lebuhsi:


In all honesty for a scandal like that to come to light close to the election season doesn't it suggest to you that the President is someone who will not condone blatant corruption under any circumstances?

This is ridiculous. It's funny the length we go to to whitewash this APC regime.
What will suggest to me that the president doesn't condone corruption is to see the perpetrators punished. Not just the slap on the wrist they've been getting.

obaaderemi:
We currently service debt with about 90% of revenue. As at December 2021 debt was about$80bn. Six months after it's about$90bn. And something doesn't tell you we are headed for the precipice?

stop cutting corners, tell evéryone what Nigeria's Debt to GDP ratio

Which precipice? Revenue needs to rise as fast as expenditure, the money is there FIRS isn't keeping up, Nigeria's economy is one of the most dynamic in the world.

Notice how big the digital economy has grown, Nigeria is losing $bns in leakages.

Only last month Madam Zainab proposed to introduce digital taxes

Just open your WhatsApp today it's an active marketplace

Chief do you have proof on the bold?

Plus do you have a breakdown of what we paid for each project we built?

Someone just mentioned that Nigeria needs to spend $150bn yearly to bridge our infrastructure deficit Buhari borrowed $30bn of that (which isn't even enough) how is that unbridled?

Nigerian govt has a share in the Lekki port by virtue of the land it's located on. No matter how you want to look at it the active support and partnership of the government made it happen. If it was that easy and straight forward then OBJ, Yar Adua and GEJ would have done when they were making more money and had less debt.

obaaderemi:
Sir, I never said borrowing for capital projects is bad. But you should know that unbridled borrowing is dangerous for the present and future of the society. And that's exactly what this government has been doing with borrowing.

How much has this government borrowed and how much have they spent on infrastructure? That's how to know if the level of infrastructure development is commensurate with the debt profile. For your information, the largest port infrastructure, the lekki port is not financed by this government.

[b]But a lot of Nigerians have been Hoodwinked by them no to realize that most of the borrowed money is for consumption and recurrent expenditure. [/b]I wonder why people can't see this. Yet these monies find their ways into private pockets in the name of subsidies and whatever. Then poor Nigerians are made to bear the burden today and tomorrow.

obaaderemi:
Baba, you don't pay debt with GDP. You pay debt with revenue. How much is Nigeria's revenue? In other words what's our debt to revenue ratio? It's appalling.

Revenue is increasing but it's not keeping pace with expenditure. Nigeria has a revenue problem, because her economy is not conventional.

Revenue is the problem not debt

GeneralDae:

The debt in naira is certainly high, but in dollars Buhari hasn't really borrowed much more than Jonathan. The thing is that as the naira falls, our naira economy has also grown larger simultaneously. But everything is eventually balanced out in dollars.
Buhari increased the debt from 64 Billion dollars to 100 Billion dollars currently, but in naira it is from 15 trillion to 41 trillion naira.
Our trade have also increased in naira by almost 3 times as well.

Buhari's Government like the South Korean Government seem to be more inward driven, caring much about boosting naira supplies and making our exports cheaper irrespective of what happens to the currency but unfortunately his policies favours an already diversified economy like South Korean and we are not yet at that level. You have to leap before you fly.

Well, look at this from DMO.

Buhari increased the Federal Government’s
external borrowing to $33.62 billion as of
December 2021 from $28.73 billion a year
earlier. [The external debt of the federal and
state governments stood at $10.32 billion in
June 2015, according to the Debt Management
Office.
An analysis of consolidated debt showed that
the external debt increased by 291 percent
while domestic debt grew by 86 percent in the
last six years.

To me
From$10bn to $33bn is a lot compared to Jonathan. External debt only.

obaaderemi:
This is ridiculous. It's funny the length we go to whitewash this APC regime.
What will suggest to me that the president doesn't condone corruption is to see the perpetrators punished. Not just the slap on the wrist they've been getting.

Is he a despot? They are active cases in the courts bordering on corruption, they have been successful convictions, and the process continues

lebuhsi:


Revenue is increasing but it's not keeping pace with expenditure. Nigeria has a revenue problem, because her economy is not conventional.

