₦airaland Forum

Just imagine another madness from one of Buhari's useless dogs after they couldn't nailed Saraki the Don na Ortom be the next target

Nigeria borrowed 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/

Nigeria’s debt profile has risen by N5.4trn since 2015

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Nigeria’s debt profile has risen by approximately N5.4 trillion since President Muhammadu Buhari took office in May, 2015, TheCable can report.

According to the Debt Management Office (DMO), Nigeria’s debt profile stood at approximately N12.12 trillion as at June 2015, barely a month after the current government took office.

But according to the National Bureau of Statistics (NBS) the country’s foreign debt stood at $11.41 billion dollars, while its domestic debts was N14.02 trillion respectively in 2016, amounting to N17.5 trillion.

The NBS stated in “Nigerian Domestic and Foreign Debt – 2016’’ data, posted on its website on Wednesday in Abuja, that the sum reflected the states’ and federal debt stock.

The report showed that $7.99 billion of the debt was multilateral; $198.25 million was bilateral (AFD) while $3.22 billion from the Exim Bank of China credited to the federal government.

“Total Federal Government debt accounted for 68.72 per cent of Nigeria’s total foreign debt while all states and the Federal Capital Territory (FCT) accounted for the remaining 31.28 percent,” NBS said

“Similarly, total Federal Government debt accounted for 78.89 per cent of Nigeria’s total domestic debt while all states and the Federal Capital Territory (FCT) accounted for the 21.11 per cent balance.’’

The report further gave a breakdown of the federal government domestic debt stock by instruments reflected that N7.56 trillion or 68.41 per cent of the debt were in federal government bonds.

About “N3.28 trillion or 29.64 per cent are in treasury bills and N215.99 million or 1.95 per cent are in treasury bonds”.

“Lagos State has the highest foreign debt profile among the 36 states and the FCT accounting for 38.70 per cent.

“Kaduna (6.25 per cent), Edo (5.15 per cent), Cross River (3.22 per cent and Ogun (2.90 per cent) followed closely.’’

Similarly, the report stated that Lagos State had the highest domestic debt profile among the thirty-six and the FCT accounting for 10.54 per cent.

“Delta (8.15 per cent), Akwa Ibom (5.25 per cent), FCT (5.16 per cent) and Osun (4.97 per cent) followed in that order,’’ the report stated.

The figures were largely affected by foreign exchange rates and increased government borrowing to get the nation out of recession.

https://www.google.com.ng/amp/s/www.thecable.ng/nigerias-debt-profile-risen-n5-4trn-buharis-govt/amp

Cc: Lalasticlala

ican2020:
Big problem waiting for the youths of this nation, excerpt something urgent is done to stop further borrowing, curb herdsmen's killing, sack Kemi and hand the finance job to reputable economist.

This is a dicey situation that needs new think to fix

And lastly, voting out PMB and voting in someone that has what it take to stop Nigeria from further drift and put the nation back on the part of real growth

May your brain never lack more powerful cells that inputs beautiful knowledge into you. You sabi my brother. Lasticlala please push this to the right place

The high cost of debt servicing



THE World Bank’s recent expression of concern about Nigeria’s increasing debt servicing costs in relation to dwindling revenue echoes the worries of some government officials and revenue-generating agencies. In its recent Global Economic Prospects Report, the international financial institution noted with dismay that the current optimism over Nigeria’s economic recovery is tempered by huge debt servicing and foreign exchange controls. 

Specifically, the bank observed that the cost of servicing Nigeria’s debts on both the domestic and external fronts has risen, in contrast to the revenue earned by government. The bigger concern, the bank further stated, is the possible unsustainability of such debt servicing, adding that while the debt servicing costs in other economies remain sustainable, that of Nigeria is being dragged down by forex depreciation and increased recourse to non-concessional borrowing for infrastructure development.

Available data seem to validate the World Bank’s concern about Nigeria’s debt servicing costs. For instance, Federal Government’s interest to revenue ratio rose from 33 percent in 2015 to 59 percent in 2016. While government’s income for last year was under N6 trillion, it spent a hefty N1.475trn on debt servicing between January and December, 2016. Out of this amount, N1.044trn was used to service local debts, while N86bn was paid as interest on capitalised loans.  No doubt, the cost of servicing debts remains progressively high, while collectible revenue continues to fall.

