₦airaland Forum

I made this post in another thread and I think it makes for good discussion.

I blame squarely the unhindered borrowing by APC southwest states on the crash of the Naira.

PvtParts2:
The only solution Buhari and the APC will sell to you is an IMF loan.

Rather than look at ways to promote local production to prevent wastage of our low forex reserves this administration will borrow to pay the rent on importing finished goods.

To show the total lack of sincerity by the APC led government, Buhari dipped into our low forex reserves to bailout States that are seriously in debt due to the ineptitude and corrupt ways of their respective governors.

This same debts where sourced from banks and the states are poised to default sooner or later. Remember that the liquidity taken out of circulation in granting this debt facility to states with nothing to show for ought to have been made available to genuine small and medium businesses to promote real growth! The rescheduling of the debt repayments was also outlined as one of the measures to help the states out. Now this means that lending interests rates will surely soar.But by far the most stupid thing about this bailout is that after dipping into our forex reserves to bail the states the CBN can not meet up with forex demands thereby putting more pressure on the naira which inevitably has since seen inflation rates soar.

This is change for you!

WEMA Bank has since suspended consumer loans to it's customers. WEMA bank is one of many banks being owed by states like Osun.

The unchecked borrowing and inability to repay on their commitments is also threatening the very existence of banks like WEMA.

www.nairaland.com/attachments/2643046_loans_jpeg6b38b8744c8ccbfcff622f32ab8797cf

Any fault of this tenure should be placed on SW because they initiated it.

PdPpigs will not stop amusing me. It is Osun borrowing that cause fall of naira ur brain need total overhaul. Tell me what nigeria is producing locally. DUNLOP, MICHELLING, UNILEVER, TEXILLE ALL THIS COMPANY IS NO MORE IN NIGERIA,ALSO NO REFINERY THAT IS WORKING EVERYTHING IS ON IMPORTATION. NOW TELL HOW NAIRA IS NOT GOING TO BE WEAKED. IF U LACK FUNDAMENTAL ECONOMIC LACK UR ANKARA WOMAN, PLS ENROLL IN LBS. AJAOKUTA STEEL IS NO MORE WORKING FOR DECADES. THIS MAD MAN POSTING.

Who dey talk sef?

dammylohlah:
PdPpigs will not stop amusing me. It is Osun borrowing that cause fall of naira ur brain need total overhaul. Tell me what nigeria is producing locally. DUNLOP, MICHELLING, UNILEVER, TEXILLE ALL THIS COMPANY IS NO MORE IN NIGERIA,ALSO NO REFINERY THAT IS WORKING EVERYTHING IS ON IMPORTATION. NOW TELL HOW NAIRA IS NOT GOING TO BE WEAKED. IF U LACK FUNDAMENTAL ECONOMIC LACK UR ANKARA WOMAN, PLS ENROLL IN LBS. AJAOKUTA STEEL IS NO MORE WORKING FOR DECADES. THIS MAD MAN POSTING.

The Naira recorded it's highest single week depreciation after Buhari dipped into the external reserves to bail out states. A few days later the CBN will announce more stringent rules in sourcing for FOREX.

Intersts rates are now averaging at 26% following the inability of states like Osun to meet their debt repayment.

WEMA Bank is on the verge of collapse.

The hallmarks of what we are witnessing with the naira are reminiscent to the Greek economic collapse which required an EU bailout.

Southwest states are the most indebted states in the polity and as such most of the bailout went to that region.


FACTS!

dammylohlah:
PdPpigs will not stop amusing me. It is Osun borrowing that cause fall of naira ur brain need total overhaul. Tell me what nigeria is producing locally. DUNLOP, MICHELLING, UNILEVER, TEXILLE ALL THIS COMPANY IS NO MORE IN NIGERIA,ALSO NO REFINERY THAT IS WORKING EVERYTHING IS ON IMPORTATION. NOW TELL HOW NAIRA IS NOT GOING TO BE WEAKED. IF U LACK FUNDAMENTAL ECONOMIC LACK UR ANKARA WOMAN, PLS ENROLL IN LBS. AJAOKUTA STEEL IS NO MORE WORKING FOR DECADES. THIS MAD MAN POSTING.

