trillion of money borrowed and yet common man can't even afford a bad of rice. where the borrowed funds dey go?

Emeskhalifa:
Una don borrow enter future generation yet nothing tangible to show of.

is it that you guys are so dumb and don't know what treasury is are

Govt is doing what most people that collect loan from loan sharks do Everytime.

Collect loan from one app use it to settle loan on another app and the vicious cycle continues.

They will be stuck one day

PressMyButton:

And what's the big deal?. Don't you have the mental sharpeness to understand what you posted?. Is it not in the article that the national assembly approved of the securitization of the debts?, was that not in line with what Government has done?. Is there any better alternative to what FG is presently doing to repay the loans?. Government pays in tranches, so don't worry about maturity period. The bonds are oversubscribed and more foreign inflow are coming in.

You attacked that guy who arked an honest question on maturity, why? Let me ask you, you owe somebody money with interest and you borrowed money from another person with interest to pay the first person. How is these diff from what Tintbu is doing. With a higher interest rate than Emefiele did. You are the one not reading were the report said it is not sustainable.

Yankee101:
Borrowing to pay borrowed funds which you borrowed from yourself

Keep your mouth shut because your brain cannot convey what is in d article.

Jostoman:
Make Una continue to dey pack our trillions and billions money dey embezzle and then buy 100 bags of rice to share for the gullible nigerians.

Ignorant peddling ... Lost soul, what is in there is too big for your brain to comprehend

Friends Jesus Christ loves y'all and he want you to accept him as your personal lord and saviour by giving your life to Christ, believing in him and repenting of your sins.remember tomorrow might be too late. Shalom

PressMyButton:

And what's the big deal?. Don't you have the mental sharpeness to understand what you posted?. Is it not in the article that the national assembly approved of the securitization of the debts?, was that not in line with what Government has done?. Is there any better alternative to what FG is presently doing to repay the loans?. Government pays in tranches, so don't worry about maturity period. The bonds are oversubscribed and more foreign inflow are coming in.

Thank you. Many folks like him lack knowledge.

Local debt is better than foreign debt.

Besides it benefit goes to the citizen

saysoo:
You attacked that guy who arked an honest question on maturity, why? Let me ask you, you owe somebody money with interest and you borrowed money from another person with interest to pay the first person. How is these diff from what Tintbu is doing. With a higher interest rate than Emefiele did. You are the one not reading were the report said it is not sustainable.

Didn't you read about securitization of the money borrowed by FG. Also bonds are more favourable because of fixed interest rates and maturity dates, unlike money borrowed from CBN known as ways and means that must be paid within a year. You don't know more than people in government. They have experts and would have weighed all options. The reason we have high inflation is due to government borrowing through the so called ways and means.

The Nigerian government's reliance on borrowing to settle debts, particularly through the issuance of Treasury Bills and Bonds, raises concerns about the sustainability of its fiscal approach. This cycle of borrowing and debt servicing creates a burden that future generations may have to bear. The government's aggressive pricing strategy for government securities attracts foreign investors but also increases the cost of borrowing. Additionally, exceeding legal borrowing limits from the Central Bank of Nigeria (CBN) poses risks to the country's financial stability.

To address these challenges, the government could consider several practical solutions:

Diversify Revenue Streams: Instead of relying heavily on borrowing, the government should explore ways to diversify its revenue sources. This could include improving tax collection mechanisms, reducing leakages, and promoting non-oil sectors of the economy to generate additional income.

Fiscal Discipline: The government needs to exercise fiscal discipline by adhering to borrowing limits and developing transparent budgeting processes. This would help prevent excessive borrowing and ensure that borrowed funds are used efficiently and effectively.

Debt Management: Implementing effective debt management strategies is crucial to ensure that borrowed funds are used for productive purposes and that debt levels remain sustainable. This may involve prioritizing investments in infrastructure, education, and healthcare that contribute to long-term economic growth.

Strengthen Oversight: Enhancing oversight mechanisms, such as parliamentary scrutiny and independent audits, can help hold government officials accountable for their financial decisions and prevent abuses of power or mismanagement of funds.

Promote Financial Literacy: Educating the public about the implications of government borrowing and debt servicing can empower citizens to advocate for responsible fiscal policies and hold policymakers accountable for their actions.

By implementing these measures, the Nigerian government can work towards achieving fiscal sustainability, promoting economic growth, and safeguarding the interests of both current and future generations.

I don't support the payment of this cbn loam to fed govt because buhari never told anyone he borrowed 22 trillion from cbn until 1 month to the end of his tenure. With the way cbn operated under emeiefele and buhari, how are we sure that most of this 22 trillion is not sitting in people bank account or sleeping in underground tanks. What was the 22 trillion used for. This is what rubber band Ahmed lawan senate ought to have asked when was it loaned and what was it used for before adding it to local debt. Before buhari ways and means under pdp was only 1.8 trillion. But in 8 years buhari printed 22 trillion from nothing

Lizzysamuel:
Balablue and CardiB are digging one hole to fill another hole😩.
So what happens in approximately 12 months when these T bills mature?

Some of you don't get understanding, other than reacting to Political issues!
The Minister just opened up for everyone to let them know what the turbulent Economic paths have been,after your Emiefiele destroyed the Fundamentals of economics System,by Fraudulent activities, through NTrillions (Ways and Means), play on the Masses intelligence by his Fake Cashless -Naira-exchange and used the Dollars as a bait and to finished everyone,Funded his Political ambitions as a Presidential Candidate!
It's unfortunate that you don't have deep understanding of how this man killed many Youths Future, brought shame to Nigeria but because people like you either in LP or PDP were proxy to him, Nigeria now have a voice in Global Economic recovery! If he has done this in China, Russia or even in America,he would have been forgotten or rot in jail!
You can't understand because of your elections loss!
To a jaundice eyes, everything is yellow.
Shame!

