₦airaland Forum

chamber2:
Do you maths well.

60 * 10,000 USD = 600,000 USD

600,000 USD * N150 = N90, 000 000

What's the big deal spending 90m to give 60 imo citizens a new perspective to life?

Ohakim, the former gov, spent double of this amount to send his friends and relatives to world cup games in south Africa. He also sponsored another group to watch manchester UTD premiership game in UK.

Which of the two is better? Sending 60 students on exchange program in the US or sending his cronies to UK to watch premiership?

What of option #3?

$300 tuition scholarship for 2000 Imo State high school students?

Which do you think is better for the state?

Lol. Won't this attract even more attention to them?

Pure evil

^-- nice pics

jason: I don't follow.

Anyway, I'm actually curious what Kaduna borrowed the money for.

States are now ranked by debt/GDP (where I used Wikipedia state GDP figures. Obviously not ideal, but best I have.)

Question, what did Kaduna borrow $175 million for? What project was it for? Cross River borrowed for Tinapa. Lagos is Lagos.

But what actually happened in Kaduna. . . ?

[quote author=Kilode?! link=topic=793686.msg9455312#msg9455312 date=1320102563]That was quick ( the spreadsheet )

Yes the debt load % looks very small on average. Lagos looks high though.[/quote]As I stated earlier, I disagree. If you have a $40 or 50 billion economy, then having a debt load that is 1% of GDP is miniscule. Being at 150% like Greece is obviously bad, though

Ekt_bear can you get data on ratio of State revenue to recurring expenditure? That will be good to know.

If someone is willing to post this information, i can add it. To be specific, I guess we'd want total revenue for a year as well as recurrent expenditure %. I suspect that this is a hassle to get though  

If anyone wants to find out the #s for their own state, kindly post it and I'll add it to the sheet. Why don't we fix the 2010-2011 year, just to keep everything standardized.

I suspect the debt is low because they are actually focused on embezzling available revenue  

Seriously, I won't be surprised if these debts are actually for capital projects they were forced or shamed into by multilateral organizations like UNDP, World Bank, DFID, ADP and co.

Lol. I assume you are being sarcastic here? Oyinlola's 6 stadiums in Osun was something the World Bank forced him to do at gunpoint?

Or Segun Oni's dairy farm in which most of the cows died, UNDP made him do it?

Lagos's debt load is fine, btw.

$460 million debt with a $42 billion economy (according to The Economist) or ~$54 billion economy (according to Fitch) is pretty reasonable.

[quote author=Kilode?! link=topic=793686.msg9455249#msg9455249 date=1320101627]^
That aside (outside Lagos) most of the borrowing probably happened during 8 years of PDP rule in those SW states. They def didn't borrow all that between April and today.

Didn't Gbenga Daniel try to raise some 500m bond shortly before he left?[/quote]You actually raise a good point. How has the debt evolved over time?

I honestly wish record-keeping in naija weren't so damn poor

Btw, here is a table of the debt loads (thanks to Beaf for that formatting, less work for me):
https://docs.google.com/spreadsheet/pub?hl=en_US&hl=en_US&key=0AsNUaGBnBF1KdGxWRUc4aTNjbFc1VkFNa2xQdmlKbFE&output=html

As long as they aren't going into debt to fund recurrent expenditure, are borrowing at reasonable rates and are are able to service the debt, not that big a deal.

For some of those states, the debt load is fairly small if compared against revenue and GDP.

arsenefc:
^^^

I know you'd like that. Finally getting all the attention you've worked hard for.

Good job bud!

Lol. Projecting much? I'm not the one running around fstalking folk

lol

I wondered why the guy and his family doesn't look "Indian" at all.

http://en.wikipedia.org/wiki/Mizo_people

In the grand scheme of things, this amount of money that he is spending unwisely probably won't matter.

But I think that the best way to approach this type of stuff is to ask yourself if what you are doing is really the best way to spend your state's money.

And it is kind of clear what the answer to that question is, in this case.

manny4life:
Yeah, study abroad exchange programs come in different forms and fashion--- most are hands-on practical experience depending on what field you're into.

Err, what Most study abroad experiences are actually the opposite of hand-on practical experience. You'll be taking classes, not actually doing any sort of work internship.

At best you take a project-oriented class. But even that isn't really a substitute for real-world experience.

Although it might not be a priority at this time; however, within schools have sponsored students abroad for different programs. Then again, it depends on how you see it as employment opportunities; if it gives them a better edge, then it is. Though an exchange program on it's face a program, but like I said, it no one can for sure say exactly what terms of the programs are.

