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Nigeria Borrows To Pay Salaries With Cash Crunch Worsening - Politics (3) - Nairaland

Nairaland Forum › Nairaland General › Politics › Nigeria Borrows To Pay Salaries With Cash Crunch Worsening (17953 Views)

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Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by efficiencie(m): 8:54pm On May 07, 2015
Buchukwu:
The zoo (Nigeria) is crumbling. The zoo is wobbling. God bless biafra
Sometimes i wondr wia u Igbos are headed! At one point u want an Igbo presidnt of FRN, next you throw ur weight behind a pseudo-igbo to spite the west and the north and now yu r singing the biafran song...na winch wan una dey!
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by lammy197(m): 9:08pm On May 07, 2015
mmsen:
They still don't understand that they need to slash the wages of public sector workers?
SMH just state some good reasons why they should slash..
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by InvertedHammer: 9:12pm On May 07, 2015
Bollinger:
I'm definitely moving back to Nigeria. Things are getting better.
/
Hahaha.

That's a good one. Safe journey.
/
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by CecyAdrian(f): 9:15pm On May 07, 2015
cold:
What would you do differently?
Am sorry, but I don't get your question.
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by godwin120alex: 9:24pm On May 07, 2015
Bro I agree with you that d only way we can survive in NG is revolution cos APC is d same PDP.
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by olu77(m): 9:39pm On May 07, 2015
Bollinger:
I'm definitely moving back to Nigeria. Things are getting better.
You wanted to type bitter. Right?
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by stagger: 9:53pm On May 07, 2015
mmsen:
They still don't understand that they need to slash the wages of public sector workers?
Make thunder fire your testicles. You have a petroleum minister whose only policy has been the most profligate spending ever known in this country, renting private jets for billions and unbridled kleptomania, and you say Nigerian workers should be the ones to pay the price for what this woman and her fellow PDP people have done to this country?

You and your generations should be hanged.
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by mmsen: 10:32pm On May 07, 2015
stagger:
Make thunder fire your testicles. You have a petroleum minister whose only policy has been the most profligate spending ever known in this country, renting private jets for billions and unbridled kleptomania, and you say Nigerian workers should be the ones to pay the price for what this woman and her fellow PDP people have done to this country?

You and your generations should be hanged.
Public sector workers includes ministers.

The civil service is too bloated and those that are there are overpaid.

There should be more incentive placed on the private sector and less on siphoning from the national treasury.
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by mmsen:
lammy197:
SMH just state some good reasons why they should slash..
When a company ceases to be profitable you either cut staff, cut hours or your cut wages but you do not continue spending more on outlay than you have coming in.

Paying public officials' high wages (as well as their many financially draining perks) is not a profitable endeavor for Nigeria.

