₦airaland Forum

Blessedmercy8:
What would make someone go into a random persons house and attack them if not not mental case?

The attacker is obviously not normal.

You are not the police. It could be a thief or even politically induced. The man is a multi-millionaire that's a great incentive for robbers. This would not be the first time a robber beat up his victim.
His wife is the most powerful woman in America. She has political enemies.

damosky12:
Reasonable people don't make mockery of people's traditions.

Only myopic people get offended over simple jokes. Most of the good people of Ife are not eating themselves up. The king himself would most likely laugh at the joke. But people like you just can't find peace or happiness. Some people are living in hell on earth.

Babysho:
This made me look up information on Addis Ababa light rail and apparently, they're in huge debt. I'm really shocked! They owe almost $500m to China export-import bank and they've only managed to make a profit of $12m at a running cost of $120m.

I can't even begin to imagine how much Lagos owes for the light rail because I'm pretty sure they've exceeded what they planned out in their feasibility study with inflation and all of that.

I think I understand. This shows that you cannot buy everything, sometimes you have to figure it out yourself.
It's just like a man who wants a wheel barrow to fetch clay to build a house. He goes to his neighbour's home who owns unlimited wheel barrows to buy one but the neighbour says the wheel barrow will cost him his house. He agrees to it and acquires the wheel barrow and completes his house and celebrates. But the neighbour steps in to take his house. Now his neighbour has unlimited wheel barrows and two houses while the man has just a wheel barrow and no house. He can't sleep inside a wheel barrow nau lol na mumu be that.
What he could have done is learn HOW TO BUILD his own wheel barrow.

So well spoken

Blessedmercy8:
The white and mental health issues. hm! The worst part is they take it out on innocent people in their supposed safe homes.

As a developed country, I think they should come up with a device that can detect mental disorder in every citizen and quickly pick up the person before he causes any havoc since their own no know boundaries.

Get well soon, Sir.

Was it a mental person that attacked him?

damosky12:
Are you alright?

Ooni, traditional father of Yoruba land? Son to Ned Nwoko?

Let's respect people's culture and institutions abeg.

A simple joke is peppering your body. Don't go and give yourself BP

Perfectbeing:
Argentina is not the only country that took loans.. There are other countries that took loans and are better for it..

I believe in division of labour.. While you see only the bad aspect of taking loans, allow me to see the good part biko.. Bye bye yo.

Please mention just one county that took loans to build infrastructure and the infrastructure paid for itself.
You would not find any examples of such countries in the last 50 years

Perfectbeing:
Nigeria will use loans to position itself to get more revenues to pay up it's debt.. It will happen and you'll see.

That's what Argentina said. We are not seeing any evidence than Nigeria would be different.
In 2008 when China began the massive construction of tail, the told the world that the project would pay for itself. Today, the project is running at a loss.
Nigeria is more corrupt than these countries so why do you think Nigeria would do a better job.

Perfectbeing:
What about Egypt, America etc that borrowed and are better than they were? Nigeria will be better..

Yes what about Egypt. First Egypt does not spend 92% of income on debt servicing neither does America.
The Nigerian government had a revenue of 9 billion dollars last year while the Government of Egypt had a revenue of 67 billion dollars. Clearly Egypt is in a better position to service it's debts.

Even at that Egypt is in danger of not being able to service it debt. The IMF has warned Egypt about taking further debt.

America spends 9% of government revenue on debt servicing. You must agree with me that this is much more healthy.

Secondly even in America we don't have any example of public debt paying for itself.

Perfectbeing:
Be pessimism all you want..
Nigeria loans will pay for itself

We can't continue to do foolish things and hope all will be well. We should learn from history.
The Greeks thought the same when they were borrowing
Pakistan said the same thing.
The worst part of this foolishness is that we have so many unfinished projects and the funds have run dry.

Perfectbeing:
Yes I want you to go on.. You only stated projects that didn't pay for themselves but in your pessimism failed to listen projects that pay for themselves..

And also, what's the worse that would happen if the loan default? The Chinese will take over right? But it wouldn't still matter, because it's still Nigerians that would be using the trains, airports, refineries etc..
It is still Nigerians that would be employed.. So if e reach that stage make e reach...

