₦airaland Forum

ROSSIKE: We certainly managed to bring education to a worthless layabout like you in our mass education drive after colonialism. Else you would have been an illiterate hunter of rabbits like your British-ruled forbears. Thank your lucky stars for the Nigerian govt, ungrateful dolt.

What has your father laid down apart from a disgruntled failure like you who sees nothing worthy about himself or Africans? Why don't you bleach yourself white and go on a white forum and rid yourself of the 'African mindset', you feckless, white-di.c.k sucking, cotton-picking, plantation slaveboy?



8 of Africa's top 100 universities are Nigerian. The only ''half-baked'' person here is you since you schooled in Somalia.

take dat: This is another surreptitious tactics by PDP to stymie the merger and I am most sure the movers of the merger will guard against it! Planting gloom mongers and merchants of doom in the guise of reliable sources won't fool anyone! The merger has come to stay, not because we are swayed by their advances, but because we know its a necessity! The haters should deal with it!

njokusboy: Gosh, am appalled by the rate of ignorance in nairaland. Look how some dudes re insulting economics nd u re castigating someone dat understands it better than you. Do u tink dis is onitsha main market where u just count money anyhow?? The GNP is 30millon and net factor income from abroad is 20 million, does dat make the GNP 50million? Knowing full well dat net factor income from abroad is a subset of the GNP. Hell yeah, u don't understand, why not kip quiet?? D subset means dat one is got from the other.meaning dat the net factor income from abroad was added to some other figure (GDP precisely) to get the GNP. Therefore d GNP is Still 30million not 30+20. In dis case, d ECA is a subset of d foreign reserves account so d foreign reserve account is still $45b. U add d ECA to some other figure( in dis case $23b) to get the foreign reserves account. And not adding the foreign reserves to d ECA to get another figure. I know u don't still understand, so learn to skip issues about which u re clueless.

njokusboy: Lolzzz, I assume u have a higher degree but u don't know set theorem in mathematics.
Welldone sir.

ROSSIKE: ^^ Your bush brain can't handle such information.

Rossikk: Dunce, are you referring to my projections of several decades and centuries into the future? I think we call that looking ahead...something a dunce like you is clearly incapable of. Heck you can't even make out the present.

jmaine: Correct . . . . .

njokusboy: Haba oga d excess crude account is a subset of the foreign reserves means dat d excess crude account is part of the foreign reserves so d value of the foreign reserves plus the excess crude account still stands at #45b, dats wat d lady is tryna say, saying d foreign reserves amounts to #67B, leads to an overstatement of the actual values in real terms. Owk. Na so d tin go.

berem: lol very funny! just like we have boko haram pdp, apga pdp, mend pdp and so on. Now opc has joined the subsidiaries of Pdp.

njokusboy: Mr man, go and look for the meaning of excess crude reserve (ECA) and subset nd tell me how it adds up to 67 billion, u seem not to know d meaning of d words.

naijaguy77: Can you not read?

Of course the governors began their clamour during OBJ, it has remained a running dispute between governors and FG for almost 10 years.

naijaguy77: ECA - Excess Crude Account

The ECA was conceived by the OBJ regime as a savings account to put money away for a "rainy day". Since we base our budget on price of oil, if we say we budget $65 per barrel at 2m barrels per day, during the year, we may be fortunate and oil might actually trade at $100 per barrel and we might succeed in producing an average of 2.3m barrels per day. The excess money we earn would then go into the ECA. This was fantastic public funds management by OBJ, especially because oil prices fluctuate a lot, and sometimes we earn less than we anticipated, the funds in the ECA would the be our saviour on such a rainy day.

This was all going well, but there was one problem. The greedy governors realised the the ECA, though a good for the country, was actually unconstitutional, therefore illegal. The governors (including Fashola) threatened sue the FG if all the money was not immediately "shared".

This puts the FG in a very difficult position, as the FG knows that it is sound economic policy and prudent management to save for a rainy day. Everytime the ECA funds build up to any significant amount, the governors would come and insist on sharing the money or else they will go to court.

This is the genesis of the ECA depletion. The governors want the money shared even when it is not a "rainy day". And members of the national assembly also insist on sharing the money, usually insisting that Nigeria has many problems and do not need to save money that can be used to "solve our problems". Essentially, every arm of government bar the executive arm of FG is against savings.