Lizzysamuel:
Balablue and CardiB are digging one hole to fill another hole😩.

So what happens in approximately 12 months when these T bills mature?

Goodness

This is indeed IMF government.
And Tinubu is just a figure head
If you know you know

israelmao:
Buhari administration was highly prodigious and senseless in spending and looting.Imagine amendment of borrowing ceiling from 5% to 15%!Buhari who was most touted as a miser and prudent manager of resources ended up as a spendthrift and big-time looter

I hope you know the money wasn't borrowed from CBN just to spend aimlessly?

There are some allegations of misconduct by CBN while giving the loans to FG.


"Ways and Means loan that FG borrowed from CBN under last administration".
Ways & Means is a CBN short term loan to FG to meet obligations during revenue shortfalls!
COVID-19 pandemic, low oil prices and dip in oil production to as low as around 900k barrel per day out of the 2m barrel per day as per OPEC quota to Nigeria and Russia-Ukraine war which led to lockdown of businesses across the world and forced many businesses at standstill as black sea is the major route of world water navigation between continents which forced FG to rely heavily on the "Ways and Means loans from CBN" to finance its budget deficits to keep the country working for the people.

FG had to borrow from CBN to sustain economic activities and the monies received by the FG were actually used for funding of critical projects across the country, some parts of the money was given as loans or grant to states, companies and individuals.

Due to the serious shortfall in Government Revenue, the FG in order for the economy not to collapse, was compelled to borrow repeatedly from the CBN, exceeding the 5% threshold of the prior year’s revenue as stipulated by the CBN Act, 2007.”
Ways and Means balance was initially N19,326,745,239,660.20 as of 30th June, 2022 but later grew to N22,719,704,774,306.90 as of 19th December 2022 as a result of financial obligations to ongoing capital projects and additional expenditures which includes domestic debt service gaps and interest rate.

Buhari got Senate’s nod before restructuring N22.7trn CBN loans. See the link:
https://businessday.ng/news/article/buhari-gets-senates-nod-to-restructure-n22-7trn-cbn-loans/

As the COVID-19 pandemic continues to wreak havoc globally, central banks have opted to print money to finance government spendings — in a policy known as “helicopter money".

On March 17, 2020, the Nigerian Government inaugurated the Presidential Task Force (PTF) on COVID-19 to coordinate the country's multisectoral intergovernmental response. The PTF developed the National COVID-19 Multisectoral Pandemic Response Plan as the blueprint for implementing the response plans.
Some of the beneficiaries of the money printing and other borrowings from CBN to save the economy under the last administration include:
1. Commerical Banks
2. Farmers through NIRSAL Anchor borrowers program
3. Youth Empowerment Fund, YEF
4. Manufacturing sector through BOI
5. Suspension of electricity bill to some extent which affected DisCos and Gencos and Govt had to support NESI to continue operation during the period of the pandemic
6. State Govts got trillions of Naira grant support and loans
Not less than 31 state governments in Nigeria borrowed N457.17 billion to pay salaries to their respective civil servants. This borrowing was facilitated through the Salary Bailout Facility (SBF), an intervention by the Central Bank of Nigeria (CBN).
https://nairametrics.com/2024/03/24/top-10-states-that-borrowed-from-the-cbn-to-pay-salaries-in-nigeria/
7. Critical infrastructure projects with huge deficits where financed by the same ways and means and other borrowings
8. COVID-19 Stimulus program in which all registered private schools, companies among others sent the names and information of their staffs where they were paid N30k for 3 consecutive months to cushion the effects of their companies inability to pay their salaries due to the effects of COVID-19 lockdown
9. FG spent billions of Naira building thousands of COVID-19 emergency centres across the 36 states
10. FG spent billions of Naira building advanced health facilities across 6 geopolitical zones.
11. FG gave palliatives worth billions to cushion the lockdown effects.
12. FG fly back thousands of Nigerians from other places in the events of the pandemic.
13. COVID-19 Rapid Response Facility (CRF); Federal Republic of Nigeria set aside in the amount of USD $288.5m (more than ₦400b) resources under the COVID-19 Rapid Response Facility (CRF) to finance the COVID-19 Response Support Program (C19 RSP), designed as a Crisis Response Budget Support (CRBS) Operation. The program results from a request of the Federal Government of Nigeria.
14. The COVID-19 health response teams, committees set up across the Nation, feeding of patients among many other cost billions of Naira among many programs all in an effort not to allow the economy to collapse.
15. The Central Bank of Nigeria has set out a number of measures to tackle the impact of the coronavirus, including establishing a fund to support the country's economy (of 50 billion naira; i.e. EUR 121 million), targeted at households and micro and small enterprises. The interest rate has also been cut, a moratorium has been announced on principal repayments for CBN intervention facilities and tax measures are being taken.

