MugabeRobert:
Do you know how much America is owing? Fool.

SLIDEwaxie:
and this is an excuse to fail, abi?

I'm sure u're a PDP supporter

MugabeRobert:
Do you know how much America is owing? Fool.

MugabeRobert:
Do you know how much America is owing? Fool.

MzansiBeat:
"Lagos - Africa's richest economy is borrowing money to pay salaries as it struggles through a "difficult cash crunch" brought on by halved oil prices, Nigeria's finance minister revealed on Tuesday.

The news comes as Nigeria prepares to welcome a new government at the end of month and its naira currency remains in a slump, hovering between 180 and 220 to the US dollar. It was trading at 160 a few months ago.

Minister Ngozi Okonjo-Iweala tried to be upbeat in a speech after the legislature on Tuesday approved the 2015 budget thrice revised because of slashed oil prices that provide 80% of revenue for the government of Africa's biggest petroleum producer.

She said "revenue challenges" have prohibited the release of any funds for capital expenditure this year but that food prices and single-digit inflation remain quite stable. And she said the economy still is on course to grow 4.8% this year.

"We have front-loaded the borrowing program to manage the cash crunch," Okonjo-Iweala told legislators. "Out of the ?882bn budgetary provision for borrowing, the government has borrowed ?473bn to meet up with recurrent expenditure, including salaries and overheads."

That's bad news for the incoming government of President-elect Muhammadu Buhari, who takes over May 29 from incumbent Goodluck Jonathan.

Buhari acknowledges that constricted revenue and endemic corruption threaten his will to deliver on development and reconstruction of areas devastated by a nearly 6-year-old Islamic uprising in the northeast.

He says his fight against corruption should produce the money needed to bring change to a country where petroleum riches benefit a small clique while the majority of the 170 million people in Africa's most populous nation live hand to mouth.

Critics blame the financial crisis in part on the most expensive election ever held in Nigeria, though no one knows how much politicians from both sides spent trying to buy influence and bribe voters".

The giant of (WEST) Africa -

MugabeRobert:
Do you know how much America is owing? Fool.

Volksfuhrer:
Op, from the tone of your post I may have to concede you are South African, no?

MzansiBeat:
"Lagos - Africa's richest economy is borrowing money to pay salaries as it struggles through a "difficult cash crunch" brought on by halved oil prices, Nigeria's finance minister revealed on Tuesday.

The news comes as Nigeria prepares to welcome a new government at the end of month and its naira currency remains in a slump, hovering between 180 and 220 to the US dollar. It was trading at 160 a few months ago.

Minister Ngozi Okonjo-Iweala tried to be upbeat in a speech after the legislature on Tuesday approved the 2015 budget thrice revised because of slashed oil prices that provide 80% of revenue for the government of Africa's biggest petroleum producer.

She said "revenue challenges" have prohibited the release of any funds for capital expenditure this year but that food prices and single-digit inflation remain quite stable. And she said the economy still is on course to grow 4.8% this year.

"We have front-loaded the borrowing program to manage the cash crunch," Okonjo-Iweala told legislators. "Out of the ?882bn budgetary provision for borrowing, the government has borrowed ?473bn to meet up with recurrent expenditure, including salaries and overheads."

That's bad news for the incoming government of President-elect Muhammadu Buhari, who takes over May 29 from incumbent Goodluck Jonathan.

Buhari acknowledges that constricted revenue and endemic corruption threaten his will to deliver on development and reconstruction of areas devastated by a nearly 6-year-old Islamic uprising in the northeast.

He says his fight against corruption should produce the money needed to bring change to a country where petroleum riches benefit a small clique while the majority of the 170 million people in Africa's most populous nation live hand to mouth.

Critics blame the financial crisis in part on the most expensive election ever held in Nigeria, though no one knows how much politicians from both sides spent trying to buy influence and bribe voters".

