₦airaland Forum

FlyoruB:
Lol. Since that IGR report you Onambalas have been bleating like angry/hungry goats coz non-oil and non-market states like Edo and Enugu outperformed Una. Going by your jaundiced logic Anambra is better and more 'sustainable' than America herself (even though I have already exposed the hypocrisy of this thread itself as its report contradicts your state governor's ). Your egos need serious help.

**** what did you contradict so which one is more reliable, Vanguard link or Nigeria debt management link the reality on ground saya it all Anambra are upto date with her civil servants salaries with massive capital projects, what do we have in you region States in your region all received bailout fund except Lagos, Anambra didn't, so use your IQ and check states that is more sustainable, or you can continue living in delusional because that what you guys are good at, soon another breeze go blow, you understand next........

FKO81:
you're daft, what did you contradict so which one is more reliable, Vanguard link or Nigeria debt management link the reality on ground saya it all Anambra are upto date with her civil servants salaries with massive capital projects, what do we have in you region States in your region all received bailout fund except Lagos, Anambra didn't, so IQ and check states that is more sustainable, or you can continue living in delusional because that what you guys are good at, soon another breeze go blow, you understand next........

LMAO E pain am oooo. I would rather believe Obiano coz he is the governor and therefore knows the true state of his state's debt profile.

Obiano had dismissed Obi’s claims as “half-truths” pointing out that the former governor left the state with a heavy debt overhang of N106.2 billion when his tenure expired on March 17, 2014.Obiano had wondered how Obi could have given Ndi Anambra a rosy picture of the assets he left behind without showing them the liabilities he incurred.

http://www.vanguardngr.com/2015/11/face-off-how-obiano-mismanaged-my-n75bn-savings-obi/

From the analysis of the figures, SE is the least indebted zone, despite the fact that the region receives the least Federal government allocation.
It shows better management of resources and living within one's means on the part of SE governments, even T.A Orji the kleptomaniac didn't leave Abia in so much debt.
Anambra external debt is rising though, and they must watch it, this Obiano doesn't seem to be as financially prudent as Obi.
Enugu external debt is also quite substantial, I am not impressed with Sullivan, what is on ground at Enugu doesn't justify that huge debt.

South South is hugely indebted despite huge FG allocations, their government have been wasteful, but they have crude oil reserves to offset the debt in a matter of a year, if left to manage their resources, on their own.
Edo debt profile is not healthy, considering she has but meagre crude oil reserves, how does she intend to offset those debt in the future?
The less said about Cross Rivers, the better.
Delta has huge crude oil reserves to fall on, yet that doesn't exonerate the bad leadership and embezzlement of public funds going on there. Their huge debt profile doesn't correspond to the infrastructures that are on ground.

In the future, no one should post silly IGR figures without first of all giving us the debt profile, because it would appear that some of these states in serious debt are indebt because of overbloated civil service, whose tax on salary return give a false impression of impressive IGR figures, while hiding the rot( debt profile), I suspect SW states are guilty of this.

FlyoruB:
LMAO E pain am oooo. I would rather believe Obiano coz he is the governor and therefore knows the true state's of his states debt profile.




http://www.vanguardngr.com/2015/11/face-off-how-obiano-mismanaged-my-n75bn-savings-obi/

I know you are finding way to justify irresponsibilities of your leaders, you are in serious debt man if you don't know. Read this

