hinwazaka:
The President and his party came up with the "broke" jingle as a means to convince the IMF to finance their ludicrous, extravagant white elephant projects this year. Remember PTF, and the refineries built in the eighties. The President is a master of corruption and money laundering. This is always his gimmick. But unfortunately for him, his plans were leaked to the opposition and some influential elements in our society. This led to a secret meeting in Stockholm, between some Nigerians, some top western media hotshots and some members of the IMF. In this meeting, the plans of the President backed by verifiable documents and files was laid bare to the foreign attendants of this meeting. Consequently, the truth was made known to the IMF chief, who immediately canceled the discreet and hidden loan application by our government. This is the reason for the EFCC clampdown on the government's perceived enemies, under the guise of corruption. Also the review of the fictitious budget, was brought about by this. We are in trouble.

Are you this dull? I am not surprised sha. It was ur type that believed the story that buhari was going to handover to his defence minister for 3months.
Road side analyst. Just imagine that your little daughter was telling you this story.

Any country or organisation the grants Nigeria loan to fund this 2016 crazy N6 trn budget is a BIG FOOL.
Quote Me Anywhere

PhockPhockMan:



Which source do you want? The IMF Woman said it clear that Nigeria economy is far better than she saw it 4 years ago.

it is not as if I doubted you. it was just for the zombies not to see a loophole with which to rubbish your post and also for it to easily reach the promised land. If you check my previous post here you will see that I detest the insincerity, hypocrisy, deceit and incompetency of this administration and the level of insensitiveness of their supporters.

vedaxcool:


People that defend corruption are cursed to remain in confusion till they CHANGE.

Yeah, but it's more confusing to see people who used to be defenders of integrity and accountability are now defending corruption.

PhockPhockMan:
Buhari says Nigeria is broke! He said he inherited a very bad economy from GEJ and that there was so much rot in the last system.
However, the IMF president (managing director) said the state of the economy does not require IMF intervention. Infact, she said the economy is far better than it was 4 years ago when she last visited .
What does this message tell Nigerians?
Considering the fact that Buhari has not really made any economic policy since he assumed office, it means that those who managed the economy before he came on board, did a very good job!


.

So you mean to tell me the IMF boss actually know more about our economy than we do?
She knows the prices of garri, rice, beans and provisions five years ago in Nigeria ba?
She knows how much it cost from Lagos to Abuja 5 years ago ba?
Did she actually enter Mile12 to hear how much a basket of tomato is now compared to 5 years ago?
These r the poor man's economy and unless she's speaking from that angle ... LeavetrashforLawma

We are not broke! If we were, IMF would have gladly borrowed us money because they have a lot to gain if they do.

She will not say we have no business borrowing money if we were broke, we are all being scammed.

Demdem:
Ffuckfuckfool threads are always very foolish. This isn't an exception.

I will bet my 10 bucks that you cant comprehend what the op said. Do you even know the full meaning of IMF

Kikero112:


We are broke.

Fact is, when you live in a resource dependent economy, once prices of the resource you are selling drop....it becomes difficult to finance your budgets.

Even in the budget released this year...they have announced that there is going to be some borrowing.

Now,PDP opponents like me would be like ''If only GEJ had saved our money, we won't be in this soup''. But the fact is....even if we had saved all the money from 2007-date....we would still be in trouble. To use an example.....in 2014...Saudi had $724BN at the beginning of the oil price drop. By the end of 2015....that had dropped to $600bn. That's 124bn US dollars gone....and not on looting, on economic exegiences. (In Nigeria....assuming we had saved...we might have been able to get just $100bn. That looks like peanuts compared to them Saudis.).

So...the big elephant in the room is our resource dependency. And.....GEJ your hero did nothing about it, and made things worse by the mass looting. And APC too better be serious....and not join in the looting. But I am not optimistic. Nigerians generally prefer looters to serious leaders. A serious leader would have removed alll the subsides, brought in austerity to the max, ended corruption, and spent money getting our power up to 20000MW in five years. But no Nigerian politician is willing to do that....neither are the Nigerian people. Nigerians love to eat, not to work. But I digress....slightly.

