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Politics / Re: APC Summons Ndume, Moves To Reinstate Him As Senate Whip by Ratello: 1:58am On Aug 07 |
shortgun: You are one of the gods 1 Like |
Politics / Re: APC Summons Ndume, Moves To Reinstate Him As Senate Whip by Ratello: 1:57am On Aug 07 |
CountinBlessins: You saw the light ahead.....Tinubu is a goner |
Politics / Re: Atiku to Service chiefs: Don't use lethal force on peaceful protesters by Ratello: 1:52am On Aug 07 |
Philipponzaghi: When was Atiku in power please some of us want to learn 1 Like |
Celebrities / Breaking: Onyeka Onwenu Is Dead! by Ratello: 2:18am On Jul 31 |
BREAKING: Onyeka Onwenu is dead Onyeka Onwenu is dead By Emma Ogbuehi Music maestro, Ms Onyeka Onwenu is dead. She was said to have died at the Reddington Hospital in Lagos after slumping at the birthday party of Mrs. Stella Okoli. An eyewitness who was at the party who confirmed the sad news to TheNiche said: “It is very sad. Onyeka Onwenu just performed at the birthday of Mrs. Stella Okoli today, and after performing, she slumped. She was taken to Reddington Hospital and she couldn’t make it.” This is a breaking story. Details shortly https://www.google.com/amp/s/thenicheng.com/breaking-onyeka-onwenu-is-dead/amp/ |
Sports / Breaking: Argentina Vs Colombia COPA Final Shifted! by Ratello: 3:03am On Jul 15 |
Breaking: Kickoff for the Copa América final has been pushed back to 8:30 ET after fans without tickets tried to enter Hard Rock Stadium in Miami. Courtesy ESPN News
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Foreign Affairs / Re: Breaking News : Donald Trump Found Guilty on all charges by Ratello: 2:27am On May 31 |
MT: Have you been sleeping and snoring all these while? Trump is winning this coming election and woe betide them let them try to rig again for miserable democrat then watch America burns to the ground. Demoncrats are just being stupid going after Trump (the chosen one) when election is coming. For once, be reasonable......the target are his voters they wanna discourage but they have failed 1 Like |
Business / Re: Naira Depreciates To N1,305/$ In Parallel Market by Ratello: 2:40am On Apr 26 |
omoredia: You saw it clearly and declare it rightly.....Tinubu and gang has nothing to offer us 2 Likes 1 Share |
Politics / Re: MDAs Remitted ₦835.7 Billion Revenue To FG In February – Edun by Ratello: 8:38pm On Apr 13 |
mrvitalis: You get time |
Religion / Re: The Mistakes Of Constantine That Birthed The Trinity Doctrine, Paganism With Chr by Ratello: 9:20pm On Jan 14 |
Techguy96: Do Africans really study to know like that? I think not....so sas |
Politics / Re: FG Budgets N4trn For Expenditures No One Accounts For by Ratello: 10:58pm On Dec 08, 2023 |
DatNiggaDaz: Those low lifers must die and perish by hunger and frustrations 1 Like |
Science/Technology / Re: Is This Baby Python? (Pics) by Ratello: 5:07pm On Dec 02, 2023 |
Of course from the skin pattern, that's a juvenile Python no doubt |
Politics / Re: "Take Over Leadership Now" – Obasanjo Tells Nigerian Youths by Ratello: 8:49pm On Dec 01, 2023 |
MadamVanessa: You have said it all 1 Like 1 Share |
Religion / Re: Is Jesus Christ Same As God Almighty?? by Ratello: 8:51am On Nov 27, 2023 |
yoji: God bless you my brother, flesh and blood did not reveal this to you definitely....I have never seen the most confused entities as those trinitarians in my life they irritate me anytime they argue blindly and say Jesus Christ our Lord is the same being as Yeshua, God Almighth |
Family / Re: An American Woman With Two Husbands And Three Children Is Causing A Stir Online by Ratello: 4:50pm On Nov 26, 2023 |
Puss360: Your version of confusion should be studied as a course in the university....don't worry you are at liberty to embark on it too. We just wanna watch you |
Politics / Re: Tinubu Deserves The Guinness World Record by Ratello: 11:27am On Nov 24, 2023 |
I swear you finish talk here, bloody scammer |
Business / Re: Tribapay: The Constantly Working Dollar Card by Ratello: 7:21pm On Nov 13, 2023 |
Okiton: You mean that Buharideen and Bulabarian grilled vultures for a living 2 Likes 1 Share |
Politics / Re: Tinubu Continues With Borrowing Policy Of Previous Government! by Ratello: 7:12pm On Nov 13, 2023 |
igwebuike01: You expect a buharideen and now Bulabarian to be creative with his cognitive skills? Haba now..... |
Politics / Re: Massive Protest Like Sowore's Revolutionnow by Ratello: 3:22am On Nov 13, 2023 |
richie240: See suffer head that learns nothing in life talking. It is coming soon.... |
