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FG spent N299.36bn to service Nigeria's domestic and external debts in the first quarter of 2014
| September 24, 2014
A document from the Budget Office of the Federation of Nigeria revealed that the Federal Government spent N299.36bn to service the Nigeria's domestic and external debts during the first quarter of this year. Out of the N299.36bn, N278.64bn was used for servicing domestic debt, while N19.72bn was used for external debt servicing. The report also stated, âAs of March 31, 2014, a total of N279.64bn was released for domestic debt servicing, while the actual domestic debt payment was N214.67bn. âThe sum of N48.77bn (or 29.4 per cent) difference between the quarterly budgeted estimate of N165.9bn for domestic debt services and the actual domestic debt services was mainly due to additional issues of FGN bonds above the amount projected to be issued as a result of changes in the issuance calendar and the rising cost of rolling over Nigeria Treasury bills. âThe actual external debt service payment in the first quarter of the year amounted to $119.48m.â The countryâs total public debt stock at the end of the first quarter of 2014 now stands at $65.25bn (N10.16tn). The breakdown of which accounts for N4,13tn for FGN Bonds, N.272tn for Nigeria Treasury bills, and N315.39bn for Treasury Bonds. As for external debt stock, the report gave the breakdown of $9.17bn, with multilateral debts costing $6.57m, $1.07bn for Non-Paris Club bilateral debts, and $1.51m for commercial and Eurobond.

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OMOTAYO, J. A.    Heidelberg, GERMANY    October 01, 2014
The past and present leadership must be brought to book. They must not be allowed to go free. We traveled yesterday by road from Eupen, Belgium to Heidelberg, Germany for about four hours. Most of the bridges fly over deep gulfs and have long piers (I guess more than 30m). Even where rehabilitation works were ongoing, we never had a compulsory stopover. The journey that took us four hours would have taken eight hours or more in Nigeria. Wind turbines scattered to boost supply to the power grid.

At night, everywhere was lit. Water flows. Trains work. Agriculture is not left out. Even the hills are cultivated. I just imagined: Nigeria is like a jungle compared to Germany or Belgium.
Now I know why Boko Haram group is in Nigeria. The educated Nigerians have deceived the illiterate enough. Education has not been used to benefit the majority but a select few in politics and in positions of power.

Nigerians must wake up. It is time we realize that the noise and advertisement about "Transformation Agenda" of the present administration are not only deceptive but constitute a breach of the Nigerian Constitution. The Constitution sees deception as a crime, just as looting, corruption, etc. Finally, it must be viewed as a crime for any member of present administration and their cronies to campaign for continuity. Enough is enough.
God save Nigeria.
OMOTAYO, J. A.    Eupen, BELGIUM    September 30, 2014
Nigerians must hold this government accountable for leading us back into debt. What will happen when the price of crude starts to fall?

I have just heard from BBC World News that America will overtake Saudi Arabia in oil production in about a month. The reviewer even mentioned that this will affect Nigeria as we have to find new markets. But where? America has been our largest market. Very unfortunate that a group of irresponsible people are in power in Nigeria since 1999.
Nigerians must begin to imagine the transformation from life to disease, poverty and gradual death under the present bunch of marauders. The future of our children and those yet unborn have been compromised through greed and squandermania of selected or elected leadership.
God save Nigeria
OMOTAYO, J. A.    Nairobi, KENYA    September 26, 2014
I hate to read this. This is pure economic mismanagement. How much was the federal budget under the late Mr. Sani Abacha who has been labelled as a looter and enemy of progress? Less than N200bn except the last one that was estimated at N230bn. Even Mr. Abdulsalami Abubakar's handing over budget with all the provisions for polical transition, PTF, etc was just N300.5bn.

All these happened when the price of crude was less than $20/barrel and production was less than 1.5 million barrels/ day. Prices of refined petroleum products were all less than N20/L. How can the federal government explain the squandamania that makes us to service external debt with about N300bn in just one quarter of this year? Price of crude is in the neighbourhood of $100/barrel, production is about 2.5 million barrels/day and domestic prices of refined petroleum products have skyrocketed to about N100/L to N140/L. At this rate, there is definitely no hope for the future of Nigeria. The present administration is incompetent, wasteful and visionless.
God save Nigeria.
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