All in all, we are not a rich nation. We are poor. And we are in deep trouble because of the falling oil price, and because of our refusal to develop an economy based on innovation. You people praise GEJ for improving our economy...when in reality he built a house on the sand of resource dependency. And APCites are just as much the same. Yes....APCites talk rightly about fighting corruption and yes.....we must prosecute the people who stole our money. But, we also have to run an austerity government if we want to get out of this mess...and while the new budget gives me hope in education and health....elsewhere, not too good.

But all in all....we are not a rich country. And your defence of corrupt people because they are of your party is wrong.We have to face the fact that corruption is a serious problem in this country, drop the lie that it is all a witchhunt....a lie which has been present since independence....and which has been used by generations of corrupt leaders to escape prosecution. We did not send PDP to steal We sent them to develop our country. And APC too is on notice....develop our country....or out you go next election.

how come in time of scarcity our budget is now 6.8 trillion

Kikero112:


We are broke.

Fact is, when you live in a resource dependent economy, once prices of the resource you are selling drop....it becomes difficult to finance your budgets.

Even in the budget released this year...they have announced that there is going to be some borrowing.

Now,PDP opponents like me would be like ''If only GEJ had saved our money, we won't be in this soup''. But the fact is....even if we had saved all the money from 2007-date....we would still be in trouble. To use an example.....in 2014...Saudi had $724BN at the beginning of the oil price drop. By the end of 2015....that had dropped to $600bn. That's 124bn US dollars gone....and not on looting, on economic exegiences. (In Nigeria....assuming we had saved...we might have been able to get just $100bn. That looks like peanuts compared to them Saudis.).

So...the big elephant in the room is our resource dependency. And.....GEJ your hero did nothing about it, and made things worse by the mass looting. And APC too better be serious....and not join in the looting. But I am not optimistic. Nigerians generally prefer looters to serious leaders. A serious leader would have removed alll the subsides, brought in austerity to the max, ended corruption, and spent money getting our power up to 20000MW in five years. But no Nigerian politician is willing to do that....neither are the Nigerian people. Nigerians love to eat, not to work. But I digress....slightly.

All in all, we are not a rich nation. We are poor. And we are in deep trouble because of the falling oil price, and because of our refusal to develop an economy based on innovation. You people praise GEJ for improving our economy...when in reality he built a house on the sand of resource dependency. And APCites are just as much the same. Yes....APCites talk rightly about fighting corruption and yes.....we must prosecute the people who stole our money. But, we also have to run an austerity government if we want to get out of this mess...and while the new budget gives me hope in education and health....elsewhere, not too good.

But all in all....we are not a rich country. And your defence of corrupt people because they are of your party is wrong.We have to face the fact that corruption is a serious problem in this country, drop the lie that it is all a witchhunt....a lie which has been present since independence....and which has been used by generations of corrupt leaders to escape prosecution. We did not send PDP to steal We sent them to develop our country. And APC too is on notice....develop our country....or out you go next election.

how come in time of scarcity our budget is now 6.8 trillion.

vedaxcool:


Chie if only wailers have 1% of this guy's brain they would leave a better life.

why will they leave better life. U be winsh?


if only u 've q% of wailers brain. U for kno say na live. no be leave.

Demdem:
Ffuckfuckfool threads are always very foolish. This isn't an exception.

Hatefilled and pathetic fellow

PROVACATEUR:
I will bet my 10 bucks that you cant comprehend what the op said. Do you even know the full meaning of IMF

lol Leave demdem slowpoke, he was born out of weddluke hence, his sad life.

PROVACATEUR:
how come in time of scarcity our budget is now 6.8 trillion.

The fact remains that we do have some money. We do have a budget.

However, the means of funding the budget is going to be limited by the continued fall in oil price.(We already have to borrow....not from the IMF...for this budget. And there is a deficit in there regardless).

