₦airaland Forum

qtx:
Shame! Shame!! Shame!!! on you. The details of the sponsors given to Nigeria by UAE how far? Even if UN probes and gives you the list, will you do anything? I keep saying it that corruption does not allow nigeria move forward. Go and prosecute the ones given to Nigeria by UAE then UN will take you seriously. Otherwise, go and rest; the UN will just laugh at your hypocrisy

Buhari government was sympathetic to terrorists. Notice that terrorism incidence has reduced in North Central Nigeria since Buhari and El-Rufa have moved on.

Buhari Minister of Communications and Digital Economy, Isa Pantami was a known Islamist sympathizer

mannobi:
It is pure hypocrisy of the west to tag Nigeria a war torn country when the major funds used by the terrorists comes from outside the country. Who is financing terrorism in africa? Where are they getting equipments from? How do they get the training and are the UN always shouting human rights abuse when nothing is said about the atrocities of the terrorists.

Nigeria's Army gets a large share of the budget, and the country has over 10 intelligence agencies, yet we cannot identify the source of Boko Haram's funding.

Nigeria needs new leaders who will seek the support of the Israel intelligence agency.

Tflex01:
Uncle Dele, keep enjoying the praise and attention from the igbo mob until the day you will say something different from what they want you to say and they will call you Yoruba tribalist.

Uncle Wole comes to mind.

The Igbo attacked Wole Soyinka, who went to prison fighting against the war on Biafra, and the Igbo were very disappointed and indicated that Nigerians are all just tribal.

This is why I don't like Dele Farotimi. Activists should align themselves with politicians.

The North wants to continue surviving and not thriving

“The North, unfortunately, heavily relies on federal allocation to survive. The reforms he is proposing will put the region under dire strain,” he said.

Umuinyioku:
South South and southeast are seeing the drama playing out. They produce the Oil but being shortchanged in plum appointments.

Until the Two regions close ranks and confront the hegemony inherent in Nigerian warped federalism, they would continue be treated this way by being consigned to hewers of woods in the Nigerian project.

I weep for the marginalization of the Two regions in the scheme of things.

If this oil were domiciled in the North or SW, would they allow SS and SE peoples to be calling the shot with the exclusion of their regions?

Nigerian unity is a mirage!

SS and SE should do something about it. Where are the leaders from that region? Why is it only Northern leaders who are always complaining?

Kida, who hails from Borno State in North-East Nigeria, has spent 35 years in the energy sector and holds a postgraduate diploma in petroleum engineering. Kida’s supporters argue that his appointment could offer a compromise solution, appeasing northern stakeholders while also positioning NNPC for continued growth.

AntiChristian:


"It's always a lie"!

OBJ reached 20 million bpd!

Yar'adua reached 25 million bpd!

GEJ reached 30 million bpd!

BAT is just doing meagre 1.5 million bpd and you are praising him ehn!

Let him do more!

What did Buhari do

proeast:
Oguta is best and potentially most lucrative. He should be wise except Rivers state government would be investing in his project, otherwise it's still potentially risky but better than toxic Lagos.

Anyone who is still investing in Lagos with all the bigotry and hate the bastard of iragbiji has entrenched, will have himself to blame.

They believe Lagos has arrived and thus they can mess with investors assets recklessly. But all it takes is awareness and people being intentional in staying away.

Real estate sector has already taken a hit there and that's why slums are appearing everywhere in Lagos.

Lagos is building a fourth deepsea port in Badagary, an Airport, two new railways, a medical park, and a media park. Business tries where there is government investment.

I support Landmark Lagos's investment, and I still think that it was a travesty that the business was destroyed by Tinubu and his Lebanese partner's self-interest. Still, the coastal road will also add value to Lagos's development.

Igbo's relocating their business back to the SE is good for Nigeria.

Located in the heart of Victoria Island, Ibom Towers will serve as an iconic structure aimed at boosting investments and economic ties, directly benefiting Lagos and Akwa Ibom.
Governor Sanwo-Olu welcomed the development, highlighting Lagos’ longstanding role as Nigeria’s centre for commerce.

https://akwaibomstate.gov.ng/18-storey-ibom-towers-ready-in-24-months-aksg/#:~:text=Located%20in%20the%20heart%20of,as%20Nigeria's%20centre%20for%20commerce.

