₦airaland Forum

madridguy:
PMB is ahead Atiku 1 Million times. Atiku ruined his political career years ago. I don't need to bring up that again as you know better.

You are just talking from the angle of "I am a Yoruba Muslim and my loyalty lies in my Jihad proponent, Buhari, so help me Allah" mantra so I understand your dark-mindedness ......next

Obainoneandonly:
Na today? who be him mugu..
ogbeni let him not waste his money,even if he's running for senate,he won't win

That's why Nigeria is like the way it is with this your irritating primordial mindset

*Atiku for one term, 7 things you should know.*

1. Readiness to hit the ground running with targeted goals

2. No distraction about winning a second term or managing powerful individuals killing our nation.

3. Focus on Restructure, Job, Power and Economy. Straight to the answer, no parallel distraction.

4. No time satisfying any godfather or winning their favour. Get in, get the work done, get out.

5. Four years to put Nigeria back on track without fear.

6. Answerable only to Nigerians and no other.

7. No time fighting National Assembly or setting up cabal.

Nigeria needs a reset by a single term President who has got nothing to lose.

*Get in!*
*Do it!!*
*Get out!!!*

...No story, No game blame and it is possible.

sexybaby22:
Lol,

OK I claim it.
See you in Brooklyn 2019!!

Correct lady I say Amen to this and in agreement of faith watch out for the manifestation. See you in Brooklyn, New York. United States in 2019!

sexybaby22:
Lol,

But I am trying to create something really big and even though it gets frustrating with govt policies, if I can endure, it will help create employment for others when it becomes really stable.

I send the light of God unto your path sister as I see you in Brooklyn baby in 2019......forget that thing and concentrate on the vision I am making you too see. You don't belong here..........

sexybaby22:
I have friends outside the country telling me to leave literally every time. That my potentials will be appreciated better elsewhere. But if the good ones leave, naija will never develop.

You better leave now when you have the time and stop this "Nigeria go better bullshiit thinking".......see you in Brooklyn, New York in 2019 baby....

midolian:
https://punchng.com/breaking-buhari-will-still-run-with-osinbajo-in-2019-presidency/

lalasticlala

Thank God for this beautiful news it is now certain they will be forgotten after 2019....an item of failure. I wonder what they will campaign with now

petsam11:
Yes brother! I like the way you talk/sound very intelligent and straightforward...
But let's just face reality in this Nigeria bro... Who do you think will agree to adapt to the old ways of Regional government talk less of the the 21st century national Confab? I mean, bro let's just face it... it won't and can't just happen! I agree with u that any of this two options (1960's regional govt or 2014 confab) can change this country but my brother you and I know that their are people who believe that they own Nigeria and by so doing they will never ever agree to any of this options not even to any one that is 1/10 of this option... So let's just face it bro! If will only be a miracle for any of those options to be agreed on! Shikina!

So so on point, as much as I believe in what I wrote up there I feel your pains here and I just pray we get it right or else Nigeria will implode.

petsam11:
I just like this your story (facts) about UAE... Very interesting I must confess!
But sincerely speaking (whether anybody likes it or not) I don't see anything LIKE this (UAE) happening or changing in Nigeria... Very sad but true! Most people keep dancing around while "old rotten wines" are being turned into "new jars"! I just keep laughing!

Funny enough many ppl have already given up on Nigeria even those who used to say "Anyway, make we just dey manage dey go!" many of them lost hope completely last year...
Such a big pity!!!

Lalasticlala Pls do the needful! This topic ought to be in the FrontPage...

You are right to an extent but on the issue of whether Nigeria can weather the storm through to emerge a reasonable economy, I think it is very possible provides we can collapse this wasteful system of Presidential system we are using and prepare a new constitution or amend this gibberish called 1999 constitution and adopt the 2014 Confab Report trust me all will be well on the long run.

Why We Wail..

The Arabian Peninsula has a very rich history dating 6000BC. The peninsula was occupied by Bedouins...the modern day Arabs. The peninsula is mostly sandy desert, hard rocky mountains, and wetlands around the coastal areas. To say this is one of the most uninhabitable places on earth is an understatement! Summer temperatures are so high that you'd be convinced your brains were being melted within your cranium; winter temperatures are so low you'd pray for global warming day and night! The desert is filled with sand boas, cobras, scorpions, goats and camels! It is a most uninhabitable peninsula!

The area was filled with Bedouin Tribes whom had formed pockets of Emirates over the peninsula. Over the centuries, they warred among themselves for supremacy...imagine fighting over vast areas of seemingly useless land? But they did! Life was hard!

