₦airaland Forum

Not looking good for Wike and PDP.

My personal opinion is that Wike/PDP would have easily won a free & fair election, but then they were so desperate that they couldn't take such risk. Anyway, the worst the Tribunal can do is to order a fresh election, for which Wike is still most likely to win.

The only little problem there would be that he will need to vacate office and loose his immunity while waiting for the elections. This is where the EFCC & DSS will come in handy. Suddenly, this little problem might become a disaster.

Enough of Thuggery and Rigging. Nigerians must have the freedom and right to elect whoever they want. This is the only way politicians will feel accountable and indebted to the people and not to some godfathers.

A free & fair election in Rivers State is likely not to have more than 700k voter turnout. Where the hell did they manufacture 1.4m votes from? A state that has less than half the number of registered voters in Lagos suddenly had more votes cast than Lagos. PDP Magic!

The fact that you served in that government, yet you cannot categorically say that he was NOT corrupt speaks volumes.

baralatie:
I don't want this administration to disturb itself with solar,wind,nuclear power.they should CONCENTRATE on INCREASING that TRANSMISSIIN KINE CAOCITY TO SUSTAINABLE LEVELS OF 18000MW

From the article, it does not appear that the government is investing any of its money. If the government needs to spend any money on Power, I agree that they should focus on our Transmission lines, gas pipelines, etc. However, this should not mean that private investors who see opportunities in the sector and want to invest their own funds should be discouraged.

Kx:
The investors that
A. Built world class refineries
B. Established car assembly plants like Toyota, Honda etc
C. Turned our cocoa into chocolate
D.established world class roads and other infrastructures that profited them and d populace.

How come the kind of investors that gets attracted to Nigeria are more of short term fund speculators/investors than long term?

Most of the investors referred to in the article never invested in the Real Economy, they only invest in short term Financial Assets.

What Nigeria needs now are Real investors and not Speculative investors. I think PMB needs to constitute his Economic Team ASAP.

omonnakoda:
Default is a legal and technical term which has a very specific meaning within the context of Sovereign loans. I respectfully suggest you check that up. If you insist Nigeria defaulted provide evidence please

I have not made any claims so I do not know what point is being made withthis

I agree that it is entirely legal to default. I referred you to an article posted on this thread detailing Nigeria's loan history. It was posted by balaratie, you can go back and read it.

I was actually referring to the borrower "claiming" and not omonnakoda.

omonnakoda:
The logic of the "several times over" claim is a comparison between the original principal and the total amount paid. Nigeria never stopped servicing its debt at any time so that is not an illogical thing to say though that is usually the case for long term loans that the total amount paid is a multiple of the principal.If consistent with agreed terms there is nothing strange there. Several times over does not mean "more than was contractually agreed" though he may have issues with the agreements

As noted in an article posted on this thread by balaratie, Nigeria had defaulted a number of times in honouring its debt servicing obligations, thereby resulting in the original debt compounding over time.

If you agree that it is "usually the case for long term loans that the total amount paid is a multiple of the principal", then you cannot claim to have paid of the loan. After 1 year of taking a loan, you owe both principal and interest, so paying off the principal does not mean you have paid of your debt.

About N19.6 billion loan will be accessed by the state, apart from the N10 billion from ECA, the government would access N9,604,430,000 from Skye Bank on a 20-year repayment plan at nine per cent interest

He, however, forgot to mention that he will now get a loan @ 9% interest rate and a tenor of 20 years. During the government of his "hero", they were borrowing @ 25% interest rate for only 3 years to repay back.

Next time "Thug Governor", atleast mention the bailout which you are a direct beneficiary.

hinwazaka:
An economist who does not know the true debt service ratio in the country from 1960-2007 is no economist. Imagine an economist saying that we had paid our debts several times over before 2007. Henry Boyo is nothing but a fraud. As at 1997, our official external debt stock, stood at $27.012 billion. How in gods name, Mr boyo said we have serviced all our debts, with a sober mind is puzzling. He is in no way of NOI's standard. Why doesn't he go and get an appointment in world bank. If he could not see the brilliance behind, Madam NOI's economic strategy, then he should ask for a refund from his alma mata. What a joke.

It is entirely possible that Mr Boyo was off the mark in claiming that Nigeria had paid off its debt "several times over". I doubt if he has any valid evidence to support such claim. I, personally, do not think the corrupt military governments paid off the debt.

