₦airaland Forum

obailala:
China does not give cash loans; it's strange that a lot of people commenting here arent aware of this...

China builds the infrastructure and you pay them back with cash, so how exactly do the politicians get hold of the loan money to steal if china doesnt give cash?...

Chinese loans are the safest loans past and present Nigerian governments have taken cos we get to actually see the completed infrastructure; our filthy politicians cant steal the money.

You are quite right.
That pattern of channeling the loan directly to infrastructure is the hallmark of this govt as can be seen in many other infrastructure deals and loans from other creditors. This ensures loan diversion and corrupt embezzlement is checkmated

Litmus:
Financial Times

African debt to China: League Table
https://ibb.co/x1xDWzX

https://www.ft.com/content/bd73a115-1988-43aa-8b2b-40a449da1235

People just complain without looking at the data. Look at that league table in that link and see that we are not that exposed to China as many people think.

And yes, more than half of existing Chinese loans were taken by the previous govt

Tedassie:
First of all...It was a PEACEFUL PROTEST(Unfortunately it turned bloody, owing to brutal iron-clad treatment from the law-enforcement agent
Secondly, there was no 'political point' scored against any politician, the seeming aggression against them we must have witnessed was a culmination of years of pent up anger and frustration of bad governance(which we are all familiar)

To add to it, the media failed to carefully distinguish the elements at play in the chain of events, so all we got was a conflated reportage that seem to render the End SARS protest illegitimate:

-You have the genuine EndSARS protesters(who had a genuine cause for the protest)

-Political thugs or mercenaries(employed by the Government to disrupt and hijack the protests (series of video evidences abound proving this) just to put the blame on genuine EndSARS protesters.
*Take the ''Prison break'' that happened in Benin during that period for example, do you honestly think the Government had nothing to do with it? It was all a setup

-Vandals/Hoodlums unconnected to the agitation who took undue advantage of the protests to destroy and loot property for their own gain,they obviously had their own agenda...which was against the objective of the cause. I term these ones as 'Sleeper agents'

Then you have the Police and even soldiers killing and inflicting harm on the protesters(I've seen videos of soldiers maliciously hunt down unarmed civilians that period). Some joining to destroy property so as to justify a clampdown on the protesters.

Don't you think it's a bit unfair to lump all category of persons as End SARS protesters just to accuse them of all what you just accused them of.

The real EndSARS protesters had absolutely nothing to do with the destruction of property and maiming, rather some unscrupulous elements (of which the Govt know about). Look at how the Govt kept lying about the Lekki Toll gate shooting

Convenient for EndSARS promoters to pin all the violence and anarchy on 'sponsored' hoodlums and touts. These are youths too and the naivety of the promoters led to it. Let the promoters for once claim culpability and join hands with ALL victims to find a way forward.

We all saw it coming. The Govt acceded to all demands and begged for a reconsideration of continued protests. Elders appealed to the youths to embrace dialogue with govt since their demands were met. Recall the protests enjoyed wide acceptance and support across different strata of the society at the outset. However, youth intransigence and not listening to voice of reason soon escalated the already tensed situation leading to the bloody aftermath.

So it's a bit disingenuous to keep saying the protests were peaceful without considering implications on the wider society when hoodlums were just waiting for the perfect opportunity to cash in and cause mayhem which they gladly did.

HRMK:
why are nigerian politicians so dubious?what happens when #administrators of such accounts show up?litigations

No worries at all. When they show up, they collect their monies, no need for any litigation. Same thing when you show up to withdraw your money at the bank, you get paid despite that the bank has invested depositors funds to earn money for shareholders.

dominic17:
You never can tell Nigeria government can do and undo anything.I don't trust them at all.

Yes there is trust deficit with govt due to years of misrule. However if you take time to analyse the way Buhari is going about this infrastructure revolution, you will clearly see a different pattern and approach compared with how previous govt has gone about them.

