WEBVTT 1 00:00:03.919 --> 00:00:08.800 Hey folks, good evening. Welcome to you all wherever you're 2 00:00:08.919 --> 00:00:12.359 listening from. My name is calu Aja. Welcome to the 3 00:00:12.480 --> 00:00:13.839 money space with me. 4 00:00:14.640 --> 00:00:16.000 On this space, we're. 5 00:00:15.800 --> 00:00:20.120 Talking money, we're talking to the economy, we're talking personal finance. 6 00:00:21.000 --> 00:00:23.920 And this week we're talking what a great topic is 7 00:00:24.079 --> 00:00:31.039 Nigeria entering a debt trap. Right, so just before we start, guys, 8 00:00:31.160 --> 00:00:34.159 just make a statement. When we hold our spaces and 9 00:00:34.159 --> 00:00:36.240 almost you guys know me on Twitter, right, when we 10 00:00:36.280 --> 00:00:40.560 hold our spaces, we aim to inform. We aim to 11 00:00:40.679 --> 00:00:45.079 equip the listener with the fact fact only every time 12 00:00:45.119 --> 00:00:46.079 I have a space. 13 00:00:46.799 --> 00:00:49.520 Remember I'm hosting a show, so I will. 14 00:00:49.320 --> 00:00:53.719 Ask questions, to clarify, ask questions as the Devil's advocate. 15 00:00:53.840 --> 00:00:56.960 It's all to give you that information. But we are 16 00:00:57.079 --> 00:01:00.399 totally we want to be totally unbiased. We want to 17 00:01:00.439 --> 00:01:03.280 have all voices heard. We want you to have the facts. 18 00:01:04.000 --> 00:01:06.200 Then you can have your own opinions. Right, that's what 19 00:01:06.280 --> 00:01:07.640 we're in to do here. I wanted to give you 20 00:01:07.680 --> 00:01:12.719 the facts. Don't never you become a better citizen. So 21 00:01:12.760 --> 00:01:14.920 it's a great topic this week. And of course, if 22 00:01:14.920 --> 00:01:17.200 you've been pulling this week, this topic has been triggered 23 00:01:17.239 --> 00:01:21.400 by the request by the present of Nigeria. Well, I've 24 00:01:21.400 --> 00:01:26.319 BETI to borrow. If you converted what wants to borrow 25 00:01:26.359 --> 00:01:30.200 to naira, it's about forty five trillion. It's about fifty 26 00:01:30.200 --> 00:01:32.959 one billion dollars. There's some euros in there. There's also 27 00:01:33.000 --> 00:01:36.439 some yen in there. There's also some grants in there. 28 00:01:36.719 --> 00:01:39.400 But if you did a conversion of that figure, that 29 00:01:39.480 --> 00:01:41.840 won't borrow's going to give about forty five trillion. 30 00:01:42.400 --> 00:01:45.239 So let's set it up for you. Nigeria. 31 00:01:45.519 --> 00:01:49.400 Currently, I pulled up our debts and I'm going to 32 00:01:49.560 --> 00:01:51.120 use the official numbers. 33 00:01:51.200 --> 00:01:54.439 Right, So the official numbers go as far by as 34 00:01:54.680 --> 00:01:58.599 December twenty twenty four. I know when in June, but 35 00:01:58.760 --> 00:02:03.640 this is the official official numbers from the Debt Management Office. 36 00:02:03.640 --> 00:02:05.200 We're going to use thosebannal numbers. 37 00:02:05.519 --> 00:02:09.120 We have as a as a December to tween twenty 38 00:02:09.159 --> 00:02:13.199 four a total extandout death EXTANDALUT debt about forty five 39 00:02:13.439 --> 00:02:14.159 billion dollars. 40 00:02:14.280 --> 00:02:15.719 It's actually four or five. 41 00:02:16.159 --> 00:02:18.360 Seven and eighty minute if you're not count there, actually 42 00:02:18.360 --> 00:02:22.159 figure it's about forty five billion United States does all 43 00:02:22.319 --> 00:02:25.199 we have right now? If you look at last year, 44 00:02:26.639 --> 00:02:29.759 the number itself did not change that much. Last year 45 00:02:29.759 --> 00:02:36.120 we had about forty two billion, twenty three, forty two billion. Well, 46 00:02:36.159 --> 00:02:38.400 if you just pick those numbers, you usually wouldn't get 47 00:02:38.439 --> 00:02:39.840 the sense of where the. 48 00:02:40.159 --> 00:02:41.560 Change usually coming from. 49 00:02:41.599 --> 00:02:45.719 Right, So what has made the foreign deaths go up? 50 00:02:46.599 --> 00:02:48.639 Guys, I'm building a picture for you. Just follow you 51 00:02:48.719 --> 00:02:51.199 get the picture of the building for you. As a 52 00:02:51.360 --> 00:02:55.120 twenty twenty four what went up was the eurobonds, eurobones 53 00:02:55.159 --> 00:02:59.800 went up. Loans from the China Development Bank also went up. 54 00:03:00.439 --> 00:03:03.439 Then alone from the African Development Bank also went up, 55 00:03:03.520 --> 00:03:07.400 and of course the bulk of the increase has come 56 00:03:07.439 --> 00:03:10.520 from the World Bank. Now, when you look at seferating debts, 57 00:03:10.520 --> 00:03:14.080 it's very important that you separate the volume of the 58 00:03:14.199 --> 00:03:17.240 debt from the cost of the debt. 59 00:03:17.599 --> 00:03:21.120 The volume, separate that from the deaths from the cost. 60 00:03:21.199 --> 00:03:24.199 What I mean is this, right in twenty twenty three, 61 00:03:25.159 --> 00:03:29.840 the total World Bank, so let's say, the total multilateral debt, 62 00:03:29.960 --> 00:03:33.719 which is like the World Bank, the African deplum Bank, 63 00:03:33.800 --> 00:03:36.560 all Islamic, the Balloon Bank, all that sort of death 64 00:03:37.639 --> 00:03:41.400 was about twenty one billion dollars, about twenty one billion dollars. Right, 65 00:03:42.120 --> 00:03:46.719 if you come to twenty twenty four, all that debt 66 00:03:46.800 --> 00:03:49.360 has gonna buy a billion, So what do about twenty 67 00:03:49.400 --> 00:03:52.800 two billion dollars? And the bulk of that increase has 68 00:03:52.879 --> 00:03:57.599 come from the World Bank. Again, twenty twenty three, Nigeria 69 00:03:57.840 --> 00:04:00.960 was doing give or take about if you just move 70 00:04:01.000 --> 00:04:03.159 the IMF right just from the World Bank, which is 71 00:04:03.199 --> 00:04:07.759 the IDA and the ib are the the Intentional Bank 72 00:04:07.800 --> 00:04:11.639 for Reconstructional Development. Weren't about fourhundred million with them, But 73 00:04:11.680 --> 00:04:14.919 if you come to twenty twenty four, that has ballooned 74 00:04:15.039 --> 00:04:18.800 up to about one point two. So from four hundred, 75 00:04:20.120 --> 00:04:22.399 four hundred and eighty five million, we're now. 76 00:04:22.240 --> 00:04:25.839 Over the World Bank about one point two. And this 77 00:04:25.959 --> 00:04:30.360 is as that December December twenty twenty four. We've taken 78 00:04:30.439 --> 00:04:34.240 more loans. We've taken about five hundred million for empowerment. 79 00:04:34.639 --> 00:04:37.680 We've taken upon that five million for nutrition and all 80 00:04:37.680 --> 00:04:39.959 that kind of stuff. So this is more than the 81 00:04:40.079 --> 00:04:42.160 one point to the bulk of the increase that's been 82 00:04:42.199 --> 00:04:44.040 to the World Bank, because I've really pay because you've 83 00:04:44.120 --> 00:04:45.079 energized borrowing from. 84 00:04:44.920 --> 00:04:47.959 The World Bank and all that. The World Bank debts. 85 00:04:47.680 --> 00:04:50.839 Are really not a problem because the cost of that 86 00:04:51.040 --> 00:04:53.639 debt is very, very bhy it's like maybe two percent, 87 00:04:54.199 --> 00:04:58.040 and it's spread over a longer period. Right, So even 88 00:04:58.079 --> 00:05:02.160 though the volume of that debt has gone up, the 89 00:05:02.360 --> 00:05:04.920 cost of the debt itself is still that two percent. 90 00:05:05.399 --> 00:05:08.120 You pay your commitment fee and all that, So not 91 00:05:08.160 --> 00:05:11.480 a lot going on there. Let's look at eurobon eurobons 92 00:05:11.560 --> 00:05:17.079 Nigeria was that about fifteen billion europeons considered about twenty 93 00:05:17.120 --> 00:05:21.160 five percent debt, and we're about fifteen billion as at 94 00:05:21.199 --> 00:05:26.639 December twenty twenty three. Where are we in December twenty 95 00:05:26.680 --> 00:05:31.160 twenty four. We've gone up, not down, up to seventeen 96 00:05:31.480 --> 00:05:34.240 billion and now it makes up thirty seven percent of 97 00:05:34.319 --> 00:05:37.240 our debt. Guys, this is what the problem is because 98 00:05:37.240 --> 00:05:39.920 eurobons are the bones that work, but the Wall Street 99 00:05:39.920 --> 00:05:42.160 gives to you and all that gives you. So it's 100 00:05:42.279 --> 00:05:47.040 a commercial loans. It's about anywhere from seven percent to 101 00:05:47.120 --> 00:05:48.000 about eight percent. 102 00:05:48.120 --> 00:05:50.519 Nigeria is borrowing. Essentially, we're borrowing. 103 00:05:50.279 --> 00:05:53.199 For thirty years, ten years, fifteen and we're going to 104 00:05:53.279 --> 00:05:54.800 pay these guys in dollars. 105 00:05:55.000 --> 00:05:57.399 There is not a beg. It is no development loan 106 00:05:57.800 --> 00:05:59.160 with a pure commercial note. 107 00:05:59.199 --> 00:06:03.920 So the problem for Nigeria is this eurobond which make 108 00:06:04.120 --> 00:06:10.040 about there's ten percent as at December twenty twenty four. Right, 109 00:06:10.399 --> 00:06:13.800 So I also pulled up the total cost of the debt. 110 00:06:14.399 --> 00:06:16.480 So I pulled up how much you had in debt 111 00:06:16.560 --> 00:06:19.680 as a decembenty four and how much we used to 112 00:06:19.720 --> 00:06:24.240 service it. The average is about ten percent. And we're 113 00:06:24.279 --> 00:06:26.759 talking dollars now, not my Ira dollars. So we are 114 00:06:26.839 --> 00:06:33.600 paying for Nigeria ten percent dollars to anyone that owns 115 00:06:33.639 --> 00:06:36.199 our bonds. That's the average cost of our debt. 116 00:06:36.240 --> 00:06:38.800 If you're at the World Bank, if you at everybody, 117 00:06:39.240 --> 00:06:40.000 it's about ten. 118 00:06:40.079 --> 00:06:42.360 So it's higher, but the average is. 119 00:06:42.319 --> 00:06:44.879 About ten if you take everything in, so it's ten 120 00:06:44.920 --> 00:06:48.759 percent a high cost, Yes, it is. 121 00:06:48.839 --> 00:06:50.399 It's a very very high cost. 122 00:06:50.800 --> 00:06:53.839 Because when you borrow, you use you borrow livel plus 123 00:06:53.879 --> 00:06:56.240 there's no more libel, but you borrow based on the 124 00:06:56.319 --> 00:06:59.399 London Interbank. It has a new name, the name escapes me. 125 00:06:59.480 --> 00:07:02.800 That's what you or based on. Ten percent is a 126 00:07:02.879 --> 00:07:04.959 very very high return. Because if you went to the 127 00:07:05.040 --> 00:07:07.759 United States today and you put money in their banks, 128 00:07:07.920 --> 00:07:11.040 they will pay you one percent. If you bought a 129 00:07:11.240 --> 00:07:14.120 US bond, you get about three or four percent. Thats 130 00:07:14.160 --> 00:07:15.279 a risk free bond. 131 00:07:15.120 --> 00:07:15.600 By the widow. 132 00:07:15.600 --> 00:07:18.240 It's the d brissin has come down. If you buy 133 00:07:18.240 --> 00:07:20.959 a Nigerian bond, they're going to get ten percent. So essentially, 134 00:07:21.000 --> 00:07:25.399 when you hear that Nigerian bonds were over subscribed, what 135 00:07:25.879 --> 00:07:30.920 happens that the Americans are taking money from Japan. From 136 00:07:30.959 --> 00:07:35.480 America Japan is zero percent. You take one at zero percent. 137 00:07:35.839 --> 00:07:39.040 You come to Nigeria and you buy federal government bonds 138 00:07:39.199 --> 00:07:42.920 or almost securities and you make six to ten percent. 139 00:07:43.360 --> 00:07:46.879 So look at the margin in dollars not a dollar terms. 140 00:07:47.199 --> 00:07:49.000 Then you can go back and cover your risks and 141 00:07:49.079 --> 00:07:49.360 all that. 142 00:07:49.720 --> 00:07:51.279 Nigeria is a you see what we'll call it a 143 00:07:51.560 --> 00:07:54.240 Christmas intelligi international yields. 144 00:07:54.240 --> 00:07:57.639 We're giving forth a lot of yel to borrow. So 145 00:07:57.959 --> 00:08:00.360 up lay that picture for you. Let's come out what's 146 00:08:00.360 --> 00:08:03.839 going on in Nigeria. The present wants to borrow. 147 00:08:03.639 --> 00:08:07.800 About twenty one billion dollars, about two billion euros and 148 00:08:07.879 --> 00:08:10.399 a few years here and there about like said, forty 149 00:08:10.439 --> 00:08:12.480 five trillren when you converted to naira. 150 00:08:12.959 --> 00:08:18.240 What's the problem. It's too much debt. Remember what I said. 151 00:08:18.319 --> 00:08:21.759 The total death Nigeria has as a December twenty forty 152 00:08:21.839 --> 00:08:25.199 last because we have it's forty five, So the present 153 00:08:25.240 --> 00:08:30.000 wants to borrow fifty percent. About fifty percent of that debt. 154 00:08:30.240 --> 00:08:32.200 We don't know from where, So we don't know if 155 00:08:32.200 --> 00:08:34.840 it's going to be eurobonds, what's going to be development 156 00:08:34.960 --> 00:08:37.080 is We don't know. Until we know, we can do 157 00:08:37.120 --> 00:08:41.000 a deeper dive. Now, what's the problem. Clearly you can 158 00:08:41.039 --> 00:08:43.519 tell that if you own the company and you are 159 00:08:43.559 --> 00:08:47.120 going to borrow that amount of money, your board will say, 160 00:08:47.159 --> 00:08:49.480 come on, let's let's be let's kind let's slow down. 161 00:08:49.879 --> 00:08:52.320 What's the money going to be used for? How are 162 00:08:52.360 --> 00:08:55.600 we going to pay back? When we borrow in naira, 163 00:08:55.799 --> 00:08:59.240 which is what we've been doing with treasury bills, treasury bonds, 164 00:08:59.399 --> 00:09:02.840 civils bone, we can print niner pay back if all 165 00:09:02.919 --> 00:09:07.360 else fails. When you borrow money, it's like a tax increase. 166 00:09:08.440 --> 00:09:12.279 It's the same thing. Borrowing is faster than taxes. That's 167 00:09:12.279 --> 00:09:13.799 why government is like to borrow. 168 00:09:14.000 --> 00:09:15.240 But when you borrow. 169 00:09:14.960 --> 00:09:17.840 And you increase taxes is the exact same thing. The 170 00:09:17.879 --> 00:09:19.200 citizens paid the lending. 171 00:09:19.879 --> 00:09:23.360 The lending, so citizens pay down the debt and the 172 00:09:23.399 --> 00:09:27.279 citizens also pay taxes. There's no difference. So when you 173 00:09:27.399 --> 00:09:32.320 want to borrow twenty five billion, right, let's just create 174 00:09:32.679 --> 00:09:35.919 twenty three billion dollars or forty five trillion. 175 00:09:36.960 --> 00:09:38.399 Essentially, what you're doing is. 176 00:09:38.399 --> 00:09:43.399 That you are increasing taxes by forty five trillion NYRA. 177 00:09:44.200 --> 00:09:47.919 So you see, it's easier to borrow than to increase 178 00:09:48.000 --> 00:09:51.000 taxes because the citizens do not understand it's the tax. 179 00:09:51.519 --> 00:09:54.000 They think it's borrowing that they will not pay. 180 00:09:54.159 --> 00:09:54.720 No, no, no, no. 181 00:09:55.200 --> 00:10:00.000 The government doesn't pay back loans. Citizens pay back loans. 182 00:10:00.720 --> 00:10:04.159 Same where the government taxes here, you pay the tax. 183 00:10:04.159 --> 00:10:08.159 There's no body called government, there's a little someone called citizen. 184 00:10:08.759 --> 00:10:11.759 So if you go back now we want to borrow 185 00:10:11.799 --> 00:10:14.039 the forty five trillion, what do we want to use 186 00:10:14.080 --> 00:10:14.279 it for? 187 00:10:14.519 --> 00:10:15.320 We don't know. 188 00:10:15.399 --> 00:10:18.679 We haven't been told. What has been the response of 189 00:10:18.720 --> 00:10:21.200 the government. The government has said no, no, no, no, hold on, 190 00:10:21.559 --> 00:10:25.240 we're not borrowing forty five trillion. We're not borrowing to 191 00:10:25.360 --> 00:10:29.000 the three billion. We are simply saying we want to have. 192 00:10:29.080 --> 00:10:31.039 The capacity to borrow that. 193 00:10:31.159 --> 00:10:35.519 If you look at something called the Medium Term Expenditure 194 00:10:35.919 --> 00:10:38.879 Framework or the whatever it's called, right that you will 195 00:10:38.919 --> 00:10:42.279 see this borrowing there. It just means that we are 196 00:10:42.440 --> 00:10:47.039 planning to borrow. Okay, So I went to the medium 197 00:10:47.159 --> 00:10:49.639 term exponential framework to take a look at it and 198 00:10:49.679 --> 00:10:54.120 see what's in that framework. In that framework, what it 199 00:10:54.159 --> 00:10:56.519 is again give you history in the past. 200 00:10:56.600 --> 00:10:58.879 I think it was under a Passenger's regime. He was 201 00:10:59.000 --> 00:11:00.759 fighting a lot of it with. 202 00:11:00.159 --> 00:11:03.519 With they stay because a lot of fight and they 203 00:11:03.559 --> 00:11:06.080 said he will will just come every year a new 204 00:11:06.240 --> 00:11:08.480 budget would come there and there'll be a new surprise 205 00:11:08.679 --> 00:11:11.360 either bid that wanted to bench my prize but want 206 00:11:11.399 --> 00:11:12.559 to borrow, want to pay back. 207 00:11:12.559 --> 00:11:14.960 So it's like keep us in an. 208 00:11:14.840 --> 00:11:18.960 Elongated plan, a physical plan to say, if you want 209 00:11:19.000 --> 00:11:21.159 to borrow, break it down, let's show what we want 210 00:11:21.159 --> 00:11:23.519 to do the next two three years. So in some 211 00:11:23.759 --> 00:11:26.960 reason that's how we got the medium term exponential of framework. 212 00:11:27.000 --> 00:11:28.360 So the government just can wake. 213 00:11:28.240 --> 00:11:30.840 Up in a budget cycle and say want to borrow 214 00:11:30.840 --> 00:11:33.919 a hundred billion, It has to plan that out and say, okay, 215 00:11:33.919 --> 00:11:35.799 in the next three years, we're going to borrow a 216 00:11:35.879 --> 00:11:39.480 hundred billion, will borrow thirty, will borrow thirty, will borrow thirty. 217 00:11:39.600 --> 00:11:40.879 Okay, that's fantastic. 218 00:11:41.279 --> 00:11:43.919 But if you don't look at the medium term XPoNential 219 00:11:44.039 --> 00:11:49.360 framework for five the total amount that Nigeria wants to 220 00:11:49.399 --> 00:11:53.320 borrow is about eight trillion. It's one, two three. But 221 00:11:53.480 --> 00:11:57.600 right now we're asking for a person to borrow forty 222 00:11:57.679 --> 00:12:00.720 five trillion, so he doesn't add even if you take 223 00:12:00.759 --> 00:12:04.240 a rounding error, even if you take inflation, is just 224 00:12:04.480 --> 00:12:08.200 simply too much to borrow. It's just too much. 225 00:12:08.720 --> 00:12:12.360 Even if you add up to twenty five and twenty six, 226 00:12:12.559 --> 00:12:14.919 it's still not up to fifteen billion trillion. 227 00:12:15.519 --> 00:12:17.879 It's still up to fifteen trillion. If you had both years, 228 00:12:17.919 --> 00:12:20.360 it's still not fifteen trillion. So why is there a 229 00:12:20.399 --> 00:12:27.080 big disparity? Simple the exchange rates in the medium term. 230 00:12:27.320 --> 00:12:31.039 Explain framework. Sorry, lots of information, but just follow. It's 231 00:12:31.279 --> 00:12:36.320 less than seven hundred dollars. So Nagia had written it's 232 00:12:36.720 --> 00:12:39.000 in twenty four and said we're going to borrow eight 233 00:12:39.480 --> 00:12:43.759 trillion and we're going to use less than several hundred 234 00:12:43.799 --> 00:12:47.399 dollars to one. Then twere to one dollars, So now 235 00:12:47.480 --> 00:12:49.279 dollar is about sixteen hundred. 236 00:12:50.120 --> 00:12:53.919 So call it the entire medium ten. Just be sure. 237 00:12:54.000 --> 00:12:57.720 Framework no longer can stand under in its scrutiny. It 238 00:12:58.480 --> 00:12:59.360 is outdated. 239 00:13:00.240 --> 00:13:03.879 It's got seven hundred that space it's actually six ninety nine, 240 00:13:03.879 --> 00:13:08.919 but it's updated. We're now at fifteen hundred, sixteen hundred dollars. 241 00:13:08.919 --> 00:13:12.600 That's not one inflation. Everything is off the charts. So 242 00:13:12.879 --> 00:13:16.679 what should the government do when you want to borrow money? 243 00:13:16.720 --> 00:13:20.360 I come to your plan in twenty twenty four, but 244 00:13:20.480 --> 00:13:24.720 in twenty twenty five, your currency has appreciated, your implation 245 00:13:24.799 --> 00:13:28.080 has gone up, and you can no longer borrow. Same 246 00:13:28.120 --> 00:13:29.919 way if I ask you a question, Let's say you 247 00:13:30.000 --> 00:13:33.320 plan to buy two Rolls Roys in twenty twenty four 248 00:13:33.480 --> 00:13:37.639 because you were expecting to end dollars, and then twent 249 00:13:37.639 --> 00:13:41.080 twenty five came. The dollars you were explained to end 250 00:13:41.159 --> 00:13:42.000 no longer came. 251 00:13:42.120 --> 00:13:44.759 What would you do? Would you go and borrow. 252 00:13:44.440 --> 00:13:47.559 Going to buy two rolls Roys, or would you say, Okay, 253 00:13:47.639 --> 00:13:50.360 I'm going to gonna buy Toyota. I don't have many 254 00:13:50.360 --> 00:13:54.559 focials anymore. I'll simply buy a Toyota. In Nineteeriaki Nageria said, 255 00:13:54.720 --> 00:13:56.559 We're not only going to buy the two rules reds, 256 00:13:56.600 --> 00:13:59.639 We're gonna add two more rolls Roys. We're gonna buy 257 00:13:59.679 --> 00:14:02.639 four brand new rule stress and I'm going to fund 258 00:14:02.639 --> 00:14:04.759 this for many rules rights who are going to borrow. 259 00:14:06.000 --> 00:14:08.080 That's what's going on here guys. So let me give 260 00:14:08.080 --> 00:14:10.799 you my last start. I said, some guys want to speak, right, 261 00:14:10.840 --> 00:14:12.720 and I'll want you guys to speak and come back 262 00:14:12.720 --> 00:14:12.960 on me. 263 00:14:13.080 --> 00:14:13.240 Right. 264 00:14:13.639 --> 00:14:14.600 This is my last start. 265 00:14:14.879 --> 00:14:17.240 Let's look at actuals now, because I'm giving you twent 266 00:14:17.240 --> 00:14:21.639 twenty four, I'm giving you twenty three projection. So let's 267 00:14:21.679 --> 00:14:24.759 go back to the time when Nigeria actually spend money 268 00:14:24.759 --> 00:14:25.320 on broadmen. 269 00:14:25.360 --> 00:14:26.720 I see what was the result. 270 00:14:26.759 --> 00:14:28.960 Let's compare with oil prices and then see what we 271 00:14:29.000 --> 00:14:29.639 can tell them that. 272 00:14:31.080 --> 00:14:33.840 So I pulled up twenty to twenty three. 273 00:14:34.679 --> 00:14:38.360 This is the actual now actual in twenty twenty three, 274 00:14:39.039 --> 00:14:43.879 Nigeria said we're going to spend at the oil price. Right, 275 00:14:44.120 --> 00:14:48.279 what going to borrow was about seventy five dollars a barrel? 276 00:14:48.440 --> 00:14:51.120 Just that's what it said. That oil price is not 277 00:14:51.120 --> 00:14:55.360 only just it's a free In twenty twenty three, forget 278 00:14:55.399 --> 00:14:57.720 what they said. In twenty twenty three, the oil price 279 00:14:58.120 --> 00:15:03.720 on average was eighteen So twenty twenty three, follow the 280 00:15:03.759 --> 00:15:07.039 oil price on average was eighty one dollars. What was 281 00:15:07.159 --> 00:15:11.360 not just output, just output was one point three million 282 00:15:11.519 --> 00:15:15.320 barrels per day. What's our output today about one point 283 00:15:15.399 --> 00:15:19.120 four one point five what oil price today about sixty five. 284 00:15:19.759 --> 00:15:23.639 So remember in twenty twenty three the average oil price 285 00:15:23.879 --> 00:15:28.120 was eighty one dollars, but an output of one point 286 00:15:28.159 --> 00:15:32.200 three three. Okay, with these numbers, what do you think 287 00:15:32.399 --> 00:15:37.159 was the total revenue, no deductions, none. 288 00:15:37.279 --> 00:15:41.000 That Nigeria made from crude oil? No deduction? Was a 289 00:15:41.159 --> 00:15:43.000 total amount of money that you made from. 290 00:15:42.879 --> 00:15:46.440 Crude oil when the oil prize were eighty one dollars 291 00:15:46.559 --> 00:15:50.519 barrel and output was one point three Guys, we made 292 00:15:50.559 --> 00:15:55.480 about five point five trillion, no deductions. 293 00:15:54.879 --> 00:15:59.080 So not paid fifty percent to Shell and the joint venture. Guys. 294 00:15:59.360 --> 00:16:03.279 Just the total our character taming is five point five trillion. 295 00:16:03.720 --> 00:16:06.919 It's not a lot of money. The point I'm making 296 00:16:07.000 --> 00:16:12.200 us all these projections of forty five trillion borrowing is 297 00:16:12.360 --> 00:16:17.480 based on selling oil at seventy five dollars and two 298 00:16:17.600 --> 00:16:21.840 million barrels. But I'm sure you guys are in twenteeny three, 299 00:16:22.360 --> 00:16:25.720 when we actually sold one point trillion barrels a day 300 00:16:26.480 --> 00:16:29.039 at eighty one dollars, we got less than six trillion. 301 00:16:29.519 --> 00:16:32.200 We got less than six trillion, which is less than 302 00:16:32.240 --> 00:16:34.679 what's in the midium term frame work for twenty five, 303 00:16:35.039 --> 00:16:38.080 which is if you take sixtillion. Multiply by forty five. 304 00:16:38.399 --> 00:16:41.200 This is almost five or six times what we want 305 00:16:41.240 --> 00:16:44.840 to borrow or what wanted. The license to borrow doesn't 306 00:16:45.080 --> 00:16:50.360 make any sense. The government can't tell Nigerians, Oh, you 307 00:16:50.360 --> 00:16:52.919 don't understand what we're doing. We're not going to borrow 308 00:16:53.120 --> 00:16:57.159 twenty two billion dollars. If you're not going to borrow it, 309 00:16:57.639 --> 00:17:02.039 why did you write a letter to the Assembly and 310 00:17:02.080 --> 00:17:05.200 get the red your right to the Assembly to get 311 00:17:05.240 --> 00:17:10.440 permission to spend money. That's why letter better letter to get. 312 00:17:10.319 --> 00:17:16.319 Permission to borrow and spend, because the National Assembly can 313 00:17:16.440 --> 00:17:20.200 give the President the powers to borrow and spend. Remember 314 00:17:20.680 --> 00:17:26.640 Harry printed twenty three trillion without permission for National Assembly. 315 00:17:26.720 --> 00:17:29.519 What happened in the end he had to go back 316 00:17:30.079 --> 00:17:30.799 to National. 317 00:17:30.559 --> 00:17:33.839 Assembly and get those that borrowing the ways and means 318 00:17:34.160 --> 00:17:37.839 converted to a bond which sits in our bond piece today. 319 00:17:38.240 --> 00:17:41.880 That's why we're forty five billion because we've converted to 320 00:17:42.079 --> 00:17:45.160 Harry's printing waison means two. 321 00:17:45.480 --> 00:17:48.200 Death bonds, which you are and I and our kids 322 00:17:48.200 --> 00:17:52.559 that don't pay. So if you're going to borrow, why 323 00:17:52.599 --> 00:17:56.839 are you writing to National Assembly? Doesn't spass a snall test. 324 00:17:57.160 --> 00:17:59.839 I've given you guys too much data. Let me hear 325 00:17:59.880 --> 00:18:03.240 you that. After all, you've got the floor. Sut what 326 00:18:03.400 --> 00:18:05.759 you I mean, I've tried to There's a lot I 327 00:18:05.799 --> 00:18:08.200 could see on this. I would want to just flood 328 00:18:08.240 --> 00:18:10.799 the space with numbers. But what's your ticket? 329 00:18:10.839 --> 00:18:12.440 What's good? Are we in the death track? 330 00:18:14.720 --> 00:18:17.519 I calibor, Harry, I can, I can? 331 00:18:17.680 --> 00:18:19.359 I can hear you, So go ahead. 332 00:18:20.640 --> 00:18:24.480 Yeah, so let's again get to it. It's you kind 333 00:18:24.519 --> 00:18:27.279 of covered that into the picture. I think I'll just 334 00:18:27.319 --> 00:18:28.240 go to your question. 335 00:18:29.519 --> 00:18:30.240 We are. 336 00:18:32.279 --> 00:18:35.519 Most people assume we are approached, if not very close. 337 00:18:36.000 --> 00:18:39.519 I personally think we're already there, and I'll just I'll 338 00:18:39.559 --> 00:18:40.920 give you us a quick reason. 339 00:18:41.599 --> 00:18:45.680 Twenty twenty four any ending of twenty. 340 00:18:45.440 --> 00:18:47.119 Twenty four our. 341 00:18:48.680 --> 00:18:55.319 That's servicing the sense of the confessional that everything was around. 342 00:18:55.640 --> 00:19:00.559 Of approximately generally speaking, you were and it was a 343 00:19:00.599 --> 00:19:04.440 death trap. When you are getting out of forty five percent, 344 00:19:06.160 --> 00:19:10.039 that's you're getting your your forty five you're in the 345 00:19:10.079 --> 00:19:10.759 depth trap. 346 00:19:11.839 --> 00:19:16.319 Now, But that is that was at seventy three dollars 347 00:19:16.359 --> 00:19:18.480 a barrow at the time. 348 00:19:20.359 --> 00:19:23.480 This is before all the at least the last six months, 349 00:19:23.480 --> 00:19:26.160 the World Bank requests have come in the dollar, the. 350 00:19:26.160 --> 00:19:27.359 Dollar bond and the rest. 351 00:19:28.119 --> 00:19:31.000 So I assume I guess one of the official figures. 352 00:19:31.039 --> 00:19:38.640 We are already above twenty, so already close. But in 353 00:19:38.680 --> 00:19:48.519 this whole discussion, most people do factor an NPC a 354 00:19:48.640 --> 00:19:53.319 standing them one hundred and fifty three trilling and that 355 00:19:53.480 --> 00:19:55.559 is official officially. 356 00:19:55.599 --> 00:19:59.880 With this investigations, it's suspected to be more because then 357 00:20:00.160 --> 00:20:03.119 he had had one a series of deals. They have 358 00:20:03.279 --> 00:20:05.440 multiple subsidutions scattered across the globe. 359 00:20:05.799 --> 00:20:08.680 Then that's their internal general operations. 360 00:20:08.680 --> 00:20:12.880 Since Carrier left, Carrier there is highly suspected to be 361 00:20:12.960 --> 00:20:19.319 much larger than the States, and it's not. It's not 362 00:20:19.400 --> 00:20:23.440 mutually exclusive because nnpc's debt directly the first the ability 363 00:20:23.519 --> 00:20:25.160 to contribute to the federalal. 364 00:20:26.440 --> 00:20:30.880 The primary the primary base for our revenue. 365 00:20:33.640 --> 00:20:37.640 So if we are already close just looking at Nigeria's 366 00:20:37.839 --> 00:20:40.920 current depth standing the percentage of the. 367 00:20:42.720 --> 00:20:47.640 Already there factoring in a NBC. From my perspective, well, 368 00:20:47.319 --> 00:20:48.119 well is that. 369 00:20:50.079 --> 00:20:55.440 It's just and the oil prices is the thicker because 370 00:20:55.480 --> 00:20:58.440 if if, if, if geopolitical sense was down a bit, 371 00:20:58.480 --> 00:21:01.480 let's assume things get worst case SCENARIOIL, it is. 372 00:21:01.480 --> 00:21:02.960 Only going to continue to go down. 373 00:21:04.039 --> 00:21:08.440 Unless it Israel bombs around tomorrow that might that might 374 00:21:08.480 --> 00:21:09.200 spike thing as well. 375 00:21:09.240 --> 00:21:11.640 But why is it we're not going to. 376 00:21:11.640 --> 00:21:15.160 Get to the eighty dollars seventy five dollars or very unlikely. 377 00:21:15.119 --> 00:21:17.480 And there's not not any review it would be sustained. 378 00:21:19.799 --> 00:21:21.920 So it's just answer the question. 379 00:21:22.000 --> 00:21:26.960 I think we're either already there and the. 380 00:21:26.279 --> 00:21:29.599 Metrics just have to catch up. We're very close, and 381 00:21:29.640 --> 00:21:33.759 this is the latest request if in any if it's 382 00:21:33.920 --> 00:21:35.200 well I don't expect with. 383 00:21:35.319 --> 00:21:37.440 Robert Stamps and is that they are ready pushed back 384 00:21:37.960 --> 00:21:40.319 lys requests more than likely that. 385 00:21:40.559 --> 00:21:41.240 It's a good point. 386 00:21:43.200 --> 00:21:44.680 Yeah, because that's I mean. 387 00:21:45.680 --> 00:21:48.079 We can go into all aspects. But just answer your question. 388 00:21:48.119 --> 00:21:53.200 I think we were we are very close or already there. 389 00:21:54.240 --> 00:21:57.240 And folks asking what is it trap that you understand? 390 00:21:57.880 --> 00:21:59.920 What is it in nomer? So let me give it 391 00:22:00.119 --> 00:22:03.079 dismissed for trap. It doesn't come to your well. And 392 00:22:03.119 --> 00:22:04.359 when she was Minister of. 393 00:22:04.440 --> 00:22:08.160 Finance when she negatility the parents that I believe she 394 00:22:08.359 --> 00:22:11.079 was seeing at the actual amount that was borrowed by 395 00:22:11.200 --> 00:22:14.720 night year was about five billion. The total amount that 396 00:22:14.799 --> 00:22:17.960 was actually borrowed on five or seven billion. What we 397 00:22:18.039 --> 00:22:21.759 owe them was forty four billion, So what's the different 398 00:22:22.240 --> 00:22:27.359 interest on interest negative amortization finds that I capitalized. So 399 00:22:27.400 --> 00:22:30.839 when you have a debt that it is impossible to 400 00:22:30.880 --> 00:22:34.480 get out of because the cost of something that debt. 401 00:22:34.279 --> 00:22:35.079 It's just you. 402 00:22:35.079 --> 00:22:38.480 You can only says it does pay the interest, but 403 00:22:38.599 --> 00:22:40.200 you can't pay the principle. 404 00:22:40.759 --> 00:22:44.319 That's a debt trap. So you see it both times. 405 00:22:44.400 --> 00:22:47.640 When you have this word called payday loans. Maybe you 406 00:22:47.720 --> 00:22:48.720 eard one hundred nira. 407 00:22:49.240 --> 00:22:52.440 Then someone says I'll give you an advance on your salary, 408 00:22:52.880 --> 00:22:55.400 but you will give me your salary when it comes. 