Revenue is the problem not debt

That's all, Sir. Then we'll keep borrowing and continue to see naira slide because we are not producing enough. You borrowed to invest in agric then you allow Fulani shitheads to destroy farms. You borrowed to build sgr, terrorists hamper its operation because you let terrorism fester. So how will revenue improve?

Exactly we need to make our economy a productive one so you can earn earn enough FX simple.

In the spirit of learning and debate what do you think we can do to fund infrastructural projects without having to borrow?

lebuhsi:


Revenue is increasing but it's not keeping pace with expenditure. Nigeria has a revenue problem, because her economy is not conventional.

Revenue is the problem not debt

obaaderemi:
Well, look at this from DMO.
To me
From$10bn to $33bn is a lot compared to Jonathan. External debt only.

Debts are problematic of course but they are not our biggest problem at this time. Our biggest issue is tax collection and revenue expansion, for example expansion of modular refineries should have been taken as first priority by this Government alongside electricity.
In terms of revenue, there are several ways of expanding our revenue base. Check out this report from Airtel Africa and how they are making a killing in the Nigerian market (despite operational costs from diesel operations due to electricity issues).

The Nigerian arm of telecom operator Airtel Africa has pushed its earnings to $425 million, approximating N182.33 billion on official N429 per dollar exchange. The Nigerian operation also helped the group to repay $450m of debt.

This is bigger than what they made in all of East Africa combined. From thesame report it says:

Nigeria’s growth was more than that of East Africa, which grew by 14.1 percent, and in Francophone Africa by 11.7 percent.

https://m.economictimes.com/industry/telecom/telecom-news/airtels-africa-business-reports-net-profit-of-178-million-in-q1fy23-a-25-on-year-jump/articleshow/93189471.cms

chrisooblog:
Chief do you have proof on the bold?

Plus do you have a breakdown of what we paid for each project we built?

Someone just mentioned that Nigeria needs to spend $150bn yearly to bridge our infrastructure deficit Buhari borrowed $30bn of that (which isn't even enough) how is that unbridled?

Nigerian govt has a share in the Lekki port by virtue of the land it's located on. No matter how you want to look at it the active support and partnership of the government made it happen. If it was that easy and straight forward then OBJ, Yar Adua and GEJ would have done when they were making more money and had less debt.

A significant amount of debt incurred by Buhari's administration is Naira denominated

SUKUK I-V, FGN bonds, executive order 007 etc

lebuhsi:


stop cutting corners, tell evéryone what Nigeria's Debt to GDP ratio

Which precipice? Revenue needs to rise as fast as expenditure, the money is there FIRS isn't keeping up, Nigeria's economy is one of the most dynamic in the world.

Notice how big the digital economy has grown, Nigeria is losing $bns in leakages.

Only last month Madam Zainab proposed to introduce digital taxes

Just open your WhatsApp today it's an active marketplace

Stop talking about revenue to GDP, please! From January to April, debt service to revenue was a frightening 118%, the worst in the world. We should stop arguing this very clearly nauseating thing. The government has failed massively in that area.

obaaderemi:
That's all, Sir. Then we'll keep borrowing and continue to see naira slide because we are not producing enough. You borrowed to invest in agric then you allow Fulani shitheads to destroy farms. You borrowed to build sgr, terrorists hamper its operation because you let terrorism fester. So how will revenue improve?

In recent memory which administration has invested in Agri-business like this one?

Do you know what gave CBN governor the confidence to pick presidential form?

It's farmers that wanted to buy it for him

GeneralDae:

Debts are problematic of course but they are not our biggest problem at this time. Our biggest issue is tax collection and revenue expansion, for example expansion of modular refineries should have been taken as first priority by this Government alongside electricity.
In terms of revenue, there are several ways of expanding our revenue base. Check out this report from Airtel Africa and how they are making a killing in the Nigerian market (despite operational costs from diesel operations due to electricity issues).

The Nigerian arm of telecom operator Airtel Africa has pushed its earnings to $425 million, approximating N182.33 billion on official N429 per dollar exchange. The Nigerian operation also helped the group to repay $450m of debt.

This is bigger than what they made in all of East Africa combined. From thesame report it says:

Nigeria’s growth was more than that of East Africa, which grew by 14.1 percent, and in Francophone Africa by 11.7 percent.