Here's a simple comparison; if a state can sponsor resident students through scholarship for their Freshman / Sophomore year, I don't see anything wrong if the same govt utilizes it's resources to sponsor programs that allow students to expand their horizon and practical learning experience.

There are a finite amount of resources available, though. You always have to ask yourself, "what gives me the best b[i]a[/i]ng for my buck?" Do you honestly believe that this is the best possible way Imo State could spend ~$600K? I don't believe it, you don't believe it, and Rochas sef doesn't believe it.

There are higher priorities that he should be facing.

chamber2:
The focus of the gov is on the long run impart of this program and not the ''foreign investor'' preaching we are reading on this forum.

My brother, kindly explain what the long run impact will be of some students spending 6 months abroad studying at UMD.

They'll take 2 or 3 technical classes, party, drink, and meet lots of gorgeous akata and oyinbo women in Prince George's County

Which is all wonderful stuff, to be quite sure. But won't have any impact on Imo State's fortunes in the future.

I could even see if Imo was sending them abroad to WORK at some company for 6 months. Then you bring them back and immediately put their skills to work building a smaller version of whichever company they worked at. But just going to school somewhere, only for a semester?

Ain't going to do diddly squat

chamber2:
Bros, this same man released N2b+ each for the renovation of all primary and secondary schools in the state. Imo state university is his next priority.

So he is likely going to spend at least $10k/student, right? That is $600k. If it were me I'd spend that money on merit scholarships for Imo State high schoolers to go to university. Which is better, 60 students studying at UMD for a term, or 2000 $300 scholarships for promising Imo high schoolers?

I'd take the latter over the former every day of the week, and twice on Sundays.

The guy doesn't quite have his priorities straight. But like I said, if nobody in Imo has a problem with it, then no wahala.

A semester spent in a good university abroad is better than 4 yrs spent in any Nigerian university.

One semester abroad won't change much. It really won't. They'll take like 3 or 4 classes, get some exposure to some better faculty, material, but all at a very high cost. Won't change anything when they return to naija.

Most are science you cannot underestimate the power of exposure, even for one day.

If the exposure is free, then sure. But if it is costing $7k+/head, then I would hope that one would ask questions.

Though he is correct, it will create business opportunities.

For the town (College Park, Maryland?) that will get the money that Imo State is spending on these students

But business/investment opportunities for Imo? Not likely

So basically a study abroad program for a semester?

These claims of employment opportunities, investment opportunities are obviously a sham, studying abroad for a term isn't going to do any of that.

Eh, I don't think that this is a particularly good use of resources. However, if Imo State folk are happy with this, then no wahala.

Me personally though, I'd try to use my money more judiciously and intelligently.

Sending kids to study abroad presumably is not at the top of the priority list for Imo State.

Hell, spending the money on improving primary schools, secondary schools, or even the state universities would probably be more useful.

Federalism
More money spent on primary/secondary education
FG hand off the roads to states
FG deregulate electricity
6 regions rather than 36 states
Resource control for regions/states
No more national collection of VAT, let regions/states collect their own
Regional police

Kizilala:
Buying an Aston Martin is still an investment.He can always sell off the car later.I am not a fan of dbanj but he worked hard for his money and we have no right to tell him how to spend it.

Cars depreciate really fast. Buying a car as an investment (unless it is some classic muscle car from the 50s or 60s that due to scarcity will probably maintain value) is almost certainly a terrible idea.

Never really have time to eat breakfast these days. . . usually just doing lunch + dinner + a bit of snacking in between.

I guess for me lunch is the most important.

Hrm.

Tough question. Very tough for me to answer.

I guess the best answer for now is my parents, siblings, family members, friends, and just ordinary Nigerians I meet on a daily basis.

I'm having difficulty expressing it in words, but hopefully some of what I'm trying to say is coming through.

All this can be resolved if the report is just made publicly available so we can see with our own eyes what metric(s) they are using.

Without numbers, we are all just pissing in the wind.

^-- I don tire for these people

Anyway, my challenge remains open. Let anyone who wants to pick it up (including Francis-1, who seems to have mysteriously disappeared from this thread) go ahead and do so.

Honestly, the day I start earning north of $500k/year myself, I'll probably buy a $100k+ car for myself. Just one.

