₦airaland Forum

We have something called supplementary budget that deal with such issues.We cut expenses if we figure out KRA won't meet target. Our fiscal deficit is coming down.

The least said about Nigeria - where BUDGET IS MADE BASED ON UNREALISTIC OIL QUANTITIES & PRICES the better

https://www.bloomberg.com/amp/news/articles/2019-06-12/fastest-growing-african-region-banks-on-more-spending-for-growth

obaaderemi:
You are an idiot. Aren't you. The chart showed tax and non tax revenue combined. You better look again when you are sober.

You're illiterate.

Understand Ordinary revenues (tax+A-I-D) and then check again data.

2016/2017 - KRA collected - Kshs 1.365 trillion (roughly 14B dollars) - add A-I-D(fees, license) of say 1-2B dollars - you get total ordinary revenues of 16B dollars.

https://www.capitalfm.co.ke/business/2017/07/kra-misses-20162017-revenue-target-sh50bn-collecting-sh1-365tr/

As for deficit - it's coming down - we are aiming now at 5%.

obaaderemi:
Someone has been lying about revenue collection in their shithole.
The number ever hardly add up.
$11bn in 2016 jumped to $20bn 3 years later.

Yet another bone-headed rant that is long on polemics and short on facts!

Anyhow, let me try respond to the little that made sense, and mostly offer your beloved doomed country unsolicited advisory pro-bono.

I am not sure why you're excited about Dangote refinery. The Indians and South Koreans already figured out how to cheaply refined oil. Honestly it's no game-changer even in Nigeria.

Yes, it will wipe the incredible shame of Africa biggest Oil exporter being also Africa biggest Importer off your faces. I know the irony is lost on you but hopefully Dangote whose is leveraged to the gills now, doesn't sweat-talk (corrupt) Abuja and bans importation of refined fuel - because you're gonna be picking the tabs at wrong time.

Who builds a refinery now - when all car manufacturers are going electric as early as 2025 and when projection are that by 2040 - Oil will be gone.Honestly if you didn't have so many problems - your first priority would be to prepare for a future without Oil. In kenya we are already nearly there - all our energy (electric) is now on renewable. We are dolling out incentive for people to buy electric cars. Today Min of Finance announced 10% lower duty for anybody who import electric car.

You're late to the party.

Anyway If I was Nigeria president I would prioritize 24-hrs electricity before anything. I cannot imagine the pain you guys have to go through on a daily basis. In Nairobi for the last many months - power has not gone out. In fact today I saw they just completed the first underground cabling --because we want a future where blackouts will make news.

Once you're done with electricity, I would focus on education. Your generation cannot be helped. Nigeria past is gone and it's present is pretty much doomed. You only got your future to think about.

You need to start from the basic. When Kenya emerged from a near similar hole in 2002 - we began from basic - we got every Kid to school. In fact it became such a success - old dying people trekked to school. One such old man was Kimani Magure - who later won awards including a movie made of him.

https://ichef.bbci.co.uk/news/660/media/images/80205000/jpg/_80205191_80205190.jpg

I think if you focus on those twos - invest all the little money you now got on electricity & education- from your puny budget - you'll start crawling. If you keep focusing on GRANDIOSE projects - little cities that can only host 10K Nigerians or 1B dollar rail that can only transport 400 passengers - the results will be the same.

Trust me in few years the world will be holding a conference on Nigeria if the country will still be around. The conference on how to help Nigeria because you're are gonna drag everyone down with 200M desperately poor people in it.

That is all for now.

With Love,
From Kenya.

NigeriaIsDoomed:
Dude! Please do not cry out your intestines yet, save it for next year when Dangote's Refinery, the world's biggest single-train facility comes onstream.
You haven't seen anything yet, I swear! You will weep excruciatingly and profusely till you hibernate and retreat into torpor.
Envy, bitterness and hate for Nigeria will only consume you fools......, you will curse God oneday for not depositing any premium mineral resources including oil in that arid, famine ravaged, and inconsequential tiny country.

It is hysterically lugubrious how you dusty looking, wretched, starving, ematiating and about to die hobgoblins express grave concerns over Nigeria's challenges when Kenya is on a precipice of apocalypse. Is it our fault that we are naturally ahead of your poor country?

