₦airaland Forum

Yankee101:
I buy treasury bills. How much treasury bills do you have in your portfolio?

When was the last time you saw any treasury bill at 20%? Na your papa bank?

I posted domestic debts for you to see the month after Goodluck took over, to after handover to Buhari till date

At nominal value Buhari has borrowed 120% more than Goodluck in local debt. I'm not pulling numbers out of my a*rse like you're doing

There's no way you can slice it to paint Buhari as a better midwife of the Economy

What exactly is your argument really? Are you just trying to force an argument out of nothing?... Yes the interest rates for treasury bills has dropped massively now, but that was only just very recently. If you truly buy treasury bills, then you should know this.

Pulling numbers out of my arse? The very same DMO website where you pulled your figures from is where I also pulled the figures below from. Only difference in our numbers is that I've quoted the grand totals (in dollars). These are the direct links:

https://www.dmo.gov.ng/debt-profile/total-public-debt/3235-nigeria-s-public-debt-stock-as-at-march-31-2020
www.nairaland.com/attachments/12284462_screenshot20200905223020drive_jpeg59e60f02fece0a14987e7470e5b96292

https://www.dmo.gov.ng/debt-profile/total-public-debt/54-total-public-debt-stock-as-at-30th-june-2015
www.nairaland.com/attachments/12284463_screenshot20200905223550drive_jpeg7231fd8790269b64d9bea3bf036abfe9

So if you claim these numbers directly from the DMO website are from my arse, then your numbers from the DMO website are also from your arse, and I don't have any argument with you any more.

And no! I'm not trying to paint buhari as a better manager of the economy (if that's what's making you go hysterical). All I tried to point out was that it makes no sense, and is probably just pure ignorance for anyone to attempt to heap the blame of Nigeria's current excruciating debt burden on buhari alone. Buhari met a massive debt stock and coming in a time of severely reduced national income, borrowing is inevitable for survival; if you have any other alternatives on how the govt can quickly make money to keep the economy afloat, you should kindly say it.

mcquin:
You dare ask Nigerians to make sacrifices even with the poverty ravaging the land? What sacrifices has the government made?

The recovered loots, increased VAT, borrowings, oil sales, customs revenue and all other sources of government earning; where are all the monies going to? Are you borrowing to fund the luxurious life-style of government and her cronies?

No doubts, much much more need to be done to reduce the cost of governance. But that wasnt what I was talking about. I was only responding to someone who tried to isolate Nigeria's huge debt burden to buhari alone. Was trying to explain how we already had a massive debt burden before buhari and why its virtually impossible to run the nation at this time without borrowing.

Yankee101:
10billion as at 2015 (ALL past naija external debt)
27 billion as at 2020 (Plus Only Buhari Addition)

Incase you no sabi maths
27 - 10 = 17

If 10 = 100%
17 = X%

X = 17 x 100/10 = 170%

It means Buhari has borrowed 170 % of both Jonah, Yaradua and outstanding Obasanjo debt unpaid combined

Get off my phone is you don't know what you're arguing about!

Oga the country's debt does not end with EXTERNAL debt which you just gleefully posted above; there's also something called domestic debt which makes up the larger portion of our debt figures.

Total debt = Domestic + External

2015 June
Total debt ($63.8bn) = Domestic ($52.9bn) + External ($10bn)

2020 March
Total debt ($79.3bn) = Domestic ($51.6bn) + External ($27.7bn)

You may ask why external debt has become more favourable recently? It's cos external loans are much cheaper (i.e. lower interest rates 1-4%) and have longer maturity periods (20-30 years); domestic loans (i.e. treasury bills, bonds) have much higher interest rates (up to 20%) and shorter tenures (typically 1 year) so that explains why govt decided to substitute local for foreign loans.

At least you've learnt something today.

happybrother:
Are you clearly "hearing yourself" or is it the media stipend that is talking through you. please cash out, the regime have dabaru nigeria patata

Paid? Stipend? I guess this must be why Nigeria is the way it is... A lot of false narratives are being peddled all over the place and even educated people just swallow these things without question. I simply corrected a widespread false notion and according to you, that makes me BMO?

