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Nairaland Forum / Nairaland / General / Politics / FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun (3822 Views)
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Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by luvinhubby(m): 7:17pm On Dec 18, 2015 |
7lives: The sovereign wealth fund idea was floated by Goodluck Jonathan to keep Nigeria afloat financially in times of crises, it was Amaechi, nudged and backed by mainly APC governors like Oshiomhole, Fashola, Rauf and Fayemi that stopped it, insisting that all the money in the excess crude account must shared. http://www.thisdaylive.com/articles/govs-oppose-swf-demand-power-deregulation/96857/ 2 Likes 1 Share |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by EternalTruths: 7:36pm On Dec 18, 2015 |
RisingSun1: This is how they threw SW Nigeria into debt Borrowing money to finance non profitable ventures in the name of infrastructure without asking themselves how will the project pay back the loan APC SW Nigeria about to replicate the disaster they inflicted their region on a national scale Sophistication indeed 3 Likes 1 Share |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by Nobody: 8:15pm On Dec 18, 2015 |
Good analysis but u failed to proffer solutions or alternatives. PapaBrowne: 2 Likes |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by mazeltov(m): 8:43pm On Dec 18, 2015 |
porka:you guys kwa? Is this about Apc vs. Pdp? Lolzzzz. You don't worth much effort but I will leave you with this word from Ralph Waldo Emerson : '' Any fool can criticise but let me not fall into the vulgar mistake of dreaming that I'm being persecuted whenever I'm being contradicted'' - I hope the guy would proffer a better idea to neutralise the flaws he has highlighted in the news. 3 Likes |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by mazeltov(m): 8:48pm On Dec 18, 2015 |
IbnIslam:Thank God I'm not the only one thinking alone on this thread, that is the same question I have been asking since. 2 Likes |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by drss(m): 9:23pm On Dec 18, 2015 |
IyaIode:dis thread is for seasoned economist, not alaba roadsite bread sellers. 5 Likes 1 Share |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by Nobody: 9:27pm On Dec 18, 2015 |
drss:FUCTARD forming economist on nairaland. Ezu ipapa 1 Like |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by Dmano: 10:03pm On Dec 18, 2015 |
Am short of words, how did we get here? |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by fistonati(m): 12:03am On Dec 19, 2015 |
From day one, I knew this woman will be full of excuses |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by Peterwins(m): 12:16am On Dec 19, 2015 |
I am not surprised as I made a forecast about this present reality 4 years ago in this thread below: https://www.nairaland.com/731115/nigerias-economic-financial-future-within With the current economic and financial challenges facing Nigeria as a country, I believe the following will take place (some already taking place) in Nigeria within the next ten years:This was my forecast in 2011. 2 Likes |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by Peterwins(m): 12:22am On Dec 19, 2015 |
Also in August 2011, I made the following comments: As a result of the foregoing I believe the exchange rate of the Naira against the USD will get to about =N=200 by 2014 and crude oil price might hover around USD 50 per barrel without any major war or conflict in the middle east. Hence, the country might turn to the IMF / World Bank to finance her deficit budget by that time. 1 Like |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by Emekamex(m): 12:26am On Dec 19, 2015 |
PapaBrowne: Nice write up; saying I am disappointed in most of PMB's ministerial nominees is an understatement. I also have an instinctive feeling that most of the money that will be borrowed will be used to fund recurrent expenditure in paying salaries which is a terrible idea that will further worsen our economy; It is best that Nigeria invest in agriculture and other mineral resources to boost our foreign reserve and economy; the days of over relying on oil should have been phased out by now, that is if we are serious about it. |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by ifyan(m): 12:42am On Dec 19, 2015 |
NavierStokes: How l wish most Nigerians understand the hypocrisy of this administration 1 Like |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by ifyan(m): 12:44am On Dec 19, 2015 |
BlackPeni5: What you need to understand is the CBN need the ministry of finance and economy for better planning |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by ifyan(m): 12:47am On Dec 19, 2015 |
I don't think this woman know what she is doing. |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by Nobody: 12:50am On Dec 19, 2015 |
femimailbox:Mouth action!!!? |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by Bevista: 1:37am On Dec 19, 2015 |
PapaBrowne:You are being too critical, son. Kemi may not have the same pedigree as NOI, but she cannot be discounted before she even begins the job. She will be working with an Economic Team that will include Udo Udoma (Budget & Planning), Emanalah (Trade & Investments), etc. These are really experienced folks. On borrowing locally - most bond buyers are usually institutional investors like Pension Funds, Banks, Investment houses, etc. With the CBN's expansive monetary policy of reducing CRR & MPR, then some of the extra liquidity will find its way to bond purchases. Nobody can predict for sure what oil price will be tomorrow. The MOF and her team can only estimate what the average price will be over the next 1 year. They could be right, they could be wrong. Even the best analysts make wrong calls. NOI, last year, presented a budget with oil price estimated at $73 and she argued that she used the 5 & 10 yr weighted moving average to arrive at her estimate. In the end, she was dead wrong. Most of the funds expected from Customs & Excise Duties are going to be from efficiency in management & collections. Give Kemi & APC a break. The party inherited a battered economy from the PDP. NOI & PDP should have utilized the opportunity of high oil prices to position and diversify the economy, but alas, they squandered away everything. And you have the effrontery to abuse a man who is trying to clean up the mess with very little oil revenue. 5 Likes |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by adconline(m): 5:52am On Dec 19, 2015 |
