₦airaland Forum

Pure fact you just typed.,we leave facts and meaningful engagements to dwell on irrelevancies and frivolities.. it's just a shame.

writetopoka:
Nigerians and Nigerian youths won't engage in this kind of meaningful enquiry for accountability.

But once they see empty arguments, political, religion and ethnic arguments that leads to nowhere, they will jump in with full chest.

This country youths just tire me, true.

By 10-20 when they have no country to call there own, by then their eyes go clear.


Magas

Ofunaofu:
https://www.vanguardngr.com/2026/04/why-are-we-still-borrowing-after-subsidy-removal-sanusi-queries-fg/

Tinubu why O earth are younstl borrowing after subsidy removal?

tafabaloo:
It's not in my character to give jabs.
I tender my apology, pls.

Looool

I didn’t see any jabs, I just saw a discussion and an exchange of knowledge..

No need for apology please..

Looool

Life is not hard my brother

writetopoka:
Nigerians and Nigerian youths won't engage in this kind of meaningful enquiry for accountability.

But once they see empty arguments, political, religion and ethnic arguments that leads to nowhere, they will jump in with full chest.

This country youths just tire me, true.

By 10-20 when they have no country to call there own, by then their eyes go clear.


Magas

There is no country already.
Nigeria is just a vast expanse of land with a populace with no positive direction.

People sell their votes in nigeria for a plate of rice and when their preferred candidate gets into office, he puts his voters in debt.
Who is the fool?
His voters.

Who knows maybe after APC or this government, the next would reveal subsidy was being secretly paid by this one.

Because, me never see any result of the removal of subsidy.

And which one is local refining of oil, oga Sanusi?

Dangote refinery na Nigeria own?

We need our own or a serious way to get more private investment in that aspect and a proper way to manage them. Else, the country no be country as usual.

Mallam Sanusi Should Rest,if he does not know Protocols and lots of Avenues,
to Advise the Govt-then he should Step -Down from his position and join Nigeria Political Group!
Since he loves Limelights and Power, Sanusi should join the Politicians and is Strongly Advised to quit a royal palace!
He did that during GEJ era and gets away with it,but the Federal Government should query him Now-for querying the Superior Authority!
He was instrumental to SOME SOUTHERN Nigerian BANKS being declared Sick - when there was nothing to show such because he was Using Excessive and Unchecked Power,as a CBN Governor.
• For example,the Intercontinental Bank,Union-Bank and Other Banks he brought them down - under Spurious Circumstances - claiming the CEO were using Shareholders Funds and Many Experts have queried his own definition of Why Those Banks became delegated ,
- with Thousands,if Not Millions of Workers being Sacked, while their Families Suffered and Of Course,the Legislatures of Saraki Era -that ought to Checkmate him then, through there Oversight -Functions were did nothing!
Nigerians Are Still waiting for his Books he said he will write on the Banks and why he did what he did then!
Here is a Former CBN that gave the Northern Universities NBillions,as he claimed the CBN Act gave him such Power and you wander,if we had functional Executive and Legislatures then !
Ordinarily,Traditional Rulers-are to forward their Opinions to the Govt-Not by Confrontational that he is doing.
*
Nairaland Management,
Why are you sponsoring this same topics,for you sent it a week ago.
Some people in this Nairaland are very BIASED AGAINST THE GOVT 🥺

Tinubus is just a thief nothing more, nothing less. Old man still stealing money even as you walk closely to your grave. Disgusting entity . You will be swiftly forgotten like your predecessor Buhari. Even Buhari has become a better president than you. Master strategists my foot

Predictor3:
Was it necessary to start building that highway if we had no money to do so? All these borrowings will only dig Nigeria in further. You said if we removed subsidies then we wouldn't have to borrow anymore during your campaign. But the reverse is the case

A case of lack of integrity. Saying things you have no intention of doing, social agreements you have no intention of respecting. The last regime blamed COVID, this regime is now blaming Iran/US conflicting as if there is anytime in the world where governments have it all smooth sailing.

Predictor3:
Was it necessary to start building that highway if we had no money to do so? All these borrowings will only dig Nigeria in further. You said if we removed subsidies then we wouldn't have to borrow anymore during your campaign. But the reverse is the case

I opposed that highway from day one and it earned me a plate of akpu and ofe inside an Abia mansion. I was tagged Obidient.

Parachoko:
How is my comment not the truth?

You don't know what the money is being used for.

Parachoko:
Seun how many time this same Topic go reach front page?

Government is borrowing to build infrastructures.