I am educated and by grace, I'm not a hungry man to go about disgracing myself over pittance. I also believe you are educated so can you kindly point out the figure or sentence which I mentioned which you think is false and I will quickly clarify it for you with evidence. I'm sorry I hate when falsehood is being elevated and peddled as fact.

happybrother:
No tangled analogy will save your narrative. After the initial lies of 2015, you and your BMO will one day get exhausted of lies to Nigerians. You will start lying to your selves in BMO.

Oga no need to scream lies lies lies all about like we're kids, kindly just point out which figure I mentioned which is a lie or which sentence I made which is too complex for youto understand.

And oh yes! I wish I was BMO as you claimed, maybe I'd be paid for giving out basic elementary info which anyone can obtain with a few clicks.

Tianamen1:
I believe Nigeria is a democracy and the majority of voters are poor. if a man is elected because the poor feel that they are not getting their fair share, shouldn't the man's first action be to redistribute the wealth especially in our own situation where most of the wealth is ill gotten.

I am just ranting, cos i am frustrated at how bad things are going to get. in many ways you are right.

Well, I was talking on the feasibility of what you suggested. A major issue with many societies is that the laws are made by the rich to always protect themselves. Except it's a dictatorship, then the president doesnt really possess the kind of powers to effect some of these kind of ideas.

anonimi:
I certainly don’t understand that change means continuation of the same things that people complained about.

What's being complained about and what's being continued?

Yankee101:
You think you know, you don't. Visit the DMO website for more data

Exclusive: Nigeria's $1.5 billion World Bank loan delayed over reforms, say sources

https://mobile.reuters.com/article/amp/idUSKCN25D1V6

World Bank loans are often contingent upon reforms. It has not outlined any demands, but said previously that it was "recommending" a more unified, flexible exchange rate. Fuel subsidies and electricity tariffs are also being discussed

I'm not sure I understand your point. Can you please specify what I said which you disagree with or which you think is incorrect? Thanks.

afube:
you lie so well

We're in a public forum and we're here to learn from each other... Can you kindly point out what I said (the sentence or the figure) which is a lie and maybe I can learn from that?

Tianamen1:
In this country with the highest number of people living in extreme poverty, a civil servant will own 3 houses; 1 in Abuja, 1 in Lagos and another in his village. Why didn't Buhari raise property taxes? There are so many vacant houses in Abuja and even Neighboring Kaduna.

Our Senators and house of reps members ordered new Toyota Camrys this year. Were they not aware that our foreign reserves were under pressure.

Why should a car worth 1.2 million and another worth 10 million pay the same tax to VIO. is this done in any other country.

Look, if the Government were serious, they would have started taxing richer Nigerians as far back as 2016. All the tax increases seems to be targeted at the poor or at businesses. Our leaders are plainly not serious and only God almighty will protect us if chaos breaks out.

That's a good suggestion, taxing the rich heavier. But is that really easy? E.g. can a president arbitrarily reduce the income and allowances of lawmakers?, especially the devilish breed we have in Niveria?...... Remember the laws are made by the rich and the law somehow always protects the rich. This isnt even just a Nigerian problem, it happens everywhere there's a democracy. It may take a military dictatorship to really change some of such tax laws.

DexterousOne:
From your last paragraph
You actually politicised your statement

And giving excuses to a totally failed and useless govt

Jonathan and Buhari BOTH WASTED cumulatively 13 years of our national life

But I will take a Jonathan admin over a Buhari admin 10 times
Because out of every two bad things
One is worse

And Buhari own fits the bill as the worst

I was responding to a political argument, hence my political comparison. No doubts, both leaders failed woefully in expectation. But in adjudging any the worst (specifically in the area of the economy), it makes no logical sense comparing apples and bananas. Both men were met with totally different economic conditions; one met reasonable sums in the reserves and received 3-4 times more revenue than the current guy, but still struggled to make real progress. The other met next to nothing in reserves to use as a stimulus and also had to struggle with far lower oil prices, covid etc. Do you really think directly comparing both is logical?

dontai:
Lol, So he can't miraculously mint money? So what's is in his head when he said #1 will equal $1?, or you didn't heard when he said PMS would be sold at #50. you people keep shouting oil price drop per barrel. What of countries without oil? I would have advice us to look into Agriculture for solace. I know it's still gonna fall on the government deaf hear. Much have been said about how the economy can be revive, but people like u won't let it work. because, you won't let baba reason, he have you to wave off any complaint or suggestions, albiet.

