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Peter Obi's NO Debt Claim ( 2011 - 2014) - Politics (2) - Nairaland

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Re: Peter Obi's NO Debt Claim ( 2011 - 2014) by mycar: 1:44pm On Jul 25, 2022
Buccalcavity2:

My friend, you should have known that you are engaging someone who understands these things. I quoted you. How is crude oil sold in Naira? State the income line of Anambra IGR that's in dollars. How is Anambra earning import duties?
Stop the obsession with purchasing power as conditioned by exchange rate. It is irritating!
In any case Anambra can't directly influence exchange rate. So what's the drama with it.
Anambra revenue, and expenditure plans are in Naira not dollars.
Crude is sold in dollars if you don't know, Anambra has few industries that export goods and earn income and pay tax to the state government. The lower the value of naira, the more naira they get from their exports and the more the tax they pay in naira simple. If you still want to continue with this argument, ask Innocence, he will explain it better for you if he has the time.

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Re: Peter Obi's NO Debt Claim ( 2011 - 2014) by Workch: 1:50pm On Jul 25, 2022
They have educated OP already, there’s nothing to add to this thread

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Re: Peter Obi's NO Debt Claim ( 2011 - 2014) by Nobody: 3:13pm On Jul 25, 2022
mycar:

You should start by knowing what an IGR is, to help you out, it is a revenue from the state, in as much as it is paid in naira, it depends on the source of the fund, we have direct foreign investment and many others sources state government earn money and such naira earned increased with increased in the exchange rate.
You all were gloating over his investment that appreciated in naira but depreciated in dollar due to increased in the exchange rate. wasn't dividend part of the IGR again?

Stop typing rubbish


Igr is internal generated revenue and igr are local and all about taxies and levies in naira that a state can collect from its citizens.

Direct foreign investment arent igr, they are investment from foreign investors.

Now when a foreign investor builds factory in a state, it is fdi, then when that foreign investors pay tax to the government, the tax is IGR for the government.

Guys, you need to go and read and stop the rubbish you are doing here.

You are just showing your ignorance
Re: Peter Obi's NO Debt Claim ( 2011 - 2014) by Nobody: 3:19pm On Jul 25, 2022
tuborme:
@op
Peter Obi did not claim that Anambra was not indebted under him. His claims are simple to understand

He met Anambra in debt
He did not take any new loans
He cut waste in governance
He liquidated all the loans before he left office

He still handed over 75 billion in cash and investments

These are facts…. Go and verify them. Obi did not claim what you posted above.

He met Anambra in debt, ok yes.

He didn't take new loans, that is a lie, infact the data above says otherwise.

He liquidated all loans, that is another lie

He left 75 billion in cash, that is a big lie.

Obiano in his hand over speech wrote that he received 9 billion in cash and N185.1 billion in liability ( these are money owned to contractors and pensioners


https://www.vanguardngr.com/2015/11/obiano-denies-obis-n75bn-handover/amp/
Re: Peter Obi's NO Debt Claim ( 2011 - 2014) by Nobody: 3:28pm On Jul 25, 2022
derecho:
You prolly didn't understand the discussion.. Go watch again.

Obi left such debt yet Obiano could build an Airport in one year post-COVID?
I'm sure you don't know that Obiano confided in Gov.Darius of Taraba.


https://www.youtube.com/watch?v=MEVebs6kBBc

Fyi, Obiano was able to build the airport from the budget of the state government and not from any so called savings by peter obi.

Anambra State Government has set aside the sum of N6 billion for the construction of the Umueri International Cargo Airport
Re: Peter Obi's NO Debt Claim ( 2011 - 2014) by derecho(m): 7:18pm On Jul 25, 2022
Guy, stop telling lies abeg.
thebosstrevor1:


Fyi, Obiano was able to build the airport from the budget of the state government and not from any so called savings by peter obi.

Anambra State Government has set aside the sum of N6 billion for the construction of the Umueri International Cargo Airport



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Re: Peter Obi's NO Debt Claim ( 2011 - 2014) by tuborme: 7:50pm On Jul 25, 2022
thebosstrevor1:


He met Anambra in debt, ok yes.

He didn't take new loans, that is a lie, infact the data above says otherwise.

He liquidated all loans, that is another lie

He left 75 billion in cash, that is a big lie.

