₦airaland Forum

Funny

#CleansweepBuhari

Indeed (this has happened in the past in Lagos politics), the real question however is if he'll be on the ballot

While middle class people argue online politicians on ground are milking public sentiments.

Someone is hungry, you're arguing semantics with him.

Nigerians don't catch up.

This is why a Fayose will beat a Fayemi.

Emotional intelligence / Stomach infrastructure.

Not big big grammar online.

(Ps many online don't have voters card, many of the sacked or about to be sacked l teachers do)

People voted for this goverment

That is not a crime

People STILL believe in this government.

This is reprehensible.

Hmm...

2 and a half years down the line a goverment bemoans the state of something under its own watch.

Kaduna Governor should tell us how much has been spent on EDUCATION (not school feeding) since May 2015 in his state.

What efforts had he put in place to forestall this current debacle that has proved abortive.

Outside this, his actions are a very calculated strategy for grandstanding and stirring up public sentiments.

The Nigerians exhibiting shock at the exam results (the Kaduna Governor presented a micro sampling of the alleged 20k failures) are either conscientiously naive or living in denial.

NIGERIA IS IN A SORRY STATE!!!

Meanwhile if the President is truly committed to education he should as a sign of good faith present his certificate and in good humour take the said exam the teachers took.

If na mouth dem dey use develop cities and nations Ambode for don find London for Lagos.

And pikin wey dem born for 2015 no for don hear sound of Generator.

This singular statement says a whole lot about Senator Bruce

A summarised tweet of less than 280 characters from the Ministry communicates, connotes and confers transparency?

If you're waiting for this goverment to tell the truth on a single matter.....

If you're waiting for this goverment to tell the truth on a single matter.....

Hmm

You people are playing with someone that disappeared a whole market contract!


Iponri Market Phase 2 became LASG housing project AFTER award of first contract on same site!

Website na chinchin sometin

https://www.nairaland.com/3901358/how-did-babatunde-abracadabra-fashola

three:
Attached below is the image of the site board for the Iponri 2 A Modern Market Development at Iponri Lagos State

Attached also is a Google earth satellite image of the site showing the current built up status.

The Question is:

HOW did a Modern Market Development promoted as a Joint Venture between Ibile holdings and Growmore Development Ventures AWARDED to Elektrint Nigeria Limited by the Lagos State Government under Babatunde Raji Fashola become a 200 unit Housing Estate under LagosHOMS under the same Governor?

How can a contract be awarded with Contractor mobilised to site as evidenced by the site board only for the contract to disappear and another fresh project be awarded on the very same site?

Lagos Magic?




Attached image of LagosHOMS project from http://www.lagostelevision.com/lagoshoms-contractors-urged-early-completion/

Not only is APC financially corrupt they are also morally corrupt.

three:
The difference between a functional government and a sensational government.

Functional: 80% work 20% talk

Sensational: 5% work 97% talk/noise/publicity/drama

three:
Cleansweep Buhari

Mai Gaskiya

The people who say Buhari is not corrupt are either;

1. Paid to say so

2. Can't comprehend the gamut of corruption

3. Fan' ' s.

CBN Governor and mentor mentioned in Paradise Papers yet it doesn't make headlines in Nigeria. This is the same CBN Governor who in the last days of this administration was accused of facilitating the transfer of huge sums of hard currency (some of which appears to have found its way to Ikoyi) with the aid of his former bank. Allegations made by functionaries now in power. Allegations now conveniently swept under the carpet.

https://www.nairaland.com/4162464/paradisepapers-nigerias-cbn-gov-emefiele

https://www.premiumtimesng.com/news/headlines/248540-paradisepapers-nigerias-central-bank-chief-emefiele-zenith-banks-chair-jim-ovia-tax-avoidance-scandal.html

Hmm

I saw Mambilla and was taken aback!

This goverment na wash!

Make beta rain fall, everytin go expose!