Lol. Dem wan use SW replace GEJ (who they helped to run the economy of the country to the ground). Yimu.

We Inherited N637.22bn ($3billion +) Debt, Says Okowa

Delta State Governor, Senator Ifeanyi Okowa, has said his administration inherited a debt profile of N637.22 billion, with a call on all Deltans to be ready to make sacrifices necessary to put the state on the path of economic recovery.

Giving a breakdown of the debt profile, Okowa disclosed that N98.62 billion is as a result of Revenue Bond and indebtedness to commercial banks, while outstanding contractual obligations stood at N538, 601,962,421.50.

Speaking Thursday while addressing members of the state House of Assembly in Asaba on the financial status of the state, Okowa said it became necessary to let the lawmakers know the state of affairs in order “to put the legislature on the same page with the executive, so that we can think together, plan together, and tighten our belts going forward.”

Exuding confidence, Okowa asserted that “I see more opportunities in our current economic predicament than the threats it poses,” adding: “We must muster the resolve and political will to boldly – and decisively - confront the challenges that we face, right the ship of our state and lay a solid foundation of prosperity both now and for future generation of Deltans. It won’t be easy. It is not supposed to be easy. But there is no gain without pain, no prize without a price.

“A good place to start is for us to reject the old ways of doing business. First, beginning with me and this honourable House, we must be ready to make the necessary sacrifices to reduce the cost of governance. Secondly, the endless turf battles and approach to legislative action would need to give way to civility and respect for each arm of government. Thirdly, the House must make laws that protect and promote the interest of the State and our people. Fourthly, we must act with the sense of urgency that our current situation demands, and navigate the ship of state aright.”

The governor told the House the 2015 budget of N409billion as passed “has to be reviewed” because it “is no longer realistic in the wake of current realities, which clearly show that our expected revenue is now far below what was projected in view of the declining earnings from FAAC occasioned by the crash in oil prices.”

He assured the House that the administration is “frantically working at putting the necessary machinery in place to boost our internally generated, and steps will be urgently taken to plug the loopholes in our revenue collection process. In our land resource management, action will be taken to re-certify Certificates of Occupancy (C of O) beginning with our urban settlements, while MDAs will be made more accountable in the generation of revenue.”

He called for a cordial relationship among the different arms of government, reminding the Legislature of their constitutional responsibility “to make make laws for the peace, order, and good governance of the state.”

The governor promised to build a “model worthy of emulation” in executive-legislature based on his experience as a former member of the Senate.

Okowa appealed for patience and understanding regarding the suspension of the civil service recruitment.
Admitting that it was a painful and difficult decision to make, he noted that “we came to this inescapable decision because the entire recruitment exercise was riddled with fraud and corruption as it violated established civil service rules and regulations. More so, it was not logical that a state struggling to meet its payroll obligation should employ more persons.”

While sympathising with those affected by the exercise, he urged the house members to appeal to their constituents who were affected by the exercise for understanding because “we do not mean them any harm” and “you have my highest assurances that in the long term this decision is for the benefit of everybody.

Sometimes things have to get worse before they can get better.”

Okowa enjoined the house members to be mindful of their place in history. “The focus of responsible leadership is not always about the next election; it is about the next generation,” he declared.

“We would have written our names in gold if in the next four years Delta State can boast of a functioning public school system that ensures that the children of the poor are provided quality education, accessible and affordable primary and secondary healthcare system, a flourishing agricultural and agri-business sector, and the proliferation of Micro, Small, and Medium Scale Enterprises (that ensure our teeming youth population is productively engaged), well planned and environmentally friendly cities, and integrated rural development.”

In a brief remark, the Majority Leader of the assembly, Hon. Tim Owhofere, member representing Isoko North, thanked the governor for the briefing and promised that the legislature would partner with other arms of government to deliver the dividends of democracy to the people.

http://www.thisdaylive.com/articles/we-inherited-n637-22bn-debt-says-okowa/213137/

PvtParts2:
The Naira recorded it's highest single week depreciation after Buhari dipped into the external reserves to bail out states. A few days later the CBN will announce more stringent rules in sourcing for FOREX.

FACTS!

And what about the previous Naira dips, especially right before the elections and even b4? Was the SW responsible for that also? You people are simply sick in the head. Period.

kazmanbanjoko:
Who dey talk sef?