The loans are put in the hands of those that directly build infrastructure. Check the way beaureacracies and corrupt middlemen and politicians are bypassed to reduce corruption. From the rail infrastructure provided directly by rhe Chinese to Siemens Power deal struck directly with Siemens and German govt to proceeds of bonds paid directly to road contractors etc etc. That is why those projects are being delivered timely and within budget.

This govt is also fighting the corrupt processes it inherited from the past govt e.g port reforms that eliminate expensive middlemen and concessionaires, power distribution companies that failed to deliver according to contract etc etc

Just take a look with an open and unbiased mind and you will see a clear and progressive direction

7lives:
Check some of my post on this forum, I said Buhari will go into Nigeria history as the best president ever.
Not because he is the most intelligent among his peers, but because he is the most committed, and has the discipline and courage to do what it takes, to develop this country.
A lot of projects that Buhari government is undertaking now, should have been completed even before year 2000.
My dad told me that during the Festac 77, a foreign journalist interviewed a government officials, about the bogus spending.
The answer from the official is that, " money is not Nigeria's problem, na how to spend it ".
The whole world knows what happened to Nigeria five years later.
It takes a disciplined and a committed leader to build a nation.
A lot of heavy loads that are supposed to be moved by rail are being moved by road, killing and wasting human lives.
My prayer is that God should sustain Buhari to complete his tenure, so that some of his projects, will not become another abandoned project.
Buhari is Nigeria's Attarturk, God bless him.
God bless Nigeria.

100% in support of your post. Nothing more to add.

The naysayers and doubting Thomases will come round eventually though I seriously doubt it

dominic17:
Supporters of the bad governance continue until the day your account balance will be borrowed without your knowing.

Nothing of such will happen, its only scare mongering. Seek to understand the issues.

PassingShot:
The Finance Act 2020 which was recently signed by the president has become the law provided it does not contravene any part of the constitution. You must remember that this was passed by the NASS.

I have provided you with a link to that of US law on Dormant Account.

Thanks as you have provided insights into why this is being done and not the over simplistic narrative from majority of us including in this case SERAP itself.

As you said, people are not concerned that the banks themselves are currently using these funds free of charge to fund their private enterprises or other ventures that do not contribute necessarily to growing our economy. The banks themselves can't wait to declare accounts dormant for reasons stated above. So if govt steps up to say, look you banks and unclaimed dividend managers should borrow these funds to govt to help close the infrastructure gap, what is wrong in that? If that will help us reduce our foreign borrowings, what is wrong in that?

Mind you, the govt is not confiscating the funds. It will pay a decent interest in consideration of using the funds. Whenever owners or next of kins step forward to claim those funds, they will have access to their funds for sure.

Section 44 of the constitution quoted by SERAP said towards the end...'except in the manner and for the purposes prescribed by a law'. That law is the Finance Act 2020 passed by NASS.

I agree that govt should do more in reducing cost of governance and cutting waste. That can be done in parallel.

Tekrify:
Nigerians and ignorance is at an insane level
..please if u have no clue of how something works..do the internet a favour and keep quiet... Abuja Kaduna railine is currently congested...if u go to idu ..u can wait for hours and not get ticket...just weeks ago the fair almost triples yet people are still paying and the rail running at maximum capacity...the same thing will happen to Lagos Ibadan rail line... Inshort it best to have the entire length Completed (Lagos to Kano to Maradi) to generate massive income from both freight and passenger travel...

Ajaokuta Kano gas pipeline is not a failed project..the future of Nigeria is gas..as oil is gradually fading..we have more gas reserves than oil... because of the environmental implication of oil and it product... everything is being switched to gas cuz it way cleaner and very cheap..that one of the reason why FG wants to convert many vehicles to run on gas...
The pipeline is part of an integrated African pipeline system that stretches down to north Africa passing the sea down to Europe..this will allow Nigeria export gas to Europe in the future..the way it does with oil today..

