DEBT FOR THE FUTURE: It ’ll take Nigeria 70 years to pay N6.6 trillion debt – Henry Boyo

Published:15 Jan, 2013

Emotions ran high, Monday, as foremost Economist, Mr Henry Boyo, lamented the country’s huge debt profile estimated at N6.6 trillion, fearing that it might take about three generations to pay the debt.

Speaking at a roundtable dialogue to mark the first anniversary of Occupy Nigeria protest with the theme: “Nigeria’s fiscal and monetary crisis: The way forward,” in Lagos, Boyo said: “It will take the Federal Government a little over 70 years to be able to repay its official debt which presently stands at N6.6 trillion.”

Boyo, who disagreed with officials of the Central Bank of Nigeria, CBN, over inflation rate, management of excess liquidity and other monetary policies affecting the economy,  accused the CBN of not taking necessary steps to galvanise the economy.

He spoke as the apex bank countered that it was doing all within its power to regulate the economy.

Boyo listed high interest rates, depreciating naira, high rate of smuggling and capital flight, low capacity utilization, low employment and inadequate power as factors responsible for the dwindling state of the economy.

He said:  “We have a total of N6.6 trillion as debt and you must know that they will be paid by our generations yet unborn. No economy can grow with these factors. All these factors I have mentioned are triggered by poor framework and responsible for the state of our economy. The CBN is also not doing anything to galvanise the economy.”

 

via Vanguard

  • http://Website Fawekun Toba

    The man is right in the sense that no nation that aspire to be great run economy the way we do here in Nigeria.How do you explain bloated executive spending in the name of democracy with economy correctness?We are a joker.

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Edo state governor, Adams Oshiomole has alleged that a minister that served in former president Jonathan's administration stole a whooping $6billion. Governor Oshiomole made the allegation while speaking to state house correspondents after a meeting with President Buhari today. He said American officials made the alleged fraud known to the Buhari led delegation during the state visit to the US last week. "PDP destroyed the country. I mean from the lips of American officials; senior officials of the...

Tribunal Dimisses Wike’s Bid To Relocate Election Tribunal To Rivers

The Rivers State Governorship Election Petition Tribunal sitting in Abuja, has dismissed an application by Rivers Governor, Nyesom Wike, seeking an order relocating its venue to Rivers. In a ruling, the three-man panel led by Justice Muazu Pindiga, dismissed the application on the ground that the tribunal had power to sit in Abuja, following security challenges in the state. The tribunal also held that the composition of the tribunal was not in any way defective...

Boko Haram: President Buhari To Visit Cameroon

Nigerian President Muhammadu Buhari will travel to neighbouring Cameroon on Wednesday for talks with that country's President Paul Biya on combatting the regional threat from Boko Haram, Nigerian officials said. "President Buhari is going to Cameroon on Wednesday. He will hold talks with President Biya on arrival on Wednesday and the issue of Boko Haram will be central in their discussion," presidential spokesman Femi Adesina said. Since his inauguration on May 29, Buhari has...

A Lot Of Knowledgeable Nigerians Have Been Compromised, Buhari Explains Why It Is Taking Time To Appoint Ministers

The President of the Federal Republic of Nigeria, President Buhari has once again explained why it is taking him time to appoint ministers, saying that a lot of knowledgeable Nigerians fit for the position have been compromised and it is very risky to appoint such people into office. He explained that appointing ministers who will be taking instructions from ‘powerful people’ outside the cabinet will take Nigeria back to square one and that is part of what...

Eve & Billionaire Husband Maximillion Cooper Enjoy a Family Vacation in Barbados

Grammy award winner Eve and billionaire husband Maximillion Cooper got engaged on Christmas Day in 2013 and wedded in June 2014 in Ibiza, Spain. They were on Sunday papped enjoying a family vacation in Barbados. The 36-year-old rapper wore a white two-piece with a scalloped top while on holiday with Gumball 3000 co-founder Maximillion and his four children from a previous marriage. Eve was in the driver's seat of a Yamaha jet ski with Maximillion, 43, right behind...

