₦airaland Forum

Fashola just took this #87.5billion bond loan at about 13% Interest rates last week.

Looting in Lasgidi continua....

trillville: We need to digest the figures to really understand this report.

The nation’s total debt now stands at N8.32tn ($53.42bn), the Debt Management Office has said. the total debt comprised the external
debts of the Federal Government and the state governments as well as the domestic debt component of the Federal Government.

What this statement means is that TOTAL DEBT = FG EXTERNAL + FG DOMESTIC + STATES EXTERNAL = 8.32tn . State domestic debts are not included.


A breakdown of the debts showed that the external debts of both the Federal and state governments stood at N1.28tn ($8.26bn) as of September

Total external debts ( FG EXTERNAL + STATES EXTERNAL ) = 1.28tn
Therefore FG DOMESTIC EQUALS = TOTAL DEBT - TOTAL EXTERNAL DEBT
= 8.32tn - 1.28tn
FG DOMESTIC EQUALS = 7.04tn



What this means is that most of the debt about 88 percent is fg domestic debt so why should any person be blaming the state governments for the debt?

If you look at the following thread, you will see how nairalanders are making money buying government debt
https://www.nairaland.com/878880/treasury-bills-nigeria/38

If you look at the following thread, you will see why the CBN is keeping interest rates on short term loans at over 10 percent.
http://pocketeconomist..com/2013/11/the-fiscal-and-monetary-policy.html?m=1

In the end the bucks stops at the presidents desk so it is fair to say he is single handedly bankrupting Nigeria.

You think you were trying 'wise' with this 'analysis' of yours, but you are still a Kiddo.

1st, the largest component of the FG's Domestic components are local bonds and CBN Treasury bills- most times mere instrument of Monetary and Deficit fixing policies of National Govts worldwide.

2nd, you also tried to played Dumb and be totally DISHONEST in your 'analysis' by conveniently 'forgetting' that only the FG's Domestic debts was reported in this article as the article very clearly stated; those of the States were not included. Thereby, making your little attempt at an an 'analysis' Flawed apart from been lame.

ayekoto: The nation’s total debt now stands at N8.32tn ($53.42bn), the Debt Management Office has said.
The latest statistics released by the DMO on its website on Monday showed that as of September 30, 2013, the total debt comprised the external debts of the Federal Government and the state governments as well as the domestic debt component of the Federal Government.

This means that the data did not include the domestic debt component of the 36 states of the federation and the Federal Capital Territory Administration.

Yet, we know that many States have been taking local debts, esp BONDS and BANK LOANS, in recent years 'anyhow', and at high rates too. Lagos State only last week took ANOTHER #87.5billion Bond at about 13% interest rate (part of a whopping #167.5billion Local bond that the State started drawing since November last year- the largest single DOMESTIC loan ever obtained by Lagos or any State for that matter, and this is besides the onee Lagos have taking since 1999). What is worse, this huge Bond was taken to largely fund that HUGE FRAUD that is LekkiEpe Concessioning/Buyback Scheme!!! https://www.nairaland.com/1487441/lekki-toll-road-buy-back.......my/2#19135677

Plans to sell a record amount of bonds by Nigeria’s Lagos state, which holds sub-Saharan Africa’s biggest city, were approved by the country’s markets regulator.

The Nigerian Securities and Exchange Commission cleared the region’s government to sell 87.5 billion naira ($553 million) of bonds maturing in November 2020, the second and final tranche of a 167.5 billion-naira issuance program that started in November last year, Lagos-based Chapel Hill Denham, the lead book runner, said in an e-mailed statement today.......
http://naija247news.com/2013/11/05/nigerias-lagos-record-bond-approved-biggest-city/#sthash.QjQV8AHX.dpbs

3rd, unlike what you tried to imply, this FG's Domestic debts were not obtained in the last 3years. Nigeria always had a relatively large Domestic debt component. And it is crucial at this point to emphasize that OBJ did not pay off the Local debts, he only paid off a substantial part of the foreign debts (he left $5billion as External debt, and as the article indicated, it is currently $8.26billion ie an increase of around $3.2billion in 6 years- which is very reasonable for a large Development).

