₦airaland Forum

4Play:
The VP is being disingenuous by using the dollar to report our debt. Most of the government's borrowing has been in Naira, so as the Naira lost value, it makes the debt value in dollar appear smaller.

A debt of N155bn in 2014 equates to $1bn then and around $500m today (using the official exchange rate). So even if you double the debt by borrowing another N155bn making it N310bn, the dollar value of the debt is still circa $1bn at the official exchange rate, even lower if you use the market exchange rate.

tomakint:
Old news from the funny looking one. He wants to be President thinking Buhari will slump but he is even worst. See am

Obierika:
So in just 3 years it grew by $10billion

abc115:
PDP and lies..... The VP was right...I just cross checked with DMO

CodeTemplar:
But PDP too messed up. With those figure up there we could have built 5 Dangote sized refineries and be refining every drop of crude in Africa today.
That could have created millions of high paying jobs.
We are now looking at N-Power.

aku626:
I don’t have time to argue this. Sir, are you saying that we were not able to reduce our debts rather incurred more?

yinkus6750:
So, instead of servicing the huge debts you met, you decided to add to it, welldone sir.
With all recovered looted funds, seized unknown hard currencies, reduction in corruption, we couldn't use that to start from somewhere?
You people should continue. No problem.

PrecisionFx:
What has apc done with the funds they received in the last 3 years? They have borrowed 30 billion dollars, They have earned 112 billion dollars from crude oil sales, They have recovered billions of dollars from looters and they have generated billions of dollars thru taxation.

What have they done with it

Ovamboland:
Nothing, all the salaries, conterpart funding for rail and dam projects, increased investment in infrastructure, loan repayment, bail out to struggling states was from your personal savings account.
Since you paid for all the above APC should tell us what they did with $112 billion.

Ovamboland:
Nothing, all the salaries, conterpart funding for rail and dam projects, increased investment in infrastructure, loan repayment, bail out to struggling states was from your personal savings account.
Since you paid for all the above APC should tell us what they did with $112 billion.

PrecisionFx:
Stop fooling ur self sir.

Buhari has borrowed 30 billion dollars.

obailala:
If someone borrows $30billion and has already paid back $20billion within the same time period, how exactly does that count as a $30billion debt problem?

OrientDailyNews:
https://orientdailynews.com.ng/cover-story/buhari-inherited-63b-debt-borrowed/


https://orientdailynews.com.ng/wp-content/uploads/2018/09/osinbajoo.jpg

Lalasticlala seun mynd44

PrecisionFx:
Buhari has borrowed 30 Billion Dollars in 3 years and 5 months, Thats the issue at hand. He borrowed 30 Billion Dollars and yet nothing to show for it.

Are u suggesting that he borrowed 30 Billion Dollars, Paid it into an account and then withdrew 20 Billion Dollars and paid it back to our lenders 3 days later?

obailala:
Lol... Bro na wa for you oo! Which kind of tata argument is this? What matters more? the amount of money I owe or the amount of money I borrowed?

APC between 2015 to date has received about $112 billion, overall debt has increased by over $10billion and despite the low revenue (due to low oil price/ production levels) has grown reserves from that $28.6bn to about $45 billion.

The administration on the other hand between 2010 and 2015 made $381 billion from oil sales alone during the time of oil boom. Within the same period, Nigeria's overall debt increased by $29 billion (From $35bn to $64bn) and our foreign reserves dropped by from ~$42bn in early 2010 to $28.6bn in May 2015).

There's no doubt that the money borrowed and being borrowed by the current administration is disturbingly high, but at least they have a reasonable excuse that the nation's revenue is relatively very low due to the oil crisis, and borrowing becomes inevitable to keep the nation afloat. The big and valid question anyone who cares about Nigeria should really be asking then is, after enjoying an unprecedented oil boom between 2010 to 2014, why exactly was the government borrowing then? and why did savings drop significantly during a time of plenty?

