₦airaland Forum

rvp20182:
I am talking overdraft that Nigeria take from CBN to pay salaries. Nigeria federal gov has taken 50B dollars worth of such overdrafts. That is asking central bank to create money to pay off salaries. It increases money supply and inflation. That is why Nigeria is struggling with inflationary pressure like bankrupted Ghana. That is also partly explain why dollar exchange in black market is double official rate.The cost of minting or printing paper is little...

Lol, there is no evidence Central Bank's money was used to pay off salaries. Federal Government of Nigeria even at her worse in 2016 always paid salaries. Nigeria is not little India that struggled to pay salaries for 3 months.

Kenyan Government is officially bankrupt.

rvp20182:
Why would Kenya default. You need to understand how countries default and why Kenya is far from doing it. I dont know how much financial education you need to understand that Kenya had liquidity challenges but is very solvent.


You default if you do a series of stupid mistakes like Zambia and Ghana
1) You take huge external commercial loans - Eurobond & Syndicated loans with variable interest rate. Both Ghana and Zambia took lots of that.
2) You default if your currency loses grounds - Ghana for example saw almost 50-100% depreciation of cedis - and they threw up their hands.
3) You revenues stop growing - Ghana tried everything including mobile money taxation - but revenues just didnt grow - they threw in the towel - one sunday their sweating finance minister announced they were bankrupt.

You dont default if like Nigeria you take lots of domestic debt. Nigeria has printed 50B dollars worth of Naira. You just de-flate the money by printing - and creating poverty - but you dont default. This what Nigeria has been doing - printing their way out.

Kenya has only printed 500M dollars - the whole of last year. That the much kenya gov has borrowed from our central bank to address liquidity challenges. Kenya revenues grew by 20% last year from covid recovery - this year up again by nearly 10% - the economy is growing at 6% year in year out - inflation is not even double digit - base interest rate is 8%.

HOW do you expect kenya to default

What you call printing money, we call them CBN bonds to local investors especially in 2020 and 2021.

Just that much of it is unaccounted for and the result it aimed to achieve by getting farmers to have heavy loans during COVID, came at a loss due to unaccountability and increase in insecurity to the farmers from Bandits (both within Nigeria and across the border) thesame year 2021/2022.

Printing money is also costly and because of that, not more than 8 African countries print their own money themselves. Hope you know that?

rvp20182:
I knew Ghana would default waaay back - it predictable - if you know the history of Ghana gov legendary recklessness.

slowpoke losing their money for investing in Ghana have themselves to blame.

Kenya is also almost defaulting. They are lucky they struck a deal with UAE to buy PMS without dollars.

ProblemChild1:
Why can't you post your yoruba dirty brown roof

Igbo villages are heaven on earth. Beautiful and green. But the towns and cities are the problem (like many towns in Nigeria). I also observed that when I stayed in Anambra for a year and half.

Nigerian banks have incurred significant losses of at least N184 billion from their investments in Ghanaian bonds due to Ghana’s debt crisis.
A cursory analysis of the results of some commercial banks in Nigeria revealed all of them incurred billions of naira worth of losses.
The losses highlight the challenges facing emerging market economies and the importance of sound fiscal management and debt sustainability to avoid potential contagion effects.

Zenith Bank’s loan-loss expense doubled due to Ghanaian debt
Top African banks have had to impair their Ghana bond holdings.

https://nairametrics.com/2023/04/18/nigerian-banks-report-widespread-losses-on-ghanaian-bonds-default/

NewestNigerian:
The tactics of this Government is crazy. Consoling Nigerian before bestowing more sufferings on them

What would you have them do in this case?

rvp20182:
The Zoos can not hold a candle to kenya. This latest from IMF - showing who is more debt distress.

Debt/GDP, budget deficits and FX volatility make the headlines but this is an underrated point about country govt budgets 👇

% budget revenues just to pay interest expenses.

Sri Lanka: defaulted
Ghana: defaulted
Pakistan: near default
Egypt: can't rule out
Nigeria: struggling

If oil sells high and Nigeria in the short term improves production, revenue in dollars would skyrocket again. This is what the Nigerian Government shared from 2005-2018.

Sudan Conflict:

"We're already in worst case scenario territory, and from here the scenarios only get grimmer and grimmer, the impact will ripple throughout the region".

Political analysts warn.

This war in Sudan is not good news for African countries in general. We are still suffering the effects of Libya disaster.

We don't have an AU.

AkoniMoipei:
Not surprised you are mourning. Definitely you heard them say your currency is worthless.

Six or seven other nations including South Sudan, Tanzania and Mauritania are said to print theirs in Germany, while most French-speaking African countries are known to print their money with France's central bank and with the French printing company Oberthur Fiduciaire.

Meanwhile see 🙈 🙈 this link https://www.delarue.com/about/locations/middle-east-and-africa

Nairobi is not your mate, neither is Kenya. We cant compete with people whose reasoning beggars belief.

Actually, very few African nations print their currency by themselves. Not more than 8 of them I think.