17. Monetary Policy measures
On 16 March, the Central Bank of Nigeria announced new measures:
A 1 year extension of a moratorium on principal repayments for CBN intervention facilities;
The reduction of the interest rate on intervention loans from 9% to 5%;
Strengthening of the Loan to Deposit ratio policy (i.e. stepped up enforcement of directive to extend more credit to the private sector)
Creation of NGN50 billion target credit facility for affected households and small and medium enterprises.
Granting regulatory forbearance to banks to restructure terms of facilities in affected sectors
Improving FX supply to the CBN by directing oil companies and oil servicing companies to sell FX to the CBN rather than the Nigerian National Petroleum Corporation
Additional NGN100 billion intervention fund in healthcare loans to pharmaceutical companies and healthcare practitioners intending to expand/build capacity
Identification of few key local pharmaceutical companies that will be granted funding facilities to support the procurement of raw materials and equipment required to boost local drug production.
N1trillion in loans to boost local manufacturing and production across critical sectors.
The CBN has adopted a unified exchange rate system for Inter-Bank and parallel market rates to ease pressure on FOREX earnings as oil prices continues to plummet- Naira support subsidy.
CBN adopts the official rate of NGN360 to a dollar for International Money Transfer Operators rate to banks.
For on-lending facilities financial institutions have been directed to engage International development partners and negotiate concessions to ease the pains of the borrowers.
Provision of credit assistance for the health industry to meet the potential increase in demand for health services and products "by facilitating borrowing conditions for pharmaceutical companies, hospitals and practitioners".
Fiscal Policy

The crude oil benchmark price was also reduced from USD 57 to USD 30.
The Central Bank pledged to pump NGN 1.1 trillion (USD 3 billion) into critical sectors of the economy.
Commencement of a three month repayment moratorium for all TraderMoni, MarketMoni and FarmerMoni loans
Similar moratorium to be given to all Federal Government funded loans issued by the Bank of Industry, Bank of Agriculture and the Nigeria Export-Import Bank.

18. Customs Measures
Export of mask

Some restrictions on exportation of masks have been implemented.
Other measures

Authorities are considering a wide range of COVID-19 support measures, including reductions of customs duty and customs audits but such measures are not officially announced
No changes to Customs requirements as at 31 March 2020.
Payment facilities

Extension of filing due date for Value Added Tax (VAT) from the 21st day to the last working day of the month, following the month of deduction.

19. Other measures and sources
Fiscal Policy
The Federal Government revises planned spending in the 2020 budget with an increase of about ₦0.23 trillion in expenditure and a 31% decrease in revenue.
Suspension of new electricity tariffs:

On April 1st, the Nigerian Electricity Regulatory Commission (NERC) suspended the payment of the new electricity tariffs scheduled to commence on 2 April, citing poor electricity supply, wide metering gap and the impact of the COVID-19 pandemic. The National Assembly recently postponed the effective date of the new tariff to the first quarter of 2021.
On October 11, NERC suspended the Multi Year Tariff Order (MYTO) 2020 for the Electricity Distribution Licensees for 2 weeks
NIS payment waiver for visitors affected by travel ban.

On 16 April, Nigeria Immigration Service (NIS) announced the grant of payment waiver to visitors / migrants affected by the travel ban and the closure of international airports. Affected persons are expected to reschedule their flights and travel within a week of the suspension of the restriction.
Lagos State Government reverts annual land use charges to pre-2018 rates.
Taxpayers in Nigeria need to consider the impact of the coronavirus (COVID-19) pandemic on their businesses and in particular the expected increase in debt default rates, cancellations of contracts or “no-shows”.

20. Since the inception of the Central Bank of Nigeria’s ₦10.3 trillion intervention funds, the Nigerian healthcare sector has received only N141.64 billion, amounting to a mere 1% of the total disbursements. Established in March 2020, the Healthcare Sector Intervention Facility (HSIF) stands as one of the intervention programs facilitating fund distribution to healthcare firms in Nigeria.
Top 10 beneficiaries of CBN’s N138 billion healthcare sector intervention facility.
https://nairametrics.com/2024/03/24/top-10-beneficiaries-of-cbns-n138-billion-healthcare-sector-intervention-facility/

OVERVIEW OF THE RECOVERY PLAN
Recovery plan: Nigeria Economic Sustainability Plan (Bouncing Back)
Budget : ₦2.3 Trillion
Announcement: Approved by the Federal Executive Council on 24 June 2020
Main orientations: Fiscal & Monetary, Real Sector and Implementation.

General Objectives
1. Prevent business collapse and ensure liquidity
2 Use of labour intensive methods to retain or create jobs in key economic areas
3. undertake jobs that enhance growth and create infrastructural investments in roads, bridges, solar power, and communications technologies
4. Promote manufacturing and local productions at all levels and curb unnecessary demand for foreign exchange to stem the pressure on exchange rate
Protect the very poor and most vulnerable through pro-poor spending.

Key measures – Real sector

1. ₦634.98bn for the creation of 5 million jobs in the agricultural sector while boosting agricultural production and guaranteeing food security.
2. ₦317.29bn for mass housing strategy divided into two tracks. Track 1 will involves building of 300,000 homes across the country while Track 2 will leverage existing institutions to build additional 25,515 affordable homes across the country in 12 months.
3. ₦240bn to create 250,000 jobs in the energy sector while providing solar power to 5 million households by 2023.
4. ₦50bn for direct labour in National Infrastructure Projects to create jobs for youths in relevant priority sectors.
Launch of programme to create jobs in digital outsourcing.
₦90bn for the launch a national programme to promote domestic use of CNG and support the creation of 1 million jobs.
5. ₦23.4bn to support the creation of 1 million jobs through the conversion of 30 million homes from dirty fuels (kerosene, charcoal and diesel) to LPG and achieve emissions reduction in greenhouses gases while also applying LPG in other sectors such as agriculture, power generation, transport, industry and technology.
6. ₦15bn to sustain 300,000 jobs in 100,000 MSMEs by guaranteeing off-take of identified priority products.
7. ₦260bn to establish the SME Survival Fund to sustain at least 500,000 jobs in 50,000 SMEs for 3 months.
8. ₦350bn to support the creation jobs in priority sectors using BOI, NEXIM and other national development banks as fulcrums.
9. ₦60bn to create 296,000 jobs in the construction and rehabilitation of roads in the 6 geo-political zones of the country through to use of local resources.
10. ₦198.94bn to develop a robust health system with the capacity to withstand shocks.
11. ₦10.29bn to fast-track the implementation of the National Water Supply, Sanitation and Hygiene programme.
12. ₦87.06bn to Increase support to vulnerable individuals and households in the context of COVID-19.
13. ₦27bn to save existing aviation industry organisations and jobs, through a targeted stimulus package and fast track the establishment of a private sector driven national carrier.
14. ₦144.12bn for the establishment of an economically viable Science and Innovation ecosystem in Nigeria.
15. ₦2.39bn to strengthen the national capacity to manage immigration, correctional facilities and public safety post-COVID-19.
16. ₦6bn to establish a programme to organise artisanal miners and develop the mineral value-chain in 6 geo-political zones.
17. ₦15bn to fast-track the implementation of the National Digital Switch Over Programme.
Note: despite the above master plan many set objectives were achieved while others failed to materialise.

