₦airaland Forum

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valentineuwakwe:
Former Central Bank of Nigeria (CBN) Deputy Governor, Kingsley Moghalu has expressed concern at the rate Nigeria’s public debt increased in the last six years under the President Muhammadu Buhari administration.

Moghalu raised the alarm that Nigeria is now a dangerous, debt-induced fiscal cliff and accused the federal government of mortgaging the future of the youth.

“We have to stop further borrowing and start to manage the current obligations in order to avoid a sovereign debt default or, at best, a costly restructuring. Further borrowing will lead to a disastrous debt bubble bust”, he warned in a statement.

The presidential candidate of the Young Progressives Party (YPP) in the 2019 election said from $10.31billion at the end of June 2015, the total external debt increased to $32.85billion as at March 2021.

The Professor complained the total outstanding public debt stock increased by 173 percent in the same period, from N12.11trillion to N33.10trillion.

Noting that on the average, over N3.6trillion is being added to the public debt annually, the expert observed infrastructure investment used to justify it have grossly under-performed.

The ex-CBN chief said under a coordinated economic policy by a competent government, the debt capital outlay would have catalyzed private sector investments and sizeable foreign direct investment (FDI) flows into the economy.

He insisted public-private partnerships should be the dominant approach to infrastructure development in Nigeria, not contract awards that, from information available on projects in Ghana and Ethiopia, are “overvalued”.

The economist regretted that in the real situation of the incompetence of the government since 2015, businesses have been groaning and FDI inflows have decreased.

Moghalu said instead of delivering economic growth, the economy has been twice in recession, and when out of it, growth has been underwhelming at 2 percent.

His statement lamented how the national unemployment rate increased to 33.1 percent while youth unemployment has reached 42.5 percent in a few years.

Moghalu urged the government to focus on increasing domestic revenue, by expanding the tax base – not by increasing rates as has been done with the value added tax (VAT) – and by introducing reforms for ease of paying taxes while abolishing multiple taxation.

Source: https://dailypost.ng/2021/07/09/buhari-govt-crippling-nigeria-debt-now-n33trn-from-n12trn-in-2015-moghalu/

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This bigot; a come and chop CBN deputy governor, was in Government at a time we are Oil prices were very high consistently for 5 years. It was during this time, the bigot and lootercrats plundered our reserves and left the country almost bankrupt. He was the same coward who despite Sanusi Lamido Sanusi cry that the country was being plundered provided cover for GEJ to sack SLS from CBN in the hope he would become CBN Governor. This useless fool have little to add to governance when given the opportunity.

mrvitalis:
People like moghalu don't understand the basic problem ...this northern held government know the right thing to do but can't do it because it would Awaken the south to ask questions

Effective taxing is the was to go honestly ...if we tax all car owners in Nigeria 11.7 million of them average of 150k every year for road maintenance( it's a good deal because it's would save them far more since maintainace would reduce due to better road ) ...that would give us 1.7 trillion to maintain roads every year ...but a large portion of that is from south ...so if u use it to develop the north them go ask questions

Tax every secondary and primary school with school fees above 500k per year 50% tax ...we are looking at over 400 billion generated for education alone

I can go on and on how we can use specific sector taxing to develop Nigeria in 10 years ...but believe me Nigeria would break in 3 years because south would understand how much a Borden north is

You started well then ended with bigotry and sectional rubbish!

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Nbotee:
But I've heard of smile of imbecility... I imagine spit dey also comot

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Did I ask for your challenges?

Nbotee:
Lol

I have heard of tears of joy not laughter of despair.

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History555:
Fulani are responsible for the high cost of foodstuffs end of story. All these other stories are cover ups, what concerns cbn with grain storage. Do u know how much grains stored get spoilt with time.

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Most bigots from the south contribution to any discussion starts and stops with Fulani. Nothing sensible to add.

Government should ban export of grains for the time being. This will stem the purchase by foreigners and ensure stability in the market.

Those Kenyan babes really beat am well well, the guy na real weakling. Wa wa person follow woman go end for cell dey look like captured monkey for zoo.

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heniford2:
stop disgracing yourself here mr, I usually feel ur a smart guy why this attitude of urs here

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I didn't ask for your present condition.

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Chatflick:
FTC!! I dedicate this to every hardworking nairalander. The Lord shall bless the work of thy hands in Jesus name, Amen.

Meanwhile, I buy PayPal funds at a very good rate. Check my signature to deal

PS: Twitter has indirectly called Buhari a noisemaker

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Onye FTC noisemaker we have heard you

Social Media company have allowed their hubris to delude them into loosing some of power they enjoyed unchallenged.

Kaduna1stson:
This man has no right to ask our president any questions.
Is he not just an ordinary southerner?

An ordinary thieving southerner! But at least unlike cownu aka Kenya babe abductee be did not steal charitable donations of gullible people.

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zoeA:
Former Ekiti State Governor, Ayo Fayose has taken to Twitter to ask Buhari 8 critical questions concerning the President's anti-corruption campaign

See questions below

1. I ask our President, what has happened to the report on the $43m discovered in an apartment at Osbourne Towers, Ikoyi, Lagos?