If you don't believe me ask Lekki peepu

Nbote:
I don't know if tym counts backwards or forward.
I hope it's not jus for reelection and campaign purposes.

Dis is from last year
https://www.dailytrust.com.ng/news/general/fg-3050-mambila-power-project-ready-in-5-years/168650.html

And den dis is 2months ago

http://energymixreport.com/mambilla-hydro-power-project-ready-6-years-perm-sec/

Spot d difference

Hmm

At Ekiti Judicial Panel Witness Says Coscharis Supplied N1.3b Vehicles VERBALLY

three:
By Ayodele Afolabi, Ado-Ekiti | 01 September 2017 | 4:29 am

A Representative of Coscharis Motors, Justin Ngele, yesterday told the Judicial Panel of Inquiry probing the administration of former Governor Kayode Fayemi of Ekiti State that his organisation supplied 156 vehicles worth N1,284,159,000 based on oral agreement.

Led by the counsel to the automobile firm, Peter Jiya, he said the company executed the deal on trust.He added that the state government later issued a letter of award for purchase of additional 59 units of vehicles which were equally supplied.

Ngele said of the 235 vehicles supplied between 2013 and 2014, N1.449 billion was paid, leaving behind a balance of N459 million.But a witness from the Ministry of Local Government, Samuel Akinjide in his statement on oath, alleged that the ministry received an invoice of N1,284,159,000 for the financing of 156 Ford Range Rover Sport Utility Vehicles (SUVs) for traditional rulers in the state.


He also claimed that the then Commissioner for Finance, Vincent Kolawole, had taken delivery of the vehicles before the official communication. Akinjide averred that “Coscharis Motors on May 2, 2014 requested for payment in respect of 235 vehicles instead of the 156 units the ministry was directed to purchase.

“By this letter, there is no evidence that Coscharis Motors paid taxes on the vehicles. The automobiles were distributed without the input of the ministry.”

He continued: “The local councils were to settle the debt on equal basis even though they did not solicit for it.“The General Administration Department (GAD) and the Ministry of Finance have been contacted but they all claimed ignorance of the purchase.”Consequently, the panel adjourned sitting till September 8 to enable the automobile company tender original documents to back its claim.


https://guardian.ng/news/at-ekiti-judicial-panel-witness-says-coscharis-supplied-n1-3b-vehicles-verbally/

Corruption fighting back...
No.... It's GEJ

Hmmmm....this guy just doesn't stop.

Who is the grand purveyor of fake news (GPFN)

Shay na him ask say tell me one thing I said that is a lie?

nairavsdollars:
“But what I challenge them every time is, ‘Please, give me one thing I said that is not true’. Emotionally, you may not agree with me but in terms of facts and figures, I have never said anything which they can dispute. You don’t have to like it but you can’t deny that they are facts,” he said.https://independent.ng/nigerians-justified-calling-liar-pdp-tells-lai-mohammed/

He asked ba? Okay here goes the top ten from an earlier post

Top Ten Hits!

three:
(1.)
PDP frustrating Transition Committee
http://www.premiumtimesng.com/news/top-news/182580-jonathan-pdp-frustrating-transition-process-apc.html
Chairman Transition Committee debunks statement
http://nigeriatrends.com/joda-transition-committee-submits-800-page-report-to-buhari/

(2.)
Denied Buhari's 100 days campaign program
http://pointblanknews.com/pbn/exclusive/buhari-never-promised-to-do-anything-in-100-days-says-apc/
Document was attested to by several news houses as having been widely distributed
http://aitonline.tv/post-my_100_days_covenant_with_nigerians_____muhammadu_buhari
https://www.thecable.ng/documented-promises-buhari-apc-made-nigerians
https://politics.naij.com/414497-general-buharis-public-letter-to-all-nigerians.html

