have failed us all and stunted our growth as a country is power and petroleum... U know y ...because of subsidies..

Look at telecommunication...there was a time SIm Card cost 30k...thank ur stars obasanjo didn't think of subsidizing telecommunication if not u won't even see network to type DAT nonsense... Today DAT sector has grown to be a major contributor to GDP.. And today look at the cost of SIM...any one working in telecommunication is now regarded as a big man because of how that sector massively grew...oil and power industries are no longer attractive...

See ..the greed of Nigerians and politicians as well caused all this because of cheap fuels and power..
Go to Benin republic and Ghana and buy fuel.. Maybe they have two heads for not paying subsidies

Fiscus105:



U don't understand how, Nigerians run government own company, that's why u are saying thrash, hope u know how much they want to borrow to repair the refineries.

I also believe you don't know the amount of salaries they are paying for workers that are redundant in dead refineries.

Wetin concern me ?

If you want borrow $100bn and build railway and airport in Niger republic, nah your concern.

joyandfaith:


Allah did not ask us to burrow money and he will not help us to repay our debt any time soon.
Debt is not good for any economy, even home economy.

Stop typing like this. How many country in the world does not have debt?

AntiChristian:


Stop typing like this. How many country in the world does not have debt?

Borrowers are slaves of creditors.

joyandfaith:

Borrowers are slaves of creditors.

How many country in the world does not have debt? Answer this first.

anorexicmuster:
Hmm...

As usual, the wailing and gnashing of teeth on this thread is epic...yet no one wants to ask the question, why are we in debt.

We have been in debt for years because our economy is based on selling raw materials like cotton, cocoa, palm oil, rubber and lately c rude oil.

The problem with this model is that the price of these commodities

1.Are not controlled by us, but in London, Paris and New York.

2.Are never at sustenance level for us.


So, we have to take loans most of the time when the price of what we sell falls below sustenance.

That's why Nigeria has to change its economic paradigm...from being an exporter of raw materials to being an exporter of industrial goods and services. We will control the prices and set the prices and earn enough money


Also, we have two bad habits

1. We import in excess of what we export

2.We throw away billions subsiding fuel and electricity. Because the cost of production of both is always rising, the amount we spend subsidsing it always rises...and this drains our frex earnings...leaving us broke...and in need of more loans.


Which is why becoming more industrial, and removing subsides so that 1) income can grow 2) investment can grow 3) pressure on forex earnings reduces....is key to reducing our debt.

But then again, we will always have debt.

But the thing is, most Nigerians vote for parties like PDP and APC which give us flawed economic policiies....

Great morning to y'all.

Any Presidential aspirant that comes out to say he will totally remove fuel and electricity subsidy will not get up to 1000 vote from Nigerians. Most people are senseless about these things.

joyandfaith:

Borrowers are slaves of creditors.

America is the most indebted nation on earth with a debt of $28 trillion. Tell me who their slave masters are?

Apple is owing $112 billion. Who are the slave to?

People will just be quoting scriptures out of context..

Perfectbeing:
America is the most indebted nation on earth with a debt of $28 trillion. Tell me who their slave masters are?

Apple is owing $112 billion. Who are the slave to?

People will just be quoting scriptures out of context..

America is also a creditor.
Apple is a slave of those creditors. If apple fails to pay, the company may be taken over by the creditor.
I repeat borrowers are slaves of creditors.

joyandfaith:


America is also a creditor.
Apple is a slave of those creditors. If apple fails to pay, the company may be taken over by the creditor.
I repeat borrowers are slaves of creditors.

It is better to be a slave like Apple than to be a poor man that is not a slave.

Perfectbeing:
It is better to be a slave like Apple than to be a poor man that is not a slave.

Nigeria is a poor slave

Cognitivereason:
The railway will have a significant impact once completed and all the cargo that usually ply the roads noe use the rail from apapa all the way to kano and maradi...

You don't understand how badly we need our refineries back if not u won't type that nonsense and post

I need ur comment on amount nigeria railway is generating and amount they need for maintenance.


Bye.

I think u have ur answer already on an article on front page..

Anyways the reason why the raillines only generated a mere 1bn is because it not receiving full patronage due to limited route, it not fully completed (Lagos kano maradi line)...and cargoes are still not being transported using the rails..in short the Loan sent to NASS for approval included allocation for the modernization of the Lagos Ibadan railine and extension to tin can island to facilitate cargo movement.. Ibadan to abuja still needs to be built..
Let all this be done and the revenue will rise exponentially

Besides there is no where in the world railines are built to make profit..it a service that why it regarded as the cheapest form of transport....that why only government build it not private companies...

Fiscus105:




I need ur comment on amount nigeria railway is generating and amount they need for maintenance.


Bye.