₦airaland Forum

Kobojunkie:
And how the money is used. Nigeria is currently INCAPABLE Of using money EFFICIENTLY and EFFECTIVELY for its own good and development. This problem has been building for over 25 years now and is at a point where over 90% of funds that go into the system disappear almost immediately after it is disbursed. So, what good could come from borrowing into that same system if not more of the same?

so u think everyone will use the borrowed money or loot the borrowed money same was as Tinubu then u are dumb

flyinnizam:
so u think everyone will use the borrowed money or loot the borrowed money same was as Tinubu then u are dumb

The gullibility of the average Nigerian to the workings of its own government continues to astound.🤔

Name one sector of Government in the last 25 years that at one point or another had a clean record as far as corruption is concerned and at what point in time was this?

yoruboid:
Nigeria dodged a bullet

This man is d@ft and bereft of ideas

Ur Tinubu is useless and evil, no wonder he is fondly called T.Pain

Kobojunkie:
Force them to continue pillaging and destroying Nigeria's present and future in the name of building infrastructure with nothing to show for it all at the end of the day? Are you people really not done being f-ked up in the arse all of the time by these criminals you have as politicians?

Criticism without making constructive suggestion make no sense. You always talk out of points thinking you make sense. Let me give you a benefit of doubt that you will make sense this time. Oga who always go "gragra" and "off point", what is the right way forward? "We people are done being f-word by these criminals we have as politicians"....so, tell us what to do and how to go about it since you know what to do.

epainos:
■ Criticism without making constructive suggestion make no sense. You always talk out of points thinking you make sense. Let me give you a benefit of doubt that you will make sense this time. Oga who always go "gragra" and "off point", what is the right way forward? "We people are done being f-word by these criminals we have as politicians"....so, tell us what to do and how to go about it since you know what to do.

Go back to page 1 of this conversation to find all I have said so far on this.

Thank you Lord for making us dodge this man. It would have been a disaster if he was in Aso rock at a time like this. In fact, the country would have reduced to Afghanistan.
And one thing for sure, he would show Lagos pepper.

He is a no no

spiralwedge:
Thank you Lord for making us dodge this man. It would have been a disaster if he was in Aso rock at a time like this. In fact, the country would have reduced to Afghanistan. And one thing for sure, he would show Lagos pepper. He is a no no

Is the disaster that is office today — been in office less than 2 years at that— any different? Give Tinubu maybe another 6 months or more and Nigeria will surpass Afghanistan on the fragile state chart.

Kobojunkie:
Is the disaster that is office today — been in office less than 2 years at that— any different? Give Tinubu maybe another 6 months or more and Nigeria will surpass Afghanistan on the fragile state chart.

No nah. You are ignorant and naive. You’re really uninformed or ill informed. You don’t really know what is happening. I won’t engage you because you just want to banter.

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?

If you still judge people from mere assumption then u not mature yet

Kobojunkie:
Go back to page 1 of this conversation to find all I have said so far on this.

I decided to take the pain to read your meaningless responses, and I am not disappointed. Its always junkie...always meaningless and trying to intimidate everyone. Lol. You know your mate and who you can do "gragra" to sha..

Everything you wrote there is summed up into...fighting corruption and overhauling this present system. Oga...is that the solution? Tell us exactly what we should do to fight corruption and which system to adopt when we abolish these ones. And you will mention the systems around that aren't working. If you cannot explain these points well.....just get the crap outta my mention like I always tell you off. And I have warned you several times to keep off my mention cos you will keep getting bashes. Na you e deg always tire cos I will blast you like I always. Empty barrel makes the loudest noise.

LetsFvck:
■ If you still judge people from mere assumption then u not mature yet

That there would be your major problem since I have not judged anyone by mere assumption and all I have done is ask a question there.

DeLaRue:
Interviews like these that give us a valuable insight into the ineptitude of politicians is great.

Mr Obi doesn't have what it takes.

