₦airaland Forum

DeLaRue:
What's the connection between floating the Naira, removing subsidy, and borrowing.

Many of you just parrot fake opposition 'anger' against borrowing. Has Mr Obi or Mr Atiku said they would not borrow if they became President. What a joke. They will put a dollar-printing machine in Aso Rock and print dollars to their hearts content abi?

Virtually every country in the world that has access to borrow money is borrowing.

The richest countries in the world- Switzerland, Norway, Saudi Arabia etc are constantly borrowing money to improve their countries.

Yet, you expect Nigeria that desperately needs infrastructure to siddon dey look as the likes of even Ghana, Kenya, Ethiopia, Rwanda etc borrow to develop their economies.

No country on planet earth developed without borrowing money. If you know one, mention it.

Lagos State is the most indebted State in Nigeria, yet it is the most developed. If you are Ekiti or Cross River etc, and your people are opposed to your state taking loans to build infrastructure, no problem. You remain stagnant where you are.

NIGERIA NEEDS LOANS.THE COUNTRY SIMPLY DOES NOT HAVE THE MONEY TO FINANCE ITS INFRASTRUCTURE NEEDS.

It is no coincidence that Mr Dangote and his companies, MTN, Airtel are some of the most indebted companies in Nigeria. But they are also some of the richest. Often, you have to borrow to invest, and then pay back the loan from the profits from that investment.

Mr Dangote borrowed billions of dollars to build his refinery. No doubt his mates who opposed borrowing and chose to sit down at home eating guguru are looking at Mr Dangote's refinery success now and wandering whether they too should have borrowed to expand their businesses. If you choose not to take risks in life, no problem. But often, the most successful are people who take risks.

The issue is not about the loan itself. It is about whether you can afford to pay it back, and whether you use it for the right purpose.

Nigeria can certainly afford to pay back its loans. The economy is growing at about 4% annually, though that growth rate may or may not fall in the near term due to the Iran war.

Instead of jumping up at the mention of government taking a loan, citizens should focus on mounting pressure on the government to ensure that loans are deployed for the right purposes.

kripen:
The loan was approved in less than 3 hours, no strong deliberations on it. It is a pity that our unborn children will inherit this.

Anyway, everybody will collect because of the impact the different loans will have on us. This administration has subjected us to untold hardship and some clown think it is some section that will suffer it, we die together. Una never seen anything, it is just getting started you all should wait for it.

WizardOfNG:
You need constitution to tell you that? This is why I specifically mentioned civic duty. It seems many Nigerians, as you confirm here, don't understand their civic responsibility.

This is why you wrongly believe it is only the President who should be in your line of fire always.

Leonardo4:
You people are jokers. state governors or LGA receiving x3., but the allocation of previous administration can still do more in value.

Leonardo4:
You people are jokers. state governors or LGA receiving x3., but the allocation of previous administration can still do more in value. What's the value of dollar when Tinubu took over. Dollar to naira Went up x3 thats why allocation was increased x3 to meet up with reality . In essence he did t increase any allocation. Nothing change because he devalued and float the naira.the cost of every thing teipled when he came in and you espect him to still be sharing same allocationas previousadministration?

"the removal allowed for more funds for state government obligations".

kripen:
The loan was approved in less than 3 hours, no strong deliberations on it. It is a pity that our unborn children will inherit this.

Anyway, everybody will collect because of the impact the different loans will have on us. This administration has subjected us to untold hardship and some clown think it is some section that will suffer it, we die together. Una never seen anything, it is just getting started you all should wait for it.

Kingzjayzee:
https://businesspost.ng/economy/senate-approves-president-tinubus-6bn-loan-request/

DeLaRue:
What's the connection between floating the Naira, removing subsidy, and borrowing.

Many of you just parrot fake opposition 'anger' against borrowing. Has Mr Obi or Mr Atiku said they would not borrow if they became President. What a joke. They will put a dollar-printing machine in Aso Rock and print dollars to their hearts content abi?
Virtually every country in the world that has access to borrow money is borrowing.

The richest countries in the world- Switzerland, Norway, Saudi Arabia etc are constantly borrowing money to improve their countries.

Yet, you expect Nigeria that desperately needs infrastructure to siddon dey look as the likes of even Ghana, Kenya, Ethiopia, Rwanda etc borrow to develop their economies.

No country on planet earth developed without borrowing money. If you know one, mention it.

