Nigeria is gone

AntiWailer:
Majorly caused by the floating of Naira.

If you owe 1M dollars in April, - you are owing 460 Million Naira.


Now without doing anything or even adding interest, you are now automatically owing 800 Million Naira.

Also.
“The government was borrowing to pay for subsidy and that subsidy was steadily increasing. If you convert it to dollars, it won’t be so much, but because naira has depreciated, by the time you do the multiplication, it will increase significantly in naira terms.”

Another reasons why subsidy must go no matter the pain.

Add Ways and Means Advances of the Central Bank of Nigeria to the Federal Government usually used to fund an ill prepared budget.

Though it sounds odd, your analysis explains it all. God bless you.

Curious346:
Nigeria is gone

Nigeria is gone to you.

AntiWailer:
Majorly caused by the floating of Naira.

If you owe 1M dollars in April, - you are owing 460 Million Naira.


Now without doing anything or even adding interest, you are now automatically owing 800 Million Naira.

Also.
“The government was borrowing to pay for subsidy and that subsidy was steadily increasing. If you convert it to dollars, it won’t be so much, but because naira has depreciated, by the time you do the multiplication, it will increase significantly in naira terms.”

Another reasons why subsidy must go no matter the pain.

Add Ways and Means Advances of the Central Bank of Nigeria to the Federal Government usually used to fund an ill prepared budget.

Good explanation, but ultimately, the fault lies in the APC government doing nothing about our dependency on oil, and in particular not improving tax uptake, as they promised

Your boy Tinubu has work to do. A lot of work. I pity anyone who wants to be president of Nigeria right now. Work dey.

Speaking further, MPC member, Adenikinju, noted that while debt is an issue, work needs to be done in raising the country’s revenue.

He said, “This shows that we need to address our revenue challenges. Debt is an issue if you do not have adequate revenue. Therefore it is important that the government sees how it can work on revenue to service this debt and at the same time lay sustainable economic growth for this country.”

He stated that with some of the recent measures of the government, such as fuel subsidy removal, addressing the exchange rate issue and setting up a tax reform committee, would help the country grow its revenue base.

Adenikinju further advised, “In addition to raising revenue, we need to make sure that we do not incur more debt to the one that we have, except we have an assurance that the debt will lead to economic growth and generate revenue.

Again, it boils down to revenue...revenue.

We don't have enough money. The stealing and corruption and padding makes it even worse self. But ultimately, revenue.

Hmmm...

Ogonimilitant:
Nigeria is working

Indeed!!!

E go reach everybody

lilkech:
lol erm sorry, lemme quickly do some small simple calculations here because unlike our commander in chief I actually have my accountancy certificate and it's class, grade or honours has never been in any dispute . . .



So therefore . . .

July - August - September = 31 + 31 + 30 = 92 days
Total debt (internal & external) = N54.13tn + N33.25tn = N87.38tn

National debt accrued daily = N87.38tn ÷ 92 days = N949,782,608,696

So my fellow country people, what this thread is trying to tell us is that, for the past 92 days, Nigeria as a country has been accumulating a daily debt burden of Nine hundred and forty-nine billion, seven hundred and eighty-two million, six hundred and eight thousand six hundred and ninety-six naira ONLY (emphasis on the ONLY at the end of that string letting you know there is no KOBO value in that figure)

EVERY - SINGLE - DAY or EVERY - 24 - HOURS

and you're telling me . . .

and I'm telling my children . . .


Which president can handle it?


Which imam or pastor can do it?

Hoooooo Laaawd Have Meesssiii

You are wrong. It is April to June. 2nd Quarter.

PHAYOL81:
See people posting without reading the text. They just wann rush to put a blame on someone

It is u that didn't read before posting. Are u so daft and dumb to try to defend what is on ground? I swear all of u that support the coming of this govt will suffer it but we that never supported it will not suffer it because we never wish bad for this country. We will definitely survive it but u that are fans of this rubbish regime will definitely suffer it.

No how wey e wan be wey e never be before, las las we go dey alright.

Edu3Again:
Ebola is working Not surprised we have a druglord as president.
I tell you

. ACCIDENT called PRESIDENT.

AntiWailer:
Majorly caused by the floating of Naira.

If you owe 1M dollars in April, - you are owing 460 Million Naira.


Now without doing anything or even adding interest, you are now automatically owing 800 Million Naira.

Also.
“The government was borrowing to pay for subsidy and that subsidy was steadily increasing. If you convert it to dollars, it won’t be so much, but because naira has depreciated, by the time you do the multiplication, it will increase significantly in naira terms.”

Another reasons why subsidy must go no matter the pain.

Add Ways and Means Advances of the Central Bank of Nigeria to the Federal Government usually used to fund an ill prepared budget.

What are you saying nah? Have they not removed subsidy? Why are you clamouring for it's removal again? You guys will just give these people to claim that they are still paying subsidy

But sebi Tinubu has saved X billions of dollars after removing subsidy.


Nigerians will have sense one day

adenigga:


•How CBN loans to FG, new debts, promissory notes raise public debt by N37tn between April and June

•Tinubu’s reforms will improve debt sustainability, DMO assures Nigerians as latest figure overshoots agency projection by N10tn

The Debt Management Office has said Nigeria’s total public debt hit N87.38tn at the end of the second quarter of 2023.

The figure represents an increase of 75.29 per cent or N37.53tn compared to N49.85tn recorded at the end of March 2023.




