benuejosh:
If only Jonathan's government did what was right with our money instead of buying bra up and down.

And Buhari's government has done the right thing with our money now right

Almost 7yrs now and you people are still blaming the last government while actually doing worst than what they did.

What has Nigerians benefited from this present government since they came on board?

Horlufemi:
Reno is a Foolish hypocrite Pastor.

Reno said he will never speak on politics again, he's still showing in politics. The man he's fighting for us good friends with Buhari. The man he's fighting for is working for APC, the man he's fighting for is working what's PDP, the man he's fighting for is at peace with Buhari and the man he's fighting for did nothing for igboland (prove me wrong)

He calls Buhari a tyrant but everyone who has a contrary opinion cannot share theirs but gets blocked. I've never seen such hypocrite in my life.

Can he compensate for inflation and cube back and meet me?

He's saying Buhari borrowed. The ones that didn't borrow, where are the projects. Please list all the projects that were completed and I'll show you 5x more abandoned projects even the ones that never started especially that 16bn.

When it comes to the masses direct improvement of life Buhari failed woefully. Insecurity, economy, inflation but truth be told he has done now infrastructure than past presidents combined.

Reno is just a manipulative hater and not a Christian the Holy Spirit has left him a long time ago.

I will tell it to his face and he cannot block me in real life he can only kill me to shut me up from telling him the truth.

Nonsense human being.

so in your opinion Buhari have performed more than the entire formal president of Nigeria combined? So he can borrow as much as he like, after all the rail lines from kano to Niger republic will soon be completed.

backbencher:


1. Breakeven is the price we need our crude to be at to fund a budget without borrowing at all.

Or the oil price needed to run a fiscally balanced budget.

If the breakeven price is more than the actual oil price,that means a deficit budget.

There is no required breakeven for budget! The government set the so-called breakeven itself.
A government choose whether to go into deficit or not based on the budget it prepares.

2. Because our oil price is never at the breakeven oil ,we have to borrow to cover the resulting deficit

Stop saying we. The government borrows.
The government don't have to borrow but it does.
It doesn't have to construct billion dollar railway line to Niger but it does.
It doesn't have to share untraceable cash to supposed poor people but it does.

The government prepares a budget, then use the same budget as justification for borrowing
when it could have considered its revenue before preparing budget. It is an illogical reason.

3. I'm not here to defend Buhari, just to show how our dependence on oil to fund our budget leads to issues.

Oil didn't lead to any issue after all some countries without oil are also irresponsible with borrowing.
Oil or no oil, a character like Buhari would borrow as much as he can to fund economically untenable
projects since he would not be here when the chicken comes home to roost unless a miracle happens.
Nigerians are already paying the price of borrowed funds with uncontrollable inflation.

More information here
https://www.kapsarc.org/research/projects/revisiting-fiscal-breakeven-oil-prices/

Even the page you linked to expect a responsible government to cut expenditure if country's
revenue can't cover it.

Pmb is quite simply a bad administrator & has surrounded himself with lieutenants who are nothing more than praise singers...

While borrowing cannot be discounted, a key thing that needed to be done to increase revenue in the short term was to widen the tax bracket.


https://www.google.com/url?q=https://www.vanguardngr.com/2021/10/firs-boss-only-41-million-people-pay-tax-in-nigeria-2/&sa=U&ved=2ahUKEwjZyrXIn-_0AhUQxoUKHSOrCgwQFXoECAIQBA&usg=AOvVaw0n7m20osqdozKZs95-2xOJ

ivolt:

There is no required breakeven for budget! The government set the so-called breakeven itself.
A government choose whether to go into deficit or not based on the budget it prepares.


Stop saying we. The government borrows.
The government don't have to borrow but it does.
It doesn't have to construct billion dollar railway line to Niger but it does.
It doesn't have to share untraceable cash to supposed poor people but it does.

The government prepares a budget, then use the same budget as justification for borrowing
when it could have considered its revenue before preparing budget. It is an illogical reason.


Oil didn't lead to any issue after all some countries without oil are also irresponsible with borrowing.
Oil or no oil, a character like Buhari would borrow as much as he can to fund economically untenable
projects since he would not be here when the chicken comes home to roost unless a miracle happens.
Nigerians are already paying the price of borrowed funds with uncontrollable inflation.


Even the page you linked to expect a responsible government to cut expenditure if country's
revenue can't cover it.