Politics / Re: Tinubu Continues With Borrowing Policy Of Previous Government! by Ratello: 2:24am On Nov 13, 2023 |
saintopus: My brother except this demonic govt is shut down Nigeria nay cease to exist, because this rogue is only here to inflict pains and anguish on the people. |
Politics / Re: Tinubu Continues With Borrowing Policy Of Previous Government! by Ratello: 2:23am On Nov 13, 2023 |
helinues: You are not worthy of being intellectually engaged with.....the same lost you supported Buhari who ended up using almost 96% of our national revenues to service debts and borrowed a whooping N51 trillion in his miserable 8 years while the same irritating you that blindly supported Tinubu had already borrowed almost N27 trillion all under his miserable 5 months, yet you are here like a miserable soul that could barely feed well still cracking empty jokes. |
Politics / Tinubu Continues With Borrowing Policy Of Previous Government! by Ratello: 2:06am On Nov 13, 2023 |
Tinubu Continues With Borrowing Policy Of Previous Government! Written by Mark Itsibor, Bukola Idowu and Olushola Bello 1 month ago Reading Time: 7 mins read In spite of declarations by the government of President Bola Tinubu that it will not continue with the massive borrowings of the previous government to fund its budget deficits, there are early indications that the new government is sticking to the controversial policy. In the coming days, the Debt Management Office (DMO) is planning to raise up to N1.2 trillion in debt through re-issuance of federal government (FGN) bonds. It had spent N1.195 trillion on paying interests on the FGN bonds in the first six months of this year. The DMO, in its bond issuance calendar for the last quarter of the year, said it plans to raise between N960 billion and N1.2 trillion in three months. The amount is expected to be raised between October, November and December this year. The DMO had raised N742.557 billion for the rehabilitation and construction of 4,000 kilometres of road projects and bridges across Nigeria’s six geopolitical zones and the Federal Capital Territory through the issuance of Sovereign Sukuk. However, officials of the Tinubu administration are yet to come with an economic road map of their own and are instead relaying a message that the current budget was presented and signed by the Muhammadu Buhari government, which had initially projected some N8.8 trillion in borrowings to fund the deficit in the 2023 Budget. LEADERSHIP Sunday recalls that the Buhari administration had borrowed about N23 trillion from the Central Bank of Nigeria (CBN), which was later converted to long term bonds. At a time under Buhari, over 90 percent of national revenue was spent on debt servicing. The debt service to revenue ratio is also close to 75 percent, raising serious questions about Nigeria’s fiscal stability should the present government fail to put a cap on government borrowing. The total federally distributable revenue in the 2023 budget is estimated at N11.09 trillion, while total revenue available to fund the 2023 federal budget is estimated at N9.73 trillion. This includes the revenues of 63 government-owned enterprises. The total fiscal operations of the federal government was expected to result in a deficit of N10.78 trillion. This represents 4.78 percent of estimated GDP, above the three percent threshold set by the Fiscal Responsibility Act 2007. An official of the ministry of finance who spoke with LEADERSHIP Sunday under the condition of anonymity justified the new borrowings by insisting that they were continuing to implement a budget from the previous government, pointing to a speech by former President Buhari while presenting the 2023 budget in late 2022. Buhari said, “As envisaged by the law, we need to exceed this threshold considering the need to continue to tackle the existential security challenges facing the country. “We plan to finance the deficit mainly by new borrowings totalling N8.80 trillion, N206.18 billion from privatization proceeds and N1.77 trillion drawdowns on bilateral/multilateral loans secured for specific development projects/programmes.” Officially, the current administration has not said anything to the contrary. Even though it promised to cut borrowings, the federal government has gone ahead with borrowing to fund the deficit through the Debt Management Office. At the presentation of the budget breakdown earlier in the year, former minister of finance, budget and national planning, Zainab Ahmed, said