Having said that, I think it is completely uncharitable to dismiss all the other points raised by Boyo. You claimed that you read the whole article but then allowed your bias and prejudice to determine what you comment on.

As someone with a fair amount of Economics & Finance background, I can tell you that Boyo raised very salient points. He may have gone overboard in criticizing NOI.

Maybe you should comment on some of the other points he raised such (1) rational for the balloon debt repayment (2) why did our debt go up again even with a higher oil price (3) Inflation, Interest rate, Unemployment, Exchange rate (4) Diversification of the economy (5) Subsidy payments (6) 70% budget recurrent expenditure (7) Depletion of foreign reserves and ECA, etc.

I'd be glad if you can deepen the debate by commenting on those issues. Baralatie is also encouraged to desist from trolling the thread with that long article.

As I am speaking to you, all the terrorists’ camps have completely been wiped out.

That is a very bold and audacious claim. As much as I would want it to be true, I will rather reserve my optimism for now.

It does appear, however, that the capabilities of the terrorist group have been significantly degraded.

Great job by the Nigerian Military.

Providing an update on the project, Managing Director and CEO of NSIA, Mr. Uche Orji, explained that $247,586, about N49 million has been spent on the due diligence phase of the project while $1.96 million, about N3.9 billion has been spent on the project development phase as consultancy services fees.

@ the bolded. Something wrong with the exchange rate.

Six (6)

IPad Pro without OS X Yosemite is a deal breaker. Just an over-sized tablet. Surface Pro 3 is still the better choice if you prefer a large screen tablet.

Apple lost it this time. Maybe their mojo is wearing out.

I've seen the word "modules" used several times in the article. Something tells me it should have been "models" instead.

Axeurdaddy:
Even though this is a long way from the required Megawatts generation required to sufficiently sustain a nation of over 150 million people, Its a step in the right direction if this can be attained.

True. If previous administrations had been committed to incremental changes as this, then we probably would be talking about 20,000MW by now.

“This sort of thing cannot happen in America or any other civilised democracy...

Maybe the Senators if it also happens in America that Senators spend 80 days out 100 on "recess", especially at the beginning of a new government.

Nigeria was generating around 1,700MW as @ 1999. So, between then and 2015 (16yrs), PDP spent almost N3Trillion on Power but were only able to add 2,500MW to the National Grid.

laudate:
Where are the leakages, and what are the loopholes? Can you identify them??

I take it that you consider the system is being currently run efficiently. Since, in your judgement, there are no leakages and loopholes currently in the way we implement our fiscal policies, I will not insult your sensibilities by trying to mention them.

[s]They are not alarmist. Unlike you, I run an SME so I know the challenges faced on a daily basis by most of my colleagues and myself, within the industry.[/s]
I will hesitate to join issues with you @ the bolded. I can see you overate yourself without knowing what others are doing.

[s]So 30% company tax is low to you??!! Wow![/s]
In my comment, I used the term "relatively lower". So yes, compared to most other countries, out corporate tax is relatively low

[s]And who told you Nigerians do not pay property tax? What is Land Use Charge and Tenement Rate meant to be? [/s]
Atleast it is not enforceable country-wide like most other countries

laudate:
SA has more businesses, which operate in an environment with better infrastructure and as such, they can generate more revenue, which in turn helps them to pay higher taxes.

What is the level of infrastructure in our country? Are you aware that the poor level of infrastructure has killed more businesses in this country than in South Africa? How much power does SA generate for its 45 million people? Compare that with what is generated here. And compare that with the number of businesses that generate their power, water, security, etc.

What about the wage levels? Janitors in SA earn more than cleaners here, so who do you think would be in a position to pay more taxes?

This is exactly why I support efficient and prudent fiscal policies. If we block all loopholes and leakages from even the abysmal business environment which we currently have, Nigeria should generate more revenues than we are currently generating. This revenue will hence be used to invest in infrastructure that will attract and encourage more investment. More investment will lead to widening of the tax base and thus result in more tax revenue.

laudate:
Most firms evade tax in Nigeria? That is the propaganda that tax officials use to console themselves. How many companies are duly registered by the way, in Nigeria??

