₦airaland Forum

And IMF recants!

So if Nigerian government didnt hit back, IMF wont know the difference between Excess Crude Account and Sovereign Wealth Fund. This again shows how many of their so-called reports and experts' prescriptions are based on wrong assumptions. There was no time the government of Nigeria designated ECA as a sovereign wealth fund. Why IMF would rate ECA as a SWF fund shows lack of due diligence on their part.

And for those who always run with whatever IMF/World Bank and their affiliated/allied NGOs say about Nigeria, this reveals that these guys, oftentimes, do not understand simple things about how the system works here.

Most of their reports are mere desk jobs from a cosy office in Washington that are far from reality.

~Ajayi Temitope

The methodology focuses on SWF and all of a sudden you changed the methodology to ECA for Nigeria to make her look bad. Why did you change the criteria for Nigeria Why?

I only pity those who takes the neo-colonialists reports serious, which are usually ladened with subtle bile against Africa and developing nations.

Imagine if it was an African nation that is as confused as the British on Brexit issue and issue of Govt not respecting the will and vote of the people? Your guess is as good as mine.

Imagine if it was an African nation that expelled ICC staff from their country like US did, Amnesty Int'l and ICC will be flexing their fake muscles. Imagine what sort of names western media would have labelled an African Nation arresting minors?

Where is Amnesty Report on American soldiers atrocities in Iraq and Afghanistan? How many American soldiers or those of allied forces have they dragged to ICC for such atrocities.

How many IMF or world bank staff have been put on trial for selling bad economic products to developing countries for further putting those countries in economic misery?

superstar1:
The methodology focuses on SWF and all of a sudden you changed the methodology to ECA for Nigeria to make her look bad. Why did you change the criteria for Nigeria Why?

I only pity those who takes the neo-colonialists reports serious, which are usually ladened with subtle bile against Africa and developing nations.

Imagine if it was an African nation that is as confused as the British on Brexit issue and issue of Govt not respecting the will and vote of the people? Your guess is as good as mine.

Imagine if it was an African nation that expelled ICC staff from their country like US did, Amnesty Int'l and ICC will be flexing their fake muscles.

Were is Amnesty Report on American soldiers atrocities in Iraq and Afghanistan? How many American soldiers or those of allied forces have they dragged to ICC for such atrocities.

How many IMF or world bank staff have been put on trial for selling bad economic products to developing countries for further putting those countries in economic misery?

You captured it, dude

Buhari is not cozying up to them, he never did before and he won't start doing it anytime soon. Things like this (the IMF report) will become regular occurrence now.

Live, and let live is not a thing in the west. You have to be under their tight leash, else you are haunted to the ground. It's pathetic really

jayfolarin:
Buhari is not cozying up to them, he never did before and he won't start doing it anytime soon. Things like this (the IMF report) will become regular occurrence now.

Live, and let live is not a thing in the west. You have to be under their tight leash, else you are haunted to the ground. It's pathetic really

And they will fail! They eventually captured the South Africa by imposing this empty-headed president after ganging up against Thabo Mbeki.
Incidentally the same President is the friend of the rejected thief here!
Nigeria is lifting up Africa!
It's the time!
Never again!

the worst set of international body are the amnesty international and transperancy international,
they always confuse the corruption of 2001-2014 with the arrest of those that stole in that period.
if the efcc expose and arrest those that stole in pdp regime, transperancy international will say, Nigeria is more corrupt than before.
just because you arrest those that stole before.

Buhari would soon go to London and lay his life in a blue eyed man's hand. Most of his family too I would imagine. IMF, EU, China and the rest are all after their own interests, that shouldn't even be an issue or something to act surprised about.
I just watched Ahmed Kadiri (the candidate)crying about Zamfara and I honestly can't stop laughing,

jayfolarin:
Buhari is not cozying up to them, he never did before and he won't start doing it anytime soon. Things like this (the IMF report) will become regular occurrence now.

Live, and let live is not a thing in the west. You have to be under their tight leash, else you are haunted to the ground. It's pathetic really

ok

StaffofOrayan:
Buhari would soon go to London and lay his life in a blue eyed man's hand. Most of his family too I would imagine. IMF, EU, China and the rest are all after their own interests, that shouldn't even be an issue or something to act surprised about.
I just watched Ahmed Kadiri (the candidate)crying about Zamfara and I honestly can't stop laughing,

Every country in the world puts her own interests first. This shouldn't come as a surprise to anyone as you would put your family first before another's. One thing that needs to be clarified from your comment though is the false equivalency of China and the rest.

