₦airaland Forum

Slackerpenguin2:
1.The Presidency is spending less than 100million on feeding alone.

2.While you are right ...the problem is, cuttting the Presdiential budget won't solve our money issues...we need more money in trillions of naira, not billions self

Bro you lie on these. Presidency is spending 4billion on feeding, cars etc
https://www.premiumtimesng.com/news/headlines/420164-budget-2021-buhari-osinbajo-to-spend-n4-billion-on-food-cars-travels.html

House of Assembly is not added, Government agencies is not part of it. the budget is just to fund government.

the problem is when they steal the money. these money from people's dormant accounts and dividends will find its way into an EMIR's bank account. they have planted MOLES that work for them.

vioment:
I get it. But when I borrow person big money to go around and be drinking, is the one I don't like.



Use the money for impactful projects.


All the money they borrowed us, we can't pay because we can't even out manufacture anywhere that has electricity and determination. Nigeria is supposed to be out manufacturing Vietnam and even China in many things. Dem suppose dey make Nike and others for Nigeria, then we go mature enter computers, phones, and other leaps.


How can you forget about foundation and just start building high and heavy. Electricity is a starting place, you suppose know.



Even now sef, with all the naija people in yankee leadership, they don't have no way to help you in terms of trade. Is to be begging for trade on your behalf. That is a pitiful condition. Abi na that small small bottle of palm oil, wey na only naija people for that side dey use am. Wetin dem go advocate for.




If all the ebe wey we been dun beg for, been help with all day everyday light, things for dey happen.


Learn from all countries like serious countries. Anything wey naija dey do well, dem go come learn anyhow and any means dem fit.

sooner or later, you will find one silly NORTHERNER like MAINA that has never worked or saved money, living large, buying many cars, with children and relatives spending these MONEY anyhow.

and you can not touch them. you will find out it is MONEY from these dormant bank accounts. GREEDY people.

captainamiedi1:
Bro you lie on these. Presidency is spending 4billion on feeding, cars etc
https://www.premiumtimesng.com/news/headlines/420164-budget-2021-buhari-osinbajo-to-spend-n4-billion-on-food-cars-travels.html

House of Assembly is not added, Government agencies is not part of it. the budget is just to fund government.

Feeding alone , not plus cars and other sundries

This is not only reckless but also wicked. A group of people that keep living stupendous lifestyles recklessly with common wealth of the people without spending a Kobo of even their jumbo salaries are calling for further extortion of their purposefully impoverished countrymen. Okay nah.

Omihanifa:
As long as the country keeps relying on Petro dollar and the revenue generating agencies keep underremiting due to corruption the country will continue to borrow to finance its budget

In situation whereby agencies like DPR, NPA, NNPC, FIRS, NIMASA,CUSTOMS & IMMIGRATION generates so much money and they remit so little to the federation account, how can the federal government have money to fund its budget

In 2019 DPR generated ₦2.4 TRILLION and remited only ₦44BILLION and yet nobody was sacked or put under trial

You made a point here, the the deep fact is that, the federal government cannot continue to hold. Abuja is dying in as much as states continue to put pressure in the federal government. What we need is economically independent states that will give federal government breathing space. in fact, the federal government is borrowing because of state. we need to press the reset button. I am very careful not to mention restructuring here, because it has becoming a political tension. we need reform, rearrangement..call it what ever you wish.

Slackerpenguin2:
It is the sad truth, and it is one reason why African countries borrow...

1.Nigeria relies on revenues from raw materials we sell. Their prices are not controlled by we the seller...they are controlled in London and New York. So when they go down, we suffer.

2.Our major earner is oil.

Here are some figures for your

In 2012...we needed oil to be at 122 dollars per barrel to earn enough. By 2017 that figure had risen to 139 dollars and now it is 133 dollars.

In 2015, oil was at 75 dollars, then went down to 30 dollars in 2016, then went up to 80 dollars in 2018, then down to 24 dollars last year, now it is 50 dollars.

As a result...Nigeria had to borrow. iF WE HAD NOT BORROWED...we would have been in a worse state than we are now....