The level of ignorance is so high, driven by primordial sentiments. The PHC-Maiduguri and Ibadan-Kano rail lines still cross many Southern cities. Lagos-Calabar rail is in the works and will eventually be done.

The other day, Amaechi was remonstrating with the Southern Reps and Senators not to be impediments to the actualisation of the Lagos-Calabar rail project but they shoved him aside, now they will turn back to accuse him of not prioritising it.

The AKK pipeline is the third in a series of major gas pipeline networks to be built in the country. That overall gas plan was put in place in 2008 and the implementation has progressed since then. The first two pipelines run from the Niger Delta to Lagos (completed and in use for years now) and the second is the one from the East somewhere in Imo State traversing all across to join the first pipeline in the West (almost completed). The third is the AKK pipeline now approved and to be constructed, within the overall plan of industrialising the country via gas, put in place in 2008. But of course the ignorant ones will not have that background and jump at the mention of AKK as another Northern agenda.

My plea is for this govt to ignore the noise and forge ahead with their infrastructure plans. It will be clear soon enough to everyone about where we are going.

RichDad1:
Awon werey. What’s with PMB with what’s happening in the US?
The only person that needs to learn is Atiku and his minions.
Where is the server ?
Where is cummin?
Who is asking the Supreme Court to subvert the will of the people ?
Who’s using Lamidi cownu and his misguided oponu to cause mayhems?
Which party does FFK that’s using religion and ethnicity to instigate false narratives ?
Bloody hypocrites

You didn't add the way INEC treated the Bleep up of one Orubebe whose action was similar to the disgraceful invasion of US Capitol building. US should learn from Nigeria

Technocracy:
A conscious Nigerian youth has volunteered to run for presidency all I see in the thread is pessimist and pessimism smh. This is supposed to be a welcome development I mean a source of excitement. This slave and conquerd mentality should stop let's throw our weights behind him. Nigerian youths needs to rise and make a strong statement. we matter

If all he has going for him is youth, then he hasn't even started. What are the skillsets and experience he has for the top job? To rule a complex nation like Nigeria is no child's play. He needs to start selling himself on a robust platform.

Youth on its own is not the solution. There are many youths who have tried - Yahaya Bello current Kogi State Governor was less than 40 when he became Governor, Dimeji Bankole was less than 40 when he became speaker of the house, Orji Uzor Kalu was 39 when he became Governor, Salisu Buhari was less than 30 when he became House of Rep speaker and so on and so forth. What did these guys accomplish in lesser political office? Donald Duke was young but you could see he had a strong and sound CV before becoming CRS Governor.

So Yul, what do you possess apart from Youth to vie for President?

MOVIC6:
Dayum bro, you really voted incompetency in again, dayum bro what’s up with your type...

Incompetency according to you, no wahala. Still majority voted him, deal with it.

MOVIC6:
Trump did well jus like your deadbeat president but people still don’t want him.
It will be wise you stop forcing your president down people’s throats, it will do you more good, mental wise....

PMB won a second term unlike Trump. Majority voted him again and if you didn't, it means you lost the election. Best to wait for the next election

PicLtd:
He told your yoruba skull the bitter truth that you dont want to hear. Instead of you to swallow the bitter therapeutic pill and have peace, your owambe skull is more interested in 'eating sweet lies' that will give you emotional jedi jedi.

If APC gives yoruba ticket, PDP will be zoning to the North sharp-sharp with the support of the East, even a sick muslim northern donkey will defeat the greatest yoruba man ever liveth at the polls. Do a retrospectice holistic study on electoral polls since 1960, yoruba electorates have lost more elections than they help others win, yoruba votes have NEVER made a yoruba man president ask Awo, Falae etc.

There will be no yoruba president in 2023, embrace this and have peace.

