₦airaland Forum

https://www.youtube.com/watch?v=MrZJgIso0wE?si=CKwbM0anwJroH5Vw

Kenya's debt profile is burdening them.
It was triggered by unchecked borrowing in the last decade.
Their creditors include World Bank, IMF, AFDB, and most importantly, China.
Unforeseen circumstances like Covid pandemic and Ukraine-Russia war also contributed to shocks that unsettled their economy.
11.2 Trillion Kenyan Shilling($85billion dollars at current rates) is owed by Kenya to both internal and external creditors.
That is about 68% of the Kenyan GDP and well above recommended debt level for nations, putting them well at the brink of debt default. This has led to raising of tax locally by the govt.
The big issue is the external part of the loans. It was borrowed in US dollar and so when the Kenyan shilling lost value last year, that led to a rise in loan value of the about $13B that was incurred in additional loans in the last year, 76% of that was down to local currency weakening.
The real issue of concern for the Ruto govt is that they have around $500m to pay each of IMF and WB in the next 18 months as well as $2Bn to china which is not known for flexibility of repayment rescheduling with defaulters.
That is the real reason for the forceful attitude of Ruto govt towards tax increases.

The last fact raises a big question of what the loans were used for. Why tax the people for repayment?

Nigeria can learn a lot from the happenings in Kenya as like Kenya, we have reached borrowing limits, and have to do whatever pleases our lenders to secure emergency loans just to patch things up.

SadiqBabaSani:
Now these is the kind of thread you won't find a corn warrior

Odin13:
Why blame the dollar for African woes .. when we all know corruption and mismanagement is the bane of the continent backwardness.

People like Tinubu and his family has looted this continent..

In a day a government paid over 200 million to a non existing company with clear eyes.. for tyers..

.. yet he’s shouting austerity measures for the citizens

I hate shifting blames and avoiding responsibilities


Kenyans for don go set the houses of all ex government officials.

Wen e go be for Nigeria

Nigeria politcians and their foolish sycophantic supporters go shock

Jungle justice fit be bread and tea .. let em fooling .. thinking they’re doing Nigerians

Kudos to Kenyans

Nigerians Dey come

Yoruba tribalism no fit stop am.. not even sentiments

If una want make una no tell them to adjust

Hunger go make prof turn alaye..

Make them continue

seunmsg:
We need to turn the AU to a monetary union just like the EU. A single currency will solve a lot of the problem in Africa. The lack of forex thereby leading to an unstable local exchange rate is the bane of the current economic problems all over the continent. We rely too much on dollars for everything and it is not helping our local economy. African leaders should develop the balls and ditch the dollar. With a single currency, trade among African country will increase significantly and this will have a significant effect on the local economy of the continent. Shocks from weak economies can also be spread within the continent.

seunmsg:
This is a thread about Kenyan and the problems facing the country. Instead of offering a sensible analysis of the problem or offering suggested solutions, you reduced your comment to attacking Tinubu and Yoruba people . What has this thread got to do with Yoruba people?

Let's even talk about protests, uprising and other forms of social disturbances that low IQ folks like you are praying for. I am sure you were old enough when the Arab spring started. So tell us, Is Egypt, Tunisia, Libya, Syria etc better off today than before the Arab spring? How exactly has the Kenyan protest improved the economy of the country? How will protest improve the economy of Nigeria?

See, we know what bitter losers like you guys want. You don't want any protest, what you want is an insurrection. Sadly, you won't get it. The Atiku Abubakar you supported in 2023 is the most corrupt person to ever occupy a public office in Nigeria. He will never be president just like Peter Obi. If you don't have sensible ideas to share or lack a proper understanding of the problem facing Africa, move to the jokes section or just be posting "Power to the North" like you did severally before the presidential election.

seunmsg:
We need to turn the AU to a monetary union just like the EU. A single currency will solve a lot of the problem in Africa. The lack of forex thereby leading to an unstable local exchange rate is the bane of the current economic problems all over the continent. We rely too much on dollars for everything and it is not helping our local economy. African leaders should develop the balls and ditch the dollar. With a single currency, trade among African country will increase significantly and this will have a significant effect on the local economy of the continent. Shocks from weak economies can also be spread within the continent.

