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Foreign Affairs / Re: 20 Countries That Owe US Money by horlando30: 12:38pm On Apr 09 |
This op is an illiterate, the US owe these countries these amounts and pay interest to them not the other way round as you have implied above. The total debt owed by US to other countries is more than $30 trillion. Do the needful and correct this headline. This debt is owned by these coyntries through buying of us issued treasury bills. 1 Like |
Politics / Re: Wale Edun’s Company Gets Lucrative Contract Weeks After NSIP Was Moved by horlando30: 10:19am On Mar 16 |
Sannisege: I think we need this social media bill to jail people who intentionally spread misinformation like this. And nairaland mods should verify news before sending them to frontpage. They can be held culpable for libel |
Politics / Re: Reno Omokri Shares Throwback Photo Of Peter Obi, Atiku & Tinubu by horlando30: 5:57pm On Jun 09, 2022 |
DMerciful: I dont know how much he made in bonus as an accountant. And what he made as a private citizen is not my business. I only corrected your wrong assertion that "nobody can be paid millions of dollars in compensation". And you dont have to be a ceo to make that. Top Investment bankers, wall street traders, top surgeons, senior tech employees, sr managers/executives in top firms etc make that much and some of them Nigerians too. If you change your mentality and pull yourself up, maybe you can too! 5 Likes 2 Shares |
Politics / Re: Reno Omokri Shares Throwback Photo Of Peter Obi, Atiku & Tinubu by horlando30: 4:57pm On Jun 09, 2022 |
DMerciful: Its not appropraite to confidently assert what you know little about. Managers and executives from top companies make millions in bonus(cash/stock) all the time. Even top senior employees in those companies make that much. Apple ceo was paid over $100m in compensation in 2021 alone. He is an employee an a billionaire in dollars. 4 Likes 2 Shares |
Celebrities / Re: Seun Kuti Accused Of Pulling Gun On Party Attendees, He Replies, Admits To It by horlando30: 4:10pm On Dec 13, 2020 |
I read your post perfectly. And you are very arrogant in ignorance. It is you who lack comprehension skill. Let me educate a bit: Castle doctrine of texas penal code 9.42 justifies the use of deadly force for trespasser. Warning a trespasser is not necessary requirement here as long as you can proof of serious risk or threat to life which could have been the case for the original post. This is not only texas you can also check florida. Google is your friend. Also in Nigeria, it is legal to own a gun as long as it is licensed with the police. Lousiana is not texas! henryobinna: |
Celebrities / Re: Seun Kuti Accused Of Pulling Gun On Party Attendees, He Replies, Admits To It by horlando30: 3:38pm On Dec 13, 2020 |
America is not an homogeneous place. Different states different laws. Seems you have not heard of trespassing laws before. People have been shot dead for far less. You stroll aimlessly through someone's lawn/yard, you get shot and Its perfectly legal too. you probably have not heard of texas before! henryobinna: 2 Likes |
Career / Re: Pay Structure of Most Nigerian companies as at February 2017 by horlando30: 12:40pm On May 24, 2017 |
takenadoh: You are wrong man, schlumberger has upto 23 segments. Trust me a new entry level permanent could even earn way more than that. Depending on your segments and contract. Segments such as westerngeco/PTS etc |
Car Talk / Re: Do You Know About Mazda CX-7 Or Ford Edge? by horlando30: 1:40pm On Feb 06, 2017 |
Mazda cx 7 is a very good car. I used the 2008 model for two years plus in Nigeria without developing a single fault.It has a turbo charged 4 cylinder engine which means fuel efficiency but always service the car as at when due. I do mine every 4 months. More and more ppl are beginning to find out about the car. So if but a good one, it's definitely a good buy. 1 Like |
Travel / Re: General U.s.a (student) Visa Enquiries-part 10 by horlando30: 10:12am On Dec 22, 2016 |
Please anybody in the house who have recently paid school fees in usdollars or obtain dollars? Please share how you obtained dollars. Banks are not helpful, even BDCs are saying no dollars. Kindly advise. It's very urgent |
Autos / Re: 2008 Mazda CX-7 @2.5m by horlando30: 9:35pm On Dec 21, 2016 |
More pics
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Autos / 2008 Mazda CX-7 @2.5m by horlando30: 9:27pm On Dec 21, 2016 |
Neatly used 2008 MAZDA CX-7 SUV in Nigeria for about 18 months. very neat good condition. Features Turbo charged Left hand drive Fuel- Petrol Automatic transmission Power steering CD Player/FM radio Factory fitted tinted windows Arm rests Electric mirrors Airbags Airconditioning cup holders Anti lock brakes Alloy wheels Whee locks etc. Price:2.55M Call Sammie: 08080216095 Available for inspection, only serious buyer please! pay and start driving immediately
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Politics / Re: 2016 Budget Is A Big Fraud - PDP by horlando30: 8:19pm On Dec 22, 2015 |
