₦airaland Forum

forgiveness:
They are just borrowing money but I hope it's used judiciously for the purpose.

Celestialsword:
They are using these loans to support the naira from dipping.while neglecting critical sectors of the economy.

If I may ask,where is money from the subsidy removal and proceeds from increased taxes on Nigerians

The padding of the naira is consuming majority of the fund

The Nigeria economy is on a life support.

sulaak:
Nigeria's economy has always been on life support. With oil exports returns barely $20 billion per annum, the government can barely function.

forgiveness:
They are just borrowing money but I hope it's used judiciously for the purpose.

socialmediaman:
The 2018 Rating by Transparency International placed Nigeria at 148th position out of 180 countries. Nigeria was improving over the years under the previous government, until Buhari got elected as president, things became worse.

There is a difference between fact and fiction. We need to face facts, Buhari is worse than GEJ when it comes to fighting corruption, at least that’s what the facts prove.

Most of us believed there was corruption under Goodluck Jonathan’s Government. I agree with those who did, there was corruption, but not as bad as it is today under Mohammadu Buhari.

In 2012, Nigeria was placed at 139th position, In 2014, Nigeria gained 3 steps and was placed at 136th position. Under Buhari, Nigeria has lost many positions down to 148th.

There’s no further proof needed that corruption has worsened under Buhari’s government compared to previous years.

http://saharareporters.com/2018/02/21/transparency-international-ranks-nigeria-148th-worlds-least-corrupt-country

ncdegreat:
Dangote's largest single train Refinery in the world was built with $19 Billion dollars. And this government is borrowing $20Billion dollars that there will be nothing to show for it last last. It's well, they should continue.

anonimi:
“The worst illiterate is the political illiterate, he doesn’t hear, doesn’t speak, nor participates in the political events.

He doesn’t know the cost of life, the price of the bean, of the fish, of the flour, of the rent, of the shoes and of the medicine, all depends on political decisions. The political illiterate is so stupid that he is proud and swells his chest saying that he hates politics.

The slowpoke doesn’t know that, from his political ignorance is born the prostitute, the abandoned child, and the worst thieves of all, the bad politician, corrupted and flunky of the national and multinational companies.”

― Bertolt Brecht

delkuf:
the govt can barely function and this guys are living a flashy lifestyle. Tinubu is giving millions to governors and politicians.

Let stop deceiving ourselves. Even if oil export us at $10 Nigeria can still function. It is to minimize the excess spending.

chisomkachy:
Nigerian President Bola Tinubu’s first supplementary budget includes a fleet of SUVs for himself and his wife, a presidential yacht and the renovation of his villa amid a cost-of-living crisis for some of the poorest people in the world.

The proposal — which seeks additional funding beyond the annual budget approved by Tinubu’s predecessor — comes as the government asks Nigerians to persevere through pain caused in part by a raft of economic reforms ushered in by the new president. Africa’s most populous country faces rampant unemployment, soaring food prices and a plummeting currency.

Federal lawmakers approved the president’s request for extra spending on Thursday, but eliminated the provision of 5 billion naira ($6.01 million) to buy a presidential yacht. Instead, they doubled the allocation to a student loan fund to 10 billion naira, according Abubakar Bichi, chairman of an appropriations committee in the House of Representatives.

The lawmakers approved 1.5 billion-naira proposed to purchase SUVs for the office of First Lady Oluremi Tinubu — an amount larger than that allocated to many individual federal colleges. The supplementary budget also proposes almost 6 billion naira to purchase SUVs for the presidency — more than the amount initially allocated to fund a student loan program for poor families.


https://www.bloomberg.com/news/articles/2023-11-02/nigeria-budgets-for-suvs-and-yachts-amid-economic-hardship

delkuf:
the govt can barely function and this guys are living a flashy lifestyle. Tinubu is giving millions to governors and politicians.

Let stop deceiving ourselves. Even if oil export us at $10 Nigeria can still function. It is to minimize the excess spending.

DiamondsAreFore:
https://www.bloomberg.com/news/articles/2025-05-27/nigeria-s-tinubu-seeks-nod-for--24-billion-external-loan-plan




https://saharareporters.com/2025/05/27/tinubu-seeks-national-assembly-approval-215billion-loan-n758billion-bond-amid#google_vignette

Gotocourt:
Tinubu is after our life

forgiveness:
They are just borrowing money but I hope it's used judiciously for the purpose.

Ritchiee:
Good.
He is paying the debts even the ones he met on ground.
Even Keir Starmer,Trump etc are borrowing money.
Serious nations and govts will always borrow and pay as much as possible but they should use the money for laudable projects not loot.
We all know that President Tinubu has 4 legacy projects and numerous projects all over the 6 geo political zones of Nigeria.
There had never been projects being executed simultaneously all over Nigeria the way they are in this dispensation.
He should have borrowed up to 50 billion dollars in order to quicken the growth of Nigeria and Nigerians.

forgiveness:
They are just borrowing money but I hope it's used judiciously for the purpose.

forgiveness:
They are just borrowing money but I hope it's used judiciously for the purpose.

Ritchiee:
Good.
He is paying the debts even the ones he met on ground.
Even Keir Starmer,Trump etc are borrowing money.
Serious nations and govts will always borrow and pay as much as possible but they should use the money for laudable projects not loot.
We all know that President Tinubu has 4 legacy projects and numerous projects all over the 6 geo political zones of Nigeria.
There had never been projects being executed simultaneously all over Nigeria the way they are in this dispensation.
He should have borrowed up to 50 billion dollars in order to quicken the growth of Nigeria and Nigerians.

sulaak:
What happened to the $24 billion that Buhari borrowed?


Nigeria is finished. Tinubu has figured out that there is no foreign investment coming into the country. The oil export has been mortgaged to the hilt. So he has to borrow to fund consumption.

Godfullsam:
This is better no true.

Why was subsidy removed and naira floated in the first place?

Thought it's for the government to be able to raise money and finance critical projects.

If so, why are they still borrowing money? This balablu government seems to have borrowed more money in less than 2 years more than the previous administration.

Some of you still supporting this government, you people will not make heaven o.

Lol....you yourself don make heaven 😂😂

abiodunbright:
You sound educated but where is all the saved billions from subsidy?

Ritchiee:
In Nigeria, the federal government and the states share revenue through the Federation Account Allocation Committee (FAAC). The current revenue sharing formula allocates 52.68% to the FG, 26.68% to the states, and 20.60% to local governments. Additionally, oil-producing states receive a 13% derivation fund.

Now all FAAC allocations to governors etc have tripled.They are paying their debts and borrowing none or less.Most of them are executing projects right,left and centre without borrowing.

No ASUU strike and all other strikes that have become a culture in Nigeria.

Tinubu himself had borrowed 9.9 billion dollars since his coming and he has paid back more than 12 billion dollars of Nigeria's debt.

Borrowing is not bad if only they would use it for production or infrastructures and not looted.

sulaak:
How will Nigeria support its existing debt of $10 for oil export? I don't need to highlight the hopelessness of Nigeria's political class, which is a well-known subject.

We need to remove emotion from politics and take on corrupt politicians directly