409 00:22:55.480 --> 00:22:56.160 You say, okay. 410 00:22:56.599 --> 00:23:00.319 So the guy gives you fifty ira, but that adding 411 00:23:00.359 --> 00:23:04.119 you fifty percent. So in essence, when you get your 412 00:23:04.200 --> 00:23:07.240 next paycheck, he takes fifty dollars fifty niner er from 413 00:23:07.240 --> 00:23:09.680 your paycheck. How do you survive? You go back to 414 00:23:09.720 --> 00:23:11.519 him and say, I want to borrow on that fifteen 415 00:23:11.559 --> 00:23:15.000 nine er he gives you. Now you're on in one 416 00:23:15.039 --> 00:23:18.599 hundred and fifty, you give him seventy five. You can 417 00:23:18.680 --> 00:23:21.640 never pay him as principal, you are just taking real 418 00:23:21.799 --> 00:23:26.119 financing that loan to survive. Switce NYDERA has death servicing 419 00:23:26.400 --> 00:23:30.759 as our number one expense item what we pay the 420 00:23:30.799 --> 00:23:33.960 service debt is what I will pay for education, defense. 421 00:23:34.279 --> 00:23:39.599 Come bind. That's the point. You can't get out of it. 422 00:23:39.680 --> 00:23:42.480 You're making money for Wall Street. That's what everybody is saying. 423 00:23:43.000 --> 00:23:45.000 If n NPC is. 424 00:23:45.640 --> 00:23:51.480 Every bone number is a one nineteen trillion, one hund 425 00:23:51.880 --> 00:23:55.880 three one hundred and fifty three trillion has already been 426 00:23:56.759 --> 00:23:58.240 logged in by n NPC. 427 00:23:58.440 --> 00:24:01.160 This is an off balance sheet or in NIER will 428 00:24:01.160 --> 00:24:05.440 call it an off fack debt. When NPC owes money, 429 00:24:05.519 --> 00:24:08.039 what means to you is that they don't contribute. Going 430 00:24:08.119 --> 00:24:11.200 to fuck, So you are paying. 431 00:24:11.680 --> 00:24:15.079 You are subsidizing any pcy because NPC should payble to 432 00:24:15.119 --> 00:24:15.480 the fuck. 433 00:24:16.039 --> 00:24:18.799 The government takes that fuck and pays does your roads. 434 00:24:19.440 --> 00:24:22.559 But in this sense, NNPC is not contributing one hundred 435 00:24:22.599 --> 00:24:26.279 and fifty three too fark, So you are paying in taxes. 436 00:24:26.759 --> 00:24:27.920 That's what's going on. 437 00:24:28.359 --> 00:24:31.359 So when you then add this to forty five trillion, 438 00:24:32.400 --> 00:24:35.880 and remember this is in dollars. Anything is growing in dollars, 439 00:24:36.319 --> 00:24:38.960 we're borrowing in dollars. How do you pay back? 440 00:24:39.680 --> 00:24:42.000 I don't give you, guys the figures when oil prices 441 00:24:42.000 --> 00:24:44.039 were at eighty one or so. 442 00:24:44.480 --> 00:24:48.640 We only end five trillion. It's not a lot of money. 443 00:24:48.759 --> 00:24:51.039 This oil is not a lot of money. We have 444 00:24:51.200 --> 00:24:54.559 too many people in Nigeria and we share forty or 445 00:24:54.559 --> 00:24:56.240 said to the oil majors. 446 00:24:57.640 --> 00:25:00.480 So I think thanks for that background, let me get 447 00:25:00.559 --> 00:25:03.680 see you. Yeah, go ahead, I just answered. 448 00:25:04.720 --> 00:25:08.640 Another major concern is that the n NPC's. 449 00:25:08.200 --> 00:25:11.519 Loans are not as transparent as the in terms. 450 00:25:11.200 --> 00:25:16.200 Of nmpc's loans are not the directing the public, which 451 00:25:16.839 --> 00:25:18.920 is something to concern. 452 00:25:20.440 --> 00:25:22.559 And again just just a. 453 00:25:22.559 --> 00:25:23.720 Reminder that. 454 00:25:25.799 --> 00:25:26.839 Is the best. 455 00:25:27.119 --> 00:25:30.720 That is what is publicly not there is suspicion that 456 00:25:30.880 --> 00:25:33.359 is significant, maybe not significantly. 457 00:25:32.880 --> 00:25:35.160 It might be higher than that. 458 00:25:35.240 --> 00:25:39.240 And they're doing forward sales. So n NPC sells oil. 459 00:25:39.440 --> 00:25:41.960 The money goes to the lend to the lender, the 460 00:25:42.079 --> 00:25:45.119 lender takes his his payment and then sends an ny 461 00:25:45.160 --> 00:25:47.920 pc of the balance. So what you might see is 462 00:25:47.960 --> 00:25:51.200 that we sell oil and not making any money, you know. 463 00:25:51.319 --> 00:25:53.640 But I refer for the last two or three years 464 00:25:53.960 --> 00:25:57.759 and it had not done any remittance to the CBN. 465 00:25:58.559 --> 00:26:01.160 JP Morgan wrote that more to set report what I said, 466 00:26:01.200 --> 00:26:06.359 Nigera was the only oil exporting nation only that had 467 00:26:06.359 --> 00:26:09.519 not taken advantage of the rising oil prices because people 468 00:26:09.759 --> 00:26:12.960 keeps oil seals for most of the oil countries on Earth. 469 00:26:13.079 --> 00:26:16.960 Right this said Nigeria was the only country on Earth 470 00:26:17.720 --> 00:26:20.519 that oil prices had gone up and we had not 471 00:26:20.799 --> 00:26:23.920 increased our rappeens in the periods are coming to JP Morgan, 472 00:26:24.000 --> 00:26:26.640 this was gonna happen. So even if oil prices go 473 00:26:26.759 --> 00:26:29.279 up or down, if you are paid too much basic, 474 00:26:29.680 --> 00:26:32.160 it's not gonna wun to fuck. If money doesn't come 475 00:26:32.200 --> 00:26:35.640 to fuck, your miror is going to fall. It's it's 476 00:26:35.680 --> 00:26:36.920 not it's it's Matt. 477 00:26:37.599 --> 00:26:42.839 Your nera is a derivative of Brent crude oil. Your 478 00:26:42.920 --> 00:26:47.359 nera if brent'screwde goes up, never goes up. So if 479 00:26:47.400 --> 00:26:50.119 you keep on borrowing in dollars, you are taking more 480 00:26:50.160 --> 00:26:53.720 of that nera to attach to that breastprud living the 481 00:26:54.160 --> 00:26:59.279 error no support, but business are connected. You can't remember 482 00:26:59.400 --> 00:27:03.079 the tax increase when you borrow is a tax increase? 483 00:27:03.480 --> 00:27:06.799 See you what your mind sir? You've had what's to 484 00:27:06.839 --> 00:27:08.480 talking about? What you think? 485 00:27:08.680 --> 00:27:08.920 Yeah? 486 00:27:09.480 --> 00:27:12.480 Yeah, thank you can for giving me the opportunity to 487 00:27:12.519 --> 00:27:17.079 speak once gain Your insights are very informative and everybody 488 00:27:17.519 --> 00:27:19.880 what you talked about as well can you hear. 489 00:27:19.759 --> 00:27:22.000 Me, yes, I can clearly, Okay. 490 00:27:22.279 --> 00:27:26.519 So I want to come from this your position into 491 00:27:26.640 --> 00:27:28.799 in a more balanced here because. 492 00:27:29.240 --> 00:27:31.400 I also look at the negatives and look at the positive. 493 00:27:31.440 --> 00:27:34.079 So first of all, I want to remind people that 494 00:27:34.799 --> 00:27:38.160 you know, we should remember that you know that deficits 495 00:27:38.519 --> 00:27:40.559 are not bad things. You know, if you look at 496 00:27:40.559 --> 00:27:44.160 the periods from nineteen ninety seven two thousand and seven, 497 00:27:44.759 --> 00:27:48.119 most of the G seven round economies. 498 00:27:47.519 --> 00:27:49.319 Around large deficits. 499 00:27:49.559 --> 00:27:52.000 Why is that so because during that period, if you 500 00:27:52.000 --> 00:27:54.440 look at the business cycle, you are in this period 501 00:27:54.480 --> 00:27:57.039 and every time a country in the boss period, you're 502 00:27:57.039 --> 00:27:59.960 going to see that government needs to post a good demand. 503 00:28:00.440 --> 00:28:03.799 So that by busting an argued demand, you see that 504 00:28:04.559 --> 00:28:08.039 deathy spending goes up. Now, the issue with Nigeria, and 505 00:28:08.079 --> 00:28:11.119 you know talking about disopening is when I when I 506 00:28:11.119 --> 00:28:13.200 say that that's and desks aren't really a bad thing, 507 00:28:13.559 --> 00:28:14.240 you have to look. 508 00:28:14.079 --> 00:28:14.599 At it from three. 509 00:28:14.799 --> 00:28:17.279 Is an economic An economic machine is driven by three 510 00:28:17.359 --> 00:28:18.160 main fasts. 511 00:28:18.960 --> 00:28:23.279 Population growth Nigeria is a tonal the Indiana and what 512 00:28:23.319 --> 00:28:25.319 we call productivity growth. 513 00:28:25.279 --> 00:28:29.039 And also leverage what we also call you know, government spending, 514 00:28:29.079 --> 00:28:33.000 government expenditure. Now, the issue is that if you use productivity, 515 00:28:33.000 --> 00:28:35.599 growth and economy, you generally groom to see that you 516 00:28:35.640 --> 00:28:38.759 can increasingly play growth, but at a slower piece. Now, 517 00:28:38.839 --> 00:28:41.960 why most countries in the global most in Nigeria addicted 518 00:28:42.039 --> 00:28:44.799 to this leverage spending, is because if you're able to reach, 519 00:28:46.279 --> 00:28:49.119 you're able to hit economic growth at a much faster pace. 520 00:28:49.599 --> 00:28:51.519 But the issue with you know, this long. 521 00:28:51.440 --> 00:28:55.359 Term spending is that if you keep borrowing, you if 522 00:28:55.400 --> 00:28:57.519 you keep borrowing and you keep on financing things that 523 00:28:57.519 --> 00:28:58.200 are leads. 524 00:28:58.000 --> 00:28:59.960 Over consumption rather than productive. 525 00:29:00.519 --> 00:29:03.359 So for example, look at Nigeria's wistful government spending in 526 00:29:03.400 --> 00:29:06.519 the past, the any DCC projects, the financing of the 527 00:29:06.640 --> 00:29:08.880 aircrafts and fleets and all these kind of things that 528 00:29:09.079 --> 00:29:13.640 is overcon that is financing via deficity, spending over consumption 529 00:29:13.799 --> 00:29:14.519 on things. 530 00:29:14.240 --> 00:29:16.319 That do not yield growth in the economy. 531 00:29:16.759 --> 00:29:21.839 Now, my concern in Nigeria's fiscal position and desastainability. If 532 00:29:21.839 --> 00:29:24.119 you look at you know, our government budgets, our government 533 00:29:24.119 --> 00:29:27.880 budget deficity GDP, it actually slowed on that tamable from 534 00:29:27.920 --> 00:29:30.319 high point forty three point five percent and it actually 535 00:29:30.319 --> 00:29:32.640 has you know, forecasted by the World Bank expected to 536 00:29:32.640 --> 00:29:35.559 stay within three percent three and a half percent over 537 00:29:35.599 --> 00:29:36.400 the next few years. 538 00:29:36.759 --> 00:29:39.480 That g GDP has also came down as well. Well, 539 00:29:39.519 --> 00:29:40.160 this is good. 540 00:29:40.359 --> 00:29:44.519 I also want to mention that any economy that is 541 00:29:44.599 --> 00:29:49.680 in a budget deficits, you have to be able to 542 00:29:49.759 --> 00:29:51.440 use what we call the desastibility rule. 543 00:29:51.759 --> 00:29:54.240 So in the desas satability role, you're saying that primarily 544 00:29:54.240 --> 00:29:57.680 struggles the GDP. You know it also public sector. 545 00:29:57.720 --> 00:30:02.000 The GDP you multiply your interest, your interest rates on 546 00:30:02.240 --> 00:30:05.480 death or your interested your debts might multiplied by a 547 00:30:05.480 --> 00:30:06.559 real economic growth rate. 548 00:30:06.960 --> 00:30:08.079 Now, an issue in Nigeria is. 549 00:30:08.079 --> 00:30:10.640 That if you're or any other economy, if you're running 550 00:30:11.440 --> 00:30:14.559 budget deficits, you need to have your primarise. 551 00:30:14.720 --> 00:30:16.759 You need to have to run a primary surplus. That's 552 00:30:16.759 --> 00:30:18.079 what brings them top down. 553 00:30:18.559 --> 00:30:20.640 What Nigeria is trying to do is borrows so that 554 00:30:20.799 --> 00:30:22.559 I don't know, im maybiely wants to borrow. 555 00:30:22.319 --> 00:30:25.000 Money to you know, maybe increase productivity growth. 556 00:30:25.160 --> 00:30:27.759 But you can only do that when your real economic 557 00:30:27.799 --> 00:30:30.559 growth rate is great beater than your real interest rate 558 00:30:30.599 --> 00:30:31.319 of your economy. 559 00:30:31.680 --> 00:30:33.920 That is, that is the problem that Nigeria has. 560 00:30:34.480 --> 00:30:37.119 Now, the last thing I want to mention before I 561 00:30:37.200 --> 00:30:39.200 give it back to you is that you know, what 562 00:30:39.319 --> 00:30:40.359 Nigeria needs. 563 00:30:40.160 --> 00:30:42.720 To do is that they have to go to a 564 00:30:42.839 --> 00:30:43.799 deleveraging phase. 565 00:30:44.160 --> 00:30:45.519 And in the leveraging. 566 00:30:45.079 --> 00:30:48.359 Phase, think you have to look at such as debt 567 00:30:48.400 --> 00:30:52.160 restructuring such as what was saying, such as what was 568 00:30:52.200 --> 00:30:56.000 seen in Ghana and Zambia, or you know, the cuting 569 00:30:56.039 --> 00:30:58.799 of wasteful spending. So for example, you guys talk talk 570 00:30:58.839 --> 00:30:59.960 about that phasical forecast. 571 00:31:00.119 --> 00:31:02.839 Yes, we want to say seventy five dollars a barrel, 572 00:31:03.920 --> 00:31:05.000 two million bars a day. 573 00:31:05.160 --> 00:31:07.200 And you know oil right now trending in the mid 574 00:31:07.240 --> 00:31:09.640 sixties and I don't see all even going anywhere or 575 00:31:09.680 --> 00:31:13.680 because of opex massive for supply and Trump's really dual 576 00:31:13.960 --> 00:31:15.000 you know, economic. 577 00:31:14.640 --> 00:31:18.640 Policy to see to allow US dalers to pump more shield. 578 00:31:18.960 --> 00:31:20.720 So I don't see all you're going anywhere. 579 00:31:20.839 --> 00:31:22.640 And what this does is that it really is quite 580 00:31:22.680 --> 00:31:26.480 our physical deficit. So it also also see that we 581 00:31:26.680 --> 00:31:30.720 need to have very conservative fiscal focus. 582 00:31:31.279 --> 00:31:33.599 And also another thing that you talked about is you 583 00:31:33.599 --> 00:31:38.880 know the brands crude correlation with our currency. Now, I 584 00:31:39.039 --> 00:31:42.400 believe I've always said this that Nigeria needs to direstify 585 00:31:42.480 --> 00:31:43.400 our export revenue. 586 00:31:43.640 --> 00:31:45.799 Currently export revenue mixed up about a big more than 587 00:31:45.839 --> 00:31:47.240 eighty percent of this. 588 00:31:47.519 --> 00:31:50.440 And what we need to do is increase more supply side. 589 00:31:50.240 --> 00:31:55.039 Policies, deregulation and align the ruins of our capitalism flow. 590 00:31:55.119 --> 00:31:57.359 Because once you do that, you allow all the sectors 591 00:31:57.400 --> 00:31:59.680 to come and that compete with export revenue so that 592 00:31:59.680 --> 00:32:00.880 we're not dependent on this. 593 00:32:01.759 --> 00:32:04.400 Room bus cycle of commodity prices. 594 00:32:04.440 --> 00:32:06.839 Noure is a commodity back to economy, and if commodity 595 00:32:06.839 --> 00:32:09.680 back economy, you're going to see a very. 596 00:32:09.599 --> 00:32:12.559 High fiscal deficits. So example, you can. 597 00:32:12.480 --> 00:32:15.000 Look at Gala as well Gada known as you know coco. 598 00:32:14.759 --> 00:32:16.720 Producers, which is touched in that currency. 599 00:32:16.759 --> 00:32:20.119 I just read read recently that you're exporting you know, 600 00:32:20.240 --> 00:32:22.920 more good exports and that's going to bring him twelve billion. 601 00:32:23.359 --> 00:32:25.440 And we have potential mining outputs are going to this 602 00:32:25.559 --> 00:32:27.839 about more than twenty percent. So there's something that I'm 603 00:32:27.839 --> 00:32:29.799 saying with her mirror. Is this something we can do now? 604 00:32:30.559 --> 00:32:32.400 Not sure, but long term I think we should look 605 00:32:32.400 --> 00:32:32.599 at that. 606 00:32:32.920 --> 00:32:37.519 Yeah, I think some great yeah also yeah yeah. 607 00:32:37.799 --> 00:32:39.200 And also the last thing I just wanted to say, 608 00:32:39.200 --> 00:32:41.240 because I must speaking again after this, I just want 609 00:32:41.279 --> 00:32:45.039 to say this need for their sustainabilities you know, paramounts 610 00:32:45.039 --> 00:32:48.599 across the global economy. You know the US already looking 611 00:32:48.640 --> 00:32:52.480 at you know, everybody's complaining about the deficit TCJA, and 612 00:32:52.559 --> 00:32:53.880 that is why you're seeing that. 613 00:32:53.920 --> 00:32:56.559 You know, the Trump tires are there to not only 614 00:32:56.599 --> 00:32:59.200 bring manufacturing, but they want to bring down the deficits. 615 00:32:59.240 --> 00:33:01.960 Because in my opinion, if you're not in a war, 616 00:33:02.279 --> 00:33:04.160 if you're not in a recession, if you do not. 617 00:33:04.240 --> 00:33:07.160 Have financial if you if you don't have financial system stress, 618 00:33:07.359 --> 00:33:09.960 you should not run a budget deficit more than six 619 00:33:10.000 --> 00:33:12.640 percent Nigeria broad desk to three percent undtable. 620 00:33:12.960 --> 00:33:14.559 But then again, like I said, in the debt or 621 00:33:14.599 --> 00:33:17.079 the ability role, you have to run a primary. 622 00:33:16.839 --> 00:33:20.160 Surplus, so then you bring your GDP down. So that's 623 00:33:20.240 --> 00:33:21.079 that's all I was saying. 624 00:33:21.119 --> 00:33:23.920 I mean, great points. When you mean you're not talking again, 625 00:33:23.920 --> 00:33:26.519 please hanger, don't go anywhere. So I have this, So 626 00:33:26.640 --> 00:33:29.599 just let's say this right, So thank you for making 627 00:33:29.640 --> 00:33:34.160 that point that debt deficits are not bad. As a 628 00:33:34.160 --> 00:33:37.400 matter of fact, you cannot point to any major economy 629 00:33:37.519 --> 00:33:38.400 on Earth. 630 00:33:38.640 --> 00:33:40.359 That has not to borrow to grow. 631 00:33:41.240 --> 00:33:44.720 Borrowing, even if you are making record revenues, record revenues 632 00:33:44.759 --> 00:33:46.920 do not come at common systems pace. 633 00:33:47.039 --> 00:33:50.359 But your experenses are consistent, so you must borrow to 634 00:33:50.480 --> 00:33:53.119 cover that you know back and forth and also to 635 00:33:53.119 --> 00:33:55.799 invest in infrastructure which you pay. So thanks for making 636 00:33:55.880 --> 00:33:59.240 a point that we're not against death, we're not against borrowing. 637 00:33:59.440 --> 00:34:04.960 You must borrow in Nigeria's case to bridge that infrastructure gap. 638 00:34:05.480 --> 00:34:08.519 I'm not along with that. I think let's highlight this now. 639 00:34:08.880 --> 00:34:11.679 If the government came to us and said, we want 640 00:34:11.760 --> 00:34:15.639 to borrow one trillion dollars, we want to use that 641 00:34:15.840 --> 00:34:21.440 one tillion dollars to connect all states with attending expressway, 642 00:34:22.159 --> 00:34:26.360 high speed reil and want to put stylings in every 643 00:34:26.559 --> 00:34:30.440 community in Nigeria. Was want to build a dams and 644 00:34:30.599 --> 00:34:32.599 connect all the rivers so you can seal. 645 00:34:32.519 --> 00:34:36.519 From Soco to to that delta. I don't think you. 646 00:34:36.480 --> 00:34:42.239 Will get anybody saying what you're behind is project management capacity. 647 00:34:42.320 --> 00:34:46.320 But will anyone talking about debt sustainability because most Nigerians 648 00:34:46.400 --> 00:34:48.960 understand they won't want to buy a house. You go 649 00:34:49.000 --> 00:34:51.519 to the bank and you borrow to buy a house, 650 00:34:51.559 --> 00:34:54.960 and that's a good debt. The problem is that Nigeria 651 00:34:55.079 --> 00:34:58.840 is borrowing. Well, we're not count is good while borrowing 652 00:34:58.960 --> 00:35:04.360 for recovering expenditures that add nothing to the treasury. If 653 00:35:04.440 --> 00:35:06.559 you look at what we're borrowing money from the World banker, 654 00:35:06.719 --> 00:35:10.119 like I was delivered when I said for nutritional support, 655 00:35:10.119 --> 00:35:13.000 dot's pull up World banks loans Nigeria. 656 00:35:13.119 --> 00:35:14.960 Let me give you the one that drives me up. 657 00:35:16.320 --> 00:35:22.760 Nigeria is borrowing in dollars to give nira to poor people. 658 00:35:24.400 --> 00:35:27.000 Say it again, Nigeria is borrowing. 659 00:35:26.639 --> 00:35:31.679 In dollars to give naira to poor people. Will the 660 00:35:31.840 --> 00:35:35.159 poor pop will pay back? No, So down the line, 661 00:35:35.239 --> 00:35:37.840 I just don't pay that loan back in dollars, but 662 00:35:37.920 --> 00:35:39.280 we give it out in naira. 663 00:35:39.440 --> 00:35:41.800 So essentially it's a we're. 664 00:35:41.719 --> 00:35:46.199 Supposed to use our internal taxes to give naira or 665 00:35:46.320 --> 00:35:49.480 borrowing naira and give out there nothing to social skill. 666 00:35:49.800 --> 00:35:53.159 People are poor, give them money, that's fine social welfare. 667 00:35:53.719 --> 00:35:56.400 But to go to the World Bank and borrow they 668 00:35:56.440 --> 00:35:58.519 would argue, oh, it's very very low. 669 00:35:58.440 --> 00:36:02.360 Interest rate, but why why are you borrowing in dollars 670 00:36:02.360 --> 00:36:06.360 for that? That's what's making the what bank side go up. 671 00:36:06.639 --> 00:36:09.119 This is the problem where we borrow for salads. We 672 00:36:09.159 --> 00:36:10.840 call it budget support. 673 00:36:11.039 --> 00:36:13.519 And if you do that, you created that physical hold 674 00:36:13.559 --> 00:36:15.920 in the future that you have no revenue to pay 675 00:36:15.960 --> 00:36:16.280 back on. 676 00:36:16.880 --> 00:36:17.880 That's the problem. 677 00:36:18.480 --> 00:36:22.800 This twenty two billion we're going to borrow, what's it 678 00:36:22.800 --> 00:36:25.360 going to be used for? No one has told us. 679 00:36:25.639 --> 00:36:28.800 They've simply told us we are not borrowing that money. 680 00:36:28.559 --> 00:36:29.440 In a year or two. 681 00:36:29.840 --> 00:36:32.760 But when you do it eventually borrow it, what are 682 00:36:32.840 --> 00:36:34.199 you going to use it for? 683 00:36:34.800 --> 00:36:35.079 No one? 684 00:36:35.360 --> 00:36:38.000 That's the first red flag. If you can see flashing, 685 00:36:38.760 --> 00:36:41.119 that's the red flag flag. That's why what's what I happen. 686 00:36:40.920 --> 00:36:41.440 In this space. 687 00:36:41.840 --> 00:36:45.320 We've held the same topic on this space two or 688 00:36:45.360 --> 00:36:49.559 three times now about death, death, sustainability and borrowing. 689 00:36:49.760 --> 00:36:50.519 You've got to. 690 00:36:50.519 --> 00:36:54.920 Be transpaparent with the tax payers. You cannot come to 691 00:36:55.000 --> 00:36:59.159 Nigerian and say Nigerian's want to borrow forty five children. 692 00:36:59.199 --> 00:37:04.079 Listen who hard it printed twenty three trillion. The cost 693 00:37:04.559 --> 00:37:08.559 in a quarter of that point was a trillion. That's 694 00:37:08.559 --> 00:37:11.159 what's still you were paying cib and before they connected 695 00:37:11.239 --> 00:37:15.159 to a bond was a trillion. So the interest we're 696 00:37:15.239 --> 00:37:19.199 paying to the CBN was more than the what nature 697 00:37:19.239 --> 00:37:22.360 the ferragrament was making from crude oil and gas, and 698 00:37:22.400 --> 00:37:26.159 that was just twenty two trillion. Now we're talking about 699 00:37:26.239 --> 00:37:30.960 forty five trillion. Who is gonna pay it back? The 700 00:37:31.320 --> 00:37:35.000 economy is at a spot where they are no essame 701 00:37:35.199 --> 00:37:38.639 is creating jobs because interest rates are very very high. 702 00:37:39.320 --> 00:37:40.639 IMPII is very very high. 703 00:37:41.320 --> 00:37:44.280 We just lost the bridge in Maqua, so food is 704 00:37:44.320 --> 00:37:47.039 gonna go up with miss impisition is gonna go up. 705 00:37:49.239 --> 00:37:50.760 I don't know what's happening right. 706 00:37:50.840 --> 00:37:54.159 So I saw a guy on Twitter celebrating that the 707 00:37:54.199 --> 00:37:59.880 federal government drew so cook borrowed money at nineteen percent 708 00:38:00.360 --> 00:38:02.920 and it was over subscribed several times. 709 00:38:03.440 --> 00:38:05.119 That's actually a red flag. 710 00:38:06.119 --> 00:38:09.960 It's telling you that Nigeria's are no longer taking risk. 711 00:38:10.599 --> 00:38:14.440 Nobody wants to invest in a business anymore. So everybody's 712 00:38:14.639 --> 00:38:18.519 running for safety of the federal government and are willing 713 00:38:18.559 --> 00:38:23.280 to take nineteen percent even when inflation is twenty three 714 00:38:23.360 --> 00:38:27.480 percent debribased, it was twenty three percent rebased to twenty 715 00:38:27.480 --> 00:38:30.840 three So Nigeria's attend the government that listen. 716 00:38:31.360 --> 00:38:32.559 The environment we. 717 00:38:32.679 --> 00:38:37.079 Find ourselves in Nigeria is so bad that we are 718 00:38:37.320 --> 00:38:41.800 willing to take nineteen percent then take a risk and 719 00:38:41.880 --> 00:38:45.000 start the business. You don't celebrate that. There is not 720 00:38:45.079 --> 00:38:47.960 to celebrate that. Look at America and the US. Good 721 00:38:48.000 --> 00:38:51.239 up to five percent. They're shaking. It's a big problem 722 00:38:51.639 --> 00:38:53.519 that their users are going to five percent. 723 00:38:53.920 --> 00:38:58.000 They wanted to come down. You don't celebrate high yields. 724 00:38:58.840 --> 00:39:03.519 You don't celebrate over subscription based on how yield. If 725 00:39:03.559 --> 00:39:05.800 you want to go gentgy, you were bond it was 726 00:39:05.840 --> 00:39:09.719 abus subscribed. People came home with it to celebrate. And yes, 727 00:39:09.800 --> 00:39:13.119 you celebrate that there's confidence in Nigeria. But people are 728 00:39:13.119 --> 00:39:17.159 only investing because you are paying them seven six ten 729 00:39:18.239 --> 00:39:21.559 on a dollar base. That's why they're investing. 730 00:39:22.840 --> 00:39:25.320 You don't. It doesn't call so. 731 00:39:27.159 --> 00:39:28.920 See you let me give you back to you just 732 00:39:28.960 --> 00:39:31.599 in case you had. I doesn't clarify that point even 733 00:39:31.639 --> 00:39:32.920 about the boys or the issue. 734 00:39:32.960 --> 00:39:34.119 But what we're borrowing for. 735 00:39:35.360 --> 00:39:40.280 Yes, like I said, the boring is not the issue. 736 00:39:40.559 --> 00:39:45.000 It's just what we're boring using theseus, using these. 737 00:39:45.000 --> 00:39:48.480 Step I would say the deficits because it's deficity spending. Yeah, 738 00:39:48.760 --> 00:39:51.840 we're using this to do in terms of productivity good 739 00:39:51.840 --> 00:39:52.639 because let me tell. 740 00:39:52.480 --> 00:39:57.800 You once you once if it's borings additional level, you're 741 00:39:57.800 --> 00:40:01.960 going to see that and niest productivity isn't at a 742 00:40:02.280 --> 00:40:06.039 as a very sustainable that are going to see that 743 00:40:06.159 --> 00:40:09.360 our debts will rise faster than our income. And if 744 00:40:09.400 --> 00:40:11.679 we are debt rights faster than income, I'm sorry. You 745 00:40:11.800 --> 00:40:14.360 are you are screwed because we are going to be 746 00:40:14.440 --> 00:40:18.800 spending more on interest payments over you know, supply side policies. 747 00:40:19.079 --> 00:40:21.800 That is why I even think you know, I agree 748 00:40:21.840 --> 00:40:24.239 that we are if not in the debt track. The 749 00:40:24.360 --> 00:40:26.320 only way we get out of this is you can 750 00:40:26.400 --> 00:40:28.840 borrow money. Finally, but you need to make. 751 00:40:28.800 --> 00:40:33.199 Sure that the productivity side is efficiently comver. 752 00:40:33.760 --> 00:40:36.199 We don't have proctifically growth in a population of. 753 00:40:36.239 --> 00:40:38.079 Twenty and thirty million. If you say this in Europe, 754 00:40:38.519 --> 00:40:41.039 people call you. They will say what you're crazy. 755 00:40:41.199 --> 00:40:44.480 In Europe, for example, people are complaining about Globard rates. 756 00:40:45.199 --> 00:40:47.480 If you have lbald rates, you don't have the sufficient 757 00:40:47.519 --> 00:40:49.039 productivity goes to run economy. 758 00:40:49.719 --> 00:40:53.320 An economy, we have a bulging population group of twenty 759 00:40:53.400 --> 00:40:56.239 and thirty million people and yet productifically growd wrong, yet 760 00:40:56.239 --> 00:40:57.000 the government is boring. 761 00:40:57.079 --> 00:40:59.800 Doesn't make sense to me. You can borrow money China. 762 00:41:00.199 --> 00:41:01.800 That is why we were having double. 763 00:41:01.639 --> 00:41:04.719 G G people from when they year they entered the 764 00:41:04.880 --> 00:41:08.119 WTO so when they started having this real estate crisis. 765 00:41:08.519 --> 00:41:10.800 You can borrow money and you can grow it on 766 00:41:10.960 --> 00:41:13.960 me with productive That's that's my main issue. And also 767 00:41:14.039 --> 00:41:16.360 with the n piecing thing as well. I think it's 768 00:41:16.400 --> 00:41:19.920 stupid in terms of you know, the wind we forecasted, 769 00:41:20.079 --> 00:41:24.719 the the our budget, you know, the way we forecasted 770 00:41:24.800 --> 00:41:26.000 in terms of you know, seventy five. 771 00:41:25.880 --> 00:41:29.000 Dollars a barrel, you know, oil is not. Oil is 772 00:41:29.039 --> 00:41:31.159 not going up. I bet you oil is not going 773 00:41:31.199 --> 00:41:31.400 to go. 774 00:41:31.519 --> 00:41:34.000 Past It's not going to go past tenty five dollars 775 00:41:34.239 --> 00:41:35.800 in this point economic climate. 776 00:41:36.440 --> 00:41:38.679 Because even if you say, you know, Goldman said a 777 00:41:38.719 --> 00:41:41.400 few weeks ago, a few days ago that they believed 778 00:41:41.400 --> 00:41:43.840 that the best edge for your portfolio is to have 779 00:41:44.800 --> 00:41:45.360 gold and oil. 780 00:41:45.440 --> 00:41:48.519 Yes, you can have oil to oil, but if you 781 00:41:48.599 --> 00:41:51.239 have oil in portfolio, I'm sorry, it also brings down, 782 00:41:51.320 --> 00:41:52.000 you know, you know. 783 00:41:52.320 --> 00:41:54.480 Some kind of capital returns, because oil. 784 00:41:54.360 --> 00:41:55.199 Is not going to go up. 785 00:41:55.559 --> 00:41:57.719 Even if you know, at. 786 00:41:57.199 --> 00:42:01.800 Israel we have this realist crisis because of the oversupply 787 00:42:01.920 --> 00:42:03.840 and because all peck plus are increasing. 788 00:42:04.280 --> 00:42:08.679 You know, the founder eleven thousand barrel produced. I don't 789 00:42:08.719 --> 00:42:09.840 know when they said they were going to do, but 790 00:42:09.920 --> 00:42:12.360 that's what they projected. You're going to see that oil 791 00:42:12.400 --> 00:42:15.360 prices are going to do and process's still spare capacity, 792 00:42:15.800 --> 00:42:15.960 you know. 793 00:42:16.239 --> 00:42:19.480 And then Trump as well begging the oil execs in 794 00:42:19.480 --> 00:42:21.800 the US to drill more even though I believe that 795 00:42:21.880 --> 00:42:24.320 that doesn't you know, they wouldn't do it because they 796 00:42:24.320 --> 00:42:26.880 don't want to make losses on your investments. 797 00:42:27.440 --> 00:42:29.039 So that is how it TEA is grow. 798 00:42:29.519 --> 00:42:30.400 You can borrow money. 799 00:42:30.559 --> 00:42:32.840 I don't have no issue in the country borrowing every country. 800 00:42:32.920 --> 00:42:35.079 The de seven countries are brown tons of money. 801 00:42:35.679 --> 00:42:37.039 But you have to fix the. 802 00:42:37.039 --> 00:42:39.840 Productive the decide. That is how you get your supposible. 803 00:42:39.880 --> 00:42:42.000 I think last thing I'll say, you know, Scott person 804 00:42:42.320 --> 00:42:45.440 said said something about set something similar that they. 805 00:42:45.320 --> 00:42:48.079 Will grow their way, they will go that way out 806 00:42:49.079 --> 00:42:52.119 out of that crisis by But I said, you can't 807 00:42:52.159 --> 00:42:54.800 do that if, like you said, I if you use. 808 00:42:54.800 --> 00:42:59.360 That sustainability rule, which is you know, paramount to any IMF. 809 00:42:59.119 --> 00:43:02.920 Fiscal If you use that susimility which says that the 810 00:43:03.079 --> 00:43:06.239 really interests rates, your real economic boot has to be 811 00:43:06.320 --> 00:43:09.000 greater than interest rates. Then if you do that, you 812 00:43:09.079 --> 00:43:12.519 can definite spend and then you can bring down you can. 813 00:43:12.519 --> 00:43:14.440 Your dergy people doesn't rise. 814 00:43:14.719 --> 00:43:18.559 But if you don't have the the productivity bout rates 815 00:43:18.599 --> 00:43:21.199 and you want to suspend, You're only going to increase 816 00:43:21.239 --> 00:43:24.480 your death and devasity sustainability much more higher. 817 00:43:24.800 --> 00:43:25.960 So that's just what I want to say. 818 00:43:26.119 --> 00:43:29.440 Okay, And again, just to be clear, Nigeria's growth rate 819 00:43:29.599 --> 00:43:32.920 is lower than population, more than productivity. 820 00:43:33.000 --> 00:43:35.199 Whatever, very verge and I'll give you a good example. 821 00:43:35.239 --> 00:43:37.519 Let me just just give an example that the bridge inqua. 822 00:43:37.639 --> 00:43:39.400 If you guys don't know what the bridge maqua means 823 00:43:39.760 --> 00:43:42.159 there not, then the good the food from the north 824 00:43:42.320 --> 00:43:43.920 comes to the south via that bridge. 825 00:43:44.239 --> 00:43:47.639 It's gone. Now to the floors. Okay, where are the reels. 