Moh247:
1: Yet the fake David Hudeyen passport doesn't have common international security features like monogram and extra shadow picture

2: Tinubu was born in Nigeria and Nigerian parents and never for once denouced his citizen so no bases of forfeiture of Nationality and he is fully eligible to contest

a person shall forfeit forthwith his Nigerian citizenship if, not being a citizen of Nigeria by birth, he acquires or retains the citizenship or nationality of a country, other than Nigeria, of which he is not a citizen by birth

3: We are to busy for Tinubu's inuaguration merriment and AsoEbi to give a damn about new Ellupee petty game of losers so no one is going to any court, if you have facts you would have gone to court or presented it at the tribunals

Funny thing is that even if Tinubu is guilty here, this would amount to nothing because neither Obi nor Atiku put this in their petitions. The window for filing petitions against the election is closed.

Abuja (8 minutes)


https://www.youtube.com/watch?v=FXwxPA2BoQs

Lagos Ikeja Train Station.


https://www.youtube.com/watch?v=3zfZPI7Z5Vo

vaxx:
Ghana inflation is down. It has fallen to 45 percent and still fallen

Food Price Inflation.

Egyptian inflation has gone out of control.

With Sudan sliding into civil strife, almost the entire Horn of Africa is in crises - Somalia, Ethiopia, Sudan, South Sudan. By the time you add Libya which borders them, that alone is 20% of Africa's total landmass!

The AU is too relaxed!

Copied.

AfriqueDuZuid:
But are from a kenyan... you wanna reduce the depate to grammar/use of language... Im not here for that

fact remains you sells 4000-6000new cars annually

How many did South Africa sell last year. Can't find anything direct.

Shma2023:
We're not in debt distress. We're fairly off than Nigeria and Ghana... And several debt-infested zoos. The thing which is happening here is Ruto's Econocentric ideology that will see kenya's debt hitting below the debt ceiling. It will happen. Wait and see.

Well the news I see currently is all about Kenya just like it was all about Ghana in December (when it comes to debt restructuring or possible debt forgiveness).

Kenya has initiated debt forgiveness talks with World Bank and IMF.

The country is in debt distress hence needs urgent support.

I think Kenya may have no choice but to default soon. IMF would advice same. Not a good option in my opinion but at this point, it's likely.

They have huge debt to China but I don't think that's a problem because China recently agreed with Ghana to restructure debt.

Lagos


https://www.youtube.com/watch?v=HJh5Z6RpJjA

68816419:
Beautiful City of Jos Plateau State (Northern Nigeria)

https://www.youtube.com/watch?v=R19z_iyzTEY

Wow, never knew Jos was this beautiful.

JagabanBorgu:
If Obi was included in this magazine, u will celebrate it.
0bing0s, I keep saying it every blessed day, we dodged a nuclear bomb in PitObi, we were 100% right to kick him out.
This attitude of turning blue red and red to blue with ur mouths to favor u, is d reason Nigèria is in this state.

We dodged a bomb not just a mere bullet. I have little problem with Peter Obi but his supporters? gosh!

ProblemChild1:
Osumenyi village in Anambra state

South Eastern villages are generally beautiful.

opamoses1:
Uberfact has lu le. It only ended up making Tinubu more popular. Turkey's president congratulated Tinubu a day or two after Uberfact. The Turkish leader must have forgotten that Nigeria had an election and Uberfact reminded him

Obidients just made Tinubu more popular by themselves. After the uberfacts, Tinubu was searched over 200 times than before. Isreal congratulated him, Turkey congratulated him and now this today.
Own goal.

rvp2018:
Sound like youre naming streets in one estate. Last I heard about it - was pollution problem with smog. I also watched video of white dude passing there - and the amount of garbage - and bad roads he found - was truly shocking.

The white man you saw (from Newzealand I guess) didn't go to Ikeja but Makoko and Oshodi.

rvp20182:
Leadership is required. Nigeria can easily fix their mess because they've got lots of minerals. So getting money is not a problem.

Nigeria is her own problem. Today the Nigerian Senate is still scrambling to get 17 Billion dollars from oil sales redirected by corrupt officials from the treasury in 2014 and there are more stuff like this from corruption in past and present Government.

rvp2018:
Is it any different - I watched one guy drive through Ambazonia - it even more chaotic and dangerous with cameroon rebels.

Maybe it isn't different from most places in Kenya.

Obaaderemi2:
There's nothing like no cash or no fuel at the moment. Pure lies.

His guy is driving in rural Benue.

rvp2018:
He decided to drive around Africa - kenya - TZ all the way to South Africa - then along southern cost to Angola - Congo - Eq Guiner- Cameroon- then Nigeria. I have no idea when he will stop or whether he will go back; It dare devil mission.

Okay. Benue is mostly rural terrain and the agricultural powerhouse of Nigeria. It's not opened up for the most part.

rvp20182:
One week salary delay is nothing compared to your ZOO.

This kenyan is right now in the ZOO

https://twitter.com/AlphaLandRover
An extra 2hrs evading potholes and I get to Serti for overnight.

Here, I join friends Overlanding from The Natherland with an EV (100% electric) - This and more in the next thread, including special challenges w/Nigeria:
1. No cash (Nairas)
2. Fuel shortages
3. No electricity

This your man seem to be in Benue state. What's he doing there? I'm curious.

Lagos in 60 seconds

https://youtube.com/shorts/8w-J838MCzc?feature=share

AfriqueDuZuid:
Angola is over 124b now

Kenya slipped to 8th place now

True.