meforyou1:To be experienced by you and your entire family only. prophet of doom! 3 Likes |
Career / Urgent Recruitment Of Truck Driver by horlando30: 8:51am On Aug 18, 2015 |
A Transportation and Logistic Company based in Lagos seeks to urgently engage the services of a truck driver and a conductor/motor boy. We transport consumer goods from Lagos to different parts of the country. 1. Truck Driver We are looking for experienced and honest professional drivers. He must have experience in driving trucks to different parts of the country. The ideal candidates should possess: a. At least two years truck driving experience b. A valid driver's licence c. Excellent geographical knowledge of Nigerian road network d. Good understanding of the road signs and driving rules e. Professional and flexible approach to work f. Customer focused attitude g. Willingness to learn 2. Conductor/Motor boy The ideal candidates should possess: a. valid driver's licence b. At least 2 years experience c. A team player If interested, kindly forward your CV to info@top-acme.com on or before 12 am on Sunday, 23rd August 2015 Thank you!!! |
Autos / Re: Free Autocheck Reports! by horlando30: 1:01pm On Jul 22, 2015 |
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Autos / Re: Free Car Vin Check This Weekend Only by horlando30: 9:09pm On Jul 20, 2015 |
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Autos / Re: Free Vin Checks And Reports Sponsored By Auctionexport.com by horlando30: 9:07pm On Jul 20, 2015 |
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Career / Why Geology Graduates Are The Most Unemployed In Nigeria? by horlando30: 11:35pm On Mar 05, 2015 |
A Popular Aphorism that “desperate situations require desperate measures” cannot be overstated. It is true that the unemployment figures in Nigeria keeps increasing on a daily basis. This increase is especially high among graduates of all disciplines. From lawyers to Medical doctors, Engineers to Pharmacists, Geologists to Teachers and Bankers. Despite this, it can still be safely said that geologists have a very large share of this number (I stand to be corrected). Most geology and geophysics graduates are developing tactics to combat this challenge. One of it is that many rather than sit at home have proceeded to obtain a master’s degree with the hope that it will help them secure their dream job. Some even travel outside the shores of this country to secure a master’s degree from various institutions especially in the UK with the dream of coming back to secure a place. A year after they are back in the country they are still in search of a job despite their prestigious degrees. They would soon get frustrated and disappointed as they had thought that this would have been the anti-dote to their job problems but alas reality is steering them in the face “no job”. Someone once asked me this question “How come companies always go out of their way to employ foreign expatriate despite the large army of unemployed graduates in the land?” What a good question but the answer is not far-fetched. Oil companies are not charity organization as most people tend to think, they are in it for profit and will only be looking to employ people that possess the right skills and competencies, people that will assist them make this profit. These candidates (whether Nigerian or foreigner) are well sought after; companies will do whatever they can to bring them on board their team. Many of them don’t even stay long on a job; before you say “Jack Robinson” they have changed job. It is not a function of their degrees or certificate but rather the skills they have and what they can do with it. Even amidst this precarious unemployment situation in the land, Oil companies are still recruiting. They will only recruit capable hands. You can take yourself out of unemployment today by just taking a wise decision. A decision to acquire the right skill sets and knowledge needed in the industry. Why wait when you can take a step that will make you well sought after. Demonstrated competencies in the right skill sets needed in the oil & gas sector will set anyone apart from the rest of the pack. So if you want to be sought after by all and sundry then you had better done the needful, get trained!!! For more, visit http://geoprobesolutions.com.ng |
Autos / Re: Free Vin Checks And Reports by horlando30: 2:48pm On Sep 15, 2014 |
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Politics / Re: LASU Fees,Ebola : Fashola Seeks permission To Re - Order Budget by horlando30: 7:58am On Aug 15, 2014 |
