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Nairaland Forum / Nairaland / General / Politics / Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts (35613 Views)
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Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by PassingShot(m): 12:09pm On May 24, 2015 |
sammhi: "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. 1 Like |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by baralatie(m): 12:11pm On May 24, 2015 |
baralatie: 1 Like |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by sonofspada(m): 12:12pm On May 24, 2015 |
Big big talk ![]() ![]() |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by baralatie(m): 12:13pm On May 24, 2015 |
PassingShot:post the domestic debt figure na! |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by nortcentrallord(m): 12:19pm On May 24, 2015 |
Obijulius: Why from Yaradua? Did the corruption and decay started from them? I need a Kaduna Chukwuma Nzeogwu to clean up the mess. All the leaders we 'v had from 1960 that are still alive. So we can have a new slate. The only thing we recycle in this country is politicians. 1 Like |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by nortcentrallord(m): 12:19pm On May 24, 2015 |
Obijulius: Why from Yaradua? Did the corruption and decay started from them? I need a Kaduna Chukwuma Nzeogwu to clean up the mess. All the leaders we 'v had from 1960 that are still alive. So we can have a new slate. The only thing we recycle in this country is politicians. And they always come back worst than what they used to be. |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by 4Play(m): 12:19pm On May 24, 2015 |
PassingShot: 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. |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by hadura29(m): 12:20pm On May 24, 2015 |
I can see how bittered you are about the whole electioneering. I will leave you to your anger. I am not a card carrying member of any party though... You're just a party bigot who is just angry with the fact that Jonathan lost... I don't argue with bigots like you... Life is too sweet to waste grammar on any politician that doesn't know how I eat... Sorry ooooo. You've won the arguement... Take your medal... Like the Germans would say, auf wiederschrieben Meine freund.. babestella: 1 Like 1 Share
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Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by baybeeboi: 12:21pm On May 24, 2015 |
fineguy11: ![]() |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by PassingShot(m): 12:24pm On May 24, 2015 |
4Play: I cannot fault your arguments. I was actually more concerned about the external debt especially when used for recurrent expenditures. For local debts, the government also has an option of printing naira notes (with extra caution on managing the attendant inflation) not only to settle some of the debts but also to help infrastructural development. |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by baralatie(m): 12:24pm On May 24, 2015 |
4Play:do you realise that some people are more of finding faults where there is none! |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by omonnakoda: 12:35pm On May 24, 2015 |
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 2 Likes |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by Daplux4: 12:35pm On May 24, 2015 |
JingoOAU: Did you actually read the article very well |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by durosegun(m): 12:42pm On May 24, 2015 |
NOI really did a good job in articulating how both past and present administrations came to incur such huge debt but she should have also given us details about the revenue generated by the present administration compared with the previous administrations of Obj and Yaradua, and how the monies were put to use. |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by Daplux4: 12:43pm On May 24, 2015 |
Our states men should learn to get real facts before commenting on national issue such as this, it over hit our polity. |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by omonnakoda: 12:44pm On May 24, 2015 |
4Play: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 |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by flokii: 12:45pm On May 24, 2015 |
omo Nigeria.. ewo le wooo?..which way naija |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by baralatie(m): 12:50pm On May 24, 2015 |
omonnakoda:read that op again |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by Koroaso: 12:53pm On May 24, 2015 |
baralatie: 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%? |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by tiger28: 12:57pm On May 24, 2015 |
Beremx:Soludo was right , this woman was just a SECRETARY at the world Bank and not an economist. |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by Nobody: 1:06pm On May 24, 2015 |
Koroaso: Why are u copying and pasting this same post in many threads ![]() |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by Sunnybobo3(m): 1:07pm On May 24, 2015 |
omenka: Were you not one if those that supported the occupy Ojota protests? |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by babadem2much(m): 1:08pm On May 24, 2015 |