PrecisionFx:
GEJ received Billions of Dollars in revenue during his tenure and we all saw what those monies built. Under GEJ nigeria was building 10 gas turbines worth billions of dollars, totalling over 10,000MW at the same time and he was able to commission 6 of them before he left office.

He was also building 3 refineries at the same time, It was called the green oil initiative. One was located in Bayelsa, One in Kogi n the other one somewhere in the niger delta, I cant remember correctly.

He also reactivated the Makurdi, Enugu (largest in nigeria) and Aba NNPC depots.

He built the first 6 gauge speed train in nigerias history, To connect Kaduna and Abuja. Im sure u know how much this kind of projects costs. He also reactivated so many other railline networks across nigeria.

He built 33% of all the federal universities in nigeria just under 5 years.

Many more projects was ongoing across nigeria at that time, I cannot remember all of them.

GEJ cummulatively spend over 50 Billion Dollars in loans and from our reserves to develop nigeria. Without the 6 NIPP plants GEj built and added to the grid, We would still be at 2000MW now and u know exactly what that means to nigeria.

Buhari is doing nothing 4 years on.

Buterflyle0:
His personal opinion counts because even in this pmb administration they have visited the issue of restructuring which is the reason why diversification is key in this administration.

One cannot restructure and then put so many states at a disadvantage due to inadequate Revenue sources.

Before anyone can visit the issue of restructuring each state should be able to survive when more power is passed to them.

Any one talking about an immediate restructuring is just selling a scam that can never be a reality today

tete7000:
Osinbajo was once an advocate of restructuring when he was on the other side of the divide, that is when PDP was in power and ACN was in opposition. Most Yoruba states then were advocating for restructuring because they felt left out of the party at the centre. In the current dispensation, Buhari has always insisted restructuring is never a thing to consider, as far as he is concerned, it is not even an issue on the table and since they belong now to the merriment, Tinubu and some other Yoruba yesterday champions of restructruring has since gone quiet.
Atiku came in and wants to explore the restructuring issue to garner vote, to which Osinbajo then issued the statement claiming he has been at the forefront of the debate and should not be treated as a no voice in the matter. The issue however is:'Yes he was once an advocate for restructuring, but his government is not, so his personal opinion does not count. Two, that he has been an advocate and now he is no longer does not mean that those who believe in the cause should stop talking for what they believe is right. Three, the fact that he once advocated for restructuring but stopped believing and advocating show he is just a typical Nigerian politician who simply explore issue when they are not the not the one benefiting from the status quo, once the status quo turns in their favor they abandon what they once felt is right.
However, to someone like me the issue of restructuring is one still very relevant to the Nigerian question and restructuring encompasses more than financial autonomy of states. If people are allowed to deliberate and talk, solutions can be sought to every problem. One person should not by fiat issue that people no longer talk on what they consider dear to their survival.

obailala:
Akuko ifo!

Kindly point out the so called 10 gas turbines that GEJ built from scratch and I would show you evidence that at least 9.5 of them existed before 2010 at various levels of completion. GEJ's government claimed to have spent an additional $8.5billion (to the $16bn spent by OBJ) on power but guess what? even after he left power, most of those turbines couldn't still function, that's why Nigeria still struggled with just over 4000mw 'generation capacity' as at May 2015; to reveal how bad things were, during the week of handover, total generation crashed to about 1300mw (that can be excused as a momentary setback though which even still happens today from time to time). Just for info by the way,

After spending the about $8.5 billion in the power sector, the same government of GEJ also privatized the same assets. So please, how exactly does that $8.5billion account for the rest of the billions which we're talking about/.. What are the so called mega projects that accounts for the huge incurred debts and reduction in reserves despite the more than 3x oil revenue?

Biko where are these 3 refineries and how much was spent on them? Are they one of the usual paper achievements that Nigerian politicians love to brag about?

PrecisionFx:
And did i say GEJ built any gas turbines from scratch?? , These dullard supporters are something else.

