₦airaland Forum

Shymm3x:
However, we never even discussed the leaders nor critiqued anyone till the stats profile came up two days ago. And I don't even think anyone would've mentioned it on this thread, if not cos Ritchiee decided to post it here. I saw the thread, though I was mad when I saw it - I just left it there cos I don't rate these.

Before then, we went from page 1 to over 190 pages, and most of the folks crying foul contributed zilch to the thread. Even when the thread was moved, they never showed solidarity. So how come they're now finding their voices and throwing hissy fit now?

A Yoruba person should never put party interests before the Yoruba cause. What is wrong is wrong, we don't have to sugarcoat it. If folks aren't performing, we have to call them out. At the end of the day, there are a lot of pages on here where we celebrated certain developments in the SW. How come these folks never had
a problem with that? We're not robots.

We would not want to sleep and face the same direction.
We have too many great thinkers in Yorubaland to allow this bullshit on the great Yoruba Nation.It is really,really disheartning...

Gbawe:
Yes but you guys should still chill and try to understand the problem before the unnecessary and unhelpful vitriol which is worthless to our search for solutions. Osun was created out of nothing but ego. It was never economically viable. It was therefore a State destined to struggle. Agrebe did not cause that problem but is now charged with looking for solutions to what is a very difficult situation to turn around.

Osun had no choice but to become indebted. That is something we must first get clear. Most SW States, because of leadership myopia and corruption, became civil servant enclaves where many are employed by the government more or less as a way to disburse national wealth instead of what obtains elsewhere where people are employed to actually fill a vacancy. My estimate is that 50-60% of those employed by the government in Nigeria are not needed. States like Osun, because it is very poor, struggle with this problem more than others. I remember visiting my mum, now retired, in Abuja when she was posted their as a senior civil servant. I was appalled at what I saw. I was disgusted many "workers" were sitting around in her corridor twiddling their thumbs, playing with their phones and generally doing nada to justify what they are being paid by the FG. They were all totally unnecessary employees indulged by a system that relied on Government to be the biggest employer of labour while the SME sector, the lifeblood of the biggest economies in the world, could not mop up the employment slack because it was moribund due to issues like lack of stable power, government neglect et al. It is precisely the same at State level.

Rather than coming here to curse and insult leaders we would be better off trying to understand the challenges they face so we can understand the solutions these leaders need but are constrained from delivering because of things beyond their control.

For example, the SW and Nigeria needs electricity so that the SME sector can thrive and offer employment that will mean government at State and federal level is not compelled to be the highest employer of labour when that is seriously and unnecessarily hurting Nigeria fiscally through recurrent expenditure budgeting.

We should also agitate for the aggressive development of the agriculture and solid mineral sector so that economic diversification can become a reality.

we should look at how Nigerians are educated and trained so that we gain a much higher calibre of skilled labour that will attract potential FDI (foreign direct investment) to consider Nigeria a meritoriously worthwhile destination.

There is so much that can and must be done at federal level to help the likes of Aregebesola and many other Yoruba leaders from "swimming against the tide" in a sea of hopelessness. yet the point remains that we must familiarise ourselves with the problem to note even all of us, finding it very easy to criticise, would fail if some things are not in place. virtually all Nigerians States are civil servant States. Some of us should go and consider what this means, and the constraint leaders face at State level to change the status quo, before we insult others.

But what exactly have our leaders done wrong to put us in this shameful position in the comity of states.Even the Northerners are better off.I am not happy at all.In fact,it has affected me greatly.Some people who have seen this. ..debt....are so bitter that we are thinking of organizing a kind of protest or whatever that would enlighten people on the need to be wary of any party that wants to continue amassing debts for future yoruba generations with no developmental (completed)projects to show for it.But we are asking these questions;
Are we so indebted because we were in opposition?
Are we so very much in debt because a man...Tinubu... virtually controls most of these governors(that is their cup of tea) and some monies meant for the states are shared while they go aborrowing ?
I so much believed in Tinubu that some people think I am an APC member.The fact is I am apolitical and support anybody or party that lifts my people up there where we have always belonged...

modath:
Ritchiee,

Can we agree to pay the likes of Tonikristofa dust anytime they miss road enter this beautiful town hall of ours?? I glanced in early this morning & saw his many rejoinders to issues that not only don't concern him/his tribe but also completely sails above his intellectual capabilities & wakaed away....

When we engage them, they will have the impetus to invite their acolytes....

& ibebe, zimoni, Shymm3x, Aareonakakanfo, 9jacrip, iyalode , tupacshakur, et al...

I may be wrong & appeal to be excused for it but we aren't doing ourselves any favor by being EXTREMELY harsh (not that they dont deserve it & more) on our "Leaders" especially on this kind of board that anyone can just click & draw conclusions that weren't implied or intended in the first place....

The way i look at it is that " No parent shouts & list all the negative of his/her child in the presence or hearing of neighbourhood "Haters".... we are just providing ammunitions to attack us....

I detest most of our leaders but use less weighty words.

Thank you all..

Thx.

tonychristopher:
Hi

Pls don't derail this beautiful thread sir..why talk about progrom why leave in past ..I think you should be brainstorming on how to salvage western Nigeria from the financial miasma they are in


Pls forget Biafra ...it will do you so many good ...don't divert the attention and make suggestions and the sensible ones have been making here pls


Bye

Progrom...lol.I have never remembered biafra.What I remember and cherish is the great Yoruba race.Very passionate about it,sir.
Have a jolly good time on your biafran thread...ciao

tonychristopher:
May God bless you for this superb submission

How I wish most of your folks with think like this

We all can not think the same way when we are not Zombies.As emotional as your people are about the pogrom or whatever,some of your people still want one Nigeria even on NL here.Our main problem is the distrust between us and it started a long time even before we were birthed.We pray you achieve your heart desire which would pave way for the disintegration of this rickety assemblage...