It is my onus to keep reminding you that Nigeria, the Giant of Africa, is an emerging power that will continue to shape Africa and the world, no amount of wailing by Kenyans can erode Nigeria's innate hegemony in Africa.

Largest economy in Africa is Nigeria
Africa's largest oil producing country, Nigeria
Most populous black nation on planet earth, Nigeria
Richest Black man on earth is a Nigerian, not a naturalized Nigerian
We are fixing and modernizing our infrastructure while building new smart cities from the scratch simultaneously.
Dude, it might interest you to know that the length and breadth of Nigeria is a Niagara of construction site as we type these now.

Son! I'm sorry, I have a lot to attend to unlike you lazy assholes and goblins so let me stop here.
Do not hesitate to quote me, I would be glad to reply at my convenience, also make google your companion for more information about the progress of Nigeria, the Giant of Africa.
Bye for now!

Okay - granted - Abacha spent 13B dollars to build Abuja - where did 983 BILLION DOLLARS GO.

I know a total of $140 billion was stashed abroad by Nigeria rulers.

That still leave with a balance of 850B dollars to explain to us.

Well we know you spend at least 10B annually to import and ran a crazy fuel subsidy - that should roughly take care of 10*56 yrs =560Billion.

And we also know you spend at least 10B to import food - another 560B.

I guess that is how the cookie crumbled. You basically ate and stole all the oil wealth.

obaaderemi:
Abacha built Africa's largest housing estate in Nigeria. You can look it up.
What did Arap Moi,the thief build?

I thought you were gone

Are we going to discuss outliers. Togo host Ecobank (regional bank) - and that inflates it's banking asset. I am pretty sure the same applies to Tunisia. Switzerland. Luxembourg. Mauritius. And many of financial islands where crooked people hide their banking asset in. There is a lot of Nigerian money in those places....that you may never recover.

We are talking Kenya, Nigeria and South Africa (the umpire when we want to get perspective of 350B dollar) economy.

Kenya had 4.1(41B dollars) trillion banking assets in 2016 when it's GDP was around 72B dollars.
"Data submitted by Central Bank of Kenya puts the total assets of the sector at Sh4.1 trillion, up from Sh3.1 trillion as at December 2015."

I cannot find data for 2017 & 2018 now.

And of course we don't yet have 2019 data when our economy will be expected to be 100B.

But we have you banking asset data all along when you economy has been 500- 350B - and it's very PUNY.

Everytime Kenya is 2.5 times - Just know Kenya is ahead of you two times. You have population that is 5 times Kenya. You need to be five time bigger so we are equal per capita.

obaaderemi:
Ban you? You are a lame duck! I have you over a barrel.
Don't tell me to compare with South Africa. We have compared Kenyan and Nigerian banking and you come up short.How come tiny Togo has bank assets almost as big as yours and Tunisia with a $40bn GDP has the same bank assets as you with your $100bn gdp.?
This thread should have pushed you to ask your government hard questions.

Oba-dude,
I know you're on your element when competing with Kenya - but seriously when you claim to have bigger economy - cooked GDP - you need to be thinking about getting here.

You want to start banning me coz I am not getting out of here. I am just demonstrating to you that economies with 4 major banks.18 banks. 40 banks cannot be compared the way you're doing. Compare oranges with oranges. Your bank sector (only sector that is working) is only 2.5 times kenya. Most of it probably fueled by 60-80B oil money.

obaaderemi:
What's the angry idiot saying at the bolded? You better relax before you burst an artery.

It's now about South Africa? Lol
Get out of here. You are finished.

It easy - check the trends - and see who is closing on.

obaaderemi:
Not for long? You have been crooning the same stupid song for three years now.

Your banks have exposed your fake overcooked GDP.

I think I am done with these banking stuff.When you begin to hear stuff like the bolded from your opponent, a smart person will let the whole thing go quietly. Ciao.

Is that best come up when you have 140M desperately poor Nigerians openly defecating as we speak. KaziKazi does that about every day.

You can take the next 20 pages posting images of Kibera and Turkana. Once you've had the therapy you need - we will resume with our debate - backed by nothing more than empiricism.

Won't change the fact that Nigeria is a world capital of POVERTY. That title Kenyan didn't give you. You got it.

obaaderemi:
Why should anyone think of banning a lame duck like you. That has always been your excuse when you want to run.
And we are not deleting this thread! We have your ass where we want it. You fvcked with the wrong niggahs.
Don't beg.

