₦airaland Forum

A poor nation has no business with the various layers of government being run.

Why have senate, house of reps at federal level, ministera, state houses of assembly , commissioners, local government councillors.

We still have security votes e.t.c. we r still not practising fiscal federalism. These should be the first to go actually b4 the belt tightening.

These measure are only for the citizenz and does not affect the government. That is the real issue.

Let all States run on their own, generate resources and pay the federal government. That way only viable states will remain. Others will merge. And even those will need to work real hard to create value as that is the only way they will remain viable. Thats the kind of hardship we need not these cosmetic stuff that will leave these 4kers more money to embezzle.

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.

JenniferAkpamu:
What happened to all the returned Abacha loot?

abacha loot plus revenues and the excess crude oil found and the rest is not enough for them to loot so, they have to borrow for it to be enough for them to loot.

You think you know, you don't. Visit the DMO website for more data

Exclusive: Nigeria's $1.5 billion World Bank loan delayed over reforms, say sources

https://mobile.reuters.com/article/amp/idUSKCN25D1V6

World Bank loans are often contingent upon reforms. It has not outlined any demands, but said previously that it was "recommending" a more unified, flexible exchange rate. Fuel subsidies and electricity tariffs are also being discussed

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.

Igbochief001:
Let the time reach na

This is the reason why Obaseki will lose woefully. All his supporters are no where near Edo. Some are online, while the ones in Edo do not have voters cards.

İgbo just carry Edo election for head like Gala.

IMF has never resuscitated any country's economy, they just destroy it by collecting all their national assets.

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.

you lie so well

What you sow is what you reap. Nigeria elected illiterate Buhari to preside over its economy. The man is running it aground.

Since then, the government has taken $3.4bn from the IMF and $288 million from AfDB. While not much has been said about the proposed loan from Islamic Development Bank, the World Bank has refused to process the $2.5bn loan as it insisted that it was not satisfied that Nigeria has the capacity to use it wisely and repay

This is the problem. Borrowing to fund development is 100% okay, but borrowing without clear strategic plans is not the way to go in the face of Nigeria economic challenges...

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

He's only there to serve himself!!!

IMF, China over to you!!!

U wicked oh, were u get this kind image from.(coat of arms).. na say our eagle dey purge /cry untop weak me pass .

ericangel01:
after all this thing happening in the country u are still following the yoruba people with your envy head upside down. e go still better for u so?.

yes he go better for me because am not part of those Yoruba Muslim that put us in this government of disaster.

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!

Chairman may oil never dry in your engine, may you not run out of petrol in this life... Finally some1 is thinking out of the box.

BIGGESThead6:
This is the reason why Obaseki will lose woefully. All his supporters are no where near Edo. Some are online, while the ones in Edo do not have voters cards.

İgbo just carry Edo election for head like Gala.

But yorubas no carry am for head right ? Hypocrisy

anonimi:
Does increased minimum wage of over 100% in 2011 count?
Should we include the hundreds of almajiri schools and universities established with recruitment of staff?
What about the revival and renewal of the railways and building of two new ones in Kaduna and Abuja up to 80%, according to Amaechi?
Should we consider the high cost of subsidy due to high oil prices?

Did the minimum wage decrease in 2015? If the govt currently still pays the increased wage, or even higher wages today, how exactly does this point count?

Thr Almajiri schools, how many were they and how much did they cost? In your opinion are they really the massive projects that account for the govt loans in billions of dollars? From my understanding, those were little projects which even stare govts can easily cover.

The universities which were built, how many were actually built from scratch? A couple were just upgraded polytechnics or colleges of education. The ones built from scratch, how many physical structures were actually built by their take off dates?... Meanwhile, even under the current regime, new structures are still being added to those unis under the tetfund budget (which is financed under current loans). If you think these count as justification for loans by the last admin, why shouldnt they also count as justification today?

The old narrow gauge railways were refurbished between Lagos and Kano, a brand new one also built like you said between Abj and KD up to 80%. But isnt the current admin also doing a similar thing with another loan between Lagos and Ibadan? Also a loan was used to complete the final works on Abj to KD and between the Warri-Itakpe route (with new stations). You may also want to add that the loan was used for airport renovations but dont forget a loan was also taken by the current admin to complete the Abuja runway and terminal, the PH airport terminal, the Enugu runway etc...

So armed with this info, why do you still claim the last admin used their loans wisely but the current admin is wasting the loans? Why exactly do you place the entire debt burden blame on the current admin (which has much reduced income, and a better justification for loans), but you exonerate the last admin which also took massive loans despite higher revenue?... Must everything be politicised?

Buhari and his criminal gang kill Nigeria

2015 a year to remember

Restructuring or disintegration.... choose wisely

NwaNimo1:
What share exactly - Igbo's owe Nigeria nothing!

We actually do....

