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Nairaland Forum / Nairaland / General / Politics / Nigeria’s Economy Under Threat As Debts Hit N11trillion (20446 Views)
States’ Foreign Debts Hit $3.2bn , Cannot Repay In The Next 50 Years -Shehu Sani / Re: See What Is Happening To Nigeria’s Economy Under Buhari / See What Is Happening To Nigeria's Economy Under Buhari (2) (3) (4)
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Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by PassingShot(m): 7:11am On May 07, 2015 |
barcanista: Now you're talking like a patriotic Nigerian Can you explain what you mean by the bolded part of your post please? But forget about the social programs since they are not cast in stone. 2 Likes |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by Futureleader201(m): 7:12am On May 07, 2015 |
The only solution to this problem is to divide Nigeria into three sections ... North, west, east, so world bank will forget about the debt. # Nigeriaisafailstate....therichgetmorericherthepoorgetmorepoorer |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by luthorcorp: 7:14am On May 07, 2015 |
jayfolarin:i seriously agree with you patroit but the problem with the laww is that the actuall looters are the ones making and amending the laws so they will always be linear with it as long as it suits their criminal activities....have u been following their transformations rescently,from my view it seems the govt is bent on creatings a crown of thorns 4 d incomin govt,i mean more debt on deir adams apple n it will now sim like they(buhari) is worse....thats pathetic 1 Like |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by adebisiolumide5(m): 7:15am On May 07, 2015 |
OREMUSSANCTUS: Thunder will definitely fire you_!!! bastard_!!!!!.. Where are the developmental projects You are mad.... Your parents made big mistakes by bringing you to this World... do you have the slightest idea what an Average Nigerian is passing through May Ogun strike your left balls there.... MODS forgive my strong use of language... this dude deserves em... 6 Likes |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by condralbede(m): 7:15am On May 07, 2015 |
The Messiah will clear d dept....Or are u guys disputing the fact that buhari might not do that E go red for this incoming adminstration, then they will knw dat AC nobi Fan |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by dekdek: 7:16am On May 07, 2015 |
Jonah-daft Destiny is to Bankrupt Nigeria - Pastor Bakare. Truly, the man of God was right. 4 Likes |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by misterh(m): 7:17am On May 07, 2015 |
chuna1985:So because she left her position in the World Bank makes her immune to criticism when she goofed? How has her coming 'here to help Nigeria' actually benefitted Nigeria. Some weeks ago, she said the country's economy was healthy. Now, the country is borrowing to pay SALARIES. If a company has to take a loan to pay salaries, that means that the company is broke. Did you read Soludo's article tackling her economic policies? He took those policies to the cleaners. Her response, through one of her aides, was a shallow one. She was making reference to trains and highways. How the hell does that relate to the economy? 4 Likes 1 Share |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by Sibrah: 7:17am On May 07, 2015 |
Few painful conclusions: We borrow with capital projects as excuse but end up paying a few hands salary with it. We can't cope on the oil revenue and have zero plan for alternative source of income. Majority of Nigerians are indifferent to our loopsided economy structure. The core economic rot we are facing preceeds the Jonathan admin and is most beneficial to those who have the power to overturn it. 2 Likes 1 Share |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by 4Play(m): 7:19am On May 07, 2015 |
PassingShot: The article I linked actually sets out the reason APC wanted to scrap savings, that it is illegal to maintain such savings account. You are implying in your post that savings would have been allowed if it wasn't depleted sans the consent of the governors, but if it is illegal to have the savings, the manner in which this purported illegality is utilised would be immaterial. You cannot have it both ways. Sept. 30 (Bloomberg) -- Nigeria’s main opposition party said it will scrap the country’s sovereign wealth fund and a separate excess crude account if it wins elections in February.“We’re going to put a stop to them,” Lai Mohammed, a spokesman for the All Progressives Congress, or APC, said in an interview in London yesterday. “The sovereign wealth fund and the excess crude account are illegal.” |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by luthorcorp: 7:19am On May 07, 2015 |
clip:not dat i disagree with u but it wouldnt be dat easy coz these ppls no1 priority wen loot and pepetraitin evil and cash looting is to delete all evidences that will trace it back 2 them,i mean its all connected d subsidy scam,refinery scam,all of it......*sighn*may god help us |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by ichidodo: 7:21am On May 07, 2015 |
The political class will destroy this country... |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by OversightTM(m): 7:22am On May 07, 2015 |
