alanto:

Because unlike Buhari I think Jonathan was wasteful and nonchalant. If we already had all what Buhari is building now in terms of infrastructure maybe we will be spending money on other things that will better the citizens.

And things are not what they were under OBJ, we have more population with same or less funds.

Like I said. If your economy can service your debt you are on the right track but there can never be too much debt. If there’s anything like too much debt we are not there yet. We love to go to America, we talk about the infrastructure, the system but US debt is in trillions of dollars. We are not even anywhere close to that. And US have more oil plus other resources they have Hollywood, matter of fact they have California. And unlike us they are tapping all their resources but look at their debt and look at what they have in place at the debt. They are even indebted to China. Like 17% of the debt is owed to China. You will understand my point. I’m not an economist. I no even sabi book lol.
I think I have common sense. I may not be thinking right though.

Very Wordy
Can we deal in figures?

Debt /revenue ratio.(D/R ratio
Is this comfortable currently?

IN October this was 73% . The African Development Bank (headed by a Nigerian by the way)
Raised concerns about this.

That was before the latest loan approval which means that the D/R ratio s on the way to 100%
The goverment officials have disingenuously touted Debt to GDP ration but have not (in over 6 years) demonstrated any ability to significantly expand non-oil revenue.
Crucially a signficant part of the loan is dollar denominated . Nigeria suffers chronic dollar shortage which means that n the last 6 years the naira has lost about 70% of value which means that you need 3 times as much naira as you did 6 years ago to service the same amount of dollar debt

Finally the so called infrastructure project are not impactful .

I would have supported all this borrowing if it had been used to fix power ONCE AND FOR ALL
The government has surrendered on power.

Are the African development Bank haters too?
If Debt to Revenue ratio continues to rise and the naira travels in the same direction then a point might come when government defaults or cannot pay salaries

Impressive.

alanto:

I swear we are saying the same thing.
Remember this government paid for a refinery?
This government is also building roads, rails and everything you have said. Which is what the loans are tied to. All these are in the open space. We all read it on nairaland if nowhere else.
Now how can he do more if you won’t let him borrow. If Buhari Na person wey de listen him for no see money do anything at all. I like that he’s focused. My problem is his successor. Mark my word today. If Tinubu succeeds Buhari some people are going to come out to say everything hes gallivanting with Buhari built them the same Buhari they never agree is working now.

We are not saying the same thing, roads and rail have to be subsidies, the roads and rail cannot pay back the loan and if the tariff in terms of toll gates and rail fees are too high Nigerians will not use them. You take loans against factories and refineries as the products that they produce can pay off the debt.

Buhari is a disaster and his successor if he is Tinubu will also be a disaster.

alanto:



Sir are we not saying the same thing?

But how so we get out of the shithole that we already are in? It’s by diversifying the economy. By building more infrastructure so we can employ more people and also entice investors because there are many able hands that are idle, giving those women small small money so they can put it back in the economy. It all count.
Because we don’t export much and oil doesn’t fetch much that is why we need more money to help. You can’t give what you don’t have.

US budget is in trillions that’s why their debt is in trillions. The only problem I have with loan is if it’s looted. Other than that it’s welcome.
You rightly said we exported $32b last year ok so how do we improve that? We expand? But how we expand? We source money to invest.

Listen sir everything we have spent money on will yield result but not overnight, that’s business.
Most people in Nigeria right now will be okay if they have access to loans. Enough loan to run a business.
I’m not an economist my submission may not be perfect.

You are correct, Nigerians will be all right if they had betters laws that allowed them to have the freehold of their land, where they could raise low-interest mortgages to release funds to invest in businesses and opportunities. Nigeria land act is a hindrance to business and development.

You can't diversify the economy if you operate a unity political system where the narrative is about sharing resources and not producing resources.

Unless Nigeria returns to a regional political setup noting will change, there can be no economic development without political reform.

In the 1960s over 400k Nigerians worked in textile mills across Kano and Kaduna because there was cheap cotton and a demand for low cost fabric across West Africa, by now that number should be 3 million, with Northern Nigeria rivalling Bangladesh or China but instead, the textile industry is non-existent due to the sharing of oil wealth, Kano has been divided into multiple unviable states that produce virtually nothing.