826 00:43:48.960 --> 00:43:49.840 We have no reels. 827 00:43:50.000 --> 00:43:55.119 The grail from Legos to Canoe it's narrow gage. Narrow gage, 828 00:43:55.119 --> 00:43:58.320 follow guys, narrow gage from Legos to Cano. We have 829 00:43:58.519 --> 00:44:03.480 built standard gage from Legals to Ibadon. Then we stopped. Okay, 830 00:44:03.960 --> 00:44:11.320 we're now building a rail from Kano to Maradi, Innisia. 831 00:44:12.199 --> 00:44:16.519 That rail line is standard gauge. But the rail line 832 00:44:16.679 --> 00:44:19.440 in Karduna, the one that is in the north presently 833 00:44:19.639 --> 00:44:24.119 is narrow gauge. So follow what I'm saying. In the 834 00:44:24.320 --> 00:44:28.639 whole of the North they only have narrow gauge apart 835 00:44:28.719 --> 00:44:31.800 from the one that goes from a Buja to Karduna. 836 00:44:32.480 --> 00:44:35.599 Now the government has gone to start to build a 837 00:44:35.800 --> 00:44:39.159 standard gauge from Kano to New Year Republic. 838 00:44:39.800 --> 00:44:45.320 Let's assume that rail is completed tomorrow. Who would use it? Nobody? 839 00:44:46.000 --> 00:44:51.199 Why because it's not connected to any rail line coming. 840 00:44:50.960 --> 00:44:51.599 To the south. 841 00:44:51.880 --> 00:44:55.840 It's a standard gauge rail line. The entire rail line 842 00:44:55.880 --> 00:44:59.119 the north is narrow gauge. What means if you want 843 00:44:59.199 --> 00:45:02.239 to send food, well, if the would go from Carno, 844 00:45:02.480 --> 00:45:03.960 then stop at the end of Cano. 845 00:45:04.559 --> 00:45:06.719 We can't put it on the rail that is going 846 00:45:06.800 --> 00:45:11.599 to Legos or for tackled because those are narrow gauge. 847 00:45:12.079 --> 00:45:13.960 You see the point about how we spend on Nigeria 848 00:45:14.440 --> 00:45:17.800 and Governor that I said, Okay, let us continue that standard. 849 00:45:17.519 --> 00:45:20.719 Gauge from from a Badon or even go to Kaduna. 850 00:45:21.559 --> 00:45:24.719 Connect the Kaduna rail that the standard gauge to Cano. 851 00:45:25.599 --> 00:45:26.400 So you're not having. 852 00:45:26.280 --> 00:45:32.280 Network from Nije, Jigawa, Cano, Kaduna, Abuja. 853 00:45:32.440 --> 00:45:33.679 At least get to Abuja. 854 00:45:34.039 --> 00:45:36.280 Then you now connect the rail line that is an 855 00:45:36.360 --> 00:45:39.519 off farm from Worry to a Buja bring or you 856 00:45:39.639 --> 00:45:42.320 have food in the north from that is what we 857 00:45:42.440 --> 00:45:45.880 haven't done that but we're borrowing money to. 858 00:45:45.960 --> 00:45:49.320 Build that infrastructure. So it's not all in fast structure. 859 00:45:49.360 --> 00:45:52.639 It's good is the productivity gap? See who's talking about 860 00:45:52.920 --> 00:45:57.119 We are spending money on quote unquote capital productivity, but 861 00:45:57.239 --> 00:46:00.599 it's not adding to the productivity. It's not going to 862 00:46:00.639 --> 00:46:03.639 be connected. It's like building a power plant in the 863 00:46:03.719 --> 00:46:08.519 middle of nowhere. Meanwhile, Legos needs power, which is what 864 00:46:08.639 --> 00:46:11.599 we did. We build power plants in the southwest. The 865 00:46:11.760 --> 00:46:14.199 gas fields are in the south South. Then we're connected 866 00:46:14.280 --> 00:46:18.119 with traditional lines that cannot take more than certain termational cable. 867 00:46:18.800 --> 00:46:21.679 That's eliminate. Coming up and say for us, you've head 868 00:46:21.679 --> 00:46:26.000 a lot of our limited death sustainability debt trap. That 869 00:46:26.159 --> 00:46:29.199 the fact that we want to borrow and egg and 870 00:46:29.320 --> 00:46:32.679 I've seen amount of money about fifty percent right of 871 00:46:33.000 --> 00:46:37.559 the total foreign reserves forging debt right now, that's all 872 00:46:37.760 --> 00:46:40.920 where we want to project to borrow about forty five 873 00:46:41.559 --> 00:46:45.119 ERA about twenty three billions, not just stays dollars. I 874 00:46:45.199 --> 00:46:47.639 think that amount, if I'm not wrong, a people would 875 00:46:47.679 --> 00:46:52.320 know that amount should be more than our net foreign reserves. 876 00:46:52.400 --> 00:46:55.360 What wants to borrow more our nets, not the gross 877 00:46:55.400 --> 00:46:55.880 that we need. 878 00:46:56.960 --> 00:47:00.760 She wanted the nets for reserves right un fortunately for 879 00:47:01.199 --> 00:47:03.920 correct So so we're boring more than the morning. 880 00:47:04.000 --> 00:47:04.400 Okay, what. 881 00:47:07.280 --> 00:47:07.880 Good, afternoon? 882 00:47:08.480 --> 00:47:08.639 Good? 883 00:47:09.280 --> 00:47:09.800 I think. 884 00:47:11.119 --> 00:47:17.719 The first of all, I totally alive with your hydeology 885 00:47:17.800 --> 00:47:21.199 towards you know, we always say he was have this 886 00:47:21.280 --> 00:47:23.760 popular say that we don't have the revene problem, we 887 00:47:23.840 --> 00:47:24.960 have the spending problem. 888 00:47:25.519 --> 00:47:29.960 And I fully alive with that because I. 889 00:47:30.079 --> 00:47:34.039 First listened to the global picture about globals, you know, 890 00:47:34.280 --> 00:47:40.239 at dubs and the world it's said that about debt 891 00:47:40.280 --> 00:47:43.679 is about one hundred treasure dollars, and so I hadn't 892 00:47:43.719 --> 00:47:48.239 moving towards the one twenty in his pace faster than 893 00:47:48.360 --> 00:47:52.000 the speak of light and coming back home, you know. 894 00:47:53.199 --> 00:47:56.960 After listening to Jim Stemond, I said that we're expecting 895 00:47:57.039 --> 00:47:59.679 a crack in the year's bond market. For people that 896 00:47:59.760 --> 00:48:04.360 don't understand, the bond market is the world's most systemic 897 00:48:04.519 --> 00:48:09.800 markets where banks, institutions, government, central banks. 898 00:48:10.199 --> 00:48:13.599 Liquidity financing and to run different things. 899 00:48:13.639 --> 00:48:17.480 And from the crypto to stock market, it's a derivative 900 00:48:17.559 --> 00:48:20.519 of the bond market. For example, the staple coin, for example, 901 00:48:21.039 --> 00:48:25.320 has a large office and exposure of US bone market. 902 00:48:25.480 --> 00:48:28.079 You look at the mortgage also has so the bond 903 00:48:28.119 --> 00:48:31.119 market is very systemic. And when Dan was saying that 904 00:48:31.480 --> 00:48:36.880 we expected crack, you don't take that statement likely coming 905 00:48:37.000 --> 00:48:39.920 back home when you see the kind of shows happening 906 00:48:39.960 --> 00:48:43.159 the go by economy, and yes we are coming. 907 00:48:43.000 --> 00:48:44.239 From the bottom. 908 00:48:44.400 --> 00:48:48.800 Yes we got upgraded, but muti, the fiscal policy looks 909 00:48:49.519 --> 00:48:52.440 right than But our spending problem. 910 00:48:52.559 --> 00:48:57.519 If you read the empty article about the presidents celebrations 911 00:48:57.559 --> 00:48:59.800 for the first two years, you could see they have 912 00:49:00.079 --> 00:49:03.280 concerns about the fact that we still spend like a 913 00:49:03.360 --> 00:49:08.360 crypto body, you know, And I get scared because cal Yes, 914 00:49:08.480 --> 00:49:10.440 the excuse is that the twenty four billions is the 915 00:49:10.480 --> 00:49:13.320 Federation of the Federal government is the span of two 916 00:49:13.440 --> 00:49:15.159 years millium minimum. 917 00:49:15.760 --> 00:49:16.840 But the concern is that. 918 00:49:18.320 --> 00:49:21.239 If you look at what the FAS structure, we spent 919 00:49:21.400 --> 00:49:27.159 money on stat ale posts, unfunctional refery, guest houses, government houses. 920 00:49:27.800 --> 00:49:29.400 You become scared. 921 00:49:29.239 --> 00:49:33.320 Because the list I don't want to spend the money 922 00:49:33.320 --> 00:49:35.719 on the list a lot. 923 00:49:35.800 --> 00:49:39.000 If I'm talking about the money because we look wouldn't 924 00:49:39.000 --> 00:49:40.079 spending money on you know. 925 00:49:40.880 --> 00:49:42.559 Definitely they make you look beautiful. 926 00:49:42.840 --> 00:49:44.719 Who's talk about spending money in the FIRS structure. But 927 00:49:44.760 --> 00:49:48.159 when you look at the really FRAS structure, you get worried. 928 00:49:48.440 --> 00:49:50.039 And I'm so happy to be able who spoke on 929 00:49:50.119 --> 00:49:53.119 Bloomberg and spoke about the FRA structure deficits in Africa. 930 00:49:53.719 --> 00:49:54.920 And I'm sure it was trying. 931 00:49:55.400 --> 00:49:58.239 He was looking more on the macro rather than like you. 932 00:49:58.880 --> 00:50:02.800 But you know that in problems that language the problems 933 00:50:02.800 --> 00:50:03.119 and that you. 934 00:50:03.400 --> 00:50:06.840 Look at Seminal and yours with etricity and them to 935 00:50:06.920 --> 00:50:10.880 GDP is becoming is about when you add that amount 936 00:50:10.920 --> 00:50:11.320 of money. 937 00:50:11.599 --> 00:50:15.280 So it becomes scary when the Finance Ministry now explains 938 00:50:15.280 --> 00:50:18.320 to you that there's what we call productive tapt des 939 00:50:18.360 --> 00:50:18.760 is debt. 940 00:50:18.880 --> 00:50:21.079 You know, whether it's useful. 941 00:50:22.400 --> 00:50:26.360 For purpose or it's useful and historical da that show 942 00:50:26.440 --> 00:50:32.280 that nastbs has not been used productivity efficiently. 943 00:50:31.840 --> 00:50:33.199 And that's my major concern. 944 00:50:33.599 --> 00:50:36.840 So come he goes back to the question of why 945 00:50:37.559 --> 00:50:41.039 this mess because you see what's scares micaldo is not 946 00:50:41.119 --> 00:50:44.960 even just the opportunity because then give you a small sample. 947 00:50:45.079 --> 00:50:48.880 Well discussing MYCHD is you know it takes to you. 948 00:50:49.199 --> 00:50:53.840 It takes a child if he's malnutrition and he goes 949 00:50:53.880 --> 00:50:57.239 to the age of eighteen. If things go well for 950 00:50:57.360 --> 00:51:01.599 larger for example, maybe experience or he happens to get 951 00:51:01.719 --> 00:51:04.400 good things just because the child has had reformed years, 952 00:51:04.880 --> 00:51:08.800 the child cannot go beor that levety he might be 953 00:51:08.920 --> 00:51:13.440 build up intellectually. In my beauty, both physically metabolic healthwise, 954 00:51:14.239 --> 00:51:17.400 he has already been compromised because there certain age, is 955 00:51:17.440 --> 00:51:20.119 a certain age where your body will group your eyes 956 00:51:20.159 --> 00:51:21.400 to group perpe. 957 00:51:21.000 --> 00:51:25.039 For eighteen for guys twenty one. So the fact that 958 00:51:25.159 --> 00:51:27.360 that it implores children uneducated. 959 00:51:27.920 --> 00:51:31.519 I look at the span decades right now and you 960 00:51:31.679 --> 00:51:34.719 had another ten years to that age, it means that 961 00:51:34.960 --> 00:51:38.039 they become more the labor side. So it means we're 962 00:51:38.039 --> 00:51:41.800 having more like it is to friend for it means 963 00:51:41.920 --> 00:51:44.679 that we are having much. 964 00:51:44.719 --> 00:51:48.559 Risk in future. So and here I come in and play. 965 00:51:48.960 --> 00:51:52.159 It becomes very scary that where are we able to 966 00:51:52.320 --> 00:51:55.800 get the financing in future from? And the argument is 967 00:51:55.880 --> 00:51:57.960 that government definitely needs to pose deficis. 968 00:51:58.239 --> 00:51:58.920 But we know that. 969 00:52:00.480 --> 00:52:04.400 The major problem in the administration, not towards this administration 970 00:52:04.840 --> 00:52:10.119 over the last decade has been peas kind discipline, wasteful spending. 971 00:52:10.639 --> 00:52:14.760 And you know, I just hope that the resins who 972 00:52:14.800 --> 00:52:17.920 come to then you can't just with the young government 973 00:52:18.079 --> 00:52:20.239 much national then has also it seems like they. 974 00:52:20.199 --> 00:52:22.119 Want to keep your country, mostly because. 975 00:52:22.079 --> 00:52:25.239 Onely gets to wonder why you're building infrastructure to know 976 00:52:25.320 --> 00:52:29.159 where in the unit is not connected to the north, 977 00:52:29.239 --> 00:52:34.679 to the southeast and not aligned with really network networks. 978 00:52:35.239 --> 00:52:38.760 The airports that we build so far just three major 979 00:52:39.719 --> 00:52:41.840 briding about two percent traffic. 980 00:52:42.519 --> 00:52:47.159 The friaries that we have are looking like corps and 981 00:52:47.719 --> 00:52:50.079 you know they are just fts labyrisies. 982 00:52:50.199 --> 00:52:52.960 So the question is why don't do all them then? 983 00:52:53.239 --> 00:52:54.760 Or the fire government also. 984 00:52:55.400 --> 00:52:59.280 I think he has he has kept his cabinet more 985 00:52:59.320 --> 00:53:00.480 polklader equmic. 986 00:53:01.000 --> 00:53:02.800 We still have no business having more. 987 00:53:02.719 --> 00:53:05.800 Than mister card. To be honest with you, you know, 988 00:53:05.880 --> 00:53:08.079 before I drop them, I think these are the. 989 00:53:08.159 --> 00:53:11.239 Questions we really need to ask the government because well 990 00:53:11.320 --> 00:53:15.559 because say the government has shown dissensing in certain reforms. 991 00:53:15.920 --> 00:53:19.840 The critical things are helping the populised, education and culture, health, 992 00:53:20.559 --> 00:53:24.559 it's still by you know, the appad Nigeria's consumption if 993 00:53:24.599 --> 00:53:27.840 you it's not something to write to my post. And 994 00:53:28.000 --> 00:53:32.679 with the pastforms coming to play, I think the the 995 00:53:33.960 --> 00:53:37.440 the ammunition for the government is really rowing up because 996 00:53:37.880 --> 00:53:43.159 the pass reforms definitely might look painful with weak economy consumption. 997 00:53:44.000 --> 00:53:46.199 Dan Coote is bringing. 998 00:53:46.000 --> 00:53:51.880 Production has really helped stabilize increase exports, particularly in refined 999 00:53:52.760 --> 00:53:56.199 crude Advertizer, but they feared that the people who release 1000 00:53:57.159 --> 00:54:00.599 Opeka said that they're going to production in July. Mixed 1001 00:54:00.639 --> 00:54:03.239 me also very scared because the Saudeast and the Russians 1002 00:54:03.280 --> 00:54:04.519 they are trying to get makesha. 1003 00:54:04.800 --> 00:54:06.000 So he puts my right in. 1004 00:54:06.079 --> 00:54:09.800 A in a kind of parabolic situation where we now 1005 00:54:09.880 --> 00:54:11.559 have to create our good reprises. 1006 00:54:11.679 --> 00:54:15.519 They have sixty dollars because the Trump has really. 1007 00:54:16.039 --> 00:54:19.039 Spoken aggressively on the fact that he really wants to 1008 00:54:19.119 --> 00:54:20.440 keep inflation down. 1009 00:54:20.440 --> 00:54:21.480 And he wants to oation. 1010 00:54:21.639 --> 00:54:26.320 So can That's the way I think depth this is 1011 00:54:26.360 --> 00:54:30.400 not it's not just the call a banket, because what 1012 00:54:30.599 --> 00:54:30.960 is going to. 1013 00:54:30.960 --> 00:54:32.480 Be happening to Nigeria is not just. 1014 00:54:34.119 --> 00:54:35.400 We don't have no series. 1015 00:54:35.800 --> 00:54:39.639 We're spending like as if we're in Crates or the Southeast, 1016 00:54:40.000 --> 00:54:43.639 where we able to understand that years we are already 1017 00:54:43.760 --> 00:54:48.360 taking the right drugs, but we have also forgotten that 1018 00:54:48.559 --> 00:54:51.760 they aren't. The poltics in our body really requires enough 1019 00:54:51.840 --> 00:54:54.840 metal bodhism for wants to kind to the next stage. 1020 00:54:55.119 --> 00:54:58.280 And that is my fear because when you eat without 1021 00:54:58.480 --> 00:55:04.199 when you take drugs without eating, we can and inorganical ability. 1022 00:55:04.719 --> 00:55:08.559 So that's the question for you guys, see you everybody, 1023 00:55:08.880 --> 00:55:11.519 why can the government bring the list to see this 1024 00:55:11.679 --> 00:55:16.199 is what wants used the borrowing for the mouth. 1025 00:55:16.440 --> 00:55:18.320 What can just come on and say this is what 1026 00:55:18.440 --> 00:55:19.400 we want to spend money on. 1027 00:55:19.880 --> 00:55:20.679 And it doesn't work. 1028 00:55:20.960 --> 00:55:21.639 It doesn't work. 1029 00:55:21.719 --> 00:55:23.679 You mean, you know, I really looked play. 1030 00:55:23.800 --> 00:55:26.400 But if you look at the temple of loan reasons 1031 00:55:26.719 --> 00:55:28.639 for planting, it makes a lot up sense. 1032 00:55:29.119 --> 00:55:32.119 You know, I don't think see the one of the 1033 00:55:32.239 --> 00:55:37.639 problem I think we have. It's not the formation of ideas. 1034 00:55:37.679 --> 00:55:41.519 It's the implementation of policies that's the major problem. So 1035 00:55:41.679 --> 00:55:44.239 for example, you know, you look at the cost of 1036 00:55:44.480 --> 00:55:45.960 running operations that you have. 1037 00:55:46.519 --> 00:55:48.599 You know, I listened to I think I. 1038 00:55:48.599 --> 00:55:51.239 Can't remember what was looking in space when I had. 1039 00:55:51.199 --> 00:55:54.719 To engage to compare the cost of part line in Venezuela. 1040 00:55:55.000 --> 00:55:56.760 Rockie. Theial way even. 1041 00:55:56.679 --> 00:55:58.400 Has a lot of risk. 1042 00:55:58.920 --> 00:56:02.079 Russia psygra rest behind you that one want to play 1043 00:56:02.360 --> 00:56:04.719 and I foind out that the money contracting and you 1044 00:56:04.760 --> 00:56:05.800 are very expensive. 1045 00:56:06.239 --> 00:56:08.719 So the person is you have to look. 1046 00:56:08.599 --> 00:56:12.639 At all these problems before and that's why the valizer 1047 00:56:12.679 --> 00:56:15.159 will tell you that it's not the information of what 1048 00:56:15.320 --> 00:56:17.440 they want you to wan is the money going to 1049 00:56:17.480 --> 00:56:20.719 be used? Andially sure that the niger public is right. 1050 00:56:21.280 --> 00:56:25.079 You're coming from the government that spends less than word 1051 00:56:25.159 --> 00:56:26.599 Google mix in a quarter. 1052 00:56:27.280 --> 00:56:30.719 But you look at the the type of presidency. We 1053 00:56:30.800 --> 00:56:33.320 have one of the most expensive in the world, you know, 1054 00:56:33.760 --> 00:56:40.320 and it's really a concerning across Africa. We're matual aliments 1055 00:56:40.400 --> 00:56:41.119 or for celebrators. 1056 00:56:41.119 --> 00:56:43.639 So I think it's not just even about I think 1057 00:56:43.679 --> 00:56:47.519 the question is you shouldn't use our fonts and the 1058 00:56:47.639 --> 00:56:54.079 funds that were wasted. What happened the finerary issue for example, 1059 00:56:55.039 --> 00:56:56.320 bellions of dolars. 1060 00:56:56.239 --> 00:57:00.199 That will send tend them kits to Seal University from 1061 00:57:00.280 --> 00:57:01.000 busic education. 1062 00:57:01.519 --> 00:57:03.079 Is we're saying what happens next? 1063 00:57:03.239 --> 00:57:07.599 You know, we had cases of somebody building several houses 1064 00:57:07.800 --> 00:57:08.400 now which are so. 1065 00:57:08.679 --> 00:57:09.400 It's a product. 1066 00:57:09.960 --> 00:57:12.039 So we have an wether economy where we have no 1067 00:57:12.360 --> 00:57:13.559 horizontal real line. 1068 00:57:13.639 --> 00:57:16.480 You can't go from stay in Nasara to you by 1069 00:57:16.599 --> 00:57:19.880 real It's not possibly some genetics. 1070 00:57:22.639 --> 00:57:25.679 That's the problem because look at the US, for example, 1071 00:57:26.119 --> 00:57:29.239 the US has used the control didn't. 1072 00:57:31.400 --> 00:57:33.960 Go with res was like you you will see that 1073 00:57:34.119 --> 00:57:35.679 the connected economic. 1074 00:57:35.320 --> 00:57:40.719 Lives EXAs New York is the connect I don't see example, 1075 00:57:40.880 --> 00:57:46.199 can negos and are economic lins you know, and there's 1076 00:57:46.239 --> 00:57:51.400 mtage economic linses amplfies economic community, its. 1077 00:57:51.320 --> 00:57:53.840 Processes and prosperity. 1078 00:57:53.920 --> 00:57:59.519 Because already that's that line is business interactive. 1079 00:57:59.599 --> 00:58:02.199 So I think go back to you need to this 1080 00:58:02.320 --> 00:58:04.159 formation next. 1081 00:58:04.719 --> 00:58:07.679 Yeah, and again we have an economy again, I see you. 1082 00:58:07.719 --> 00:58:10.199 We have an economy again where there is no power 1083 00:58:10.320 --> 00:58:13.880 supply even for twelve hours for a company. 1084 00:58:13.599 --> 00:58:15.280 To plan and say I want to produce for twelve 1085 00:58:15.320 --> 00:58:16.719 hours straight. They can't get that. 1086 00:58:17.559 --> 00:58:21.199 The economy where you can go by road from say 1087 00:58:21.440 --> 00:58:26.199 Legos or Ugo or say so so to another. 1088 00:58:26.000 --> 00:58:29.440 Part of the region on an express road. 1089 00:58:29.840 --> 00:58:32.320 We have them by name, but you can't go from 1090 00:58:32.440 --> 00:58:38.039 one region Nigeria to another region Nigeria with an express road. 1091 00:58:38.639 --> 00:58:41.599 Just step on the brakes, close your eyes and just go. 1092 00:58:42.119 --> 00:58:42.159 So. 1093 00:58:42.199 --> 00:58:46.880 I'm because infrastructure, no hanging fruits, no handling food that 1094 00:58:46.920 --> 00:58:47.760 you cannot investing. 1095 00:58:48.079 --> 00:58:48.800 See you go ahead. 1096 00:58:49.840 --> 00:58:52.559 I just want to add something. What about what don't 1097 00:58:52.559 --> 00:58:53.320 we look at it like this? 1098 00:58:54.000 --> 00:58:55.239 I like to look at things. 1099 00:58:55.079 --> 00:58:56.760 From a different perspective. 1100 00:58:56.880 --> 00:58:59.599 I agree with what all you're saying, but what if 1101 00:58:59.679 --> 00:59:03.480 let's say, all this is being equal, we decided to 1102 00:59:04.079 --> 00:59:08.159 move this deficity spending, this government spend, whatever it may be, 1103 00:59:08.280 --> 00:59:10.840 what form it is, we moved into the private sector. 1104 00:59:11.760 --> 00:59:14.800 That's I think what you're doing. 1105 00:59:14.760 --> 00:59:18.000 Is you're creating more injection of injection to the circular 1106 00:59:18.079 --> 00:59:20.039 for the economy, or rather with drums. 1107 00:59:20.559 --> 00:59:22.360 So if you move the government spending, you move. 1108 00:59:22.280 --> 00:59:24.840 The fiscal you move the fiscal spending into the private sector. 1109 00:59:25.199 --> 00:59:27.519 I think a lot less of this out of the 1110 00:59:27.599 --> 00:59:28.840 public public sector. 1111 00:59:29.280 --> 00:59:32.119 You're going to see that all those all those economic 1112 00:59:32.239 --> 00:59:38.599 activities they're talking about you in ineffectively, sorry, would bring. 1113 00:59:39.039 --> 00:59:43.079 Our deficits and GP that which is actually a beta metrics. 1114 00:59:45.400 --> 00:59:48.039 See what you're saying that we should issue bonds the 1115 00:59:48.159 --> 00:59:49.480 private that's what you're saying. 1116 00:59:50.320 --> 00:59:54.000 No, No, I'm saying that we should move the move 1117 00:59:54.079 --> 00:59:56.360 fiscal spending. It could be issue of bonds, yes, for 1118 00:59:56.519 --> 00:59:58.719 most of it should be in growth. 1119 00:59:59.280 --> 01:00:01.960 Supply aligned for example, if we're. 1120 01:00:01.880 --> 01:00:04.880 Giving roads for example, why don't we instead of give 1121 01:00:04.920 --> 01:00:05.400 an example? 1122 01:00:05.519 --> 01:00:08.119 Right, So I read a few weeks ago that the 1123 01:00:08.239 --> 01:00:10.639 United States private for example. 1124 01:00:10.639 --> 01:00:13.039 Private credit rights, private credit is not going to be 1125 01:00:13.239 --> 01:00:18.320 the main financing of infrastructure because because what trumperdentition or 1126 01:00:18.360 --> 01:00:21.119 doing podcasts, it isn't going to be any you know, 1127 01:00:21.519 --> 01:00:23.800 anyone is left to you know finance, you know in 1128 01:00:24.320 --> 01:00:26.320 the US airports terminals, you know. 1129 01:00:27.000 --> 01:00:29.239 Utilities, all that kind of thing. So what I'm saying is, 1130 01:00:30.000 --> 01:00:32.679 if we know that we have a debt problem, why 1131 01:00:32.760 --> 01:00:35.920 don't we spending Why don't. 1132 01:00:35.719 --> 01:00:39.760 You move that spending into the private sector, allow more 1133 01:00:40.000 --> 01:00:41.760 of these individuals. 1134 01:00:41.280 --> 01:00:43.199 To come and say, Okay, we're not going to do 1135 01:00:43.280 --> 01:00:46.440 the more these projects. Let's let these who have more 1136 01:00:46.480 --> 01:00:47.400 economics to skill and. 1137 01:00:47.400 --> 01:00:51.440 More expertise, have more experience, come and you know, finance 1138 01:00:51.559 --> 01:00:52.360 these activities. 1139 01:00:52.639 --> 01:00:56.639 Because doing in effectively that you're bringing you these guys, 1140 01:00:56.760 --> 01:01:02.360 and these guys have enough casual what you're effectively doing, 1141 01:01:03.519 --> 01:01:06.719 they will start to go to see if using the automatics, 1142 01:01:06.800 --> 01:01:08.920 you're going to see more increase in your tax revenues. 1143 01:01:09.400 --> 01:01:11.280 So that's much more withdraws if he works like that. 1144 01:01:11.360 --> 01:01:12.559 That's what I'm thinking about. 1145 01:01:12.639 --> 01:01:14.719 But don't we have that the rate. 1146 01:01:14.760 --> 01:01:17.800 Don't we have the tax risky where you can you 1147 01:01:17.920 --> 01:01:20.480 can build a road on infrastructure and you get a 1148 01:01:20.559 --> 01:01:22.880 tax credit. I think Empthony is supposed to be building 1149 01:01:22.960 --> 01:01:27.440 the road in a way to the bonnet that doesn't work. 1150 01:01:29.000 --> 01:01:34.000 I think the problems I think it's beyond that because 1151 01:01:34.039 --> 01:01:37.159 you can be passed. For example, look at the likes 1152 01:01:37.199 --> 01:01:44.519 of Transcope exclusure there and you have the problem. They 1153 01:01:44.559 --> 01:01:47.000 have governments and don't. 1154 01:01:46.880 --> 01:01:48.400 Pay for their services. 1155 01:01:48.639 --> 01:01:50.920 How do you want how do you want. 1156 01:01:50.760 --> 01:01:53.480 To pass to try when God make you sell don't 1157 01:01:53.519 --> 01:01:56.559 pay bills? You know, and look how happened when the 1158 01:01:56.719 --> 01:02:01.760 journey and we pretty in the movie as electric. 1159 01:02:02.039 --> 01:02:04.519 The content is not just the cons is not just moving. 1160 01:02:05.199 --> 01:02:09.239 The question is that understand that limits. You have research 1161 01:02:10.440 --> 01:02:13.599 that was okay, I that k goes to them. 1162 01:02:13.679 --> 01:02:16.719 They are learning the cutter car aspect of their economy. 1163 01:02:17.239 --> 01:02:20.000 And trust me, people need to understand that despite. 1164 01:02:19.679 --> 01:02:25.000 The fact that has at opportunities, this the the the colot. 1165 01:02:26.360 --> 01:02:31.239 It's very tough for foreign to align in sol or 1166 01:02:32.000 --> 01:02:35.599 the richest guys in the quantity depe So the fact 1167 01:02:35.599 --> 01:02:40.639 that is already busy with petrol, the reoman is busy 1168 01:02:40.719 --> 01:02:44.480 with that's busy the electric. It was that we really 1169 01:02:44.679 --> 01:02:48.480 need to count size. Yes, I create the fact that 1170 01:02:48.639 --> 01:02:51.480 private that she needs to take control. But the honest 1171 01:02:52.159 --> 01:02:54.159 government governmental paviews. 1172 01:02:54.559 --> 01:02:57.119 But just the payers is a coupla lists. 1173 01:02:57.199 --> 01:03:01.239 You know from ours spoke about want people that big 1174 01:03:01.440 --> 01:03:02.519 taxes in the country. 1175 01:03:02.800 --> 01:03:06.840 You know, I mean, I'm metal access. 1176 01:03:06.880 --> 01:03:08.559 So the question back. 1177 01:03:08.760 --> 01:03:10.920 When the who. 1178 01:03:12.400 --> 01:03:13.280 What do you keep the public? 1179 01:03:13.400 --> 01:03:16.199 So the government need to this the example. If you 1180 01:03:16.280 --> 01:03:19.760 want to have the small functional government, yes it's possible. 1181 01:03:20.000 --> 01:03:21.679 If you want to as we have the big government 1182 01:03:21.840 --> 01:03:25.079 that really wants to achievement, then you want the examples. 1183 01:03:25.159 --> 01:03:25.400 That's what. 1184 01:03:27.239 --> 01:03:27.480 I mean. 1185 01:03:27.800 --> 01:03:29.639 I like to see what see you say. I'm saying 1186 01:03:29.719 --> 01:03:31.639 wlready have it, and I think look at it this way. 1187 01:03:32.000 --> 01:03:34.639 If you want to build a real line across the 1188 01:03:35.039 --> 01:03:39.320 southeast or not these states, you can have just if 1189 01:03:39.400 --> 01:03:42.280 the government has to come and pass those laws that 1190 01:03:42.360 --> 01:03:45.079 would say in the states, for instance, rights of eminent 1191 01:03:45.239 --> 01:03:49.800 domain taxes will be deferred to make the project bankable. 1192 01:03:50.320 --> 01:03:52.400 But I think if you go to a particular stage, 1193 01:03:52.559 --> 01:03:54.440 yes you can get it because it's just just one 1194 01:03:54.519 --> 01:03:58.480 governor or productivity starts with Lincoln regions in Nigeria. 1195 01:03:58.559 --> 01:03:59.840 That's when you get the real productive. 1196 01:04:00.159 --> 01:04:03.320 What I said, if you're a Nigerian exporter or importer 1197 01:04:03.559 --> 01:04:07.719 or trader, you cannot drive from one region Nigeria to 1198 01:04:07.840 --> 01:04:08.400 the other. 1199 01:04:08.360 --> 01:04:12.840 Region on a on a six lane clean expressway. 1200 01:04:12.920 --> 01:04:15.440 We have all this express us by name. But try 1201 01:04:15.519 --> 01:04:19.320 and drive on the legal suite bad on expressway. That's 1202 01:04:19.320 --> 01:04:20.039 the one they've done. 1203 01:04:20.159 --> 01:04:23.280 But go out of your but go west and try 1204 01:04:23.360 --> 01:04:25.480 to go towards being. Then you start to see. Okay, 1205 01:04:26.639 --> 01:04:31.920 I there's a video of going from portacle to our bar. Look, 1206 01:04:31.960 --> 01:04:33.719 I've seen that video. I posted it myself. I s 1207 01:04:33.960 --> 01:04:37.360 every ten meters a policetation's a police checkpoint and I'm 1208 01:04:37.400 --> 01:04:38.119 not exaggerating. 1209 01:04:38.159 --> 01:04:40.800 There's a video every ten. 1210 01:04:40.840 --> 01:04:45.599 Meters you can see next to the next checkpoint and 1211 01:04:45.719 --> 01:04:50.000 that's an express road. So if you don't take away 1212 01:04:50.039 --> 01:04:52.760 those self invisiblettom next, the country can't grow. 1213 01:04:52.800 --> 01:04:53.800 There's no productivity. 1214 01:04:53.880 --> 01:04:59.239 If a truck carrying food will one hundred times for 1215 01:04:59.440 --> 01:05:05.159 policemen to give them money one hundred times or minimum minus. 1216 01:05:06.400 --> 01:05:12.400 Yea as as that and said you know they. 1217 01:05:12.599 --> 01:05:14.719 In the zone sitle toom government is. 1218 01:05:14.719 --> 01:05:15.400 Trying to control. 1219 01:05:15.480 --> 01:05:17.639 I get what you has said. He miss a lot said, 1220 01:05:18.039 --> 01:05:21.079 but I also feel that the government really needs to 1221 01:05:21.159 --> 01:05:21.440 work with. 1222 01:05:21.519 --> 01:05:28.280 This government and look in addressing honestly, if you really 1223 01:05:28.400 --> 01:05:32.119 want to hit high intensity need to invest. 1224 01:05:31.800 --> 01:05:32.840 In the East. You can. 1225 01:05:36.079 --> 01:05:38.320 I'm going to share the video. It's just crazy that 1226 01:05:38.480 --> 01:05:41.280 it's I'm not exaggerating the videos of my tar. I 1227 01:05:41.280 --> 01:05:42.280 have to find it again. 1228 01:05:42.480 --> 01:05:46.119 It's literally fifteen or ten meters literally when you stop 1229 01:05:46.199 --> 01:05:48.800 for this police guy, you can see the next guy. 1230 01:05:49.480 --> 01:05:49.760 I'm not. 1231 01:05:50.280 --> 01:05:52.960 I'm all for Listen. We have drones today. We have 1232 01:05:53.400 --> 01:05:54.320 a I today. 1233 01:05:55.079 --> 01:05:57.559 If they really are serious, you can use drones and 1234 01:05:57.639 --> 01:06:00.880 a and track every movement on that road, every. 1235 01:06:00.719 --> 01:06:03.119 Movement you can. The thing will take the picture of 1236 01:06:03.199 --> 01:06:06.280 the number plate to tell you that someone is suspected 1237 01:06:06.639 --> 01:06:09.079 in the state here. A there said technology they have here. 1238 01:06:09.599 --> 01:06:12.960 If you drive into a county and your number plate 1239 01:06:13.119 --> 01:06:15.880 is wanted for a crime in another place, they pomust 1240 01:06:15.920 --> 01:06:18.760 be elected that this car has come to this county. 1241 01:06:19.480 --> 01:06:21.199 They will know exactly. 1242 01:06:20.679 --> 01:06:22.719 Where you are and I can just drive on and 1243 01:06:22.840 --> 01:06:25.519 meet you there. It's not an expensive tackle. It just 1244 01:06:25.679 --> 01:06:28.239 drove me becoming like an read number plates. So I'm 1245 01:06:28.239 --> 01:06:31.280 not saying that, you know, it's it's to have a 1246 01:06:31.559 --> 01:06:33.960 checkpoint every ten meters. 