₦airaland Forum

Kobojunkie:
Peter Obi would have devalued the Naira as Cardoso had done and then borrowed money -- taking even from the foreign reserves --to shore it up like Cardoso had also done?

Salewa97:
Peter Obi is just being petty with his statements.

How can you be borrowing money to pay another debt?

That's a reckless statement from him

yoruboid:
Nigeria dodged a bullet

This man is d@ft and bereft of ideas

Anither563:
This is a classic case of economic illiteracy.

mrvitalis:
Who made rufai an authority in economics

See we need to borrow money to defend the naira.

If am president today sure I would borrow money but my borrowed money would be spent in such a way I'm guaranteed a revenue increase greater than the debt service

NgeneUkwenu:
Peter speaks English like someone who didn't attend primary school. The man is very dull, very slow, barely literate and deficient in honesty.

Globad:
He said he will borrow to defend the naira

He stated the purpose. Do you know what it means to borrow to defend the naira?

Stop being emotional. We've been through borrowing to defend the naira in Nigeria.

Stop being ignorant.

phantom:
Your concerns are very valid Kobo, and I share them BUT you see Peter Obi? That man is the only man with the will to fight the corruption you are talking about.

He has acknowledged these same concerns repeatedly and was the only one of the three ready to make the sacrifices, leading by example.

For instance, Obi would have strictly limited the access to cheap dollars to productive sectors like manufacturing, agriculture etc and would have monitored it personally.

It's all about the will of the leader. Knowing obi, he's plan wasn't just to throw money at the problem. Obi is ready to disburse that money himself bypassing your cbn/ finance ministry if necessary.

I

HedgesTV:

https://www.youtube.com/watch?v=5GBNjnINAG0

Peter Obi had an interview with Arise news and he shared his thoughts on the nation and also gave his opinion on what he would’ve done to defend the Naira after devaluation.

This clip had mixed reactions from people as some agreed with him and some people didn’t think it is a wise move.

Full video above !

Globad:
I can now see that you're innocently making a mistake.

Borrowing to defend the naira means that the naira will trade at a lower rate and the differential will be paid from the foreign exchange loan. It's like subsidising the naira. Nigeria has done it many times before now. The subsidy went to connected people and the beneficiaries didn't transfer the cost savings.

It was the main reason the black market rate was usually far higher than the official rate..

Obi hasn't said anything new or novel

mrvitalis:
Everyone knows that's the only solution
Obi said he would borrow 12 billion dollars that he had the connections

The Koko is what you use the borrowed money to do

APC from Buhari to Tinubu now keep borrowing to build infrastructure with the hope that the infrastructure would kick start development

Not only are the infrastructure over inflated they are sighted wrongly so can't even breakeven

So they just increase our debt service, increase recurrent expenditure and have absolutely no increase in revenue

Obi solution is to borrow money

Give it to the people, support business especially in export potential business and import substitutes

1) you create employment
2) you boost revenue, as this businesses come for the needed loan you capture them into the tax net
3) you don't increase debt service per say as the people would pay back the loan

This can kick start a chain of events that kick start the economy

OBi and Tinubu are not the same

Mrhonesty:
Oga go relax. You lack the capacity to lead 9ja. Ordinary Anambra you failed and invested billions into the wrong and unprofitable venture that is less than a million today.
Presidency is not for experiment.

mrvitalis:
What index do you want to use to measure education and health performance oga

Choose the index let's compare

Kobojunkie:
Peter Obi would have devalued the Naira as Cardoso had done and then borrowed money -- taking even from the foreign reserves --to shore it up like Cardoso had also done?

KingPure:
And you truly believe this thing you vomitted here is a solution. Wow Wow Wow! Wonders shall never end, so they say.

Ok ooo, so Obi is SURE he could have borrowed $15B (as if the money is just waiting for him to come) how daft and low can these people truly go to prove that they are truly foolish and have not learnt anything worthy of acceptance. WB, IMF, AfDB, or even WTO (headed by our own Okonjo-Iweala) will never give any DEVELOPING nation at a go, under no messianic government after the $18B OBJ collected for national electrification is still being tracked upandan, and just like that, without putting their own policy of slavery and or their demonic clauses. I'm so ashamed that even Obi does not know this basic "unprinted" rules of international money lenders.