NB: I have always had my fears bout Nigeria's Domestic debts (FG and States) not only cos it is relatively large but cos of the very high interest rates and short tenure of these loans, unlike foreign debts which are usually long-term and has very low interest rates. It is great to know that as indicated in the article, Okonja in the last 2 years has been leading the FG to check this by paying off/retiring some of the debts, providing Sinking Funds for some of them, and importantly, changing the nature of the Debt Portfolio by trying to balance Domestic debts to External ones.

bloggernaija: This is exactly the reason why obj kicked this woman out.
Those foriegn banks were in serious need of liquidity and that was the main reason for accepting the $15 billion lump sum debt repayment.
As soon as those debt were paid , this woman immediately wanted obj to start accumulating new debt and structure the economy in a way that suits those primodial foriegn interest.
Baba iyabo promptly kicked her out.
This woman is an apostle of ayn rand and nothing good will ever come out of her.
They will keep talking about increasing GDP but poverty will continue to be the lot of the people.
She is there to serve her Puppet master in the worldbank and IMF.

Yea, d same woman who just helped yr 'precious' Lagos to get another additional $400million loan from d same World Bank (further making Lagos under Fashola by far the MOST INDEBTED STATE in d country). You hailed her that day on the thread, and commended d 'sagacity' of d Lagos State Govt.....#BladdiHypocrite

Community Service? I love this... I love what Lagos hv done with their Judiciary

[quote author=SU-37fighter.]The FG and state governments are responsible for these debt.
Ironically,the most highly-indebted states are APC states.
That of lagos alone is astronomical.
*sit down look mode activated*[/quote]God bless you... Am waiting for the HYPOCRITES for this thread

Bunch of Jobless IJIOTS... They hv now seen another avenue to eat their own share in d never-ending and no-result Probes they hv d been doing since they inaugurated in June, 2011 (about d only tin they have been doing). PIB, a Bill that wud have completely turnaround dat opaque and very corrupt oil sector as well as substantiali create d platform to cleaning it up, have been with them since July last year. They hv completely 'forgotten' the extremely critical bill, but now want to do another ultimately useless probe of d sympton of a problem they have refused to solve.... Bunch of IJIOTS

Mr Januzaj: you dont even know anything about anambra state election and you have been blabbing from thread to thread, making declarations on things you know nothing about. Smh for you oo

Who is this DOLT?? Hv you seen me comment on any candidate or party in d forthcoming election, to d extent of supporting any of them?? You BLIND? Or, you are mistaking me for smone else? You dey crazzz, ni??

Plz, is Nwoye from Anambra South? I know Ngige is from Anambra Central and Obiano is from Anambra North. And where is Ubah from too?

May God bless d soul of d good Old Prof..... He played his part, and will be missed

omonla555: This is the second good news about this country Nigeria this month.

1. FIFA under 17 World Cup
2. UBTH stem cell transplant

Nigeria will get there.

This very month, precisely d 1st day of d month, Nigeria successfully handed over her Power sector to the Private sector and finali kickstarted a new Electricity MARKET for d sector. Isn't that 'good news' enough??..... Me thinks it is an even better (and significant) news than these 2 good news. In fact, it is high up there at d top of d list for this year

[quote author=agoha_vivi]First and foremost, thats not a policeman. Secondly nobody, not even a prostitute would dress that way and move around in broad daylight. It seems to me like there was a fight betweean the lady pictured above and someone else who tore her clothes. The security man was dragging her away in other to break the fight.[/quote]God bless that mind of yrs, gurl...

Abali1: Be adviced that it is racially discriminatory to say that Sickle Cell is the 'Black Mans' disease. There are people of other races who suffer from Sickle Cell Anaemia.
Yes, Nigeria is arguably the largets carriers because we have a very large population..
NB
We have the Sickle Cell Center in Lagos, but I doubt that they will ever support this type of Initiative at UBTH.

1st, there is nothing like 'race' biological speaking, just Population Clusters and Clines; that's why I en-quoted 'Black man'. But you are right: Sickle Cell Anaemia isn't strictly a disease of 'Black' people, even though the vast majority of people who are carriers are 'Black' Or are descendants of 'Black', esp if they are carrying d Benin-type Variation of d disease (which with d Cameroon-type, are d most pervasive in d world). It is important to stress though that this propensity for 'Black' people and/or their descendants to been carriers of d Variation isn't 'racial' or have any particularly innate biological reasons, but just a Variation that came about and was increased in frequency as an inherited trait due to d need for Africans living in a tropical and wet environment for thousands of years to deal with d menance of Malaria...... Thanks though for d observation and correction

signz: Ok... Thanks

Thank you too..... Although, I heard from d NTA and that d actual total cost for this particular operation was #2.5million (although d UBTH would bear some of this cost). It seems the cost was increased this time around. The young boy in question was interviewed in that news item, and he has not been released cos he has not been able to fully pay his part of d cost... There has to be a Subsidy (Or rather a Susport System) that significantly reduces the associated costs for patients. Sickle Cell Ameania is a 'Black man' disease; and Nigeria has d largest carriers worldwide...

omenka: Ignorance of nigerians is made manifest on this thread!! Chai!! I don laff tire!!

