₦airaland Forum

abeg make una leave that old woman alone. Sources tell me he/she is transgender so you know what that means.

Oh 190 is a natural flirt!!!!!!!!!!!!!!!!!!!!! why? ah ah! must you flirt with every girl here?

You are becoming a big nuisance boy.

is there war in egypt?

@op

Next time dont open your trap to keep rubbing PDP/GEJ's azz

┌∩┐(◕_◕)┌∩┐

thanks violent.

Ikengawo:
wow, you sure did expose facts that the entire world didn't already know. you're so provocative. smfh

I'll gladly do it again

Mobinga:
We don hear na!! Haba!!

Who you dey vex for? Me?

londoner:
A state of emergency should be called, because someone who obviously does not know what he is doing is in charge of Nigeria.

Thank You brother.

Where have all the billions gone? !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


By Bassey Udo
January 30, 2011 01:43AM
print email


The debate on Nigeria's debt debacle appears an endless cycle. Available statistics on the spiralling figures do not add up with reasons adduced in government circles. While government claims the various loans, both domestic and foreign, were to facilitate the provision of basic socio-economic infrastructure that would make for qualitative living standard for the people, Nigerians do not seem to feel the impact, except in the huge repayment baggage they have to bear.

Poor in riches

As the world's sixth highest exporter of oil and gas, it is natural to expect that Nigeria should have no business with poverty. Between 1999 and 2009, Nigeria earned about $200.34billion (about N30.051trillion) from exportation of about 4.56 billion barrels of crude oil.

The recent United Nations Development Programme's (UNDP) Human Development Report (HDR) for 2010 ranks the country among the poorest among the developing economies, along with Chad, Vietnam and Yemen, with less than $1,500 per capita income, based on the 2007 World Bank country income classification.

Though the country's life expectancy ratio for last year nudged a marginal improvement from 46.9 years to 48, the human development index (HDI) leaves Nigeria stranded in the 158th position out of 182 countries included in the quality of life ranking. This leaves her behind such less natural resource-endowed countries like Swaziland, Angola, Madagascar, Kenya, Ghana, Cameroon, Djibouti, Lesotho and Uganda.

Depleted Excess crude revenue

Accumulated revenue in the Excess Crude Account (ECA) as at 2008, with an average crude oil benchmark price of $108 per barrel, was[b] N1,728.48 billion[/b], according to the Office of the Accountant General of the Federation's (OAGF) records. This excluded the sum of over N706.03billion earned from payments for petroleum profit tax (PPT) and N247.56billion for royalties by multinational joint venture oil companies. As at December 2009, the account had been depleted to less than N72.74billion.

As at December last year, Minister of State for Finance, Yawaba Lawan-Wabi, said the balance in the ECA is about $3million , after the Federation Accounts Allocation Committee (FAAC) held a secret emergency meeting in the twilight of last month to disburse $1billion (about N150billion) to the three tiers of government.

But, it appears the more government earned money over the years, the more it is sinking deeper into the cesspit of debt, though without much to show for it, in terms of a corresponding impact in the quality of life of the people.

(Please see the fact boxes) DMO justifies

The Debt Management Office (DMO) allays the fears of Nigerians about the continued clime of the country's debt profile, claiming the size of the domestic debt stock reflects largely the cumulative effect of financing of the country's deficit budgets over the year, apart from investments in public sector capital expenditure needs.

"The increases are accounted for by different sets of factors, reflecting a shift towards market-based funding of government deficits, borrowing for developmental purposes and on-lending to institutions such as Nigerian Agricultural and Rural Development Bank (NARDB), Bank of Industry (BOI) and the Federal Mortgage Bank of Nigeria (FMBN)," the DMO explained in its National Debt Management Framework (2008-2012) publication.

Director General, DMO, Abraham Nwankwo, said last Tuesday in Abuja that the country's domestic debt profile is growing as a result of a deliberate policy by government to focus more attention on raising funding for its activities and services from domestic sources, rather than relying on external sources.

"It was deliberate for government to depend more on domestic sources, rather than external, so that we develop other aspects of our economy, including the bond market, the habit of long time savings and investment as well as developing the skills by our local entrepreneurs. Nigeria now has the capability to manage various bond markets," he said.

Where are all the billions? ?

A senior lecturer, Department of Economics, University of Calabar, Desmond Ukut, said "in as much as it is a common practice for most developing countries to take advantage of some of the concessionary facilities from such international lending organisations as the Word Bank, African Development Bank (ADB), International Monetary fund (IMF) and other such organisations for developmental purposes, Nigeria appears to be an exception."

Mr Ukut said successive governments, both military and civilian, have run the country into debt under the pretext of utilising such loans to provide basic amenities that would cater for the good life of the people only for them to divert same into private pockets.

"The country is replete with abandoned projects for which past governments collected loans to execute, only for successor administrations to abandon them on grounds that the money had been diverted by their predecessors," he noted.

http://234next.com/csp/cms/sites/Next/Money/5670237-146/where_have_all_the_billions_gone.csp


VOTE OUT PDP! VOTE OUT GEJ!! IF YOUR VOTE WILL EVEN COUNT

@Papabrowne

You are just beating around the bush. You didnt give any solution at all. So the senseless killings should continue or what are you saying? what are the feelers from abuja? what are those thieves saying from abuja?

[quote author=tpia* link=topic=592633.msg7616556#msg7616556 date=1296162493]didnt nigeria already have a revolution where they insisted on gej's installation.

i remember the tshirts and stuff.[/quote]revolution? for where? revolution to put PDP in power? anyway thats your theory

I think GEJ is the most confused dude on this jos debacle, he is busy on re-election and his goons (Beaf and co) keep on spraying perfume on his azz. They log on to Nairaland and see gory pictures of babies murdered in Jos and the North, they keep mum. They are afraid to speak out against this lazy dude.

GEJ be a man and call for a state of emergency now in Jos. Stop being a dundee for once!!!!

whats this rubbish! if you dont know where to post s h i t just ask. Newbies need to ask questions we are talking heated matters, you are here talking rubbish.

Illiteracy, Almajiris, Backward Religion called Islam, Mental Slavery. They should just get the hell out of this shitty union.
Pleeeeeeeeeeaseeeeeeeeeeeeeeeee

IYA NGBALI:
take it or leave it Jonathan is not the answer to our problems in Nigeria,the guy is damn 2 weak for my liking,he is nothing but a dummy{hisses and walks away}.

You miss road?

Hacker, please repeat this s h i t. CYBER WAR!!!!!!!!!!!!!!!!!!!!!

Please we would like a repeat and make it last longer.