And yes,when you mention Kenya anywhere in the world today, only two things come to folk's minds:
Kenya's legendary corruption
and biblical proportion hunger.
Deal with it.

You're obtuse. Banks are compared by sector. You were banks have nothing on South Africa - because South Africa big banks are like 4. One South Africa bank is more than your entire banking sector.

Standard Bank of South Africa has like 163B dollar bank assets.

You consolidated your 40 plus banks into 18 or less now - and you got a few decent banks that are stable enough.

Kenya is consolidating - not thro forced mergers - slowly - and we now have 4 banks in top 1000 banks - Nigeria I think has six or so.

obaaderemi:
Two big banks? First Bank is bigger than anything you have to offer.

Even GTB should have a bigger asset than any of your tiny banks.
https://www.pulse.ng/bi/finance/nigerias-gtbank-posts-over-dollar500-million-profit-in-2018/mqgt0ez

N.B I knew it. Even gtb is bigger than your biggest, in assets and in profitability. It's not worth it comparing banking sector between Nigeria and Kenya. Kenya comes up short.Evidence of a $56bn economy.

Not for long. Those ones are probably already overtaken by KCB & Equity. You have 18 banks. We have about 40 banks. You forced consolidations of your banks because they were all collapsing - and we haven't got there yet.

obaaderemi:
Two big banks? First Bank is bigger than anything you have to offer.

Even GTB should have a bigger asset than any of your tiny banks.

The thread is still going on. Unless you're planning to derail it by banning folks or deleting it. The fact is you cannot have 200M people with banking asset of 110B dollars. Fact is Nigeria is world capital of poverty. 70% of Nigeria are poor. You have 90M people extremely poor people.

We cannot make a deal here to hide pictures of poverty. If you think pictures will help you make your point do it.

Kenya has tribes like Turkana that refused to modernized. They still dress they way they are dressed. They are mostly cut off in deserts. You'll find such people in US (red Indians) or even in Finland or Australia or name any rich country.

Turkana is not representative of kenya.

obaaderemi:
Are you tired already? If you were not running on empty,why did you derail the banking talk with pictures of poor folks in north Nigeria? All because we proved your banks are small.Is that enough for you to get angry? How can people look like sick dogs in a nation that claims to be east Africa's most modern society? Even Ethiopians and Somalis don't look like that anymore.
Get out of my face!

I pretty sure you're a gifted image analyst so I let you keep at that. I know for a fact you were running on empty.

A few years ago - Turkana had poverty rate of 98% - I know this because I deal with data alot - now it's down to 75%.

To imagine Nigeria is right there - Turkana kind of povery - National Poverty of 70% - is pretty shocking.

In kenya we are winning the war against poverty

https://www.standardmedia.co.ke/article/2001329006/five-million-enlisted-for-state-cash-transfers
Population of Kenyans living in extreme poverty (those with a monthly household expenditure below Sh2,000 in rural and below Sh2,500 in urban areas) has reduced by almost 50 per cent to 8.6 per cent over the last decade, according to the Kenya National Bureau of Statistics

obaaderemi:
The pictures speak louder than data. Kenyans are poorer than your government is letting on. Where else do people look like victims of biblical images of curses and starvation apart from Kenya?
You are where Ethiopia and Somalia were in the 80s.
What a shame. Keep lying to yourselves.

The pictures of poverty in kenya is a reality.The pictures of slums are a reality. Kenya has millions of poor people (15M). I think we take it as call to action. We are doing very well in that sector. In 2014 we started Welfare System with monthly remittance to the poor, the disabled, the old, orphans and vulnerable. Any disable person in Kenya get 30 dollars monthly. Any person above 65 yrs old get 30 dollars per month (pension no pension). We have about 1.2M household in North Kenya who receive 30 dollars for their food. In short we have about 5M (10%) of kenyan on welfare programs.

Poverty is coming down. Btw 2006-2016 - we pulled out 4-5M people out of poverty. By now we have probably moved another 3M out of poverty. We probably still have about 10-12M extremely poor people in Kenya that we need to pull out of poverty and we are working on it.