1247 01:06:35.239 --> 01:06:39.320 That's an overkill. But let me get omar. Has he 1248 01:06:39.519 --> 01:06:43.119 changed his name Bright? I don't know which long name 1249 01:06:43.480 --> 01:06:48.039 is Bright? What's this long name? Omar lua b look 1250 01:06:51.559 --> 01:06:52.559 bright you've come again. 1251 01:06:53.000 --> 01:06:53.360 Go ahead. 1252 01:06:55.480 --> 01:06:56.719 I'm doing very well, thank you, sir. 1253 01:06:59.039 --> 01:07:02.119 Yes, sir, Yeah, you've had a conversation where we agreed 1254 01:07:02.159 --> 01:07:05.000 that we must borrow with vi great debts and depicits 1255 01:07:05.079 --> 01:07:09.880 have with stimulants for economic growth. We don't mind the 1256 01:07:09.960 --> 01:07:11.800 government borrowing for infrastructure. 1257 01:07:11.880 --> 01:07:15.480 We're worried about the volume that they're borrowing without the 1258 01:07:15.880 --> 01:07:19.239 should we say the disclosure on where these points are 1259 01:07:19.280 --> 01:07:20.719 going to be going to we are. 1260 01:07:20.960 --> 01:07:22.719 Worded and it's not borrow right. 1261 01:07:23.119 --> 01:07:26.159 Nigerao be in a debt trap because oil revenues are 1262 01:07:26.280 --> 01:07:29.280 declining while the cost of debts are going up. 1263 01:07:29.400 --> 01:07:30.119 What's you take. 1264 01:07:32.760 --> 01:07:35.239 So for me? I kind of when I check that MPTE, 1265 01:07:35.679 --> 01:07:38.880 I regnize that it's a plan. It wasn't something that 1266 01:07:39.079 --> 01:07:42.119 is gonna hap so was a plan that needs to 1267 01:07:42.119 --> 01:07:42.719 be approached. 1268 01:07:43.920 --> 01:07:46.519 And the reason that I wouldn't want to give myself 1269 01:07:46.679 --> 01:07:50.000 Eddy And the reason I'm saying this is that I 1270 01:07:50.159 --> 01:07:53.360 think I think we pay too more emphasis on the 1271 01:07:53.400 --> 01:07:57.280 product we left the steps don't request penny. 1272 01:07:57.920 --> 01:08:00.360 You just mentioned something about infrastructure, about airport. 1273 01:08:00.760 --> 01:08:03.480 We just talk about it that briefly in the person 1274 01:08:04.639 --> 01:08:06.199 so many states are building airport. 1275 01:08:06.440 --> 01:08:08.719 Why do they need airport? And that's when I have 1276 01:08:08.800 --> 01:08:12.119 a problems. We got federal government at every time we 1277 01:08:12.280 --> 01:08:15.519 say further government is doing reckless man. And I think 1278 01:08:15.559 --> 01:08:18.680 the reckless meaning it's not limited to the federal government. 1279 01:08:19.920 --> 01:08:23.399 State governors are telling you categoricality your phrase that well 1280 01:08:23.520 --> 01:08:27.960 started borrowing and the money they are getting, they're not 1281 01:08:28.039 --> 01:08:33.239 being productive with it, rather building projects that are not 1282 01:08:34.079 --> 01:08:36.479 that cannot even help the economy of their state. 1283 01:08:37.560 --> 01:08:41.199 I'll give you an example. That's what that court we 1284 01:08:41.560 --> 01:08:41.920 wrote you. 1285 01:08:42.119 --> 01:08:44.880 You're talking about hour passed through that road. 1286 01:08:45.239 --> 01:08:49.920 Three or four weeks ago. I was in owing. I 1287 01:08:49.960 --> 01:08:50.960 don't know what happened. 1288 01:08:51.159 --> 01:08:55.000 I don't know if you remember a week did something. 1289 01:08:54.760 --> 01:08:59.119 To their flights, so I have to travel from over 1290 01:08:59.279 --> 01:09:01.800 it to catch the flight. 1291 01:09:02.520 --> 01:09:08.920 In Ptacles and for me, for me, I was ashamed 1292 01:09:09.720 --> 01:09:11.399 for the state governors. 1293 01:09:10.960 --> 01:09:14.199 From that part of the world. And let me please people. 1294 01:09:15.119 --> 01:09:18.960 This is one thing that I just realized this country 1295 01:09:19.119 --> 01:09:25.199 is quite big that let's agree that if govert is 1296 01:09:25.560 --> 01:09:31.840 too slow, if this, if NAGA is gonna function properly, well, 1297 01:09:33.159 --> 01:09:35.199 then the state governor. 1298 01:09:35.000 --> 01:09:38.880 Especially now that you're getting money, especially now that you're 1299 01:09:38.920 --> 01:09:39.439 getting money. 1300 01:09:39.439 --> 01:09:43.239 There are state governors, there are fifteen federal route and at. 1301 01:09:43.159 --> 01:09:46.880 The end of the didn't get their money back. I mean, 1302 01:09:47.720 --> 01:09:49.199 it's it's so painful for. 1303 01:09:49.319 --> 01:09:53.720 Me that I went to worry from the village where 1304 01:09:53.720 --> 01:09:57.319 I was to over the township. It takes us only 1305 01:09:57.359 --> 01:10:00.560 thirty five minutes because they did that rule. Even though 1306 01:10:00.640 --> 01:10:04.760 that rule that was done beside the drillage on the 1307 01:10:04.960 --> 01:10:09.960 side that ought to be convert because let's open in that. 1308 01:10:10.520 --> 01:10:13.399 What five days I spent on that plays four accidents, 1309 01:10:15.600 --> 01:10:16.600 Let's leave the other side. 1310 01:10:17.119 --> 01:10:18.039 Oh my pot is that. 1311 01:10:19.640 --> 01:10:23.720 Each state governors decided to spend and I think this 1312 01:10:23.840 --> 01:10:27.079 has been always my argument. Please forgive me about all 1313 01:10:27.159 --> 01:10:31.319 these our physical discipline blah blah blah discipline. If the 1314 01:10:31.439 --> 01:10:37.600 state governor decided to imprest a million a billionaire into 1315 01:10:38.800 --> 01:10:43.840 food into let's even say five hundred million into agriculture 1316 01:10:44.119 --> 01:10:47.359 on a monthly basis simple thing. 1317 01:10:48.680 --> 01:10:52.319 A lot of them have planned that. It's not cultivated, 1318 01:10:52.479 --> 01:10:56.239 it's just there. If you decide to say. 1319 01:10:56.119 --> 01:10:58.600 That with this five hundred million, I'm gonna buy tractors, 1320 01:10:58.640 --> 01:10:59.439 I'm gonna buy. 1321 01:10:59.319 --> 01:11:00.239 The things I need to do. 1322 01:11:00.439 --> 01:11:03.840 Farming on a monthly day is just spent five hundred million. 1323 01:11:04.840 --> 01:11:08.960 Do yourself to go to those villages because I passed 1324 01:11:09.000 --> 01:11:11.479 through villages and those villages. 1325 01:11:11.119 --> 01:11:12.720 By six pm, seven pm. 1326 01:11:13.079 --> 01:11:16.840 You pass through those those villages, you see your five 1327 01:11:16.920 --> 01:11:22.039 grandchildren fifteen between fifteen and twenty one. 1328 01:11:22.520 --> 01:11:25.279 You were standing by the junctions of. 1329 01:11:25.359 --> 01:11:30.680 Those places because there's no light, so meaning that touring 1330 01:11:30.760 --> 01:11:32.680 the day, they're not productive. 1331 01:11:34.279 --> 01:11:37.520 This is not limited to await. I was going from 1332 01:11:37.560 --> 01:11:41.720 a Buja two weeks ago. I drove from a Buja. 1333 01:11:42.119 --> 01:11:45.279 For after eight or nine years, I've not driven off 1334 01:11:45.319 --> 01:11:50.720 that road. I drew from a Buja to Legos and 1335 01:11:51.000 --> 01:11:55.479 between Abuja and Law of that that road is there. 1336 01:11:56.319 --> 01:11:58.439 And the reason I'm saying this is that I don't 1337 01:11:58.479 --> 01:12:02.880 want to us stay in and do these calculations that 1338 01:12:03.000 --> 01:12:03.359 were me. 1339 01:12:04.840 --> 01:12:06.720 If I'm going to borrow money. In fact it is 1340 01:12:06.880 --> 01:12:10.359 me that I'm going to borrow money. I would rather burrow. 1341 01:12:10.840 --> 01:12:14.960 I say that, look this tax, the tax to credit 1342 01:12:15.039 --> 01:12:18.319 that they did that I'm going they used to fixing 1343 01:12:18.560 --> 01:12:21.840 or show key everything and is using to fix those 1344 01:12:21.880 --> 01:12:22.439 other roles. 1345 01:12:22.680 --> 01:12:25.159 Why can't we open that thing up to so many 1346 01:12:25.239 --> 01:12:30.600 companies in Nigeria to make it like legs. But the Expressway. 1347 01:12:30.680 --> 01:12:34.920 Like you said, I spent between a Puja to get. 1348 01:12:34.800 --> 01:12:39.600 To to a Kitty, not to get to or on 1349 01:12:39.760 --> 01:12:43.880 those states. It takes me almost eight hours. In the process, 1350 01:12:44.159 --> 01:12:48.279 I lost my exhausts. And when I use that road distly, 1351 01:12:48.359 --> 01:12:51.640 that comes to my head is that I can't imagine 1352 01:12:51.680 --> 01:12:54.039 how any logistics business can work. 1353 01:12:54.119 --> 01:12:57.239 And I say, let's not deceive ourselves, because I met 1354 01:12:57.319 --> 01:12:59.600 quite a lot of trucks that got broke down in 1355 01:12:59.680 --> 01:13:04.920 that bad rule and the rest of them. Sure now, 1356 01:13:05.119 --> 01:13:08.199 and I even show that we're stayed rules for me. 1357 01:13:08.439 --> 01:13:10.960 If I have a highway that passed through my state, 1358 01:13:12.319 --> 01:13:14.920 I am telling you as I will spend that rule. 1359 01:13:15.319 --> 01:13:16.880 I will spend money to fix that. 1360 01:13:18.399 --> 01:13:18.640 I don't. 1361 01:13:18.880 --> 01:13:20.840 I don't interrupted, but let me just say this right So, 1362 01:13:21.079 --> 01:13:24.520 the issue is the federal borrowing is also state and federal. 1363 01:13:24.600 --> 01:13:26.680 Nometter that this borrowing we're talking about. It's not the 1364 01:13:26.760 --> 01:13:31.520 federal governmental borrowing. It is federal and state. And what 1365 01:13:31.600 --> 01:13:34.279 we're trying to talk about is that the borrowing is 1366 01:13:34.359 --> 01:13:37.520 going to create a death trap. You are talking about 1367 01:13:37.560 --> 01:13:40.199 the effects of the Maral administration. I get it, and 1368 01:13:40.279 --> 01:13:42.439 I think I suppose your points you are making. But 1369 01:13:42.560 --> 01:13:44.119 the issue we are trying to raise. 1370 01:13:44.159 --> 01:13:46.640 Is this you have to borrow? Right? 1371 01:13:46.800 --> 01:13:50.119 I hear you saying the figure If you borrow this 1372 01:13:50.279 --> 01:13:54.359 for forty seven forty five trillion and you use it 1373 01:13:54.600 --> 01:13:57.680 for to build a new real way to masure republic, 1374 01:13:57.720 --> 01:14:00.479 it's not on our productivity if it's not nected to 1375 01:14:00.520 --> 01:14:01.640 the existing railways. 1376 01:14:02.319 --> 01:14:04.800 And the point is not the borrowing, but what. 1377 01:14:05.000 --> 01:14:05.880 That boy. 1378 01:14:07.760 --> 01:14:09.840 That is going to there's the one that she's going 1379 01:14:09.920 --> 01:14:11.479 to the southeast from the how do you know? 1380 01:14:12.600 --> 01:14:13.119 How do you know? 1381 01:14:13.359 --> 01:14:16.920 No? No, no, no, that can wait. So so the 1382 01:14:17.000 --> 01:14:20.479 team for me is like I said that borrowing. 1383 01:14:21.720 --> 01:14:24.439 No, I'm asking because there's no I don't have the record. 1384 01:14:24.479 --> 01:14:27.680 And again you said the medium term framework. The medium 1385 01:14:27.840 --> 01:14:31.279 term framework has eight trillion in it? Does you have 1386 01:14:31.399 --> 01:14:34.680 forty five has eight trillion in it? That's number one. 1387 01:14:35.039 --> 01:14:35.520 Number two. 1388 01:14:35.600 --> 01:14:38.199 If he says a plan, then were they right into 1389 01:14:38.279 --> 01:14:41.039 the to the Senate to approve it. If it's a plan, 1390 01:14:41.560 --> 01:14:43.760 it wasn't let a force it letter just to say, oh, 1391 01:14:43.800 --> 01:14:46.920 where they have midium ten framework? Want to remind you 1392 01:14:47.000 --> 01:14:48.520 of that? Just be reminded. 1393 01:14:48.760 --> 01:14:52.319 No, they are right into the Senate to approve That's 1394 01:14:52.359 --> 01:14:55.439 why the Senate is centered as to the Committee on Debt, 1395 01:14:55.600 --> 01:14:59.319 Remember the Senate President said, I afforded to the Committee 1396 01:14:59.439 --> 01:15:02.199 on extern out Debt to reive what the committee do. 1397 01:15:02.560 --> 01:15:05.920 Committee will skip the recommendation. They need to be approved. 1398 01:15:06.159 --> 01:15:09.640 This is only without approval. And the Ministry of Finance 1399 01:15:10.000 --> 01:15:14.359 and the DMO then issued the securities to borrow. So 1400 01:15:14.520 --> 01:15:17.920 that idea that it's the sack, it doesn't follow that 1401 01:15:18.000 --> 01:15:20.800 the process is so just as I've played out, you 1402 01:15:20.960 --> 01:15:23.560 have got to write an intimate a Senate that you'd 1403 01:15:23.640 --> 01:15:26.640 like to borrow, then the center that approved that borrowing, 1404 01:15:27.119 --> 01:15:30.079 and then you can borrow exactly what bo did. But 1405 01:15:30.239 --> 01:15:33.920 in the end, but having printed twenty two trillion, he 1406 01:15:34.000 --> 01:15:36.479 didn't go to the Senate. What happened to the Living Office? 1407 01:15:36.720 --> 01:15:39.680 He had to issue a bond. The Senate and the 1408 01:15:39.760 --> 01:15:43.520 House approved that bond. The DMO then issued and added 1409 01:15:43.720 --> 01:15:47.000 that bond tonight, you have said, so that's the reason 1410 01:15:47.039 --> 01:15:52.239 I'm going to fly my brother saying oh off, he 1411 01:15:52.399 --> 01:15:54.960 dropped off, sorry about that, and lo. 1412 01:15:55.239 --> 01:15:58.039 Show how are you doing? So let me add my 1413 01:15:58.159 --> 01:16:00.920 brother back show you've got the flopleas, go ahead, let 1414 01:16:00.960 --> 01:16:01.359 me add you. 1415 01:16:04.640 --> 01:16:06.520 I think you can't do good inning everyone. 1416 01:16:06.880 --> 01:16:10.560 Yeah, So it's actually been a very interesting topic of 1417 01:16:11.239 --> 01:16:15.000 extremity also for its contribution. So for me, I think, 1418 01:16:16.800 --> 01:16:19.760 like everyone said, borow is actually not a big deal, 1419 01:16:20.760 --> 01:16:21.600 but we've got a. 1420 01:16:21.680 --> 01:16:25.000 Problem as to where the borrowing is actually going through 1421 01:16:25.920 --> 01:16:26.199 like it. 1422 01:16:26.319 --> 01:16:31.000 For instance, Abercuta in the States as a more flyovers 1423 01:16:31.039 --> 01:16:37.439 than Manchester in England. What and Abercuta in Uburann States. Yeah, 1424 01:16:38.479 --> 01:16:42.680 has more fly overs than Manchester in England. 1425 01:16:43.399 --> 01:16:44.520 That's an interesting start. 1426 01:16:45.680 --> 01:16:49.840 And then Manchester has I mean several many, I mean 1427 01:16:49.960 --> 01:16:54.039 several cars than Albercuta in Uburn, States. So it makes 1428 01:16:54.079 --> 01:16:59.000 me question why Halbercuter should actually have more flyovers than 1429 01:16:59.079 --> 01:17:04.680 the very economic, comically right brands are city like in England, 1430 01:17:05.680 --> 01:17:09.720 then like in Manchester, like everywhere, every every road actually 1431 01:17:09.840 --> 01:17:13.560 leads to somewhere. But we have a situation in that 1432 01:17:13.680 --> 01:17:19.079 where once you leave the major road then you are 1433 01:17:19.319 --> 01:17:21.760 you are allowed, you are literally on your own. And 1434 01:17:21.960 --> 01:17:24.960 also we have a situation where step governors actually also 1435 01:17:25.119 --> 01:17:29.920 neglect our rural areas and in so doing they actually 1436 01:17:30.279 --> 01:17:35.239 indirectly create more pressure on the urban areas because youth 1437 01:17:35.560 --> 01:17:38.760 from the from the rural areas will actually have to 1438 01:17:38.880 --> 01:17:44.520 migrate riding orcadas in the urban centers, which is actually 1439 01:17:44.760 --> 01:17:49.319 also creating a huge, I mean problem on farming activities, 1440 01:17:49.640 --> 01:17:51.399 which is actually the rock of. 1441 01:17:51.520 --> 01:17:53.439 Economy within the rural areas. 1442 01:17:54.640 --> 01:17:59.199 So we have we have still governors actually deliberately neglecting 1443 01:17:59.479 --> 01:18:05.039 the rural areas. So what what kind of roads are 1444 01:18:05.079 --> 01:18:08.479 we actually expecting in in this or in this kind 1445 01:18:08.520 --> 01:18:11.399 of scenario, which is actually so I mean so so bad. 1446 01:18:12.039 --> 01:18:15.399 And also I also think we. 1447 01:18:15.560 --> 01:18:20.000 Also have a huge problem with accountability. Just on just 1448 01:18:20.079 --> 01:18:24.359 for precent Honarized TV, a TV presenter was actually question 1449 01:18:24.600 --> 01:18:26.760 in the minutes out of works as through the cost 1450 01:18:26.920 --> 01:18:32.359 pakilometer for for the coastal road and right on tree 1451 01:18:32.920 --> 01:18:35.279 you can see we can all see the reaction from 1452 01:18:35.640 --> 01:18:39.600 those that are actually in support of governments. It's like everybody, 1453 01:18:39.800 --> 01:18:41.840 I mean, people don't actually want to be to be 1454 01:18:41.960 --> 01:18:44.800 I mean, we don't like accountability quote and on code 1455 01:18:45.199 --> 01:18:48.720 and I don't see where the country is actually added 1456 01:18:49.079 --> 01:18:50.199 in this in this regard. 1457 01:18:50.680 --> 01:18:51.880 That's my submission. 1458 01:18:52.000 --> 01:18:52.279 Colue. 1459 01:18:52.760 --> 01:18:57.319 Yeah, someone just checked priest and said it's actually true, 1460 01:18:57.479 --> 01:18:58.079 that's true. 1461 01:18:58.119 --> 01:19:00.319 I didn't know that. It's interesting, is it? 1462 01:19:00.399 --> 01:19:04.640 Because Albercota is expanding, so they're building, you know, in 1463 01:19:04.760 --> 01:19:07.680 anticipation of the population of cars. 1464 01:19:09.079 --> 01:19:12.399 No, no, no, calu. I see it as a kind 1465 01:19:12.439 --> 01:19:14.199 of misplaced priority. 1466 01:19:14.439 --> 01:19:18.800 Maybe flyovers are actually cash cows for governors. 1467 01:19:19.199 --> 01:19:21.239 And also true if you look at this, I mean, 1468 01:19:21.239 --> 01:19:21.800 if you look. 1469 01:19:21.680 --> 01:19:24.560 At the recent project in notion, you can see also 1470 01:19:24.760 --> 01:19:28.199 flyovers are flying around in ocean and these are this, 1471 01:19:28.439 --> 01:19:31.439 I mean, this is an economy way by not every 1472 01:19:31.520 --> 01:19:36.359 ousehold of cars. So Abercuta is actually about if not 1473 01:19:36.520 --> 01:19:41.239 triple four times are the population of Manchester and Manchester. 1474 01:19:41.479 --> 01:19:45.119 As there are many more cars in Manchester, far many 1475 01:19:45.199 --> 01:19:49.039 more cars in Manchester than Abercuta. So which actually yeah, 1476 01:19:49.039 --> 01:19:51.960 which actually shows that people are really there are far 1477 01:19:52.119 --> 01:19:57.760 less cards in Abercuta. So now in Manchester, like I 1478 01:19:57.800 --> 01:20:02.359 said earlier, every road actually leads to somewhere. There are 1479 01:20:02.640 --> 01:20:06.239 there are so many routes due to actually gates get 1480 01:20:06.399 --> 01:20:10.039 on to his destination. If you look at in our 1481 01:20:10.079 --> 01:20:14.399 roads in they are totally totally bad. And this is 1482 01:20:14.439 --> 01:20:19.520 actually just to support your claim on I mean Nigeria 1483 01:20:19.680 --> 01:20:23.199 not being connected. I mean our cities and states are 1484 01:20:23.279 --> 01:20:26.600 not being connected to each other. So it's actually also 1485 01:20:26.680 --> 01:20:32.279 happening within the within the the amain, within the smaller 1486 01:20:32.439 --> 01:20:33.800 units of the country. 1487 01:20:34.239 --> 01:20:37.159 So I think it's actually a very larger problem. 1488 01:20:37.239 --> 01:20:39.920 And also I mean also linking to the fact that 1489 01:20:40.159 --> 01:20:43.720 our governments or I mean governors and governments actually spend 1490 01:20:43.840 --> 01:20:45.920 on things that are not relevant. 1491 01:20:46.479 --> 01:20:52.039 Yeah, you know, I saw I saw an infographic from 1492 01:20:52.279 --> 01:20:55.640 nineteen seventy three and it was like a train shadow 1493 01:20:56.279 --> 01:20:58.399 in nineteenth three. So it was like, if you want 1494 01:20:58.439 --> 01:21:02.000 to go from port haar Court to Legos, it will 1495 01:21:02.079 --> 01:21:05.199 take you three days. So you do Protacod, then you 1496 01:21:05.359 --> 01:21:10.239 go to Kaduna, then the trainer goes from Kaduna to Legos. 1497 01:21:10.640 --> 01:21:12.520 If you want to go from Legos to Cano, it 1498 01:21:12.600 --> 01:21:14.960 takes you a day because just goes straight from Legos 1499 01:21:15.279 --> 01:21:20.840 to Cano. That was in nineteen seventy three. Today nothing 1500 01:21:20.920 --> 01:21:24.039 has changed. If you want to go from Portacot to 1501 01:21:24.199 --> 01:21:27.560 Legos by train, the minimum is still going to be 1502 01:21:27.640 --> 01:21:31.840 that three days. Nothing has changed from nineteen seventy three. 1503 01:21:31.920 --> 01:21:34.720 And I noticed because I've gone on a train from 1504 01:21:34.920 --> 01:21:38.199 Jos to Legos and you'll go dross. 1505 01:21:38.279 --> 01:21:41.039 You go all the way to kavan Chan. Cavan Chine is. 1506 01:21:41.000 --> 01:21:43.880 Where you have to changeover to go from the northern 1507 01:21:43.960 --> 01:21:47.680 line to the from the western line to the eastern line. 1508 01:21:47.880 --> 01:21:49.920 You change over in Cavent, China. It was built by 1509 01:21:49.960 --> 01:21:52.960 the British. So look at the point I'm making. All 1510 01:21:53.119 --> 01:21:58.760 the oil Nigeria has earned. From nineteen sixty to date, Nigeria. 1511 01:21:58.399 --> 01:22:03.600 Has not added one one one, one brand new line, 1512 01:22:04.239 --> 01:22:08.159 one brand new line of reil. The only brand new 1513 01:22:08.279 --> 01:22:12.439 line is gonna be the one from Abuja to Kaduna 1514 01:22:13.520 --> 01:22:16.159 and the one from attack By to Worry. 1515 01:22:16.720 --> 01:22:19.239 Attack Ber to Worry is for a jacuta. It's not 1516 01:22:19.399 --> 01:22:23.640 for commercials to carry iron oil. We just built train 1517 01:22:23.720 --> 01:22:26.119 stations to make that look like it was only for 1518 01:22:26.319 --> 01:22:29.520 iron ore the one from so Literally, from nineteen sixty 1519 01:22:30.640 --> 01:22:35.000 to date, Nigeria has only added The only brand new. 1520 01:22:35.000 --> 01:22:37.159 Line is this attack By one which was built in 1521 01:22:37.359 --> 01:22:42.760 nineteen eighties. Nineteen eighties, I saw that Shain with my eyes. 1522 01:22:42.840 --> 01:22:46.319 In the nineteen eighties, you was better attack back to 1523 01:22:46.439 --> 01:22:50.199 ward I saw it. And then the one that goes 1524 01:22:50.319 --> 01:22:56.960 from Kaduna to Abuja. Since nineteen sixty, all them crude 1525 01:22:57.039 --> 01:23:02.399 oil money. It is to go from Portacos to Legos. 1526 01:23:02.840 --> 01:23:05.880 You will go from Portarcot, you will go all the 1527 01:23:06.000 --> 01:23:09.079 way to cafan Chan. Then you will change a train 1528 01:23:09.399 --> 01:23:13.760 and then go from cafan chan to legos. How How 1529 01:23:14.319 --> 01:23:17.600 how can a country that says it is the largest 1530 01:23:17.760 --> 01:23:22.600 economy in sub Sahan Africa not be able to connect 1531 01:23:22.720 --> 01:23:23.399 two regions? 1532 01:23:23.800 --> 01:23:27.159 Now the bridge and morkwise down. I told people on 1533 01:23:27.239 --> 01:23:29.640 Twitter qualm buy food. No one who told me with 1534 01:23:29.760 --> 01:23:31.960 twitch power, how do you start food? Because if you're 1535 01:23:31.960 --> 01:23:34.279 not talking about this tomato and pepper, where are you 1536 01:23:34.279 --> 01:23:35.920 gonna start it? If he buys the book? 1537 01:23:37.199 --> 01:23:40.239 This is this is this is this serious question in 1538 01:23:40.359 --> 01:23:44.760 the year twenty twenty five, that Nigeria you cannot stop 1539 01:23:44.800 --> 01:23:49.319 pepper and tomato because there's no power. So we you know, 1540 01:23:49.439 --> 01:23:53.439 sometimes we speak fly like we speak these flowery things. 1541 01:23:53.479 --> 01:23:58.319 We do this fowery project. But was the economic impact 1542 01:23:58.600 --> 01:24:00.880 of this? Why are we borrowing if we borrow this 1543 01:24:01.039 --> 01:24:03.199 money for power, if we brought if we borrow this 1544 01:24:03.319 --> 01:24:07.000 for five trillion and they tell me in ten years 1545 01:24:07.479 --> 01:24:09.520 we're going to have power to the first of Naga. 1546 01:24:09.560 --> 01:24:12.000 I don't think an about will complain. I doubt anybody 1547 01:24:12.039 --> 01:24:17.239 will complain. Yes, I doubt it not you're hanging there. 1548 01:24:17.279 --> 01:24:17.720 Thanks for that. 1549 01:24:18.239 --> 01:24:19.600 I'm gonna have to investigate more. 1550 01:24:19.680 --> 01:24:22.319 But thanks for bringing at attention and let's get the 1551 01:24:23.079 --> 01:24:25.439 tech you're here, they will get there and they will 1552 01:24:25.479 --> 01:24:27.479 go to the go ahead. 1553 01:24:30.479 --> 01:24:34.680 You ready, go ahead, You've got the yes, sir. 1554 01:24:35.960 --> 01:24:42.720 So like the Complex said, he I'm listening to a 1555 01:24:43.159 --> 01:24:49.239 person well in thinking that what I'm like and. 1556 01:24:52.560 --> 01:24:53.880 There's really wrong. 1557 01:24:53.760 --> 01:25:00.920 With Seriously, there's really what you're going advantage. 1558 01:25:00.039 --> 01:25:02.319 Worries I death. 1559 01:25:02.760 --> 01:25:04.760 They are, they are, they are, they are banding, they 1560 01:25:04.760 --> 01:25:08.119 are al they do they see for what they say. 1561 01:25:08.479 --> 01:25:12.159 In fact, there's one who What my concern is, what 1562 01:25:12.399 --> 01:25:12.600 is the. 1563 01:25:14.039 --> 01:25:18.359 Day dealing with all the wrongs that they are going now. 1564 01:25:18.520 --> 01:25:21.439 I think they put out in quest to. 1565 01:25:21.479 --> 01:25:23.640 The National to the Senate that they are the national 1566 01:25:23.760 --> 01:25:25.800 stategy that they're going to do with the olaws. 1567 01:25:27.279 --> 01:25:27.439 You know. 1568 01:25:27.760 --> 01:25:31.680 So now the problem that couple people have I listened 1569 01:25:31.760 --> 01:25:36.079 to a tree from my life. See where someone on 1570 01:25:36.199 --> 01:25:38.479 the show would say, and what you saying that they. 1571 01:25:39.000 --> 01:25:40.119 Request for. 1572 01:25:42.000 --> 01:25:47.720 That's on the National sateergy to see that letter that 1573 01:25:47.880 --> 01:25:51.119 the president stands to the National State to see what 1574 01:25:51.159 --> 01:25:51.800 they're there is. 1575 01:25:52.399 --> 01:25:56.640 A list of projects that have died to that partibularity 1576 01:25:56.720 --> 01:25:57.800 quest to go. 1577 01:25:59.399 --> 01:26:02.159 I think they get he said that that is that's 1578 01:26:02.199 --> 01:26:05.319 why I requests and I tell them to I don't 1579 01:26:05.319 --> 01:26:05.840 know whether they. 1580 01:26:05.840 --> 01:26:10.159 Sell it or that's at because I don't have any 1581 01:26:10.199 --> 01:26:11.399 problems with the reports. 1582 01:26:11.119 --> 01:26:14.399 That they are making, but the jeers should not be 1583 01:26:14.680 --> 01:26:18.840 in the that of not what is that's what what 1584 01:26:19.000 --> 01:26:19.760 project that these do? 1585 01:26:20.000 --> 01:26:23.239 Please do described to do the doing. 1586 01:26:24.359 --> 01:26:28.880 So I'm motioned to see whether anybody involvements do all 1587 01:26:29.239 --> 01:26:31.359 say oh, this morning that we're going to be taking 1588 01:26:31.840 --> 01:26:33.680 this is worth and work and what has. 1589 01:26:33.640 --> 01:26:35.800 Re tied to and I think they would be it 1590 01:26:35.920 --> 01:26:39.039 will be that's what this is that I'm doing that work. 1591 01:26:39.119 --> 01:26:39.399 I don't. 1592 01:26:40.439 --> 01:26:43.079 I would not sit down and think that they need 1593 01:26:43.279 --> 01:26:45.520 they will have in those moneys with. 1594 01:26:45.680 --> 01:26:49.239 House have these specific budget, it's a specific project that's 1595 01:26:49.279 --> 01:26:49.520 going to. 1596 01:26:49.520 --> 01:26:53.239 Go to and also then having its include the one. 1597 01:26:53.800 --> 01:26:57.039 On the ground, whether that goose monies are used. 1598 01:26:56.880 --> 01:27:00.279 For those specific futures that they have realed for they are. 1599 01:27:01.439 --> 01:27:07.000 I don't really I'm I an one band and MTV 1600 01:27:07.680 --> 01:27:08.319 fun sold. 1601 01:27:08.119 --> 01:27:09.920 Than I athletes name, but I don't. 1602 01:27:10.319 --> 01:27:10.640 I don't. 1603 01:27:10.800 --> 01:27:11.119 I don't. 1604 01:27:12.159 --> 01:27:14.880 You can you can pet from home, but I don't 1605 01:27:14.920 --> 01:27:18.199 think too that they judge give your money and I. 1606 01:27:18.359 --> 01:27:20.520 Really need this is spectum about what you want to 1607 01:27:20.600 --> 01:27:23.439 do with you and whatever you want to deal with them. 1608 01:27:23.960 --> 01:27:25.079 So that is my worry. 1609 01:27:25.239 --> 01:27:28.439 My worry is our system. 1610 01:27:28.439 --> 01:27:32.760 Is not you know, I've just wanted to do what 1611 01:27:33.359 --> 01:27:37.359 I did you be doing now I just want to 1612 01:27:37.680 --> 01:27:38.760 say contain Also. 1613 01:27:38.960 --> 01:27:42.600 That's why are you going into this doing well as 1614 01:27:42.640 --> 01:27:45.199 I do? How it's time before Bloody and Glady said 1615 01:27:45.439 --> 01:27:47.760 they were playing five to sixty on subsidy. 1616 01:27:48.399 --> 01:27:50.119 Now because of it, literally. 1617 01:27:49.760 --> 01:27:52.039 And of that, I know that the subsidy like as 1618 01:27:52.079 --> 01:27:54.359 women talk to you today, the. 1619 01:27:54.720 --> 01:27:58.560 GOO governments who playing good for tempty level to subs. 1620 01:28:00.439 --> 01:28:01.680 If you can't consider. 1621 01:28:01.439 --> 01:28:03.880 Informational, I'm inspluture inclusion or whatever. 1622 01:28:04.560 --> 01:28:07.039 If Guard was playing five to sixte years old, so 1623 01:28:07.319 --> 01:28:08.319 we should be playing. 1624 01:28:09.880 --> 01:28:10.319 Your arm. 1625 01:28:10.680 --> 01:28:14.680 So now what's the argument that they were people in government. 1626 01:28:14.479 --> 01:28:16.680 Is deeping is that they are sure that the same 1627 01:28:16.760 --> 01:28:21.000 government is getting a wrong one from the series so 1628 01:28:21.279 --> 01:28:23.760 many thing he says, do a got your fine, I 1629 01:28:23.880 --> 01:28:24.079 got you. 1630 01:28:24.279 --> 01:28:27.000 The move stops in me by letter by left one 1631 01:28:27.079 --> 01:28:32.600 night composed and he said, quitted there it is sold. 1632 01:28:32.880 --> 01:28:34.399 You worry and tell. 1633 01:28:34.399 --> 01:28:36.319 Pretty here and we're so old put there. 1634 01:28:37.479 --> 01:28:39.640 So we all went to like now you invested in 1635 01:28:39.680 --> 01:28:42.920 the nineties and NY two hundred every two thousands. 1636 01:28:42.720 --> 01:28:46.880 Were so deep this unspe investors that we in the world. 1637 01:28:46.880 --> 01:28:49.039 You will see this video was view like this. 1638 01:28:49.119 --> 01:28:53.760 Pretty there stall with Japan. I mean it moves, so 1639 01:28:54.560 --> 01:28:57.560 you wanted to the move stops to be because. 1640 01:28:57.279 --> 01:29:01.159 Of set of shortly were so can't time of my first. 1641 01:29:01.159 --> 01:29:04.279 Bosses bosses all which lived up and we will see 1642 01:29:04.640 --> 01:29:08.079 shop that you will see this good things that you 1643 01:29:08.880 --> 01:29:09.640 or they wanted to do. 1644 01:29:09.960 --> 01:29:13.399 Subs what allowed to do so in anyway they wanting 1645 01:29:13.439 --> 01:29:14.239 for that they shopping? 1646 01:29:15.000 --> 01:29:16.159 Now what this most of. 1647 01:29:16.199 --> 01:29:18.079 The government saying that they are. 1648 01:29:18.000 --> 01:29:21.239 Taking money from the something and reed to. 1649 01:29:21.359 --> 01:29:23.279 Stay for the almost stay. 1650 01:29:23.079 --> 01:29:24.119 The ones how. 1651 01:29:25.560 --> 01:29:28.119 To speak the morning what I'm set up? 1652 01:29:28.159 --> 01:29:28.960 What don't they set up? 1653 01:29:29.000 --> 01:29:37.279 In fact flashing pudd, I said this level through the scud. 1654 01:29:38.319 --> 01:29:39.840 So that Glen that this is. 1655 01:29:41.319 --> 01:29:46.399 Not making doesn't make any someday that doesn't. 1656 01:29:46.159 --> 01:29:46.840 Want to be going. 1657 01:29:47.319 --> 01:29:52.840 But I trust you to poltics go young politicians. 1658 01:29:55.640 --> 01:29:56.239 To cretizing. 1659 01:29:56.760 --> 01:30:01.560 I'll yeah, thank you submission. I did a tweet and 1660 01:30:01.680 --> 01:30:04.000 I said the I like him with an analogy that 1661 01:30:04.560 --> 01:30:07.560 what they was to operate all the Nigerian and to 1662 01:30:07.560 --> 01:30:11.239 remove the pendict without anaesthesia. And then the day after 1663 01:30:11.279 --> 01:30:13.399 the operation and told the guy to go on a marathon. 