Out of the current N7.44trn federal budget, N2.2trn, or 23 percent of aggregate spending, is voted for debt servicing. In 2014 and 2015, it was N712bn and N943bn respectively, out of a budget of N4.91trn and N4.69trn. Consequently, the World Bank has advised that if the Nigerian economy which went into recession last year must recover, government must take proactive measures on public debt management in order to roll over risks that could hamper economic recovery.

Statistics from the Debt Management Office (DMO) are also in line with the World Bank’s timely warning. According to the DMO, the Federal Government has in five years (2012-2016) paid interest totaling N4.8trn to banks and other investors. This is interest on loans to government from the domestic market through Federal Government of Nigeria (FGN) bonds and Treasury Bills issued by the Central Bank of Nigeria (CBN).

Altogether, the crucial question is: How can Nigeria stop its debt servicing costs from spiralling out of control? First, government should be more cautious in borrowing. The Minister of Finance, Mrs. Kemi Adeosun, who had earlier last week said Nigeria would no longer borrow to fund the budget, recanted before the week ran out.  She later said the country would continue to borrow to fund the projected N2.356trn fiscal deficit in the 2017 Budget.

Earlier, government had planned to borrow $2 billion from international lenders such as the World Bank and the African Development Bank (AfDB). The loans had been stalled following government’s refusal to impose key fiscal reforms such as allowing the forex rate to float freely.  Reducing borrowing is a good way to cut the cost of debt servicing. Caution should, indeed, be the watchword because the cost of servicing  the country’s debts has become alarming.

Efforts should also be intensified to improve revenue generation as it is the most realistic way to reduce the debt service/revenue ratio. In this regard, a clearer and more coherent approach is expedient. The Economic Recovery Growth Plan (ERGP) articulates this option, and this is the time to rev up the non-oil revenue drive.

Overall, the debt service ratio will begin to reduce through a package of spending that will stimulate private consumption and investment by businesses. Capital expenditure, which takes 30 percent of the 2017 budget, needs to be sustained throughout the four-year duration of the ERGP (2017-2020). Indeed, improving the national revenue base is key to avoiding reliance on borrowing to fund capital projects.

We advise a broadening of non-oil revenue and leveraging on the modest progress already being made by non-oil revenue collecting agencies like the Federal Inland Revenue Service (FIRS) and the Customs Service. Ongoing efforts to expand our tax to GDP ratio are also welcome.

Nigeria’s tax to GDP ratio, which currently stands at six percent, is one of the lowest in the world. At least 15 percent of tax to GDP ratio is required to achieve sustained growth. Nothing should be taken for granted in the effort to exit the current recession and jumpstart growth.

https://www.google.com.ng/amp/sunnewsonline.com/the-high-cost-of-debt-servicing/amp/

madridguy:
DSS should go after fulani terrorists, boko haram terrorists, and other terrorists killing Nigerians.

I am with Sai Baba but our democracy is bigger than any individual.

Your own confusion should be in exabytes in one breath you said you believe in our Democracy is bigger than any individual yet the same you still stands with Baba the real enemy of democracy

AroleOduduwa:
I’m a proud ccc member, as in Agba cele. Most of this renowned prophet can’t see what is outside without opening the window blind, 70% of them are ogboni. He should keep quiet and stop tarnishing our image

you are a true patriot

Obasanjo must be closely watched in that party lest PDP kiss the canvas in 2019. Let the best candidate emerge at the primaries and not "negotiation"

TheFreeOne:
Tomorrow is gonna be another interesting 'dramaful' day

I can't wait to see how pro-buhari NASS members will get 2/3 majority to change the leadership.

Tomorrow is gonna be sweet......oops it is today Saraki The grandmaster at his game of wits.....he is up to something sweeter than honey for this useless APC government of Buhari.

The grandmaster at his game of wits.....he is up to something sweeter than honey for this useless APC government of Buhari.

PassingShot:
Frustrated soul!

You thrice on propaganda and sheer emptiness but you will shed tears in 2019 after the elections and you will deactivate this funny account of yours passingshit

sarrki:
Muhammadu Buhari God Bless you

We know you are doing well

Please don’t be deterred

We are with you

God is with you

God bless Federal Republic of Nigeria

What is the meaning of this childish attitude from you recently? Always lying up and down about owning one giant rice paddy field but always 24/7 on Buhari's thread behaving anyhow. The blood Buhari wasted in Benue, Plateau, Kogi is still seeking for revenge you better be careful in life

AroleOduduwa:
Saraki is not a saint and I hate politians without ideology, but one thing I won’t take away from him is that he’s a smart politician who you can’t afford to toy with, he can pull string outside his zone and has many loyal big weight followers. If not for him, Buhari and his guys will run Nigeria to the ground.

