sammhi:

Am sure u failed woefully in school or you are s drop out...Obj left 7bn$ debt....so with a 5increase in wages coupled with a 50% decreasin in oil revenue.... Our economy will still be same.....please go to school....who told you selling at 100$ mean its too much.... all these lies will not go anywhere.... Greece, France , Spain etc are facing hard economic times but u expect Nigeria to be immune.... because you are sold lies

baralatie:


summary, public and fin management key points.



1.total debt=$63.7billion 1a. total ext=$9.7billion 1b.tot domestic=$54billion



2.Gej administration(2010-2015) 2a.ext. debt=$3.7billion 2b.domestic debt=$14.4billion


3.Accrued debt before Gej administration 3a.total debt=$40billion 3b.ext=$6.4billion 3c.domestic=$39.6billion


4.state to duration debt ratio


5.consultation fee and miscellaneous by me 5a.total=$1 million pere!!!

PassingShot:


"Following the successful Paris Club debt deal and the exit from the London Club debts, the external debt stock dropped to US$3,544.49 million in 2006 from US$35.94 billion in 2004 and stood at $3,654.21 as at December 31, 2007". - Source Debt Management Office, link http://www.dmo.gov.ng/recent/NATIONAL%20DEBT%20MANAGEMENT%20FRAMEWORK%20(2008-2012).pdf

Now, who failed woefully or dropped out of school between you and I? Despite that I indicated that I might be wrong saying OBJ left no debt, and you still went ahead to spew the trash up here, it is save to give up on people like you.

Obijulius:
I wish we could have an Nzeogwu to clean out all living former leaders before Yaradua.

Everybody that has ever tasted power. Or had any connection with government should be cleaned out.

Their friends, cronies and family members too.

We need real change, not fake APC change.

Obijulius:
I wish we could have an Nzeogwu to clean out all living former leaders before Yaradua.

Everybody that has ever tasted power. Or had any connection with government should be cleaned out.

Their friends, cronies and family members too.

We need real change, not fake APC change.

PassingShot:


I do not have much problem with high domestic debts even though it shouldn't be a thing of joy as it is a reflection of bad economic management. $9.7 billion dollars in external loan also should not be a huge source of concern ONLY if such money was used for infrastructural development. Again we have to look at the amount we spend in servicing these debts year in year out.

Funny enough, the example you gave in your 2013 post is not lending credence to your postulation that huge debt is not bad especially when one considers the fact that the exchange rate of naira to dollar has not been favourable; which means an increase in what we need to service the debts as well as in the debt value itself.

babestella:


No, it's you that is a dullard like your deceiving slave masters. No one thinks negative about his or her country bro, but to have supposed leaders some online and propagate all sort of demeaning lies and propaganda just to deceive feeble minds like you is totally irresponsible. The facts have been laid out there, if you, Osinbajo and your political masters are on a different page, you can go sort that out in court. Simple and straight, unless you want to keep believing in lies and deceit, your choice bro.

fineguy11:
@u quoted her just to spill trash just becox u're allegic to the truth....if ur mother was half as intellegent as her,she definately wld av given birth to a better offspring than u..,,probably one with an IQ of a worm...

4Play:


I agree with you that debt, whether domestic or external, only makes sense if it is used for infrastructural development. What I was alluding to when stating that huge domestic debt is not as bad as people make out is that Naira denominated debt is easier to manage than dollar/Euro denominated debt.

Most of our debt is denominated in Naira, currency depreciation works in our favour! If you borrow in 2013 160bn Naira, at exchange rates of $1 to 160 Naira, you would need $1bn to pay off the nominal principal. When the currency depreciates to 200 Naira to $1, you need $800m. Remember that much of our revenue is dollar denominated oil revenue. If the debt is denominated in dollar, the reverse would be the case. Which is what I was arguing in that 2013 thread where the National Assembly had asked NOI why our borrowing was largely domestic and not external. Again, NOI has been vindicated.

This is not to argue that Naira denominated debt is okay but that if you have to borrow at all, you better borrow in your own currency than in someonelse's currency. Yes, our domestic debt is disgraceful given what it was used for but it is no where as bad as people are making it out to be.

4Play:


I agree with you that debt, whether domestic or external, only makes sense if it is used for infrastructural development. What I was alluding to when stating that huge domestic debt is not as bad as people make out is that Naira denominated debt is easier to manage than dollar/Euro denominated debt.

