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 Politics › Re: El-rufai Insists Buhari Is Unelectable (Hypocrites Gallery) by aljharem(m): 1:13am On Jan 08, 2012 |
Beaf you talk of hypocricy WHY DID IWEALA TELL US NOW THAT WE ARE STILL PAYING DEBTS ? IN 2012 WHY why do we keep borrowing money ? [size=13pt]I THOUGHT the 1 BILLION DOLLARS WE PAY YEARLY TO THE PARIS CLUB WOULD BE USE FOR ?[/size] Look at Iweala Okonjo Nigeria's external debt stands presently at US$34 billion. About $28 billion or 85% of the debt is owed to the Paris Club of 15 creditor nations. Only 8% of the debt is owed to multilateral institutions such as the African Development Bank and the World Bank whilst the balance of 7% is owed to the London Club of commercial creditors and holders of Promissory Notes. Nigeria does not owe the IMF any money. The first fact therefore is that Nigeria's debt problem is really "a Paris Club debt problem" [b]If Nigeria were to fully service its external debt every year, annual debt service would amount to approximately US$3 billion - $2.3 billion to the Paris club, and $0.7 billion to the multilateral and commercial creditors. The ownership structure of the debt is such that the federal government pays 75% of the debt service whilst 25% approximately is serviced by the states. Therefore, fully servicing the $3 billion every year would mean that the federal government would have very little left for the capital budget over the next 5 to 7 years as the federal government's portion of such debt service would virtually eat up all of the capital budget, especially when it is considered that we also have domestic debt service amounting to about $1.4 billion a year. [/b] Please note that I am talking about our capital budget after factoring in the portion we have agreed to share on excess crude. The question is how many Nigerians would be prepared to live with little or no federal government capital budget for the next decade whilst we pay debt? I don't think anyone would subscribe to that. That is why we successfully argued with the[b] Paris Club to keep our present payments to them at US1 billion a year with another $0.7 going to multilateral and commercial creditors for a total external debt service of $1.7 billion a year or approximately 56% of the amount due.[/b] Whilst this situation gives us temporary relief to enable us sort out some of our investment needs and compelling current obligations such as expenditures on education and health, it does not provide a sustainable or permanent solution because the amount we don't pay keeps piling up as arrears and gets added to the principal amount making the debt larger. The bottom line is that even with the current high oil prices we cannot afford to service all of our debt unless we are really prepared to commit to very limited investment in our physical and human resources for the next ten to 15 years. We cannot also afford to allow the debt to pile up. So this means that , like other countries that have found themselves in similar situations at one time or another, we must search for a permanent workable solution to our debt problem. The search for debt relief is therefore a vital financial and economic issue for the country. Anyone who says otherwise is not looking at the facts and in matters like these, we must be factual and not sentimental to ensure we get the best results for the country. Nigeria does not belong to the group of Highly Indebted Poor Countries (HIPCs), although the country's poor socio-economic indices are similar to those of the HIPC countries. Unlike Nigeria, HIPC countries owe the bulk of their debts to multilateral development institutions like the ADB and the World Bank. The present initiative being developed by British Chancellor of the Exchequer, Gordon Brown seeks to assist the HIPC countries with their multilateral debts by getting them forgiven or cancelled in full (i.e 100%), or repaid to the multilateral institutions on their behalf. Nigeria does not seek to be a HIPC country. But we are saying that we too deserve consideration under another approach set up by the G- 8 countries called the EVIAN approach (because it was decided at the G8 Heads of State summit in Evian, France, two years ago). Under this approach, countries' debt situation and the possibility for debt forgiveness will