bollify: . All of you are making noise as to having quality education and the need to pay heavily for that by d masses... Wel i dont blame you, its either most of you are thru with skulin or your parents were rich enough to pay for every of your needs.... I must say even with the very low amount of money we are paying in nigeria its not easy when u are sponsoring yourself through education. That is becos this is nigeria and not america,a nigerian student does not have equal opportunity with an american student. The allowances, d working opportunities, d easy money making opportunities their student have is not the same here in nigeria. So we must cry for them to not take d only opportunity we have(wich is d low tuition) away from us as it help giv ppl like us who may not be too brilliant, and not too rich to av acces to education. Its just it my broda.the usual excuse that the masses are poor hence give them a free low quality education has not help it has only keep them in perpetual poverty. go to any serious developing countries e.g. india, mexico, malaysia, brazil etc they all took education very seriously and its not free my dear. it is better to give your brilliant citizens highest quality equcation than give all the citizens cheap low quality education thats the only way to develop. if our science and engineering graduates had the best of education, today we wont have many of them looking for jobs they would rather come up with innovations that would create new jobs. Thats how to end poverty not by issuing certifica bollify: . All of you are making noise as to having quality education and the need to pay heavily for that by d masses... Wel i dont blame you, its either most of you are thru with skulin or your parents were rich enough to pay for every of your needs.... I must say even with the very low amount of money we are paying in nigeria its not easy when u are sponsoring yourself through education. That is becos this is nigeria and not america,a nigerian student does not have equal opportunity with an american student. The allowances, d working opportunities, d easy money making opportunities their student have is not the same here in nigeria. So we must cry for them to not take d only opportunity we have(wich is d low tuition) away from us as it help giv ppl like us who may not be too brilliant, and not too rich to av acces to education. Its just it my broda.the usual excuse that the masses are poor hence give them a free low quality education has not help it has only keep them in perpetual poverty. go to any serious developing countries e.g. india, mexico, malaysia, brazil etc they all took education very seriously and its not free my dear. it is better to give your brilliant citizens highest quality equcation than give all the citizens cheap low quality education thats the only way to develop. if our science and engineering graduates had the best of education, today we wont have many of them looking for jobs they would rather come up with innovations that would create new jobs. Thats how to end poverty not by certificates indescriminately. Nigeria has been giving free tertiary education since 1960 and we are still here , isnt time we try something else.you cant keep doing the same thing and expect a different result!!! tes indescriminately. Nigeria has been giving free tertiary education since 1960 and we are still here , isnt time we try something else.you cant keep doing the same thing and expect a different result!!! |
Politics / Re: LASU Fees,Ebola : Fashola Seeks permission To Re - Order Budget by horlando30: 7:21pm On Aug 13, 2014 |
The biggest problem in Nigeria is not leadership as most people think but rather the ignorance of the followers including that displayed here on NL. This country has remained the way it is because the majority of people in this land are ignorant including the so called graduates. We cannot be doing the same thing and expect a different result. We want our country to develop and compete with the best in the world yet our educational system is not but a certificate institution concerned with quantity rather than quantity. I would have expected the populace to have asked for full scholarships for indigent but brilliant students and student loans for deserving students rather than asking for reduction in fees across board including the students that can afford to pay. Its high time we place higher emphasis on quality than quantity. Only the followers can steer the leaders to lead properly. 1 Like |
Autos / Re: Total Cost Of Clearing A Vehicle In Nigeria by horlando30: 10:24pm On Jul 11, 2014 |
Hi Femmy, I planning to clear a 2008 mazda cx-7. The car is expected to arrive through RORO by end of july. How much will it cost to clear this car? Thanks and regards. |
Politics / 2014 Wasteful Budget In A Chart by horlando30: 10:45pm On Jan 10, 2014 |