You enjoy other people giving you valuable insights but didn't bother for Tinubu to grant a single interview before voting the criminal because of tribalism. Where's Tinubu you voted for? What is he doing about the economy you clowns entrusted him with? Has he granted a single interview even on TVC that he owns? He's in London enjoying the new jet he bought with borrowed funds while Nigerians suffer the consequences of his stupid economic policies. You yoruba slaves are so shameless and it annoys me seriously. You voted a goat that everyone including the goat agrees Buhari is by far better than but want to tell me that the corrupt imbeci lic interview evading nonchalant clown is better than a frugal, established and disciplined personality like Obi because he said he would offer a stopgap measure in the meantime to ensure our currency doesn't become worthless tissue paper. If I voted a slow p0ke like Tifnubu, I would have deactivated my account long time ago but you shameless Mon keys would be running around trying to justify rubbish. After voting for two dundees simultaneously, what makes you think you still have the right to dictate for reasonable people who to follow afterwards given your previous choices have confirmed how foo lish you are by turning out to be catastrophic failures

Peter Obi is not a Nigerian, he's a Biafran. Peter Obi must stop meddling in the affairs of The Federal Republic of Nigeria.

Anither563:
This is a classic case of economic illiteracy.

On your part right.

Kobojunkie:
The gullibility of the average Nigerian to the workings of its own government continues to astound.🤔

Name one sector of Government in the last 25 years that at one point or another had a clean record as far as corruption is concerned and at what point in time was this?

Tinubu is a failure that appointed a failure team...take it or leave it

Nigeria dodged a bullet you say. The bullet you're getting now nko? Abi na vodka? Silly!!!

Nigeria dodged a bullet you say. The bullet you're getting now nko? Abi na vodka? Silly!!!

yoruboid:
Nigeria dodged a bullet

This man is d@ft and bereft of ideas

Kobojunkie:
Business is not same as governance. Nigerians are not customers of Nigeria but citizens. Don't even pretend that a country should be run the same as his businesses are, the same problem we have with those who have occupied power in the last 25 years pretending Nigeria's Treasury is their private pockets to loot from.

A Country should be run like a business , yes. Business men are better politicians .Go and read , so you would acquire knowledge. Your Country has totally collapsed!!!

mrvitalis:
Every successful economy started with infrastructure? That's a big lie

Lets take a look at China they started by educating their people, funding local businesses before building infrastructure

You don't grow an economy by using borrowed money to build infrastructure

In fact let's take two village

Village A

Gets 20 billion... Use it to build all the roads, build school, hospitals and markets

Village B

Gets 20 billion, doesn't do any infrastructure projects..but . Support it's people to

Build a cassava processing plants
Pall oil processing plants
Rice mills
Shoe factory
And many other businesses


After 10 years which village would be better off answer sincerely

Just wanted to point out that investment in education is a capital intensive infrastructure.
Our government maybe be investing in the wrong infrastructural development, no nation can be great without it.

DeOTR:
Just wanted to point out that investment in education is a capital intensive infrastructure.
Our government maybe be investing in the wrong infrastructural development, no nation can be great without it.

Exactly! That's why I was insistent on the definition of "infrastructure ".

Infrastructure is not only physical things like roads and bridges

DeOTR:
Just wanted to point out that investment in education is a capital intensive infrastructure.
Our government maybe be investing in the wrong infrastructural development, no nation can be great without it.

No nation can get great without infrastructure but borrowing to build infrastructure is foolishness

Every family needs a family car or home but borrowing to buy them is foolishness

mrvitalis:
No nation can get great without infrastructure but borrowing to build infrastructure is foolishness

Every family needs a family car or home but borrowing to buy them is foolishness

Think of it like this: A young man in his late teens had a chance to build houses, buy cars, and make other meaningful investments, but choose to spend that on olosho, expensive wears and exotic drinks. He's 64 years old now with many mouths to feed and lots of responsibilities, and now trying to borrow to achieve what he could have achieved when he was single.
That's our story. We had our chances, but we blew it. As if that's not enough, we've still not learned anything from our past . Even the little we're still making (it's little compared to our size), some few individuals are still living large on it.
The only thing that breaks my heart is: why would any public servant be earning more than 2 million naira monthly (all allowances inclusive)?
This is why I believe we need a reset to salvage the situation.
Take away the corruption and wastages, this government is doing the right thing.
I'm currently in Rwanda. Things are generally more expensive, they pay more taxes and they're largely consumer nations, but but their government is doing the right thing.

phantom:
Exactly! That's why I was insistent on the definition of "infrastructure ".