Your comments throughout the thread has been particularly negative. While I do appreciate that you raise some salient points, most of your comments appear alarmist.

Nigeria still has a relatively low Company Income Tax (@ 30%) compared to other countries. Our VAT is still a miserly 5% when Ghanians pay as much as 17%. We don't even pay ridiculous taxes such as Property Tax, Vehicle Tax, etc.

Payment of taxes is a statutory obligation of every private and corporate citizen of a country. FIRS is not talking about tax increase but merely to enforce the law. Most countries with lower unemployment rates have higher tax rates and more efficient tax collection than Nigeria, so your argument that this will lead to job losses does not necessarily hold true.

mrvitalis:
Woo this Is what we are supposed to have years ago. .. ...
.. . I bet u internally generated revenue in this country will be more than 10tr if well tracked.... .
... Then we can stop depending on oil and let each state manage their resources

South Africa generates more revenue from Taxes than we generate from Oil. If South Africa with a GDP of $350b and a population of 45million can have an annual budget equivalent to N10Trillion, then why should Nigeria with a GDP of $560b and a population of over 170million have an annual budget of less than N5Trillion? Just plain embarrassing!

The audit, which will be carried out by the service in collaboration with Audit Firms and Tax Consultants, is aimed at increasing the level of compliance with the relevant tax laws, thus improving tax revenue for the country.

AlphaBeta loading...

I have to admit, this genuinely is one of the rare legacies of PGEJ. I have personally seen the place and it looks impressive.

According to Mumuney, “Other changes at FirstBank will see the current Chairman, Prince Ajibola Afonja, retire and Mrs. Ibukun Awosika becomes the Chairman, First Bank of Nigeria Ltd”.

First got to know about Mrs Ibukun Awosika watching the Nigerian version of Dragon's Den, a no-nonsence and shrewd woman! Well deserved appointment.

Mrs. Ibukun Awosika becomes the Chairman, First Bank of Nigeria Ltd.

Impressive for a woman to become Chairman of First Bank PLC. First got to know this woman watching the Nigerian version of Dragon's Den. A no-nonsence and shrewd woman!

Those who have been in charge of the NNPC at top level, they can’t claim ignorance of what has been happening for the last 10 years.

The corruption war may go beyond GEJ government afterall

“President Buhari should make sure that never again will the prerogative of mercy be used to save corrupt officials and grant impunity for corruption as it was done by the former President Goodluck Jonathan with respect to corruption cases against Diepreye Alameiseigha.”

One of the sour points of the former president.

I do not agree with the writer on most of his assessments. However, I must applaud the subtle sarcasm used in expressing his views.

“Wike has not initiated any meaningful project in Rivers State since he forcibly assumed office in May 29th..."

I am not sure PMB has initiated any meaningful project either, but does that necessarily mean he has wasted all the revenue that has accrued to the FG? I don't think so!

Opposition parties (both APC & PDP) should just give us a break already. It is too early to start distracting governments at all levels with baseless negativity. Y'all should go about your opposition with some sense of Responsibility and Patriotism.

#ProudlyTeamPMB

fembizz:
Pls check below my signature message area on page 19.

" JULYSAMPLEofeRangeTrade.htm " that's the attachment name.

Thank you.

Ok, seen. Tnx.

GogetterMD:
Who's the uneducated technician that spewed this garbage? Water level reduced? How many of the power generating plants in the country is hyhydroelectric? The majority are gas turbines. You are here talking about rainy season and reduced water level
And how da Bleep do you intend power be stored to be used another day? This guy must be working for Water Corporation and not PHCN.
Retard!

Yeah, Power must be evacuated and transmitted immediately after it is generated. The reason why we can't generate up to our full potential of over 5000MW is because our transmission capacity is still less than 4800MW.

owobokiri:
Punch and her village reporting. . All the "intellectuals" quoted in this write up are from the south west an APC stronghold. What will it take an editor/reporter to pick up his phone and dial say the HoD Political Science department Nnamdi Azikiwe University Awka, or that of uniport or Unical to have a feel/pulse of other parts of the country as it regards buharis desperation to persecute Jonathan and Jonathans clumsy attempt at a fight back? A vindictive process that is being baptised as "probe". . Why pass some clannish verdicts off as some national opinion?

There will always be people in the SW that will criticize or support the the government. Same thing to in the SS/SE.