WIZGUY69:
I won't debunk the fact that he didn't do anything in osun as par Infrastructure o. this is 21st century
but what am saying is that ; osun isn't ripe for the project he was and still embarking on. he just created the avenue for his political opponents and outsider to ridicule osun state. for example what will talking drum do to the people of osun state? why building airport with the longest runway? for what reason?
Aregbesola met osun as a non viable economic state.
what he should have done is to woo And create room for investors. reduce the civil work force (heard they have the highest number of civil servant after Lagos).

the man really lost it big time.
before you borrow money, ask yourself if you have the financial capacity to pay back.

mcheeew

To my mind,I think Tinubu should be held responsible.Thanks to the DMO.I made a terrible mistake thinking that Tinubu and the other guys in APC are geniuses.They are so,so daft if this really is the true picture of things....

superstar1:
I am not a politician.

Try to understand what I am saying. I did not use the word propaganda to debunk the report.

I am only telling you that the politicians are majorly responsible for the over bloated recurrent expenditure, which is not a true reflection of the actual recurrent expenditure.

okay,bruv.

superstar1:
Shymexx, do not be deceived.

If they tell you they are borrowing to meet recurrent expenditures, just ask them how much was the wage bill before they took over and how much is it now?

Let them show the corresponding productivity that followed the increase in wage bill.

You will realise it is all propaganda. The reality is they say all that to cover up their unrestrained looting.

This is no propaganda,Uncle,I am sorry,are you a politician?I am not.I am only very passionate about my Yoruba race and any party that would put Yorubaland where it rightly belongs,then I am game without forgetting my fellow homosapiens...

There are only a limited number of things a country can do to overcome massive debt.

1) Default
2) Inflation
3) Growth

This makes the assumption that the country remains a sovereign nation. Of course it can be conquered or partitioned by another country and its debt will become irrelevant, but we will ignore that situation.

Let's start by making one thing clear - deficits and debt are two different things. Deficits are the annual overspending of the budget while debt is the ongoing accumulation of deficits. The US deficit, for example, is half of what it was in 2008 when George W. Bush created the first 1+ trillion dollar deficits, but the debt continues to grow from both deficits and the compounding of interest.

With Default the country has to do one of two things. First, it has to declare all past debts invalid. Second it has to balance its budget. This is because in the short term, no one will lend any more money to the country. In reality, even South American nations that have defaulted were able to get more loans within 5 years. Defaulting can devastate an economy because you have a nation dependent on large deficits suddenly cutting its budget to balanced. Losing all that spending results in massive unemployment, displacement and misery, but that is the tragedy of default.

Another thing a nation can do is inflate its way out of debt. Germany did this after WW1 when 1 trillion Marks was equal to 2 American cents -- people would take a wheelbarrow to the market to get good, and then someone would dump the money on the street and steel the wheelbarrow. In an inflationary economy, the rich make out, the poor and those on a fixed budget are screwed and people turn to bartering. This happened in the 1980s in Israel when employees had to be paid twice or three times a day because their money would be worth so much less in just a few hours. Inflations occurs when the government creates too much money. Zimbabwe is a case in point. I have a real 1 Trillion Dollar Zimbabwe currency note at home. But by creating inflation, you make your debt worthless unless it is tied to the inflation rate. In the US in the late 70s we went on a rampage to crush inflation by raising interest rates, at one point as high as 21 percent. The Fed has typically made crushing inflation its number one goal. However, not all inflation is bad as it causes money to move. In the early 2000s when George W. Bush was running up huge debts he brought Ben Bernanke into the Fed because Bernanke was known as a guy who likes inflation. Until that time inflation in the US was running less than 1 percent, and was 1 percent all through the 90s, but once Bush got into power, inflation was between 3 and 5 percent. Each percentage point of inflation destroys about 30 billion dollars of debt. I believe this was Bush's secret goal -- cheapening his deficits and debt. But once the economy collapsed we were terrified of deflation -- prices collapsing, because once that starts, it's hard to fix and deflation is much, much worse than inflation.

The other thing you can do is grow your way out of debt. By growing faster than spending you are reducing deficits and can use excess money to pay down your debt. It's not the debt that is so bad, because you never pay that off, really -- it's the interest on the debt because it becomes a larger and larger part of the budget, squeezing out spending for other things like roads and research, etc. In fact, in the US, the interest on debt is the second or third largest budget item. The problem is that it is really, really difficult to grow out of enormous debt. Nevertheless, we see that as the economy grows, the deficits automatically shrink as tax receipts rise. This is growth reducing the rate of increase of the debt.

Some interesting facts can be shown to calm people's irrational fear of American debt: 76 percent of the US debt is owned by Americans and American entities but not so in Nigeria. Only 24 percent is owned by foreigners. Even the Chinese only own about 10 percent of US debt with the rest split up between England, Canada, Germany, the Cayman Islands (!), Ireland and Japan. Even Russia is in the top 10.

zimoni:
I don't get it Bro.

How does $11bn equals N11bn

Read that story,bruv.I think domestic debt is 11bn naira while real debt is 11bn dollars...

Ibebe:
Yet their people love them so.

So yea, I can't absolve Ekiti/Osun people for their ignorance.

Calm down,sister.We would fight for Yorubaland to move back to where it has been for centuries...UP there.

Osun Remains Best In Implementation, Maintenance Of Rural Access Mobility Project – World Bank

IS THIS NOT PROPAGANDA AGAIN OR IS IT THE TRUTH?...OH MY GOD,THAT DEBT WOULD NOT ALLOW ME BELIEVE ANYTHING ABOUT OUR SW GOVS UNLESS THEY INSTANTLY REDUCE IT...HOW

Courtesy Visit by World Bank 3The management of World Bank has rated the State of Osun as the best among its peers in the implementation, management and maintenance of Rural Access and Mobility Projects (RAMP) being financed by the institution across the states of the federation.