Infrastructure is not only physical things like roads and bridges

I don't know why most people erroneously think infrastructure is just road and bridges.
I'm surprised he mentioned investments in education while trying to explain why infrastructural development is the most important thing.

Eecho:
A Country should be run like a business , yes. Business men are better politicians .Go and read , so you would acquire knowledge. Your Country has totally collapsed!!!

Nigeria is currently being run like a business as it is. Fun fact! Most communist countries are run like businesses. Do you know those who suffer in those countries? The people! Based on this, you seem happy with the way Nigeria is run, abi?

DeOTR:
Think of it like this: A young man in his late teens had a chance to build houses, buy cars, and make other meaningful investments, but choose to spend that on olosho, expensive wears and exotic drinks. He's 64 years old now with many mouths to feed and lots of responsibilities, and now trying to borrow to achieve what he could have achieved when he was single.
That's our story. We had our chances, but we blew it. As if that's not enough, we've still not learned anything from our past . Even the little we're still making (it's little compared to our size), some few individuals are still living large on it.
The only thing that breaks my heart is: why would any public servant be earning more than 2 million naira monthly (all allowances inclusive)?
This is why I believe we need a reset to salvage the situation.
Take away the corruption and wastages, this government is doing the right thing.
I'm currently in Rwanda. Things are generally more expensive, they pay more taxes and they're largely consumer nations, but but their government is doing the right thing.

Corruption has never been a problem to us ... It's effect is overblown... Yes it's harmful but not really the main issue

Number one issue is our revenue is too poor for a country of 200 million people making less than 20 billion dollars per year? That's a joke

Why is that? Because we are not productive enough, and why are we not productive enough we lack access to capital

Solution Borrow , give to your best brains in areas we have comparative advantage in, they grow pay more tax, employ more people that pay more tad, they repay the loans we repay our debtors

This hopefully can kick start the economic growth

This is what Obi is saying... I wonder why it's difficult for you all to understand

trutharena:
Obi is making sense here.

Making sense? By devaluing Naira and borrowing to defend it? How can you be incurring a debt to pay another debt? Does this sound logical?

mrvitalis:
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

^^^
You have been consistent with this message that infrastructure financed by government borrowing is bad economics. Okay. Let's assume you are right.

But how will your 'solution' work in practice? The government borrows and 'gives it to the people'? What exactly does that mean?

The government 'supports business especially in export potential business and import substitutes'. Again, what form will this 'support' take? Grants? Direct credit?

Does the Nigerian government have a track record of successful, sustainable credit programmes to the public? Your answer is as good as mine. A far more successful result is likely if the development finance institutions the government usually borrows from - decide to extend the credit directly to Nigerians. Some of those DFIs are already in Nigeria and they can do a far better job of credit management and administration than the Nigerian government has ever done.

Fujiyama:
^^^
You have been consistent with this message that infrastructure financed by government borrowing is bad economics. Okay. Let's assume you are right.

But how will your 'solution' work in practice? The government borrows and 'gives it to the people'? What exactly does that mean?

The government 'supports business especially in export potential business and import substitutes'. Again, what form will this 'support' take? Grants? Direct credit?