There is no way Nigeria will disintegrate without each region carrying it's own share of the debt

OBUKSBAYELSA:
We warned that Buhari lacks the intellectual capacity, political and diplomatic finese to lead our country, we were called all manner of names now, see where he has led us to.

My brother The matter tire me

obailala:
Did the minimum wage decrease in 2015? If the govt currently still pays the increased wage, or even higher wages today, how exactly does this point count?

Thr Almajiri schools, how many were they and how much did they cost? In your opinion are they really the massive projects that account for the govt loans in billions of dollars? From my understanding, those were little projects which even stare govts can easily cover.

The universities which were built, how many were actually built from scratch? A couple were just upgraded polytechnics or colleges of education. The ones built from scratch, how many physical structures were actually built by their take off dates?... Meanwhile, even under the current regime, new structures are still being added to those unis under the tetfund budget (which is financed under current loans). If you think these count as justification for loans by the last admin, why shouldnt they also count as justification today?

The old narrow gauge railways were refurbished between Lagos and Kano, a brand new one also built like you said between Abj and KD up to 80%. But isnt the current admin also doing a similar thing with another loan between Lagos and Ibadan? Also a loan was used to complete the final works on Abj to KD and between the Warri-Itakpe route (with new stations). You may also want to add that the loan was used for airport renovations but dont forget a loan was also taken by the current admin to complete the Abuja runway and terminal, the PH airport terminal, the Enugu runway etc...

So armed with this info, why do you still claim the last admin used their loans wisely but the current admin is wasting the loans? Why exactly do you place the entire debt burden blame on the current admin (which has much reduced income, and a better justification for loans), but you exonerate the last admin which also took massive loans despite higher revenue?... Must everything be politicised?

From your last paragraph
You actually politicised your statement

And giving excuses to a totally failed and useless govt

Jonathan and Buhari BOTH WASTED cumulatively 13 years of our national life

But I will take a Jonathan admin over a Buhari admin 10 times
Because out of every two bad things
One is worse

And Buhari own fits the bill as the worst

Please stop borrwing Nigeria money because the money you borrow Nigeria is looted. I am very sure there are some Nigerian leaders in this dispensation that are richer than Nigeria. Am very sure China is waiting for Nigeria to fail flat so they will become Zambia the second. This is shamefull.

IMF is not taking over anything. They are just instilling some discipline and economic aense in our government which we ought to have known and implemented by now.

Any sensible adult who knows reasonable economics will tell you the following

That our public service is grossly overstaffed and has too many agencies and parsststals, which makes for bureaucratic, expensive and slow government.

That we cannot continue subsidising petrol. It wastes government scarce revenues, keeps investment from flowing into the sector and is keeping hobs from being created.

That we cannot continue keeping the price of electricity below the cost price. This keeps the operators from making the investments for improving power supply because there is no hope of a profit. Govt bridging the gap is in effect a subsidy which also wastes government scarce resources.

This is what we already know and we didn't need IMF to tell us. IMF is only forcing the FG to financial discipline, which and normal bank like GTB or Zenith would do for anybody borrowing from it.

dontai:
Lol, So he can't miraculously mint money? So what's is in his head when he said #1 will equal $1?, or you didn't heard when he said PMS would be sold at #50. you people keep shouting oil price drop per barrel. What of countries without oil? I would have advice us to look into Agriculture for solace. I know it's still gonna fall on the government deaf hear. Much have been said about how the economy can be revive, but people like u won't let it work. because, you won't let baba reason, he have you to wave off any complaint or suggestions, albiet.

First of all, no reasonable person takes those kind of campaign statements done prior to elections seriously.

Secondly, Buhari never made that $1 to N1 promise, that was nonsense sensationalism by political reporters taken too far. Also Buhari never said anything about making petrol N40, that was a statement made by an individual called Tam David West.

Diversification of an economy away from a mono product like oil isnt something you achieve in a day; it takes
1. A lot of time
2. A lot of money
3. A clear economic vision /direction
4. Hard political inexpedient decisions (e.g. removal of fuel subsidies, electric subsidies, crashing the Naira massively)

You cant blame the govt for Nos. 1 & 2 as those are somewhat beyond their control. But obviously, the govt has failed woefully in No.3 and 4. Probably with the current IMF strangulation, the govt would finally have to follow the politically inconvenient pathways of No.4.

DexterousOne:
We actually do....

There is no way Nigeria will disintegrate without each region carrying it's own share of the debt

I suggest anyone doing tribalism with this to remember these two events...
The Americans taught that they were immune to both WW2 and terrorism at first... Pearl Harbor and 9/11 quickly showed them otherwise...
As my good friend says... when shit hits the fan, e go touch everybody....

buharigg is by far the most corrrrupt President past present and future, we sincerely apologise to Abacha and his family.

