₦airaland Forum

LordAdam16:
Answer these questions or don't quote me again.



-Lord

Nigeria had no political will to save under Jonathan —Okonjo-Iweala


Speaking, yesterday, at the George Washington University, Washington D.C. Okonjo-Iweala said the Goodluck Jonathan administration differed seriously from the Olusegun Obasanjo administration under whose administration the Nigeria government saved $22 billion, which she said, helped to cushion the dryness that came the way of the country at the end of the last decade.

Okonjo-Iweala served as finance minister under President Obasanjo between 2003 and 2006 and again under President Jonathan between 2011 and 2015. The former finance minister and World Bank president, who spoke on “inequality, growth and resilience,” with Chile as an example of a country with a saving culture, was quoted by The Cable, an online news medium, to have said: *Ngozi-Okonjo-Iweala[b] “We tried it in Nigeria, we put in an oil price based fiscal rule in 2004 and it worked very well. “We saved $22 billion because the political will to do it was there. And when the 2008 /2009 crisis came, we were able to draw on those savings precisely to issue about a five per cent of GDP fiscal stimulus to the economy, and we never had to come to the Bank or the Fund.[/b] “This time around and this is the key now, you need not only to have the instrument, but you also need the political will. In my second time as a finance minister, from 2011 to 2015, we had the instrument, we had the means, we had done it before, but zero political will. “So we were not able to save when we should have. That is why you find that Nigeria is now in the situation it is in. Along with so many other countries.

https://www.vanguardngr.com/2016/04/nigeria-had-no-political-will-to-save-under-jonathan-okonjo-iweala/

LordAdam16:
I've got a simple question for you. Do you think Nigeria's revenue between 2010 and 2015 was sufficient to make up for our humongous infrastructural deficit?

And can you point any country in the world with 30% budgetary spending for capital expenditure that does not borrow?

Answer these questions.

Then when you're done. Answer the other questions that you've avoided. I've listed them below.



Answer these questions in your next reply or sh*t your trap.

-Lord

rdokoye:
Support the Biafra movement, and you'll never have to deal with an Igbo person again Don't you think that'll be most ideal? No point forcing a group of people, that obviously do not like other Nigerians (at least not anymore), to remain in the country.

I remember years ago, when the antagonism was one sided; people would make threads asking silly questions about Igbo people, and Igbo people would simply ignore them. Today, that's no longer the case, now you have Igbo people demeaning other Nigerians. It looks like Igbo folks are tired.

LordAdam16:
Since you're going to selectively copy stats, let me post this from the same article.



And since we're talking of debt,

Buhari and his ilk borrowed almost N4 trillion in only 18 months (December 2015 to June 2017).

https://www.premiumtimesng.com/news/headlines/243644-nigerias-foreign-debt-40-buhari-nbs.html

deji68:
so USA economy is bad ...no 1 debtor nation even Germany

LordAdam16:
You fund both regardless of the state of the economy.

You can't say because the economy is bad, you wouldn't pay worker's salaries. And you can't say because the economy is bad you'll cease all capital projects like your Id*ot-in-Chief is doing, because it's only going to worsen the economic contraction.

That has always been the PDP policy. That's why in 2008/2009 in the height of the global economic crisis and oil slump, Nigeria was one of the few oil producing nations that did not fall into recession. Exchange rate fell, growth rate subsided, reserves fell by around $20b, but we didn't enter recession because we didn't hold back from funding.

We even bailed banks exposed to the crisis with over $5b.

Three years later we were already the fastest-growing economy in Africa and in the top 5 in the world.

Currently, why the Ministry of Finance isn't experiencing much problems with salaries is that while in 2014/2015 official exchange rate was 150/168. Today, official exchange rate is 305. Meaning the government gets twice the amount of naira for every dollar while paying the same salary.

So if the Nigerian government needed $1b in 2014/2015 to pay N150b monthly wage bill. Today, they only need $500m to pay the same N150b monthly wage bill. That is why the government is not in a hurry to increase minimum wage.

Another reason is that the IPPIS and FGMIS introduced in 2012 and is still being implemented as I type this message has eliminated hundreds of thousands of ghost workers. NOI uncovered 46,000 ghost workers within 6 months of launching IPPIS. As at 2016, when implementation got to the National Railway Corporation, they found that 10,000 staff were receiving salaries, whereas number of workers were not up to 40%. Even Adeosun found that some civil servants were tampering with the IPPIS.

The problem is that your kind are looking for miracle workers and have unexplained hate for GEJ. Nothing you accuse him of is based on facts. All the propaganda you've shared on this thread have been squashed. And you've refrained from answering my questions, while I answer yours satisfactorily.

