₦airaland Forum

As much as I hate nepotism,tribalism
which I know is the trademark of Igbos,I wouldn't support it against them.
There exist the usual lies from ipobs in that lengthy bulwark.
I paused assimilating the hogwash when it said the Igbos were more qualified than the Yorubas in all the interviews..lol.
Everybody knows that the Yorubas are mostly better than the Igbos.
If the ipobs say they are being cheated in Nigeria,why are the Yorubas making it abroad more than the Igbos?
Are they being marginalised by European,Americans etc too.
Igbos should rest Jor.

Okonjo,Mrs Amina Muhammed deputy SG of UNO are not business or startup persons.They are not supposed to be there.
Echeruo has made a comeback.Kudos to him.

Tinubu govt has been more prudent than its previous counterparts.


https://allafrica.com/stories/202410010205.html.


Nigeria: How We Reduced Nigeria's Debt Service Ratio, Cleared Forex backlog-Tinubu.

1 October 2024Premium Times (Abuja)
By Mary Izuaka
"We inherited a reserve of over $33 billion 16 months ago. Since then, we have paid back the inherited forex backlog of $7 billion," he said.

President Bola Tinubu on Tuesday said that his administration adopted a disciplined approach in the management of Nigeria's monetary policy by reducing the debt service ratio significantly.

Mr Tinubu, who spoke in a televised Independence Day broadcast, said the approach adopted by the Central Bank of Nigeria to monetary policy management has ensured stability and predictability in the foreign exchange market.


"We inherited a reserve of over $33 billion 16 months ago. Since then, we have paid back the inherited forex backlog of $7 billion," he said.

"We have cleared the ways and means debt of over N30 trillion. We have reduced the debt service ratio from 97 per cent to 68 per cent. Despite all these, we have managed to keep our foreign reserve at $37 billion. We continue to meet all our obligations and pay our bills."

He noted that the nation is moving ahead with its fiscal policy reforms.

"To stimulate our productive capacity and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilisation Bills, which will now be transmitted to the National Assembly.

"These transformative bills will make our business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once they are passed into law," he said.

The federal government had, in the past, relied heavily on the loan facility to fund the budget.

As of 2023, the facility had surged over 2,900 percent over the past seven years, reaching an unprecedented N23.7 trillion. This sharp rise, which breached legal limits, fuelled inflationary pressures and exacerbated Nigeria's debt burden.

Earlier in the year, the Governor of the CBN, Yemi Cardoso, announced that the bank would cease issuing Ways and Means advances to the federal government until outstanding loans were repaid.

Mr Cardoso highlighted this as one of the critical measures the bank has adopted to address the country's current economic challenges.

In July, the Debt Management Office (DMO) said Nigeria's total public debt stock hit N121.67 trillion (91.46 billion dollars) in March 2023.

The DMO said that the securitisation of N4.90 trillion as part of the securitisation of the N7.3 trillion Ways and Means Advances approved by the National Assembly was also partly responsible for the N24.33 trillion increase in the debt stock.

In September, the CBN said it will continue to maintain the constitutional limit on Ways and Means Advances to the federal government, capping the advances at 5 per cent of the previous year's actual revenue collection.

This limit is part of the CBN's monetary, credit, foreign trade, and exchange policy guidelines for the fiscal years 2024-2025.

In line with the Treasury Single Account (TSA) framework, the new guidelines also stipulate that the calculation of these advances will now take into account the sub-accounts of Ministries, Departments, and Agencies (MDAs), which are linked to the Consolidated Revenue Fund (CRF).

This means that the federal government's consolidated cash position will be more accurately reflected, providing a clearer picture of available resources and enhancing transparency in public financial management.

Forex backlog controversies

In November 2023, the International Air Transport Association (IATA), criticised Nigeria and other African countries for not allowing international airlines to repatriate their profits.

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The group said trapped funds in African countries is currently estimated at $1.68 billion, noting that the challenge is impeding the growth and development of air transportation on the continent.

As of August 2022, reports indicated that foreign airlines' funds trapped in Nigeria stood at $793 million amidst lingering forex scarcity.

Of this figure, $300 million is said to be legacy debt, which the CBN has taken, but yet to be remitted to IATA on behalf of the airlines.

This prompted some major airlines, particularly Emirates Airline, to suspend flights operations in the country.

Last June, IATA, a top global trade association of airlines, said that 98 per cent of airlines' trapped funds in Nigeria have been cleared.

In March, the CBN also announced that the government had cleared all 'valid' foreign exchange backlogs. The move prompted Emirates airlines to announce that it will resume flight services to Nigeria from 1 October.


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[quote author=Ofemannnu post=134863304][/quote]The IPOB illiterates are mostly traders.
That is why they call them headless mob.
If they have no head,what would they think with?

LegendHero:
So Jagaban dey service the previous loan, took his new loans and ensured the loans remain static at a given +- value.

God bless President Tinubu.

That man is a genius.The problem was the subsidy which if not removed would have made Nigeria bankrupt.