(3.)
FG to commence payment of N5000 stipends in September 20016
https://dailytimes.ng/news/fg-commence-payment-n5000-stipends-sept-minister/
Actually commenced in January 2017 in 9 states
http://www.vanguardngr.com/2017/01/presidency-begins-payment-n5000-monthly-stipend-poor-nigerians-9-states/

(4.)
Boko Haram technically defeated
http://www.aljazeera.com/news/2015/12/nigeria-defeat-deadly-boko-haram-151229103945329.html
Evidence abounds to date that they haven't however just two weeks after that statement
https://politics.naij.com/684751-buharis-deadline-inconvenient-truth-boko-harams-defeat.html#

(5.)
55 Nigerians stole over N1.34 trillion
http://www.premiumtimesng.com/news/headlines/196981-55-nigerians-stole-over-n1-34-trillion-in-8-years-lai-mohammed.html
A claim unsubstantiated till date
http://www.vanguardngr.com/2016/01/fayose-to-lai-mohammed-you-must-name-15-ex-governors-55-nigerians-that-stole-n1-34tr/

(6.)
Claims 'Change begins with me is his idea'
http://www.vanguardngr.com/2016/10/change-begins-idea-lai-mohammed/
The alleged owner 'dared' Mr. Mohammed and we haven't heard from him since
http://punchng.com/change-begins-artist-dares-lai-mohammed-lawsuit/

(7.)
Assassins being trained in Belarus - Lai Mohammed
http://dailypost.ng/2015/03/16/pdp-planning-to-kill-buhari-tinubu-apc/
Unsubstantiated till date

(8.)
Nigeria's economy would have collapsed if not for Buhari's emergence - Lai Mohammed
http://www.vanguardngr.com/2016/05/buharis-emergence-saved-nigerias-economy-collapse-minister/
Is it not safe to say that Nigeria's economy IS COLLAPSING DUE to Buhari's emergence?

(9.)
Insinuating that he does not lie is in itself a lie
http://www.premiumtimesng.com/news/top-news/222499-lai-mohammed-reacts-lie-mohammed-moniker.html
The 8 posts above debunk this

and the GOLDEN ONE! (I honestly shouldn't be finding this funny as this is plain sad!)

(10.)
Dressing one Masquerade can create 1000 jobs
https://www.naij.com/819019-one-masquerade-can-create-1000-jobs-nigerians-lai-mohammed.html
Do we really need a link to debunk this?



Bonus hypocritical statements
Boko Haram's ban violates Constitution - Lai Mohammed
http://thenationonlineng.net/acn-boko-harams-ban-violates-constitution/
How Jonathan, PDP benefit from Boko Haram insurgency - Lai Mohammed
http://www.premiumtimesng.com/news/headlines/167998-how-pdp-jonathan-benefit-from-boko-haram-insurgency-lai-mohammed.html
Outrage over President Jonathan's trip to Brazil
https://dilemma-x.net/2012/06/20/nigeria-outrage-over-president-jonathans-trip-to-brazil-for-un-earth-summit/

Global Credit Research - 07 Nov 2017
New York, November 07, 2017 -- Moody's Investors Service has today downgraded the Government of Nigeria's long-term issuer and senior unsecured debt rating to B2 from B1 and the senior unsecured MTN program rating and the provisional senior unsecured debt rating to (P)B2 from (P)B1. The rating outlook remains stable.

The key drivers are as follows:

1. The authorities' efforts to address the key structural weakness exposed by the oil price shock by broadening the non-oil revenue base have so far proven largely unsuccessful.

2. As a consequence, while debt levels remain contained and notwithstanding recent cyclical improvements, the government's balance sheet remains structurally exposed to further economic or financial shocks, with interest payments very high relative to revenues and deficits elevated despite cuts in capital spending.

The stable outlook reflects the fact that the likelihood of a shock occurring that would further impair Nigeria's economic and fiscal strength remains low, with external vulnerabilities having receded supported by the rebound in oil production, the current account projected to remain in surplus, and reserves boosted through external borrowings and increased foreign capital inflows. Medium-term growth prospects are also credit supportive.

