President Muhammadu Buhari said yesterday in Riyadh, Saudi Arabia, that Nigeria is willing to mobilize additional capital from development finance institutions for the upgrade of critical infrastructure in the country. This is even as the Federal Government has so far spent N7.9trillion in servicing various external and domestic debts in five years, almost as huge…

Read more: https://www.dailytrust.com.ng/debt-servicing-gulps-n8trn-as-fg-seeks-more-loans.html

What infrastructure exactly? The same old roads that have been a source of money for polithiefcians pockets? The same terrible rail network for which we end up buying train coaches made 200years ago? Chinese are using bullet trains, even Ghana is boasting of constant electricity supply...What stops us from achieving all these? I tell you, these people are much more interested in keeping power and doing snake in the monkey shadow...e.g python dance

When will This one chance ride end?

Ah!!!

Next generation don suffer

After all the abacha loot recovered.
Efcc's funds obtained from yahoo yahoo boys
Border closure revenues
They still have to borrow this much.
Weh done sir

The rate at which federal government is borrowing money, children born 100 years from now will still be repaying this debt. Even worse, our loaners might force us into slavery just to repay our debt. I don't trust the chinese or Saudis one bit.

FG will take new loans so they can use it to service old loans. Instead of them to create an enabling environment for businesses to thrive so more businesses can come in. Currently there is multiple taxation in which the current structure is enabling. Businesses are taxed at the federal, state and local government levels. A restructured govt will help address development issues and harmonize tax which the fg will take its percentage like its done in every country. This system is dragging us back and underdeveloping alot of states with mineral resources that need federal approval before mining.

Dx country matter big pass zuma rock

Everyday we are being told the same old story.... The government of this country is filled up with bad eggs

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opportunes:
President Muhammadu Buhari said yesterday in Riyadh, Saudi Arabia, that Nigeria is willing to mobilize additional capital from development finance institutions for the upgrade of critical infrastructure in the country. This is even as the Federal Government has so far spent N7.9trillion in servicing various external and domestic debts in five years, almost as huge…

Read more: https://www.dailytrust.com.ng/debt-servicing-gulps-n8trn-as-fg-seeks-more-loans.html

Just another scope to steal our money.

This government lacks an economic footprint and that's way too obvious.. I hope when discovered eventually, the damage done by this clueless regime will not be irreversible

ok

Something is wrong somewhere.

Nigerian Custom claims to be generating lots of revenue, EFCC is recovering ill-gotten wealth and loots, FIRS is generating billionaires and FG is selling crude.

Yet, Buhari is raising VAT, bank stamps will be launched, toll gates are underway and FG keeps borrowing.

To add insult to injury, the lots of Nigerians are not getting any better.

How do we reconcile all this?


Something is fundamentally wrong with this country

All youths still supporting any of these old thieves are sellouts.

Who have we offended in this country, country that cannot think of ways to generate income apart from taxing it's own citizens.. Wasteful country

What exactly are these loans been used for?

iAudio:
When will This one chance ride end?

His comrade in looting should know.

citizenisb:
Former President Olusegun Obasanjo says President Muhammadu Buhari may not do well in economy and foreign affairs, except in military matters.

“Buhari is not a very hot person on the economy and foreign affairs,” Obasanjo said.

The former President stated this on Monday at the third International Conference on African Development Issues — themed, “Driving inclusive and sustainable development in Africa: Models, methods and policies” — organised by Covenant University, Ota, Ogun State.

While reacting to a question posed to him by a member of the audience: “Is there any hope for Nigeria under the administration of President Muhammadu Buhari?”, Obasanjo replied, “Is there any hope for Nigeria under this administration? I came back from Geneva, Switzerland a few days ago to attend a conference titled, ‘Are elections giving democracy a bad name?’ We had an election, we elected a leader and the good thing about democracy is that the power you have to elect a leader is also the power you have to remove him. I am saying this because I said earlier that if you don’t see any leader that has done well in the 56 years of Nigeria’s independence, then let us forget about Nigeria.