In 1498, the Portuguese arrived, and took over the maritime and intermediary trade until their ouster in 1653. Along came the Dutch them the ubiquitous British that displaced the Dutch and signed "protectorate" Treaties with the numerous Emirates on the peninsula. Familiar?

For the British to thrive, they called a truce among the big Emirates along the North Eastern Coast. By 1853, permanent truce was signed and the states were called Trucial States...states in truce.

The British held sway on the peninsula.

In 1932, the Al Saud Family had had enough of the British, carved a large portion of the peninsula for themselves, convinced three other Emirates to themselves and declared themselves sovereign! The British held on stronger to the Trucial States.

The Trucial States were Dubai, Bahrain, Qatar, Oman, Shajar, Fujaira, Abu Dhabi, Al Qawain amd Ras Al Khayima. They were all independent Emirates under the British rule; held down by the 1892 Treaty.

In August 1966, the Emir of Abu Dhabi (Sheikh Zayed) started convincing the other Emirates on the "need to have a federation of sorts and develop as other successful countries". By December 1971, the United Arab Emirates was birthed in that unforgiving piece of real estate on that peninsula! Oman, Bahrain and Qatar opted to be independent countries.

A most profound event of the formation of the United Arab Emirates was their study of the 1963 Republican Constitution of Nigeria...and the formation of a federation along the lines of our discarded constitution.

Every aspect of nationhood was argued even years after. But they built a strong and powerful country with regional autonomy and delineation of central and regional roles.

Since 1971 till date, the UAE has developed at a frenetic pace! And have preserved regional identity even with a jointly controlled centre.

Data Facts
Population: 9 million
GDP: $400 billion
Landmass: 80,000 square kilometers
Literacy: 98%

Did you notice the GDP? Greater than that of Nigeria that has 180 million people!!! By extension, the average citizen of the UAE is at least 12 times richer than the average Nigerian!

The landmass is just a notch larger than the Ala-Igbo Region of Nigeria and about half of that of the Odua Region (Yorubaland)! They have a population three times less than Ala-Igbo and about the supposed population of Kano! Only about 1.2 million of the population are actual citizens while the rest are resident non citizens including my humble self!

The UAE is a thriving country! The road network in Abu Dhabi would make you swoon, while Dubai would sweep you off your feet in an instant! Despite oil and gas, the country has a large manufacturing sector. Everything is regional; all regions fend for themselves! All regions are free to trade internationally, have international airports, seaports, power plants and refineries! I've been to several of those!

The country basically developed before my very eyes. My apartment on Sheikh Zayed road was a desert patch known to me. The metro project (subway) started "in my very before" so did projects as Jumeriah Lake District! The Nuclear Power Plant in Abu Dhabi had some support from yours sincerely (started full operations about 4 months ago)...

The United Arab Emirates is a wonderful country! It is a country that shows you the "can do" spirit in motion! Despite being 75% Muslims, they hardly care about it! No non Muslim has ever been killed (to my knowledge) in the UAE!

The country has 67% male population (Lol) hence the influx of our dear sisters all over the world to the Arabian Enclave to help in the "massage" industry (sic!)

Every company worth its salt, has a foothold in the UAE! The country is working, thriving, and an envy of many!

How did a country that had no right to survive make it so good? How did a country that was next to nothing when Nigeria was the giant of Africa become such a formidable force in less than 30years? How come a country of less than 10 cities have more money and success than Nigeria with over 500 large cities? How could a country 32 times smaller than Nigeria be almost 15 times richer and 1000 times more developed?

Their Structure!

They discussed their constitution!
They agreed on regional autonomy!
They have regional fiscal independence!
They have freedom to enter or exit the Union!
They do not have a unitarized constitution!
They do not have ethnic domination tendencies!
They signed truce among themselves!
The right of each region is upheld!
They do not have allocations!
They have the equality of regions!

The Emirate of Abu Dhabi occupies 75% of the landmass of the country (the size of Benue State), has 60% of the oil & gas deposits, but has ONLY one vote in the Federal Advisory Council (Senate) and has no advantage whatsoever over a tiny emirate as Ras Al Khayimar (the size of Wuse District) with no mineral resources of worth!

The United Arab Emirates, a forlorn, forgotten and seemingly hopeless piece of desert on the unwanted part of the Arabian Peninsula, is a success story today. From a bleak outlook, they built a formidable country! Nigeria, with all the boasts, pride and obvious advantages, has wrecked the country into something so desolate that foreigners avoid it like plague and citizens cannot flee fast enough! We have saddled ourselves with an unworkable constitution and a ridiculous structure no genius on earth could make work!

We lie and deceive ourselves daily; rather than set out work, we hope for a Messiah to wave the magic wand and make everything alright! We clap for defectors and other goons in the political firmament, then hope that some "Sai Baba" or "Oloye Saraki" would yell "Open Sesame" and "Voila", development! It would never happen!

