₦airaland Forum

Louisananda7:
When is this man going to die?

Right after you and Buhari

ohameakpu:
[color=#006600][/One more comment.

This government could start saving money by making Nigeria more productive via

1.Completely removing fuel subsidy. On the negative side, the price of fuel would shoot up to N300 per liter, and there would be corresponding rise in food prices...which affects the poor. On the positive side....investors would come in, build more refinereis, and create more jobs. NNPC , which should be privatised, would become more compettiive, and would have enough of a profit to improve exisitng refienries, and build new ones. Increased productivity would bring prices of fuel down eventually...and Nigeria could become a major exporter of refined fuel in the future.

2.Allow DISCOS and GENCOS to control the price of power...instead of NERC. Yes, prices for electricity would go up, but we would also have an icnrease in investment in power..with more jobs being created as a result...and expansion of our power sector.

3.Give dollars at reduced rates to industrialists like Dangote and Innoson...who would in turn increase levels of production. Also incentvise small and medium scale industrialists via loans (especially in the automotive sector).

4.Stop programmes like N-power and Trader Moni..w.aste of time and money really

5.Start seriously fighting corruption. Seriously. Not partiality.

6.Raise taxes. Yes, cruel...but would also incentivse Nigerians to pay more attention to what their government is ACTUALLY doingcolor]

Agree with ur facts but for No 2, there are so many factors that would not make it to work except the Government is ready to go into court cases with different investors. Government would also need to sell it about 40% stake and allow a free market.

Number 1 is right.

Number 2 isn't guaranteed.

Obasanjo gets Nigeria’s external debt figures wrong

Friday, December 27, 2019 10:12 pm

Former President Olusegun Obasanjo said Nigeria faces an impending bankruptcy, with the country’s external debt ballooning by 700 per cent in four years. But simple fact checking showed the former leader got his figures wrong on the level of external debt.

He sounded the bankruptcy alarm as a keynote speaker at the ‘Why I am Alive’ campaign celebration in Lagos. The event tagged “The Nigerian Story” was created by the chief executive of Eureka Productions, Caroline Moore.

According to a report by The Guardian, Obasanjo put Nigeria’s external debt at N24.947 trillion ($81.2 billion), from $10.32 billion in just four years (2015).

In his interpretation, Nigeria would need to commit half its foreign foreign earnings to servicing its current level of indebtedness.

“Such a situation talks about impending bankruptcy,” the former president warned. He insisted that “no entity can survive while devoting 50 percent of its revenue to debt servicing.”

He explained that the current budget out of which Nigeria spends 25 percent to service debt “is not the country’s total earning; a lot of it is also borrowing. Simply put, we are borrowing to service what we have borrowed and yet we are borrowing more.

“I do not need the brain of any genius to conclude that those who use statistics to dig us deeper into debt are our enemies: statistics can be used to serve any purpose, and that is why Winston Churchill talked of lies, damn lies and statistics, meaning statistics can be made master of lies.”

As The Guardian reported, Obasanjo called for national dialogue or debate on Nigeria’s short, medium and long-term plans as a nation.

He said his biggest worry was that, with the scale of debts the country was walking into, “there are already fiscal challenges to meet(ing) our obligations.”

Fact checking however showed that Obasanjo may have been misquoted on the level of external debt and he also was quoting outdated debt figures.

According to the Debt Management Office, Nigeria’s external debt as at June 2019 was $27.1 billion, with the 36 states and Abuja owing $4.2 billion. Domestic debt level as at June was $56.7 billion, with the states owing $12.9billion . In Naira terms, external debt stood as N8.3 trillion in June and domestic debt was N17.3 trillion.

Thus, the former President got it wrong putting the entire external debt at $81.2 billion.
https://www.pmnewsnigeria.com/2019/12/27/obasanjo-gets-nigerias-external-debt-figures-wrong/

CORRUPTION IN GOVERNMENT HAS ALWAYS BEEN THE CAUSE OF THE FINANCIAL PROBLEM NIGERIA IS GOING THROUGH.