There's nothing wrong with Borrowing for Capital Projects.

But that goat in Aso rock said that if he removed subsidy he would stop borrowing? Is that not what the drug-baron said

You Never see anything, una hypocrisy will keep being exposed, don't get tired of seeing topics like this. Go ahead and call sanusi igbo man.

Adblg0610:
President Bola Ahmed Tinubu’s request for $516 million for the Sokoto–Badagry superhighway reflects a strategic vision: a transnational corridor linking the far north to the Atlantic, enabling the movement of people and goods while unlocking long-term economic integration. Though questioned by the opposition,especially in the wake of fuel subsidy removal, such infrastructure is not cosmetic; it is generational.
Projects like the Lagos–Calabar superhighway have drawn similar scrutiny, yet they represent enduring national assets. Importantly, removing fuel subsidies does not create instant wealth or surplus; it simply halts a costly, unsustainable expenditure and frees limited fiscal space. Nigeria still faces debt burdens, low revenue, and ongoing obligations, meaning financial relief will be incremental, not immediate.

Please stop this fallacy. We are talking of value you are talking about integration as if the northwest is presently cutoff from the southwest or as if Calabar is presently inaccessible from Lagos.

Please be informed. If you want economic changing infrastructure the first transportation investment should be expanding and modernizing the rail system. For that vision of linking the extreme regions of the country running a rail line from Sokoto to Badagry and Calabar to Lagos will have been a far, far better strategic decision.

* Rail lines are far easier to maintain.
* They convey far more passengers and goods per unit cost.
* Rail lines are typically shorter in distance due to technical requirements.
* Rail lines are far less encumbered by obstructions, checkpoints and encroachment.
* Whenever the country then decides to transition to high speed rail, the speeds attainable far exceed that of any road transport and are comparable to hub to hub air travel in many parts of the world.

We need proper public debates on what our vision is and how our country decides to strategically develop. It cannot be left in the hands of a handful of people how our scare resources are expended.

writetopoka:
Nigerians and Nigerian youths won't engage in this kind of meaningful enquiry for accountability.

But once they see empty arguments, political, religion and ethnic arguments that leads to nowhere, they will jump in with full chest.

This country youths just tire me, true.

By 10-20 when they have no country to call there own, by then their eyes go clear.


Magas

If na dvm matter,you see them jumping up and down. Very ignorant set of youths

Bluntemperor:
Mallam Sanusi Should Rest,if he does not know Protocols and lots of Avenues,
to Advise the Govt-then he should Step -Down from his position and join Nigeria Political Group!
Since he loves Limelights and Power, Sanusi should join the Politicians and is Strongly Advised to quit a royal palace!
He did that during GEJ era and gets away with it,but the Federal Government should query him Now-for querying the Superior Authority!
He was instrumental to SOME SOUTHERN Nigerian BANKS being declared Sick - when there was nothing to show such because he was Using Excessive and Unchecked Power,as a CBN Governor.
• For example,the Intercontinental Bank,Union-Bank and Other Banks he brought them down - under Spurious Circumstances - claiming the CEO were using Shareholders Funds and Many Experts have queried his own definition of Why Those Banks became delegated ,
- with Thousands,if Not Millions of Workers being Sacked, while their Families Suffered and Of Course,the Legislatures of Saraki Era -that ought to Checkmate him then, through there Oversight -Functions were did nothing!
Nigerians Are Still waiting for his Books he said he will write on the Banks and why he did what he did then!
Here is a Former CBN that gave the Northern Universities NBillions,as he claimed the CBN Act gave him such Power and you wander,if we had functional Executive and Legislatures then !
Ordinarily,Traditional Rulers-are to forward their Opinions to the Govt-Not by Confrontational that he is doing.
*
Nairaland Management,
Why are you sponsoring this same topics,for you sent it a week ago.
Some people in this Nairaland are very BIASED AGAINST THE GOVT 🥺

Oga, intercontiental bank collapsed because the bank was giving loans to insiders left , right and center.

Not because it was a 'Southern Bank'.

This government is the real definition of evil, constant borrowing, worsening insecurity, poor electricity, harsh economy and the president and his sycophants are clueless.

nairalanda1:
LOL...because we are dependent on oil.

I am prefacing my post by saying that I am not a tinubu supporter, and infact I have lost hope in all our politicans

Nigerian government spending is largely dependent on oil revenue...it is even better than 1996 when it was 97%, but it is still above 80%. The problem is, for oil revenue to be sufficent, the oil price has to be above a certain limit...not just the budget benchmark, but also above our fiscal breakeven

For example, last year, our benchmark for the budget was 75 dollars. Last year. From the last week of January until this Iran debacle, oil was below 70 dollars a barrel...except for a few weeks in June. Our fiscal breakeven then was 150 dollars per barrel.

