₦airaland Forum

Dogalmighty17:
Let's not forget. This government still can't account for 1.1 billion dollars in borrowed funds.

What about NNPC. Trillions written off.
Stolen, misspent, lost, whatever....
Refineries.
Billions wasted on useless explorations that have yielded ZERO.
Who is answering questions. NOBODY.
Who is asking questions. NOBODY.

mrvitalis:
I was shouting it here for years

How can you borrow money to build infrastructure that require even more money you don't have to run and be maintained how does it make any sense?

APC don't understand the fundamentals of developmental economics, now they need to borrow pay back the loans Buhari took to build near useless infrastructures

Am I saying infrastructures or bad or not needed? Absolutely not.. But building them with borrowed money would only make you poorer

Oga.
There are some so called infrastructure that are completely useless. Just pet projects to harvest government pork for political settlement.

You are a businessman. If you are pressed hard like most legitimate businesses are today, what do you spend money on. Flashy stuff or fundamental, critical stuff that will keep your business ALIVE first, then able to keep it running to catch up will galloping inflation. That is if you are interested in surviving another year.

Does it look like the Nigerian government is thinking that way. What are the biggest project investments today, the news breakers, coastal road, airport renovation, gas pipeline to Morocco.

What are Nigerians ALWAYS talking about that affects them economically.

1. POWER, POWER, POWER. Stable, affordable electricity.
2. TRANSPORTATION, TRANSPORTATION, TRANSPORTATION. Stable, efficient, and affordable intercity, intracity and inter-hub transportation because it is the harbinger of all the inflationary effects on the economy courtesy of the subsidy removal.

Where are the big budget investments in these if a government is thinking socio-economically. Or if it is thinking purely capitalist, what are the investments it hopes will bring in th mega bucks tomorrow.

PlasmaTV:
APC is a curse and a canker to Nigeria.

Anyone who disagrees needs to be checked . Pre-2015 nigeria is TOTALLY different from when they took over. APC ruined this country . All of them without exceptions.

Racoon:
Subsidy is gone, MDAs are meeting target drive, yet the rudderless govt is mortgaging this nation into endless loans and debts. Meanwhile they are just looting the nation dry.

Why do you emotional people play with issues of national importance like this? This data provides transparency on the state of our perilous finances and an opportunity to ask presidential aspirants how they will resolve this DIFFICULT financial/economic problems. How do you balance the books without borrowing?
Is it worth “borning” 8.5million children per annum into a country with this state of finance? What is the future of those children ?
As long as we are not productive, and population continues to grow because we love Konjie too much, then the hardship will continue regardless of the person in Aso Rock!

Reference:
Oga.
There are some so called infrastructure that are completely useless. Just pet projects to harvest government pork for political settlement.

You are a businessman. If you are pressed hard like most legitimate businesses are today, what do you spend money on. Flashy stuff or fundamental, critical stuff that will keep your business ALIVE first, then able to keep it running to catch up will galloping inflation. That is if you are interested in surviving another year.

Does it look like the Nigerian government is thinking that way. What are the biggest project investments today, the news breakers, coastal road, airport renovation, gas pipeline to Morocco.

What are Nigerians ALWAYS talking about that affects them economically.

1. POWER, POWER, POWER. Stable, affordable electricity.
2. TRANSPORTATION, TRANSPORTATION, TRANSPORTATION. Stable, efficient, and affordable intercity, intracity and inter-hub transportation because it is the harbinger of all the inflationary effects on the economy courtesy of the subsidy removal.

Where are the big budget investments in these if a government is thinking socio-economically. Or if it is thinking purely capitalist, what are the investments it hopes will bring in th mega bucks tomorrow.

Firstly I have always said it power ( national grid electricity ) is not important for production for now since we can't afford it

Roads infrastructures should be at a minimum, just basic maintenance

The key to Kickstarting our economy

1) access to low interest loans for producers in key areas we have comparative advantage
And they have shown they can produce at a competitive price..

2) business friendly import and export policies...

Things like steel, aluminum , any raw material you can show would be used for local manufacturing and add value should be duty free

Especially if you plan to export a large percentage of the finished product

parags:
Anyone who disagrees needs to be checked . Pre-2015 nigeria is TOTALLY different from when they took over. APC ruined this country . All of them without exceptions.

Pain and ignorance are your problem. Show the data to your preferred candidate and ask them what is their plan to solve this unbalanced budget issue without BORROWING?

And how they plan to reduce our birth rate and population growth.

As the country is borrowing, it's citizens are also borrowing...

For the very first time in my life, when I had no other option, I had to borrowed from one of this loan app some days ago.

Don't EVER say that you can NEVER do something. This life/country have many ways of humbling you.

