₦airaland Forum

seunmsg:
It is very simple, the states are now owing the federal government and they will pay every kobo they owe over a longer period of time. Seriously, what's there that you people don't understand?

So Nigerians in 36 states now own debts incurred by 11 profligate states??
These governors are rewarded for misusing their monthly allocated funds??

Change2015:
Perhaps you don't understand that all government spending must be legally passed in an appropriation law, by the national assembly, and this government has no plans to do that. Certainly she will have staff to advise her on the charities and good works she wishes to or is invited to support, but no one should go there looking for contracts or other frivolous activities. That is how wives of leaders in civilised settings conduct themselves. Aisha Buhari is not your comedic Dame.

There is still this thing called security vote running into billions every month and president is at discretion to spend as he pleases.. Pls stop insulting our intelligence. Over $5bn he spent on bailing out states, was it appropriated or captured in the FY 2015?

obailala:
[size=15pt]Debt restructuring is not debt forgiveness and the states involved are not secret.

The title of this thread is deliberately misleading.[/size]

The MODs should do something about this title if this thread must make the frontpage else, Nigerians in their usual laziness to read will just rely on the wrong title and start making silly assumptions.

By the way, the 11 states involved are:
Osun State - N88.6 billion
Delta – N69.8 billion
Ogun – N55.4 billion
Imo – N37.1 billion
Ekiti – N18.8 billion
Kwara – N15.6 billion
Edo – N11.9 billion
Benue – N10.9 billion
Oyo – N9.1 billion
Bauchi – N6.5 billion
Kogi – N0.81 billion.

Economic and financial experts said the loan conversion deal was good for the banks and the state governments because the bond certificates issued to the 14 banks on behalf of the 11 states meant the states were no longer indebted to the banks.

So if states are longer indebted to the banks, who are they indebted to?? If the FG is bailing them out, doesn't it mean FG is absorbing the loans and passing the risk to all Nigerians? Doesn't it mean that the FG is increasing its debt to GDP ratio without commensurate capital inflow to our national economy? It's like your brother owes a bank and the bank comes to collect their payment, your brother is unable to pay and u step in and tell the bank let him off the hook and transfer the loan to ur name, if u default on that loan the bank will come after u not ur brother!

It's so unfair! This is going to punish states like Anambra and co that prudently played by rules and reward states that have profligately mismanaged their funds.. So Nigerians like Wheelbarrow pushers and my grandma in the village now own debts incurred by Oshiomole and Aregbesola

The National Economic Council chaired by Vice- President Yemi Osinbajo was on Thursday told that Federal Government bonds had been issued to 14 banks on behalf of 11 state governments as part of the plan to restructure states’ loans in commercial banks.

As part of the plan, the Federal Government had approved the conversion of states’ loans in commercial banks to Federal Government bonds.

This is in line with the palliatives President Muhammadu Buhari had approved for state governments to enable them to meet their financial obligations.

The 11 states, which are beneficiaries of the FGN bonds issued to the 14 banks, were among the 22 states who had applied for their commercial loans to be converted to FG bonds as of August 19.

Four governors, Ibikunle Amosun (Ogun); Willie Obiano (Anambra); Abdulfatah Ahmed (Kwara); and Muhammed Badaru (Jigawa), briefed State House correspondents at the end of the meeting.

The NEC which is chaired by Vice-President has all state governors as members.

Ahmed said the latest on the terms of restructuring of states’ indebtedness to commercial banks were contained in the presentations made to the council by the Central Bank of Nigeria and the Debt Management Office.

He said the bonds for the 11 states were issued to 14 banks after they submitted the reconciled figures and other required documents for the restructuring.

Ahmed, therefore, urged the remaining 11 states to quickly put their documentation in place to ensure that they fitted into the time schedule.

The governor said, “The DG of DMO told the council that based on the approval of Mr. President on the plan to restructure bank loans of states into FG bonds in order to address fiscal imbalance, 22 states had submitted reports and applied for restructuring as of August 19.

“The DG also said the DMO had requested the states to reconcile figures with the banks and had been jointly authenticated with the banks as of June 30.

“As of August 14, out of the 22 states that applied, FG bonds had been issued in respect of the loans of 11 states.

“The bonds were issued to 14 banks after submitting the reconciled figures and other required documents for the restructuring.

“DMO is now reviewing the additional submissions by states in the second phase of the programme.”