To be anywhere near nationhood, that despicable document called the 1999 Constitution must be destroyed first! We must enthrone regional autonomy, then start the journey towards nationhood! Afterwards, we could develop! But as long as this foolish structure persists, not only shall development elude us, we shall kill ourselves till no one is standing! Oh, the Boko Haram and Fulani Terrorists already started the killings? My bad!

We must #restructureOrBurst! No amount of electioneering would change our situation if we did not fight the right battles!

Elections are not our problem; the structure is!

Why should an active Senate President who is checkmating the excesses of this useless government of Buhari resign? I am tired of the level of hypocrisies oozing from the hearts of these Sai barbarians clowns...... The truth is, Buhari deserves to resigns as President of the Federal Republic and not Saraki. Buhari is the situation we have now especially on his health grounds.

INEC is just a huge fraud as we speak now under the irritating dictator erroneously called "Mr Integrity". I will still maintain that the only option left for Buhari and INEC as 2019 approaches is rigging and they will be firmly resisted.

Fatherofdragons:
My friend will u keep quiet, have u been to afikpo before? The Muslims there are Hausa ppl not igbos.

what is wrong with u afonjas ehhh? all this them say them say. I na yi ala?

U so much wish for Islam in igbo land, u crave for it, are a blood sucking demon? we don't want na what is all this?


Take ya time ooo.

my brother you really get time to read this guy's figment of warped imaginations.......he is not too sound in his many analyses and he seems to be out of idea on simple gray matters on Nigerian politics. He thought there were elections in those areas.......INEC is simply collaborating with the security forces to work for APC which is common knowledge and he thought they can survive this as 2019 approaches.....

midolian:
How Atiku allowed himself to be deceived by you pipo is really something I don't understand. Well, when someone is too ambitious, he loses his sense of reason

If not that you are this irritating in your childish prattling, you should be more worried in your life how a full grown agbaya like you with bear-bear and probably a graduate will be shouting "Sai Baba till 2023" like a lost almajiri looking for his daily bread up and down......... trust me, someone supporting Atiku still better pass you 1 million times unlike you supporting an illiterate that has grounded the economy of Nigeria with his gross inept approach to governance. I am too sure you did not even read the post you posted and understand the brilliant suggestions of Atiku you just read the title and there you go vomiting gibberish........

Wao the real Doyen of Accounting Profession in Nigeria to even think this gentle man is the elder brother of Timi the Law always thrills me. Rest in peace Chief F.R.A Williams (Timi the Law) and Congratulations Sir, Chief Akintola Williams.

NgeneUkwenu and sarrki after rushing to this thread

This must be firmly resisted by this biased umpire

Nigeria has suddenly turned to Hell on Earth where many of her citizens detest to live in. If only we have sincere leaders from independence date till now perhaps Nigeria would have been one of the best place to live on Earth, now look at the most inept President we ever had, he is so clueless that his bloody name appeared twice in the English dictionary as something to abhor. Nigeria needs deliverance and that issue Nigeria needs deliverance from is Buhari at the moment.

..

POLITICS 101: WHAT HAPPENED YESTERDAY IN A NUTSHELL

(1) Tinubu had schemed to make Oshiomhole the APC Chairman. They happily kicked Oyegun out and put him there.

(2) Oshiomhole took to the job aggressively with the aim of establishing party supremacy over everybody in government except the President. It was clear that he was going to attempt to use his position as party Chairman to grab governmental power. He began fighting everyone in sight while pictured repeatedly with Buhari to indicate he has a blank cheque from Aso Rock.

(3) He started by attacking Dr Chris Ngige and Hadi Sirika over some boards’ appointments in their ministries, declaring that if the President allows indiscipline and insubordination, he wont tolerate it. He gave them a 7-day ultimatum and threatened to expel them from the party. In other words, he was trying to establish himself as a co-head of government with the President by virtue of being APC Chairman.

(4) He also thought with his arrival, he would be able to stop the impending defection of some APC lawmakers and governors to the PDP. He couldn’t stop them and that dented his ego considerably. His reaction was to begin to hit out at all the defectors, talking volubly and contradictorily, but still meeting the President daily to scheme on what to do next.

(5) He began to plan with APC National Assembly members on a plot to remove Saraki and Dogara. This plan was afoot when the President travelled to London.

(6) As part of the plan, yesterday night, Oshiomhole met with 30 APC National Assembly members and the DSS chief, Daura to plan the crude removal of Saraki and Dogara today. Oshiomhole was planning to impress the President by presenting a ‘victory’ over Saraki and Dogara to him on his return. He told Daura he would be calling the President once the show was on to know who he’d want as Senate President. It is not clear if the President knew the detail of what Oshiomhole and Daura were doing, but he sure has given Oshiomhole the impression that he can do anything to protect his interest and the interest of the party.