The global financial institution gave this commendation through its team led by Engineer Olatunji Hammed during a second phase project presentation to the state Governor, Ogbeni Rauf Aregbesola.

Addressing the gathering, Engr Hammed disclosed that Osun State has put up an exemplary performance in the quality of its unprecedented developmental projects that centred on the lives of the generality of its populace most especially the rural dwellers.
Engineer Hammed said Osun has been able to maintain its status as the first state that has successfully maintained it roads to enhance productivity and as well as improve the economy of the state through accessible and motor able roads, linking community to community, village to village, town to town as well as city to city.

He said Osun State has always been number one as it remains the pacesetter for its counterparts in terms of rural based road maintenance which according to him, has prompted other states to come to Osun in order to learn rural access roads maintenance skills.

Hammed revealed that in spite of the fact that the state is blessed with multitude of villages, towns and cities, the state has the best roads connectivity in the country.

According to him, “Rural Access and Mobility Project has helped significantly in harnessing and exploring the agricultural potentiality of the rural dwellers in the area of transportation of farm produce to urban cities as roads rural/urban roads are being aggressively linked and exposed for easier accessibility.

“There is no doubt about the fact that many states in the country are jealous of Osun in terms of its rapid developmental projects which aims at improving the general well being of its populace as the state ever remained the best in implementation, management and maintenance of community based roads across the length and breadth of the state.

“This wouldn’t have been impossible if not for the support of Governor Aregbesola towards the Rural Access and Mobility Project which has impacted meaningfully in the teeming lives of the citizenry.

Engineer Hammed said the institution’s findings on the phase1 of the Rural Access and Mobility Project (RAMP1) and general roads construction in the state have shown the accelerated improvement in the general lives of the citizenry most importantly that of the rural dwellers as it has contributed meaningfully and productively in the agricultural activities.

Having assessed the state in terms of socio-infrastructural, political and economic developments, Engineer Hammed disclosed that the roads network in the state have the best linkage which according to him could always stand the test of time.

He extolled Governor Aregbesola’s commitment and dedication towards the well being of his people, saying he has proven himself and distinguished his administration’s uniqueness in his quest for quality and standard construction materials which has resorted to long-last and durable roads being constructed in the state since his administration.

He described Governor Aregbesola as an ardent lover of good governance and political stability, adding that his roles in bringing the dividends of democracy to the door steps of his people could not be forgotten.

He described the RAMP programme as the only alternative mechanism and instrument which government at all levels need for the successful realization of economic diversification as the country is planning to shift face and attention from being over-reliant on crude oil production to full agricultural production.

He however advocated for unwavering support and collaboration with the current government in the country and Osun State in particular in taking the state and nation to the lofty high of prosperous future.

He stressed that the state compassion on the well being and development of rural dwellers had yielded positive results as new life of economic transformation and development has been brought to those communities.

In his address, the Governor of Osun, Ogbeni Rauf Aregbesola, said Osun was the first state to involve the communities in the adoption and management of the roads across the state since the commencement of his administration.

Governor Aregbesola said the project (RAMP) is popular to the people in the state and that consciousness is linked to the need of providing the best his government could in terms of quality facilities and materials for roads construction.

He said his government having identified the needs of its rural dwellers, embarked on the massive roads network across the nooks and crannies of the state in order to break the wide gap between the people at the remote areas and urban residents.

Governor Aregbesola stated that Osun, having been rated best in the implementation of the RAMP project, has no reason to strive further in the actualisation of its comprehensive development agenda.
He pledged that the state under his watch will do everything possible to look for money to make up her counterpart fund for the phase2 of the Rural Access and Mobility Project (RAMP 11) that is set to commence.

Governor Aregbesola stressed that Osun was keen in the project simply because the state has been wrongly tagged “Civil Service State” which in reality, according to him, is a peasant agrarian state.
Why justifying his position, Governor Aregbesola said as a matter of fact the entire resources of the state even at the best of time was N4.6billion which was a period when the state received its highest allocation, saying the last chunk of this statutory allocation amounts to the sum of N3.6billion which was dedicated to payment of civil servants’ salary arrears, gratuity, pensions and other emoluments.

He explained further that the state with the population of 4.5million that received its highest allocation of N4.6billion means that as at then, it had to service the population of 4.5million, which by calculation means that each citizen would receive N1000. He said what a citizen gets cannot even cater for a day old baby for one month.
He noted that a sincere assessment of the state allocation resources and resources from Internally Generated Revenue (IGR) show that the state lives on agricultural values.

Governor Aregbesola said the state exists on the sweats and labour of those unsung men and women in rural areas who are struggling and labouring every day to improve the agricultural commodities that are painfully brought to the market.

He lamented over the dwindling allocation to the state, saying since June, 2013, the financial activities of the state had been hugely damaged due to what he described as unjust reduction.
Governor Aregbesola buttressed his point by disclosing that the state got for its September allocation, a paltry sum of N1.8billion. He said such revenue cannot be the basis for the economy of Osun.

According to him, “We engaged in Rural Access Mobility Project (RAMP) because we know that it is through this provision that we can support the economy of this state by meeting the core needs of rural dwellers, access and support the evacuation of their farm produce to the markets.

“It is because of our genuine commitment to energize the rural dwellers in their onerous duty of producing agricultural commodity that we are passionate and aggressively committed to RAMP.

“Though financially, we are highly constrained but even in spite of that constraint, we are committed to RAMP and I pledge that we will quickly mobilize our counterpart fund to usher in the commencement of the RAMP2.

Governor Aregbesola said the project implementation support programme on Rural Access Mobility Project has gone a long way at ameliorating and transforming the lives of the marginalized, dejected and abandoned people at rural areas.

He expressed gratitude to the management of World Bank for coming up with what he described as people development programme.