Nigerians are not ready, any politicians dead or alive found guilty of corruption should get all his I'll gotten wealth and properties seized and disposed, then imprisoned if alive but if dead his family members must be deprived any political office

PigTormentor:
The govt should be borrowing to build Beer factories? Pls come and see a typical shallow Nigerian youth.
This is exactly what your govt should be doing with borrowed money.
You borrow to build capital projects not to pay salaries like under Jonathan.
All the western countries that all of you want to run to uses borrowed money to build capital projects like Airport, rail, road etc.
When you creat such environment it will then lead to others to come and invest in such environments which will eventually lead to jobs and more taxes for thr govt in thr long run.
This is how real capitalist flourishing economy works.
You should not care if they borrow but worry about what they use the money for.
If they are using thr money to build such capital projects, then your future is secured.

Your kidney must be above your oblongata medulla oblongata.
Why not connect new locations to existing federal road network instead of "dualizing" with nothing but tolls in view.
While i am not Obi fan or supporter, his beer factory idea is apt. It kept anambra money back within anambra. Anambra people are already industrious so it will be unfair for govt to enter into competition with private businesses. Thats what nigerians need in principle. Production of what we consume but are still importing gradually to production of what utilizes our most raw materials and finally production of what can be exported.

parags:
Anyone who disagrees needs to be checked . Pre-2015 nigeria is TOTALLY different from when they took over. APC ruined this country . All of them without exceptions.

PDP was empathetic towards Nigerians. Jonathan and his wife were empathetic towards kidnappings and killings.

Tinubu doesn't care. At all. Neither does RAT.

Subsidy has GONE!! according to baba blu what has happened to that money ?...Is he not the petroleum minister as well why the huge debts not justified

PigTormentor:
The govt should be borrowing to build Beer factories? Pls come and see a typical shallow Nigerian youth.
This is exactly what your govt should be doing with borrowed money.
You borrow to build capital projects not to pay salaries like under Jonathan.
All the western countries that all of you want to run to uses borrowed money to build capital projects like Airport, rail, road etc.
When you creat such environment it will then lead to others to come and invest in such environments which will eventually lead to jobs and more taxes for thr govt in thr long run.
This is how real capitalist flourishing economy works.
You should not care if they borrow but worry about what they use the money for.
If they are using thr money to build such capital projects, then your future is secured.

I bet you believe all these rubbish you have made up in your head.


Your future is secured? Which future? The one they are trying to end before it starts? you are ridiculous

[quote author=Racoon post=139135709]"Under President Tinubu (from May 2023 to September 2025), public debt rose by roughly $45 billion (₦66 trillion) in just over two years, averaging about $20 billion (₦29 trillion) annually.

By comparison, the previous administration (2015–2023) added roughly $52 billion (₦75.3 trillion) over eight years, or about $6.5 billion (₦9.4 trillion) per year on average......" [/quote

The special adviser on economic mattersDr Fasua was on a national TV yesterday spewing thrash that the borrowing was not bogus as the public looked at it.
I don't blame him cos he is protecting his pot of soup.
SMH

Racoon:
https://financeinafrica.com/insights/nigerias-borrowing-surge-why-the-debt/?utm_source=Google&utm_medium=banner&utm_campaign=%246bn+debt+borrowing&utm_id=%246bn+debt+borrowing&utm_term=%246bn+debt+borrowing&utm_content=Nigeria+raises+budget%2C+adds+%246bn+debt+as+borrowing+surge+accelerates&twclid=2bnunmav4w1n1a4jfxdfrgtloq

One of the cheap lies sold to Nigerians was that the stoppage of oil subsidy will put an end to borrowing?

Omase o

I saw a brilliant interview by Bolaji Balogun (I think)

Our current infrastructure (roads, airports, sea ports etc) was built when our GDP was $10-40b. If you look at our current infrastructure, they were built in the 60s-80s. Apapa port was built in 1913 and last modernized in the 1970s, Tin Can was built in the 1980s, MMA was built in the 1970s. Our current GDP is ~$350B and we have a stated objective to grow it to $1T. We are not going to achieve that with infrastructure designed for a $40b economy and a population less then 60m. Even our current $350b economy is already straining the infrastructure built for at best a $100b economy. If you dont have the cash and are credit worthy enough to secure infrastructure loans, you must borrow. It would be criminal not to.

It’s the main reason why Lagos is outpacing other states. It has the highest debt, it borrows for trains, deep sea ports etc and it’s GDP grows whereas those regional states who see borrowing as heresy see mass exodus of their industries and professionals leaving their states occupied by native doctors farmers and okada riders. A lot of Lagos residents would willingly exit Lagos if only states would have the vision to borrow to build the infrastructure necessary to attract them.

