₦airaland Forum

With all that we see now

- Unemployment rising
- Depleted Excess Crude Account
- Increase in Foreign Debt
- Reduced Foreign Reserve
- Lawmakers pay increased by almost times 10
- Fitch Rating of Nigeria's credit outlook to Negative

I need to say again Obasanjo is one of Nigeria's best Presidents so far!
When former President Obasanjo left office all of the above was moving in a positive direction!

SOLUDO’S PREDICTION
Monday, 11 October 2010

THE immediate past Governor of the Central Bank of Nigeria (CBN) and the defeated gubernatorial candidate of PDP at the last Anambra State Gubernatorial Election, Professor Chukwuma Soludo, issued

a warning to the Federal Government on the looming danger of economic and debt crisis if it did not change course in the management and governance of the economy.

ACCORDING to Professor Soludo, the country was borrowing at a massive and alarming rate, both externally and internally, despite enjoying an unprecedented oil price boom. In his words, “with private saving rate of below 20 per cent, public sector borrowing and huge capital flight, the numbers on the macroeconomy do not simply add up. Add to this, the surfeit of liquidity and misalignment of basic prices, the conclusion is self-evident, sooner than later, something will have to give”

THE former CBN governor went further to point out that despite paying $12 billion to exit the Paris Club in 2006, the country was still able to save $22 billion as excess crude. But in the last few years, according to him, while oil prices remained at a very high price of between $70 and $85 per barrel, the governments had not only exhausted the $22 billion saved under former President Olusegun Obasanjo, but have gone ahead to ratchet up the country’s debt.

Read More: http://www.tribune.com.ng/index.php/editorial/11890-soludos-prediction

youngmonie:
i bet u a thousand naira, mr goodluck will never write a note bout dis on his facebook page or address dis issuee, nothing was said on mr adamu bello as well, yet he can congratulate uti

Sorry to disappoint you,. but at the Presidency we only recognise positive achievements hence we will not comment on anything negative

monkeyleg:
@rebranded,

I have often argued that, here. I cannot understand why in 2010 people are not prepared to hold thier state governors to account. We are a politically lazy society. We want freedom for free.

The sad part is the new generation of Nigerians are not aware of their rights!, maybe because the country has experienced more time in a military setting than a civilian one (We are used to not having a say and allow dictatorship). We need to wake up before these politicians ruin the Country.

The Governors wasted the ECA in my opinion!

if the other parties are not yet wise that they need to come together to beat PDP, then PDP cannot be defeated. This is a good move, expecting more alliances.

@monkeyleg, agree with your views, we need to all come together and make a difference, this elections should be fair, its up to people to vote for change. Vote wisely. Vote Ribadu!

In a matured sys, all the states will account for all they spent the money on, but naija they keep sharing and sharing now that it is over what next, go and borrow

Been wondering lately what the implication of the various awards in billions will have on Nigeria

Well done Jonny boy and all the Governor's that shared the money without anything to show for it!

After spending N17b on Independence day and all the other wasteful spending

Fitch Ratings on Friday lowered its sovereign credit outlook on Nigeria to negative from stable, citing the depletion of its windfall oil savings and heightened political uncertainty ahead of elections next year.

Nigeria's rating of BB-minus, three notches below investment grade, was affirmed, Fitch said in a statement.

The ratings agency said continued withdrawals from the excess crude account (ECA), into which Africa's biggest oil producer saves crude oil earnings above a benchmark price, and lower forex reserves were a threat to economic stability.

"The depletion of the ECA and continued gradual fall in international reserves at a time of high oil prices and record high oil production is a major concern," sovereign ratings analyst Veronica Kalema said in the statement.

"In addition, elections in the first half of next year have increased short-term political uncertainty," she said.

Standard & Poor's rates Nigeria one notch lower at B-plus.

Analysts said the Fitch revision was unlikely to affect the pricing of Nigeria's forthcoming $500 million debut global bond, which it plans to issue by the end of the year to establish a benchmark in the international market.

"Ahead of its maiden Eurobond, the market implications of the Fitch outlook revision are probably limited," said Razia Khan, lead economist for Africa at Standard Chartered.

"However, there is considerable market expectation that any eventual external debt issuance by Nigeria is likely to trade tighter than similarly-rated peers," she said.