As for Nigeria - your poor are on their own - poverty has increase to shocking levels - about 70% of Nigerians are now poor.

obaaderemi:
Do you have any plans to help the millions starving across Kenya? You should have stuck to talking your fake economic stuff instead of posting silly pictures. Kenya is the poster child for hunger and poverty. We can derail the whole cool debate we were having with bad pictures from Kenya and you will be the one to run.We were talking about banking before you diverted it with poverty pictures out of frustration.Typical.

I see they acquired Diamond Bank - now you've two big banks - Kenyans banks will get there - because they are very innovative and will overtake Nigeria. I am looking for 2018 Banking Sector Analysis - You can only piggy-back so much the oil sector. Our economy is growing - our banks will grow - in fact since 2015 they were constrained with interest cap - but now that high court has ruled the law illegal - our banks will start lending again.

And we haven't talked about our large co-operative movement and well mobile lending which is now crazily big.

Kenya is moving ahead so fast.

obaaderemi:
Access is now bigger than Zenith. So you have a lot of catching up to do

Turkana, Somalis, Pokots and Oromos in kenya who live in arid part of kenya and occasionally suffer ravages of drought - are what - about 3 million people - out of 47M kenyans now.

And we are working against time to reduce poverty up the northern arid deserts. Those are what about 10% of our population.

Now your almajiris is your entire north - about 100M people! Do you have any plan to get these people out of desperate poverty or you've left them to Islam completely like I suspect.

obaaderemi:
We've not gotten to this level:

Of course. Zenith has lot more assets than KCB. In fact I predicted KCB & Equity will overtake all other Nigerians bank except Zenith in 3-4yrs. Zenith last I checked had more than 20B dollars assets. KCB was around 8B dollars. Kenya banks are consolidating - KCB has seen taken I think 3 local banks and are expanding - building up their asset base. The rest of banking sector is also slowly consolidating.

obaaderemi:
You are now desperate. No matter how you cut it,Zenith profits is still far superior to KBC's.

You keep lying - Kenya in 2015 had 31B dollars total banking asset sector - 2016 - 41B - 2017 - 43B - 2018 - I think we ended around 45-50B dollars - this year 2019 is when Kenya is projected to hit 100B - and Banking assets will probably exceed 50B dollars.

https://www.capitalfm.co.ke/business/2017/06/kenyan-banks-assets-hit-sh4-1-trillion-2016/
Data submitted by Central Bank of Kenya puts the total assets of the sector at Sh4.1 trillion, up from Sh3.1 trillion as at December 2015.

obaaderemi:
It doesn't work that way,boy.How come Tunisia with a $40bn GDP have the same banking asset with Kenya with a phantom $100bn gdp.? I am waiting for your explanation.

Based on what exchange rate I used google for both Kshs and USD. If we use the real market (black mate); then it about 365Naira to a dollar.

obaaderemi:
Liar. You are desperate.
195bn naira is $673million dollars.
*2.8 approximately *3.

Nonsense. Comparing 2015 Kenya data with latest Nigeria data. By 2016 - it was 2017 around 37B. Now it should be way above 40B dollars.

Nairobi, 25th August 2017 - Kenya Bankers Association (KBA), the banking industry's umbrella body and the financial sector's lead advocacy group representing total assets in excess of Kshs. 3.7 trillion (USD 37 Billion), has announced that Mayfair Bank Ltd

[quote author=obaaderemi post=7929
3751]Total asset ...Nigeria ($111bn 150mn)
Kenya.......($32bn 720mn)
111.150/32.720

=3.4 [/quote]

Equity join KCB and circle Ethiopia market. Kenyan banks are already going down as far as Mozambique and up north to South Sudan and west to DRC Congo. West Africa won't be long.
https://businesstoday.co.ke/equity-bank-expands-into-ethiopia/

You're now into hair-splitting and nitpicking - the last refuge of a scoundrel before you start suppressing us. KCB made 24B. If we use google to do usd conversion - KCB 24B kshs comes 236M dollars. Zenith 195B Naira come to 540M dollars. If we do basic division...2.28 times!

obaaderemi:
It's no longer $200mn. If I round Zenith's profit too,it's more than $600mn

When did that change. Last I checked it was 40 against 100B. We can check the data again from CBK and CBN. It was 2.5 times. That should give you enough clues that your economy GDP is OVER COOKED.

obaaderemi:
Oga, the data is against you.Your total banking asset is less than a third of Nigeria's.