Now....this means we have to take a loan....which I do not want, and which I think is a bad idea, or we run an austerity government....which i think is better.

Hence Ms Lagarde's suggestions.....remove subsidies,end corruption, focus on alternative sources of revenue.

We do not have the money, or rather......we are not as rich as you think we are.

(As an example....Nigeria had $30bn in its treasury/excess crude account in 2015. Saudi Arabia had $600bn in its own ECA around the same time.)

Which leads me to my final point. We are resource dependent....and we must get off our resource dependency.

Addendum.....From Ms Lagarde's first press conference on arriving here....

”We discussed the challenges ahead, starting from the oil price reduction, the necessity to apply fiscal discipline, and the need to also respond to the population needs by addressing the medium term necessity of improving the competitiveness of Nigeria.
”Also, focusing on the short-term fiscal situation, which requires that revenue sources be identified, in order to compensate the short-fall, resulting from the oil price decline.

Source:[url=http://www.premiumtimesng.com/news/headlines/196265-%E2%80%8Eour-fears-for-nigeria-imf-chief-christine-lagard.html]Premium Times[/url]

Ms. Lagarde also spoke about the government’s proposal to remove fuel subsidy.
She said the benefits of fuel subsidy in Nigeria are hugely skewed in favour of the rich at the expense of the poor.
“The subsidies that are still in place for kerosene and diesel should be targeted at those that need it most,” Ms. Lagarde said.


Source :

Pidggin:
We are not broke! If we were, IMF would have gladly borrowed us money because they have a lot to gain if they do.

She will not say we have no business borrowing money if we were broke, we are all being scammed.

In 1986, when we were in the same situation we are in now....IMF/World Bank offered us a loan.

Nigeria then.....and we were not rich(we had debts to the max)....said no.

We then ended up taking the SAP alternative....plus devaluation in 1989.

What is needed now is an austerity government. And removal of subsides. Which is what MS Lagarde suggested....and which if we implement means that we do not need an IMF loan.

In other words ,if you actually read what Madame Lagarde said....if we want to avoid IMF loans....stop subsidies, end corruption, and increase funding from alternative sources of revenue....and we may just pass through this. In other words....austerity. And eventually....a plan to end our resource dependency.

One thing about the IMF....they ain't fond of giving African countries loans...because they know from past experience they will never see their money again

Kikero112:


In 1986, when we were in the same situation we are in now....IMF/World Bank offered us a loan.

Nigeria then.....and we were not rich(we had debts to the max)....said no.

We then ended up taking the SAP alternative....plus devaluation in 1989.

What is needed now is an austerity government. And removal of subsides. Which is what MS Lagarde suggested....and which if we implement means that we do not need an IMF loan.

In other words ,if you actually read what Madame Lagarde said....if we want to avoid IMF loans....stop subsidies, end corruption, and increase funding from alternative sources of revenue....and we may just pass through this. In other words....austerity. And eventually....a plan to end our resource dependency.

One thing about the IMF....they ain't fond of giving African countries loans...because they know from past experience they will never see their money again

Why did APC campaign against subsidy in 2012? Now they have decided to steal an idea which is not theirs and shamelessly make it their own.

Only the masses will suffer under the hardship of austerity, the leaders who implement these policies never ever feel it.

Pidggin:


Why did APC campaign against subsidy in 2012? Now they have decided to steal an idea which is not theirs and shamelessly make it their own.

The campaign was masses driven. The parties that eventually formed the APC merely jumped on the bandwagon for relevance sake.

And as I have said elsewhere.....most Nigerians don't like paying high prices for petrol.....even when it is clearly for their benefit.

(I backed subsidy removal for a long time....even though I oppose PDP).

As for APC proposing subsidy removal now....a lot of water has passed under the bridge since 2012. Back then, oil was selling at $111 per barrel.Now....it is selling at $37 per barrel. And we earn our money from selling oil...including the money we would use to subsidise it.