Mr Kola Ogunleye, is an architect, and a chartered accountant of repute. He is also an economic policy analyst and commentator. His wealth of experience spanned both the public and private sector of the economy. He spoke to a select group of newsmen in Abeokuta, the Ogun State capital, expressing concern about the debt profile of South-West states, which he blamed on financial recklessness of the governors. He also criticized the Federal Government for not raising questions on why many of the states incurred huge debts before providing soft landing which he said has put the future generation in bondage. Excerpts:By Adeleke Adeseri, South West Regional EditorYour opinion about the bond arrangement by the Federal Government to give reprieve to many states groaning under the yoke of debts?I believe that Federal Government had been misled into taking some of the steps in respect of the state debts.The FG should have been more painstaking in looking  at each state and ascertain why and how they got into that financial mess.There is a blanket provision for them now without scrutinising how they came about such debts, most of them are saying they cannot pay salaries. What happened to their prior allocations?For example Ogun State is not in that category, the governor kept on saying he can pay salaries, why is he availing himself of this long term loan.The mistake made by the Federal Government was that, it did not look at the uniqueness of each state and the financial profile of these states, FG just said any loan owed to commercial banks, to me it is as if the Central Bank of Nigeria and DMO are trying to save the commercial banks from an imminent crisis.Kola OgunleyeIt is no longer about the state, it is about our banking system that faces collapse. If you look at the quantum sum of money states owe these banks they cannot pay.Why did they take decision to help those who did not help themselves through wrong decisions.Banks ought to take decision strictly based on financial data and sound economic analysis because there are Standing Payment Order (SPO) that these states have signed that any money coming from the federation account certain amount should be deducted.What the government has done was to truncate that agreement, and that is wrong. In a federation, the FG has no sole power to take over the state debts without consent of the states and national assemblies because it is part of the budget.The moment you are tinkering with the budget you must go back to the Assembly and take authority that you wanted to transfer these debts to the FG.Transfer of debtsThe fact that the governors met and agreed on a soft landing for themselves does not mean the National and State Assemblies should not play their constitutional duties in this arrangement. And everything must be put on the table and not to be shrouded in secrecy. Publish the debts they owe banks and on what projects. There must be due process and that has not been done. We are looking at the bond that is condemning generation yet unborn to bondage.You are from Ogun state. What can you say about Ogun’s N55billion debt being converted to Federal Government bond?I think the situation on ground now is that the N55billion that is being bandied around and presented at the National Economic Council meeting is a very wrong and inaccuratedescription of the debt profile of the state. Those are debts that the state owed commercial banks in the country which the Central Bank and the Debt Management Office (DMO) have decided to package as Federal Government of Nigeria bond. Another 19billion owed workers in respect of illegal and unauthorized and un-remmited deductions have also been slated to benefit from another intervention fund.So N55billion does not completely describe the debt profile of the state, there are all sorts of debts, other loans from commercial banks are there, there are debts in respect of pension and gratuities, deductions made from staff salaries that are neither remitted to the appropriate organs are there, there are also unfunded contingent liabilities in respect of on going projects in the state and the best way to really look at that is to look at the kind of project profile we see in Ogun State that are not completed. We have schools that started three years ago that are not completed, we have roads that were started four years ago that were not completed and these are the projects that are supposedly inside the budget of various years.Don’t you think that with the commercial loans converted to bond, the state will have enough fund to complete the on going projects?No, let me put it in a proper perspective, you approached a bank to pick a loan of N2billion for a project and the cost of the project itself is about N10billion. That N2billion is incurring interest and interest is being paid on it and the interest has constituted itself to become an albatross on your neck, you cannot move forward, you therefore look for a way to convert that short term facility, because it is like an over draft, not a proper loan perse, with astronomical interest rates that is compounded each time the overdraft is rolled over and this is not supposed to be so, it is supposed to be serviced regularly but because you are not able to service it adequately it has accumulated. If it is so much today, it comes to nil by the end of the month, but once you could not do this, you now look for a succour at the federal level.Now your N2billion is now being converted to a long term loan, to give you a leg room, do you know you still need another N8b to complete that project? Where will that money come from. The price of oil is falling, Naira exchange rate is falling, everything is on a downward spiral, where will you now get funds to complete the project itself?Ogun State once put its IGR at over N6billion per month.The question you just raised bothers on debt sustainability and economic viability of the projects. Ordinarily, most of the projects that have been embarked upon could be described as Urban Renewal Projects that should stimulate the economy of the state a la Keynesian Economics.I do not want to go into polemics of urban renewal but suffice to say, what we have in Ogun State today is that the projects have not stimulated economic activity in the state as unemployment remained very high and the multiplier effects envisaged are yet to materialise.Government has  embarked on road expansion projects in major cities and these projects are not targeted at economic zones. When you want to spend this kind of money we have spent on road construction in Abeokuta, you need to tell us what is the size of economic improvement that can happen to the ordinary man’s life there. What is the volume of traffic in the city? How does the average citizen whose house or shop is demolished is restored economically and socially?

http://www.vanguardngr.com/2015/09/bail-out-fund-states-debt-profile-has-mortgaged-their-future-ogunleye/

dearsly:
Even Akwa Ibom that is collecting the highest allocation??...Akpabio Well done o

am not from aka ibom oh but have u been to uyo and ikot ekpene?visit akwa ibom and ur perception about akpabio will surely change my dear

Collynzo888:
@mynd44. Rule 2.

Cc: mynd44, mynd44, mynd44

There are so many ways to kill a rat, can you stop the handle

FKO81:
There are so many ways to kill a rat, can you stop the handle

Debate without breaking any rules. Its simple, they ban everyone for little thing so face it.

@mynd44. RULE 2

Collynzo888:
Debate without breaking any rules. Its simple, they ban everyone for little thing so face it.

@mynd44. RULE 2

Serious Which prison den go carry the guy go Me self I'm seriously scared

I ve always said and am still saying it... The problem of this country is the GOVNORS. . . if there is a way we can have a president and 774 local government chairmen.

This govnors turn themselves to demi gods, embark on useless projects, there wives becomes another pain in the a.s.s .