I thought I didn't have to dignify such a nonsense with a response.

theenchanter:
rvp2018, ur response to this?
That's how u skip anything that's above ur brain quality, too much talk with less content is ur refuge.

At least u wont calculate economics like u calculate d soup money u give to ur wife.

As long as you don't ban me I am okay with facts. 600M is what I would expect from Zenith bank. KCB made 250M (round off) - that about 2.5 times more to Zenith. Like I told you GDP ought to be around there 2-2.5 times.

obaaderemi:
I will so deal with you this afternoon.
Nigeria's biggest bank is not Nigeria's most profitable.
Nigeria's most profitable bank last year was Zenith with over $600mn dollars. How does that compare with KCB's $200mn?
Times 3 at least
https://www.dailytrust.com.ng/zenith-banks-profit-after-tax-hits-n193bn-in-2018.html

Don't talk insurance. Kenya is doing badly but in SSA it's only second to South Africa. Nigeria basically has non-existent insurance sector...very tiny.

Jonraid:
And we always talk about banking and insurance.I guess they perform poorly in the insurance sector!

Yes - there is nothing there - it's just islamic states without oil - Kids go to madrassa - and that end of their schooling - then they become slaves of their Emirs - the Almajiris. It's like Northern Kenya but 100M people instead of just 2-3m people.
https://i0.wp.com/newsdigest.ng/wp-content/uploads/2019/04/Almajiri.png?fit=542%2C302&ssl=1

1 Dangote - 100M almajiri beggars
https://d345cba086ha3o.cloudfront.net/wp-content/uploads/2016/09/Almajiri_mendicants_stretching_hands_to_collect_sweet_as_Sadaka._Many_people_in_Hausa_land_give_Sadaka_to_almajirai_on_daily_basis_seeking_Divine_reward_and_protection.jpg

Jonraid:
If we had banking in Northern Nigeria,Boko Haram would be breaking the money vaults every f*cking day!

You have 18 banks - top 100 - has 14 - Kenya has 45 banks - they only capture 10 of them. I mean you can use data to cheat Nigerians who didn't get enough schooling but not kenyans.

obaaderemi:
Let me zoom it for you to see how poorly your banks did in 2018 despite Nigeria just exiting recession. Even Ghana with only one bank in the ranking did better than Kenya.

Nigeria's banking asset is *3.5 of Kenya's.

If you follow - keenly - this is just oil -value chain. The rest of Nigeria you have to understand is uniform sea of poverty. You're talking a region as big as Kenya - North Nigeria - that is not any different from Niger - just fallow land or cattle - teaming with illiterate Nigerians who have never gone to school. What banking can happen in there...I mean there is some banking to follow Oil money from South to Abuja and then to 36 states..and that is about it. Salaries and pensions are not regular.

Jonraid:
Pretax profit-48 million people -1333 million US dollars (Kenya)


-170-200million people-1999 million US dollars(Nigeria)


One is a 400 billion dollar GDP the other one is a 100 billion dollar GDP!

You cannot make money from a sea of poverty-stricken citizen of Nigeria who cannot even afford to build toilets. Outside Lagos and Abuja - the rest is huge zoo.

I mean whole of North Nigeria officially with nearly 100M people is one uniform mess not any different from Niger or Chad.

I mean remove the oil sector - from the banking sector - and there is nothing.

Jonraid:
I thought they were making billion dollar profits.Oh my goodness! What if we didn't have the rate cap?

Look at their population,they seriously should be making serious money!

Looking at this- their total banking profit is 1.3B dollars - against kenya's 1.5B dollars. The giant puny!
https://startcredits.com/the-2018-top-banks-in-nigeria-by-profits/

Jonraid:
Bring me the cumulative profits of all,don't look at one or two big banks! Bring an alternative chart showing both countries cumulative bank profits!

That is why they had rather heckle - than face facts.They will be exposed very badly. And you know kenyan banks did this despite interest rate caps. Nigerian banks are gorging Nigerian eyes.

Jonraid:
KCB got 240 million US dollars profit,Nigeria biggest bank got 300 million USD profit.Interesting! What can you deduce?

A nation of 150-200million people should have single banks posting billion dollar profits!