(7) Oshiomhole felt he could use Daura for the purpose because he is the President’s relation and kinsman who is more or less a law unto himself in the administration. He felt the DSS can carry out this action without any order from the Acting President who he kept out of the picture. In his calculation, the Acting President is not a problem. Again, whether the President knew this or not is unclear; but it’s obvious that the Acting President was not aware.

( But, the PDP legislators got wind of the plan and decided to get to the National Assembly to forestall any plan to crudely remove their leadership. They got there early while the APC legislators were holed up somewhere supposedly at a caucus meeting from where they were to move en masse to the National Assembly once secured by the DSS. The idea was to swoop on the leadership at 12:00 midday when they were supposed to be at the meeting Saraki called for today and effect their plan. But, the PDP Senators were already there early calling attention to what was happening, even as they were refused entry by the DSS. At this point, the APC plotters knew they’d been rumbled. They kept away knowing now the plan had been foiled.

(9) An alarmed Osinbajo was watching all this like the rest of Nigeria on TV. He had a call from Tinubu who wanted to know if he gave the order for the DSS to blockade the National Assembly. He said he didn’t. Tinubu let him know that the world isn’t happy with what they’re seeing and that if they are going to lose the election, this would be that moment things turned against them. On Tinubu’s advice, the Vice President called Daura and the IGP to a meeting to find out what was going on. The IGP said his men were not part of the blockade at the National Assembly and Daura said he acted on the order of the APC Chairman and the Chief of Staff to the President, Abba Kyari.

(10) Whether the Vice President sacked Daura after consultation with the President is not clear. But what is clear is that he did it knowing that it was the most obvious damage control measure to take considering the national and international uproar the incident had generated. At any rate, Tinubu and Osinbajo know that the President cannot reverse the decision to sack Daura because he needs Tinubu to stand any chance of winning the 2019 election. Buhari cannot therefore afford to annoy him now. Tinubu and Osinbajo were also confident that they could convince him it’s in their interest for Daura to be the fall guy following the national and international uproar.

(11) There is nothing in all this that indicates the President does not know what happened with the deployment of the DSS to the National Assembly. What is obvious is that he has been working closely with Oshiomhole, Kyari, Daura, Idris and Baru of NNPC on a plan to remove Saraki and Dogara before he left for London.

(12) What is now clear is that this is the beginning of a fight between Oshiomhole and Osinbajo with the latter backed by Tinubu who must now be having a buyer’s remorse over his support for Oshiomhole for the party chairmanship. The President is caught in their middle. Whether he knew or didn’t know of Daura’s sack before it happened, he can’t reverse it now because he knows how costly that would be for him politically. What we have now is a divided government, a government run by cartels. Something must give. The ants that will eat up the APC are embedded inside the APC now. What we will see from now till election day in 2019 will not be for the fainthearted. Hurricane Oshiomhole is here to help bury the APC. They happily sowed the wind and now they must reap the whirlwind!

(Kenn grabs three sacks of popcorn and seven barrels of Coke!)

Siddon Look na dog name for my village….

…..Kennedy Emetulu

2019: PDP BoT to Meet Presidential Aspirants over Consensus Candidate



Senator Walid Jibrin

By John Shiklam in Kaduna

The Board of Trustees (BoT) of the Peoples Democratic Party (PDP) will meet with all the party’s presidential aspirants to discuss the possibility of agreeing on a consensus candidate for the 2019 elections.

Chairman of the BoT, Senator Walid Jibrin, disclosed this at a news conference in Kaduna on Wednesday.

Jibrin also insisted that those who participated in laying siege to the National Assembly on Tuesday must not be allowed to go free.

While advising the presidential aspirant of the PDP to go about their campaigns with decorum and avoid rumours that could scuttle their chances of becoming president, Walid said the BoT was making every effort to bring the aspirants together to discuss.

“Efforts are on ground by BoT to bring all the PDP presidential aspirants together to consider how best they should accept one of them to stand, realising that despite their number, only one person will emerge as a candidate during the primaries and also only one person will emerge as the President of Nigeria” he said.

Jibrin added however, that if the aspirants cannot agree on a consensus candidate, the party will have no choice than to conduct primaries.

He also stressed the need for the party to allow more room for defectors as this, according to him, “will continue to boost the ego of the party”.

“While we do this we will also consider the role played by our old and hardworking existing members who supported the party almost to the point of death.

“No decampee should be pushed away for now. We shall apply conflict management

resolution methodology to enable us remain stronger.