-Lord

FG Has Borrowed A Total Of N2.57 Trillion Under President Jonathan, National Assembly Complains


Under President Goodluck Jonathan, the Federal Government has borrowed a total of N2.57tn.

Thus, the Federal Government’s debt profile rose from N4.18tn as of June 30, 2010 to N6.75tn as of June 30, 2012.

Jonathan was sworn in as Nigeria’s Acting President on February 10, 2010 following the death of President Umaru Yar’Adua and was later sworn in as the elected president on May 29, 2011.

Records obtained from the Debt Management Office showed that four months after Jonathan became Acting President, the total debt profile stood at N4.18tn (as at June 30, 2010).

However, by June 30, 2012; the debt profile had ballooned to N6.75tn.

This shows that within a period of 24 months or two years, the Federal Government debt profile rose by 61.48 per cent.

Analysis of the debt increment between June 30, 2010 and June 30, 2012 shows that the Federal Government borrowed an average of N107.08bn every month for 24 months or a total of N1.285tn per annum.


https://www.naija.ng/16198.html

LordAdam16:
Jonathan borrowed money because oil revenue was dramatically low and we were already running a huge deficit.

He used part of the loan to pay salaries and other recurrent expenditure, since they constituted 70% of the budgetary spending.

Now, let me ask you, do you have a problem with GEJ using part of a loan to pay workers when revenue is down?

-Lord

WILL NIGERIA WITNESS ANOTHER BORROWING SPREE IN 2015?

Nigeria’s total debt portfolio has risen 30 percent to $62 billion in 2014, up from $47.6 billion as at September last year. The country’s external debt stood at $9.52 billion, 15 percent of the entire debt stock. Domestic borrowing however accounted for bulk of the total money owed by Africa’s largest economy.

Nigeria, Africa’s largest economy, has twice raised funds from the bond market since its debt relief in 2005. First in 2011 with a $500 million 10-year Eurobond, then in 2013 when it issued a $500 million 5-year bond at a yield of 5.375 percent and a $500 million 10-year bond with a yield of 6.625 percent. Aside the government’s capital sourcing tours, state governments also embarked on a bond sale spree in 2013, offering Islamic Bonds (Sukuk) and chasing other forms of capital. But with infrastructure and capital spending still a mile away from re-current expenditure, international economic bodies are questioning the rationale behind seeking such huge funding.

http://venturesafrica.com/will-nigeria-witness-another-borrowing-spree-in-2015/

MENTORCH:
At the beginning of Jonathan's regime oil price was about 50 per barrel, it rose to 120 2014. Why didn't rice go up back then, even yaradua and Obasanjos regime oil price was around 50 to 60 but Nigeria didn't have the problem its facing now.

LordAdam16:
Jonathan borrowed money because oil revenue was dramatically low and we were already running a huge deficit.

He used part of the loan to pay salaries and other recurrent expenditure, since they constituted 70% of the budgetary spending.

Now, let me ask you, do you have a problem with GEJ using part of a loan to pay workers when revenue is down?

-Lord

intruxive:
According to them (another lie) he is dead, killed and his body taken to heaven by shuku alabama to return as ndigbo jesus on the day of lefulendum
Meanwhile my guy dey chop pizza for ghana dey strategies how to permanently disappear go meet chuddy of MMM for Philippines

LordAdam16:
Which of Nigeria's bank account was full of money in 2014?

It seems you are not alright.

Or were you not in this country when the GEJ administration used $5b from our reserves between October and December 2014 to stabilize the exchange rate after the sharp fall?

Is the 2018 budget going to use 2017 revenue or 2018 revenue?

Awon illiterate.

Dumbito!

-Lord

LordAdam16:
But you said GEJ was the greatest looter ever in Nigeria.

Abi are you backtracking already? Or is $2b larger than $12b?

Or you don't know the definition of looting?



Is OBJ not the APC navigator?

And how is GEJ the greatest looter when OBJ spent 3 times more than he did on electricity yet added more MW than OBJ?



How is it irrelevant? Are you okay at all.

How can you say that someone looted N300b, yet only N10b was recovered. That is less than 5%.

So what happened to the 95%? Were they spent or just vanished into thin air?



In what rule book is it said that governments must only borrow to finance capital projects.

Did GEJ's administration not borrow to finance capital projects? Or are you going to single out the instance where the money was used to pay salaries. Would you have preferred if the workers weren't paid?

And in the period where part of the borrowed money was used to pay salaries, was revenue and loans not used to pay for capital projects?

Or do you just have a problem with federal civil servants. Do you even realize that 70%+ of the budget (then and now) was for recurrent expenditure.

So if 70% of the budget was for salaries and other recurrent expenditure, are you saying that part of the money borrowed should have not being used for paying salaries when revenues reduced.



