₦airaland Forum

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How many years have we been practising democracy? Compare it with the countries I listed above. Slowly but surely,we would get there. I got my figures from comapring different sources amonsgt which are: forbes,wikipedia,couple of wall street journals,and various economic and financial articles I've read in the past.

angelsing:
All these country u listed are they stable or not?...Do they lack basic amenities?..Do they have power failure in their economy?...Are they oil producing country?...you see the difference now..while trying to defend Madam/GEj policy can u post the link where u got those debts of those country from

There are always several ways to tackle an issue under decision making theory. He who is saddled with the responsibility just needs to carefully identify all the available options,list the possible outcomes of alternatives forgone,select a decision making technique he's comfortable with,apply it,review the outcomes based on the technique used,make a decision and recommend and action to be taken. She's the finance minister and I'm in no way near her standard by virtue of academic qualification or work experience when it comes to dealing with macro-economic issues but I believe with her experience,she'd do what's best for the nation.

Now,there are things basic economic knowledge would teach you,and there are things you can't know if you haven't studied managerial economics and practised it to an advance level. That's why I'd say you should give it to her. The decision to source a loan to defend the naira must have been carefully looked at,before making it. Don't forget that prior to this time,we've been spending our reserves to defend the naira.

Now,talking about govt spending so much on reccurent expenditure,I doubt if the executive can make any serious headway there. Cost of governance is so high and the executive do not have the constitutional powers to unilaterally raise or reduce it. That's the job of our legislative arm of govt comprising the senate and house of reps. For this set of people,what they get is more important than what the masses get. Nigeria operates a bicameral legislature with both houses performing almost the same functions. With the high level of amount spent in maintaining these two houses,it's only logical that we find a way of switching to a unicameral legislature so we can free up money for more meaningful capital projects. But how do we go about it? You and I know that our senators and house of rep members wouldn't agree to this,neither would they agree to give up a substantial amount of what they earn in form of salaries and allowances. This is something that is beyond the executive. It's only the masses who can do this by way of mandating elected officers from their constituencies,to push for a bill like this or support it if it is brought up for a vote,or risk being recalled. But the question is,how many of us are aware that we have the constitutional powers to recall non-performing officers elected from our various constituencies?
Most Nigerians find it difficult to differenciate between a democratic system of govt and military rule. Because our past leaders had absolute powers,we think the president too should have same. But it doesn't work like that.

I can't speak on why we are still importing fuel cos I've done this severally while debating with people here and at the end,we always stand on different opposing sides. One thing I know for sure is that,with the level of corruption in Nigeria,govt has no reason to repair our refineries cos people would continually sabotage it and get govt to vote huge sums for its turn around maintenance(TAM). This was a regular feat under the OBJ govt. If you say people who have licenses to build refineries and haven't built it should be punished by revoking their licenses,all they need to do to cripple the economy,is to use their contacts in the various oil sectors like NUPENG and PENGASSAN,to orchestrate strikes with some flimsy demand,and hold govt to ransome cos the effect would be too hard on the masses to bear. Asking NNPC to be the sole importer of petroleum products too,would give rise to massive corruption. All these aside,I think it's easier to make profit from importing refined crude,than refining and exporting. Hence,those with licenses to build refineries aren't really keen on it.

Nigeria is a complex place and things aren't always as easy as we see them. I've said it over and over again,if we keep complaining about corruption year-in,year-out,it means corruption is a culture amongst Nigerians. Our leaders aren't imported from space. They are elected from amonsgt us.

sevule:
Your reasoning is definitely logical but your argument is flawed. I USED to respect Ngozi Okonji Iweala but she has proven that she is really no better than any of our corrupt politicians.

I am not an economist but IT MAKES ZERO SENSE to borrow money to shore up the Naira because of its falling value. What happens when the Naira keeps on falling? Do we borrow more to further shore up a dead currency? And her argument that Nigerians should curb their appetite for foreign goods is what I would expect a quack quasi economist to say. LIKE REALLY
What ever happened to all the money we made from crude oil during the boom that Jonathan presided over??