Misplaced priority, elephant projects, ethnic interest overiding national interest, lies

It is becoming glarer that the FREE MONEY Nigeria has been earning from International oil sales which politicians across the national divide has been abusing is getting slimmer and slimmer with huge debt facing Nigeria.

GENERAL OLUSEGUN OBASANJO ( RTD ) IS GUILTY OF THE SAME OFFENCE HE IS ACCUSING MAJOR GENERAL MUHAMMADU BUHARI ( RTD ) FOR.

THEY ARE GUILTY OF THE SAME FINANCIAL CRIMES OF BORROWING AND ABUSING THE FUNDS BORROWED.

They are guilty of misplaced priorities.

charliboy654:
I doubt they are Nigerians, people like sarrki and are probably from Ghana or south Africa, who wants to see Nigeria fail.

Cc immhotep GMBuharii Afamed

Kawabonga:
Right after you and Buhari

baba buhari better pass this man.

Louisananda7:
baba buhari better pass this man.

as for me, I ready die anytime after all wetin dey the life sef.

rusher14:
The simple question is why was PDP silent when they accrued a 63 Billion dollar debt?

You seem to be dumb. Yeah PDP or whatever accumulated whatever high debts. Why increase it when you are just going to be using it to finance the renovation or the National Assembly, buying cars for legislators and paying for salaries?

GlenChestnut:
Guys, we don't need to fight here at all. Every fact is on the website of DMO. In december 2014, our debt was 9.7billion USD. As at June 30 2019, we are already at 27.1billion USD. Have we made progress or not? Before you insult anyone, get your facts. Whether Baba miss figures or not, our debt increased drastically under this regime. We borrow for a living and it's painful when all these guys (PDP/APC) squander these borrowed monies on frivolities. It only reminds me of that book; "There was a Country" It is time unite against the common foe-"politicians".

My brother ignore the idiots, we are talking about serious problem, they are talking about shadows

onegig:
You seem to be dumb. Yeah PDP or whatever accumulated whatever high debts. Why increase it when you are just going to be using it to finance the renovation or the National Assembly, buying cars for legislators and paying for salaries?

My case is perhaps but yours is confirmed.

To be honest, you aren't even qualified to speak on this topic because the basic understanding of economics is evidently beyond your intelligence.

Auxtin85:
You are the biggest broke bastard on this forum.

How is that your business?

Here is the fact

freeay:
Is like sixteen billion dollars power project is what put Nigeria into its current condition.
Meanwhile for your info doladinho, it's only 3billon dollars that was involved and he has since submitted himself for prob.. EFCC should do the needful hence dump ass like you should shut up.. Don't get it twisted, I'm pro Buhari but not Dump.

Hehehehe .

Nairaland : the home of unrivalled comedy.
We don laff tire for area!!

rusher14:
My case is perhaps but yours is confirmed.

To be honest, you aren't even qualified to speak on this topic because the basic understanding of economics is evidently beyond your intelligence.

Lol
You even have time replying these illiterates that can never hold a simple conversation.

[s]

post=85337852:
Lol
You even have time replying these illiterates that can never hold a simple conversation.

[/s]

[s]

post=85337822:
Hehehehe .

Nairaland : the home of unrivalled comedy.
We don laff tire for area!!

[/s]

helinues:
This article was about correcting OBJ false statements and you are still repeating the same

At least if you didn't read the article, did you also miss the headlines?

You people sha like to dey argue blindly..

Na war oo

He didn't make false statements.
If you add all the debts from the arms of governments, it will talky with OBJs figure.

States pay debt from FG handouts, which means FG (You and I) end up paying them back

Staro:
These Buhari's zombies are laughable, I swear!

