₦airaland Forum

BigIyanga:
Cos you have no factual rebuttal against facts. You were concerned about FG’s external debt.. fine no problem, let’s stick to it. As we are talking, your God, GMB wants to borrow another $30bn . Folks like you are going to pay for this.
Why dont you tell us Naija total debt stock when GMB left office in 1985?

Oh my God!.... Could it be that this man is suffering from some form of alzheimer's disorder causing him to hallucinate or what? Can you please point out where I mentioned anything about external debt in any single one of my posts on this forum? This is painfully annoying!!!

I have consistently corrected your weak argument by consistently telling you that if you must analyse debt figures, you should be talking of TOTAL DEBT, and not just the external debt. Yet you come back with the above silly reply saying I talked of external debt? Are you sure you're okay?.... or Could it be you mistake me for someone else.

Have you even bothered to read or understand a single sentence of anything I wrote in the last 24 hours or having you just been jumping on my mentions to only to reply garbage because you think this is another one of your nonsense pdp vs apc arguments?

Look let me tell you something young man, I have not hailed or praised GMB in any of my posts on this forum in the last 4 years, you can go through my posts to confirm that if it's what botthers and distorts your thinking process. All my arguments in the political section of this forum have purely been to burst silly lies, shallow analysis, and deliberate misinterpretation of figures and statistics dubious individuals like yourself spew everyday to deceive gullible readers.

Someone mentioned that APC has ruined Nigeria with debts, and I pointed out to the fellow that 75% of our current $63bn debt was incurred under PDP rule; this is a sacred FACT. So quit this your shameless dance in the market place talking about 1985 and so on. We are talking of our current debt stock on this thread, not some debt of 1985.

BigIyanga:
GMB left a deficit of $19bn in 1985 and then came back 30yrs later and met $10bn in external debt after OBJ had cleaned up his mess. Previous PDP govt borrowed average of $625m/yr to finance budget deficit while GMB within 4 yrs in power, borrowed $4.5bn/yr to finance his budget. that’s a whopping 720% increase per annum.
Then he wants to borrow another $30bn, plus $17bn added to the external debt, before he leaves office, he would have accrued $70bn in external debt alone.
Talking about domestic debt, is not going up under him admin?
Let me also educate you on his Abacha connection and Naija debt, GMB has been in the corridor or power; dining and winning with our past and present leaders. Abacha made him PTF Chairman.. whose office, work and projects were funded by proceeds from refined petroleum products-SUBSIDY-He was the architect of subsidy as of today, takes 50% of our earned forex$$. He’s the wrong guy to be talking about debt... cos he believes in fiscal expansion of govt to benefit his cronies

Here we go again, ranting about IBB and 1985, and also dwelling on a part of the debt. Why dont you talk of the TOTAL debt of $63bn?... Why are you scared of discussing the full debt? You think you're talking to all those ignorant facebook commenters who you deceive with partial debt figures? Or with your repeated reference to GMB and 1985, are you by any chance asserting that GMB who was kicked out of power 35 years ago is responsible for Nigeria's $63bn debt as at 2015? You must really be obsessed with GMB, cos I've never seen this bizarrely ridiculous pattern of blame game before, wow!!

Anyway, please if you aren't ready to holistically discuss the total debt figure, stop quoting me.

Bizibi:
mtcheeeeew!!!

I said the bitter truth! The bitter truth which crushes your argument instantly.

You obviously cannot fight the truth, so the best you could do was sigh and walk away. At least you're far more honourable than some others who still jumped on my mentions to insult me, totally deviated from the topic and started yapping rubbish because they felt it was mandatory to make political arguments.