Shattuck:
yes a bit against the ivorians, at the quarter finals even though they eventually lost but they played a slightly compact football.

Nigeria got to the final, but the performance was based on individual brilliant

The relocation of SE and SS businesses from Lagos back to their local regions is suitable for Nigeria's development.

Can you now advise the governor of Akwa Ibom to stop building an 18-storey skyscraper in Lagos and invest in developing the Ibom deepsea port?

In 1991, they said Lagos would collapse when the capital relocated to Abuja; the opposite happened. SE and SS businesses relocating back to Eastern Nigeria will not impact Lagos state.

It will reduce the pressure on Lagos's people regarding housing and social development. Lagos has too much development and should slow down and prioritise social development (E.g., sewage, housing, road, drainage, healthcare) and depopulation.

Located in the heart of Victoria Island, Ibom Towers will serve as an iconic structure aimed at boosting investments and economic ties, directly benefiting Lagos and Akwa Ibom.
Governor Sanwo-Olu welcomed the development, highlighting Lagos’ longstanding role as Nigeria’s centre for commerce.

https://akwaibomstate.gov.ng/18-storey-ibom-towers-ready-in-24-months-aksg/#:~:text=Located%20in%20the%20heart%20of,as%20Nigeria's%20centre%20for%20commerce.

Shattuck:
Hmmm, something of note, I watched the last afcon, and I kinda admire the Malian team a bit they played some technical football, they may not have gone far at the tournament, maybe with Nigeria's massive talent he can turn things a bit around, even though his profile isn't inspiring, furthermore, our major focus right now is a world cup ticket, and our opponents are fellow African teams, having someone who has played on the continent and understands African football play, style and pattern may just come in handy than bringing a European coach who may probably need time to understand the African football terrain, note also we don't have the liberty to lose anymore games at the qualifiers as we are almost at the bottom of the table.

Mali played brilliant football.

EmperorCaesar:


The kinda evil women are capable of doing, not even the devil has ever conceived that in thought for centuries now(thats if the devil does exists)

She is a 14-year-old child. Northern Nigerians need to evolve into the modern age. A 29-year-old man having sex with a child is rape

MadPolitician:
Nothing but an extention of the unending Igala vs Ebira political tussle at Lokoja. His Ebira people will always see him as their big lion for rescuing them from Igala political colonialism and marginalisation. Wether he is a crook or not is a secondary issue. He led as an Ebira man and handed over power to another Ebira man. For states with internal political confrontations like Kogi and Benue, this is no mean feat.

Thanks for highlighting the true dynamic of Nigerian politics- Tribalism. Nigerians would rather starve than support their ethnic rival.

blueAgent:
Would the indigenous oil companies sell the crude oil at lower price?

The Nigerian government owns 60% of the crude oil extracted by the indigenous; if the oil is extracted in Naira, it can be sold in Naira at an affordable rate

PresidObi:
Everyone and their dogs know that, the only question would be what the money saved will be used for.

While some other presidential candidates would have used the savings to create an undying economic legacy for Nigeria which will help our youths and companies and institutions to grow, Nigerians are crying now because this particular administration has only people with a track record of wastage.

The savings will be mostly enjoyed by French hospital management and London property merchants.

I won't respond to your mentions, I wan go church.

Nigeria was funding Fuel Subsidy with debts (External and Internal). This is why the Naira collapsed once the FX control was removed.

Now, Nigeria is acquiring new debt to pay off old debt.

Tinubu needs to cut the cost of government and recurring expenditure so that capital projects take the lion share of the budget

Waitforit:
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Celestialsword:
They are beginning to see light at the end of the tunnel, those docile refinery workers will now be active on their duty post.

This is what PDP couldn't do in 16 years, Old broom knows all the corners,Tinubu knows how to fix this country

So it takes APC 10 years to get the refineries partially working.

Konquest:
The insidious "power play" for Federal control among the different ethnoregional "power centers" in that country is something else. To avoid being consumed by unintended consequences from these vicious power plays, the best bet is to urgently further decentralize Nigeria like you have in many countries in Europe and elsewhere to allow each region to be self-governing and develop based off of it's socioeconomic ecosystem (to avoid this ridiculous crab mentality). From my vast economic analyses over the years, all parts of Nigeria have massive human and material resources to become innovative global and regional players. Period.

