₦airaland Forum

For the FG to give you another bailout,
1) Osun has to have it's accounts audited by external audits,
2) All missing (read stolen) monies returned.
3) Aregbesola stepping aside.

dukie25:
If he didn't send his wife who did then? He didn't send his son in-law to state House of Assembly or house of Representative as well, No?

You have to prove that he sent them because last i checked, they(his wife and son in-law) are both adults capable of making decisions for themselves.

Your parents might have chosen a career path for you and that's okay but that doesn't mean everyone's path was chosen by someone else.

dukie25:
So he sent Remi to the Senate and also wanted the Senate scrapped?

Stop assuming he sent his wife to the senate, she's old enough to make decisions for herself.

dukie25:
Why then did he send his wife there if the Senate is irrelevant and a waste?

As of today, the senate is not irrelevant whether Oluremi is there or not.



The aim of your post was to ridicule Tinubu but you weren't smart enough to think through your post. Tinubu made the call to scrap the Senate even though his wife is a sitting senator.

dukie25:
This was before he sent his wife Oluremi to the Senate right?

This is senator Oluremi's 2nd term, do the maths.

kutchs:
The difference between you and me is that you are easily deceived which is quite unfortunate. I keep wondering why a project as important as the Calabar-Lagos rail line is considered not important to be included in the Appropriation Act prepared and submitted by the president himself.

You actually think a President sits down to draft a budget?

14:
I am surprised why many people here are clueless about economics. It not how much the debt is to the GDP, its how much you service your debt from your annual budget. currently Nigeria spends 33% of its annual budget servicing the debt. If nigeria borrows more, like its doing cureently, the debt service budget will shoot over 50%.

Nigeria's budget is $30bn and 33% of it will go to pay the debt, thats $10bn from that $30bn. Which means Nigeria has only $20bn left to run the country and fund some projects. Thats where the problem lies. Lets assume nigeria increases its borrowing to about 50% of its annual budgets, that means half of the annual budget wil be going to service the debt.

HOPE I MAKE SENSE

Borrowed money spent on capital projects can finance themselves e.g, the Lagos to Calabar rail when functional should be run not as a charity but as a profit oriented business. The profit gotten can be used to pay off the loan.
You can also give it to the lender to run in a B.O.T manner and we never have to spend any part of the budget for that.

Another thing to note is large infrastructure projects generates jobs and stimulate local spending which can leads to increase in revenue via taxes.


The bottom line is spending the borrowed money on things that would generate money.

PS: There are landlords in the UK who take out mortgages and rent the houses immediately. The landlord owns the house, but the tenant pays for it.

modath:
Thanks for resurrecting this travesty of a wailing thread, to think same people are almost convulsing now!!

Cc, Midolian, Omenka, 989900 , Aresa, Tuale4u, TheVoice, seunmsg, Ratello, Goke7,

Madam you didn't go to church today. If you did, then you wouldn't be this wicked.

The OP has just be "egged"

sweetgala:
I'm sorry to highlight that the 2nd Niger bridfge is not listed in the immediate expenditure

It is part of this year's expenditure. The chairman of the sovereign wealth fund talked about it a month ago.

http://allafrica.com/stories/201604040641.html

The last paragraph is the Coco of the whole story. Eliminate waste and stealing in capital expenditure and the economy would kick start itself.

Also a point to note is that the money from China would be accessed on a project to project basis which means if PMB is serious, he can deliver the 2nd Niger bridge, improve our railways and power.
The ball is in your court Mr President.

hackactigist:
.
The government is likely to come under intense scrutiny from civil society groups and political opponents to ensure that the money is spent on the projects for which it is intended. Nigeria has a poor record when it comes to efficiently deploying funds to build infrastructure. and money is often lost to recurrent spending, inflated salaries, over-invoicing, procurement scams and other methods of theft. Eliminating – or at least limiting – inefficiency and corruption from public works projects will be key if the government’s deal with China is to deliver on economic growth.

modath:
Taking out loans to pay Salaries as crazy as it sounds, is a bit more palatable as it ensures there is still a bit of economic activity going on....

There is a developing (or fully established?) Story that the #armsgate #dasukigate $2.1bn was actually a loan from the US!!




The first rule of business is "other people's money" , hedge funds & venture capitalism exist for a reason..

I feel one of the major reason people are wary about loans & borrowing is the back breaking repayment plans & killer interest rates....

The west's economy would crumble in a minute if their citizens are unable to access "loans" or people think the concept of credit card is "helping out a friend" ?

Taking loans to pay salary is not bad if it's a one off but for the so called civil service states, it's a no no.



You'd be shocked at the number of Nigerians to know who VC's are.

989900:
You're absolutely right on all points!

Sometime last year, the CBN governor said we should sell off some of our oil assets. As usual, most on the forum blasted him but to me it was a great idea ( though mine was lease not sell).
We have a corruption problem so cash ain't safe so why not swap oil for infrastructure?
Infrastructure building would create jobs while the government would generate money from taxes.


There's no point having money that would be stolen.

mrintellectual:
Thirdly, Dangote alone,is enough to borrow us even,5billion dollars.
.

You mean the same Dangote that just secured a $2 billion loan from China.
Mr OP, stopping deceiving yourself, your intellect might be in Ludo, hawking but it's definitely not finance.