Sectors/Industries/Areas affected
Agriculture, Housing, Energy, Youth & Women Development, Technology, Infrastructure/ Construction, MSMEs, Health, Aviation, Science and Technology, Immigration, Mining, Sanitation and Utility, Security and Digital.

Key Measures – Fiscal & Monetary Sector

Mobilise resources to stimulate the economy and fund projects in the Economic Sustainability Plan.
Fiscal measures to safeguard oil revenues
Fiscal measures to mobilise and preserve non-oil revenue by maximizing government revenues and optimising expenditures
Fiscal measures to reduce non-essential spending by streamlining all government expenditure and eliminating non-essential items
Support the economy using monetary measures.
Mobilise external funding and seek debt relief.
Support financial viability of States.
Secure appropriate legislative basis for actions to achieve economic sustainability.
Sectors/Industries/Areas affected

All Sectors of the Nigerian economy, Government.
Key Measures – Implementation

Establishment of clear priorities
Articulation of detailed action plans in each sector
Clarity in time-frame of projects
Stipulation of desired results and outcomes
A deliberate strategy to source materials locally
Use of private sector agents with track record of delivery or meeting project requirements
Collaboration between public and private sector to measure results
Adoption of clear accountability framework and monitoring mechanism
Active oversight by Economic Sustainability Committee

https://kpmg.com/xx/en/home/insights/2020/04/nigeria-government-and-institution-measures-in-response-to-covid.html

NOTE: While FG was spending these monies running in trillions we basically had very low income due to travel bans, many all taxes by FIRS were suspended as a result of the pandemic, oil sells stalled to some extent and Govts across the globe were forced to print monies to survive and this is part of the money in discussion.

The investigation into how the "ways and means" was spent is a welcome development and will ascertain if there are fraud somewhere.

One of the challenges which prompted the investigation is lack of transparency in the side if CBN and how Govt spent the money. For instance, NIRSAL loans is declared unrecoverable and this is suspicious. CBN must come clean by giving the actual number of beneficiaries and the reason for defaulting the loans. So, such frauds have to be uncovered!

If u could remember, Nigeria became a subject of discussion in the world on how we were able to survive COVID-19's economic and health effect. Nigeria survived the pandemic through huge loans from CBN'S ways and means, IMF credit support, Africa Development Bank and World Bank. It was never easy, the hit was huge in all countries across the globe and many are still struggling to recover from the economic hit.


Buhari government has done a tremendous job in keeping this country afloat because before the pandemic our borrowing wasn't close to this bad and remember we entered 2 recessions which were eminent as former Jonathan's finance minister, Ngozi was quoted to have said Nigeria was in the verge of entering recession in 2014.

In 2012, former CBN Governor, Sunusi Lamido was quoted saying whoever inherit the liability of Jonathan's govt can't do anything in a panel theme *"removal of fuel subsidy on whose interest"?*

I think only civil war was as disastrous as COVID-19 pandemic in our history as a Nation.


Printing money is valid response to coronavirus crisis.

In times of emergency, particularly war, central banks have often handed freshly printed banknotes to governments. The fight against resultant inflation was postponed until after any crisis.
https://www.ft.com/content/fd1d35c4-7804-11ea-9840-1b8019d9a987


Remember, Buhari inherited $28b & handedover $34b in our reserve.
He inherited oil production of 657kbpd
He inherited, 22 states were unable to pay salaries, now states are active to pay

[quote author=ArewaNorth post=129363899]

What means would you not employ to defend your messiah who milked Nigeria dry and retired to his Daura home.I hope you remember how many billions of Naira Sadiya Faroque spent on feeding school children under total lockdown during COVID-19 and many billions of Naira AGF stole from public treasury?











I

All this grammar will not change anything. Why can't we copy the Asian model of financial responsibility. We will be copying America up and down. Debtor na debtor.

coolgb:

The guy Don quickly go post news that his brain can not comprehend

Lolz, only few people can understand the news being reported in Nigeria recently, even me i can't relate but the the article writer fumble though

[quote author=israelmao post=129364584][/quote]

Well, Sadiya was invited by EFCC and until now the allegations on her is only on social media but the concrete evidence which isn't directly linked to her but allegedly connected to a contractor, James Okwete for a case of around ₦37b.
It is disgusting to defend fraud but I don't fucking care for anti-graft agencies to deal with anyboy caught with corrupt practices case.

Again, you need to understand that those in Govt don't just steal money from treasury, they collect kickbacks from contractors either by over bloating budget or collect huge bribes from public and private officials for some works. The AGF who I'm sure is involved in such cases was sacked and EFCC was in top of his case are there to answer to their cases.

ArewaNorth:


Well, Sadiya was invited by EFCC and until now the allegations on her is only on social media but the concrete evidence which isn't directly linked to her but allegedly connected to a contractor, James Okwete for a case of around ₦37b.
It is disgusting to defend fraud but I don't fucking care for anti-graft agencies to deal with anyboy caught with corrupt practices case.