“We must at all cost use sacrifice. In the light of the above, PDP shall never condone campaign of columny against us by the APC as more of their members continue to decamp to PDP and… I assure them that they are all qualified but only one of them will become the President of Nigeria” he said.

He said the BoT will try its best to carry out its function by remaining the conscience of the party always.

Jibrin said: “We have men and women of honour in the BoT that will never sell their conscience ensuring that the best will come out of the presidential aspirant without fear and favour.

“I urge all organs of the party to partner with BoT in this respect. I call on all members of PDP to remain calm and resolute by remaining unshaken with the belief that PDP will take over government at the federal and states with majority of our members in National Assembly and state assemblies”.

Commenting on the siege on the National Assembly by the Department of State Security (DSS) on Tuesday, Jibrin said such undemocratic practice will not move the country forward.

He described the action of the DSS as condemnable and called for appropriate action against the perpetrators.
He commended Vice President Yemi Osibanjo for taking the decision to do away with the DSS Director General and promising to investigate the incident.

Jibrin said the defection of Senate President Bukola Saraki, governors Aminu Tambuwal, Samuel Ortom, Abdulfatai Ahmed, Senator Rabiu Kwakwanso and several other members of the National Assembly to the PDP, with many more on their way out of the APC, should be seen as an act of democracy.

“They should therefore never be condemned but praise them for their boldness for taking a decision on behalf of their numerous supporters.

“The purported resignation of our Senate Minority Leader, Godswill Akpabio, is also act of democracy.

“Therefore considering the recent action taken by Vice President Osibanjo, the PDP is happy to donate Akpabio to APC through him with great pleasure, as we have many PDP senators to do that job which has been upgraded to majority leader.

“On behalf of the BoT, we wish Akpabio bye-bye and safe journey advising him to learn from history, especially from those that left us and are now returning enmass.”


https://www.thisdaylive.com/index.php/2018/08/08/2019-pdp-bot-to-meet-presidential-aspirants-over-consensus-candidate/amp/

bodee:
In a federal entity, the federal or the central government is superordinate to the component unit. The aggrieved unit can only go to court to challenge the decision of the federal government; the judiciary can then decide to serve as as a truce breaker by declaring the action of the federal government ulter vires/ unconstitutional/null and void. Hence, the federal govt is bound to obey any court ruling on the matter. Ordinarily, the central government is superior to the component units in a federal state and has the power to clamp down on the component units and the word 'coordinate' simply denotes those areas that calls for cooperation and power sharing. Thanks

You clearly missed the point the Op is driving at, he said, in a state where the "Component Unit" is not under a pariah condition or state of emergency or trying to separate from the Union, is it lawful or legal for the central government to just freeze an entire account of a State in a federation for more than 24 hours without prior notice of illegality committed or crime perpetuated by the "Component Unit". Thank you

Juliusmalema:
Ok.....Have a nice day....


Imagine calling a senior colleague ur boy.

Sorry sir....... I didn't mean it that way......here is my backside for flogging big Bros

Juliusmalema:
Do I look like linda Ikeja to u...

That's my boy at least you listened to correction......

@Op kindly rearrange this piece it looks too shoddy and untidy

This is it, it is not a do or die thing

I don't seem to understand what is going on this platform since late 2015 more like the owner and even the mods have gone partisan on this most visited platform on Nairaland. Almost all powerful topics that can enlighten Nigerians at large are not given.their due priorities on the FRONT PAGE......a visit to my profile showcases some powerful and well articulated threads Nairalanders deserved to have privy to yet the mods in here are denying them their due priorities. Seun, Lalasticlala with most due respects I hereby plead you push this and few others to.the front page. Nigerians deserve to be liberated through the power of information. Thank you

10 SHOCKING REVELATIONS FROM NIGERIA'S AUDITOR-GENERAL REPORT

Politics

10 shocking revelations from Nigeria's auditor-general report

Aderemi Ojekunle | 18:03 | 25.07.2018

The Auditor said the non-disclosure and non-remittance of revenues by some agencies have become a critical factor militating against the economy.


65 government agencies have never submitted their accounts for audit.

No record of oil revenue for some period and no explanation was provided for such action.

Anthony Ayine said the non-disclosure and non-remittance of revenues by some agencies of government into its coffers have become a critical factor militating against the economy.

Auditor-General of the Federation, Anthony Ayine, has faulted the 2016 Financial Statement of the Federal Government as having several undisclosed revenues and poorly disclosed expenditures and lack of accountability from government agencies.

In a 743-page, 2016 Audited Annual Report of Federal Government of Nigeria financial statement, seen by Business Insider Sub-Saharan Africa, the Auditor-General for the Federation (AuGF) said the several lapses from government agencies is a major setback to the country's accountability process.