BigIyanga:
I was not born yesterday.. Militarys guys like GMB,IBB and Abach... GMB’s right hand man, ran up the debt.
1985, our external debt was $19bn and yes GMB was running our economic affair.
In 1999 OBJ came in and out debt was $36bn and he negotiated with with Paris Club and our debt was canceled by about 60%... So your assertion that all out external debt was cancelled is false.
Also, Nigeria has always run a deficit budget.. in 2015 under GEJ, but in 2016, GMB and his gang increased the deficit by 115% and also increased the national budget by 36% .. They also allocated the highest budget of about. N500bn to social welfare.. all controlled by his cronies

I never said OBJ cleared off our entire debt, I said he cleared 'most'.

Someone mentioned that the destiny of APC was to kill Nigeria with debts; the person proceeded to say that we currently had a total debt of over $83bn. All I did was to correct that misconception by reminding them that over 75% of our current debt figure was incurred before APC came to power (mostly of which was even incurred when Nigeria had very high income).

Why exactly is this truth so annoying to you and some folks here? Obviously you couldnt challenge it so you deviated to irrelevant topics like IBB and Abacha, 1985, social investment program and budget deficit; you even had to add that GMB is a friend of Abacha... seriously?!!! what has that got to do with anything? What do you call this bizarre pattern of argument? Must you argue over irrelevant things?

BigIyanga:
Blockhead.. From OBJ-GEJ of 16yrs, external debt was $10bn while within GMB’ time from 2015-2019-4yrs, be borrowed $17bn. So on average, PDP accumulated $625m per yr, while GMB accumulated $4.25bn per year... and he wants to borrow another $30bn?? Folks like u are gonna pay for this.

So the argument is no longer the foolish statement of "PMB incured $83bn in 4 years"? The argument is now $10bn vs $17bn external debt? Why did you dubiously separate local from foreign debt to drive your point? Whilst fooling yourself with your ignorant pdp vs apc political arguments, why dont you tell us something about the TOTAL debt stock which happens to be $63bn vs $20bn?...

By the way, stop being clever by half by saying 16 vs 4 years; OBJ cleared almost all our debts in the first 8 years; so most of the borrowing which accrued up to that $63bn happened just between 2007 and 2015, incidentally at a time of the highest oil prices and revenue. GMb actually has a sound excuse for incurring ~$20bn debt in 4 years (oil prices were rock bottom and govt revenue was very low); the question any sensible homosapien should be asking is why $63bn debt was incurred when oil prices and revenue were sky high. I wouldnt expect a drooling dunce like you to think of that as a vital question.

Meanwhile there's been a clear economic move recently to convert a larger percentage of the country's debt to foreign loans which have far lower interest rates and longer maturity periods than the internal/local loans. So any attempt to sideline local debt and make any comparison based on foreign debt alone is just meaningless deliberate manipulation by politicians to deceive gullible blockheads like yourself into excitment.

Keeping making a fool of yourself because you desperately want to politicise nonsense.

bouncesmail:
[s]It quite unfortunate people like you make silly comment on such platform. You need to see and think beyond living within the shores of Nigeria stop been political. Both the present and latter government got no ambitious for the future generation. They both have failed the nation , instead of borrowing why not develop an enabling environment with the right system to generate revenue. Leaders in the west think outside the box to generate revenue and not inflict debt on generations. #been political doesn’t help the country. Apc or Pdp wouldn’t fix our country. People in there lack the innovation, capacity and zeal to make Nigeria great[/s].

What exactly do we call humans who find it offensive when you correct a misconception? Is that the kind of innovative leadership you're advocating for? Since when has promoting falsehood and attacking people who make corrections become a worthy virtue? How exactly are you differerent from our dishonourable leaders who you castigate?

If you werent silly as you claim, you would have easily discerned that my comment was strictly to correct a wrong assertion made by the person I quoted regarding the country's debt profile; I wasnt being political by any measure.

Next time you should read to understand and not read to mannerlessly reply people you dont even know. Happy New Year!

Lee29:
Continue deceiving yourself.
Obj government brought Nigeria out of several debts but Buhari is sinking Nigeria deep into more debts with cheers from educated illiterates like you.

