₦airaland Forum

Wait ooo, it is starting to look like the world powers are playing a big 419 on us in this country. The real "HKs" are at the IMF and the world bank headquarters. The format is very simple but clever; recruit an amenable groups/organisations/individuals, help them to the presidency of the country, and as a reward to these western government/organisations for this help, the new governments have to borrow massively from western institutions, with stipulations to pay tens of billions for debt servicing. Sounds weird? Keep reading..

According to Nairametrics, "Nigeria spent about 66% of her total dollar payments to service debts between January and May 2024. According to the data from the CBN, out of the 3.31 billion USD in total outflows made during this period, about 2.19 billion was directed towards servicing external debts". To put things into some sort of perspective, the total amount used to service debts in the first quarter of this year, was nearly double the amount used for debt servicing same time last year.

It is also important to note that there contineus to be a sharp increase in Nigerias exposure to foreign debts in recent years, which has ultimately led to a situation where almost all of Nigerias oil earnings, are being used to service debts! Remember i said SERVICE debts, NOT paying off the debts. We are now spending more money just paying interests on loans borrowed by corrupt regimes, while the initial/principal sum is still there. It is a one way lane; endless debts servicing. In recent history, the only administration that tried paying off Nigerias debts to an extent, is the Obasanjo regime. The others have been busy piling on the debts.

It should make you ask: "What are the intentions of the world bank here!? They have been lending to every government in power. Military o, civilian o, corrupt o, non corrupt o, legitimate o, non legitimate o. They will print dollars and lend to you and then activate different channels to take all your foreign earnings through endless loan servicing payments. Nigeria has been servicing loans since the military regimes. And it is worsening. This obviously means that as at today, Nigerias oil industry is the property of the world bank and IMF, but most Nigerians still do not understand the game being played.

This is the reason why these western governments will always make half-hearted criticisms of governments that have rigged themselves to power anywhere in the developing world. In most cases, they will openly support such governments, as long as the government in question is borrowing aggressively. They know that by borrowing so massively, your country is being shackled and her resources being systematically hyjacked. Pure economic terrorism. The west will openly support corrupt governments in Africa, as long as the leaders are willing to keep borrowing from werstern institutions.

It is time to stop western clever manipulation of Africas electoral systems.

READ MORE:

https://nairametrics.com/2024/06/11/nigerias-foreign-debt-service-costs-surge-by-96-to-2-19-billion-by-may-2024/#:~:text=Nairametrics%20further%20observed%20that%20Nigeria,directed%20towards%20servicing%20external%20debt.

And Nigeria playing a very vital role to facilitate and actualize the destruction.

We managed 8 years of Buhari's retrogression to finally take the one who will fatalize it.

Indeed, Nigeria we hail thee!
Few months ago I told you we will buy rice at 100k and I am now saying by January we should be looking at almost 150k per bag.

Next election comes we will never compromise unity.

Unfortunately most African leaders are dumbass puppets to these neocolonists and western imperialists. They go cap-in-hand to corruptly enrich themselves while not caring what their citizens suffer. Wicked souls.

They are the one ruling us not the politicians

Away with these depressing news. I need sanity.

Debts servicing is corruption on its own, who collected what was it used for,Nigerian leaders are beneficiaries stop posting derivatives rather than participants.

Anything World Bank or IMF = Economic trouble for that country which means Nigeria is just getting started

christianjoy:
They are the one ruling us not the politicians

That's the point I was trying to make. We can shout all we want, but unless Nigerians do something about these foreigners who impose and support bad leadership here, the country will continue to struggle.

Secondly, most of these loans were obtained, not necessarily in Nigerias interest, but as measures to satisfy part of the agreements reached by some of these presidential candidates prior to their winning elections. This explains the tacit support the likes of buhari and Tinubu get from countries like the USA, France and Britain. Have you thought about why the Americans were dragging their legs when the presidential tribunal seem to be waiting for their clarification on the Tinubu certificate saga? I beleive that such issues provided foreign powers with the opportunity to blackmail him into accepting even more anti Nigerian policies.