The civil service needs to be reduced in size and a more reasonable compensation package should be negotiated with those that stay.
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by juman(m): 10:48pm On May 07, 2015
This is expected because of the wrong way they run the country.
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by Caveatemptor(m): 11:13pm On May 07, 2015
b:yui_3_15_0_1_1431036606076_421NOK.Sleazy details of Ngozi Okonjo-Iweala’s husband’s sex scandal 04.11.2007 A 59-year-old Nigerian neurosurgeon at Providence Hospital, Dr. Ikemba Iweala,Message 1 of 1
,Nov 3, 2007View Source0 Attachmentygrps-yiv-675170955Sleazy details of Ngozi Okonjo-Iwea
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by Caveatemptor(m): 11:20pm On May 07, 2015
Saharareporters, New York: The recent exposure of the sex escapades and scam on Dr. IkembaIweala the husband to the former finance minister of Nigeria – Dr. Ngozi Okonja-Iweala whichhas rocked the media in its shock value appears to have many more folds to the story.
Investigators at Saharareporters have uncovered more information that point to a case that is more complex than originallyreported in the sworn affidavit provided by the FBI.
As a caveat, Dr. Ikemba Iweala, 59 yrs old was caught with his pants down in extramarital affairs with a muchyounger female nursingstudent that goes by the name “Queen Nwoye” aged 28 years old. As the reports have it, Queens Nwoye’s boyfriend Adriane Osuagwu who is aged 50 took the Dr. Iweala to the cleaners, as he exploited the extramarital affair for nearly $200,000.00 against the fear of outing the husband to his high profile wife, Dr. Ngozi Okonjo-Iweala.
Saharareporters has found that the relationship between the cheating couple may have been more extensive and involved than previously reported. According to the information gathered, Dr. Ikemba Iweala and Queen Nwoye who was reported to have begun having the affair in 2002 and supposedly ended in 2003 may be a lie by Dr. Ikemba Iweala to cover up the fact that he purchased a house for his mistress Queen NkemNwoye back in October 2005.
----------------------
Download the exclusive documents on this piece at the
www.saharareporters.com/eLibrary
-----------------------------
The statement given by Dr. Ikemba Iweala where he indicates that his relationship with Queen NkemNwoye ended in 2003 and then turned into “social friends” does not mesh well with the information obtained by
Saharareporters. Queen Nkem Nwoye who attended the University of Maryland-Baltimore, fulltime from 2002 till 2006when she graduated with a Bachelors degree in Nursing at a GPA of near 4.0 was a US honor student. She was discovered by Saharareporters to have purchased a $425,000.00, Single Family-3 bedroom California house with the address – 113 William Reed Drive, Antioch, California in October 2005of whichshe paid a down payment of $85,000.00. This she did with virtually no income.
There appear more indications that point to Dr. IkembaIweala as the purchaser or at least the assistor financiallytoward the purchase and maintenance of the house. One of the indicators, as uncovered by Saharareporters is that fact that following the exposure of the sex scam to the authorities and the official financial separation between Dr. Iweala and Nwoye, the house immediatelywent into foreclosure, it was finallydisposed off by the mortgage company on January 2 2007. Queen Nwoye presently owes unpaidtaxes in the amount $2,282.02 on the house. A collaborating source who spoke to
Saharareporters revealed that Dr. Iweala had played a financial role in the purchase of the aforementioned house.
Another dimension of the sex scam regards the scammer; Adriane Osuagwu who just as Ngozi Iweala’s husband is in his early 50s. Preliminary excursion in Osuagwu’s background appears to expose more of the mindset of Osuagwu as per serial womanizing. Sources indicate Adriane Osuagwu also goes by the alias “Athan Osuagwu”. Although Saharareporters have not confirmed the validity of the said alias, our investigators were able to dig up that Adriane Osuagwu under the identity of Athan has been married up to three times – once to a Cheryl Mason in 1992 and then a Brenda Millage in 1996 according to records obtained from the state of Texas, it is not clear if Adriane Osuagwu divorced the women.
Not all is reported to be well either on the end of Dr. IkembaIweala and his wife Ngozi Okonjo-Iweala.
Saharareporters has found that their marriage began to tread on rocky grounds the moment Ngozi Iweala accepted the appointment to leave her Potomac household to join President Olusegun Obasanjo in Abuja without her husband. As was told to
Saharareporters, prior to her departure to join Obasanjo, close family friends of IkembaIweala was said to have confided on him on the vulnerable state whichhis wife willbe in whilein Abuja – this they said while noting the sex-hungry nature of the President which has been constantly referred to by some close associates as notorious. Not too long into Ngozi Iweala’s acceptance of her position and relocation to Abuja, it was reported that Ngozi Iweala had opted to resign for no clear reasons but her father weighed in and stopped her from leaving. Sources in Abuja disclosed that the sudden resignation was due to President Obasanjo’s unwanted sexual advances - of whichthe President may have touched her inappropriately.
However Ngozi Iweala’s resistance did not last too long. Story abound about Ngozi’s trips to the US on the presidential jet without visiting her husbandand many other incidents which led some Igbo elders in the Maryland area to visit with Dr. Iweala when a scandalous photo surfaced in TheNEWS magazine where the president was seen glaringly adjusting the headgear of Dr. Ngozi Okonjo Iweala whileshe smiled approvingly. It took no time for the word to reach back to her husband. The husbandreacted by sending close family and friends to talk her. However as it appears that his personal sex escapades at the Prince George’s county Hospital where he is Neurosurgeon made him to care less about President Obasanjo impropriety on his wife. According to authoritative sources, Ngozi Iweala’s continued coziness with Obasanjo despite her humiliationby the president in her well publicizedredeployment to the less prestigious ministry while attending an important meeting in London have left most of her friends stupefied. They point to recently an alleged weeklong lobbying/ camping at the Aso Rock prior to her loss of the UN Deputy Secretary General position, saying such behavior made such insinuationsmore credible.
This explains why Ngozi Iweala so effortlessly and without emotion urged Dr. Ikemba Iweala to go to the authorities. She was said not to have been too ‘angry’ with her husband, whichruns contrary to her well known controlling no-nonsense hot temper.
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by OYAY(m): 11:22pm On May 07, 2015
Query should be issued to Madam Economic Coordinator(NOI) why she should not be charged with economic crime for running Nigeria's economy aground and still continue to deceive Nigeria that it is robust last year when alarm was raised by Rotimi Amaechi of impending doom of Nigeria economy before her recent admittance of running a debt driving economy.
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by pazienza(m): 11:24pm On May 07, 2015
The Zoological republic of Nigeria. Haha! I like these radio Biafra people.
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by Caveatemptor(m): 11:32pm On May 07, 2015
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by Seunboss(m): 11:47pm On May 07, 2015
I don't give a fvck wat anybody says. All those pple in govt positions especially at d federal level dat shared our money only to make life difficult for civil servants while they and their children live like kings are oppressors. Yet, d big pastors in nigeria never condemn dem publicly. By everything dat is true, i want dem dead, their life's labour wasted. But i don't want anytin gruesome, i can't bear to watch. No, no!! Not death. 60 years concurrent with hard labour. No,no, hand dem over to concentration camps in north korea. Yes, dat shuld do it
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by 989900: 11:49pm On May 07, 2015
Caveatemptor:
http://www.nigeriavillagesquare.com/newsflash/ikemba-iweala-in-sex-extortion-mess.html#
"JANUARY 18--In a brazen shakedown scheme targeting the husband of a former Nigerian foreign minister, a Maryland woman extorted $185,000 in hush money from the man by threatening to go public with details of their sexual affair, federal investigators charge. Queen Nwoye, a 28-year-old nurse, was accused in an indictment filed today in U.S. District Court in Washington, D.C. of extorting Ikemba Iweala, a 59-year-old neurosurgeon who is married to Ngozi Okonjo-Iweala, who until last August was Nigeria's finance minister. Prior to that appointment, the Harvard-educated diplomat worked for three years as the African country's finance minister...."
for real?
And NOI was frolicking with OBJ #fxckingtinz #rumour
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by MzansiBeat: 11:53pm On May 07, 2015
Told you so. Thought this was a joke grin cool
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by Caveatemptor(m): 12:07am On May 08, 2015
989900:
for real? And NOI was frolicking with OBJ #fxckingtinz #rumour
This one no be rumour . Goggle Doctor Ikemba Iweala sex scandal and see the results from various media.
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by Oduduwaboy(m): 4:06am On May 08, 2015
realest247:
Buhari has some huge task waiting him. Couple with the enormous expectations of my fellow brothers, I pity the 72years old Daura Man. Eyah!!!