These Turbines were started by OBJ back in his regime and OBJ barely built anything there. He simply withdrew 16 Billion dollars for the power projects and the Money disappeared till this day. As we speak nigerians are still asking about the whereabouts of those monies to no avail. U said OBJ spent 16 Billion dollars on NIPP plants, LMFAO. @ 1.6 Billion dollars per plant and the plant remained an uncompleted abandoned project Oga let me clear u wella, You can goan ask people u have in the power sector to gist you on this matter. Under GEJ General electric was building the 10 NIPP plants at the same time, BEcause of that project they promoted and designated Nigeria as ''super customers'..........Stop making silly blind arguements.

Geregu Generation Company, Ajaokuta, Kogi State. Completed, commissioned by GEJ in 2013

Omotosho Generation Company, Omotosho, Ondo State. Commissioned by GEJ in 2014

Olorunshogo Generation Company, Olorunshogo, Ogun State. Commissioned by GEJ in 2014

Ihovbor Generation Company, Benin, Edo State. Completed, on grid, but not commissioned

Ogorode Generation Company, Sapele, Delta State. Completed, on grid, partially commissioned in 2014 by GEJ

Gbarain Generation Company, Gbarain-Ubie, Bayelsa State. Not completed, but one out of the two units on grid.

Omoku Generation Company, Omoku, Rivers State. Ongoing

Egbema Generation Company, Ohaji-Egbema, Imo State. Ongoing

Alaoji Generation Company, Aba, Abia State. Phase 1 completed, on grid, not commissioned.

Odukpani Generation Company, Odukpani, Cross River State. Completed, on grid, not commissioned

Then one of the turbines in Ibom Power (IPP) actually belongs to NIPP

''even after he left power, most of those turbines couldn't still function''

Stop blabbing nonsense, It costs 1 Billion dollars to build a 1000MW gas turbine in nigeria (Over 3 Billion dollars to replicate the same in europe n americas). Do u think Power generation is building MTN Masts?? Now this amount is just to build the plant. The running costs to generate the actual electricity still averages 1 million dollars per 1MW and more Millions to install transmission stations

''during the week of handover, total generation crashed to about 1300mw''

U mean when the evil people stopped generating electricity and even announced that they do not have gas to power "Hydro power plants" ...........Use ur sense abeg.

He also reactivated the Makurdi, Enugu (largest in nigeria) and Aba NNPC depots.

He built 33% of all the federal universities in nigeria just under 5 years.

He built the first 6 gauge speed train in nigerias history, To connect Kaduna and Abuja. Im sure u know how much this kind of projects costs. He also reactivated so many other railline networks across nigeria.

obailala:
Oh, so you actually acknowledge that he met those 10 turbines and just pumped in some extra funds to progress on them?... You also agree that not all were completed after they left power. But once again, according to your Jonathanian logic, "the $16bn OBJ spent on power was 100% looted, no single one of the expensive components like the turbines were procured. But when GEJ came in and pumped another $8bn, 100% of the work was done and completed; GEJ made it all well but Buhari came in and bombed all the beautiful works of GEJ, no wonder Nigeria still struggles to generate power beyond 4000mw till date. It's exclusively Buhari and Fashola's fault that we have no power irrespective of the $24bn spent by OBJ and GEJ.

The problem of Jonathanians = selective blindness, selective amnesia and selective sense application.

I'm struggling to grasp the relevance of this thing you wrote here. You agreed with me that they only pumped more money in to complete already ongoing power projects; you also agree that even at the time of handover, the projects were largely still incomplete (and are still being worked on by the current govt). But isn't that the point I already made above?.. What then is the essence of accusing me of blabbing nonsense, and then proceeding to repeat the exact same nonsense I blabbed?..smh! Meanwhile the $1m per MW you talked of, how come that defense only applies to GEj and not other leaders?

Once again, what are you blabbing here? are you saying the opposition stopped gas from getting to power plants the week/month before handover?... Who are the evil people that stopped generating the electricity?

Meanwhile power generation crashes under GEJ, you blame it on opposition; today the same power supply crashes under the current government, you blame it on Buhari and Fashola's incompetence? ... And with this kind of reasoning, you actually advise me to apply sense? Which sense biko?... iberiberism sense?