₦airaland Forum

Doyin2:
No sane country would have done what Okonjo/OBJ did to our economy,by paying up a whopping $12billion all at once!

Paying up your debt all at once,when you could have staggered it for economic development,does not make you an economic giant or a developed nation.It was a very stupid decision.

A poor man that does not want bank loan to start a business because he is afraid of debt burden ,would probably remain poor for life!

He would eventually end up borrow more money to feed (consumption),rather than to invest. Investment would have brought him wealth that could have catered for both his feeding and business growth.


If properly invested,a loan will always be a lever,rather than a burden.


So are we ready to take the risk of trusting the government,that the loan would be properly invested,or we had rather remain stagnant?

drss2:
d problem is not d loan, nigeria's current system of monkey dey work, baboon dey chop is d problem. even $100 billion loan will not be enough becos d system of nigeria's federalism is structured in such a way dat infastructural n long term economic development is IMPOSSIBLE. all d moneys will go to waste.
as long as nigeria is operating feeding bottle federlism, dis loan is as good as useless.

Excuzeme:
[s]Mumu!

Did you read where Saraki said "I only cam to pray and decided to extend felicitations to the President"?
if you are sharp at all, you would have seen that Saraki went to "plead himself" with the President, to soft-pedal on his prosecution, using the passing of the loan Bill, as a bargaining chip.

Saraki is a crook but he is not different from the other criminals infesting the national Assembly.
Is it not the same Saraki that, early this year, bought about 50 SUV's, each valued at over #50Million Naira, for those Senators who will support him at the CCB trial?
Did you not read it? Is the Money not from the proceeds of Budget Padding in precious dispensation?

Abeg, siddon joor[/s]

ZoneBslayer:
[s]the traitors are those who released hardened book haram murderers instead of putting a hot lead into their brains..so stfu[/s]

drss2:
personally i want senate to approve d $30 billion loan request for d dullard. why becos dis loan is d catalyst dat will speed up nigeria's disintegration through govt shut down. any body who tinks nigeria will survive additional $30 billion debt is decieving himself. as long as nigeria is still operating a feeding bottle system, dis loan will go down d drain cos diversification under dis system is just a mirage. no con3 in d world can diversify her economy with a feeding bottle system.
in d end, wat will happen is dat d cost of servicing d $30 billion loan in addition to others taking in d future by buari govt will increase at geometric progression, d naira will become more valueless, cost of governance will increase as nigeria's population increases, defence budget will increase due to rising terrorism, cost of infrastructure will also increase astronomically as govt will no longer be able to finance infrastructural development as d govt struggle to repay d loan. in fact, d cost of everytin will increase. dis n other factors will hamper nigeria's ability to increase her revenue inflow let alone servicing debts until d nigerian govt shut down.
nigerian govt will declare bankruptsy in 4 to 6 years as soon as d loan is approved.

But there is a caveat: the Senate may refer the request to its Committee on Local and Foreign Debts, headed by Mallam Shehu Sani.

WriteBoy:
Using debt to finance infrastructure is a sound strategy world over; debt financing is not a bad thing. However, I am worried, very worried.

Nigeria has an unfortunate history of turning all things sound and prudent into disasters. Would this loan be any different? The people at the top want us all to believe that our institutions have become more transparent and accountable in the period starting from May 29th, 2015 owing to the the stern mien and righteous body odour (language) of Mr. President, every sane person, every right thinking Nigerian knows this not to be the case.

How faithfully would the borrowed funds--In the event the loan request is approved-- be appropriated? How much inflation would hit these contracts? How much of the funds would be judiciously applied? Is this a another case of vultures circling above at the sight of an impending meal?

I would have said: "let us wait, time would tell" but in cases of importance to national growth and prosperity, getting it wrong spells doom for my generation, the one after me and lots more.

We struggled real hard to come off the claws of the Paris Club. I remember how happy well meaning Nigerians were when that historic event happened. The general consensus was: "never again would we be so indebted" But now, it seems we are headily going back to the things we said never again to.

Meanwhile, Banire in a text message to PUNCH before he was invited by the EFCC, maintained that the money was not a bribe but he was merely helping the judge who was broke at the time. Banire in the text said,

VANGUARD reports that Omisore refunded N50 million to EFCC yesterday following the initial return of N300 million before making this latest payment.

[s]On the controversial communications tax bill which continues generate a debate, he said; “If you look at it the world over a lot of countries have similar taxes. It is a tax that you incur based on your consumption. If you don’t have the wealth to talk for one hour then you won’t be taxed on that amount, but if you have the ability to have extensive discussions, then that also assumes that you have the ability to pay the additional tax,” he explained[/s].

“I came here to pray."

psucc:
Which do you think Buhati will be quick yo increase first, Tax or Salary?

Likes for Tax; Share for salary

Explorers:
10. Food Shortage/Drought/Enviromental Disaster.


According to the UN’s Food and Agriculture Organization (FAO), 842 million people in the world are currently undernourished.

The United Nations and World Bank claim there won’t be enough food for the global population by 2050.

If the food shortage reaches a critical mass and whole nations face death by famine, countries will not hesitate to attack each other over food supply.


In places like Calinfonia or Chad, If you flew over these areas ten years ago, and boarded the sameflight today, you would be seeing two vastly different landscapes.

Drought has effectively dried out a staggering amount of the state’s water supply. Should the drought persist, it will reduce the food output and turn the citizens into climate refugees.

