₦airaland Forum

crackhouse:
Nigeria is a scam. Our politicians know what they are doing. They know there will be no Nigeria in some years to come so they want to borrow all they can before they will scatter Nigeria and by then you can't hold anybody accountable. I pity the people that borrow them money cos they are on a long thing. Nigeria will soon collapse. When your debtor die who do you hold?

The debts are linked to the country assets e.g oil reserves, if Nigeria broke into 250 smaller nations the Niger-Delta will still be liable for all the debt. Nigerian politicians are not that smart as you might assume , just look how that homeless Irish fraudster that took them to the cleaners on the P&ID case.

Bedwyr:
DISCLAIMER : I am not an APC supporter, I do not work for government in any capacity, nor am I a pro Buhari man, and have never in my life voted for PDP(except once in a Local government election, because there was no better alternative then)...or APC or its precursor parties...

Having got that out of the way...

1.In April 2014...oil prices fell....and kept on falling till in 2016, oil was at $30 per barrel, down from $75 per barrel in 2015...which was down from $120 in Jan 2014....

2.As things stand now, oil is at $60 per barrel.

3,Because of the drop in oil revenues, in order to keep our heads above water....WE HAVE HAD TO BORROW.

4.Also, as has been stated elsewhere...we need oil to be at least $100 per barrel before we can have a good economy( that is why in 2011-14, we had a good economy because oil was above $90 during those times).

5.As long as oil is below $100 per barrel, we would have to borrow. We have no choice.

6.If you want government to stop borrowing...good. I think so too. But that means that in return, salaries would not be paid at all, taxes would be at rates of 50-60% on everyone, including people earning below N50000monthly who are excluded from taxation,and our country would be broke. We would also have to remove subsides on everything..which means fuel would cost N300 and above per liter because now we cannot afford subsides.

7.Ultimately, borrowing has to continue....and EVEN if oil gets up to the ideal of $139 per barrel....which is where we need it not to borrow...we still have to pay off debts accruring previously.


We were here before , from 1982-1991, and again from 1992-2003.

The only way forward is simple....Nigeria must industrialse. Yes, it sounds fanciful, but we must take the hard road to industrialization. There is no ther way, and sadly APC nor PDP have the ideas we need.

We must also cut every subsidy in the fuel and power sector...so that we can save money and attract investors who will build our power and petrol sectors to the point where we can fuel our industrial development.

Nigeria must get off oil.

Now.

....If the strategy is to borrow to supplement infrastructures development and the national budget, what is the strategy to pay back this debt considering our low productivity income at $40 billion per annum? I would have suggested that the country sell the refineries and reduce her NNPC and NLNG stake with the IOC by 5% to release $30 billion that can be directed into infrastructures development. Cut in recurrence expenditure especially the cost of governance is required to boost the allocation to the national budget.

Abcdefghij10000:
Actually borrowing helps to ease the government from using public funds in which the public funds can b used for a more short time workable project. Let me englighten you lets say the government wants to build a capital intensive project of 1b$ like a light rail which the construction would take probably 4 years.Dont you think it would be at a disservice to the nation if almost half of the budget is used for this purpose while leaving some more pressing aspects of development like education and co. So borrowing would actually give the government another source of capital which would be used for the project while the budget can be allocated for other things

They do not need more debt. They need more intellectual capacity.

Nigeria strategy should not be about accumulating debt to improve infrastructures, how do we sustain those infrastructures by taking new debts. The country roads, rail, electricity plants and refineries are all comatose, because of poor governance model and corruption. Infrastructures are liabilities and unless the government has a plan for these infrastructures to be self-sustaining, the loans will end up in some politician Swiss account.

ColonelEmeka:
He said, “The President said he is fighting corruption, but I don’t believe him because, if he is fighting corruption, our courts and prisons should be full by now. This is because corruption is everywhere

The above is a very stupid statement. Is buhari the Judiciary? Buhari would prefer a way that would speed up the process but our Judiciary is making it all slow as they keep postponing and selling Judgements.

Buhari himself once said his biggest headache in this fight is the Judiciary.

I wish that in a democracy we can at least use Military approach when it comes to corruption fight while the rest can remain Democratic

Read how Malaysia and Singapore democratic government fought corruption. The created special anti-corruption courts that were dedicated solely to the speedy prosecution of corrupt government officials.

