₦airaland Forum

GeneralDae:
You are really slow. They called it overdraft because it went above the minimum set by law and not because all (or even most of it) was used as emergency funding.

So farmers loans are emergency. You think everyone here got Nigeria type of education. Overdraft are used by your broke gov to pay salaries and such kind of expenses...it gone to beyond ridiculous with Buhari. 50B dollars...trillions of naira

Just40:
As usual

Lunatic rants because the facts goes against him

Kenya banned used cars older than 8yrs in 1990s and imposes heavy duty of 100% on those cars still..how is that comparable to your small zoo..look for a video of kenya traffic...and compare to your roads with very old rickety cars..your country look stone age.. houses rusted..cars rusted..everywhere you look umbrellas and hawkers. The same with Nigeria

AfriqueDuZuid:
6th in terms of wealth

Nowhere in wealth per capita

4th in number of wealthy

Obaaderemi2:
So they have been artificially propping up the value of the shilling? The clowns.

Why don't we have a blackmarket rate like Zoogeria.Now nearly twice official rate.Imf edict was for all countries mostly Nigeria, Egypt and Ethiopia.You are creating poverty at industrial scale while propping naira

Just40:
A punitive duty is an effective ban because it effectively makes new cars more affordable than used cars in Ghana.

usual madness

GeneralDae:
Nothing stops you from printing shillings for to loans to Kenyan farmers (in order to help Kenyans starving in drought areas). That was majorly what we printed more naira for in 2020/2021. A lot of farmers were given loans and there were lots of programs by the CBN on this but corruption marred it.

overdraft slowpoke is emergency funding when you gov has used all money to pay debt.You need to invest in education...greatest denominator for sucesss..not useless rice farming.Youre a country of smilling and suffering fools indeed in a zoo so dysfunctional

Just40:
That's outdated
Myjoyonline 2022

Read the ban on Cars 1-5 years older

https://www.myjoyonline.com/car-dealers-bare-teeth-over-35-penalty-on-duty/


Kenya can do better to get rid of rusty old cars on it roads ... Even Ivory coast do not have those rusty things on their roads

Duty doesn't mean banned. Used cars in Kenya attract cumulative duty of 100 percent

AfriqueDuZuid:
Your report says nairobi is 6th.

Report is long but maybe your power run out so you didn't finish reading..try the headline

Obaaderemi2:
Yes, in the past we've owed pensioners, just like Kenya too but we've never owed federal workers. It's not possible. That's a Kenyan thing. It's a bad sign that your country is down.

I don't need to fact check some nonsense you post...Nigeria long passed 100 debt service ratio and is beyond broke..survive on printing naira..resulting in inflation and huge poverty. Those are stubborn facts

Just40:
Desperate as usual

Ghana only imports 5 years old and has ban second hand cars recently but hasn't implemented it yet

Take your meds Bloomberg.Its only in 2020 that you started doing 10yrs..even Uganda is ahead of you
https://www.bloomberg.com › articles
Ghana Bans Import of Cars Older than 10 Years to Draw Automakers

Kenya rank fourth in Africa wealth ranking with Nairobi also fourth...just slightly below the Zoo n lagos. South Africa continues to regress https://www.businessdailyafrica.com/bd/economy/kenya-fourth-in-africa-s-dollar-millionaires-rank-3795462

Obaaderemi2:
The most painful decision is when federal workers go to bed with empty bellies like in Kenya.

Something that been happening in your Zoo more often than anyone cares to list..do you even pay pensioners

Just40:
Kenya still importing 8 years old cars 😂🤣

No wonder their roads are filled with rickety cars

Ghana as of recently just got 10yr old from no age limit. Kenya has had 8yr age limit since 1990s.We have now disallowed used trucks.kenya about 10yrs from car manufacturing taking off.

GeneralDae:
Tanzania should be the powerhouse of East Africa.

Not Kenya, not even Ethiopia.

Kenya is the tech powerhouse of East Africa for a fact though.

Tanzania and its people will always remain a joke.Power House kidding right.Move out of the highway there are no paved roads

GeneralDae:
Lol, there is no evidence Central Bank's money was used to pay off salaries. Federal Government of Nigeria even at her worse in 2016 always paid salaries. Nigeria is not little India that struggled to pay salaries for 3 months.

