Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,165,995 members, 7,863,575 topics. Date: Monday, 17 June 2024 at 08:26 PM

Nigeria Requests $3.5Billion Loan From World Bank- Financial Times - Politics (3) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Nigeria Requests $3.5Billion Loan From World Bank- Financial Times (17169 Views)

Facebook, Google, Others Confirm Nigeria’s Requests For User Information / Buhari Has Practically Done Nothing To Grow Nigeria’s Economy - Financial Times / Financial Times calls Nigeria's economic approach the height of foolishness (2) (3) (4)

(1) (2) (3) (4) (Reply) (Go Down)

Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by loomer: 12:37am On Feb 01, 2016
Only 3.5billion, haba make dem just ask dangote to lend them the money na.

2 Likes

Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by Nobody: 12:38am On Feb 01, 2016
id911:
Over 6 Trillion budget, Capital exp. only 30%, recurrent a whooping 70%, 37% deficit, meaning we will borrow over 2 Trillion to finance the budget while the capital exp of 30% is less than over 2 trillion we will be borrowing.

This is the worst thing I have seen or heard since 1960 and yet all the economists, financial experts, professors and media houses in this country have all gone dumb. Smh

I was actually waiting for a counter reply to this Your brilliant comment. I'm yet to see any...seems the apc folks haven't seen this yet. I won't be surprise if they attack You & ask where have You been when pdp presented the same budget format for 6 yrs

5 Likes

Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by piagetskinner(m): 12:51am On Feb 01, 2016
The apc led govt promised us hundreds of thousands of jobs... Now it will only take God's grace to sustain the ones already employed



This country is blessed with alot of resources, still we sill resolve into borrowing... I just pray IMF doesn't honour our request

3 Likes

Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by Nobody: 1:22am On Feb 01, 2016
Ibime:


You said it all.

Many Nigerians are fools and just like to rant upandan. Instead of going to hold Fortunato and his colleagues who stole all the reserves when the going was good and left nothing for the rainy day, they will be ranting like uneducated baboons.
you are a bigger fool. Tell one state governor from the previous administration that has a saving afterall your Amaechi insisted the money be shared. How much did he save for Rivers State, likewise Fashola and Adams etc I really do not know what you people gain from skewing the truth.

4 Likes 1 Share

Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by Nobody: 1:38am On Feb 01, 2016
Here is a brief view of the budget


A Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of =N= 6,077,680,000,000 (Six Trillion, Seventy-Seven Billion, Six Hundred and Eighty Million Naira) only, of which, =N=351,370,000,000 (Three Hundred and Fifty-One Billion, Three Hundred and Seventy Million Naira) only is for Statutory Transfers, =N=1,475,320,000,000 (One Trillion, Four Hundred and Seventy-Five Billion, Three Hundred and Twenty Million Naira) only is for Debt Service, =N=2,648,600,000,000 (Two Trillion, Six Hundred and Forty-Eight Billion, Six Hundred Million Naira) only is for Recurrent (Non-Debt) Expenditure while the sum of =N=1,845,540,000,000 (One Trillion, Eight Hundred and Forty-Five Billion, Five Hundred and Forty Million Naira) inclusive of =N=157,150,000,000 (One Hundred and Fifty-Seven Billion, One Hundred and Fifty Million Naira) Capital Expenditure in Statutory Transfers and =N=86,000,000,000 (Eighty-Six Billion Naira) as Interest on Capitalised Loans, is for contribution to the Development Fund for Capital Expenditure for the year ending on the 31st day of December, 2016

1...... It's is true that recurrent expenditure is over 80% of the total budget.

2...... People who are worried shouldn't be called derogatory names or be branded mere Jonathan supporters trying to discredit Buhari.

3...... If we are gonna borrow money from World Bank with 80% going on recurrent expenditure, then we ought to be genuinely worried. Let's not forget that we will pay this money back.. Had the budget been maybe 70% on capital project, this would mean more businesses would spring up which we could then tax to pay back the loan. Another alternative is waiting for oil prices to go up to pay our debts. This 2nd option looks unlikely and sounds very speculative..

4..... In this current climate, when oil revenue is dwindling, why can't we cut cost? Closing down some ministries would save us huge amount of money.. Ministry of Water Resources could be merged with Agriculture and that would save us N 7 billion. We could also merge interior ministry with information & culture, which would save us N39 billion......

5)...... Wait for this..... Your National Assembly is gonna gulp N 115 billion, that's $570 million...... We asking World bank for $3 billion and roughly 1/5 of that money will go to men that sit in a room doing absolutely nothing when we basically broke as a country??

Folks who use unpleasant names to describe Nigeria aren't treacherous or unpatriotic, they just can't comprehend this whole madness...