That is why Nigeria persisted with a subsidy culture to share funds instead of state and regional development. The entire country depended on Lagos and the Niger Delta oil and gas to the point that there is nowhere in Nigeria that there isn't extreme underdevelopment and poverty.

gbengene1234:
Whether at 90% or not...
We Nigerians are only concerned about the reduction in the cost of PMS, GAS and Kerosene. It not compulsory we sell at the International price when we got our crude here. Apc government should start working on how inflation will be reduced to the minimal not until it is election period. God bless Nigeria

If the International oil companies IOC extract and distribute the crude oil, it will be at an international price. Then Nigerian government should start supporting Indigenous oil companies.

Odotech:
Alot of Yoruba oil block owners have emerged from this process. These unknown companies given oil blocks are fronts for tinubu and Yoruba politicians. They didn't give them undeveloped fields but the developed ones

Do you have any evidence to support your allegation?

SmartyPants:
And the new method was to break the law and unilaterally hijack a process laid down by law?? lol.

The law has already been broken at an industrial scale. Your argument to defend due process that doesn't exist is unfortunate.

Falana should be querying OBJ on why he didn't sack and investigate Atiku's shenanigans.

SmartyPants:
I don't see what all you posted has to do with anything. Falana says the process was cancelled because it did not follow the legal due process. Is that true or false? What does Falana's personality or Atiku's corruption have to do with this?

Atiku was the chairman of the National Council on Privatization. His record was shocking and needed investigation; hence, due process should have been investigating the entire privatisation process under Atiku's tenure. And identifying new means of privatisation.

During the privatization process under Obasanjo, Atiku was the Chairman of the National Council on Privatization (NCP). He allegedly influenced the sales of government enterprises to his friends—he recently callously said he’ll enrich his cronies, again.

Of course, there is nothing wrong in privatization since it increases efficiency and profits, however, Atiku’s selfish interests and bad decisions did not allow for an efficient liberalization process.

Atiku was also implicated in the Halliburton scandal that led to the imprisonment of American congressman, William Jefferson.

SmartyPants:
Falana did not defend or attack anyone. He just gave you facts and context. Use your head and reason like a living being!

Falana is a typical noise market with self-interest. Falana is already in court regarding the Sunrise vs Nigeria Mambila Dam arbitration, and it seems like his clients are presently losing the case following OBJ testimony. Falana was a presenter during the Fuel removal debate that spoke for the retention of Fuel subsidies in 2012.

Atiku was the chairman of the National Council on Privatization, Atiku solved off Ajaokuta, Delta Steel, to the Indians; he sold the ALSCON to the Russians and finally, Atiku sold the paper mills to companies that turned them into import-dependent agencies.

At least we know that Dangote is an astute business that has transformed three industries: Agric: tomatoes, Cement and PMS. Had Atiku been responsible for selling the refineries, they would have ended up where they are today- scrap.

His first term was mainly characterized by his role as Chairman of the National Economic Council and head of the National Council on Privatization, overseeing the sale of hundreds of loss-making and poorly managed public enterprises alongside Nasir El Rufai

https://www.thisdaylive.com/index.php/2024/03/03/breaking-the-stalemate-over-mambilla-power-project/

How Atiku Abubakar started the Privatisation that made most Nigerians JOBLESS. Wicked People!


BOOM!!!

To those who don't know how the current hardship and poverty in Nigeria started, take your time and read this. Then investigate the owners of the companies that robbed the country of her assets, those are the devils you were warned about

Read;
HOW OBASANJO, ATIKU MADE NIGERIANS JOBLESS.

A. NigerDock is the largest ship fabrication yard in West Africa sub region. When it was sold, its Ex-MD Engr. Nkpubre Okon, openly stated how "Mr Job Creator" ignored the Transport Ministry then to Open bid for NigerDock.

Atiku's preferred bidder, 'Global Energy' that agreed to increase NigerDock's workforce from 4,800 to 6,000 as part of privatization agreement dismissed 2,200 immediately it took ownership. Jagal Group that took over after Global Energy lost out on power play also sacked 1,400.

B. Nigeria Port Authority reform was purely contrived to grab landed properties. 10,000 workers were sacked & 133 bids opened for NPA properties consisting of 68 properties in Apapa, 28 houses in Ikoyi. The highest reserves bid was for a property in Ikoyi fixed at N390.4 Million.