The military government is the foundation of corruption in Nigeria

Gten:
You are a graduate of Kogi State University and I am guessing you are a Kogite, NYSC has a default posting of 80 percent kogites to the core north(my own observation though). If you want to get the best from your service year, please commit the whole process to God and watch him take the wheel. I assure you, God would surely connect you to your destiny helpers. Best wishes.

This is why Nigeria is in a mess. The guy asked for advice and your suggestion is that he commit himself to god are you insane. What has religion got to do with work placement?

tillaman:

Making the whole Lagos state clean seems like something impossible and even if it’s possible then it’s never going to be something he can achieve within a year in office, that place is too damn congested/overpopulated, lots of hoods and ghettos
The population alone makes it seem impossible
Maybe for major roads or popular/highbrow areas sha

The population are too indiscipline and dirty, but the leadership are also corrupt and incompetence, Lagos should not have open drainage in 2019.

ednut1:
we should sue the british for granting us independence. 11 years for a rail way that is not even long

Why sue the British?

We should sue Nigerian tolerating this complete and utter rubbish in government and leadership.

The Oil Refineries will be repaired in 2023, Blue Rail will be ready in 2022, Ajaokuta will be ready in sometime in the future, yet the docile Nigerian continue praying for deliverance.

Rossikk:
SHUT UP with your worthless life. Nigeria is a capitalist economy and the private sector is VITAL in providing reliable public services.

A capitalist country will encourage competition by selling the four-state own refineries to Dangote competitors and encourage competition, instead of monopoly.

Jestin:
So Nigeria is going to depend on a private refinery to stop importation of fuel.....Na wah for my country.....FTC

This is state capture at it's worst.

Complete madness, why ain't the four refineries working, it has been 5 years and Buhari the Minister of Petroleum has failed to do his job.

Nigerian should stop using other nations failures to justify their own failures. USA and UK have security, 24/7 electricity , universal health care, universal education and employment opportunities.

Nigerian need a government that can deliver operational refineries and electricity plants that will cut importation and improve the country productivity is that too much to ask in 2019.

solmusdesigns:




Gbaja is close to his surulere people, they love him deeply and he loves them back.. plus he is quite reachable to them and shares job slot to ordinary people

Obama and trump shares food to the needy, low self esteemed people hail them, Gbajabiamila does the same they start ranting

..

diltstwoods:
Sadly we don’t have the expertise.

Then why waste billions of dollars building universities, If the end result is to depend on Chinese, Turks and Arabs to build simple roads or construct airports.

MaNyEsq:
I totally agree with you not minding the silly comments by nitwits. When the FG is in total control of the revenue that is generated by the airport, it is its responsibility to build and maintain such. The last time I checked the Lagos, Kano, Abuja and, Kaduna Airports were built by the FG with the nation's money and not by any of these states or their peoples. So to expect the people of the East to build their own airport is asinine on the part of any person with such warped mindset. What is good for the goose is good for the gander. I wish people would just shut their anal-like orifice if they have nothing of substance to say.

There you go again making excuses for the non-performance of SE leaders, what did Stellah do when she was a minister of aviation under GEJ. The Akwa Ibom governor is not concerned with what the FG is doing or not doing, instead, he has leverage the state resources to attract needed foreign investors by building a state of the art airport.

This is how you attract foreign investment. Invest in infrastructures such as education, roads, rail and power and the investors will come.

grandstar:
You want to stop the importation of petrol, yet you refuse the end subsidies and deregulate the price? You are also keen on pumping money into antiquated refineries despite the fact that Kachikwu has advised that it is cheaper importing petrol than using those junkyard refineries.

Ending the importation of petrol is not wise. You'll simply be giving local refiners the opportunity to extort consumers. Such exploitation is already the norm in cement with Nigerians paying more than 50% more for a bag of cement. An import duty of 5% may be enough to stop excesses

South Africa and UK Refineries average age are 60 years and still working

The promise is now 2023 and when El Rufai becomes president it will be 2027

olaboy33:
I understand Buhari is constantly abusing Human Rights of which I'm in no support of.

But what baffles me here is if these US senators have Nigeria as part of their jurisprudence or maybe they don't have relevent issues to America to discuss in their congress.