Who will pay all this debts eh?

Ilovemystate:
Serious Which prison den go carry the guy go Me self I'm seriously scared

Same person. Lmaoo. You are not smart bro, from , to FKO81 and now ilovemystate. This noisemaker is a joke.

Btw, why has this thread not gotten to the front page yet?

The thread on IGR opened by Scholes0 got to the FP before I could type. Something fishy is going on here, or are the Yoruba( Mynd and OAMJ) mods here saying that the info on the debt profile of Nigeria is not very important

Ariani:
Btw, why has this thread not gotten to the front page yet?

The thread on IGR opened by Scholes0 got to the FP before I could type. Something fishy is going on here, or are the Yoruba( Mynd and OAMJ) mods here saying that the info on the debt profile of Nigeria is not very important

Bro don't mind them they are doing themselves, era of false media propaganda has gone, they can only decieve themselves

post=44780544:
Bro don't mind them they are doing themselves, era of false media propaganda has gone, they can only decieve themselves

It's really appalling how tribal these folks are even when they fail miserably the hide their tribal bias with a camouflage of nationalism.

We all know that that Scholes0 thread got to front page faster than speed of light because the stats there seem not to be in favour of SE.

Ariani:
It's really appalling how tribal these folks are even when they fail miserably the hide their tribal bias with a camouflage of nationalism.

We all know that that Scholes0 thread got to front page faster than speed of light because the stats there seem not to be in favour of SE.

Exactly, that's the media war going on, you suppose know by now, the question is what have they really achieve since after the war? Same media game was played in eduction, now the propadanda can't hold any longer, so don't be surprise

^^^^ What a bunch of whinny lil pu$$ies. The mods weren't 'biased' when they were rushing all your Willie Willie is working and three-times-a-day Anambra threads to FrontPage. Smh. Na so Una vex go open different forums in protest against this same forum. What more the funk do you all want?? Must you whine about everything? Shebi Una get Una own forums? Why not focus on driving traffic there instead of always whining here about marginalization when you feel situations aren't in your favor. Attention-seeking Cry babies.

Bump.

FlyoruB:
^^^^ What a bunch of whinny lil pu$$ies. The mods weren't 'biased' when they were rushing all your Willie Willie is working and three-times-a-day Anambra threads to FrontPage. Smh. Na so Una vex go open different forums in protest against this same forum. What more the funk do you all want?? Must you whine about everything? Shebi Una get Una own forums? Why not focus on driving traffic there instead of always whining here about marginalization when you feel situations aren't in your favor. Attention-seeking Cry babies.

Just know I'm here for you and your likes, I don't run for battle

Wow, delta state is dead

Lagos is a case study. I'm disappointed at south south states. A close look shows that the states with high IGRs are still the same states with high debt profile. What this statistics shows us is that the problem is really from our state governors. useless thieves.

FlyoruB:
Bump.

follow me, let us keep the thread alive,

post=44781463:
Just know I'm here for you and your likes, I don't run for battle

Lol. Yinmu. For your mind. You're a village champion who ain't even worth the stress. Na your fellow docile SEasterners you fit bully not my kind so swerve and face your market.

post=44781581:
follow me, let us keep the thread alive,

You wish. This thread is boring as fvck.

FlyoruB:
Lol. Yinmu. For your mind. You're a village champion who ain't even worth the stress. Na your fellow docile SEasterners you fit bully not my kind so swerve and face your market.

Mr Kola Ogunleye, is an architect, and a chartered accountant of repute, expressing concern about the debt profile of South-West states, which he blamed on financial recklessness of the governors. He also criticized the Federal Government for not raising questions on why many of the states incurred huge debts before providing soft landing which he said has put the future generation in bondage.
My friend what did you say to this development emanating from your region

FlyoruB:
You wish. This thread is boring as fvck.

I want to keep you busy here, kindly read this

THE CRISIS OF YORUBA’S Future by Lasisi Olagunju
[b]
There was a short time in Nigerian history — between Independence and the first military coup — in which we lived through a period of great optimism. Financially the people of Nigeria were relatively well off, and they assumed that with independence, things were going to improve steadily. In the West, people believed in the benefits of universal free primary education. They were proud of being the “First in Africa” to have set up a television station. The University of Ibadan was functioning and had a good reputation. Night life was boisterous; people could afford to go out, drink beer and listen to really good bands. Even in Osogbo, which then had 120,000 inhabitants, one could hear three or four bands at weekends. The Yoruba Travelling Theatre was booming. A decade after independence, Biodun Jeyifo counted about a hundred Yoruba theatre companies —all managing to survive somehow off their performances. People actually preferred the theatre to the movies. But then, those were the days of Ogunde, Ogunmola, Duro Ladipo and the Orisun players. Where in the world could you find a comparable constellation?
Wole Soyinka: There was ferment!