C. NIGERIA RAILWAY
Did Atiku forget how 7000 railway workers were sacked in 2005 without compensation to reduce its workforce to 6,300? Another 1,260 were fired in 2006. When ATIKU and his Headmaster were leaving in 2007, they left ~N5 Billion in unpaid Railway pension arrears.

D. FEDERAL SECRETARIAT IKOYI
In 2006, Babalakin's Resort Ltd acquired this 15 storeys prime asset overgrown with weeds from atiku and OBJ through a Development Lease Agreement (DLA) for N7.2Billion. A Court has asked Buhari to pay N54 Billion to Babalakin for that blunder.

The DLA, dated October 10, 2006, granted Babalakin Resort Ltd a 99-years lease to redevelop the Federal Secretariat complex, that OBJ & ATIKU had abandoned for 7 years into 480 luxury apartments. This was at the eve of their departure from government. The transaction was one for the road.

The DLA hit the rocks when Lagos State Govt in the interest of the public indicated willingness in acquiring the Federal Secretariat complex. LASG insisted it should be accorded right of first refusal since LASG is the Issuing Authority of the C of O, coupled with other reasons.

Lets not forget Atiku was in charge of the economy and OBJ gave him free hand until Galaxy Backbone scandal happened.

In 2002, first 3yrs of the Obasanjo/Atiku, manufacturing accounts for 6% of GDP. Nigeria's GDP fell by half for d first time in 20yrs. This was d year all textile factories in Nigeria closed down and unemployment was 28% within the formal sector alone; I repeat, alone!!

In 2002, UN estimated that 70% of Nigerians live below poverty line compared to 48.5% in 1998 under a military rule. Life expectancy fell from 54yrs to 51yrs. Two-fifth of every child below age 5 were malnourished and only 50% of the 128Million Nigerians have access to clean water.

copied:-
FACTUAL REPORT ON HOW ATIKU SUPERVISED THE SALES OF OVER 145 FG INVESTMENTS AS A VICE PRESIDENT !!!

Please any or all ATIKU supporters or his campaign structure are free to deny these submission with facts not sentiments.

“As Head of National Council on Privatization (NCP), from 1999, atiku dug Nigeria's economic grave for today's extreme poverty and unemployment.

There were over 600 federal assets when Atiku's NCP started selling.

Atiku should tell us who bought what and what was left for the country when he left power.
To who did Atiku sell the following companies:

Nafcon
Eleme Petrochemical
Daily Times
Ughelli Power
Egbin Power
NICON Insurance
ALSCON
Transcorp Hilton Hotel
NICON Luxury Hotel
Sunti Sugar Ltd
NetCom House
Bacita Sugar Ltd
MM2

In 2007, Onigbolo Cement operating at 500,000 tonnes per annum was sold to Dangote at N1.7Bn �

To those selling Atiku, let me remind you of Senate public hearing of August, 2011 which succinctly captures how Atiku through retinue of cohorts, fronts, shell companies, ring fenced over 70% of FG's assets through a brazen daylight robbery privatization that he supervised.

This is nothing sensational. Its real life facts and all the Senators are alive today.

The 2011 privatization Senate committee was made up of Senator Ahmed Lawan – Chairman, Senators Babafemi Ojudu, Philip Aduda, Mohammed Ndume, Ifeanyi Okowa, Hope Uzodinma and Mohammadu Magoro.

Lets look at Aluminium Smelting Company, ALSCON, that Atiku privatized.

ALSCON which Nigeria built with $3.2 billion, was sold to a Russian firm, Russal, for $130million. As of the time of sale, ALSCON had received $120million for the dredging of Imo River, but was never done.

When the Senate Sitting of August, 2011 asked the Russian company the whereabouts of the $120million dredging money, the company's Deputy Managing Director, Vitaly Kuzrestov, said that the money has been used for Environment Impact Assessment."

FG's Five percent share in Eleme Petrochemical worth USD27 million was never presented at the National Council on Privatization before it was sold to Indorama.

Indorama recovered this amount selling Polyethylene and Urea to the entire west Africa sub-region in just 14 months.

The Atikulate Business Theory: Sell to yourself Government assets that leaves millions in penury, to set up personal businesses that provides for a few. Atiku didn't employ the few hundreds he employed because he likes them, he needs them to work to preserve what he took from Government

A man who supervised sales of over 145 federal investments as a vice president, without a thought for today wants to be president.