In the report, submitted to the National Assembly, the AuGF expressed disappointment at the shoddy job by Accountant-General of the Federation, AGF, Ahmed Idris, which led to the late submission of the report to the National Assembly.

According to him, the non-disclosure and non-remittance of revenues by some agencies of government into its coffers have become a critical factor militating against the economy.

Here are some of the shocking revelations from the report:

1. The Nigerian government diverted N28 billion from the Ecological Fund in 2016.

2. Some agencies are not complying with financial regulations for audit purposes.

3. 65 government agencies have never submitted their accounts for audit.

4. Only 51 audited financial statements for 2016 and 149 for 2016 despite the provision of Financial Regulation 3210(v) which enjoins the chief executive officers of these bodies to submit both the audited accounts and management report not later than May 31 of the following year of account.

5. As at April 2018, 109 agencies have not submitted beyond 2013.

6. 76 agencies last submitted for the 2010 financial year.

7. The Auditor general said ministries, departments and agencies (MDAs) and their accounting officers are reverting to the situation in the past where they did not promptly respond to audit observations.

8. The audit report cited discrepancy in the over-payment of the Department of Petroleum Resources ( DPR) and the Federal Inland Revenue Service ( FIRS) in August 2016 in the amounts of N305,922,200.48 and N531,160,436.78 respectively totalling N837,082,637.24.

9. Joint venture (JV) cash calls (funds injected into JVs by the NNPC on behalf of the Federation could not be accounted for in the books of the accountant general and the Federation Account Allocation Committee (FAAC).

10. NNPC  returned marginal sum from the Export of Crude Oil and Gas revenue inflows to the Federation Account for January to December 2016 in respect of Sales of crude oil and gas and payment of JV Cash Call funding.

No record of oil revenue for some period and no explanation was provided for such action.

https://www.pulse.ng/bi/politics/10-shocking-revelations-from-nigerias-auditor-general-report-id8656261.html?Echobox=1532548923#utm_campaign=Echobox&utm_medium=Social&utm_source=Facebook

modelmike7:
I'm coming for you soon, since you refuse to follow your profile pic message.

You are welcome my brother for more knowledge my door is always open.....

modelmike7:
Okay

You are now getting wiser when accosted with facts instead of your usual psychobabble

FarahAideed:
In just 3 years Buhari has out borrowed the entire 16 years of PDP and the strange thing is that nobody can find where he spent this money... Buhari is the worst possible leader you can come across

My brother not yet 3 years sir we are only reviewing the full fiscal years of 2016 and 2017 as you know this kleptomaniac administration of Buhari came on board in March and resumed in May 29, 2015 but started fully late December 2015 and you will agree with me that 2018 is still ongoing hence we only factor in the first quarter (Jan - March) of 2018. You may want to consider this madness below;

Cost of Servicing Debt

2012 N559.6b
2013 N 591.8b
2014 N941.7b
2015 N1tr
2016 N1.3tn
2017 N1.7tn*
2018 N2.2tn*

2012 - 2015 Real cost

2017 & 2018 budgeted for and may be more than that. This level of debt servicing isn't sustainable

DEBT PROFILE

June 2015 N12.19tn
Dec 2015 N12.60tn
March 2016 N13.83tn
June 2016 N16.30tn
Sept 2016 N16.88tn
Dec 2016 N17.36tn
March 2017 N19.16tn
June 2017 N19.64tn
Sept 2017 N20.37tn
Dec 2017 N21.73tn
March 2018 N22.71tn ($74.29bn)
June 2018 N??

Is this sustainable? They sure will bankrupt our dear nation if nothing is done to stop this debt binge.

Buhari is a heavyweight failure with a resounding bang.

Nigeria borrows N10trn in 30 months

EXPERTS WARN THAT DEBT STOCK LEAP DANGEROUS

Sulaimon Olanrewaju and Sanya Adejokun

With the recent domestic and international borrowing spree, Nigeria’s debt has increased by over N10 trillion since President Muhammadu Buhari took over the reins of power on 29 May 2015. The debt profile is now about N22 trillion or $73 billion.

The leap signifies an increase of over 80 per cent in less than three years. This is quite significant because by May 29, 2015, the nation’s debt profile stood at N12.06 trillion, while between 2015 and 2017, it went up to N22trillion.

Some experts who spoke with Saturday Tribune warned that high debt stock could undermine the nation’s development as it did before the 2004 debt relief.

According to data from the Debt Management Office (DMO), total debt profile as of early June 2015 was approximately N12.06 trillion but Director General of the agency, Ms. Patience Oniha told members of the National Assembly recently that as of September 2017, the debt stock for both the federal and state governments had risen to over N20.373 trillion.