Again, you need to understand that those in Govt don't just steal money from treasury, they collect kickbacks from contractors either by over bloating budget or collect huge bribes from public and private officials for some works. The AGF who I'm sure is involved in such cases was sacked and EFCC was in top of his case are there to answer to their cases.

This goes a long way to prove how calamitous Buhari was a president who came as a crusader of anti-corruption and how he failed woefully at all fronts.

israelmao:


This goes a long way to prove how calamitous Buhari was a president who came as a crusader of anti-corruption and how he failed woefully at all fronts.

I think if we could survive the disasters as attached below I can't see the reason why we can't do the same for the administration that survived eminent recession handed over to them and COVID-19 pandemic!

ArewaNorth:


I think if we could survive the disasters as attached below I can't see the reason why we can't do the same for the administration that survived eminent recession handed over to them and COVID-19 pandemic!

Please stop being regurgitative in your reply.What was the status of Nigerian reserves when dumb Buhari took the rein of leadership?Buhari met Nigerian economy in the top twenty and reduced it to next to nothing before his exit.Nigeria became the poverty capital of world with 133m Nigerian below poverty line while corruption index went astronomical.Buhari administration created two successive man-made recessions within 8years of being in power.

israelmao:


Please stop being regurgitative in your reply.What was the status of Nigerian reserves when dumb Buhari took the rein of leadership?Buhari met Nigerian economy in the top twenty and reduced it to next to nothing before his exit.Nigeria became the poverty capital of world with 133m Nigerian below poverty line while corruption index went astronomical.Buhari administration created two successive man-made recessions within 8years of being in power.

Hahahahaha. This one was living in the word of delusion.
Nigeria's foreign reserve was plundered before Jonathan handed over power to Buhari.
2015: Foreign reserves drop to $29.13b – CBN
https://www.vanguardngr.com/2015/12/2015-foreign-reserves-drop-to-29-13b-cbn/

Nigerian govt borrowing billions to pay salaries – Okonjo-Iweala
By: Premium Times May 6, 2015
https://www.premiumtimesng.com/business/182543-nigerian-govt-borrowing-billions-to-pay-salaries-okonjo-iweala.html?tztc=1
Remember, prior to his exit Nigeria spend 6 months borrowing to pay salaries.

However, according to an information on Legit, an online platform, when Tinubu assumed office, CBN reported that Nigeria's foreign reserve was at $35.25 billion on May 28, 2023.
https://leadership.ng/nigerias-foreign-reserve-dips-by-500m/#:~:text=According%20to%20an%20information%20on,billion%20on%20May%2028%2C%202023.

Thats how you guys defended Buhari even when he was obviously failing and denied him the opportunity to correct himself due to your praise-singing. You're doing same with Tinubu and leading him astray with praise-singing

PressMyButton:

And what's the big deal?. Don't you have the mental sharpeness to understand what you posted?. Is it not in the article that the national assembly approved of the securitization of the debts?, was that not in line with what Government has done?. Is there any better alternative to what FG is presently doing to repay the loans?. Government pays in tranches, so don't worry about maturity period. The bonds are oversubscribed and more foreign inflow are coming in.

ArewaNorth:




Hahahahaha. This one was living in the word of delusion.
Nigeria's foreign reserve was plundered before Jonathan handed over power to Buhari.
2015: Foreign reserves drop to $29.13b – CBN
https://www.vanguardngr.com/2015/12/2015-foreign-reserves-drop-to-29-13b-cbn/

Nigerian govt borrowing billions to pay salaries – Okonjo-Iweala
By: Premium Times May 6, 2015
https://www.premiumtimesng.com/business/182543-nigerian-govt-borrowing-billions-to-pay-salaries-okonjo-iweala.html?tztc=1
Remember, prior to his exit Nigeria spend 6 months borrowing to pay salaries.

However, according to an information on Legit, an online platform, when Tinubu assumed office, CBN reported that Nigeria's foreign reserve was at $35.25 billion on May 28, 2023.
https://leadership.ng/nigerias-foreign-reserve-dips-by-500m/#:~:text=According%20to%20an%20information%20on,billion%20on%20May%2028%2C%202023.

I've said you stop all these regurgitative statistics you guys have thrown around in the defence of incompetent Buhari.Let's look at economic and development indices Buhari met and left behind vis-a-vis what Jonathan left behind.Buhari plunged Nigeria into debt through senseless and unnecessary borrowings.You said they were borrowing money to pay salaries yet Buhari administration met substantial fund in public treasury.Keep celebrating incompetence and corruption even Tinubu administration has accused Buhari of messing up Nigerian economy like never before.

PressMyButton:

And what's the big deal?. Don't you have the mental sharpeness to understand what you posted?. Is it not in the article that the national assembly approved of the securitization of the debts?, was that not in line with what Government has done?. Is there any better alternative to what FG is presently doing to repay the loans?. Government pays in tranches, so don't worry about maturity period. The bonds are oversubscribed and more foreign inflow are coming in.

Don’t mind that mgbeke he/she thing full of hate for Nigeria and Tinubu.

Illogical logic is what people end up deploying when their criticism is insincere to begin with. They then end up tripping over their own shoelaces.

israelmao:


I've said you stop all these regurgitative statistics you guys have thrown around in the defence of incompetent Buhari.Let's look at economic and development indices Buhari met and left behind vis-a-vis what Jonathan left behind.Buhari plunged Nigeria into debt through senseless and unnecessary borrowings.You said they were borrowing money to pay salaries yet Buhari administration met substantial fund in public treasury.Keep celebrating incompetence and corruption even Tinubu administration has accused Buhari of messing up Nigerian economy like never before.