A sum of N4.642tn was proposed by the Executive to the National Assembly for the 2014 financial year. Here is a quick guide to the Nigerian budget: 1. The budget is an estimate of how government plans to raise revenues, spend funds as well as meets its debt obligations over a certain financial period. Government plans to spend less in 2014 compared to the previous year(from 4.877tr in 2012 down to 4.642tr). Has governance shut down as elections come closer? 2. Nigeria's recurrent expenditure (personnel costs, ministerial overheads, debt servicing) has always exceeded the capital expenditure for infrastructure and public facilities. While the recurrent expenditure is projected to rise in 2014, capital expenditure goes down. 3. .How do we get capital budgets to perform? Note that recurrent expenditure (salaries and running costs) gets 95-100% performance. What suffers is the capital expenditure which directly affects every citizen such as a road, clinic, school building etc. Capital budget performance stood at 34% in 2012. 4.The National Assembly without any detailed breakdown takes N150bn yearly since 2011. N150bn is higher than 25 individual state budgets which cater for an average population of 5m people. 5. State House budget is an example of lack of disregard for taxpayers funds who demand efficient service delivery. Having 100 vehicles in the Presidential fleet, isn't that too much? Items in the State House Budget (Naira) ITEM AMOUNT PURCHASE OF 2 NOS. ANIMALS (WILDLIFE) 14,500,000 CAR TRACKER FOR 100 PRESIDENTIAL GROUND FLEET AND UTILITY VEHICLES 25,000,000.00[i][/i] UPGRADING AND MAINTENANCE OF VILLA ZOO 8,000,000 UPGRADE OF VILLA FACILITIES 1,500,000,000 PURCHASE OF CRESTED CUTLERY, FLATWARE & GLASSWARE 76, 375,000.00 http://www.yourbudgit.com/posts/view/8 |
Politics / Re: Fashola, Ekine, Pope Francis Named Among LSDP Top Global Thinkers OF 2013 by horlando30: 6:13pm On Jan 05, 2014 |
Yes, Fashola is worth it, The most uncelebrated gov in nigeria...... Seempliehuman: The Lagos state governor Babatunde Raji Fashola and Adekunle Ekine(a fellow of Echidina Global Scholars, Nigeria) have been named among the top 100 global thinkers of 2013 by LSDP- a global personality assesment organization. 1 Like |
Politics / Fg’s 2014 Budget For Aso Rock Zoo/animals by horlando30: 2:32pm On Dec 25, 2013 |
The Federal Government’s decision to spend the sum of N14.5m on two unnamed wild animals in the Aso Villa Zoo, as proposed in the 2014 budget, is the subject of a raging debate on social media. Apart from the sum, N8m was budgeted for the upgrading and maintenance of the State House zoo while the renovation of the horses’ stables and paddock will gulp N15m. But those who read the news online have described the proposed budget for the animals as a misplaced priority on the part of the Presidency. Reacting to the development, many Nigerians wonder why, despite the tell-tale signs of poverty and hunger in the country, the FG would give priority attention to animals at the expense of human beings. http://www.punchng.com/i-punch/fgs-budget-for-animals-sparks-debate-on-social-media/ |
Autos / Re: Free Vin Checks And Reports by horlando30: 12:20pm On Dec 24, 2013 |
Thanks. inze: |
Autos / Re: Free Vin Checks And Reports by horlando30: 8:09am On Dec 24, 2013 |
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Autos / Re: Free Vin Checks And Reports by horlando30: 2:01pm On Dec 23, 2013 |
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Autos / Re: Free Vin Checks And Reports by horlando30: 6:36pm On Dec 22, 2013 |
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Politics / Re: House Of Reps’ 50 Knotty Questions For Okonjo-iweala by horlando30: 10:04pm On Dec 21, 2013 |
36. Between May 7 and 9, 2014, it is expected that Nigeria will be hosting World Economic Forum on Africa. Who will finance this event and why? In concrete terms, what are the expected tangible benefits to the country in return to justify hosting such expensive event that will require lots of money for logistics, accommodations, security, especially given that South Africa that recently hosted the event has nothing to show for it. 37. If you should for any reason say it will attract foreign investors, the question, then becomes, what kind of foreign investors are we talking about here because as we all know, no serious foreign investor needs to attend such a forum in Nigeria in order to recognize that our country should have been one of the world’s favored investment destinations had our perennial infrastructure deficit been addressed head-on? 38. Most of the developing economies like China, India, and Brazil that the world is today celebrating as economic success wouldn’t have become this successful without adopting multi-year development plans. Why after knowing that their successes are as a result of carefully designed multi-year economic planning, we are yet to adopt such a multi-year development model? In other words, why wouldn’t you agree that Nigeria too needs that in order to move faster and more sustainably in its quest for industrialization and economic diversification and job creation for millions of the country’s unemployed young men and women. Specifically, what concrete, visible strategic efforts and action are you taken to diversify our economy 39. As the Coordinating Minister of the Economy, can you precisely clarify how much is AMCON’s debt exposure and what will its defaulting mean to the country’s economy? 40. Why are we using the 10 to 15 years moving average to arrive at your 2014 proposed benchmark as against the traditional 5 to 10 years moving average we have always used? Is it because using the 5 -10 year average will not give you the benchmark price you desire? 