So, in order to fund the budget, we had to borrow, and to borrow and to borrow.

Throw in the fact that our oil revenue since 2014 has been very low because oil prices have not been favoring us at all...until too recently, and even now (as you will soon see) the price increase may not favor us now.

The only time, in my memnory when we did not borrow was in 2008, when oil was above 140 dollars per barrel for several months. That was the year many ministries had money left over at year's end...and Yaradua was telling them to return it, which many did bitterly...lol. (Even one of my relatives who was one of those civil servants that really believed that stealing was corruption was criticising Yaradua for being too strict..hahaha).

This was outlined in this article published in 2004...

The oil windfall may also lead to movement of the factors of production in the economy. For instance, capital and labor (and land) may shift from the non-oil export sector to the oil sector (in order to maintain or increase reserves and production) and the non-tradable goods sector (to take advantage of the growing domestic demand). This explains why the increase in oil prices and the subsequent oil revenue windfall in many oil-exporting countries have tended to depress their non-oil export sector while at the same time generating a boom in both the oil and the non-tradable goods sectors. With capital and labor shifting from the non-oil export sector to the oil-sector and non-traded goods sector, firms in the non-oil export sector are forced to either close down or reduce their scale of operation. The boom in the oil and non-traded goods sector increases the demand for imported goods. This may not be a problem in the short-term so long as the country has enough foreign exchange to pay for the imports. The depression in the non-oil export sector and the boom in the other two sectors have medium to long term implications for the economy because the oil windfall will not be permanent given the volatility, unpredictability and exhaustibility of crude oil. For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty

SAUCE

If you read above, you will see why we are not benefitting or going to benefit from high oil revneue. It also explains partly where the oil windfall of 1991 went.

When oil prices are high, we live well, when they fall,we borrow to live well.

INFACT , based on the above, subsidy removal won't have made things better...because at the end of the day, overall oil revenue is still TOO TOO LOW. What subsidy removal did was to make more money available for spending by the government.

It's the same idea behind the attempts to remove subsidy, or the partial subsidy removals in 2012, and many times before. The only way not to borrow is to do the Abacha style of govenrment...tight fiscal controls, which reduce spending, but make life even more and more harder and harder and harder.

Ultimately, Nigeria needs to diversify its economy. No ifs, no buts, no anything. This is where tinubu, buhari and many of our past leaders have failed.

You are funny o!.
Can you tell us the country's budget performances despite borrowing trillions of naira and billions of dollars?
Your minister for health said during budget defence that only less than 40 million naira was released to him.
Infact, it was actually confirmed during budget defence that less than 10% of the Ministries, MDAs,boards, paratatals were about to achieve 50% budget performances.
So why borrow, if you can't meet up with budget performance,duties and obligations?

dalongjnr:
You are funny o!.
Can you tell us the country's budget performances despite borrowing trillions of naira and billions of dollars?

The fact that you are asking this question shows you did not read my post at all

Your minister for health said during budget defence that only less than 40 million naira was released to him.

Yeah, after salaries and wages were paid.

Plus you did not read my post at all, especially the bit about oil prices being lower than the budget benchmark for that year. Add the fact that government was not able to meet borrowing targets even last year..(something I did not mention in my original post)..and that was the result.

Again, the problem with our APC government is failure to diversify. Apart from taxes, there has been limited effort to get more money from our natural resources, in the short term. That has the effect of bashing revenues

We used to solve the problem back in the day by ways and means (a nice word for printing more money)..which so worsened our debt, that it was one of the main reasons why the Tinubu governemnt was forced to remove subsidy on fuel and dollars.

Infact, it was actually confirmed during budget defence that less than 10% of the Ministries, MDAs,boards, paratatals were about to achieve 50% budget performances.

Precisely. See above.

So why borrow, if you can't meet up with budget performance,duties and obligations?

[/quote]LOL...you have answered your own question.

So you dey wait make APC minions comment? The joke is on you.

The fact that we don't see any thing happening positive from the upadan non-stop borrowing na eyesore..

Treadway:
I have been echoing this since 2023, I even created a thread about it below. Removing subsidy and devaluing naira at the same time was foolish, and the cause of the very avoidable katakata the country is still experiencing till today. I explain tire for grandstar with facts o, but he no gree. Na im Sanusi sef don talk now. He advocated for both too, but he understood that the timing and the way you go about it matters!!