[quote author=sonOfLucifer post=brilliant nigerian woman has become a dummy. What a transfiguration NOI[ LUCIFER? chai! letz call it transformation that will still suit her |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by daresimon(m): 1:10pm On May 24, 2015 |
She said that Nigeria is debt free She said Nigeria is not broke She said Nigeria is the largest economy in Africa. Now... she is saying we are in debt FOR WHICH SHE SPEARHEADED THE CANCELLATION OF That we are owning $60B And that Jona's Govt only incurred $21B of the debt. And she has been the minister for the last 10 years and under the previous govt. I think this woman is either lying or not wanting to speak the truth. Which ever the case maybe Kirikiri go full this season 1 Like |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by Jdesilentkiller(m): 1:15pm On May 24, 2015 |
Madam remove that head tie and shove it between your upper and lower teeth, go to America and wait for court summons after inauguration. Your lies makes make puke. 1 Like |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by baralatie(m): 1:17pm On May 24, 2015 |
Koroaso: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 F.g budget and you scrutinize.............well you got your answers! |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by 4Play(m): 1:19pm On May 24, 2015 |
omonnakoda: I agree it's not cheap but the position would be even worse had we, as the National Assembly suggested to NOI, taken on more external debt. Naira would have depreciated quicker due to the burden of servicing dollar denominated debts. A fall in exchange rates works in our favour as I have already pointed out as our revenue is mainly dollar denominated. Further, a fall in exchange rates which translates to higher domestic inflation inflates away the real value of Naira denominated debt. At 9% annual inflation, a 100 billion Naira 10 year bond would be, if my maths is correct, 42 billion Naira in real terms when the principal is due in 10 years time I completely disagree with your suggestion that borrowing in a foreign currency would be more serviceable than borrowing in Naira. You will be hard pressed to find examples of a sovereign issuer in its own currency that has had a crisis arising from its debt. We just barely escaped our external debt burden in the mid-2000s after having to endure SAP in the 80s because of it. We need to learn from our history. 1 Like |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by Koroaso: 1:24pm On May 24, 2015 |
baralatie: Impressive....so the domestic debts as u listed are from financial houses,bonds,contractors) and these financial institutions are have their structures and assets in dollar equivalents and some of them have their portfolios diversified with stocks,equities and bla bla outside the country just in case the economy collapses they are secure......so directly or indirectly we owe 60billion. your point is we owe some to a lesser evil but at the end of the day........we are in the hole to the tune of 60billion dollars. When obasanjo left why didnt we owe so much ![]() Do yoy agree with me that this current administration is a very wasteful one?? |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by omenka(m): 1:31pm On May 24, 2015 |
Sunnybobo3:Yes I did. So what?? I'm kinda confused here. What necessitated the geometric rise in subsidy expenditure in an election year ![]() Some of you really do sound like very ignorant kids. All through history, we never paid that much, all of a sudden after jonathan became the president, the amount went over the roof and you imagine no one should ask questions. Is that how you imagine you would run your Biafra if it comes to fruition?? Are you folks even thinking at all?? |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by 989900: 1:37pm On May 24, 2015 |
"According to her [NOI], the reality has been that since May 2007, oil prices reached a peak of $147 per barrel, the country’s reserves rose from $43.13 billion to peak at $62 billion in September 2008 during the Yar’adua/Jonathan Administration." http://www.premiumtimesng.com/news/top-news/174461-excess-crude-foreign-reserves-obasanjo-lied-says-okonjo-iweala.html |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by Olaone1: 2:06pm On May 24, 2015 |
This woman sha. Well, we warned y'all about her. Nothing good comes from Bretton Woods institutions. Especially for a third world country like Nigeria. Yeye woman |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by boladez(m): 2:12pm On May 24, 2015 |
charlzchudi: I share your thoughts 100% and I marvell when people leave the Politicians and bash tribes! However in addition to what you have said. We need to kill corruption and treat is as a cancer! A man who has been in government all his life who; 1 Has no family wealth inheritance 2 Has not done any business and his spouse is not known to have done or owned any business Is able to live the life of affluence and afford all the luxuries of life......and no one asks him of the source of the wealth. However if the government institutions start asking questions about sources of wealth, this will reduce corruption to the barest minimum. With corruption the economy cannot grow. The cleaning has to start from the institutions saddled with the responsibility to clean up corruption 1 Like |
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