1. The fiscal breakeven i refer to is basically internationally set.

Any goverment breakeven or minimal oil price is just goverment decieving itself. (I say this as someone who believed goverment minimal oil prices till 2019.when I first became aware.of the fiscal breakeven)Fact is, we aren't earning enough money from oil to fund the budget adequately. And we know it.

2.All African governments borrow because we are resource dependent countries.

We can avoid borrowing by taxing the 70 percent of Nigerians working in the informal sector.

And by becoming industrial countries exporting industrial goods and services.

See why PDP and APC aren't my flavour of the day?

3. It's sad that Nigerian.goverment too.cannot cut revenues . That's why APC is no good.


For more information

https://nigeriaworld.com/articles/2004/aug/062.html

Gives a good assessment of our problems plus why we borrowed in the past. It was written in 2004 ,not recently by the way

And by the way,I would have made the same comments I am making now if a govenrnent you wanted in power was in power now. Because Nigeria's problem is simple. We depend to much on oil. APC in six years has not fixed that. Neither did PDP. And it annoys me a lot

4. If you want a railway built in your village, your senators and representatives are there.Meet them. I ain't in goverment

backbencher:
The harsh reason why Buhari is borrowing is simple

The oil price is and has never been at the level we need it to be to adequately fund our budget.

Oil amounts to a small percentage of our GDP but a large percentage of our budget revenue.

In 2012, our breakeven oil price was 122 dollars per barrel. In 2017, it had gone up to 139 dollars per barrel. Now it is 133 dollars per barrel

Oil prices were at 75 dollars per barrel in 2015 when Buhari took over, and have been as low as 20 to 30 dollars at some points since then.

Meanwhile our population and by extension our Forex needs have been growing

The alternative is to raise our tax to gdp ratio from its 6.4% to fund the budget. But that means taxing the 70% of Nigerians who don't pay income taxes due to working in the informal sector.

So we take loans to fund the budget.

Now oil is below 70 dollars per barrel, breakeven is 133 dollars meaning we lose 60 dollars per barrel of oil sold
At one point under Buhari it has been as high as 80 to 100.dollars below the breakeven.

At the end of the day, we tax everyone in this country, including beggars, farmers, and even hawkers, to raise the tax to gdp ratio drastically, or we take loans and more loans to cover the difference between the actual crude oil price and the price it should be at to sustain us.

Because taxing everyone is not politically popular, we take loans instead.


( Buhari is a bad leader, and not someone I would vote for ever, so don't go there. I wish we could get some technocrats in office really


Again, Buhari is a bad leader who has failed in diversifying the economy which could have helped.)

Just shutup abeg. Doing Obasenjo, Oil prices was much lower.. less than 20 dollars per barrel so talk something else.

ifiokjohn:
Just shutup abeg. Doing Obasenjo, Oil prices was much lower.. less than 20 dollars per barrel so talk something else.

Oil prices under Obasanjo were between 20 to 60 dollars and higher . It was between 60 to 70 dollars.when he left.power.

Also our forex needs were lesser then.

Even then the economy was just as bad.

Obasanjo managed to pay off our debts under a deal where we still paid one third of the debts while te rest was wrriiten off. Many other African countries had all their debts written off completely.

We get into debt because the price of what we sell is never where we want it to be.

Lenders like China are never in debt like we are because they sell industrial goods menaningthey can set the price,meaning more Forex

You get why Buhari is a bad leader now?

backbencher:


1. The fiscal breakeven i refer to is basically internationally set.

Please what is the current internationally set breakeven and who does the setting?

Any goverment breakeven or minimal oil price is just goverment decieving itself. Fact is, we aren't earning enough money from oil to fund the budget adequately. And we know it.

Few countries earn enough and that is the norm.

2.All African governments borrow because we are resource dependent countries.

Why did you like distracting from the main issue?
Buhari has borrowed more than several governments did combined.
Why are you trying to blame African government who have no control over Buhari's decision.

We can avoid borrowing by taxing the 70 percent of Nigerians working in the informal sector.

Taxing 70% of the citizens won't stop an irresponsible government from recklessly spending and
borrowing.
It is an economic fact that wants increase with revenue.

And by [b]becoming industrial [/b]countries exporting industrial goods and services.

What does this even mean?
This is just another buzzword like diversifying.

See why PDP and APC aren't my flavour of the day?
3. It's sad that Nigerian.goverment too.cannot cut revenues . That's why APC is no good.