Paragraph 12 exonorates.

Sanusi was here complaining about the liberalization of the Naira in a loose monetary environment.

It is because of the loose monetary envirinment is why inflation is 15%

In a tight monetary environment, it would have dropped below 10% by now.

nairalanda1:
LOL...because we are dependent on oil.

I am prefacing my post by saying that I am not a tinubu supporter, and infact I have lost hope in all our politicans

Nigerian government spending is largely dependent on oil revenue...it is even better than 1996 when it was 97%, but it is still above 80%. The problem is, for oil revenue to be sufficent, the oil price has to be above a certain limit...not just the budget benchmark, but also above our fiscal breakeven

For example, last year, our benchmark for the budget was 75 dollars. Last year. From the last week of January until this Iran debacle, oil was below 70 dollars a barrel...except for a few weeks in June. Our fiscal breakeven then was 150 dollars per barrel.

So, in order to fund the budget, we had to borrow, and to borrow and to borrow.

Throw in the fact that our oil revenue since 2014 has been very low because oil prices have not been favoring us at all...until too recently, and even now (as you will soon see) the price increase may not favor us now.

The only time, in my memnory when we did not borrow was in 2008, when oil was above 140 dollars per barrel for several months. That was the year many ministries had money left over at year's end...and Yaradua was telling them to return it, which many did bitterly...lol. (Even one of my relatives who was one of those civil servants that really believed that stealing was corruption was criticising Yaradua for being too strict..hahaha).

This was outlined in this article published in 2004...

The oil windfall may also lead to movement of the factors of production in the economy. For instance, capital and labor (and land) may shift from the non-oil export sector to the oil sector (in order to maintain or increase reserves and production) and the non-tradable goods sector (to take advantage of the growing domestic demand). This explains why the increase in oil prices and the subsequent oil revenue windfall in many oil-exporting countries have tended to depress their non-oil export sector while at the same time generating a boom in both the oil and the non-tradable goods sectors. With capital and labor shifting from the non-oil export sector to the oil-sector and non-traded goods sector, firms in the non-oil export sector are forced to either close down or reduce their scale of operation. The boom in the oil and non-traded goods sector increases the demand for imported goods. This may not be a problem in the short-term so long as the country has enough foreign exchange to pay for the imports. The depression in the non-oil export sector and the boom in the other two sectors have medium to long term implications for the economy because the oil windfall will not be permanent given the volatility, unpredictability and exhaustibility of crude oil. For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty

SAUCE

If you read above, you will see why we are not benefitting or going to benefit from high oil revneue. It also explains partly where the oil windfall of 1991 went.

When oil prices are high, we live well, when they fall,we borrow to live well.

INFACT , based on the above, subsidy removal won't have made things better...because at the end of the day, overall oil revenue is still TOO TOO LOW. What subsidy removal did was to make more money available for spending by the government.

It's the same idea behind the attempts to remove subsidy, or the partial subsidy removals in 2012, and many times before. The only way not to borrow is to do the Abacha style of govenrment...tight fiscal controls, which reduce spending, but make life even more and more harder and harder and harder.

Ultimately, Nigeria needs to diversify its economy. No ifs, no buts, no anything. This is where tinubu, buhari and many of our past leaders have failed.

More than anything, this country needs to break up.......it will never work like this. The earlier it's done the better.

Anything else is just papering over the main issue.

We are not one. Never was. Never will be.

Franking:
More than anything, this country needs to break up.......it will never work like this. The earlier it's done the better.

Anything else is just papering over the main issue.

We are not one. Never was. Never will be.

Breaking up, which I am not opposed to, will not make things better...

The problem with nigeria, and with every Nigeria is that our idea of an ideal nation is Saudi Arabia, not Japan or china. As a result we expect the government to give us free houses, free jobs, free cars, and free everything..because we are an oil rich nation, or a resource rich nation.

As a result, no leader of any new nation that comes from Nigeria is going to tell his people that we have to follow the example of china and japan or even Singapore..knowing how long those countries took. No one. Just as independence was sold on the basis of more money coming to Nigeria, so also is secession being sold on the same idea...and opposed based on the same idea

And there is also going to be a large war for resources....yes. I did not say this to tell you to forget about secession, you are free to disregard anything I say here. But the sad thing about African nations is that all the wars of breaking up, and even normal wars are always about the resources...not about ideology or way of life...resources. And they are very vicious.