He didnt revitalize them.

He didnt resuscitate them.

He sold them to whomever agrees to his personal terms

THOSE WHO STOLE YOUR 2015--2030 IN 1999--2007 ARE THE SAME THIEVES YOU ARE NOW ROMANCING TO COME BACK!!!

For how long will you allow a few to steal your future and your children's future and be giving you crumbs. Look at 1999--2007 everything we grew up to know were sold to themselves or the scrap sold for cash.

Nigeria Airways and their houses in GRA Ikeja, what happened to them? When we were growing up most of the houses in GRA Ikeja were owned by the Nigeria Airways and all now sold to whom?
Nigeria RE. The biggest re insurance company in Africa who bought it?
NICON Insurance who bought it ?
NITEL was sold for peanuts and killed by them so that their investment in AiRTEL, MTN,GLO etc will yield dividends
NITEL House one of the tallest in Marina was sold cheap to former Speaker Bankole.
What is the Status of National Stadium Surulere? Millions was budgeted for refurbishment by the sports ministry and nothing to show. Compare that stadium to Lagos State owned Thunder Balogun stadium and the difference is clear .
Nigerian National Shipping line? Where are the ships? They disappeared between 1999-2015
NEPA after Obasanjo spent $16 billion, they broke down NEPA to several units and sold it to themselves and NEPA is still not efficient while Atiku's Mikano Generators is powering Nigeria & her businesses!
Obasanjo/Atiku sold Port Harcourt Refinery to their cronies in 2007 and thank God, President Yar’ Adua reversed it .

All of these happened in the 8 disastrous locust years of the obasanjo/Atiku, Recession didn't just happen! They looted us into recession! I cannot stand and watch those who plundered the nation come back in 2023. Stop praising and voting for individuals who took your future away and stop them from coming back to steal your generation away

Nigeria has a population of 200million people we are told.

Our 2018 budget is 9 trillion Naira.

The Assets Management Corporation of Nigeria AMCON, the company that was set up to help the rich buy their debts, told us last month that, 350 Nigerians {out of 200million citizens} are responsible for 80% of AMCON's N5.4 trillion debt portfolio.
May be you did not hear that well!
AMCON said only 350 Nigerians borrowed N5.4trillion from banks, which they could not pay and AMCON came in to buy up those debts in other to save the commercial banks from collapsing.
To put that in perspective;
2018 Capital Budget is N2.4 trillion

2018 Recurrent Budget is N3.4 trillion

Add both capital and recurrent votes and you will get N5.8 trillion.

But 350 Nigerians, out of 200 million of us borrowed that same amount, they refused to pay and government came round to buy the debts over through AMCON.

The corporation also pointed out that, out of the millions of BVN numbers with the banks, only 100 BVNs collect 60% of bank lendings.

And this has left the banks with 13,000 bad loans worth 5.6trillion borrowed by "big men" who are now fighting to remove this administration so that they wont ever pay their debts!
Now, when they go to recover from defaulters like they did with Silverbird for example, the same cheated ignorant commoners are the first to cry fowl.
Some of the companies owing include:
Seaworlf Nig Ltd - 160billion
Arik Air - 300billion
Tanzila Petroleum Ltd 49.2billion
Resort Int'l Ltd - 36.3billion
Home Trust Savings - 25.75billion
Suru worldwide ventures - 24.4billion
Roygate properties- 23.26 billion
Ziglagsis network Ltd - 20.33 billion
Lexcap partners - 18billion
Anyiam Osigwe Ltd - 17.25billion
Silverbird - 11 billion
Wokson International - 5 billion

From the figures above:
Arik alone is owing more than the 2018 Ministry of Transportation budget which is N263 billion.
Seaworlf Nig Ltd, is also owing more than the 2018 Ministry of Defence budget which is N145 billion.

It's not rocket science which is a product of our contrived emotions not our lack of education is exonerating, encouraging and emboldening them to make desperate attempts to come back o power!

Enough of this madness brethren and sisthren!
https://www.nairaland.com/7132730/how-atiku-abubakar-started-privatisation

SmartPolician:
If death hadn't snatched Yar'adua from this country, that man would've transformed this country. May his soul rest in perfect peace, amen. 🙏

Falana is a typical noise market with self-interest. Falana is already in court regarding the Sunrise vs Nigeria Mambila Dam arbitration, and it seems like his clients are presently losing the case following OBJ testimony. Falana was a presenter during the Fuel removal debate that spoke for the retention of Fuel subsidies in 2012.