Kenyan Government is officially bankrupt.

Why do you think it took overdraft instead of floating bonds..your Zoo has long exceeded 100% debt servicing ratio..that stupido mean its been printing money..Buhari has printed 3000 percent more than Goodluck.Stupido country full of brain dead.Now you have 50B that you want convert into bonds so you clean the mess..however it will mean your debt will balloon.Lots of painful decisions will be needed to save your Zoo.

Obaaderemi2:
The same way we are telling you Kenya will be bankrupt soon.

But you can't predict nothing without deeper knowledge of things..

GeneralDae:
What you call printing money, we call them CBN bonds to local investors especially in 2020 and 2021.

Just that much of it is unaccounted for and the result it aimed to achieve by getting farmers to have heavy loans during COVID, came at a loss due to unaccountability and increase in insecurity to the farmers from Bandits (both within Nigeria and across the border) thesame year 2021/2022.

Printing money is also costly and because of that, not more than 8 African countries print their own money themselves. Hope you know that?

I am talking overdraft that Nigeria take from CBN to pay salaries. Nigeria federal gov has taken 50B dollars worth of such overdrafts. That is asking central bank to create money to pay off salaries. It increases money supply and inflation. That is why Nigeria is struggling with inflationary pressure like bankrupted Ghana. That is also partly explain why dollar exchange in black market is double official rate.The cost of minting or printing paper is little...

Why would Kenya default. You need to understand how countries default and why Kenya is far from doing it. I dont know how much financial education you need to understand that Kenya had liquidity challenges but is very solvent.

You default if you do a series of stupid mistakes like Zambia and Ghana
1) You take huge external commercial loans - Eurobond & Syndicated loans with variable interest rate. Both Ghana and Zambia took lots of that.
2) You default if your currency loses grounds - Ghana for example saw almost 50-100% depreciation of cedis - and they threw up their hands.
3) You revenues stop growing - Ghana tried everything including mobile money taxation - but revenues just didnt grow - they threw in the towel - one sunday their sweating finance minister announced they were bankrupt.

You dont default if like Nigeria you take lots of domestic debt. Nigeria has printed 50B dollars worth of Naira. You just de-flate the money by printing - and creating poverty - but you dont default. This what Nigeria has been doing - printing their way out.

Kenya has only printed 500M dollars - the whole of last year. That the much kenya gov has borrowed from our central bank to address liquidity challenges. Kenya revenues grew by 20% last year from covid recovery - this year up again by nearly 10% - the economy is growing at 6% year in year out - inflation is not even double digit - base interest rate is 8%.

HOW do you expect kenya to default

GeneralDae:
Kenya is also almost defaulting. They are lucky they struck a deal with UAE to buy oil without dollars.

I knew Ghana would default waaay back - it predictable - if you know the history of Ghana gov legendary recklessness.

slowpoke losing their money for investing in Ghana have themselves to blame.

Price, you pay investing in a wasteful irresponsible gov like Ghana and Zambia - both who hold Africa record in the number and propensity to default.

One must be ignorant to buy either Zambia or Ghana bonds. Ghana Cedis and Zim Kwacha had become so useless 1 dollar for 50,000 cedis they had to re-start from zero. 10yrs later they are 15 - that is 15 times depreciation. I can only imagine if KES was to drop 15times in 10yrs.

GeneralDae:
Nigerian banks have incurred significant losses of at least N184 billion from their investments in Ghanaian bonds due to Ghana’s debt crisis.
A cursory analysis of the results of some commercial banks in Nigeria revealed all of them incurred billions of naira worth of losses.
The losses highlight the challenges facing emerging market economies and the importance of sound fiscal management and debt sustainability to avoid potential contagion effects.

46% on interest alone illiterate Ghanian fool. You still have to pay for principal.

Just40:
have you seen anyone default at 46% debt repayment? 🤣😂🤣

You're actually a clown

Being downgraded to default status in credit ratings is not the same as actually not paying your debt like in the case of Kenya.

Learn this and know sense.

Ghana didn't default on anyone of it debt obligation last year and hasn't done so this year. This is why you are struggling to mention any particular debt that Ghana defaulted on like I did for your broke country Kenya....