The excess crude account is meant to guard sub-Saharan Africa's second biggest economy against sharp drops in world oil prices and was a pillar of reforms launched in 2003 backed by the International Monetary Fund.

But there is no clear legal basis to determine how ECA funds should be shared between the federal, state and local governments and the savings have fallen to less than $500 million from $20 billion in 2007 amid political wrangling.

President Goodluck Jonathan last month sent a bill to parliament to create a sovereign wealth fund, which the government says will give a more transparent and firmer legal basis to manage oil savings.

But Fitch said it would be a challenge to implement this ahead of the elections, likely to be held in April.

Read More: http://234next.com/csp/cms/sites/Next/Money/Finance/5633619-146/fitch_revises_nigerias_credit_outlook_to.csp

Thats what the Norths are known for, they already know who they want to be in a particular office at any point in time.

Thats why they are ruling! they plan ahead and are united!

Should we Return to Colonialism

Or you mean Colonialism is around the corner, watch how privatisation and foreign investments will indirectly take us back to colonialism

MrPrsdent:
pathetic

pls remove those photos of the severed fingers

pls remove the pics, i wonder why nigerian journalists will put up such pics also by the way

Abagworo:
If it is established that northerners are innocent,then it is only normal that those involved in character assassination should go to jail.

Where have you seen that a President is charged for a statement, and by the way Jonathan never said it was the North, he only said it was not Niger Delta. It was the media that began speculating that it was a northern agenda since IBB campaign manager was involved

Get your facts right

I concur!

Two Fifa officials have offered to sell their votes in the contest to host the 2018 World Cup, according to a Sunday Times report.

The newspaper has video footage in which Nigerian Amos Adamu, a Fifa executive committee member, appears to ask for £500,000.

This is completely against Fifa rules.

And Oceania Football Confederation president Reynald Temarii, wanted money for a sports academy for his vote, the newspaper alleged.

England are competing to host the tournament in eight years time, as well as Russia and joint bids from Spain and Portugal and Holland and Belgium.

A 24-strong committee will decide by secret ballot on 2 December who should host the 2018 and 2022 World Cups.

The footage, filmed by undercover Sunday Times journalists, shows Adamu wanting money to be paid to him directly for endorsing a bid.

The reporters had posed as lobbyists for a United States bid. The US decided on Friday to withdraw from the running for the 2018 World Cup and instead concentrate on the 2022 competition.

In the video, Adamu was asked whether the money for a "private project" would have an effect on the way he voted, he replied: "Obviously, it will have an effect. Of course it will. Because certainly if you are to invest in that, that means you also want the vote."

Fifa has so far not responded to the allegations.

Read More: http://news.bbc.co.uk/sport1/hi/football/9099326.stm

I will make sure all ministries start working 24HRS we have a lot of catching up to do

9ja4eva:
I do too.Anything not PDP does well.

So why VOTE Goodluck Jonathan (PDP) when we all KNOW that anything apart from PDP does well

Any after 3years of wrong person ruling im sure NOBODY will go to Jail, thats our present day Nigeria!

madam ayoka the truth would have set you free, for 3yrs im sure your conscience would have continued to prick you!

Sorry but who is Modenine i really dont havent heard of him

We NEED to get PDP out enough 12yrs of public neglect and unconsideration!

LOL try facebooking them

The President replies "some"of the posts on his wall

LOL and you want to drive on good roads, why didnt you start resisting before Lekki Concession began repairing the road, and you were aware there will be a toll. RUBBISH!

Fashola has done his time, he should pls move to the position of VP and get on the ticket with Ribadu!

True his interviews have been horrible, but he can improve

if he can get Fashola as his running mate, i believe the combination will send some kind of excitement around the country

When will we have leaders that will put the country before themselves, dont blame them with that kind of salary why would they want to leave and we all keep watching them get away with it.

The Action Congress of Nigeria (ACN) said it is not in support of plans by the National Assembly to insert a 'Right of First Refusal' clause in the 2010 Electoral Act to give lawmakers an infinite tenure.