2. What has happened to the allegation of award of $25bn contracts without following due process made against Dr. Baru by Dr Ibe Kachikwu?

3. What happened to the DSS indictment for corruption of Magu and the AGF Investigative Panel set up by the President?

4. Who is the owner of LEGICO Shopping Plaza, Ahmadu Bello Way, VI, Lagos inside which the EFCC claimed that they found N448.8 million cash?

5. Who brought the five sacks in which the EFCC claimed that was found N49 million cash to the Kaduna Airport?

6. What happened to the probe panel on the alleged N500m bribery said to have been paid to the Chief of Staff (COS), Abba Kyari by MTN?

7. Most importantly,,, what has happened to the report submitted on Tuesday on the fraudulent reinstatement of Maina?

8. Is the President going to use APC broom to sweep the report on Maina under the carpet just as he did to others before it?

President Muhammadu Buhari corruption and insecurity fight is targeted to his personal enemies which is South East. Buhari believes in using power against his enemies and Southeast leaders are busy romancing him because of selfishness and cowardly standing for what doesn't exist. You believe Buhari will give you power when he is busy criminalizing your people. You are a joke.

These are the reason why some of us refused to align with Muhammadu Buhari in anything he does. His revenge mantra on perceived enemies stinks.

What do you think?

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When the lily-livered coward is called to answer for corruption charges he will suddenly fall sick and become helpless as the cursed poorly educated imbec1le he is.

10k journalist must deliver the job paid for.

Kastonkastroll:
Omo dont kid yourself, everybody is tweeting even pantami and lai are tweeting

Eh naw my guy show us make me see.

Kastonkastroll:
Someone should pls tell bubu that banning/unbanning twitter isn't the problem of Nigerians. Hunger and insecurity are dealing mercilessly with Nigerians. These two things should be his priorities abeg

And last time I checked, even his cabinets members are tweeting.

Shows us the last time you check or you are a liar!

Nbotee:
Was there a ban? Is it still effective? Last tym I checked everyone was still tweeting fine including the govt officials. They jus wanted to talk tough and make noise. I can bet twitter didn't reach out to them like they claim dats why there's no talks

So go on with your life. At least it confirms twuta is crazy since they are coming to negotiate what isn't banned.

Watch as ipob idiots rush to post names of governors they hate.

Your pain shall consume you.

Bitterpob!

NGpatriot:
Even after slaughtering your own children for babalawo voodoo..

So, it's ok to slaughter yourselves just because other people are killing themselves?

It's like saying it's ok to rob banks because other people are robbing banks, it's even worse because you are the ones slaughtering your own people and burning down your own towns and villages..

As they say, ipob mentality is always upside-down mentality..

You people are just too sad and pathetic..

Gbamsolutely! This has finish the idiotic premise of every tribal bigot.

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Hyperchi:
naija na world power or the same place with those country.
if we enter problem we ran to them not the other way round.

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In other words one rule for white man and anothe for the black man. I am sorry we do not share the same subservience to white man uncle Tom complex

please did the same law apply when Osama was extra judiciously killed ? Was it applied when US invaded Afghanistan to apprehend Osama? Was it applied when US invaded Iraq in defiance of the UN?

Inferiority complex Kee ipob!

When you beat children you give them the space to cry. Accept my condolences on your bereavement.

Ride on Baba. The hypocrites kept quiet while Igboho was undermining social cohesion but when FG steps in to stop the decent to madness they suddenly find their voice.

The same group labelling tribes name are the same idiots who shot divider this divider that but the only thing that comes from their mouth tribalism.

Any Governor that wants to work will work.

If it was the functional beerfraud country they would have been president and regularly given Kenya spa treatment.

PS the news item head nothing to do with PMB but without invoking his name ipob charlatans are nothing.

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unbitchable:
Has buhari stopped militants from protecting pipelines and paying them in billions?.
How Buhari not made Bokoharam multi millionaires by paying them millions of $ in negotiations?
Are bandits not being paid in millions up north?..
Didn't Elrufai pay off fulani herdmen to stop killing in the north?
Are northerners not worse off and hypocrites in accusing others of what they do to steal from the nation's treasury?

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You cannot coordinate your trail of thought because of how the truth shook you violently. Now calm down and articulate yourself.

ALTERNATEID:
Repatriation paper for a fugitive that jumped bail?

What do you guys smoke over there in the south east? It must be one heck of a nasty joint

I really think our education missed an important opportunity to teach upcoming adults how to reason.

How would any sane adult think a fugitive must be accorded the due process of law when being apprehended?

I wrote this in another thread some ignoramuses when activated. GEJ uplifted hooligans stuff touts.

PDP as a party is drawn this dark and insidious characters. Look at how Makinde has lfted another herd of touts typified by Igboho. In Ibadan, when auxiliary's wife is passing touts block the road.

PDP is retardation equipment.

Cownu is a PDP member, Igboho is a PDP member .... PDP is invested in destroying the nation because they can no longer win elections. Reason why all their contrived agitations will fail miserably

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Superboss:
Just crawl back to that hole u came from.
No more time to respond to NINCOMPOOP.

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What should I do with this dreadful description of your living arrangement?

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Superboss:
Says the demented psychopath

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Keep your medical problems to yourself.