If APC gives its ticket to SW, why can't PDP give its own to SE? What is wrong with that? Except you don't trust a SE candidate to win

Factfinder1:
Apc cant and wont win any elections in Nigeria again even if they present jesus as their candidate...they have destroyed this country with hardships, Islamic terrorism, hunger,nepotism, incompetent people holding sensitive positions, abuse of power and the rule of law and making Nigeria the poverty capital of the world

You said this same thing in 2019. Work out your salvation, not through noisemaking and throwing insults all around

eeetuk:
Latvin & bro4u:

Latvin:


I dont think Udom is the culprit here.

Victor Attah and Godswill Akpabio took the bulk of those loans
Atleast they had something to show for it. Udom is clearly clueless on how to govern AKS even the unemployment and poverty rate justifies it.---bro4u

Latvin & bro4u:
I took side with what both of you have said above.

I don’t know about Akpabio having something to show during his years in office, but Victor Attah clearly was the best governor Akwa Ibom State ever had for many reasons.

When Victor Attah became governor of Akwa Ibom State in 1999, Akwa Ibom State was a jungle and a forest. When you wake up in the morning, all eyes could see were bush, wilderness and rainforest. Roads that were visible could hardly fitted two cars.

The citizens deserted the state to Lagos and out of Nigeria—many never returned.

Return for what reason?
There were no private sector jobs anywhere in the state and if you see someone with a pay check, that person was a government worker. And if you lived in a village, you probably have never seen a car in your life. That was how bad Akwa Ibom State was before 1999—the year civilian government replaced military rule in Nigeria

But the emergence of Victor Attah in 1999 as the state governor changed everything in Akwa Ibom State forever. Under governor Attah, linking all the 31 local governments with network of roads became a reality. Several five stars hotels began to emerge. International Airport came in town. Football stadium was built. And several private sector jobs began to spring up everywhere in the state. And so were gainfully employment opportunities for locals.

This was followed by returned of citizens to the state in large numbers.
These developments began to slow down when Akapbio and Udom took over the state.
The chart below shows how Akwa IIbom State has fallen since Akpabio and Udom took over the management of Akwa Ibom State.

So, I am going to stop here for today, but I will in future expand on how Victor Attah rescued Akwa Ibom State.

eeetuk,

Thanks for your insights and contributions. Looking forward to more details on Attah's stewardship.

I can relate with what you said and how AKS planted itself in the comity of rich and developing states. I recall the onshore/offshore dichotomy fight during OBJ's era and how that shot the state into one of the richest by federally allocated revenue.

I've often said that debt in itself is not bad provided it is used for infrastructure development thereby increasing productivity, creates jobs and pays back the loans. Will be good to see how AKS has measured up against these.

Jostoman:
They are afraid of what will be the outcome of ICC investigation of lekki tollgate.

Has ICC finished prosecuting OBJ over Odi or Zaki Biam massacres? What of GEJ's leveling of camp 5 in the Delta? Abegii

PrinceMajestic:
They may have been killed that night. But i am annoyed with people asking this: "if your family member was among victims would you be unconcerned?" thats a stupid question. If i tell my bro or sis to obey the continuous govt plea to youths to go home that grieviances re being addressd nd he/she should also obey state govt curfew due to the already tensed situation then that bro/sister disobey me and went ahead to clash with security agents, i will insult the dead body nd may later just say r.i.p due to last respect for humans. Any family that refuse to advice their youth members to hold their peace is only a stupid family. I knw some parents did advice them, but its their own stupidity that killed them. Let cnn nd f.g settle the issue nd move on

Your line of thought makes sense to me apart from insulting the dead body, lol. Pls tone it down.

As you said, govt acceded to the youth demands and called for understanding and collaboration. Unfortunately the youths didn't trust govt and moved on to make more demands.

With the looting and anarchy kicking in, a responsible govt can no longer fold its arms and watch lest it degenerates into complete anarchy. Dont forget that the civil war was preceded by acts of arson and anarchy in the wild wild west. Govt should have used other means to disperse the youths at Lekki tollgate than get drawn into this endless criticism of sending soldiers there.

