Zhunnurayn:


If Nigeria has money as you say, then why are we taking those debts

HeatSeeker:
The bitter truth 😔

HeatSeeker:
The bitter truth 😔

Ade3131:


Good question. The loans from China is priced between 3 to 7% for African countries including Nigeria with no strings attached, but those from IMF and world bank is priced between 15 to 35% to African countries with stringent clauses like removal of subsidy and local currency devaluation... Mind you, same IMF loans to Western countries are priced at about 1 to 4%.

Back to the 'whys' :

Most African leaders have resorted to borrowing from China to fund capital budgets and that doesn't board well with the Western powers.

So they force African leaders to take those loans with threats of strong consequences if they dare to object. And because most African leaders got to power with the support of external (western) government, they just have to comply. Failure to do so means that such government will be toppled and overthrown or his country thrown into chaos.

Another reason why African leaders take these loans is to further enhance their ability to loot unchecked and unnoticed. You only loot when there's surplus.

And when the terms of those loans are implemented in full, you'd be left in an unending loop of borrowing because by the end, your currency will be worthless and cost of governance will always be higher than your revenue. Remember that bulk of the revenue would have gone into loan repayments.

Midehi3:

Which bitter truth some of you are so daft ehenn

CSTRR:


According to seplat, over 80% of our crude oil is stolen before they even get to the export terminal.

80%.
And crude oil is supposed to be our major business, and yet 80% of our market is being stolen.

Who is supposed to prevent our oil from beng stolen at such a grand scale?

The same people telling you that Nigeria is poor.
And they will collect salary at the end of the month.

Streetdoctor:

U are sounding so frustrated of recent bros, kilode

buJu234:


did you notice a lot of the countries above us in both the PPP & HDI are non-oil producers?

see, we need to return to the mindset that we had pre-oil&gas discovery in Nigeria which is to try and produce more than 80% of what we want in Nigeria and reduce importation via supporting local production.

so i dont think Oil & Gas is the thing, rather is part of the wahala.. today its low oil price, tomorrow is oil theft, another is oil corruption all tied to same oil & gas

buJu234:


did you notice a lot of the countries above us in both the PPP & HDI are non-oil producers?

see, we need to return to the mindset that we had pre-oil&gas discovery in Nigeria which is to try and produce more than 80% of what we want in Nigeria and reduce importation via supporting local production.

so i dont think Oil & Gas is the thing, rather is part of the wahala.. today its low oil price, tomorrow is oil theft, another is oil corruption all tied to same oil & gas

IfnobeGod20:
umh!
Dr. Mensah of Ghana said one day he prayed to God not to give Ghana oil because he discovered all countries God gave oil are very corruption and lack development. He said, he prayed and cried to God never to give Ghana oil.
Give of oil to nations has become a curse than a blessing its supposed to be.

LastProphet:

Always seek knowledge first before having an opinion, Nigeria is even poorer than the slowpoke onanuga knows. Oknojo iweala said this several years ago but black people don't have a brain that listens simple!

Ade3131:


There's no truth in what he said. A poor country with the highest paid politicians in Africa and one of the best paid in the world.

We can't be as poor as he described and pay our politicians so handsomely. That's like saying a family is poor, yet they own a house and live in Ikoyi VGC, ride a bullet proof SUV, most of their kids school abroad, but someone somewhere tells you that they're a poor family.

A country with over 200 million population with most of them youth is not poor. Don't let them sell that narrative to you.

The West are the ones dealing with us for trying to romance with China by using world bank and IMF loans to stiffen their hold on us and our economy. They force our leaders into collecting loans with crazy interest rates up to the point where our total revenue equals total cost of debts servicing.

Another thing they're doing is to use poverty and insecurity to keep our population in check. It is when you eat well and live in peace that you'd want to marry and give birth, but when the country is this hard, nobody will caution anybody to limit the number of kids they'd have.

With hyperinflation, how many people can afford to feed themselves, how much more feeding another grown up adult (wifes) and kids. Even if you can, security threats mean that you're either going to be a victim or you'll always watch your back. And in such situations, the chance of population explosion is minimal.

If you check our population growth between 1960 till date and use that data to forecast our growth in another 50 years if we continue to increase in numbers unchecked, baba, India and China might soon have us rivaling them in terms of population, and the resources used for catering to the needs of that much people is not readily available anywhere. So, their justification to use quasi-natural causes like hunger and insecurity as a tool to checkmate our growth appears understandable.

Bring it home and ask people around you how many kids they wish to have if the present inflation continues and let's hear their feedback.