the removal of gasoline subsidy would free up the revenue space for government. The current administration said it removed the subsidy because it was no longer sustainable. It also said it did so to confront the subsidy scam, taking cognizance of the need to provide safety nets to cushion the attendant effects on some segments of society. Oil revenue is projected at N1.92 trillion, non-oil taxes are estimated at 2.43 trillion, while FGN independent revenues are projected to be N2.21 trillion. Other revenues total N762 billion, while the retained revenues of the GOEs amount to N2.42 trillion The budget has an oil price benchmark of $70 per barrel. Since the passage of the budget, oil prices have averaged $90 to $100, making more oil revenues available to the government to finance fiscal liabilities. In the first month of the subsidy removal, the government announced a record oil revenue of N1.9 trillion. And with an exchange rate of N435.57/$1 in the budget, the government is also making over 100 percent gain in the exchange rate differential. The green back currently trades for between N900 and N1000/$1. With the dual challenge of escalating debt servicing obligations and the urgent need to augment its revenue streams, the mounting debt burden is raising concerns about the country’s fiscal stability. To address this, experts and officials are calling for an expansion of the tax net and improved revenue management. In the first six months of 2023, the federal government, through the DMO, had spent N1.195 trillion on paying interests on bonds, bringing the total domestic debt service to N1.44 trillion in the six-month period. Total domestic debt stood at N48.34 trillion as of June 30, 2023 with FGN bonds accounting for 86.87 per cent of the total figure. FGN bond obligations as of the first half of this year stood at N41.972 trillion. According to the latest report from the DMO, Nigeria’s total debt servicing expenditure reached N2.34 trillion over a six-month period. In the second quarter of 2023, Nigeria’s spending on debt servicing slowed down, amounting to N849.58 billion. This marked a notable 43.04 per cent decrease from the N1.49 trillion spent on debt servicing in the first quarter of 2023. DMO data reveals that, in the first quarter of 2023, Nigeria allocated N874.13 billion for servicing its domestic debt and $801.36 million (equivalent to N617.35 billion) for servicing external debt, totaling N1.24 trillion. However, during the second quarter of 2023, Nigeria’s expenses for domestic debt servicing amounted to N565.88 billion, while external debt servicing costs reached $368.26 million (equivalent to N283.7 billion), resulting in a combined total of N1.24 trillion, based on data obtained from the debt office. The DMO applied an exchange rate of $1 to N770.38 for external debt servicing. Unlike the previous quarter when Nigeria allocated approximately $131.13 million for servicing Exim Bank of China loans, there were no funds dedicated to servicing Chinese loans in the first quarter of 2023, as reported by the DMO. In the previous administration of President Buhari, Nigerians often raised concerns over its massive borrowings, but it replied that it was borrowing within acceptable thresholds. The International Monetary Fund (IMF) also expressed concerns over Nigeria’s rising debt servicing costs. Escalating borrowing costs and uncertainties in the global economic environment have made it challenging for Nigeria and similar nations to secure financing from international markets. IMF deputy divisional chief, Wenjie Chen underscored the need for increased taxes to boost revenue and reduce debt. Chen pointed out that Nigeria, along with other frontier markets, had been largely excluded from the Eurobond markets since the spring of 2022, restricting its access to international funding sources. As highlighted in the IMF’s April 2023 Fiscal Monitor report, entitled “On the Path to Policy Normalisation,” Nigeria’s debt is projected to continue rising, underscoring the urgency of implementing measures to enhance revenue generation and ensure fiscal stability. In 2022, Nigeria spent a staggering 96.3 percent of its revenue to service its debt, a figure that sent shockwaves throughout the nation’s financial sector. The director-general of the Budget Office of the Federation, Ben Akabueze, highlighted the alarming situation, noting that Nigeria’s borrowing capacity was dwindling rapidly due to its inability to meet its debt servicing obligations. Akabueze’s warning