₦airaland Forum

THE Federal Government is expected to borrow $25 billion by 2015, Nigeria’s Debt Management Office, DMO, told the House of Representatives yesterday.

This disclosure was made at a meeting with the House Joint Committee on Finance, Legislative Budget and Research, National Planning and Aid, Loans and Debt Management scrutinising the 2013-2015 Medium Term Expenditure Framework and Fiscal Strategy, MTEFF, paper submitted by President Goodluck Jonathan.

The projected figure represents the country’s foreign and domestic borrowings flowing from 2013-2015 under review.

DMO’s Director General, Dr. Abraham Nwankwo in his presentation on Nigeria’s overall debt profile and expected borrowing for 2013-2015 told the joint panel that for 2012, Nigeria external debt is projected at $9,021.53 billion; 2013 ($12,165.10 billion); 2014 ($14,585 billion) and 2015 ($16,765 billion).

A breakdown for domestic debt is projected at: 2012 ($6,483.81 billion); 2013 ($7,125.93 billion); 2014 ($7,792.41 billion) and 2015 ($8,4441.86 billion).

At the meeting, Chairman House Committee on Legislative Budget and Research, Opeyemi Bamidele, queried the absence of a debt ceiling and what it described as Nigeria’s “aggressive” borrowing from local and international sources, lawmakers said the development has stifled chances for private business to access loans locally.

He said: “We are now aggressively borrowing in such a manner that the private sector is now being stifled as the government is now the only big spender in the economy. The private sector cannot access funds domestically, they cannot create jobs.

The DG in his response to Bamidele’s query on rising debts countered, “Every country in the world borrows, even the most financially prudent countries like Germany and the US.”

In another development, the House joint committee refused a Central Bank of Nigeria, CBN, delegation from making a presentation at the meeting insisting that the CBN governor, Mallam Sanusi Lamido Sanusi appear in person today by 10 am to defend the MTEFF paper.

The panel insisted that any delay in the passage of the MTEFF should be blamed on the action or inaction of the CBN.

Chairman House Committee on Finance, House Committee on Finance, Abdumumini Jibrin issued the directive. He said, “The CBN delegation I think from your introduction, we have about two Directors here and a couple of Deputy Directors and some Assistant Directors.

Source: https://www.vanguardngr.com/2012/10/nigeria-debt-profile-rises-to-borrow-25bn-by-2015/

And this is what is currently important? People are dying of hungry

Tinubu, tunde bakare, Wole Soyinka , omolwoleye sowere, Enoch adegboye, odumakin and all those people from that region who incited the north everyday to stop the well performing 1st president from a region that produces Nigerian oil from completing his tenure due to their hate for Niger delta, today they are all silent but the regions hate for SS continues but God no Dey sleep because evil or good gets their reward at the right time. Read the post ☝️

Dumeby3:
And this is what is currently important?

It is meant to educate fake news peddler. Like I’ve opined consistently, nothing is strange in MTEF as it has always been how we plan loan.

What we forecast might not necessarily be what gets borrowed. So I am very surprised when I saw media houses framing it like FG borrowed that amount as loan.

rinzaugustine:
Tinubu, tunde bakare, Wole Soyinka , omolwoleye sowere, Enoch adegboye, odumakin and all those people from that region who incited the north everyday to stop the well performing 1st president from a region that produces Nigerian oil from completing his tenure due to their hate for Niger delta, today they are all silent but the regions hate for SS continues but God no Dey sleep because evil or good gets their reward at the right time. Read the post ☝️

You don chopp today bro? Seems you are hungry.

What's the meaning of this, Op

LegendHero:
You don chopp today bro? Seems you are hungry.

How many people you dey feed?

LegendHero:
You don chopp today bro? Seems you are hungry.

Your own is just to silence dissenting voices. What's worse is that you're not even in Nigeria to join us in seeing this shege, you're in the US where things work, but you're supporting a government that has rendered the entire country comatose, because the president is your tribesman. The hottest section of hell fire is reserved for people like you. BTW, it's been almost 2 years, where are the CNG busses that were supposed to play a vital role in easing the sufferings of the masses? Where are the CNG stations? Plants? Where are the food banks? Where are the economic gains of subsidy removal and naira devaluation that we were promised? Where are the foreign investors? Isn't it preposterous that Bola Tinubus biggest project in a suken economy is a gargantuan road project that is merely just a newer duplicate of the existing road network? How is a coastal highway going to improve the lives of over 200 million people?

LegendHero:
Source: https://www.vanguardngr.com/2012/10/nigeria-debt-profile-rises-to-borrow-25bn-by-2015/

interesting time really... so you could quote Jonathan?? the same jonathan you criticised for this particular issue all of a sudden you are using your supposedly failed president to justify your own shinning president... na wa oooooo

Commentor:
How many people you dey feed?

That's one of the agbadoh folks who don't live in Nigeria but keep imposing Escobar on Nigerians because they only care about their tribesman being president and don't give a damn if he can do the job.

LegendHero:
You don chopp today bro? Seems you are hungry.

You go cry forever!

The foolishness of these govt fanboys cannot be overemphasized. Atleast Nigerians were enjoying low petrol prices, low electricity tariffs and the economy was at it's best. What exactly do this govt have to show for their borrowing?? Where's the refineries they borrowed to fix?

SmartPolician:
That's one of the agbadoh folks who don't live in Nigeria but keep imposing Escobar on Nigerians because they only care about their tribesman being president and don't give a damn if he can do the job.

who told you he lives in US or is it because of what he posts you believe? Believe Agbado at your risk, anyone who lives in US no go carry am for head like agbo all over a faceless forum, myself typing do you know where I live? No because it’s of no use to anybody

In your quest to defend the govt of the day’s crazy borrowing, you exposed the hypocrisy of one of the lawmakers supporting the government of the day.

Keep it up.

Funny enough, the folks who criticised same yesterday will pass it at midnight today today, whilst those ones who endorsed it then will immediately seek to block it.

This democracy strong...

hegelian:
interesting time really... so you could quote Jonathan?? the same jonathan you criticised for this particular issue all of a sudden you are using your supposedly failed president to justify your own shinning president... na wa oooooo

But una talk say Jonathan is the best president after salad.

So why can’t we quote the best president again?

You people should ask LegendHero to show us the one that buhari collected first before dragging Jonathan

rinzaugustine:
Tinubu, tunde bakare, Wole Soyinka , omolwoleye sowere, Enoch adegboye, odumakin and all those people from that region who incited the north everyday to stop the well performing 1st president from a region that produces Nigerian oil from completing his tenure due to their hate for Niger delta, today they are all silent but the regions hate for SS continues but God no Dey sleep because evil or good gets their reward at the right time. Read the post ☝️

Stop the lie.
Jonathan was a gentleman but with all the humongous revenue that he made during his tenure,Nigeria was borrowing money to pay workers in 2014 before the arrival of Buhari.
They have squandered all.
His beginning was good but the end was disastrous.

SeeWahala:
You people should ask LegendHero to show us the one that buhari collected first before dragging Jonathan

I am not dragging Jonathan.

The essence of this thread is to show what MTEF is and how it’s a normal process for presidents to present such debt ceiling for 2 year period.

It is not an actual debt yet until they draw it.