The moment some persons start accepting the fact that the rise in Nigeria's external borrowings is unconnected to any form of political propaganda the better for them. Nigeria's been trolling in debt even before the current administration assumed governance; I wonder why eye brows weren't raised then. The fall in crude oil globally is enough reason for any economy depending solely on crude revenue to fall back on inevitable borrowings. I hope the incoming administration will be able to address majorly the excesses in Nigeria's recurrent expenditure especially in the legislature and maybe help implement measures that will boost other forms of exports rather than solely depending on crude oil. God bless Nigeria. |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by Nobody: 7:23am On May 07, 2015 |
bro4u:third richest in africa? which countries are richer? |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by luthorcorp: 7:23am On May 07, 2015 |
focus7:it would have been much more worse than disaster,i mean i would have been d time 4 him to milk the country's tit dry coz he would have nofin 2 loose,i always tot a ruler from south south wouldn't be this outwitted,i was wrong |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by PassingShot(m): 7:26am On May 07, 2015 |
4Play: There are two issues here: 1. The accounts are actually illegal and it is not contestable since it is not backed by the constitution or any bill of the NASS 2. As illegal as they were, these accounts are maintained and are expected to be used for the benefit of the country. But when the custodian of the accounts, hiding behind the illegality of operating the accounts, decided to use the funds for their personal ends with no recourse to joint-owners (the states); no good explanation for what the money has been used for, you cannot blame the governors for asking the money to be shared. 2 Likes |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by Sibrah: 7:29am On May 07, 2015 |
PassingShot:The bolded part by Barcanista is a pointer to the fact that the APC is going to blot recurrent expenditure when they start feeding people who aren't guaranteed to be productive. Aregbe is already guilty of this in Osun state. For every one capital project(Omoluabi Garment Factory) he executes he negates it with a recurrent scheme of greater effect and magnitude(OYES or School feeding). 1 Like |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by Nobody: 7:31am On May 07, 2015 |
misterh: please remove soludos strict st.upidity from here, I don't respond to issues concerning a power hungry individual who has already been in the helms of this same affair n has nothing to show for it. Back to the topic, where did she goof? back up ur argument with facts about her crimes or her flaws... If trains highways have no relationship with the economy, I guess I'd advise u to stop talking about things u don't know. Many Nigerians are very gullible just like u, Wen u read any article (especially the ones that suggest billions of dollars is missing) u just believe it without even trying to analyse it. Develop a mind of ur own n desist from following the crowd... 1 Like |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by coputa(m): 7:33am On May 07, 2015 |
bro4u:The lenders are Iwealas employer,she is here to play their script.remember that you will always be a slave to your creditors. |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by rusher14: 7:33am On May 07, 2015 |
lonelydora: 40-day dry fasting. When next you see her she'll be looking like seyi shey. Only more haggard. 1 Like |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by PassingShot(m): 7:34am On May 07, 2015 |
Sibrah: You mean the APC that has constantly criticized/condemned the current budget arrangement of 80%:20% in favour of recurrent expenditure will tow the same line? It can NEVER happen. Just wait and see how things will be done differently. 1 Like |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by philips70(m): 7:35am On May 07, 2015 |
barcanista: Kudos for reclaiming your moniker from the children of multiple anger. 3 Likes |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by eaglechild: 7:35am On May 07, 2015 |
Dysfunctional state governments are the bane of the Nigerian economy. Many of the state governments are in heavy debt from Lagos to Imo to Osun. The state governors just lie redundant await for hand outs from FG while looting and amassing wealth. Only to turn and attack the FG instead of finding ways to generate revenue. |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by Tshaphilo: 7:38am On May 07, 2015 |
God will my unemployed children now pay the debts accrued by corrupt politicians with their hard earned money? God help us n teach this new wot to do.Amen. |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by shamecurls(m): 7:39am On May 07, 2015 |
The Okonjo Iweala Science states that the more an economy grows in GDP and become rich, the more it gets indebted. 1 Like |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by Nobody: 7:39am On May 07, 2015 |