1664 01:30:13.840 --> 01:30:17.119 That's how I see it. I think they were being 1665 01:30:17.239 --> 01:30:21.439 to clever for the world. Maybe maybe they were overthinking this. 1666 01:30:22.439 --> 01:30:25.399 They were going to buy bosses, but they had a 1667 01:30:25.520 --> 01:30:29.359 c NG bus policy. I think they wanted to tie 1668 01:30:29.479 --> 01:30:31.239 in the bosses they were going to buy for the 1669 01:30:31.279 --> 01:30:34.319 subs removal in with the c NG. So when they 1670 01:30:34.600 --> 01:30:36.079 was subtoday on the war. 1671 01:30:36.039 --> 01:30:38.399 Which the president of the one, I don't know if 1672 01:30:38.439 --> 01:30:41.039 that was a plan or if it was that, don't 1673 01:30:41.039 --> 01:30:42.479 know if he planned that first. 1674 01:30:42.920 --> 01:30:46.319 I think they were ready for the announcement was made. 1675 01:30:46.359 --> 01:30:50.520 But when says somebody is gone, revenues came in immediately, 1676 01:30:51.079 --> 01:30:55.039 because somebody removal is a revenue event, So revenues came in. 1677 01:30:56.079 --> 01:31:00.840 And then they did not follow immediately. They were waiting 1678 01:31:01.039 --> 01:31:03.880 for CEE energy bosses that are not not that are 1679 01:31:03.960 --> 01:31:07.399 being deployed in masks as are to day, and I 1680 01:31:07.439 --> 01:31:11.119 think that's a problem. So they allowed the suffering to hit. 1681 01:31:11.239 --> 01:31:13.560 Like you said, PTFO satality. 1682 01:31:14.079 --> 01:31:16.600 So even when you are paying more for your fuel, 1683 01:31:16.960 --> 01:31:19.000 you look to your university, you saw that it was 1684 01:31:19.079 --> 01:31:19.720 being rebuilt. 1685 01:31:20.000 --> 01:31:22.159 You looked at your rules, you could see the roads 1686 01:31:22.199 --> 01:31:24.199 being built. You are like, okay, I get it. 1687 01:31:24.640 --> 01:31:27.560 This morning if I'm pain is rebuilding my inversity, I 1688 01:31:27.680 --> 01:31:31.800 get it, But you will struggle those times they were 1689 01:31:31.840 --> 01:31:33.960 sharing rice the most. 1690 01:31:33.800 --> 01:31:35.319 Subsidy and there were sharing rice. 1691 01:31:36.159 --> 01:31:39.319 You will struggle to put your finger on what these states, 1692 01:31:39.880 --> 01:31:41.039 the federal. 1693 01:31:41.039 --> 01:31:44.399 And the local governments have done with the subsidy removal. 1694 01:31:44.439 --> 01:31:49.960 Because we're more, subsidy is a revenue event, the revenues doubled. 1695 01:31:50.640 --> 01:31:53.279 States got more with system. 1696 01:31:53.000 --> 01:31:56.560 State governors doing wonders in their state. Since some states 1697 01:31:56.600 --> 01:31:59.199 governors that are paying for nonsense in their states. So 1698 01:31:59.600 --> 01:32:02.199 it's a mixed back. But still even the own federal 1699 01:32:02.239 --> 01:32:06.119 goverment itself, what has it done because we're all federal, 1700 01:32:06.439 --> 01:32:09.279 not all the states, but we are all federal, what 1701 01:32:09.439 --> 01:32:09.960 have they done? 1702 01:32:10.079 --> 01:32:14.439 Well, there's a time they are appointed Issa also right 1703 01:32:14.520 --> 01:32:18.239 to sort of monitor he then report that these states 1704 01:32:18.279 --> 01:32:20.840 have done this. I mean PTF was also like this. 1705 01:32:21.159 --> 01:32:23.399 The federal ran it, but it was a bit of 1706 01:32:24.319 --> 01:32:27.199 the states that were over the rose on by the 1707 01:32:27.279 --> 01:32:28.439 states and the federal did it. 1708 01:32:28.840 --> 01:32:31.560 So I just think that's the point that I'm having 1709 01:32:31.600 --> 01:32:34.279 today is trust deficits. 1710 01:32:33.960 --> 01:32:36.920 Right now with Taber administration, because they would only trust 1711 01:32:36.960 --> 01:32:41.600 them to borrow forty five trillion and spend it because 1712 01:32:41.600 --> 01:32:44.960 they got money from field subsidy and they spend That's just. 1713 01:32:46.800 --> 01:32:48.960 My take on that. Ben, I have you here, Ben 1714 01:32:49.039 --> 01:32:52.640 go ahead. Thanks, Thanks octly, Ben, you've got the flow. 1715 01:32:54.960 --> 01:32:59.680 Yeah, thanks for interesting in space. 1716 01:33:00.479 --> 01:33:07.279 I like this just based about the subsidy removal and 1717 01:33:07.520 --> 01:33:12.520 the sort of politians, you know, whatever the government had, 1718 01:33:12.760 --> 01:33:15.239 whatever the was pushing the effect. 1719 01:33:14.920 --> 01:33:16.239 To subsidi remover. 1720 01:33:17.640 --> 01:33:20.359 The idea of okay, remote subsidies. 1721 01:33:20.520 --> 01:33:24.239 So you know, immediately the press of transportation would go 1722 01:33:25.119 --> 01:33:29.279 the idea of okay, let's cushing the effects on transportation 1723 01:33:30.279 --> 01:33:31.720 by buying. 1724 01:33:31.479 --> 01:33:34.520 The bosses c engine bosses. I don't know why they're 1725 01:33:34.560 --> 01:33:37.520 obsessed in vers NGI boats. It's a good one that's 1726 01:33:37.600 --> 01:33:38.279 clean energy. 1727 01:33:39.159 --> 01:33:40.199 So they're saying that. 1728 01:33:40.479 --> 01:33:45.600 They say, let's buy the boss and you know, and 1729 01:33:46.760 --> 01:33:49.920 provide some sort of discounted you know, transports for. 1730 01:33:51.840 --> 01:33:52.399 University's. 1731 01:33:52.479 --> 01:33:56.359 Yeah, the government governor his name again. 1732 01:33:57.720 --> 01:34:02.119 Fubar actually well actually for ours, government actually put a 1733 01:34:02.239 --> 01:34:03.079 lot of bosses. 1734 01:34:03.279 --> 01:34:06.079 I wouldn't say they were enough, but they were just 1735 01:34:06.319 --> 01:34:09.000 enough to be visible. You could say, okay, if you 1736 01:34:09.039 --> 01:34:10.039 go to this place. 1737 01:34:09.840 --> 01:34:12.359 In university, goes to this place in university, stands around 1738 01:34:13.039 --> 01:34:14.920 therefore a while at the same time in the morning 1739 01:34:14.960 --> 01:34:16.239 you would see a boss come. 1740 01:34:16.920 --> 01:34:21.600 Bosses well liberaled in nager positions, always liberally well spaced. 1741 01:34:21.680 --> 01:34:23.800 Yeah, socially remove our boss. 1742 01:34:23.960 --> 01:34:25.960 You knew that is, you know, and the bridal job 1743 01:34:26.199 --> 01:34:26.600 is cheaper. 1744 01:34:28.119 --> 01:34:31.359 But I don't think that the what I would say, say, 1745 01:34:31.439 --> 01:34:35.279 fifty sixty percent reach as the reach of the. 1746 01:34:35.319 --> 01:34:38.119 Bosses in the univers states prior reversity protacles. 1747 01:34:38.640 --> 01:34:42.359 I don't think it was the only replicated. There was 1748 01:34:42.439 --> 01:34:44.199 all replicated in most of the states. 1749 01:34:44.239 --> 01:34:46.880 In Actually, you know, what the president should have. 1750 01:34:47.000 --> 01:34:51.079 Done was to do before you announced the removal of 1751 01:34:51.159 --> 01:34:53.079 jobs here. You know, he announced it only ps. 1752 01:34:55.399 --> 01:34:58.159 This inaugration day, which is usually very tricky. 1753 01:34:58.760 --> 01:35:01.079 You know, there is a love question channel was it was? 1754 01:35:01.199 --> 01:35:03.319 What was was that the plan in that? I mean, 1755 01:35:03.399 --> 01:35:04.079 what was their plan? 1756 01:35:04.840 --> 01:35:08.479 These bosses should have been to have been great and 1757 01:35:08.760 --> 01:35:10.760 deployed as subsidy. 1758 01:35:10.399 --> 01:35:14.279 As you know, subtidy, so that the pushing the effect 1759 01:35:14.359 --> 01:35:19.199 the transportation effects because when if you deploy them marks 1760 01:35:19.239 --> 01:35:21.880 and people can actually feel and asset these poses are 1761 01:35:22.000 --> 01:35:25.119 pay less or just not. 1762 01:35:25.279 --> 01:35:26.560 Fuel did increase. 1763 01:35:26.359 --> 01:35:29.479 Because we started seeing like one hundred percent increasing transports 1764 01:35:29.560 --> 01:35:32.600 where that you go for and spend two undred and 1765 01:35:33.039 --> 01:35:36.079 started to coming three hundred, four hundreds in some cases. 1766 01:35:36.560 --> 01:35:39.439 You know, so if you could pushing that effects. 1767 01:35:39.520 --> 01:35:43.039 Of the increasing transportation plans would have at least had 1768 01:35:43.119 --> 01:35:45.159 something to say, oh, this is what the government need 1769 01:35:45.199 --> 01:35:48.439 to pushing effects and to have some sort. 1770 01:35:47.920 --> 01:35:49.239 Of the multiply effects. 1771 01:35:49.840 --> 01:35:51.960 You know, when those bosses choose and when those bosses 1772 01:35:52.039 --> 01:35:52.520 come into. 1773 01:35:52.399 --> 01:35:58.000 The transportation market and it's sufficient enough to supply, it's 1774 01:35:58.000 --> 01:35:59.079 cetain level of demand. 1775 01:35:59.399 --> 01:36:01.640 Even if it's a test a percent five percent, forty 1776 01:36:01.680 --> 01:36:05.520 percents to tell the drivers the probably comm dive about something. 1777 01:36:06.039 --> 01:36:09.279 They will feel, they may feel some some there's a 1778 01:36:09.399 --> 01:36:12.159 chance depending on the degree, there's a chance that they 1779 01:36:12.199 --> 01:36:16.560 may feel so many so reduced to demand an average 1780 01:36:16.640 --> 01:36:20.920 use to demand, who now incertivis them to really meet 1781 01:36:21.000 --> 01:36:25.039 the levels the increased Because there's a manager and engineers 1782 01:36:25.760 --> 01:36:30.079 always take advantage of situations to favor themselves, you know, 1783 01:36:31.119 --> 01:36:34.199 defer themselves well as the group as an individual. 1784 01:36:34.960 --> 01:36:36.439 Before nagers as the whole. 1785 01:36:36.880 --> 01:36:39.279 So there's always a chance that the drivers move that 1786 01:36:39.399 --> 01:36:41.840 look for to make money also make the same amount 1787 01:36:41.880 --> 01:36:42.760 of money you're making. 1788 01:36:43.199 --> 01:36:46.079 It's the chance that it's supposed to increase it from. 1789 01:36:46.119 --> 01:36:49.880 Per say two hundred to to to three hundred. 1790 01:36:50.039 --> 01:36:52.239 We can actually do to fifty and make the same money. 1791 01:36:52.239 --> 01:36:54.560 But we're making well because of everything that is happening 1792 01:36:54.600 --> 01:36:56.920 to take the opportunity are moving to three hundred or. 1793 01:36:56.960 --> 01:36:58.319 Some people who want three fifty. 1794 01:36:59.079 --> 01:37:02.920 So if this this came out in masses and actually 1795 01:37:03.319 --> 01:37:08.239 served at LISTA, I said Testi Percence Woker of. 1796 01:37:08.319 --> 01:37:11.279 The markets in the urban areas protacles, they got to 1797 01:37:11.439 --> 01:37:16.439 know a ble earth that you have a big money 1798 01:37:16.479 --> 01:37:17.079 for transport. 1799 01:37:17.600 --> 01:37:19.800 These bosses actually served. 1800 01:37:21.319 --> 01:37:21.920 That purpose. 1801 01:37:22.159 --> 01:37:26.079 That's forty Testif Percents did they increased the boarding that 1802 01:37:26.239 --> 01:37:29.760 Nagerance would have had to bear as a result of 1803 01:37:29.840 --> 01:37:33.359 the subsidient increase, the subsidies. 1804 01:37:32.840 --> 01:37:36.439 Removal, you know the transports increased subsidies removal. 1805 01:37:36.880 --> 01:37:38.119 Well, I don't know how to have but he guess 1806 01:37:38.159 --> 01:37:40.920 understand Dransy. The boarding agents will have had to be 1807 01:37:41.560 --> 01:37:42.279 would have been less. 1808 01:37:42.960 --> 01:37:45.920 And this administration just by doing this adminstration that needs 1809 01:37:45.960 --> 01:37:49.079 to see, Yes, removed subsidy but immediately this is what 1810 01:37:49.239 --> 01:37:51.600 we did to cushion the effects. But they failed to 1811 01:37:51.720 --> 01:37:54.159 me if you really feel that, I think seam tried 1812 01:37:55.479 --> 01:37:57.039 the team tried to be cstain. 1813 01:37:56.800 --> 01:38:01.159 Level generally as because for the fair they felt that 1814 01:38:01.319 --> 01:38:01.720 there was. 1815 01:38:01.800 --> 01:38:06.800 No can'tiable cushing effects. The buying of rice is rubbish. 1816 01:38:06.920 --> 01:38:09.520 See god man just went to your market and both 1817 01:38:09.640 --> 01:38:12.399 rights from local local rights from both right. 1818 01:38:12.359 --> 01:38:14.000 And as changed Nigerias. 1819 01:38:14.439 --> 01:38:17.439 Now what that does is that's who give the it 1820 01:38:17.560 --> 01:38:20.359 to increasing the demand of rice. 1821 01:38:20.960 --> 01:38:23.359 From the from the distribute of the farmers. 1822 01:38:23.439 --> 01:38:26.119 So they will now have they will not have the 1823 01:38:26.560 --> 01:38:28.760 some sort of insensitive it's incentive. 1824 01:38:28.399 --> 01:38:29.800 To evil put the prices higher. 1825 01:38:30.000 --> 01:38:31.960 If you notice when they were when they go mad 1826 01:38:32.039 --> 01:38:33.159 with buyer rising both. 1827 01:38:32.920 --> 01:38:35.640 From them and distributed in Nigeria's the prissent rise was 1828 01:38:35.680 --> 01:38:39.359 increasing like as was happening, things was increasing. 1829 01:38:40.000 --> 01:38:41.960 Then okay, now let's even look at the rise that 1830 01:38:42.039 --> 01:38:42.399 they bought. 1831 01:38:42.560 --> 01:38:45.039 How many people are many important? You have actually even 1832 01:38:45.119 --> 01:38:45.680 go this rice? 1833 01:38:46.680 --> 01:38:46.880 You know? 1834 01:38:47.119 --> 01:38:51.640 So if you've got mentioned that has done lots, they've 1835 01:38:51.680 --> 01:38:52.560 done some good things. 1836 01:38:52.600 --> 01:38:54.119 They've done a lot of batter and doing a lot 1837 01:38:54.159 --> 01:38:54.640 of good things. 1838 01:38:55.119 --> 01:38:59.359 But that rise rise buying as pushing effect something is rubbish. 1839 01:38:59.439 --> 01:39:02.359 It failed did not have as I had in negative 1840 01:39:02.399 --> 01:39:04.560 effects on the coast of rice. 1841 01:39:04.479 --> 01:39:06.840 And the rise and never gets an a j so, 1842 01:39:08.279 --> 01:39:10.680 uh that was That's what I wanted to say on 1843 01:39:10.960 --> 01:39:11.479 you know, the. 1844 01:39:11.560 --> 01:39:16.800 Substances remove issue. You know what I initially I. 1845 01:39:16.800 --> 01:39:18.920 Thought it was about five six rillion that we see 1846 01:39:19.760 --> 01:39:23.399 that the figured around twenty billion that we see now. 1847 01:39:25.439 --> 01:39:26.279 The main issue not. 1848 01:39:26.439 --> 01:39:29.479 Spend What are we spending this money on? 1849 01:39:30.319 --> 01:39:34.600 You know, what are we doing with this twenty billion dollars? 1850 01:39:34.680 --> 01:39:34.920 What? What? 1851 01:39:35.000 --> 01:39:37.119 What have you people doing with this money? 1852 01:39:37.840 --> 01:39:38.039 You know? 1853 01:39:38.359 --> 01:39:43.760 So that the issue around subsidy expenditure, expenditures the main 1854 01:39:43.880 --> 01:39:45.600 issue when we talk about. 1855 01:39:45.399 --> 01:39:47.640 The examine, about the thing about the. 1856 01:39:49.119 --> 01:39:50.800 Yeah, go for it. 1857 01:39:51.920 --> 01:39:54.399 Yeah, so when we where we score, when. 1858 01:39:54.279 --> 01:39:55.880 We talk about them, yes, we've. 1859 01:39:55.760 --> 01:39:56.520 All established that. 1860 01:39:57.159 --> 01:39:58.159 Okay is good. 1861 01:39:59.239 --> 01:40:02.119 But the issue for me for there is the coastal 1862 01:40:02.239 --> 01:40:03.039 borry and. 1863 01:40:03.119 --> 01:40:05.319 Once you spend it, when you spend the debtor as 1864 01:40:05.319 --> 01:40:10.359 you expended to this government has been very very very irresponsible. 1865 01:40:11.159 --> 01:40:13.640 If you look at the twenty five budgets, look at 1866 01:40:13.680 --> 01:40:18.199 the latest instation by Nurse, look at the latest insertion dynasts. 1867 01:40:17.800 --> 01:40:22.359 You see a lot of questionable a lot of questionable insertions. 1868 01:40:22.399 --> 01:40:22.880 The media. 1869 01:40:23.279 --> 01:40:26.399 You are located about several billion, if I know, yes, okay, 1870 01:40:26.560 --> 01:40:28.039 about two Mayvillio. 1871 01:40:28.159 --> 01:40:30.319 Ministries that are not even scenity. 1872 01:40:31.119 --> 01:40:35.399 The deformed ministry of sports on end and existing some 1873 01:40:35.560 --> 01:40:36.640 departs and existing. 1874 01:40:38.359 --> 01:40:40.359 Then you guys are I think most of you would 1875 01:40:40.399 --> 01:40:42.880 have heard about the street issue about it. 1876 01:40:43.000 --> 01:40:45.399 It was even then six million for mons street lights. 1877 01:40:45.960 --> 01:40:46.159 You know. 1878 01:40:46.279 --> 01:40:49.600 So if if you investigates the latest insertions in me, 1879 01:40:50.840 --> 01:40:55.399 it's filled with a lot of questionable projects, questionable. 1880 01:40:56.600 --> 01:41:00.880 Expenditures. Videos entis what that all these. 1881 01:41:00.800 --> 01:41:04.039 Things you have to put that, these things to add 1882 01:41:04.680 --> 01:41:05.159 the podcast? 1883 01:41:06.640 --> 01:41:07.920 What these things? 1884 01:41:10.000 --> 01:41:13.960 How are they going to benefit the life of Nigeria? 1885 01:41:14.600 --> 01:41:14.760 You know? 1886 01:41:14.920 --> 01:41:18.920 So the level of physical discipline is very very high. 1887 01:41:19.319 --> 01:41:24.119 So when you brew, it's not inherent what you spend 1888 01:41:24.359 --> 01:41:25.079 the morning. 1889 01:41:24.840 --> 01:41:26.439 That you go, what do you spend it on? 1890 01:41:26.600 --> 01:41:28.479 And also the cost of burying on the. 1891 01:41:28.640 --> 01:41:31.760 On the issue of the episod. 1892 01:41:33.880 --> 01:41:37.880 Reserve is lending, reserves, lends, all those things are very bad. 1893 01:41:38.039 --> 01:41:42.000 Pledging your future kludo to assess cash now is very 1894 01:41:42.119 --> 01:41:42.800 very bad. 1895 01:41:42.960 --> 01:41:43.119 You know. 1896 01:41:43.199 --> 01:41:44.720 So we need to just a roundo. 1897 01:41:44.840 --> 01:41:47.319 We need to be very conscious of the cost of 1898 01:41:47.479 --> 01:41:50.479 the morning, the cost of growing and what we spend 1899 01:41:51.600 --> 01:41:54.199 it to be raised, what we spend the expenditure we 1900 01:41:54.399 --> 01:41:57.000 spend it to be very concious of this thank. 1901 01:41:56.800 --> 01:42:01.800 You, Thank you. Ben appreciate that those comments, well well done. Again, 1902 01:42:01.880 --> 01:42:04.039 we're just going back and saying the same same thing. 1903 01:42:04.119 --> 01:42:04.239 Right. 1904 01:42:04.319 --> 01:42:05.399 We don't mind the borrowing. 1905 01:42:05.800 --> 01:42:08.119 But if the government tomorrow Monday morning, was to come 1906 01:42:08.159 --> 01:42:10.319 out a list of projects that we're going to spend 1907 01:42:10.359 --> 01:42:13.199 this on, this will actually help the government because we'll say, okay, 1908 01:42:13.479 --> 01:42:15.439 we want to build these power plans we're going to 1909 01:42:15.479 --> 01:42:17.319 get in the hour. I wanted to build this route. 1910 01:42:17.359 --> 01:42:20.000 People who understand when you stay on to borrow twenty 1911 01:42:20.079 --> 01:42:23.920 two billion dollars for the five trillion nira and we 1912 01:42:24.079 --> 01:42:25.840 have nowhere of Now we're going I'm going to buy 1913 01:42:25.840 --> 01:42:28.960 a new jets and New York's new SUV is of course, I'm. 1914 01:42:28.800 --> 01:42:29.680 Going to ask questions. 1915 01:42:29.920 --> 01:42:33.000 So it's your job to give the information which you 1916 01:42:33.159 --> 01:42:36.319 have to piloce An f o I to know where 1917 01:42:36.399 --> 01:42:40.199 the government wants to spend our attacks revenues. 1918 01:42:40.279 --> 01:42:40.479 Killer. 1919 01:42:40.600 --> 01:42:42.319 Let's have you clear, Let's have you. 1920 01:42:44.680 --> 01:42:44.920 Clear. 1921 01:42:45.319 --> 01:42:50.079 Ok, yeah, I see you guys. Please go ahead. 1922 01:42:53.319 --> 01:43:01.920 So I've heard about this, all theban nutation has done 1923 01:43:01.960 --> 01:43:02.479 and all of that. 1924 01:43:03.760 --> 01:43:04.319 It gets. 1925 01:43:06.680 --> 01:43:11.399 Two years after the policies that have been. 1926 01:43:14.239 --> 01:43:20.479 I would have to say it's been a fire it's, uh, 1927 01:43:21.359 --> 01:43:28.560 our good trajectory hasn't increased. That big has continued. 1928 01:43:30.760 --> 01:43:32.159 Because you could see. 1929 01:43:32.359 --> 01:43:35.960 Some markers of consumption collapsed. 1930 01:43:37.319 --> 01:43:41.880 It's the economy is essentially being propped up by government 1931 01:43:42.000 --> 01:43:45.399 spending our net exports having. 1932 01:43:45.399 --> 01:43:50.760 Really reasons per see aescually in real terms. 1933 01:43:50.720 --> 01:43:55.640 Yes, and nominal terms, it's increased, but when you corrected 1934 01:43:55.800 --> 01:44:00.279 for US dollars, it's. 1935 01:43:58.760 --> 01:44:05.000 Even strike me with the US dollar. So one time 1936 01:44:05.159 --> 01:44:06.319 has to start one dream? 1937 01:44:08.520 --> 01:44:08.800 Was this. 1938 01:44:10.319 --> 01:44:10.640 Idea? 1939 01:44:12.159 --> 01:44:16.279 It's I know there are a lot of rule I 1940 01:44:16.399 --> 01:44:19.880 was saying, was re surprised. 1941 01:44:22.880 --> 01:44:28.680 You please try everything, try try to stell your audio 1942 01:44:28.760 --> 01:44:30.680 your you're agreed, and I'll stell your audio if you 1943 01:44:30.680 --> 01:44:31.039 don't mind. 1944 01:44:31.520 --> 01:44:34.359 Okay, okay, sorry. 1945 01:44:34.760 --> 01:44:38.319 Yea, yes, like you're agreed, and I just just look 1946 01:44:38.359 --> 01:44:39.520 at the mic when you're speaking here. 1947 01:44:40.880 --> 01:44:41.239 Okay. 1948 01:44:41.920 --> 01:44:44.079 So I think, like, uh. 1949 01:44:45.520 --> 01:44:48.359 So when you look at all those different markers of 1950 01:44:48.600 --> 01:44:51.479 of the economy, there doesn't seem to me to be 1951 01:44:52.319 --> 01:44:53.800 home grace that we need. 1952 01:44:54.680 --> 01:44:56.479 I at all point. 1953 01:44:56.680 --> 01:44:58.159 I think the first six. 1954 01:44:58.119 --> 01:45:01.119 To one year I was on because we mole boots 1955 01:45:01.319 --> 01:45:04.800 or who said, oh yes, maybe the divardation made sense 1956 01:45:05.520 --> 01:45:07.760 or we have to do it, and all of that boats. 1957 01:45:07.760 --> 01:45:12.079 Three years in and we're looking at we're looking. 1958 01:45:11.920 --> 01:45:15.960 At podcasts going forward that suggests de people go to 1959 01:45:16.039 --> 01:45:19.520 be about works three points or three point five percent. 1960 01:45:20.039 --> 01:45:23.239 Our population Grok is worse two point five two point 1961 01:45:23.319 --> 01:45:23.840 four percent. 1962 01:45:24.800 --> 01:45:28.760 The need well essentially meaning that the average. 1963 01:45:28.439 --> 01:45:31.319 Persons for capital income is increasing by. 1964 01:45:31.359 --> 01:45:33.279 Just one the saints or less. 1965 01:45:33.439 --> 01:45:37.720 What to say A yeah, like beginning we are talking 1966 01:45:37.840 --> 01:45:39.640 about here because first of. 1967 01:45:39.640 --> 01:45:42.840 All, we are we are disablittle Magan society. Let's not 1968 01:45:42.960 --> 01:45:43.880 say we are not. 1969 01:45:44.680 --> 01:45:50.279 The average Maggion is really really suffering. And Coverty has difference. 1970 01:45:50.439 --> 01:45:54.319 It doesn't it doesn't often the PACA. And if a 1971 01:45:54.439 --> 01:45:56.880 doct of insecurity, I know a look at point of 1972 01:45:57.359 --> 01:46:00.920 important talk about all we need to declare the b 1973 01:46:01.119 --> 01:46:04.720 best way to self in security in the country is 1974 01:46:04.840 --> 01:46:08.840 by fully employing people. You can carry all the all 1975 01:46:08.960 --> 01:46:12.479 the soldiers, all the police, all you want people that 1976 01:46:13.239 --> 01:46:16.800 many young men out there that do not have the future, 1977 01:46:16.960 --> 01:46:20.359 people that are in job or do not or what 1978 01:46:20.640 --> 01:46:22.399 gainfully employed, they. 1979 01:46:22.359 --> 01:46:27.119 Will resort to carrying arms are doing the governments lessons. 1980 01:46:27.640 --> 01:46:32.159 The social implications are hand know and stations. 1981 01:46:32.279 --> 01:46:34.920 Isn't just even children. 1982 01:46:34.720 --> 01:46:38.920 Going in this period you can imagine when in the 1983 01:46:39.159 --> 01:46:43.000 winters are all lost and people have to ask the 1984 01:46:43.199 --> 01:46:46.680 pacture of children, they are not feeding their children as 1985 01:46:46.760 --> 01:46:47.399 much as they can. 1986 01:46:47.640 --> 01:46:52.199 So the twenty years around, we have children that can 1987 01:46:52.840 --> 01:46:58.680 adequately think they're not very nutric because the foundation of 1988 01:46:58.760 --> 01:47:02.880 the nutritional foundation and has do has. 1989 01:47:03.199 --> 01:47:07.039 Also as we then start to create a style. 1990 01:47:07.199 --> 01:47:11.479 Everything about the educational system is the educational system. 1991 01:47:12.479 --> 01:47:16.399 This thing is a social economic implications that will last 1992 01:47:16.600 --> 01:47:19.199 breaking a course, the quarry. 1993 01:47:19.159 --> 01:47:24.880 The economy and sociocology complications that will go to last. 1994 01:47:25.000 --> 01:47:29.079 Taking now the new good situation has now as our 1995 01:47:30.199 --> 01:47:31.119 compounded on. 1996 01:47:31.199 --> 01:47:32.920 Top of a terrible situation. 1997 01:47:33.680 --> 01:47:38.640 Let's beginning, let's just almost previously. So in the beginning 1998 01:47:38.640 --> 01:47:41.239 of this year, the New York Times Sports reported that 1999 01:47:41.319 --> 01:47:44.960 about thirty one year my journe at least thirty Yes, 2000 01:47:45.319 --> 01:47:49.600 that's about what it's Several of the definition were we 2001 01:47:49.760 --> 01:47:53.600 all going together without citing now be do we need 2002 01:47:53.680 --> 01:47:58.439 to be pros became really arrest the ficult those people 2003 01:47:59.039 --> 01:48:02.199 after look out as committing co at the start at 2004 01:48:02.399 --> 01:48:08.920 unique and start coming everything. That's a lot of the 2005 01:48:09.000 --> 01:48:10.000 implication for me. 2006 01:48:10.640 --> 01:48:12.079 Booking back, I would say. 2007 01:48:13.840 --> 01:48:18.039 That I was wrong about the should have been done 2008 01:48:18.680 --> 01:48:23.319 gradually you do less devaluecourrency. 2009 01:48:22.560 --> 01:48:26.079 By the level I think it was done so drastically. 2010 01:48:26.760 --> 01:48:27.479 Do you see. 2011 01:48:27.319 --> 01:48:33.640 People's income stock cases in any countries. 2012 01:48:34.000 --> 01:48:38.800 It's in country for economic because. 2013 01:48:40.199 --> 01:48:45.840 In Argentina the work of pet and this economic difficult 2014 01:48:45.920 --> 01:48:46.159 on the. 2015 01:48:46.159 --> 01:48:50.680 Speed and before the one on the report it's great 2016 01:48:50.720 --> 01:48:51.119 and going. 2017 01:48:51.039 --> 01:48:54.359 To really improved. Yes, I'm giving. 2018 01:48:54.439 --> 01:48:56.520 It comes up in that giving. 2019 01:48:56.560 --> 01:48:58.920 It comes up when it's economy has it's improved, and 2020 01:48:59.760 --> 01:49:01.079 kind he has has. 2021 01:49:01.239 --> 01:49:02.560 Has activity dequence. 2022 01:49:03.640 --> 01:49:07.279 Now the issue of energy, you are the fad that 2023 01:49:07.359 --> 01:49:12.479 you see public accounts and you just simply say, philosophsag 2024 01:49:12.640 --> 01:49:16.039 is gone and means of the humans, prices. 2025 01:49:15.680 --> 01:49:18.960 Of prices of the few increased by six. 2026 01:49:18.880 --> 01:49:21.079 Foods in some parts of the country, and. 2027 01:49:21.199 --> 01:49:26.319 You somehow think that they of the country stopper. 2028 01:49:27.720 --> 01:49:29.000 Like energy is. 2029 01:49:29.119 --> 01:49:31.600 Anttude to every ethnic activity. 2030 01:49:32.239 --> 01:49:38.199 When it's increasing, you essentially are ticking of the fact 2031 01:49:38.880 --> 01:49:43.399 individuals you you can't stay or even the you alt 2032 01:49:43.760 --> 01:49:48.319 bring out and buying boots or band of bud a. 2033 01:49:48.840 --> 01:49:49.439 Bun a. 2034 01:49:51.880 --> 01:49:53.079 Studio and all these. 2035 01:49:53.000 --> 01:49:54.880 Other things people and people say. 2036 01:49:55.119 --> 01:49:58.680 And one of these are the things that that are 2037 01:49:59.079 --> 01:50:01.960 that are stupid a subsisting people in the economy. 2038 01:50:02.079 --> 01:50:04.960 I think it was a very rash decision. 2039 01:50:05.720 --> 01:50:08.680 Gradually ya, I know it is just sixty It is 2040 01:50:08.720 --> 01:50:10.039 one of business people don't like. 2041 01:50:10.359 --> 01:50:12.920 Yeah, you do like to talk about but it is 2042 01:50:13.079 --> 01:50:16.840 not a clay appointingly pay that gradual. 2043 01:50:16.520 --> 01:50:16.960 Gy was it? 2044 01:50:17.159 --> 01:50:20.600 Video? I mean clear, clear, don't want to cut you off, 2045 01:50:20.680 --> 01:50:23.159 but let's let's have you just for time. Yeah, just 2046 01:50:23.760 --> 01:50:25.359 to speak yet, okay, okay. 2047 01:50:25.319 --> 01:50:28.279 Okay, So that's so those twenty seconds, I'm going to 2048 01:50:28.399 --> 01:50:32.199 meet these points. So you so I'm can't begreen at 2049 01:50:32.239 --> 01:50:36.000 about and a half percents us that for our GDP 2050 01:50:36.319 --> 01:50:40.279 to move from the corrent about Stronographic seems to want 2051 01:50:40.279 --> 01:50:41.199 to get billion dollars. 2052 01:50:42.039 --> 01:50:43.439 You can take about twenty. 2053 01:50:43.159 --> 01:50:48.119 One years and that's the chorus A capital grows to be. 2054 01:50:48.560 --> 01:50:51.279 But you're a guessing if you take about seventy seven. 2055 01:50:51.159 --> 01:50:55.920 Years, now, how many of those cones seventy seven years from. 2056 01:50:55.840 --> 01:51:01.680 Inn from about station seven from environments and it's something 2057 01:51:01.800 --> 01:51:05.000 myra but by hour six hundred, which is stimate less 2058 01:51:05.000 --> 01:51:08.439 than what's jennap Electica in two thousand fort wall talk 2059 01:51:08.439 --> 01:51:12.479 about thirty thousand years with us, we should think about 2060 01:51:12.560 --> 01:51:13.880 these things in years. 2061 01:51:13.680 --> 01:51:18.840 In people's lives, years, our lives, Parlie. Please let us 2062 01:51:19.039 --> 01:51:19.920 be this open. 2063 01:51:21.199 --> 01:51:26.199 Just just just roughly the valley things increase energy price 2064 01:51:26.279 --> 01:51:27.720 that will obviously he was. 2065 01:51:27.800 --> 01:51:31.199 In any very rough and I think the nine we 2066 01:51:31.239 --> 01:51:32.000 are going to pay for it. 2067 01:51:32.079 --> 01:51:35.960 As a country, this should be talking about putting the 2068 01:51:36.119 --> 01:51:38.199 pailies and brings more families. 2069 01:51:38.680 --> 01:51:43.319 That stop that collapsed in the new value of people's. 2070 01:51:43.199 --> 01:51:44.039 People still ten. 2071 01:51:44.680 --> 01:51:48.119 That's the Detai group pure and. 2072 01:51:48.239 --> 01:51:49.000 Me twenty nine. 2073 01:51:49.880 --> 01:51:51.840 So conte, thank you. 2074 01:51:51.920 --> 01:51:54.520 Very much, thank you, I mean great, greatful points that 2075 01:51:54.560 --> 01:51:59.359 I think you bring up some context because that's just 2076 01:52:00.560 --> 01:52:03.560 just let that speak, just let speak, just let that speak, 2077 01:52:03.560 --> 01:52:05.760 because I have waited, just real quick and let me get. 2078 01:52:08.479 --> 01:52:12.640 Right just really quickly. You jumped off. Let me have 2079 01:52:12.720 --> 01:52:22.239 your computer bright that's right, Okay, that's yeah, I know you. 2080 01:52:22.359 --> 01:52:24.760 You you dropped off. H you walked down. Which were 2081 01:52:24.800 --> 01:52:29.479 you're speaking about last time? Okay, I'm almost done. 2082 01:52:29.560 --> 01:52:33.119 But look, like I said for me, if we were 2083 01:52:33.199 --> 01:52:38.279 punctrating this the furderate government, I think we should started 2084 01:52:38.399 --> 01:52:43.000 governors more accountable and like I said earlier, if every 2085 01:52:43.520 --> 01:52:48.079 government decided to put a factory of whatever products to 2086 01:52:48.279 --> 01:52:51.119 add value to it, in their state. For those cops 2087 01:52:51.680 --> 01:52:53.760 were moved out of their stick in each of their 2088 01:52:53.840 --> 01:52:54.520 local government. 2089 01:52:55.039 --> 01:52:58.199 Like I said to you, my your fly eve already's on. 2090 01:52:59.239 --> 01:53:01.600 I don't believe praising him. I'm not praising him. I 2091 01:53:01.600 --> 01:53:05.279 would rather see him do just some small factory that 2092 01:53:08.039 --> 01:53:11.359 in local government. We are those children that run. 2093 01:53:11.319 --> 01:53:14.520 Around after speaking in the village square, that they. 2094 01:53:14.439 --> 01:53:16.560 Will be running around the city. They will get sports 2095 01:53:16.600 --> 01:53:23.079 more job to do. Government need to increase any capacity 2096 01:53:23.239 --> 01:53:25.479 of an eighth citizen. I don't want to do it 2097 01:53:25.600 --> 01:53:28.039 in this evaluation where even when the money was not 2098 01:53:28.199 --> 01:53:31.439 before me, when Donata had a very good group god 2099 01:53:31.600 --> 01:53:34.239 six something billion, we didn't do anything with it. 2100 01:53:34.800 --> 01:53:36.680 So I don't want to live in this warrior of 2101 01:53:37.039 --> 01:53:40.439 legnard you want to want I don't care. South Korea's 2102 01:53:40.479 --> 01:53:42.840 currency is not the not want to want to dollar, 2103 01:53:42.920 --> 01:53:46.840 but today their production accountry until we start working off 2104 01:53:47.000 --> 01:53:48.560 what our output of our. 2105 01:53:48.560 --> 01:53:51.720 Production, and that production is not going to be mainly 2106 01:53:52.800 --> 01:53:57.439 is the state governors. State governors and local governments. These 2107 01:53:57.479 --> 01:53:58.319 are people who need. 2108 01:53:58.319 --> 01:54:01.239 To start putting a fire in the if those people 2109 01:54:01.800 --> 01:54:05.920 are able to do those things, and I've said there's 2110 01:54:06.039 --> 01:54:06.479 no reasons. 