₦airaland Forum

Willdone5406:
Obident all the way, if e pain you go and fucking DIE

Even Obi's children are in London. Go and Verify.

obaaderemi:
If he doesn't borrow how is he going to find the huge funds for security and revamping of the economy? That would be his undoing. You will be surprised that Obi will end up borrowing more than Buhari. And he has vowed to remove oil subsidy patapata. That means petrol will sell for at least #400 if Obi wins. That guy is deficient in terms of governance. He is popular because people are tired.

You know Governance always looks easy to the opposition . I don't blame him sha, APC frustrated Jonathan thesame way in 2014.
Obi reminds me of Nana Akuffo Addo (present Ghanaian president). Both always have fancy things to say exciting the people and raising hopes .
When you look closely though, most of what Obi speaks about are kind of long term goals, but how would he solve the economic issues short term before we think long term? say first 6 months after assuming office? that's also crucial. Obi speaks of Vietnam and Bangladesh all the time, and their textile industry. While that is all good and fancy, they don't alleviate our economic problems short term. Short term, a serious president should be focused on consolidating on Buhari's projects to get them finished and then increasing our oil production to over 2 million bpd.

Wotowotonation:
Another lie which of the Peter Obi? the lie invested machine or the deluded dumb one that does understand simple economics


Same Peter Obi that claims infrastructure does not matter only production does, which makes me wonder how do you produce without infrastructure, same Obi that keeps throwing numbers without fact. The same man that couldn't turn Anambra around is the same man that will change Nigeria. Abegiiiii

That sentence is also contrary to my philosophy as well. Also, I wonder to myself sometimes, if Obi is really that focused on production, do we have majority of locally produced goods in his business called NEXT or are they majorly imported? Question for another day.

However, in terms of not going on a borrowing spree, Obi looks the more likely candidate to adhere to that philosophy.

I am one who finds both strengths and weaknesses in all 3 candidates. I have cases against all candidates and just hope that whoever wins, their strengths would shine through way more.

obaaderemi:
I just don't understand the craze behind building new cities, sgr and all those shiny things. For goodness sake, it's all just conspicuous spending. Borrow money and route it through the banks to fund SMEs. From the 1930s up to the 2000s small businesses were the backbone of New York's economy. Some of those businesses have become very big today. Look at many of China's phonemakers. They started small with loans from government. See how reputable the likes of ZTE, Xiaomi, Lenovo,etc have become today.

Imagine if Egypt had spent half of that money on infrastructure and the other half on SMEs.

Imagine borrowing to build Eko Atlantic rather than just giving it out to the private sector.lol.

For me, borrowing to build ports and oil/gas infrastructures and other quick revenue generating infrastructures still come top ahead of borrowing for SMEs because SMEs would still need time to grow to make the country strong enough and help your debt servicing. The big private sectors and banks should rather focus on SMEs. Government should focus on key infrastructures for new revenues. Ports, extractive industries for mining (including lithium extraction), petrochemicals, oil and gas, general manufacturing.

Central Park Abuja.


https://www.youtube.com/watch?v=9UbXzW6hsr8

obaaderemi:
Lebanon, Sri Lanka, Bangladesh... have taught us in recent times that not all that glitters is gold and that there will always be a day of reckoning when you run your economy with debts. That's why I pity African countries that have toed the same line, borrowing to build highways and railways.

It's the reason why elections currently should be taken seriously in Africa and the candidates made to discuss issues instead of the crass tribalism which has always directed our elections. I see more African countries running to the imf soon. The smart ones like Ghana will go early before they fall flat. When you are down flat before you call for help, they kick you mercilessly.

You are right and in that sense, Peter Obi is more likely to bear your sentiments on this issue than the other candidates. The only issue is I do not trust his ability to quickly create new large sources of revenue. The problem of borrowing though, is when the projects you borrow for do not become quick sources of huge revenue.

For instance, Egypt is building a new city with over 25 Billion dollars which are mostly borrowed funds (a lot of Egyptian debts are also Eurobond debts and other foreign debts). In my opinion, a project like that should not be built with debts.
Funding the NLNG or AKK gas pipeline with debts for instance is more reasonable, because of huge revenues that can be immediately accrued from gas. Borrowing to fund electricity for instance, though it doesn't bring immediate revenue is also okay because electricity is basic for the general economy.

rvp2018:
Interesting. I thought they had fixed their macro-economic issues.

That seems not to be totally the case.

https://www.bloomberg.com/news/articles/2022-08-16/currency-drama-in-egypt-has-investors-clamoring-for-devaluation

kernniejay:
I hate it when people supress the truth, deny the fact and try to costume an obvious eyesore when the reality is obvious. Even a fresh immigrant in Nigeria knows the country is barely surviving on life support.