For more information

https://nigeriaworld.com/articles/2004/aug/062.html

Gives a good assessment of our problems plus why we borrowed in the past. It was written in 2004 ,not recently by the way

The article is just another one blaming oil discovery for a government's poor policy.
The government borrows to spend recklessly because it helps it buy goodwill
in the interim.

nzeobi:


Stop making your stupidity obvious, EFCC has debunked the fake news

which fake news. Abegi.

benuejosh:
If only Jonathan's government did what was right with our money instead of buying bra up and down.

See dis one...u tink say u Wise

benuejosh:
If only Jonathan's government did what was right with our money instead of buying bra up and down.

So Jonathan is responsible for Buhari's woes?
Weere niyin sir

I won't try to hide anything but let me just say it like this

An average northern is dull
Especially those aboki
Most northern have nothing to offer they just to occupy public office so that they will have thier name on the history books

If you remove the north and his people from Nigeria within one week Nigeria will be great.

The north, buhari and Islamic are the biggest problem facing this country.

benuejosh:
If only Jonathan's government did what was right with our money instead of buying bra up and down.

Shut the Bleep up mugu

benuejosh:
If only Jonathan's government did what was right with our money instead of buying bra up and down.

So you want to tell me the education your gave to you was useless? Do you know the damaged this Apc has done to Nigeria? I hope you aint sick.

What does bra have to do with what is on grand

Don't tell me you've been falling for them FFk, asari and many of them including Reno all this while, pressing our mumu botton by trying to tell us what we want to hear. Thank God you've waken up.

descarado:
Reno go siddon.
Always mentioning igboland. What happened to using your state as reference?


We will not fall for this anymore.


We don't want your pity anymore.
Come to think of it,what did Jonathan, your oga govt did for Anambra and igboland in general?

backbencher:


Oil prices under Obasanjo were between 20 to 60 dollars and higher . It was between 60 to 70 dollars.when he left.power.

Also our forex needs were lesser then.

Even then the economy was just as bad.

Obasanjo managed to pay off our debts under a deal where we still paid one third of the debts while te rest was wrriiten off. Many other African countries had all their debts written off completely.

We get into debt because the price of what we sell is never where we want it to be.

Lenders like China are never in debt like we are because they sell industrial goods menaningthey can set the price,meaning more Forex

You get why Buhari is a bad leader now?

Buhari is leaving power now and oil price is rising and will rise as much as 90 dollars soon.. but on an average we know Obasenjos time his was 20-30 dollars per barrel compared to Buhari own that average about 50 dollars per barrel. Is that simple.

Buhari build 2 rail way( note abuja-kaduna was Jonathan's) we no go rest. Abeg jhor.

Maybe after Buhari goes, we will need another Obasenjo to come and beg for debt relief.

See bro one of the reasons we are suffering higher inflation is because of the close of border.. that shit haven't helped us in anyway...

By the way do Rwanda sale industrial goods that they're doing quite well than us? No.
Though I know you will call Population as the reason but you forget India has times 5 of our population and they're doing quite well. The year Buhari came to power, between 2015-2019 India pulled more than 300 million people from poverty. That's leadership there.

The Indian govt didn't go blaming past administrations or oil prices or dancing prices( lol I'm joking about the dance) for the amount of poor people in their country or the state of things in their country.

Compare Nigeria to India 2015-2022 and you will see your President and his party are utter failures... Infact, let's even leave India and go to Rwanda, or common Ghana here.

Advocate500:
so in your opinion Buhari have performed more than the entire formal president of Nigeria combined? So he can borrow as much as he like, after all the rail lines from kano to Niger republic will soon be completed.

I Don't like Bohari. But I hate hypocrites. His performance is absymal but no one is 100% bad not even bubu. Infrastructure wise he pass but we don't like him so - failure
Economy - terrible (not entirely his fault if we are honest with ourselves) but still - failure
Security - do we need to stress this? - failure

A lot of people are deliberately misinformed by that Niger rail line especially Reno and PDP online influencers. Niger is not a coastal country but as like every other country in the world needs to import and export. Ghana, Benin Rep and Togo all transport good to and from Niger and get paid for it. I ask you..what's a good reason Nigeria should not take a piece of that goodies?

benuejosh:
If only Jonathan's government did what was right with our money instead of buying bra up and down.

It's almost seven years and you are still blaming Jonathan. What is wrong with you.

Horlufemi:
Reno is a Foolish hypocrite Pastor.

Reno said he will never speak on politics again, he's still showing in politics. The man he's fighting for us good friends with Buhari. The man he's fighting for is working for APC, the man he's fighting for is working what's PDP, the man he's fighting for is at peace with Buhari and the man he's fighting for did nothing for igboland (prove me wrong)

He calls Buhari a tyrant but everyone who has a contrary opinion cannot share theirs but gets blocked. I've never seen such hypocrite in my life.

