Thread by @femolevsky

Ajuri, Ajuri, Ajuri.....

Honestly, I am very sad. I don't need to fact check you to see the comedy of errors in your thread. One simple fact is that you failed to consider naira vs dollar denominated debt. Also, you claimed Airports in Lagos, PH, Kano and Abuja...

https://twitter.com/AjuriNgelale/status/1191399229064929280

...but failed to mention who paid for them and by what means they were paid for. You are comparing debt to GDP ratio without looking at per capital income as well, and how it has fared 2015 till now. How about GDP growth rate and the growth of the working populace?

Who will pay the taxes you intend to incurr? Where will the revenue generation come from when the indices are pointing towards fewer jobs added and expanding rate of unemployment?

To actually fact check you, just a tit bit, this is a graph of Nigeria's public debt.
Look at the far right.

All the airports you mentioned, including the cargo terminals, all paid for by GEJ's admin. Abj - Kad rail, paid for, including an agreement for Lag - Ibadan, Lag - Kano and Lag - Calabar coastal rail, all are within the agreed terms of the China EXIM loans.

PMB is merely following the GEJ Rail transformation plan, though at a slower pace. See below 👇. Check attached timelines.

Now look at government's debt.

$49bn to $63bn, 2010 to 2015, ~$14bn = $2.8bn/yr

$63bn to $83bn, 2015 to 2018, ~ $20bn = $6.7bn/yr.

The part you also failed to mention is that during the "boom" years, there were 2 critical global financial crises, 2008 and 2012, Nigeria survived both. Also, you ignored the fact that Nigerians are paying more for PMS than they did during the "boom" years, higher subsidy.

The talk was that PMS consumption was false at 30m liters/day. But we all know consumption increased to as high as 50m liters/day during the days of "accountability", with "under recovery" no one knows about.

For the simple minded, when oil prices are up, gasoline prices go up, so if you pay lower prices at the pump when prices are higher, someone is paying the margin - subsidy. So the claims of higher earnings really is subterfuge, because subsidy is paid upfront.

Here is a graph of actual budget values. It is negative because it is actual spending vs budgeted sum, that is revenue received and spent vs budget estimates. @AjuriNgelale I hope these can help you work closer with the truth and actually impact lives, not this current farce.

So, from one patriot to another, my friend, keep to facts and their proper interpretation. Nigeria belongs to all of us, if you are doing it right, we will all say you are, it will be good for us all.

BTW, congrats to us all on the reviewed PSCs. It will help us all.