World bank, IMF and others have been warning Buhari but he won't listen.
They're busy increasing taxes left right and centre to take care of loan servicing (not actual repayment) while they live in opulence and the masses suffer

OBJ cleared Nigeria's debt, and from OBJ's tenure you magically jumped to PMB without acknowledging there were 8 years and 2 PDP regimes between OBJ and PMB?

Verifiable info all over the place tells you that Nigeria's total debt as at June 2015 when PMB came to power was $63bn, and the total debt is currently ~$83bn. So where exactly did the $63bn debt come from? Was it PMB that incurred $63bn even before he came to power? Or was it the British colonial masters?

For God's sake, why must we argue like kids all the time? The sort of comments and reasoning one encounters on this forum these days from supposedly educated people is nauseating; these sort of directionless rants should be reserved for uneducated illiterates on the streets.

If you want links to data proving that Nigeria's debt stood at $63bn in 2015, ask for it and stop making ignorant beer parlour political assertions all over the place. The World bank / IMF warned that Nigeria's current debt stock was very high and cautioned PMB against further borrowing; the IMF or World Bank did not say PMB was solely responsible for the current high debt. Receive sense!!!!

tiredoflife:
Show us your facts
U have more facts than IMF
World bank
Obasanjo.
U need ur smoke back abi

Your lack of understanding of simple english is catastrophic. Kindly show me any publication where IMF or world bank or OBJ broke down Nigeria's debt and claimed more of it was incurred by Apc between 2015 and 2019.

The imf, world bank etc stated that Nigeria's current debt is very high and advises against further borrowing. There's nowhere the imf or world bank politicised it by saying the current regime of Apc was responsible for the high debt (proof me wrong by showing me the so called publication). So when you try to politicise it by ignorantly saying apc is solely responsible (despite the verifiable figures available), and then ascribe your falsehood to IMF, you're simply just exposing your ignorance.

In 2015 June, Nigeria's total debt stock was ~$63bn and in 2019 it is $83bn. This info is an open verifiable fact which can be accessible from the website of the Debt Management Office. You dont need any special education to understand that. Please quit all these childish pdp vs apc arguments.

tiredoflife:
So what happened to the TSA and all the trillions
What happened to FIRS
what happened to all the billions customs made
So all na washing and setting
All the gas sales
All the royalties
All the recovered loots
All the blocking of leakage

Lass lass there is no pdp nor apc in debts repayment.
Abi u have special market where u buy ur own pepper as an apc member while pdp members buy their own at a higher price
Soon u will have sense

Oga that advice about receiving sense, you obviously need it more.

I made a very simple statement of FACT that should have been understood by any discerning human; someone politicised the debt crisis by saying APC is all about debts and I simply corrected the person by reminding him that the PDP incurred over 75% of Nigeria's current debt burden which we talk about (FACT).

I did not say the debt was nonexistent and neither did I say the debt is good. For you not to
have comprehended my simple point, and for you to respond with your pointless comment above, its more than obvious that you need to be injected with a medication called common sense.

Lee29:
APC/Buhari are addicted to borrowing. Their destiny is to subject future generations to debt, while themselves live in opulence.

Debt is the destiny of APC. It didn't start today

Aregbesola and Fayemi put their states to debts that will take many years to repay


APC are like US Democrats; socialist liars

Over 75% of Nigeria's current debt was actually borrowed by PDP even before PMB won that election in 2015. I'm sure you and many others arent aware of this FACT. If you were, you wouldnt have made the above statement placing the entire debt blame on the laps of APC. These figures are freely accessible to the reading public in the DMO website.

evergreen9:
Admitting we are in debt, wow finally.......telling the truth feel so refreshing, doesn't it?

Has anyone anywhere ever said Nigeria wasnt in debt?

know:
Baba making some political moves again. He is showing the workings already trying to arrive at an El-Rufai/Obi ticket for 2023.