2111 01:54:06.520 --> 01:54:08.279 State governors also chelf food. 2112 01:54:08.039 --> 01:54:08.680 In their states. 2113 01:54:09.000 --> 01:54:09.279 Food. 2114 01:54:09.439 --> 01:54:10.800 I'm not talking about any other thing. 2115 01:54:11.279 --> 01:54:12.199 I'm talking about. 2116 01:54:12.000 --> 01:54:15.640 Food, and let us not deceive ourselves hunger. 2117 01:54:16.039 --> 01:54:18.439 As old as I am, as far back past nineteen 2118 01:54:18.560 --> 01:54:21.039 eighty two, I remember when mocos and. 2119 01:54:21.079 --> 01:54:24.039 People have now started it does be. I remember how 2120 01:54:24.079 --> 01:54:25.239 people used to shove. 2121 01:54:25.039 --> 01:54:25.800 Away or hungry. 2122 01:54:26.159 --> 01:54:28.760 I remember when my uncles used to see the back 2123 01:54:29.079 --> 01:54:32.479 before they could get when they left university. 2124 01:54:33.079 --> 01:54:34.319 Our set do not get it. 2125 01:54:34.800 --> 01:54:38.159 So the point is that, look, there are decisions that 2126 01:54:38.239 --> 01:54:40.199 ought to have been taking twenty thirty. 2127 01:54:40.039 --> 01:54:42.920 Forty years ago that we refuse. We continue to play 2128 01:54:43.000 --> 01:54:45.000 polities with it. And this is one thing I would 2129 01:54:45.000 --> 01:54:49.119 say that to the last. We need to stop politicizing 2130 01:54:49.439 --> 01:54:50.439 issues in Nigeria. 2131 01:54:51.279 --> 01:54:51.720 If we have. 2132 01:54:52.000 --> 01:54:55.239 Problems, let's face the problem and fix the problem. 2133 01:54:55.880 --> 01:54:59.800 Let's stop giving it political or relation. And the reason 2134 01:55:00.119 --> 01:55:02.359 is that when we give a political coloration, will never 2135 01:55:02.479 --> 01:55:04.239 get solution to be because at. 2136 01:55:04.119 --> 01:55:06.119 The end of the day, the person that is coming 2137 01:55:06.199 --> 01:55:08.640 to defend it is also going to give this spot. 2138 01:55:09.239 --> 01:55:12.159 We also have robbers spoken about the students learn that's 2139 01:55:12.239 --> 01:55:12.560 going on. 2140 01:55:12.720 --> 01:55:15.960 We think that twousands of our students that normally when 2141 01:55:16.000 --> 01:55:19.800 they get admission, they couldn't follow their education, they drop out. 2142 01:55:20.680 --> 01:55:23.039 Then at the second time, it's one thousand, five hundred 2143 01:55:23.079 --> 01:55:25.239 students right jam, at the end. 2144 01:55:25.239 --> 01:55:27.359 Of the day, the numbers that we go to that 2145 01:55:27.479 --> 01:55:29.399 school will not be more than two hundred. But no, 2146 01:55:29.520 --> 01:55:32.199 it's a different boogame. And for me, these are the 2147 01:55:32.319 --> 01:55:34.960 kind of things I think the government invests more. Let's 2148 01:55:34.960 --> 01:55:37.920 even produce more of the students out of school. 2149 01:55:38.199 --> 01:55:43.199 Perhaps some of them become productive, do something to business. 2150 01:55:43.159 --> 01:55:44.159 To add to the economy. 2151 01:55:44.199 --> 01:55:46.600 And for me, we need to spend more in our health. 2152 01:55:46.760 --> 01:55:49.079 We need to start the health system. It's not going 2153 01:55:49.159 --> 01:55:50.680 to be fair, eral able takes. 2154 01:55:50.800 --> 01:55:52.000 Need to do more. 2155 01:55:53.239 --> 01:55:59.960 It's still black mind health insurance, insurance for these people. 2156 01:56:00.319 --> 01:56:05.880 Everybody's guys, thank you very welcome. Guys. 2157 01:56:06.039 --> 01:56:08.479 Just gust to speak. I do get it. I don't 2158 01:56:08.600 --> 01:56:10.399 cut anybody off, but just be mad for all the time. 2159 01:56:11.000 --> 01:56:13.159 We have all opinions to be heard. 2160 01:56:13.199 --> 01:56:15.439 I don't know everyone that has had or will speak, 2161 01:56:15.920 --> 01:56:19.359 but just just let everyone speak, right, you got to 2162 01:56:20.039 --> 01:56:21.319 go ahead, you gotta flop. 2163 01:56:21.760 --> 01:56:24.399 Okay, Yeah, What what I would just say is this, 2164 01:56:25.840 --> 01:56:27.800 I see the situation. 2165 01:56:27.520 --> 01:56:32.119 In Nigeria is our problems start to be politicized and 2166 01:56:32.239 --> 01:56:37.600 what you have is every side of the divide, but 2167 01:56:37.840 --> 01:56:40.520 for the government side and the opposing side. You see 2168 01:56:40.520 --> 01:56:44.720 a lot of propaganda about the issues. Every issue like 2169 01:56:44.880 --> 01:56:48.520 for instance, now let's look at this issue of subsidy. 2170 01:56:50.039 --> 01:56:51.560 When subsidy was remote. 2171 01:56:52.520 --> 01:56:56.039 It's very very erroneous for anybody to say, like as 2172 01:56:56.079 --> 01:56:59.359 if the money was the money Nigeria I had somewhere, 2173 01:57:00.079 --> 01:57:02.439 and when you remove subsidy you saved the money. 2174 01:57:03.560 --> 01:57:07.840 It forgets it. Currently, when Powarry was there, the Minister. 2175 01:57:07.600 --> 01:57:11.359 And Finance then was saying they were trying to use 2176 01:57:11.720 --> 01:57:14.439 two point two billion dollars you re bound to finance 2177 01:57:14.439 --> 01:57:19.920 subsidy and that any PC was not remaining anything to 2178 01:57:20.039 --> 01:57:23.920 the federation accounts. If we listen towards this, former Governor 2179 01:57:23.960 --> 01:57:27.600 of Dusty said then opacity that they just go to 2180 01:57:27.680 --> 01:57:30.560 a budget for fake and what the governor was doing 2181 01:57:30.720 --> 01:57:33.399 was just to be pending money and that was all 2182 01:57:33.479 --> 01:57:38.119 we had with that the how many trillions of night 2183 01:57:38.359 --> 01:57:41.760 that in ways that means so really subsidy was not 2184 01:57:41.920 --> 01:57:44.479 the money that you had. You were actually borrowing to 2185 01:57:44.680 --> 01:57:48.239 fund the subsidy. So when you remove the subsidy, what you. 2186 01:57:48.319 --> 01:57:51.680 Had ended up doing is you don't borrow anymore to 2187 01:57:52.279 --> 01:57:53.159 face the subs. 2188 01:57:53.199 --> 01:57:54.479 To pay the subsidy. 2189 01:57:54.800 --> 01:57:57.800 Then ANYPC can then pay the money into the federation 2190 01:57:57.960 --> 01:58:00.960 accounts and we need to unders and any money that 2191 01:58:01.119 --> 01:58:05.119 come into the federation that appre shiate the constituency share 2192 01:58:05.680 --> 01:58:06.399 be shared our. 2193 01:58:06.439 --> 01:58:11.520 More detreaties of government. So that said, where I blame 2194 01:58:11.600 --> 01:58:12.600 the Noobook. 2195 01:58:12.239 --> 01:58:16.760 Government stays the government does not live by example you 2196 01:58:16.920 --> 01:58:21.880 remove subsidy. I don't expect that it's the fier government 2197 01:58:21.960 --> 01:58:25.119 that would bude municipal transport in all the state or 2198 01:58:25.159 --> 01:58:28.399 the federation. But I expect the government to live by 2199 01:58:28.399 --> 01:58:31.399 example Nabuja to buy a bus. 2200 01:58:31.239 --> 01:58:33.199 This for people to be able to move. 2201 01:58:33.239 --> 01:58:34.119 Within the Budja. 2202 01:58:34.640 --> 01:58:37.560 Then you then't give a kind of disample for these 2203 01:58:37.600 --> 01:58:40.399 states because if you look by the state's. 2204 01:58:40.079 --> 01:58:43.000 Government, it is due to the basic government. 2205 01:58:43.000 --> 01:58:48.119 To provide municipal buses in these states where you frommso 2206 01:58:48.199 --> 01:58:53.439 city education primary as the education is within the responsibility 2207 01:58:53.520 --> 01:58:54.119 of these states. 2208 01:58:54.520 --> 01:58:56.319 How many primary as the other school does? 2209 01:58:56.359 --> 01:58:57.359 The er government asked? 2210 01:58:58.560 --> 01:59:01.239 And then you look at primary as center because if 2211 01:59:01.279 --> 01:59:04.439 as are done, the effect of the subsidy will be 2212 01:59:04.600 --> 01:59:05.520 less on our people. 2213 01:59:06.520 --> 01:59:08.239 This level of subsidy remover. 2214 01:59:08.119 --> 01:59:08.640 That we've had. 2215 01:59:08.760 --> 01:59:12.319 How drastic it is that surprise from two hundred and 2216 01:59:12.520 --> 01:59:15.039 ar to one thousand, no amount. 2217 01:59:14.720 --> 01:59:16.560 Of politive and soviet. 2218 01:59:16.720 --> 01:59:20.359 You have to preace the issue to write bosses two 2219 01:59:20.439 --> 01:59:25.840 more people make primary as second education, revampite, let them 2220 01:59:25.920 --> 01:59:28.560 be free and be politative so that people don't need 2221 01:59:28.640 --> 01:59:29.720 to spend money. 2222 01:59:29.920 --> 01:59:34.079 On paying schofee. And then heyse tal center. 2223 01:59:35.119 --> 01:59:36.880 When I was very young and on those. 2224 01:59:36.760 --> 01:59:40.520 States, I go to Hexy, I go to general spect. 2225 01:59:40.600 --> 01:59:44.399 You don't do you go there, you literat, you pregnant. 2226 01:59:44.439 --> 01:59:48.880 We make it bad freely, they don't pay anything is 2227 01:59:49.079 --> 01:59:51.119 needed to be done. That is such a good subsidy. 2228 01:59:51.520 --> 01:59:54.399 And again letland look at this if your object what 2229 01:59:54.560 --> 01:59:57.119 I say Nigeria is there's a lot of message formation. 2230 01:59:58.439 --> 02:00:04.399 Everything is the publicized approach when government presented borrowing plan and. 2231 02:00:04.479 --> 02:00:06.319 I want to take all of what one of this 2232 02:00:07.079 --> 02:00:10.119 dose that okay, that is what they want to borrow. 2233 02:00:10.560 --> 02:00:11.920 And mister, I would like to. 2234 02:00:12.000 --> 02:00:17.239 Ask you, is there any eighty work to d the 2235 02:00:17.359 --> 02:00:20.399 past twenty one to borrow any government? 2236 02:00:20.760 --> 02:00:25.119 Yes? Yes, at one at it go yes? 2237 02:00:25.239 --> 02:00:27.680 Why yeah, yes, that's one belong. 2238 02:00:28.199 --> 02:00:30.279 I just think when I said the space, I keep 2239 02:00:30.319 --> 02:00:33.560 it the successful world Back. World Back has about four 2240 02:00:33.680 --> 02:00:36.279 billion in the last six months or year. 2241 02:00:37.039 --> 02:00:40.840 I give it if you tried the if website of 2242 02:00:40.920 --> 02:00:44.600 the world by the last discipsement that was the Ligera's lasted. 2243 02:00:45.199 --> 02:00:47.000 What I'm just telling you is this, if you go 2244 02:00:47.119 --> 02:00:49.479 back and look at the numbers, four billion has gone 2245 02:00:49.479 --> 02:00:54.199 to Nigeria from twenty twenty three four and that's just 2246 02:00:54.319 --> 02:00:57.279 from work. I am well, I am a gift Nigeria 2247 02:00:57.439 --> 02:01:01.880 nearly three billion. Right, we have about thirty five billion 2248 02:01:02.359 --> 02:01:05.279 in europe bonds. The point I'm making is that you 2249 02:01:05.359 --> 02:01:07.880 know you've fraized. After you finished, I don't interrupt you. 2250 02:01:09.079 --> 02:01:12.239 If you have a medium term plan, that plan says 2251 02:01:12.359 --> 02:01:14.760 we want to borrow, you are right. It's a plan 2252 02:01:14.920 --> 02:01:15.800 to borrow, right. 2253 02:01:15.760 --> 02:01:16.600 Like a projection. 2254 02:01:17.439 --> 02:01:23.279 The projection there is eight trillion one two, three, four, five, six, seven, eight, 2255 02:01:23.479 --> 02:01:27.840 fourteen five. The next year is about seven trillion, so 2256 02:01:27.960 --> 02:01:31.399 about fifteen triller for two years in one go. The 2257 02:01:31.560 --> 02:01:34.720 letter that the President roses for forty five trillion. 2258 02:01:35.359 --> 02:01:38.960 So I ask you what I'm saying is that that 2259 02:01:39.039 --> 02:01:41.880 came to the National Assembly. That is a borrowing. 2260 02:01:43.239 --> 02:01:44.800 It's not it's not a plan. 2261 02:01:45.600 --> 02:01:50.000 It's their request for the permission to borrow and spend. 2262 02:01:50.439 --> 02:01:53.399 The borrowing plan is already in the medium term framework. 2263 02:01:54.159 --> 02:01:57.239 So this letter, okay, the question to ask you now, 2264 02:01:57.720 --> 02:02:02.439 is there an entity will row morning to night without 2265 02:02:02.560 --> 02:02:06.159 that that morning project? 2266 02:02:06.359 --> 02:02:07.720 Yes, the world? 2267 02:02:07.840 --> 02:02:10.640 What project is nutrition tied to? When the world but 2268 02:02:10.800 --> 02:02:14.640 the five million dollars for nutrition? What project was it 2269 02:02:14.720 --> 02:02:15.000 tied to. 2270 02:02:15.560 --> 02:02:19.399 When we got the i MS. It's not. 2271 02:02:21.359 --> 02:02:22.039 You can borrow. 2272 02:02:22.119 --> 02:02:26.439 You can borrow. Listen, I'm giving you the course. The 2273 02:02:26.640 --> 02:02:28.920 d M or that of his website. 2274 02:02:29.039 --> 02:02:32.680 Pull up the use of funds. You see budgets, supports, 2275 02:02:32.800 --> 02:02:36.279 you see railways, you see telecom. You see a line 2276 02:02:36.359 --> 02:02:38.039 called budget support. 2277 02:02:38.399 --> 02:02:40.399 Boet support is the highest use. 2278 02:02:40.760 --> 02:02:44.640 Of borrowings in Nigeria. DMO go the DMO website. 2279 02:02:45.560 --> 02:02:48.439 What I'm saying is what I am saying is when 2280 02:02:48.520 --> 02:02:50.840 you have that kind of plank, comes the National Assembly. 2281 02:02:51.399 --> 02:02:57.039 It's supposed to be assembly right for April night. Make 2282 02:02:57.199 --> 02:03:00.399 important to real look at okay, what is this borrowing relief? 2283 02:03:03.680 --> 02:03:06.199 Where we borrowed when we brought the World Bank? 2284 02:03:06.880 --> 02:03:09.319 Any debates, I've had the space here with the World 2285 02:03:09.359 --> 02:03:11.600 Bank iever, We've had the World Bank space here. 2286 02:03:12.039 --> 02:03:14.800 We don't go to celt To debate anything we borrow. 2287 02:03:15.000 --> 02:03:16.000 The World Banking. 2288 02:03:18.640 --> 02:03:21.239 Is very stringent. The conditions are very strict gent. 2289 02:03:21.399 --> 02:03:22.000 But don't. 2290 02:03:23.760 --> 02:03:29.279 I hear you and I'm saying that, I'm answering your question. 2291 02:03:29.640 --> 02:03:32.279 Have we ever debated the World Bank notes in Nigeria? 2292 02:03:32.560 --> 02:03:35.800 We borrowed. We just broth a million dollars. I believe 2293 02:03:35.880 --> 02:03:36.800 the last two months. 2294 02:03:37.600 --> 02:03:39.840 Has ever been any borrowing from the World Bank? 2295 02:03:39.880 --> 02:03:41.479 That does assembly? 2296 02:03:41.520 --> 02:03:42.800 If democratic? 2297 02:03:43.720 --> 02:03:44.800 Not during the military? 2298 02:03:45.359 --> 02:03:47.760 What answered you over and. 2299 02:03:49.319 --> 02:03:50.840 The quest I'm trying to this. 2300 02:03:51.720 --> 02:03:53.039 If we have this situation with. 2301 02:03:54.520 --> 02:03:57.319 Democracy, we have the National simply. 2302 02:03:57.119 --> 02:04:04.560 That and the president essense of this power to sicids 2303 02:04:04.640 --> 02:04:07.680 you can have one and waiting absolute power that there. 2304 02:04:07.600 --> 02:04:10.039 Must be check and pallas. If you want to do 2305 02:04:10.199 --> 02:04:10.760 this thing, you. 2306 02:04:10.920 --> 02:04:14.359 Ask the National Assembly. The National Assembly has to approve? 2307 02:04:14.600 --> 02:04:15.600 What about? What about? 2308 02:04:15.720 --> 02:04:16.199 What? What? What? 2309 02:04:16.319 --> 02:04:19.119 What about? What's about the state of the emergency? Who 2310 02:04:19.479 --> 02:04:21.319 was it not done? After its approved? 2311 02:04:21.520 --> 02:04:25.359 I mean we can the president are now sident no 2312 02:04:25.520 --> 02:04:28.319 no no no no signing the state of emergency? 2313 02:04:28.840 --> 02:04:31.960 They can make and the constution man did that. The 2314 02:04:32.039 --> 02:04:36.880 National semily most session we discibled this to had reject 2315 02:04:38.880 --> 02:04:43.600 assembly during the time of Googgeny. 2316 02:04:44.279 --> 02:04:49.319 The rejected it okay led by timplecause most looks where diff. 2317 02:04:49.520 --> 02:04:52.399 Is coming from. Give the National Assembly are supposed to do. 2318 02:04:53.199 --> 02:04:53.760 Don't do this. 2319 02:04:54.840 --> 02:04:58.000 You'renderstand nobody. I want to take you to take you 2320 02:04:58.079 --> 02:05:01.399 back and we have about the debt you. I want 2321 02:05:01.439 --> 02:05:03.520 to take you back to the substy just for put 2322 02:05:03.560 --> 02:05:07.239 that listening. Just as we understand when you pay subsidy. 2323 02:05:07.800 --> 02:05:11.920 When we say the federal does not pay subsidy, the 2324 02:05:12.199 --> 02:05:18.399 Federation of Nigeria, the Federation pays subsidy. Federation meets federal, 2325 02:05:18.800 --> 02:05:21.920 state and local government they pay subject. 2326 02:05:22.000 --> 02:05:25.319 What does this mean? It means that when n NPC. 2327 02:05:25.239 --> 02:05:29.279 Sells crude oil NBACY brings the dot the dollar, the 2328 02:05:29.479 --> 02:05:33.239 dollar back to Nigeria to deceive to JP Morgan account. 2329 02:05:33.359 --> 02:05:37.840 NNPC owns that dollar. Then n NPC is supposed. 2330 02:05:37.279 --> 02:05:39.800 To pay the nyra to fuck. 2331 02:05:40.560 --> 02:05:42.880 So when we sell coute oil NPC and the dollars, 2332 02:05:43.119 --> 02:05:47.640 then NNPC remains the nyra they converted to CPN They 2333 02:05:47.720 --> 02:05:51.920 remain the nyra to the FUC. When we pay subsidy, 2334 02:05:52.760 --> 02:05:56.840 n NPC is the one paying the subsidy. N NPC 2335 02:05:57.039 --> 02:06:01.399 not borrowing n NPC son n PC would debit that 2336 02:06:01.640 --> 02:06:03.880 nirah and limit nothing. 2337 02:06:04.399 --> 02:06:05.840 That's why method itself. 2338 02:06:05.920 --> 02:06:10.880 For three years NPC had remitted nothing because you are using. 2339 02:06:10.720 --> 02:06:12.239 The subsidy money. 2340 02:06:16.000 --> 02:06:17.479 Let me let me take you on that. 2341 02:06:18.239 --> 02:06:28.199 Please, sir, please let me finish. Then you can. Please, 2342 02:06:28.239 --> 02:06:34.199 I'll let you. I let you talk, I let you speak, sir, 2343 02:06:34.560 --> 02:06:36.760 allow me explain. You will speak. 2344 02:06:36.960 --> 02:06:39.359 I'm not cutting you off. I let you speak at 2345 02:06:39.439 --> 02:06:43.159 not interrupt you once. Allow me speak that you can speak. 2346 02:06:43.600 --> 02:06:48.119 I'm explaining. So listening and follow the conversation. Subsidy is 2347 02:06:48.399 --> 02:06:52.119 paid by the n n PC. That's so when the 2348 02:06:52.279 --> 02:06:56.920 NNPC pays is subsidy, there is no remittance to fuck. 2349 02:06:57.560 --> 02:07:02.600 So is the federation that pace. So when you remove subsidy, 2350 02:07:02.680 --> 02:07:07.199 what happens to that firsial money? Money flows into the 2351 02:07:07.840 --> 02:07:08.760 federitional account. 2352 02:07:08.840 --> 02:07:13.079 That's why you see today FARC has doubled because there's 2353 02:07:13.159 --> 02:07:16.520 no more subsidy payment and NPC is not remitting the 2354 02:07:16.760 --> 02:07:19.600 full amount to fact. That's why it states at the 2355 02:07:19.760 --> 02:07:23.399 federal government have gotten more revenues from FAK. 2356 02:07:23.640 --> 02:07:30.840 Please go ahead, sir, ah, yeah, please go ahead. Are 2357 02:07:31.119 --> 02:07:32.560 you want to speak or okay? 2358 02:07:33.479 --> 02:07:38.359 The second point about the borrowing in twenty twenty four December, 2359 02:07:39.079 --> 02:07:44.279 note the data of putting. December twenty twenty four, Nigeria 2360 02:07:44.520 --> 02:07:50.600 borrowed two billion dollars to implement the twenty twenty four budget. 2361 02:07:51.199 --> 02:07:56.680 Tell me again December twenty twenty four, that's at the 2362 02:07:56.920 --> 02:07:59.319 end of the year. We borrowed two. 2363 02:07:59.359 --> 02:08:05.039 Billion at a go to implement the twenty twenty four projects. 2364 02:08:05.079 --> 02:08:07.880 When you ask, can the agency borrows the five billion? No, 2365 02:08:07.960 --> 02:08:10.239 what's going to go and borrows with five billion? But 2366 02:08:10.399 --> 02:08:12.560 what you are saying is that you want to borrow 2367 02:08:12.640 --> 02:08:13.560 twenty five billion. 2368 02:08:13.720 --> 02:08:15.520 Question is for what the. 2369 02:08:15.600 --> 02:08:19.039 Simplical doors can have a blank check for. What do 2370 02:08:19.079 --> 02:08:21.119 you want to borrow the money for? Is it going 2371 02:08:21.199 --> 02:08:23.600 to be used for a And then you say it 2372 02:08:24.199 --> 02:08:27.199 so that we come and we ask you questions. We 2373 02:08:27.359 --> 02:08:32.199 are citizens and taxpayers. When you borrow, it is tax hike. 2374 02:08:32.840 --> 02:08:35.239 So as the government, you must come back to the 2375 02:08:35.319 --> 02:08:38.039 people and hold yourself to be accountable. 2376 02:08:38.359 --> 02:08:40.640 That's all I say. If I is not going to 2377 02:08:40.680 --> 02:08:42.880 spay again, We're going to move on to the collar. 2378 02:08:42.960 --> 02:08:48.840 At the color, you've got the floor. At the collar, 2379 02:08:48.920 --> 02:08:53.399 you've got the floor. Let's get ken KBOUTI Ken please 2380 02:08:53.399 --> 02:08:53.760 go ahead. 2381 02:08:55.319 --> 02:09:02.760 Thank you very much everyone. It's great discussion and you know, 2382 02:09:03.039 --> 02:09:04.399 focusing on the topic. 2383 02:09:05.119 --> 02:09:10.560 Miss Nigeria and Nager entering the dead and with the 2384 02:09:10.840 --> 02:09:16.000 boat plans for having the borrowing plants that that the 2385 02:09:16.079 --> 02:09:18.840 government is possuming, especially with the recent. 2386 02:09:21.039 --> 02:09:24.560 You know what we have discovered about the twenty one 2387 02:09:25.039 --> 02:09:28.520 billion dollar loan request. 2388 02:09:28.640 --> 02:09:31.960 I mean, it's the highest, you know, single number I've 2389 02:09:32.159 --> 02:09:36.479 heard in terms of loan for Nigeria. And the first 2390 02:09:36.840 --> 02:09:39.960 thing I did when I saw that headline was I 2391 02:09:40.239 --> 02:09:43.840 have to start reading to know exactly what is being 2392 02:09:43.960 --> 02:09:45.000 tied to this amount. 2393 02:09:45.239 --> 02:09:46.159 It is ambitious. 2394 02:09:46.520 --> 02:09:51.119 I was expecting to see something like the The goal 2395 02:09:51.199 --> 02:09:55.079 of this amount is to is to upgrade our I. 2396 02:09:55.079 --> 02:09:59.840 Don't know, maybe transmission line in the country and the miniatures. 2397 02:10:00.039 --> 02:10:05.119 It is to a super gride, which I will support 2398 02:10:05.720 --> 02:10:09.439 such such amount because of course to have super grid 2399 02:10:09.560 --> 02:10:12.560 in the country you need to spend It's not close 2400 02:10:12.600 --> 02:10:15.199 to that kind of you know amount. I was also 2401 02:10:15.560 --> 02:10:20.279 checking to see this amount the types with projects that 2402 02:10:20.359 --> 02:10:25.079 will connect all the major cities by concrete highways, you 2403 02:10:25.159 --> 02:10:29.279 know that will that will guarantee their effectiveness over fifty 2404 02:10:29.319 --> 02:10:32.920 to one hundred years, and also connect all the major 2405 02:10:33.079 --> 02:10:37.119 cities by rail. I couldn't see anything like that, and 2406 02:10:38.159 --> 02:10:40.199 I had to go and look at the video where 2407 02:10:40.479 --> 02:10:44.760 the Senate President was read the letter, and he read 2408 02:10:44.800 --> 02:10:47.399 the letter and there was no purpose for this loan, 2409 02:10:48.039 --> 02:10:52.039 and knowing that we already have a midim borrowing plant 2410 02:10:52.199 --> 02:10:53.319 that is already approved. 2411 02:10:53.760 --> 02:10:56.600 So what is this loom going to be useful. 2412 02:10:58.000 --> 02:11:02.560 With this type of behavior. This is very dangerous precedents. 2413 02:11:02.720 --> 02:11:05.680 We are, we are, we are, we are trying to 2414 02:11:06.479 --> 02:11:10.720 to to establish. Here we saw how reckless the Boar regime, 2415 02:11:11.079 --> 02:11:16.720 together with with imly printed money, without records, without regard 2416 02:11:16.840 --> 02:11:18.960 for an existing law regarding. 2417 02:11:18.640 --> 02:11:21.960 How much we can print, and borrowing ways and means. 2418 02:11:22.359 --> 02:11:25.199 Now we are seeing a situation where a blank check 2419 02:11:25.359 --> 02:11:29.720 is being requested for this amount, this amount of loan 2420 02:11:30.760 --> 02:11:34.359 without it being a tied to something, and and and 2421 02:11:34.600 --> 02:11:37.199 and we know what our Senate present is capable of. 2422 02:11:37.319 --> 02:11:41.840 We've seen it on live TV where where the National. 2423 02:11:41.600 --> 02:11:45.680 Assembly would vote on a particular issue maybe years or no, 2424 02:11:46.319 --> 02:11:51.560 and the man would would strike his his his judgment 2425 02:11:51.800 --> 02:11:56.039 and picked the other the other decision favor what he 2426 02:11:56.159 --> 02:11:56.640 wants to do. 2427 02:11:57.680 --> 02:11:59.640 This is dangerous and I think a jelous. 2428 02:11:59.319 --> 02:12:00.000 Need to speak. 2429 02:12:00.479 --> 02:12:04.279 We need to be shouting on this because yes, they 2430 02:12:04.359 --> 02:12:06.560 might say, we are not in a death trap. You 2431 02:12:06.680 --> 02:12:10.920 might say standards are Post just recently upgraded our rating 2432 02:12:11.760 --> 02:12:13.600 to I think a BB. 2433 02:12:14.920 --> 02:12:15.840 One or something like that. 2434 02:12:16.640 --> 02:12:21.920 They just recently upgraded us, and and that that might mean, oh, okay, 2435 02:12:22.319 --> 02:12:25.079 the course is clear, we can borrow and there's no 2436 02:12:25.399 --> 02:12:28.039 there's no risk anywhere with our economy is. 2437 02:12:28.079 --> 02:12:28.720 Doing very well. 2438 02:12:28.880 --> 02:12:30.119 Our economy is not doing well. 2439 02:12:30.159 --> 02:12:33.640 If more than half of your population is in abject poversy, 2440 02:12:34.439 --> 02:12:38.560 we're not doing well. If our GDP move from number 2441 02:12:38.680 --> 02:12:41.680 one overnight to number four in Africa, we are not 2442 02:12:41.800 --> 02:12:42.359 doing well. 2443 02:12:43.079 --> 02:12:44.000 We are not doing well. 2444 02:12:44.319 --> 02:12:47.159 I'm I'm really, I'm really shocked. 2445 02:12:47.640 --> 02:12:51.359 Our death corrently stands up at about Mondon and forty 2446 02:12:51.439 --> 02:12:53.960 five trillion narra trillion. 2447 02:12:54.439 --> 02:12:56.199 You can't pay merely billionaire. 2448 02:12:56.319 --> 02:12:58.199 I am a flown And then you come. 2449 02:12:58.119 --> 02:13:00.880 The next morning say you want to borrow into one billion. 2450 02:13:01.079 --> 02:13:03.760 That is a past so absolutely nothing if president, but 2451 02:13:04.000 --> 02:13:07.520 it can come today and say this project, this money 2452 02:13:07.600 --> 02:13:09.760 is for this project, and this is what we plan 2453 02:13:09.920 --> 02:13:13.039 to achieve, and we want to we want to build 2454 02:13:13.119 --> 02:13:16.000 code rooms that will that will, that will, that will. 2455 02:13:16.119 --> 02:13:19.000 Apple say the fifty percent of agricultural produce that we 2456 02:13:19.159 --> 02:13:24.000 lose every year before that crash the prices of food producing. 2457 02:13:24.000 --> 02:13:27.359 The idea can one hundred percent and for it because 2458 02:13:27.399 --> 02:13:30.520 I know that there's going to be value for that loan. 2459 02:13:31.039 --> 02:13:34.039 What what happens in Angela that we keep awarding contracts 2460 02:13:34.319 --> 02:13:39.720 that are that are overblooken over price contracts. The The 2461 02:13:39.920 --> 02:13:42.000 question on ther Girl is the cost par kilometer of 2462 02:13:42.119 --> 02:13:45.439 that may four percent of the seven hundred kilometer road. 2463 02:13:45.880 --> 02:13:48.520 The cost park kilometer can do it. 2464 02:13:48.640 --> 02:13:51.039 Is high risk with respect to what you can do 2465 02:13:51.680 --> 02:13:53.520 in any part of the world, even in the US. 2466 02:13:54.479 --> 02:13:58.319 In Europe, cost par of that role is about sixteen 2467 02:13:58.399 --> 02:13:59.199 million dollars. 2468 02:13:59.319 --> 02:14:02.920 Okay, but they built it right. It's built right. 2469 02:14:03.079 --> 02:14:06.159 I'm just saying I don't have any problem in do 2470 02:14:06.319 --> 02:14:08.880 but what is the value? I hear you, but I 2471 02:14:08.920 --> 02:14:10.800 don't think I think. I think we're focused on this 2472 02:14:10.960 --> 02:14:11.720 course parkilimeter. 2473 02:14:11.840 --> 02:14:12.079 Okay. 2474 02:14:12.119 --> 02:14:14.439 I saw someone say this about fourteen them. Look at 2475 02:14:14.439 --> 02:14:17.479 the difficult I was giving me here, they built it. 2476 02:14:17.680 --> 02:14:17.840 You know. 2477 02:14:17.960 --> 02:14:20.760 For me, it's like, well, I've had people that have 2478 02:14:20.880 --> 02:14:24.479 taken loans and not done anything. This one has been built. 2479 02:14:25.520 --> 02:14:26.600 But let's not justify. 2480 02:14:27.199 --> 02:14:31.319 Let's not justify that practice because we're talking about money 2481 02:14:31.359 --> 02:14:33.279 that could have sixty kilometers. 2482 02:14:33.399 --> 02:14:35.680 I hear, I hear. 2483 02:14:36.199 --> 02:14:39.720 So I'm hearing this fourteen million, fourteen point two million 2484 02:14:39.920 --> 02:14:40.520 part kilometer. 2485 02:14:40.760 --> 02:14:41.439 That's what it does. 2486 02:14:42.000 --> 02:14:42.760 It's still more. 2487 02:14:42.840 --> 02:14:46.239 It's still more to the Chinese contractor to do that 2488 02:14:46.319 --> 02:14:51.720 a job probably I don't know, maybe seven and to 2489 02:14:51.880 --> 02:14:52.640 course five. 2490 02:14:52.560 --> 02:14:57.680 Million to build in time cont from China and. 2491 02:14:59.560 --> 02:15:01.520 Proli said, your per. 2492 02:15:02.760 --> 02:15:05.479 And literally sickness. 2493 02:15:06.920 --> 02:15:12.159 Fully roads you want, I do need to or even 2494 02:15:12.319 --> 02:15:15.479 more realize that I mean that. 2495 02:15:17.079 --> 02:15:24.119 So you don't do so except you gification there that 2496 02:15:24.359 --> 02:15:28.479 contact that can do kind of drobing board the Okay. 2497 02:15:28.439 --> 02:15:29.960 This is the only guy that can do in the 2498 02:15:30.039 --> 02:15:31.159 world whatever. 2499 02:15:31.319 --> 02:15:33.439 Is sick No, I can't. 2500 02:15:33.560 --> 02:15:36.079 I I'm just asking. That was an good question. I 2501 02:15:36.199 --> 02:15:38.279 agree with the broad points you're making. 2502 02:15:38.399 --> 02:15:38.680 I e. 2503 02:15:39.279 --> 02:15:43.279 Perhaps it's expensive, but it was built in twelve months 2504 02:15:43.279 --> 02:15:46.399 and twelve months building twelve months. I will be more 2505 02:15:46.520 --> 02:15:48.439 concerned if it is not extended out. 2506 02:15:50.319 --> 02:15:50.560 For me. 2507 02:15:51.680 --> 02:15:56.359 You are how you Nigeria where we talked about money. 2508 02:15:56.359 --> 02:15:57.640 I approved, there's not money. 2509 02:15:57.760 --> 02:16:00.720 Dis First, there is no like you've said, you can't 2510 02:16:00.720 --> 02:16:03.560 go from region to region on a good road in Nigeria. 2511 02:16:04.119 --> 02:16:05.159 In this road can. 2512 02:16:05.199 --> 02:16:08.279 Extend and can do what they said they wants to do. 2513 02:16:08.479 --> 02:16:11.840 Oh my god, then thank you very much. But I 2514 02:16:12.159 --> 02:16:13.800 have a feeling that this is the end of this road. 2515 02:16:15.079 --> 02:16:18.279 He has already flown the kite and said they've met 2516 02:16:18.319 --> 02:16:21.520 a swamp. He has already flown that kite that they 2517 02:16:21.600 --> 02:16:24.560 saw swamp. When I have a post soon on Twitter. 2518 02:16:25.359 --> 02:16:27.279 When I saw this road and I'm going to build 2519 02:16:27.319 --> 02:16:29.479 this road, they said in ten years or so. No, 2520 02:16:29.600 --> 02:16:31.600 they said they're going to be the road in four years. 2521 02:16:31.720 --> 02:16:33.639 On that in the world, I said, it's not possible 2522 02:16:33.680 --> 02:16:36.000 to build this road in teny even in ten years 2523 02:16:36.040 --> 02:16:39.040 because of the swamps. The reason why the East West 2524 02:16:39.120 --> 02:16:41.639 road is not built is because of the swamps. You 2525 02:16:41.760 --> 02:16:46.239 can't build a road like this in four years or 2526 02:16:46.319 --> 02:16:48.000 even eight years of table. 