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Who Will Pay All These Debts? - Politics (2) - Nairaland

Nairaland ForumNairaland GeneralPoliticsWho Will Pay All These Debts? (2850 Views)

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Re: Who Will Pay All These Debts? by Blue3k(m): 4:14pm On Apr 29, 2020
Omooba77:
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
The FG doesn't regulate local elections that's a fact. The constitution isn't ambigious on this if you read it. If you disagree cite the ambigious passage. If you want to start your reforms at the local level do so. If you dont care to focus on INEC.

B - State Independent Electoral Commission

4. The Commission shall have power-

(a) to organise, undertake and supervise all elections to local government councils within the State.

(b) to render such advice as it may consider necessary to the Independent National Electoral Commission on the compilation of and the register of voters in so far as that register is applicable to local government elections in the State.
F - Independent National Electoral Commission

15. The Commission shall have power to -

(a) organise, undertake and supervise all elections to the offices of the President and Vice-President, the Governor and Deputy Governor of a State, and to the membership of the Senate, the House of Representatives and the House of Assembly of each State of the Federation;

(i) carry out such other functions as may be conferred upon it by an Act of the National Assembly.
Re: Who Will Pay All These Debts? by Staro: 4:24pm On Apr 29, 2020
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?
It's terrible
Re: Who Will Pay All These Debts? by Omooba77(op): 4:25pm On Apr 29, 2020
Blue3k:
The FG doesn't regulate local elections that's a fact. The constitution isn't ambigious on this if you read it. If you disagree cite the ambigious passage. If you want to start your reforms at the local level do so. If you dont care to focus on INEC.
This is in paper, State still use INEC facility, I stay around Bariga so I know what operates around Queens college. The voters list used is same as INEC
Re: Who Will Pay All These Debts? by Omooba77(op): 4:27pm On Apr 29, 2020
All the money borrowed for aviation, raillines and so on cant be accounted for both by states and FG
Re: Who Will Pay All These Debts? by Blue3k(m): 4:52pm On Apr 29, 2020
Omooba77:
This is in paper, State still use INEC facility, I stay around Bariga so I know what operates around Queens college. The voters list used is same as INEC
You're shifting the goalposts. They use the same voters list because they're legally obligated to. There's nothing stopping them from using their own facilities. The fact remains there's nothing stopping state electoral commissions from implementing the reforms.

F - Independent National Electoral Commission 

15. The Commission shall have power to - 

(e) arrange and conduct the registration of persons qualified to vote and prepare, maintain and revise the register of voters for the purpose of any election under this Constitution;
Re: Who Will Pay All These Debts? by kayfra: 5:04pm On Apr 29, 2020
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?
Biafra will pay it. They are all billionaires grin
Re: Who Will Pay All These Debts? by Omooba77(op): 5:23pm On Apr 29, 2020
Blue3k:
You're shifting the goalposts. They use the same voters list because they're legally obligated to. There's nothing stopping them from using their own facilities. The fact remains there's nothing stopping state electoral commissions from implementing the reforms.
I have cited the reason why states can not propose electoral reform without buying of NASS. are you still talking about Local Government election. Where you aware of Badagry LGA result publicly announced, but Gov. Fasola and co over turned the result claiming a party did not support creation of LCDA, so they cant benefit from it.
No opposition has won LGA elections in any state. Is that the reform. Not diverting from the topic, Why will pay all the debts?
Re: Who Will Pay All These Debts? by Omooba77(op): 6:52pm On Apr 29, 2020
kayfra:
Biafra will pay it. They are all billionaires grin
You dey make me laugh.....
Re: Who Will Pay All These Debts? by Blue3k(m): 7:05pm On Apr 29, 2020
Omooba77:
I have cited the reason why states can not propose electoral reform without buying of NASS. are you still talking about Local Government election. Where you aware of Badagry LGA result publicly announced, but Gov. Fasola and co over turned the result claiming a party did not support creation of LCDA, so they cant benefit from it.
No opposition has won LGA elections in any state. Is that the reform. Not diverting from the topic, Why will pay all the debts?
You didnt cite anything. You made an erroneous statement that was proven false by constitutional. Your anecdotes dont supersede the laws. Yes I was referring to local elections not needing approval. INEC needs NASS approval. The state electoral commission is corrupt which is why your reforms should start there. If they cant handle simple local elections there's an issue.