What do you think I've been saying all along, brother? It's a revenue problem. If you know you have cash flow problems will you not curb your spending and borrowing so that you don't become a laughing stock in your neighborhood?
What's the essence of all this growth when people are desperately hungry and you can't even generate electricity? Reason am now.
Wo, I don't want to talk about this Buhari failure again. It would reflect poorly on all of us. Let's leave the matter. Something wey all of us Sabi.

lebuhsi:


In recent memory which administration has invested in Agri-business like this one?

Do you know what gave CBN governor the confidence to pick presidential form?

It's farmers that wanted to buy it for him

You know, lebushi, you are very funny.

obaaderemi:
Stop talking about revenue to GDP, please! From January to April, debt service to revenue was a frightening 118%, the worst in the world. We should stop arguing this very clearly nauseating thing. The government has failed massively in that area.

I agree that they have failed in increasing revenue, but that's not because of a lack of money.

Removing subsidies for instance(low hanging fruit) would add $6bn to the government coffers

Nigeria loses 500,000bpd of crude to oil vandals with Nigerian grades selling $5 above Brent, that's close to $100pb.

chrisooblog:
Chief do you have proof on the bold?

Plus do you have a breakdown of what we paid for each project we built?

Someone just mentioned that Nigeria needs to spend $150bn yearly to bridge our infrastructure deficit Buhari borrowed $30bn of that (which isn't even enough) how is that unbridled?

Nigerian govt has a share in the Lekki port by virtue of the land it's located on. No matter how you want to look at it the active support and partnership of the government made it happen. If it was that easy and straight forward then OBJ, Yar Adua and GEJ would have done when they were making more money and had less debt.

I don't see any bolded.

It's unbridled when paying back becomes a problem. It's unbridled when most of it goes on consumption, which ends up in private pockets.

lebuhsi:


I agree that they have failed in increasing revenue, but that's not because of a lack of money.

Removing subsidies for instance(low hanging fruit) would add $6bn to the government coffers

Nigeria loses 500,000bpd of crude to oil vandals with Nigerian grades selling $5 above Brent, that's close to $100pb.

Spot on! Exactly on subsidies. But you might not really need to remove subsidies. Reduce it and monitor it better than ever. Improve revenue and spend some of it on subsidies instead of borrowing money to spend on subsidies like they've all been doing.

But wait o. I thought Buhari and Tinubu said subsidy was a lie when campaigning against Jonathan. You see why this people can never run this country well.

obaaderemi:
Spot on! Exactly on subsidies. But you might not really need to remove subsidies. Reduce it and monitor it better than ever. Improve revenue and spend some of it on subsidies instead of borrowing money to spend on subsidies like they've all been doing.

But wait o. I thought Buhari and Tinubu said subsidy was a lie when campaigning against Jonathan. You see why this people can never run this country well.

This is why I don't take all these political smears and campaigns that seriously. To opposition parties, Governance is bread and butter, when they get there they become something else.

obaaderemi:
Spot on! Exactly on subsidies. But you might not really need to remove subsidies. Reduce it and monitor it better than ever. Improve revenue and spend some of it on subsidies instead of borrowing money to spend on subsidies like they've all been doing.

But wait o. I thought Buhari and Tinubu said subsidy was a lie when campaigning against Jonathan. You see why this people can never run this country well.

They wanted to win elections nau , subsidies have to go CNG is taking over, and PMS demand will reduce anyways. The government is actively promoting adoption

lebuhsi:


They wanted to win elections nau , subsidies have to go CNG is taking over, and PMS demand will reduce anyways. The government is actively promoting adoption

I don't think it was primarily about election. I think the main concern was inflation. If they had improved electricity to reduce business operation costs, then there wouldn't have been so much worry about possible inflation spiral from the subsidy removal.

GeneralDae2:

I don't think it was primarily about election. I think the main concern was inflation. If they had improved electricity to reduce business operation costs, then there wouldn't have been so much worrying about possible inflation spiral from the subsidy removal.