If the problem isn’t a scarcity of water, it may be an excess. According to Michael Klare, Author of Resource Wars: “Rising sea levels will in the next half-century erase many coastal areas, destroying large cities, critical infrastructure (including roads, railroads, ports, airports, pipelines, refineries, and power plants), and prime agricultural land.”

If an environmental disaster destroys a country, its populace will not simply evaporate along with the last traces of their water they will need a proper place to stay, and if another country does not let them in they will have no choice but to break the door down.

989900:
As annoyingly repetitive as it may seem, we can't get out of this quagmire without addressing the below 'causes' -- even if we devalue the Naira to N1,000 to a Dollar!

1. Check excess liquidity and currency racketeering/fraud (see Henry Boyo's explanation. . . I have posted many stuffs about it previously), while promulgating industry revolutionizing monetary policies.

2. Amend our laws to draw in investors (use propaganda if need be).

3. Amend power generation and transmission laws to attract investors in that sector . . . do everything possible on earth and beyond to achieve at the least, 15 hours stable power supply averagely (this would catalyze industrial revolution, while reducing demand for refined pet. products).

4. Refineries -- we need all four gov't refineries, and tens of modular ones running since last decade -- until we stop the importation of refined petroleum products that eats up, up to 30-40% of our Forex, we are going no where!
We were bringing in hundreds of millions of dollars in the early 90s from refined products exports, right now, we should have colonized West Africa with NNPC products everywhere (refined products have no OPEC cap)!

5. Encourage exports, and local content.

Re: Senator Bruce: As much as I admire his vigor and enthusiasm about the whole 'buyNaija' awareness, it's just a fraction in the scheme of things!

While importing palm oil from the same Malaysia we introduced palm oil to, importing eggs from South Africa we fought and paid to liberate, importing rice from a politically unstable Thailand, or toothpicks from hell are all 'weirdos', they account for far less than what
importation of refined petroleum products cost us; then we have the importation of aircrafts and parts and servicing which costs us hundreds of millions of dollars annually -- but Bruce believes it's about our average $20-$50 shoes or bags, $100 phones, or what-not (roughly 10-20 percent of our forex demand), or about our cheap $5,000 cars which by the way generates income for customs when they 'land', while gov't and it's officials are actually the ones bringing the forex gulping machines (probably without paying custom duties).
NBS just released a report indicating between January 2010 - September 2015, we spent over N20 trillion (roughly $130 BILLION . . . 2014 dollar) on just importation of PMS, AGO, and DPK alone!
Same refined products we mine from our backyards, same refined products we were net exporters of (raking in millions of dollars from), 25 years ago! If this is not madness, what is?

Re: Ifeanyi Ubah: Though he is yet to disclose his so called "secret" or magic wand (but I guess it is: probably supporting the country's fuel import-consumption . . . probably for some while).

My own idea of bringing the dollar exchange rate to below N200 in say 3 months would be namely:

Stop the importation of refined products now and find alternative to how we survive without it -- it gulps 40% of our forex!

Crazy, right? However, we probably can (everyone's contribution and criticism would be helpful here), if the gov't is serious about it, and if it can carry the people along especially with the budding awareness of the demise of our economy.

1. Get the NNPC, special task forces, Armed forces, and the people on board as regards protecting the pipelines.

2. Get NNPC to make sure the refineries do not slouch again, rather, increasing in production.

3. Get the few trains we have working, and create an awareness on conserving fuel.

4. Provide very affordable mass transit buses, while encouraging car owners to shed usage, or re-introduce something similar to our old 'odd number/even number system' for cars that should have access to the road on particular days.

5. Provide gas, give free/cheap cylinders to boot if necessary.

6. Power: without fairly stable power supply it will be a difficult one. Fairly stable power reduces the need for PMS and AGO, reduces importation of generators and alternative power equipment.

7. Checkmate cross-border fuel smuggling.

8. Modular refineries: they can be imported and made operational in months.

9. Sell off some portion of gov't assets to foreign investors. #ppp

Additionals:

10. Encourage Nigerians overseas to invest back home.

11. Recover all debts, 'stolens', and 'accruables'.

12. Reduce gov't recurrent expenditure and buying local for all gov't purposes if available -- starting with them senator's cars, and presidential budget and travels.

13. Consider changing currency colors.

14. Agric exports.





If we can do all the above (sounds crazy though . . . desperate situation calls for desperate measures), our refined fuel consumption rate should drop to 'near' what NNPC can support, or at worst, greatly reduce importation of refined fuel by more than 60%. Then we "buynaija"; the Naira will firm up, and the CBN can probably tweak the exchange rate to gain say N2-N4/$, which will indicate a direction of positive purpose, causing the BM, hoarders, and racketeers to panic-sell their dollars, while the CBN tries its best to enforce and enhance/support a strict range for bank rates.

Devaluation in our case', is a symptomatic approach to a systematic malady: underlying causes won't be cured!
It's like taking paracetamol as a curative for stage 4 cancer -- it 'probably' might make your pain dissipate (very likely it won't), but just for a very little while.

*Everyone's contribution and criticism would be helpful here.

Largas:
[s]How can you borrow a heavy Loan for infrastructural development, how will that revamp our dead economy or alleviate suffering in the Land?

Buhari should focus on diversification of the economy and exodusing us out of this misery instead of taking Loans to construct railtracks from Daura to LA[/s].

fiizznation:
Well what was forbidden by the holy prophet and condemned by the holy Quran is not welcome in any Islamic society.

Don't deceive yourself young man. Muslims only abide by the Quran and the teachings of the holy prophet{hadith}. Anything from any third party is not a guideline for Muslims.