₦airaland Forum

I do not think people realize how important 2023 is.


Let me explain


Last year Nigeria made:


₦970.3 Billion from oil


₦1.6 Trillion from non-oil taxes [More revenue from this than oil]


₦2.8 Trillion from a cumulative of other sources.


In total the country brought in ₦5.5 Trillion in revenue


Then it gets crazy from here.


Out of that ₦5.5 Trillion revenue, ₦4.2 Trillion was spent on servicing (repaying) debts from January to November.


So what is left after paying debts is ₦1.3 Trillion.


This means that what is left after repaying what we owe is not enough to run the country…


…because in the 2021 national budget, the nation needs to run on a total of ₦13.57 Trillion.


So since we just have ₦1.3 trillion left, an extra ₦12.27 trillion is needed.


Where do we get it?


Yes, you guessed right - we borrow.


In 2021 Nigeria spent ₦12.56 trillion - most of which were borrowed money spent on things that do not bring money back (salary, fuel subsidy, LOOTING, etc).


So if Nigeria was a man who makes ₦100k a month, he borrows ₦5 million every month to pay for light bills and the running of the house.


See the picture now?


Scary, isn’t it?


The Excess Crude oil account (which is like our savings) is almost empty.


So not only does this man borrows like a crazy person, he has no SAVINGS for emergencies (like if his boss decides not to pay salary).


Anyways, the finance minister thinks we are doing alright. That what we have is a revenue problem - and not a debt problem & if we make more we will be alright (this is why they are taxing everything)


Of course, she could be lying.


…but she may be right too.


The rule is we should NEVER borrow more than 40% of our GDP.


We are at 36.9%


3.2% more and all the alarm bell goes off.


Now - imagine if our revenue keeps dropping, and the debt keeps increasing. And one day - voom - 3.2% crossed!


Then we will have a debt problem.


Since we currently borrow to pay salary, when the alarm goes off - further borrowing is a disaster:


The Government will struggle to pay salary.


(Which is scary considering that the Government is the biggest employer of labor in Nigeria)


More Taxes will be imposed to raise money, including the tax on Goods which will increase the prices you pay on Foreign rice for example.


Our currency will get further devalued.


Which means things will get even more expensive in the market.


This is the state of the nation…YET…


…the politicians still loot and take home fat salaries.


Imagine if we get the wrong President in 2023, who will not get these things fixed.


Imagine the disaster if we push over that 3.2%


If you think politics does not affect you, then maybe you do NOT see the full picture.


This is why I laugh at people who ignorantly say - ‘’I am not interested in politics’’
guess whatsswhwhat interesting to you.


The person who becomes the President will affect the price of your bag of rice…


…your cylinder of gas


It affects whether or not it is safe to drive from Kaduna to Abuja or fly…


…or whether you need to pay 7.2% or 20% VAT on your Facebook ads.


It affects whether you keep selling on your Instagram page or whether Instagram gets banned in the country OUT of the blues.


It affects the shipping fee you pay on your Tokunbo car.


Get the picture?

This is NOT the time to be tribalistic. Or want a President from any part of Nigeria. It is a time for THE RIGHT ONE.


You need to get involved. In any little way, you can. Even if a to get PVC, try to vote. If your Vote does not count they won't be chasing people away at polling stations.

Chris Onwugbolu

Tell them Mr Chris. They don't even know because religion, political and tribal sentiments have blinded their eyes from seeing beyond Oshodi.

Nigeria no even knw wetin dis one dey talk

Which African English speaking economy is more stable and cheap to run with less inflation?

The quality of items entering the country right is been reduced because of our weak buying power.

This is bullshit.
The loans are going into infrastructure that we can see and touch. Each of the infrastructure assets will last >100years with many cycles of maintenance, upgrades and expansion.

Please can these nonsense arguments or save it for PDP apologists from dust bin state capitals.

The foreign loans are just $300 per person.
The internal debt is about $200 per person.

When the infrastructure projects come on stream, Nigeria will be able to attract unbelievable FDI.
Large FDI inflows will create many jobs.

Let's be careful what negative propaganda we imbibe from supporters of parties where dustbin and soot are stifling growth and destroying lives.

Nigeria is held spellbound, no power on earth, no foreign ally, even the so called world powers can not save it from collapsing, 2023 will be the worst if it even manage to survive till 2023, mark my word.

I really appreciate your analysis of Nigeria's economic plight. But the problem is HOW DO WE KNOW THE RIGHT PERSON TO VOTE FOR AS THE PRESIDENT?
Wouldn't the election still be between the two ruling parties as usual? (Perhaps Tinubu and Atiku)
In order words, we may be forced to choose between hell or the deep blue sea.
It doesn't seem like the solution to our problem lies in "voting right". So much more need to be done. We need a serious revolution to save this country.

RiceProducers:
This is bullshit.
The loans are going into infrastructure that we can see and touch. Each of the infrastructure assets will last >100years with many cycles of maintenance, upgrades and expansion.

Please can these nonsense arguments or save it for PDP apologists from dust bin state capitals.

The foreign loans are just $300 per person.
The internal debt is about $200 per person.

When the infrastructure projects come on stream, Nigeria will be able to attract unbelievable FDI.
Large FDI inflows will create many jobs.

Let's be careful what negative propaganda we imbibe from supporters of parties where dustbin and soot are stifling growth and destroying lives.

The loans that builds rail to Niger Republic The south west alone has 30 times the GDP of Niger

amrichy:
I really appreciate your analysis of Nigeria's economic plight. But the problem is HOW DO WE KNOW THE RIGHT PERSON TO VOTE FOR AS THE PRESIDENT?
Wouldn't the election still be between the two ruling parties as usual? (Perhaps Tinubu and Atiku)
In order words, we may be forced to choose between hell or the deep blue sea.
It doesn't seem like the solution to our problem lies in "voting right". So much more need to be done. We need a serious revolution to save this country.

You get it. This country needs a hard reset.

Nmeribe17:
Nigeria is held spellbound, no power on earth, no foreign ally, even the so called world powers can not save it from collapsing, 2023 will be the worst if it even manage to survive till 2023, mark my word.

RUBBISH

Enceladus:
The loans that builds rail to Niger Republic The south west alone has 30 times the GDP of Niger

Yes. Good idea to build rail line to Niger.

RiceProducers:
Yes. Good idea to build rail line to Niger.

your brain will reset when you no longer have free money to produce rice

Does Tinubu have what It takes to transform Nigeria?