The party, in a statement issued in Ilorin today by its National Publicity Secretary, Lai Mohammed, said "if the plan succeeds, Nigeria can as well say goodbye to democracy, while the legislators would have simply succeeded in subjecting the citizens to perpetual servitude."

The party said the only reason the lawmakers were emboldened to even think of inserting such a devilish clause in the 2010 Electoral Act is the docility of Nigerians, who sat by while these people allotted to themselves obscene salaries and allowances in contravention of the Constitution.

The party also accused the ruling Peoples Democratic Party of having only one agenda - to remain in power.

"PDP controls the executive and the legislature, and has been using this control to perpetually torment and suffocate Nigerians. All we have received from this house of cards called the PDP are useless arguments about zoning, bombings and kidnappings that are now spreading across the nation, a failed third term bid and the manipulation of the Constitution for parochial interests, just to mention a few.

"If this party (PDP) is not checked, it is capable of bringing down the house on itself, and of course on all Nigerians," ACN warned.

Read More: http://234next.com/csp/cms/sites/Next/Home/5630677-146/story.csp

Cecilia Ibru, the former managing director of Oceanic Bank PLC, is to spend six months in jail and forfeit over N150 billion naira in assets and cash.

The former managing director was convicted of bank and securities fraud earlier today by a federal high court in Ikoyi, Lagos, presided over by Justice Dan Abutuin .

The judge said Mrs. Ibru will not get one month credit for time already spent in EFCC custody during her arrest and interrogation. Her six months jail time would run concurrently. She was convicted on several counts of bank and security fraud.

Mrs. Ibru has vast assets throughout the world and some of the properties at stake include:

Read More: http://234next.com/csp/cms/sites/Next/Home/5628486-146/cecilia_ibru_gets_six_months_in.csp

Chubhie:
Where the hell is james ibori aka james bond? How far with al d cases brought against him? Mark me words d abj blast will soon be forgotten and swept under d carpet! I hail thee Nigeria.

Its already under the carpet - unsolved mysteries!

Thanks to Sanusi for destabilising the economy i hope by the end of the year we wont be at $20b in foreign reserves

Nigeria's foreign exchange reserves fell 15 percent to $34.57 billion by Oct 5 compared to $40.75 billion at the same time a year earlier, the central bank said on Thursday.

It said the reserves have been declining, shedding 7 percent from the middle of last month to the end of the month, as it tried to defend the local naira currency.

"The current external reserves level is still adequate and is expected to remain robust in view of the favorable outlook for oil prices and output," central bank governor Lamido Sanusi said at the last monetary policy meeting.

Forex reserves in Africa's top energy producer have been under pressure since last month with strong local demand for the U.S. dollar by gasoline and rice importers, leading to a depreciation of the naira currency.

The Nigerian naira last month fell to its lowest level in 13 months but has since firmed on support from the central bank.

Analysts say reserves can finance more than 12 months of imports in sub-Saharan Africa's second-biggest economy, where more than 80 percent of the country's basic needs are sourced from abroad.

Read More: http://234next.com/csp/cms/sites/Next/News/National/5627933-146/nigerian_foreign_reserves_drops_to_34.csp

Haha the probe is going to cost money again what a funny country

first excessive spending on independence celebration now turn around and decide to spend more on probing the spend, what a joke!

Orji Kalu Invades Thisday Newspaper With Police

The former governor of Abia state, Orji Uzor Kalu, today almost personally closed down Thisday newspaper.

Kalu won a libel lawsuit against the newspaper, which is published by Mr. Nduka Obaigbena, along with an award of N500 million in damages. He jubilantly and immediately procured the services of a large number of police and court bailiffs and proceeded to the newspaper to shut it down.

Kalu who himself publishes a soft-sell tabloid, The SUN, has several libel lawsuits against Thisday.

Saharareporters learnt that when a woman friend of Mr. Kalu’s died recently at his Maryland, United States residence, he took umbrage at the gleeful and detailed reporting of the event by Thisday, and strengthened his legal team to push the cases against Thisday. One result was today's judgment.

The police activities around Thisday headquarters heightened tension in Nigeria as many interpreted it to mean that the federal government was clamping down on the newspaper over its reports on the Abuja bomb blasts.


Read More: http://saharareporters.com/news-page/orji-kalu-invades-thisday-newspaper-police