The question is where is how do we spend our dollars? We spend it IMPORTING FUEL when we have refineries! Instead of her to advise the government to stop using OUR SCARCE forex to import fuel she is busy spewing banalities that a Harvard educated economist has no business saying. Our clueless government has allocated more than 80 percent of our budget to recurrent expenditure and you actually expect the economy to grow. HOW??

The answer to our problems are simple:
1. Drastically reduce cost of governance
2. Stop importation of fuel
3. Tackle corruption head on and plug loopholes for theft of funds
4. Increase capital expenditure and make the power sector a priority
5. Have a viable plan for Nigeria's industrialization.

The only Economics I ever did was Secondary school economics but even with that I know that Iweala either has no idea what she is doing or she has sold herself to Jonathan and has REFUSED to advise the government properly.

Sadly none of the above WOULD EVER happen if Jonathan is elected!

You people should educate yourselves properly and stop spreading wrong info. OBJ's govt left an external debt of 3.5 bn dollars and an internal debt of about 14 bn dollars. What we simply got was a reduction in our debt profile which stood at a cummulative figure of around 60 bn dollars before. What we succeeded in doing was getting debt relief from the paris club to the tune of 60% and then paid around 6 bn dollars in arrears. We succeeded in exiting the paris club who we owed a large chunk of our external debt to. You guys should stop mis-quoting figures.

dammytosh:
The e-diot spent all the exxcess crude oil funds (Billions of dollars )

and they are borrowing at 3%.

Obasanjo paid all the debts and left reserve


GEJ spent all the reserver and will leave debt.

Sorry to burst your bubble;America can never,and will never ever be able to pay back 17 trillion dollars of debt. The massive federal debt never will be paid. One reason is the simple economics of debt: The more debt there is in a society, the more current income is needed to service the debt rather than to produce new wealth.

"The marginal productivity of debt (that is, the amount of new wealth produced per dollar of new debt added) has been declining in the U.S. for half a century. During the 2008-9 financial crisis, it fell below zero. Whatever the figure is now, we simply aren’t able to get much bang for our additional debt bucks, sort of like a junkie in the advanced stages of addiction".

This is a quote from an American financial analyst.

America's inability to pay her debt,has a ripple effect on other foreign economies. Anything that affects the U.S economy,affects other foreign economies. This was made evident by the global recession of 2008/09.

Owing debt isn't usually the problem but what the debts are being used for,is the main problem. Americans are spendstrift and they simply can't control that habit.

Nigeria wouldn't have needed this new loan but for the decrease in oil revenues,and our inability to save enought when oil was being sold at around a $100 per barrel. The federal and state governments keep arguing about this. FG claims state governors insisted in sharing proceeds from the excess crude account. The state governors justified it by saying the ECA was an illegal account and that it isn't backed by the constitution,hence their demand for their share.

At the end of the day,we as citizens need to cut down on our demand for foreign products and start looking at consuming more of locally produced goods. The economy is not run by magic;it is a function of what our demands,supplies and consumptions are. Less imports would strengthen our naira and reduce the amount of foreign exchange we spend in defending the value of the naira.

bushdoc9919:
Have you forgotten the 1980's.? Where we were in so much debt that we had to take the SAP medication?

Yes...a lot of countries borrow. And that does not mean their governments or people are happy about it. And in extreme cases...the economy can collapse eventually. (Look at Greece and Argentina).And even healthy borrowers like the UK are cutting back on government services.

Also....many first world debtor countries have the potential means to pay off their debt. Means like innovative economies, technology, etc. All Nigeria has is oil....which is not earning us enough money right now.Guess what...our debt will grow.

Simple fact is....we would not have needed this debt if we had not been so reliant on oil.

So, don't rejoice. Just because other countries have debt....does not mean that a third world country like Nigeria too should have debt...especially when we have no cushions against the adverse effects of the debt.

What's all these nonsense you guys are screaming about? Is there a country in the world that doesn't borrow?