While Obasanjo is quoting current debt figures the zombies
are referring us to June 2019

Why is every supporter of Buhari as dumb as the man himself?

.

These punks are just irredeemable

Their lord and saviour is about to bankrupt this country

Bedwyr:
Why is our debt going up??

To understand why our debt is going up...we need these figures

1.The oil price

2.The oil breakeven price.


1.The oil price in 2015 was $75 in May, and went down to $30 in January 2016, then went up to $60 a few months ago.

2.The breakeven price for Nigeria...the price we need oil to run a budget without borrowing, went up from $120 in 2012 to $139 in 2017.

3.That means that on the average....Nigeria has been losing as much as $45-90 dollars per barrel of oil sold...so long as the breakeven oil price remains high since Buhari took over.

4.So, in essence, we have to borrow....and as a result, our debt profile has risen. Add the fact that a priority of Buhari's economic polices has been to raise the forex reserves....which means for everything else, we have had to borrow.

5.In case you missed it, we are an oil dependent country. Our revenues from oil are anywhere between 88-95% of our total income.

6.If we did not borrow....we would have been in an even worse state than we are now.

7.We were here before...in the 1980's. In 1981...when oil was high, we were having a good time. By 1987...when oil had fallen to $13 per barrel (from $45 in 1981)...SAP was sapping us. (We had to take the SAP medicine because we had no choice).

8.What Obasanjo is not telling us, and what Buhari too is also not telling us, same as the PDP...is that for us to get out of this mess

a) We would have to remove suibsides on fuel, and power, and also cut the number of people working for the government, and useless government programmes....

b)we have to ruthlessly fight corruption...which means a lot of people , incluidng many rulers of this country, would have to face the music.

c) We would have to icnrease productivity...which means the long and hard road to industrial development.

The problem is, Nigerians love their corrupt leaders, love having money shared to them, and are reluctant to have subsides end because we are poor. We also think that the country is rich enough to meet all our needs. It isn't and it can't.

You hav spoken well

ohameakpu:
Agree with ur facts but for No 2, there are so many factors that would not make it to work except the Government is ready to go into court cases with different investors. Government would also need to sell it about 40% stake and allow a free market.

Exactly.

Bedwyr:
Some more explantion as to why we have debt.



SAUCE

Nice

rusher14:
How is that your business?

Oh sorry I was only defending you when he called you a bastard.

God bless Nigeria.

Sirjamo:
We are going to take that $30b loan to tackle our infrastructural deficit that Obasanjo and his Clueless house boy refused to tackle for 16 years, if anyone is not happy about it, he or she can relocate to Congo!!!!

I am not going to Congo, and Baba Go Slow and his Thieving Gangsters must not take the Billion Dollars loan.

Congo ko, Cango ni!!!

Rightly or wrongly, stop putting our future generations in Jeopardy.

[s]

post=85338767:
God bless Nigeria.

[/s]

post=85314403:
Gathering of criminals and fools.

OBJ, where is the power after 16 BILLION DOLLARS of looted funds.

Criminals supported by broke losers.
Bastards.

will u keep quiet, this same man warned of Fulanization of Nigeria, is it not happening now, I believe those in Ekiti already have an encounter with the Fulani's. Pls are u this dumb that u can't see the massive corruption under this regime, Bros if u r a certified zombie, today I free u in Jesus name. Remember before u quote me, make sure say ur brain correct.

orisa37:
Rightly or wrongly, stop putting our future generations in Jeopardy.

Stop toying with NIGERIA Future. DECENTRALIZE full Autonomy of Policing Resourcing and Electioneering Control to the 36 Constitutional States.

[s][/s]

post=85314403:
Gathering of criminals and fools.[/s]

[s]OBJ, where is the power after 16 BILLION DOLLARS of looted funds.[/s]

[s]Criminals supported by broke losers.
Bastards.

[s][/s]

Complete trash. Devoid of wisdom.

To the enemies of Nigeria........