You just painted a clear picture of what Saraki has done to the polity under this megalomaniac Buhari who doesn't seem to understand the meaning of governance. I can wager that by Sept 25, when Senate resumes, Buhari will cry like a baby and may be forced to visit London 24/7 after what is about to befall him!

Atiku got it right on this one!

[quote author=Maamin post=69995660][/quote]I insist my brother you will not lose your reward in Heaven for helping out a brother in Christ, brother Primesky

I can only pity Akpabio in advance on this miscalculations on his part.

Stupid set of worthless bastards despite flaring gas which leads to a monetary yearly wastage of $5 billion yet they must cook up juicy and incoherent, unsubstantiated news just to deceive their usual zombies. It shall not be well with these desperate liars playing mind games with the emotions of innocent Nigerians. To Exporting gas ko, expecting gas ni. Talking of gross uncertainties in the face of stark realities.

midolian:
we shall see, Tomatiku..2019 is not far

We shall see Midohari

midolian:
How your life?

Hope you are warming up for another defeat in 2019?

My boy, I have never lost any battle in my political calculation that's the difference between us and you blawdy political hypocrites you supported Buhari in 2915 I supported Jonathan and look at where Buhari had taken us now? so who is losing now?

midolian:
Tomakint, my boy, using your head shouldnt be a difficult task. How come you only struggle to do this when Atiku gives you peanuts? This is just a reminder for the misguided lots like you that are quick to shout witch-hunt when the courts begin to call for him again.

Not surprised you are one of those celebrating Saraki..only surprised that you can go this low after bashing him on several threads and admitting he is worse than corrupt.

look at this man ooo I am sure being smart is not in your political DNA yea it was common knowledge I hated Saraki and his style of politics then and even now but when I saw Buhari's high handedness and gross hypocrisy like you buharists also possess I have to give it to Saraki for curbing Buhari's excess and rudderless style of leadership. As it stands, Saraki is the bride every reasonable Nigerian needs to court. Keep digging my old posts you go soon tire.

diebuhari1:
OP, this article is not new na, why did you remember it now?
Yoruba muslims sef.

Midolian is not that smart he should go learn some more from NgeneUkwenu the real Nairaland resident king of drama and wits

This Midolian dude abi na Meridian ni will not cease to daze me with his usual incoherent news that had longed be dusted out. Saraki is not a ghost when this same "doctored news" was flying all around the web since early this year na now day break for your eye to dey peddle am.about abi you go soon wise up by the time Saraki resumes back to the Senate on September 25 for more ass-whooping of Buhari and APC. Stay tuned my naive friend

jaxxy:
Nobody will vote for a president the US won't respect pls. Dump this atiku idea once and for All. Neither is he credible. Obi is fine as vp, i agree fayose is a no no. Kwansokwaso or tambuwal

I don't understand this your nursery rhymes on "Atiku needs to visit US in order to become Nigeria's President" don't you get tired of this ryhme?

Fsyose as VP is a no no but an Atiku/Peter Obi is a sure bet that can deliver the goods. Atiku's experience in politics, as an accomplished civil servant and astute business man will complement to his status as an all round administrator combined with the business savvy and political calmess of Peter Obi. I love this team.more!

Butterflyle0:
I did read and fully comprehended it. Still long story without directly addressing the atiku controversy.

If I am.wrong then show me the clarification he gave for the so called rumour ?

Copy it and paste for me to read

Atiku declared in march, did the party give him their approval? If they did, show me.

If they could openly give saraki and co approval why not atiku?

So you don't know politics again PDP is rebranded and there are internal mechanism.that has been perfected already towards the national convention for presidential primaries. It is not going to be rubber stamping by any godfather or leadership of the party but how well each Presidential aspirant can work to woo his delegates to get the necessary votes. I hope you are clear now that the presidential contest is open to.all Atiku is a big fish already he doesn't need to be struggling with others. Is your APC that organized with your erratic "sai baba" you keep shouting up and down

Butterflyle0:
Long story yet not addressing the main issue. PDP playing dodge ball

I don't know your age but I noticed you are always unnecessarily naive wbenever the names Atiku and PDP pop up you better check your BP before things go wrong. I hope you can still read and comprehend?