FTP Chilling grin
...to the willing there is always a way out! Just watch. At least we have chased the goats away from the yam now!!!
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by Oduduwaboy(m): 4:10am On May 08, 2015
pazienza:
The Zoological republic of Nigeria. Haha! I like these radio Biafra people.
We dont hear the Radio Biafra here in the west o...when people begin to wind themselves up with unrealistic talk, it is a recipe for repeated disaster is all we know.
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by lastpage: 7:10am On May 08, 2015
Adesiji77:
Abuja (AFP) - A cash shortage caused by low oil prices has forced Nigeria to borrow heavily through the early part of 2015, with the government struggling to pay public workers, officials said Wednesday.

Nigerian finance minister pays importers as city petrol queues grow Reuters
"We have serious challenges. Things have been tough since the beginning of the year and they are likely to remain so till the end of the year," said Finance Minister Ngozi Okonjo-Iweala, adding that more than half of this year's borrowing allowance had already been exhausted.

Nigeria, Africa's top economy and largest oil producer, has been hammered by the 50 percent fall in oil prices as crude sales account for more than 70 percent of government revenue.

"As it stands today, most states of the federation have not been able to pay salaries and[b] even the federal government has not paid (April) salary and that is very worrisome,[/b]" said Imo state Governor Rochas Okorocha.

Okonjo-Iweala said the federal government had a projected borrowing allowance for 2015 of 882 billion naira ($4.4 billion, 4 billion euros).

But 473 billion naira had already been used up to meet recurrent expenditures, including salaries of public employees.

"We have front-loaded the borrowing programme to manage the cash crunch in the economy," the minister told reporters.

According to the Central Bank (CBN), Nigeria currently has $29.6 billion in foreign reserves, but analysts said depleting those funds to offset revenue shortfalls could further undermine global confidence in the country's economy.

The CBN issues letters of credit to all domestic firms that import foreign goods, a measure which serves as a guarantee for international companies that have been reluctant to do business in Nigeria, said Jide Akintunde, editor of the Financial Nigeria magazine.

The CBN is expected to maintain reserves covering six months of imports.

"If we do not have the required level of reserves, imports could start to freeze up," Akintunde told AFP.

