anorexicmuster:
We can stop borrowing after we are willing to make the changes needed to be in a position where we won't borrow.

For now, we borrow, because oil , our major earner, is at a price that cannot sustain us.

Same thing for many African nations...they borrow because the price of what they sell is not enough to sustain them

Unitl we become an industrial economy, we would forever be borrowing. And even after then

And yes, we borrowed before Buhari came around, and we will borrow after he leaves until we change our economic paradigm.

Esseite:


We borrow because we elect career politicians that only know how to spend money and not create/grow new wealth through new means.

A certain former Governor invested state resources in a certain international brewery which has tripled over 400% today, generated savings worth 2years FAAC allocation for the state with no single allegation of stolen funds. But we would rather opt a career politician with zero track record of impacting business growth since 1914 and quantum pages of lootings documented just because.

Esseite:
The only saving grace for Nigeria is that the world would definitely forgive it debts eventually because a nation of 200m refugees would be a disaster to the world economy where some nations are just as small as 10m. But the world needs to see they have better leadership.

Liposure:
Nigerian actress, Ruth Kadiri has lamented bitterly over the fall of naira in the recent times as she implores the Nigerian government to desist from borrowing from different countries.

Taking to her Instagram page, Nigeria is heading straight for destruction and the leaders are turning a blind eye and feigning ignorance to the fall of naira.

According to her, the situation is so bad that if one happens to save a naira from the beginning to the end of the year, it will still not equal the present value of one dollar.

The mother of one said the reason why government keep borrowing from China and other foreign countries is because the only fastest way to siphon funds is through oil and gas while there are other alternatives in the agricultural sector that will amass wealth for the nation.

Speaking further, she implored Nigerians to invest largely on agriculture and other alternatives in order to keep up with the economy, hence reduce the frequent borrowings.

She wrote:

“Do you know that even if you have been saving 1 Naira daily since 1st of January, you won’t still have 1 Dollar by 31st of December? That is how bad the Naira had fared against other currencies of the world. The union called Nigeria doesn’t seems to be working, but the government aren’t happy to hear that.

To grow the value of our Naira, the government needs to stop borrowing and start looking inward for value propositions within the country itself. We have alternatives to oil and gas, but it is not going to be the fastest way to raise funds that will be siphoned by the government officials.

That is why borrowing from China, Brazil and others is seemingly becoming the norm. That works faster and it is the easiest means of raising money than investing in agriculture and others alternatives we have.

https://www.gistlover.com/fg-needs-to-stop-borrowing-ruth-kadiri-as-she-suggests-ways-of-improving-the-economy/

anorexicmuster:


Bad leadership is only part of the problem

The real reason why we borrow...and I recall we were borrowing even as far back as the early 1990s', and much earlier...is because we are resource dependent.

I'm not a fan of Buhari. But the way some of his critics go on about the borrowing without thinking of alternatives is a bit annoying. (Some of the complaining now was there when Bubu's predecessors were in office) One of the ways we can end borrowing is by simply ending subsides on power and petrol...which would attract more investment and more money...and by extension fuel industrial growth...more money again..and save us cash. BUT BECAUSE IT MEANS HIGH PRICES....people don't want to support it.

But every time, we talk about how we can find raw materials to sell and share the money. As if it worked before..it did not and it only appeared to work in the 1960's...most people were still living in poverty..because the educated class then got most of the cash...as the educated class grew in size, the cash diminished. Raw material sources take time to develop...this oil we use took several decades to develop as a viable cash source. Plus, strong nations use their resources to develop goods...and no one...not the Buhari gang, the oppositon gang, even the secession gang...is talking about that. Instead, we all fight over how to share money.

At the end of the day, either we in Africa...not just Nigeria, wake up to using our raw materials, or we keep on borrowing. And borrowing.

And it starts by ending subsidies, and attracting investment.

Esseite:


I read all you wrote and it's fantastic... but in all, leadership takes the bulk because only a good manager would be able to manage investments and resources properly while seeking new tangible means of wealth creation.

We had Yar adua as president and we saw we can be United despite diversity.

All of these summed up

SUFFERInSMILIIN:


Yes I agree with you in a normal situation. Please look at we Nigerians behaviour and see who will come and invest in Nigeria, I do not think anybody we'll come and invest not even ourselves are behaviour terrible he is going to come and invest. Even we Nigerians would be fair to go and invest in other African countries than to invest in our country don't forget we are number one country in the world in capital flights. When you visit United Kingdom nobody will even give Nigerian job and America it is the same thing because of her behaviour. The problem which we are facing has nothing to do with the government and the leadership it is the Citizens. The average Nigeria will only vote for somebody which can do nothing for him abroad.

Dialpad:
We need to boost our local industries, we should prepare to export what we produce.

Imagine if we produce shoes and able to supply Walmart, imagine if we have they capacity to supply boxers to foreign stores, just to name a few. These are business that regular individuals can engage in.

The possibilities are endless but we have a dumb government who will frustrate these small business and make their products unprofitable in the international market

SUFFERInSMILIIN:


Are problem has never been government but it is more about the Citizens. The average Nigeria will never vote for somebody which can develop them, they will only vote for somebody which can destroy them home and away we are facing a serious problem of illiteracy. Just look at United States of America when Donald Trump started his presidential Nigeria was number seven African in America in employment today we are number 11 Africa in employment in America, ask yourself what went wrong who started voting for criminals in America to lead us and we are now reaping the results.

Esseite:


Poverty is a weapon... poverty mixed with illiteracy is a nuclear weapon... The leaders keep Nigerians poor for better control..

Nigeria only needs a better manager..

An example of wealth creation is the mortgage system..the Mortgage system/credit rating keeps the populace at bay while being less desperate which brings about looting and corruption and in turn create massive employment because the scramble would be on "what can I produce that the masses would pay monthly on" since it's now affordable. The manufacturing industry would spring up overnight.