was clear: when a country’s debt service ratio surpasses 30 percent, it enters a precarious financial territory. Nigeria, unfortunately, appears to be hurtling toward a debt service ratio approaching 100 percent, signifying an acute financial crisis. Past president of the Chartered Institute of Taxation of Nigeria (CITN), Adeshina Adedayo, stressed the need for the expansion of the tax net in the country in the quest for expanding the revenue base of the country. Noting that expanding the tax net would help with the generation of more revenue, he said utilisation of the revenue gathered and productive accounting is also important. He also stressed that tax education will have an ample effect on tax compliance. For the CEO of Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, the federal government budget had further amplified the troubling fiscal outlook for the economy, saying expenditure continues to accelerate amid consistent weak revenue performance. According to him, a number of issues need to be addressed to achieve the nation’s fiscal sustainability aspiration, like government owned enterprises managing huge economic assets justifying the value of assets at their disposal and oil revenue performance doing much better given the prevailing global oil price. https://leadership.ng/tinubu-continues-with-borrowing-policy-of-previous-government/#google_vignette Me: Tinubu had raised the bar of aimless borrowing to a ridiculous height of madness. I see Nigerians revolting soon! |
Celebrities / Re: ASAKE Celebrates His GRAMMY Nomination (Pics/Video) by Ratello: 11:14pm On Nov 11, 2023 |
N3TRAL: Powerful guy you are, I love deep thinkers |
Foreign Affairs / Re: Israel Rules Out Ceasefire, To Find ‘Civilian Government’ To Govern Gaza by Ratello: 10:29pm On Nov 10, 2023 |
God bless you Prime Minister Benjamin Netanyahu God bless the Nation of Israel. I love this....no ceasefire agreement must be reached for now until those despicable terrorists are weeded out. 4 Likes |
Politics / Re: Naira: Tinubu Will Shock Currency Speculators – Tope Fasua by Ratello: 12:48pm On Nov 08, 2023 |
LeoDeKing: Yet you could barely feed well and have the good things of life.....kai |
Politics / Re: Just One Day The Nigerian Masses Will Unite Against The Political Class by Ratello: 11:22pm On Nov 02, 2023 |
StreetFight: Look at this riffraff suffering, about to die threatening reasonable folks who are trying to even pity his miserable life. You will soon be picked up for threatening innocent souls online. Irritating thing |
Politics / Re: Tinubu: FBI Did Not Release Any Tinubu's Record Today 30 - David Hundeyin by Ratello: 6:20pm On Oct 31, 2023 |
seunmsg: I can see that you are created to suffer and celebrate it, so be it. Only you supported a disaster called Buhari, same you again supporting Tinubu and will also he disappointed. He is even blaspheming by mentioning God in the same sentence as Tinubu on top empty stomach.
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Politics / Re: How is Tinubu Able To Control Fashola, But Wike Cant Control Fubara? by Ratello: 6:13pm On Oct 31, 2023 |
Kukutente23: God bless you my brother.....they are fond of twisting things up and down. |
Sports / Re: Cristiano Ronaldo Likes And Comments On A Video Mocking Messi’s Ballon D’or. by Ratello: 4:51pm On Oct 31, 2023 |
Kingchuksero: May you not die before your time you lover of evil.....just look at him. Horrible sore loser 2 Likes |
Celebrities / Re: Wizkid Visits Tony Elumelu (pics/video) by Ratello: 8:35pm On Oct 30, 2023 |
ThiLimited: Are u on telegram? |
Sports / Re: Ballon D’or: Full List Of Men’s Award Winners From 1956 To 2023 by Ratello: 8:29pm On Oct 30, 2023 |
OluwaMessi 10 Likes |
Politics / Re: Congratulations Bola Ahmed Tinubu by Ratello: 6:48pm On Oct 27, 2023 |
PrinceOfLagos: I am happy you captioned it well, "it is a victory well bought" therefore I don't need to waste my congratulatory salutation on such type of victory. Tinubu is doomed to fail and it is a question of time......just watch and see. 7 Likes 2 Shares |
Business / Re: US Supports 18,000 Nigerian Businesses With $244m by Ratello: 4:48am On Oct 27, 2023 |
Reportbutton: Were you raised this way or you just suddenly turned yourself into this nuisance? Which one is jagaban stupid and mumu effect here.....an NGO is helping Nigerians where jagaban crooks will not have hands in the sharing ratio and you are still mentioning a damaged and nasty drug lord? No shame 2 Likes |
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