be considered on a case by case basis, depending on the peculiar circumstances of each country and the country's ability to demonstrate progress with economic reform. The G8 and the Paris Club have in the past considered other countries which are much better off than Nigeria on a case by case basis. Examples are Poland, Yugoslavia, Egypt and, lately, Iraq. These countries were granted debt relief. We were not considered because of our previous poor track record with reform and our unilateral cessation of dialogue with them. Now that we are implementing reforms, there is everything right with Nigeria seeking debt relief because we cannot manage to pay the amounts due over the next decade without starving the country of money needed for investment and for poverty reduction programmes and projects. [size=13pt]Nigeria needs resources for public investment in roads, power, water, education, health, agriculture and other areas. In fact, recent estimates show that if we are to make adequate progress on growth and poverty reduction, particularly achieving the Millennium Development Goals (MDGs) of halving poverty by the year 2015,[/size] we need to grow at about 7 to 8% per annum and this requires an incremental investment of over $7 billion a year in the sectors just indicated. The developed countries have said that they would like to help developing countries which are managing their economies well by channeling resources to them to assist in achieving the MDGs. Part of the incentives they are considering is forgiving debt so that instead of repaying them, debtor countries can channel the funds into investments in the core areas noted above. All we are saying is that Nigeria is ripe to be considered for this kind of debt treatment along with others. We have been implementing our own home grown reform program - NEEDS - and the results for last year have been quite positive. GDP growth was 6% compared to a 5% target. Average annual inflation came down from 22% to 15%, while point to point inflation (December to December) came down from 23% to 10%. This was not the single digit inflation we targeted but we came pretty close at 10%. The fiscal deficit at $25 a barrel was 1.9% of GDP, better than the 2.1% we targeted and the reserves recorded healthy growth again from $7 billion to $19 billion thus ensuring that our exchange rate remains fairly stable. On the anti-corruption and transparency front, everyone knows we have a huge problem and an incredible challenge, but our development partners openly acknowledge now that we have been demonstrating willingness and resolve to be more transparent and to deal with corruption. We are publishing the revenues which all tiers of government get each month and we have even published a booklet showing what all tiers got for the first five years of President Obasanjo's administration. We are running a successful procurement reform called Due Process and everyone acknowledges that Due Process is working well. We have launched the Extractive Industries Transparency Initiative (EITI) to better expose and make transparent oil industry accounts and understand the structure of expenditure and revenue in the sector. We have the acclaimed efforts of the Economic and Financial Crimes Commission (EFCC), which is making strides in bringing economic criminals to book, sometimes against all odds. We have intensified efforts to find our looted funds abroad and bring the funds home - something that not many developing countries have managed to do. We now monitor our budget implementation and give half yearly reports to the National Assembly and the Nigerian public - something that was not available before. We are improving on this by adding a mechanism in this budget year 2005 to track poverty related expenditures to ensure we can trace the results on the ground in respect of money going to certain key sectors from the budget. We are now working with several competent and willing state governments to get the same kinds of mechanisms introduced at the state level. While huge challenges remain, these efforts have convinced many of our partners that monies from debt relief (75% of which will go to the federal government) will be well used and well monitored. L[b]et me conclude by saying that while Nigeria is potentially a rich country, it is presently a poor country and must therefore manage its resources wisely and well. Our total oil revenues last year were no more than $25 billion net. When it is spread over our large population of 130 million people, as I said elsewhere, this translates to no more than 53 cents or 70 naira per person per day. Compare this with Venezuela with 23.5 million people and $3.4 per person per day, Kuwait with 2.75 million people and $27.3 per person per day, or even Iraq with 25 million people and $2.4 per person per day and you will see that Nigeria, even in the best possible circumstances, is facing serious financial challenges.