BEYOND STATISTICS, HERE ARE SOME OF BUHARI LEGACIES BETWEEN 2015-2023
President Buhari's unparalleled record of infrastructural provision, comprising several new international airports, multiple standard-gauge railway lines, new seaport development, dozens of new dams, power stations, oil and gas infrastructure, expressways and mega-bridges, in addition to establishing Nigeria's first ever national social investment and protection programme, amongst many other feats.

EDUCATION


UNIVERSITIES:
1. Nigerian Army University Biu, Borno.
2. University of Transportation, Daura
3. Federal Maritime University, Delta
Airforce University, Tafawa Balewa, Bauchi.
4. The University of Agriculture Zuru,
5. Aerospace University, FCT
6. Airforce University, Tafawa Balewa,
7. Federal University of Nutrition, Azare,
8. Federal University of Technology, Babura.
9. Federal University of Health Technology, Otukpo
10. Federal University of Technology, Ikot Abasi e.t.c

FCE:
Federal College of Edu Odugbo,
Federal College of Edu Isu,
Federal College of Edu Ekiadolor, Federal College of Edu Gidan Madi, Federal College of Edu Jama’are, Federal College of Edu Iwo,

Polytechnics:

Federal Polytechnic Shendam, Federal Polytechnic Ohodo,
Federal Polytechnic Ugep,
Federal Polytechnic Daura, Katsina state.
Federal Polytechnic Kaltungo, Gombe state
Federal Polytechnic Wannune, Benue state
Federal Polytechnic Monguno, Borno state
Federal Polytechnic Shendam,Plateau state
Federal Polytechnic Ayede, Oyo state.
Federal Polytechnic Ugep, Cross River state.
Federal Polytechnic Orogun, Delta State


Technical Colleges:
Federal Sci & Tech College Ogugu, Federal Sci & Tech College Hadeija, Federal Sci & Tech College Umuaka, Federal Sci & Tech College Igangan, Federal Sci & Tech College Ganduje, Federal Sci & Tech College Amuzu.
Federal Sci & Tech College Bauchi,
Federal Sci & Tech CollegePlateau,
Federal Sci & Tech College Sokoto,
Federal Sci & Tech College Enugu
Federal Sci & Tech College
C/River.


OTHER EDUCATION/TRAINING INSTITUTES
1. Nigerian Institute
of Transport Technology, Kano (completed)
2. New Science Complex at Gombe state University (funded by CBN)
3. World-Class Library at ABU, Zaria
4. World-Class Library at KWAPOLY, Ilorin
5. Ahmadu Bello University Business Scool, Zaria

HEALTH:
Airforce Reference Hospital, Daura
2. Naval Reference Hospital, Calabar
3. Nigerian Army Reference Hospital, Maiduguri
(ongoing)
4. NAF Base Stand Hospital Bauchi
5. Women & Children Hospital, Daura
6. Cancer Treatment Center, Abuja
7. Cancer Treatment Center, Lagos
8. Diagnostic Centers, KANO
9. Diagnostic Centers at the Federal Medical Centre, Umuahia.
9. Modern Medical Diagnostic Centre at theAhmadu Bello University Teaching Hospital (ABUTH)
In Edo State alone the following projects are built under Buhari's Administration:
1. National Orthopaedic Hospital Benin City (also approved for Jos & Jalingo)
2. National Fistula Hospital Benin City.
3. National Centre of Excellence for Sickle Cell Disease at University of Benin Teaching Hospital.
4. New Intensive care units, Oxygen plants, molecular Labs at University of Benin Teaching Hospital and Irrua Teaching Hospital.

Northeast Development Commission,

Power Generation plants:
✓Maiduguri 50MW emergency ✓Power project by NNPC,
✓Gurara Hydropower Project, ✓30MW, Kaduna State,
✓Kashimbila Hydropower Project, 40MW,
✓Dadin-Kowa Hydropower Project, 40MW, Gombe,
✓Independent Power Supply to Ariaria Market, Aba, Abia State,
✓Independent Power Supply to Sabon Gari Market, Kano State,
✓Independent Power Plant Sura Shopping Complex, Lagos,


NORTHERN OIL EXPLORATION:
✓Maiduguri oil exploration
✓Bauchi oil exploration


Dams:
Kashimbila Multipurpose Dam, Multipurpose Dam Ogwashi-Uku Multipurpose Dam Adada Multipurpose Dam Sulma Multipurpose Dam Gimi Multipurpose Dam Amla-Otukpo Multipurpose Dam Amauzari Multipurpose Dam Ibiono-Ibom Multipurpose Dam Gadau/Lafia Multipurpose Dam Alajue Multipurpose Dam Kampe Omi Multipurpose Dam Kargo

Airports:
New Terminal int Airport Lagos,
New Terminal int Airport Abuja,
New Terminal int Kano
New Terminal int Port Harcourt
New Runway int Airport Abuja
New Runway int Airport Enugu
New Runway int Airport Lagos,
New Runway int Airport Kano,
New Runway int Airport Abuja


RAILWAYS, ROADS, BRIDGE & PORTS INFRASTRUCTURE:

RAILWAYS:
✓284km-Dutse-Kano-Danbatta-kazaure-Daura-KatsinKano-Maradi Rail
✓156km Lagos-Ibadan Rail
✓8.72km extent Lagos-Ibadan Rail
✓186km Abuja-Kaduna Rail Line, ✓327km Itakpe-Warri Rail
✓Kaduna-Kano Rail Line
✓Construction of a Railway Ancillary Facilities Yard, also in Agbor.
✓Construction of Train cargo assembly plant at Ogun State.
✓Completion of the E-Ticketing concession process on the Abuja-Kaduna Route in 2021,