SadiqBabaSani:
Now these is the kind of thread you won't find a corn warrior

seunmsg:
We need to turn the AU to a monetary union just like the EU. A single currency will solve a lot of the problem in Africa. The lack of forex thereby leading to an unstable local exchange rate is the bane of the current economic problems all over the continent. We rely too much on dollars for everything and it is not helping our local economy. African leaders should develop the balls and ditch the dollar. With a single currency, trade among African country will increase significantly and this will have a significant effect on the local economy of the continent. Shocks from weak economies can also be spread within the continent.

seunmsg:
We need to turn the AU to a monetary union just like the EU. A single currency will solve a lot of the problem in Africa. The lack of forex thereby leading to an unstable local exchange rate is the bane of the current economic problems all over the continent. We rely too much on dollars for everything and it is not helping our local economy. African leaders should develop the balls and ditch the dollar. With a single currency, trade among African country will increase significantly and this will have a significant effect on the local economy of the continent. Shocks from weak economies can also be spread within the continent.

helinues:
Toh

If Kenya government had withdrawn the finance bill, why are there youths still protesting?

More destructions of government properties mean more ways to embezzle more money

Odin13:
Why blame the dollar for African woes .. when we all know corruption and mismanagement is the bane of the continent backwardness.

People like Tinubu and his family has looted this continent..

In a day a government paid over 200 million to a non existing company with clear eyes.. for tyers..

.. yet he’s shouting austerity measures for the citizens

I hate shifting blames and avoiding responsibilities


Kenyans for don go set the houses of all ex government officials.

Wen e go be for Nigeria

Nigeria politcians and their foolish sycophantic supporters go shock

Jungle justice fit be bread and tea .. let em fooling .. thinking they’re doing Nigerians

Kudos to Kenyans

Nigerians Dey come

Yoruba tribalism no fit stop am.. not even sentiments

If una want make una no tell them to adjust

Hunger go make prof turn alaye..

Make them continue

seunmsg:
This is a thread about Kenyan and the problems facing the country. Instead of offering a sensible analysis of the problem or offering suggested solutions, you reduced your comment to attacking Tinubu and Yoruba people . What has this thread got to do with Yoruba people?

Let's even talk about protests, uprising and other forms of social disturbances that low IQ folks like you are praying for. I am sure you were old enough when the Arab spring started. So tell us, Is Egypt, Tunisia, Libya, Syria etc better off today than before the Arab spring? How exactly has the Kenyan protest improved the economy of the country? How will protest improve the economy of Nigeria?

See, we know what bitter losers like you guys want. You don't want any protest, what you want is an insurrection. Sadly, you won't get it. The Atiku Abubakar you supported in 2023 is the most corrupt person to ever occupy a public office in Nigeria. He will never be president just like Peter Obi. If you don't have sensible ideas to share or lack a proper understanding of the problem facing Africa, move to the jokes section or just be posting "Power to the North" like you did severally before the presidential election.

mrvitalis:
Bros try buy yourself basic economics book abeg

U want unified currency with unstable currencies all over Africa?

Unified currency makes it impossible for nations to devalue their currency... U think if we gave unified currency your Tinubu can pay salaries right now?

seunmsg:
We need to turn the AU to a monetary union just like the EU. A single currency will solve a lot of the problem in Africa. The lack of forex thereby leading to an unstable local exchange rate is the bane of the current economic problems all over the continent. We rely too much on dollars for everything and it is not helping our local economy. African leaders should develop the balls and ditch the dollar. With a single currency, trade among African country will increase significantly and this will have a significant effect on the local economy of the continent. Shocks from weak economies can also be spread within the continent.

lawani:
I dont really understand the Kenyan issue. Is the proposed tax higher than what is obtainable in western Europe? western europe pay up to thirty percent. If not, what they should have done in Kenya is increase the minimum wage so that minimum wage earners will not feel the weight of the new tax and there may be quiet. On sovereign debts generally, the UN should acquire everything and all nations should pay up part of their revenue for the repayment by the UN while all governments are advised to henceforth stay off debts but rather have sovereign wealth funds. They should choose surplus instead of deficits

RepoMan007:
All what you are proferring as solutions requires money and where will the money come from?
They unlike Nigeria, do no have oil to fall back on. They took huge loans but wasted them on unproductive things that is hard to tax the general populace on. Things like small roads at inflated cost.

Look at buhari, He built rails through his village but can his village people patronize that rail well enough to cover the repaymentt, now how will someone from faraway Abia or Osun feel if he is asked to repay that loan used to fund the rail that isnt serving his community.