₦airaland Forum

Koko0:
I love Beverly hills and Calabasas. But, I love Calabasas more.

Yes; Beverly Hills is nice. I will try to visit Calabasas next time I’m
in California.

Koko0:
Los Angeles, California.

Where exactly in LA do yo like?

Blue3k:
I really like cities in Florida. If I ever move from Texas Florida is my 1st choice, 2nd choice is Georgia and lastly New York.

Favorite cities updated

1. Orlando Florida
2. Houston Texas
3. Atlanta Georgia
4. Las Vegas Neveda
5. San Antonio Texas
6. Portland Oregon
7. Alexandria Virginia
8. New York City, New York
9. Hot Spring Arkansas
10. Miami Florida

Wow, how did you manage to visit this many
places?


Lots of fun things to do in Orlando.

I’ve been to all those places except Arkansas and Oregon.

People say Seattle is also nice.

Please provide the source of this information.

Cashsteady:
Wow abeokuta make sense Sha.. many cities are developing silently in Nigeria but flatis no go let us hear word dem will keep spamming this forum with their useless cursed cities is this the abeokuta that they are calling brown broof?

Confident people don’t have to brag. Those bragging have to do so to make themselves look good.

Does Tinubu have a shot of being president when Buhari is not in
good terms with him?


Even if he tours Kano, Borno etc, at the end of the day, I doubt Northerners
will support Tinubu if Buhari does not endorse him.

He needs to find a way to patch things up with Buhari to have a shot.

Great news!

God bless yorubaland.

So, of all the challenges bewildering Nigeria, it is a National language that Gowon is worrying
about

teddies: Hello,nice work u did here abt osogbo,just got admitted into. Lautech for my masters nd I will be receiving lectures at dere satalite campus at osogbo pls is dere any way u cn help me wiv any agent,I nid a sef contain in a neat nd lovly environment preferabily an estate or in d gra,a house wiv water.thanks will be waiting to hear frm u

Congratulations! Where did you obtain your baccalaureate degree ?

Nice pictures of oshogbo. I hope to visit one day.

Follow link below for pictures of the golf resort at Ada, Osun State.

http://www.ogheneworoakara.com/1050/pictures-of-miccom-golf-hotel-resort-ada-osun-state/

The customs harass non-igbo traders too.

http://tribune.com.ng/index.php/news/24401-aregbesola-korean-firm-sign-n60bn-mou-on-agric-firm

Aregbesola, Korean firm sign N60bn MoU on agric firm


Written by Adewale Ajayi, Osogbo Friday, 01 July 2011

THE Osun State governor, Mr Rauf Aregbesola, on Thursday, signed a memorandum of understanding (MoU) with a Korean investor, Synctop Corporation Limited, for the establishment of $400m (about N60 billion) agricultural company in the state.


The MoU, which was signed under the Green Wealth Agricultural Pro-ject, was expected to generate 127,000 employments and boost the economy.

LMAO @ employments 

I guess employments is correct since they will be hiring more than 1 person 

I thought Borno Boko Haram is in the North east

USA is better. Just that they aren't lucky enough to covert their goal shots into real goals.

Well, I am supporting USA! Go girls!

Good analysis !  I concur

Good; now they need to trace the source of the bombs.

Nice pictures of the CBD.

You can always tell the quality of work of Julius Berger, I am happy they were given the revitalization project.

What Fashola has to do is maintain it; don't wait till it gets completely worn out before paying attention to the roads. They also need to ban those street hawkers from flocking these areas.

I have read somewhere that the property values of the buildings have begun to rise in the CBD in light of this initiative by Tinubu. Good News !

Ugwumba:
That a debt portfolio including OBJ and none-OBJ loans were being serviced at ALL times without servicing much of the OBJ loans is NOT A CONTRADICTION. Let me know if it is clearer.

I would need to see proof that the $2billion loan taken by obj was indeed at 8%. I would like to know the timeframe the loan was supposed to be paid back, the schedule of payments, and the months (or timeframe) in which payments were not made. This is the only way I can come to terms with your claim regarding this loan. Unfortunately, you are unable to provide any accessible source of your claim.

Ugwumba:
On how Shagari et al could continue borrowing without paying back much from existing loans - this is a fact, because at every point we borrowed we were still in debt, otherwise our debt portfolio could not have grown so large (given that the sums actually borrowed by Shagari & IBB amounted to about $15 billion).