In addition to this total, the Federal Government floated the $3 billion Eurobond in November 2017; N10.69 billion Green Bond in December 2017 and another $2.5 billion Eurobond early this month, all totalling another N2 trillion.

Prior to the Paris Club debt relief in 2004, Nigeria’s overall debt stock was $46.2 billion with external debt standing at $35.9 billion while the stock of the domestic debt amounted to $10.3 billion resulting in a total of about US$46.2 billion.

But between 2010 and 2014, the nation’s debt profile rose by $18.40 billion (N3 trillion) according to the analysis of DMO going from $35.09 billion; to $41.55 billion in 2011; to $48.49 billion in 2012; $54.54 billion in 2013; and $53.49 billion in 2014.

At the 2017 World Bank/International Monetary Fund annual meetings in Washington DC, last October, both the World Bank and IMF raised the issue of Nigeria’s rising debt profile, warning of the dire consequences of this should there be a slump in the price of crude oil, Nigeria’s main foreign exchange earner.

But in her defence of the government’s strategy, Finance Minister, Kemi Adeosun, told financial journalists at the meetings in Washington that, “Nigeria’s debt-to-GDP ratio is one of the lowest. We are at 19 per cent, but most advanced countries have over 100 per cent.

“I am not saying we need to move to 100 per cent, but I am saying we need to tolerate a little more debt in the short-term to deliver the rails, the roads and power so as to generate economic activities, jobs, revenue, which would be used to pay back the debt.

“What we are trying to do is to create enough headroom to invest in capital projects that the country desperately needs. I do not think there is any Nigerian that will say we do not need to invest on power, do the roads, and that will not want us to fix 17 million housing deficits, build rails and they will generate economic activities and jobs.”

She added, “Why do we have to borrow? If you think back to the problem we face, our principal source of revenue plummeted by up to 85 per cent, so we had no choice.”

At 19 per cent, Nigeria’s debt to GDP is healthy but the real issue is the debt to revenue ratio, which is what actually determines the ability of the country to repay her debts. According to Mrs Gloria Joseph-Raji, a World Bank’ Senior Economist, Nigeria’s debt to revenue went up from 35 per cent in 2015 to 60 per cent in 2016. If without the new foreign debts Nigeria currently expends 66 per cent of her total revenue on debt servicing, leaving just 34 per cent for both capital and recurrent expenditure, what sense does it make to take more debts? What economic sense does it make to borrow more to offset existing debts?

However, the Bank for International Settlements Data regards the flurry of recent Eurobond issuance as adding to an already-record debt tally for sub-Saharan Africa, which has ballooned to over $200 billion from less than 30 billion in 2007.

Speaking with Reuters, a news agency, Kevin Daly, Asset Manager at Standard Life Aberdeen, said, “If you have a lot of issuance in a short period of time, that tells you something.

“Maybe these guys are realising that their borrowing costs are going to potentially go higher over the course of the year if we get a continued rise in Treasury yields and further rate hikes by the Fed.”

And according to both Finance Minister Kemi Adeosun and Oniha, Nigeria intends to lift the proportion of dollar debt to 40 percent from its current level of 27 percent, to replace expensive naira bonds with 10-year interest rates as high as 14 percent.

“Nigeria is focused on reducing the cost of our debt portfolio and ensuring we have the optimal mix between domestic and international debt,” Adeosun said.

“The proceeds of the dollar issuance … will be used to re-finance domestic debt, which is high-cost and short-term, with lower-cost international debt with a longer tenure.”

Oniha on her part told Saturday Tribune that the country’s debt management policy entails that 60 per cent of borrowing should be from the domestic market, that is, Treasury Bills, FGN Bonds, Savings Bonds and then Green Bonds, and then 40 per cent should be external.

“The reason for that strategy is that, just as you diversify your investment, you also diversify your sources of funding so you are not dependent on only one source.

“The percentage of our external debt before we went to the market in November 2017 was only 23 per cent of our total public debt.

“That was even an improvement when you compare it to 2008, 2009 where over 80 per cent of our total public debt was from the domestic market.”

Ironically, Oniha said Nigeria was borrowing more externally in order to ultimately reduce the burden of debt service, explaining that by 2016 and 2017, Nigeria was borrowing at rates as high as 17 and 18 per cent while the rate on Treasury Bills, which is a discounted instrument, got to about 18 per cent.

Describing the rates as high, the debt management boss said that was the rationale behind the government’s resort to borrowing internationally at anywhere between 6 and 7 per cent.

“If we pick the November $3billion euro bond we issued, the one for 10 years, the $1.5billon was at 6.5 per cent and the one for 30 years was 7.62 per cent.

“If you compare those to the domestic borrowing, you are making huge savings including even for the 30years.

