₦airaland Forum

tctrills:
That's where you get it wrong. Any fool can borrow to build a road. We borrowed for the wrong projects. We borrowed to send security cars to Niger. We spent 44 billion just to look for non-existent oil in the north. Isn't oil exploration done by private companies? We borrowed to build rails. Rails should be built by the private sector, not the public sector. But how would this happen when Nigeria is ranked 131 on the global Ease of Doing Business index, up from 145.
All the government needed to do was remove all the red tape. I have built businesses in Nigeria, This is one of the hardest places to build a business on earth.

tctrills:
One more thing, it is very dishonest of you to blame Obasanjo or the leaders 15 years before Buhari. That way, no one would ever take responsibility. OBJ would blame the leaders 15 years before him and it would go on and on. Buhari added Kerosine to the fire. He met a bad economy and further crippled it. We are a failed state. The African Venezuela.

And you say you laugh at Peter Obi for not wanting to go further into borrowing. Don't you see how debt has destroyed our economy?

The Nigerian government deficit spending shot up to N3.09 trillion in the first quarter of 2022, an analysis of Nigeria’s 2022 fiscal performance report for the first quarter of the year has shown.

The government on Thursday released the performance report which showed that the pro rata spending target for the first quarter of the year was N5.77 trillion, while the actual spending as of April 31 was N4.72 trillion.

On the other hand, as of April 2022, FGN’s retained revenue was only N1.63 trillion, 49% of the pro rata target of N3.32 trillion, putting the deficit between actual spending and revenues at N3.09 trillion. It means the government likely borrowed to cover the deficit.

A breakdown of the actual spending showed that N1.94 trillion was for debt service, N1.26 trillion for personnel costs, including pensions, and as at April, N773.63 billion had been spent on capital expenditure.

BluntTheApostle:
So, because someone is no longer there, they are free from accountability? That is what you are saying.

Who destroyed our power sector and education with bogus privatization?

Who mismanaged the Boko Haram crisis which has now turned to a sort of a jihad today?

Who failed to diversify away from oil which made the global oil slump difficult for us to manage?

Obasanjo had eight years, GEJ 5 years to prepare a stable economy for Buhari to inherit and work his own magic on.

Many of you don't know that government does not exist in a vacuum.

Recession did not happen because Buhari just came. It happened because of the failure of past governments to work.

If Obasanjo had diversified from oil, and GEJ had tackled Boko Haram with zeal, instead of wasting precious dollars on amnesty and reelection, we won't be wasting so much on defense budget today.

Without insurgency, Borno is the food basket of the nation. With good roads, food will be cheaply transported, and we will not be dealing with inflation of that kind today.

Buhari has his own fault, but he has performed better because I doubt that any of Obasanjo or Goodluck would have been able to successfully lead us out of that terrible first recession.

BluntTheApostle:
So, private sectors should handle rail and oil and further kill Nigerians with exorbitant costs?

Imagine power generation by private sector. Ordinary power distribution, Nigerians are lamenting.

You people are not realistic at all.

Let FG just dare to remove subsidies from education and health, and see how the country will turn out.

tctrills:
You have no understanding of the private sector. Unless you were born yesterday, you would know that it was the private sector that make telecommution less expensive and more accessible. Nitel was kicked out of business because it could not complete with the private sector.

In Nigeria today, power is mostly generated by your government not private sector. It's only distribution that is fully in the hands of the private. Please post accurate information. Each time you hear that our generation has collapsed or fail, it's 100% on the government side not the private.

On the other hand Aso rock's electricity was powered by a private company for years. Hence the power there is constant.

About subsidy, it's all government corruption and government giving money to there friends.

In the Niger Delta, we have illegal refinaries all over the place. It's not a big deal to refine oil yet you are not able to do it legally. If you can't see that this government is sitting on our development then you can see much.

BluntTheApostle:
Private sector did not make telecommunications more accessible and affordable. That is an oversimplification.

Rather, a highly competitive market made it so.

tctrills:
What are you talking about. Explain.

BluntTheApostle:
Private sector did not make telecommunications more accessible and affordable. That is an oversimplification.

Rather, a highly competitive market made it so.

BluntTheApostle:
When producers have to compete for customers, prices fall.

Simple economics.

In the case of NITEL, telecommunications was highly inaccessible not because it was a public sector thing but because it was a monopoly.

If we had only MTN, things will be just as expensive, and we had an oligopoly, things will not be very affordable either.