Does this mean that President Tinubu has not borrowed up to $2billion externally since he became president?
He must be a genius if this is true.
3 gbosas for Tinubunomics.

mrvitalis:
But a nation who debt servicing + recurrent expenditure is less than revenue have no business building infrastructure that's my point

Nigeria had a good chunk of HDI which later fled the country because there were no facilities,infrastructures to attain their goals.
Dubai prioritized infrastructure development before focusing on the Human Development Index (HDI) and its current high ranking. The city's ruler, Sheikh Rashid bin Saeed Al Maktoum, used trading revenues to build infrastructure, which later became the foundation for its economic growth and high HDI.

mrvitalis:
Good evening everyone

Say we have two (2) villages A and B.. Both villages have land worth 100 billion each, both villagw approach a bank to take out 50 billion naira each to be paid back after 10 years

1) Village A
Village A decide to use the money to build her road, market, schools, church, mosque, stadium and recreational centers, the village A becomes very beautiful and the talk of the state

Village B
Village B said we won't build road or schools, we would keep managing what we have instead... Calls back their sons and daughters

A son making shoe in ABA is given 500 million (loan interest free) to sent up his school factory in the village

A daughter into cloths is given 2 billion to set up a garment factory

Village set ups 70 of their sons and daughters like this with interest free loan to pay back after 5 years and they would pay 15% of their profit as tax to the village



Please after 10 years between Village A and B which would easily pay the loan and which would lose their land
Honest answer please

Both infrastructure and human development are crucial for a nation's growth, and neither is inherently bette than the other.
They are interconnected and should be pursued simultaneously to achieve sustainable and holistic development.

I just love this man with the infrastructural strides he is taking in Anambra.
A potential presidential candidate.

LegendHero:
I think they are going to miss few other little stores because they are using a standardized supermarket chain reporting.

But Bokku marts are mostly smallish compared to shoprite stores or am I missing something?

frankson1:
This is what you understood from the post

You chose to make irrelevant comment than make a positive comment on the subject matter since you're allergic to good news

I meant USA too is owing China but through promissory notes and bonds.
USA is the biggest debtor in the world.

If you buy Nigeria's bonds,Nigeria is owing you just like USA is owing China more than $600 billion...

ZombieTAMER:
Tinubu will take Nigeria to number one

Just like he has made the list as Chinas most indebted

.

[quote author=MichaelSokoto post=134836137][/quote].

tungamaje:
Yes I agree. That's why it's an abomination to renovate dilapidated houses and their rusted roofs in Ibadan. Ibadan is very rich

Why don't you renovate the ones in Obiagu,Okpoko,Onitsha,Nnssuka etc first..
Ibadan is more developed than the entire South East Igboland.

Let me start from Nigeria

1. Destiny etiko.
2. Rita dominic
3. Kate henshaw
4. Regina Daniels
5. Nancy isime
6. Mercy Eke
7. Mercy johnson
8. Ini Edo
9. 95% of Igbo actresses (They are mostly bearded)

Going to international

1. Lupita nyong
2. Bella hadid
3. Rihanna.
4. Ice spice
5. Zendanya.
6. Sexy Redd
7. Angelina jolie
8. Jennifer Aniston
9. Khloe kardashian.
10. Melina Trump.

tungamaje:
That's in the villages and not in any capital city unlike that city that generates the highest VAT

That city has more infrastructures than your entire villages...I mean..states combined.
Ibadan is more developed than the entire South East Igboland.

tungamaje:
What about brown roof Republic. Na aluminium de reign now and not mud bricks and rusted roofs

All those brown roofs are numerous in Okpoko,Obiagu,Nnssuka etc..

tungamaje:
What about now?

Now they have slums like okpoko,Obiagu,etc

helinues:
They should at least be engaging us logically and be bursting/disputing our so called lies/propagandas instead of tantrums

Truth is bitter and the only way emergency lovers of Nigeria can disparage truth is to self activate their zombiesm and mumuness button simultaneously.

helinues:
You guys should engage us logically now all this irrelevant question

Dispute what I wrote instead

Don't mind the dunces.
Traders with small retarded minds they are.

ZombieDredd:
This is not even owerre.

This in mgbidi, almost at the border with anambra

I also see a story building with corrugated roof at the background.

That was a white man building.
Igbos lived in huts in millions.
Great thanks to the civil war...

Igbos and huts in those days were like 1&2.
Ibadan was brimming with modern houses then.

SocialJustice:
Ogunlesi is officially British, when Nigerian billionaires were being recognised by Nigerians on Twitter, him and Awotona were omitted because they are not officially Nigerians. We should continue maintaining that energy. What a shame.

All these emotional people quoting me, go and do something meaningful. You will receive no sexual release from me. Officially Ogunlesi is not a Nigerian, I'm not the one who caused it. Leave me alone jor.

lol
He is a Yoruba sha.
That one cannot be removed from him.

AfonjaPriest:
Money is for spending.
If you made money and we cannot see what it's spent on, then it's like having power and nothing to power.
Despite their commodities billionaires, they still use the bush as toilet just to remain forever suffersticated and making skullarship their greatest achievement.
Hyping what is not there.
After all, you cannot give what you don't have.

A poverty stricken man like you will always find an excuse to being poor.
Don't just talk.Let me post where Yorubas live and you can post where you live in Igboland which are mostly slums that you can never post because of shame.

Yorubas will ever be richer than Igbos till eternity and there is nothing you lazy bones can do about it.

[quote author=fickleawolowo post=13478315

They buy your lands so that you can see food to eat, are you a dummy?

That is because you are dumb because the land you buy outside your region can never be yours even in 100 years except if 88 can carry it to your region,moreover most of the lands in Lagos are leased out to non indigenes for 20,30 years only those given C of O own lands and it is for 99 years ?

Fahd11:
Forbes doesn't rate fake drugs money or money rituals. Why is their ALMIGHTY ARTHUR EZE not there?

Arthur Ear is the richest Igbo man alive but not worth up to $1billion.