₦airaland Forum

Now on a serious note today is sunday, let appraise our standing with God, going through my Holy Bible I stumbled on Ephesians 4 : 29. So let's meditate on the words therein, the sins we are all virtually guilty of on Nairaland especially the politics section. Let's not grieve God.

Tender my unreserved apology that those I have offended, hurt, malign and/or insulted with mean words when I was livid with anger. The BIble said anger is a strong foot hold for the Devil. Let's all turn a new leaf and destroy tribalism and bigotry that is marauding our thought.

Now on a serious note today is sunday, let appraise our standing with God, going through my Holy Bible I stumbled on Ephesian 4 : 29. So let's meditate on the words therein, the sin we are all virtually guilty of Nairaland. Let's not grieve God.

manny4life: Oh, you knew comparing LIRS and FIRS is next to impossible and ridiculous, yet you compared Fashola to NOI, stating that if the governor can do it, why can't NOI do same? Lol... You just figured the comparison of Fashola to NOI is absurd knowing that these two operate in different jurisdiction, I'm glad you know your reasoning is highly flawed.Your ridiculousness is staggering, again, I compared the % input and not the volume, think about what I wrote before you start talking.

Again, I don't even know where to place my hand on your faulty arguments, who's talking about bonds and how it works? Lol, you're question my knowledge on bonds? Lls, I doubt you did finance/accounting in school, anyway when I decide to retake Corporate Finance, I'll do so.

1. Contrary to your argument, a bond can be redeemed on or before maturity date depending on the options like the interest/coupon rate, etc.

2. No matter how you sugarcoat it, a BOND is a debt security instrument or IOU of the issuers currency, thus remain a debt. There are different classes of bond instrument, LAGOS bonds are actually BONDS because they are long term and not short term. If they were short term, redeemable in less than year or two (current debt), then it would be classified differently.

3. If Lagos were to exercise the options of liquidating her debt (bond securities), it would have done so, however, contrary to popular belief, Fashola went bond shopping sometimes this year... Look to the Debt Management Office for more information.

4 My argument centered on Lagos ability to generate revenue in terms to NOI, I told you don't forget to look at the debt per cap. If you're gonna compare even after I told you not to, then why blaming me when I began the comparison? Then again, your rant about how bond works is very irrelevant, BOTTOM LINE IS, LIKE THE FG AND OTHER STATES, LAGOS STATE OWES MONEY. A good portion of Lagos Budget depends on debt to finance it's budget...Like duh

Lol, I failed to make constructive arguments? Hehe, in a recent news, Niger State I believe publicly stated that President GEJ halted drilling and exploration of oil/gas in his state, what was the reason? In his own words " I think the president halted our plans BECAUSE OF THE Petroleum Industrial Bill (PIB)". If a governor recognizes that his state cannot go on further without NASS passing measures, and the state depends on the future 13% derivation, what makes you think that Nigeria who's revenue (55%) largely depends on this same industry is able to perform magic?

I'm sure many saw the point of my argument, but I guess maybe you're being mischievous in telling yourself the truth. The day you critics begin to tell yourself the truth, you will see the light.

I have been courteous not to confront you with all your lies and had to even respectfully use the fibs which will not easily render itself to an unwary person.

First, you are discursive in all your arguments and I allowed myself to be drawn in cos I was treating you with kid gloves, now you took my generosity for granted and actually thought you are properly schooled. I have been distracted of recent cos had to save some one on death roll by grace. My points are iron cast. Reasons you kept throwing every thing at it including the kitchen sink, yet facts don't lie.

Now the fact in issue is NOI' s incompetence and nothing more.

Lagos actually is under borrowed with bond that the first series will mature in february 2014 and the next one in 2017. This precludes the state from servicing debt like the central that is steeped in 10.1 billion dollars foreign debt and over six trillion naira in local debt. To allay your paranoia how lagos will pay the debt, pay attention cos I am gonna repeat my self once. An Irrevocable standing payment order is in place to take care of the bond's interest[a zero coupon bond or even a convertible one can make payment a lot easier] and obligatory contribution from the IGR to the consolidated debt service account.