He said, “Without any sense of doubt, implementation of approximately 225killometers of rural roads currently being rehabilitated and constructed across the length and breadth of Osun have started yielding fruitful results going by the information reaching me and my visit to all the rural areas and project sites across the state.

“Farm produce as well as human and vehicular movement have improved considerably as farmers can easily evacuate farm produce without stress and this has increased our economy and social activities as developmental projects had speedily sprung up.
“Demand for land acquisition for developmental projects has been on increase and to say the least, it has improved our people livelihood.

“We are the government that holds our people well being and development in high esteem as we are committed to the successful implementation of project and its sustainability.
“It is not an overstatement to say that Osun is leading other participating states and we will continue to lead because we will not rest on our oars in ensuring that all necessary conditions needed for the successful implementation of this project are met.

Ibebe:
In dollars.......but we'll be paying back in terms of naira.


*Faints*

You are really a smart woman to have quickly solved that little riddle...lol
Awon APC ati PDP ti pawa...*swoons but quickly recovers*KINI A FE SE BAYI?

WIZGUY69:
I tell you.
I just check his profile, And I discovered that the election was just last year.
And osun folks still like the man.
I was discussing with a friend from osun, (Aregbesola haven't paid his dad pension for a year now) and the guy still LOVE (not like) the man.
I was like are you insane or what. seems the man jazzed all osun folks.

No,he did not jazz them as an elderly person told me and even took me to Osun to see some of what Aregbesola did.They really believe in him o.I think he had great Ideas but did not know how to go by doing them because of lack of funds but that 52bn debt is outrageous.


These are some of his projects that I got from State of Osun's website...


List of Boundary Highways
Project Name Route Length(km) Status
Osogbo-Imesi Ile Osogbo-Ibokun-Imesi Ile 42 On-going
Ikirun-Ilale Rd Ikirun-Otan Ayegbaju-Ila-Ilale KWSB 57.64 On-going
Gbongan-Ajegunle -Rd Gbongan-Odeyinka-Orile Owu-Araromi Owu-Ajegunle 44.43 On-going
Osogbo-Ila Odo Rd Osogbo-Ikirun-Ila Odo 36.85 On-going
Ede-Ejigbo Ede-Awo-Iragberi-Ejigbo-OYSB 30.7 On-going
Ejigbo-Oguro Ejigbo-Aye-Oguro 14.40 On-going
Total Length 226.02km

The only Pix there is that of Gbongan-Odeyinka-Orile-Owu-Ajegunle road project which is on going...CHAI.

Does anybody know how much the 5 SW states are owing now.The total debt of Nigeria was 9 billion plus before but now it has jumped to 11 billion plus....WOW...
Read this...



DMO: Nigeria's Foreign Debt Portfolio Hits $11bn

18 Oct 2015


Domestic debts now N11 trillion

By John Shiklam in Kaduna

The Director-General, Debt Management Office, Dr. Abraham Nwankwo has disclosed that Nigeria’s external debt profile has risen to $11 billion as at last week as against the $ 9.4 billion recorded in March. Similarly, domestic debt profile was said to have risen to N11 trillion.

Nwankwo disclosed this in an interview with journalists in Kaduna on Friday shortly after declaring open a one-day enlightenment workshop with leaders of students' unions from tertiary institutions.

Nwankwo, however, said the quantum of the debt did not really matter. He said the most important thing was how the resources were deployed to encourage economic growth, development, generate employment and reduce poverty.

According to him, the concern about debt is "whether you are in a position to pay back what you borrowed as at when due," stressing that in the case of Nigeria, the debts remain sustainable.

He noted that the current global economic problems, particularly the collapse of oil prices, were having a significant impact on economies all over the world.
Nwankwo said, "because the Nigerian economy is very resilient and because the government is in control, Nigeria’s debts continue to remain sustainable.

"Presently Nigeria owes, domestically, about N11 trillion and externally, about $11 billion.The figures are the total of all debts in the federation. It includes external debts of the federal and all the state governments as well as the domestic debts of the federal government and all the state governments.

"Let me emphasise that what matters is not just the quantum, what is important is how these resources are deployed to encourage growth, development, generate employment and reduce poverty.

"It matters whether you are in a position to pay back what you borrowed as at when due and in the case of Nigeria, I want to assure you that Nigeria’s debt remains sustainable.

"Based on current global economic problems, particularly the collapse of oil prices, this is having significant impact on economies all over the world. Because the Nigerian economy is very resilient and because the government is in control, Nigeria’s debts continue to remained sustainable."

Nwankwo commended the federal government and the Central Bank of Nigeria (CBN) for maintaining a healthy reserve and for stabilising the exchange rate in spite of the shock occasioned by the drastic drop in oil revenue.

He said Nigerians should be proud that they have a government, a CBN and an economic system that is sound, in spite of the shock we have.

He noted that other countries like Venezuela and Russia that had been in similar position had had their currencies devalued very rapidly in the first 30 days of the oil shock.

"But you can observe that it was until about three or four months later that the CBN had to do some little adjustments with the exchange rate.

"Nigerians should be proud that the economy is so resilient, that we have enough food for our population and that food prices, in spite of what has happened in the past seven months or more continues to be moderate.

"That shows that over the years, we have attempted to improve, to diversify the economy, to strengthen our agriculture and that is a source of inspiration for all of us," he said.