Can he compensate for inflation and cube back and meet me?

He's saying Buhari borrowed. The ones that didn't borrow, where are the projects. Please list all the projects that were completed and I'll show you 5x more abandoned projects even the ones that never started especially that 16bn.

When it comes to the masses direct improvement of life Buhari failed woefully. Insecurity, economy, inflation but truth be told he has done now infrastructure than past presidents combined.

Reno is just a manipulative hater and not a Christian the Holy Spirit has left him a long time ago.

I will tell it to his face and he cannot block me in real life he can only kill me to shut me up from telling him the truth.

Nonsense human being.

Imagine! Not just politics but calling Buhari you Oga out.

Horlufemi:
Reno is a Foolish hypocrite Pastor.

Reno said he will never speak on politics again, he's still showing in politics. The man he's fighting for us good friends with Buhari. The man he's fighting for is working for APC, the man he's fighting for is working what's PDP, the man he's fighting for is at peace with Buhari and the man he's fighting for did nothing for igboland (prove me wrong)

He calls Buhari a tyrant but everyone who has a contrary opinion cannot share theirs but gets blocked. I've never seen such hypocrite in my life.

Can he compensate for inflation and cube back and meet me?

He's saying Buhari borrowed. The ones that didn't borrow, where are the projects. Please list all the projects that were completed and I'll show you 5x more abandoned projects even the ones that never started especially that 16bn.

When it comes to the masses direct improvement of life Buhari failed woefully. Insecurity, economy, inflation but truth be told he has done now infrastructure than past presidents combined.

Reno is just a manipulative hater and not a Christian the Holy Spirit has left him a long time ago.

I will tell it to his face and he cannot block me in real life he can only kill me to shut me up from telling him the truth.

Nonsense human being.

Use your sense at least even if it is expired, what has building railway to niger republic has to do with Nigeria economy?

All these almajiris, does it mean you guys exchanged your brain for bambiala.

People are neglecting to mention that Buhari has not encouraged manufacturing, innovation or diversification because his government is even more nepotistic, divisive and corrupt than all previous democratic governments.

Isn't it stupid to support only Rice but neglect Cocoa and then claim to be supporting Agriculture?

benuejosh:
If only Jonathan's government did what was right with our money instead of buying bra up and down.

Tufia! You're today cursed.

Allahismad:


Use your sense at least even if it is expired, what has building railway to niger republic has to do with Nigeria economy?

All these almajiris, does it mean you guys exchanged your brain for bambiala.

Yes it has expired. I have no brain

treatise:


Imagine! Not just politics but calling Buhari you Oga out.

I'm calling Reno out too Buhari is not my Oga. God forbid

ifiokjohn:
Buhari is leaving power now and oil price is rising and will rise as much as 90 dollars soon.. but on an average we know Obasenjos time his was 20-30 dollars per barrel compared to Buhari own that average about 50 dollars per barrel. Is that simple.

Buhari build 2 rail way( note abuja-kaduna was Jonathan's) we no go rest. Abeg jhor.

Maybe after Buhari goes, we will need another Obasenjo to come and beg for debt relief.

See bro one of the reasons we are suffering higher inflation is because of the close of border.. that shit haven't helped us in anyway...

Buhari also had oil prices dip below 30 dollars in 2016 and 2020,plus oil price in Nigeria has never been at our fiscal breakeven which is above 120 dollars per barrel,which is why we are in debt

( That's why Jonathan also took loans. Despite having high oil prices,the prices did not meet or reach the breakeven oil price. Then he was forced to spend billions on subsidies that he didn't want)

But I agree with you. Buhari was voted in to solve those problems ,and he talked a fine game about diversification. He and osinnbanjo.

At the end, nothing happened and the economy is in a mess.

There.are.many reasons why I never voted for APC at all

Advocate500:
so in your opinion Buhari have performed more than the entire formal president of Nigeria combined? So he can borrow as much as he like, after all the rail lines from kano to Niger republic will soon be completed.

I didn't say that, but infrastructure wise he's better. 2NB is almost completed too.

Dammmmmmmmnnnn it!.... The lifeless vegetable is all shades of disasters!
Useless govt of self serving THIEVES AND BLOODTHIRSTY TERRORISTS!
Buhari and cohorts are CHRONIC THIEVES!

We know you hate the president but don't go that direction Mr omokri

nzeobi:


Stop making your stupidity obvious, EFCC has debunked the fake news

Lol!