After much bickering, the FG through NOI conceived of the Soverign Wealth Fund, which would be backed by law, as a compromise and a way to ensure that some money is put away for emergency. Even at this, the legislature and govs made sure the cut the FG down and insist on a meagre $1 billion for the SWF.

So, is it right to accuse the FG of squandering the money in ECA? Well, yes the FG also got their share of the money, but it is wrong to blame it on the FG, as all the state governors unite in this matter, and their position is always, we must "share" (spend) the money.

Again, it is wrong for Madam Ezekwesili to insinuate that the FG is responsible for this squandering. The entire nation, and all parties - PDP, APC, ACN, Anpp, etc is responsible.

The truth is, the Federal Government of Nigeria is made up of very inept and unsound people, who are almost always up to no good, such that even when someone like Madam Ezekwesili makes an unsound accusation, instead of the FG to take her on and expose her as unsound, their first instinct is to run and hide, or to respond with even more unsound rhetoric. Shameful really, considering that Madam Ezekwesili can be taken apart in 2 minutes. Shame on FG.

taharqa: I just dey laugh. So its not $67bn, but $45bn (since d ECA is a SUBSET of d Foreign Reserves as she just admittd). The Govt guys were right aftall.... By d way, what took Ezekwesili this long to mk dis clarification. She shld be careful so that Politics and a quest for Power by sm people, do not destroy whateva reputatn she has of not bn friviolous..... Ova now to those Resident IJIOTS who were arguing with sm of us when dis issue were trending then. @Gbawe, @Demdem, @Omo-koko, @Lacasa, @Seanten1, @Garriman, etc

Rossikk: Go to Europe and live and stop bothering us you sex starved wan.ker.

Rossikk: Hahahahahaha... Lovely! All this commissioning is giving these guys serious headaches... Lol

bappahman: Serious betting between people was the order of the day especially on twitter,with apc/opposition supporters saying he (Gej) can not go and will find an excusse not too...pdp ppl on twitter including a senator tool the best that mr presido will go cos he is c-in-c nd not afraid

eriegua83: must u force your opinion on the MOD?

Afam4eva: So, how did you know that met all these obligations? Any evidence? If Borno is also able to achieve such a feat does it mean the title of the thread will read "Borno economy rated above Ghana, UK"?

occam: I see you've dropped the dubious comparison of Lagos vs. UK. Good! we're getting somewhere

I get it. short term investing in the U.K is not profitable. Still an investment manager with over $1 billion will put 90% in the UK. and 10% in Nigeria.

In the mid 90s the U.K was in a deep recession and bounced back by end of the decade. It's just the economic cycle. In 5/6 yrs time we may be singing a different tune

4 Play: The first thing that has to be noted that there is no direct quote from Fashola which evidences that he did say that Lagos is rated higher than the UK.



The use of the term ''rated'' is by the journalist.

What is even sadder is the motley crew of pathetic mentally challenged salad tossers who have tried to argue that Lagos is indeed rater higher than the UK. Bear in mind that the UK is rated AAA(prime grade) by all the major rating agencies except Moodys which has the UK as Aa1 which is high grade. Nigeria by contrast is rated BB-(non-investment grade). Effectively, what is known in the industry's parlance as junk. Now, Lagos as a component region of a state with junk status is also rated BB-, i.e, junk as well.

Now, before you copy and paste masters paste a link which refers to Lagos's national rating as AA(Nga), please let your ignorant brains comprehend that the identifier(Nga) effectively means that this bit rates credit outlook relative to Nigeria and is meant for local investors. Nigeria has junk status and Lagos has junk status compared internationally.

To compare Lagos or any part of Nigeria to the UK's credit rating is a rather obscene display of ignorance.

occam: Continue with this play of words. Lagos ranking was in the context of Nigeria. No agency will ever compare a state to country.

Chinaimporter: [size=18pt]London has the sixth largest city economy in the world, after Tokyo, New York City, Los Angeles, Chicago and Paris with a GDP of $565 billion in 2008, a GDP per capita of $74,766.

Nigerian economy. GDP $415 billion (2011 est.) (PPP; 30th)
GDP growth 7.8% (2011 est.)[1] (driven by non-oil production activities[citation needed])
GDP per capita $2,500 (2010 est.)


Only london economy large pass nigeria own talk more of lagos mtcheew

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Afam4eva: So, what variables are used for determining the prospects of an economy? As far as i'm concerned, Fashola's assertion is empty and has no bearing.