The giant of (WEST) Africa -

EZEIGBO1OFIMO:

America's Debt to GDP ratio is 101.3% , totalling 24 trillion dollars in debt, Germany has 87% in debt GDP ratio, Japan has 224% Debt GDP ratio totalling $10 trillion in debt. The truth is, with capitalism, no country can ever be debt free, so long the bretton woods and keynesian economics stand.
cc- barcanista truckpusher buddahmonk

since1914:
@ MzansiBeat...at least the report did not say Nigeria is borrowing from South Africa to pay salary. Most certainly, the borrowing is local, and will likely be funded by local Nigerian banks. The inferiority complex displayed by some Africans towards Nigerians is almost getting irritating. As Nigerians, we know we have lots of problems and we have never denied them, rather we keep shouting ourselves hoarse at every given opportunity we get, to discuss the way forward...Yet other Africans abandon all of their own domestic problems to focus on that of Nigeria. I personally fear for South Africa because, there is a huge social crisis brewing there, all the Xenophobic attacks and the incessant violent labour strikes are only symptoms of a deeper problem - the staggering disparity of the social, economic and educational conditions between South African blacks and the whites. Which if not tackled soonest, will lead to an inevitable civil war. So OP, that is what you should be worried about, and not about how we foot our bills.

Back to the issue at hand, I hope NOI is begining to see all that we had warned her about several months ago. We have no business borrowing to pay salaries if we had been more prudent with our earnings. Most Nigerians might not have Economics degrees from Harvard, but at least they still have commonsense.

That is irrelevant to this article.
Thousands of civil servants may not get their wages come month end! Just think of it

Volksfuhrer:
Op, from the tone of your post I may have to concede you are South African, no?

MzansiBeat:
No where has South Africa been mentioned in this article . I'm unsure what's the hysteria all about. Among the 52 countries which make up this continent you can only think of SA! Why doe the mere mention of this country tend to haunt some of you this much?

What's this assertion about black or white? Are these human beings perhaps? I've never seen a black or white human being in SA for that matter. Perhaps in Nigeria or west Africa you get quite a few (pitch black) of those, but not white ones - who look like your standard A4 paper.

Therefore, can you refrain from dragging SA or this black/white chronic obsession into this thread, but rather interrogate the state of your country's finances as mirrored by this article. Perhaps you could then start making intelligent inputs like some have done. We need to help build this country'ooo. One Naija! Thanks for complying.

ucheokpara100:
the south africa we are going to or talking about is just the places whites developed not africa's south africa if u doubt me come to south africa, all thy do is buy cloths on credit dress with big eye glass and go about with empty pocket.
i swear these people go to shops as big as shoprite with their R5 without shame let's say their 5 naira but because of exchange rate it is our 80 naira.

EZEIGBO1OFIMO:
America's Debt to GDP ratio is 101.3% , totalling 24 trillion dollars in debt, Germany has 87% in debt GDP ratio, Japan has 224% Debt GDP ratio totalling $10 trillion in debt. The truth is, with capitalism, no country can ever be debt free, so long the bretton woods and keynesian economics stand.
cc- barcanista truckpusher buddahmonk

EZEIGBO1OFIMO:

America's Debt to GDP ratio is 101.3% , totalling 24 trillion dollars in debt, Germany has 87% in debt GDP ratio, Japan has 224% Debt GDP ratio totalling $10 trillion in debt. The truth is, with capitalism, no country can ever be debt free, so long the bretton woods and keynesian economics stand.
cc- barcanista truckpusher buddahmonk

Rossikk:


I was about to ask him the same thing. I'm sure he worships America.

since1914:
@ MzansiBeat...at least the report did not say Nigeria is borrowing from South Africa to pay salary. Most certainly, the borrowing is local, and will likely be funded by local Nigerian banks. The inferiority complex displayed by some Africans towards Nigerians is almost getting irritating. As Nigerians, we know we have lots of problems and we have never denied them, rather we keep shouting ourselves hoarse at every given opportunity we get, to discuss the way forward...Yet other Africans abandon all of their own domestic problems to focus on that of Nigeria. I personally fear for South Africa because, there is a huge social crisis brewing there, all the Xenophobic attacks and the incessant violent labour strikes are only symptoms of a deeper problem - the staggering disparity of the social, economic and educational conditions between South African blacks and the whites. Which if not tackled soonest, will lead to an inevitable civil war. So OP, that is what you should be worried about, and not about how we foot our bills.

Back to the issue at hand, I hope NOI is begining to see all that we had warned her about several months ago. We have no business borrowing to pay salaries if we had been more prudent with our earnings. Most Nigerians might not have Economics degrees from Harvard, but at least they still have commonsense.

vandalZA:
any link to back up your story?!