barcanista:
Why not research on Nigeria's budget and find the Military Expenditure? Must I spoon-feed you?

Mogidi:


Not forgetting the other presidents didn't have the same dynamics GEJ is governing under.

Nigeria did not become Africa's economic power house because Gej is imprudent.

SLIDEwaxie:
power house with debt, power house but broke, power house with no meaningful infrastructure, power house without power, power house with incessant corruption..

It's funny u have to resolve to this yeye argument as a defence...the 'on-paper' matter...

It beats me how u survive with no brain..

barcanista:
Let's take it from here, Can you give us figure of the debt owed by states and that owed by FG. I have it here with me, but let me give you a try.

Opiosko:
U are really working hard spending sleepless nights to earn ur next pay. I wish u could channel such effort to something that's worth it.

Johnpaul2k2:
Useless fo.ool

Continue to create posts.

Obviously you sit atop massive reserves of natural gas
and that leads me to the whole issue of corruption
which you say you are trying to tackle. And when
people look at Nigeria and see all your wealth, they
say, “Oh my goodness! This is a country that is stealing
and bleeding itself dry.” Even your own minister, your
minister of finance, has talked about, you know, just
this past April, perhaps 400,000 barrels of oil a day
simply being stolen, simply disappearing without any
account. One of your ministers has said that the level
of theft from the country, from the government,
amounts to about $7bn a year. That’s still a problem,
isn’t it?

In fact when you talk about crude oil stealing, yes
I agree with you. Frankly speaking, we want
international community to support Nigeria. Because
this stolen crude is being bought by refineries abroad
and they know the crude was stolen. The world must
condemn what is wrong. The stolen crude is refined
abroad, is not refined in Nigeria.

barcanista:
I hope that Jonathanians and PDP apologists will grant me the honor of a fact-4-fact debate without insult. However, no amount of insult can deter me.


Seun Obinoscopy and Mukina2 This thread is informative, Nigerians #NeedToKnow

Descartes:
Datolee... what do you have to say on these facts presented here?

barcanista:
It is very clear that Goodluck Jonathan government is ruining Nigeria's economy, destroying what Presidents Obasanjo and Umaru Musa Yar Adua managed to build.


I look forward to your opinion

1. Before talking about external debt, we must first talk about the revenue and expenditure under these government. We must know that Nigeria's expenditure has been increases on yearly bases, has revenue kept the same pace?

2) GEJ haven't done so bad with borrowing, infact, OBJ borrowed more than him

3) External reserve was deplated because SLS prefer defending the Naira with external reserve than devaluing the naira

datolee:
First of all, I must thank barcanista for presenting facts, My position has been, if you must campaign, please do so with facts and not some lies. (Please lets cut out insult and debate like matured people, we will have so much to learn, the only winner here is Nigerians who will become more enlighten and take our government to task)

I'm not here to defend the government, but lets go

1. Before talking about external debt, we must first talk about the revenue and expenditure under these government. We must know that Nigeria's expenditure has been increases on yearly bases, has revenue kept the same pace?

Lets talk about aggregate expenditure from 2004 (the one I could get my hands on)

2004 expenditure was 1.79 trillion

2005 = 1.799 trillion Naira

2006 = 1.876 trillion naira

2007 = 2.266 trillion naira

2008 = 2.492 trillion

2009 = 2.870 trillion

2010 = 4.608 trillion

2011 = 4.226 trillion

As a matter of fact the total expenditure on recurrent expenses was more than the total expenditure in 2007

http://www.slideshare.net/statisense/emperical-analysis-of-nigeria-budget

So my point is this, we have more commitment now than we had during Yaradua and Obj times yet the revenue haven't so much increased (I haven't the fact right now). So the increase in debt is because the government is faced with more expenses, GEJ expended in 2011 about 2 times the expenditure of OBJ in 2007.

By the way, from your post, I would think that GEJ have not done too bad in terms of external debt and here is my analysis

After paying off Nigeria's debt through the paris club whatever, OBJ still borrowed $3.3 billion

Since 2009 that GEJ has been in office, the FG has borrowed $2.42 billion (6.36 - 3.94)

2) When we talk about external reserve depletion, we must look at the value of the Naira! By refusing to devalue the Naira during the tennure of SLS as CBN governor, Nigeria has been using the external reserve to defend the naira... case in point http://www.nigeria-news-world.com/2013/09/i-will-defend-naira-with-reserves-sanusi.html#.VFxC7_mUf-E

As a matter of fact, using external reserve to defend the naira was the brainchild of SLS so much so that the external reserve started raising again once he was removed from the office https://www.nairaland.com/1847921/aftermath-sanusis-sack-foreign-reserve