OTHER INFRASTRUCTURE PROJECTS
1. Baro Inland Water Port
2. Ibadan Dry Port
3. Kaduna Dry Port
4. Lekki Deep Sea Port
5. Ajaokuta-Kaduna Kano (AKK) Gas Pipeline (600+km, ongoing)
6. Siemens and world Bank Power projects which have hundreds transformers being installed across the Nation for the rehabilitation, expansion and upgrading of transmission infrastructure
7. Escravos-Lagos pipeline project phase 2(36’x342km)
8. NPA-revived Eastern ports in Cross River, Rivers and Delta states
9. 15 Fertilizer Plants revived
10. Buhari Quarters (Housing Estates in every state except Lagos and Rivers states).
11. Second Niger Bridge
12. Bonny-Bodo Bridge, Rivers state
13. Loko-Oweto Bridge, Benue
14. Ibbi Bridge, Taraba state
15. Enugu-Calabar-Cameroon Highway
16. Lagos-Ibadan express way
17. Completion of NDDC headquarters after 21 years
18. Building of NCDMB skyscraper headquarters, Yenagoa
19. Building of independent power plants in Aba, Lagos Island elsewhere to provide 24/7electricity to thousands of shops.


OIL AND GAS
Tam David-West once said that PMB had one of the most-resourced oil and gas libraries he’s ever seen. It’s easy to describe that sector as one of his primary passions.

When you look at his 2015-23 legacies in that area it becomes clear, he:
—Kickstarted the $10b NLNG Train 7
—Began construction of more than $2b AKK Gas Pipeline
—Broke jink of PIA; assented to DoA
—Broke Jinx of Refinery Revamp (PH first phase)
—Started Nigeria’s Modular Refinery Revolution
—The Partnership with Morocco, to kickstart the Nigeria-Morocco Gas Pipeline, and a $1.4b multipurpose industrial platform in Akwa Ibom)
--$700m Obiafu/Obrikom/Oben (OB3) 127km gas pipeline,the OB3 is a vital piece of gas pipeline infrastructure for the supply of 2BCF (two billion standard cubic feet) per day feedstock to the AKK pipeline. This pipeline is among the biggest gas transmission systems in Nigeria which is completed March, 2024.

REFINERIES:
We rolled out our administration’s Refinery Roadmap in 2018, with the ultimate goal of making Nigeria a net exporter of petroleum products. The Roadmap has four key elements, namely, Rehabiliation of existing refineries, Greenfield Refineries, Co-location & Modular Refining.
https://twitter.com/MBuhari/status/1331234260162932737?s=19

Between 2015-2023 Modular Refining Development program of Buhari lead to the emergence of 4 modular refineries built in Nigeria:
👉Niger Delta Petroleum Resources modular refinery, Rivers state
👉OPAC modular Refinery, Delta state
👉WalterSmith Refinery Limited, Imo state
👉Edo Refinery and Petrochemical Ltd.
Dangote Refinery & BUA refineries in Akwa Ibom are born out of his administration's commitment to local content. This is coming when PHC & Warri refineries are being rehabilitated & Kaduna refinery was followed later.

PENSION/GRATUITY
When he came in several civil servants pension funds were looted , Pension of some privatized Govt agencies under Obasanjo weren't paid. He ensured;
✓ Pension Arrears payment to civil servants
✓Bailout to 27 States struggling to pay pension and contractors
✓Ex-Biafra soldiers & Policemen entitlements paid
✓Retired Police pensions paid
✓Nigeria Airways Retirees pensions settled
✓NITEL/Mtel Staff Pensions cleared
✓Delta Steel company workers' benefits were paid


SOCIAL INVESTMENT
1. N-Power for 1.5m graduates were paid ₦15b each month for the period of 5yrs.
2. School Feeding Programme for Pry 1-3 pupilsin public schools
3. TraderMoni
4. FarmerMoni
5. Modified Home-Grown Feeding programme
6. Extended Special Public Works Programme, 1000 persons from every LGA (774,000 people)
7. Survival Fund for artisans, firms and petty traders.
8. Conditional Cash transfer to millions of poorest of the poor.
9. NYEF
10. NIRSAL
11. Anchor Borrowers

FG's Survival Fund, the National Youth Investment Fund, and National Special Public Works Program (774,000 beneficiaries across 774 LGAs nationwide), and the Central Bank’s COVID-19 N300 billion Targeted Credit Facility (TCF) to support millions of small businesses, households, and young people, with federal grants, loans, and stipends. This Survival Fund has provided grants (Payroll Support, Artisan and Transport Sector grants, and General MSME grants) to more than 1.2 million beneficiaries, since the last quarter of 2020. It has also provided free business registration to 250,000 MSMEs across the country.

AGRICULTURE
His commitment in agriculture led to the proliferation of the following successes;
1. WACOT (Largest Rice Mill in Africa), Kebbi state
2. OLAM (largest Feed Mill in Africa), Kaduna state
3. Starlink (Largest exporters of cashew and cocoa)
4. SUNTI (Largest Sugar Company in Africa), Niger state
5. 200,000 Capacity Yam Storage Facility, Benue state
6. Shea-butter Production and the Fashion Industry)Oyo state
7. Nigeria used to depend on rice import but when he came in Nigeria produces more than 93% of the rice it consumes.


PUBLIC PRIVATE PARTNERSHIP
1. The $25 billion Lekki Free Trade Zone
2. The $19 billion Dangote refinery with NNPC having 20% share.
3. The $10 billion Escravos gas-to-liquids project
4. The $10 billion train 7 of the NLNG
5. The $3.2 billion Indorama fertiliser plants

Raw material exports grew 154.2% in the same period; solid minerals grew 565% and exports of manufactured goods 26.8%.

The Economic Recovery and Growth Plan (ERGP), the Federal Government’s medium-term Economic Plan, launched by President Buhari in April 2017, successfully ushered in a macroeconomic environment and helped the country to achieve food security.


