₦airaland Forum

asanwafo:
Source of ur information.

Oroyo10:
Nigeria records debt service to revenue ratio of 99% in first quarter of 2020.
This suggests almost all the revenue generated was used to meet debt service obligations.

Published 2 months ago on June 13, 2020By Research Team FEC reviews Ajaokuta-Kaduna-Kano gas project contract, approves $2.571 billion, Don’t over heat bleak economic outlook – Finance Minister, FAAC meeting ends abruptly as members disagree over revenue allocation for FG, States, LGs, Nigeria’s total debt portfolio as at December 2019 stands at N27.4 trillion, Accountant-General’s office fire outbreak: FG reacts to claims of missing N700 billion
The rising cost of Nigeria’s debt profile breached a new milestone with the country’s debt service as a percentage of revenue rising to 99% in the first quarter of 2020. This is contained in the Medium-Term Expenditure Framework and Fiscal Strategy (MTEF/FSP) report recently released by the Federal Ministry of Finance, Budget, and National Planning

A cursory review of the data obtained from the MTEF/FSP report shows that in Q1 2020, Nigeria incurred a total sum of N943.12 billion in debt service while the federal government retained revenue was put at N950.56 billion. This implies Nigeria’s debt service to revenue is estimated to be 99% during the period.



This is the highest on record and it suggests almost all the revenue generated from both oil and non-oil sources was used to meet debt service obligations.

Debt service, recurrent expenditure, and Revenue Breakdown
Nigeria like the rest of the world has been battling with the COVID-19 pandemic and was expected to suffer a significant revenue shortfall. However, the data suggests the government may have experienced a significant drop in revenues before the lockdown induced economic downturn indicating that things may indeed be worse than projected.

According to the data, the country earned N950.5 billion in revenue compared to a prorated budget of N1.9 trillion representing a whopping shortfall of 52%. Oil revenue was N464 million representing a shortfall of 30% when compared to budget while non-oil revenue was N269 billion representing a shortfall of 40%.

asanwafo:
Source of ur information.

asanwafo:
Still in business, borrowing is never a problem; is the purpose of borrowing that is the problem. If Nigeria is my business and there is need for me to borrow,I will do just that.

asanwafo:
Source of ur information.

Oroyo10:
Nigeria currently spends more than half of his earnings on servicing debt

asanwafo:
At least they are the two political parties in Nigeria now that controlling different offices in Nigeria.

asanwafo:
Am not a Northerner either and the north has never being my problem. My problem has been my governors, past and present; local gov't chairmen, past and present.

Oroyo10:
What is the GDP of those countries? What is the human capacity in Japan? What is the educational level in those countries? What is the past experience of debt management in Nigeria? What is the corruption level in Nigeria? Answer these questions and if you can't add the dots. Then l can't help you.

asanwafo:
If what u have just said is feasible, Japan and the US would have become history before now. Google top 10 countries with the highest debt profile

asanwafo:
Source of ur information.

asanwafo:
Despite all what u mentioned, they still borrow. Then, what do they borrow for?

Oroyo10:
https://punchng.com/debt-servicing-gulps-over-50-of-nigerias-revenue-afdb/ Go and sin no more.

kerryemudiaga:
Their debt is basically divided public and government debts. Public debts are debts by individuals and entities outside gov which accounts for over 75% of the national debt. That 25% by government is for things like social security trust funds, maybe a pandemic, a war Welfare package.
Lots of economists are still saying the fact China holds a lot of US bonds can become a problem.
When North and South Korea clash. China decided stop the flow of its resources and debts to the one that she wasn't by supporting. We all know how that affected the war. Debt is always bad idea.

kerryemudiaga:
Does Nigeria have strong political structures like Japan. Think if US was as unaccountable like us, they would still be borrowing. Do you know how many sources of revenue, Texas alone has.. Can a politician in Japan just carry billions for elections. I swear wan ma yin ni ibun. Point is they are two different examples

kerryemudiaga:
NG spent 600 billion to finance debt in the first quarter of 2020 alone

asanwafo:
Do u pay tax?

asanwafo:
In Nigeria , is the debt u are talking about incurred by FG alone?

asanwafo:
In Nigeria , is the debt u are talking about incurred by FG alone?

asanwafo:
Who controls the Afdb?

GoodofNaija:
Whose mantra is anticorruption

So you have only been scamming Nigerians

pquaver:
So do you agree first then that pdp is pro corruption?

NEWACADEMY:
Sometimes l just laugh at some comments.

pquaver:
So do you agree first then that pdp is pro corruption?

GoodofNaija:
Who is saying PDP was not corrupt

If you were employed to head a company after the former head was sacked for failing due to corruption and you are also committing the same crime of your predecessor.

Don't you think it is the height of foolishness and crime against the people who voted for you based on your promises.

How do you want to justify yourself that you are committing the same offence because your predecessor committed it.

You can see the other guy laughing at your comment....it is plain fooolish

pquaver:
The problem is when the sack director keeps talking about corruption when he was sacked for it.. He has no moral standing to talk..

Ninjanaija:
Interesting point. Why should the president who fancies himself as an Anti corruption crusader be endorsing someone who is being tried for corruption. These guys are just joking with us sha. It is well

GoodofNaija:
You are simply a conman!

Saphire16:
he promised us change



we forgot to ask if it was a positive or negative change he meant

Oroyo10:
Jesu!! I can't help you no more. Do the reseach on your own. So states will borrow money and FG will be paying for them

NEWACADEMY:

https://www.youtube.com/watch?v=2zoUZ3olERU
POLITICS
Edo election:

Gov Wike fires at Buhari for supporting APC’s Ize-Iyamu

Published on August 7, 2020By John Owen Nwachukwu



Governor Nyesom Wike of Rivers State has wondered why President Muhammadu Buhari is supporting the governorship candidate of the All Progressives Congress, APC, Osagie Ize-Iyamu for the forthcoming election.

According to Wike, it was wrong for Buhari, whose main agenda is fighting corruption, to back Ize-Iyamu, who, according to him, is being charged for graft.

Governor Wike is the Chairman of the Peoples Democratic Party, PDP, Campaign Council for the Edo State governorship election.


Ize-Iyamu of the APC will battle it out with the incumbent governor and PDP candidate, Godwin Obaseki, in the September 19, 2020 polls.

The Rivers State Governor believes that Ize-Iyamu, who, according to him, is being tried by one of the anti-graft agencies, should not be enjoying the presidential support.


“The main agenda of Mr President is to fight corruption, how can he support the APC candidate that his own agency has charged for corruption ?” He tweeted.


“Except they are saying he was charged because he was in PDP and his sins have been wiped away because he is now in APC,” he added.