This is the same story across Nigeria including the SW, middle belt and SE

igbesachick:



india has 20% what .? that prediction was released before april outbreak in india. and india suffered 37% negative growth in 2020, adding your 20%, still 30% 17% negative.


dont put india and china in one sentence . that is insult to chInA

India did 20.1% in Q1 2021.

igbesachick:



india has 20% what .? that prediction was released before april outbreak in india. and india suffered 37% negative growth in 2020, adding your 20%, still 30% 17% negative.


dont put india and china in one sentence . that is insult to chInA

India did 20.1% in Q1 2021. No prediction, pure fact.

kutashi:

I bet the growth in your life is on audio mode too?

When you got your SSCE result (if you have one), did you get job or admission into Higher institution immediately? Or when your papa slept with your mother, they born that day?
Patience is the key word and it is password to solving your present situation? Dindunrin! Hope you learn something?

Only thing I learnt from you know is not to be a fool like you. Why so bitter ? The present situation in the country has so affected you brain that you can't think well.

You are only pretending

Yes immediately I got my WAEC I got into the university the next year which I graduated with a CGPA of 3.69. so what's you point ? Clown

In your dumbest dreams!

Useless govt of self serving THIEVES AND BLOODTHIRSTY TERRORISTS

Truth234:


India did 20.1% in Q1 2021. No prediction, pure fact.

exactly, the covid outbreak in india happened in April, after Q1. 25% ppl jobless.

aribisala0:


Why invoke Jonathan he is history

Oil prices have been fair to Buhari. Much higher than they were under Obasanjo so that should not be an alibi

Do you think that our government Debt /Revenue ratio is comfortable or sustainable
Is there such a thing as too much debt or is that just scaremongering from haters

And is dollar demand and population under Obasanjo the same as now? Do we sell up to the output under Obasanjo, is the OPEC quota the same at both periods?
You just look at oil price per barrel and boom you reach a conclusion.

Your parents could buy a brand new car in the early 80's, for 3k, therefore you should be able to buy several new cars every month in 2021, how reasonable is that to say today? Like you're oblivious of the changes that have occurred in the Nigerian economy in the last 20 years. For example how many phones were we importing in 2003 and how many today?

Ovamboland:


And is dollar demand and population under Obasanjo the same as now? Do we sell up to the output under Obasanjo, is the OPEC quota the same at both periods?
You just look at oil price per barrel and boom you reach a conclusion.

Your parents could buy a brand new car in the early 80's, for 3k, therefore you should be able to buy several new cars every month in 2021, how reasonable is that to say today? Like you're oblivious of the changes that have occurred in the Nigerian economy in the last 20 years. For example how many phones were we importing in 2003 and how many today?

Why are you talking about my parents ? What makes you think I am your coeval or even coeval of your parents? So because you have a phone or laptop that makes you think everyone you meet online is available for you to talk to anyhow?
There is nothing wrong in disagreeing with opinions but have a filter when you talk.

If you want to mention parents mention yours

sulaak:


You are correct, Nigerians will be all right if they had betters laws that allowed them to have the freehold of their land, where they could raise low-interest mortgages to release funds to invest in businesses and opportunities. Nigeria land act is a hindrance to business and development.

You can't diversify the economy if you operating a unity political system where the narrative is about sharing resources and not producing resources.

Unless Nigeria returns to a regional political setup noting will change, there can be no economic development without political reform.

In the 1960s over 400k Nigerians worked in textile mills across Kano and Kaduna because there was cheap cotton and a demand for low cost fabric across West Africa, by now that number should be 3 million, with Northern Nigeria rivalling Bangladesh or China but instead, the textile industry is non-existent due to the sharing of oil wealth, Kano has been divided into multiple unviable states that produce virtually nothing.

This is the same story across Nigeria including the SW, middle belt and SE

By my understanding land ownership laws are vested in the state governments, i think we should approach our various state assemblies to wake up and unleash the power of our land resources.

Funny enoug most of those textile firms shutdown after the purported economic miracle under Obasanjo to Jonathan. they just did financial abrcadabra and banks grew with consolidation, oil price grew due to international market forces, andall the effort did not survive the next major oil price crash. Shows most of those growth wete merely cosmetic and skin deep.

aribisala0:
Why are you talking about my parents ? What makes you think I am your coeval or even coeval of your parents? So because you have a phone or laptop that makes you think everyone you meet online is available for you to talk to anyhow?
There is nothing wrong in disagreeing with opinions but have a filter when you talk.

If you want to mention parents mention yours

What is it about mentioning parents? Don't you have them? And if you don't have you will have uncles or other family members who lived at the period brand new cars sold for 3k.
I did not mention parents in a derogatory or abusive manner so what's the fuss? Only preteens and children react in this manner at the mention of parents.