They are corrupt, liars and incompetent antidemocratic elements.

Reference:
'...we don't have money...' - why don't we have money.

Compare how much revenue both internal and revenue, reserves and savings that we have, compared to population.

'...you want to buy a car...' - who decides you need a car.

The car is an analogy for infrastructure. We need basic infrastructure.

'...more productivity...make your life easier..' - who's life, who are the 'we'

Life is life, we are Nigerians.

'....and probably earn you a little more income...' - how much income has been earned from the loans over the past years - a question for the citizens to ask and for the international and local lenders to answer.

Roads link up places, give access, provide more jobs for instance. Same goes for improving revenue generators like ports, whether sea or air. These are basic social studies knowledge you should know.

This is how simplistic the government wants us to think. But does all these happen in reality. Such that the first question, 'why you don't have money's doesn't become a permanent feature of our experience as Nigerians from the day we are born till the day we die.

We must start with the simple things. Should we be talking about going to the moon instead? You can't keep multiplying like rats with no basic education and wish away facts.

Thee is NEVER enough money for a waster.
Spending is the problem with this nation.

That's a valid discussion, doesn't remove from the fact that we don't have enough.

I do sincerely hope one day we can get the kind of leadership that can till the ground of this country and harvest the wheat that will bake the bread of development. Because this is just not how great nations are built.

Amen. We have about zero foundations.

Even US have not stopped borrowing and over 40 thrillion us dollars in debt., yet keep increasing its debt ceiling. We are too fixated on thw borrowing instead of paying greater attention to if we are increasing income. The real more important indicator i expect needs to be monitored is the rate of revenue growth. Nigeria is not a rich country per capita. A 50billion usd annual budget is a shame for 230 million Nigerians and when we begin to factor in massive corruption, it gets worse.

casualobserver:
I saw a brilliant interview by Bolaji Balogun (I think)

Our current infrastructure (roads, airports, sea ports etc) was built when our GDP was $10-40b. If you look at our current infrastructure, they were built in the 60s-80s. Apapa port was built in 1913 and last modernized in the 1970s, Tin Can was built in the 1980s, MMA was built in the 1970s. Our current GDP is ~$350B and we have a stated objective to grow it to $1T. We are not going to achieve that with infrastructure designed for a $40b economy and a population less then 60m. Even our current $350b economy is already straining the infrastructure built for at best a $100b economy. If you dont have the cash and are credit worthy enough to secure infrastructure loans, you must borrow. It would be criminal not to.

It’s the main reason why Lagos is outpacing other states. It has the highest debt, it borrows for trains, deep sea ports etc and it’s GDP grows whereas those regional states who see borrowing as heresy see mass exodus of their industries and professionals leaving their states occupied by native doctors farmers and okada riders. A lot of Lagos residents would willingly exit Lagos if only states would have the vision to borrow to build the infrastructure necessary to attract them.

someone that understands. It reeks of small mindedness to not want to borrow with such weak infrastructures. We have to deepen the economy and attract more development that will expand revenue/income.

chinchum:
someone that understands. It reeks of small mindedness to not want to borrow with such weak infrastructures. We have to deepen the economy and attract more development that will expand revenue/income.

Even the Lagos state to me is vastly underperforming. They are just one eyed men in a country of blind states. It’s why you will never hear me praise Lagos state. Lagos state with a GDP of $100b nominal and $250b (ppp) should be generating nowhere less than $10b in IGR. That is enough to finance (via borrowing) mind blowing infrastructure projects not that for 20yrs we will continue to hear about lekki airport and 4th mainland bridge. The trains they are implementing now had been in the works across at least 3 governors! Wike has only been in Office for 3 years, see then roads he is building! Ordinary Epe to Lekki, see how long theyve been on it, ordinary resurfacing of lekki express way they turn into miracle work! Lagos has the smallest land area, good roads should be the least of its problems.

The incompetence and lack of vision of political leadership across the country is what makes People like Tinubu look like a genius. He is a genius politically but administratively, he is ordinary! There is nothing he is doing that is exceptional. I always say, everything Awolowo did in western region was accomplished in 7years! Our problem is the alternatives are way below his level. Country of the blind…..

De

brain54:
Tibunu has kept on borrowing with little or nothing to show for it...

They should be a cap limit on the amount to borrow. But we have a rubber stamp senate led by the Akpa that would do anything to please his master.


State governments should also be blamed and held accountable because they are just hiding behind tibunu/fg while being unaccountable and wasteful!

I am very sorry for you Nigerians that you still think in this manner.

That you still blame your govt for not doing things a certain way because you're still under the delusion that they are there for your good

Poor Nigerians, I hope you all get well soon.