That said, mistakes were made on all sides and lessons should be learnt. My disappointment is that EndSARS campaigners are not calling attention to those 42 policemen and soldiers across the country that lost their lives through mob action. They seem to only be interested in the Lekki casualties alone. Those other casualties are victims of EndSARS protest and should be duly acknowledged. That for me confers more legitimacy on the struggle

bro4u:
Atleast they had something to show for it. Udom is clearly clueless on how to govern AKS even the unemployment and poverty rate justifies it.

Ok, I haven't being following Udom closely so can't really say

Sammy07:
You guys, you ain't criticizing the right state.

Just take a look at
Bayelsa (a state with little population and less LGs), delta, cross river, Osun, Benue.

Just look at the debts they're owing with nothing to show.
At least we're seeing what Akwaibom is doing with her money.
I bolded Bayelsa and delta because they're oil producing states with nothing to show.

You are right.

Delta and Bayelsa despite huge allocations have little to show for the level of debt incurred.

As for Cross River, I am just shocked. Looks like hangover from the Tinapa project and others of the Donald Duke era is still weighing the state down. Unfortunately they couldn't commercialise those investments as planned

bro4u:
Gov. Udom of Akwa ibom is a joke, a man with a mission to destroy Akwa ibom with unemployment and debts. Funny enough he is accomplishing it

I dont think Udom is the culprit here.

Victor Attah and Godswill Akpabio took the bulk of those loans

walkingshadow911:
how many political offices did Donald trump head before he became U.S. president. he had no prior knowledge of military or government servises. yet he took unemployment from 7% to 2%.
This is why Nigeria can neva be better, you evil people made a career out of politics with the help of your godfatherism Democrazy. making an illiterate terrorist to be leading the most populated African Nation with a nepa bill. God punish u all of you to ur 7th generation. rubish

So called illiterate terrorist won 2 elections despite losing previous ones.

When Sowore was on the ballot for President, why wasn't he voted enmasse by those now crying wolf? Same with Gani who contested severally but got embarrassing votes from this same electorate. We can make all the noise and protest all we want. Truth is if the generality of the populace don't convert that to changing the govt via the ballot box, all will remain at the noise level. Give that a think.

[quote author=vineyardfarms post=97660463][/quote]You asked me a question, I took my time to respond.
The least you can do is to challenge the list or offer your own opinion. But what do I know...

You will be alive and well in a few year's time as dreams become reality.

eeetuk:
“Lagos State Commissioner for Transportation, Frederic Oladeinde, has said the Third Mainland Bridge would be opened fully to vehicular traffic in February.”


Why does Lagos State continue to receive federal funds to fix its infrastructures and states that provide money for Nigeria to spend have gotten none?

According to my reporting and other sources, the third mainland bridge is 100% funded by the federal government of Nigeria—through oil money generated from South-South states.

Why this question is important:

This evidence points to why militant group like Boko Haram is thriving in the Northern Nigeria, rising increase in vandalism in south-South states, and kidnapping factories in South East.



In South South states—where all the money Nigeria spend is generated from oil sale, roads and bridges are in terrible states. The picture you see below is from oil community in Akwa Ibom State--this picture speaks to the state of deterioration of infrastructures in South-South. Since President Buhari has taken office as the president of Nigeria in 2015, funding federal projects in the state has ceased. Contrast this to states from South-West, all Northern States and South East which provide no money to the federal treasury and are receiving all the federal funding for their infrastructure’s enhancement. This is unfair.

Nigerian government under President Buhari has ceased to function for all Nigerians.

Buhari’ presidency has continued to stoke fears, traffic hate and divisions among Nigerians in ways never seen before.