14 Likes 2 Shares

Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by Nobody: 1:46am On Feb 01, 2016
Firefire:
Gbese re ooooo
Him no dey tire??
Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by gottliebglobal(m): 2:40am On Feb 01, 2016
When I think of my beloved country of birth this scripture comes to my mind.
"Go to the ant, thou sluggard; consider her ways and be wise. Which having no guide, overseer or ruler, provideth her meat in the summer, and gathereth her food in the harvest".
Proverbs 6:6 - 8

2 Likes

Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by birdman(m): 2:47am On Feb 01, 2016
gottliebglobal:
When I think of my beloved country of birth this scripture comes to my mind.
"Go to the ant, thou sluggard; consider her ways and be wise. Which having no guide, overseer or ruler, provideth her meat in the summer, and gathereth her food in the harvest".
Proverbs 6:6 - 8

A little too late for that. Summer of $100 oil is over, winter is here. Even if we recover the bulk of looted funds, the damage is done already. I can only hope the money is plowed into capital projects that can generate returns to pay back the loans. At the same time, if this is the opportunity we need to pull down structures that cannot self-sustain themselves, so be it. If all your state does is collect monthly federal allocation, you need to feel the pinch.
Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by onatisi(m): 3:21am On Feb 01, 2016
EgunMogaji:


If there's a God this request will be soundly denied.

It's time to sash up our belts and stop borrowing.
the God that you didn't call when you were voting for buhari is the one you are praying to now.
This is just the beginning of buhari borrowing and he will still borrow more before year runs out

4 Likes

Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by EmekaBlue(m): 3:26am On Feb 01, 2016
These oldmen kip toying with youths destiny...#SelfishInterest

wht has d youths done to suffer frm our fathers...Even d 50naira bank deposit can cover this borrowing said amount in less than 6months but they just want extra to fund their pockets and mayb settle d investors like tinubu...shame
Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by Nobody: 3:34am On Feb 01, 2016
You really need help sir, cos Allah didn't send Prophet Muhammad to teach us this. Leave sham and fakeness for other religions. This is not our way in Islam. If I ever need any help, I'd talk with my ar-rahman, ar-raheem, Al-Malik, Al-Quddus, and As-Salam, not a mere mortal like you who is definitely more problem-invested than his dumb solicitors/patients. Get a job, and get a life, nigga!


Ajibolohunsoro:
FOR ALL KIND OF SPIRITUAL ATTACK/HELP CONTACT SHEIKH AJIBOLOHUNSORO ON 08073082525
Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by Nobody: 3:38am On Feb 01, 2016
onatisi:
the God that you didn't call when you were voting for buhari is the one you are praying to now.
This is just the beginning of buhari borrowing and he will still borrow more before year runs out

How do you know if I called, voted for Buhari or at all?

Let's try to compose ourselves properly in company.
Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by banmee(m): 3:39am On Feb 01, 2016
psucc:
I can recalled an article that said 'when world bank visits, tears follows'. This was the primary reason of the World Bank President's' visit. But our govt were busy denying it just like OBJ denied his third term plot at the beginning.

Sincerely, the said budget has no inbuilt mechanism that will stimulate the economy as it is the usual 80-20 Recurrent-Capital stuff.

For goodness sake, what stops us from cutting out coat according to our size?

Is that a trick question? Nigerians refuse to accept that there is a problem with the way they think and handle their business. Also they don't want to make hard choices in order to change things around. There are people out there still waiting for the 5k promise forgetting that it is unsustainable. There are people out there who don't believe in asking rational questions about the way the representatives spend public funds. When a public official donates millions nobody bothers to ask where the funds are coming from. I bet you that Dasuki would have donated millions to many other individuals we don't know yet, but at the time Nigerians would be commenting about "how generous he is". Nigerians don't care about cutting their coats to any size. All they care about is that there is a coat. It doesn't matter where the coat comes from.

3 Likes

Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by rugged7(m): 3:57am On Feb 01, 2016
WAITAMMINNIT!!! undecided

I thought they said they recovered 2 billion dollars stolen by dasuki

and another 20 billion dollars stolen by deziani

And that they recovered 50 billion dollars stolen by jonathan?

and 200 billion in dubai?

Mscheeew

APC government of lies and propaganda

***spits***

4 Likes 1 Share

Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by Adminisher: 4:05am On Feb 01, 2016
thundafire:
HAHAHHAAHAH cc mny after u will blame GEJ 4 helping u mismanage dy budget but u lack complete ideology in ruling naija i guess u taught u wer in ur daura town filled with almajiris PMB u re a failure by dy tym we approach 2018 u will borrow upto a trillion nd still blame past gov.