Enough of these playing of big brother when they do even worse and cover it up in the name of America.

Nigeria is no kid for Pete's sake, we can handle our affairs. China and Turkey is there for them to raise concern over.

Nigeria cannot handle its affairs, a country with 100 million people living in extreme poverty, that depends on debt to balance it's books and spends 70% of its budget servicing debt cannot handle it's affairs and needs to learn and listen.

ghettokid1:
If only state governors & tyrant-buhari will quit tribalism and patronise igbo products, by this time 2030 nigeria will be surely the giant of africa.
Anyway Local man salutes a good man's action.

The images of the people working in the plant are Chinese and not Igbo.

Sirjamo:
What useless Court? Court that could not protect us from the lunacy of Mohammed Yusuf, he was arrested many times and always got released by the Courts, when his boko haram grew wings and start slaughtering people, the Court was nowhere to be found.

Nnamdi Kanu got a very stringent bail with a long list of conditions, the moment he stepped his foot out of prison, he broke all the bail conditions, what did we get from the court? Grave yard silence until he eventually jumped bail to go and continue his terrorism from abroad.

Even America that pride itself as the leader of the free world has Guantanamo bay where they lock up every one that constitute danger to their peace without trial, just like Sowore. Human right can be thrashed if it endanger the lives and peace of a nation. The end will always justify the means!!!

Olodo, because America has failed to respect the human rights of terrorist we should copy them.

crash12345:
Tourism is a unique aspect of an economy.With tourism,unlike crude oil sales and deals in which 95% of the money made goes directly to the government and some few private friends of the government, tourism money goes directly to the common man and basic businesses by the common citizens.

In Ghana,we make over 1 billion dollars from tourism and majority of this money spent goes to the food vendors,transport owners,taxi drivers,hostel and hotel managers,drivers,tour guides,culture and art sellers on the streets,restaurant and food joint operators,it provides massive employment and business ventures,etc.

Just a little amount goes to the government through taxing of these service providers and some tickets for some exclusive government owned tourist sites.People come to tour the nation for religious programmes,sports programmes,business summits,food and art exhibition, private family tour packages,,nature sight seeing ,group tour packages and even sex and entertainment tourism,all these brings in tourists.

Most people do not embark on these journeys because of the months and time needed to apply and process for a simple 30 day or 90 day visa.So when you make it visa on arrival,all they need is their plane tickets which must have a return ticket back to their country before entry and personal pocket money to spend.In Mauritius and other visa on arrival countries they check your bank balance or money in hand which some countries make it 100 dollars per day spent must be available.

Tourism competes with gold and cocoa top earning in Ghana. It accounts for 10% of the world GDP and employs 1 in 5 employed people in the world.

There's local tourism when people travel from the same country travel from one state to the other for a mission or even visit their relative or friend in another state.You spend in that state and improve their local economy buh the best form of tourism is international tourists.They bring dollars and foreign exchange and they spend like celebrities and rich tourists thus helping the economy of that country. Tourism sustains South Africa, Egypt, Kenya,Greece,Italy,Ghana and Nigeria can earn more money from tourism than even oil due to your large diverse and wonderful society and people when you develop and market your country. Countries pay to CNN and world media to advertise their country like Visit Rwanda which sponsors Arsenal FC and Year of Return in Ghana.

Only paedophiles and sex pervert visit poor countries. Tourism in Nigeria will be a social disaster.

astana1:
Fantastic policy. More investment

From impoverish African? More like an open door to African refugees. Why not be selective to countries that have something to offer.

9jahotblog:
Oyo pensioner in joyous mood ahead of the yuletide as Seyi's government clears their outstanding from the last governments. Governor Seyi makinde is doing extremely well in governance.



https://www.youtube.com/watch?v=lDNOZSwf7D0

Keep the people poor enough that they will be grateful for the air that they breathe

The country has gone backwards, no big ideas or innovation to transform the country, gone are the days of planning mass transport systems such as the Jakande Metrolline or even Fashola light rail systems instead, our current leaders are only interested in survival policies that will continue the poverty and underdevelopment.

Brandstudio01:
GEJ warned the country of what is playing out but I never trusted his advice. Because I never trusted any Nigerian Politician.