Like Iyke-D said, you are misinterpreting these figures for the sole purpose of winning your argument. When you list the debts incurred by Shagari & IBB, you always list their principal loan amounts, $9 b and $ 6b, however, when you mention OBJ's, you add his interest, ie, $2 billion (original loan) + $13.98 billion (interest) = $15.98 billion. Again, were the loans incurred by Shagari & IBB interest free loans ? Why are you just mentioning the principal borrowed and excluding their interest ? I think I know why. If you do, then your claim that the chunk of the $35 debt were incurred by OBJ would crumble and you don't want that, which is understandable 

It is very difficult for me to accept your claim that the $2 billion borrowed in 1978 had ballooned to $15.98 billion by 2004. You have admitted yourself that this loan was serviced after he left office, so tying $15.98 billion to the $2 billion loan is a bit disturbing.

And for the record Ugwumba, I have good reasons not to rely on the way you interprete economic data. Recall you mentioned earlier that the "first major slump" in GDP growth in Nigeria took place while OBJ was in office, but I brought out the world bank figures to dispute your claim. You also mentioned that the trend in declining GDP growth rate in Nigeria started from Obasanjo's administration. Again, I proved you wrong because Nigeria witnessed growth in GDP two years after the slump in 1978. The world bank figures clearly showed that the declining trend in GDP growth started and was sustained throughout Shagari's administration. Everytime I had access to the data you quote, I have been able to discredit the way you were interpreting it.

Iyke-D:
I did enjoy reading all the economic stats, though some of it were convoluted and self contradictory at times )

Tell me about it 

davidylan:
The bottomline is that we have produced as leaders corrupt individuals, inept and ill-equiped for the business of governance. No one is exonerating OBJ, he had 8 years to at least make a mark, he failed miserably.

But the bulk of the blame for our present rot must be laid at the feet of Sheu Shagari and Babangida.

You have hit it on the nail !  I am not absolving obj at all; but the bulk of the debt burden we got ourselves into lies on the govts of Shagari & Babangida. Period.

Here, you are stating that payments were being made on the loans.

Ugwumba:
@ GNature, the way you have used these numbers is laughable, to say the least.

Yes, if the interest for IBB & Shagari's loans were added, we would be well above $35 billion - but we were at ALL times servicing some portion of the debts using different instruments.
By 1988 (most borrowing done by then), our debt profile stood at $29.282 billion - made up of a new of loans, unpaid interest and unpaid principal from existing loans.

Your math misses the repayments (should be subtracted).

Now, you are stating otherwise:-

Ugwumba:
I again reassert that, due to the much higher interest rates OBJ borrowed at, the lack of any servicing of these debts by Shagari, the longer intervening period between him and IBB, a bulk of the $35 billion debt burden (you can split hairs again on my choice of the word bulk - 20% by one individual loan is bulk if it is the single largest component).

So, which version of your story are we to believe ? The fact that payments were made to service the debt or the fact that payments were not made to service the debt ?

Also, you have not explained how Shagari, Buhari and IBB were able to obtain loans without servicing the loan obtained by obj in 1977/1978.

Ugwumba:
I again reassert that, due to the much higher interest rates OBJ borrowed at, the lack of any servicing of these debts by Shagari, the longer intervening period between him and IBB, a bulk of the $35 billion debt burden (you can split hairs again on my choice of the word bulk - 20% by one individual loan is bulk if it is the single largest component).

Could you provide me with a link that validates your claim that:-

1. Obj borrowed $2 billion "at 8%"

2. Neither Shagari, Buhari or IBB serviced this debt and the interest kept being capitalized ?

I have looked all over and can't find anything to back your claim.

--------> How is it that Shagari, Buhari & IBB were able to take more loans without servicing the loan obj took in 1978 ? it doesn't add up.

Let me state for the record that I do not believe OBj is a saint, but at the same time, we cannot come here and make blanket statements without backing them up.

First, Ugwumba said the bulk of the $35 billion debt were incurred by the first obasanjo administration. He said obasanjo borrowed $2 billion while Shagari and IBB borrowed $9 billion and $6 billion respectively, yet obj is responsible for the bulk of the debt.