He urged Nigerians to use "the opportunity of President Muhammadu Buhari’s change to do better than we did in the past by working hard in making sure that agriculture continues to expand and modernise so that we can have real food security."


http://www.thisdaylive.com/articles/dmo-nigerias-foreign-debt-portfolio-hits-11bn/223110/

THIS IS FROM THE DEBT MANAGEMENT OFFICE...
DEBT MANAGEMENT OFFICE
NIGERIA
PRESS RELEASE
FINAL REPORT
ON
THE
RESTRUCTURING OF BANKS’ LOANS TO
STATES INTO FGN BONDS
In line with the commitment of President Muhammadu Buhari to urgently straighten and strengthen the economy,
the government has attached high priority to addressing the fiscal imbalance faced by most States of the
Federation. The immediate cause of the fiscal imbalance was the structural drop in the international price of
crude oil by more than 43% and the resultant drop in the revenue allocation from the distributable pool for all
governments in the Federation by about 40%.
The Situation constrained the ability of many States to meet their
financial obligations, including payment of salaries. Hence, the government’s decision for a prompt response.
As one of the salutary options for short term fiscal stabilisation, the Debt
Management Office put forward a proposal for restructuring the short-term bank loans of States into long-term Federal Government of Nigeria (FGN) Bonds. The purpose was to reduce the debt
-service outflow of States and free resources for meeting
other obligations, particularly, clearance of arrears of salaries and pensions.A total of twenty-three States had submitted requests for the bank loan-to FGN bond restructuring.
Phase I
consisted of
eleven
States
which had completed and submitted all necessary documentations, including the
submission of jointly authenticated balances with banks as at August 14, 2015. These States had their bank loans restructured into 20-year FGN bonds effective August 17, 2015.
Phase II of the restructuring consisted of
twelve States
whose bank loans were restructured into 20-year FGN bonds effective September 16, 2015.The second Phase concludes the restructuring exercise.
Fourteen banks were involved in Phase I debt restructuring operation and their total loans to the eleven States which were restructured amounted to N322.788 billion.
Twelve banks were involved in Phase II of the restructuring operation and the total loans restructured for the twelve States amounted to N252.728 billion
bringing the total restructured amount for the twenty three States to N575.516 billion.
Some banks featured in
both phases but the total number of banks involved was 15.The restructuring was effected using a re-opening of the FGN
Bond issued on July 18, 2014 and maturing on
July 18, 2034. The pricing was based on the yield to date of the bond at a 30-day average, resulting in a transaction yield of 14.83%.Indicators of the impact of the debt management operations include:i.monthly debt service burden has droppedby a minimum of 55% and a maximum of 97%, among the
twenty three
States; and,ii.interest rate savingsfor the twenty three States ranges from 3% to 9% p.a. The restructuring is good not only for the States but also for the banking system because: banks’balance sheets will improve as weak subnational loan assets are replaced with high quality Sovereign assets; the FGN Bonds
enjoy enhanced liquidity as they ar
e traded in the secondary market; and,
banks would have improved space to
lend to other sectors of the economy as they are free to convert their FGN Bond holdings into cash in the
secondary
market.
DEBT MANAGEMENT OFFICE
The Presidency
NDIC Building
(First Floor)
Plot 447/448 Constitution Avenue
Central Business District
P.M.B, 532, Garki, Abuja
Tel: +234 –8110000881-3
Website:
http://www.dmo.gov.ng
Email:
enquiries@dmo
.gov.ng
September 16, 2015

How does this bond thingy affect the SW a la debt repayment?

zimoni:
Bro Ritchiee,

That of Lagos is in billion $

But the other states (governed by brainless, clueless, unproductive and useless governors) are in millions $

Please make amendment.

Thx,I have done that...

Shymm3x:
Ritchiee

According to the stat you posted.

Lagos is indebted by N1 trillion, while the FG has N6 trillion.

How the fvck did that happen?

I am sorry,my lovely bruv,I didn't see this...
That stat is from the DMO.Very authentic.Actually,the FG is owing 70% of the debt.

WIZGUY69:
Bro.
please those amount should be in naira not in dollar.

Thanks,bro.But it is in dollars.Look at this...

veraponpo:
It is not the debt that is the problem but the inability of the governors to raise IGR and reduce their recurrent expenditure.

It is not the debt but how to manage it.

We call it Leverage or Gearing in Financial Parlance.

We know that leveraging is to use debt to finance activity or activities.For example, one usually borrows money in the form of a mortgage to buy a house. One commonly speaks of this as leveraging the house. Likewise, one leverages when one uses a margin in order to purchase securities. A company with much more debt than equity is generally called "highly leveraged." Too much leverage is thought to be unhealthy.OUR 5 SW GOVERNORS LEVERAGING IS THREEMUCH.I BELIEVE THEY HAVE SPENT THIS MONIES LAVISHLY ON THEMSELVES.Many firms use leverage in order to expand operations.Ask yourself,my beloved brother,what exactly have they expanded? ...WHICH ACTIVITIES IN THE SW HAVE OUR 5 GOVERNORS FINANCE, MY BROTHER PLS NAME THEM

I am sorry my leaned Omoluabis,when did these debt become so scary because in April 2006, Nigeria became the first African country to fully pay off its debt owed to the Paris Club.
This was structured as a debt write off of approximately $18 billion and a cash payment of approximately $12 billion.
How did our GOVERNORS in the 5 SW states incur this humongous debts?What did they do with these scary amounts...?

State Amount Owed(2014)
1) Lagos $1,020,410 674 billion *the most by any state and over 1/3 of the total amount owed by 36 states*
2)Ogun $116,689,249 million
3)Ondo $51,439,910 million
4)osun $73,404,212 million
5)Oyo $80,112,064 million

TOTAL $1,342,056,129 billion equivalent to N 214,717,000,000 billion Naira

Sub-Total amount owed by 36 states in Nigeria = $3,013,216,977 billion

Eastlink:
Aha! It's just good to celebrate good things.

Thanks all the same...ciao

My God ...This has really gotten out of hands.Oh my... These people have really messed up the SW big time.I personally do not support any political party but I have been reading this political conversation behind the scene and to my utter dismay,the debt thing about the 5 SW states had really spoilt the taste in my mouth.
AS of 2012....This one was from the basket mouths party but very truthful.

ACN Govs Killing The Southwest With Reckless Debts”…Osun, N150b; Ogun, N100b; Ekiti, N30b; Lagos, $500 Million.