Who will give you $15B without having a say on how the money is going to be paid back and possibly how it's going to be spent.

That people still believe everything from Obi's lip is gold waiting to be refined is proof enough that most Nigerians are grossly illiterate and crude. Who would ever believe that even China would ask for Oil in return for loans, let alone organisations that are funded principally by the West. Yet, HE Peter Obi has spoken as the oracle of the gods of magical funds.

Tareq1105:
You know what? I've read all the trash you wrote about your lord and savior saint Obi and I felt you don't really deserve my response bcoz your comment shows the level of your understanding. you said Obi is a businessman, he's a billionaire etc. you said Obi would borrow $2b to finance a business that would bring $6b. I know you don't understand governance just like your Obi and that's why someone said governance wasn't about container business. Note this, profit is not the intent of government. It's about service and well-being of the people. Let me just leave you to your dreams.

Rochasstatue:
This is why I fear you obidients.
You are gullible.
Easily deceived.
Brainless.
Read what you wrote again and if you have A\C in your house, cut the wire, plug it, switch it on and put the cut part into your mouth.

richiemcgold:
.. 🤔
Buhari borrowed and we condemned him for that.

Tinubu is currently borrowing and we're also condemning him for it.

.. now Obi says he too would've borrowed.

This simply means that Nigeria is a VERY POOR COUNTRY (although the country is massively endowed with valuable resources).

chatinent:
If you think Peter would have done any differently, then you are in for a long ride..

djon78:
Because there is so much lack of knowledge
People will just be arguing anyhow


Peter Obi is very right in what he said

Nigeria was already in a very big mess economically


Then Tinubu on the day of his swearing in
Announced that subsidy was gone


He didn't consider the condition of ordinary Nigerians into his plans and just announced it


While Nigerians were already crying from Buhari s economic pain


What he should have done is exactly what Peter Obi said

A. Don't remove subsidy or devalue naira

B. Borrow to stabilize and put the borrowed money into critical sections of the economy to kick start the economy

C. Put strict economic reforms

D. Then begin to remove subsidy in a piece meal approach
So Nigerians can't feel the heat

E. As the economy is picking up remove subsidy completely

Then economic development /growth will be on course


Tinubu didn't consider all these things before he removed subsidy

Now the economy is totally on Life support

Salewa97:
Peter Obi is just being petty with his statements.

How can you be borrowing money to pay another debt?

That's a reckless statement from him

Ttalk:
You've summed it up in this sentence.

Mrvitalis, please try and improve on your reading, there are many scope you need to cover to have a good grasp of world economy.

No Africa country can sustain it's currency by defending it. You can't defent Naira against dollar, it's not going to be possible in this generation.

What government needs to do is to streghten it's fundamentalls and allowed it's currency to find it's true value

NgeneUkwenu:
Peter speaks English like someone who didn't attend primary school. The man is very dull, very slow, barely literate and deficient in honesty.

Salewa97:
Peter Obi is just being petty with his statements.

How can you be borrowing money to pay another debt?

That's a reckless statement from him

kedeojo:
Easier said than done. I rate Atiku higher than both Tinubu and Obi in terms of deep knowledge of governance.

djon78:
Chai mrvitallis my man

Your grasp of the whole thing dey sweet me

I like this your quote:

"Bros what you don't know is bigger than you
Developmental economics is no joke"


Developmental economics no be jokes

I thank God for the professors I sat under there lectures in my college days

The thing no be beans

phantom:
Very good! So the initiative itself wasn't the issue but the resultant corruption. Now imagine if that subsidy went to the sectors that needed it the most. ....the real productive sectors.

That is our point! The same thing wit energy subsidy.

There is nothing wrong with fuel subsidy . Every sane, civilised, serious nation SUBSIDISES ENERGY in some way. A serious leader with the will would tackle the corruption in fuel subsidy and not the whole initiative.

phantom:
Now, let me ask you.. what are the benefits of a defended nara

trutharena:
_{Obi is making sense here.}