“So for the 30 years, you are making a savings of up to 10 per cent per annual and that is huge. In terms of interest cost, which you can describe as debt service, going external reduces the growth of our debt service obligations.

“It also reduces the cost of borrowing. Then of course we were able to access longer term funds, which is what we need to build major roads, major bridges or airports.

“It is not five-year money you would use; it is long-term money for structures because structure-money is always long term because infrastructure can last several generations.”

On efforts by the Federal Government to stem down both domestic and foreign borrowings, Adeosun said, “The solution to borrowing in Nigeria is that we must pay tax. If you pay the taxes properly, there is no need to borrow. Of course, there is the responsibility on the part of government to be more responsible and efficient. We are really focusing on this. We are trying to find ways to cut cost.”

Nonetheless, there have been allegations, especially by the National Assembly that government has been diverting parts of the loans taken to projects other than those for which they were obtained.

Senate recently alleged a diversion of $600 million foreign loan meant to revive the power sector to remodelling of four airports across the country.

The said $600 million Euro bond from the Chinese government was meant for the rehabilitation of the power sector but $100 million of the said sum was said to have been used as counterpart funding for the remodelling of the airports in Lagos, Abuja, Kano and Port Harcourt.

Another investigation also revealed that about $4.8bn foreign loans obtained between 2015 and 2017 were on programmes and not projects for which they were obtained. Some of the loans include Economic Governance, Diversification and Competitiveness Support Programme (EGDCSP) getting allocation of $600m.

The programme was meant to create the fiscal space to facilitate a smooth implementation of the government’s budget, support fiscal and structural reforms, and improve the targeting of social sector spending to protect the most vulnerable segments of the population.

There was another $500m taken from the International Bank for Reconstruction and Development (IBRD) and $400m AfDB Fund for development finance institutions.

Yet again was $500m from the International Development Association (IDA) for the Saving One Million Lives, which is a scheme to expand access to essential primary health care services for women and children.

According to DMO, the Federal Government secured UA3.3m ($5.06m) and $200m for the Urban Water Sector Reform and Port Harcourt Water Supply and Sanitation projects, and $33.17m for the Ogun State Urban Water Supply Project, while the remaining $100m was for the Lagos Integrated Urban Development Project.

High debt stock dangerous —Experts

Chief Executive Officer, RTC Advisory Services, Mr. Opeyemi Agbaje, disagreed with the option of taking loans for development since there is the alternative of private sector funding of infrastructure development.

According to him, there is enough private capital across the world that could be attracted to Nigeria rather than government borrowing for development.

On decision of government to split its debt into 40:60 ratio of foreign and local portfolio, Agbaje cautioned that the country could run into problems should oil prices slide seriously again and there is not enough foreign exchange to service the dollar components of the loans.

While Dr Austin Nweze, a lecturer at the Lagos Business School, was not averse to taking loans, he frowned at borrowing to fund consumption.

Nweze, in an interview with Saturday Tribune, said the World Bank recommends that a country’s debt stock should not exceed 40 per cent of its Gross Domestic Product (GDP), adding that Nigeria had yet to hit that mark.

He said, “Why is the government borrowing? Is it borrowing to implement the budget or borrowing to pay salaries? Our debt stock is not being used for productive activities but they are being used for consumption. No matter what the government says, I can tell you that part of the borrowed money would be used for political campaigns. Next year is election year. So, the motivation for some of these borrowings is to have money to fund elections. The major challenge of the country is that it is a mono-product economy and not much is being done to diversify the economy.

“They said the money from Sukuk bond would be tied to certain projects but what is happening now? If the yields are not properly utilized, the projects are rolled over and the debts become a burden. If the government is sincere we will make progress as a country. No country can survive when it borrows to consume. Iceland borrowed to finance ICT. Today that project has paid back the debt. Spain borrowed to fund infrastructure in some parts of the country. Today, the project is paying back the debt. But when we borrow here, the bulk of the money ends up in private pockets.”

The economist added, “Our children have a huge debt overhang, they are likely to spend their lives paying debts of their parents. Some of our leaders are myopic; they do not think about the effect of these debts on the coming generations.

“High debt profile is undermining development of Nigeria. You end up paying much more than you borrowed on interest alone. The money that should have been deployed to developmental projects will now be used to pay just interest.

“If borrowing is for production, it is good but if it is consumption, it is disastrous.”

According to Nweze, leaders of African and other developing countries should ponder on why the developed countries keep advancing them loans. “It is to control them. It is to enslave them. They do not lend you money because they love you. It is a means of second slavery because they know that it will be difficult for you to pay back. That leaves you tied to their apron string.”


http://www.tribuneonlineng.com/135964/