The Peoples Democratic Party (PDP) has warned on the dire consequences of the huge debts into which the Action Congress of Nigeria (ACN) is plunging southwestern states under its control.

It also implored the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC) and other financial clearing houses to do all in their powers to check the “alarming” rate at which the states are obtaining loans.

PDP’s National Vice Chairman (South West), Chief Segun Oni, who spoke on behalf of the party, warned that the ACN-controlled states would go bankrupt should they continue with the “regime of taking loans and bonds and giving promissory notes on multi billion naira contracts to execute questionable projects like building new government houses.

“It is worrisome that less than two years after ACN took over Osun and Ekiti states, the two are now indebted to the tune of over N150bn, with Ogun State on the verge of taking N100bn bond,” Oni lamented in n a release signed by his media aide, Mr Lere Olayinka.

“Osun State alone is owing over N120bn, Ekiti is owing over N30bn and is rumoured to be planning to take another N30bn, while Lagos State government was said to have, as at 3oth June 2012, accumulated an external debt profile of $517,677,672 (more than half a billion dollars), despite having a monthly revenue of about N23 billion.

“We wish to alert all well-meaning Yoruba sons and daughters on the dangerous trend of obtaining frivolous loans by the ACN governors in the South West, and call on the CBN and other financial regulatory agencies to put a stop it.

Continuing, Oni said, “As at today, Osun State has taken N60bn bond, N25bn loan from First Bank, N17.8bn from Infrastructure Bank (to construct Oshogbo-Kwara Boundary Road), N17.5bn road project (six inter-township roads) to RATCON on contractor financing and another N7.6bn Ilesha and Oshogbo township roads to RATCON on contractor financing. Contractor financing means you are borrowing from your contractor at a cost higher than even bank term loans.

“In Oyo State, a 4km road project around Challenge area in Ibadan was awarded for N5.7bn to Hitech Construction Company, owned by ACN leader, Bola Tinubu, on contractor-financing basis while the same practice is going on in Ogun State. One begins to wonder where the states’ incomes (federal allocation and internally generated revenue) are spent on.

“All these projects being financed by the contractors are bank-guaranteed by the ACN State governments with promissory notes with a tenor beyond their legal tenures, and the implication is that the states are owing. It beats one’s imagination that a government will embark on projects it has no capacity to fund.”

Oni, therefore, called on “well-meaning Yoruba people to intervene in the affairs of the region by preventing these ACN governors from mortgaging the future of our children through frivolous loans, because most of the loans being obtained now cannot be paid back in the next
50 years.”
NOW,MY FELLOW OMOLUABIS,WE MUST TALK AND ACT QUICKLY BEFORE DISASTER STRIKES...

Eastlink:
Congrats on you guys for reaching your 200 page. More geese to your elbows as you deliberate on ways to uplift the SW.

Thanku you,sir.May the clog in your eyes never harm you...

Shymm3x:
Even if Nigeria ever gets serious and put the right structures in place, their style of business will never be able to thrive..

The real merchants are the ones who do legit business and maximise their profits the right way.

However, when you start scamming folks - that's not business.

That sums it up,bruv.It is going to be one helluva task when there are no more Nigerians to scam...

Shymm3x:
That's cos most folks haven't traveled out of Nigeria.

I honestly don't know how anyone will say they're better at business than Yorubas when over 90% of the Nigerian businesses out here are owned by Yorubas. And I don't want to hear that crap that there aren't that much Igbos out there cos there are loads of them.

Heck, Yoruba businesses in the UK outnumbers all other African businesses put together - fact. Only Somalis have a lot of businesses out here and Somalis are naturally traders, anyway.

One prays they get their Biafra so that naked reality can hit them in their faces that Nigeria had really been a great help to them.Biafra would also give way to the disintegration of the forced marriage...this is my prayer...

ProfShymex:
Lol. Tongue in the cheek, alie?

Anyway, don't let these folks' noise get to you - they're just the masters of making noise. In a well structure environment, their style of doing business will never work.

Have you ever asked yourself why over 90% of Nigerian businesses in the UK (I believe it should be lopsided in favour of Yorubas in US and Canada as well) are owned by Yorubas?

P.S: I just said 90% to be fair - it's about 99%, if I'm being factual cos you'll see more than 100 businesses owned by Yorubas before you see one Igbo business out here.

I didn't know you noticed.The only place they can lord it over the Yorubas in trade is Nigeria,reason they don't have billionares outside of Nigeria like the Yorubas...

zimoni:
The Ijebus and Ijeshas will disagree with you.

We are good traders. I learnt a lot from my Mom.

And the Igbominas who have more landed properties than any group in Lagos.One of them is Doyin group of companies.One might safely say they own half of Lagos...lol

zimoni:
Isaac Adewole (Osun) Minister of Health

Lai Mohammed – (Kwara) Minister of Information

Kemi Adeosun – (Ogun) Minister of Finance

Babatunde Fashola -(Lagos) Minister of Power, Works and Housing

Kayode Fayemi- (Ekiti) Minister of Solid Minerals

We are not doing badly.

I hope Fashola will work towards generation, transmission and distribution of electricity in each state. The current arrangement is not working.

FG must scrap the damn privatization and let each state be in control of their destiny.

There are lot of companies who are ready to invest into electricity. I bet, everybody will want to buy Lagos' slot. 21million people is a huge market. I would like to buy that of Osun shaa

I am praying that each region is given its freedom to run things by itself so that the SW can use the renewable energy kind of tech to give us steady and affordable electricity.The renewable energy thingy is generally defined as energy that comes from resources which are naturally replenished on a human timescale.These resources are sunlight, wind, rain, tides, waves, and geothermal heat. Renewable energy replaces conventional fuels in four distinct areas: electricity generation, air and water heating/cooling, motor fuels, and rural (off-grid) energy services...