China hasn't been this powerful in recent history (dare I say throughout history), and while they obviously do look after their own interests, they have consistently shown to be most interested in MUTUAL development relationships with the countries they deal with. This is unlike the west though, which you and I would agree that since the Advent of their contact with the African continent, the relationship has been PARASITIC and nothing else.

So please, don't put everyone in same basket. It's simply dishonest

Watch out for those children of hate, who are yet to pass their post secondary school exams coming out in large numbers to defend IMF/ World bank policies. Immediately you get a loan of $1b from IMF/ World bank, the next pressure they put on you , is to devalue your currency, so invariably their $1b loan, automatically turns to $1Tr when you are paying it bank.

superstar1:
The methodology focuses on SWF and all of a sudden you changed the methodology to ECA for Nigeria to make her look bad. Why did you change the criteria for Nigeria Why?

I only pity those who takes the neo-colonialists reports serious, which are usually ladened with subtle bile against Africa and developing nations.

Imagine if it was an African nation that is as confused as the British on Brexit issue and issue of Govt not respecting the will and vote of the people? Your guess is as good as mine.

Imagine if it was an African nation that expelled ICC staff from their country like US did, Amnesty Int'l and ICC will be flexing their fake muscles. Imagine what sort of names western media would have labelled an African Nation arresting minors?

Where is Amnesty Report on American soldiers atrocities in Iraq and Afghanistan? How many American soldiers or those of allied forces have they dragged to ICC for such atrocities.

How many IMF or world bank staff have been put on trial for selling bad economic products to developing countries for further putting those countries in economic misery?

ICC is the worst of them all. That court was solely set up for the so called Third World countries.

Until Bush, Sarcozy, Blair, and Netanyahu are ducked by these guys, I'd never take them seriously.

jayfolarin:
Every country in the world puts her own interests first. This shouldn't come as a surprise to anyone as you would put your family first before another's. One thing that needs to be clarified from your comment though is the false equivalency of China and the rest.

China hasn't been this powerful in recent history (dare I say throughout history), and while they obviously do look after their own interests, they have consistently shown to be most interested in MUTUAL development relationships with the countries they deal with. This is unlike the west though, which you and I would agree that since the Advent of their contact with the African continent, the relationship has been PARASITIC and nothing else.

So please, don't put everyone in same basket. It's simply dishonest

Thank you for schooling him

Hahaha Black mind that cant see the future
China has already taken over national assets from
Africa like the Zambian international Airport, they are in talks to take over the national power company over debt servicing, Mandarin is being taught in Malawian schools, most countries won't be able to pay their debt, that is as clear as day.
China became great by shutting everybody out and developing from within, like UAE,
Africa is going back into colonialism and most are still sleeping like their forefathers

jayfolarin:
Every country in the world puts her own interests first. This shouldn't come as a surprise to anyone as you would put your family first before another's. One thing that needs to be clarified from your comment though is the false equivalency of China and the rest.

China hasn't been this powerful in recent history (dare I say throughout history), and while they obviously do look after their own interests, they have consistently shown to be most interested in MUTUAL development relationships with the countries they deal with. This is unlike the west though, which you and I would agree that since the Advent of their contact with the African continent, the relationship has been PARASITIC and nothing else.

So please, don't put everyone in same basket. It's simply dishonest

Shows how credible they are, that when they make a genuine mistake they’re willing to recant!

Xander85:
Shows how credible they are, that when they make a genuine mistake they’re willing to recant!

Don't be a slave to the white. That was not the first time similar economy wrong signal or pronouncement would be made. They know what they are doing. What stops them from verifying their information before rushing to the public.The same IMF that will give you a loan of $1b , the same IMF that will advise you to devalue your currency, so that their loan of $1b could turn to $1 Trillion.

Xander85:
Shows how credible they are, that when they make a genuine mistake they’re willing to recant!

IMF/ World bank are not mushroom organization. They know what they are doing. Their wrong economy pronouncement is intentional, just to rubbish your economy for you if you don't know what you are doing

Do most countries have excess crude accounts?

Is there any other oil producing country with an excess crude account that is not a Sovereign wealth fund?

Unique things happen in Nigeria that is why the IMF officials made a mistake.

The excess crude account was always meant to act as a SWF but for the greed and illiteracy of our leaders, we had to create a separate SWF account.