A highly competitive market is what we are enjoying, not necessarily private sector investment.

In the early periods after privatization, people were buying MTN sims for 30k. That was not cheap or accessible, was it?

And we know much a handset cost at that time. But now, we have many manufacturers in the market.

BluntTheApostle:
When producers have to compete for customers, prices fall.

Simple economics.

In the case of NITEL, telecommunications was highly inaccessible not because it was a public sector thing but because it was a monopoly.

If we had only MTN, things will be just as expensive, and if we had an oligopoly, things will not be very affordable either.

A highly competitive market is what we are enjoying, not necessarily private sector investment.

In the early periods after privatization, people were buying MTN sims for 30k. That was not cheap or accessible, was it?

And we know much a handset cost at that time. But now, we have many manufacturers in the market.

tctrills:
Or would you rather talk about the postal service. They used to be the only option for delivery in the past. Right now, no one depends on Nipost for there delivery. The private sector always makes it better, cheaper and more competitive.

BluntTheApostle:
I get all of your points, though.

The private sector will of course do it better.

And Buhari did not make some great judgement.

But my own point is that previous governments had the job cut out for him. If Buhari leaves, he will have to share the blame for the debt profile which someone else will inevitably inherit come 2023.

Government never exists in a vacuum.

BluntTheApostle:
I get all of your points, though.

The private sector will of course do it better.

And Buhari did not make some great judgement.

But my own point is that previous governments had the job cut out for him. If Buhari leaves, he will have to share the blame for the debt profile which someone else will inevitably inherit come 2023.

Government never exists in a vacuum.

tctrills:
My point is that Buhari is evil. He is causing us pain and he is the worst civilian president by all metrics.
Nigeria has never had it this bad. He kept none of his promises and only made things worse.
I am not saying that any of the other leaders were good.
Under Jonathan, we protested subsidy and no one was killed. But try and protest today and see what happens.

tctrills:
Again talking about the private sector, how come train rides are much cheaper in US than the EU. In US the rails are privately owned while in Europe they are government operated.

BluntTheApostle:
Don't make me laugh.

People were shot at during subsidy protest. People were killed. In Kano, 12 people were killed when police shot into crowd.

Mr Aderinto was killed in Lagos. Some people like Mr Udoh were shot in the legs.

You say Buhari was the worst. That is very debatable.

BluntTheApostle:
Because services are the least subsidized in Europe than anywhere else.

Subsidies are what make public services cheaper than private.

tctrills:
Not at all debatable. The economy is worse, power is worse, security is worse, human rights is trampled upon, even the oil sector has collapsed. We export less oil than we did 10 years ago. The naira fell than at any time in our nations history and the inflation these last 8 years has been crazy. Nothing to debate here.

BluntTheApostle:
But you don't compare economy this way. It is very unfair. Are realities the same now and 10 years ago?

Have you asked why we export less oil? We don't have the market we used to have. That is why there are barrels sitting at the shores with next to no buyers.

Do you also know that we achieved a record low inflation in the history of Nigeria under Buhari in 2018 or thereabouts?

tctrills:
We are exporting less because of corruption and decay. We are not meeting our OPIC quarter. This mean that the market is there but we don't produce enough to meet our share of the market
But if you know how much oil is sold without being recorded, if you know how much oil is being lost you would cry.
Don't mention one year of little inflation. Look at the entire 8 years. Look at what happened to the Dollar, from 150 to 750. Haba

BluntTheApostle:
Key oil producers in West Africa are experiencing dwindling sales as export to Europe and Asia appear to be on steady decline.
https://www.blueprint.ng/nigerias-oil-supply-to-asia-shrinks-as-india-bends-towards-russia/

tctrills:
First our shrinking production began before 2022. Secondly, we are still selling less than we can. Much less. OPEC allows us to sell 1.8 million barrels, we sell 1.2 million. That means we lose about $60million each day. That comes up to over $22 billion in a year. Do you see our problem?

BluntTheApostle:
I believe this is outdated statistics.

But anyway, Buhari had his job cut out for him by years of mismanagement in the oil sector.

Racoon:
https://www.google.com/amp/s/punchng.com/debts-incurred-under-buhari-justifiable-fashola/%3famp

incandescentena:

Failed Minister of Power do you realize under this Buhari poverty increased of over a thousand percent, even though the price of crude oil was increasing?
.
.

Dishonest politicians