Source: https://punchng.com/Nigerias-debt-jumps-by-75%-in-three-months-hits-N87tn

In the future when Nigerians hear the word 'borrow' instead of stupidly comparing themselves to nations that are productive and structured, they will take to their heels and head to the hills.

Dangote borrowing up to 50 percent of his assets is not the same thing as jobless Dankali borrowing up to 5 percent of his. There is just no means to pay back and virtually no assets to sell.

It is clear why government is not able to fully fulfill the requests of the NLC including the sketchy palliatives distributed so far, the money isn't just there.

Transparency here would have sufficed but politics in protecting the past regime has trumped this and hidden the immense calamity they brought upon this country.

Just so sorry for this government and her hapless, largely uninformed citizens. If only they knew back then.

Where is the money saved from subsidy removal ?

Naija2023:


You are wrong. It is April to June. 2nd Quarter.

Honestly, we keep churning out lots of unemployable half baked graduates in the country, year in year out. Just look at them wasting away their parents' school fees.

eBOLA and cohorts on rampage
The shyyythole from fry pan to fire 🔥😎

prettyvirgin:


It is u that didn't read before posting. Are u so daft and dumb to try to defend what is on ground? I swear all of u that support the coming of this govt will suffer it but we that never supported it will not suffer it because we never wish bad for this country. We will definitely survive it but u that are fans of this rubbish regime will definitely suffer it.

How old are you?, have you written Jamb?.. If you can't read and comprehend simple English texts, then you're a waste of your parents school fees.. all of you.

Buhari ran a borrowing economy from the beginning to the end and left many dents on it.

Before tinubu leaves office out debt will hit over 100trillion

ValarDoharis:
Borrowing but deceiving the citizens that they saved trillions from subsidy removal

Illiterate, go and read the report. The report is as at the end of second quarter of the year. Tinubu took over at the beginning of the last month of the second quarter. Don't let the hatred and bitterness that killed those before you also kill you

And Tinubu says he doesn’t believe in borrowing
They’ve been bribing judges
It’s very expensive

ican2020:
The country’s handlers are highly incompetent and clueless

It is actually the people that fought their brothers-in-suffering to hand the country to its current handlers that are the real clueless and foolish ones!

ican2020:
The country’s handlers are highly incompetent and clueless

Very sad for Nigeria...

lilkech:
lol erm sorry, lemme quickly do some small simple calculations here because unlike our commander in chief I actually have my accountancy certificate and it's class, grade or honours has never been in any dispute . . .



So therefore . . .

July - August - September = 31 + 31 + 30 = 92 days
Total debt (internal & external) = N54.13tn + N33.25tn = N87.38tn

National debt accrued daily = N87.38tn ÷ 92 days = N949,782,608,696

So my fellow country people, what this thread is trying to tell us is that, for the past 92 days, Nigeria as a country has been accumulating a daily debt burden of Nine hundred and forty-nine billion, seven hundred and eighty-two million, six hundred and eight thousand six hundred and ninety-six naira ONLY (emphasis on the ONLY at the end of that string letting you know there is no KOBO value in that figure)

EVERY - SINGLE - DAY or EVERY - 24 - HOURS

and you're telling me . . .

and I'm telling my children . . .


Which president can handle it?


Which imam or pastor can do it?

Hoooooo Laaawd Have Meesssiii

Read to understand not to expose your ignorance & biases.

Brushstrokes20:
eBOLA and cohorts on rampage
The shyyythole from fry pan to fire 🔥😎

Una go just die over nothing. The report is as at second quarter of the year. That was the stealing by your lord Godwin Emefielelele

ValarDoharis:
Borrowing but deceiving the citizens that they saved trillions from subsidy removal

From day one, I said it


No money will be saved from subsidy removal

What happened was a deliberate increase in the pump price of petrol

Government of idiots!

THE NIGERIAN CRIMINAL CITIZEN IN GOVERNMENT HOUSE, KEEP ON BORROWING MONEY,TO SHARE WITHIN THEIR SELF, MEANWHILE SOME ELERIBURUKU ONIRANU FOLLOWERS OF APC KEEP ON DEFEND THIS CRIMINALS, IN GOVERNMENT HOUSE, THIS ARE THE MISERABLE CITIZEN WE KNOW

Gentlelox:
Where is the money saved from subsidy removal ?

Money saved is money not borrowed. If not the debt will probably have crashed past the 100 trillion mark. You fail to remember that debt servicing is eating both the fruit and the seed of this country.

The situation is so vicious that even if government miraculously discovers a source of revenue it will be heavily tempted to borrow against that. Just as a man who has remained unemployed for years and racked in debts suddenly finds a job. His borrowing is likely to rise not fall in the short term.

That daddy who has been struggling, hassling and borrowing to raise his kids will not automatically become rich just because the kids are grown and left the coop. Nigeria remains an unproductive country.

We are on the ropes, like seriously.

StreetFight:


Illiterate, go and read the report. The report is as at the end of second quarter of the year. Tinubu took over at the beginning of the last month of the second quarter. Don't let the hatred and bitterness that killed those before you also kill you

BUT HE IS NOT WRONG ANYWAYS,
AIN'T THE AMOUNT REALIZED FROM SUBSIDY REMOVAL BE USED TO DO WHAT THEY'RE BORROWING MONEY FOR? OR USED IT TO SERVICE SOME OUTSTANDING DEBT?

THE TRUTH IS EVEN THIS TINUBU FEDERAL GOVERNMENT DON'T EVEN WANT TO PAYBACK THESE DEBT. THEY BELIEVE ITS THEIR OWN TURN TO LOOTS