Bobbi Kristina’s Autopsy Shows No Evidence Of Foul Play

There are no obvious signs someone tried to kill Bobbi Kristina ... this according to the preliminary autopsy results. According to the Fulton County Medical Examiner, the autopsy shows "no obvious underlying cause of death."  The Medical Examiner goes on to say, "no significant injuries were noted." Short story ... this could help Nick Gordon, who has been under the police microscope from the get-go. The report says there were no previously unknown medical conditions that could...

States To Repay Bailout Loans From Allocations

It has been revealed that the bailout package being prepared by the Central Bank of Nigeria for the 36 states of the federation is to be deducted from their statutory allocations. On Monday revealed that some state governors had started visiting the central bank to discuss modalities on how and when the funds would be released. It was gathered that the CBN would release the package to the states as concessionary loans to be repaid over a longer period...

Crude oil falls below $54, threatens Nigeria’s savings

The global benchmark crude oil hit $53.33 per barrel on Monday, threatening the expected accretion to Nigeria’s Excess Crude Account this year. The steep decline in oil prices had forced the National Assembly to settle for $53 per barrel as the oil benchmark price for this year’s budget, down from $65 proposed by the...

Forgery Scandal: Lawan group heads for court again

Senators opposed to the leadership of the Senate President, Bukola Saraki, operating on the platform of a group called Senate Unity Forum, on Monday filed a fresh suit at Federal High Court in Abuja, seeking the nullification of the inauguration of the 8th Senate carried out by the management of the National Assembly, on June 9.

Buhari: I won’t make persons who lack integrity ministers

President Muhammadu Buhari on Monday said he would not make compromised citizens and ‘hostages’ ministers. “We will try as much as possible to avoid appointing hostages; by this, I mean people who have been in the system but compromised their personal and professional integrity, Buhari said on Monday in a live programme, Good Morning Nigeria, on...

US officials told us Jonathan’s minister stole $6bn —Oshiomhole

Edo State Governor, Adams Oshiomhole, on Monday, said the Peoples Democratic Party government of former President Goodluck Jonathan had destroyed the country. Oshiomhole, who was on the entourage of President Muhammadu Buhari to the United States, said Nigeria had in Buhari a President who talked with confidence unlike “a President that is blabbing and...

Buhari In Closed Door Meeting Over NASS Crisis

President Muhammadu Buhari is currently in a closed door meeting with members of the All Progressives Congress (APC) in the House of Representatives. Present at the meeting is the Speaker of the House of Representative, Hon. Yakubu Dogara and the former party minority leader, Femi Gbajabiamila. The meeting is to afford the President an opportunity to wade in to the crisis that is rocking the house of representatives. This meeting marks the first time that the president would...

Chadian Army Smokes Out Boko Haram Militants Hiding On Lake Chad Islands

Heavy fighting broke out Monday between the Chadian army and Nigeria's Boko Haram jihadists, security and local sources said. "Violent clashes" are under way near Baga Sola, one of the main Chadian towns in the lake that straddles Chad, Cameroon, Nigeria and Niger, a Chadian security source said, adding that Chadian forces had earlier "intercepted fleeing Boko Haram elements" around 20 kilometres (12 miles) to the southeast. A source close to the...

Diezani Alison-Madueke Critically Ill In A London Hospital

Some family members of the immediate past minister of Petroleum Resources, Mrs. Diezani Allison-Madueke have appealed to Nigerians, especially her critics to let her be. Mrs Allison-Madueke is said to be in a critical condition from an undisclosed ailment in a London hospital. “Our daughter has been in hospital where is receiving treatment for some weeks now. She is currently under close medical observation. We learnt that the observation means that she has been unable to see anyone outside...

Shocking !!! Baby Disappears During Naming Ceremony In Ogun State

An eight month old baby identified as Hezekiah Opeyemi Ogundele mysteriously disappeared during a naming ceremony held at Inuosegba community in Abeokuta Ogun state yesterday July 26th. According to The Nation, Hezekiah's brother had taken the baby to the naming ceremony and within minutes, the toddler disappeared. A search party was immediately formed but they were unable to find the baby. What they found instead was a building close to the venue of the ceremony where...

