Who will pay all these debts? Just yesterday Senate approved N850bn loan for the Federal Government.
Now Nigeria’s Total Public Debt 2020 =N34,865,308,662,120.54.
My sincere question is Who will pay all these debts?

Omooba77:
Who will pay all these debts? Just yesterday Senate approved N850bn loan for the Federal Government.
Now Nigeria’s Total Public Debt 2020 =N34,865,308,662,120.54.
My sincere question is Who will pay all these debts?

Federal Republic of Nigeria.

Buhari and APC would be made to pay for this economic mess they've pushed Nigeria into. In less than three months this failed Government has borrowed over a trillion naira.

seunmsg:


Federal Republic of Nigeria.

If we ask they will call us Ipob.

IlovePMB:


If we ask they will call us Ipob.

Come to think of it, if Nigeria should separate now, it's only fair for IPOB to go with some of the debt burden since
[s]the east also benefited from the loan as part of Nigeria[/s] politicians from there also participated in the looting

We, the people, will pay.

And that's the reason we should monitor how it is spent by holding our representatives accountable instead of constantly watching bubu's mouth as if he is the only god in our government eating all the wealth!

Omooba77:
Who will pay all these debts? Just yesterday Senate approved N850bn loan for the Federal Government.
Now Nigeria’s Total Public Debt 2020 =N34,865,308,662,120.54.
My sincere question is Who will pay all these debts?

My honest opinion is that public debts be paid by states/cities where the funds borrowed was used.

I see no reason, you will build infrastructure in a particular place, empower people of a particular place and expect every part of the country to carry the burden of repaying it with heavy tax and resources.

Tomorrow they will tell you they built their cities and give you 'qiut notice' for not being an indigene.

One problem I have with all these 'who will pay our debt' argument is that no one is finding out why we are getting into debt in the first place.

The reason why we are in debt is simple

1.We run an economy based on exporting raw materials and using the revenue to import stuff that is in value higher than the value of our exports.

2.Compounding matters is the fact that we don't control the prices of what we export. (Prices of oil, minerals, and agricultural produce are determined in Europe and the US, not in Nigeria)

3.So, when the prices fall, we get into problems economically, and thus have to take loans to keep our head above water.

The solution is simple. Either government makes us a productive economy via removing subsides, and providing incentives to local manufacturers, or we shall keep on borrowing.

AdaoraNK:


My honest opinion is that public debts be paid by states/cities where the funds borrowed was used.

I see no reason, you will build infrastructure in a particular place, empower people of a particular place and expect every part of the country to carry the burden of repaying it with heavy tax and resources.

Tomorrow they will tell you they built their cities and give you 'qiut notice' for not being an indigene.

So, FG is currently borrowing funds from the national sovereign investment authority to finance the second Niger bridge. Are you now saying that at the end of the project, the people and governments of Anambra and Delta should be made to pay back the debt?

Omooba77:
Who will pay all these debts? Just yesterday Senate approved N850bn loan for the Federal Government.
Now Nigeria’s Total Public Debt 2020 =N34,865,308,662,120.54.
My sincere question is Who will pay all these debts?

The same people who paid the one accumulated during the reign of the locust led by Jonathan.

Some realities of today's Nigeria are:
-- The country earned massive revenues from its oil riches in the last 40 years but still lack basic infrastructure to drive the economy: power, train, good roads, sea ports, equipping schools, hospitals, etc ? Obviously, the money earned was frittered away or rather looted.
-- However, the reality is that Nigeria's economy cannot function productively without these basic infrastructure, which other peer countries take for granted.
--Therefore we DESPERATELY need these basic infrastructure in place to at least play 'catch up' with other developing economies,

The BIG QUESTION is
Where do we get money to put the infrastructure in place in the face of dwindling revenues from oil without borrowing? Where?

The economic logic is that these infrastructure will boost local economic activities that will lead to Nigeria earning more revenue and/or saving more forex, which will be used to repay the loans.

AdaoraNK:
My honest opinion is that public debts be paid by states/cities where the funds borrowed was used.

I see no reason, you will build infrastructure in a particular place, empower people of a particular place and expect every part of the country to carry the burden of repaying it with heavy tax and resources.

Tomorrow they will tell you they built their cities and give you 'qiut notice' for not being an indigene.

How about we reorganize our entire governance structure (some people will call it restructuring). The FG currently takes 52% of the entire common wealth of the federation. To justify this, it arrogates to itself massive responsibilities (for which it has shown grossly incapable of handling). The system needs to be structured so that the states have more funds and hence push many of the responsibilities the FG currently handles to the states. The FG should be given max 20% from the federation account.

The FG should focus on key elements like Defense, Immigration, Foreign Missions, Central Banking, etc. What d fvck are they doing with basic education, primary health care, etc?

Stalwert:


The same people who paid the one accumulated during the reign of the locust led by Jonathan.

Wisdom is the Principal thing.....

Omooba77:


Wisdom is the Principal thing.....

Yes, I pray you one day have it.

Cant imagine what Seunmsg and Stalwet doing around this thread.
We are borrowing and no tangible achievements.
Uptil now we have not tested 50000 people for covid19. God will help us all, the led and leaders. In actual fact the led are the main problem defending their pay masters. Forgeting all we owe the ground is six feet, if it is up to that.

Guess!