No, it would be your job to list projects that paid for themselves. I am listening.
Even in china, the multi billion dollars rail project build from 2008 is running at a loss. If the Chinese can run rail profitably, you think they would build profitable rails for you?
You seem to be very short sighted. What is the worst that could happen if you default?
You lose international credibility. That means no one would loan you money when you need it.
Your currency continues to be devalued.
China would have all kinds of economic leverage over you.
The billion dollars project would begin to face decay as the Chinese would not run them at a loss.
Investments in your country become more risky as your central bank and monetary policy would become extremely weak.
The investors you were hoping to invite would not be comfortable investing in your country.
You would also have lost of abandoned projects as the funding would dry up. This is already the case in Nigeria. The Chinese have stopped funding our rails since January this year.

ismalmuhd:
can you read? the article literally said the 80% is also in the hands of politicians that want to buy votes and under your grandma's mattress.

That's my point, it is stupid to state such without fact. It is impossible to know who the money is with. As long as the banks don't have records of the money how would anyone tell if the money is with politicians or criminals?

ismalmuhd:
The Central Bank of Nigeria recently announced that it has redesigned the country’s 200, 500 and 1000 naira notes. The new notes will be released to the public on December 15, and Nigerians will have up till January 31, 2023 when the old notes will cease to be legal tender.

This announcement has divided opinions among many Nigerians online. And for good reasons, this move is likely to have a positive effect on the country’s general elections scheduled for next year, at the same time, the price tag for this redesign will be staggering for a country like Nigeria that needs to make sure every penny it is spending is well optimized.

About 6 trillion naira notes are currently in circulation at the moment, of which almost 80% is estimated to be outside the banking vaults. This means that almost 80% of all naira notes in circulation are in the hands of criminal elements like kidnappers, armed robbers and drug dealers. Others are in the hands of corrupt government officials who might be hoping to influence elections with their stolen wealth, and the rest is under the grandma’s mattress and under the mattresses of other people who are uneducated or who simply don’t trust the banking system enough to keep their life’s savings with other people.

Announcing that everyone will have to make a change in such a short period will surely cause some ripple effects, and have some unintended consequences.


The Pros
Positive effect on the coming general election

The biggest pro of redesigning the naira notes this close to the general elections is perhaps the fact that it might disrupt vote buying. In Nigerian elections, votes usually go to the highest bidder, politicians who have been hoarding money to buy votes will find it more difficult now as they will not be able to have access to large amounts of cash without declaring what they intend to use it for. Furthermore, those who already hoard cash at home will not be able to deposit the money at the bank without answering where they got the money from.


Might have a positive effect on inflation

One thing that will be visible in bank branches over the next couple of weeks, will be the fact that lots of individuals and businesses will be depositing high volumes of cash. This will give the banks more money to give out as loans. If individuals and businesses can access loans a little easier, it will boost economic activities that will create wealth and reduce inflation.

Effect on crime

One thing criminals like kidnappers, armed robbers and drug dealers cannot do is open a bank account or have any sort of transaction that can be traced. These criminals rely on cash only, and with the old naira notes becoming obsolete by January 31, this means they have a very short time window to launder all the cash in their possession. Some might, out of desperation decide to walk into a legitimate financial institution to exchange their cash, the authorities should be waiting for them when they do.

Better adoption of digital payment

If the naira will soon become obsolete, some businesses will begin to demand that customers pay them through POS, bank transfer or other digital means. This will be good for the economy because it will lead to more efficient bookkeeping and better tax collection by the government.


The Cons
High cost

Nigeria is broke, the cost of redesigning and printing trillions of naira that will go into circulation will be staggering. But it might be worth it in the long run if the government does it efficiently.

might further crash the naira against the dollar

Naira has fallen by over N190/$1 year to date from an average of N565/$1 recorded as of 31st December 2021, currently trading as high as N760/$1 and still rising. This fall might be exacerbated over the next few weeks if those who have hoard the naira decided to buy dollars with their money. Too much naira chasing a few supplies of dollars will crash the exchange rate at the black market.

