₦airaland Forum

Sheuns:


Last week Tinubu said debt servicing had drop from 97% to below 40%, now Mr. Onanuga said it has dropped to below 60%. Who do we believe?

Let all politicians and political appointees get paid accordingly as civil servants and see if funds won’t be freed up to build “infrastructure”. Una dey fly new jet up and down dey tell us say you need to borrow to fund “projects”.

Sheuns:


Last week Tinubu said debt servicing had drop from 97% to below 40%, now Mr. Onanuga said it has dropped to below 60%. Who do we believe?

Let all politicians and political appointees get paid accordingly as civil servants and see if funds won’t be freed up to build “infrastructure”. Una dey fly new jet up and down dey tell us say you need to borrow to fund “projects”.

adenigga:
…Says Tinubu laying foundation for Nigeria’s industrial base


Source: https://vanguardngr.com/Debt-burden-No-sin-in-borrowing-Presidency

JASONjnr:
Even US is borrowing with all their development and good economy.....

Harrynight:
If Nigeria choose not to borrow like US and the Nig Government lives within it reach and revenue generated without borrowing will the country collapse?

Qadaffi2idiamin:
Are you stoapit? US borrows based on economic indices, they have powers to print their currency without shrinking its value. Currency backed by oil and gold.

Ask yourself, what is backing the naira? Why borrow when the market is not driven by real investment from the inside rather jumping everywhere looking for foreigners to invest without developing the internal sectors. Omo make una dey use una head small nah.

JASONjnr:
Even US is borrowing with all their development and good economy.....

agentarcher:
Correction USA currency isn't backed by gold or oil. It hasn't been since the 70s. Also USA government doesn't print it's own currency. The federal reserve which is owned by the Rothschild family sells dollars to the USA government through bonds. Lastly the USA dollar value is determined by a FIAT system. Which is a trust system the USA created when they notice their gold and oil can not sustain their dollar value. The current currency market is regulated by FIAT and we are supposed to trust that $1 is really equal to 1700.

agentarcher:
Correction USA currency isn't backed by gold or oil. It hasn't been since the 70s. Also USA government doesn't print it's own currency. The federal reserve which is owned by the Rothschild family sells dollars to the USA government through bonds. Lastly the USA dollar value is determined by a FIAT system. Which is a trust system the USA created when they notice their gold and oil can not sustain their dollar value. The current currency market is regulated by FIAT and we are supposed to trust that $1 is really equal to 1700.

Mindlog:

JASONjnr:
Even US is borrowing with all their development and good economy.....

casualobserver:
Please show us where Tinubu said it has dropped to 40%! He may have said it had dropped by 40% and like most Nigerians who speak English but really don’t understand English (including the fuuuul in England who thinks he understands English better than an Englishman and challenged him to a competition) who you failed the comprehend and understand the difference between “to 40%” and “by 40%”.

A drop “of” 40% from 97% is consistent with a “drop to”. below 60%.

People like Onanuga went to school when you couldn’t pass English talk leas become a journalist in less you truly understood English.

Sheuns:
The problem with you lots is after telling so much lies, you forget that you’ve told so much lies.

https://www.nairaland.com/8438138/mid-term-security-economy-improving-under

“Our debt position is improving. While foreign exchange revaluation pushed our debt-to-GDP ratio to around 53%, our debt service-to-revenue ratio dropped from nearly 100% in 2022 to under 40% by 2024. We paid off our IMF obligations and grew our net external reserves by almost 500% from $4 billion in 2023 to over $23 billion by the end of 2024.

‘’Thanks to our reforms, state revenue increased by over N6 trillion in 2024, ensuring that sub-national governments can reduce their debt burden, meet salaries and pension obligations on a timely basis, and invest more in critical infrastructure and human capital development.


You can also check this thread on NL
https://www.nairaland.com/8438877/40-major-milestones-achievement-president

casualobserver:
In that case you should have enough common sense to know that people make slips of tongue and our journalists these. Days are notorious for quack reporting. Many of them are only journalists because they can’t get a better job.

Either way your common sense should have kicked in. It’s like reading a story or headline for instance claiming we are to spend $1T on a project. You don’t need any brain power to know it is an error and it is either N1TNaira or $1B!

Sheuns:
Okay. I just hope you’re getting paid enough for these defenses you put up for these politicians.

Don’t do it for free o. Good bye.

JASONjnr:
How long do you think the internal generated funds can take Nigeria?

Will you be fine if the government atop subsidizing everything to be able to focus the money generated on development and public finance reforms?

Will.you be fine with tax increase?

helinues:
Toh

adenigga:
…Says Tinubu laying foundation for Nigeria’s industrial base

Source: https://vanguardngr.com/Debt-burden-No-sin-in-borrowing-Presidency

ManirBK:
Aug 28, 2023
The Federal Government says it has no intention to borrow from any local or foreign organisation with its removal of subsidy on petrol and exchange rate harmonisation.

The Minister of Finance and Coordinating Minister for the Economy, Chief Wale Edun, revealed this at the end of the inaugural Federal Executive Council meeting on Monday in Abuja.

He said that the benefit of the subsidy removal would be ploughed back into various sectors aimed at boosting government revenue and improving the business environment for local and foreign investment.

Edun said that with the increased revenue from subsidy removal, various palliatives have been made available to cushion its effect on a short, medium and long-term basis.

He reiterated the President Bola Tinubu-led administration’s desire to bring back the economy from the wood it has found itself over time.

https://www.vanguardngr.com/2023/08/fg-ends-borrowing-finance-minister/amp/

JASONjnr:
Even US is borrowing with all their development and good economy.....

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

Cj4charles:
Put in your seat belt Nigerians, more fat loan loading........ 😁😁😁😅