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

  • 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.

Related Posts

Recent Posts

BREAKING: One day to go, Jammeh declares 90 days state of emergency in Gambia

A day before the official end of his tenure, Gambian President Yahya Jammeh has declared a 90-day state of emergency, Gambian State television has announced. The terms for the state of emergency are not known as the announcement did not provide further details. Mr. Jammeh made the declaration as Nigeria reportedly deployed a warship to the coast of the country to put pressure on the long term leader to vacate office and hand over to President-elect Adama Barrow. Mr. Barrow was to...

Nigerian government confirms negotiation with Boko Haram to free Chibok girls

The Minister of Information and Culture, Lai Mohammed, on Tuesday reassured that the negotiations for the release of other Chibok girls in captivity were ongoing. The minister disclosed this at the Air Force Base in Yola in a briefing to conclude a day and night rounds of search sortie of the missing girls to Sambisa. The News Agency of Nigeria reports that Mr. Mohammed; the Minister of Defence, Mansur Dan-Alli; the convener of the Bring Back Our Girls (BBOG) group, Obiageli...

We’ll use entertainment to increase Lagos GDP – Ambode

The Lagos State Governor, Akinwunmi Ambode, on Tuesday revealed the plans of his administration to leverage on the vast economic opportunities in entertainment, tourism and arts sectors, among others to grow the Gross Domestic Product, GDP, of the state and promote talents in the state to compete globally. Speaking at Lagos House, Ikeja when he received artistes who performed at the One Lagos Fiesta, OLF, who were on a thank-you-visit, Governor Ambode said the creative industry remained a veritable platform...

Nigerian Army to give N500,000 reward for information on suicide bombers

The Nigerian Army says it is offering N500,000 reward for credible information that leads to the arrest of would-be suicide bombers or their hideouts. The Army spokesperson, Sani Usman, disclosed this via a press statement on Tuesday. The army had about three years ago promised a N50 million reward for any information that would lead to the arrest of Boko Haram leader, Abubakar Shekau. Mr. Usman, a brigadier general, said the army is worried by the disturbing proportion of suicide bombings in...

Retirees sue Nigerian military for non-payment of allowance

Retired military officers on Tuesday dragged the Army, Navy and Air Force to court over non-payment of debarment allowance instituted in 2012. The retirees instituted a class action against the forces at the National Industrial Court Abuja, claiming they were yet to access the funds since 2012. The debarment allowance is a lump sum to be paid to all retirees, made up of 10 per cent of their total emolument per annum, multiplied by the number of years served. The essence of...

Lagos to install 13,000 CCTVs for emergency response

The Lagos State Emergency Management Agency, LASEMA, Tuesday said it would install 13,000 Closed Circuit Television cameras at major flashpoints across the state to boost its operations. According to a statement issued by Adebayo Kehinde, LASEMA’s head of Public Affairs Unit, the move is part of efforts by the state government to improve the impact of emergency and disaster management in the state through effective and efficient response system. The government also plans to step up a Monitoring and Surveillance Unit...

272 touts, thieves, others prosecuted in Lagos Airport in 2016 – Police

The Police Command, Lagos Airport, says that no fewer than 272 persons were prosecuted for various offences at Murtala Muhammed International Airport, Lagos, between January and December 2016.   The spokesperson of the command, Joseph Alabi, told the News Agency of Nigeria, NAN, in Lagos on Tuesday that the command also made 417 arrests within the period under review.   Mr. Alabi said that some of the suspects were charged with assault, stealing, obtaining by false pretences as well as unlawful entry and...

Nigeria Immigration Service redeploys 207 officials

The Comptroller-General of Immigration, Muhammad Babandede, recently approved the redeployment of 207 senior officers of the Service between the ranks of Assistant Comptrollers General, ACG, to Assistant Comptrollers, AC. Those affected include ACG Ezekiel Kaura who now heads the ICT Department which is considered the engine room for the e-solution programme of the NIS; Chizoba Dibi who has been promoted to ACG and posted to Zone ‘G’ in Benin as Zonal Coordinator; Hamman Yerima from Delta State Command to the...

Jigawa village head, brother kidnapped

Kidnappers have abducted Garba Mamud, the village head of Rijin in Basirka District of Gwaram Local Government Area of Jigawa.   Dauda Mamuda, the brother to the district head, who is a ward head, was also kidnapped by the suspects, said to be about 30.   A resident of the community, Musa Ibrahim, told the News...

Runway will take 2 years to fix if airport remains open, 6 weeks if closed – Julius Berger

The Managing Director, Julius Berger, Mr Wolfgang Goetsch, has said that the runway at the Nnamdi Azikiwe International Airport, Abuja, could be fixed without closing down the airport. However, the company said the work would take more than two years. Goetsch made this known in his submission before the Senate on Tuesday at the plenary. According to him, the runway can be repaired without closing the airport but is dependent on the scale of the repair. He said that if there...