Overcrowding at the bank

Visiting any bank branch over the next few weeks is sure to be an unpleasant experience. Lots of people will be out to make deposits before January 31 deadline, which will lead to massive crowds at the banks. When India tried a similar scheme last year, it went horribly wrong when millions couldn’t access the bank to a deposit before the deadline date.

If you have your money in the bank, do not panic. It is unlikely that you will even notice any changes as the transition occurs. Currency as a percentage of money supply is less than seven percent, the vast amount of the Nigerian naira is digital. For now, avoid going to the bank as much as possible and do not make deposits for strangers to avoid being caught in a money laundering scheme.

https://africaexplained.com.ng/pros-and-cons-of-cbns-naira-redesign/

You guys always come up with some nonsense facts. 80% of our currency is outside the vaults does not mean that almost 80% of all naira notes in circulation are in the hands of criminal elements like kidnappers, armed robbers and drug dealers.
It means 80% of our notes are used outside the banking sector. For example, the farmers, local traders and others who do not use the banks in their transactions.

Perfectbeing:
You obviously have no idea on how the Nigerian economy works..

Nigeria is having more foreign and local investment now more than ever.

Nigeria would have developed at a snail speed (if at all) with only oil revenue..

Oil revenue plummeted almost when Buhari took over Government. Coupled with fuel subsidy, Nigeria revenue would never have been enough to develop the country. So Buhari had to take loans.

Any other investment Buhari wanted to do without investing on roads, bridges, rail roads etc would have been a waste of time. .

For example, before completing the Ajaokuta steel industry (let's even forget about the court cases that was on ground), a railway needed to be built to carry iron ore from the source to the steel company.. Without a constant supply of raw materials to the steel company, building it would have been a waste of time. Once the furnace is turned on, it can't be turned off for at least 20 years.. So completing the company without linking it to it's raw materials would be stupid.
Those links I'm talking about is the railways which needed loans to be built..

Buhari wanted to link all seaports by rail.
He wanted to link the LAKIJA corridor (you should read about it) to Lagos seaport that was why he built the Lagos to Kanu to Maradi railway (which generated a lot of controversies). That rail way needed loans to be built.

Trying to diversify to other source of revenues was a long term plan which was too expensive for Nigeria, hence Nigeria needed to take loans.

Nigeria needed to buy fighter jets and other weapons to fight insecurity.. We needed loans to get those things.

So who cares, if we spend N92 out of every N100 we make to service debts? In time, those projects built by the loans would start paying for themselves..
Thank God the Chinese loans have a long repayment term of 15 to 20 years. So we have enough time to pay back the loans.


Like I always tell people, in the next 15-20 years, Buhari will be regarded as one of the best President of Nigeria. Because it is around then that Nigeria will see the good effect of what he's doing now.

Again, I add to my first post. Early this year, the Chinese banks stopped given us loans for infrastructure.
If the Chinese felt that these were great loans that would repay themselves, they would have continued to pump us with money. But they began to see that the loans would not yield good result so the stopped. Note, no banker would ever refuse to give a healthy loan. The Chinese now see that our investment environment is unhealthy.
Now we have many uncompleted projects with no means of financing them.
The only rail project stated and completed by the Buhari government is the Lagos to Ibadan. All other projects don't have financing.
That's all APC has to offer

mcmurphy132:
I don't know why some set of people think it only their candidate the whole Nigeria youth is supporting.. forgetting the that both old and young will vote different candidate..

I wonder maybe people doing matching other candidates are not youth..

I'm very sure 20% of the students will not vote

Let me explain it to you. Do you know why Obi wins every online poll? It's because he has the support of the youths.
The youths more than any other age bracket are on the internet.
Obi is the obvious choice of most Nigerians under 30.

Perfectbeing:
You obviously have no idea on how the Nigerian economy works..

Nigeria is having more foreign and local investment now more than ever.

Nigeria would have developed at a snail speed (if at all) with only oil revenue..

Oil revenue plummeted almost when Buhari took over Government. Coupled with fuel subsidy, Nigeria revenue would never have been enough to develop the country. So Buhari had to take loans.