For Okonjo-Iweala, accelerated borrowing is the easiest strategy to manage the current shortfalls, Akintude said, although with a new government set to take power at the end month, the revenue crunch will soon be someone else's problem.

President-elect Muhammadu Buhari will be sworn in on May 29 and is not expected to retain any of the key ministers appointed by outgoing president Goodluck Jonathan.

Government critics have alleged that Nigeria's revenue crisis was compounded by excessive and wasteful political spending through last month's general elections.


But even when crude was selling above $100 last year Jonathan's administration struggled to build savings, partly because the excess crude account has been repeatedly raided by powerful political actors.



http://news.yahoo.com/nigeria-borrows-pay-salaries-cash-crunch-worsening-102704347.html
See what that devilish, incompetent nitwit called Jonathan has done to our economy!

From $60Billion Foreign Reserve and completely paid Debts that OBJ left in the coffers, this effing Creek Mosquito has even borrowed "ahead" of time, plunging generations yet-unborn, into poverty!

But ofcourse, with the way he was "sharing Dollars" before the election, you will think his father is richer than Alliko Dangote, not knowing he is just a shoeless "born-throway" orphan.

This is the danger of putting poverty-ridden person in position of trust!
He must account for this rape of our treasury and how he came about the Dollars he was sharing! JAIL AWAITS JONATHAN and his co-looters like Deziani Allison Madueke.


NEVER AGAIN! NEVER!!


Lastpage!
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by obiak4(m): 8:44am On May 08, 2015
[quote author=CecyAdrian post=33516351]Why can't these woman do herself the honour of resigning. undecided
It's quite obvious she has lost it.[/quote
in Nigeria resignhuh are you in France
in Nigeria they don't resign instead they get national honor for failure cc bode George,steal oduah,Abba morro the list is endless
why borrow to pay people that are working when the legis-looters who does nothing earn more than the workforce combined togetherhuhhuh??
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by goldtooth: 11:06am On May 08, 2015
mmsen:
They still don't understand that they need to slash the wages of public sector workers?
No way. If wages are to be slashed it should be those of politicians, not poor civil servants. Do you know how much our legislators and governors earn? yet they still have severance package and pensions for themselves. Please don't go down that route.
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by mmsen: 11:10am On May 08, 2015
goldtooth:
No way. If wages are to be slashed it should be those of politicians, not poor civil servants. Do you know how much our legislators and governors earn? yet they still have severance package and pensions for themselves. Please don't go down that route.
Legislators and governors are also public sector workers.

They should all have their wages cut as well as their numbers.

Most of them are fundamentally useless.
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by AfroBlue(m): 11:42am On May 08, 2015
modath:
On Yahoo news homepagehuhhuh undecided

Our dirty linen is now being washed in the town square, what a pity....

What amazes me about the whole sorry Okonjo Iweala story is that under OBJ she was a SAVER/ GATHERER but under Jona she became a SQUANDERER, what happened to her dignityhuh?
she had to tow the line and fall into place with the corrupt machine. remember the drama she experienced with a family member? she probably wanted to do right but negative forces were overwhelming. i can't say the same about that nnpc/opec lady.
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by modath(f): 12:26pm On May 08, 2015
AfroBlue:
she had to tow the line and fall into place with the corrupt machine.[b]remember the drama she experienced with a family member[/b]she probably wanted to do right but negative forces were overwhelming. i can't say the same about that nnpc/opec lady.
You mean this below?

https://www.nairaland.com/2264750/incredible-conspiracy-theory-subsidy-payment-feat
Re: Nigeria Borrows To Pay Salaries With Cash Crunch Worsening by deucelaw: 12:37pm On May 08, 2015
chemali:
Why didn't he save his own share which was more than 50% of the ECA? What projects did he accomplish with his own share?
Please also help me ask him what happened to the 1 billion dollars that got missing from the ECA account. Was that not the reason the state governors were clamoring for the money to be shared...Since FG would go behind to spend put of the money without the consent of the FAAC stakeholders
1 2 3 4 Reply

Cash Crunch: Senators, Reps Members Abandon Chambers In Search Of Money • Flash Back; Okonjo's Excuse For Borrowing To Pay Salaries with Oil at $54/barrel • FG Govt Borrows N473bn To Pay Salaries And Overheads. • 2 • 3 • 4

ICPC recovers three ambulances, 500KVA Transformer from Senator Buruji Kashamu • Osun Decides: PDP Is Ready – Okowa Reacts As Adeleke Wins Governorship Poll • 2,400 Foreigners Caught Applying For Passports – Tunji-ojo