In other words....anyone who supported subsidy in 2012 would have a rethink right now.We do not have the money.(And let's be honest....IMF has been telling us that since 1993. But Nigerians don't listen).But...as I said, most Nigerians then, as now, won't see the benefit of removing subsidies. They only see that they have to pay higher prices for fuel....and they don't like the idea.

Only the masses will suffer under the hardship of austerity, the leaders who implement these policies never ever feel it.

Well, that is why Ms Lagarde in her first press conference here, talked a lot about ''fiscal responsibility'' (Read....you guys better not be corrupt). I think it is high time our leaders were realistic about that. Because...corruption is a ill wind that eventually hits the rich hard.

The rich and even the foreign investors would prosper far more in a corrupt free society.

PhockPhockMan:
Buhari says Nigeria is broke! He said he inherited a very bad economy from GEJ and that there was so much rot in the last system.
However, the IMF president (managing director) said the state of the economy does not require IMF intervention. Infact, she said the economy is far better than it was 4 years ago when she last visited .
What does this message tell Nigerians?
Considering the fact that Buhari has not really made any economic policy since he assumed office, it means that those who managed the economy before he came on board, did a very good job!


.

Evidence? Source?

vedaxcool:
Once again we see ekpas commend Buhari for doing something right about the economy.

Pleass recall;
When Buhari entered:
1.foreign reserves where low today it is higher.
2. States couldn't pay salary till fg bailed them 3.Corruption was rampant today it is being curtailed.
4. Thieves were ministers and top govt functionaries today those thieves are in cages or in hiding.
5. Oil installations were being attacked despite huge funds for their protection today we see the reverse is the case.


What lagarde is saying; buhari keep the good job up you saved Nigeria from destruction by the harlots of Babylon.
QED

Z either u 're a wailing wailer or ur nt objective cos chief criminals 're made ministers with more than two portfolios.
Guess u 're d one in a cage.

stebell:
Who doesn't know that GEJ left the economy in a good shape before the dullard took over.

The current occupier in Aso Rock has no economic blueprint and so wud blame the past administration for the woes they created.

Long live GEJ
Long live all those who see the good in him and continue showering him with awards while no-good continue to cry and blame him.
GEJ, may yu live forever.

In as much as I love GEJ(No Homo)...I hate the way you guys presents him, how the hell will he last forever


Not him, not his words, not his works or even his legacy will last more than a millennium let alone forever Is he supernatural or Immortal


GEJ is a good leader and his kindness and leadership will last and be remember for a while, but forever, Forget it...



–RapLawd_Official

RapLawd:



In as much as I love GEJ(No Homo)...I hate the way you guys presents him, how the hell will he last forever


Not him, not his words, not his works or even his legacy will last more than a millennium let alone forever Is he supernatural or Immortal


GEJ is a good leader and his kindness and leadership will last and be remember for a while, but forever, Forget it...



–RapLawd_Official

Say what yu want I don't give my 2cent about it.
My opinion is mine and yours is yours.
Good morning

PhockPhockMan:
Buhari says Nigeria is broke! He said he inherited a very bad economy from GEJ and that there was so much rot in the last system.
However, the IMF president (managing director) said the state of the economy does not require IMF intervention. Infact, she said the economy is far better than it was 4 years ago when she last visited .
What does this message tell Nigerians?
Considering the fact that Buhari has not really made any economic policy since he assumed office, it means that those who managed the economy before he came on board, did a very good job!


.

d lies of dis buari govt is pitiful. same pipul who said GEJ indepted nigeria with high debt all of a sudden ar saying nigeria's debt to gdp ratio is d best in africa compared to oda african countries like angola n south africa. useless govt.

vedaxcool:
Once again we see ekpas commend Buhari for doing something right about the economy.

Pleass recall;
When Buhari entered:
1.foreign reserves where low today it is higher.
2. States couldn't pay salary till fg bailed them 3.Corruption was rampant today it is being curtailed.
4. Thieves were ministers and top govt functionaries today those thieves are in cages or in hiding.
5. Oil installations were being attacked despite huge funds for their protection today we see the reverse is the case.