Jona is weak, Jona is weak now see where iron bender don carry us reach... God help us

DexterousOne:
From your last paragraph
You actually politicised your statement

And giving excuses to a totally failed and useless govt

Jonathan and Buhari BOTH WASTED cumulatively 13 years of our national life

But I will take a Jonathan admin over a Buhari admin 10 times
Because out of every two bad things
One is worse

And Buhari own fits the bill as the worst

I was responding to a political argument, hence my political comparison. No doubts, both leaders failed woefully in expectation. But in adjudging any the worst (specifically in the area of the economy), it makes no logical sense comparing apples and bananas. Both men were met with totally different economic conditions; one met reasonable sums in the reserves and received 3-4 times more revenue than the current guy, but still struggled to make real progress. The other met next to nothing in reserves to use as a stimulus and also had to struggle with far lower oil prices, covid etc. Do you really think directly comparing both is logical?

Tianamen1:
In this country with the highest number of people living in extreme poverty, a civil servant will own 3 houses; 1 in Abuja, 1 in Lagos and another in his village. Why didn't Buhari raise property taxes? There are so many vacant houses in Abuja and even Neighboring Kaduna.

Our Senators and house of reps members ordered new Toyota Camrys this year. Were they not aware that our foreign reserves were under pressure.

Why should a car worth 1.2 million and another worth 10 million pay the same tax to VIO. is this done in any other country.

Look, if the Government were serious, they would have started taxing richer Nigerians as far back as 2016. All the tax increases seems to be targeted at the poor or at businesses. Our leaders are plainly not serious and only God almighty will protect us if chaos breaks out.

That's a good suggestion, taxing the rich heavier. But is that really easy? E.g. can a president arbitrarily reduce the income and allowances of lawmakers?, especially the devilish breed we have in Niveria?...... Remember the laws are made by the rich and the law somehow always protects the rich. This isnt even just a Nigerian problem, it happens everywhere there's a democracy. It may take a military dictatorship to really change some of such tax laws.

afube:
you lie so well

We're in a public forum and we're here to learn from each other... Can you kindly point out what I said (the sentence or the figure) which is a lie and maybe I can learn from that?

Yankee101:
You think you know, you don't. Visit the DMO website for more data

Exclusive: Nigeria's $1.5 billion World Bank loan delayed over reforms, say sources

https://mobile.reuters.com/article/amp/idUSKCN25D1V6

World Bank loans are often contingent upon reforms. It has not outlined any demands, but said previously that it was "recommending" a more unified, flexible exchange rate. Fuel subsidies and electricity tariffs are also being discussed

I'm not sure I understand your point. Can you please specify what I said which you disagree with or which you think is incorrect? Thanks.

obailala:
Did the minimum wage decrease in 2015? If the govt currently still pays the increased wage, or even higher wages today, how exactly does this point count?

Thr Almajiri schools, how many were they and how much did they cost? In your opinion are they really the massive projects that account for the govt loans in billions of dollars? From my understanding, those were little projects which even stare govts can easily cover.

The universities which were built, how many were actually built from scratch? A couple were just upgraded polytechnics or colleges of education. The ones built from scratch, how many physical structures were actually built by their take off dates?... Meanwhile, even under the current regime, new structures are still being added to those unis under the tetfund budget (which is financed under current loans). If you think these count as justification for loans by the last admin, why shouldnt they also count as justification today?

The old narrow gauge railways were refurbished between Lagos and Kano, a brand new one also built like you said between Abj and KD up to 80%. But isnt the current admin also doing a similar thing with another loan between Lagos and Ibadan? Also a loan was used to complete the final works on Abj to KD and between the Warri-Itakpe route (with new stations). You may also want to add that the loan was used for airport renovations but dont forget a loan was also taken by the current admin to complete the Abuja runway and terminal, the PH airport terminal, the Enugu runway etc...

So armed with this info, why do you still claim the last admin used their loans wisely but the current admin is wasting the loans? Why exactly do you place the entire debt burden blame on the current admin (which has much reduced income, and a better justification for loans), but you exonerate the last admin which also took massive loans despite higher revenue?... Must everything be politicised?

I certainly don’t understand that change means continuation of the same things that people complained about.

obailala:
That's a good suggestion, taxing the rich heavier. But is that really easy? E.g. can a president arbitrarily reduce the income and allowances of lawmakers?, especially the devilish breed we have in Niveria?...... Remember the laws are made by the rich and the law somehow always protects the rich. This isnt even just a Nigerian problem, it happens everywhere there's a democracy. It may take a military dictatorship to really change some of such tax laws.

I believe Nigeria is a democracy and the majority of voters are poor. if a man is elected because the poor feel that they are not getting their fair share, shouldn't the man's first action be to redistribute the wealth especially in our own situation where most of the wealth is ill gotten.

I am just ranting, cos i am frustrated at how bad things are going to get. in many ways you are right.