That is why if we want a peaceful breakup of Nigeria, we got to change our mindset from trying to be like Saudi to trying to be a producer. Father christmas government is what is even fuelling corruption and stealing and bad governance self.

Note that I am not here to convince you to stop following secession. If you think I am, then I am more convincing than I think.

Adblg0610:
President Bola Ahmed Tinubu’s request for $516 million for the Sokoto–Badagry superhighway reflects a strategic vision: a transnational corridor linking the far north to the Atlantic, enabling the movement of people and goods while unlocking long-term economic integration. Though questioned by the opposition,especially in the wake of fuel subsidy removal, such infrastructure is not cosmetic; it is generational.
Projects like the Lagos–Calabar superhighway have drawn similar scrutiny, yet they represent enduring national assets. Importantly, removing fuel subsidies does not create instant wealth or surplus; it simply halts a costly, unsustainable expenditure and frees limited fiscal space. Nigeria still faces debt burdens, low revenue, and ongoing obligations, meaning financial relief will be incremental, not immediate.

Using English to say nothing at the end. If you have removed subsidy, why the endless borrowing?

Simple questions demand simple answers.

SeverusSnape:
But that goat in Aso rock said that if he removed subsidy he would stop borrowing? Is that not what the drug-baron said

You Never see anything, una hypocrisy will keep being exposed, don't get tired of seeing topics like this. Go ahead and call sanusi igbo man.

The FG do borrow to pay for Subsidy

Asiwaju Government is no more borrowing to pay for Subsidy.

Ofunaofu:
https://www.vanguardngr.com/2026/04/why-are-we-still-borrowing-after-subsidy-removal-sanusi-queries-fg/

The difference is - are we borrowing externally or internally through Federal government bonds?
Federal governments have looked inward for borrowing - using Federal parameters rather than external borrowing. That is the difference, and another difference between this government and the past governments in NIgeria history is, the President do not write or make it public any internal borrowing - they just dip their hands and take since it is a fund at their disposal. It's even on record, that, as soon as World bank saw that the President wrote to borrow funds, they offered us 11 billion dollars and IMF offered 50 billion, but the government rejected it. Since then, they both have result to media attacks.

Adblg0610:
President Bola Ahmed Tinubu’s request for $516 million for the Sokoto–Badagry superhighway reflects a strategic vision: a transnational corridor linking the far north to the Atlantic, enabling the movement of people and goods while unlocking long-term economic integration. Though questioned by the opposition,especially in the wake of fuel subsidy removal, such infrastructure is not cosmetic; it is generational.
Projects like the Lagos–Calabar superhighway have drawn similar scrutiny, yet they represent enduring national assets. Importantly, removing fuel subsidies does not create instant wealth or surplus; it simply halts a costly, unsustainable expenditure and frees limited fiscal space. Nigeria still faces debt burdens, low revenue, and ongoing obligations, meaning financial relief will be incremental, not immediate.

see as u just digress from the issue

So true. Other than the terrible report of his eminence record during late Abachas’ period. The likes of him with mummy Ngozi Okonjo-Iweala and Akinwumi Adesina should be running governance in this country from top to bottom.

faoogoke:
This man should know better now especially as a former CBN governor.
Subsidy payments were paid for by government from borrowings.
Government was borrowing to pay for subsidy.
In the real sense there is no savings as a result of the removal of subsidy. Government only stopped borrowing to pay for subsidy.

That fuel subsidy was paid by borrowed money to solve some problems like inflation etc and relieve affliction on the common man. But it was stopped. Which is okay by me to an extent.
NOW HE STOPPED PAYING SUBSIDY, SO THE BUSINESSES AND GAINS FROM FUEL SALES FROM NNPCL ETC, WHERE IS IT?? DOES HE KNOELW THE TRUE REPERCUSSIONS OF HIS ACTS?? WHY WILL THE COMMON MAN SUFFER FROM HIS REFORMS INSTEAD OF THE GOVT. ?

Abi o...
At least this is now coming from a season economist and guru in the Nigerian econo-political dynamism

Unintelligent take, if he genuinely believes we don't need to borrow because we removed subsidy. Nigeria is a low income economy and barely borderline middle income economy with 240 million people living in that country. It will need to continue borrowing to fund its large infrastructural deficit, and as this deficit is closed up, it should translate to development and income expansion as such she must firmly move in to middle income zone and beyond.. High income economy has not stopped borrowing, it is Nigeria that should stop?

Another statement that makes you wonder how he became CBN governor! During GEJ’s time he made a ludicrous statement about missing oil revenues displaying a fundamental lack of understanding of the oil sector.