Na the PDP/GEJ revisionists. First NOI blamed it all on the falling oil prices, now they want to blame it on the SW. You see how much sense Dem get so?

PvtParts2:
I made this post in another thread and I think it makes for good discussion.

I blame squarely the unhindered borrowing by APC southwest states on the crash of the Naira.




WEMA Bank has since suspended consumer loans to it's customers. WEMA bank is one of many banks being owed by states like Osun.

The unchecked borrowing and inability to repay on their commitments is also threatening the very existence of banks like WEMA.

Perfect observation


Instead of BabaOneChance to probe the activities of States who couldn't pay salaries, he went ahead to grant them bail with part of our reserve.

AshiwajuFoward:
Lol. Dem wan use SW replace GEJ (who they helped to run the economy of the country to the ground). Yimu.

The chart below shows the value of the naira to the dollar.

As you can see the Naira recorded it's lowest and sharpest declinein July after the govt announced a bail out for states in which the SW APC states are the most indebted.

https://themoneyconverter.com/exchange-rate-chart/NGN/NGN-GHS.gif

AshiwajuFoward:
Na the PDP/GEJ revisionists. First NOI blamed it all on the falling oil prices, now they want to blame it on the SW. You see how much sense Dem get so?

The falling price of oil affected Federal reserves and not the economy.

Your states are the one's putting pressure on bank liquidity and integrity, the foreign reserves and the naira.

PvtParts2:
The Naira recorded it's highest single week depreciation after Buhari dipped into the external reserves to bail out states. A few days later the CBN will announce more stringent rules in sourcing for FOREX.

Intersts rates are now averaging at 26% following the inability of states like Osun to meet their debt repayment.

WEMA Bank is on the verge of collapse.

The hallmarks of what we are witnessing with the naira are reminiscent to the Greek economic collapse which required an EU bailout.

Southwest states are the most indebted states in the polity and as such most of the bailout went to that region.


FACTS!

The financial distress of States should have pointed to Buhari that money was diverted which would have been a perfect reason to probe the activities of those States.



As usual, the confused President went ahead to destroy our foreign reserve in a bid to rescue his slaves down South.

AshiwajuFoward:
And what about the previous Naira dips, especially right before the elections and even b4? Was the SW responsible for that also? You people are simply sick in the head. Period.

https://themoneyconverter.com/exchange-rate-chart/NGN/NGN-GHS.gif

The slight dip before the elections was anticipatted along the lines of insecurity fall out during and after the elections.

The next dip was occasioned by pure ineptitude.

PvtParts2:
The chart below shows the value of the naira to the dollar.

As you can see the Naira recorded it's lowest and sharpest declinein July after the govt announced a bail out for states in which the SW APC states are the most indebted.

https://themoneyconverter.com/exchange-rate-chart/NGN/NGN-GHS.gif

Superstar1 aresa shachris sachris etc come and counter this chart ooooooo

Wailing wailers, go and die.

SUBMARINE:
Superstar1 aresa shachris sachris etc come and counter this chart ooooooo

One year trend of Naira to dollar

http://www.xe.com/currencycharts/?from=NGN&to=USD&view=1Y

I cant paste the original image as the format is not supported here neither can I link it as well.

Click on the link and select any of the time period on the left panel of the chart to see how the month of July recorded the fastest dip!

PvtParts2:
The falling price of oil affected Federal reserves and not the economy.

Your states are the one's putting pressure on bank liquidity and integrity, the foreign reserves and the naira.

First of all, you are a bigot and not an authority on the subject so therefore nothing you say here means didly-squat, not even your contrived graph. Here's what NOI had to say about the cause of the devaluation of the Naira. You can feed your pseudo economic jagbajantis to your brainwashed fans and shove it up your a$$ coz some of us know better

http://www.ft.com/cms/s/0/30d5ba9e-749b-11e4-8321-00144feabdc0.html#axzz3gFCEbUic

Nigeria devalues currency as oil prices drop
.....
Nigeria has devalued its currency by nearly 10 per cent and raised interest rates to record levels, in one of the clearest signs yet of how oil producing nations are struggling as energy prices drop sharply.
The Nigerian central bank on Tuesday said it had pegged the value of the naira at a midpoint of N168 to the US dollar, 8.4 per cent lower than the N155 to the dollar, which it adopted in 2011. The bank announced it would allow the currency to fluctuate plus-minus 5 per cent around the midpoint, wider than the previous plus-minus 3 per cent.
.....

http://www.punchng.com/i-punch/dont-blame-me-for-naira-devaluation-okonjo-iweala/

Don’t blame me for naira devaluation –Okonjo-Iweala

The Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, has distanced her office from the devaluation of the naira from N155 to N168 to the US dollar.