And I think it is reasonably safe to guess that D'banj earns several times the above amount annually.

pro01:
This guy seems overwhelmed by his ill-deserved (albeit ephemeral) success. Ten years from now P.Square would probably be multi-millionaire businessmen (in line with pragmatic, hard-nosed Igbo business shrewdness), while this delusional crackhead would have gone under like the MC Hammers and Mike Tysons before him. He certainly doesn't have nearly enough money to justify owning a Bentley and Aston Martin; seems he learnt all the wrong lessons from his nebulous association with Kanye West, Jay-Z, Snoop and the other global hip-hop titans. Emulating their lifestyle despite having only a pitiful fraction of their fame and fortune is ludicrous, if not downright imbecilic. But then, we've been down that road before, so unless he 'codedly' has an oil well, or is into oil-bunkering or big time 'Abuja Contracts' and similar racketeering, I know exactly how he'd turn out in a couple of years from now.

Lmao.

see bad belle. "Ill-deserved" success, indeed.

Man, so what will tomorrow's winning lottery ticket be, o thou all-knowing oracle?

You don't know the guy, have no clue what he earns or invests.

Or are you his financial advisor?

Let the man live his life, you live yours.

Frankly, seeing how shrewdly 50 cent, Jay-Z, Diddy and some of these other artists have managed their money, it makes no sense to assume that this guy will end up broke.

Wth.

It his own money, right? Legally earned. So who is anyone to tell him how to spend his own money?

I don't get

Anyway, that he bought a car doesn't mean he doesn't give back to the community or whatever (not that he has any obligation to.)

If you pay your taxes and aren't doing anything illegal, then you can do whatever the heck you like with your cash.

So no matter how well you run your own state, the best rating the agencies will give you is capped by the rating they'll give the FG

I guess I need to pay as much attention to what happens federally as I do regionally.

Several interesting nuggets of information. At least to me

Fri Oct 28, 2011 11:33am GMT Print | Single Page [-] Text [+]
(The following statement was released by the rating agency)

Oct 28- Fitch Ratings has revised Lagos State's (Lagos) Long-term foreign currency rating Outlook to Stable from Negative.

It has also simultaneously affirmed Lagos's Long-term foreign and local currency ratings at 'BB-', Short-term foreign currency rating at 'B', National rating at 'AA(nga)' with Stable Outlooks, as well as the Long-term ratings of 'BB-' and 'AA(nga)' of the NGN50bn and NGN57.5bn bonds, maturing in 2014 and 2017 respectively.

The Outlook revision on the foreign currency rating follows the revision of Nigeria's Outlook to Stable from Negative on 21 October 2011 (see 'Fitch Revises Nigeria's Outlook to Stable; Affirms 'BB-', available at www.fitchratings.com). According to Fitch's criteria, the Sovereign local and foreign Issuer Default Ratings (IDR) usually caps Subnationals' ratings. Based on this criterion, in October 2010, Lagos' Outlook was changed to Negative when the sovereign Outlook was revised to Negative from Stable.

With a per capita GDP of about NGN400,000 (USD3,000), roughly one third above the national average, Lagos is Nigeria's economic powerhouse and among the wealthiest states in the Federation. The state has an official population of about nine million (estimated 18 million) inhabitants and an unemployment rate close to 20%.

http://af.reuters.com/article/nigeriaNews/idAFWLA807620111028

eelvismd:
do u know that out of about more than 1 million UME candidates less than 150,000 gain admission

While I appreciate the fact that less than 20% of those who score more than 200 in JAMB get admitted into the various universities at the end of the day, it will pay us well to look critically at the generic problem.

Below are some of my submissios:

Less than 20% of those who graduate each year probably get employed within 5 years after graduation.What happens to the rest? I guess the sophistication in armed robbery, kidnapping, etc, might throw more light in answering that question. Believe it or not, increasing capacity in terms of admission intake without corresponding increase in job creation will aggravate the problem we currently have at hand.

More than 80% of graduates from Nigerian universities are more less educated illiterates. Therefore, increasing the number of universities for the sole purpose of capacity increase will only produce more educated illiterates with little or no skills needed by the larger society. Left to me, standardisation should be the major concern of our education managers for now and capacity increase can come in the near future.

The truth is hard to tell but it must be told. Based on my observation over the years I can confidently say that more than 50% of those currently in the various universities across Nigeria have no business being there because many of them do not have such calling. What baffles me the most is that someone who knows he is not good at maths wants to become an engineer because he feels since he is from the core Niger Delta, it his birth right to work in Shell or Chevron. What have we not seen as a result of that? Relegation of vocational education, dearth of technical schools, discrimination against OND and HND holders, etc. Whether we like it or not, a plumber or a mechanic has a role to play in nation building. All they need is respect and recognition of their service in addition to appropriate pay.

I can actually continue and go on and on,  However, I will stop at this juncture

+1000!

God will bless you for speaking the truth, no matter how unpopular it may be.