₦airaland Forum

Former Central Bank of Nigeria (CBN) Deputy Governor, Kingsley Moghalu has expressed concern at the rate Nigeria’s public debt increased in the last six years under the President Muhammadu Buhari administration.

Moghalu raised the alarm that Nigeria is now a dangerous, debt-induced fiscal cliff and accused the federal government of mortgaging the future of the youth.

“We have to stop further borrowing and start to manage the current obligations in order to avoid a sovereign debt default or, at best, a costly restructuring. Further borrowing will lead to a disastrous debt bubble bust”, he warned in a statement.

The presidential candidate of the Young Progressives Party (YPP) in the 2019 election said from $10.31billion at the end of June 2015, the total external debt increased to $32.85billion as at March 2021.

The Professor complained the total outstanding public debt stock increased by 173 percent in the same period, from N12.11trillion to N33.10trillion.

Noting that on the average, over N3.6trillion is being added to the public debt annually, the expert observed infrastructure investment used to justify it have grossly under-performed.

The ex-CBN chief said under a coordinated economic policy by a competent government, the debt capital outlay would have catalyzed private sector investments and sizeable foreign direct investment (FDI) flows into the economy.

He insisted public-private partnerships should be the dominant approach to infrastructure development in Nigeria, not contract awards that, from information available on projects in Ghana and Ethiopia, are “overvalued”.

The economist regretted that in the real situation of the incompetence of the government since 2015, businesses have been groaning and FDI inflows have decreased.

Moghalu said instead of delivering economic growth, the economy has been twice in recession, and when out of it, growth has been underwhelming at 2 percent.

His statement lamented how the national unemployment rate increased to 33.1 percent while youth unemployment has reached 42.5 percent in a few years.

Moghalu urged the government to focus on increasing domestic revenue, by expanding the tax base – not by increasing rates as has been done with the value added tax (VAT) – and by introducing reforms for ease of paying taxes while abolishing multiple taxation.

Source: https://dailypost.ng/2021/07/09/buhari-govt-crippling-nigeria-debt-now-n33trn-from-n12trn-in-2015-moghalu/

[img]https://media1./images/50d089a0f9900949b83152346f77ee00/tenor.gif?itemid=21204532[/img]

Its high time we diversify the economy

People like moghalu don't understand the basic problem ...this northern held government know the right thing to do but can't do it because it would Awaken the south to ask questions

Effective taxing is the was to go honestly ...if we tax all car owners in Nigeria 11.7 million of them average of 150k every year for road maintenance( it's a good deal because it's would save them far more since maintainace would reduce due to better road ) ...that would give us 1.7 trillion to maintain roads every year ...but a large portion of that is from south ...so if u use it to develop the north them go ask questions

Tax every secondary and primary school with school fees above 500k per year 50% tax ...we are looking at over 400 billion generated for education alone

I can go on and on how we can use specific sector taxing to develop Nigeria in 10 years ...but believe me Nigeria would break in 3 years because south would understand how much a Borden north is

Very soon dem go recolonize this kontri

Imagine borrowing money to be embezzled. Borrowing money that can't be totally accounted for.
When the C-in-C is just merely existing but doesn't have a full grasp of what's happening under his watch.
The rubber stamp senate also just keeps approving everything that comes to their table from the executive.
We may have to sell off the country to our creditors to pay our debts.

Hafa??
I want to exchange my Nigerian citizenship for 2 packets of indomie and egg..

mrvitalis:
People like moghalu don't understand the basic problem ...this northern held government know the right thing to do but can't do it because it would Awaken the south to ask questions

Effective taxing is the was to go honestly ...if we tax all car owners in Nigeria 11.7 million of them average of 150k every year for road maintenance( it's a good deal because it's would save them far more since maintainace would reduce due to better road ) ...that would give us 1.7 trillion to maintain roads every year ...but a large portion of that is from south ...so if u use it to develop the north them go ask questions

Tax every secondary and primary school with school fees above 500k per year 50% tax ...we are looking at over 400 billion generated for education alone

I can go on and on how we can use specific sector taxing to develop Nigeria in 10 years ...but believe me Nigeria would break in 3 years because south would understand how much a Borden north is

You started well then ended with bigotry and sectional rubbish!

[s]

valentineuwakwe:
Former Central Bank of Nigeria (CBN) Deputy Governor, Kingsley Moghalu has expressed concern at the rate Nigeria’s public debt increased in the last six years under the President Muhammadu Buhari administration.

Moghalu raised the alarm that Nigeria is now a dangerous, debt-induced fiscal cliff and accused the federal government of mortgaging the future of the youth.