First of all, no reasonable person takes those kind of campaign statements done prior to elections seriously.

Secondly, Buhari never made that $1 to N1 promise, that was nonsense sensationalism by political reporters taken too far. Also Buhari never said anything about making petrol N40, that was a statement made by an individual called Tam David West.

Diversification of an economy away from a mono product like oil isnt something you achieve in a day; it takes
1. A lot of time
2. A lot of money
3. A clear economic vision /direction
4. Hard political inexpedient decisions (e.g. removal of fuel subsidies, electric subsidies, crashing the Naira massively)

You cant blame the govt for Nos. 1 & 2 as those are somewhat beyond their control. But obviously, the govt has failed woefully in No.3 and 4. Probably with the current IMF strangulation, the govt would finally have to follow the politically inconvenient pathways of No.4.

anonimi:
Does increased minimum wage of over 100% in 2011 count?
Should we include the hundreds of almajiri schools and universities established with recruitment of staff?
What about the revival and renewal of the railways and building of two new ones in Kaduna and Abuja up to 80%, according to Amaechi?
Should we consider the high cost of subsidy due to high oil prices?

Did the minimum wage decrease in 2015? If the govt currently still pays the increased wage, or even higher wages today, how exactly does this point count?

Thr Almajiri schools, how many were they and how much did they cost? In your opinion are they really the massive projects that account for the govt loans in billions of dollars? From my understanding, those were little projects which even stare govts can easily cover.

The universities which were built, how many were actually built from scratch? A couple were just upgraded polytechnics or colleges of education. The ones built from scratch, how many physical structures were actually built by their take off dates?... Meanwhile, even under the current regime, new structures are still being added to those unis under the tetfund budget (which is financed under current loans). If you think these count as justification for loans by the last admin, why shouldnt they also count as justification today?

The old narrow gauge railways were refurbished between Lagos and Kano, a brand new one also built like you said between Abj and KD up to 80%. But isnt the current admin also doing a similar thing with another loan between Lagos and Ibadan? Also a loan was used to complete the final works on Abj to KD and between the Warri-Itakpe route (with new stations). You may also want to add that the loan was used for airport renovations but dont forget a loan was also taken by the current admin to complete the Abuja runway and terminal, the PH airport terminal, the Enugu runway etc...

So armed with this info, why do you still claim the last admin used their loans wisely but the current admin is wasting the loans? Why exactly do you place the entire debt burden blame on the current admin (which has much reduced income, and a better justification for loans), but you exonerate the last admin which also took massive loans despite higher revenue?... Must everything be politicised?

anonimi:
Let us assume that you are telling the truth about the borrowing, what was achieved in education, industrialisation, employment, infrastructure etc with the loans over the same period by both?

Prior to 2015 when oil still sold for $100, almost 90% of Nigeria's budget was for recurrent expenditure. In 2015 when oil price crashed, due to the drop in revenue, recurrent expenditure was roughly 99% of the entire 2015 budget. In 2016, with oil price/revenue falling even further, the govt had to inevitable start borrowing to at least finance capital projects in the budget and help stumulate the country out of recession.

So to answer your above question on what the loans have been used for, every single capital expenditure by the FG since 2016 till date has been financed by loans because the govt's income is barely enough for recurrent expenditure. So if you see any single pothole being repaired or any new bridge or railway or airport renovation or new school blocks anywhere across the country, just know that it was financed by these loans you hear of.

Meanwhile since everyone is trying to politicise the loan issue across Apc vs PDP, the real question we should be asking is what the loans were used for by PDP prior to 2015. It's on record that even after OBJ cleared most of our debts, Nigeria's total debt had risen to $63b as at June 2015.

Yankee101:
When Buhari is borrowing up and down, we are back to the military days when structural adjustment programme SAP and other world bank restructuring programmes were adopted

We should all recognize that Ngozi Okonjo Iweala under Obasanjo and Atiku helped turned Nigeria around by obtaining debt forgiveness.

