tctrills:

You don't pay your debt from your GDP. You pay your debt from your revenue. Right now, we do not make enough money to service our debt and run the country.
Last year alone, we spent N4.22 trillion on debt services. Does this look like wisdom to you? This article from Nairametrics can educate you better on the catastrophe our government has created.[url] https://nairametrics.com/2022/07/21/nigeria-spends-118-of-revenue-on-debt-service/[/url]

I tire. They will tell u that debt to gdp is low
Oya borrow from gdp and pay back ur debt...
.they start looking at revenue

They should show us the roads constructed to we can go and verify.

With before and after pictures, with the date of award and day of Mobilization to site.

anonimi:


Fashola was always useless.
Ariwo kó ni music. Propaganda kó ni proper agenda governance.
Federal level simply exposed his uselessness with no Jonathan/PDP to blame for his looting and non-performance in eight years as governor.
Abi how many Lagosians have bene riding his phantom light rail for the past nine years, since June 2013?








https://www.premiumtimesng.com/news/114370-lagos-light-rail-project-to-be-ready-in-june-fashola.html

I thought all those were tinubu's achievements how come they are now fashiolas. You guys should wake up APC na disaster.

Racoon:


https://www.google.com/amp/s/punchng.com/debts-incurred-under-buhari-justifiable-fashola/%3famp

What else would you say Mr. Fashola when you're a beneficiary.

A short story!!!
Hookup girl wey I dey try advice make she leave hook up, don Credit me 2k to use hold body. May God bless her hustle.

That's the case of Nigerian politics.

Anybody who wears this cap is a consummate liar.

Mr. Fashola, you can tell that to the fooooooools.

Racoon:


https://www.google.com/amp/s/punchng.com/debts-incurred-under-buhari-justifiable-fashola/%3famp

These are the useless set of people with their terrorist oga that are making things difficult for Tinubu life time ambition of becoming Nigeria president.

If the terrorist buhari and this set of useless people around him have even manage to leave Nigeria the way they met it, tinx wouldn't have been difficult for Tinubu now.

And instead of the Yorubas supporting Tinubu to have gone after them for collapsing the country and making tinx difficult for their oga ambition of becoming the president, but no, they channel their hatred towards the Igbo people and are accusing them of being the ones against Tinubu only because he is a Yoruba man.

Nigeria and Nigerians matters too go loud...

anonimi:


How has that helped Lagosians with all the IGR he raised from them, compared with Jakande who barely went to any tertiary institution?
Can you please educate us to check something

is this supposed to be a response? You're a comedian,asking what was fashola"s achievement? I won't dignify u with an answer.

The audacity of politicians and public office holders defending their failed governance. Funds are not accounted for, borrowed funds to say the least.

Moh247:




Second Niger Bridge... Mambila power plant, Lagos-Ogun-Ibadan Standard guarge.. Onitsha river port, Siemens Power project


These are projects that are feasible and economically sustainable

Nothing is wrong in borrowing for capital projects especially if we have capacity to pay back... My only issue is with inflating contracts and budget padding



.

We have capacity to pay back?
Guy, do you live in Nigeria? I doubt, unless you are a paid troll.

Racoon:


https://www.google.com/amp/s/punchng.com/debts-incurred-under-buhari-justifiable-fashola/%3famp

1800km of roads but how many in the SE. 170km enugu port Harcourt express way has taken forever and is still far from done while containers with goods worth millions fall there everyday. Someone will soon open mouth and say he built 2nd Niger bridge, is that enough achievement for a particular region.

What else do you expect from him and his gang. You take a whole country and hand over to people have not built anything, not ran a viable business etc what do you expect?
That your paddy that has igbese with sokoloan etc, while you manage yourself. You then make him governor or president. The only solution na to take loan!

May God make the evils and effects of these loans on Nigerians justifiable over you and families.

Fash who said petrol should be N45 per litre in 2015.
You wey join chop in the debt what do i expect you to say.
How much was borrowed and how has Nigeria fared?

Racoon:
Every facets of our national life is taking the hit for it but these idiots are obsessed about infrastructure which they over-price in budgetary provisions thereby looting this nation dry.

They justify every shitcrap including looting of the lean resources of this nation in the name of infrastructural development as far as it feathers their nest. Band of super-looters in government.

How is the debt affecting the facets of our national lives?

blackboy:
Fash who said petrol should be N45 per litre in 2015.
You wey join chop in the debt what do i expect you to say.
How much was borrowed and how has Nigeria fared?

Many of you are not realistic.

You expect them to do anything with dwindling revenue which they met and which continued to dwindle?

They could not increase tax. The only thing they could do was borrow.

nedekid:
What else do you expect from him and his gang. You take a whole country and hand over to people have not built anything, not ran a viable business etc what do you expect?
That your paddy that has igbese with sokoloan etc, while you manage yourself. You then make him governor or president. The only solution na to take loan!

You think running a business is the same as running a country?

And even some of the best managers in the world take loans to cover up deficits.