Now by same DMO Lagos state debt is a paltry sum of 611.25 million dollars not 2 billion dollars that you drew up from your keister.

Now on GDP growth the central has regressed to 6% from the paper 7%. While in the last 5 years the annual compound growth rate of lagos is over 13% , its GDP stands at 81 billion dollars. You see competence not mediocrity that you guys have been celebrating. Despite the alarmist stance of the said NOI. I did this to confront you with your lies.

You made mention of how adept you are in bond nay corporate finance, yet you reach a most uninformed conclusion that lagos is almost insolvent.

When I confronted you with your shallow knowledge in the workings of bond you went on a whirligig sloppery slip tantrum of corporate finance and kept throwing red herrings which I was constrained to follow to sustain a robust arguments with you. You see how bond has curbed excesses and wastefulness of servicing of loan that NOI has plunged us into, I will bore you with details: jonathan government under the watch of NoI borrowed money like it was going out of vogue; 1.7 billion usd was borrowed from china to reform the aviation sector where planes have been dropping like torrential rains; 300 mill usd for transport sector, 50 mill usd for energy efficiency, 100 mill usd fertilizers ; 500 mill dolls for multi-tranche line of credit to finance domestic smes, 100 mill dolls for water supply in zaria, 200 mill dolls for multi-tranche line of credit to insure export oriented smes, the list is endless, with the attendant debt servicing obligations. Yet she said we are broke, despite excess crude oil sale which she has been saving like you said but for what to service debts. This is what nauseates me. Arrant incompetence. Lagos alone takes care of over 30 % of the Gdp of the whole country and over 60 % non oil revenue just a state. Lagos GDp is higher than 42 individual states in Africa just a state, those are the basis for comparison the competence of the individuals in charge not a state to country basis.

Now tell me a country that earns 23 billion dollars and spend 33 billion dollars is not on the precipice of bankruptcy yet state of emergency has not been declared in that sector yet she kept saving doing voodoo fish seller economics with the whole country if not for a state like Lagos that humongous corporate taxes are remitted to the central a crisis deeper than that of greece would have hit us that is inevitable any way let her ostrich buries her head in the sand, her funeral not mine.

My point is clear as cheese to chalk, madam OKonjo Iweala is a misfit, if she can not solve our economic woes. Stop defending the undefendable and moving about in circle like a gyroscope, your knowledge of economic micro and macro has been laid bare, go read more for now you are only been intoxicated by a little M
knowledge.

You can't find a place to fault my facts because they are iron cast, you betray complex by giving me your resume particularly your corporate finance back ground wherein you are apparently rusty, stay on the topic. Don't need your resume I am not looking to employ any one.

manny4life: Your problem is you talk too much, without saying AGAIN... Open another thread and I will meet you there with FACTS...

Now you can diagnose my problem arm chair doctor. What stops you from opening the thread so I can lay bare most of your spurious postulations.

manny4life: One will expect you know how the theory of government work, but no you seem to wanna attack the woman

1. Lagos tax collection laws doesn't depend on the federal laws, these are two entities. Even Lagos is having a hard time collecting tax from it's citizen.

2. Look at the non-oil receipts from years 11,12,13 and tell me if FIRS increased taxes or not, then look at the % increase and tell me between both entities - LIRS and FIRS, who has the higher % increase. I told you that FIRS increased receipts by more than double from the previous year and you're here talking without fact, perhaps you should tell us what % of IGR represents Lagos revenue.

3. Perhaps you should tell us what Lagos is doing that FIRS isn't doing, come up with a constructive argument.

4. On a final note, is your Lagos sustainable with the amount of revenues it receives YET it plunged itself into about $2billion + debt (source DMO), do your debt/cap and compare to that of Nigerian debt, let us see who has more on average.