2527 02:16:48.040 --> 02:16:50.879 It's not possible. And it's only beggar that can do 2528 02:16:51.000 --> 02:16:53.639 it because they are large, they have the equipment. They 2529 02:16:53.680 --> 02:16:54.120 can come. 2530 02:16:54.760 --> 02:16:58.000 Well, tribalist, you are doing it, but I will not 2531 02:16:58.120 --> 02:17:00.959 seen it. Now we're not going to nat That was 2532 02:17:00.959 --> 02:17:04.079 saying Ogun state he's staying there swamping urgen, which Nigerian 2533 02:17:04.200 --> 02:17:07.360 does not know. There are swamps outside the Legos e 2534 02:17:07.440 --> 02:17:11.200 Leco itself. I grew up in Legos where you had mobile. 2535 02:17:12.159 --> 02:17:14.719 This was what year was this in nineteen ninety No, 2536 02:17:15.000 --> 02:17:19.280 nineteen nineteen eighties. My friend went to visit our friend 2537 02:17:20.399 --> 02:17:23.719 whose father lived in these Chevron quarters. 2538 02:17:23.719 --> 02:17:26.920 Beside that mobile where the mobile was now. I remember 2539 02:17:27.000 --> 02:17:32.399 we were dragging. We'll go through it went through swamps, monkeys, crocodiles, 2540 02:17:32.440 --> 02:17:35.120 and you get to that where mobile is now, it 2541 02:17:35.399 --> 02:17:39.040 was swamp and crocodiles on all sides. Then mobile doors 2542 02:17:39.079 --> 02:17:41.440 built that in there. There was no first second or 2543 02:17:41.479 --> 02:17:45.079 tron about. It was just that mobile thing there. I 2544 02:17:45.239 --> 02:17:46.680 was like, why is this guy living here? 2545 02:17:46.760 --> 02:17:49.040 His father's a oil company guy, why is he living 2546 02:17:49.120 --> 02:17:50.559 here around them? 2547 02:17:50.760 --> 02:17:55.680 You I'm not exaggerating. They were pan swamp like a swamp. 2548 02:17:55.719 --> 02:17:57.520 You go on the bridge, if you look left or right, 2549 02:17:57.680 --> 02:18:01.239 it's a swamp. A mobile building in there. So even 2550 02:18:01.440 --> 02:18:05.200 legos that call that whole like you face one, it's 2551 02:18:05.200 --> 02:18:08.000 still a swamp. And it goes from legos like this 2552 02:18:09.000 --> 02:18:13.360 all the way to Cameroon the same thing. So that's 2553 02:18:13.399 --> 02:18:15.719 why East West Food and East Twest Food is not 2554 02:18:15.840 --> 02:18:18.040 in the coast. So it's in the town, it's in 2555 02:18:18.120 --> 02:18:20.680 the land, it's a lot of the area, and still 2556 02:18:20.760 --> 02:18:22.799 they can't build it. Five many years Lemeter and you 2557 02:18:22.840 --> 02:18:25.280 want to build a coastal road in eight years, it's 2558 02:18:25.360 --> 02:18:29.120 not possible because it's just you need one guy can 2559 02:18:29.280 --> 02:18:30.799 do it and you need a lot of money. 2560 02:18:30.920 --> 02:18:34.239 So but here we are, so this should is fantastic. 2561 02:18:34.440 --> 02:18:36.760 I think it's it's going to end here. They will 2562 02:18:36.799 --> 02:18:38.159 do a few things. 2563 02:18:38.280 --> 02:18:42.639 They do Calabar, they'll do fanfare on Calabar land, but 2564 02:18:42.760 --> 02:18:46.239 once they cross Calabar and enter the swamps, that's too stop. 2565 02:18:46.559 --> 02:18:48.000 They will entire elections. 2566 02:18:48.559 --> 02:18:51.760 Not noble to should they gain until after elections then 2567 02:18:51.840 --> 02:18:52.520 somebody will come. 2568 02:18:52.840 --> 02:18:55.959 They will build. Being on the late land side, they 2569 02:18:56.000 --> 02:18:57.319 will take pictures what this. 2570 02:18:57.440 --> 02:19:00.879 Swamp is the issue. The coastal road is proble because 2571 02:19:01.040 --> 02:19:04.280 on the coast. So unfortunately it is. 2572 02:19:04.440 --> 02:19:05.600 It is what it is right. 2573 02:19:05.639 --> 02:19:08.959 I hope they build it because it will boost commers. 2574 02:19:09.200 --> 02:19:14.920 There's no East West link. From nineteen sixty till today, 2575 02:19:15.760 --> 02:19:20.520 Nigeria does not have an East West link none. So 2576 02:19:20.959 --> 02:19:24.040 whether you like to Nuvu or you don't like Tenovu, 2577 02:19:24.399 --> 02:19:28.000 they have to build this road or this rail lor 2578 02:19:28.040 --> 02:19:32.639 Jonathan gave the largest contract in the history of China 2579 02:19:33.239 --> 02:19:36.319 to the Chinese Railway Company to connect the railway line 2580 02:19:36.879 --> 02:19:38.079 from Legos to Calibi. 2581 02:19:38.120 --> 02:19:39.040 It's not even on the coast. 2582 02:19:39.799 --> 02:19:43.639 It's that difficult that that contract was the largest contract 2583 02:19:43.879 --> 02:19:47.360 ever given to a Chinese company in the history of China, 2584 02:19:47.520 --> 02:19:51.280 largest foreign contract to build it from Legos to Calabar 2585 02:19:51.440 --> 02:19:52.559 railway not on the coast. 2586 02:19:53.159 --> 02:19:56.680 Then you think high tech would just wake up and 2587 02:19:56.879 --> 02:19:59.120 can build a coastal road in the Do you know 2588 02:19:59.200 --> 02:20:00.920 how many bridges is they have to build? 2589 02:20:01.920 --> 02:20:03.520 Do you know how many bridges have to build just 2590 02:20:03.600 --> 02:20:06.799 to go from Legos to say just be not even Delta, 2591 02:20:07.719 --> 02:20:09.040 just across Gogo states. 2592 02:20:09.520 --> 02:20:11.879 Have you driven to alec of before? Have you driven 2593 02:20:11.879 --> 02:20:12.840 all the way down before? 2594 02:20:13.840 --> 02:20:16.959 But let's hope that God there, God did got to 2595 02:20:17.000 --> 02:20:19.479 build it for us. Russian you've got the floor rushing, 2596 02:20:19.520 --> 02:20:25.520 go ahead, Russian, go ahead. But she hands up that 2597 02:20:25.639 --> 02:20:32.799 she can't hear unless John Crowder sorry, I had issues, 2598 02:20:36.760 --> 02:20:38.280 yeah and everyone. 2599 02:20:40.319 --> 02:20:42.639 Yeah, So I don't want to quickly talk about the 2600 02:20:43.799 --> 02:20:45.879 first I'll talk about like how important the. 2601 02:20:45.920 --> 02:20:48.879 Subsidies were, the removal of subsidy and the flu of. 2602 02:20:48.959 --> 02:20:52.159 The there was actually for the car, for the economy. 2603 02:20:52.319 --> 02:20:57.479 I mean, someone else mentioned how we had like we 2604 02:20:57.639 --> 02:21:00.280 had back page and then they were also said enough 2605 02:21:00.399 --> 02:21:06.520 future training, future feature resources, for house for sorry for 2606 02:21:07.680 --> 02:21:09.639 for and all these things, but. 2607 02:21:09.760 --> 02:21:14.280 Also for the neerror and the value of the currency. 2608 02:21:14.760 --> 02:21:18.040 It was also very important to float the are which 2609 02:21:18.159 --> 02:21:22.760 is actually quite different from just just increasing the price 2610 02:21:23.159 --> 02:21:25.479 of the dollar of reducing the value of. 2611 02:21:25.479 --> 02:21:26.920 The it's different. 2612 02:21:27.399 --> 02:21:30.879 All they did was they moved the regulations, like the 2613 02:21:30.959 --> 02:21:33.760 government restrictions on the price which was being. 2614 02:21:33.680 --> 02:21:36.399 Funded basically by the CBN using our reserves. 2615 02:21:37.280 --> 02:21:40.079 And not only not only was it. 2616 02:21:40.159 --> 02:21:43.959 Detrimentals or reserves, it was also it was also detrimter 2617 02:21:44.120 --> 02:21:45.799 because it was an a venue for corruption. 2618 02:21:46.680 --> 02:21:50.559 There was and it's not just abutraged normal abutrage corruption. 2619 02:21:51.079 --> 02:21:57.120 There was deep set corruption in that particular system where 2620 02:21:57.440 --> 02:21:58.520 people who have to make. 2621 02:21:58.440 --> 02:22:02.440 Requests and the necess have to make requests through certain 2622 02:22:02.559 --> 02:22:04.440 connections to get set in. 2623 02:22:04.479 --> 02:22:06.600 A mumber of dollars and all those things and. 2624 02:22:06.639 --> 02:22:11.040 All those convoluted processes that made it's not really had 2625 02:22:11.280 --> 02:22:12.200 to do maybe it. 2626 02:22:12.200 --> 02:22:15.879 Had to do business and was just a system in general. 2627 02:22:16.399 --> 02:22:20.159 And there was also draining our resources, our financial resources, 2628 02:22:20.200 --> 02:22:20.559 so it was. 2629 02:22:20.879 --> 02:22:23.319 It was completely bad. It was not a good thing, 2630 02:22:23.920 --> 02:22:26.000 and so like it had to be removed, We had 2631 02:22:26.040 --> 02:22:29.760 to be fluted. So they didn't. They didn't introduce value 2632 02:22:29.799 --> 02:22:33.200 of genera and it just flutedge. It does allowed the markets. 2633 02:22:32.920 --> 02:22:35.639 Terminits and then once in a while, as we've seen. 2634 02:22:35.600 --> 02:22:37.200 Then discipli and decipient it. 2635 02:22:37.280 --> 02:22:40.399 Having things and trying to maintain it, tries to maintain 2636 02:22:40.479 --> 02:22:41.719 that stability. 2637 02:22:42.840 --> 02:22:45.319 And then I also wanted to talk quickly to about 2638 02:22:45.319 --> 02:22:46.200 the Coastal Highway. 2639 02:22:46.559 --> 02:22:51.520 Personally, I'm very very optimistic about about the Tinoo's vision 2640 02:22:51.559 --> 02:22:56.760 and plan to complete the highway. And I mean, I've 2641 02:22:56.799 --> 02:22:58.799 listened to David do I talk about it a lot 2642 02:22:58.840 --> 02:23:02.879 of times, and I'm I believe in him somehow, you know, 2643 02:23:03.040 --> 02:23:03.760 for some reason. 2644 02:23:04.479 --> 02:23:06.799 And then we talked about how hard it is pomplish 2645 02:23:07.159 --> 02:23:07.719 roads like that. 2646 02:23:08.879 --> 02:23:11.920 The Americans bused in that state highway in twenty five 2647 02:23:12.040 --> 02:23:17.159 years was about for six thousand kilometers and then they 2648 02:23:17.239 --> 02:23:18.840 did it like nineteen whatever. 2649 02:23:19.079 --> 02:23:20.399 I don't know when they did it, but like a 2650 02:23:20.520 --> 02:23:21.200 long time ago. 2651 02:23:22.079 --> 02:23:23.239 We are two twenty five. 2652 02:23:23.719 --> 02:23:27.479 We have more resources, we have resources, but like there's 2653 02:23:27.559 --> 02:23:32.440 technology pup and everything, and personally, I feel like you can't. 2654 02:23:32.239 --> 02:23:36.079 Be done maybe not maybe not in four years or 2655 02:23:36.360 --> 02:23:37.520 you know, six years. 2656 02:23:37.959 --> 02:23:40.479 The le yeah, but but but that's the point, sir, 2657 02:23:41.079 --> 02:23:42.879 I think I want the road more than you. 2658 02:23:43.479 --> 02:23:46.760 I don't think that you can find any real Nigerian 2659 02:23:46.959 --> 02:23:50.840 anyone that says he loves Nigeria that's against this road. 2660 02:23:50.959 --> 02:23:53.799 You won't find any because if this road opens up, 2661 02:23:54.760 --> 02:23:57.239 there is no road. Guys, from the east to the west. 2662 02:23:57.280 --> 02:24:00.360 There is legos about an express which is an express way. 2663 02:24:00.840 --> 02:24:03.559 Then from a background or l ray that you have 2664 02:24:03.719 --> 02:24:06.360 two three lanes, you get to be in something's happening, 2665 02:24:06.399 --> 02:24:09.319 You get to something is happening. There's no real like 2666 02:24:09.440 --> 02:24:11.719 you said, the I five you have in America, it 2667 02:24:11.719 --> 02:24:14.920 doesn't exist in Nigeria at that level. But the point 2668 02:24:15.040 --> 02:24:17.000 is that the point I made it for the folks 2669 02:24:17.079 --> 02:24:19.799 on Twitter is you can't build this road in four 2670 02:24:20.520 --> 02:24:23.120 or eight years. Tinapool is not gonna complete this road. 2671 02:24:23.920 --> 02:24:26.079 So I would have wished in the would have created 2672 02:24:26.239 --> 02:24:31.319 an East West Road commission. Fund that commission with something 2673 02:24:31.520 --> 02:24:34.959 maybe one percent or two percent of gas flame. 2674 02:24:35.200 --> 02:24:38.319 Or something like that. Let that commission build the road. 2675 02:24:38.799 --> 02:24:41.159 Tinerbook will not be this road can be built in 2676 02:24:41.239 --> 02:24:43.840 ten You probably said in sixteen years when America is building, 2677 02:24:43.959 --> 02:24:45.159 it can be building ten years. 2678 02:24:45.559 --> 02:24:48.760 It's just too massive. A bridge, A load will take 2679 02:24:48.799 --> 02:24:51.120 you one twelve months or so months to build. 2680 02:24:51.639 --> 02:24:55.360 You're gonna build nearly seventy bridges to go just to 2681 02:24:55.479 --> 02:24:57.159 cross maybe to Stage seventy. 2682 02:24:57.559 --> 02:25:00.719 Because it's a coastal road. The folks that East West 2683 02:25:00.840 --> 02:25:04.239 Road saw this and moved it more into the land. 2684 02:25:04.280 --> 02:25:06.040 But when you go to the land, it's you. You 2685 02:25:06.120 --> 02:25:09.319 are hitting towns. Coast Road is smooth, so you can 2686 02:25:09.399 --> 02:25:12.040 build your six lanes and just go. That's really why 2687 02:25:12.120 --> 02:25:15.040 you want to coast road. So nobody's against the Coast. 2688 02:25:15.040 --> 02:25:17.559 Road, my brother, we want it, but we have to 2689 02:25:17.600 --> 02:25:18.319 be a bit more. 2690 02:25:18.920 --> 02:25:21.079 You know, it's not by prayer roads and not built 2691 02:25:21.159 --> 02:25:23.920 by prayer or by good intent or by if someone 2692 02:25:24.040 --> 02:25:26.239 speaks no, let's be level heard here. 2693 02:25:26.879 --> 02:25:30.040 If nobody wants to build, get a commission. Let's commission 2694 02:25:30.239 --> 02:25:32.559 fund that road and let them build that road. That's 2695 02:25:32.600 --> 02:25:36.159 just my take because who do VORs everybody? Now it 2696 02:25:36.239 --> 02:25:39.840 favors everybody because that road now generate parts. If you 2697 02:25:39.920 --> 02:25:42.000 have a road, you can build a railway. You have 2698 02:25:42.079 --> 02:25:44.639 a railway, you can build pots. So who doesn't want it? 2699 02:25:45.479 --> 02:25:48.600 But we have to be able to temper. Okay, but 2700 02:25:48.799 --> 02:25:50.600 should I hope you get my pointer? 2701 02:25:51.879 --> 02:25:52.079 Yeah? 2702 02:25:52.159 --> 02:25:56.639 Yeah, your points and I quite agree with you. It's 2703 02:25:56.680 --> 02:25:58.760 actually because I need to be realistic. 2704 02:25:59.559 --> 02:26:00.520 Just like this take time. 2705 02:26:00.760 --> 02:26:03.760 Like you said, you're building your building like a lot 2706 02:26:03.879 --> 02:26:06.200 of bridges is a cool star road, and there's going 2707 02:26:06.280 --> 02:26:09.319 to be a lot of a lot of state parks. 2708 02:26:09.079 --> 02:26:12.239 Along the way, and it's going to take time. And 2709 02:26:13.600 --> 02:26:14.799 I think I like your solution. 2710 02:26:15.040 --> 02:26:16.000 And there are other. 2711 02:26:15.920 --> 02:26:17.559 Solutions, like like. 2712 02:26:19.200 --> 02:26:23.520 Getting private investments and then trying to cook the investments. 2713 02:26:24.079 --> 02:26:26.360 I think that what I should do is to say 2714 02:26:26.520 --> 02:26:29.920 that the federal government mapped the road out, map the 2715 02:26:30.079 --> 02:26:34.120 road out from Legos to Calabar with spurs to on HR, 2716 02:26:34.399 --> 02:26:37.239 or that map the road right, put the railway there. 2717 02:26:37.559 --> 02:26:40.479 Then simply say okay, if you want to build this section, 2718 02:26:41.079 --> 02:26:43.959 is what's to cost you. So, for instance, a local 2719 02:26:44.399 --> 02:26:47.280 the Alta state has got tralios in Iran, they have 2720 02:26:47.440 --> 02:26:50.799 cash to burn. The pasts can say contract dot com 2721 02:26:51.079 --> 02:26:53.559 will fund one kilometer every. 2722 02:26:53.360 --> 02:26:56.000 Month, The Alta can stay that biers. 2723 02:26:56.040 --> 02:26:59.639 I can step contract dot com would fundilut us every month, 2724 02:27:00.520 --> 02:27:04.280 and you start to building you like Lego, so Biosis 2725 02:27:04.280 --> 02:27:06.680 can have their own one hundred kilmeters built. The actor 2726 02:27:06.719 --> 02:27:09.520 can build diclimitters oh where they can build this one. 2727 02:27:09.760 --> 02:27:12.799 But you have the road already mapped out. It's already 2728 02:27:12.920 --> 02:27:15.719 mapped out, and then you're just build like Lego. But 2729 02:27:15.879 --> 02:27:18.879 if you wait for mister Tingego to build that road 2730 02:27:18.920 --> 02:27:23.000 from Legos to Calabar in eight years, my god, you're 2731 02:27:23.079 --> 02:27:23.799 you're a dreamer. 2732 02:27:23.920 --> 02:27:24.840 It's not gonna happen. 2733 02:27:25.239 --> 02:27:27.239 And when we say these things, I'm saying so you 2734 02:27:27.319 --> 02:27:30.879 can have the right structure in place, have a commission 2735 02:27:31.440 --> 02:27:35.360 or have an SPV fund that SPV now with a 2736 02:27:35.479 --> 02:27:39.440 tax structure that will guarantee the funding. You remember, once 2737 02:27:39.479 --> 02:27:42.319 you leave office, you are gone. The things that Harry 2738 02:27:42.360 --> 02:27:47.079 wanted to build, they've abandoned them. I'll be get the 2739 02:27:47.120 --> 02:27:50.879 point I'm making. All right, let's get thanks to the 2740 02:27:50.959 --> 02:27:53.360 Russia pictured yourself, please copy right here? 2741 02:27:54.200 --> 02:27:57.920 Who speak? Yeah, please better? 2742 02:28:00.040 --> 02:28:04.959 Thank you for giving me this so first I would 2743 02:28:05.000 --> 02:28:07.440 love to the books from Stentiment. 2744 02:28:07.479 --> 02:28:10.719 That's what making you know, when so people are saying 2745 02:28:10.760 --> 02:28:14.600 that we are politicizing this, and that the truth advert 2746 02:28:16.360 --> 02:28:21.360 the variables that affects the life of two mans and 2747 02:28:21.520 --> 02:28:26.959 Enduria has been controlled by the federal governments. Is it 2748 02:28:27.120 --> 02:28:33.799 interest rates, inflation rates, echangerates? It is this variables, this 2749 02:28:34.600 --> 02:28:38.200 very it is controlled by it's so controlled by federal government. 2750 02:28:38.319 --> 02:28:43.000 So it is the policies that ships this variables. And 2751 02:28:43.200 --> 02:28:46.000 in fact, in the last two in the last three years, 2752 02:28:47.680 --> 02:28:53.479 the source of infliction DURIA has been brewing by likely effects. 2753 02:28:53.879 --> 02:29:00.319 EFTs evaluations like mother is of infliction NEDUA. He's been 2754 02:29:00.399 --> 02:29:02.479 driving by f X passed through. 2755 02:29:03.879 --> 02:29:05.959 Data is there, Data is available. Many of us may 2756 02:29:06.000 --> 02:29:09.239 not agree with what I'm saying, so so SI like 2757 02:29:09.360 --> 02:29:10.719 that just the parts of it. 2758 02:29:11.200 --> 02:29:15.920 But it's this majorly majority FX that would that would. 2759 02:29:15.719 --> 02:29:21.200 We really mentioned business? The president of past reform be see. Yes, 2760 02:29:21.319 --> 02:29:23.200 the presidents of pasform. 2761 02:29:23.040 --> 02:29:27.440 Three he said, he said, he said, FX passed through 2762 02:29:27.760 --> 02:29:30.440 its major source of inflation. 2763 02:29:30.920 --> 02:29:35.000 They are you know what I did? Yes, also mentioned business. 2764 02:29:35.319 --> 02:29:38.399 So at first it's major I I do controls effects. 2765 02:29:38.920 --> 02:29:42.719 It is federal governments controls FLEXU inflation. 2766 02:29:42.920 --> 02:29:46.600 It is federal governments. Now this admission came into it today. 2767 02:29:48.280 --> 02:29:49.879 Number of poverty, number. 2768 02:29:49.680 --> 02:29:54.719 Of probable wait, those on four million by ten twentyform 2769 02:29:54.840 --> 02:29:55.920 it's up. 2770 02:29:55.959 --> 02:29:58.799 It's named millium. So what are we saying. 2771 02:29:59.200 --> 02:30:02.159 It's about the It's not about criticizing the administration. 2772 02:30:02.520 --> 02:30:06.840 It is the numbers. So we shouldn't be ringling emotions 2773 02:30:06.879 --> 02:30:07.879 with numbers. 2774 02:30:08.399 --> 02:30:14.680 Now and we are looking back all star roads as 2775 02:30:15.799 --> 02:30:20.239 we are asking tell us how much pack look that 2776 02:30:20.920 --> 02:30:24.000 do do you plan for these projects? They can't give 2777 02:30:24.079 --> 02:30:26.399 us assers. They say they're not happy for the projects. 2778 02:30:26.799 --> 02:30:30.040 You can't do this that way. We have to we 2779 02:30:30.120 --> 02:30:36.280 have to be transparent. So did you don't matter that when. 2780 02:30:36.239 --> 02:30:40.559 This debt the debt proof of the matter is that 2781 02:30:40.719 --> 02:30:43.120 when it comes to debt, to me, that's what you're 2782 02:30:43.120 --> 02:30:44.559 wrong with in borrowing. 2783 02:30:45.280 --> 02:30:48.920 But we feel like saying that what's matass what are. 2784 02:30:48.879 --> 02:30:51.399 We borrowing for? Are we borrowing to. 2785 02:30:51.559 --> 02:30:54.600 Loose or we are borrowing for productivity? 2786 02:30:55.239 --> 02:30:58.760 As a matter of fact, neture to this natuia, now 2787 02:30:59.479 --> 02:31:00.879 our factor. 2788 02:31:00.600 --> 02:31:04.280 Of productivity is negative, so mean that this economy is 2789 02:31:04.319 --> 02:31:04.920 not productive. 2790 02:31:05.239 --> 02:31:09.200 In short, during the session of the contradactors driving this economy, 2791 02:31:09.879 --> 02:31:13.040 it's legals. If you take of the out of the dua, 2792 02:31:13.280 --> 02:31:15.280 that's what it is in the duria. So if you 2793 02:31:15.360 --> 02:31:18.000 go and change GDP our GDP. 2794 02:31:17.840 --> 02:31:21.719 Is contributed the deer because contributed to five percent. The 2795 02:31:21.959 --> 02:31:25.760 nurse states two legos is reverse with four percent. The 2796 02:31:25.879 --> 02:31:28.319 rest were just one percent percent. 2797 02:31:28.280 --> 02:31:31.959 Contribute to the missions degree mean that the growth were having. 2798 02:31:32.000 --> 02:31:35.239 The DA is not inclusive and that's why economic group 2799 02:31:35.479 --> 02:31:38.639 economic group by three points twenty four. 2800 02:31:39.959 --> 02:31:47.319 Butter say that our com is declining. So now even 2801 02:31:47.840 --> 02:31:51.239 what about the electricitysterrific? You know electricism is going to 2802 02:31:51.280 --> 02:31:52.719 be there, likely to increase, that vary. 2803 02:31:52.879 --> 02:31:59.000 Now, now if the two controls the facts that changes Crigoros, 2804 02:31:59.200 --> 02:32:02.280 I could remember if when it was there? 2805 02:32:02.920 --> 02:32:04.479 Where is the ministers of another? 2806 02:32:04.559 --> 02:32:05.600 That enough? 2807 02:32:06.600 --> 02:32:09.840 Maybe I can't really remember names in them? Something she 2808 02:32:10.079 --> 02:32:12.440 said that the successfully. 2809 02:32:11.959 --> 02:32:14.239 Removed electricity subsidy. 2810 02:32:15.000 --> 02:32:19.479 Now this admissions gave me. They broke everything to bad, 2811 02:32:19.479 --> 02:32:21.000 they said. 2812 02:32:21.200 --> 02:32:23.719 So lub must pay higher because the course of the 2813 02:32:24.159 --> 02:32:29.319 eis your answer safe who controls? Who controls the valuables 2814 02:32:29.399 --> 02:32:31.680 that make the course of electricy to go? It is 2815 02:32:31.719 --> 02:32:34.479 the furtherer goms. You've got to check the n N 2816 02:32:34.559 --> 02:32:36.639 I see NYC website. 2817 02:32:37.120 --> 02:32:39.479 What if really? What the fact that that. 2818 02:32:39.639 --> 02:32:42.680 Affects electricity generation? 2819 02:32:43.319 --> 02:32:44.159 Change rates is there? 2820 02:32:44.479 --> 02:32:49.239 Inflation rates is there? Gas price is there? So who 2821 02:32:49.319 --> 02:32:50.040 is in Chige for this? 2822 02:32:50.639 --> 02:32:51.319 It's father going. 2823 02:32:51.600 --> 02:32:54.879 Even though I must combine the admission that after the fat, 2824 02:32:55.000 --> 02:32:58.200 after that removed subsidy, the revenue has increased. 2825 02:32:58.319 --> 02:33:03.760 The revenue path in christ from eight percent about fourteen 2826 02:33:03.760 --> 02:33:05.120 percent in twent times form. 2827 02:33:05.360 --> 02:33:09.520 But let's advertise that revenue has increased, fact has increased 2828 02:33:09.520 --> 02:33:13.479 to distate goverments. But this money, this all this allocation 2829 02:33:13.600 --> 02:33:17.159 has increased, has been rooted by eye inflation. Because you 2830 02:33:17.440 --> 02:33:22.520 agatize that the prices of change, growth, entery. 2831 02:33:22.600 --> 02:33:24.239 It's not that the same thing. Many of them have 2832 02:33:24.879 --> 02:33:27.680 God blog wote three food. So we made that the 2833 02:33:27.760 --> 02:33:31.120 money increased. The money that the stigment is he's being 2834 02:33:31.159 --> 02:33:31.920 readed by inflation. 2835 02:33:32.040 --> 02:33:35.159 So to me, the money we should not usually expected 2836 02:33:35.200 --> 02:33:37.840 too much from the governors because the money that is, 2837 02:33:38.799 --> 02:33:40.479 it's be rooded by inflation. 2838 02:33:40.639 --> 02:33:44.079 Except what dicilize the last really what I'm talking about. 2839 02:33:44.840 --> 02:33:48.719 So people are saying that and the state governments to 2840 02:33:49.000 --> 02:33:51.719 engage in this, and that's see declar matters. 2841 02:33:52.879 --> 02:33:56.600 If any economy to create a shape prosperity for his people, 2842 02:33:57.799 --> 02:34:01.799 you can't be driven by people, private citizens, not government 2843 02:34:02.559 --> 02:34:07.399 government based on at the bast on the antistidy. 2844 02:34:08.159 --> 02:34:14.360 They always with corruptions. Sodina I said, a stutions a 2845 02:34:14.479 --> 02:34:15.079 fellow weak. 2846 02:34:15.719 --> 02:34:18.840 So if we have you students allow weak, it's fete 2847 02:34:18.920 --> 02:34:23.600 very difficult for these institutions to be driving productions. So 2848 02:34:24.680 --> 02:34:27.559 governments who find a way to empower the people, let 2849 02:34:27.760 --> 02:34:33.360 people drive these productions that I needed. Never look acadists 2850 02:34:33.440 --> 02:34:36.520 of the economy, life for self. How many are many 2851 02:34:36.559 --> 02:34:39.479 who have the capacity to even drive productions. It is 2852 02:34:39.600 --> 02:34:43.120 my elits because it's this, They have the capacity to 2853 02:34:43.200 --> 02:34:46.440 drive productions. SOCCO must find a way to say that 2854 02:34:47.040 --> 02:34:50.319 it gives never play fit for everybody. 2855 02:34:50.920 --> 02:34:52.719 So indeed, it was the American that. 2856 02:34:52.879 --> 02:34:53.760 Is today a big back. 2857 02:34:54.000 --> 02:34:57.559 Are built by the people, government dogs, familiar policies. 2858 02:34:57.760 --> 02:35:01.079 Yeah, the people, I don't build the work that challenge it? 2859 02:35:01.079 --> 02:35:01.520 Who does it? 2860 02:35:02.079 --> 02:35:02.120 So? 2861 02:35:03.159 --> 02:35:03.799 Thank you very much? 2862 02:35:04.520 --> 02:35:05.520 Yeah, I hear. 2863 02:35:05.719 --> 02:35:08.559 I know we've sort of objected away from the dead side, right, 2864 02:35:08.600 --> 02:35:11.799 but let me speak a quick comment on the devaluation 2865 02:35:12.799 --> 02:35:16.000 and also on the subsidition number. Guys, if you do 2866 02:35:16.200 --> 02:35:20.639 not devalue, you are seeing that one nyira of or 2867 02:35:21.000 --> 02:35:22.639 five hundred narra is one dollar. 2868 02:35:22.719 --> 02:35:26.360 That's what you're saying, that five hundred narra is one dollar. 2869 02:35:26.440 --> 02:35:28.760 So what do you think could happen? Simple? 2870 02:35:29.360 --> 02:35:31.280 A government guy will apply for a lot of a 2871 02:35:31.360 --> 02:35:35.239 million dollars, bring you to the black market, sell it 2872 02:35:36.040 --> 02:35:39.479 for fifteen hundred and make a thousand narra per dollar, 2873 02:35:40.479 --> 02:35:43.280 which is what was happening in the past, because the 2874 02:35:43.440 --> 02:35:46.479 real exchange rate you see today the black market is 2875 02:35:46.559 --> 02:35:49.520 the real exchange rate, not what CBN gives you. The 2876 02:35:49.639 --> 02:35:52.600 black market is the real xchang, which is whatever the 2877 02:35:52.639 --> 02:35:55.920 black market, the interplay of demand and supply. 2878 02:35:55.840 --> 02:35:56.559 Is the real rate. 2879 02:35:57.000 --> 02:35:59.920 So your narror is not weak or strong the market 2880 02:36:00.079 --> 02:36:03.600 it is saying it is weak. You can't fight the market. 2881 02:36:03.799 --> 02:36:07.239 If you don't want a weak Nira, export more. The 2882 02:36:07.360 --> 02:36:10.280 more you export, then your narra will gain value. You 2883 02:36:10.360 --> 02:36:14.719 can't say I want strong then you know that our 2884 02:36:14.879 --> 02:36:19.200 production then you fix the production capability. 2885 02:36:19.319 --> 02:36:19.680 You can't. 2886 02:36:20.200 --> 02:36:23.040 It's like it's like saying in Nidia better suit and 2887 02:36:23.120 --> 02:36:26.200 monikul them. You can't say you want strong Nira with 2888 02:36:26.360 --> 02:36:29.040 no power supply to manufacture. 2889 02:36:31.879 --> 02:36:39.680 Problems first, so if you don't fix problems, they hold on. 2890 02:36:41.680 --> 02:36:42.879 Hold on. Let's look at this way. 2891 02:36:42.959 --> 02:36:45.719 If you say, first, if you don't fixit evaluation, you 2892 02:36:45.840 --> 02:36:49.559 are losing more money, true theft of the dollar, because 2893 02:36:49.840 --> 02:36:53.559 this would continue if you don't stop the devaluation. What 2894 02:36:53.760 --> 02:36:55.840 you are saying is that you are going to allow 2895 02:36:55.920 --> 02:36:58.159 people to just go to the CB and say they 2896 02:36:58.200 --> 02:37:01.479 want to import essential what it is. Get dollars at 2897 02:37:01.600 --> 02:37:04.879 five hundred, turn around and sell it at a thousand 2898 02:37:04.879 --> 02:37:07.920 and five. That's all you're doing. So you can't do both. 2899 02:37:08.000 --> 02:37:09.600 You can tuggle them at work at the same time 2900 02:37:09.680 --> 02:37:11.799 you can devalue and you can see. You want to 2901 02:37:11.799 --> 02:37:14.200 fix the production community. The problem in Nigeria. You know, 2902 02:37:14.280 --> 02:37:16.040 we've had lots of space and look, I said this. 2903 02:37:16.520 --> 02:37:19.879 The problem is that it's too expensive to manufacture anything 2904 02:37:19.879 --> 02:37:20.479 in Nigeria. 2905 02:37:21.000 --> 02:37:24.200 It's cheaper to go to India, buy rice. 2906 02:37:24.479 --> 02:37:28.120 Put on the ship, pay freight, pay insurance, bring that 2907 02:37:28.319 --> 02:37:31.959 rise to the part in Legos than to grow rice 2908 02:37:32.120 --> 02:37:34.520 in Keavy and transport to Legos. 2909 02:37:34.680 --> 02:37:35.239 It's cheaper. 2910 02:37:36.200 --> 02:37:38.479 And if you have an economy like that, you can't 2911 02:37:38.840 --> 02:37:42.920 you can't progress. If it was cheap to make things 2912 02:37:43.040 --> 02:37:48.079 in Nigeria, inflation will fall. But imports are cheaper, which 2913 02:37:48.159 --> 02:37:52.200 is why people go for imports. Imputs are cheaper, and 2914 02:37:52.319 --> 02:37:54.040 that's the problem with the economy. If you have an 2915 02:37:54.079 --> 02:37:57.799 economy where imports that America can afford cheaper input because 2916 02:37:57.799 --> 02:37:59.920 their dollar is quote and quote straw. 2917 02:38:00.639 --> 02:38:03.879 But your NYRA is weak and you are important double warming. 2918 02:38:04.319 --> 02:38:08.399 You go ahead from spoken right, that's just achiever, achiever, 2919 02:38:09.639 --> 02:38:13.079 achia dot a go achievement, go for it. 2920 02:38:16.000 --> 02:38:24.440 You the gerod okay anyway I can hear you. 2921 02:38:25.360 --> 02:38:27.840 Okay, okay, good Now. 2922 02:38:28.520 --> 02:38:33.840 I think what the economists was actually saying is about 2923 02:38:33.879 --> 02:38:37.120 the fact that government of claturally I walk on the 2924 02:38:37.760 --> 02:38:40.959 this thing is actually I believe work from the basiness, right, 2925 02:38:41.520 --> 02:38:44.639 you need from our perspective, right. I think the things 2926 02:38:44.840 --> 02:38:47.719 in which we are talking about is just from the top. 2927 02:38:47.799 --> 02:38:50.879 I think we have to walk fastly on the first 2928 02:38:50.879 --> 02:38:51.760 things that remodes. 2929 02:38:52.120 --> 02:38:55.120 Trust me. I think I tart can't do one thing. 2930 02:38:55.399 --> 02:38:58.360 I think that sweet Alia last week or something. 2931 02:38:58.399 --> 02:39:02.879 But now, the funny thing there is mostly most normal 2932 02:39:02.959 --> 02:39:05.520 Agenians because we get access to goodle agrigate. 2933 02:39:05.600 --> 02:39:07.920 Interesting, right, and we know how you. 2934 02:39:08.040 --> 02:39:10.639 Put some electricity actually contributes to productivity. 2935 02:39:11.239 --> 02:39:13.600 Right now, even the outbreak Nigeria that is. 2936 02:39:13.680 --> 02:39:16.559 Supposed to probably have a great idea, right you're trying 2937 02:39:16.559 --> 02:39:18.079 to just before the scratches. 2938 02:39:17.760 --> 02:39:18.280 Something like that. 2939 02:39:19.079 --> 02:39:23.360 If you don't have answers to this normal daily. 