Economic and financial experts said the loan conversion deal was good for the banks and the state governments because the bond certificates issued to the 14 banks on behalf of the 11 states meant the states were no longer indebted to the banks.

The Head, Asset Management, Meristem Asset Management Limited, an investment advisory firm Mr. Taiwo Yusuf, said, “What the bond certificates issued to the 14 banks mean is that the states are no more indebted to the banks. The Federal Government through the DMO has taken that up. While I don’t know much about the 14 banks, it can be inferred that the 14 banks are the lenders the 11 states were exposed to.”

The Head, Research and Investment, Afrinvest West Africa Limited, Mr. Ayodeji Ebo, said, “It is good news for the banks considering the challenging financial situations some of them are passing through.”

The Federal Government bailout package for the 36 states includes the sharing of about $2.1bn (N413.7bn) in fresh allocation between the states and the Federal Government.

Another measure is a CBN-packaged special intervention fund that offers financing to the states, ranging from between N250bn and N300bn.

The third measure is a debt relief programme proposed by the Debt Management Office which will help states restructure their commercial loans currently put at over N660bn and extend the tenure of the loans to 15 years, thereby reducing the states’ debt service obligations.

However, Obiano said the Ministry of Finance reported to the council that the current Excess Crude Account proceeds stood at $2.207bn as of August 2015.

He added that the Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Emmanuel Kachikwu, also briefed the council on ongoing reforms in the petroleum industry.

He said Kachikwu told the council that the reforms would cover aspects of performance management, transparency and accountability and zero tolerance for corruption among others.

He said the GMD urged the state governors to assist in protecting oil and gas infrastructure in their states.

Amosun on his part told journalists that Governor Adams Oshiomhole of Edo State presented what he called a provisional report of the five governors asked by the council to review the operations and management of the ECA and the Federation Account.

He quoted Oshiomhole as reporting that all the necessary agencies had been invited while two audit firms had been appointed to find out what transpired within the last five years.

The governor said the council was expected to receive the committee’s final report next month.

He explained that no law was violated in appointing the audit firms since the governors carrying out the probe needed expertise.

Badaru said the council was also briefed on developments in the power sector, saying there had been overall increase in power supply by 29 per cent as of the first six weeks of the present administration.

He said power generation reached 4,6662MW by July 29.

The governor also said that the council was informed that the Transmission Company of Nigeria’s management contract had been extended for another year.

He said the council was informed that there was currently a 45 per cent default rate on payment of electricity bills by state governments.

Badaru said state governments had therefore been urged to ensure payments of electricity bills by their Ministries, Departments and Agencies.

Badaru added that the state governments were also urged to assist with the provision of security to reduce vandalism of distribution assets.

http://www.punchng.com/news/fg-converts-11-states-bank-debts-to-bonds/

sammyj:
This shows we have a listening President and where are the senators to approve the appointment now.!!

It shows we have a president who doesnt that we are in a constitutional democracy.. BTW, appointments must be recommended by minister of Finance and CBN governor.

MrsChima:
You have named it google? Awww damn!

Seems like a puzzle to u..Take a crack at it, sweetheart

MrsChima:
The bottom line is he is not forced to be married if he chooses not to be married.

Bottom line, is that marriage can easily be annulled since it was fraudulently entered into by one of the parties while real marriage involves two consenting participants in GOOD FAITH

MrsChima:
Give me some of what you are smoking. I bet it is good too!

Forever going to be like page 404 puzzle to ur encephalon..#GoogleCantHelpU

MrsChima:
I must have missed that part where he has said he was held by gunpoint.

because u r oblivious to the stark difference b/w divorce and annulment-- this case qualifies for the later..

Dan Rather of 60-Minute, in 2000s showed how easy it was to obtain Naija passport. What did Naija leaders and people do? They rained abuses and curses on him with typical mantra- there is corruption everywhere- instead of u to fix our problem, we look for someone to blame.

MrsChima:
It is not by force to get or be married.

Yes, but to be wilfully deceptive in getting someone to marry u is marriage fraud..technically, manipulative force was used in this case!

MrsChima:
Let me know when OP answers my questions unless you are the said guy.

I'm waaaaay toooo strategic and meticulous to be in this poo.. U needn't to tell me ur age but the years u graduated primary schoo,high school and university for me to know ur age.. +-2yrs of accuracy not 7 yrs..