41. This time last year you informed this committee that our external reserve position was about $48 billion and the balance on our excess crude account was about $9 billion. You also said that the plan was to grow these balances to about $50 billion and $10 billion respectively. However we are hearing that the balances have dropped to $43 billion and $3 billion respectively. And you are saying all is well? 42. Crude oil projections for 2013 were 2.53 million barrels per day while actual figures as supplied by the NNPC/DPR/MTEF have averaged about 2.3 million barrels per day giving a shortfall of about 9%. Could this alone have caused such a drastic reduction in our reserves and savings positions? 43. Is any money missing from our anticipated revenue from the NNPC in particular and oil industry in general. If there is, how much? If not, how come such issues emanate from high offices in the executive arm of Government? However, if the reconciliation figures is the issue, how long will Nigerians wait for the reconciliation to be completed. In other words, how long will the reconciliation last and the outcome announced? 44. Referring to the pre-shipment inspection of exports act of 1996 and the Federal ministry of Finance export guidelines. If any good (oil, gas or non oil) is exported from Nigeria the exporter is compelled to repatriate these proceeds through the domiciliary account of a Nigerian bank. What has been the effectiveness of these laws? Is there full compliance. 45. If there has not been compliance, would it not make it difficult for us to build up our foreign reserves? Could we not say that the main thrust of the CBN letter was that our foreign reserves are not growing even though there has been a consistent high selling price of crude due to the fact that huge funds are not being repatriated at all or are repatriated through the black market? 46. Could we say that the issue is not so much that money is missing (which is yet to be determined) but that proceeds that should have found their way back to the Nigerian economy have grown wings or they fly in through the black market, allowing oil industry players have a field day making spreads of up to N7 per dollar in some cases. 47. What is the Minister’s take on the apparent stagnation of the economy as there seems to be very little job creation and growth in small businesses. Even though the Minister has read out growth figures before it is not telling on the average man on the street. 48. Would the Minister say that the various Government initiatives at job creation have not lived up to expectation as they affect only a very small part of the population? 49. Wouldn’t the Minister think that the private sector should be the main driver of job and wealth creation through natural growth of business and start ups being financed by the banking industry? 50. If so, what does the Minister think it would do for the local banking industry if this same pre-shipment inspection law and your own export guidelines are enforced to the letter. The oil industry in Nigeria is worth about $50 billion per annum. If even $10 billion of this passes through our local banks wouldn’t that give the economy a boost with banks now able to fund longer term and bigger projects? Signed: Hon. Abdulmumin Jibrin, Ph.D Chairman |
Politics / Re: House Of Reps’ 50 Knotty Questions For Okonjo-iweala by horlando30: 10:01pm On Dec 21, 2013 |
16. It was reported that the FIRS is to engage foreign consultants for tax collection in 2014. Could the Minister clarify this position and what Nigeria stands to gain? Have the FIRS not been working effectively? 17. Do you really believe that Nigeria needs a ‘Sovereign Wealth Fund’ at this critical juncture of budgetary deficits, and having to be borrowing extensively in an effort to address government revenue gaps? Shouldn’t the presence of Nigerian Sovereign Investment Authority (NSIA) simply mean spreading government’s scarce resources thinly? Why will you insist that no matter what we still need to operate a sovereign wealth fund? Sincerely speaking, how sustainable are the objectives of Nigeria’s Sovereign Wealth Fund, particularly in the long-term? 18. You should agree that a lot of Nigerians are interested in the link between NSIA and the government. Since there is no doubt that Nigerian Sovereign Investment Authority is an agent of government — or is it not? The question is: How should we think about the management structure in so far as major decisions are concerned? Where is the line between NSIA, as a commercially minded entity, and the government, especially given government’s policy of having no business doing business? If, for example, government does not get involved in specific investments, then, who appoints the external managers involved in managing some parts of the NSIA funds? 