You said the naira has fallen 3 times over, this now confirms to me that it is either you are not abreast of the actual situation or you are directly or indirectly benefitting from the rot in the system. The naira has never experienced such a rapid collapse under any government like it is under Buhari. While Buhari's tenure still last, I can bet you expect more falls of the naira as it has not yet reached it resting colapse stage, not until this government leaves office. Sanusi was fired for this crisis amidst other reasons, Emefiele came on board and was serious with his job until he sees that Buhari does not give a hoot whatever happens to the currency value and monetary policy altogether, then he also join the lazy band and he further became incompetent just like his boss. Recently, we discover he woke up when the CBN caution that the government debts records with the CBN is historic and no longer manageable.

I am sure you are aware that Nigeria external reserve dropped to $350,000 from millions of dollars it used to be.
Talking about the debt, are you not aware that even the IMF sounded a note of warning that Nigeria will be facing an existential threat with its insatiable demand for foreign loan without putting any mechanism in place as to how the debts would be settled?

You also claim we have a larger population which is a potential for national revenue, which industries do you see that is functional to absorb the teeming population? The few companies that you see around are already taking steps to lay off and cut down on cost while those that can no longer cope have left the country for good. With the frequent national grid collapse like never before, where is the power to run these industries? Diesel that used to be alternative source of power has reached high heavens with its price. Consequently, prices of commodities have to be adjusted upward to cater for the cost by the few industries that could still ration production on diesel.

Is it the population that has already become frail due to chronic hunger and incapacitated due to insecurity that you want to rely on for debt recovery? No wonder your Buhari government's only idea of boosting revenue is by wantomly levying the masses with all manners of taxes ranging from PAYE, PIT, VAT even down to taxing phone calls, SMS and data rate! Such a clueless government made up of souless elements. The countries you mentioned as owing countries above have working system, condusive industrial evironment, strategic developmental infrastructures, secured society, 24/7 power generation and supply, several other mechanisms that are already yielding revenue, as well as friendly and sustainable economic policies. Do you know what it will take to pay back $4 billion to just China? You were just churning out figures that translate to nothing other than poverty for the people and more dollars to embezzle by the corrupt rulers. I even wonder how dare you compare Nigeria with Egypt and South Africa, what an insult. To say the least, how much mega watt is Nigeria generating to stand in the league of such countries? Don't even go there. You had better stop at Niger Republic or Sudan. Ranking Benin Republic with Nigeria is even an effrontery.
Take it or leave it, Buhari has buried Nigeria down deeper than any of the previous government. You will not agree because the government officials will continue to underplay everything and give a pleasant coloration of every of their unkind decision until their tenure expires and another government, hopefully from a different party, takes over and open their messy yansh.

Hmm I hope the bots leave me alone this time, so let's unravel this together.

I hate it when people supress the truth, deny the fact and try to costume an obvious eyesore when the reality is obvious. Even a fresh immigrant in Nigeria knows the country is barely surviving on life support.

Yeah I hate it too when people do that. And yes the country is barely surviving but has what it takes to quickly turn things around in few months.

You said the naira has fallen 3 times over, this now confirms to me that it is either you are not abreast of the actual situation or you are directly or indirectly benefitting from the rot in the system. The naira has never experienced such a rapid collapse under any government like it is under Buhari. While Buhari's tenure still last, I can bet you expect more falls of the naira as it has not yet reached it resting colapse stage, not until this government leaves office. Sanusi was fired for this crisis amidst other reasons, Emefiele came on board and was serious with his job until he sees that Buhari does not give a hoot whatever happens to the currency value and monetary policy altogether, then he also join the lazy band and he further became incompetent just like his boss. Recently, we discover he woke up when the CBN caution that the government debts records with the CBN is historic and no longer manageable.

The naira falling from 200 naira to 676 naira today is over 3 times fall so I don't know what you're on about there.

I am sure you are aware that Nigeria external reserve dropped to $350,000 from millions of dollars it used to be.

You don't even know the difference between external reserves and excess crude account. This makes me doubt your credibility on the arguments you lay forward.

Talking about the debt, are you not aware that even the IMF sounded a note of warning that Nigeria will be facing an existential threat with its insatiable demand for foreign loan without putting any mechanism in place as to how the debts would be settled?

The IMF have sounded same warning to almost all developing/emerging countries this year. The thing is that with the ongoing projects we have, we can unlock several areas of revenue to become a powerful nation, but I agree with you here that we slow down on foreign loans for now and increase internal revenues.

You also claim we have a larger population which is a potential for national revenue, which industries do you see that is functional to absorb the teeming population? The few companies that you see around are already taking steps to lay off and cut down on cost while those that can no longer cope have left the country for good. With the frequent national grid collapse like never before, where is the power to run these industries? Diesel that used to be alternative source of power has reached high heavens with its price. Consequently, prices of commodities have to be adjusted upward to cater for the cost by the few industries that could still ration production on diesel.

You don't see industries, then how come we have the second largest stock market in Africa worth over 60 Billion dollars (26.8 trillion naira)? How come we are still the second largest economy in Africa in terms of PPP just behind Egypt?
You say industries are leaving, but this year alone we had Microsoft come in to invest, Google Equanio cable come in to invest, new car assembly plants opening. USA came in to build a 500 million dollars consulate, Lagos is building the third largest rice mill in the world, new palm oil industry in Imo state, new coconut oil processing plant in Akwa Ibom state, new Data centers in Lagos, several factories springing up in Lekki Free Trade Zone and Ogun state, largest ICT seed attraction in Africa 2021, etc. Yes there is poor electricity and we can do better but to just say no investment or jobs and all firms are leaving is playing smart with the truth.