MrsChima:
Single and unmarried folks are so quick to tell you watch it is like to be married. How can one know for something they haven't experienced? Some would tell you I have seen married couple through life which isn't the same as being married through life.

A moment ago, a man had the nerves to tell me what a woman goes through.

It's better to be single and unmarried than to be in this poo! This is a sham not marriage.The man has signed up to be in perpetual agony so long as he's in this marriage.. This is a pre-marital problem per say cos the man could chosen to go a head or not

MrsChima:
Well said.

Only a dumb nigga thinks age contribute to infertility.

Only sophisticated and wilfully ignorant offers a piece of advice like this from an abysmal pit of misinformation

MrsChima:
If the lady was 35 or younger and STILL have issues with gestation then what?

What excuses would you then create? There are solutions to your issues but as an African man you won't adhere to them...so you continue crying and bishing until you have realized that God is the giver of babies and what you sow, you will definitely reap.

Everything isn't about YOU.

Nope! There is something called menopause that gets in the way of making babies.. He's complaining because she got scammed by the woman. Everything is about being honest and having babies!! same way u would have reacted if ur husband showed u his friend's home as his only to find out that he's still lives with his mom.

sonofananimal:
HIS PASTOR IS RIGHT BECAUSE HE IS NOT IN HIS SHOE BUT RATHER SITTING AND EATING OFFERING MONEY.

THE TIME THAT PASTOR CHRIST DIVORCE HIS WIFE, NO BODY EVEN TALK ABOUT IT, NOT EVEN THE CHURCH BUT LET CLASSIFY IT AS FAMILY MISUNDERSTANDING.


HYPOCRITES, HYPOCRITES,

WAS HE NOT THE ONE WHO IS PREACHING NOT TO DIVORCE

HYPOCRITES, HYPOCRITES!!!

PASTOR THIS PASTOR THAT PASTOR SAID.

HYPOCRITES, HYPOCRITES!!

YOU PEOPLE MAY TALK BUT DON'T KNOW HOW IT FEELS LIKE TO BE DECEIVE BY LOVE.

Don't mind them!! Same followers that supported Chris and now telling him that divorce is unGodly.

What was he doing with 3 cars in 1960s when 99% of Nigerians had no bicycles??

Did he promise u marriage? Did he propose to u? Sorry for ur heartbreak, but u have to move on.

BishopMagic:
Are Saudis reserves not falling?


Even at $65bn in less than a year, isn't that cause for concern amidst low oil price?

Enunciating sophisticated ignorance from the abysmal pit of stupidity

Did she stay or own house in Lekki? Why does she think that only Lekki guys have exclusive access to her puccciii?

teamchocolate:
They have matched it and surpassed it... it's you I worry for.. this is a nameless forum... That's why u can talk to me in that manner.. you don't know who I am.. let's keep it that way...

Name them?? Tell me any person who was invited by president Obama to be a keynote speaker on Entrepreneurship at W/House? He is a board member of Corporate America Council on Africa which hosted a dinner party in Obama's honor in Chicago 2013? He dines and wines presidents and business leaders like Warren Buffet and Penny Pritzker.. Don't ask me who are they.. Just use Google.

Zi:
I just learnt a new word - sophomore and in case you dont know yet a sophomore (/ˈsɒfəmɔr/ or /ˈsɒfmɔr/) is a student in the second year of study at high school or university.

It's American English. Freshmen= 1st yr, Sophomore=2nd yr, Junior=3rd yr, Senior=4th yr

teamchocolate:
I said I won't mention u again but just this once... I am not afraid of igbos I jus think they are a hypocritical pple with a superiority complex.. they r mostly not wise and not diplomatic.....Yorubas invest in their Yoruba-land whenever they invest, why can't igbos do same? Then stop putting ur nose in other pple's business... Go bac to SE and go and put to task the excuse of a governor that u have.. leave star boy alone! Why is ur nose in Lagos business, are u a Lagosian... and that's one of my problems with u pple... MIND YOUR BUSINESS and other tribes will stop insulting you...
Totally last mention.... think deeply about all I av said before u quote me again thanks..
Last words: Ambode will cancel all your other contracts if it pleases him.. it's within his purview to do so!!! End of discussion