Any other investment Buhari wanted to do without investing on roads, bridges, rail roads etc would have been a waste of time. .

For example, before completing the Ajaokuta steel industry (let's even forget about the court cases that was on ground), a railway needed to be built to carry iron ore from the source to the steel company.. Without a constant supply of raw materials to the steel company, building it would have been a waste of time. Once the furnace is turned on, it can't be turned off for at least 20 years.. So completing the company without linking it to it's raw materials would be stupid.
Those links I'm talking about is the railways which needed loans to be built..

Buhari wanted to link all seaports by rail.
He wanted to link the LAKIJA corridor (you should read about it) to Lagos seaport that was why he built the Lagos to Kanu to Maradi railway (which generated a lot of controversies). That rail way needed loans to be built.

Trying to diversify to other source of revenues was a long term plan which was too expensive for Nigeria, hence Nigeria needed to take loans.

Nigeria needed to buy fighter jets and other weapons to fight insecurity.. We needed loans to get those things.

So who cares, if we spend N92 out of every N100 we make to service debts? In time, those projects built by the loans would start paying for themselves..
Thank God the Chinese loans have a long repayment term of 15 to 20 years. So we have enough time to pay back the loans.


Like I always tell people, in the next 15-20 years, Buhari will be regarded as one of the best President of Nigeria. Because it is around then that Nigeria will see the good effect of what he's doing now.

Your first statement shows you really have very low understand of our economy.
You did not even quote a single data to show that Nigerian investment is growing.
Could you please list the investments under Buhari so we can compare with other governments.
Then again you retold the APC lie that oil revenue reduced under Buhari.
You APC guys forgot that oil was rarely up to $40 under Obasanjo.
The average price of oil under Buhari was above $60. The lowest price was $30 during the first 3 months of covid.
The average price of oil under Yaradua and Jonathan was $80.
So if you do your maths, oil was more expensive under APC.
The idea that projects would in time pay for themselves is actually a lie. Below are a list of countries where projects did not pay for themselves.
1. China's extensive rail project.
2. Sri Lanka's infrastructural projects
3. Brazil's massive projects of the 80s and 90s
4. Argentina
5 Pakistan
6. Greece
7. Spain
8. Italy
9. Portugal
Do you want me to go on?

oyebanji44:
Obi can't mobilize this kind of crowd outside south east .

Lol, Obi did it in Nassrawa, Lagos, Abuja, Benue, and Plateau. It's actually the other way around. Tinubu has no followers outside the SW.

LonelyLucifer:
I've always known Russia to be Orthodox in their doings....


"If you can't be useful to your family, you can as well be useful to your country"

Men go dey japa pay child support now

Very unwise thinking. Do you actually believe that someone who does not love his family would be committed to protecting his nation? If you keep fielding these kinds of people as your soldiers, you are in big trouble.

Perfectbeing:
Lagos is among the top investment place in Africa. Tinubu would make the whole Nigeria like that.

Like it or not, there's a correlation between foreign investments and good infrastructures.

You seem to be a bit confused. We were discussing debt not Tinubu.
No one said infrastructure is unimportant but I was educating you on the dangers of excessive debt.
Your government has destroyed our economy and impoverished the nation with debt. We are now more uncompetitive.
I never said you shouldn't vote Tinubu. I believe you are an adult and you know what you want
I am only trying to educate you on the way the economy works.

Perfectbeing:
Nigeria has to borrow to make the country beautiful enough for foreign investors to invest in the country.
Any disadvantage of borrowing is just a small price to pay for the Nigeria we all want.

I just remembered one more thing.
Greece, Spain, and Italy what do they have in common? They are super beautiful places. They are among the top 12 visited countries yet they mess up their economies due to excessive debt.
Investors are not rushing to these countries. So the idea that you need to go broke from borrowing just to make your country beautiful for investors is naive and childish.
Investors care about only 2 things, security and profit and Nigeria has neither of these. We are rated 131 in the ease of doing business and one of the least safe nations on earth.

SamOchuko:
And my area is Cameroon, will you not be an idiot and a very big fool to conclude on what I think when you’re not me?

