Nigeria’s total debt as at December 2021 was [b]$94.166bn, according to the Debt Management Office, but South Africa’s total debt at the same period was $261bn, [/b]according to the country’s National Treasury and Bloomberg.

What's this reporter writing? How's 94.166 billion 20% of 261 billion? Are they owing more than us?

miketayo:


Nigeria is a wealthy nation with bad governance. US and UK owe more than we do, I m sure even SA has more debt. Those guys are not servicing any debt

Who told you US and UK are not servicing debt?

Nigeria is not a wealthy country, unless you can bring out the figures so we can compare it with that of SA and Egpyt, Qatar, Thailand, Malaysia etc.

I doubt Nigeria budget is even up to $40 billion sef. And we will even be borrowing to service the budget.

How we take reach this God

Bigchristo:
You lied, the Nigeria government borrow money more than the South Africa our debts is bigger than theirs

Why don't you poeple read the post before commenting? Why are we like this?

Ademola47:


https://punchng.com/nigeria-spends-86-of-revenue-on-debt-servicing-south-africa-pays-20/

So punch papers what is the solution, telling us there is nothing we can do if you punch has any gateway to the issue bring it forward or forever remain silient

sayso:
Why don't you poeple read the post before commenting? Why are we like this?

You wey sabi read nor get sense to do fact checking and research before concluding? I tried posting something here but they didn’t allow me.

What the lifeless scammer cannot destroy does not exist!
In search of a SOLUTION, Nig found it's BIGGEST PROBLEM!
Nig urgently needs a SANE AND SOUND LEADER

Bigchristo:
You wey sabi read nor get sense to do fact checking and research before concluding? I tried posting something here but they didn’t allow me.

From the post?

Now I believe that public debts are a new form of colonialism by Europeans and Chinese

I was told to google the word DULLARD.

Here's what I found:

What are the characteristics of a dullard?
countable noun. If you say that someone is a dullard, you mean that they are rather boring, unintelligent, and unimaginative.

Are Nigerian Leaders Dullards?

Failure! This APC leadership maybe the most worst leadership ever happen to Nigeria, crude oil now sold for $130 per barrel yet this people can't make any meaningful impact out it #WhatsGoingOn! Egbawa oO

ObosiLandlord:
Who told you US and UK are not servicing debt?

Nigeria is not a wealthy country, unless you can bring out the figures so we can compare it with that of SA and Egpyt, Qatar, Thailand, Malaysia etc.

I doubt Nigeria budget is even up to $40 billion sef. And we will even be borrowing to service the budget.

I am talking about Nigerian govt. They r not servicing any loan. Our budget is around $40B, we under budget every year because they want to steal. Our GDP is more than SA

Tribalism aside.It is only Peter Obi dt can know where to start in tackling Nigeria's dying economy.
Any other person going there is going to continue borrowing until NIgeria collapses and dies.

Hmmm ...has different stats.
I don't know if 2021 figures are published yet.


Total debt service (% of exports of goods, services and primary income)

World Bank, International Debt Statistics.