Most of our debt is denominated in Naira, currency depreciation works in our favour! If you borrow in 2013 160bn Naira, at exchange rates of $1 to 160 Naira, you would need $1bn to pay off the nominal principal. When the currency depreciates to 200 Naira to $1, you need $800m. Remember that much of our revenue is dollar denominated oil revenue. If the debt is denominated in dollar, the reverse would be the case. Which is what I was arguing in that 2013 thread where the National Assembly had asked NOI why our borrowing was largely domestic and not external. Again, NOI has been vindicated.

This is not to argue that Naira denominated debt is okay but that if you have to borrow at all, you better borrow in your own currency than in someonelse's currency. Yes, our domestic debt is disgraceful given what it was used for but it is no where as bad as people are making it out to be.

JingoOAU:
The money PDP spent on electioneering campaign had it been it was used to pay part of these loans, it could have reduced drastically....

I can categorically say that PDP spent billion dollars for the election, isn't dat part of the waste we are talking abt?

And where was the money gotten from? Is it not the money borrowed to fund critical projects that were diverted for electioneering campaign....Okonjo iweala might not be corrupt, but she should quit defending indefensible, it hurts so much......

4Play:


NOI has been vindicated.

This is not to argue that Naira denominated debt is okay but that if you have to borrow at all, you better borrow in your own currency than in someonelse's currency. Yes, our domestic debt is disgraceful given what it was used for but it is no where as bad as people are making it out to be.

omonnakoda:
Part of the problem with Jonthan was his tendency to spend without thinking e.g he decided to create several new universities and many hailed without asking.Where is the money to run these universities going to come from.Citizens do not know what questions to ask and so don't ask. Universities mean salaries and pensions going into bodies that do not generate income at a time when government was struggling to fund existing ones. If we are honest some of these universities will have to be aborted. Students will have to start paying high fees subsidy will have to go .Truth is there are no goodies that this government can offer Nigerians and they have to bring in these bitter measures immediately while there is still some goodwill because the romance will not last.There are tough times ahead

baralatie:

summary,
public and fin management key points.


1.total debt=$63.7billion
1a. total ext=$9.7billion
1b.tot domestic=$54billion

2.Gej administration(2010-2015)
2a.ext. debt=$3.7billion
2b.domestic debt=$14.4billion

3.Accrued debt before Gej administration
3a.total debt=$40billion
3b.ext=$6.4billion
3c.domestic=$39.6billion

4.state to duration debt ratio

5.consultation fee and miscellaneous by me
5a.total=$1 million pere!!!

Beremx:
Madam Ngozi,you will not escape being probed. You will not!

For your refusal to pay fuel marketers their subsidy payments and make Nigerians suffer,prosterity will judge you.

Koroaso:
*********BUHARI NEEDS TO DO THE NEEDFUL**********

********HOW DID NIGERIA GET HERE ??***************

********THEY BORROWED ALL THIS MONEY AT A HIGHER EXCHANGE RATE NOW NAIRA HAS FALLEN WE PROBABLY OWE TWICE THAT AMOUNT IF YOU FACTOR IN THE NEW EXCHANGE RATE AND INTEREST ACCRUED***********

********ESSENTIALLY THESE PEOPLE HAVE SOLD NIGERIA BACK TO SLAVERY,COS WHATEVER MONEY NIGERIA MAKES NIGERIA WILL HAVE TO HAND IT OVER********

********FUEL SCARCITY,JOB SCARCITY,SECURITY SCARCITY,EDUCATION SCARCITY,HEALTH SCARCITY**********

********LETS FACE IT OUR LEADERS HAVE FAILED US*********

********THERE ARE COUNTRIES THAT DONT HAVE,THEIR ARE COUNTRIES THAT HAVE AND HAVE BEEN LOOTED *******

*******WE NEED TO STAND UP AND MOBILIZE...PDP OR APC NIGERIANS DONT GIVE A DAMN ANYMORE*******

********JONATHAN,OKONJI AND DIEZANI HAVE WRECKED THIS COUNTRY FURTHER************

********WHEN WE MADE BILLIONS IN OIL SALES WE DID NOT SAVE FOR HARD TIMES.....THESE PEOPLE STOLE NIGERIA BLIND AND INVESTED OUTSIDE THE COUNTRY,NOW THAT RAINY DAYS ARE HERE,THEY CAN GO BACK TO THEIR INVESTMENTS BUT THE COMMON MAN LIKE ME AND YOU WILL SUFFER THE HARDSHIPS******

*******ENOUGH IS ENOUGH***********

SEE THE PICTURE OF THE MEN THAT RUINED NIGERIA BELOW.
AS LEADERS YOU GUYS SHOULD TAKE RESPONSIBILITY FOR A FAILED STATE,EVERY SINGLE ONE OF YOU!!!!!!
YOU GUYS HAVE FAILED US AS A COUNTRY,BY CONTINUING TO ALLOW CORRUPTION,INSECURITY FESTER UNABATED.