Concurrently, Moody's has lowered the long-term foreign-currency bond ceiling to B1 from Ba3 and the long-term foreign currency deposit ceiling to B3 from B2. The long-term local-currency bond and deposit ceilings remain unchanged at Ba1.

RATINGS RATIONALE

RATIONALE FOR DOWNGRADE TO B2

THE AUTHORITIES' EFFORTS TO INCREASE NON-OIL REVENUE HAVE SO FAR PROVEN LARGELY UNSUCCESSFUL, WITH KEY STRUCTURAL WEAKNESSES PERSISTING

The first driver of the rating action is Nigeria's slower than anticipated progress in addressing its key structural weakness, which is its significant reliance on a single sector to drive government revenues as well as growth and exports. The oil shock severely weakened Nigeria's public finances, with general government revenues suffering a 50% decline between 2014 and 2016 (from 10.5% of GDP to 5.3% respectively). The damage wrought by the oil price shock has not yet been undone, and the downgrade reflects Moody's view that this weakness in Nigeria's public finances will remain for some years to come; Moody's forecasts general government revenue to average only 6.4% of GDP over 2017-2019, the lowest level of any sovereign rated by Moody's.

The results of the authorities' efforts to increase non-oil revenue since late 2015, which have focused on improving compliance and broadening the tax base, have been limited and negatively impacted by a contractionary environment in 2016. The Federal Revenue Inland Service (FRIS) has been able to increase non-oil revenue by 15% in nominal terms as of September 2017 compared to 2016, but this is at a pace that is below nominal GDP growth. Meanwhile, the independent re-appropriation of revenues from the ministries, departments and agencies (MDAs) has yielded less than projected results for two consecutive years, highlighting the considerable execution risks inherent in the transition to a less oil-dependent budget. Hence, while the rebound in the oil price and in oil production has led to oil revenues out performing the 2017 budget target, non-oil tax revenues are still below target with a 30% shortfall for the federal government at the end of September compared to budget and likely a similar situation for states and municipalities.

The challenges on the revenue side will negatively impact potential growth. Since 2014, the authorities have offset revenue shortfalls with large cuts in much needed capital expenditure, a trend that Moody's expects to continue. In 2017 the government is likely to only match 2016 capital spending that reached NGN1.2 trillion (or 1.2% of GDP), given the 2017 budget is expected to run on a six-month cycle (for capital expenditures only) as the 2018 budget is likely to be passed in January. This is less than 50% of the 2017 budget for capital spending and still an insufficient level to have a meaningful impact on the large infrastructure gap that significantly constrains the country's potential growth.

WHILE DEBT LEVELS REMAIN CONTAINED, THE GOVERNMENT'S BALANCE SHEET REMAINS EXPOSED TO FURTHER SHOCKS.

As a consequence of the inability to expand the non-oil revenue base, the government's balance sheet will remain exposed to further shocks. Deficits will remain elevated and debt affordability will remain challenged, despite debt levels remaining contained. That exposure will persist notwithstanding the recent improvements in the economy, which are primarily cyclical and related to the strengthening in the oil sector.

Moody's projects a general government budget deficit of 3.6% of GDP in 2017, down from 4.7% in 2016. In 2018, the deficit will decline only slightly to 3.2% of GDP, comprised of a 2% of GDP federal government budget deficit and around 1% of GDP deficit at the state and municipality levels plus some arrears that are likely to be split between the three levels of government. This is nearly double the general government deficits of 1.9% of GDP averaged between 2010 and 2015. While Nigeria's general government deficit compares favourably to the 5.5% and 4.6% of GDP median budget deficit for B1- and B2-rated sovereigns, the challenges it poses are magnified by the country's underdeveloped revenue base: Nigeria's budget deficit is equivalent to roughly half of total general government revenue—a ratio much weaker than the median of B-rated sovereigns.

