georgeiyke009:
A poor nation has no business with the various layers of government being run.

Why have senate, house of reps at federal level, ministera, state houses of assembly , commissioners, local government councillors.

We still have security votes e.t.c. we r still not practising fiscal federalism. These should be the first to go actually b4 the belt tightening.

These measure are only for the citizenz and does not affect the government. That is the real issue.

Let all States run on their own, generate resources and pay the federal government. That way only viable states will remain. Others will merge. And even those will need to work real hard to create value as that is the only way they will remain viable. Thats the kind of hardship we need not these cosmetic stuff that will leave these 4kers more money to embezzle.

anonimi:


I certainly don’t understand that change means continuation of the same things that people complained about.

Tianamen1:


I believe Nigeria is a democracy and the majority of voters are poor. if a man is elected because the poor feel that they are not getting their fair share, shouldn't the man's first action be to redistribute the wealth especially in our own situation where most of the wealth is ill gotten.

I am just ranting, cos i am frustrated at how bad things are going to get. in many ways you are right.

kikero:


Most if not all African economies fall victim to the IMF because their sources of income have problems.....

First, most African countries rely on selling raw materials and commodities to the global market

Second we use the income from the sales to import goods and services, including some that we can produce on our own at a value that is higher than our income

Third , we don't control the price of the raw materials we sell. Prices of crude oil are determined in London and New York

Fourth, we spend billions on subsides and other socialist welfarist projects which end up costing more than we estimated because of our growing population and low tax base

Fifth, we tolerate corruption, both at the low and also by the big men and women. And most of the money stolen comes from loans taken

All these puts us into deficit and into the hands of the IMF and the world Bank.

Nigeria is a classic example.

We could be free.from the IMF, but because it involves fighting corruption seriously.and cutting subsides seriously, and becoming an industrial economy which means an initial period of hardship, we refuse to take those routes.

abitex577:
APC has no economic policy, running the economy on trial and error

obailala:
GEJ's government in 5 years borrowed just about the same amount of money which Buhari has borrowed in 5 years?... I'd be damned if you know this cos 99% of Nigerians dont. I live and analyse data purely on bullshyt .

obailala:
Buhari may be worst in many areas, but are you aware that despite oil selling averagely above $100 in his tenure and the govt receiving almost 3-4 times more revenue than any other administration, GEJ's government in 5 years borrowed just about the same amount of money which Buhari has borrowed in 5 years?... I'd be damned if you know this cos 99% of Nigerians dont. We live and analyse data purely on sensational and political headlines.

If Nigeria couldn't survive without borrowing when oil was $100, then why exactly is anyone surprised that we have to borrow now that oil sells for $30-40? Oh I forgot, it's because Buhari is a dullard.

Oil price is down, country's revenue is down, Nigerians dont want to be taxed, Nigerians dont want fuel subsidy to be removed, Nigerians dont want electricity subsidy to be removed, Nigerians dont want educational subsidies to be removed, Nigerians dont want roads to be tolled, and we dont also want govt to borrow despite the low oil prices/revenue? Are we sure we arent a confused nation? Maybe it's truly Buhari's fault, he should miraculously mint money.

JAMO84:
He probably plan to continue borrowing to keep his base happy because most of them are poor. Now that they won't lend him money again until he does the needful, he has no choice but to do what he should have done a long time ago.

Whether it's late or not, the bottom line is, subsidies are not sustainable, we must kill it immediately. How can we be spending 1 trillion on subsidies but 150 billion on education?

dasparrow:
Nigerian leaders keep taking out loans and using part of the money to buy citizenship by investment in other parts of the world for themselves and their immediate family while the masses suffer needlessly. It's unfortunate!

obailala:
Prior to 2015 when oil still sold for $100, almost 90% of Nigeria's budget was for recurrent expenditure. In 2015 when oil price crashed, due to the drop in revenue, recurrent expenditure was roughly 99% of the entire 2015 budget. In 2016, with oil price/revenue falling even further, the govt had to inevitable start borrowing to at least finance capital projects in the budget and help stumulate the country out of recession.

So to answer your above question on what the loans have been used for, every single capital expenditure by the FG since 2016 till date has been financed by loans because the govt's income is barely enough for recurrent expenditure. So if you see any single pothole being repaired or any new bridge or railway or airport renovation or new school blocks anywhere across the country, just know that it was financed by these loans you hear of.

Meanwhile since everyone is trying to politicise the loan issue across Apc vs PDP, the real question we should be asking is what the loans were used for by PDP prior to 2015. It's on record that even after OBJ cleared most of our debts, Nigeria's total debt had risen to $63b as at June 2015.

obailala:
Buhari may be worst in many areas, but are you aware that despite oil selling averagely above $100 in his tenure and the govt receiving almost 3-4 times more revenue than any other administration, GEJ's government in 5 years borrowed just about the same amount of money which Buhari has borrowed in 5 years?... I'd be damned if you know this cos 99% of Nigerians dont. We live and analyse data purely on sensational and political headlines.

If Nigeria couldn't survive without borrowing when oil was $100, then why exactly is anyone surprised that we have to borrow now that oil sells for $30-40? Oh I forgot, it's because Buhari is a dullard.