I don't even think Subsidy removal would affect inflation much, Nigerians are buying Gas +VAT today nobody is jumping up and down, and tankers and businesses are buying diesel at >₦800/ltr today, nobody is jumping up and down, airlines are buying aviation fuel at ₦900/ltr today, they made small noise Nigerians change am for them they kept quiet

CNG has already been de-regularised + VAT sef, so FDI and LDI won't not be a problem

It's those over pampered socialists labour unions that have been a clog in the wheel of progress in this country

Now they want power through Peter Obi waxing lyrical about capitalism I just pity his naive supporters

Things are always easier in opposition.

GeneralDae:

This is why I don't take all these political smears and campaigns that seriously. To opposition parties, Governance is bread and butter, when they get there they become something else.

chrisooblog:
Bro PMB failed in the areas you rightly highlighted but as per infrastructure you have to give him his dues even if grudgingly.

3 railway line finished and running except for the Abuja-Kaduna line due to the kidnapped hostages. other railway lines currently being built.

3 Completed airport terminals (Abuja, Lagos and PH) 2 almost finished (Kano and Enugu).

Highways and bridges finished or almost completed (2nd Niger bridge, Ikom bridge linking Cameroon, Lagos-Ibadan express way, Oyo-Ogbomoso, Oworoshoki-Apapa etc).

PPP partnership that's set to deliver a new port in Lekki.

Gas AKK pipeline.

Siemens ongoing electricity project plus new Zungeru power stations.

Not forgetting numerous important legislation like Electoral act, Petroleum Industry act, CAMA, Startup bill.

Even in security where he has been found wanting it's not for lack of weapons. New tanks and APC's for military. New more effective fighter aircraft for NAF, Navy has also gotten new frigates and cruisers which has helped reduce incidents of piracy attacks to zero in H1 2022. Boko Haram though still a threat have been reduced greatly but more still needs to be done.


Unfortunately his mishandling of the economy and lack of tact managing the diverse tribes of the country will tarnish his legacy.

His nonchalance at best or tacit support of fulani militia at worst has been a stand out failure for me.

Nigerian doesn't have and also hasn't received any Frigates or Cruisers.... The only Frigate that the NN has is NNS Aradu which isn't active anymore.... What you did get was a couple of OPVs and a LST

obaaderemi:
Baba, you don't pay debt with GDP. You pay debt with revenue. How much is Nigeria's revenue? In other words what's our debt to revenue ratio? It's appalling.

God bless you
Imagine talking about GDP in this sense, We don't generate enough revenue to service these loans we keep on taking.

[

Edopesin:


God bless you
Imagine talking about GDP in this sense, We don't generate enough revenue to service these loans we keep on taking.

Let them continue taking the loans. Shebi when the day of reckoning comes everyone go see am. By that time the idiot in power would be long gone and enjoying his huge Pension in daura.

obaaderemi:
Let them continue taking the loans. Shebi when the day of reckoning comes everyone go see am. By that time the idiot in power would be long gone and enjoying his huge Pension in daura.

At least he signed the subsidy removal even though it will conveniently take effect after he has left office and with this current inflation rate, the next president will have a very difficult 12months.

Kaduna intercity roads...one of the best in Africa

https://www.youtube.com/watch?v=_a0HPnZaG64

Correction noted. I probably mistook it for the warship NNS Kada.

https://www.channelstv.com/2022/04/02/nigeria-acquires-new-war-ship-nns-kada-to-boost-maritime-security/

That said the point I was making is that new acquisitions for the Navy have helped reduce piracy incidents to zero in H1 2022.

https://www.premiumtimesng.com/news/top-news/544222-nigeria-records-drop-in-sea-robberies-piracy-attacks-report.html

jl115:
Nigerian doesn't have and also hasn't received any Frigates or Cruisers.... The only Frigate that the NN has is NNS Aradu which isn't active anymore.... What you did get was a couple of OPVs and a LST

Edopesin:


At least he signed the subsidy removal even though it will conveniently take effect after he has left office and with this current inflation rate, the next president will have a very difficult 12months.

I actually think the next president would have it easier.

GeneralDae2:
I actually think the next president would have it easier.

How, broda?

GeneralDae2:

I actually think the next president would have it easier.

Why do you say so, all the indicators point to higher inflation and Nigerians are very impatient beings