₦airaland Forum

Obaaderemi2:
Let's wait and see who will default first. Ruto is already begging for his life. Kenya already defaulted on its Chinese loans and got lashed by the slave masters for it. Let's wait. We'll see who the next Lebanon is.

GeneralDae:
The guy is obtuse. He is purposefully avoiding my post. Even outside the 6.5 trillion collected in 2021, I just showed him that as of October 2021, 10.13 trillion naira was the total revenue available to Nigeria from all angles. However, within the Budget calculations limited to FIRS and oil revenues, we had only collected about 3 trillion naira (out of that 10 trillion) and we had estimated to collect 7 trillion.
What this means is that there are other sectors for revenue collection which the budget does not officially take into consideration. He is purposefully avoiding that and parabulating, so we let him be I guess.

Mkenya2019:
These kind of stuff really beyond your paygrade

GeneralDae:
Yeah, they have already defaulted on Chinese loans even. Just because China doesn't make noise like Western lenders but just quietly slapped them a fine doesn't mean a default isn't a default.

GeneralDae:
Ad Hominem.

Obaaderemi2:
He is right now combing through the internet to see what he can use next. Instead of him to worry about Kenya drowning in debt.
He should wonder how we are paying debt and still spending on infrastructure across the country.

Obaaderemi2:
W hat $40bn are you talking about? We had a deal with the Paris club for debt cancellation because we qualified for it. We paid $12bn at a fell swoop and $18bn was cancelled. $12bn!

Mkenya2019:
Save the abuses - it doesnt work on me.
Just tell us what Nigeria has collected in 2022.
Revenues upto september was 4 trillion "Puts revenue as at September 2022 at N4.19trn – 67% target.
So if we had 1.1 trillion every month for Oct, Nov, Dec - we are talking 7 trillion - 70% below projected 10 trillion in 2022.
https://www.thisdaylive.com/index.php/2022/12/02/ahmed-nigeria-not-broke-economy-challenged-on-many-fronts/

Mkenya2019:
You had whopping 18 billion cancelled but 15yrs later you're choking again in debt with debt servicing ratio past 100 percent.kenya has never had any debt forgiven.

Mkenya2019:
You're not spending on infrastructure because projects are not being e executed on time ...your are talking on average a decade or two in things Kenya does in a year or two.The reason..debt servicing is taking all the money..leaving you in a cash crunch

Mkenya2019:
You had whopping 18 billion cancelled but 15yrs later you're choking again in debt with debt servicing ratio past 100 percent.kenya has never had any debt forgiven.

Obaaderemi2:
And we paid a whopping $12bb. How come your debt profile is larger than ours?
By the way, I thought you said it was $40bn.

GeneralDae:
Can Kenya even pay 5 Billion dollars debt at once?

GeneralDae:
Can Kenya even pay 5 Billion dollars debt at once?

Obaaderemi2:
At least we have not defaulted like Kenya. Remember we also have Chinese debts.

Shaytun:
Is your brain dysfunctional or do you just have a problem with maths?

January to September thats 9 month, how can the revenue generated be 4 trillion when we did 1.22 trillion in June and 1.26 trillion in July.

Can’t you see your article is talking about oil revenue only.

The revenue inflow to the federation account from the oil and non-oil sector increased by 3.28 percent to N1.26 trillion in July 2022 from the N1.22 trillion recorded in June.

https://www.vanguardngr.com/2022/08/nigerias-revenue-up-3-28-to-n1-26trn-in-july/amp/

Nigeria budget has always been benchmark against oil prices, which means revenue from oil sales figures have always been use to judge the budget performance

Mkenya2019:
We repay 12 billion annually

Mkenya2019:
Again you're twisting and turning ..just answer the question what are total revenues in 2022

Shaytun:
N9.969 trillion.

https://www.budgetoffice.gov.ng/index.php/fgn-2023-budget-call-circular?task=document.viewdoc&id=1016

GeneralDae:
Can Kenya even pay 5 Billion dollars debt at once?

Mkenya2019:
Kenya didn't default on Chinese debt. Secondly check the latest information on who is distressed Nigeria is new star after Ghana went belly up.Now this 2023 you've decided to throw ⚠ and will jack debt to upto 170 billion dollars. DEFINITELY YOURE GOING BANKRUPT. Ruto is a genius...don't even waste your time on Kenya.. its finally on the right footing.Youll see revenue this year growing to 30 billion dollars as we are digitising everything..5,000 gov services..all gov payments. VAT alone will improve by 90 percent

Obaaderemi2:
You see. This is why outsiders like that Kenyan can not understand how Nigeria stays afloat.

Shaytun:
N9.969 trillion.

https://www.budgetoffice.gov.ng/index.php/fgn-2023-budget-call-circular?task=document.viewdoc&id=1016

Shaytun:
N9.969 trillion.

https://www.budgetoffice.gov.ng/index.php/fgn-2023-budget-call-circular?task=document.viewdoc&id=1016

Obaaderemi2:
That's why they can never hack such a deal. Unless they auction all their lazy bones.

Shaytun:
We should be doing more though.

Do you think the federal government should start taxing individuals?

Shaytun:
We should be doing more though.

Do you think the federal government should start taxing individuals?

Mkenya2019:
Debt is paid by revenue..which Kenya collect more than double Nigeria..this year are looking at 2.6 trillion..which times 4 is like 12 trillion naira

GeneralDae:
A lot of corporations are also indebted to Government as well. There is currently a pending 2.6 trillion naira debt (over 6 Billion dollars) which the senate is reviewing and Government would get.
This is without factoring the 10 Billion dollars (owed by Benin, Niger, Togo) as well as the 2.4 Billion dollars from corrupt oil deals in 2014.
There is just no way Nigeria can get bankrupt or be compared to Kenya. The argument is baseless.

GeneralDae:
The problem is at the local Government and state levels. Lagos started with things like Alphabeta and LIRS which the Federal Government incorporated. The states need to follow that pattern to have their taxes more organized. You would see there are lots of leakages at state levels and the IGR of many states would increase five fold.
Lagos was already generating much in 1999 but they had low revenue reports until leakages were blocked and revenue collection was reformed and became more organized. Lagos increased revenue from 600 million (in 1999) to 7 Billion naira in 2007 (more than ten times in 8 years).

Obaaderemi2:
Your revenue is lower than Nigeria's revenue.

GeneralDae:
The problem is at the local Government and state levels. Lagos started with things like Alphabeta and LIRS which the Federal Government incorporated. The states need to follow that pattern to have their taxes more organized. You would see there are lots of leakages at state levels and the IGR of many states would increase five fold.
Lagos was already generating much in 1999 but they had low revenue reports until leakages were blocked and revenue collection was reformed and became more organized. Lagos increased revenue from 600 million (in 1999) to 7 Billion naira in 2007 (more than ten times in 8 years).