[/b] That is why we are also focusing on improving our non-oil revenues. That is why we are making a sustained effort to plug all leakages and discourage rent-seeking behaviour. That is why our reform programme aims at creating an enabling environment including a rational system of incentives and values, characteristic of a private sector driven economy. The road is hard and long but together, these efforts would assist in wealth creation and poverty reduction for Nigerians. No one can guarantee that we'll get debt relief. We might make all the efforts and still not get it. But there is no reason why we shouldn't try our very best to qualify and then leave the rest in God's hands! The developed countries say they want to assist African countries more this year and going forward. The UK, in particular, has said that the focus of its chairmanship of the G-8 and the EU this year will be Africa. They have produced the Commission for Africa report indicating specific ways they want to assist African countries, including through granting debt relief. Since we are already working hard to improve our economy for the benefit of our people through NEEDS, we should not be shy to leverage our efforts into asking for consideration for debt relief. Not trying at all would be a disservice to our people. Okonjo-Iweala is the Minister of Finance. |
| Politics › Re: Fuel Subsidy Removal: President Goodluck Jonathan's Speech by aljharem(m): 12:33am On Jan 08, 2012 |
stiyke:1. you are thinking illogical here and I am sorry to say brainless 2.You do not even understand why there is protest and yet you come here to appear like a knowledgeable person it seems after all the talk, shouting, teaching, lecture, protest, educating, directing, talking, etc people are doing, you still don't know why people are angry 1. Yes the system/ government is corrupt. In fact the country is socked in corruption 2. Yes subsidy has to go and everyone supports the FG for that 3. Before the removal of subsidy, build our refinery so we would not have this same issue in the future 4. proper security on our borders so smugglers aka the benefit thieves would not smuggle oil 5. Before removal of subsidy , CUT THE COST OF GOVERANCE. An average senator in Nigeria collects more than Obama the american president. 6. Now remove subsidy. Other things people are protesting for because it was a build up of anger since 1970 and this was the opportunity for a revolution are 1. protest against corruption and the arrest of these people 2. protest against boko haram and killing of Christians/igbos 3. protest against the NEGLIGENT of the Niger-delta My advice for you is to just keep shut if you are confused to what people are protesting against or don't know what to say. thanks Your sort of mentality is the reason why Nigeria is still where it is today. No light, No security, No shelter, No good roads, No good water, No refinery even though we are oil producing, Total neglect of infrastructure, Total neglect of the Niger-delta, Total neglect of the Niger bridge, Total neglect of people dying in the North, Lack of accountability, Lack of credibility, Lack of industrial growth apart from Oil which the entire country is dependant on, Lack of economic growth apart from the telecommunication sector by OBJ |
| Politics › Re: Fuel Subsidy Removal: President Goodluck Jonathan's Speech by aljharem(m): 11:29pm On Jan 07, 2012 |
oiseworld: alj harem: |
| Politics › Re: NLC And TUC REPLIES President Goodluck Jonathan by aljharem(m): 11:27pm On Jan 07, 2012 |