My brothers and sisters, you guys are so damn wrong!!!!!!!!!! ROTFLMAO!!!!! Your comments show no one here so far have any idea what "VIP toilet" means. Think this was taught in GST 106 or so., abi una nor attend univesity?? It is Ventilated Improved Pit and not the usual vip you people are thinking oo.

No VIP would actually wanna use a VIP toilet.

Ventilated Improved Pit (VIP)?? OH My God (OMG)!!! Bwahahahahahaha..... Am leaving this thread b4 I die

theoctopus: If Ngige wins, Anambra will become a tourist state where foreigners can fly in, just to poo and go back. They will place cameras around the VIP poo houses like big brother! He will name it, the International poo center! IPC! Ole buruku!

.... Hehehehehe. Come guy, no killi me with laugh this morin, Biko. I am warning you o..

theoctopus: Yes oh! They need expensive poo houses! So they can defaecate and their poo will be packaged and exported! Adamu!

theoctopus: Stop lying. Public schools in Lagos are not free. You people are too full of lies. You cannot even get admitted without showing your tax clearance. Even poor jobless widows had to pay a minimum of 5k to get so called tax clearance for their wards. LASG is a big fraud as ever! Thieves! Ole!

Hmmm?? So one needs to show Tax Clearance b4 been admitted in PUBLIC schools in Lagos? #Idonblivit... Smone plz tell me this isn't true..

theoctopus: Look at all of you bloody APC sycophants! You cant even hide your shame! You come and support evil and wicked elitist policies just because it is your gods Tinubu and fashola doing it! If the title had read "GEJ bans pupils", you all would have been insulting and typing all kinds of invectives. But now, it is your gods Tinubu and Fashola, suddenly, it is the best policy in the world. hypocrites and sycophants supporting the oppression of the masses for a pot of ewa!

Is it not you gang members who shout that 80% of Nigerians live on less than 1 dollar a day? So when it comes to Lagos, the 80% has suddenly vanished? So there are no more jobless people in society, just because a thread was opened to call out Lagos state? Suddenly, everyone now has a job and should pay tax, because Lagos is involved? You people are the most corrupt and wicked people Nigeria has ever had. Wolves in sheeps clothing! crooks trying to portray themselves as saints. Very evil set of people, always coming out with evil anti people policies. All in a bid to stuff the pockets of that okpolo eyes, toronto forger with more dollars! Awon Ole!

God bless you, too..

Living Soul34: These people are saying this because that are not ready to build more schools to match the rising population of children that need to go to school...School is not meant for people who are already intelligent; People come to school in order to become intelligent and not the other way round... If you stop unintelligent people from coming to school where then are they going to get knowledge from?... In as much as it is good to have standard for everything including admission into schools, there should be room for every child that wants to go to school whether he/she has 60% or not... There are are average students and there are below and also above average student that is the reason why we have grades in school as in excellence, very good, good etc, everybody cannot be an excellent student ... Some children have every good backgrounds so they seem to do better in the early stage of education whereas others have not very good backgrounds (which is not any fault of theirs) hence they seem to struggle to meet up in the early stage of education and that does not mean they should be denied the opportunities to go to good schools... All the government needs to do is to build many schools to carry as many children as would like to go to school, after all nobody is asking any governor or commissioner of education to go and sell his or her father's land and build school for any body... To deny a child education for whatever reason is to deny that child a future... I REST MY CASE!

Good bless you, joor

[quote author=Mynd_44]Those public secondary schools are getting crowded mehn.....they should not be thrown open to everyone. If a student fails placement exams, he/she should try again next year or go learn a trade[/quote]Exactly!! This is just a ploy to reduce d population, hence public responsibility, of d LASG in public Sec Schools. Just like Lagos public Hospitals and State University now collect some of the highest Admission and School fees respectively in the country.... If we were honest with ourselves, how many students would score more the 50% in English and Maths in d JSS levels for instance? Na how many? And can d Govt completely assure us that they too wud significantly improve on d Standards, enough as to enable virtuali all the students to attain these score as soon as possible?

caseless: Sharrap! What is wrong in building v.i.p toilets for 'non-V.IPs'? Is it now wrong to give what is for the rich to everybody in the state? Sms! He's tested and trusted. onwa shall rule again!

Hehehehehehehe..... Bros, you can't be serious

naija2dabone: Dear God,

You are the Almighty God. You are God all by yourself. No one elected you and no one can impeach you.