Relatedly, debt service is consuming an ever larger share of government revenue. At the federal level, debt service accounted for 38.2% of total revenues by the end of June, up from 29% in 2014 and 23% in 2013. At the broader general government level, the ratio of interest payments to general government revenues peaked at just under 30% in 2016, 10 percentage points above what the rating agency anticipated in December 2016 when it affirmed the previous rating of B1 and over four times higher than the B2 median of 6.6% in 2017. Moody's expects the ratio of interest payments to general government revenues to only slowly decline to 28.4% in 2017.

While debt levels remain low, outstanding general government indebtedness has increased by around 50 per cent in recent years. Moreover, around a quarter of the NGN15 trillion of domestic debt outstanding at the end of June 2017 is comprised of T-bills, increasing refinancing risk and interest rate exposure. With inflation likely remaining elevated over the next two years, interest rates are likely to decline only slowly: Moody's expects inflation to decline gradually from its 2016 peak of 18.6% to around 14% at the end of 2017 and 12% at the end of 2018. The government is seeking to shift the balance of issuance away from costly short-term domestic debt towards longer-term external borrowing in the Eurobond markets or from multilateral institutions including the African Development Bank (AfDB) and World Bank (The). However, the impact of this strategy will be slow to materialise: Moody's estimates that external debt will represent 25% of general government debt by end-2017, versus 20% a year before.

Nigeria's existing financial buffers are too small to provide any meaningful cushion against protracted oil price volatility or other shocks. As at the end of October, the excess crude account (ECA) stood at $2.4 billion and the National Sovereign Investment Authority (NSIA) at $2 billion, equivalent to merely 0.6% and 0.5% of GDP respectively.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's view that the risk of a shock occurring that would further impair Nigeria's economic and fiscal strength remains low, in part because of the recent improvement in the growth outlook and the measures taken to address foreign exchange shortages.

Nigeria's economic growth and US dollar earnings are likely to continue to improve over the coming two years, albeit driven primarily by a recovery in oil production and revenues and relatedly in the availability of foreign exchange, rather than by a deepening of the non-oil economy.

In 2017, oil production has been steadily growing to currently reach 2.2 mbpd (including condensates). The government has tripled the amnesty programme payment to militants over the next two years to reduce the likelihood of production disruptions. The absence of further arrears on cash calls in Joint Ventures (JVs) this year has led some oil majors to consider further large investments in JVs from 2018. Moody's baseline scenario assumes a slow but steady increase in oil production, averaging 2.3 mbpd between 2018 and 2020. Moody's expects real GDP growth to reach 3.3% in 2018, compared to 1.7% in 2017 following the -1.5% contraction in 2016.

External vulnerabilities have receded. Foreign exchange reserves are expected to reach $38 billion at the end of 2017, albeit partly as a consequence of increased external indebtedness. Since the creation of the export-import window by the Central Bank in April 2016, net capital inflows have reached $5 billion and dollar liquidity -- one of the main reasons for the economic contraction of 1.5% in 2016 -- has improved. Nigeria's current account has moved back further into surplus, supported by the pickup in both oil production and oil prices, and will likely average 1.5% in of GDP during 2018 and 2019. The overall balance of payments will benefit from government external borrowings and improved foreign capital inflows. At 24% in 2018, Moody's expects that Nigeria's External Vulnerability Indicator (the ratio of near-term economy-wide external outflows to foreign exchange reserves) will remain well below the B2 median of around 64%.

WHAT COULD CHANGE THE RATING UP

Positive pressure on Nigeria's issuer rating could be exerted by: (1) the successful implementation of structural reforms, particularly with respect to public resource management and the broadening of the revenue base; (2) material improvement in institutional strength with respect to corruption, government effectiveness, and the rule of law; (3) the rebuilding of large financial buffers sufficient to shelter the economy against a prolonged period of oil price and production volatility.