FEDERAL HIGHWAYS ROADS
Second Niger Bridge,
Bony Bridge and Road, Rivers
Lagos- Sagamu- Ibadan Expressways
- Kano-Maiduguri Expressway
- Abuja-Kaduna-Kano Expressway
- Apapa-Oshodi-Oworonshoki Road.


HOUSING
His administration has completed housing projects in 34 States of Nigeria, under the National Housing Programme, with the support of the State Governors who provided the land. So far more than 5,000 houses are at various stages of completion

MILITARY
Under Buhari, NAF acquired THIRTY-EIGHT (38) new aircraft:
✓10 x Super Mushshak
✓5 x Mi-35M Helicopters
✓2 x Bell 412 Helicopters
✓4 x Agusta 109 Helicopters
✓2 x Mi-171E Helicopters
✓12 x A-29 Super Tucano
✓3 x JF-17 Thunder
Procured many
✓Infantry vehicles
✓Self propelled Howitzers
✓ARRV and mine sweepers
✓SH2 & SH5 Artillery platforms ✓VT-4 main battle tanks
✓Armoured fighting vehicles ✓MRAPs
✓ST Light tanks and mountain climber bikes, among billion dollars annual budget for arms and operations going on across the Nation due to persistent insecurity.

MILITARY OPERATIONS:
He eliminated Shekau
He eliminated NigerDelta Avengers
He retired Nnamdi Kanu
He retired Sunday Igboho,
Operation Hadin Kai (North East)
Operation Lake Sanity (North East)
Operation Desert Sanity (North East)
Operation Hadarin Daji (North West)
Operation Safe Haven (North/Cen)
Operation Whirl Stroke (North/Cen)
Operation Delta Safe (South-South)
Operation Dakatar Da Barawo


PMB PROJECTS IN KANO
Project/Going Projects currently in Kano State by President Muhammadu Buhari Administration!

1. Kano-Kaduna Railway Project
2. Kano-Katsina-Maradi Railway Line
3. AKK Gas Pipeline, Ajeakouta-Kaduna-Kano
4. Kano-Katsina Road
5. Kano-Jigawa-Maiduguri Road
6. Kano Ring Road Continution
7. Kano-Kaduna-Abuja Road
8. Kano State, International Standard Prison, Janguza
9. Renovation of Aminu Kano International Airport
10. Kano State, Village Solar Plant
11. Kano State, Western by pass Ring road
12. Gwarzo-Dayi Road, Kano
13. Dala Inland Dry Port.
14. 10,000 Solar Panel Plant at Bayero University, Kano
15. Family home Darmanawa
16. National transport institution Dawakin Kudu.
17. Nigerian Navy School Dawakin Tofa.
18. Federal polytechnic college Kabo.
19. Kano, Renovation of IDH Hospital, Nassarawa Hospital, Murtala Hospital, Urology Hospital through SDGs
20. Solar Panel @ sabon gari market Kano.
21. 15,000 Hectares Agricultural Modernization in Kadawa which includes Kura, Madobi and Garun Malam Local Government Areas of Kano State.
22. 30,000 Solar Panel @ Rimin Zakara, Bichi and Wudil, Kano.
23. Federal Fire Service @ Filin Mahaha, Sharada, Kano Municipal.
24. Data Center @ Kano State Library.
25. Science and Technical Secondary School, Ganduje Village, Dawakin Tofa.


How most loans were spent under Buhari administration:
1. AKK-Pipeline, transporting gas from Delta state to Kano will be completed December, 2024 at cost $2.1b and will help revive moribund industries with estimated capacity to supply 13000MW along Abuja, Ajaokuta, Kaduna and Kano axis and across the country.
2. Abuja-Kaduna Rail line cost $973m and from recent report there is N500m revenue monthly from the e-ticketing only in that axis. So far we paid back more than $260m as far as 2021 report for this project.
3. Lagos-Ibadan railway cost $1.6b and will soon have e-ticketing deployed but still fetches N5b revenue annually by average
4. Warri-Itakp rail cost $3.9b and right now brings N6b annually in revenue before e-ticketing which will defined triple the income
5. NLG Train 7 Gas cost $7b and is expected to bring billion dollars profits in oil and gas sector
6. Recently 700MW Hydro power plants is completed and cost $1.2b
7. Buhari procured 38 brand fighter jets including 12 A29 Super Tucano which cost more than $600m in 8yrs, before his administration he had only 24 fighter jets throughout our history.
8. He procured more than 200 warships and patrol boats for Navy
9. 2nd Niger bridge cost more than N406.2b
Under Buhari FG in 8yrs is built more than 9km roads across the Nation which mostly is SUKUK funded.

I hope you understand that there is no perfect administration but there are performers!

[quote author=ArewaNorthpost=129422261]
Thanks for a job well done for making list of Buhari legacy projects, I'm not the denying facts of some roads constructed and other infrastructures but there are many phantom and non-functional projects than the real and functional ones.For instance,where are the railway services today?Buhari purchased many fighter jets in despite of these there were harvest of deaths of innocent and defenceless children and women in most Nigerian states on account of Boko Haram,armed bandits and kidnappers.I'm also sure you must have come across mammoth of frauds that occurred in anchor borrower initiative?Where is the steady power supply today?National grid has collapsed 46times between 2017 and 2023 according to report.The former CBN governor is under trial today for the abuses and misappropriation of ways and means and others offences under the watchful eyes of Mr.Lifeless,Buhari remains the worst president Nigeria had never had.If the anchor borrower initiatives really followed through most Nigerians wouldn't have had cause to be in intense hunger they are today.Nothing can't make me to change my mind Buhari is a failure even the Tinubu administration has stylishly and openly acknowledged that.