The Monetary Policy Committee had on Tuesday devalued the naira, citing constraints in the ability of the bank to continually defend the naira and sustain the stability of the exchange rate occasioned by the falling oil price.

The minister, while fending off criticisms of the government’s action by some angry Nigerians, stated that she did not give any marching orders to the CBN to devalue the naira following the decline in the price of crude oil....

AshiwajuFoward:
First of all, you are a bigot and not an authority on the subject so therefore nothing you say here means didly-squat, not even your contrived graph. Here's what NOI had to say about the cause of the devaluation of the Naira. You can feed your pseudo economic jagbajantis to your brainwashed fans and shove it up your a$$ coz some of us know better

Can you also say that the Southwest states are not the most indebted states in our polity?

Can you also deny the fact that the FG has since extended a bailout to your states which was sourced from FOREX reserves which is 99.9% sourced form oil reciepts?

Answer these question first!

WEMA Bank is on the verge of Bankruptcy due to your states not able to repay the loans they took.

PvtParts2:
I made this post in another thread and I think it makes for good discussion.

I blame squarely the unhindered borrowing by APC southwest states on the crash of the Naira.




WEMA Bank has since suspended consumer loans to it's customers. WEMA bank is one of many banks being owed by states like Osun.

The unchecked borrowing and inability to repay on their commitments is also threatening the very existence of banks like WEMA.

Why did Buhari allow SW states to borrow so much debt?

PvtParts2:
Can you also say that the Southwest states are not the most indebted states in our polity?

Can you also deny the fact that the FG has since extended a bailout to your states which was sourced from FOREX reserves which is 99.9% sourced form oil reciepts?

Answer these question first!

WEMA Bank is on the verge of Bankruptcy due to your states not able to repay the loans they took.

Dude, just STFU and admit that you goofed. The U.S in more indebted than Nigeria a thousand times over (and is still packing on more debt daily even as we speak) yet that hasn't affected the dollar's value. Dude, I ain't gat time for your word games. First you said the SW is responsible for the dip in the value of the naira, an allegation that has been refuted by statements credited to the former Finance Minister herself. Now you wanna shift goal post and argue about the debt portfolio of the SW states? Are the SW states the only ones that received the bail out? So why single them out? WHERE IS THE CONNECTION BETWEEN THE SW DEBT PROFILE AND THE DIP IN THE NAIRA? THERE'S NONE EXCEPT ONE THAT EXISTS IN YOUR SICK MIND. Ffvck you dude. You're just a wannabe e-conomist. Don't quit your day job.

AshiwajuFoward:
First of all, you are a bigot and not an authority on the subject so therefore nothing you say here means didly-squat, not even your contrived graph. Here's what NOI had to say about the cause of the devaluation of the Naira. You can feed your pseudo economic jagbajantis to your brainwashed fans and shove it up your a$$ coz some of us know better

Nigeria’s most indebted states

DMO’s external debt figures (without adding domestic debts) show Lagos as Nigeria’s most indebted state with $1.17 billion debt. It is distantly followed by Kaduna with $234 million debt, Cross River ($142 million), Edo ($123 million), Ogun ($109 million), Bauchi ($88 million), Katsina ($79 milllion), Osun ($74 million), Oyo ($72 million) and Enugu ($69 million).

Lagos, Ogun, Osun and Oyo have a total combined debt of over $1.5bn and tops all the other states combined occupying the top gbesse spots.

The combination of the total debts owed by Kaduna, Cross Rivers, Edo, Bauchi, Katsina and Enugu is not even up to 30% of what your states owe.