How exactly can Obi be a deputy to Rufai?

Too many deranged psychopaths in this country; absolutely no respect for the dead and no sympathy for the bereaved. With sad news like this, all you have to contribute is how the man eats tithe? As if to say you even pay anything personally. Another psycho on the frontpage even talked about how the man should have spent the money in Nigeria. Tufiakwa!

Afamed:
Definitely it's difficult to stop people like you from wailing

Lol.. this one calls me a wailer? Your brain is obviously programmed to view and interpret everyhting as 'we vs them'; you think everything must be pdp vs apc politics right? Smh!

blasted12:
I think you're wrong. The president might be very powerful, but he's far from being all powerful. Take for instance the constitutional amendment to extend tenure limits, there's no president that can ever have his way on that matter no matter how powerful he might seem to be

The president isnt omnipotent, but he is very powerful beyond measure.

Afamed:
Did the N37bn go into individual account as it was done popularly during Obj era?

Hahahaha... See question! Do you need special education to know how the heist works in Nigeria?

Afamed:
Definitely Obj could have bribed the senate members with our hard earned £$ to remove Saraki but you know PMB will never engage in such

Pmb just bribed the NASS with N37bn. He's learning fast.

Afamed:
Keep quiet, Saraki came with his PDP agenda which was to make everything unworkable for PMB hence, a budget was given to Saraki And his 99 armed robbers in Nov 2017 , Saraki purposely delayed the passage till July 2018.

An OBJ could have outsmarted saraki without a sweat.

Meanwhile I'm not sure I understand why you're sounding hostile in a simple conversatuon; did someone slap you this morning?

Afamed:
Lol. You are full of contradiction. You said the president has so much power that he can do and undo. But in your same post , you said the President still has to bribe the National assembly N37bn just to have his $30b . Is that not contradicting? When he could have easily spent the same $37b in 2017 when he said requested it from senate under Saraki leadership. Truly most of you, talk before Una reason

There's nothing contradictory in what I said. It's a pity you couldn't comprehend my message; you seem to lack an understanding of how leadership and politics work.

When I say a man can get whatever he wants, I didnt say he wouldnt pay for it. Bribing (a.k.a. lobbying or 'scratch my back I scratch yours') is an established means to achieving what one wants and this is synonymous with political leadership all over the world. If a president can EASILY lobby/bribe the NASS to get what he wants, then that president is obviously powerful. PMB simply wasnt smart with Saraki, that's why he couldnt get his way on some issues.

Sunofgod:
This is not like Nigerian police......to get something right?

The Nigerian police is not as useless as you think; when they really want to get something done (e.g. when there's strong pressure from above), you'll be shocked at what the police can do.

gidgiddy:
All the above is nonsense as the President of Nigeria has no powers to restructure Nigeria

Restructuring is a constitutional matter and the President of Nigeria has no powers to change or amend the constitution

horsepower101:
Perfect and correct response.

A lot of people still do not realise how powerful the seat of the Nigerian president is. A Nigerian president can do and undo whatever he likes, if the will is there. Buhari recently just bribed the entire NASS with N37bn renovation just to get his $30bn loan request granted. I repeat, "a Nigerian president is so damn powerful and can do whatever he wants if he's willing and smart enough."

1nigeriamyfoot:
You just described your father

My father does not spend his time on social media dishing out insults to any and everone without making any meaningful contribution to discussions. Neither did my father raise kids who lack the cerebral capacity to make meaningful contributions.

Like I said before, insulting people does not make you smart; only compound idiots without functional brain cells derive a sense of worth by insulting people randomly. Go back and read through all your posts on this forum and think deeply about yourself. Your father is definitely regretting raising a kid like you.

helinues:
The approvals by FG must be in exchanged for something probably loans.

If they are spending N35bn on just renovation, wondering how much it would cost to build from scratch.

Time of reckoning awaits all our politicians..