According to Ben Bruce, the only intelligent man remaining in the PDP. Nigeria should borrow as much as posdible to put into power and infrastructure. If you do that without corruption it is a very good thing. He believes Nigeria should not be borrowing to fund holes in the budget but should borrow big to do big things. Like integrated transport system, power and so on.
Buhari has not borrowed up to one fifth of Jonathan era borrowing and will not waste it like Dr Clueless Jonathan putting 35 million dollars in a briefcase for Ekiti elections
Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by Adminisher: 4:08am On Feb 01, 2016
rugged7:
WAITAMMINNIT!!! undecided

I thought they said they recovered 2 billion dollars stolen by dasuki

and another 20 billion dollars stolen by deziani

And that they recovered 50 billion dollars stolen by jonathan?

and 200 billion in dubai?

Mscheeew

APC government of lies and propaganda

***spits***

Those monies that Goodluck Jonathan, Dieziani and Dasuki STOLE and they have NOT denied will eventually be recovered.
It is not propaganda. Let Dieziani come to Nigeria now to tell us it is propaganda. We want her to even go on TV where she is hiding and tell us what APC government is saying is propaganda. Then we will believe it. For now you are just an idxxt defending thieves who have more resources to defend themselves but are not. . Go figure.

1 Like

Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by otokx(m): 4:32am On Feb 01, 2016
Snake does not move in the day for nothing; that French Woman who visited the other day knows how far.

2 Likes

Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by Nobody: 4:49am On Feb 01, 2016
A fool and his cash
Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by mensdept: 4:52am On Feb 01, 2016
LOL... So this is actually the ZOO after all. They have gone again to the powers that be to borrow billions, forever enslaving the people of Queen Eliza's zoo, and the children's children of these people to be in debt forever.


SEE AFRICANS

This is what happens when you recycle the same old so-called leaders. Who are they even leading self? How can coupist be parading as leaders? Why is it that the same men have been in "control" for 50 years and counting in 9ja? Open your minds BLACK PEOPLE

1 Like

Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by Adminisher: 5:04am On Feb 01, 2016
Vikings007:
I was actually waiting for a counter reply to this Your brilliant comment. I'm yet to see any...seems the apc folks haven't seen this yet. I won't be surprise if they attack You & ask where have You been when pdp presented the same budget format for 6 yrs

30% recurrent budget is a VERY GOOD THING and a first in 16 years compared with PDP average of 15%. The only reason recurrent budget is even as high as this is the massive social intervention programs SIP which more exposed and intelligent observers would praise for an economy like Nigeria.

Nigeria will spend the bulk of recurrent on the poor, the kids and the young people for a change. I will cincede thatvthe Presidency and the National Assembly should bring down their budgets for 2016 to 50% of what it currently is.
Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by Nobody: 5:13am On Feb 01, 2016
That's the consequence of Nigeria's failure to control her financial recklessness. A failed country will always beg.

2 Likes

Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by dancewith: 6:10am On Feb 01, 2016
This is a bit too hasty for me. We have not gotten to the stage where a loan is needed. Although the price of oil is low, we still make significant income from the low prices plus income from other revenue generating agencies like customs, Immigration, CBN etc

Borrowing two months into the budget implementation suggests a much more deeper problem of acute dryness. Meaning what we generate locally, which is in trillions , isn't enough to service government operations. If indeed this is the case and the comatose state of any capital project suggests it is, then we should be really worried. It means without external borrowing we cannot do any capital project.

The other day it was Lagos state government being approved massive external loans. Now at the center we need almost N1.5t external loan two months into a budget of N6t. What then do we generate locally? Herein lies my mortal fear for our future. If we cannot generate up to N5t locally in a year from various thriving government agencies, then there is a fundamental problem which the present government isn't addressing but are content to maintain the status quo. Where then is the shift?

For me the most plausible explanation is we probably generate more than N6t locally in a given year but these are all frittered away by a corrupt and passive government system who are reliant on ready made income channels and won't be bothered or have any ideas on expanding existing income lines or reducing graft. I am convinced corruption remain rife in all levels of our governments and agencies, despite the government's public agrandisement against graft which clearly leaves the bulk of the looters untouched

This is almost a year gone and I cannot say we have improved much. We also cannot make progress from continuously doing the same thing that has failed us repeatedly

2 Likes

Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by Nobody: 6:48am On Feb 01, 2016
LordVarys:

https://next.ft.com/content/aeb1a978-c832-11e5-be0b-b7ece4e953a0
This means inflation and hardship on poor Nigerians, Making them slaves to the Rothschilds from where he borrowed this money. I loose hope on Nigeria.
Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by Izontubo(m): 6:48am On Feb 01, 2016
Like ben bruce advised...borrow 50 trillion naira and diversify our freaking economy...borrow and espouse true federalism...remove immunity clauses from governors and let everybody work to build this decayed nation...The truth is by the time we borrow and eventually oil price bounces back (like every lazy person is hoping including the government ) everybody will go back to the status quo...depend on oil and get a hold on foolishness once more...if nigeria can't change in hard times like this then nigeria can never expect change until this whole world disintegrates into nubulas..


