GeneralDae:

Yeah.

"December 25, 2023, marks a pivotal moment in Ethiopia’s economic history—not for Christmas celebrations, but as the anticipated day of default on its foreign debt. The Ethiopian government’s struggle to meet its financial obligations came to the forefront on December 11 when it officially informed Eurobond holders of its inability to pay the $33 million interest on its $1 billion bond issued in 2014. Despite the ongoing debt restructuring discussions with creditors since 2020, a resolution remains elusive because of differences between China and Western countries on restructuring and the reluctance of private lenders to participate in restructuring.

With the Ethiopian government already missing the interest payment deadline on December 11, it now faces a two-week grace period to make the payment by December 25. The likelihood of defaulting on the $33 million interest payment on that day is high. This imminent default is not just a concern for Ethiopia; it has consequences that will resonate throughout Africa and other developing countries".


Now they would go for the debt restructuring. Only Ghana has successfully done that in Africa in recent times although China may still cause some problems for Ghana in receiving the second 600 million dollars.

Saddamochieng00:


Hey man you're really doing us a big injustice by not doing Ghana. I really need a good laugh before this year ends. Make sure you pass by Jamestown. I'm sure we might get a glimpse of our local hawker

Saddamochieng00:


Hey man you're really doing us a big injustice by not doing Ghana. I really need a good laugh before this year ends. Make sure you pass by Jamestown. I'm sure we might get a glimpse of our local hawker

ProblemChild1:
Abuja CBD taking shape.

Hohaiiiode:
you people will be hiding behind culture and heritage, when what you people are exhibiting is foolish pride and spending what you don’t have. Most nations and people have passed through a phase of hardship and poverty , but they were able to change their story because they accept the fact and make changes to most of their wasteful practices. But we as a people we just want to caress our pride and keep going wasteful. Culture and tradition kor !!!!

sotall:


Education in Nigeria is scam!

So after all the big universities in Nigeria and all the big medical diagnostics affiliated with them, they still had to take samples to another country for analysis....

VikingKing:


https://punchng.com/toxicology-on-mohbads-body-ongoing-in-us-coroner/

Everlad:
Lol, only in Nigeria where security forces attack each other

EEIA:


https://www.google.com/amp/s/www.vanguardngr.com/2023/11/why-soldiers-attacked-adamawa-police-command-headquarters-army/amp/

NwokoloOwa:
The information coming out of Germany these past days and weeks had been so tantalizing. Though good for us somehow I suspected they were targeting GAS. The German President coming down here meant alot.

If we play our part well without corrupt tendencies, it will be a win-win for both countries.

happney65:
Those refineries cannot work. You people no dey hear word. Sell those damm things away and see it work.

Government has no business doing business. You don't listen.

How far the PH own una say go work for December?

desthan:
This is a misleading news.

Currently, rehabilitation work is ongoing in Port Harcourt refinery by Tecnimont, while Daewoo Engineering handled Warri and Kaduna Refinery.

what is going on?

ManirBK:


https://leadership.ng/nigeria-to-seal-refinery-deal-with-s-arabia-h1-2024-despite-skepticism/

Racoon:
https://www.premiumtimesng.com/news/top-news/644794-ex-army-chief-chris-alli-is-dead.html

Tinubu Mourns Ex-Chief of Army Staff Major General Chris Alli


https://www.arise.tv/tinubu-mourns-ex-chief-of-army-staff-major-general-chris-alli/

mokwechineme:
There are some lucky people in Southwest, majorly those connected to the centre and those lucky enough to follow who know road (Igbos). Please dont get me wrong.
Igbos excessive hustling spirit have helped many Nigerians to be self-reliant. The south westerners who are lucky are less than 5%. More than 90% are languishing in abject penury. You see these unfortunate ones in the city slums and the remote southwest areas. Most of southwest regions are remote areas, aside the state capitals
There are lots of them who find it difficult having one meal per day and they are not in the IDP camps.

The truth is, southwest has always been this way. The pre-colonial and colonial days promoted aristocracy, a term i rather call elitism - the dominance and suppressive control by the ruling class. It has continued till this day.
The system believes in the suppression and subjugation of the poor masses through tribal, religious and traditional control that the poor masses in irony fight for the sustainance of the terrible system.
This is the faith of majority of the south westerners and it will still take more decades, if not centuries to overturn

Esther125:

https://.ng/2023/11/01/tinubu-to-rollout-one-million-cng-vehicles-nationwide/

How can you count something hidden and cladded? I have a perfect view of each floor per ceiling.