WHAT COULD CHANGE THE RATING DOWN

Nigeria's B2 issuer rating could be downgraded if Moody's concluded that the sovereign's exposure to a financing shock had materially increased, perhaps because of (1) continued erosion of debt affordability or a material deterioration in the government's balance sheet in some other respect; or (2) materially weaker medium-term growth, for example as a result of delays in implementing key structural reforms, especially in the oil sector, or continued militancy in the Niger Delta, which undermine the level of oil production over the medium-term.

GDP per capita (PPP basis, US$): 5,936 (2016 Actual) (also known as Per Capita Income)

Real GDP growth (% change): 1.7 % (2017 Estimate) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 14.4 % (2017 Estimate)

Gen. Gov. Financial Balance/GDP: -3.6 % (2017 Estimate) (also known as Fiscal Balance)

Current Account Balance/GDP: 1.8 % (2017 Estimate) (also known as External Balance)

External debt/GDP: 7.7 % (2016 Actual)

Level of economic development: Low level of economic resilience

Default history: No default events (on bonds or loans) have been recorded since 1983.

On 02 November 2017, a rating committee was called to discuss the rating of the Government of Nigeria. The main points raised during the discussion were: The issuer's economic fundamentals, including its economic strength, have not materially changed. The issuer's institutional strength/ framework, have not materially changed. The issuer's fiscal or financial strength, including its debt profile, has materially decreased

The principal methodology used in these ratings was Sovereign Bond Ratings published in December 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable.

The Local Market analyst for these ratings is Aurelien Mali, +971 (423) 795-37.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Lucie Villa
Vice President - Senior Analyst
Sovereign Risk Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Yves Lemay
MD - Sovereign Risk
Sovereign Risk Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

https://m.moodys.com/Research.html?docid=PR_374801

The adjective used for OIL in Nigeria is EXPLOIT.

Everyone seeks in one way or another to exploit this resource for personal or tribal gain.

The adjective instead should be APPROPRIATE.

How can we best appropriate this resource for the betterment and growth of ALL.

This is sadder still when considering that Oil is entering its twilight years with the advocacy and development of other more sustainable energy forms.

After 57/70 estimated years of proceeds from Oil with the attendant sacrifice to the immediate region what exactly can Nigerians claim as a benefit from Oil?

That a few individuals have ring fenced the wealth of a nation and its 180 million plus people is a tragic travesty.

Quality20:
This. is part of what d militants claim to b fighting against, only to eventually enrich themselves, building universities and other money spinning investment for themselves. Yet still a new generation want to spill more oil so as to be given money to enrich themselves and keep shut. Hungry bastards .Why is asari and his cronies no more talking? Are they afraid of being deprived of their new found luxurious life of houses,cars and women?

Key word - CLAIM

Sad

So so sad.

No one is fighting for these ones...

Meanwhile what is happening with the clean up exercise?

They launched one last year, any updates?

I guess this is also Jonathan's fault

Ineptitude

Some of those who say Buhari is not corrupt reveal an underlying philosophy

"When you are accustomed to privilege, equality feels like oppression"


Reminds one of a former FCT Minister now governor who sees nothing wrong with allocating 8 plots in the FCT to members of his family.

NEPOTISM IS CORRUPTION

Hmmm... Na wah

Keneking:
Another ten billion naira website portal project of the ministry of mines and steel

Sadly not a joke

http://budgetoffice.gov.ng/pdfs/2016pro/SOLID%20MINERALS%20.pdf

Not aware... Hmm where have I heard that before

Roads are in terrible condition.

Truck Flat beds are used tokunboh or at best fabricated in Nigeria.

Tyres are second hand.

We live in an adhoc nation where human life isn't worth much.

Silly goverment

lollmaolol:
How can we stop this stupidity.

'Detribalise' Nigeria