Obiano in his hand over speech wrote that he received 9 billion in cash and N185.1 billion in liability ( these are money owned to contractors and pensioners


https://www.vanguardngr.com/2015/11/obiano-denies-obis-n75bn-handover/amp/

Let me school you. Government is a continuous process… it does not stop work even if there is a change of guard. Government contractors are paid by job certificates… these certificates are milestones certified to have been completed by the contractor. Any job by a contractor without certificates (sometimes due to poor execution or abandonment) in the eyes of the law is not a debt. Thesame way, any non-receipted money by the government is not seen as an income.

What this means is that a contract for a ten kilometer road awarded for 10billion is not a debt until the contractor comes up with a certificate of job completion. As per agreement with the contractor, the job may be divided into milestones of 2billion for every 2kilometer. At the end of every 2 kilometer, the contractor gets a certificate of job completion from the ministry of works to the ministry of finance for payment…. That’s a debt of 2billion added. The outstanding amount of 8billion can not be called a debt until the job is done and certified. So let’s have it that Obi left office at that stage of the work.

Thesame way, the government issues invoices for taxes, dividends and levies ( let’s say 12billion total) and only issued receipt for say 3billion by the time Obi left office in March.

The balance sheet should look like this
Expenditures 2billion
Revenue 3billion
Cash balance 1billion

And not

Expenditure 10billion
Revenue 12 billion
Cash balance 2billion

Again Peter Obi did not claim to have left 75billion cash…. He said 75billion in cash and investments.

So if Obiano was quick to mention that he had ongoing contracts worth over 185billion… did he also tell you the revenue invoices he was going to receive money from? From where did he get the millions of dollars he used to fund the airport without borrowing? He still abandoned most of those contacts and the state started lagging!

Let me also make it clear to you, Peter Obi cleared all pensions before left office, he was paying two-two months sometimes three-three months at a time… till he cleared all backlogs. See… it’s on record…. For 16 straight years, salaries and pensions have been paid as and when due to all civil servants and parastatals who surrendered their vouchers for biometric verification. The doctors and water board workers refused to be verified and were not paid until they did. No ghost at work. It’s a legacy he left. Go and verify.

My dear, I can’t be muddled up with vague numbers!

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Re: Peter Obi's NO Debt Claim ( 2011 - 2014) by tuborme: 7:57pm On Jul 25, 2022
tuborme:


Let me school you. Government is a continuous process… it does not stop work even if there is a change of guard. Government contractors are paid by job certificates… these certificates are milestones certified to have been completed by the contractor. Any job by a contractor without certificates (sometimes due to poor execution or abandonment) in the eyes of the law is not a debt. Thesame way, any non-receipted money by the government is not seen as an income.

What this means is that a contract for a ten kilometer road awarded for 10billion is not a debt until the contractor comes up with a certificate of job completion. As per agreement with the contractor, the job may be divided into milestones of 2billion for every 2kilometer. At the end of every 2 kilometer, the contractor gets a certificate of job completion from the ministry of works to the ministry of finance for payment…. That’s a debt of 2billion added. The outstanding amount of 8billion can not be called a debt until the job is done and certified. So let’s have it that Obi left office at that stage of the work.

Thesame way, the government issues invoices for taxes, dividends and levies ( let’s say 12billion total) and only issued receipt for say 3billion by the time Obi left office in March.

The balance sheet should look like this
Expenditures 2billion
Revenue 3billion
Cash balance 1billion

And not

Expenditure 10billion
Revenue 12 billion
Cash balance 2billion

Again Peter Obi did not claim to have left 75billion cash…. He said 75billion in cash and investments.

So if Obiano was quick to mention that he had ongoing contracts worth over 185billion… did he also tell you the revenue invoices he was going to receive money from? From where did he get the millions of dollars he used to fund the airport without borrowing? He still abandoned most of those contacts and the state started lagging!

Let me also make it clear to you, Peter Obi cleared all pensions before left office, he was paying two-two months sometimes three-three months at a time… till he cleared all backlogs. See… it’s on record…. For 16 straight years, salaries and pensions have been paid as and when due to all civil servants and parastatals who surrendered their vouchers for biometric verification. The doctors and water board workers refused to be verified and were not paid until they did. No ghost at work. It’s a legacy he left. Go and verify.

My dear, I can’t be muddled up with vague numbers!
Re: Peter Obi's NO Debt Claim ( 2011 - 2014) by Nobody: 8:46pm On Jul 25, 2022
tuborme:


Let me school you. Government is a continuous process… it does not stop work even if there is a change of guard. Government contractors are paid by job certificates… these certificates are milestones certified to have been completed by the contractor. Any job by a contractor without certificates (sometimes due to poor execution or abandonment) in the eyes of the law is not a debt. Thesame way, any non-receipted money by the government is not seen as an income.