Atiku was the chairman of the National Council on Privatization, Atiku solved off Ajaokuta, Delta Steel, to the Indians; he sold the ALSCON to the Russians and finally, Atiku sold the paper mills to companies that turned them into import-dependent agencies.

At least we know that Dangote is an astute business that has transformed three industries: Agric: tomatoes, Cement and PMS. Had Atiku been responsible for selling the refineries, they would have ended up where they are today- scrap.

His first term was mainly characterized by his role as Chairman of the National Economic Council and head of the National Council on Privatization, overseeing the sale of hundreds of loss-making and poorly managed public enterprises alongside Nasir El Rufai

https://www.thisdaylive.com/index.php/2024/03/03/breaking-the-stalemate-over-mambilla-power-project/

Ojuntana:
My intention is to prove that your claim that Buhari borrowed a figure every year to fund subsidy is a lie.
At the last count, the total debt owed by NNPCL which was the company responsible for importing fuel under Buhari was $6bn out of which about $1.5bn was borrowed by this administration.
So it's mathematically impossible for Buhari to have borrowed $10bn every year for subsidy. These are the kind of lies they spin to deceive people and you fell for it unfortunately

You are in denial, and I can't waste my valuable time with you anymore.

Why President Buhari Should be Prosecuted.
Blessing Oladeji
Blessing Oladeji
CEO & Co-Founder at Octave Analytics


July 14, 2024
Look and this report and comment if Buhari should be in jail too.

Nigeria's debt profile has reached alarming levels, raising significant concerns about our economic sustainability. According to this report, Nigeria's total debt now stands at an unprecedented N121.67 trillion, split almost evenly between domestic (N65.65 trillion) and external (N56.02 trillion) debts. This mounting debt places Nigeria on a precarious path from debt sustainability to a potential debt trap, threatening the nation's financial stability and growth.

How Did We Get Here?

The analysis of Nigeria's debt accumulation reveals a concerning trend over the past two decades:

2015: By the end of Jonathan's presidency, the debt had risen to N10.94 trillion
2020: Under President Buhari, Nigeria's debt skyrocketed from N10.94 trillion to N28.21 trillion, a staggering 157.9% increase.
2023: By the end of Buhari's term, the debt surged to N97.79 trillion, a further increase of 246.7%.

The data clearly shows that the most significant debt accumulation occurred during President Buhari's administration, with a total increase of over 600% from N10.94 trillion in 2015 to N97.79 trillion by 2023.

Accountability and Governance

The rapid escalation of Nigeria's debt under President Buhari's administration is a cause for serious concern. The implications of such a massive debt increase are profound, impacting not only the current economic environment but also the future generations who will bear the burden of repayment.

Given the severe economic repercussions that we are currently facing and the potential for Nigeria to fall into a debt trap, it is imperative to hold those responsible accountable.

I think that President Buhari should be prosecuted. What do you think?

A Call for Change

Nigeria must not repeat the mistakes of the past. The country's journey from a relatively sustainable debt profile to the brink of a debt crisis underscores the urgent need for effective governance and stringent accountability measures. Learning from the past, Nigeria must implement a robust and overarching restructuring to ensure that such a scenario does not repeat itself.

https://www./why-president-buhari-should-prosecuted-blessing-oladeji-mafwf/

Ojuntana:
You've changed direction now
Are you saying there was no subsidy on fuel from 2015 to 2019?
If I recall correctly, the 2nd Niger bridge and Lagos-Ibadan road were both done till May 2023.
Your claims on Ways and Means is ridiculous. Ways and Means is used to bridge funding gaps and while it was abused, the reason was to cover shortfall in FAAC. Even Tinubu advised Buhari to print money in 2020.

I don't know your intention. There have always been fuel subsidies, but under the Buhari government, debt was now being used to fund the fuel subsidy.

I am not here to defend the Tinubu government. Tinubu gave us Buhari, and his failure to reform his corrupt government is why economic reform will not work under Tinubu. Recurring expenditure and poor fiscal strategy are lacking in Tinubu govt

Kayceesgold:
They can't run it but it is working now

For how long?