AshiwajuFoward:
Dude, just STFU and admit that you goofed. The U.S in more indebted than Nigeria a thousand times over (and is still packing on more debt daily even as we speak) yet that hasn't affected the dollar's value. Dude, I ain't gat time for your word games. First you said the SW is responsible for the dip in the value of the naira, an allegation that has been refuted by statements credited to the former Finance Minister herself. Now you wanna shift goal post and argue about the debt portfolio of the SW states? Are the SW states the only ones that received the bail out? So why single them out? WHERE IS THE CONNECTION BETWEEN THE SW DEBT PROFILE AND THE DIP IN THE NAIRA? THERE'S NONE EXCEPT ONE THAT EXISTS IN YOUR SICK MIND. Ffvck you dude. You're just a wannabe e-conomist. Don't quit your day job.

Don't sound ignorant.

The US is pushing the dollar value via outright bullying.

Check this thread out for further explanation https://www.nairaland.com/2460106/buhari-heads-washington-conclude-details

PvtParts2:
Can you also say that the Southwest states are not the most indebted states in our polity?

Can you also deny the fact that the FG has since extended a bailout to your states which was sourced from FOREX reserves which is 99.9% sourced form oil reciepts?

Answer these question first!

WEMA Bank is on the verge of Bankruptcy due to your states not able to repay the loans they took.

Buhari should be careful with SW people



I forsee them destroying his government

PvtParts2:
Lagos, Ogun, Osun and Oyo have a total combined debt of over $1.3bn and tops all the other states combined occupying the top gbesse spots.

The combination of the total debts owed by Kaduna, Cross Rivers, Edo, Bauchi, Katsina and Enugu is not even up to 30% of what your states owe.

According to you, the SW states owe atleast $1.5bn. Yet, according to Okowo the Delta state governor, your state owes atleast $3billion in debt. How do you explain that? In spite of all that Oil money you all get?

Cjrane2:
Why did Buhari allow SW states to borrow so much debt?

Nobody forced them to borrow and this has been the norm since 1999.

The FG can only choose to or not to guarantee any loan application that is sent to it by the bank to guarantee that remittance will be made at source.

This is how Amaechi and Oshiomole loan applications where turned down by NOI.

AshiwajuFoward:
.

You have no argument.

Stop displaying your delinquency.

SUBMARINE:
Buhari should be careful with SW people



I forsee them destroying his government

LOL. Yeah, same way y'all destroyed GEJ's and cost him re-election, right? Yeah, right.

PvtParts2:
Lagos, Ogun, Osun and Oyo have a total combined debt of over $1.3bn and tops all the other states combined occupying the top gbesse spots.

The combination of the total debts owed by Kaduna, Cross Rivers, Edo, Bauchi, Katsina and Enugu is not even up to 30% of what your states owe.

SW has killed the Nigerian economy


Seeeeeee debttttttt




On true federalism we stand

PvtParts2:
You have no argument.

Stop displaying your delinquency.

What's their to argue? You're stu.pid bro. You're just a troll, period. I ain't gat time for your bullshyt, go find someone that does.

AshiwajuFoward:
LOL. Yeah, same way y'all destroyed GEJ's and cost him re-election, right? Yeah, right.

SW has destroyed our economy and WEMA bank with bad debts



Education is not Wisdom

AshiwajuFoward kindly post on topic.

We are here to proffer solution to your states' gbesse profile.

When we suggest cocoa you guys think say nah insult.

Better start planting cocoa.

AshiwajuFoward:
Dude, just STFU and admit that you goofed. The U.S in more indebted than Nigeria a thousand times over (and is still packing on more debt daily even as we speak) yet that hasn't affected the dollar's value. Dude, I ain't gat time for your word games. First you said the SW is responsible for the dip in the value of the naira, an allegation that has been refuted by statements credited to the former Finance Minister herself. Now you wanna shift goal post and argue about the debt portfolio of the SW states? Are the SW states the only ones that received the bail out? So why single them out? WHERE IS THE CONNECTION BETWEEN THE SW DEBT PROFILE AND THE DIP IN THE NAIRA? THERE'S NONE EXCEPT ONE THAT EXISTS IN YOUR SICK MIND. Ffvck you dude. You're just a wannabe e-conomist. Don't quit your day job.

stop cursing and face the argument