19. Who determines the investment objective and who establishes the risk parameter for the NSIA’s portfolio? In providing answer to this question, it is also important to understand and explain why NSIA recently hired a Swiss national as its chief portfolio investor? Answering this question is important since it should help us to know who determines the maximum draw-down that the government would be comfortable with in extremely negative market environments. 20. What should be your explanations for awarding MasterCard a multimillion dollar National Identity Smart Cards, when there are indigenous ICT companies that not only have what it takes but would have done it cheaper and create local jobs at the same time? 21. Have you taken into considerations how foreign company could use such information available to it to invade the privacy of Nigerians? 22. What are reasons for SURE-P to give preference to Chevrolet cars for SURE-P taxis, when it is known that not only are such cars very expensive to maintain compared with Asian and European cars, but also are also not fuel efficient and not durable on our roads? 23. Honorable Minister of Finance, you will agree that SURE-P is very important to the people of this country, taking into cognizance that it is the only thing they stand to gain from the increase on petroleum product pump prices almost 2 years ago. Who is in charge of the management of SURE-P and who takes responsibility for its successes and failures? 24. You will agree that inasmuch as the interest rate regime is critical to the real sector borrowing decisions, most principal factor in making borrowing decisions is the business’s expected rate of return on investing borrowed money? The question, without efforts to protect local businesses from their foreign counterparts, the high cost of doing business in Nigeria, puts them at such a disadvantaged position that it makes no economic sense borrowing to invest in their local businesses, why should we expect private sector firms to be investing in the economy? 25. You are quoted as saying, ‘’ Very soon, the US would become a net exporter of oil…So, it would be disingenuous for anyone to say that just because the price of oil has hovered at around $100 per barrel, it cannot crash…Lest we forget, as recently as 2008, oil prices crashed from a peak of $147 per barrel to $35 per barrel ina space of months triggered by the global financial crisis. Is the minority leader saying he has forgotten that?” This forces one to wonder from which source should the US become that net exporter of oil, given that the US daily oil consumption was 18.7 million barrels with (10.6 million of which was imported daily) in 2012? Or, should it be from the shale oil which the International Energy Agency (IEA) demonstrates to be at two million barrels daily? In other words, given the IEA global oil price trajectory, can’t we agree that “There are many constraints on supply keeping pace with demand” which means that within this decade, oil prices should always hover around $125 per barrel? Answering this question will help us understand why you insist on benchmarking the oil price for the 2014 appropriation at below $79 per barrel? In answering this question, would you also agree that as the global economy shifts from West to Asia, so will the appetite for global oil consumption shift from the West to Asia? As crude oil continues to sell at $100-$110, how low will production have to fall for us to record a net loss or at what production level can we break even at a 2013 benchmark of $79. 26. Do you agree that the Excess Crude Account as being operated by government is illegal and unconstitutional, especially given how it has been managed? 27. Can you explain with clarity how the ECA is being operated? Also provide a statement of account of the ECA from 2011 to 2013? Also how much have we made in excess of the benchmark price from January 2013 till date. 28. If there is nothing like Excess Crude Account, would you have been demanding lower oil price benchmark for the budget, especially when the executive arm of government around world is known for demanding more money from lawmakers in order to be able to meet government spending obligations, particularly capital spending. Why is the reverse the case in Nigeria only, notably since 2011? 29. With respect to the Excess crude account and our Sovereign wealth fund again, there have been allegations and counter allegations on its legality. Assuming, for the sake of the committee’s enlightenment, the FGN alone saved its own excess in its ECA/SWF (which is about 52% of the Federation account) and the states and LGs get their funds in full compliance with the constitution, what would be the effect on the economy? 30. Do you believe in the fight against corruption? If you do why has EFCC not been proper funded? Without properly funding the commission, how should it be expected to carry out its duties effectively? 