Lagos State is the most indebted State in Nigeria, yet it is the most developed. If you are Ekiti or Cross River etc, and your people are opposed to your state taking loans to build infrastructure, no problem. You remain stagnant where you are.

NIGERIA NEEDS LOANS.THE COUNTRY SIMPLY DOES NOT HAVE THE MONEY TO FINANCE ITS INFRASTRUCTURE NEEDS.

It is no coincidence that Mr Dangote and his companies, MTN, Airtel are some of the most indebted companies in Nigeria. But they are also some of the richest. Often, you have to borrow to invest, and then pay back the loan from the profits from that investment.

Mr Dangote borrowed billions of dollars to build his refinery. No doubt his mates who opposed borrowing and chose to sit down at home eating guguru are looking at Mr Dangote's refinery success now and wandering whether they too should have borrowed to expand their businesses. If you choose not to take risks in life, no problem. But often, the most successful are people who take risks.

The issue is not about the loan itself. It is about whether you can afford to pay it back, and whether you use it for the right purpose.

Nigeria can certainly afford to pay back its loans. The economy is growing at about 4% annually, though that growth rate may or may not fall in the near term due to the Iran war.

Instead of jumping up at the mention of government taking a loan, citizens should focus on mounting pressure on the government to ensure that loans are deployed for the right purposes.

ZombieDredd:
Buhari must be rolling in his tight grave.

Subsidy monies not seen
But you keep borrowing more and more

WizardOfNG:
Lol. An economic illiterate calling others joker. Simple question requiring a simple answer.

You claim "the allocation of previous administration can still do more" yet why were States on the verge of collapse under Jonathan and Buhari to the extent many were borrowing to pay salary whereas today all States pay salary comfortably with their federal allocation? Explain.

The main 'ability' most of you have is being the most insulting and uncouth Africans alive whereas you lack the knowledge of those you insult.

Pay particular attention to the assertion;

Emotionss:
Please oo what happened to the money that was supposed to be recovered from the removal of subsidy ?

I thought they said with subsidy removal, vat increase, and new tax law there won't be any more need for borrowing.

Reference:
So the Federal government gave all the money to states, retained nothing for itself such that it has to borrow to do it's mandate....how does that sound. And by the way have the states stopped borrowing too...now they are awash with Federal funds.

ZombieDredd:
Buhari must be rolling in his tight grave.

Subsidy monies not seen
But you keep borrowing more and more

WizardOfNG:
Subsidy money not seen how? Aren't States and local Government getting at least 3 times what they were recieving before subsidy removal?

Go and lobby your Governor and LGA chairman if you want to "see" subsidy money and stop obsessing about Mr.President alone.

You guys deliberately refuse to do your civic duty, as done elsewhere globally, so you can indulge your unprogressive and bigoted desire for demarketing a President you dislike because of his ethnic and religious background.

It is nothing other than that because you would be more active lobbying those, leadership-wise , directly more important to you than the President, your Governors and local Government Chairmen, where you and all Nigerians live. I.e in a local government of a State in Nigeria.

Leonardo4:
You people are jokers. state governors or LGA receiving x3., but the allocation of previous administration can still do more in value. What's the value of dollar when Tinubu took over. Dollar to naira Went up x3 thats why allocation was increased x3 to meet up with reality . In essence he did t increase any allocation. Nothing change because he devalued and float the naira.the cost of every thing teipled when he came in and you espect him to still be sharing same allocationas previousadministration?

Image123:
Why must this be explained a million times to you folks. Nigeria is not rich enough to afford subsidies. Our subsidies are debt, not something paid from abundance. Removal of that debt doesn't mean there is no more debt or that we're now rich. It just means there is now less debt pressure.
It's like you earn 70k and accrue debt of 140k monthly. That is you're spending 210k monthly. Then you cut off 100k of your spending/debt. Your monthly expenses is now 110k. You're still earning 70k. You must still borrow 40k. You can't compare yourself to someone earning 500k though both you and the person's children must live. Yet you want the same education and experience as the other person. That's Nigeria situation. We have many children and less money. We're not Qatar.

Kalulu44:
Money giving to governors, is it for states improvement or to buy them to his side?

WizardOfNG:
How can federal allocation be used for the bolded? Make it make sense bro because federal allocation to States is not a bribe Tinubu can withhold from Governors failing to do his bidding.

Objective and informed Nigerians know that no President can withhold allocation accruing to States from the income of Nigeria that belongs to all tiers of governance and not the FG alone.