I'm with you on the borrow to fund infrastructure projects.
The problem with Nigeria is past borrowed funds were wasted on thinks like salary.


@modath
It's a testament to how bad our educational system in this country.
One of the things I have learnt is that rich people find their business with other people's money e.g Dangote.

Mr OP, no offence but you are an idiot.

If you are going to copy and paste, at least copy and paste things that are sensible.

odikimi:
1. Atiku former former VP
2. Bola Tinubu
3.Abubakar Atiku Bagudu, governor of Kebbi State etc.

I learnt the most corrupt persons according to APC (Obanikoro, NOI, Orubebe and co) visit the State as I do go to Obalende from Ajah.

They don't need to go with Buhari, they can travel on their own.

How many times will people post this rubbish?
If it's from Fayose then calling the guy is retarded.

The relocation of this market has been on the cards since 2008. Anyone who feigns ignorance is deceiving no one but himself.

mekaboy:
Projects were not costed, all that was done was mere estimate which you know how corrupt politicians do their estimate. Like spending 78 million naira for a website, and hundreds of millions for borehole. That's what is done and presented in the budget.

This makes up about 6.8 trillion. Now from this padded estimate we say we will need extra 2 trillion to do all these padded stuff we have here.

Now china says bring those your padded projects and let's do them at that paded amount u put up there. When we finish you owe us that padded amount u put in there.

So let's say china decided to build that 78m million naira website at the cost of 500k, Nigeria is still owing 78 million abi?

Who cares, after all the website is nt generating money so if we don't find a way to pay for it, let the next govt carry the headache we are out.

A budget is different from counterpart funding. When you approach an investor for funding, you will present the cost of the project.


Like I said earlier, you have zero knowledge of finance.

mekaboy:
I don't knw tell me.

The project costing was done by Nigeria.
The project was initiated by Nigeria.

Was does China get in return, they are guaranteed to export things that can't be sourced locally. So while the project creates job in Nigeria, it also creates job in China.

Like someone has said earlier, you can't use treasury bills because they are short term instruments.

You also can't borrow such a large amount from Nigeria because it's cheaper ( same reason why Dangote went to China).

mekaboy:
Then u have nothing to say, you are not as knowledgeable as u sounded. Are u now comparing Nigeria to UK? In what terms are you comparing ?

Is counterpart funding free? Won't it be paid? Who will be in control of the costing and execution of the projects?

Why not borrow from Nigerians to fund it?

How do you think counterpart funding works?

mekaboy:
Please explain to me sir, how this loan works. How china will fund Nigeria's infrastructure and we won't pay back.

How the contracts will be awarded to Chinese firms at their own cost and how we will pay back in dollars .

I really don't know anything about finance and will love to learn from you. I am sure u knw alot about finance.

Sir will the the lagos calabar rail project also be part of the funds?

There's nothing to explain because it's way beyond your understanding.

Read up on counterpart funding,


PS: Even the UK went to China for high speed rails.

The amount of olodo's on Nairaland seems to be increasing geometrically.

OP
You have no idea about finance stick to ludo.

patrick89:
right now you should learn to stop seating on your brain!!! the project is a very bad one on the economy of the south south.. when did you from wastern region start caring for the south south?

Bros no offence but you and your likes on this thread are not smart.

OP
No offence, but this topic is far far above your understanding.

You should stick to topics you are well versed in and finance is not one of them.

Keneking:
You say wetin? A common software for academic purpose is cheap, less than the CONUASS pay for one Professor in a federal university

I don't know how much turnitin costs but the student version "write check" costs $7.95 for a paper. I know institutions would get it cheaper but I don't see any government institution in Nigeria paying 5 million plus for a plagiarism software.
Keep in mind that this schools hardy have reliable internet.

Keneking:
Amazing decision...Where is Turnitin plagarism software sef

"A professor, the VC said, was also retired by the Senate for plagiarism."

They should review all the PhD Students/ Candidates he supervised as academic. Click like if you agree.

I am sure most of those in Government ie local, state and federal that earned their phd's from this University would be affected.

Nigerian schools can't afford turnitin

Ishilove:
I didn't even see your answer until you quoted me

Hmmmm

Ishilove:
I can't be given such options because I can't end up with such a petty man

Admit you remixed my answer

ladyF:
All these annoying and biased topics una dey always create for hia I hope the husband is changing his number too.

What happened to its ladyF again?

erico2k2:
I can't imagine changing a line I've been using for 10 years, unto sey old things are passed away. That's premium, high grade bullshit.
ok let me ask U, if yu are geven these options, change ur line or marriage over which would you chose?

I can't be given this two options because I can't marry an immature lady.

mentorandfriend:
Another Insecure, purposeless man just got married.

I don't know who manages to convince these men that marriage will solve the problem of their battered and damaged egos.

People should be matured and totally heal emotionally (if they have battered egos) before disturbing the peace of any lady in the name of marriage.

Two bottles for you.

You husband is immature. Changing phone numbers won't stop your ex from calling you so what's the point?

Let us even say the Calabar - Lagos rail was not included the budget, couldn't Ben Bruce and the rest of the SS nass members call Amaechi and ask him what project does he have for the SS?
Ben Represents his people in the senate, his number on aim should be to get development to his region anyway legally possible.

When it comes to developmental projects, the northern politicians forget party but down south, the reverse is the case.