So, I am writing to call on all well meaningful Nigerians to call on President Buhari to resign as soon as possible. President Buhari resignation will pave way for unbiased leadership to take over the country and run for the benefits of all Nigerians.

Get the facts right.

South-South receives its fair share of infrastructure. Recently, Buhari paid Rivers State Govt N78bln for infrastructure that was done on FG's behalf. The East- West Road though with slow progres, is getting attention. The Bonny-Bodo road (similar to an extent to third mainland bridge) which has been left undone previously is now nearing completion. Enugu - PHC expressway is being fixed.

There are many interventionist agencies such as NDDC and Ministry of Niger Delta also developing various areas. The rail project between Lagos and Calabar will pass through most of the SS states.

You can do some research to verify above and more.

[quote author=Atlas9 post=97658349]I am not a politician. I am a university graduate with a love for knowledge who has had widespread experience and who always wondered why we don't push for excellence in Nigeria. I worked in a bank where my branch manager would ignore the schedule of maintenance for the brand new generator, only to start cutting corners in a panic after the machine would refuse to start on a working day.
I have worked as personal assistant to a billionaire and noticed that even my oga doesn't have expectations of excellent service from everyone - you just come to work and run errands, or hang around. The money he made in the past is not attainable, just be around. I noticed they didn't have any regard for your initiative.
How do the Jeff Bezos and Bill gates of pur generation spring up?
I have seen the ruins of a world class foundry and metal work industry in Ibadan. Almost everything can be fabricated in Ibadan, and skilled people abound. But it's not being sponsored.
The Ajaokuta complex has about 4 or 5 stages of transformation before you can build anything metal there. Forget the blast furnace, focus on metal fabrication, and our metallurgical and materials engineers will emerge from the shadows. The positive fallout from Ajaokuta, Aladja and Katsina steel rolling mills would be the catalyst for real, ground up development, financial empowerment and infrastructure upgrade. [/quotes]

You are right with your thinking and I am aligned. However, realise that the rot from the past is very deep and will take some time and sacrifice to fix.

Most of what you highlighted were as a result of not well thought out policies of the past. If you allow power to deteriorate, open your gates to be flooded by cheap foreign goods thereby killing the local industries you mentioned and go on a looting spree that wrecks everything, then you will get the results you see.

Reform is painful. Policies that will protect and revive our local industries will hurt some people in the short term and sometimes lead to higher prices initially. We have to weather that early storm to break into the calm and boom that follows, only if we are disciplined and patient.

CaptainFM1:
Great Nations take front sit in technology development. Shame to our current leaders....they are always late in everything. Need I remind you that when Awolowo brought Television to Western Nigeria, France as a country has no TV station. That was how proactive we were before!

We

Why did you pick USA? The system has been tested as the 6th form of transportation. We mustn't be the last to try any new technology. Forward thinking cities like Dubai and Maharashtra has approved the development of Hyperloop for their cities. Development takes a while and the earlier we start the better.

Even Trams are not available anywhere in the country? This is 2021, we really need to have a serious thought about the administration of this country.

Is Electricity a rocket science? We just lack the political will in this country. That's All. That's our major problem.

Be realistic.

Basic technology to meet our everyday needs as an African country is ok for now. Those latest technologies you talk about cost a lot of money. That is not how you want to spend scarce resources.

We need to channel our energy and resources to where we will derive maximum benefits for the masses. Electricity is the key one now and I believe the transformation in that sector will be huge in a couple of year's time. Notice again the strategy that Buhari's govt adopted with Power. They went straight into partnership with Siemens the German giants. That will cut off all the corrupt and middlemen leeches who have derailed past attempts. Just sit back and enjoy the transformation in that area in a couple of years.

My advice - it is better to support efforts of a govt that is determined to make things right. By all means, criticise their shortcomings constructively so they can learn. What I find really distressing is the bile and negativity even when progress stares us in the face.