NNPC has not operated a refinery for 30 years , yet you think they will succeed now.

Ojuntana:
Still, going by your picture, the main culprit was 2017-18 when the external debt jumped from $7bn to $21bn. Lawan was not yet SP then and I believe subsidy was very much in place then. So how was Buhari paying subsidy before lawan if we're to go by your theory that he needed $10bn yearly. Your picture does not tally with your claim

A combination of external debts, "Ways and Means", mortgaging the crude oil export and national income, was used to subsidise fuel subsidies and the Naira.

Notice that from 2019 onwards, all projects came to a halt. The railway from Ibadan to Kano and the upgrade of the Eastern Railway (Maiduguri to PH) were postponed

Ojuntana:
The problem is how some of you just off sense when you want to defend govt and swallow whatever gobbledegook fits your narrative
If Nigeria indeed has the unrealistic luck of borrowing $10bn every year for subsidy under Buhari, that will imply that our total debt should be above $160bn minus other debts. How come our debt is now $47bn according to you
Also, if Nigeria was spending $1.5bn monthly to subsidise forex, that will amount to $18bn a year in a country where our national budget has never exceeded $30bn even while being a deficit. Can you then explain where the extra $18bn was coming from and where it is now? Cause the present govt is still borrowing and can't seem to finance its own spending as well

Buhari didn't start borrowing until 2019 after Ahmad Lawan started rubber-stamping his government's request for new debt. Previously, Saraki blocked the request in his first four years.

External debt rises to $40bn under Buhari
25th October 2022
https://punchng.com/external-debt-rises-to-40bn-under-buhari/



https://www.premiumtimesng.com/news/headlines/489041-inside-nigerias-debt-crisis-how-foreign-loan-under-buhari-triples-past-govts-combined-figure.html

brain54:
I think obj was sincerely trying to defend his decision...


To sell the refinery. Which was based on the expert advice he had at the time.

Yaradua should be commended though for reversal of that decision. (I think he reversed because he felt they were sold too cheap and not necessarily because it was a bad decision)

Even though by now it's likely; if obj's plan had worked then Nigeria would have started benefitting from the working of the refineries a long time ago. And so much money which might have been used for other things might not have been embelzed!

The refineries should have been sold in 2006 then and should be sold ASAP now. The government should not be involved in the oil refining period.

lereinter:
$20bn is saved

So why the borrowing again

Clown 🤡

I never said $20 billion had been saved; I said $20 billion was wasted on fuel subsidies, and that money came from borrowing. That's why the external debt under Buhari went from $10 to $47 billion, and the country's internal debt grew by an additional N37Trillion (Ways and Means)

Nigeria's NNPC spent $10 billion on fuel subsidy in 2022
By Camillus Eboh
January 20, 20236:26 PM GMTUpdated 2 years ago

https://www.reuters.com/business/energy/nigerias-nnpc-spent-10-billion-fuel-subsidy-2022-2023-01-20/


Nigeria was spending $1.5 billion monthly to defend the Naira before Tinubu’s FX reforms – Presidency
Cyrus Ademola by Cyrus Ademola 7 months agoin Currencies, Markets

https://nairametrics.com/2024/06/17/nigeria-was-spending-1-5-billion-monthly-to-defend-the-naira-before-tinubus-fx-reforms-presidency/

Nemere2020:
https://www.google.com/amp/s/www.arise.tv/usman-bugaje-tinubus-leadership-lacks-ideas-and-dynamism-turning-towards-monarchy/amp/

I am not a fan of Tinubu, and I wish Nigeria had a better leader who would implement the reforms necessary for Nigeria's economy. Tinubu's failure to reform the civil services and executive government may make it difficult to benefit from the economic reform. There is too much corruption in the Tinubu government, and he is untrustworthy.

1. Removal of fuel subsidies is the right policy for Nigeria. I support this action to end the process of wasting $20 billion a year and start the process of local refining capacity.

2. Floating the Naira costs the Buhari $1.5 billion a month with no known benefit to the Nigerian economy; I would have kept currency control after unifying the Naira, but the state of government finance after Buhari's disastrous 8 years meant the country was broke.

3. Empowering local government with budget allocation from the FAAC is an excellent decision.

4. Tax Reform is brilliant

5. Planned state police, which I support; Nigeria is a Federal Republic and should have state police under the governor's command and control.