EFCC Arraigns Six Persons For N31m Fraud

The Economic and Financial Crimes Commission, EFCC, on Friday, July 24, 2015, arraigned six persons before Justice Oluwatoyin Ipaye of the Lagos High Court, Ikeja on a 17 count charge bordering on conspiracy, stealing and forgery. The six accused persons – Festus Onile, Olawale Garuba, Abiodun Afainiya, Jayeola Afolabi David, Yewande Adeyemi and Adetoun Kammal, were arrested by the Commission sequel to a petition from a new generation bank which alleged fraudulent transfers and withdrawals of...

Hacker Shuts Down ‘New York Magazine’ Over Alleged Bill Cosby Cover Story

Shortly after New York Magazine unveiled its attention-grabbing Bill Cosby cover story entitled “Cosby: The Women,” from a painstaking result of six months of interviews and careful planning, their entire site was abruptly taken offline by an anonymous hacker. Soon afterwards, critics began pointing some accusing comments on Cosby, alleging his conivance with the hacker who took down the site. However, The hacker, known only as ThreatKing, said he did not care about Bill Cosby but hates the...

Admission Cut Off Marks: SERAP Sues JAMB, UNILAG

Socio-Economic Rights and Accountability Project(SERAP) has dragged the Joint Admissions and Matriculation Board and the University of Lagos to court over “outrageous cut-off marks decisions”. The organization is seeking an order stopping JAMB, UNILAG and others from implementing the decision. The suit number FHC/L/CS/1139/2015 filed today at the Federal High Court By Adetokunbo Mumuni on behalf of SERAP and three applicants affected by the cut-off marks decision, the Applicants contend that “the provisions of Section 5(1)(c)(iii) of the...

Bobbi Kristina Brown To Be Buried Next To Her Late Mom Whitney Houston This Week

Bobbi Kristina Brown lost her six month battle to live last night after she was found unresponsive in her bath tub at home. Family sources now say that the 22-year-old will be laid to rest in New Jersey, next to her beloved mother Whitney Houston. Her body will be flown to New Jersey following a funeral service in Atlanta so she can be laid to rest alongside the singer. Whitney Houston died in February 2012 and was buried...

Femi Adeshina : Now That The Phones Are Ringing……. By Sunday Osanyintuyi

As a trained journalist, I don't take lightly issues around my first constituency, media. I handle media issues and industry related matters with great passion. It is so because our positions and thoughts have immense impacts on nation building. Among the first news items and opinions read yesterday was an article by a senior colleague, Dr Reuben Abati, (Media & Publicity) assistant to the immediate past president of Nigeria, Goodluck Jonathan, PhD. Hear oga Reuben “As...

#AkwaIbom Election Tribunal: The 12 Weeks Show of Shame and Absurdity for The Forensics Exercise

It’s been court order after court order from Uyo to Abuja as the INEC Uyo team makes a mockery of the institution that the survival of our democracy is hinged upon. The Petitioner whose constitutional right it is to conduct a forensic examination on the election materials has spent 12 weeks on trying to conduct a simple exercise that should take 2 weeks maximum. It has been a cat and mouse game since May 15th 2015...

Plateau State Gov. Lalong Clears Salaries, Pension Arrears

The director general, Research, Strategic Planing and Documentation, to Plateau State government, Prof. John Wade has disclosed that in less that 60 days in office the administration of Mr. Simon Lalong, has hit the ground running by paying arrears of civil servants salaries and pension left by the immediate past administration of Jonah Jang . Prof. Wade who disclosed this in Jos yesterday said the state government has also held a stakeholder’s meeting between the Fulani...

Over 3000 People Paid N200k Each To Watch A Kim Kardashian Makeup Session

Over 3000 fans trooped out to witness a Kim kardashian makeup session and as you can guess, It is neither free nor cheap. They were all trying to look like her, with their fake tans, fake eyelashes, fake hair. This was their chance -- the hundreds of young women who had traveled from Ecuador, Sweden, Abu Dhabi -- to see Kim Kardashian, take a selfie with her, impress her: Kim Kardashian. Some of her...

Dear Obama, Gay Right Is Not an African Priority, By Dinah Adams

To the President of the United States of America, while you tour through our shores burdened with global issues of security/ terrorism, economy, health care and national ties; kindly note that gay right is the least of our problems. The Kenya you visited has been stricken by Al-Shabaab and is frankly strategising ways to eradicate the incursion these external insurgents. It is quite too serious an issue for the issue of accepting various sexual oriented clans...