Is it the population that has already become frail due to chronic hunger and incapacitated due to insecurity that you want to rely on for debt recovery? No wonder your Buhari government's only idea of boosting revenue is by wantomly levying the masses with all manners of taxes ranging from PAYE, PIT, VAT even down to taxing phone calls, SMS and data rate! Such a clueless government made up of souless elements. The countries you mentioned as owing countries above have working system, condusive industrial evironment, strategic developmental infrastructures, secured society, 24/7 power generation and supply, several other mechanisms that are already yielding revenue, as well as friendly and sustainable economic policies. Do you know what it will take to pay back $4 billion to just China? You were just churning out figures that translate to nothing other than poverty for the people and more dollars to embezzle by the corrupt rulers.

There are thousands of registered businesses with the ministry of finance and very fewpay taxes. Our tax to GDP ratio is amongst the lowest in the world. Our target is to get it to at least 15%. I do not love tax increase but rather a widening of the tax net to cover everyone. Also the lower you earn, the lower your taxes, the higher you earn, the higher your taxes. This is how it's done elsewhere.

The countries you mentioned as owing countries above have working system, condusive industrial evironment, strategic developmental infrastructures, secured society, 24/7 power generation and supply, several other mechanisms that are already yielding revenue, as well as friendly and sustainable economic policies

No sir, the countries I mentioned have serious challenges. Egypt is currently seeking IMF and they've been told to devalue their currency or no deal, which is a big problem for them.
South Africa at the moment have black outs and union threatening strikes. It is not uhuru there as well.

Do you know what it will take to pay back $4 billion to just China? You were just churning out figures that translate to nothing other than poverty for the people and more dollars to embezzle by the corrupt rulers. I even wonder how dare you compare Nigeria with Egypt and South Africa, what an insult

.
Hmm, so tell me what it will take to pay 4 Billion dollars to just China and why do you think 4 Billion dollars can't be paid by Nigeria?
I churned out figures from same credible sources and bodies you rely on as well to put out your information on Nigeria.

Egyptian Economy currently in great distress due to unsustainable debts. Seeks IMF currently but IMF wants a devaluation of their currency. Egypt doesn't want to devalue the currency, they are in deep mess and may just look up to Saudi Arabia for help.

The problem is that unlike South Africa with a foreign reserve of about 60 Billion dollars that could always help to shore up their currencies and sustain several months of imports, Egypt has just 33 billion dollars with debts almost at South African levels.

kernniejay:
Unfortunately, all the avove points you raised can't eliminate the fact that your country was better 8 years ago before Buhari came. Hope you are aware that your country is losing 400,000 barrels of oil on daily basis which is being syphoned abroad as black market by the powerful syndicate in government right under the watch of your dear Buhari who doubles as President and Petroleum Minister? Hope you are also aware that your country's accummulating debt profile is far higher than revenue and your generations to come will continually be indebted to world bank and chinese lenders? Hope you are aware that your hero Buhari himself confirmed that he is tired of governance and can't wait to retire to his home after handing over in 2023? Hope I am not wasting my time talking to an incorrigible ignorant?

I already gave you a detailed answer previously but was banned by the bots.

Unfortunately, all the avove points you raised can't eliminate the fact that your country was better 8 years ago before Buhari came.

If I ask you how we were better 8 years ago, the first thing you would likely tell me is that the price of rice was 9000 naira then, which is a Congent reason, but price of rice alone does not determine a sustainable economy. The naira has fallen about 3 times over now but let it be known that the naira was already dwindling fast as at 2014. From Obasanjo to Jonathan, our foreign reserves dwindled from around 63 Billion dollars to about 29 Billion dollars. What was the cause? They were supporting the naira with the reserves, so it shows that the naira was bound to fall either way but we had enough reserves due to sales of oil at 2.5 million barrels per day.

Hope you are aware that your country is losing 400,000 barrels of oil on daily basis which is being syphoned abroad as black market by the powerful syndicate in government right under the watch of your dear Buhari who doubles as President and Petroleum Minister?

I know and Buhari should do better there. Our oil production would definitely be back on track soon.

Hope you are also aware that your country's accummulating debt profile is far higher than revenue and your generations to come will continually be indebted to world bank and chinese lenders?

Oh come on. We have a far larger population and a bigger economy than Egypt and South Africa. Egypt with a population of just 100 million people and GDP nominal of about 435 Billion dollars, have a debt over 250 Billion dollars already mostly external debts. South Africa with a population of 60 million and about 430 billion dollars nominal have a debt of 282 Billion dollars (still rising) with a staggering external debt of 173 Billion dollars.
Nigeria with a population of 206 million people and GDP nominal of 511 Billion dollars, have a debt of 100 billion dollars with about 40 Billion dollars to external debt.
Also our debt to China doesn't exceed 4 Billion dollars at the moment.