Bevista:U meant to say that he's being too honest and real?? |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by drss(m): 8:58am On Dec 19, 2015 |
Bevista:at d bolded Ngozi Iweala was very right. It was the national assembly who needed more money that pecked oil price bench mark at $78 from NOI's $73. In the end the senate were proved wrong. International oil price later fell to below $78pb. Ngozi's bench mark of $73 was the more logical one compared to that of d national assembly. |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by Bevista: 9:20am On Dec 19, 2015 |
drss:Oh really?! Maybe you need to go back and check your records. She first started with $78, then $73, then $67. It is the National Assembly that effectively brought down the final approved budget to $53. I'll check related articles and post the link here for you. 2 Likes |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by drss(m): 9:25am On Dec 19, 2015 |
Bevista:go n do more research. |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by Bevista: 9:30am On Dec 19, 2015 |
drss:Go to the link below, it will help cure your arrogance and ignorance. Sometimes, half knowledge is worse than no knowledge. http://www.premiumtimesng.com/business/177493-nigeria-senate-approves-52-crude-oil-benchmark-for-2015-budget.html 2 Likes |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by drss(m): 10:18am On Dec 19, 2015 |
Bevista:hahaha... And how do u think d senate settle for $52 in d end? You think i will dodge d link u provided? I went through it and all i saw was dat d national assembly settled for $52 in veiw of d fall in international oil price after foot dragging several times with d executive which eventually led to d delay in passage of d 2014 budget. Check dis link n see matters for ur self: www.nigerianbestforum.com/index.php?topic=358978.0;wap |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by ZUBY77(m): 11:30am On Dec 19, 2015 |
The international community should stop lending us money. It will force us to make use of what we have for some time until we know how to manage ourselves. Before Banks give loans to people, they usually conduct thorough research to make sure that there is good collateral and means to pay the money back. We just use federal and state government stamps to borrow money from nations who can just go down to their printing room and print out billions for us without losing anything. Then we mortgage our future and cripple the next government to come. |
Re: FG Will Borrow Internationally And Locally To Finance 2016 Budget – Kemi Adeosun by 4Play(m): 12:40pm On Dec 19, 2015 |
Bevista: I have always marvelled at the audacious hypocrisy in Nigerian political discourse. The poster demands that we give Kemi Adeosun and APC a break whilst bemoaning the mismanagement of Nigeria's economy. This is odd given that Kemi Adeosun was responsible for the management of Ogun state's finances and she left office having overseen the accumulation of debt and the undertaking of expenditure which left her state requiring a bailout as it was practically bankrupt. Having been rewarded for this "excellent" performance by being appointed finance minister, she is proposing an unprecedented expansion in FG expenditure and debt in her very first budget and we are supposed to maintain hope in her. Hope has to be hinged on experience and not faith. She also represents a party that makes the corrupt and venal PDP seem like a symbol of fiscal rectitude. It is funny seeing the financial carnage left by state governments managed by APC politicians. We should also not forget that APC's official position, when oil prices were high, was that we should scrap our rainy day funds which were meant to provide a bulwark against oil price falls: Nigeria’s main opposition party said it will scrap the country’s sovereign wealth fund and a separate excess crude account if it wins elections in February.http://www.bloomberg.com/news/articles/2014-09-30/nigeria-s-opposition-wants-to-scrap-sovereign-oil-funds You cannot today bemoan Nigeria's financial illhealth and lack of savings when in words and in deeds, you did not make any provisions for oil prices crashing. To the contrary, at both the national and state levels, APC ran state governments and made pronouncements that seemed to assume that oil prices will always remain high. To cap it all, they have been running a misinformation campaign against the one person who was notorious for demanding fiscal prudence: ABUJA – Coordinating Minister for the Economy and Minister of Finance, Mrs. Ngozi Okonjo-Iweala, yesterday raised alarm over the depletion of the Excess Crude Account, which stands at a mere $ 3.6 billion.- See more at: [url]http://www.vanguardngr.com/2012/04/okonjo-iweala-raises-alarm-over-depleting-excess-crude-account/#sthash.ZtXi5GPl.dpuf [/url] Further, I have noticed a tendency among Nigerian commentators to make the following ignorant claim: Nigeria does not have a diversified economy. This claim is made out of ignorance. Nigeria has a diversified economy as oil and gas represent less than a fifth of the economy. Agriculture is a bigger component of GDP than oil. What these people should be saying is that Nigeria should raise further the share of non-oil tax revenue and non-oil export revenue. Again, I would have taken APC more seriously if the state governments it ran, with the exception of Lagos, were not so comically dependent on FG allocations which allocations were largely dependent on oil tax revenues. 3 Likes 1 Share |
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