EVERYDAY PEOPLE DIE OF UNDESERVED HARDSHIPS WHILE YOUR BILLIONS IN SWISS ACCOUNTS ARE ACCRUING INTERESTS....YOU HAVE BUILT HUMONGOUS MANSIONS WITH MONEY YOU STOLE FROM PEOPLE YOU WERE ENTRUSTED TO SERVE.

YOU ARE RUNNING THE WHOLE NATION LIKE A CIRCUS ACT......YOU MIGHT FOOL A LOT OF PEOPLE BUT NOT ALL.

ON BEHALF OF ALL NIGERIANS SHAME ON ALL OF YOU.
WE REGRET HAVING HAD YOU AS LEADERS EVER.
ALL OF YOU.
MAY KARMA SERVE YOU SIMILAR PORTIONS YOU SERVED NIGERIANS.

ONLY MEN WITH LOVE FOR THEIR NATION SHOULD BE ENTRUSTED WITH GUARDIANSHIP,NOT PEOPLE LIKE YOURSELVES.....

omenka:
Wow!!

She makes attempts at justifying this, stating salaries and what not but forgot to state the inexplicable leap in expenditure on subsidy which must have contributed in no small measure to the rise in our debt profile.

Please who's got the official twitter handle of this woman? I'd like to ask her what accounted for the nearly 500% rise in subsidy payments, from a mare 380Billion to over 1.8trillion, just after Jonathan took over. There has to be an answer.

In addition, under NOI herself, Nigeria got debt relief from her creditors, a much celebrated feat credited to her negotiation prowess. We sag her praises to high heaven then as she declared "Nigeria is debt free"!! That was just 10 years ago under Obasanjo!! Now what the hell is she telling us?? That she lied

What is really going on??

Koroaso:


U selectively answered
who is owed the domestic debt?
Why are the numbers not tallying with the everyday situation
Is it the same number that shows nigeria to be largest growing economy and unemployment rate to be less than 10%?

omonnakoda:

Firstly what is the cost of borrowing domestically? well over 13% so it is not cheap and the market will demand higher rates as exchange rates crash

Secondly the government is wholly inefficient at extracting revenues locally and so the main way of servicing local debts is from oil revenues earned in dollars and then monetized to local currency. Since this is 90% then we can say 90% of local debt is effectively serviced with dollar revenues

Interest rates were stable around 13% for the last 4 years but with the exchange rate crash will rise steadily

Servicing local debt does not stop and is more expensive than the international one so any benefit is illusory. Imagine paying 13% of $40 billion annually just to SERVICE local debt while the principal remains unchanged

baralatie:

okay! let us refresh our economics class!
Nigeria become the LARGEST ECONOMY IN AFRICA BY
calculating ALL THE WORTH OF BUSINESSES IN NIGERIA and PROFFESSIONAL SERVICES.

concerning where they were getting those domestic debts(trust me we have financial houses,bonds,contractors etc)

these both foreign and domestic debts are accrued against the budget!if you now look at the Fog budget and you scrutinize.............well you got your answers!

Sunnybobo3:


Were you not one if those that supported the occupy Nigeria protests?

charlzchudi:
I have just discovered that we youth mostly on nairaland and other social networks are frustrated from insensitive administrations, families, communities, churches and mosques . We use slight opportunity to vent our frustrations. Why on earth must we abuse ourselves. Politicians use and feast these advantages and rape us more cos we are under the influence of opium called frustrations and tribalism.

The debt is incurred by past and present federal and state governments. Some people who are shouting to her haven't shouted to or asked our different state governments that borrowed which is part of debt. Then again Danjuma by this news was pointed to cos he was part of previous administration that borrowed largest chunk. Smart Ngo!

By extension, we need to ask ourselves is borrowing bad thing. Do we know how much America is owing?

The fact is that next or incoming administration will borrow too. We were told that they or we need N4.1 trillion to service debt owing by states and federal government. Which of course, they or we can not use our entire budget servicing debt. It doesn't make sense. So we go borrowing and the circle continues.

Instead of all these tribal abuses which our politicians feast on, let suggest solutions to her and the incoming administrations.

Then my solutions, opening up other sectors of income- Agriculture, explorations of other natural resources, education of minds of Nigerians.
Though much have been done in ICT, youths need to be aware of potential it has in 21century.