COMPAQ:
The only reason why this money was not stolen is because it was aloan from China. And not the type of loan where they disburse cash, but the type of loan where the value is agreed and then the Chinese contractor does the work to specified standard.

That is the reason why the work was done quickly, so that China can start counting the loan very quickly. If it had been handled directly by the Ministry via contracting, it would never have seen the light of day.

Point I'm making is that it has less to do with Buhari or even Amsechi management skills and just the nature of the loan.

No, it has more to do with Buhari because he knows it will be looted if it goes through the regular Nigerian channels. He chose a route that will get it delivered quickly. Same approach with the airports, 2nd Niger bridge and other key infrastructure.

By the way, the railway revolution is just starting. Ibadan-Kano, PHC-Maiduguri, Lagos-Calabar coastal lines still to be delivered. They will be substantially built but maybe not fully completed before the administration wounds up. The next govt can take it from there.

vineyardfarms:
Sir, can you JUSTIFY THE $20bn loan by PMB?? in terms of development?

A few i can remember below;

1. Completion of airport remodelling (Lagos, PortHarcourt, Kano, Enugu)

2. Completed Railway infrastructure (Lagos- Ibadan, Itakpe-Warri)

3. Ongoing/about to commence railway infrastructure (Ibadan to Kano, PortHarcourt to Maiduguri, extension of Lagos rail into Apapa port, coastal railway from Lagos to Calabar)

4. Roads (major ones are Lagos- Ibadan, Abuja - Kano, Bodo - Bonny and Enugu - PortHarcourt). There are plenty more ongoing elsewhere

5. Second Niger bridge

6. Ajaokuta-Abuja-Kano major gas pipeline

7. Siemens Power deal to revamp electricity by generating more than 30,000 MW in phases and fixing transmission and distribution networks across the country

8. Agricultural revolution for food self sufficiency

9. Digital communications infrastructure

These are the ones I remember from the top of my head. A complete listing can be seen from the Debt Management Office website if you Google it. The challenge is to ensure that these assets can be fully commercialised for them to repay back the loans.

It will take some time to see the full impact but it is slow and steady.

nograv:
How have I not been fair..?

Increased insecurity with Boko Haram and Isis in the Sahel running rampant across the north.

Increased banditry across many areas of the country.

Increased poverty across the nation, in fact under Buharis tenure Nigeria now has the shame of having the largest poor population in the WORLD

Increased ethnic strife with very biased political appointments across the nation. So bad that everyone from Bishops to ordinary citizens have condemned it..

Minimal infrastructure improvements despite billions being borrowed by the Naija govt.

I could go on.. The list of failures is endless..

Buhari is a bigot and a failure. He has to go, the sooner the better....

I have a different view.

I think we can all agree that the security situation is terrible and should be fixed. It is a failure of this govt considering that it is an area the President should be most competent in. However, recall the successes in fighting insecurity in the earlier years of this administration and only started suffering reversal in fortunes in the last 1-2 years. They may yet reverse it as barrage of criticism mounts which should wake them up from their slumber.

On infrastructure, you can't describe it as 'minimal' for what has been borrowed. All the completed and ongoing rail infrastructure, airport terminals remodelling, 2nd Niger bridge, several road infrastructure (Abuja-Kano, Lagos-Ibadan, PortHarcourt-Enugu just to name a few. There are several others there), AKK gas pipeline, Siemens Power deal and many others. All these for the roughly $20bln borrowed. For comparison, China spent $1.3trillion on infrastructure while the US spent about $400bln on infrastructure within the same period. Look, we have to spend on infrastructure to kick-start our economy and create jobs and wealth. It will take some time to see the results. Others are doing it, it is also the bedrock of Ethiopia's recent economic boom.