To the best of my knowledge, after the initial 1 billion USD was put into the SWF, no further deposits have been put in.

All additional monies that should go into the SWF have gone into the opaquely managed Excess crude account hence the IMF report.

Nigerian masses be wise. Educate yourselves. Our leaders only care for themselves and their families.

[s]

omenkaLives:
ICC is the worst of them all. That court was solely set up for the so called Third World countries.

Until Bush, Sarcozy, Blair, and Netanyahu are ducked by these guys, I'd never take them seriously.

[/s]
shatap there and get out
they'll jail Buhari for crime against humanity

ngadaAwo:
[s][/s]
shatap there and get out
they'll jail Buhari for crime against humanity

Wailing bandit, when will your wailing come to an end? Jailing Buhari has been your national Anthem since Buhari was in the military
Why not report me for ICC for crime against humanity instead of reporting me to Mydd 99?

StaffofOrayan:
Hahaha Black mind that cant see the future
China has already taken over national assets from
Africa like the Zambian international Airport, they are in talks to take over the national power company over debt servicing, Mandarin is being taught in Malawian schools, most countries won't be able to pay their debt, that is as clear as day.
China became great by shutting everybody out and developing from within, like UAE,
Africa is going back into colonialism and most are still sleeping like their forefathers

Nowhere in my post did I claim china is Santa Claus, they never said they were either. Loans are meant to be repaid and are not free gifts. It's akin to the bank taking over your collateral because you didn't honour your loan repayment agreement. You can't turn around to call the bank evil for trying to recover the money that was lent to you.

Comparing China's business model with that of the west is what I said is being dishonest and you know it. There is 'good, better and best' for a reason. It doesn't have to be 'bad' if its not the best.

Also, about teaching Mandarin in schools, are you kidding me? Dude, you write in English that isn't your native language and turn around to say learning Mandarin, a language spoken by over 1.3 billion humans is bad? Your sino-phobia screams dude! It's loud AF!

Afamed:
Wailing bandit, when will your wailing come to an end? Jailing Buhari has been your national Anthem since Buhari was in the military

mynd44 lalasticlala seun obinoscopy
rule 2

WE SPEAK ENGLISH/FRENCH/PORTUGUESE/ARABIC BECAUSE WE WERE COLONIZED
WE WOULD SPEAK MANDARIN BECAUSE WE WOULD BE RECOLONIZED BY THE CHINESE NOT WITH GUNS BUT WITH ECONOMIC CASTRATION.
HOW IS THAT HARD TO UNDERSTAND BLACK MAN

jayfolarin:
Nowhere in my post did I claim china is Santa Claus, they never said they were either. Loans are meant to be repaid and are not free gifts. It's akin to the bank taking over your collateral because you didn't honour your loan repayment agreement. You can't turn around to call the bank evil for trying to recover the money that was lent to you.

Comparing China's business model with that of the west is what I said is being dishonest and you know it. There is 'good, better and best' for a reason. It doesn't have to be 'bad' if its not the best.

Also, about teaching Mandarin in schools, are you kidding me? Dude, you write in English that isn't your native language and turn around to say learning Mandarin, a language spoken by over 1.3 billion humans is bad? Your sino-phobia screams dude! It's loud AF!

StaffofOrayan:
WE SPEAK ENGLISH/FRENCH/PORTUGUESE/ARABIC BECAUSE WE WERE COLONIZED
WE WOULD SPEAK MANDARIN BECAUSE WE WOULD BE RECOLONIZED BY THE CHINESE NOT WITH GUNS BUT WITH ECONOMIC CASTRATION.
HOW IS THAT HARD TO UNDERSTAND BLACK MAN

Whiteman. I see you left all of the economic talk now and wanna focus on Mandarin. Well here goes....

I don't see any report saying, countries are being forced to learn Mandarin like it was done by the colonial dogheads. It seems to me countries are deciding to learn the language because they feel it would benefit them economically and diplomatically. Please feel free to prove me wrong with links to reports saying otherwise.

There are several Mandarin classes where I live and they are always filled to brim with Europeans trying to learn the language. Are they being colonised as well?

Your china-hate screams dude!

farem:
And IMF recants!

So if Nigerian government didnt hit back, IMF wont know the difference between Excess Crude Account and Sovereign Wealth Fund. This again shows how many of their so-called reports and experts' prescriptions are based on wrong assumptions. There was no time the government of Nigeria designated ECA as a sovereign wealth fund. Why IMF would rate ECA as a SWF fund shows lack of due diligence on their part.