Key point: PERFECT VIEW

Esther125:


https://.ng/2023/10/31/protesting-legislative-staff-lock-anambra-lawmakers-out-of-assembly-complex/

Princewill1:
The economic situation in Nigeria today is bad and may even get worse if not handled properly. Naira is among world's worst performing currencies coupled with double-digit inflation rate in Nigeria resulting to this high cost of goods and services we are experiencing today in the country. Mr Chibuike Amaechi was right when he recently highlighted  the docile nature of Nigerians. The citizens aren't doing anything meaningful about the situation while the govt in charge is relax about it, they're not even treating it as an emergency yet.

Truth is, Nigeria has a trade deficit. We're spending more forex than we are getting. We consume a lot of foreign goods as a nation. There is huge gap in our balance of trade and CBN is running out of forex. We need to find local alternatives to the things we import. Any sensible govt experiencing this, should declare emergency in the economy and usher in some austerities to checkmate the situation.

Here are some short-term "severe" emergency measures i think will be necessary to handle this crisis:

1. Govt Should Place At least A 2yrs Moratorium On Multinational Companies Remittances:

Remittances by MTN, Airtel, Multi-Choice, Foreign Airlines Coys, Breweries, Oil Corporations etc are one of the reasons why our forex is depleted. Govt need to place temporary ban on remittances of these big firms back to their parent company abroad. This may slightly affect Foreign direct investment to the country but we're already in crisis, we have little options.

2. Mandating Diaspora Nigerians To Save Some % Of Their Income In Naira:

It may sound ridiculous, but this will help save the situation. America for example places tax on the earnings of it's citizens overseas. Govt should mandate Nigerians abroad to ensure that some percents of their earnings are saved back home or risk passport renewal refusal by our consulate abroad.

3. Foreign Exporters To Nigeria Should Be Mandated To Open Naira Account:

This is strictly for some industries/ companies abroad who relys heavily on export to Nigeria. It will be the duty of policy makers in Nigeria to identify these export companies and mandate them to comply. I think the bulk of them will is in China and South Asia. They should be made to open Naira account of risk losing patronage by Nigerian importers.

4. Checkmating The Japa Syndrome In Nigeria:

Let truth be told, the raise of Japa syndrome among Nigerians especially the youths is one of the major things drying out our forex. Just today, CBN reported that Nigerians spent a whooping $340.84 million on Foreign Universities application fees in 6 months. Nigeria losses billions of dollars yearly to Foreign Universities, Embassy Visa Fees, Airline Companies etc no-thanks to the increasing Japa Syndrome in the country. Govt should identify some Universities abroad especially in the UK benefiting heavily from Nigerian students and mandate them to open Naira account or risk losing our students. Or better still govt should place temporary ban on new passport issuance to curtail the situation for the mean time. Nigeria has one of the laxed laws in the world with less govt control. All over the world, Govts uses policies formulation to direct the country on the path to progress and prosperity. Things will be deteriorating in Nigeria while our policy makers will be clueless on ways to solve problems in the country.

5. Nigeria Entertainment Proceeds Should Be Returned To The Country:

Right now, we are having a trade deficit. Oil sales is low. The little forex gotten are used to service Buhari's loans, so I heard. We ain't exporting much as a country. Fortunately, Afrobeat is the emerging new export of Nigeria. Afrobeat concerts and festivals should be encouraged to be held in Nigeria where tourists can come and spend the much needed forex. If this can't be immediately possible for insecurity or whatever reason, then Govt must make a law mandating returning of some percentage of Nigerian entertainment revenue back to the country. Most Afrobeat's concerts and streaming proceeds are held in foreign accounts abroad. Like I said earlier US and some other countries even tax their citizens overseas earnings but we don't.

6. Banning Of Frivolous Imports:

These are some of the useless imports depleting our forex that we can easily replace or find local alternatives for. It's even unfortunate things like matches, toothpicks etc are on our yearly imported products. Govt should comply list of these frivolous items and place a ban on them. These imports has no business talking away the much needed forex from us.

7. Sale Of All Govt Owned Refineries:

Oil remains our No.1 import and our biggest forex depleter. If we start refining locally, we can save billions of dollars yearly from oil imports. It is looking like Dangote Refinery is all a scam. Govt should sell off all it's refineries because they have over the years proven to be bad managers. They should issue more licences to private investors for more modular refineries. If possible govt should throw open license to every Nigerian who can to start refining. Nigeria's inability to refine it's crude it's making her a disgrace among nations.

These are some of the severe out of the box thinking Govt need to consider right now.