Ulli Beier: There was no official planning; little government interference. It was a natural growth. If you now think back to this period, how do you view it with hindsight? Why does it appear to us now as a “golden age” rather than a mere beginning? (From Ulli Beier in conversation.)
Hmmm. Really. Why would a period that was supposed to be our beginning appear to us as actually the golden age? If the take-off of an aeroplane is the only memorable moment of the flight, then that journey is not just a farce, it is a tragedy. When a people have nowhere else to turn to with pride but the past, then they do not need to be reminded that generations after that “golden era” have all failed. And I am not talking about Nigeria now. I am talking about the old Western Nigeria from Ikeja through Benin to Sapele. Nothing can be more devastating for a pupil whose reputation of being the constant first in class is shredded by a distant competitor.

Ex-governor Peter Obi of Anambra State got me thinking. Two weeks ago, he was giving an account of his eight years stewardship and he announced some figures: N75 billion as credit balance in the state’s accounts and no debt over-hang. That figure, he said, included balance in savings and in investment. Then the big one: Anambra State under him invested in bonds issued by other state governments. Since he made that statement, I have not heard anyone say he lied. It was a combination of these that actually got me thinking —Anambra State that was not paying salaries post 1999, pre-2003; Anambra State of war and lawlessness in Chris Ngige era; the same Anambra that was home of violence and inexplicable crimes. Obi said the state he was leaving behind was not owing anybody a dime; rather, the state invested in bonds issued by other states! Then, I remembered that out of the six states in the South-West, only one has not gone to the Capital Market to take money through bond issuance. What has that told me? It means that my South-West is indebted to South East’s Anambra State — and that is serious. I know some partisan fellows will say ‘and so what?’ They can say so because for such fellows, the only reference they make to the past is using it to cover up the eczema of today. None of the founding fathers of Western Nigeria would ever imagine that a day would come when Yorubaland would owe Iboland.

Some international financial experts have warned that the current craze for bonds by African countries, including PDP’s Nigeria, will soon lead to what they call “Eurobond curse” just as the continent is wracked by “resource curse.” Some queer commentators would say the warning was directed at national governments. At the state level, the alarm bell should really sound louder. A recent report quoted Joseph Stightz, a Nobel prize-winning economist, as warning that “the financial sector loves to find people to prey on and their most recent prey are governments in developing countries.” The same is happening at the domestic level. Cash-strapped state governments should know that there are no friendly financial institutions. They are in business to make money and it does not matter how.

I do not know what economics is behind the current craze for bonds. Some are even saying bonds are no loans. What are they? Gifts? Won’t they pay back? And at what interest rate? They would even pay costs of the transaction — they call it ‘issue costs?’ Are there consultants packaging these bonds? If there are, who are they? What are their fees?

Yorubaland currently suffers unprecedented, unfortunate and insulting, venal shut-out in the affairs of the PDP Federal Government. The alternative regimes in the states ought to give reasons for hope, not debt over-hang. Nothing should be done by anyone to bond the race to a future of criminal servitude. Governments have to provide amenities, yes. But have we forgotten what our ancestors said about he that eats benefits derivable from a child even before that child is born? Exactly what Niyi Osundare described as “eating tomorrow’s yam today ”!

Western Nigeria started solid in the 1950s through the early 60s. Chief Obafemi Awolowo and his stellar team gave the West a solid foundation. They made their people first in Africa without hanging ‘slavery bond’ on their collective neck. But after them, what have we had? Public debt, private wealth! Whatever intervening disaster can still be remedied if only we resolve today to make the future more golden than the great start. We cannot do that by mortgaging the future to bonds of bondage
http://integrityreporters.com/columns/the-crisis-of-yorubas-future-lasisi-olagunju/[/b]

post=44781463:
Just know I'm here for you and your likes, I don't run for battle

FKO81, you are here with another handle. The only thing you do on nairaland is tribal fight, dont you have any shame? You are always online doing tribal fight while your mates are doing good in the real life. Pathetic

Collynzo888:
FKO81, you are here with another handle. The only thing you do on nairaland is tribal fight, dont you have any shame? You are always online doing tribal fight while your mates and doing good in the real life. Pathetic

My friend I'm not FKO81, I can't remember slapping you, why accusing me of fighting, why I can't even see you talk more of touching you
I'm debating wif my brothers that is the correct words my friend.

[s]

post=44782567:
My friend I'm not FKO81, I can't remember slapping you, why accusing me of fighting, why I can't even see you talk more of touching you
I'm debating wif my brothers that is the correct words my friend.

[/s]

Stop the lies. We know you well, i wont beat you just stop denying your handle.