See full list of their Portfolios:

1. Chris Ngige – (Anambra) Minister of Labour & Employment

2. Kayode Fayemi- (Ekiti) Minister of Solid Minerals
3. Rotimi Amaechi – (Rivers) Minister of Transportation
4. Babatunde Fashola -(Lagos) Minister of Power, Works and Housing
5. Abdulrahman Dambazau- (Kano) Minister of Interior

6. Aisha Alhassan – (Taraba) Minister of Women Affairs
7. Ogbonaya Onu- (Ebonyi) Minister of Science and Technology
8. Kemi Adeosun – (Ogun) Minister of Finance

9. Abubakar Malami – (Kebbi) Minister of Justice
10. Sen Hadi Sirika – (Katsina) Minister of State, Aviation
11. Barr. Adebayo Shittu – (Oyo) Minister of Communication
12. Suleiman Adamu – (Jigawa) Minister of Water Resources

13. Solomon Dalong – (Plateau) Minister for Youth and Sports
14. Ibe Kachikwu – (Delta) Minister of State, Petroleum
15. Osagie Ehanire – (Edo) Minister of State, Health
16. Audu Ogbeh – (Benue) Minister of Agriculture

17. Udo Udo Udoma – (Akwa Ibom) Minister of Budget & National Planning

18. Lai Mohammed – (Kwara) Minister of Information

19. Amina Mohammed – (Gombe) Minister of Environment

20. Ibrahim Usman Jibril – (Nasarawa) Minister of State, Environment

21. Hajia Khadija Bukar Ibrahim- (Yobe) Minister of State, Foreign Affairs

22. Cladius Omoleye Daramola (Ondo) Minister of State, Niger Delta

23. Prof Anthony Onwuka (Imo) Minister of State, Education

24. Geoffrey Onyema (Enugu) Minister of Foreign Affairs

25. Dan Ali (Zamfara) Minister of Defence

26. Barr James Ocholi (Kogi) Minister of State, Labour & Employment

27. Zainab Ahmed (Kaduna) Minister of State Budget and National Planning

28. Okechukwu Enelamah (Abia) Trade, Investment & Industry

29. Muhammadu Bello (Adamawa) Minister of Federal Capital Territory

30. Mustapha Baba Shehuri (Bornu) Minister of State, Power

31. Aisha Abubakar (Sokoto) Minister of State, Trade & Investment

32. Heineken Lokpobiri (Bayelsa) Minister of State, Agriculture

33. Adamu Adamu (Bauchi) Minister of Education

34. Isaac Adewole (Osun) Minister of Health

35. Abubakar Bawa Bwari (Niger) Minister of State, Solid Minerals

36. Pastor Usani Uguru (Cross River) Minister of Niger Delta

37. President Muhammadu Buhari- Minister of Petroleum

http://www.vanguardngr.com/2015/11/breaking-buhari-names-self-minister-of-petroleum/

Let us see if Nigeria can still work but better still,WOULD SOMEBODY TELL THEM THAT WE WANT REGIONALISM OR ALLOW EVERYBODY TO GO THEIR DIFFERENT WAYS...phew...I nearly lost my voice there.

Twins in Yoruba society


The Yoruba present the highest dizygotic twinning rate in the world (4.4% of all maternities). They manifest at 45–50 twin sets (or 90–100 twins) per 1,000 live births, possibly because of high consumption of a specific type of yam containing a natural phytoestrogen which may stimulate the ovaries to release an egg from each side. Twins are very important for the Yoruba and they usually tend to give special names to each twin.[95] The first of the twins to be born is traditionally named Taiyewo or Tayewo, which means 'the first to taste the world', or the 'slave to the second twin', this is often shortened to Taiwo, Taiye or Taye. Kehinde is the name of the last born twin. Kehinde is sometimes also referred to as Kehindegbegbon which is short for Omokehindegbegbon and means, 'the child that came last gets the rights of the eldest'.

Yoruba calendar

Time is measured in ìṣẹ́jú (minutes), wákàtí (hours), ọjọ́ (days), ọ̀sẹ̀ (weeks), oṣù (months) and ọdún (years). There are 60 ìṣẹ́jú in 1 wákàtí ; 24 wákàtí in 1 ọjọ́; 7 ọjọ́ in 1 ọ̀sẹ̀; 4 ọ̀sẹ̀ in 1 oṣù and 52 ọ̀sẹ̀ in 1 ọdún. There are 12 oṣù in 1 ọdún.[96]
Months in Yoruba calendar: Months in Gregorian calendar:[97]
Ṣẹrẹ January
Erélé February
Erénà March
Igbe April
Èbìbí May
Okúdù June
Agẹmọ July
Ògún August
Owérè (Owéwè) September
Ọwàrà (Owawa) October
Belu November
Ọ̀pẹ December

The Yoruba week consist of five days. Of these, only four have names. Traditionally, the Yoruba count their week starting from the Ojó Ògún, this day is dedicated to Ògún. The second day is Ojó Jákúta the day is dedicated to Sàngó. The third day is known as the Ojó Òsè- this day is dedicated to Òrìshà ńlá (Obàtálá), while the fourth day is the Ojó Awo, in honour of Òrúnmìlà.
Yoruba calendar traditional days

Days:
Ojó Ògún (Ògún)
Ojó Jákúta (Shàngó)
Ojó Òsè (Òrìshà ńlá / Obàtálá)
Ojó Awo (Òrúnmìlà / Ifá)

The Yoruba calendar (Kojoda) year starts from 3 June to 2 June of the following year.[98] According to this calendar, the Gregorian year 2008 CE is the 10,050th year of Yoruba culture.[99] To reconcile with the Gregorian calendar, Yoruba people also often measure time in seven days a week and four weeks a month:
Modified days in Yoruba calendar Days in Gregorian calendar
Ọjọ́-Àìkú Sunday
Ọjọ́-Ajé Monday
Ọjọ́-Ìṣẹ́gun Tuesday
Ọjọ́-'Rú Wednesday
Ọjọ́-Bọ̀ Thursday
Ọjọ́-Ẹtì Friday
Ọjọ́-Àbámẹ́ta

Just an insight into Yorubaland...

