₦airaland Forum

airmark:
Ak47 too dey na. This is just for social media.

BlueRayDick:
The So called Master strategist don use borrowings immerse this country into unprecedented debt. They claim subsidy removal was going to make more money available to government to spend, instead na so so borrowings upon borrowings we just dey hear with no development on ground to show for it.



How does one even defend this ?

https://www.nairaland.com/8678070/tinubus-borrowing-24-months-surpasses

TemporaryHansel:
Borrowing isn't a problem, what they do with the money borrowed is the problem.

Are they putting money borrowed to good use? No. That is the issue.

Every country on earth borrows. The problem is Nigerian politicians borrow money and use only 20% of the money to fund projects while using the remaining 80% for their personal indulgences, meanwhile repayment is tied to the country not them.

raumdeuter:
Security vote is money meant to be spent on security within each state

"My response to Oyo people who have guts to reject Sharia law in Oyo State is that y'all are mad, and if you come to us to say nonsense we will beat you mercilessly. Sharia Law Council will hold in Oyo, and it will come to Osun too" - Mufti of Iwo boasts pic.twitter.com/Lw0Jdh1XTn

— Oyo Affairs (@Oyoaffairs) May 25, 2026

BlueRayDick:
How many countries that u know within the space of 2 years borrowed x5 of what It had borrowed in its first 55 years post independence?

Saying "borrowing is not the problem" is actually a problem in itself. You don't anybody to tell u that the character and antecedents of those borrowing the funds already suggested it won't be put to good use.

livelongprospa:
Oya nau

OkpaNsukkaisBae:
Sharia law is good for them. There are very large number of islamic faithful in the West.

Wicked.

Spy360:
So Kano state that receives nothing as security vote means they don't hav security?

Dey play

iamoyindamola:
https://www.nairaland.com/8678148/repentant-boko-haram-members-get

Good lord

semid4lyfe:
Who dey pay this money, states or FG?

izzou:
What stops the office of the NSA from approving arms for Amotekun?

So until they change the name to "Forest guard", before they can bear arms? Na name go suddenly provide security?

SW governors should go and arm Amotekun and let all these nonsense killings stop

Roland17:
Can Asiwaju actually risk picking a different VP from Shettima?

BlueRayDick:
How many countries that u know within the space of 2 years borrowed x5 of what It had borrowed in its first 55 years post independence?

Saying "borrowing is not the problem" is actually a problem in itself. You don't anybody to tell u that the character and antecedents of those borrowing the funds already suggested it won't be put to good use.

Bimmarlykay:
Wicked.

larride:
Anyone can play with numbers to give a desired result.

It makes no sense to compare someone that borrows $1billion which will be 1.37 trillion naira in today exchange rate to someone like say GEJ who was borrowing at a pegged exchange rate of 150-200 which will make $1 billion around 150 billion naira.

It's only when these analyst wants to be mischievous that they mention the naira equivalent as if all of the past Presidents were borrowing on the same exchange rate.

The more important question is what the government is using all the loans for which we can't see it's impact.

larride:
Anyone can play with numbers to give a desired result.

It makes no sense to compare someone that borrows $1billion which will be 1.37 trillion naira in today exchange rate to someone like say GEJ who was borrowing at a pegged exchange rate of 150-200 which will make $1 billion around 150 billion naira.

It's only when these analyst wants to be mischievous that they mention the naira equivalent as if all of the past Presidents were borrowing on the same exchange rate.

The more important question is what the government is using all the loans for which we can't see it's impact.

Ellexy:
Is his David still coming or not after his Saul destroyed Nigeria...

izzou:
Quite funny that this was the same argument Segedinho was making when we were told Governors have more money because of subsidy removal.

BlueRayDick:
I think u Don see am.

When we want to make claim Governors have more money to spend, nobody Remembers exchange rate and time value of money.

But when we talk about the government's borrowing going over the roof, everybody suddenly have degree in Finance with specialization in Time value of money 🚶‍♂️

izzou:
I don't understand

izzou:


He removed subsidy, had more money, and borrowed thrice the previous administration in dollars.

That was how Buhari's borrowing was defended by Tinubu until he entered there, and began to complain.

BlueRayDick:
There's nothing mischievous about staying the amount each government borrowed in naira.

Naira is the currency we spend in this country and that's what the common man can relate with.Sometimes we need analysts like these to put things into perspective to give people imagination of what exactly is going on with governannce under this administration.

Whatever becomes of exchange rate between Naira and dollar is a function of various government's actions and inactions..... You can't start blaming Jonathan for what naira has become today when Jonathan left government 11 years ago.

The excuse in the past was that government was borrowing to pay salaries and we don't have enough to develop the country after paying subsidies. Today they keep borrowing more than we did in the past and they are not paying subsidy anymore.

larride:
I actually went back to the link you posted and I just realised the guy that made that statement was just looking for a banger headline. The facts don't align.

First, our debt profile is not a hidden document, it's open for anyone to see and scrutinize for themselves. Our total debt today is 159 trillion naira.

Secondly, Buhari handed over a total debt of 87 trillion naira to Tinubu. That's around $103 billion.

Thirdly, when Buhari was leaving office, he used Emefiele to pin the 25 trillion ways and means payment into public debt further increasing the domestic debt.

Fourth, Buhari left an external loan of $43.16 billion, as at today, our external loan is $51.86 billion which means this administration has borrowed $8.7billion which if you use today exchange rate is 11.9 trillion naira plus another 15.3 trillion on domestic debt which brings his total debt to 27.2 trillion naira

Fifth, the writer of that post was being deliberately mischievous using a base of 12 trillion debt which Jonathan left in office when Buhari already balloon the national debt to 87 trillion naira before he left.

Of course exchange rate is an important part of national debt, the debts that Jonathan and Buhari left that Tinubu is servicing now, he will still have to source the $$ in today's exchange rate.

To make it eve clearer for you, when Jonathan handed over to Buhari, the total national debt was $63 billion which in naira was 12 trillion naira that the mischievous man quoted. According to Okonjo Iweala, Jonathan only borrowed $21 billion out of this $63 billion debt.

When Buhari left office, the total national debt is $103 billion which is 87 trillion naira using the official exchange rate then. If you look at it critically, Buhari didn't borrow X2 of what Jonathan left but the naira equivalent is x7. Why is that? Because Buhari exchange rate at the end of his tenure is significantly higher than GEJ own.

If you keep going downward further, you'll notice the same pattern. 1 billion dollars under Obasanjo is not the same as 1 billion dollars under GEJ. Same way 1 billion dollars under Abacha is not the same as 1 billion dollars under Obasanjo

Time value of money, inflation and exchange rate all play a part.

CrystalTiger:
This man fit just wipe out Nigerian middle class..