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Nairaland Forum / Nairaland / General / Politics / 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria (22926 Views)
Nigeria’s New $6.9 Billion Foreign Loan Application – A Case Of Necessary Evil? / Buhari Seeks Approval For Foreign Loan Rejected By Senate Under Saraki / Again, IMF Warns Nigeria Against Rising Debts (2) (3) (4)
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5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by ChangetheChange: 1:25pm On Oct 12, 2017 |
The International Monetary Fund has warned the Nigerian federal government about its rising debt profile, just as President Buhari seeks approval from NASS to borrow $5.5 billion to fund the budget
- However, Catherine Pattillo, an assistant director at the IMF admitted that Nigeria has undertaken lots of positive reforms; but stated that the government must do more especially in terms of mobilizing non-oil revenue The federal government has been warned about its rising debt profile, especially foreign loans, by the International Monetary Fund (IMF), The Nation reports. The financial institution issued the warning on Wednesday, October 11. This comes following President Muhammadu Buhari’s recent request to the National Assembly for approval to borrow $5.5 billion to fund the 2017 budget. NAIJ.com gathers that Tobias Adrian, IMF director, Monetary and Capital Markets Department, lamented over the fact that the external borrowing of low income countries including Nigeria, keeps rising.
According to data from the Debt Management Office, Nigeria’s public debt as at June 2017 stood at $64.19 billion (N19.63 trillion). However, Catherine Pattillo, IMF assistant director, Fiscal Affairs Department, admitted that Nigeria has undertaken lots of positive reforms such as improving infrastructure especially in the power sector. Despite this though, she urged the federal government to do more especially in mobilizing more non-oil revenues. She stated: “The concern in a number of oil exporters is that unless there is action now, debt which has been rising is a concern because of the interest payments. “So, if you have continuing rise in debt, the interest payments would consume a large part of any revenue that you collect and you won’t be able to use that revenue for the objectives of the economic growth and recovery programme like increasing growth and employment. “So for insuring that you have the ability to use those revenues for enhancing expenditure, there is a need to make sure that interest to revenue is kept at reasonable level.” Meanwhile, NAIJ.com previously reported that a recent report concluded that the total foreign debt profile of the federal and the 36 states governments and the Federal Capital Territory (FCT), showed a continuous rise since the coming of the Muhammadu Buhari administration. Under the current government, Nigeria’s foreign debt profile rose from $10.718 billion in 2015, to $11.406 billion in 2016 and $15.047 billion in 2017. https://www.naij.com/1129958-foreign-loans-imf-warns-fg-rising-debt-profile.html 5 Likes 2 Shares
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Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by madridguy(m): 1:30pm On Oct 12, 2017 |
I blame the satanic umbrella party. 19 Likes 7 Shares |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by Nbote(m): 1:33pm On Oct 12, 2017 |
If d guy above me is not d definition of a zombie I don't know what is... Our debt profile is rising like d BP of Nigerians and yet d only thing a supposed reasonable person can say of what his Messiah's have done is "OK".. 372 Likes 43 Shares |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by coolestchris(m): 1:39pm On Oct 12, 2017 |
ok top debtors in the world *List of countries by external debt in us dollars* 1 United States 18,624,000,000,00 2 United Kingdom 7,852,460,000,000 3 France 5,369,125,000,000 4 Germany 5,141,400,000,000 5 Netherlands 4,306,190,000,000 6 Luxembourg 3,900,665,000,000 7 Japan 3,516,200,000,000 8 Italy 2,324,420,000,000 9 Ireland 2,236,430,000,000 10 Spain 2,036,560,000,000 11 Canada 1,775,920,000,000 12 Switzerland 1,738,370,000,000 13 China 1,562,800,000,000 — Hong Kong 1,498,880,000,000 14 Australia 1,487,720,000,000 15 Singapore 1,320,567,000,000 16 Belgium 1,278,465,000,000 17 Sweden 938,692,000,000 18 Austria 638,340,000,000 19 Norway 623,223,000,000 20 Brazil 538,693,000,000 21 Russia 532,846,000,000 22 Denmark 491,617,000,000 23 