Nigeria is not the first country to close an airport for repairs, says Fashola

Babatunde Fashola, minister of works, power and housing, wants those opposed to the closure of the Nnamdi Azikiwe international airport, Abuja, to know that Nigeria is not the first country to close an airport. The decision of the federal government to shut the airport for six weeks over repairs on the runway has been met with stiff resistance in some quarters. At the senate on Tuesday, Fashola said there was no other option but to close the airport, but Otis Anyaeji, president...

135 boys rescued from human traffickers in Jos

Operatives of Operation Safe Haven, a special task force outfit in Plateau state, have rescued 135 children from human traffickers in Jos, the state capital.   According to Channels TV, the children, who are all male and within the age range of four to eight years, were rescued from two trucks headed to Plateau, Kaduna and Nassarawa.   “On Thursday January 12, the special task force, sector 2 located opposite University of Jos, intercepted two trucks conveying 145 children from Bauchi and...

“Engine cleaner healed, delivered my church members” – South African Pastor

Theo Bongani Maseko, a South African pastor, has joined the league of religious leaders who carry out deliverance through unconventional means.   Maseko, a pastor at Breath of Christ Ministry, makes use of engine cleaning fluid to “cast out disease and devils”.   “What I am holding now with my hand, is the fullness of Christ in this bottle. With this bottle you can empty HIV wards. You can cast out any disease and devils. By looking at this bottle you are now free!...

Windows 7 now outdated for businesses – Microsoft

Microsoft Germany is encouraging business users to make the switch to a newer version of the operating system, claiming Windows 7 is no longer “fit” to be used in businesses.   Windows 7 “does not meet the requirements of modern technology, nor the high security requirements of IT departments”, said Markus Nitschke, head of Windows at Microsoft Germany.   Microsoft has warned that the Windows 7 operating system is outdated and more susceptible to malware attacks that wouldn’t affect Windows 10.   “It provides for...

IPOB to rally in solidarity with US President-elect, Donald Trump on inauguration day

The Indigenous People of Biafra, IPOB, has warned that, “heaven will fall” should President Muhammadu Buhari order soldiers to interrupt its Friday’s rally in solidarity of the United States, President-elect, Donald Trump. In a statement by its spokesperson, Emma Powerful, the group explained that the rally was aimed at making the world understand how “resolute and committed we are towards the emancipation, realisation and proclamation of our God given right to live as free men and women in our ancestral...

Supo Dosunmu, show promoter who gave D’banj and Don Jazzy their big break has died

Supo Dosunmu a popular US show promoter, CEO of Unique promotions and son of late Senator Wahab Dosunmu is dead. Supo died on Monday, January 16, 2017 in the United States.   Before his death, Supo (in black) was quite popular in the Nigerian Music Scene and he was a respected and popular show promoter in United States who took Dbanj and Don Jazzy on their first major tour US several years back.

Ayade’s Exemption of Low Income Earners From Taxes : Illusion or Reality? – By Inyali Peter

Lucius Annaeus Seneca said "A gift consists not in what is done or given, but in the intention of the giver or doer". For the intention of Governor Ben Ayade to exempt low income earners from taxes, I say kudos to the governor. It only takes a leader with courage to harbour such intentions amidst the lean financial position of the state. Cross River state receives almost the smallest allocation from the federal government. Over the past few years, what...

“No police officer has the right to check your mobile phone” – Lagos Police PRO

The Lagos State Police PRO, Dolapo Badmus has reiterated the fact that no police officer has the constitutional right to search any citizen's phones. She made this statement in a YouTube video interview. In her own words, "Your phone is private, it's your private property because people do a lot of private stuffs on their mobile phones so it's wrong. Police officers have no right to do that except there is a reasonable ground to do so". She further went on...

Kogi Staff Verification Exercise: Corruption is fighting back – Bello

Kogi State Governor, Alh. Yahaya Bello, has said his government is poised to implement the recommendations of the Staff Verification Committee to further deepen his drive towards a disciplined and efficient civil service in the state. Speaking through his Director General on Media and Strategy, Evangelist Kingsley Fanwo, at an interactive forum organized by a civil society Group, Equity Forum in Lokoja, the Governor said he expects corruption to fight back  as starling revelations have exposed the rot...

TRAGEDY: Another UNIOSUN Student Killed In Osogbo

A 300-level student of the department of Civil Engineering at the Osun State University, Osogbo identified as Kazeem Amodu Ige has been killed in a fight that erupted among some students of the institution on Monday evening. Channels TV correspondent gathered from some students who spoke on condition of anonymity that Kazeem was allegedly stabbed in the chest by a 400-level student of the department of Physics Electronics of the same university, Yusuf Adekunle, also known as Stone. The pandemonium broke...

Reps To Investigate 500m Naira Fund For Chibok Secondary School

The House of Representatives is to investigate why the Girls’ Secondary School, Chibok, Borno state has not being reconstructed despite 500 million naira being earmarked for the project in the 2016 budget.   This resolution followed a motion sponsored by Rep Raphael Igbokwe who reminded the House that the former Minister of Finance, Ngozi Okonjo-Iweala had flagged off the reconstruction project.   Lawmakers wondered if the funds have been diverted and called for a proper investigation to be done in the matter.   The...