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Nairaland Forum / Nairaland / General / Politics / Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala (22711 Views)
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Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by toprealman: 4:11pm On Mar 26, 2015 |
OH YEAH, SHE MADE A 1ST CLASS, WORKED WITH WORLD BANK, BLA BLA BLA, BOLLOCKS! THIS WOMAN IS JUST LIKE THEM, CLUELESS. 3 Likes |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by buchichukwu69: 4:13pm On Mar 26, 2015 |
Ok o Editor1: |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by arimahoseloka(m): 4:17pm On Mar 26, 2015 |
Editor1:hear Urself!!! smh 2 Likes |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by babadee1(m): 4:20pm On Mar 26, 2015 |
anonimi: That is old news. The projection has now changed and Nigeria is no longer expected to be among the top fastest growing economies in 2015. The 7% projected growth rate is now down to about 4%. 1 Like |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by Nobody: 4:21pm On Mar 26, 2015 |
Editor1: It is a shame to share the same country with you. 1 Like |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by stan241(m): 4:26pm On Mar 26, 2015 |
Whenever i hear Nigeria is or wants to borrow money, my mind just goes to GREECE..the dude that kept on raving about the US and UK having higher debts than us just made himself sound ignorant because if he didn't he would know that those countries have far more "dependable" means of servicing those debts again i really do not think this country has had it this bad since independence i may be wrong but the evidence abound seems to support my point 2 Likes |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by chronique(m): 4:31pm On Mar 26, 2015 |
Sorry to burst your bubble;America can never,and will never ever be able to pay back 17 trillion dollars of debt. The massive federal debt never will be paid. One reason is the simple economics of debt: The more debt there is in a society, the more current income is needed to service the debt rather than to produce new wealth. "The marginal productivity of debt (that is, the amount of new wealth produced per dollar of new debt added) has been declining in the U.S. for half a century. During the 2008-9 financial crisis, it fell below zero. Whatever the figure is now, we simply aren’t able to get much bang for our additional debt bucks, sort of like a junkie in the advanced stages of addiction". This is a quote from an American financial analyst. America's inability to pay her debt,has a ripple effect on other foreign economies. Anything that affects the U.S economy,affects other foreign economies. This was made evident by the global recession of 2008/09. Owing debt isn't usually the problem but what the debts are being used for,is the main problem. Americans are spendstrift and they simply can't control that habit. Nigeria wouldn't have needed this new loan but for the decrease in oil revenues,and our inability to save enought when oil was being sold at around a $100 per barrel. The federal and state governments keep arguing about this. FG claims state governors insisted in sharing proceeds from the excess crude account. The state governors justified it by saying the ECA was an illegal account and that it isn't backed by the constitution,hence their demand for their share. At the end of the day,we as citizens need to cut down on our demand for foreign products and start looking at consuming more of locally produced goods. The economy is not run by magic;it is a function of what our demands,supplies and consumptions are. Less imports would strengthen our naira and reduce the amount of foreign exchange we spend in defending the value of the naira. bushdoc9919: 1 Like 1 Share |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by anonimi: 4:42pm On Mar 26, 2015 |
babadee1: Source |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by ammyluv2002(f): 4:45pm On Mar 26, 2015 |
Sanchez01:Forgive me sir.....i won't do it again 1 Like |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by Sanchez01: 4:47pm On Mar 26, 2015 |
ammyluv2002:Lolz... I didn't mean it that way, Dearie. I was only surprised |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by Blackgesus: 4:48pm On Mar 26, 2015 |
Editor1:what a dead brain! |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by ammyluv2002(f): 4:52pm On Mar 26, 2015 |
Sanchez01: |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by sevule(m): 4:59pm On Mar 26, 2015 |