The basis of comparing lagos to NOI led federal govt is to show you what a competent FAshola is doing at the state level. Compare likes with likes you cannot put a state on the same pedestal with a country, you should know that so your comparing of FIRs and LIRS is as ridiculous as preposterous.

The fact that Lagos state is in your generated 2 billion dollars debt essentially obtained by bond betray your sense of how bond works. Not that lagos cannot liquidate his debt in a bullet sum but the bond must mature before payment..

You failed woefully to make a constructive argument here though it was not destructive but was passive display of intellectual dishonesty.

ilebaami: Lagos is not a multiparty state as far as Governance is concerned. The political opposition does not control 2% of the executive and legislature in Lagos. I rest my case.

You did not have a case so what are you resting.

tomakint: @Manny4life thanks for helping Sterling Towers out of his ignorance on how government works, I am very sure with your expository analyses here he is no more a learner! The fact is, Jonathan remains the first and only President in history to engage retinue of experts that work 'independently' without interfering and this is working for him and us! It's a question of time, Nigeria will be out of the woods. Let's support Jonathan's government!

Your manny4life that turn logic on its head with trumped up stats is the one to teach me. That you are in the dark of the obvious fibs of manny makes you gullible and perhaps a kiss ass, I have been able to tear is fibs into shreds.

[quote author=eagle,eye]World Record Breaker: Bola Adebisi Caught In US Airport With Swallowed 100 Pellets Of Heroin!!!
52-year-old Bola Adebisi ingested an incredible 180 thumb-sized pellets filled with heroin. Airport officers became suspicious when she was questioned after arriving on Ethiopian Airlines flight 500 from Adis Ababa.
Border Protection, said: “We were kind of shocked and surprised at the sheer number of pellets she ingested. We usually see men twice her size ingest about half of what she did.”
According to International Business Times, Adebisi broke a previous record for ingested drugs set on March 30, 2011, by another Nigerian man, 46-year- old Yomade Aborishade of Lagos, Nigeria, who was arrested for ingesting four pounds of heroin in 100 pellets.
http://247nigerianewsupdate. com/world-record-breaker-bola- adebisi-caught-in-us-airport- with-swallowed-100-pellets-of- heroin/





That is not in issue now, focus and I mean the topic. Comprehende?

While a nine year old boy is getting certification an adult is excreting 57 wraps of cocaine. Extremism of positivism and negativism

Tuntheycr7: What is the one sayin?
You shud b taken ya drugs regularly

Now tell me who needs drug? desecreting mother hood and a baby's child hood to score a non existent point, you are beyond redemption. Irredeemable air head! Now run along and go clean something of mine.

cashkid18: if he is a monster i wonder wat dose ur two brodas dt slaugthered a defensless soildier in d streets of london wil b called

They are from south west but certainly not my brothers, choose your words carefully. My brothers don't do drugs.

Owners of lagos, they could shit truck load of HD. Always getting in the news for either cross dressing or all the wrong reasons in the world. Pathetic losers.

Who the heck is berem? She is every thing I want in a friend, analytical, brilliant, compassionate, objective, intelligent, a dilletante, she is one riot squad. I respect her! She is a rare one with good breeding. Doff my hat.

theshadyexpress: [b][/b]
yes he is always making non sense.all na sense na

If only you allowed objectivity and little gumption rein of things you could have made sense, you struggle to but end up making a wretched of the earth kind of sense. Must have been your poverty of sense, decalcify bigotry in your head that is a suggestion take it or take it.

theshadyexpress: d op is a mumu

Bungler!

legalcode: Why is this Funke always hugly? y? see her elbow ( second pix)..enough bleach! bleach!! U want to be fair by all means " typical ofe babe"

Typical ndi ofe akukwo slowpoke. All impulsive senseless yarn