PDP debunks report of Atiku exclusion from presidential race

By Solomon Fowowe |   03 August 2018   |   11:44 am 



National Chairman of PDP, Prince Uche Secondus (R), Atiku Abubakar and behind him Otunba Gbenga Daniel, DG, Atiku Presidential Campaign Organisation, at the declaration rally of Atiku for the 2019 presidential election, at Ribadu Square, Yola, Adamawa State, yesterday.

The People’s Democratic Party has said their presidential slot is open for all to contest.

The clarification came following media reports that the party had cleared Senate president Bukola Saraki, Sokoto State governor Aminu Tambuwal and Senator Rabiu Kwankwaso to contest for the post while Atiku Abubakar was excluded.

PDP spokesperson, Kola Ologbodiyan said in a tweet that everyone was free to contest for any position in the party.

This is a misleading story/tweet.

Everyone and anyone in our great party is FREE to CONTEST ANY POSITION he/she deems fit.

Thank you. https:///QjVg7C3Q0a

— Kola Ologbondiyan (@officialKolaO) August 3, 2018

Tambuwal and Saraki, recently defected from the ruling All Progressive Congress to PDP, have not formally stated their intentions to run for presidency. However, sources claim they have plans to contest for the post.

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It is unclear if Saraki will contest for the post after he was appointed as the National Leader of the party by the PDP National Executive Council.

Meanwhile, Senator Kwankwaso, who also recently returned to the PDP, has begun his bid for the presidency under PDP. He unsuccessfully contested for the presidency primaries under APC in 2015.

Former Vice president, Atiku formally declared his intention to run for the 2019 presidential elections in March, months after he defected from APC.

Atiku said he wanted to run because the nation has been regressing since the APC government took over.

“We all know what we have gone through in this country in the last three years.

“I can tell you throughout the whole of today that where the PDP left us in the last three years whether in the education sector, in the health sector, or in the economy, we have been going down in every statistics.

“That is why I have offered myself to run for the President of the Federal Republic of Nigeria in 2019,” he said.

Atiku openly celebrated the return of Saraki and Tambuwal to the party.

He contested for the PDP presidential primaries in 2011 but he lost to Goodluck Jonathan. He also lost in the primaries to Mohammadu Buhari in 2015 under APC.


https://www.google.com.ng/amp/s/guardian.ng/news/pdp-debunks-report-of-atiku-exclusion-from-presidential-race/amp

Cc: Lalasticlala

Suslol:
Ok

There are better things to do with your life my brother, you can't stoop this low at this point in your life while I know it's your life but you must understand that it is not really YOUR LIFE......thank you as you turn over a new leaf.

I have nothing more to add even your caption describes and summarizes whatever narratives I would have penned down. Prince Secondus is a god

Butterflyle0:
Wow wow wow.

This brought tears to my eyes. What we have now are the propaganda of lies being spread just to tarnish the image of this good man with awesome intentions for a totally clueless people who do not realise that PDP are playing them for fools.

I will borrow this and spread it. Thank you OP

Tears so you are this wrongly emotional? What has your tears got to do with a man who is not willing to listen to voice of reasons to fix the little he could do but busy compounding Nigeria woes with his archaic style of leadership when all what he needed to do was engaged capable hands across the country but choose to mallamize the juicy and sensitive positions in government by placing his mallams friend in strategic places in the power, petroleum, works, roads and agriculture ministries......you look at his stance on insecurity then you are not crying for the bereaved that died unnecessarily under his wicked watch..... Here you are crying for a made man whose unemployed son could afford to purchase two power bikes for millions of Naira......if I am your uncle you will go on compulsory 3 days hunger strike for being this shallow in reasoning and unnecessarily taken by one useless emotions.

Our own Baroka, Oluwole Soyinka drops the bombshell and I just hope it won't further dent the public image of Obasanjo more as the jester he is. Soyinka really prepared himself for this like he promised he will do during the M.K.O Abiola's posthumous GCFR award

comshots:
Atiku should account for the proceeds of government properties he sold to his associates when he was vp.

Since you are the custodian of such properties why not list out those properties he sold to his associates also do not forget to include the dates the transactions were conducted and the names of these associates of Atiku. Please do this and do not disappoint us as usual.