2940 02:39:23.239 --> 02:39:26.200 Utress electricity, there is no way he or she built 2941 02:39:26.239 --> 02:39:28.040 the beauty to its highest potential. 2942 02:39:28.959 --> 02:39:29.120 Right. 2943 02:39:29.479 --> 02:39:32.639 And I believe if we're when you're talking about productivity 2944 02:39:32.760 --> 02:39:35.479 or important exporting in the highest levels, right. 2945 02:39:35.719 --> 02:39:39.159 I think it's the groundwork system that actually matters to 2946 02:39:39.280 --> 02:39:42.639 be right. And this is be talking about from our 2947 02:39:42.680 --> 02:39:45.399 own perspective, because these are the things we be You 2948 02:39:45.639 --> 02:39:47.559 don't the young guys if I'm not even eld it right, 2949 02:39:47.760 --> 02:39:49.600 the guy that are trying to build a giant conto 2950 02:39:49.680 --> 02:39:52.000 spaces to name one or two of the world's really 2951 02:39:52.040 --> 02:39:52.840 happening in Nigeria. 2952 02:39:52.920 --> 02:39:55.000 How can we look in how can we actually have 2953 02:39:55.159 --> 02:39:57.440 position our sets? What are the rest new thing? 2954 02:39:57.920 --> 02:39:58.079 Right? 2955 02:39:58.200 --> 02:39:59.280 What is really happening? 2956 02:39:59.760 --> 02:39:59.879 Right? 2957 02:40:00.360 --> 02:40:01.920 So that's just in form of perspective. 2958 02:40:01.959 --> 02:40:05.040 Necessarily, I think the government needs to just walk on 2959 02:40:05.239 --> 02:40:06.200 these things first. 2960 02:40:06.680 --> 02:40:07.799 Right, let's get on the trees. 2961 02:40:07.920 --> 02:40:11.520 Let's get basic things that happens before we were talking about, 2962 02:40:12.040 --> 02:40:15.840 because if the businesses are sorting trusting spark. 2963 02:40:16.879 --> 02:40:19.120 So they're just just I know, there's no right answer. 2964 02:40:19.200 --> 02:40:20.840 So I'm not putting on the spot. But if you 2965 02:40:20.959 --> 02:40:24.159 had a billion dollars, would you do power or would 2966 02:40:24.200 --> 02:40:24.479 you do a. 2967 02:40:24.559 --> 02:40:25.440 Road to Calabar. 2968 02:40:27.639 --> 02:40:30.239 I'm going to do power power first. Okay, Again, that's 2969 02:40:31.079 --> 02:40:32.760 just I just want to get shot of you on that. 2970 02:40:32.799 --> 02:40:36.479 All right, perfect, you appreciate that. So hey, mister Diana, Hi, 2971 02:40:36.600 --> 02:40:37.719 Welcome to Austin Senna. 2972 02:40:37.799 --> 02:40:41.479 How doing the goora is a slave to. 2973 02:40:43.719 --> 02:40:48.680 Twenty two verse seven? Is Nigeria entering a death trap? 2974 02:40:48.840 --> 02:40:50.319 I call it a thing. 2975 02:40:50.239 --> 02:40:53.040 Called not a death trap. I see more of us 2976 02:40:53.399 --> 02:40:56.639 inferiatic complex because we depend on the Britain. The state 2977 02:40:56.799 --> 02:40:59.319 is they tell us jump this way, you jump jump 2978 02:40:59.399 --> 02:40:59.719 that way. 2979 02:40:59.760 --> 02:41:04.319 So there's no homegrown economic outlook, there's no underpinning for 2980 02:41:04.440 --> 02:41:06.399 the decisions they made during. 2981 02:41:06.239 --> 02:41:08.360 The Diverse conference. 2982 02:41:10.399 --> 02:41:14.479 While speaking on TV, I'm saying, oh, the traffic for 2983 02:41:14.680 --> 02:41:20.760 the airport was too much, Minister of Transport Vision, let's start. 2984 02:41:20.559 --> 02:41:24.079 Doing the second railway, second wrong. 2985 02:41:23.920 --> 02:41:25.120 Way for the airport. 2986 02:41:25.559 --> 02:41:26.440 What did that tell me? 2987 02:41:26.920 --> 02:41:29.040 That told me that there was no processes to the 2988 02:41:29.159 --> 02:41:31.799 decisions that they make. And every decision you make has 2989 02:41:31.799 --> 02:41:38.479 a political, environmental, human and financial implications. So the decisions 2990 02:41:38.520 --> 02:41:43.399 are approps, not data based. So on the legos, I 2991 02:41:43.639 --> 02:41:46.639 just want on the opinion? What data given that? 2992 02:41:46.959 --> 02:41:48.920 Just the question those who do not. 2993 02:41:49.040 --> 02:41:51.879 Know the purposed of pain, they can never put wealth 2994 02:41:51.959 --> 02:41:54.600 to best use and never aim for the. 2995 02:41:54.680 --> 02:41:57.280 Land lights until you can light up the world. 2996 02:41:57.479 --> 02:41:59.920 What do I say? But as they said, you cannot 2997 02:42:00.079 --> 02:42:02.879 solve a problem with the same Thingking that created it. 2998 02:42:03.159 --> 02:42:09.840 Their innovative funding strategies to developing an economy, to building 2999 02:42:10.079 --> 02:42:11.280 iconic projects. 3000 02:42:10.920 --> 02:42:12.799 They done globally and locally. 3001 02:42:13.840 --> 02:42:18.159 Egypt built the Swiss Canal Extension, sent the three kilimters. 3002 02:42:18.280 --> 02:42:20.559 It was worth eight point five billion dollars. 3003 02:42:21.040 --> 02:42:26.520 Egypt looked inwards, so I said, borrowing is actually inferiorly complex. 3004 02:42:27.200 --> 02:42:30.360 Borrowing is still not understanding the gun Victor development. 3005 02:42:30.399 --> 02:42:33.639 Because if China grew an our economy by a GDP 3006 02:42:33.879 --> 02:42:37.040 from ninety seventeen to twenty thirteen, by over one hundred percent, 3007 02:42:37.120 --> 02:42:39.760 by what you call total factor productivity, and you got 3008 02:42:39.840 --> 02:42:43.000 to China to borrow money, not to learn one. Total 3009 02:42:43.079 --> 02:42:46.079 factor productivity underpins my brothers and sisters. 3010 02:42:46.639 --> 02:42:47.319 We canna help you. 3011 02:42:49.040 --> 02:42:52.000 Second to the projects. It's not just pushing on projects. 3012 02:42:52.360 --> 02:42:56.639 The cost of delays to projects are actually higher than 3013 02:42:56.719 --> 02:42:58.239 the cost of the projects themselves. 3014 02:42:58.399 --> 02:42:59.719 Because when the standard. 3015 02:42:59.399 --> 02:43:02.360 That is road and two terribly away from Julius, Burger 3016 02:43:02.760 --> 02:43:03.879 and Patty. 3017 02:43:03.479 --> 02:43:05.719 To set trackle I smiled, because if you. 3018 02:43:05.719 --> 02:43:10.440 Look at inflation and the major cost of project is mobilization, So. 3019 02:43:10.479 --> 02:43:11.319 Why are you mobilized? 3020 02:43:11.360 --> 02:43:15.120 Motor science, you do mobilize them if mobilize those size 3021 02:43:15.319 --> 02:43:19.120 you mobilize them. Even the cost of congestions, the couse 3022 02:43:19.200 --> 02:43:21.559 of traffic and construction in Ue. 3023 02:43:21.440 --> 02:43:24.680 Traffic for those projects is higher than the projects. 3024 02:43:24.840 --> 02:43:29.399 So there's a lack of holistic project outlooks in Africa. 3025 02:43:29.760 --> 02:43:32.920 We look at costs only on a monetary basis. We 3026 02:43:33.040 --> 02:43:36.120 don't look at it on the other protesting centers like congestion, 3027 02:43:36.959 --> 02:43:39.600 like mobilization, like cost of delays. 3028 02:43:40.120 --> 02:43:41.079 Now let's go to death. 3029 02:43:41.840 --> 02:43:45.120 Twenty twenty four, your death servicing was thirteen trillion. It 3030 02:43:45.319 --> 02:43:48.600 rose by sixteen percent from the previous year. I'll just 3031 02:43:48.680 --> 02:43:51.600 say notes of that. And the debt issue is not 3032 02:43:51.840 --> 02:43:54.959 just local. I'll say the debt is global because when 3033 02:43:55.120 --> 02:43:58.520 Grace we wanted to join EU to adopt the Europe 3034 02:43:58.680 --> 02:44:01.440 in nineteen ninety nine, when it was ushered A, you 3035 02:44:01.680 --> 02:44:05.920 refuse to allow Greece because their death continue ratio, which 3036 02:44:06.040 --> 02:44:08.600 was the threshow and the conditionality to adopt the euro 3037 02:44:09.479 --> 02:44:12.280 their debt to dipperation was above sixty percent. 3038 02:44:12.399 --> 02:44:18.159 So death it gives the wrong signal. Cost of borrowing 3039 02:44:19.079 --> 02:44:19.520 goes up. 3040 02:44:19.559 --> 02:44:23.920 Where you keep borrowing, the conditionalities contionalities are attached to 3041 02:44:24.000 --> 02:44:27.159 your borrowing sequences, which are affect the answer of trade. 3042 02:44:27.840 --> 02:44:30.719 Your costom borrowing proves to me, and your your pension 3043 02:44:30.840 --> 02:44:34.040 for borrowing proves to me that you're lacking innovation because 3044 02:44:34.040 --> 02:44:36.959 they're you know, the fitty strategies like sensitization and many 3045 02:44:37.120 --> 02:44:40.719 as we cannot count on your competitiveness drops and the 3046 02:44:40.840 --> 02:44:43.319 weakness to the effectiveness of your policies. 3047 02:44:43.760 --> 02:44:46.360 But I would say this of the current president, a 3048 02:44:46.479 --> 02:44:51.799 broken clock is right twice a day. One is obsessed 3049 02:44:51.840 --> 02:44:52.399 with lakers. 3050 02:44:52.479 --> 02:44:54.840 I give that to him because if the order state 3051 02:44:54.920 --> 02:44:56.799 governors that's obsessed with. 3052 02:44:57.159 --> 02:44:59.600 The way it is obsessed with lacus Naitria will not 3053 02:44:59.680 --> 02:45:03.319 be wareh is two. He's a good student of history. 3054 02:45:03.399 --> 02:45:03.959 What do I mean? 3055 02:45:04.600 --> 02:45:07.639 He lands from the best PDP and live that part 3056 02:45:07.959 --> 02:45:08.799 of posterity. 3057 02:45:09.760 --> 02:45:11.479 What is the way forward? 3058 02:45:12.079 --> 02:45:17.440 Children win elections, great minds, transform countries, link and you 3059 02:45:17.639 --> 02:45:21.399 transforms in the performance third world economy four hundred dollars 3060 02:45:21.799 --> 02:45:26.079 Jilly capital in nineteen sixty today to a first world economy. 3061 02:45:26.319 --> 02:45:31.719 Chepe the capital of ninety three thousand dollars. Norway has 3062 02:45:31.879 --> 02:45:35.399 proven to us before our face and oil and gas 3063 02:45:35.559 --> 02:45:38.680 country and economy like us. In nineteen sixty seven, they 3064 02:45:38.760 --> 02:45:42.280 set up the government pension from global or in my colleague. 3065 02:45:42.000 --> 02:45:45.920 Norwegian server world fun. Why they had a collective outlook. 3066 02:45:46.159 --> 02:45:49.920 They underpinned it on an innovative client strategy. 3067 02:45:49.520 --> 02:45:51.799 For the common good of their people. They didn't just 3068 02:45:51.840 --> 02:45:52.840 follow the back wagon. 3069 02:45:53.159 --> 02:45:55.319 Because you go to Norway, brothers and sisters, there are 3070 02:45:55.360 --> 02:45:56.600 no skyscrapers in Norway. 3071 02:45:57.159 --> 02:46:01.799 There are no pocus pocus projects. No, it's a simple country. 3072 02:46:02.399 --> 02:46:06.639 No high rises, no big museums, no major theaters, no 3073 02:46:06.719 --> 02:46:08.159 international conference centers. 3074 02:46:08.319 --> 02:46:11.520 Because they know all that has no impact on the economy. 3075 02:46:11.840 --> 02:46:13.520 They focused on doing best what. 3076 02:46:13.799 --> 02:46:16.879 Was needed to be done. They put their best food forward. 3077 02:46:17.159 --> 02:46:19.760 What did they do, said phones? 3078 02:46:20.000 --> 02:46:24.079 They filtered their crude oil headings. They defied the crude 3079 02:46:24.079 --> 02:46:28.040 oil costs because the resource cost Because while the other 3080 02:46:28.159 --> 02:46:29.399 resource cause countries. 3081 02:46:29.079 --> 02:46:32.000 Are deepending the Nigeria to the world for the for trillion, 3082 02:46:32.239 --> 02:46:34.639 they're back to borrow to at one billion. Either goes 3083 02:46:34.639 --> 02:46:36.319 to a sorry, but. 3084 02:46:36.520 --> 02:46:39.840 No way as to the build their Cubermo phones to 3085 02:46:40.079 --> 02:46:45.520 one point seven trillion United States dollars. In conclusion, I 3086 02:46:45.760 --> 02:46:51.719 see intellectual inferiority complex, I see lack of innovativeness and 3087 02:46:51.920 --> 02:46:55.520 like a that I in said, you hire a part 3088 02:46:55.559 --> 02:46:59.040 of the problem out of the solution, and you cannot create. 3089 02:46:59.200 --> 02:47:02.440 You cannot solve a problem with the same thinking that 3090 02:47:02.600 --> 02:47:07.079 created it. Going forward, Nigeria is a business row your 3091 02:47:07.200 --> 02:47:10.520 Ninjia company readio history. So what does Nigeria need to 3092 02:47:10.639 --> 02:47:14.440 do to remove this boro spree to a developmental spree? 3093 02:47:15.040 --> 02:47:16.760 Nanda needs a business. 3094 02:47:16.479 --> 02:47:20.440 Have been fictional leader who understands Joe politics, economic on 3095 02:47:20.520 --> 02:47:23.479 the current and fills the past of the people. 3096 02:47:24.280 --> 02:47:26.360 God bless the nan genera with a righteous leader in. 3097 02:47:26.479 --> 02:47:28.719 Jesus pray amen. 3098 02:47:28.879 --> 02:47:30.920 But I don't run away to the first place. I mean, 3099 02:47:31.520 --> 02:47:33.639 I like the fact that you talked about that cinema 3100 02:47:33.639 --> 02:47:35.440 wants to develop legos. That's the point that you have 3101 02:47:35.559 --> 02:47:37.440 to make with the fact that the road has been built. 3102 02:47:37.520 --> 02:47:40.280 In the end, the road has been built. What he 3103 02:47:40.360 --> 02:47:43.280 could loves and building an adulta? What do the patting 3104 02:47:43.360 --> 02:47:46.319 job building on goal states? Even Harry, what the debuilt 3105 02:47:46.360 --> 02:47:46.840 and cartina? 3106 02:47:46.879 --> 02:47:49.079 I mean, I get I get it. I'm just going there. 3107 02:47:49.200 --> 02:47:52.760 I'm going there because if everyone has built his own 3108 02:47:52.799 --> 02:47:55.319 community build a terror by now, what have had you know, 3109 02:47:55.520 --> 02:47:56.799 more things done in Nigeria. 3110 02:47:56.879 --> 02:47:59.280 I get that part about him. I'm not mad at him. 3111 02:47:59.600 --> 02:48:02.000 I'm all concerned with getting that road built. 3112 02:48:02.040 --> 02:48:05.559 But let's come back to the decission not borrow for now, 3113 02:48:05.840 --> 02:48:09.239 even China at when they have the heroic as they 3114 02:48:09.399 --> 02:48:11.479 borrowed right right now? Are you saying that we can 3115 02:48:12.159 --> 02:48:15.799 achieve what wants a center of infrastructure without borrowing? 3116 02:48:15.920 --> 02:48:18.799 Can you give us a part way if you want 3117 02:48:18.879 --> 02:48:20.079 to build nest of this road? 3118 02:48:20.159 --> 02:48:20.280 Now? 3119 02:48:20.360 --> 02:48:22.040 How can they would have borrowing if you could? 3120 02:48:22.079 --> 02:48:22.319 Please? 3121 02:48:23.440 --> 02:48:26.600 The big question discussed? Like I said, really want economic 3122 02:48:26.680 --> 02:48:27.520 forum ourselves. 3123 02:48:27.600 --> 02:48:28.959 During Jatte twenty. 3124 02:48:28.840 --> 02:48:33.840 Fourteen fifteen, I noticed something that Jonathan was taking. Decisions 3125 02:48:33.920 --> 02:48:38.280 are literally which means people invest us look at your leaders. 3126 02:48:38.360 --> 02:48:40.799 So just like when I listen to anybody speaking, I'm 3127 02:48:40.920 --> 02:48:43.520 thinking what is the foundation and they are the planning 3128 02:48:43.559 --> 02:48:45.719 of how we are taking this decision? Was it a 3129 02:48:45.879 --> 02:48:47.639 business case? That's why the journey say. 3130 02:48:47.600 --> 02:48:50.879 Business are a leader that understands your politics, economic on 3131 02:48:50.959 --> 02:48:53.760 the current and kills the possible people. So by Jonathan 3132 02:48:54.000 --> 02:48:57.920 just saying because there's a need, let us put a 3133 02:48:58.040 --> 02:48:58.799 second wrong way. 3134 02:48:58.920 --> 02:49:02.159 When I know that the heatrow wrong way in the 3135 02:49:02.319 --> 02:49:03.040 UK is. 3136 02:49:03.120 --> 02:49:06.479 Running at ninety nine or nine percent capacity, how many 3137 02:49:06.520 --> 02:49:07.879 placed land in the North Africa? 3138 02:49:08.440 --> 02:49:10.360 As you will say you need a second wrong way, 3139 02:49:10.559 --> 02:49:11.799 So I really see it thinking. 3140 02:49:12.040 --> 02:49:15.319 Thinking is not optimization. The thinking is a post focused 3141 02:49:15.879 --> 02:49:18.639 less spend the money too. The beauty of infrastructure is 3142 02:49:18.680 --> 02:49:21.799 not to borrow money. Were using infrastructure to borrow money. 3143 02:49:22.079 --> 02:49:24.559 Infrastructure first, like roads, is the largest and. 3144 02:49:24.600 --> 02:49:26.639 Most visible asset of government. 3145 02:49:26.840 --> 02:49:29.959 This is how people know that the government sexual forty 3146 02:49:30.000 --> 02:49:33.879 subsection to be like dress Constitution says this securated the 3147 02:49:33.920 --> 02:49:36.280 worth of the people. So the propart concerns of governments, 3148 02:49:36.360 --> 02:49:38.360 So how do you give people up six of governments? 3149 02:49:38.600 --> 02:49:41.399 Infrastructure is what they can see first. And if you're 3150 02:49:41.479 --> 02:49:44.520 under pinion for infrastructure just as a minutes of borrow money, 3151 02:49:44.760 --> 02:49:47.559 that's not the intern for infrastructure, which are using infrastructure 3152 02:49:47.600 --> 02:49:51.200 to adopt technology. So I'm saying the other peniag for 3153 02:49:51.600 --> 02:49:54.319 such some projects. I will not talk about that project 3154 02:49:54.319 --> 02:49:56.239 because don't know your opinion Like you know are you 3155 02:49:56.440 --> 02:50:00.879 said in this space airport or cost pocus, no fundamentals, 3156 02:50:01.239 --> 02:50:04.000 no economic on the current, no cause for the people. 3157 02:50:04.200 --> 02:50:07.280 You just go borrow money, build the project would have 3158 02:50:07.399 --> 02:50:11.360 puting it in place. Now that goes specialists. How do 3159 02:50:11.440 --> 02:50:13.600 you fold this project? Let me ask you a question. 3160 02:50:13.799 --> 02:50:20.319 Calum Egypt built France tried to build the Swiss Canal. 3161 02:50:20.600 --> 02:50:23.520 They tried for years. It collapsed after wasting money. 3162 02:50:23.840 --> 02:50:27.159 It was in eighteen ninety seven they now finally moneage 3163 02:50:27.319 --> 02:50:29.840 after people have died. It was a field project. 3164 02:50:30.200 --> 02:50:35.840 The commission is now one general assist. 3165 02:50:36.040 --> 02:50:39.079 The current president was about to do the extension. The 3166 02:50:39.159 --> 02:50:42.319 original LT was one ninety six kilometers. No I wanted 3167 02:50:42.360 --> 02:50:45.200 to had about half of that size, seventy three percent. 3168 02:50:45.479 --> 02:50:47.520 One of the seventy three kilometers. One of the major 3169 02:50:47.600 --> 02:50:49.559 issues they had them was funding it. 3170 02:50:50.000 --> 02:50:52.760 The funding came from external But now what did eg 3171 02:50:53.000 --> 02:50:57.959 do Egypt was innovative seventy three kilometers extension Swiss canner. 3172 02:50:57.799 --> 02:51:02.840 A global projects that concert across the ocean and reduce 3173 02:51:02.920 --> 02:51:07.399 this navigational business is an economic game changer. Now they 3174 02:51:07.440 --> 02:51:09.879 wanted to expend it. What did they do? One they 3175 02:51:09.959 --> 02:51:13.440 taught in wards. Two they were innovative, which was they 3176 02:51:13.440 --> 02:51:14.159 were not inferior. 3177 02:51:14.559 --> 02:51:18.600 The money is in Nigeria pro Mmm therese dicam people, 3178 02:51:18.920 --> 02:51:21.559 these sabers, they just this, there's this coming people. That's 3179 02:51:21.600 --> 02:51:25.840 why Nagreney said business ary leader because exactly people see 3180 02:51:25.920 --> 02:51:28.200 that you understand the numbers and that you have a 3181 02:51:28.319 --> 02:51:30.680 business case, they would not invest in this. How did 3182 02:51:30.799 --> 02:51:34.799 Egypt create the eight point five billion dollars on over subscribe? 3183 02:51:34.840 --> 02:51:38.079 They tend people to stop bringing money. The world was surprised, 3184 02:51:38.159 --> 02:51:39.440 the whole world when. 3185 02:51:39.639 --> 02:51:42.719 When the project was permissioned, he put out their worships. 3186 02:51:43.239 --> 02:51:46.000 The whole country was watching. The whole world. Theatter was giving. 3187 02:51:46.280 --> 02:51:49.479 That was in nother project. How they taught in words, 3188 02:51:50.920 --> 02:51:52.840 they founded this form within They. 3189 02:51:52.799 --> 02:51:55.280 Sold dollar certificates to their citizens, then put. 3190 02:51:55.200 --> 02:51:58.559 Into it as an investment. Nowhere is not high by this. 3191 02:51:59.079 --> 02:52:01.319 I just got to I go to Toronto. I just 3192 02:52:01.440 --> 02:52:03.799 go to New York. I see as skyscrapers and sower. 3193 02:52:03.840 --> 02:52:06.319 What's my business now? I said no, I will not 3194 02:52:06.440 --> 02:52:09.600 do follow. I will not do mob thinking. I will 3195 02:52:09.639 --> 02:52:11.399 think out of the park. I will not just say 3196 02:52:11.399 --> 02:52:12.680 it because I have money for crude. 3197 02:52:13.040 --> 02:52:15.280 Let me build the terms I Conference center, Let me 3198 02:52:15.360 --> 02:52:18.319 build the National Theater, let me build this, let me 3199 02:52:18.399 --> 02:52:20.799 build The money is going to non service sector of 3200 02:52:20.879 --> 02:52:24.639 the economy, because the sectors of the economy. If you build, 3201 02:52:24.719 --> 02:52:27.200 for example, every kill everyone willing spends on. 3202 02:52:27.319 --> 02:52:30.639 Highways, you do about seteen thousand jobs. 3203 02:52:30.840 --> 02:52:32.159 So let's do the sectors. 3204 02:52:32.479 --> 02:52:34.680 How much would you found into these sectors that will 3205 02:52:34.719 --> 02:52:37.760 spread the economy most so nowhere did not journey bad. 3206 02:52:38.239 --> 02:52:40.280 Now I say I will save my money. I will 3207 02:52:40.360 --> 02:52:42.600 bring this money. Let's say that money for legals. Let 3208 02:52:42.600 --> 02:52:45.719 me give an example a legos I can. If I 3209 02:52:45.799 --> 02:52:47.920 have that money in my hands as president, I have 3210 02:52:48.120 --> 02:52:51.399 ten trillion, I will look and I completely project. 3211 02:52:51.159 --> 02:52:53.799 In ten years, you say them, I will look overseas. 3212 02:52:53.920 --> 02:52:57.799 Can I found a toll roads in Canada and I 3213 02:52:57.840 --> 02:53:00.639 will dogle that money in three years bring back the 3214 02:53:00.760 --> 02:53:02.479 investments to fund money in Nigeria. 3215 02:53:02.719 --> 02:53:04.319 That's what the Norwege of servitor fund. 3216 02:53:04.319 --> 02:53:07.159 That's done to the wars with the Atulia, that's what 3217 02:53:07.239 --> 02:53:09.680 they cannot the pressure phone that's done to the June 3218 02:53:09.680 --> 02:53:10.079 they awards. 3219 02:53:10.280 --> 02:53:14.239 So the while looking out what to borrow in, want 3220 02:53:14.319 --> 02:53:16.920 to to press to pressure ourselves. When am I supposed 3221 02:53:16.920 --> 02:53:19.040 to look in, want to be no fitting out, want 3222 02:53:19.120 --> 02:53:21.479 to make profits. I must not fund project in Nigeria. 3223 02:53:21.600 --> 02:53:24.399 If they project me more profitable Ladia, if the productill 3224 02:53:24.440 --> 02:53:26.440 be more profitable Insidia, if the probably will be more 3225 02:53:26.440 --> 02:53:27.799 profited in Suitland, I would. 3226 02:53:27.600 --> 02:53:31.200 Take my dress money and invest the national a n 3227 02:53:31.399 --> 02:53:31.639 s I. 3228 02:53:31.719 --> 02:53:35.399 A the investment excellent investment I'm I will inventing money there, 3229 02:53:35.680 --> 02:53:37.520 get a high return, it's gonna rise. 3230 02:53:37.920 --> 02:53:40.639 It's it's hedge against the currency fulling. Even if the 3231 02:53:40.680 --> 02:53:42.000 cursive for three. 3232 02:53:41.680 --> 02:53:44.120 Thousand, I would do that instead of to go bull 3233 02:53:44.399 --> 02:53:47.760 dollar beauty roads. I do not complete it in thirty years, 3234 02:53:47.799 --> 02:53:50.360 Like the second Nada bridge, the dollar price goes up, 3235 02:53:50.719 --> 02:53:55.399 the gaps to fund, the death servicing increases, everybody's facing 3236 02:53:55.440 --> 02:53:56.639 ourselves cost focus. 3237 02:53:57.200 --> 02:53:58.600 Thank you, thank you. 3238 02:53:59.479 --> 02:54:03.799 I think everyone would have gained, you know, to So essentially, 3239 02:54:03.920 --> 02:54:07.239 instead of taking a billion dollars to invest in Nigeria, 3240 02:54:07.440 --> 02:54:10.840 take a billion dollars invest yield a return. Even if 3241 02:54:10.879 --> 02:54:13.840 we get four percent return, that's going to be forty 3242 02:54:13.920 --> 02:54:16.079 million dollars in ten years. 3243 02:54:16.200 --> 02:54:18.559 You still have your principal back. Use the four million 3244 02:54:18.600 --> 02:54:20.920 dollars and start the road. You have your one billion, 3245 02:54:21.000 --> 02:54:23.520 you have the road funding two to be to one 3246 02:54:23.600 --> 02:54:25.520 more or less. Well, it's an idea and I think 3247 02:54:25.639 --> 02:54:27.280 I see some sense in it, and I think it's 3248 02:54:27.280 --> 02:54:31.200 also something we can also do. The point is local 3249 02:54:31.600 --> 02:54:36.040 direct investment is also not been positioned as a potential 3250 02:54:36.159 --> 02:54:40.520 revenue source local investment looking at a foreign tex investment. 3251 02:54:41.159 --> 02:54:43.639 This road that we're talking about, can be built and 3252 02:54:43.799 --> 02:54:46.520 funded locally. I also agree with you that it can 3253 02:54:46.559 --> 02:54:47.840 be built out for it locally. 3254 02:54:47.959 --> 02:54:52.680 Like we said, design the road, divide that road into 3255 02:54:53.719 --> 02:54:56.719 park kilometer mile. You will have folks that have brought 3256 02:54:56.840 --> 02:54:59.760 to say I and my school folks who are going 3257 02:54:59.840 --> 02:55:02.520 to do this working. You still pay to the consocial 3258 02:55:02.600 --> 02:55:06.799 company or break that rode down. Let's state look ugment. 3259 02:55:06.879 --> 02:55:09.159 I want to fund fund if by USO has the 3260 02:55:09.200 --> 02:55:11.399 money that I'm fund there. If rivers have the money, 3261 02:55:11.639 --> 02:55:15.120 let them fund there's let's move on, Ahmed, Thanks. 3262 02:55:14.879 --> 02:55:17.159 For how many how you do? How many types for 3263 02:55:17.239 --> 02:55:19.440 joining us? I'm not talking about the dead trap? 3264 02:55:19.680 --> 02:55:23.200 Yeah, well, talking about NIDIA is borrowing one about forty 3265 02:55:23.239 --> 02:55:23.920 five trillion. 3266 02:55:24.319 --> 02:55:28.159 We have no list of projects were already indebted. Debt 3267 02:55:28.239 --> 02:55:30.639 to revenue is very very low. What's your take on 3268 02:55:30.719 --> 02:55:32.319 this all? 3269 02:55:32.479 --> 02:55:34.079 I thank you very much for having me. 3270 02:55:34.239 --> 02:55:37.000 I think the real questions should not even be if 3271 02:55:37.040 --> 02:55:40.760 we're entering the gatch trap. I believe we're already in 3272 02:55:40.840 --> 02:55:43.319 the death trap. The real question is how do we 3273 02:55:43.600 --> 02:55:48.239 get out of it? I think since you know, doing 3274 02:55:48.280 --> 02:55:50.959 a passengers regame, when we were able to set to 3275 02:55:51.040 --> 02:55:55.399 all our debts actually just too cause about it or 3276 02:55:55.479 --> 02:55:59.239 two before we started BOLO and maybe it's just a 3277 02:55:59.360 --> 02:56:00.360 spiral out of. 3278 02:56:00.399 --> 02:56:04.399 Control, and then we are where we are right now now. 3279 02:56:04.479 --> 02:56:06.680 If you look at it, yes, you look at our 3280 02:56:07.280 --> 02:56:11.520 revenue to DAT service. I think Continue was able to 3281 02:56:11.840 --> 02:56:15.000 bring it down to about sixty five percent out of 3282 02:56:15.520 --> 02:56:20.799 last quarter of twenty twenty four, and then our debt 3283 02:56:20.920 --> 02:56:24.399 to GDP issue still fifty six percent. 3284 02:56:25.799 --> 02:56:28.760 Debt Management office are still arguing that we have the 3285 02:56:28.920 --> 02:56:29.879 best Now. 3286 02:56:29.959 --> 02:56:32.319 My argument is this, and as you have. 3287 02:56:32.479 --> 02:56:36.040 Rightly pointed out, and so many people have rightly pointed out, 3288 02:56:36.200 --> 02:56:38.920 is what are we borrowing for? 3289 02:56:39.440 --> 02:56:39.559 Right? 3290 02:56:39.639 --> 02:56:43.440 We just I think a settle the COVID nineteen debt 3291 02:56:43.559 --> 02:56:45.239 that was given to us by World Bank. 3292 02:56:45.719 --> 02:56:47.799 But if you look at it, you can't have you 3293 02:56:47.879 --> 02:56:51.200 can't see any visible impact. What was this money useful 3294 02:56:51.440 --> 02:56:54.840 in the first place that we will paid back? 3295 02:56:55.840 --> 02:56:57.159 You can't see. 3296 02:56:57.000 --> 02:56:59.920 Anything visible on the ground to say, okay, this is 3297 02:57:00.159 --> 02:57:02.639 what the money was used for in the first place. 3298 02:57:03.239 --> 02:57:07.319 And my thinking is that unless you are America or 3299 02:57:07.399 --> 02:57:09.120 you cannot. 3300 02:57:09.000 --> 02:57:10.879 Borrow yourself to prosperity. 3301 02:57:11.639 --> 02:57:14.799 As the last speaker, right, he said, we really really 3302 02:57:14.920 --> 02:57:16.920 really have to think in words. 3303 02:57:16.840 --> 02:57:21.239 Right, and the funniest thing is with Niger's economist. The 3304 02:57:21.360 --> 02:57:25.799 more you see, the less you understand. We have fluted 3305 02:57:25.879 --> 02:57:27.000 an era, we. 3306 02:57:27.120 --> 02:57:32.239 Have removed subsidy, revenue has increased, but yet people are 3307 02:57:32.280 --> 02:57:34.719 telling us that, look, you still have to borrow more. 3308 02:57:35.040 --> 02:57:36.399 And I thought the real. 3309 02:57:36.399 --> 02:57:39.200 Reason, one of the main reasons, was so that there 3310 02:57:39.200 --> 02:57:41.559 will be enough money to go around and then we 3311 02:57:41.680 --> 02:57:42.799 don't need this. 3312 02:57:43.959 --> 02:57:48.200 Get this borrowing that we're doing up and down, and. 3313 02:57:48.319 --> 02:57:49.479 At the end of the day. 3314 02:57:50.959 --> 02:57:54.440 We go and borrow two billion dollars, we borrow ten 3315 02:57:54.520 --> 02:57:56.239 billion dollars and at the end of the day we 3316 02:57:56.319 --> 02:57:58.799 don't given what we're using it for. And you have 3317 02:57:59.079 --> 02:58:02.440 to pay this tax and you know, this breadth of 3318 02:58:02.559 --> 02:58:07.319 woods institution of not helping us anything. When they see job, 3319 02:58:08.000 --> 02:58:10.000 the only thing we ask is how high do you 3320 02:58:10.319 --> 02:58:15.040 need to join? And for my my own view is 3321 02:58:15.159 --> 02:58:18.959 whatever they do to you, whatever advise they eve, it's 3322 02:58:19.079 --> 02:58:20.479 to their own advantage. 3323 02:58:20.760 --> 02:58:23.159 They think of themselves first, because. 3324 02:58:23.760 --> 02:58:27.280 You collect, you collect dollars from them something that they 3325 02:58:27.399 --> 02:58:30.479 just print, and you know when you're going to pay back. 3326 02:58:31.159 --> 02:58:35.440 You have to sell something to them, not necessarily directly 3327 02:58:35.559 --> 02:58:38.639 to them, but it's your resources that you are selling. 3328 02:58:38.680 --> 02:58:41.200 Because they want accept you a mar So I think 3329 02:58:41.639 --> 02:58:45.079 it's it's something that we really really need to leave inside. 3330 02:58:45.600 --> 02:58:49.399 I believe it already in a debt trap because how 3331 02:58:49.520 --> 02:58:50.920 do you get up of this? 3332 02:58:51.600 --> 02:58:55.440 We're talking about one hundred and fortified three right, so 3333 02:58:56.360 --> 02:59:00.159 how we need what we need to do now, you 3334 02:59:00.239 --> 02:59:01.479 need a lot of work. 3335 02:59:02.799 --> 02:59:06.600 For you to pay that money back. One way or 3336 02:59:06.680 --> 02:59:07.799 the other, you have to pay it. 3337 02:59:08.319 --> 02:59:11.040 So already you have already mortgaged. 3338 02:59:11.280 --> 02:59:12.520 Your own future. 3339 02:59:12.639 --> 02:59:15.440 Whatever you're going to get maybe in the next ten 3340 02:59:15.920 --> 02:59:18.319 fifteen years, it doesn't even belong to you. 3341 02:59:18.680 --> 02:59:22.600 You just have to be managing so instormation. 3342 02:59:22.799 --> 02:59:26.639 What I would like to say is, as you properly 3343 02:59:26.760 --> 02:59:31.319 pointed out, we need to you know, the government, whoever 3344 02:59:31.520 --> 02:59:33.719 is in the government, it doesn't matter which party, we 3345 02:59:33.879 --> 02:59:37.399 have to hold them into account or hold them to account, Like, okay, 3346 02:59:37.559 --> 02:59:39.280 what are you doing with all this money. 3347 02:59:39.799 --> 02:59:40.520 You are connected? 3348 02:59:40.959 --> 02:59:43.559 If I don't be brewing and just morgaging the futures 3349 02:59:43.600 --> 02:59:46.200 of futal Nigerians. 3350 02:59:46.319 --> 02:59:47.799 Because you just feel you can't do it. 3351 02:59:47.920 --> 02:59:49.639 All the World Bank says you should do it or 3352 02:59:49.680 --> 02:59:52.879 I am see you should do it, But for me, 3353 02:59:53.120 --> 02:59:55.959 we are already in the debtra it's just how