Beaf:Please explain this figure shouldn't there be cuts on these irrelevant things as well ? See this breakdown for GEJ and VP 2012 Expenses: Feeding the Presidency : NGN 992,570,000.00 Kitchen and Household equipment: NGN 45,000,000.00 Refreshment: NGN 293,000,000.00 State House clinic: NGN 1,200,000,000.00 Foreign trips: NGN 11,250,000,000.00 New presidential fleets: NGN 1,900,000,000.00 Maintenance of Guest House: NGN 1,500,000,000.00 Bullet proof cars: NGN 280,000,000.00 Extension of presidential villa NGN 75,000,000.00 Renovation of state house NGN 530,000,000.00 |
| Politics › Re: Fuel Subsidy Removal: President Goodluck Jonathan's Speech by aljharem(m): 11:18pm On Jan 07, 2012 |
Gabbysky: alj harem: |
| Politics › Re: The Day Nigeria Became Truly One - London Protest by aljharem(op): 11:16pm On Jan 07, 2012 |
kingoflag:well said, we are also coming together with one voice even in Nigeria kaduna protest  [img]http://c0014124.r32.cf1.rackcdn.com/x2_a46c4c2[/img] |
| Politics › Re: Fuel Subsidy Removal: President Goodluck Jonathan's Speech by aljharem(m): 11:11pm On Jan 07, 2012 |
[quote author=ade_77 link=topic=841255.msg9916721#msg9916721 date=1325973989]Your allowances are calculated on your basic + transport + utility etc Ghana has had steady power supply for more than five years so they don't run their lives on gen.[/quote]thank you I mean nigeria would never move forward with some of these brainless people we call our country men or maybe they are the real reason why we have not developed for 50 years Why should Ghana protest when they have consist Electricity ? How many people use Generators to run their businesses in Ghana ? Since No, then would food prices be dependent on Oil ? How many people use fuel to Cook in Ghana ? How many people use fuel run their homes in Ghana ? |
| Politics › Re: Fuel Subsidy Removal: President Goodluck Jonathan's Speech by aljharem(m): 11:03pm On Jan 07, 2012 |
[size=15pt]so many new usernames asking to give the FG a chance, Beaf and co well done o hahaha[/size]  lastly please people stop the insult on mr president remember it is not his fault when we have likes of madueke, sanusi iweala and co |
| Politics › Re: Fuel Subsidy Removal: President Goodluck Jonathan's Speech by aljharem(m): 9:27pm On Jan 07, 2012 |
pokur:Yes sir during IBB he told us the same thing during abacha he told us the same thing during OBJ he told us the same thing during GEJ should we keep accepting the same thing ? |
| Politics › Re: Fuel Subsidy Removal: President Goodluck Jonathan's Speech by aljharem(m): 9:23pm On Jan 07, 2012 |
The speech was already posted by sahara reporters before he aired it smh http://saharareporters.com/press-release/jonathan-stick-his-guns-give-another-national-broadcast-deregulation-downstream-petrol |
| Politics › Re: Fuel Subsidy Removal: President Goodluck Jonathan's Speech by aljharem(m): 9:22pm On Jan 07, 2012 |
reagand200:NO |
| Politics › Re: The Day Nigeria Became Truly One - London Protest by aljharem(op): 9:20pm On Jan 07, 2012 |
E nice:Yeah they funded me and 130 million other Nigerians How smart of you. Pick a wild guess how much we were paid ? |
| Politics › Re: Why Are Nigerians Not Protesting Against The Killing Of Innocents By Boko Haram? by aljharem(m): 9:19pm On Jan 07, 2012 |
[quote author=Mai-suya link=topic=841246.msg9915950#msg9915950 date=1325966323]@OP [size=18pt]I think we r protesting against all, which is epitomed by corruption and carelessness in govt, this is evidenced by the lack of will or outright abdjugation of responsibility by govt to protect it's citizens within their own Borders.[/size] And also the Kano understanding between Christians and Muslims at protest site to protect each other was a clear sign to BH or whoever they really are that they are not 'welcomed'.[/quote]Thank you |
| Politics › Re: Why Are Nigerians Not Protesting Against The Killing Of Innocents By Boko Haram? by aljharem(m): 9:18pm On Jan 07, 2012 |
BlackPikiN:It seems like you don't understand what is going on. It is too long to explain but I would not leave you to wallow in ignorance read lagoshai, Chyz, Jason, Alj harem and ndu chuks post. Then maybe you can educate yourself abit https://www.nairaland.com/nigeria/topic-840351.0.html |
| Politics › Re: Why Are Nigerians Not Protesting Against The Killing Of Innocents By Boko Haram? by aljharem(m): 8:46pm On Jan 07, 2012 |