I said this to someone recently, the N37bn was definitely a 'scratch my back I scratch yours' deal between the exec and legislative, probably for approval of the $30bn loan.

Of that N37bn probably N1 or N2bn can be used for renovation; the remaining 35 will end up as bonuses for NASS members. It's at times like this you need a Dino on the floor, but would even Dino resist the temptation?

itsme01:



Buhari wouldnt dare.. but then again it is his last term and he seem to be unpredictable

Subsidy would die a natural death when Dangote refinery becomes functional with the modular refineries springing up and the NNPC refineries working to atleast 50% installed capacity, we can simply rich an agreement on crude oil swap for refined products and save scarce forex

The truth about devaluation is if we can fix Power and get Ajaokuta steel plant running to service industries, we wouldnt be needing dollars as much as we do

..

Dangote will not sell fuel for N145, he would price it at well over N200. Even with Dangote and the other modular refineries functioning 100%, government will still need to pay subsidies for petrol to sell for N145.

MrMystrO:
Kai.. Look at what chrony capitalism has done to this young girl. Every possibility that she's eventually going to live out a normal life has been shattered and destroyed by this grave decision she's made for herself because of money. Such a sad situation. Life hard in this country Sha!

Her life, her business! But i must agree with you, people have weird desires in life.

edoairways:
Local manufacturers can't meet up because the government doesn't support them.

Of course the govt can to more to support local manufacturers, but even if the entire annual budget is given to local manufacturers (which we know is impractical), it wouldn't still be enough for them to meet up with the demand. So until such a time when local manufacturing begins to meet considerable demand levels, it is still a very good economic decision to get foreign investors into the country to set up plants.

edoairways:
We should consume local products that is how an economy grows. If countries like China and Singapore didn't restrict the influx of foreign products they wouldn't have been where they are today. The government is adopting import substitution however this policy may be to detriment of other infant industries

There is everything to benefit if those cars we inevitably import are actually produced here in Nigeria. Local manufacturers cannot meet up to 0.1% of the demand, so we will end up still importing until local capacity grows. Until then, it makes all economic sense to have the producers of these cars we import, have their production plants in Nigeria; it is better to produce them in Nigeria than to import them.

The only reason why Nigeria can talk of restricting importation of rice is because we at least can currently produce up to 50% or even more of our local demand. Anything else would amount to just outright economic madness.

edoairways:
Let the local business catch first before letting foreigners to compete

Yhis isnt qbout competition, theres a very large car market in Nigeria and our local vehicle manufacturers cant meet up to 0.01% of the demand.

Nigeria currently has a dead economy. So anything to boost the economy and provide jobs is a welcome development. FYI, there's is a clear difference between importing Hyundai cars and having Hyundai come into Nigeria to manufacture the cars; every nation welcomes that.

edoairways:
Yes

Okay, but that makes zero economic sense, and it would be disastrous for any country to chase away investors, let alone a country like Nigeria which direly needs foreign investments. Nigeria needs any kind of investment that can boost the industrialisation and manufacturing sector. The benefits are obvious, it will create numerous jobs, there would be technology transfer, it will boost government revenue, save forex etc. As long as they arent just importing cars into Nigeria, even if it just to assemble the already produced parts, as long as a phase of 'value addition' is done in Nigeria, it will be beneficial to our economy.

edoairways:
A reasonable government protects infant industries

In this case, do you suggest we protect local industry by chasing away foreign investors?

What exactly is this thread even about?

There's a large market for cars in Nigeria; there's enough room for everyone to thrive. Besides, anything that boost the industrial / manufacturing sector in Nigeria is a welcome development. As long as the vehicles will be produced or assembled within Nigeria, that;s a positive.

Nowenuse:
I was watching a documentary on Natgeo wild and I heard the commentator say something like this, that a certain snake's bite can kill an adult man within 5 minutes.
It was a documentary on the most poisonous snakes in the world. So, he may be correct.

I'd just like to know the name of this snake.