Another angry one

Perfectbeing:
Nigeria has to borrow to make the country beautiful enough for foreign investors to invest in the country.
Any disadvantage of borrowing is just a small price to pay for the Nigeria we all want.

You keep getting it wrong. Investors are not looking for beauty, they are looking for value. If you think borrowing beyond your means is a small price then you need a lesson in financial education.
And what really do you understand by a small price? When all your income as a nation is going to servicing debt it's called bankruptcy.
Your currency would continue to be devalued, lenders would increase their rates and you don't even have enough for your police, universities, and hospitals.
Every single nation that borrowed beyond its reach ended in a bad place. This your principle of overindebtedness has never worked in any single nation. Please give a one example where your logic has worked
I hope it's now clear to you.

Perfectbeing:
Why don't you check the debt that Egypt is owing? The same Egypt that Peter Obi wants Nigeria to be like.

Egypt has been in existence since bible times yet they still can't run their economy without debt.

Check the debt profile of all the advanced countries.
If all their citizens were afraid of debts, they won't be as advanced as they are now.

First, you make many errors.
Present-day Egypt is not the same as in the bible days. Only the name and geography are retained. The indigenes of ancient Egypt were not Arabs.

Secondly, how much Egypt is owing is not important in this discussion. We could check how much the US is owing or how much Japan is owing but that would not help the Nigerian case.

Now, this is what is important:
Nigeria's debt service-to-revenue ratio was up to 92 percent this year from 76 percent in 2021.
Let me explain what this means to you. It means that whenever Nigeria makes N100 we use N92 to service our debts then we spend the remaining N8. This is why we keep borrowing more and more to remain afloat.

In 2023 we would be spending more than 100% to service debt. Do you now understand why it is foolish to be looking at other countries as models for indebtedness?

Perfectbeing:
I meant your head. The world does not work the way it works in YOUR head.

You are still saying the same thing. Everything that works starts in someone's head. You really think things just appeared and began to work magically?

Perfectbeing:
So we shouldn't construct any infrastructure because we are afraid of debt?
That means someone like Dangote won't dare to build a refinery because of debt.

We build infrastructure with debt that can be repaid without causing pain to even generation unborn.
Next year, our debt repayment would exceed our income. This shows that you have very evil leaders

Perfectbeing:
Its high time you guys stop solving every problem with your head. The world does not work the way it works in your head

While I agree with you that a power dam is not the best tourist attraction, I disagree with you on solving problems. We solve problems with our heads. The world works because of thinking men.

SamOchuko:
Bro na ur area b the shit hole for this one, we have light for an average of 16-19 hours here in Evbuku in Benin city, dweller of shit hole, maybe you should relocate from the shit hole where you dwell at the moment but please don’t relocate to another shit hole.

Is his area not part of Nigeria? You would be a fool to think most areas in Nigeria have up to 16 hours of electricity per day

ejieddy:
As much as I fault Buhari for a lot of wrong in this country, his administration has done more for our infrastructure than any other administration. I give that to him, plus signing the electoral law.

Actually, not so. Goodluck Jonathan commissioned 10 power plants. This is the first from Buhari in 8 years.

Moh247:
On infrastructure APC is still unbeatable

More projects to be commissioned

More needs to be done on Security

Goodluck Jonathan built 10 power plants in 6 years. His administration stated Zungeru. This is the first completed powerplant in 8 years under Buhari.

Poten111:
Forget Yoruba people who tell you they are Obidient. They are far smarter and do not have issues switching when the need arises.

They will vote their own.

And we should believe you because you are who? You are openly calling millions of Yorubas dishonest and you expect people to believe your nonsense.

Nice

BATified2023:
name 5 things Peter obi did better than tinubu as governor?



Question wey no geti answer

1. He improved education. Anambra became number in the nation in SSCE.
2. Government investments.. He invested state funds in multinationals.
3. Savings, he made more saving for his state than any governor in the history of Nigeria.
4. Roads, He completed over 800 km of roads in his time.
5. Bridges, he completed over 6 bridges
Are you satisfied or do you want more

[quote author=Maynman post=117749490][/quote]ok