31. Can you confirm with figures if we have met our cumulative revenue projections for 2011, 2012, 2013, and if we have, how and if we have not, why? Also provide backup performance information under the various revenue generating agencies—NNPC (Oil and Gas), DPR, FIRS, Customs, Independent Revenue and other anticipated and unanticipated revenues e.g. privatization and sales of government properties etc. 32. As Minister of Finance, are you familiar and comfortable with all the present business arrangements of the NNPC? Why were these business arrangements excluded from the MTEF which used to be the practice? Provide all the present business arrangements, the parties involved, the share of each party, and justifications for such. 33. Provide details of government stake in NLNG. All categories of revenue under the NLNG and total amount generated so far and evidence of remittances. 34. Why do you always prefer a lower benchmark which leaves government with wider deficits and your attitude of no qualms with domestic borrowings at excessively high interest rates to balance deficit as against our position of increasing benchmark to reduce deficit which consequently reduces domestic borrowing, that frees up funds for the real sector of the economy, thereby bringing down the interest rate, increased private sector investments and creating jobs. 35. What is the total amount expended by certain statutory agencies of government without appropriation for 2011, 2012, and 2013? Also provide aggregate appropriated expenditure for the same period. As the Coordinating Minister of the Economy, do you feel comfortable with allegations that almost equal amount of our yearly aggregate expenditure is being spent without appropriation, yet we are crying that the country is running short of revenue? |
Politics / House Of Reps’ 50 Knotty Questions For Okonjo-iweala by horlando30: 10:00pm On Dec 21, 2013 |
On Thursday, the Finance Minister, Dr Ngozi Okonjo Iweala, appeared before the House of Representatives Finance Committee, headed by Dr.Abdulmumin Jibrin, after she presented the 2014 budget to both chambers of the National Assembly. She was presented with 50 questions on the economy to answer. After explaining that her health was not sound, the committee chairman gave her two weeks to answer the questions in writing. She, however, explained that she could cope but the chairman insisted she should go and take care of her health. Below are the 50 questions: 1. What should you consider as the major economic achievements of this government in the 2013 fiscal year and why? In your explanation, we will need facts and figures in demonstrating such achievements. 2. You have been credited with many announcements regarding Nigeria’s economy as one of the fastest growing economies in Africa. If the economy is one of the fast growing economies, what is exactly growing the economy? What role does government play in the said economic growth, especially given that as high as 80 percent of the country’s total annual budget spending still goes into recurrent expenditure? 3. Since your arrival as minister of finance in 2011, you have publicly announced the need to reduce the recurrent expenditure so that more money would be made available to capital spending which is critical to growing and diversifying the country’s economy. How far has government succeeded in making these necessary cuts; and where exactly have these cuts been made in this effort to reduce recurrent expenditure? In other words, based on real amount spent on capital expenditure, how much reduction was made in 2011 against 2010, in 2012 against 2011 and in 2013 against 2012? 4. You are known to be celebrating a single-digit GDP growth. But speaking recently at a breakfast dialogue with some members of the organized private sector in Lagos, organized by the Nigerian Economic Summit Group (NESG), you were quoted as saying: “We are growing, but not creating enough jobs. That is a very big challenge…We need to grow faster. I think it needs to grow at least 9 to 10 percent to drive job growth the way we want.” Don’t you agree that a good finance minister managing an economy like ours should be celebrating a GDP growth as high as 20 percent annually? Why is it that our economy cannot grow beyond a single digit? How many jobs are being created as a result of these said growths? In which sectors of the economy are these jobs created? If in private sector, what contributions is government making to further assist these private sector firms? 5. In the presence of Nigeria’s huge infrastructure deficit, why is it that the country’s debt-to-GDP at about 19 percent in 2012 remains one of the lowest in the world when compared to nations already with world-class infrastructure and industrial economies such as America’s 105 percent, Brazil’s 65.49 percent, India’s 67.60 percent, and South Africa’s 40.9 percent? 