Traditional Ruler Arrested Over The Murder of Alhaji Gay

The last has not been heard about the murder of Alhaji Olatunji Rasaq, alias Alaso (aka Alhaji Gay), who was killed few weeks back in Alagbado area of Lagos state. The arrested suspects includes the Baale of Temidire Alagbado, Chief Nojeem Abioye, his son, and nine others. They were arrested and detained over the weekend, and are still being interrogated at the State Department of Criminal Investigation and Intelligence, SDCII, Yaba. Alhaji Gay was murdered during a...

35 Of Bill Cosby’s Alleged Rape Victims Line Up For The First Time #Photo

  If Bill Cosby really raped all of these women and more, then something must have been wrong in that man's mind. Thirty-five of Bill Cosby's alleged sexual molestation victims have posed for a photograph on the front of the July 27 edition of New York magazine, giving their accounts of what happened to them at the hands of the now controversial "Cosby Show" star.

News Alert! WAEC To Withhold Students’ Results In 19 States Over N4b Debt

The West Africa Examinations Council, WAEC has threatened to withhold the results of students in 19 states that sat for the May/June 2015 WASSCE over nonpayment of candidates’ registration fees by their state governments. Speaking at its national office Yaba, some hours ago, the Head of National Office, HNO, Mr Charles Eguridu said: “The affected states should off-set the registration fees of their candidates as soon as possible, as we cannot guarantee that the...

2 Teenagers Stab Their Parents And 3 Siblings To Death

2 Oklahoma teenagers, 18 year old Robert Bever and his 16-year-old brother, Michael Bever, have been accused of stabbing and killing 5 family members. They were arrested after their 13-year-old sister who survived the attack identified them as the attackers in the Wednesday night massacre in Broken Arrow, OK. The news comes as it was revealed the one of the victims, 12-year-old Daniel, had...

“Why Islamic Scholars Are Silent On Boko Haram” – By Governor Shettima

The fight against Boko Haram cannot succeed unless leading Islamic scholars with mass followers come out of their silence to preach against the ideology from an intellectual perspective so as to change the narrative to discourage young men from being recruited by the sect. Governor Kashim Shettima whose state, Borno, has been at the centre of attacks by the Boko Haram insurgents has said. The governor said that notable Islamic scholars with the capacity to fight the ideology through...

We Maintain Our Stand On Homosexuality, It Is Wrong – Catholic Archbishop

The Catholic Archbishop of Abuja Diocese, Cardinal John Onaiyekan today said the position of the Catholic Church in Nigeria against homosexuality remains the same.  Onaiyekan made this statement to journalists in Makurdi during his official visit to the Diocese of Makurdi today. “Unfortunately, we are living in a world where these things have now become quite acceptable but for the fact that they are acceptable doesn’t mean that they are right. The Catholic Church considers itself...

Nigerian Troops Gun Down Many Terrorists Along Maiduguri Road (VIEWER DISCRETION)

Nigerian troops have killed many terrorists during a recent combat operation along Dikwa-Maiduguri Road in Borno State. General Buratai while renaming the counter-insurgency operation to “Operaton Zaman Lafiya Dole,” had urged the troops not to wait for Boko Haram to attack but to take the battle to the insurgents’ hideout.   This development according to the...

President Buhari’s Trip To The US Was Fruitless – Olisa Metuh

PDP is still very much at it with APC and shamefully we must say we love the ‘fight’. Lol. Please read what the party has to say about the president’s visit to the US. Culled from Punch; Precisely 59 days after President Muhammadu Buhari assumed power, the opposition Peoples Democratic Party on Sunday listed many ‘sins’ the Federal Government under the President had committed and said Buhari’s government lacked direction. Among the sins of...

Reality Star Coco Austin Is Expecting Her First Child With Ice T

Glamour model Coco Austin is pregnant and expecting her first child with husband of 15 years, Ice-T. Ice-T already has 2 kids from a previous relationship and a 20-year-old grandson, but Coco always wanted a kid and her prayers have been answered after 12 years of marriage. No word yet on how far along she is or the gender of the baby. Congrats to the couple.