That aside, You need a Professional Logo. Until then you do not have a presence. See below if you need a Logo for your Product of Company

It is GEJ corruption and incompetence that opened the gates for the likes of Buhari and Tinubu. Had GEJ done his job properly Buhari and Tinubu should have been standing trial for mass corruption at the PTF and in Lagos state respectively.

Majority of the foreign Investors are sex tourist and peopdophiles

lokho:
You're very wrong madam. Dominican Republic is far better.

She is being very diplomatic, I lived in Dominica and used the city overground subway system which was built by the French in the 1990s.

Ban Fulani Herdsmen and boycott their cattle meat.

moorevic:
i agree with Rochas but its impossible to curb illiteracy in the north.

Why not? Western Nigeria was as bad as the North in the 1950s and 60s.

Awolowo curbed illiteracy in the South West with the universal primary education programme. The North need leaders that will focus on modern primary education and stop wasting resources on expensive new universities or Aljamiri education programme

Nigeria May Soon Have to Raise Cash in International Debt Markets

Nation issued record $10.7 billion of foreign debt last year. Nigeria needs to borrow to finance the widening budget deficit


Nigeria may offer Eurobonds as early as the first quarter of next year after staying out of international debt markets this year.

“We have to do it quickly because we want to make sure we have enough funds for the implementation of the budget,” Finance Minister Zainab Ahmed said in an interview on the sidelines of a regional International Monetary Fund conference in Dakar, Senegal, on Monday.

The amount the government offers will be determined by how much it raises from concessional lenders such as the African Development Bank, she said. “What we’re not able to get in concessionary loans, we’ll go for the commercial window. Eurobond is one option.

Africa’s top oil producer issued a record $10.7 billion of international bonds in 2018, and some investors were betting it would sell more this year to cover its widening budget deficit. The nation’s debt management office in October ruled out further sales in 2019.

Nigeria’s economy is expected to expand 2% this year, a far cry from average growth of 7% a year in the decade prior to its recession in 2016. Bank of America Merrill Lynch said in September it expected the government to issue at least $2.6 billion in Eurobonds in the last quarter of the year, before the state ruled out further borrowing for this year.

[b]In the past week, President Muhammadu Buhari brought an old request to borrow about $30 billion in foreign loans before parliament. [/b]The senate rejected Buhari’s external borrowing plans, which covered 2016 through 2018, when it was first presented three years ago.

https://www.bloomberg.com/news/articles/2019-12-03/nigeria-weighs-eurobond-market-return-as-early-as-next-quarter

jahsharon:
Dear World Bank, past Nigeria's Presidents including IBB, Obasanjo, Goatluck who followed your evil directives to the letter, what was the outcome? Was it not tears, sorrows and suffering? Your polices are strategically planned to put Africa in perpetual slavery.


China's policy of not giving cash but building infrastructure. with Africa is why the Kaduna-Abuja Railway has been completed, the Ajaokuta-Itakpe-Warri Railway has be completed, the Lagos-Abeokuta-Ibadan Railway is almost completed, the Lagos-Ibadan Expressway is almost completed, the Oyo-Ogbomosi Expressway is almost completed. What did Africa and Nigeria do with all the loans and advice that World Bank has been giving since time immemorial? The money is in banks in EU and US stolen by Africa's politicians.

Therefore, World Bank, EU, US, please shut the fucvk up. Buhari no send una. He is doing business with China, India and Russia.

China's policy is why our debt has shot up to nearly $90 billion. Nigerian contractors should be able to build a simple university , I have seen the design of private owned universities, built by local contractors and they are much better and cheaper than made in China university.

Nukilia:
Past politicians have destroyed Nigerians mindset and made them see basic amenities as herculean,,,

60 years of incompetent leadership can do damage to any human.

From reading all the comments on this thread it seems that there are more PDP\APC agents debating political points, rather than the important issues on economic sustainability and management.

Nigeria cannot sustain its existing universities yet we are building new ones, the primary education systems due to lack of investment, but our so-called political and military rulers will rather waste billions building vanity universities.

On a serious note, do we need another university in the North, especially in the midst of more than 15 million children being out of school? Three new universities, when the recently built Almajiris school are in a state of disrepair.

This seems like another misplaced priority by the Nigerian political class.