Oil price is down, country's revenue is down, Nigerians dont want to be taxed, Nigerians dont want fuel subsidy to be removed, Nigerians dont want electricity subsidy to be removed, Nigerians dont want educational subsidies to be removed, Nigerians dont want roads to be tolled, and we dont also want govt to borrow despite the low oil prices/revenue? Are we sure we arent a confused nation? Maybe it's truly Buhari's fault, he should miraculously mint money.

vineyardfarms:

90% revenue FED IS using to service mountain debtS obligations to intermational lenders within 5 years IN OFFICE and nothing to show for the borrowing madness. It is only an insane GOVT Out of despiration will enter into an unsustainable agreement WITH CUT THROAT LENDERS - Tough times are already here, Naija get ready to match to the next level of toughness. APC APC NEXT LEVEL

happybrother:

No tangled analogy will save your narrative. After the initial lies of 2015, you and your BMO will one day get exhausted of lies to Nigerians. You will start lying to your selves in BMO.

Igbochief001:
Igbos should just be ready to pay China and world bank our share so they can free Biafra ...the rest can settle their own

happybrother:

Are you clearly "hearing yourself" or is it the media stipend that is talking through you. please cash out, the regime have dabaru nigeria patata

Yankee101:


10billion as at 2015 (ALL past naija external debt)
27 billion as at 2020 (Plus Only Buhari Addition)

Incase you no sabi maths
27 - 10 = 17

If 10 = 100%
17 = X%

X = 17 x 100/10 = 170%

It means Buhari has borrowed 170 % of both Jonah, Yaradua and outstanding Obasanjo debt unpaid combined

Get off my phone is you don't know what you're arguing about!

GamalNasser:
As expected they want to blame IMF for Buhari's incompetence ...This has been huge lie that all previous evil govts have used as alibi for their bad governance ... No creditor will wish his debtor death , if your debtor dies how do you recover your money ..The narrative that IMF directed the Buhari govt to punish , impoverish and destroy the economy because of loan guidelines is a lie because the IMF knows it can only recover it loan when our Economy grows and not when it contracts ..

All Buhari does is targeted at Destroying the Economy deliberately..

The IMF couldn't have told him to increase Electricity tarriffs and Fuel cost in the same week in a country suffering from chronic Electricity deficiency which depends on small petrol generators to make up for the Electricity deficit .

The IMF couldn't have been the one that advised Buhari to allow Islamic Terrorist run smock unchallenged ball over Nigeria attacking our agricultural and logistics structures .

Buhari govt is 100 percent responsible for it's failure and any attempt by this article to try make it like some white man in IMF and World Bank is the one making Buhari punish Nigerian is a huge lie!!!!!

SirMichael1:
Jeez! If at this stage your goal isn't to leave nigeria, maybe it's time for a rethink.

obailala:
Oga the country's debt does not end with EXTERNAL debt which you just gleefully posted above; there's also something called domestic debt which makes up the larger portion of our debt figures.

Total debt = Domestic + External

2015 June
Total debt ($63.8bn) = Domestic ($52.9bn) + External ($10bn)

2020 March
Total debt ($79.3bn) = Domestic ($51.6bn) + External ($27.7bn)

You may ask why external debt has become more favourable recently? It's cos external loans are much cheaper (i.e. lower interest rates 1-4%) and have longer maturity periods (20-30 years); domestic loans (i.e. treasury bills, bonds) have much higher interest rates (up to 20%) and shorter tenures (typically 1 year) so that explains why govt decided to substitute local for foreign loans.

At least you've learnt something today.

mcquin:

You dare ask Nigerians to make sacrifices even with the poverty ravaging the land? What sacrifices has the government made?

The recovered loots, increased VAT, borrowings, oil sales, customs revenue and all other sources of government earning; where are all the monies going to? Are you borrowing to fund the luxurious life-style of government and her cronies?

obailala:
Oga the country's debt does not end with EXTERNAL debt which you just gleefully posted above; there's also something called domestic debt which makes up the larger portion of our debt figures.

Total debt = Domestic + External

2015 June
Total debt ($63.8bn) = Domestic ($52.9bn) + External ($10bn)

2020 March
Total debt ($79.3bn) = Domestic ($51.6bn) + External ($27.7bn)

You may ask why external debt has become more favourable recently? It's cos external loans are much cheaper (i.e. lower interest rates 1-4%) and have longer maturity periods (20-30 years); domestic loans (i.e. treasury bills, bonds) have much higher interest rates (up to 20%) and shorter tenures (typically 1 year) so that explains why govt decided to substitute local for foreign loans.

At least you've learnt something today.

PrudencyFeats:
I'm just asking

Can they privatize the presidency and leave the governors, National Assembly and LGA chairmen.

So that professionals and groups can bid for it and run it for 5.years. We give them our target and if they fail to deliver... No payment!

PrudencyFeats:
I'm just asking

Can they privatize the presidency and leave the governors, National Assembly and LGA chairmen.

So that professionals and groups can bid for it and run it for 5.years. We give them our target and if they fail to deliver... No payment!

JAMO84:
It was Buhari that made the price of crude oil to drop from 100 to $45 since 2015? You go dey alright!