I don't have to repeating confessions from Ghana Eurobond holders everyday 😂

Oil will not generate itself; Nigeria has failed to invest in oil sector and now it's starting to bite. Nowadays you can barely do 1M barrels - or doing half what you did a decade ago.

Now you have 220m country waiting for 20B dollars or less from Oil - with usual price fluctuation.

You have kenya working hard to generate 30B dollars in revenue from non-minerals - solid revenues that dont fluctuate.

Nigeria now if you rotton oil infrastructure continue the downward trend - soon your federal and state gov will be sharing 10B dollars

Obaaderemi2:
Nigeria can not default. Even in the worst of situations we didn't. Oil is still quite relevant and selling at a good price. The incoming President is someone who understands these things and has international connection. I'm sure confidence in the economy will be bolstered before year end and also with a decisive move on the subsidy issue I see Nigeria saving a lot of money.

The same can however not be said about a country that doesn't have fuel subsidy and still can't pay salaries.

Of course. Nigeria budget still remain largely Oil. If oil revenue improve; Nigeria gov moves along. For kenya it absolutely important that tax collection improves - and economy grows.

GeneralDae:
If oil sells high and Nigeria in the short term improves production, revenue in dollars would skyrocket again. This is what the Nigerian Government shared from 2005-2018.

It's clinical coupled with typical west africa pathological lying

gallivant:
He lives in a utopia!! Who doesn't know Ghana couldn't pay her debts?

The whole world except a Ghana mad-man knows Ghana defaulted. Seek clinical help.

Of course a mad man like you can read and hear phantom stories.
As far everyone knows - Ghana defaulted
They are expected to resume debt services in 2027 - after IMF arrives and straighten things.

This one last news on Ghana default....world bank who guaranteed 500M dollars for Eurobond are in trouble.

World Bank will want some IMF action too if they will pay Eurobond principal.

https://www.ft.com/content/7e008f0d-1ae9-4b8a-8caf-4e014fdf2f41

Just40:
Yet our Eurobond and multilateral lenders are telling the world that they are being paid.

When will you stop lying 🤣😂

The Zoos can not hold a candle to kenya. This latest from IMF - showing who is more debt distress.

Debt/GDP, budget deficits and FX volatility make the headlines but this is an underrated point about country govt budgets 👇

% budget revenues just to pay interest expenses.

Sri Lanka: defaulted
Ghana: defaulted
Pakistan: near default
Egypt: can't rule out
Nigeria: struggling

You defaulted ON ALL LOANS except for 1) Tbills and 2) IMF & WB loans slowpoke. Why do you want us to name each of loans when you gov defaulted on almost all domestic and external debt?

Just40:
You've been singing this song yet can't mention a single debt defaulted on 😂😂🤣

Broke Kenya is defaulting on another debt as we speak

You're a hero in nonsense

Sudan has always been a war zone and I don't know which country in East Africa has it's economy linked to it - maybe South Sudan who depend on their oil pipelines?

Sudan economy long tanked to something 40B dollars..

Obaaderemi2:
It will affect East Africa more. The region is the most unstable part of Africa for now, coupled with drought.
Plus little India, their biggest economy can not even meet its reccurent expenditures by not paying workers.

Ghanians have no shame. They long defaulted. Should not be in this thread if they had any compunction.

gallivant:
Over 60% inflation, but the dwarfs choose to sing and dance for us..

https://pbs.twimg.com/media/Ft4iYDYaEAIC8Aa.jpg

Which lies; That kenya economy is 30B dollars? Or what else did you conceive today genius. Nigeria economy using black market dollar is overstated by 100%. Deal with that. Another decade or less - kenya will overtake Nigeria economy.

Obaaderemi2:
The lies are coming unstuck.
Next would be a default. If you can't pay your workers as and when due, your business is finished and the only way is down until an angel is sent to save you, such as the imf.

One africa fastest economy is finished with some lowest inflation? Stop smoking bhang.

Obaaderemi2:
It's finished. Kenya is broke completely. Every cent they make now must be kept for payment of debts. I just hope other African leaders do not begin to copy this Ruto boy by owing federal government civil servants salaries.