BlackPikiN:Yes it is good to see it like that. Boko haram kill your people and you have not protested ? What sort of slavish mentality is that ? Why not protest against Igbos killed then maybe just maybe the people in the country would protest alone side you instead of sitting in the SE making fun of Nigerians protesting as if you are better off. Look, people would only protest to what is affecting them and who not start a protest for others fact !!! If you people are comfortable about boko haram well the whole country is fed up. [size=13pt]There is protest against boko haram alongside this because this is our opportunity. It is high time people that using their brain and stop discouraging others fight for their rights if you people don't know yours.[/size] Yesterday, Boko haram kill people indiscriminately yet you are here talking about rubbish instead of asking ethical question like "Why are our security forces allowing boko haram to kill us ?" "Do we have security at all in Nigeria ?" if yes, " Why are they not protecting me ?" Abeg go siddion |
| Politics › Re: Why Are Nigerians Not Protesting Against The Killing Of Innocents By Boko Haram? by aljharem(m): 8:35pm On Jan 07, 2012 |
Other things people are protesting for because it was a build up of anger since 1970 and this was the opportunity for a revolution are 1. protest against corruption and the arrest of these people 2. protest against boko haram and killing of Christians/igbos 3. protest against the NEGLIGENT of the Niger-delta |
| Politics › Re: Stranded Passengers In Abia Sell Belongings To Raise Fares by aljharem(m): 1:48pm On Jan 07, 2012 |
chuksikem:You are just hyper ventilating for nothing NO one has force Igbos to join nor no one has begged so what your point ? I never said Igbos should join because I understand what is going on thanks to Chyz a delta Igbo on nairaland has opened my eyes. If you are not protesting, It is fine by Nigerian but please Biko nu, don't try to discourage others protesting for their rights because that is what would make people angry. Thanks for your time Kudos to abia if they provided the transport. |
| Politics › Re: Fuel Price Vs. Minimum Wage In Opec Countries Inc. Nigeria by aljharem(m): 1:33pm On Jan 07, 2012 |
abbey621:Dude, you sit in america dictating what the people should do ? Abeg, if you do not know you right, why not keep quite and allow people who know their rights to fight for their right ? Ok ! thanks |
| Politics › Re: Stranded Passengers In Abia Sell Belongings To Raise Fares by aljharem(m): 1:31pm On Jan 07, 2012 |
mactonnyso:LOL NLC is different from occupy Nigeria. and yes I am going out now, infact I am on my phone. 2. Once you want to tribalise the issue, I would be there. 3. Stop thinking with sentiments and use your brain because the people all over the country have woken up for a 51 years sleep and are asking serious questions |
| Politics › Re: Nlc To Shut Down Airports, Banks, Etc - Advises Masses To Stockpile. Who Loses? by aljharem(m): 1:25pm On Jan 07, 2012 |
tpacalipse:Thank you |
| Politics › Re: Boko Haram KILL 6 more on Sunday , Very very sad, over 60 killed since last week by aljharem(m): 1:23pm On Jan 07, 2012 |
[quote author=ndu_chucks link=topic=840351.msg9913446#msg9913446 date=1325938886]^^^^ +1000 The enemy is indeed Boko Haram. But how do we fight the war declared by Boko Haram when we have an incompetent and clueless commander-in-chief - A commander-in-chief who declared a war on Nigerian citizens by the ill-timed subsidy removal? A commander-in-chief who supplies the enemy (Boko Haram) with armunition and other tools of war including the said ill-timed subsidy removal, does not deserve to lead us in this war. If this commander-in-chief is incapable of defending Nigerians and stopping the killings, I'm afraid we are fast approaching the time to replace him. I am so sad by the recent developments. Haba GEJ!!!! Do something for goodness sake!!!![/quote]thank you!! |
| Politics › Re: Stranded Passengers In Abia Sell Belongings To Raise Fares by aljharem(m): 1:11pm On Jan 07, 2012 |
mactonnyso:Keep talking like you have no brain Yesterday and today Osun state provided free transport for her citizens Abains are stranded and had to sell their properties to travel. Who is using her brain and who is not ? Keep comparing yourself with the yorubas, it seems like without yorubas, you cannot think straight Must yorubas react before you do what is right and ask your government for accountability Yesterday and 2 days ago Delta and edo protested or are they not SS states Keep using tribalism to blind you from doing the right thing you would see where it would lead at the end of the day. Ewu amu |