Second, he stated that the first major slump in Nigeria's GDP growth was during obasanjo's military rule. This is untrue as I have given the world bank figures to dispute this claim.

We should stop blaming Obasanjo for all of Nigeria's problems.

Ugwumba:
first major slump in GDP growth

Again, your stating that Nigeria witnessed its first major slump in GDP growth under obj is false. We had negative GDP growth in the following years:-

1966  -4.3%
1967  -15.7%
1975  -5.2%

Also, the downward trend in GDP growth cannot be attributed to Obj because two years after the 1978 slump, there were positive GDP growth rates of 6.8% in 1979 and 4.2% in 1980.

The slump started during Shagari's regime.

Ugwumba:
It may be interesting to note that Nigeria's GDP growth, started its slump in 1977, dropping frlm 6% in 1977 to -5.8% in 1978 (World bank, 1999).
Somebody was clearly responsible for this.

You are skewing the figures. Yes, the GDP growth rate was -5.8% in 1978, but obj was in power for 4 years (1976-1979) and according the world bank, the GDP growth rate for these years were as follows:-

1976  9%
1977   6%
1978   -5.8%
1979   6.8%

The average growth rate during his tenure was 4% per annum. You would also note that there was a slight decrease in oil revenue in the year 1978.

Now, let's look at Shagari's term (GDP growth)

1980   4.2%
1981     -13.1%
1982    -0.2%
1983     -5.3%
1984     -4.8%

So, to state that Nigeria started its lump in GDP growth in 1977/1978, is completely inaccurate.

Your numbers are not adding up.

Here you claim that obj's 1977 $2 billion loan added up to $15.98 billion by 2004

Ugwumba:
Might I be so 'clever by whole' as to point out that $2 billion borrowed in 1977 at an interest rate of 8% would amount to $15.98billion by 2004.

While here you assert that Shagari took out $9 billion and IBB $6 billion

Ugwumba:
As additional information, yes Shagari ($9 billion: 1981- 1982) and IBB ($6 billion) were larger loans,[b]

Thus, 15.98 + 9 + 6 = $30.98 billion

If obj's loans rose from 2 billion to 15.98 billion in 2004 (according to you), what about the loans taken out by Shagari and IBB ? They were definately not interest free loans.

If you add the interest of Shagari and IBB's loans, we would be way over the $35 billion debt figure.  This is the reason why I asked you for a link of your source of information, because your numbers are not adding up.

According to New start Nigeria, Shagari's govt took out more loans than any other govt. (The figures below does not include money we use to owe Italy and the IMF and others).


Shagari

   852.3 England
470.84 England
70.65 England
287.88 England
164 England
862 Japan
246 USA
11 USA
32 USA
58 USA
58 USA


Total       $3.112.67 Billion



Buhari

 16.26 England
68.67 England
12 USA
4 USA
12 USA

Total       $ 112.93 million


Babangida

    9.08 England
19.6 England
47 Germany
54.8 Germany
426 Japan
271 Japan

Total        $827.48 million

debosky:
thanks for the link GNature, at least that clearly debunks the '8% interest till 2004' theory.

No probs bros.  

Start new Nigeria, a british led body, has more reliable data on the administrations responsible for our debt profile.

All the debts incurred here were mostly from Shagari & the military, not obasanjo.

http://www.newstartnigeria.org/britain.asp

http://www.newstartnigeria.org/germany.asp

http://www.newstartnigeria.org/japan.asp

http://www.newstartnigeria.org/usa.asp

Ugwumba:
4. OBJ's regime deserves some credit for paying back our loans, but considering he was responsible for a bulk of these debts

Kindly explain to us how obj's govt of 1976-1979 was responsible for the bulk of the $30 billion debt that was paid off.

You said he took out loans to the tune of $2 billion in 1978, so, how does this translate to the over $30 billion that Nigeria was owing ?

It is a well known fact that the overwhelming majority of the debt stock were loans taken out between 1979 and 1999.

Yam Porridge (asaro)  

I don't know for certain what the salary range will be, but I think you should command more than a million naira a year if you work for the oil majors, telecoms etc .  Try and do some post-MBA work before you leave for Nigeria to boost your resume and starting salary.

She is an Igbo girl from imo state. you ibos are always beautiful,

She is not an igbo girl, she is from the Dominican Republic. Like i said, they met in the U.S.

More pictures of the bride and groom