6. Since facts don’t lie, have you any disagreements with the September 4, 2013 Global Competitiveness Report of the World Economic Forum for 2013-2014, which ranked Nigeria 120th out of 148 countries ranked in the Global Competitiveness Index, including being ranked far behind some African countries such as Mauritius 45th, South Africa 53rd, and Kenya 96th? 7. ‘’For the first time in Nigeria’s 53rd year history, we have successfully privatized the electric power industry,” so said the President at a recent meeting in London with some foreign investors. As minister of finance should you agree that the recent privatization of the country’s power infrastructure is worth celebrating as a major economic achievement in 2013, when in reality there is little or nothing to show as an improvement in the country power supply? Also why our rush to wholesale privatization of the power sector when countries like South Africa, generating as high as 42,000MW still have their power sector mostly in public hands? 8. What was your reaction to the November 12, 2013 statement credited to the World Bank Country Director for Nigeria, Marie-Francoise Marie-Nelly, who said that over 100 million Nigerians are today living in absolute destitution, representing an unheard-of 8.33 percent of the world’s total number of people living in destitution? 9. Nigerians are increasingly perplexed that these days nothing happens without government borrowing. And for most Nigerians, it is frightening how those managing the economy are just dragging us into excessively unproductive debts. More worrisome is the fact that every effort is being made to hide the details of the country’s debt stock from Nigerians. Where are the facts that the country’s current high rate of borrowing is productive, let alone have the ability to be repaid without having to resort to more borrowings? 10. Is prudence in our borrowing simply reduction in borrowing or simply constructive borrowing with government putting necessary measures in place to ensure that domestic debt profile is properly supervised and utilized by curbing corruption? 11. From Debt Management Office (DMO) 2012 Annual Report, the total public debt outstanding between 2008 and 2012 for external stock rose from $3.72bn to $6.53bn, while domestic stock rose from $17.68bn to $41.97bn. The total debt service the same period saw the percentage of external debt service drastically reduced from 11.46 per cent to 5.96 per cent while the percentage of domestic debt servicing grew from 88.54 per cent in 2008 to 94.04 per cent in 2012, drastically increasing the cost of the total debt service since the cost of domestic borrowing is atrociously higher than the cost of external borrowing. How could your debt sustainability analysis rationalize this without seeing some narrow interests being the overriding reason? Could this be the explanation why commercial banks in the country are declaring unheard-of three digit profits and the high Foreign Portfolio Investment and low Foreign Direct Investment? 12. It’s an established fact that the willingness and ability to borrow do not automatically translate into economic growth. If you agree with this fact, how productive are the country’s recent borrowings? 13. Why should our internal debts continue to represent more than two-thirds of Nigeria’s external debt profile, when the cost of servicing domestic debts is ridiculously far more expensive than servicing external debts? Why should government continue to borrow internally when in so doing results in insufficient funds, skyrockets the cost of borrowing and above all, crowds out the real sector from the money market? Shouldn’t the high cost of domestic borrowing override whatever are the assumed benefits? Since both London Interbank Offer Rates (LIBOR) and the US Treasury Bonds rates offer far better interest rates for sovereign borrowings, why have we continued not to take advantage of cheaper interest rates? 14. Your references to the country’s economic growth profile have always been based on Fitch, Standard and Poor’s, and Moody’s ratings. Are you aware that these same rating agencies are being sued in New York (with case # 652410/2013) by two Bear Stearns hedge funds for fraudulently assigning inflated ratings to securities in the run-up to the 2008 financial crisis? If you do, why do you insist on accepting the rating as reliable. 15. How much exactly has been the amount of money lost in government revenue as a result of import duty waivers in 2011, 2012 and 2013? Provide the names and beneficiaries and justification for same. In your opinion as the minister of finance who oversees the economy, what are the implications to the country’s economy? What efforts have you have made to stop this waiver policy, which is distorting the economy? Our non oil income has dropped in 2013. A case where increased tariffs on various items effectively reduced importation to zero in some sectors. However, those items now find their way into Nigeria through our borders. Does it make any sense to increase these tariffs when we have such porous borders? As an example, officially, Benin Republic imported more rice this year than Nigeria. |
Autos / Re: Free Vin Checks And Reports by horlando30: 2:07pm On Dec 21, 2013 |
Hi, Thank you for all your efforts in this forum, kindly help me check this VIN numbers: 2HKYF18573H558328 2HKYF18564H618410 2HKYF18513H547289 Thanks and God bless. |
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