If you found yourself in such situations and you were asked to "release" some oil blocs/borrow heavily from the world bank, as the conditions for the court judgment not to be released to the Nigerian press, what will you?

MadPolitician:
That's the point I was trying to make. We can shout all we want, but unless Nigerians do something about these foreigners who impose and support bad leadership here, the country will continue to struggle.

Secondly, most of these loans were obtained, not necessarily in Nigerias interest, but as measures to satisfy part of the agreements reached by some of these presidential candidates prior to their winning elections. This explains the tacit support the likes of buhari and Tinubu get from countries like the USA, France and Britain. Have you thought about why the Americans were dragging their legs when the presidential tribunal seem to be waiting for their clarification on the Tinubu certificate saga? I beleive that such issues provided foreign powers with the opportunity to blackmail him into accepting even more anti Nigerian policies.

If you found yourself in such situations and you were asked to "release" some oil blocs/borrow heavily from the world bank, as the conditions for the court judgment not to be released to the Nigerian press, what will you?

Just look at how your turned what could have been a beautiful discussion to partisan politics.

Your initial intention was not aimed at addressing the mismanagement of the debt by the government but to turn the discussion Tinubu misgovernance.

But if you are on that track, kindly present amount owned by each regime since 1999 and show how much is being repaid by each regime and you'll see this regime has been responsive to the external debth.

However I believe a national discuss that would bring about new Constitution is urgently needed.

Each regime should be soleley responsible for it's liability and strick punishment to any adminstration who can't repay his loan at the end of it's tenure

So is now IMF and world bank that is distroying Nigeria, but Yoruba Muslims accused GEJ , during his time

Your corrupt politicians destroyed Nigeria


I was shocked to hear from an elder that as far back as 1984, world bank gave Nigeria and Cameron loans to build their damn, Cameroon built theirs while Nigeria shared theirs

Obj who was given opportunity to rewrite the wrongs of the past , as civilian president, was qouted by a journalist as the grandfather of modern corruption

This is actually a case study by World bank on Genocide via economic sabotage.

Every country borrows.
Think of a country you consider strong and independent and you will
find out it is also borrowing from World Bank.
China borrows from world bank!

World bank and IMF are banks in most respect.
They want credit-worthy borrowers that are likely to pay back the loan.

It is not the case of those organizations looking for who to lend money to,
it is the desperate borrowers that are begging for loans.

In some cases, the borrowers are already in a financial mess which makes some
people associate the borrowing with the financial problems that triggered the
borrowing in the first place.

Ttalk:
However I believe a national discuss that would bring about new Constitution is urgently needed.

Each regime should be soleley responsible for it's liability and strick punishment to any adminstration who can't repay his loan at the end of it's tenure

Your suggestion is essentially a ban on borrowing.
It is impossible to implement for any national government.

Who iss the DG of World trade organisation... okonjo iweala....In addition, Dr Okonjo-Iweala has been awarded the David Rockefeller Bridging Leadership Award (2014),

I am happy Nigerians are now intelligent to question the use of these organizations.
I think this is the power of the internet

ivolt:
Your suggestion is essentially a ban on borrowing.
It is impossible to implement for any national government.

Nigeria and Africa don't need IMF and World bank loan.

Why is there always condition attached to loan given. If you know how the sharks works, you'll see that Africa will continue to sink in deeper debt regardless the amount of loan given.

Why has Nigeria not self sufficient in power, steel, refinery? They won't borrow to finance a project that will tranform the economy but will borrow for frivolities.

Have you ever see IMF condermn any African leader on corruption?

We are all in a mess

MadPolitician:
That's the point I was trying to make. We can shout all we want, but unless Nigerians do something about these foreigners who impose and support bad leadership here, the country will continue to struggle.