PassingShot:I always insist in patriotism above partisanship. Nobody should be comfortable when his country borrows to pay Salaries like what we are experiencing. The APC as the ruling party-elect is yet to tell us of any developmental programs that will cause for more work and less for reliance on government stipends. VP-elect Osinbanjo once said that the APC administration will reverse the propose increase in tarrif for imported vehicles. A reversal of that program will only promote reliance on import which isn't economic friendly. No country that rely on import can progress. The APC also talked about packages for unemployed, nysc members (after one year completion of service), elderly, disabled etc... All these are consumable programs that can never be sustainable and will only plunge us into more borrowings to fund the program (for how long?) The APC is yet to take a public position on the whether or not subsidy should be retained(though their antecedent is pro-subsidy). If subsidy should be removed, when should that be and what do they plan to put as paliative before removal? If retained, how do they hope to fund it considering the ever increasing bill of the cabals? Should we continue to rely on oil and borrowing or what other plans do they have to raise funds? The APC Govs apart from taxation, what other means do they generate funds? They all went to Abuja to meet the President-elect, is that not an indictment on their part when they should be with their team brainstorming? Their posture shows that they plan to shift more burden on the incoming FG, how is that different from what is presently obtainable? Such mentality only shows a continuation of the status quo. Which I believe shouldn't be our lot. 3 Likes |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by timilehing(m): 7:39am On May 07, 2015 |
NOI, GEJ, your days are numbered. Nigerians will be delivered from una hand 1 Like |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by durosegun(m): 7:40am On May 07, 2015 |
The 'consumption' economy that this country has been subjected to over the years is now about to take its full toll on us, and its the masses that will suffer the effect the most. This is what happens when a country decides to spend 70% of her national budget on recurrent expenditures leaving capital projects to suffer. Every administration since 1999 is guilty of this but more of the blames go to the Jonathan's administration. His administration made huge revenue from crude sales in the last five years and instead of the administration of being proactive and diversified the country's economy in order to have concrete alternative sources of revenue generation and lessen the 'sole' dependent on oil revenue or at least embarked on capital project which to a very large extent would not have only lead to human development but also economic growth. The incoming administration really have limited time to start their planning and carry out aggressive approach with a view to salvaging what is left of the present economy and also usher in a more robust and dynamic solutions that will put the country back on a fast track to economy buoyancy. |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by 4Play(m): 7:40am On May 07, 2015 |
PassingShot: Precisely. If this is your party's official position, it would entail that we should have no savings in the first place. This renders hypocritical any criticism of the government that it failed to save nor could criticism be sustained on the basis that the government is having to borrow to meet revenue shortfalls arising from an oil price crash. If NOI insisted that we need to maintain a rainy day fund in the event of a fall in oil price and your party said that we shouldn't save, tell me who has been vindicated? 2. As illegal as they were, these accounts are maintained and are expected to be used for the benefit of the country. But when the custodian of the accounts, hiding behind the illegality of operating the accounts, decided to use the funds for their personal ends with no recourse to joint-owners (the states); no good explanation for what the money has been used for, you cannot blame the governors for asking the money to be shared. If the funds have been used for personal ends, then your party should be in a position to investigate and recover much of the money from May 29. No be so? Or are you effectively signalling by your defeatist posture the impotence of the incoming government? 1 Like |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by Nobody: 7:41am On May 07, 2015 |
We are owing but no results to show for it...we should be seeing working train systems,the best of roads and bridges,infrastructure,refineries,etc....but we haave nothing...nothing...I spit on nigeria and our leaders... ....11thrillion naira debt... |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by fineguy11(m): 7:45am On May 07, 2015 |
Truckpusher:just like ur clueless ediot master GEJ and his barren wife....that idiot recked our economy.....GEJ remains a curse to this generation... 1 Like |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by Sibrah: 7:45am On May 07, 2015 |
PassingShot:You tell me how will feeding of populace make Nigeria industrialized. When You feed people it ends there but when you create industries and allow them to thrive you feed them through employement, shelter them, and even earn taxes and forex. The APC are too desperate to impress and may end up going for a short term stomach infrastructure that will blot recurrent expenditure. 1 Like |
Re: Nigeria’s Economy Under Threat As Debts Hit N11trillion by Nobody: 7:47am On May 07, 2015 |
Ariel20:Very sad my Dear... How are you btw? |
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