America's debt profile is 17 trillion dollars with a foreign reserve of 129 billion,Britain's debt profile is 9.5 trillion dollars with a foreign reserve of 139 billion,China's debt profile is 3.8 trillion dollars with a foreign reserve of almost 4 trillion dollars. Nigeria's debt profile is 47 billion dollars with a foreign reserves of 32 billion dollars. Out of this 47 billion,9 billion makes up our external debt,which is about 5.5 billion up from 2005 when NOI left the Obasanjo govt. When she left,domestic debt was around 14 billion dollars. As at now,the federal govt owes about 6 billion of the external debt while the state governments owe the remaining 3 billion.

Our debt to GDP ratio is 12.51 percent,which is much lower than the 26 percent benchmark set by international standards for countries in our category. So what's all the big noise about? That being said,I know it's not a yardstick for us to keep accumulating debts but these debts come in different packages via bonds and treasury bills and some of them are being used to control money supply in the economy so as to reduce inflation,amongst other things.

The way Nigerians react to issues bothering on economics at times,could be so embarrassing. Most Nigerians act like we're the only nation in the world that borrows money. You guys should try and update yourselves on certain issues at times before debating on them.

Are you tryna say she is boring or what?

chrisviral:
The most boring people on earth, are usually creative with a pen, damn more creative than the shouting extrovert.

I'm saying because I Know.

Errmmm,I am cummin.

sexyseun:
me nko?

And you just made sense again.

Naijasinglegirl:
na so. I don't have a good shape but I have a good heart eh. Looks will fade with age but my personality is forever.

How long has the car been used? When did you register it? The average market selling price of a used one of that car is between 800k-1m

Adesiji77:
Hello house, I would like to know the fair market value of a Toyota RAV4 2002 Model with mileage of 126,000.

I want to effect comprehensive insurance on the vehicle and the insurer is asking for the market value/the value that i want to assign to it in the event of a claim; I want a very fair and objective value.

It was brought in to the country from the US in mid-2008 and has been used very moderately since then.

Thanks for your expected responses.

CC: chelseabmw, pafestula, Ikenna351, Marpol, lomomike, Siena, sultaan, Carshopper, femiorimogunje1, Export1, zenzen, mc1motors, Coolcars6, chronique, Issfat

With the kind of humour this naijasinglegirl has got,if I had to pick a soul mate from a pool of ladies,she'd definitely come tops(provided she's pretty and has a good shape+heart). Chick is one lively and funny lady.

Even before the army debunked it,I already knew it was a lie. Check the thread I created on it same day it was reported.

https://www.nairaland.com/2215069/reuterschadian-army-lied-town-damasak

And somewhere from my crib,I hear people shouting PDP!!! POWER!!!. March 28th will decide.

Obasanjo,where art thou? You were in power as at 2005;kindly come and tell us how much of the 20 trillion dollars you kept for yourself.

Don't blame them. Tinubu/APC is giving them the Almajiri type of "change". That's what they want.

I thought APC has been leading in other polls by 82%?

Congregation of fools.

Classic master piece from Yinka Odumakin. I have lived in Lagos as an adult for about 20 yrs,witnessed what Lagos was under the Buba Marwa regime,Bola Tinubu regime and Tunde Fashola regime. Apart from the clearing of Oshodi,and the introduction of Lagbus/BRT which has gradually turned into molue,I still find it difficult to pin-point one notable achievement of Fashola that I can praise him for. Ok,maybe I should also add the introduction of LAWMA. Alimosho hasn't changed from what it was under Colonel Buba Marwa in 16 yrs of Tinubu and Fashola's govt put together. When most Lagosians who support Fashola,want to back him up,they point to the lekki toll gate/express that was constructed for 38bn naira. If I have to drive from Alimosho to Lekki to see the work Fashola has done,then it makes no sense.

I challenge APC and Fashola supporters to list Tinubu and Fashola's achievements in Alimosho,in 16 yrs. This is a place where you need to win in an election,to be sure of becoming the governor of Lagos state.

This is Onila's handwork. This is what her numerous virgin threads has caused. How are we sure she's not the one that manufactured it cos all her own is #teamVirgin. Onila,please come and teach the ladies how to use it.