3.There are ways out of this...

a) Raise the tax to gdp ratio

b) Cut all subsides and allow marketers control the prices of petrol, and DISCOS set the price of power.

Both ideas are not popular with Buhari and company because they are poltically expensive...yet that is the only way to 'start fixing our economy'.

4.If we want to be a major agric producer...we have to start mechanisng our farming sector...and really dealling with insecurity because being a famrer now is not safe in Nigeria.

5.We also have to start regulating our mines, and colelcting revenue from them as well.

So q
Uae, saudi fix the price of their oil by themselves abi?
The problem with africa isnt who controls price of raw materials but how they manage the resources.
We just heard that all the four years trump was in the white house, he was paying rent there.
In nigeria president is being fed, clothed, taken care of till his fourth generation.
Even after leaving office they still draw pensions. We now have more than 7 presidents the nigerian state is taking care of. From yakubu gowon, obasanjo, ibb, abdulsalami, shonekan, buhari, gej etc thats. Go check their renumeration package.
That is one, speakers and governors too, chief of millitary formations. Atleast u read yesterday what each will be going home with...imagine having 4chiefs of naval, air, army staffs in a tenure, calculate their renumeration. We have leaders whose priority is themselves alone. Their patriotism lies solely on their paycheck and not what they can offer he country.
They r not ready to make any sacrifice for the country.
Even if oil sells at 200dollars, with the crop of leaders we have nigeria will still be moving in cycle.
Dont forget rhe sharing formula federal govt, state govt n local govt. So even if u make 50trillion they sharing formula is intact.

Why is it so difficult for average Nigerians to realize you cannot spend more that what you earn as a family unless you borrow car loan to get to work or borrow to buy a house to own so that you don't pay rent.

When are Nigerians go to revolt against outrageous salaries and benefits?

Instead Personal Assistants have taken over social media justifying looters salaries.

Dijita: 6:01am
President Muhammadu Buhari has explained that his administration has been borrowing money to finance the economy and development as a result of dwindling revenues.

It is called leaving above your means

Gbosa for you.

poiZon:
So q
Uae, saudi fix the price of their oil by themselves abi?
The problem with africa isnt who controls price of raw materials but how they manage the resources.
We just heard that all the four years trump was in the white house, he was paying rent there.
In nigeria president is being fed, clothed, taken care of till his fourth generation.
Even after leaving office they still draw pensions. We now have more than 7 presidents the nigerian state is taking care of. From yakubu gowon, obasanjo, ibb, abdulsalami, shonekan, buhari, gej etc thats. Go check their renumeration package.
That is one, speakers and governors too, chief of millitary formations. Atleast u read yesterday what each will be going home with...imagine having 4chiefs of naval, air, army staffs in a tenure, calculate their renumeration. We have leaders whose priority is themselves alone. Their patriotism lies solely on their paycheck and not what they can offer he country.
They r not ready to make any sacrifice for the country.
Even if oil sells at 200dollars, with the crop of leaders we have nigeria will still be moving in cycle.
Dont forget rhe sharing formula federal govt, state govt n local govt. So even if u make 50trillion they sharing formula is intact.

The more they keep paying themselves millions and billions, the more they will borrow.

The more they keep embezzling, the more the need to borrow.

The more they include former governors and presidents in the payroll, the more we will keep borrowing.

This means Nigeria's problem is " high cost of governance" and "misappropriation of funds"

Buhari and co, keep stealing until there is nothing left for Nigerians.

frog12:
the problem is when they steal the money. these money from people's dormant accounts and dividends will find its way into an EMIR's bank account. they have planted MOLES that work for them.

Facts

Truly speaking, Frankly speaking, Walahi
We need to see your original copy of Wasc, to check how they design your F9 in Economics

Truly speaking, Frankly speaking, Walahi
We need to see your original copy of Wasc, to check how they design your F9 in Economics

Borrow borrow country

Jsaviour:
The more they keep paying themselves millions and billions, the more they will borrow.

The more they keep embezzling, the more the need to borrow.

The more they include former governors and presidents in the payroll, the more we will keep borrowing.