chronique: Your reasoning is definitely logical but your argument is flawed. I USED to respect Ngozi Okonji Iweala but she has proven that she is really no better than any of our corrupt politicians. I am not an economist but IT MAKES ZERO SENSE to borrow money to shore up the Naira because of its falling value. What happens when the Naira keeps on falling? Do we borrow more to further shore up a dead currency? And her argument that Nigerians should curb their appetite for foreign goods is what I would expect a quack quasi economist to say. LIKE REALLY What ever happened to all the money we made from crude oil during the boom that Jonathan presided over?? The question is where is how do we spend our dollars? We spend it IMPORTING FUEL when we have refineries! Instead of her to advise the government to stop using OUR SCARCE forex to import fuel she is busy spewing banalities that a Harvard educated economist has no business saying. Our clueless government has allocated more than 80 percent of our budget to recurrent expenditure and you actually expect the economy to grow. HOW?? The answer to our problems are simple: 1. Drastically reduce cost of governance 2. Stop importation of fuel 3. Tackle corruption head on and plug loopholes for theft of funds 4. Increase capital expenditure and make the power sector a priority 5. Have a viable plan for Nigeria's industrialization. The only Economics I ever did was Secondary school economics but even with that I know that Iweala either has no idea what she is doing or she has sold herself to Jonathan and has REFUSED to advise the government properly. Sadly none of the above WOULD EVER happen if Jonathan is elected! 4 Likes |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by Image123(m): 5:01pm On Mar 26, 2015 |
chronique: Those countries you mentioned have concrete things to show for their debts. Ask the banks, Dangote owes them money. It would be folly for any poor lazy man to compare himself to Dangote as co-debtor. 2 Likes |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by babadee1(m): 5:06pm On Mar 26, 2015 |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by chronique(m): 5:09pm On Mar 26, 2015 |
You people should educate yourselves properly and stop spreading wrong info. OBJ's govt left an external debt of 3.5 bn dollars and an internal debt of about 14 bn dollars. What we simply got was a reduction in our debt profile which stood at a cummulative figure of around 60 bn dollars before. What we succeeded in doing was getting debt relief from the paris club to the tune of 60% and then paid around 6 bn dollars in arrears. We succeeded in exiting the paris club who we owed a large chunk of our external debt to. You guys should stop mis-quoting figures. dammytosh: |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by Nobody: 5:20pm On Mar 26, 2015 |
after u guys use #21b do campaign,now u wanna borrow $2b,isn't the national debt enough already... corruption everywhere in 9ja even from the roots |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by angelsing(m): 5:29pm On Mar 26, 2015 |
chuna1985:This is just plain ignorance(sorry for the choice of words).Do the american economic lack basic amenities?...If you are in debt and ur economy is stable I doubt if anyone will complain about it...A case study is Manchester United: they are in debt but they still make as much money as anyone thereby servicing their debt without affecting the Club....Dude I know u wish to defend the President due to the Love u have for him but its plain obvious the country is Shambles right now. 2 Likes |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by angelsing(m): 5:33pm On Mar 26, 2015 |
babadee1:She was not the one who did the ground work, Soludo and his team did it she just led the team to the final negotiation...go and search for the Open Letter Soludo wrote to madam Ngozi...She could not refute the claim by Soludo....Abeg leave that woman jare! |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by angelsing(m): 5:37pm On Mar 26, 2015 |
chronique:All these country u listed are they stable or not?...Do they lack basic amenities?..Do they have power failure in their economy?...Are they oil producing country?...you see the difference now..while trying to defend Madam/GEj policy can u post the link where u got those debts of those country from |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by chronique(m): 6:03pm On Mar 26, 2015 |
There are always several ways to tackle an issue under decision making theory. He who is saddled with the responsibility just needs to carefully identify all the available options,list the possible outcomes of alternatives forgone,select a decision making technique he's comfortable with,apply it,review the outcomes based on the technique used,make a decision and recommend and action to be taken. She's the finance minister and I'm in no way near her standard by virtue of academic qualification or work experience when it comes to dealing with macro-economic issues but I believe with her experience,she'd do what's best for the nation. Now,there are things basic economic knowledge would teach you,and there are things you can't know if you haven't studied managerial economics and practised it to an advance level. That's why I'd say you should give it to her. The decision to source a loan to defend the naira must have been