Buhari is officially the worst president ever

Buhari may be worst in many areas, but are you aware that despite oil selling averagely above $100 in his tenure and the govt receiving almost 3-4 times more revenue than any other administration, GEJ's government in 5 years borrowed just about the same amount of money which Buhari has borrowed in 5 years?... I'd be damned if you know this cos 99% of Nigerians dont. We live and analyse data purely on sensational and political headlines.

If Nigeria couldn't survive without borrowing when oil was $100, then why exactly is anyone surprised that we have to borrow now that oil sells for $30-40? Oh I forgot, it's because Buhari is a dullard.

Oil price is down, country's revenue is down, Nigerians dont want to be taxed, Nigerians dont want fuel subsidy to be removed, Nigerians dont want electricity subsidy to be removed, Nigerians dont want educational subsidies to be removed, Nigerians dont want roads to be tolled, and we dont also want govt to borrow despite the low oil prices/revenue? Are we sure we arent a confused nation? Maybe it's truly Buhari's fault, he should miraculously mint money.

UDUJ:
Yes. In the estate I stay all homes have prepaid meters. If someone had told me in the past that we could get 24 hours light uninterrupted for over 4 weeks I would have said that's a big lie. It has really improved.

The only problem is the increased tariff rates just introduced.

The low tariff is the reason cited by the DISCOs and potential investors on why they cant improve their service or invest in new infrastructure. They've been calling for an increase in tariff since 2014.

JVector:
Amend the Nigeria constitution to allow decentralization of power sector.

Let each state generate their electricity.
Encourage Private pernership in power generation, transmission and distribution.

Sack all Top Management staff in PHCN controlled power facilities to discourage sabotage during transition to Private pernership arrangement.

But this has already been done since 2014?.... States are free to generate and distribute within their states but no state wants to do it. Major issue being that states have to build their own state transmission network.

dukeprince50:
deceive urself o.
we have $6b to invest in eko Atlantic that Nigerians can't afford, billions of naira to maintain refineries that's useless, billions of naira to give to politicians as allowance but no money for electricity

1. The $6bn Eko Atlantic is a business that can bring in billions in returns for its investors, but you referring to it as a useless venture?

2. Despite how expensive it may be, there are countless Nigerians who can actually afford it. Once again, it's a business venture by its delelopers, not a charity for the poor.

3. Eko Atlantic was developed as an environmental project to shore up the banks of the atlantic to prevent the ocean from swallowing up the entire V.I.

4. Eko Atlantic is financed mainly by private pockets. So the development cannot be an excuse for govt not providing electricity to Nigeria.

Kaduna1stson:
Incompetent leadership, we chose a man who has never had light as he trained his cows for the past 30 years as president. Failures begets more failures.

God bless Umaru Yar'Adua

Hmm... I didnt know Nigerian had 24 hours of electricity before 2015, only for this useless herder president to come and reverse everything.

Obi

strangest:
tell your god Tinubu to go and finish the protest that he started... okay bye

Lol... Why should I ask him to do what i don't want him to do? Does that make sense to you? Abi the pain has started affecting your rationality upstairs?

strangest:
lol... you're surprised the bullion dollar, drug peddler used you to match the whole of Ojota for his own selfish gain... I understand, how can you be that gullible upon the whole education your parents invested on you... it sure sucks, right?

Lol... What a lame attempt at trying to make his crying soul feel better. You (not me) have been the one wailing over pump price increase and looking for who to antagonise for your woes. Where I live, I buy fuel for over N600/litre (when converted to Naira) and the price fluctuates in line with global crude prices.

Unlike your educated-illiterate school fees wasting self who feels Tinubu or PMB are responsible for pump price increase, I understand the elementary dynamics of global crude prices, and how it affects the pricing of petroleum products; I also understand the concept of subsidies and their merits and demerits in Nigeria's economic landscape. Go and educate yourself!

strangest:
yeah like the one that has been quoting my mentions... sick m0r0ns

I'm not the one lamenting, you are...

mabea:
Do you know why people are throwing jabs at people who protested in 2012?it is because they are the same people who are executing the same thing they once protested against. We can't just throw in protests for the sake of it. It doesn't make sense really.

Did you Mabea support the sudden fuel price hike in January 1st 2012?