“We have to stop further borrowing and start to manage the current obligations in order to avoid a sovereign debt default or, at best, a costly restructuring. Further borrowing will lead to a disastrous debt bubble bust”, he warned in a statement.

The presidential candidate of the Young Progressives Party (YPP) in the 2019 election said from $10.31billion at the end of June 2015, the total external debt increased to $32.85billion as at March 2021.

The Professor complained the total outstanding public debt stock increased by 173 percent in the same period, from N12.11trillion to N33.10trillion.

Noting that on the average, over N3.6trillion is being added to the public debt annually, the expert observed infrastructure investment used to justify it have grossly under-performed.

The ex-CBN chief said under a coordinated economic policy by a competent government, the debt capital outlay would have catalyzed private sector investments and sizeable foreign direct investment (FDI) flows into the economy.

He insisted public-private partnerships should be the dominant approach to infrastructure development in Nigeria, not contract awards that, from information available on projects in Ghana and Ethiopia, are “overvalued”.

The economist regretted that in the real situation of the incompetence of the government since 2015, businesses have been groaning and FDI inflows have decreased.

Moghalu said instead of delivering economic growth, the economy has been twice in recession, and when out of it, growth has been underwhelming at 2 percent.

His statement lamented how the national unemployment rate increased to 33.1 percent while youth unemployment has reached 42.5 percent in a few years.

Moghalu urged the government to focus on increasing domestic revenue, by expanding the tax base – not by increasing rates as has been done with the value added tax (VAT) – and by introducing reforms for ease of paying taxes while abolishing multiple taxation.

Source: https://dailypost.ng/2021/07/09/buhari-govt-crippling-nigeria-debt-now-n33trn-from-n12trn-in-2015-moghalu/

[/s]

This bigot; a come and chop CBN deputy governor, was in Government at a time we are Oil prices were very high consistently for 5 years. It was during this time, the bigot and lootercrats plundered our reserves and left the country almost bankrupt. He was the same coward who despite Sanusi Lamido Sanusi cry that the country was being plundered provided cover for GEJ to sack SLS from CBN in the hope he would become CBN Governor. This useless fool have little to add to governance when given the opportunity.

vedaxcool:
This bigot; a come and chop CBN deputy governor, was in Government at a time we are Oil prices were very high consistently for 5 years. It was during this time, the bigot and lootercrats plundered our reserves and left the country almost bankrupt. He was the same coward who despite Sanusi Lamido Sanusi cry that the country was being plundered provided cover for GEJ to sack SLS from CBN in the hope he would become CBN Governor. This useless fool have has little to add to governance when given the opportunity.

You are the resounding BIGOT, always supporting anything and everything Islamic no matter how stupid or daft it looks/sounds.

Buhari is a failure, just admit it and move on.

F

It's as looting expedition that's going on in Abuja right now!
A looting frenzy!
They are on a mission to subjugate the rest of us politically and economically and if they fail, they intend to join their brothers in Niger republic after building up the place with cash from Nigeria.
These guys have no iota of loyalty to Nigeria! No emotional attachments to this Lord Lugards fabrication!
The joke is on those of you who are "busy building" Nigeria of "your dreams" with some economic terrorists..

vedaxcool:
You started well then ended with bigotry and sectional rubbish!

The last part is a complete fact

Nobody in this government have any idea on governance they are all common criminals.

mrvitalis:
The last part is a complete fact

The footsoldiers from futajalon will not agree with you

[s]

NigeriaNawa:
You are the resounding BIGOT, always supporting anything and everything Islamic no matter how stupid or daft it looks/sounds.

Buhari is a failure, just admit it and move on.

[/s]

I have no use for your current status.

mrvitalis:
The last part is a complete fact

Only in the minds of bigots. The same North that stopped supplying food to the south because of bigoted lead attacks on Northern business, we saw how the over "burdened" south began begging for resumption of food supply.

It bigotry from a supposedly educated region that has kept the South undeveloped. They prefer chanting north than actually addressing real challenges. One victory Southern elites won on their people is how they limited their capacity to reason beyond ethnic tropes.

vedaxcool:
Only in the minds of bigots. The same North that stopped supplying food to the south because of bigoted lead attacks on Northern business, we saw how the over "burdened" south began begging for resumption of food supply.

It bigotry from a supposedly educated region that has kept the South undeveloped. They prefer chanting north than actually addressing real challenges. One victory Southern elites won on their people is how they limited their capacity to reason beyond ethnic tropes.

Please this foods are they given to the south for free ?

Abeg name the foods we get from the north abeg let me know

Buhari Issa Specialist In Failure