Ovamboland:


What is it about mentioning parents? Don't you have them? And if you don't have you will have uncles or other family members who lived at the period brand new cars sold for 3k.
I did not mention parents in a derogatory or abusive manner so what's the fuss? Only preteens and children react in this manner at the mention of parents.

Do what you like with your parents just leave mine out of Nairaland and if possible please do not quote me any more

FarahAideed:
How ,where , what drove this expansion?

Don't go kill yourself.

Ovamboland:


By my understanding land ownership laws are vested in the state governments, i think we should approach our various state assemblies to wake up and unleash the power of our land resources.

Funny enoug most of those textile firms shutdown after the purported economic miracle under Obasanjo to Jonathan. they just did financial abrcadabra and banks grew with consolidation, oil price grew due to international market forces, andall the effort did not survive the next major oil price crash. Shows most of those growth wete merely cosmetic and skin deep.

The Land act is in the national constitution and will require an act of law from the NASS

OBJ earned less from oil than Buhari. OBJ average oil earning was $30-40, but he still was able to clear the national debt, increase the foreign reserve and create the excess crude oil fund.

Buhari and GEJ are both complete disasters.

GEJ wasted all OBJ achievements and Buhari not only increase the national debt to its highest level, ever but fail to respect the country fragile diversity creating a security vacuum that might split the country.

aribisala0:
Do what you like with your parents just leave mine out of Nairaland and if possible please do not quote me any more

'Your parents' in that statement context does not even refer specifically to your particular parents whom i have never met or know. You're being childish with your understanding of that statement and your request not to be quoted in a public forum.
The only way to have your wish is to stop posting comments here, we are not in primary school.

sulaak:


The Land act is in the national constitution and will require an act of law from the NASS

OBJ earned less from oil than Buhari. OBJ average oil earning was $30-40, but he still was able to clear the national debt, increase the foreign reserve and create the excess crude oil fund.

Buhari and GEJ are both complete disasters.

GEJ wasted all OBJ achievements and Buhari not only increase the national debt to its highest level, ever but fail to respect the country fragile diversity creating a security vacuum that might split the country.

Gowon or IBB earned far less than Obasanjo in 2000's and Obj still sold fuel at 65 naira while Gowon sold it at 20kobo, tin of milk was 5kobo, a Brand new Pegout 504 was 5k. Why didn't Obasanjo build like 10 3rd mainland bridge types in 8 years and sell new cars for 5k?. Hope you see the absurdity of these statements

Ovamboland:


Gowon or IBB earned far less than Obasanjo in 2000's and Obj still sold fuel at 65 naira while Gowon sold it at 20kobo, tin of milk was 5kobo, a Brand new Pegout 504 was 5k. Why didn't Obasanjo build like 10 3rd mainland bridge types in 8 years and sell new cars for 5k?. Hope you see the absurdity of these statements

Oil Price under OBJ, Notice that the price of oil only increase in the final three years and the majority of those funds was invested in stabilising the Nigerian economy with the creation of the excess crude funds, clearing Nigeria external debts and increasing the national foreign reserves.

https://www.macrotrends.net/1369/crude-oil-price-history-chart

1999 -$19.35
2000 - $3.38
2001- $25.98
2002- $26.19
2003- $31.08
2004 -$41.51
2005 -$56.64
2006 -$66.05
2007 -$72.34

Gowon wasted Nigeria oil wealth in 1970 on unnecessary government workers pay rises like the controversy Udoji awards and excessive imports from Asia and Europe.

IBB introduce the SAP that ended investment in education, clean water and healthcare.

Spending $600 million on the third mainland bridge while at the same time missing $12.4 Gulf war oil windfall doesn't seem like a brilliant trade-off.

$12.4 billion oil windfall, which the country recorded between 1988 and 1992, while former military dictator, Ibrahim Babangida, was in power

Under OBJ, Nigeria did the unthinkable, it saved funds, increase foreign direct investment, increases its foreign reserves and sustains economic stability, these are the building blocks that kickstart development. OBJ wasn't a great or even good leader but he was far better than Buhari who is a complete economic liability.

The increased debt profile will strain the economy as it will reduce funds required for investment in education, healthcare and clean water.

Wonderful! You still have the time to answer a fool's question!

Patience is a virtue! You need it in your life!
Another advice from a fool like your Papa!

Nyanabo:


Only thing I learnt from you know is not to be a fool like you. Why so bitter ? The present situation in the country has so affected you brain that you can't think well.

You are only pretending

Yes immediately I got my WAEC I got into the university the next year which I graduated with a CGPA of 3.69. so what's you point ? Clown