Does the Nigerian government have a track record of successful, sustainable credit programmes to the public? Your answer is as good as mine. A far more successful result is likely if the development finance institutions the government usually borrows from - decide to extend the credit directly to Nigerians. Some of those DFIs are already in Nigeria and they can do a far better job of credit management and administration than the Nigerian government has ever done.

developmental economics is very complex but I would use a sector to illustrate for you

Let's take pharmaceutical ;- this is an industry Nigeria can have comparative advantage and dominate at least on the African continent

President, calls the pharmaceutical companies
What do you import that you can produce locally if you have credit And would do you need to expand and dominate the African continent

Say the top 50 companies list their demands and it's say about 3 billion dollars

The president borrows the money at a low interest since nations loans have low intrest of say 1.5% per year

Gives the loan to banks at 3% per year intrest in the condition that they give the loan to the pharmaceutical companies at not more than 7% per year... The government gives banks 5 years zero payment and no interest if they give the pharmaceutical companies same

Now you have pharmaceutical companies with a 3 billon warchest...
Will improve
1) local sourcing of input materials
2) expand production
3) increase revenue
4) they would have to employ more people 10s of thousands
4) their tax payment increase

Government
1) traps the pharmaceutical companies into the tax bracket with more access to their books
2) increase revenue from them
3) their loan repayment is used for debt services
4) job creation surges

The ripple effect is felt across the economy

This is an oversimplification, but imagine this in 15 sectors..... Imagine the employment, money in circulation

mrvitalis:
developmental economics is very complex but I would use a sector to illustrate for you

Let's take pharmaceutical ;- this is an industry Nigeria can have comparative advantage and dominate at least on the African continent

President, calls the pharmaceutical companies
What do you import that you can produce locally if you have credit And would do you need to expand and dominate the African continent

Say the top 50 companies list their demands and it's say about 3 billion dollars

The president borrows the money at a low interest since nations loans have low intrest of say 1.5% per year

Gives the loan to banks at 3% per year intrest in the condition that they give the loan to the pharmaceutical companies at not more than 7% per year... The government gives banks 5 years zero payment and no interest if they give the pharmaceutical companies same

Now you have pharmaceutical companies with a 3 billon warchest...
Will improve
1) local sourcing of input materials
2) expand production
3) increase revenue
4) they would have to employ more people 10s of thousands
4) their tax payment increase

Government
1) traps the pharmaceutical companies into the tax bracket with more access to their books
2) increase revenue from them
3) their loan repayment is used for debt services
4) job creation surges

The ripple effect is felt across the economy

This is an oversimplification, but imagine this in 15 sectors..... Imagine the employment, money in circulation

I don't understand how this is too difficult for folks too understand abi na the quality of posters wey dey this forum? ..

He keeps saying the same thing as if it is a new idea that has never been tried in Nigeria.

It is because of ideas like this that Bank of Industry was set up. Other than BOI, each administration has had one form of loan scheme to support businesses. Buhari even went as far as doing Archor borrowers for riice farmers and to support them blocked the border so that they will have little competition. What happened at the end of the day. First of all, Meffy and co used the opportunity to steal some, Politicians hijacked some and many of the farmers that eventually got the money considered it free money with the rate of loan repayment being very low.

Not just Buhari, for as long as I remember, every administration had one form of program to support M &SME or the other, but Nigerians always see it as a grant.

So this his idea is even more foolish than the ones he is trying to replace.

Fujiyama:
^^^
You have been consistent with this message that infrastructure financed by government borrowing is bad economics. Okay. Let's assume you are right.

But how will your 'solution' work in practice? The government borrows and 'gives it to the people'? What exactly does that mean?

The government 'supports business especially in export potential business and import substitutes'. Again, what form will this 'support' take? Grants? Direct credit?

Does the Nigerian government have a track record of successful, sustainable credit programmes to the public? Your answer is as good as mine. A far more successful result is likely if the development finance institutions the government usually borrows from - decide to extend the credit directly to Nigerians. Some of those DFIs are already in Nigeria and they can do a far better job of credit management and administration than the Nigerian government has ever done.

phantom:
I don't understand how this is too difficult for folks too understand abi na the quality of posters wey dey this forum? ..

I have been explaining this same thing for 3 years..

Do you think it's a cultural thing?.

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

Relax, his 'message' is meant for his followers.
Let them savour this moment biko.