1. Subsidy
2. Infrastructure--rail, roads, education, electricity et cetera
3. Agricultural revolution

Now tell me what PMB has used his for...



You see yourself.

Was the loan to pay salaries taken in 2014 or 2015?

Illiterate, like your President.

-Lord

9jakohai:
1.Our leaders past do leave some legacies. I think IBB was bad...but he did something good called DFFRI and NDE...the latter which continues to help Nigerians today. Also set up the FRSC and NDLEA. Abacha was a dictator...but the failed banks tribunal he set up restored some sanity into our banking sector after the messy scenes in the early 1990's.

However, Nigeria can be strong only via industries...and that is why i don't think most of our leaders are good.

2.Jona borrowed..yes. He was a bad fiscal manager. He also had this problem. Nigeria needs oil to be at $123 per barrel to balance the books. While oil was above $100 from 2011-14..it never stayed above $120. Then if he had been able to deregulate back in 2012...he might have saved billions from the complete subsidy removal.

LordAdam16:
Did he loot $2b?

Or he appropriated $2b over a 4 year period to the NSA office?

Funds not legally and constitutionally appropriated by the Nigerian legislature = illegal and looted funds especially considering the fact that the funds was shared with his cronies and it is on record that jona himself sent his cronies like metu to dasuki for cash withdrawal from the stolen funds.



[quote]Or does loot have a new meaning?

Babangida looted $12b in one year.

OBJ spent $16b on electricity.

Yet GEJ was the greatest looter.

And I should ask you, how much out of the so-called $2b has been recovered? How do you reconcile that less than N10b was recovered from a loot of more than N300b?

1. Are you saying no government in the world borrows? Or do you think only our revenue would have been enough to pay for the expensive subsidy and tons of ongoing projects under GEJ?

And since PMB hasn't commissioned a new project and halted other ongoing projects, what is he using the money he's getting for?

2. Can you provide proof that GEJ was borrowing to pay salaries when oil was at $100/barrel?

9jakohai:
1.He did build new universities plus the almajiri schools

2.Finished the Kaduna-Abuja railway link...and revitalised the rail system.

3.Did try to fix the airports.

4.Did try to deregulate OIL.

5.Played a key role in getting the Dangote refinery...by helping to negotiate for the loans needed.

6.We improved our cash crop exports...especially cocoa

Still...we did not get on a path away from oil...which is why i don't think he was a success.

LordAdam16:
Oga, can you tell me how much GEJ looted?

How much did Jonathan loot?

-Lord

LordAdam16:
There are lots of indication that the economy wouldn't have plunged into recession if GEJ retained power.

1. There would have been no NDA crisis, singlehandedly caused by the stupidity of Buhari.
2. The country would not have run on autopilot for 6 months, when Buhari was selecting his angels.
3. It wouldn't have taken NOI 20 months to compile an economic plan.

Those are the major three and there's more.

The naira nosedived in 2008/2009 during the Global Recession+Oil Slump. We didn't enter a recession. The prices of foodstuff was tied to the naira nosediving and marketers hoarding gasoline because they were unsure of payments since subsidy was a contentious issue leading up to the election.

Sanusi in the tail-end of his tenure CBN governor was a rabble-rouser, doomsday predictor, and political saboteur. First off, no $20b was missing. He reviewed it downwards to $5b or $2b, he was even unsure of the exact amount. Even then, it's been 2+ years since he left, why has Buhari and Magu not found the phantom "missing $5b"? Or did it just disappear out of the world's financial system?

You'd think smart people can at least do independent research or reason critically.

For every $1, this government has added to the reserves, $1.2+ has been borrowed. Yet, no projects are being commissioned. Less than 20% of the 2017 budget has been implemented and we're in December (same story for the 2016 budget).

Later in 2019, he'd use a high reserve balance to do campaign while 11m people have been unemployed under his stead in the last 24 months. And I expect lots of you to shower him with praise.

You were one of those who danced against subsidy removal in 2012. Then went back to your vomits to support its removal in 2016. Barely a year later, subsidy has ballooned to N40 per liter, and you're itching to quote stats blindly as an arm-chair quasi-economist about a government that is better than the current one in virtually all indices.

I'm sure in February next year when Nigeria will officially be declared as the country with the most people under poverty (overtaking India with a population five times larger than ours), you'd also find a way to prove it'd have still being the case if GEJ was the president.

I think you should be thrilled by this administration. It is exactly what you wanted. Since you seem to have excuses for every failure.

Nonsense! And to think you're a mod.

Buhari would probably win in 2019 not because he performed well, but because there are a lot of people with egos the size of Jupiter who continue to rationalize their mistake in 2015. You are one of these people. And let's not forget the ones in whose eyes Buhari can do no wrong.