What lagarde is saying; buhari keep the good job up you saved Nigeria from destruction by the harlots of Babylon.
QED

:how much is foreign reserves now?

Kikero112:


I am not arguing for an IMF loan.

I am merely pointing out the flaw in your argument that we are not broke.

We are broke. And the fact is...we are not rich. And the IMF is not the only way one can get a loan.

Anyway....we have to get off resource dependency. Which is the crux of my argument. If you can get off your political eyeglasses to see it.

bobo u r flawed in ur argument!
we broke yes, but not rich, capital NO!
WE r a rich country, u knw what lets go to the budget of 2016, we all know oil is becomng useless n we need urgent measurres to dversfy n move partly away from oil but guess what happened? bhari budgets 36billion naira for oil exploration in the lake chad axis of naija n budgets less for agriculture n u are here speaking abt not being rich?
we r rich bro if not we wont be having 20 people running a one post whether governorshp, chairmanship, or presidency!
is bhari stll collectng half salary?

vedaxcool:


Chie if only wailers have 1% of this guy's brain they would leave a better life.

wailerrs dont need a zomboid brain or dead brain!

Kikero112:


The campaign was masses driven. The parties that eventually formed the APC merely jumped on the bandwagon for relevance sake.

And as I have said elsewhere.....most Nigerians don't like paying high prices for petrol.....even when it is clearly for their benefit.

(I backed subsidy removal for a long time....even though I oppose PDP).

As for APC proposing subsidy removal now....a lot of water has passed under the bridge since 2012. Back then, oil was selling at $111 per barrel.Now....it is selling at $37 per barrel. And we earn our money from selling oil...including the money we would use to subsidise it.

In other words....anyone who supported subsidy in 2012 would have a rethink right now.We do not have the money.(And let's be honest....IMF has been telling us that since 1993. But Nigerians don't listen).But...as I said, most Nigerians then, as now, won't see the benefit of removing subsidies. They only see that they have to pay higher prices for fuel....and they don't like the idea.



Well, that is why Ms Lagarde in her first press conference here, talked a lot about ''fiscal responsibility'' (Read....you guys better not be corrupt). I think it is high time our leaders were realistic about that. Because...corruption is a ill wind that eventually hits the rich hard.

The rich and even the foreign investors would prosper far more in a corrupt free society.

ok lets check it dis way, oil is 37 dols now n without sbsidy we r buying fuel at 86.50naira. what happens if the oil price move up again in the region of 80-100dols where price of fuel inthe open market will be like 130-140naira. will u advce d govt to subsidise again?

Kikero112:


In 1986, when we were in the same situation we are in now....IMF/World Bank offered us a loan.

Nigeria then.....and we were not rich(we had debts to the max)....said no.

We then ended up taking the SAP alternative....plus devaluation in 1989.

What is needed now is an austerity government. And removal of subsides. Which is what MS Lagarde suggested....and which if we implement means that we do not need an IMF loan.

In other words ,if you actually read what Madame Lagarde said....if we want to avoid IMF loans....stop subsidies, end corruption, and increase funding from alternative sources of revenue....and we may just pass through this. In other words....austerity. And eventually....a plan to end our resource dependency.

One thing about the IMF....they ain't fond of giving African countries loans...because they know from past experience they will never see their money again

all these advice from imf was for fed govt, what abt the states whr bulk if not all the mismangement, corruption, looting and all the ills come from?

poiZon:


all these advice from imf was for fed govt, what abt the states whr bulk if not all the mismangement, corruption, looting and all the ills come from?

It goes for the states too....and the fact is that states don't do well largely because most of the national discourse is on what Abuja does, and because of the centralised nature of our governance.

poiZon:


ok lets check it dis way, oil is 37 dols now n without subsidy we r buying fuel at 86.50naira. what happens if the oil price move up again in the region of 80-100dols where price of fuel in the open market will be like 130-140naira. will u advice d govt to subsidise again?

The answer should have been obvious from my comments previously.