Here is naira exchange to dollar history https://www.nairaland.com/498412/nigeria-exchange-rates-dollar-history

So let me recap my point

1) External debt increased because we have more expenditure and revenue haven't gone up plus the issue of theft of crude and output disruptions http://www.bloomberg.com/news/2013-10-31/nigeria-finance-ministry-says-revenue-gap-may-reach-12-billion.html

2) GEJ haven't done so bad with borrowing, infact, OBJ borrowed more than him

3) External reserve was deplated because SLS prefer defending the Naira with external reserve than devaluing the naira

I hope we will as usual, keep it a clean debate. Thanks

barcanista:
Which Infrastructure? Are you aware that budgetry performance of 2013 budget was at a Shameful 40%?
What that means is that, Of the 100% of Capital projects appropriated for, ONLY 40% Capital project was attended to. Where did the rest of the money go?

BTW: Which Infrastructural project?

barcanista:
I hope that Jonathanians and PDP apologists will grant me the honor of a fact-4-fact debate without insult. However, no amount of insult can deter me.


Seun Obinoscopy and Mukina2 This thread is informative, Nigerians #NeedToKnow

gratiaeo:

Thank you my brother....
Bacernista here comes your nemesis

barcanista:

datolee you are talking nonsense. What is the Budget performance of the government? You are talking EXPENDITURE and I am saying the Government is bleeping our moneies with nothing to SHOW for it, In other words our budgetary expenditure does not reflect to our economy and their is a possible MASSIVE waste in the system powered by corruption.
Since Jonathan took over, everything skyrocketted within a twinkling of an eye. Subsidy bills especially, Military Expenditure yet with nothing to show. Where are the monies going to? There is heavy CORRUPTION going on

Honestly, you are talking thrash. You claimed Obj borrowed externally more than GEJ? Whereas Obj left an external debt of $3 billion Dolloars. Yar ardua left a similar figure, while FG's debt as at today(external) is over $6 billion.

For the rest of your nonsense are pice of thrash. You don't have to be mumbling up and down.

barcanista:
datolee you are talking nonsense. What is the Budget performance of the government? You are talking EXPENDITURE and I am saying the Government is bleeping our moneies with nothing to SHOW for it, In other words our budgetary expenditure does not reflect to our economy and their is a possible MASSIVE waste in the system powered by corruption.

barcanista:

datolee you are talking nonsense. What is the Budget performance of the government? You are talking EXPENDITURE and I am saying the Government is bleeping our moneies with nothing to SHOW for it, In other words our budgetary expenditure does not reflect to our economy and their is a possible MASSIVE waste in the system powered by corruption.
Since Jonathan took over, everything skyrocketted within a twinkling of an eye. Subsidy bills especially, Military Expenditure yet with nothing to show. Where are the monies going to? There is heavy CORRUPTION going on

Honestly, you are talking thrash. You claimed Obj borrowed externally more than GEJ? Whereas Obj left an external debt of $3 billion Dolloars. Yar ardua left a similar figure, while FG's debt as at today(external) is over $6 billion. Let me tell you, the External debt of Obj was not due to FG alone but to states


Something you must to note:
Obasanjo did not only Cleared Debt, He also Paid Debt
Yar Adua only borrowed little during the recession when the price of crude oil went drastically doiwn
Jonathan have been enjoying the privilege of a good reserve, good oil price and STILL BORROWED
The External debt of ALL of them is included those owed by States. Only In Jonathan's case that I SPECIFIED his
For the rest of your nonsense are pice of thrash. You don't have to be mumbling up and down.

datolee:


[s]Please let not shift the goal post while the match is still in play sir. The argument is not about performance. But if you want to know, I will state some fact to you again.

What is performance in terms of government expenditure to you? you are talking about capital project right? but you and 1 know that capital project is not the only job of the Government (I must agree 100% that Nigeria government right from OBJ haven't address the inbalance of capital and recurrent expenditure, but that didn't start with GEJ and it would be hard to stop in few day without sacking a lot of civil servants)

Here is where the expenses went to, I will take 2 years of 2007 and 2011

2007

Total statutory transfer to states and LG = 102 Billion

Total debt service = 326 billion

Total recurrent (non debt) = 1.05 trillion

Total capital = 781 trillion

2011

Total statutory transfer to states and LG = 196 billion

Total debt service = 542 billion

Total recurrent (non debt) = 2.481 trillion

Total capital = 1.005 trillion

So what is your point exactly?[/s]

datolee:


[s]Lets do this exercise once again.

Do you agree that OBJ left $3 billion in debt?

Do you you agree by the time Yaradua left, the debt only increase by about $500 million

If you agree by these, would also agree that as at today, Nigeria debt has only increased by $2.42 billion since Yaradua left office?

Lets be guided...[/s]