Winners count rgeir winning while losers count winning for winners. There is no nobody that's going match Elumelu's success in ur lineage. Tony runs UBA, Transcorp Group, Ugheli Power Plant, Afriland and other companies.. He has Tinubu, Fashola, Ambode and Oba's direct number. He's more Lagosian that u. He has employed more Lagosians than most Lagosian.. Keep getting high on haterade!!

tiwiex:
Exactly. Even with all the grammar spoken. I figure only N50m has been paid to the State as expression of interest. When will the state starting reaping the benefit in cash flow?. I would have thought the opportunity cost during construction should be paid as land lease to Govt then profit sharing afterwards based on the JV.

because u have no idea that there were other bidders that had paid N50m and lost?? That's why Ambode and co didn't say that it failed to comply with procurement act.
U have no idea what's a monetized asset. LASG land is monetized and it gets 35% ie N10.5bn after completion and LASG takes over the whole mall after 50yrs. Just do the math!!

teamchocolate:
Yes ambode cancelled the deal cuz it apparently doesn't pay him and he has the power to.. for whatever reasons which pleases him.. If Tony is not happy.. he should go to asaba and go and do the deal with delta state governor... he cannot come to Lagos and come and be dictating terms here....and still abt the ports the FG up till 3 months ago was an southeast/southsouth man for 6 years.. if his constituency did not deem it fit to advocate for ports then.. That's their cup of tea.. but I will tell u that it makes no sense to dredge onitsha port.. it is not a sea port.. cuz I av asked u what sea it borders but u have no answer! If you even say calabar ports, I can even try and understand but at what cost and to what benefit? And abt companies domiciling where they operate.. Lagos has the infrastructure, instead of putting ur governors to task, u come here and insult south west governors.. That's y truck loads of u arrive from the south east to come and burden the infrastructure put up by our govts.. our housing, our hospitals, our schools.. wtf go back to the east and put ur governors on their toes

Stupidity inked on ur DNA. Afrilands is a PLC- anyone can own and buy its share. Tony doesn't own this company. Terms like EOI, MOU, PLC, BOT, and PPP are forever going to sound like puzzles to dimwit encephalon

cornoil:
Elumelu like others are investors who are only considered about their money b4 other things. This guy has many investment with direct dealings with the government, he doesn't send the so call Biafra. Elumelu that went all the way to USA because he wanted to have audience with Buhari.

Nope. He paid and hosted party for GMB. He has Obama's number b4 GMB. He got invited by Obama to the w/House b4 GMB. He runs Transcorp Hilton and its subsidiaries

seedgrows:
now I understand ur pains, you don't have to destroy someone's happiness due to frustration my friend the op need ur help read his post very well she is not a nagging wife she is loving and caring. do u have any suitable woman for him if u do introduce her to d op am only trying to give the best advice at of experience what do u know about marriage and relationship? okoro be very careful don't destroy someone's happiness due to hanger pls one love

I have no pain my friend! So needless to understand what doesn't exist.. This post is not about me. There is no happiness in this marriage, it's all premised on lies and deceit. Happiness is a 2-way street. The lady is happy because she deceived a young fella into marriage while the young man feels that he has been scammed.. The man is the victim of this scam while woman is the only beneficiary of the spoils of this scam! Get in ur head that this is not going to work!

seedgrows:
love is all that matter's there's nothing like a wife material op
there's is nothing like a perfect woman out here, u guz still have the chance of having ur own kids
show her more love and care
forget about the past people will always talk the fake life we live is the people, love ur wife no matter what she have done, as long you guz are happy together
there's nothing like being happy. have faith all will be just perfect in time bless u both op

Only gullible men think this.. Most women are more strategic about marriage than men. Most men marry without considering if the woman is loaded or not, but women consider who's going to offer the most help in marriage..

redcliff:
I thought i was the only onw who noticed. I dont understamd wat this place is turning to these days

Pastors are not experts in family and marriage related issues!

And I keep asking myself since kids are the glue that holds Naija marriages, why don't Naija couples go for fertility test b4 marriage

Marriage premised on lies is bound to crumble. I wonder if she lied about having a child before marriage? Wonder if she married b4? She had the intention to be deceitful given the fact that women of her age at the time of marriage are going to find it difficult to conceive. She knew what she was getting into -marriage without kids.. She just wanted to be married while you wanted to be married in order to have kids.. Different goals.. Only u can save u. Divorce or adoption!!