Bevista:
How about we reorganize our entire governance structure (some people will call it restructuring). The FG currently takes 52% of the entire common wealth of the federation. To justify this, it arrogates to itself massive responsibilities (for which it has shown grossly incapable of handling). The system needs to be structured so that the states have more funds and hence push many of the responsibilities the FG currently handles to the states. The FG should be given max 20% from the federation account.

The FG should focus on key elements like Defense, Immigration, Foreign Missions, Central Banking, etc. What d fvck are they doing with basic education, primary health care, etc?

When people are outside the system they shout and clamour for restructuring, but once part of the system, the noise ceased.

I've always believed that the government should not be allowed to borrow money from foreign entities without first winning an open referendum. If you want to borrow money on my behalf, which I will have to repay when you are long gone, you should have to inform and convince me first.

You're going to pay.

Bevista:
How about we reorganize our entire governance structure (some people will call it restructuring). The FG currently takes 52% of the entire common wealth of the federation. To justify this, it arrogates to itself massive responsibilities (for which it has shown grossly incapable of handling). The system needs to be structured so that the states have more funds and hence push many of the responsibilities the FG currently handles to the states. The FG should be given max 20% from the federation account.

The FG should focus on key elements like Defense, Immigration, Foreign Missions, Central Banking, etc. What d fvck are they doing with basic education, primary health care, etc?

Allocation isn't the reason states aren't productive. Alot of states could easily collect tax revenue that bigger than allocation. They worse than the federal government at tax collection even though they can charge things like income and property taxes.

If you want to reduce the Federal governments responsibility and powers that's fine. The tax code needs to be adjusted. Foolish laws like land use should be repealed.

Seun:
I've always believed that the government should not be allowed to borrow money from foreign entities without first winning an open referendum. If you want to borrow money on my behalf, which I will have to repay when you are long gone, you should have to inform and convince me first.

Winning election is the referendum that gives government the authority to borrow money on your behalf. You have an elected president and elected parliament. Once you elect people into constitutionally created offices, you’ve given them the power to make decisions on your behalf according to the laws of the land.

Seun:
I've always believed that the government should not be allowed to borrow money from foreign entities without first winning an open referendum. If you want to borrow money on my behalf, which I will have to repay when you are long gone, you should have to inform and convince me first.

Most old people borrowing are doing damage to the future of the youth

seunmsg:


Winning election is the referendum that gives government the authority to borrow money on your behalf. You have an elected president and elected parliament. Once you elect people into constitutionally created offices, you’ve given them the power to make decisions on your behalf according to the laws of the land.

Forget election in Nigeria for now, we know the truth.
Reason they toy with us, because our vote does not really matter. Give us electoral reforms, allow results transmitted electronically, come and see how fast Nigeria will develop.

seunmsg:


Winning election is the referendum that gives government the authority to borrow money on your behalf. You have an elected president and elected parliament. Once you elect people into constitutionally created offices, you’ve given them the power to make decisions on your behalf according to the laws of the land.

That's generally true since NASS controld the purse. I do agree there should be laws to rein in borrowing at least at local and state level. Ballot measures on bond issues would be great so they would at least get consent of tax payers before taking on foolish debts. This practice exist the United states so there's a template to copy.

A bond issue as it applies to ballots is when a state government, or a local unit of government (city, county, school district), places a question before the voters as a ballot measure, asking them to approve or deny additional proposed spending. School districtsand municipalities often make the most use of bond election authority, but state governments utilize bonds as well.

Bonds issued by state governments and municipalities are both generally referred to as municipal bonds. Laws and regulations stipulating how and when bond issues go to a vote vary from state to state, and from locality to locality within states.

State legislatures or local units of governmentmay place such a question before the voters in their political jurisdiction because of laws that prevent the unit of government from raising taxes or spending beyond a certain level without the approval of voters, as well as laws that require voter approval for the creation of any new public debt.

Source: https://ballotpedia.org/Bond_issue

Omooba77:


Forget election in Nigeria for now, we know the truth.
Reason they toy with us, because our vote does not really matter. Give us electoral reforms, allow results transmitted electronically, come and see how fast Nigeria will develop.

If you believe that start with your state. Im guessing your state electoral commission doesn't do it for local elections. Personally I'm for ballot measures since more direct democracy is great.

Blue3k:


If you believe that start with your state. Im guessing you're state electoral commission doesn't do it for local elections. Personally Im for ballot measures since more direct democracy.

I cant understand you sir

Omooba77:
When people are outside the system they shout and clamour for restructuring, but once part of the system, the noise ceased.

100% correct. I've personally observed that myself.

Niger delta oyel

Omooba77:


I cant understand you sir

If you believe electoral reforms are needed you should start with your state. The federal government cant stop state electoral commission from transmitting results electronically. These type of ideas usually start local then get popular nationwide after it's proven better.

Nigeria needs to be declared a failed state.

Zombies

Blue3k:


If you believe electoral reforms are needed you should start with your state. The federal government cant stop state electoral commission from transmitting results electronically. These type of ideas usually start local then get popular nationwide after it's proven better.

You know the way the law works, Federal controls virtually everything. Little or no autonomy exist for the State or Local. Why is it impossible for State to create Local Governments? 1999 constitution too ambigious sir. Electoral reform can only come from NASS and signed by the President