The bad news is that there's no government official that'll come on air to tell you all these things. You have to use your tongue to count your teeth.

buJu234:


did you notice a lot of the countries above us in both the PPP & HDI are non-oil producers?

see, we need to return to the mindset that we had pre-oil&gas discovery in Nigeria which is to try and produce more than 80% of what we want in Nigeria and reduce importation via supporting local production.

so i dont think Oil & Gas is the thing, rather is part of the wahala.. today its low oil price, tomorrow is oil theft, another is oil corruption all tied to same oil & gas

Ade3131:


Good question. The loans from China is priced between 3 to 7% for African countries including Nigeria with no strings attached, but those from IMF and world bank is priced between 15 to 35% to African countries with stringent clauses like removal of subsidy and local currency devaluation... Mind you, same IMF loans to Western countries are priced at about 1 to 4%.

Back to the 'whys' :

Most African leaders have resorted to borrowing from China to fund capital budgets and that doesn't board well with the Western powers.

So they force African leaders to take those loans with threats of strong consequences if they dare to object. And because most African leaders got to power with the support of external (western) government, they just have to comply. Failure to do so means that such government will be toppled and overthrown or his country thrown into chaos.

Another reason why African leaders take these loans is to further enhance their ability to loot unchecked and unnoticed. You only loot when there's surplus.

And when the terms of those loans are implemented in full, you'd be left in an unending loop of borrowing because by the end, your currency will be worthless and cost of governance will always be higher than your revenue. Remember that bulk of the revenue would have gone into loan repayments.

HeatSeeker:


Cry very well. The truth is not meant to be sweet 😒

Zhunnurayn:


If Nigeria has money as you say, then why are we taking those debts

HeatSeeker:
The bitter truth 😔

Midehi3:

Your cry is soon, keep it up

BabaO2:

listen to facts coming out, this is the only government trying to do things differently away from the usually packaged and padded economy.

christistruth01:



Nigeria is Wealthy and has not even touched 10% of the Resources it has

They are mining heavily very valuable Precious Stones inside of Ordinary Ibadan in areas like Basorun that is almost in the heart of the City
Not even talk of what is mined outside of it or in the rest of Oyo State

On the Continent of Africa when it comes to resources only Congo can beat Nigeria and it is only because Congo has a bigger resource rich Land Mass



https://www.youtube.com/watch?v=mRhWbpeaado?si=mC06LFFJnrf60yUK

Sochieke:
Nigeria is actually poor, the issue is when Nigerians hear 1 trillion naira, the think its a huge amount, its actually not for a country of 200 million, 1 trillion naira is equivalent to a billion dollars, some major companies make that in a day not "countries" just companies. The country needs other sources of income, oil isn't enough for such a huge population, even if they were producing Russia and Saudi levels of oil which they dont and can't.

christistruth01:
That is a Lie

Nigeria has one of the biggest Gas Reserves in the world

The German President wasn’t in Nigeria to Play

If Nigeria was poor how could so many Politicians afford their kids to school in the UK at the

Rate of £20,000 per annum Per Child?

JAMO84:
Nigeria 2024 budget : $40b Population - 200m

South Africa 2024 budget $150b Population 60m


The only reason why we think we are rich is because, our Politicians live large on our meager resources, otherwise, Nigeria is poorer than a church rat.

viodemus:



Excuse me, saying that the west forces our leaders to do this and that is fallacy. It is nothing short of responsibility denial.

Every country looks for their benefit, like how every business looks for profit. Sometimes, it could be too greedy, sometimes, it's a reasonable mutual benefit. It's up to both parties, especially the weaker link or the more desperate link, to negotiate, or work their way out of a jam.

One of the problems with the west now, is that, they can donate the money, which they do, but politicians and fraudulent citizens steal it for themselves. The west is rebuilding their own places, and honestly, they have lost some skills on infrastructure building. With China, they are using their infrastructure building knowledge to win nations, and overall, don't question the politicians about popular demand issues. China, builds, then gives the politicians little money, in this way, they win the political and general populace with one deal. The problem is, in the next 8 to 10 years, china will not have the urge to be building for others, even though it's not for free.


In summary, let's stop blaming the west and everyone else, the blame is in africa. Afterall, how many other less fortunate countries have africans built for? Moreover, it is a competition, only Africa, wants everyone to stop the competition, and carry her to the finish line. No time for that. If Nigeria was the west, or china, would we have time for an unserious country like Nigeria?

Zhunnurayn:


Thanks for shedding light. Now it was expected that with dangote refinery working, fuel will be cheap since it is domestically drilled and refined and that the naira too will gain value as it will relieve need for forex to import oil. But it was announced that Nigeria has sold it's oil in advance hence dangote refinery will still import crude.
So would the refinery operating have any positive impact on naira value and price of oil for now in that case

Zhunnurayn:


Thanks for shedding light. Now it was expected that with dangote refinery working, fuel will be cheap since it is domestically drilled and refined and that the naira too will gain value as it will relieve need for forex to import oil. But it was announced that Nigeria has sold it's oil in advance hence dangote refinery will still import crude.
So would the refinery operating have any positive impact on naira value and price of oil for now in that case