“I will tell you what I know and I will tell you what I don’t know. I know Gen. Muhammadu Buhari. He served under me in the military. His characteristics that I know, his behaviour that I know, he has not deviated from them. He was never a perfect man, he is not a perfect man and no leader can ever be a perfect man because they are human beings. But if you read my book, what I said about him is correct. He is not a hot person when it comes to economy. He is not a very hot person when it comes to foreign affairs. But he will do well in matters of military and he will do well in fighting Boko Haram.”


http://www.punchng.com/buhari-not-sound-economy-foreign-affairs-obasanjo/

www.nairaland.com/attachments/3715006_20160514184917_jpeg4e963088f6fac3013b8813a5ecf7c349


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many foolish unexposed dunce dont understand how credit system works, technically speaking buhari borrowing to build kano, lagos, enugu , portharcourt airports isnt debt its investment because after completion he would simply concession it and make huge money, same way abuja - kaduna rail or lagos - abeokuta - ibadan rail line loan isnt a bad debt but a master class strategic investment, infact 2nd niger bridge would generate much more money during december rush than the money borrowed to build it

Forward thinking Americans would get mortgage loan to buy a house and loan to buy a car, they would also get contract phones on istallmental payments, while nigerians hustle painfully (rituals , yahoo yahoo, kidnaping) to build a house , buy a tokunbo car sold to him by americans and a used phone sold to him by uk, the difference is while a nigerian pays rent to his landord, and saves money to buy a car while spending on uber, land/ construction and a phone from his salary, an american already has a house, a car, a phone and simply services his loan monthly meaning no rent or landlord wahala, no squezing money and savings to buy chinco or used phone, and no spending on uber or savings to buy used car


if i was Buhari, i will simply stop travelling to solicit loans and finances for economic project of region who clearly dont need them, i will simply continue using FG's allocation from 2.3mbpd crude sale which oil companies take 40% and pays Nigeria 60% and out of the 60% Fg gets 53% and local government shares 47%.. let them have abandoned project like PDP days, let them have no functional airport, let thier youths go to ghana and south africa who borrows to fix thier country get insulted



..

It is very funny on these debt servicing for infrastructure that are not feasible

They are servicing their banks accounts

I am a Buhari supporter, but I am worried about this frequent borrow-borrow. Shey na like this we go dey dey?

Seriously,I think we need a military coup cause this our system is bad and rotten

Chai.....Nigeria is doomed. Una go get sense by force. Next level

How will Nigeria ever come out of these debts?


If only we had patriotic and selfless public office holders and politicians.

There's practically no national cake anymore, but for these politicians it's still business as usual.

Debt has a way of crippling the borrower if it isn't properly used, you are drawn into a never-ending loop of borrowing and servicing. Can't Buhari chill on the borrowing while we as a nation cut our coats according to our materials expenditure-wise

House of representatives and NASS members shouldn't be paid more than ₦500k-1M monthly while only business owners are allowed to hold such offices so you can have other streams of income we'd be the better for it as a nation. Your passion for the nation should be why you hold such positions not personal gains

Smh. What happened to the billions of naira recovered from the anti corruption proceeds? What happened to the billions of naira they say we are generating? Mheen!

It's the shirt seller again! Check my signature below for more details.

No initiative,no critical thinking,no skill,no business acumen,no creativity,just utter the magic word loan and fiam all our problems is gone,by the time this president Wil be out of office his accumulated loans will take 100 years and debt relief to clear. I wan f.uck I wan f suck,u see toto run, NDI ARA

This one na gbese

DP.

Perhaps INEC should conduct an election on who should repay..... let us see whether this government will record the fifteen or so million votes from its fans.....

....don't be aghast....that is what happens in developed societies. It is the people who decide how much debt the government takes on their behalf. At the end debt is a personal thing. It has a direct impact on quality of life more than any other economic index.

Borrowing is simply condensing resources at a premium. That is spending all at once what you will have spent gradually over a longer period....and more.

With the way Nigeria is going is there any semblance that we are in a rush to develop.....is there any indication whatsoever that any sector is making 'leaps and bounds'.... so why squeeze 8 trillion into 4 years....why

But you're daft sha. Which of the modafoken "investments" has yielded anything of value for your father as a Nigerian?
The modafocken ajaokuta they're still budgeting for has never produced anything in almost half a decade

iammo:




many foolish unexposed dunce dont understand how credit system works, technically speaking buhari borrowing to build kano, lagos, enugu , portharcourt airports isnt debt its investment because after completion he would simply concession it and make huge money, same way abuja - kaduna rail or lagos - abeokuta - ibadan rail line loan isnt a bad debt but a master class strategic investment



..