The cultural region of the Yoruba people is commonly referred to as Yorubaland (Yorùbáland in Yoruba orthography) (Yoruba: Ìlẹ-Yorùbá). It spans parts of the modern states of Nigeria, Benin, and Togo.

Oduduwa is regarded as the legendary progenitor of the Yoruba.

According to an Oyo account, Oduduwa was a Yoruba emissary; said to have come from the east, sometimes understood by some sources as the "vicinity" true East on the Cardinal points, but more likely signifying the region of Ekiti and Okun sub-communities in Yorubaland, Nigeria.
Pre-Civil War

Between 1100 CE and 1700 CE, the Yoruba Kingdom of Ife experienced a golden age. It was then surpassed by the Oyo Empire as the dominant Yoruba military and political power between 1700 CE and 1900 CE.

Yoruba people are said to feel a deep sense of culture and tradition that unifies and helps identify them. There are 16 established kingdoms that are said to have been descendants of the Oduduwa. There are countless sub-kingdoms and territories that are branches of the original 16 kingdoms.

There are various groups and subgroups in Yorubaland because there are many distinct dialects of Yoruba. The government of this diverse people is quite intricate and each group and subgroup varies, but in general government begins at home within one's immediate family. The next level is the clan, or extended family with its own head, baálé, then the town chiefs, Baálè rule over clans, and these chiefs are subject to their oba, and this king may also be subject to another oba.

In this, government begins at home. The father of the family is considered the "head" and his first wife is the mother of the house. If her husband chooses to marry another wife, that wife must show proper respect to the first wife even if the first wife is chronologically younger. Children are taught to have respect for all those who are older than they are. This includes their parents, aunts, uncles, elder siblings, and cousins who they deal with every day.Any adult presumably has as much authority over a child as the child’s parents do. All members of a particular clan live in the same compound and share family resources, rights, and possessions such as land

History

Civil War

Following a jihad (known as the Fulani War) led by Uthman Dan Fodio (1754–1817) and a rapid consolidation of the Hausa city states of contemporary northern Nigeria, the Fulani Sokoto Caliphate annexed the buffer Nupe Kingdom and began to press southwards towards the Oyo Empire. Shortly after, they overran the Yoruba city of Ilorin and then sacked Ọyọ-Ile, the capital city of the Oyo Empire.

Further attempts by the Sokoto Caliphate to expand southwards were checked by the Yoruba who had rallied to resist under the military leadership of the City State of Ibadan which rose from the old Oyo Empire, and of the Ijebu city-states.

However, the Oyo hegemony had been dealt a mortal blow. The other Yoruba city-states broke free of Oyo dominance, and subsequently became embroiled in a series of internecine war at a particular period when millions of individuals were being forcibly transported to the Cuba, the Dominican Republic, Puerto Rico, Brazil, Venezuela and other parts of the world.
European colonization of the Yoruba

These wars weakened the Yoruba in their opposition to what was coming next; British military invasions. The military defeat at Imagbon of Ijebu forces by the British colonial Army in 1882 ensured a tentative European settlement in Lagos which was gradually expanded by protectorate treaties, treaties which proved decisive in the eventual annexation of the rest of Yorubaland and, eventually, of southern Nigeria and the Cameroons. In 1960, greater Yorubaland was subsumed into the Federal Republic of Nigeria.

According to Yoruba historians, by the time the British came to colonize and subjugate Yorubaland first to itself and later to the Fulani of Northern Nigeria, the Yoruba were getting ready to recover from what is popularly known as the Yoruba Civil War. One of the lessons of the internecine Yoruba wars was the opening of Yorubaland to Fulani hegemony whose major interest was the imposition of sultanistic despotism on Old Oyo Ile and present-day Ilorin. The most visible consequence of this was the adding of almost one-fifth of Yorubaland from Offa to Old Oyo to Kabba to the then Northern Nigeria of Lord Frederick Lugard and the subsequent subjugation of this portion of Yorubaland under the control of Fulani feudalism.THE BRITISH DID A LOT OF ILLS TO YORUBAS,WHO WERE THE HEAD OF WHAT COULD BE CALLED SOUTHERN NIGERIA THEN(BY THE REDDENED).BUT FORTUNATELY,THE YORUBAS STOPPED THE FULANI FROM CLAIMING AND CONQUERING ALL THE SOUTH JUST LIKE THEY DID IN THE NORTH WHERE THE REAL OWNERS,THE HAUSAS,WERE DEFEATED.THE YORUBAS WERE THE ONLY POWERHOUSE OF THE SOUTH AND IT WOULD HAVE BEEN DISASTROUS IF THE FULANI HAD GONE THROUGH THE YORUBAS...

Geography

The area of the Yoruba people overflows into the Republic of Benin; with an approximation of 50 million people speaking Yoruba worldwide.

The Nigerian component comprises today's Ọyọ, Ọṣun, Ogun, Kwara, Ondo, Ekiti, Lagos as well as parts of Kogi and Edo states. The Beninese portion consists of Ouémé department, Plateau Department, Collines Department, Tchaourou commune of Borgou Department, Ouinhi and Zogbodomey commune of Zou Department, and Kandi commune of Alibori Department. The Togolese portions are the Ogou and Est-Mono prefectures in Plateaux Region, and the Tchamba prefecture in Centrale Region.

Geophysically, the area of Yorubaland spreads north from the Gulf of Guinea and west from the Niger River into Benin; dividing into costal plains and jagged highland region.

With coastal plains, interior plains, and highlands, Yorubaland have several large rivers and streams that crisscross the terrain...