https://data.worldbank.org/indicator/DT.TDS.DECT.EX.ZS


Nigeria 2020 13.4

South Africa 2020 28.2

We'll collect all the stolen borrowed monies back from buhari to babangida

We'll collect all the stolen borrowed monies back from buhari to babangidq

This requires a leader with critical thinking and all the data available over the subject matter. We cannot compare Nigeria's economy (oil & gas, mining, agriculture, taxes) to South Africa's (mining & taxes) and conclude that Nigeria needs to expand tax net to increase revenue as South Africa is doing but the ratio of earnings to revenue can be compared for both countries to show the health of the economy.
More data over this subject matter are Nigeria is an oil producing country with more than 80% of its receipt (earnings) from sales of oil. It is also a fact that the cost of producing oil in Nigeria is very expensive ($75/barrel) which is responsible for the low revenue from earnings in the country. Saudi Arabia was able to maintain $25/barrel as cost of producing oil by running their oil drilling industry locally. If the country had been selling oil produced at $75/barrel since 2015 at $30/barrel, then there can't be any revenue from the earnings from oil. It is also a fact that the country earns above N12t from sales of oil annually and lately has a revenue of N2.5t from this earnings (18% earnings to revenue ratio) almost the same revenue from non-oil and sector. At the moment, the price of oil is $103-$110/barrel and at this rate the country can make significant revenue from sales of oil because the price is $35 higher than the cost of producing oil. Also, the oil production output of the country is another issue as the country is producing 1.4m barrels/day as against the possible peak of 2.2m b/d and projected 1.8m b/d as allocated by OPEC and in the 2022 budget. This shortfall in oil production output will reduce the earnings of the country and I turn reduce the revenue from oil sales.
Going with these facts yet, a critical thinking leader will find a way to reduce the cost of producing oil in the country thereby increasing the revenue from oil. If the leader of the country, as a wealth creator, can implement a transformation in the oil production sector that can reduce the cost of oil production to $40/barrel, then the country can make N6t from a sales of N12t per annum. (50% earnings to revenue ratio)
Going further than the conclusion above, the economic parameters of the country are very poor (interest rate pegged at 11% should be higher and the country is losing money, inflation rate at 16.48% and exchange rate pegged at N480/$ officially should be higher and it is putting pressure on Naira). Since the bulk of the debt is domestic, it is important that the leader focuses on how to entrench good policies (not pegging interest rate at 11% because the country is losing money) and reduce key economic parameters like interest rates (increase money supply), inflation rate (increase production) exchange rate (allow rates to be market determined and not pegged & encourage local production of petrol as a move to reduce pressure on Naira).
In the same vein, the leader should ultimately:
*Cut cost of governance to increase capital availability to government
*Remove wasteful spendings and replace with life improving welfare package (remove subsidy N4t per annum and replace with N50,000 minimum wage)
*Reduce borrowings.
If these steps are taken, the earnings to revenue ratio of the country will increase drastically from 9% and debt servicing to revenue ratio will reduce drastically from 86%.
Taking steps as increasing the tax net with poor economic parameters as it is at the moment will only deepen hardship and increase the misery index of the country.
We need strategic thinkers as leaders that thinks outside the box!!

Mynd44:

It is simply because the South African Government earns more in terms of taxes and royalties than the Nigerian government

Oga, your answer is not the correct response to the question. Let me make you see it clearer, no matter the amount we earn as revenue, Buhari's govt will borrow more and same issue will result. Have they stopped borrowing?

For bank to lend you money, will they not check your income, calculate your monthly repayment before telling you your limit?
Have we ever as a country withness this mess? To be frank with you, any govt unit headed by a fulani will be messed up like that not to talk of Buhari's govt with a huge selfish/tribal agenda. They'll soon start dishing out the money to push in their plan.
It will take years to correct the evil that buhari has installed except God comes into the matter. "When the righteous rule, the people rejoice".

buhari is running for BROKE

ObosiLandlord:
Even though SA earn more than Nigeria, GMB didn't borrow with sense.

I would have been more happy if he borrowed to fix power supply

Power supply is still very terrible even though e don almost spend 7 years in power.

When you tell some people Nigeria is not a wealthy Nation, dem go dey follow you argue. Buhari North bring so little to the table, yet he don finish us with the way he has been borrowing.

Nigeria is a wealthy nation, we just have to find a way to get taxes from as many as possible. This is why I miss former finance minister Kemi Adeosun, she was focussed on tax reforms for revenue collection.

TundeDes:



How did we get there. And how do we get out of this situation

Borrowing. When we are borrowing to spend .... not invest... borrowing to spend with no returns ... directly or indirectly.... we will face this problem for generations. Also we borrow under vampire terms and conditions set up to keep us in debt.
To get out....we need to cut down drastically on imports and significantly boost self sufficiency and exports. We need to put infrastructure in place to support ventures that will strengthen the economy and encourage private investment. We need to stop bowing to the unreasonable demands of foreign investors and holding them accountable for violating agreements. Illegal exploitation of our resources need to stop.... including fishing. Imported fish need to be banned period. Rule of law must be enforced .... 24/7 .... soldiers confined to the barracks ... soldiers should have nothing to do with civilians.

Under Jonathan our Economy was booming, they said it's because oil was selling above $100 per barrel, today oil is selling above $130 dollars still no change

"Nigeria’s revenue to GDP is nine per cent, while Ghana’s is 13 per cent. Nigeria is seven times Ghana’s population of 31 million"

Surely ghana does not have 100m unproductive, illiterate almajeri Muslim fanatics. People that when they go to school, it is to study courses such as Islam Allah, BSc beheading, MSc stonning and burning.

good for Nigeria we have our thinking caps in this country God bless Buhari God bless The Northern Republic of Nigeria (NRN)

Hmm

What do you expect when dummies are in charge? Doctors were on strike but they went abroad to seek treatment with our money. Now lecturers are on strike while their family members school abroad. Even the Professors that took huge bribes to rig them into office are integral to the problem. Even Bola Afonja is hoping to carry on from there with higher level looting.

Bigchristo:
Do you mind if I show you both countries debts profile? Nigeria is owing more than SA

Show us. Why are you some of you this obtuse?!!!

Bigchristo:
You wey sabi read nor get sense to do fact checking and research before concluding? I tried posting something here but they didn’t allow me.

Stop lying. Nobody stopped you from posting anything. Why not screenshoot it and attach?