Anyone who says he can govern Nigeria without taking a loan is fooling himself.

There was a time when desire for patriotism and nationalism was great. But now what do we have? Confidence in grand deception, self aggrandizement,kleptomania, despotism.......etc with no aorta of conscience and moral suasion and we ask ourselves how did we get here. We have jettison ethics and why because we have shifted our premium value from what and where it should be and now what should be appealing to us is no longer appealing to us

Ofcourse yes. Since you guys are not the one to pay. It may be the unborn children that will pay

God watches All.
Allahummaghfirli

Racoon:


https://www.google.com/amp/s/punchng.com/debts-incurred-under-buhari-justifiable-fashola/%3famp

With the facts that this idiot man achieved nothing in the power sector for good 8 years...and he still wants to justify failure...

I think they said Tinubu picks the best hands to handle affairs. Why did Fashola his disciple fail woefully like this?

Racoon:


https://www.google.com/amp/s/punchng.com/debts-incurred-under-buhari-justifiable-fashola/%3famp

tctrills:

You don't pay your debt from your GDP. You pay your debt from your revenue. Right now, we do not make enough money to service our debt and run the country.
Last year alone, we spent N4.22 trillion on debt services. Does this look like wisdom to you? This article from Nairametrics can educate you better on the catastrophe our government has created.[url] https://nairametrics.com/2022/07/21/nigeria-spends-118-of-revenue-on-debt-service/[/url]

There is no catastrophe. The government has begun to address the dependence on borrowing.

For example, reinventing NNPC.

And it is very callous to put all the blame on Buhari.

Like hundreds of countries, we were running budget deficits year in year out largely based on low taxes and high spending (especially defense budget fighting terrorist elements since 2009, and before then, pipeline vandals and militias).

We have been among the worst for global oil slumps, COVID-19 lockdowns, and the Russia-Ukraine conflict which ordinarily we should profit from supposing we refined our own oil.

How come from 1999 to 2015, we couldn't address our refinery issues? That was 15 years, but Buhari has been taking the blame since 2015.

No one blames Obasanjo who is now busy parading himself as some elder statesman. No one blames GEJ.

That is why I laugh when Obi says he won't borrow for consumption. What a clown.

To pay off our debts, or to stop even taking more (which is highly unrealistic), we need to increase budget surplus. How?

Increase tax? Nigerians have suffered enough. Moreover, it is not sustainable.

Increase growth? We don't even produce anything.

Cut spending? Subsidies, defense budget. Very unrealistic.

BluntTheApostle:


There is no catastrophe. The government has begun to address the dependence on borrowing.

For example, reinventing NNPC.

And it is very callous to put all the blame on Buhari.

Like hundreds of countries, we were running budget deficits year in year out largely based on low taxes and high spending (especially defense budget fighting terrorist elements since 2009, and before then, pipeline vandals and militias).

We have been among the worst for global oil slumps, COVID-19 lockdowns, and the Russia-Ukraine conflict which ordinarily we should profit from supposing we refined our own oil.

How come from 1999 to 2015, we couldn't address our refinery issues? That was 15 years, but Buhari has been taking the blame since 2015.

No one blames Obasanjo who is now busy parading himself as some elder statesman. No one blames GEJ.

That is why I laugh when Obi says he won't borrow for consumption. What a clown.

To pay off our debts, or to stop even taking more (which is highly unrealistic), we need to increase budget surplus. How?

Increase tax? Nigerians have suffered enough. Moreover, it is not sustainable.

Increase growth? We don't even produce anything.

Cut spending? Subsidies, defense budget. Very unrealistic.

Sir let me ask you a few questions.
1. How much would Nigeria spend on debt servicing next year?
2. How much are we expected to generate next year?
If you have the answers to these 2 questions, you would take back all you have written. We are in real trouble. Even when you cut spending, increase tax by 50%, and do all the other measures you spoke about, we are still in hot soup.
Just answer those 2 questions and then we can talk.
From what you wrote, it's clear that you are very intelligent. But then it's funny how some of you the smart ones cannot recognize that this government is a complete disaster. We are no longer able to pay our debts but somehow you believe all is fine and these are great times for Nigeria.

When the wicked rule...

BluntTheApostle:


There is no catastrophe. The government has begun to address the dependence on borrowing.

For example, reinventing NNPC.

And it is very callous to put all the blame on Buhari.

Like hundreds of countries, we were running budget deficits year in year out largely based on low taxes and high spending (especially defense budget fighting terrorist elements since 2009, and before then, pipeline vandals and militias).

We have been among the worst for global oil slumps, COVID-19 lockdowns, and the Russia-Ukraine conflict which ordinarily we should profit from supposing we refined our own oil.

How come from 1999 to 2015, we couldn't address our refinery issues? That was 15 years, but Buhari has been taking the blame since 2015.

No one blames Obasanjo who is now busy parading himself as some elder statesman. No one blames GEJ.

That is why I laugh when Obi says he won't borrow for consumption. What a clown.