| Politics › Re: Nigerians In The Uk Cleared For Fuel Subsidy Protest On Friday 6th by aljharem(m): 3:37am On Jan 07, 2012 |
[size=15pt]The day Nigeria became truly one. Omo tire1 I am proud of you and I am proud of Nigeria[/size]  [flash=450,400] https://www.youtube.com/watch?v=xNYfz47rxmY&context=C3229cc3ADOEgsToPDskKQfDtKGPprZPlxC8HaD-AG[/flash] |
| Politics › Re: They Are Attacking Us In Sapele - I Am A Muslim Itsekiri by aljharem(op): 3:34am On Jan 07, 2012 |
Obiagu1:Yoruba again. someone called himself Oniyesaneyene, you are calling yoruba again ? well you are right, itsekiris are yorubas |
| Politics › The Day Nigeria Became Truly One - London Protest by aljharem(op): 3:33am On Jan 07, 2012 |
this first video is very encouraging [flash=400,400] https://www.youtube.com/watch?v=xNYfz47rxmY&context=C3229cc3ADOEgsToPDskKQfDtKGPprZPlxC8HaD-AG[/flash] [flash=400,400] https://www.youtube.com/watch?v=u9c3g-IeZoU[/flash] |
| Politics › Re: Jang: Only Haters Of Nigeria, Economic Recovery Oppose Subsidy Removal by aljharem(m): 2:33am On Jan 07, 2012 |
Theblessed:remove that bigoted brain of north south or whatever, I am a southerner like you Now this is what the protest is all about [size=16pt][b]it seems after all the talking, shouting, teaching, lecture, protest, directing, educating etc people are doing, you still don't know why people are angry 1. Yes the system/ government is corrupt. In fact the country is socked in corruption 2. Yes subsidy has to go and everyone supports the FG for that 3. Before the removal of subsidy, build our refinery so we would not have this same issue in the future 4. proper security on our borders so smugglers aka the benefit thieves would not smuggle oil 5. Before removal of subsidy , CUT THE COST OF GOVERANCE. An average senator in Nigeria collects more than Obama the american president. 6. Now remove subsidy. Other things people are protesting for because it was a build up of anger since 1970 and this was the opportunity for a revolution are 1. protest against corruption and the arrest of these people 2. protest against boko haram and killing of Christians/igbos 3. protest against the NEGLIGENT of the Niger-delta Now what is the point of thinking ahead when there is still corruption and non-accountability in the government ? What is the point of thinking ahead when the next administration would tell us about removal of subsidy again ? IS THINKING AHEAD NOT BUILDING OF REFINERIES ? or you think people are stu.pid ? Is thinking ahead not protesting against corruption ? My advice for you is to just keep shut if you are confused to what people are protesting against or don't know what to say. thanks Your sort of mentality is the reason why Nigeria is still where it is today. No light, No security, No shelter, No good roads, No good water, No refinery even though we are oil producing, Total neglect of infrastructure, Total neglect of the Niger-delta, Total neglect of the Niger bridge, Total neglect of people dying in the North, Lack of accountability, Lack of credibility, Lack of industrial growth apart from Oil which the entire country is dependant on, Lack of economic growth apart from the telecommunication sector by OBJ [/b][/size] |
| Politics › Re: Subsidy Removal: Un Commends Jonathan, As Eu Passes Vote Of Confidence by aljharem(op): 2:30am On Jan 07, 2012 |
ak47mann:Shut it man, I am not him I use Alj harem with different variation, or step1 or uche nana that is all now let me rest |
| Politics › Re: Subsidy Removal: Un Commends Jonathan, As Eu Passes Vote Of Confidence by aljharem(op): 2:29am On Jan 07, 2012 |
all4naija:Please statistically what is the difference between 157 and 160 Naira ? or do you not know that our currency is not stable thus there is fluctuation in exchange rate some of you people are funny you know Moreover that is not my statistics but linda ikeja's blog thanks sources = http://lindaikeji..com/ |
, didnt you read the part that said abia state provided transportation for their people?? :oor you have comprehension problems too?? 
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