And for those who always run with whatever IMF/World Bank and their affiliated/allied NGOs say about Nigeria, this reveals that these guys, oftentimes, do not understand simple things about how the system works here.

Most of their reports are mere desk jobs from a cosy office in Washington that are far from reality.

~Ajayi Temitope

So, what's the point of having an excess crude account if the money will simply be stashed somewhere?. I'm sure the motive would eventually be too invest it for the posterity of Nigerians.

You're so quick to blame the IMF and point at faults

No country in the world likes to go to the IMF and ask for help. None.

In the 1970's, Britain borrowed from the IMF and paid it off within 2years. I think Ireland too approached the IMF in the late 2000's and paid it off within 2 years. No country likes the IMF dictating to them. They wanted to get the IMF off their backs and that's why they were quick to pay off the loans.

The IMF is run by technocrats and not politicians. They are straight talking and say it as it is. They are not politicians who tell the populace what they want to hear.

What do you expect a country with budget deficits equivalent to 10% of GDP, the foreign reserves
that cover 2weeks of imports, an official rate of $1 - 150 while the black market rate is $1-400, factories are collapsing due to lack of forex to import raw materials, the country can not service local and especially foreign debt, the credit rating is junk, unemployment rate is 30%, economic growth rate the previous year was -3%
etc? What should you do to revive the economy? What will you do to revive the economy?

You really think people were forced to speak English?
Dude!!!
We climbed over eachother to speak Queens English, Buhari's kids school(ed) in the UK!
You don't understand colonialism, its all about loving the people who would oppress your children in the future,
And what da heck do you mean by 'china-hate'? I am trying to tell you the obvious.

China didn't develop by sourcing for loans, cap in hand,
You do realize that with a debt to revenue actual in 2017 of using 68 kobo in every naira of our total revenue to pay back debts, we may soon have to abandon capital expenditure and even personnel to be able to pay back debts. Still on debts, domestic borrowing has been stated to crowd out private sector borrowing and leaves little or nothing for the private sector to create jobs and wealth and increase productive capacity, now imagine what the rest of Africa would go through.

A lot of you won't get it, you think the west/east battle for Africa is for the benefit of Africa?
China has built an empire (dragon) that would be fed ONLY by an underdeveloped Africa, those minerals that feed China would keep Africa in the hole it has always been in.

But of course there are Africans like you who just don't get it.

jayfolarin:
Whiteman. I see you left all of the economic talk now and wanna focus on Mandarin. Well here goes....

I don't see any report saying, countries are being forced to learn Mandarin like it was done by the colonial dogheads. It seems to me countries are deciding to learn the language because they feel it would benefit them economically and diplomatically. Please feel free to prove me wrong with links to reports saying otherwise.

There are several Mandarin classes where I live and they are always filled to brim with Europeans trying to learn the language. Are they being colonised as well?

Your china-hate screams dude!

grandstar:
So, what's the point of having an excess crude account if the money will simply be stashed somewhere?. I'm sure the motive would eventually be too invest it for the posterity of Nigerians.

You're so quick to blame the IMF and point at faults

No country in the world likes to go to the IMF and ask for help. None.

In the 1970's, Britain borrowed from the IMF and paid it off within 2years. I think Ireland too approached the IMF in the late 2000's and paid it off within 2 years. No country likes the IMF dictating to them. They wanted to get the IMF off their backs and that's why they were quick to pay off the loans.

The IMF is run by technocrats and not politicians. They are straight talking and say it as it is. They are not politicians who tell the populace what they want to hear.

What do you expect a country with budget deficits equivalent to 10% of GDP, the foreign reserves
that cover 2weeks of imports, an official rate of $1 - 150 while the black market rate is $1-400, factories are collapsing due to lack of forex to import raw materials, the country can not service local and especially foreign debt, the credit rating is junk, unemployment rate is 30%, economic growth rate the previous year was -3%
etc? What should you do to revive the economy? What will you do to revive the economy?

Excess Crude Account (ECA) is the name of a Nigerian government account that was created to save revenues — in excess of the budgetary benchmark price — that were generated from the sale of oil. Established in 2004, the ECA’s primary objective was to protect Nigeria’s planned budgets against shortfalls caused by the volatility of crude oil prices. By detaching government expenditures from oil revenues, the Excess Crude Account aimed to insulate the Nigerian economy from external economic shocks. It sought to protect public expenditure from being patterned on the boom-and-bust cycle of the international oil market.
https://www.investopedia.com/terms/e/excess-crude-account.asp.