Una go dey repeat the same things everyday like broken records.

You already know nigerian govt is not meant to work for your good, yet you will be complaining about they not working for your good.

Yall should be working on how to organise and fight the system for your emancipation, you have oppressors and neo-colonizers, not a govt.

realG101:
I am very sorry for you Nigerians that you still think in this manner.

That you still blame your govt for not doing things a certain way because you're still under the delusion that they are there for your good

Poor Nigerians, I hope you all get well soon.

Una go dey repeat the same things everyday like broken records.

You already know nigerian govt is not meant to work for your good, yet you will be complaining about they not working for your good.

Yall should be working on how to organise and fight the system for your emancipation, you have oppressors and neo-colonizers, not a govt.

Please what do you smoke...?


It might be affecting your health if you think people holding their government accountable no matter how terrible that government is an aberation.



Different kind of people and reasoning Sha full NL here.


Nothing person no go see!

CodeTemplar:
Your kidney must be above your oblongata medulla oblongata.
Why not connect new locations to existing federal road network instead of "dualizing" with nothing but tolls in view.
While i am not Obi fan or supporter, his beer factory idea is apt. It kept anambra money back within anambra. Anambra people are already industrious so it will be unfair for govt to enter into competition with private businesses. Thats what nigerians need in principle. Production of what we consume but are still importing gradually to production of what utilizes our most raw materials and finally production of what can be exported.

Not an Obi supporter but you support the idea of a Beer factory instead of building schools, roads, and other capital projects that will attract investors that will lead to more employment which in turn will lead to more taxes for the govt. The taxes raised will be used to develop other capital projects. But you prefer a Beer factory which is now worth less than rhe original investment and BTW Obi has a financial interest in the factory. That in itself is called fraud in any part of the world except for your region.
Pls get lst.
The level of hypocrisy and id iocy is simply astonishing.

PigTormentor:
Not an Obi supporter but you support the idea of a Beer factory instead of building schools, roads, and other capital projects that will attract investors that will lead to more employment which in turn will lead to more taxes for the govt. The taxes raised will be used to develop other capital projects. But you prefer a Beer factory which is now worth less than rhe original investment and BTW Obi has a financial interest in the factory. That in itself is called fraud in any part of the world except for your region.
Pls get lst.
The level of hypocrisy and id iocy is simply astonishing.

Let tinubu build schools for his supporters who harras voters first.

My support for Obi is in principle and soecifically for beer production. It kept anambra money within anambra for they would have patronised anyways. Thats the pattern we need and not dualization of roads less people are plying daily due to insecurity and low productivity.

A better question is why does the west keep stealing from Nigeria?

The west owes a debt far greater than 6B.

ibedun:
Pain and ignorance are your problem. Show the data to your preferred candidate and ask them what is their plan to solve this unbalanced budget issue without BORROWING?

And how they plan to reduce our birth rate and population growth.

I am not for Obi . Will never vote again for that man. However the truth is what it is . PDP wanted to remove subsidy and offload the refineries . Who opposed it vehemently ? These same people in APC . APC destroyed nigeria . That is the fact . Forget that Tinubu is trying to make things better . The rot and decay was compounded under APC with the first touch of Buhari. Fact.
However this opposition will likely make nigeria worse as they are just clueless and disorganized .

PlasmaTV:
PDP was empathetic towards Nigerians. Jonathan and his wife were empathetic towards kidnappings and killings.

Tinubu doesn't care. At all. Neither does RAT.

PDP wasn't. One can say Jonathan and his wife as individuals were empathetic . please PDP as a party was not .
None of the present crop of politicians care.

parags:
I am not for Obi . Will never vote again for that man. However the truth is what it is . PDP wanted to remove subsidy and offload the refineries . Who opposed it vehemently ? These same people in APC . APC destroyed nigeria . That is the fact . Forget that Tinubu is trying to make things better . The rot and decay was compounded under APC with the first touch of Buhari. Fact.
However this opposition will likely make nigeria worse as they are just clueless and disorganized.

May be you should run for the presidency too. When you get there you can go and transform Nigeria with magic and your mouth!!!
You should be aware by now that:
a. We are a poor country
b. Our annual revenue is insufficient to pay salaries and running costs of government
c. Because of (b) We HAVE to borrow money every year to top up the revenue to balance the budget.
d. we had 8.5m babies last year!!! And a similar number in the previous year! More than the whole of Europe!!! Are we MAD?!!!
e. 270m people v $40b annual budget
f. 270m people, zero production
We should declare a state of emergency but PBAT has identified all these issues and he has been addressing them but it’ll take some time before Nigerians begin to feel it.