The tax payers will pay debts. That's how it works.
Re: Who Will Pay All These Debts? by budaatum: 7:14pm On Apr 29, 2020
Omooba77:
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
Didn't Lagos State create new local governments under Obj? They stuck 2 fingers up to the Federal Government if I remember correctly. That O-thief Aregbe created what I'd call, sub-local governments in my own Osun State too before he left, so it's not as impossible as you claim if the state is willing to bear the consequences.
Re: Who Will Pay All These Debts? by Omooba77(op): 8:20pm On Apr 29, 2020
budaatum:
Didn't Lagos State create new local governments under Obj? They stuck 2 fingers up to the Federal Government if I remember correctly. That O-thief Aregbe created what I'd call, sub-local governments in my own Osun State too before he left, so it's not as impossible as you claim if the state is willing to bear the consequences.
They have not been recognised, up till now we still have 774 Local governments in the country.
This is because this part of 1999 constitution must be fulfilled:

When the State creates new local government areas with a valid law, the National Assembly is
required to pass an Act to update the names and headquarters of such local government areas
created (Ogefere, 2006). The failure of the National Assembly to carry out this constitutional role
has held such valid law of the State ineffective (A-G of Lagos v. A-G of the Federation, 2004).
The implication of this is that the power granted by the constitution to the State can when
exercised be taken away.
Re: Who Will Pay All These Debts? by budaatum: 9:12pm On Apr 29, 2020
Omooba77:
They have not been recognised, up till now we still have 774 Local governments in the country.
This is because this part of 1999 constitution must be fulfilled:

When the State creates new local government areas with a valid law, the National Assembly is
required to pass an Act to update the names and headquarters of such local government areas
created (Ogefere, 2006). The failure of the National Assembly to carry out this constitutional role
has held such valid law of the State ineffective (A-G of Lagos v. A-G of the Federation, 2004).
The implication of this is that the power granted by the constitution to the State can when
exercised be taken away.
You are absolutely correct that the Federal Government has not recognized them, but its still a fact they have been created.

Federal Government is wise not to recognise them since recognition would mean increasing allocation to the states that created them, which would just make a state create as many local governments as it can so it can get more money. If it were so easy, each family will be a local government in its own right.
Re: Who Will Pay All These Debts? by Blue3k(m): 9:34pm On Apr 29, 2020
budaatum:
You are absolutely correct that the Federal Government has not recognized them, but its still a fact they have been created.

Federal Government is wise not to recognise them since recognition would mean increasing allocation to the states that created them, which would just make a state create as many local governments as it can so it can get more money. If it were so easy, each family will be a local government in its own right.
They have no legal authority to recognize these entities anyway. The process to create local government is clearly in stated. If one believes the states should be able to create as many local governments as they please then there shouldnt be manadtory allocation. Nigeria will just operate more like America afterwards.
Re: Who Will Pay All These Debts? by Kobojunkie: 9:39pm On Apr 29, 2020
kikero:
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.
This seems to answer your question. If you import more than you sell, you would need to find money elsewhere to balance out the cost of the imports, right?

As to who will pay all the debts? Considering our ancestors and those before us had us enmasse to pay off their own "debts", who do you think? You think they had you because they loved you?? undecided undecided undecided undecided undecided
Re: Who Will Pay All These Debts? by Blue3k(m): 10:17pm On Apr 29, 2020
Kobojunkie:
This seems to answer your question. If you import more than you sell, you would need to find money elsewhere to balance out the cost of the imports, right?
I'm guessing you're talking about budgets. Nigeria has revenue shortfall hence the need to borrow. Nigeria has always been net exporter.
Re: Who Will Pay All These Debts? by Omooba77(op): 10:33pm On Apr 29, 2020
Kobojunkie:
This seems to answer your question. If you import more than you sell, you would need to find money elsewhere to balance out the cost of the imports, right?

As to who will pay all the debts? Considering our ancestors and those before us had us enmasse to pay off their own "debts", who do you think? You think they had you because they loved you?? undecided undecided undecided undecided undecided
My very good question
Re: Who Will Pay All These Debts? by Ekpeitit(m): 10:38pm On Apr 29, 2020
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?
Re: Who Will Pay All These Debts? by Ekpeitit(m): 10:40pm On Apr 29, 2020
You see your life?
Instead of worrying about how we are going to stop the spread of Coronavirus you are here worrying about who is going to pay debt.
Re: Who Will Pay All These Debts? by 4Play(m): 10:48pm On Apr 29, 2020
The debts can be paid with a growing economy and better tax collection. Nigeria's debt stock is problematic because tax revenues are low even by African standards.

Merely bringing our tax collection up to the level of other African countries will improve debt sustainability:

According to some estimates, Nigeria has one of the world's lowest ratios of tax to GDP.

That is the total amount of tax collected as a proportion of GDP - the value of the country's goods and services.

In 2016, it was at 6%, going by figures from the Organisation for Economic Co-operation and Development (OECD), a grouping of the world's leading market economies.

That is the latest year for which data is available.

The tax-to-GDP ratio in South Africa was 29%, Ghana 18%, Egypt 15% and Kenya 18%, says the OECD.