So as you can see from the above, the excess crude account was created during the era of Obasanjo administration. it is a brilliant idea as it seeks to save funds in excess of the official benchmark of oil price. It is expected that money from the account can be used to cushion the effect of crude oil price shock and also be reinvested into the economy.

kilisi:
Excess Crude Account (ECA) is the name of a Nigerian government account that was created to save revenues — in excess of the budgetary benchmark price — that were generated from the sale of oil. Established in 2004, the ECA’s primary objective was to protect Nigeria’s planned budgets against shortfalls caused by the volatility of crude oil prices. By detaching government expenditures from oil revenues, the Excess Crude Account aimed to insulate the Nigerian economy from external economic shocks. It sought to protect public expenditure from being patterned on the boom-and-bust cycle of the international oil market.
https://www.investopedia.com/terms/e/excess-crude-account.asp.

So as you can see from the above, the excess crude account created during the era of Obasanjo administration. it is a brilliant idea as it seeks to save funds in excess of the official benchmark of oil price. It is expected that money from the account can be used to cushion the effect of crude oil price shock and also be reinvested into the economy.

Good. Thanks for this.

Xander85:
Shows how credible they are, that when they make a genuine mistake they’re willing to recant!

This "credibility" you keep celebrating and idolising put many African countries and by extension, your past and, to some extent, your present generalisation into economic bondage.
Once anyone (Shekau) or anything (corruption) is opposing PMB, you carry it on your heads.

superstar1:
The methodology focuses on SWF and all of a sudden you changed the methodology to ECA for Nigeria to make her look bad. Why did you change the criteria for Nigeria Why?

I only pity those who takes the neo-colonialists reports serious, which are usually ladened with subtle bile against Africa and developing nations.

Imagine if it was an African nation that is as confused as the British on Brexit issue and issue of Govt not respecting the will and vote of the people? Your guess is as good as mine.

Imagine if it was an African nation that expelled ICC staff from their country like US did, Amnesty Int'l and ICC will be flexing their fake muscles. Imagine what sort of names western media would have labelled an African Nation arresting minors?

Where is Amnesty Report on American soldiers atrocities in Iraq and Afghanistan? How many American soldiers or those of allied forces have they dragged to ICC for such atrocities.

How many IMF or world bank staff have been put on trial for selling bad economic products to developing countries for further putting those countries in economic misery?

Thumbed up to infinity

ngadaAwo:
mynd44 lalasticlala seun obinoscopy rule 2

Why not report to ICC for crime against humanity as usual instead of Mydd 99?

StaffofOrayan:
You really think people were forced to speak English?
Dude!!!
We climbed over eachother to speak Queens English, Buhari's kids school(ed) in the UK!
You don't understand colonialism, its all about loving the people who would oppress your children in the future,
And what da heck do you mean by 'china-hate'? I am trying to tell you the obvious.

China didn't develop by sourcing for loans, cap in hand,
You do realize that with a debt to revenue actual in 2017 of using 68 kobo in every naira of our total revenue to pay back debts, we may soon have to abandon capital expenditure and even personnel to be able to pay back debts. Still on debts, domestic borrowing has been stated to crowd out private sector borrowing and leaves little or nothing for the private sector to create jobs and wealth and increase productive capacity, now imagine what the rest of Africa would go through.

A lot of you won't get it, you think the west/east battle for Africa is for the benefit of Africa?
China has built an empire (dragon) that would be fed ONLY by an underdeveloped Africa, those minerals that feed China would keep Africa in the hole it has always been in.

But of course there are Africans like you who just don't get it.

Climbed over eachother to learn English is the biggest revisionism I have heard in a long long while! What else did we also do, climbed over one another to get into the slave ships that were sailing outside Africa?

You are not ready to have an honest discussion mister. When you are, do let me know.

Yes we climbed over eachother to buy guns to suppress other tribes,
Of course a lot of people revolted but most felt there was nothing wrong with losing sovereignty as the generation rolled by.
Colonialism is more about convincing people they should be colonized.
People tend to forget their history so soon.
It's sad if you think about it, since history always has a way of repeating itself

jayfolarin:
Climbed over eachother to learn English is the biggest revisionism I have heard in a long long while! What else did we also do, climbed over one another to get into the slave ships that were sailing outside Africa?

You are not ready to have an honest discussion mister. When you are, do let me know.