This government should borrow well and stamp regionalism. ..It is time for the change we all seek...Buhari should arrest who ever fool tries to plunder monies meant for diversification. .. angry
Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by hiltop2: 6:56am On Feb 01, 2016
Ajibolohunsoro:
FOR ALL KIND OF SPIRITUAL ATTACK/HELP CONTACT SHEIKH AJIBOLOHUNSORO ON 08073082525
All these pseudo shaikhs should be arrested, 419, spiritual hooligans
Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by NavierStokes(m): 7:03am On Feb 01, 2016
Ibime:


You said it all.

Many Nigerians are fools and just like to rant upandan. Instead of going to hold Fortunato and his colleagues who stole all the reserves when the going was good and left nothing for the rainy day, they will be ranting like uneducated baboons.
I am tired of hearing all these shallow accusations, what do you understand by reserves, how do you think reserves are generated considering that in our economy virtually all the projected income is supposed to go into sharing between the tiers of govt, excess crude acct and sovereign wealth fund. And our constitution is against saving?

Anyways here is an article for you, hope you find the time to read and have a better understanding of our aggressive stance of defending the naira one certain time.
http://emerge-ng.com/newsletter-editr/how-sanusi-put-the-naira-in-trouble/
Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by SoNature(m): 7:24am On Feb 01, 2016
thundafire:
HAHAHHAAHAH cc mny after u will blame GEJ 4 helping u mismanage dy budget but u lack complete ideology in ruling naija i guess u taught u wer in ur daura town filled with almajiris PMB u re a failure by dy tym we approach 2018 u will borrow upto a trillion nd still blame past gov.

Educated illiterate, where are your punctuation marks?
Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by wazobiaN9(m): 7:26am On Feb 01, 2016
Descartes:
Risky shocked shocked

Kemi Adeosun is a clueless, crude and incompetent Finance Minister who lacks the will and expertise to steer the sinking mono-economy of zoogeria in this trying time.
She should resign now or get sacked.

Why do you care about 'zoogeria'??!!
I guess you are a citizen of that country! Means you are a zoogerian!!!

God help these youth of zoogeria, don't let them perish in the wilderness. Pls give them some common sense to find their way. Amen
Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by Nicepoker(m): 7:32am On Feb 01, 2016
AbuMaryam1:
We trust the head of the government, no more ATM Dusuki. Handcuffs and shake is still existing. No shaking Buhari carry go.
you are on ur own.
Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by SoNature(m): 7:39am On Feb 01, 2016
emzila:

who do u think we should blame before? when oil was sold for $110plus per barrel what did Jonathan do? Saudi Arabia and other oil exporting nations are facing the same challenge Nigeria is facing but because they saved during d oil price boom, they are able to absorb the shock from oil price burst. if you don't know how the economy works, keep your mouth shot and ask people to explain to you. we have meager foreign reserve to fall back on. the question you should be asking is that what possible would Nigeria have been if Jonathan had won the last election. just like saraki said, I am not worried about the loan but about its uses.

I believe you just started following political events in Nigeria. May I remind you that Nigerian Governors Forum led by Rotimi Amaechi took Jonathan to court insisting he shares among federal, state and LGA excess crude oil money when NOI announced that they want to set up Sovereign Wealth Fund to save the money for rainy day. Yes, your governors said Excess Crude Account was illegal so the money must be shared...suddenly, even the Oshiomholes who benefited from the sharing are turning around to blame NOI and GEJ for our economic woes.

1 Like

Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by kirchofff(m): 7:39am On Feb 01, 2016
Obiagelli:
Why won't we borrow, saudi arabia' external reserves is $600 billion, Algeria has $155 billion, yet they have better infranstructure than ours.

Pity Nigeria
our population is times 4 of theirs........pls take note

1 Like

Re: Nigeria Requests $3.5Billion Loan From World Bank- Financial Times by NavierStokes(m): 7:43am On Feb 01, 2016
kirchofff:
our population is times 4 of theirs........pls take note
And almost 7 times that of saudi Arabia.

(1) (2) (3) (4) (Reply)

COAS Buratai Breaks Fast With Troops / Ngige: Buhari’s Government Has Created 7m ‘blue Collar’ Jobs / As President Buhari Departs South East

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 70
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.