I pray for your son Jonathan, who is faced with principalities and powers that have held this nation down in backwardness and darkness for decades. These demons now bear various names including Boko Haram, NPDP, APC, northern Elders forum, NGF, etc. All these demonic wickedness in high places have one common mission: to stop your son Jonathan from completing his transformation programme come 2015.

Dear lord, in whatever way/form they come against your son, let them fall in shame. Let their wicked imagination not see the light of the day, Let their evil plot backfire and may they never see the throne of this nation.

Throw your weight around oh God and let them know there is a God in heaven who rules in the affairs of men.

Thank you lord.
In Jesus name

Amen. Amin, Jesu....

sagombugo: I shudder at the demonic propensity of GEJites to lie when ASUU indeed had revealed that after Gamaliel Onosode committee finished with engaging ASUU and turned in his report

Yar'adua commissioned GEJ as the VP to look through the report,fine tune and advise Government as to its implementability. GEJ was reported to come back after a month and advise Government to go ahead and sign the MOU

Indeed ASUU later revealed that EACH page of the agreement was signed to forstall any attempt by either party to deny any clause or point raised in the negotiation later in future

So I ask was there chewing gum blocking the eyelids of Government officials then as to have signed an agreement you might be ill at ease to implement

So it is patent falsehood to say that GEJ didn't know anything about the agreement

He was the one that advised Government to 'DO THE NEEDFUL'

Just SHUT IT. It is you and that low-placed ASUU member that said this, that are the LIARS here.... Abeg, leave the thread if you do not know what to say

take dat: And during that period, government couldn't commence a re-negotiation but had to wait until the association embarked on strike? An act of irresponsibility. I insist that you guys should stop portraying government as the victim! No matter how ridiculous the agreement is, it was government who signed it and government is a continuum.

So regardless of how Ridiculous and unimplementable an agreement is, d Government should somehow 'implement' it cos Govt is a continuum?? What kind of a logic is that? When you talk or pursue a cause, is yr intend to solve the problem Or to Emphasize d problem by talking/agitating on it? Again, I ask @take dat: hv you read the Agreement, and does it make complete sense to you??

rafhell: does it mean that 90% of people in the state house are northerners

Most of them in d meeting wud come from d North because na only for North Polio dey for 9ja (although e don dey decrease now. Thank God)...

take dat: Why should government wait for a strike action before fulfilling its obligation? Before ASUU embarked on strike, 54 letters had been sent to the FG, reminding the government of the said agreement and her lackadaisical attitude towards the implementation of the agreement yet the government never bothered to reach out to them. A Strike action to them happened to be the last resort. You can only use crude tactics to pressurize an irresponsible government.

Which Agreement? Are you not reading the d comments of d guy you are responding to? @take dat, hv you read that Agreement? Does it makes complete sense to you? How do you fulfill an Agreement that is innately flawed?? That I think, is d main contention of the person you are responding to..

lol...

lol....@last pics, that Alhaji cloth 'fit' Billy o . The Nigerian Style!!

donphilopus: Kudos to the ones who want the strike to be called off

I thought you didn't want the strikes to be called off. You and yr brothers- @Mynd-4 and @demdem....IGBIs

signz: Does anybody know how much this stem cell procedure cost? I think UBTH should create more awareness about what they are doing as regards this Stem cell stuff.

I think I read somewhere that it is better #1-#2 million naira per patient...

arewatech: She remodeled this.. She remodeled that. Nonsense!

Did she used her father's money for that? For fu ck sake this is our money

The issue of Ethopia Airlines is just a hype, we have a lot of international airliners landing in Kano

Now let me see the dumb as-s that would quote me when I'm busy dealing with nonsense igbos in another thread.

1st, which 'our' money? Who give you d money? Do you 'beggers' up north contribute anytin to d nation's purse? When did you people stop been d miserable leeches and parasites you always have been, a State brought about by yr shameless and very small-minded tiny Elites?? 'Our' money, in deed........ 2nd, was money not available to other previous Ministers in the last 30yrs? How cud they allowed the Sector to get to d Mess it was b4 Oduah came and started rescuing and transforming the Sector IN EVERY POSSIBLE ASPECT?? .... You chaps can accuse Oduah of many other things, including that indiscretion of approving d purchase of cars above her limit and in breach of extant Rules, but nobody shld try to belittle both her Vision and considerable Achievements in the Aviation Sector, esp not on some sillly grounds. I cannot not think of any other Minister who have done/doing a finer job in that sector in so short a time..