No.

Let's face it....we save more money for the treasury if we remove the subsidy completely.

That way, prices for fuel are driven by the market forces. We might end up paying N200 for fuel...especially as we are still importing most of the fuel we consume in this country (Which is another reason why I oppose subsidy...we are in essence subsidsing imports. Remind me who thought it was a good idea. When Ngozi Okonjo-Iweala, and HRH Sanusi II are in agreement over removing subsidy, someone sits up and listens).

But...as a Minister under Obasanjo explained in 2006....eventually the same market forces that drove fuel up...would drive fuel prcies down...as Nigerians line up to buy fuel from the cheapest seller....and avoid Mr Expensive. (I.E...Oando sells fuel at N100 while the rest sell at N140 and above. Of course...Oando stations will be full...while every other would be empty.Of course everyone cuts prices accordingly. Competition at work). The GSM example....where prices crashed by competition (in 2003 a SIM cost as much as N5000,NOW it costs less than N500) is instructive.

Removing the subsidy....once we get over the intial hiccup of high prices....is a win win for everyone.

Ultimately....if we want to buy fuel cheaply....we have to build five new refineries, and a host of mini-refineries.So far....Dangote is building one new refinery.

poiZon:


bobo u r flawed in ur argument!
we broke yes, but not rich, capital NO!
WE r a rich country, u knw what lets go to the budget of 2016, we all know oil is becomng useless n we need urgent measurres to dversfy n move partly away from oil but guess what happened? bhari budgets 36billion naira for oil exploration in the lake chad axis of naija n budgets less for agriculture n u are here speaking abt not being rich?
we r rich bro if not we wont be having 20 people running a one post whether governorshp, chairmanship, or presidency!
is bhari stll collectng half salary?

1.Let's start with your point that ''we are rich because we have 20 people running for government office.''

The reason why we have 20, even 100 people running for governor, or president,or whatever....is because thanks to our resource dependent economy.....government is dependent on revenues that come from selling our resource...ie...oil.

Add the fact that our economy is based on how oil money is shared.....not on new investments, income and company taxation, and industrial development......and you will see why people run to government office...

It is because they want to be in charge of sharing the money.....which provides opportunities for making more money. Govt is big business in Nigeria because that is where the limited money is.

In America....Michael Bloomberg became mayor of New York for eight years...and collected a salary of one dollar a month. He did not need the salary...he is already a billionaire. In Nigeria...who will be so unwise as to do that?

2.GDP per capita...(and forget that rebasing nonsense.).

Nigeria: $3051

South Africa : $6617

China: $6807

Brazil:$11,280

Russia: $14,611

Saudi Arabia: $25,961

South Korea:$25,976

Japan: $38,6331

UK: $41,787

Germany: $46,268

3.We had $30bn in our Excess Crude Account in mid-2015.

Saudi Arabia had $600bn in its ECA by the end of last year.

We are not rich....and that is why we should not be spending billions on new BMW cars for Aso Rock.

poiZon:

..........

In closing:

important article number 1

Important article number 2.

Have a good day.

vedaxcool:
Once again we see ekpas commend Buhari for doing something right about the economy.

Pleass recall;
When Buhari entered:
1.foreign reserves where low today it is higher.
2. States couldn't pay salary till fg bailed them 3.Corruption was rampant today it is being curtailed.
4. Thieves were ministers and top govt functionaries today those thieves are in cages or in hiding.
5. Oil installations were being attacked despite huge funds for their protection today we see the reverse is the case.


What lagarde is saying; buhari keep the good job up you saved Nigeria from destruction by the harlots of Babylon.
QED

The biggest thieves in politics today in Nigeria are the super minister in the Buhari cabinet. Please look for some other lies to tell. This one too dey glaring to tell.

vedaxcool:


Chie if only wailers have 1% of this guy's brain they would leave a better life.

Go and borrow some so u will 'leave' ur dull life n live smarter ... I'll say dis again APC didn't knw they will win ... Dis is governance by emergency