The average for OECD members - which includes all the advanced economies - was 34%.
https://www.bbc.com/news/world-africa-49566927

That being said. It is crucial we learn the lesson of curtailing borrowing until we can improve non-oil tax revenues. A key imperative is avoiding external debt after we come out of the covid-19 crisis (we need foreign debt for this crisis). The exchange rate risk is not worth it as, for instance, $10bn debt which was N1.5 trillion in 2014 would be circa N4.6 trillion today. This example highlights how debt servicing costs triple in naira terms requiring a tripling of tax revenues.
Re: Who Will Pay All These Debts? by Kobojunkie: 1:30am On Apr 30, 2020
Blue3k:
I'm guessing you're talking about budgets. Nigeria has revenue shortfall hence the need to borrow. Nigeria has always been net exporter.
Budget et al!
Re: Who Will Pay All These Debts? by redsun(m): 1:49am On Apr 30, 2020
The annoying thing is that the muderfuckers borrow these monies to steal and stash it in foreign accounts, not to invest it in long term infrastructural and productive projects that will benefit the country in the long run.
Re: Who Will Pay All These Debts? by Nobody: 6:04am On Apr 30, 2020
Kobojunkie:
This seems to answer your question. If you import more than you sell, you would need to find money elsewhere to balance out the cost of the imports, right?

As to who will pay all the debts? Considering our ancestors and those before us had us enmasse to pay off their own "debts", who do you think? You think they had you because they loved you?? undecided undecided undecided undecided undecided
Well, as I said, we have to change from an economy based on exporting raw materials to an economy based on exporting industrial goods.

That's the only way we can earn enough cash to pay off debts. Oil and agruculture won't save us.
Re: Who Will Pay All These Debts? by Omooba77(op): 8:18am On Apr 30, 2020
Blue3k:
They have no legal authority to recognize these entities anyway. The process to create local government is clearly in stated. If one believes the states should be able to create as many local governments as they please then there shouldnt be manadtory allocation. Nigeria will just operate more like America afterwards.
The NASS still need to approve based on Section 8 of 1992 constitution.
Even if state creates, until approved, they will not be gazetted.
Re: Who Will Pay All These Debts? by Omooba77(op): 8:19am On Apr 30, 2020
Lalasticlala, gbese ti po fun Nigeria, Olorun abawa san
Re: Who Will Pay All These Debts? by Omooba77(op): 10:12am On Apr 30, 2020
kikero:
Well, as I said, we have to change from an economy based on exporting raw materials to an economy based on exporting industrial goods.

That's the only way we can earn enough cash to pay off debts. Oil and agruculture won't save us.
We have to change our mindset, especially our leaders. Most of them will not wear Aba made shirts or shoe, neither will they use Kano produced leather bags. Japan has no commercial oil, but see what they are doing. The populace preferred playing pool, baba jebu rather than being productive.
Re: Who Will Pay All These Debts? by AdaoraNK(f): 12:36pm On Apr 30, 2020
Omooba77:
We have to change our mindset, especially our leaders. Most of them will not wear Aba made shirts or shoe, neither will they use Kano produced leather bags. Japan has no commercial oil, but see what they are doing. The populace preferred playing pool, baba jebu rather than being productive.
Give them little grants like N500, 000 to N2, 000,000 then you will only see few of the at baba ijebu or betting shops. Mind you, even in developed countries, they stake more on betting than our naija guys.
Re: Who Will Pay All These Debts? by Omooba77(op): 6:19pm On Apr 30, 2020
AdaoraNK:
Give them little grants like N500, 000 to N2, 000,000 then you will only see few of the at baba ijebu or betting shops. Mind you, even in developed countries, they stake more on betting than our naija guys.
But they are more handworking than us, prompt and dedicated to work.
Seun, I really like your comment, but how do we do the referendum. Electorates have little say.
New York borrowed to build underground rail, within somw years, the debt was paid
Likewise Sam Houston Circus, the money borrowed was in paid back. Look at BRT, they have not brake even not to talkbof profit.
Re: Who Will Pay All These Debts? by Blue3k(m): 6:55pm On Apr 30, 2020
Omooba77:
Seun, I really like your comment, but how do we do the referendum. Electorates have little say.
New York borrowed to build underground rail, within somw years, the debt was paid
Likewise Sam Houston Circus, the money borrowed was in paid back. Look at BRT, they have not brake even not to talk of profit.
I already explained how that works here and in depth in my thread on direct democracy. In order to have referendums the government needs to pass a law first. Specifically for bond issues the government has to restrain its powers to accumulate debt over certain limit with voter approval.

https://www.nairaland.com/5704281/direct-democracy-improve-nigeria-introducing
Re: Who Will Pay All These Debts? by Omooba77(op): 9:32pm On Apr 30, 2020
Blue3k:
I already explained how that works here and in depth in my thread on direct democracy. In order to have referendums the government needs to pass a law first. Specifically for bond issues the government has to restrain its powers to accumulate debt over certain limit with voter approval.

https://www.nairaland.com/5704281/direct-democracy-improve-nigeria-introducing
Thank you, Seun has raised important issue
Re: Who Will Pay All These Debts? by Omooba77(op): 8:38am On May 01, 2020
Same debt issue being discuss now.
Re: Who Will Pay All These Debts? by Omooba77(op): 11:15pm On May 01, 2020
How will Nigeria be able to pay back $3.5bn to IMF in five years?
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