carefully looked at,before making it. Don't forget that prior to this time,we've been spending our reserves to defend the naira. Now,talking about govt spending so much on reccurent expenditure,I doubt if the executive can make any serious headway there. Cost of governance is so high and the executive do not have the constitutional powers to unilaterally raise or reduce it. That's the job of our legislative arm of govt comprising the senate and house of reps. For this set of people,what they get is more important than what the masses get. Nigeria operates a bicameral legislature with both houses performing almost the same functions. With the high level of amount spent in maintaining these two houses,it's only logical that we find a way of switching to a unicameral legislature so we can free up money for more meaningful capital projects. But how do we go about it? You and I know that our senators and house of rep members wouldn't agree to this,neither would they agree to give up a substantial amount of what they earn in form of salaries and allowances. This is something that is beyond the executive. It's only the masses who can do this by way of mandating elected officers from their constituencies,to push for a bill like this or support it if it is brought up for a vote,or risk being recalled. But the question is,how many of us are aware that we have the constitutional powers to recall non-performing officers elected from our various constituencies? Most Nigerians find it difficult to differenciate between a democratic system of govt and military rule. Because our past leaders had absolute powers,we think the president too should have same. But it doesn't work like that. I can't speak on why we are still importing fuel cos I've done this severally while debating with people here and at the end,we always stand on different opposing sides. One thing I know for sure is that,with the level of corruption in Nigeria,govt has no reason to repair our refineries cos people would continually sabotage it and get govt to vote huge sums for its turn around maintenance(TAM). This was a regular feat under the OBJ govt. If you say people who have licenses to build refineries and haven't built it should be punished by revoking their licenses,all they need to do to cripple the economy,is to use their contacts in the various oil sectors like NUPENG and PENGASSAN,to orchestrate strikes with some flimsy demand,and hold govt to ransome cos the effect would be too hard on the masses to bear. Asking NNPC to be the sole importer of petroleum products too,would give rise to massive corruption. All these aside,I think it's easier to make profit from importing refined crude,than refining and exporting. Hence,those with licenses to build refineries aren't really keen on it. Nigeria is a complex place and things aren't always as easy as we see them. I've said it over and over again,if we keep complaining about corruption year-in,year-out,it means corruption is a culture amongst Nigerians. Our leaders aren't imported from space. They are elected from amonsgt us. sevule: |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by Olufemiolaolu(m): 6:03pm On Mar 26, 2015 |
The fallacy of a Nigerian govt. They campaign about how GEJ has diversified the economy, THEN borrow money because of falling oil prices. Nigeria Urgently needs a change from this mess of a govt. |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by chronique(m): 6:16pm On Mar 26, 2015 |
How many years have we been practising democracy? Compare it with the countries I listed above. Slowly but surely,we would get there. I got my figures from comapring different sources amonsgt which are: forbes,wikipedia,couple of wall street journals,and various economic and financial articles I've read in the past. angelsing: |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by idgerrard(m): 6:38pm On Mar 26, 2015 |
Doe's borrowing strenthing a currency?maybe i need to re-apply for economics again o,just to study debtornomics 101. |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by jimmayoy: 7:06pm On Mar 26, 2015 |
Editor1: "till we find a better replacement"that means you too hv given up on GEJ,just that tribal sentiment won't let you vote right.well,i shoved my own tribal sentiment aside since i realized that this people are just sucking us dry and they don't care about us.guy do same,vote right,vote BUHARI"emekwana obi ebere" Sai Baba. |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by VolvoS60(m): 7:12pm On Mar 26, 2015 |
peteonline: ^^^^ |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by VolvoS60(m): 7:13pm On Mar 26, 2015 |
Pavarottii: ^^^^ |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by VolvoS60(m): 7:14pm On Mar 26, 2015 |
Pavarottii: ^^^^ 2 Likes |
Re: Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala by LydiaBI(f): 7:20pm On Mar 26, 2015 |
Editor1: grow up please!!! |
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