What this means is that a contract for a ten kilometer road awarded for 10billion is not a debt until the contractor comes up with a certificate of job completion. As per agreement with the contractor, the job may be divided into milestones of 2billion for every 2kilometer. At the end of every 2 kilometer, the contractor gets a certificate of job completion from the ministry of works to the ministry of finance for payment…. That’s a debt of 2billion added. The outstanding amount of 8billion can not be called a debt until the job is done and certified. So let’s have it that Obi left office at that stage of the work.

Thesame way, the government issues invoices for taxes, dividends and levies ( let’s say 12billion total) and only issued receipt for say 3billion by the time Obi left office in March.

The balance sheet should look like this
Expenditures 2billion
Revenue 3billion
Cash balance 1billion

And not

Expenditure 10billion
Revenue 12 billion
Cash balance 2billion

Again Peter Obi did not claim to have left 75billion cash…. He said 75billion in cash and investments.

So if Obiano was quick to mention that he had ongoing contracts worth over 185billion… did he also tell you the revenue invoices he was going to receive money from? From where did he get the millions of dollars he used to fund the airport without borrowing? He still abandoned most of those contacts and the state started lagging!

Let me also make it clear to you, Peter Obi cleared all pensions before left office, he was paying two-two months sometimes three-three months at a time… till he cleared all backlogs. See… it’s on record…. For 16 straight years, salaries and pensions have been paid as and when due to all civil servants and parastatals who surrendered their vouchers for biometric verification. The doctors and water board workers refused to be verified and were not paid until they did. No ghost at work. It’s a legacy he left. Go and verify.

My dear, I can’t be muddled up with vague numbers!

Stop the confusion.

The data clearly showed the debt, you are busy bringing up something that is not related and making up imaginary things.

1. Peter obi didn't leave 75 billion in cash and investment.

According to obiano, he left 9 bilion in cash and N26billion near cash( bonds) then N185 billion in liability.( debt)

Go check the meaning of liability and stop making up things.
Re: Peter Obi's NO Debt Claim ( 2011 - 2014) by Nobody: 8:51pm On Jul 25, 2022
derecho:
Guy, stop telling lies abeg.

I should stop lieing...lol,as if the information is not public knowledge.

https://www.vanguardngr.com/2019/09/anambra-earmarks-n6bn-for-cargo-airport/

Willie Obiano presented the state’s estimated budget of N137.1billion to the State House of Assembly.

He set aside N6 billion for the construction of the Umueri International Cargo Airport near the state capital, Awka.

https://www.google.com/amp/s/nairametrics.com/2019/09/27/2020-anambra-budget-n6-billion-proposed-for-cargo-airport-construction/%3famp=1
Re: Peter Obi's NO Debt Claim ( 2011 - 2014) by Noblechykk(m): 9:51pm On Jul 25, 2022
tuborme:


Let me school you. Government is a continuous process… it does not stop work even if there is a change of guard. Government contractors are paid by job certificates… these certificates are milestones certified to have been completed by the contractor. Any job by a contractor without certificates (sometimes due to poor execution or abandonment) in the eyes of the law is not a debt. Thesame way, any non-receipted money by the government is not seen as an income.

What this means is that a contract for a ten kilometer road awarded for 10billion is not a debt until the contractor comes up with a certificate of job completion. As per agreement with the contractor, the job may be divided into milestones of 2billion for every 2kilometer. At the end of every 2 kilometer, the contractor gets a certificate of job completion from the ministry of works to the ministry of finance for payment…. That’s a debt of 2billion added. The outstanding amount of 8billion can not be called a debt until the job is done and certified. So let’s have it that Obi left office at that stage of the work.

Thesame way, the government issues invoices for taxes, dividends and levies ( let’s say 12billion total) and only issued receipt for say 3billion by the time Obi left office in March.

The balance sheet should look like this
Expenditures 2billion
Revenue 3billion
Cash balance 1billion

And not

Expenditure 10billion
Revenue 12 billion
Cash balance 2billion

Again Peter Obi did not claim to have left 75billion cash…. He said 75billion in cash and investments.

So if Obiano was quick to mention that he had ongoing contracts worth over 185billion… did he also tell you the revenue invoices he was going to receive money from? From where did he get the millions of dollars he used to fund the airport without borrowing? He still abandoned most of those contacts and the state started lagging!