Finland 483,369,000,000 24 India 471,852,000,000 25 Greece 471,763,000,000 26 Portugal 447,022,000,000 27 Turkey 432,352,000,000 28 Mexico 431,344,000,000 29 South Korea 407,341,000,000 30 Poland 363,658,000,000 31 Indonesia 335,289,000,000 32 United Arab Emirates 220,400,000,000 33 Malaysia 202,572,000,000 34 Saudi Arabia 200,900,000,000 35 Argentina 192,462,000,000 36 Mauritius 189,220,000,000 37 New Zealand 186,216,000,000 38 Chile 170,293,000,000 — Taiwan 170,138,000,000 — Puerto Rico 167,400,000,000 39 Kazakhstan 165,501,000,000 40 Qatar 159,200,000,000 41 Hungary 148,024,000,000 42 South Africa 142,833,000,000 43 Thailand 140,510,000,000 44 Czech Republic 137,606,000,000 45 Colombia 121,097,200,000 46 Cyprus 119,672,000,000 47 Ukraine 114,836,000,000 48 Venezuela 110,878,000,000 49 Romania 108,880,000,000 50 Malta 96,251,300,000 51 Israel 89,438,400,000 52 Slovakia 86,630,000,000 53 Pakistan 82,980,700,000 https://en.m.wikipedia.org/wiki/List_of_countries_by_external_debt 8 Likes 5 Shares |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by ChangetheChange: 1:40pm On Oct 12, 2017 |
Nbote: He is part of Buhari media crew(BMC) , they are being paid to book front page on Nairaland to comment thrash and defend Buhari at all cost His fellow zombies like Sarrki and Ngeneukwenu will soon be here to book their space. They have traded their brain for indomie 206 Likes 18 Shares
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Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by DanseMacabre(m): 1:40pm On Oct 12, 2017 |
But IMF, this is no news to we Nigerians. Even the debt profile of most Nigerians will soon equal that of the country, if the status quo ante prevails for only a little while further. 15 Likes |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by Nbote(m): 1:41pm On Oct 12, 2017 |
ChangetheChange: I know him and all of dem too well.. coolestchris: How many of these countries u listed can we confidently claim to b beta than economically, socially and otherwise and yet u want to compare our debt profile with theirs. Pls do well to compare our GDP also and per capita income 205 Likes 19 Shares |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by DanseMacabre(m): 1:43pm On Oct 12, 2017 |
coolestchrispost=61350382: Bros all these numbers just dey turn my eye. 26 Likes 1 Share |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by Paperwhite(m): 1:45pm On Oct 12, 2017 |
[/b]"Under the current government, Nigeria’s foreign debt profile rose from $10.718 billion in 2015, to $11.406 billion in 2016 and $15.047 billion in 2017"[b] Buhari will never listen because ekwensu tiyen aka ni nti and the foolishness of ndi ofe mmanu them.Tragically this man incurred debt for Nigeria in 1984 and now again.And masturbating zombies said Buhari is the best thing to have ever happened to Nigeria? 64 Likes 5 Shares |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by JUSTICE4Nigeria: 1:46pm On Oct 12, 2017 |
BUHARI IS THE BEST THING AFTER EWEDU SOUP, LEAVE HIM FOR US 19 Likes |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by JUSTICE4Nigeria: 1:49pm On Oct 12, 2017 |
coolestchris:SO U WANT NIGERIA TO OVERTAKE USA FROM FIRST POSITION, 189 Likes 17 Shares
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Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by Nobody: 1:49pm On Oct 12, 2017 |
Election shouldn't be like premier league.......... We can tolerate the lack of certificate to occupy a sensitive office...but we shouldn't accept terrible results from most sectors What indeed was the manifesto of his campaign....abi na GEJ also increase the debt? 2019 is going to be very interesting.......... I just can't imagine the psych for a re-election? I can't imagine it Hunger everywhere with increased debt and disappearance of NNPC billions....Na wahhhhh 12 Likes |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by Nobody: 1:51pm On Oct 12, 2017 |
Who then is the CREDITOR coolestchris: 9 Likes |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by EternalTruths: 1:51pm On Oct 12, 2017 |
Debt that we don't see on ground. This is the most corruption government in the last 50 years on Earth. 39 Likes 4 Shares |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by Nobody: 1:52pm On Oct 12, 2017 |
no be today the mumu begin 42 Likes 2 Shares
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Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by chemicalDisease: 1:55pm On Oct 12, 2017 |
Borrow Borrow Buhari.
