₦airaland Forum

anonimi:
Let us assume that you are telling the truth about the borrowing, what was achieved in education, industrialisation, employment, infrastructure etc with the loans over the same period by both?

odinga1of:
Why is prices of crude oil determine in London and NY?

ourema:
In fact let them take over sef, this one wey we dey live na life?

obailala:
Buhari may be worst in many areas, but are you aware that despite oil selling averagely above $100 in his tenure and the govt receiving almost 3-4 times more revenue than any other administration, GEJ's government in 5 years borrowed just about the same amount of money which Buhari has borrowed in 5 years?... I'd be damned if you know this cos 99% of Nigerians dont. We live and analyse data purely on sensational and political headlines.

If Nigeria couldn't survive without borrowing when oil was $100, then why exactly is anyone surprised that we have to borrow now that oil sells for $30-40?

Oil price is down, country's revenue is down, Nigerians dont want to be taxed, Nigerians dont want fuel subsidy to be removed, Nigerians dont want electricity subsidy to be removed, Nigerians dont want educational subsidies to be removed, Nigerians dont want roads to be tolled, and we dont also want govt to borrow? Are we sure we arent a confused Nation? Maybe it's truly Buhari's fault, he should miraculously mint money.

obailala:
Prior to 2015 when oil still sold for $100, almost 90% of Nigeria's budget was for recurrent expenditure. In 2015 when oil price crashed, due to the drop in revenue, recurrent expenditure was roughly 99% of the entire 2015 budget. In 2016, with oil price/revenue falling even further, the govt had to inevitable start borrowing to at least finance capital projects in the budget and help stumulate the country out of recession.

So to answer your above question on what the loans have been used for, every single capital expenditure by the FG since 2016 till date has been financed by loans because the govt's income is barely enough for recurrent expenditure. So if you see any single pothole being repaired or any new bridge or railway or airport renovation or new school blocks anywhere across the country, just know that it was financed by these loans you hear of.

Meanwhile since everyone is trying to politicise the loan issue across Apc vs PDP, the real question we should be asking is what the loans were used for by PDP prior to 2015. It's on record that even after OBJ cleared most of our debts, Nigeria's total debt had risen to $63b as at June 2015.

ourema:
In fact let them take over sef, this one wey we dey live na life?

Luckydubby7:
This is the money buhari and his team of apc politicians have already shared among themselves since.
I just pity next president of Nigeria after buhari.

Igbochief001:
Igbos should just be ready to pay China and world bank our share so they can free Biafra ...the rest can settle their own

NwaNimo1:
Slavery reloading.....

[img]https://media./images/52c1f997ad113fed1e9b0af0653403d9/tenor.gif[/img]

Wiseandtrue:
President Mohammed Buhari, twice a failure!!!

He's only there to serve himself!!!

IMF, China over to you!!!

kikero:
Most if not all African economies fall victim to the IMF because their sources of income have problems.....

First, most African countries rely on selling raw materials and commodities to the global market

Second we use the income from the sales to import goods and services, including some that we can produce on our own at a value that is higher than our income

Third , we don't control the price of the raw materials we sell. Prices of crude oil are determined in London and New York

Fourth, we spend billions on subsides and other socialist welfarist projects which end up costing more than we estimated because of our growing population and low tax base

Fifth, we tolerate corruption, both at the low and also by the big men and women. And most of the money stolen comes from loans taken

All these puts us into deficit and into the hands of the IMF and the world Bank.

Nigeria is a classic example.

We could be free.from the IMF, but because it involves fighting corruption seriously.and cutting subsides seriously, and becoming an industrial economy which means an initial period of hardship, we refuse to take those routes.

kikero:
Most if not all African economies fall victim to the IMF because their sources of income have problems.....

First, most African countries rely on selling raw materials and commodities to the global market

Second we use the income from the sales to import goods and services, including some that we can produce on our own at a value that is higher than our income

Third , we don't control the price of the raw materials we sell. Prices of crude oil are determined in London and New York

Fourth, we spend billions on subsides and other socialist welfarist projects which end up costing more than we estimated because of our growing population and low tax base

Fifth, we tolerate corruption, both at the low and also by the big men and women. And most of the money stolen comes from loans taken

All these puts us into deficit and into the hands of the IMF and the world Bank.

Nigeria is a classic example.

We could be free.from the IMF, but because it involves fighting corruption seriously.and cutting subsides seriously, and becoming an industrial economy which means an initial period of hardship, we refuse to take those routes.

BIGGESThead6:
Yegbo wey no get money. Abi NA Gala and Lacasera wey them dey hawk you want make them use pay?

proeast:
Lol, do they have any options left after they've mortgaged the present and future generations right to good standard of living with terrible loans from China that ended up being embezzled.

Nigeria is finished going forward, and that's the reality any discerning person already knows. The poverty levels will soon become pandemic at the rate we are going and with millions more being born while sustenance approaches zero, starvation becomes inevitable.

kikero:
Most if not all African economies fall victim to the IMF because their sources of income have problems.....

First, most African countries rely on selling raw materials and commodities to the global market

Second we use the income from the sales to import goods and services, including some that we can produce on our own at a value that is higher than our income

Third , we don't control the price of the raw materials we sell. Prices of crude oil are determined in London and New York

Fourth, we spend billions on subsides and other socialist welfarist projects which end up costing more than we estimated because of our growing population and low tax base

Fifth, we tolerate corruption, both at the low and also by the big men and women. And most of the money stolen comes from loans taken

All these puts us into deficit and into the hands of the IMF and the world Bank.

Nigeria is a classic example.

We could be free.from the IMF, but because it involves fighting corruption seriously.and cutting subsides seriously, and becoming an industrial economy which means an initial period of hardship, we refuse to take those routes.

Jostoman:
Yoruba Muslim

PrudencyFeats:
I'm just asking

Can they privatize the presidency and leave the governors, National Assembly and LGA chairmen.

So that professionals and groups can bid for it and run it for 5.years. We give them our target and if they fail to deliver... No payment!

obailala:
Buhari may be worst in many areas, but are you aware that despite oil selling averagely above $100 in his tenure and the govt receiving almost 3-4 times more revenue than any other administration, GEJ's government in 5 years borrowed just about the same amount of money which Buhari has borrowed in 5 years?... I'd be damned if you know this cos 99% of Nigerians dont. We live and analyse data purely on sensational and political headlines.

If Nigeria couldn't survive without borrowing when oil was $100, then why exactly is anyone surprised that we have to borrow now that oil sells for $30-40? Oh I forgot, it's because Buhari is a dullard.

Oil price is down, country's revenue is down, Nigerians dont want to be taxed, Nigerians dont want fuel subsidy to be removed, Nigerians dont want electricity subsidy to be removed, Nigerians dont want educational subsidies to be removed, Nigerians dont want roads to be tolled, and we dont also want govt to borrow despite the low oil prices/revenue? Are we sure we arent a confused nation? Maybe it's truly Buhari's fault, he should miraculously mint money.