Secondly, most of these loans were obtained, not necessarily in Nigerias interest, but as measures to satisfy part of the agreements reached by some of these presidential candidates prior to their winning elections. This explains the tacit support the likes of buhari and Tinubu get from countries like the USA, France and Britain. Have you thought about why the Americans were dragging their legs when the presidential tribunal seem to be waiting for their clarification on the Tinubu certificate saga? I beleive that such issues provided foreign powers with the opportunity to blackmail him into accepting even more anti Nigerian policies.

If you found yourself in such situations and you were asked to "release" some oil blocs/borrow heavily from the world bank, as the conditions for the court judgment not to be released to the Nigerian press, what will you?

ivolt:
Every country borrows.
Think of a country you consider strong and independent and you will
find out it is also borrowing from World Bank.
China borrows from world bank!

World bank and IMF are banks in most respect.
They want credit-worthy borrowers that are likely to pay back the loan.

It is not the case of those organizations looking for who to lend money to,
it is the desperate borrowers that are begging for loans.

In some cases, the borrowers are already in a financial mess which makes some
people associate the borrowing with the financial problems that triggered the
borrowing in the first place.

I'm not necessarily arguing against borrowing/lending. I'm a businessman, i should know the importance lending/credit in advancing the goals of any business/country.

I'm talking about the INTENTIONAL WEAPONISATION of loans given to poor African nations and other targeted economies in Latin America and Asia by western lenders, especially the ubiquitous IMF and the world bank.

These loans are given to mostly corrupt governments in the developing world, with the deadly intention of forcing these struggling economies deeper into the "debt hole", while turning their scarce earnings into profits for the real owners of the IMF and the world bank; western imperialists

Ttalk:
Nigeria and Africa don't need IMF and World bank loan.

Are you suggesting that Nigeria need no loan or just not from world bank?

Why is there always condition attached to loan given. If you know how the sharks works, you'll see that Africa will continue to sink in deeper debt regardless the amount of loan given.

Is there a loan without conditions?
I will be very interested in such loans.
As far as I know, every serious loan has conditions that are designed to help
the lender recoup their investment.

Why has Nigeria not self sufficient in power, steel, refinery? They won't borrow to finance a project that will tranform the economy but will borrow for frivolities.

You should be asking your government and not the banks.

BTW, loans don't transform economy, government policy does.
No country can borrow itself out of poverty.

Have you ever see IMF condemn any African leader on corruption?

Again, you go the typical route of expecting foreigners to help you solve local problems.
That is not going to happen.
IMF is a bank, not a universal police officer/judge to help you fight corruption which you
can't do locally.

I am sure IMF must have talked about corruption uncountable times in the past.
But it is wishful thinking to expect such talks to deter any official from obtaining their own
slice of national cake.

But such talks are meaningless regardless of where they come from.
Condemnation or talks wont stop any official from stealing.

MadPolitician:
I'm not necessarily arguing against borrowing/lending. I'm a businessman, i should know the importance lending/credit in advancing the goals of any business/country.

That's good.

I'm talking about the INTENTIONAL WEAPONISATION of loans given to poor African nations and other targeted economies in Latin America and Asia by western lenders, especially the ubiquitous IMF and the world bank.

As a business man, do you consider the loans you take(if you ever did) a form of weaponisation?
Why or why not?

Are you saying only rich nations should be given loans and the poor ones banned from such?
If so, is there any economic theory you are basing your recommendations on?

These loans are given to mostly corrupt governments in the developing world, with the deadly intention of forcing these struggling economies deeper into the "debt hole", while turning their scarce earnings into profits for the real owners of the IMF and the world bank; western imperialists

Every government is corrupt.
It just differs in manner and magnitude.

Only about 4 countries don't qualify for world bank loans.
Are you saying the rest are administered by "corrupt" governments?

Don't borrow money from the World Bank and IMF. It's a plot to keep Africa heavily indebted.

We should all read the book called: Confessions of an Economic Hit Man

The book explain how America really took over the world by giving loans