Railway Debt Servicing Gulped $63m In Q1, Says DMO - Politics (2)

Railway Debt Servicing Gulped $63m In Q1, Says DMO - Politics (2) - Nairaland

Nairaland Forum › Nairaland General › Politics › Railway Debt Servicing Gulped $63m In Q1, Says DMO (8031 Views)

Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by Zupay: 8:59am On Jul 01, 2023

Buhari made sure it was only some sections of the Country that benefited from the railway projects.

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Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by endy69: 8:59am On Jul 01, 2023

iammo:

Rail transport make most income on Cargo transportation and not human transport

The trailer and truck owners won't let railway cargo function

.

Always coming up a conspiracy theory to back up government glaring inefficiencies. Which one is trailer and truck owners again?

Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by MarketDispatch: 9:00am On Jul 01, 2023

This is very pathetic.

Railway generated only $1,024,000 at the rate of 750 to $1. But servicing debt of $62,000,000.

Without Government servicing the debt, the Railway needs to explore more ways to be profitable.

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Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by matm: 9:00am On Jul 01, 2023

Instead of investing the loan on power sector to provide Nigerians with 24 hour regular power supply which will give a handsome payback for re-pay and revenue generation, Buhari mis-invested it on railway

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Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by SalamRushdie: 9:00am On Jul 01, 2023

Where is this rails that is gulping 63 million dollars annually in debt servicing ? How much is the rail making for Nigeria? Buhari was really a big criminaaa

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Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by gbengene1234(m): 9:06am On Jul 01, 2023

How can Nigeria function properly with all this kinda negative news every now and then sad

Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by alimiadedayo1: 9:06am On Jul 01, 2023

DMerciful:
They said they're building infrastructure. When Obi said infrastructure is not what develops the economy but small and medium scale enterprises....clowns were mocking him

everything obi says obi says, even though I am not in support of APC can you show me the state of Anambra state at the current dispensation.. Nothing to show fort it that means he didn't not lay good foundation..
pls shut up and stop saying gibberish

Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by EconomistXplain: 9:06am On Jul 01, 2023

this is only but stat...it is not a bad development as the debts are not expected to be paid all at once...the continuous servicing of debt will eventually exhaust the debt and turn the venture to profitability...

however, what the givt shld be concerned about is cost of operation and research into why patronage decreased...that particular factos are cause for concern...but i presumes its insecurities risibg from the famous attack and adoptions of rail transportation persengers...

Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by Mrbenny001: 9:46am On Jul 01, 2023

After making this heavy projects...they should be hand over or pertner with private sector for running the business and maintenance...if not how will these infrastructure be maintained... reason Nigeria still important fuel

Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by easiest(m): 9:49am On Jul 01, 2023

Our md is crook thief I work with the organization. I can tell you he looted most of this fund

Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by Tijani009: 10:00am On Jul 01, 2023

Trains that are not funtional, haba i was going for benin to niger state i researched on trains to take none, only abuja kaduna train is working and only for military purposes

Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by samwillyco1(m): 10:02am On Jul 01, 2023

PMB and Amechi should be in prison by now if this country is working

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Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by Nobody: 10:13am On Jul 01, 2023*

Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by Savedday2: 10:13am On Jul 01, 2023

U no see say our leaders no get head!

How much is the railway stations making in a month?

Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by MXrep: 10:16am On Jul 01, 2023

Igbos will soon buy that rail line

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Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by AK481(m): 10:34am On Jul 01, 2023*

adenigga:
Source: https://punchng.com/Railway-debt-servicing-gulped-$63m-in-Q1-says-DMO

You build rail in an unsustainable route and you expect progress .?
The igbos travel alot, why not build lagos to onitsha rail way and watch it thrive.

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Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by PHIPEX(m): 10:38am On Jul 01, 2023

They left the Esterners that are always on the move travelling and built railways in areas that can't afford the cost. At the end the railways will become monuments for taking pictures while Nigeria pay costs that may never be recovered

Buhari thinks he is doing Igbos but even the people he built it for can't afford it and can't use it. It has turned to while elephant project, Luxurious buses now makes more profit than Nigeria Railway company

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Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by horsepower102: 10:38am On Jul 01, 2023

AK481:
You build rail in a sustainable route and you expect progress .?
The igbos travel alot, why not build lagos to onitsha rail way and watch it thrive.

Why would Nigeria ever do something like that? It makes too much sense so they will abandon it and build the one that goes from duara to Niger republic.

Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by horsepower102: 10:39am On Jul 01, 2023

PHIPEX:
They left the Esterners that are always on the move travelling and built railways in areas that can't afford the cost. At the end the railways will.bexome monuments for taking pictures why Nigeria pay costs that may never be recovered

Welcome to Nigeria the home of tribalistic insanity

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Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by Nteogwuija(m): 11:15am On Jul 01, 2023

mrvitalis:
I said it Weeks back. I didn't economic analysis of those trains and most of Buhari projects... I called them failed projects that are just feel good projects

I went on to show why it's makes no economic sense to use borrowed money to build things like this... I even compared them to cocoa house Ibadan... Beautiful projects to show wealth but have zero economic sustainability

Again I would warn if tinubu should borrow to build infrastructure Nigeria is finished

"Borrow only to provide access to credit for import substitution and export oriented businesses " That's the only way.... That's the only solution

LoL, if he doesn't borrow to build infrastructures, how do you think Nigerians would judge his performance? All these your brilliant points is none of their business. As long as they can build bridges and fix few kilometers of road, they've satisfied the yearning of most naive Nigerians and would be reelected.

The country needs a reset button to be pressed.

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Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by mrvitalis(m): 11:32am On Jul 01, 2023

Nteogwuija:
LoL, if he doesn't borrow to build infrastructures, how do you think Nigerians would judge his performance? All these your brilliant points is none of their business. As long as they can build bridges and fix few kilometers of road, they've satisfied the yearning of most naive Nigerians and would be reelected.

The country needs a reset button to be pressed.

Is it how you are judged or what's right?

The country is sickening honestly

1 Like

Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by MXrep: 11:38am On Jul 01, 2023

mrvitalis:
I said it Weeks back. I didn't economic analysis of those trains and most of Buhari projects... I called them failed projects that are just feel good projects

I went on to show why it's makes no economic sense to use borrowed money to build things like this... I even compared them to cocoa house Ibadan... Beautiful projects to show wealth but have zero economic sustainability

Again I would warn if tinubu should borrow to build infrastructure Nigeria is finished

"Borrow only to provide access to credit for import substitution and export oriented businesses " That's the only way.... That's the only solution

Exactly what Peter Obi has been saying

1 Like

Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by Donedeal1(m): 11:52am On Jul 01, 2023

Let ameachi come forward,

Were is our yam or yuen

Just go to China and settled them

We can't see that yuen you received on loan.

Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by Menclothing: 12:06pm On Jul 01, 2023

Managing NIGeria is a difficult task

1 Like

Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by fastseo: 12:57pm On Jul 01, 2023

[quote author= post=124137509]When they built rail in area that's not lucrative what do you expect huh

It will soon collapse, just like airport outside Lagos and Abuja Southeast and Southsouth are more lucrative than any other region in Nigeria same with commercial transportation by road, how may of them are ready to spend money on good commercial buses and planes, that is why Nigeria can't move forward doing the same thing from decades expecting different results, they don't even make enough money to service the debt used in constructing the railway lines not to talk of profit grin

[/quote]spent 63m$ only made 1m$ Chai Nigeria.

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Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by chiefolododo(m): 1:12pm On Jul 01, 2023

CodeTemplar:
Their earning is so meagre it was not stated. This is why govt was wrong to take huge loans to build those railways. In this economy where Dangote,BUA and co make billions, govt is telling us NNPCL and co can only make losses.

we told them that railway project is not a good one but they said countries like UK , France etc made a fortune from it, now see what is happening. Thanks to Amaechi

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Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by DMerciful(m): 7:20pm On Jul 01, 2023

Anambra is one if the best state in everything courtesy of Obi. You know nothing!

alimiadedayo1:
everything obi says obi says, even though I am not in support of APC can you show me the state of Anambra state at the current dispensation.. Nothing to show fort it that means he didn't not lay good foundation..
pls shut up and stop saying gibberish

Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by kayjay69(m): 7:22pm On Jul 01, 2023

You still don't get it. Maybe you need to follow the money.

The loans were over inflated in the first place. Nigeria took loan monies meant for first class railways only to use it to build the stuff that is not only archaic but costs far less than the loan amount obtained.

So where did the difference go you may ask. Well, that was compensation for Rotimi Amaechi's unwavering support of Buhari.

When you follow the money, you won't be shocked at these things. The biggest beneficiaries are the political office holders during that time in office. The worst losers are the Nigerian people, they are the ones that will pay back these loans one way or the other through more and more imposed hardship in the form of multiple tax schemes.

This is not a doomsday prophecy, we are seeing it unfold before our very own eyes even though some choose to consistently live in denial.

CodeTemplar:
Their earning is so meagre it was not stated. This is why govt was wrong to take huge loans to build those railways. In this economy where Dangote,BUA and co make billions, govt is telling us NNPCL and co can only make losses.

1 Like

Re: Railway Debt Servicing Gulped $63m In Q1, Says DMO by bayelsaowei(m): 7:47pm On Jul 01, 2023

AImiron:
May this Railway Debt Servicing favor me and my family.

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