-Lord

FG Borrows N473bn To Pay Salaries – Okonjo-Iweala


https://17350-presscdn-0-16-pagely.netdna-ssl.com/wp-content/uploads/2015/05/Ngozi-Okonjo-Iweala.jpg



The federal government has borrowed 473 billion naira to meet up with recurrent expenditure including paying of salaries while it is yet to release funds for capital projects.

According to Reuters, Nigeria has already used half the borrowing allowance it has budgeted for and has not released any funds for capital expenditure so far this year, as lower oil prices eat into its revenues, the country’s finance minister said on Tuesday.

“We have serious challenges,” Finance Minister Ngozi Okonjo-Iweala said in an emailed statement. “Things have been tough since the beginning of the year and they are likely to remain so till the end of the year.”

The borrowed money has been spent to cover overhead, including salaries, the minister said.

https://www.pmnewsnigeria.com/2015/05/06/fg-borrows-n473bn-to-pay-salaries-okonjo-iweala/

jrusky:
You are likely suffering from dementia same as your Buhari is right now. Stop fighting back foolishly it makes you look more stupid.

Please who are the looters just mention 7 confirmed one and proof it? Hahaha I know you will say madueke to your foolishness why did apc silly govt refused to let her comes back to defend herself or is that how British or America allow their citizen to be charge outside their country? Your illiterate EFCC boss said MADUEKE stole 90billion dollars and all our reserve still at less than 40 billion dollar till date pls reconcile that stupid calculation

Oh sorry Olisa Metuh or Dasuki right? ok pls add all their loots together and minus it from 20billion dollar NNPC contract scam that ended up in handshake in Aso rock few weeks back pls reconcile it Mr big mouth and tell me who is more corrupt

ABIOLAXYZ:
GEJ the moses of our time

Jaideyone:
when will you stop spreading this lie

Oyo is fourth. anambra is 16th clown

https://en.m.wikipedia.org/wiki/List_of_Nigerian_states_by_GDP

Jaideyone:
you are not leading in indigenous or even foreign investments no dey lie

if you talk about 2x2 shops then you are leading

2cato
With all these Yet kano produce the highest amount of beggers and almajiri per state? I shake my head. Kai baba.
Why not show us the picture of beggers and almajiri on row call
What about the longest bridge build by gej

Ratello:
This is stale already try something more convincing please

Reaa:
For three consecutive years, President Muhammadu
Buhari has presented budgets that are more reckless and ridiculous than his predecessor’s.

Buhari did not only adopt the budget template of Goodluck Jonathan, whom his administration has consistently accused of financial profligacy, he has presented more outrageous budgets than the defeated PDP leader did while at the helm.

The most inexplicable item in the 2018 budget is the reappearance of N5.4 billion for repair and rehabilitation of office buildings at the State House headquarters, Presidential Villa, Abuja.

In 2016, Buhari earmarked N4.5 billion for the repair and rehabilitation of residential and office buildings, while in 2017, N5.6 billion was budgeted for repair of residential houses in the Presidential Villa.

In three years of budgeting, Buhari has earmarked over N15 billion to repair and rehabilitate buildings in the State House.

This outrageous expenditure on repairs of buildings is unbelievably coming from Buhari, who had just five houses and two mud houses in Kaduna, Kano, Daura, and Abuja before he became President in 2015.

In contrast, Jonathan earmarked N2.1 billion in 2014 for repair of both residential and office buildings, and N1.1 billion in 2015 for all repairs and rehabilitation at the State House.

Buhari’s first budget for 2016 attracted public outcry but he blamed the inflated figures on “budget padding” by unnamed civil servants. However, the 2017 and 2018 budgets are not better than the “padded” 2016 budget.

Buhari’s State House is more expensive than the Jonathan’s. The 2017 budget for State House headquarters was N11 billion, lower than N11.5 billion in 2016 but N11.5 billion again for 2018. The same budget under Jonathan in 2015 was only N5 billion and N8.7 billion in 2014.

Comparing Buhari and Jonathan’s budgets in figures may not be realistic because of naira devaluation. However, Buhari has nearly doubled the figures on all the budgetary items in the State House and made provision for suspicious items.

Buhari has earmarked N66 million to the ever-changing residential rent in the Presidential Villa. In 2017, the rent was N77 million and only N27 million in 2016. The same residential rent in the last two years of Jonathan’s presidency was N22 million in 2015 and N41 million in 2014. It seems there is nothing as fluctuating and elusive as this annual rent paid to the Presidential Villa landlord or probably a landlady.

Read more: https://www.icirnigeria.org/figures-buharis-state-house-is-more-expensive-than-jonathans/