This means Nigeria's problem is " high cost of governance" and "misappropriation of funds"

Buhari and co, keep stealing until there is nothing left for Nigerians.

true talk

You're borrowing to finance the obviously fraudulent 128 billion naira senate overhead?.

Shame on you.

Nigeria sai buhari...

Slackerpenguin2:
It is the sad truth, and it is one reason why African countries borrow...

1.Nigeria relies on revenues from raw materials we sell. Their prices are not controlled by we the seller...they are controlled in London and New York. So when they go down, we suffer.

2.Our major earner is oil.

Here are some figures for your

In 2012...we needed oil to be at 122 dollars per barrel to earn enough. By 2017 that figure had risen to 139 dollars and now it is 133 dollars.

In 2015, oil was at 75 dollars, then went down to 30 dollars in 2016, then went up to 80 dollars in 2018, then down to 24 dollars last year, now it is 50 dollars.

As a result...Nigeria had to borrow. iF WE HAD NOT BORROWED...we would have been in a worse state than we are now....

3.There are ways out of this...

a) Raise the tax to gdp ratio

b) Cut all subsides and allow marketers control the prices of petrol, and DISCOS set the price of power.

Both ideas are not popular with Buhari and company because they are poltically expensive...yet that is the only way to 'start fixing our economy'.

4.If we want to be a major agric producer...we have to start mechanisng our farming sector...and really dealling with insecurity because being a famrer now is not safe in Nigeria.

5.We also have to start regulating our mines, and colelcting revenue from them as well.

African countries borrow because leaders think they are experts. Instead of funding innovation (a key component to a countries success) They burden them with taxes, high energy cost, and corruption. This is not an oil problem.. its a development problem. Africa cannot rely only on crops and agricultural. It can easily become a producer like China or the USA its simple majority of Africa sits on the worlds resources, but African leaders do not know how to process these resources and get into debt traps with China.

Nigeria gets these loans and instead of converting it into stronger currencies they hold it in Nigerian banks under the Naira. wtf

"The current dollar shortage in Nigeria may threaten the smooth operations of the Azura-Edo power plant as the company which provides a tenth of the country's power needs struggles to meet its obligations to its creditors, the Financial Times reported yesterday.

" The World Bank-backed power plant is reportedly at risk of a default on its loan payments because of a severe dollar shortage in Nigeria, the continent's biggest economy, "

Theoutsider:
African countries borrow because leaders think they are experts. Instead of funding innovation (a key component to a countries success) They burden them with taxes, high energy cost, and corruption. This is not an oil problem.. its a development problem. Africa cannot rely only on crops and agricultural. It can easily become a producer like China or the USA its simple majority of Africa sits on the worlds resources, but African leaders do not know how to process these resources and get into debt traps with China.

Nigeria gets these loans and instead of converting it into stronger currencies they hold it in Nigerian banks under the Naira. wtf

"The current dollar shortage in Nigeria may threaten the smooth operations of the Azura-Edo power plant as the company which provides a tenth of the country's power needs struggles to meet its obligations to its creditors, the Financial Times reported yesterday.

" The World Bank-backed power plant is reportedly at risk of a default on its loan payments because of a severe dollar shortage in Nigeria, the continent's biggest economy, "

And the power plant is struggling to meet its needs because they have to source for dollars on the parallel market which are at a higher rate.

There is a dollar shortage because the price of oil has been falling...which means we don't have the revenue to 'FUND INNOVATION'as you put it...and which means also CBN won't provide dolars easily for power companies.

Also, because power is produced at N53 per kwh and sold at N30 per kwh...the gas company does not have enough cash to pay for dollars at the parallel market.

That's why they are in trobule.

(Note...Part of the loans goes towards making up the losses in the power sector. But since it does not adequately cover for all losses...they still lose money)

And we don't pay taxes. At least not at the level we need to fund our treasury adequately.

Finally, no one wants to invest in an economy with price controls.

Tyriq:
Person wey since him retire 1984 he no go any school, him no write any book and no business to him name..how e Wan take govern a state as complex as Nigeria?
I no blame you, I blame mumu Nigerians who voted you the 1st and 2nd time..

I remember him saying explicitly that he doesn't know how to make money, and he borrowed to buy form, the zombies all clap