To pay off our debts, or to stop even taking more (which is highly unrealistic), we need to increase budget surplus. How?

Increase tax? Nigerians have suffered enough. Moreover, it is not sustainable.

Increase growth? We don't even produce anything.

Cut spending? Subsidies, defense budget. Very unrealistic.

One more thing, it is very dishonest of you to blame Obasanjo or the leaders 15 years before Buhari. That way, no one would ever take responsibility. OBJ would blame the leaders 15 years before him and it would go on and on. Buhari added Kerosine to the fire. He met a bad economy and further crippled it. We are a failed state. The African Venezuela.

And you say you laugh at Peter Obi for not wanting to go further into borrowing. Don't you see how debt has destroyed our economy?

The Nigerian government deficit spending shot up to N3.09 trillion in the first quarter of 2022, an analysis of Nigeria’s 2022 fiscal performance report for the first quarter of the year has shown.

The government on Thursday released the performance report which showed that the pro rata spending target for the first quarter of the year was N5.77 trillion, while the actual spending as of April 31 was N4.72 trillion.

On the other hand, as of April 2022, FGN’s retained revenue was only N1.63 trillion, 49% of the pro rata target of N3.32 trillion, putting the deficit between actual spending and revenues at N3.09 trillion. It means the government likely borrowed to cover the deficit.

A breakdown of the actual spending showed that N1.94 trillion was for debt service, N1.26 trillion for personnel costs, including pensions, and as at April, N773.63 billion had been spent on capital expenditure.

Detective FASH...Respectfully, u are maddddd

BluntTheApostle:


Many of you are not realistic.

You expect them to do anything with dwindling revenue which they met and which continued to dwindle?

They could not increase tax. The only thing they could do was borrow.

That's where you get it wrong. Any fool can borrow to build a road. We borrowed for the wrong projects. We borrowed to send security cars to Niger. We spent 44 billion just to look for non-existent oil in the north. Isn't oil exploration done by private companies? We borrowed to build rails. Rails should be built by the private sector, not the public sector. But how would this happen when Nigeria is ranked 131 on the global Ease of Doing Business index, up from 145.
All the government needed to do was remove all the red tape. I have built businesses in Nigeria, This is one of the hardest places to build a business on earth.

Shot up. son of BAT

Was the borrowing really as justified as Fashola said? Let's look at it under these yardsticks:

(1) Exchange rate

The CBN runs a multiple exchange rate system under Buhari which economists consider as wasteful, inefficient and prone to rent seeking, cronyism and corruption

Lets use an example.

Fashola for instance states ₦250bn was expended on infrastructural spending in 2016. The official exchange rate was $1- ₦197 while the parallel market rate averaged ₦330 in 2016. That's a differential of ₦133 per $1

Now, let's say a road project was to cost ₦10bn. That's about $50m at the official rate while it's $30m. That's a differential of $20m when substrated.

Now imagine it is a world bank funded project. The contractor bids for the $50m contract at the official rate of ₦197 and pays ₦10bn. The contractor could now decides to sell $30m at the parallel market rate of ₦330 and he gets about ₦10bn which is enough to cover the cost of the project. He now has an extra $20m with him which he can pocket even before the project commences! That's why economists dislike multiple exchange rates.

That ₦250b borrowed in 2016 is about $1.25bn at the official rate of ₦197 but at the parallel market rate it is $750m. That's a differential of about $500m when the 2 are substracted. That's about $500m wasted already. That is in 1 year alone. Over the past 7 years, the figure would be in the billion of dollars!

(2) Another yardstick to be used is if the projects were really necessary.

The federal government over the years has embarked on sever railway projects. These have been carried out at billions of dollars. The question is: were they really necessary?

They seem to be prestige projects and not ones which much economic value compared to the preposterous sums are guzzled.

These trains mostly carry passengers and not freight. Carrying freight would be the game-changer. Trains are notorious for making enormous losses and these trains are cut from that same cloth. They will never cover their investment costs.

To understand the presidents mind, the minister of transport, Rotimi Amaechi, said that he wishex he could build railways covering the 6 geopolitical zones if only the money was available.

Even the president is justifying railway extension to Niger Republic at a cost of $1.5bn stating that it was Europeans that drew up the present borders and that he has relations in Niger republic. This vividly paints the railway projects as something for show rather than to transform the economy.

The projects can therefore be seen as "bridges to nowhere", as their are a mockery to the enormous sums spent on them with so little in return. They simply increase the current debt without increasing the means of adequately servicing it and this is what has already occurred.

(3). Can the projects be carried out by the private sector?

If a project can be private sector driven, it won't be prudent or justified for the government to borrow to carry it out.

For instance, $3bn was borrowed to rehabilitate the refineries. It would have been prudent instead for it to have been sold as they were and the private buyer can handle the overhaul for themselves. The $3bn would not be on the books of the federal government.

Using these 3 yardsticks alone, a lot of the borrowing was simply not justified

But wasn't justifiable under GEJ? I guess it's to one's own peril to take any politician seriously.

How