I always laugh whenever people single out apc chieftains claiming they were the only ones who made up the millions who protested the pump price hike in 2012. Even Flavour who within 7 days released a song during that 2012 protest, I'm sure Flavour today would also be claiming the protests were done by APC. We have a special strain of amnesia in Nigeria.

timid101:
The question is, if subsidy was truly removed, why is the pump price being increased?

abramelin11:
The entire APC supported and still supports total removal. Months ago, Osinbajo assured us that subsidy has gone for good and will never come back. What is then responsible for this sudden jump in price?

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Chat/Call:> +234 814 565 8405

SouthWestBlood:
It means APC even lied to everyone then. When the price is supposed to be reduced, that's when it's now going up. So Atiku is right to be against the increment in price of petrol.

QuickStandard:
Does calling for removal, equate senseless price hike?

Wait, did you bring this here to make a case for the terrible government of the day?

Quite amazing how so many people, even in 2020, still have absolutely no clue what the term 'subsidy' really means.

Subsidy is no longer being paid but you guys expect pump price of fuel to remain the same despite increasing global crude prices and rising importation costs? I guess Nigerian FG is the one that 'hiked' the cost of crude.

Evercurious:
Lol.. you are a quarter smart.. so they have lost their voices suddenly?

Okay keep waiting for them and wailing. They are the source of your problem and your only saviours. No wonder you cant get them off your lips.

mabea:
By your argument you are implying that, the government should go on doing whatever they want while we go on protesting thereby going in circles.

Govt will always do whatever it likes, but that's why there's something called 'opposition' to protest and checkmate the excesses. That's standard practice all over the world. But what's the opposition doing in Nigeria today? Instead of targetting anger at a docile useless opposition today, we bizarrely seem more interested in throwing jabs at people who protested in 2012.

Evercurious:
Where is Pastor Tunde Bakare and Tam David West? Are they still in this Nigeria ?

HYPOCRITES

Are they the only people in Nigeria out of 200 million? Must the same set of people who have been talking and protesting since their youthful days keep being the one to talk for you forever while you sit in your house watching tv?

Those men reserve the right to talk when they feel like and also have the right to 'get tired of talking' for lazy youths who would rather sit at home and watch bbnaija.

mabea:
You're not serious. Have you not seen where protesters were either arrested or invited by the DSS. Without prejudice, you will agree with me that the present political atmosphere makes it look suicidal calling for any protest courtesy of the very one who championed it in 2012

When people protested in 2012, teargas was freely used, arrests were made and some protesters were brutalised by our uselese police. But all that didn't/couldn't happen where notable figures led the protest.

Similarly in 2020, if notable figures lead the protest, there cant be any arrests or brutal treatment. Notable figures do not only include APC figures (who for obvious reasons, we cannot reasonably expect to come and lead protests today). The big question is, all the PDP chieftains and stalwarts making noise all over the place about how 'APC protested in 2012', what exactly is stopping those PDP bigwigs from leading protests against the govt today? Obviously there can be no arrests or brutality if notable persons like GEJ, Atiku, Peter Obi, Secondus, FFK etc. come forward to lead the protest. Or are they still too fat from their loot? Or maybe a moral baggage weighs them down?

strangest:
His lies and shame has already dragged him down on his feet... His gullible followers are disappointed and confused

But uou seem to be the one lamenting, not them?

strangest:
yeah, he protested with the lies that he sold to his gullible followers about subsidy.... the truth that he protested with his lies is waiting for him to continue...

Keep waiting! In fact go to Bourdillon and drag him on his legs

danngnews:
You should be asking Tinubu and Bakare weather na boil grow for their mouth that they now, find it difficult criticize the same thing they protested against during the last Jonathan's regime.

They are Nigerians just like you and I, they dont have 2 heads while you have 1 and they have a right (just like you) to decide when they want to complain, when they want to protest and when they want to just ignore, waka pass and go rest in the comfort of their homes.

The only meaningful question to be asked here is for those calling on 2012 protesters to protest today, are you people crippled? Or did those men prevent you from protesting? Abi is there anywhere it's written in any constitution that it's the very same set of people that must lead protest?

Very soon some Nigerian youths would ask 90 year old Wole Soyinka who has been protesting and inhaling tear gas under different regimes to go and lead protest while youths sit at home on BBnaija.