Let me also make it clear to you, Peter Obi cleared all pensions before left office, he was paying two-two months sometimes three-three months at a time… till he cleared all backlogs. See… it’s on record…. For 16 straight years, salaries and pensions have been paid as and when due to all civil servants and parastatals who surrendered their vouchers for biometric verification. The doctors and water board workers refused to be verified and were not paid until they did. No ghost at work. It’s a legacy he left. Go and verify.

My dear, I can’t be muddled up with vague numbers!
You are wasting your energy on that nigga. He is steadfast in his effort to always sound stupid
Re: Peter Obi's NO Debt Claim ( 2011 - 2014) by tuborme: 2:56am On Jul 26, 2022
thebosstrevor1:


Stop the confusion.

The data clearly showed the debt, you are busy bringing up something that is not related and making up imaginary things.

1. Peter obi didn't leave 75 billion in cash and investment.

According to obiano, he left 9 bilion in cash and N26billion near cash( bonds) then N185 billion in liability.( debt)

Go check the meaning of liability and stop making up things.

What do you call the millions of dollars acknowledged by Accessbank and diamond bank MDs on the hand over date to be domiciled in their banks? These bank CEOs were available on the hand over date to confirm the deposit of $50 million dollars each in their banks.

It’s very clear you don’t understand how governments work or long years of being under corrupt leaders is affecting you. Please get it into your head once and for all. “An awarded contract is not a liability/ debt until it’s executed”. In the same vein, an issued invoice is not an income until it’s receipted. When half truths are published by brown envelope journalists…. You are supposed to ask questions. How did awarded contracts become liabilities when they have no certificates of job completion? These are contracts that were supposed to be completed some two years after Peter left office. What was Willi expected to do with revenues coming for the next one year or two years? ( maybe drink champagne and buy expensive spectacles for the wife)
Re: Peter Obi's NO Debt Claim ( 2011 - 2014) by tuborme: 3:07am On Jul 26, 2022
thebosstrevor1:


I should stop lieing...lol,as if the information is not public knowledge.

https://www.vanguardngr.com/2019/09/anambra-earmarks-n6bn-for-cargo-airport/

Willie Obiano presented the state’s estimated budget of N137.1billion to the State House of Assembly.

He set aside N6 billion for the construction of the Umueri International Cargo Airport near the state capital, Awka.

https://www.google.com/amp/s/nairametrics.com/2019/09/27/2020-anambra-budget-n6-billion-proposed-for-cargo-airport-construction/%3famp=1

How does a government spend money without budgeting for it? That the money for the airport came from investments made by the previous administration makes it a revenue and must be captured by the budget as an income before it can be spent. Like I said before, long years of corruption and mal-administration under Buhari’s government is already affecting the thought capacity of some of us. Nobody talks about due process in governance any more. We constantly see government officials spending outside budget limitations or embarking on arbitrary projects without approval from the legislature. This government at a time went and secured a loan before coming for approval from the legislature… something that should be a gross misconduct by all standards!
Re: Peter Obi's NO Debt Claim ( 2011 - 2014) by tuborme: 3:32am On Jul 26, 2022
thebosstrevor1:


Stop the confusion.

The data clearly showed the debt, you are busy bringing up something that is not related and making up imaginary things.

1. Peter obi didn't leave 75 billion in cash and investment.

According to obiano, he left 9 bilion in cash and N26billion near cash( bonds) then N185 billion in liability.( debt)

Go check the meaning of liability and stop making up things.

If I inherited a debt from my father… the debt will definitely appear on my balance sheet; that does not mean I took that loan nor incurred the debt. If the debt was in foreign currency, the value of the debt will increase in local currency if the percentage of exchange rate increase is higher than the interest rate and the percentage of the loan I am repaying within the same period!

If you took a loan of $10,000 in 2014 when the exchange rate was N200. You could have repayed it with N2Million (excluding interest). By 2022, you have repaid $5,000 of the money(excluding interest). Your balance of $5,000 can only be repaid in 2022 at exchange rate of $430 (official rate); your new debt in local currency is N2,150,000 (excluding interest). This exactly what you see playing out in that chart. That is exactly why Nigeria is in trouble today. There was not enough production to balance the foreign loans taken by this government. Even our crude oil production all end up in swap deals for refined imports. It’s called trade deficit �!

Looking at our GDP and population, we need at least a minimum of $250 billion worth of exports and diaspora remittances to balance our trade and strengthen the Naira. Unfortunately, this government run by politicians instead of technocrats do not understand that. Who is Nigeria’s minister of finance?

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