Weldon ooh! 4 Likes |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by fuckingAyaya(m): 2:07pm On Oct 12, 2017 |
Gave contract worth $26billion and you want to borrow$5.5billion.I must to look and Laff,Ojukoroju stealing,original stealing RIP FELA A.KUTI 82 Likes 5 Shares
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Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by Isaacmacdon(m): 2:13pm On Oct 12, 2017 |
I saw a list of countries with very high foreign debts, and surprisingly, the US is number one. But, come to think of it. The united states spend more on acquiring weapons than improving infrastructure. You may begin to ask why did they choose to do stuffs like that. Firstly, the united states is a country with a masterplan. Dating back to a couple of years ago -- let's say 50 to 60years ago-- they focused more on infrastructure and economic development. They kept building and investing in the country. They did a whole lot. Now, they've been able to sustain that massive economic growth, and they know the consequences of war and insurgency. They spend on military hardware and other sophisticated weapons, in other to protect what they've suffered to build. Nigeria, is a country without a plan. We let insurgency and other militant attacks cripple what we've suffered to build. We also have greedy set of individuals, who go as far as looting the national treasury, and that's the reason there has been massive shortage of funds. Failure to diversify is also a critical issue. Only if Agriculture and other sectors were given proper attention, we wouldn't have requested such huge amount of money from the IMF. God help us though. 55 Likes 1 Share |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by abimbolayekeen: 2:15pm On Oct 12, 2017 |
Despite all the money realised from the loot fund , buhari still want to borrow money to finance 2017 budget , buhari is a thief . It is better for him to heed to IMF advice . The government that is full of hypocrisy and propaganda , though , 2019 is nearer for Nigerians to decide who to take the mantle of leadership . 53 Likes 6 Shares |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by mgbadike81: 2:18pm On Oct 12, 2017 |
coolestchris:what about the countries with the highest GDP? one state in the USA have a higher GDP than Nigeria. 64 Likes 4 Shares |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by Desyner: 2:22pm On Oct 12, 2017 |
We must admit the bitter truth. Buhari isn't the messiah. He is just anothern core-northerm feudalist at best. 57 Likes 4 Shares |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by Ratello: 2:26pm On Oct 12, 2017 |
No thinking about it, Nigeria is one huge joke under another joker, Muhammadu Buhari. @ AntiWailer, what sayest thou? 33 Likes |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by Diiet: 3:00pm On Oct 12, 2017 |
coolestchris:this has spoilt the show for people who opened this thread to gloat. 1 Like |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by bishopkay: 6:25pm On Oct 12, 2017 |
Diiet: Can you compare Nigeria to any of the countries listed above in anyway? Even ordinary power Nigeria has turned it to rocket science! Now get this...your debt profile doesn't make you broke or poor. It simply defines how economically and financially sound you are! The countries listed above borrow for infrastructural, health and virtually advancement in everything good. But here in Nigeria, we borrow to loot! Loot again and again. Dangote is the richest man in Africa right? Check out his debt profile and it would shock you or you think it is his money he used to solely fund his refinery? So except the person who posted that up there is really ignorant he didn't say anything. He even gave us more reason to reject the proposal to indebt us further! 48 Likes 5 Shares |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by slimfit1(m): 6:34pm On Oct 12, 2017 |
This means hunger 1 Like |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by slimfit1(m): 6:35pm On Oct 12, 2017 |
There is no news BADER than this one seriously oh 4 Likes 1 Share |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by ideology(m): 7:58pm On Oct 12, 2017 |
Its a pity - When you run your central bank like a commercial bank... - When your govt refuses to listen to economist because they are from 5% sect or belong to opposition. - When your president signs budget without reading or understanding the content of the proposed budget. - When looted funds are only recovered on pages of newspapers & online media agents. - Borrow and loot or spend on senators. The worst part is when a finance minister thinks non oil revenue = tax Hehehehhehee, well, just fix yourself and watch for when Nigeria will start selling some national properties to offset debts 31 Likes 1 Share |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by eleojo23: 7:59pm On Oct 12, 2017 |
A round of applause for Buhari please 1 Like |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by dhardline(m): 7:59pm On Oct 12, 2017 |
So this is what Buhari has decided to do to us 5 Likes 1 Share |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by Leopantro: 8:00pm On Oct 12, 2017 |
Don't worry, Buhari has everything under control. are we not out of recession? |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by Ibrahim9090: 8:00pm On Oct 12, 2017 |
Space Booked |
Re: 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria by maxiuc(m): 8:00pm On Oct 12, 2017 |
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