On nepotism and ethnic strife, much as it is important to balance appointments across our country, it is less of an issue for me. I will rather have competent people in positions irrespective of where they come from. How much has changed with so called balanced appointments? Is it not the same looting and corruption we see? Unless of course you are advocating that the looting should go round. Let us focus on more serious issues of governance that will benefit the populace than dwelling on where someone comes from. I dont support his nepotism but I am saying it is not the most important thing.

vineyardfarms:
@ 2015 President Jonathan era, Nigeria debt profile at= N12.12 trillion with reserve us$48 billion. Mr intergrity the President Buhari leap to N32.2 trillion, nothing on ground to show. @2015 bag of rice @ N9k, against N36k - cement bag ,@N2000, against N4500- Pms @N87/lt, against N165/lt. Brother the difference is clear - DO THE MATHS

In dollar terms, total debt (local and foreign) left by GEJ in 2015 was about $63bln. Total debt by Sep2020 was $84bln. Meaning PMB took roughly an additional $20bln in loans.

The main difference in the naira equivalent of N12T in 2015 compared with N34T in 2020 is the exchange rate used to convert from $ to N which has doubled since 2015

RisenPhoenix1:
You put it better than I did. I just wish people would learn to understand how the economy works before commenting on threads like this. It is easy for those who are not expected to profer solutions, to criticise every action taken to find one, and when an illiterate (at least from an economic perspective) does it, it's beyond irritating.

I suspect that criticism in Nigeria always has to do more with tribal politics than with sensible economics. Perhaps it's my apolitical mindset that makes me fail to understand why many people don't see the obvious merits in some of these policies.

Thanks for your insights. I try not to dabble into politics but sometimes you are drawn into it. I'm always amazed when the tribal card is played and the protagonists who claim to be more enlightened are at best ignorant.

A govt earns one third in the past 5 years of what was earned in 7 years up till 2014. Oil revenue is depressed and will continue to be since the world has lost interest in fossil fuels. The effect of not diversifying our economy in years of plenty is what we are feeling today. We simply don't have enough dollar revenue to keep naira stable hence the need for currency devaluation and attendant short term hardship we are experiencing.

Part of the conditions tied to borrowed funds is to remove subsidy on fuel and power. Painful as that is, it is necessary and the right thing to do. I know it is difficult to look beyond the short term because of the suffering on millions of our people but govt should communicate hope more and ensure that the Social Investment Programs reach the most vulnerable to cushion short term impacts.

For the long term, budget is the tool to keep us focused year on year. I'm convinced the future is bright and believe that this govt is a better manager of scarce resources.

RisenPhoenix1:
In that case, the complaints should be about the mismanagement of the moneys received and not about the debt profile itself. Then one can go into a discussion as to whether the debt was effectively utilised or not. Nigeria does not seem to be doing too badly compared to the rest of the world. Its estimated GDP growth is right around global average, despite facing an epidemic, a crash in the price of its major export, and a running insurgency.

This and your first comment hit the nail on the head. By 2015, due mainly to crash in oil prices, we were earning far less in revenue. As a reaction to that, you could do one of 2 things. Either you cut capital and recurrent expenditure to fit your revenue or you borrow to try to stimulate productivity which if spent well will in turn stimulate growth ultimately leading to more jobs, more private sector investment, job creation and more tax revenue.

Both options are not easy. The first will lead to loss of jobs across board and lack of investment in infrastructure to try to kick-start the economy. The good part of this option though is that it forces us to cut waste and run a lean govt. Gains will be good but not at a scale to revamp our economy.

Second option makes you do something rather than sitting on our behinds. If funds are judiciously used and targeted at infrastructure that can pay back the loans, then it is usually the better option. Of course, effort at cutting waste should be continuously made. The developed economies do it all the time. Their borrowings during this pandemic are multiples of what they had before. These go to cushion impact of pandemic on citizens and try to start up the economy.

The key thing as you said is to judiciously use these debts on capital programs that generate healthy revenue-generating assets.

Chinese component of our external borrowings is less than 15% of total so don't see why that discussion on Chinese takeover of our economy is always an issue.