What Nigerians Pay The Federal Government – By Nasir Ahmad El-Rufai Nigerian Muse
The syndicated article below was first published on July 1st 2011, in it, Nasir El Rufai wrote that several security agencies combined spend about N2 billion a day with nothing to show for it. The office of the NSA is s reportedly angry about these claims and wants Mr. El-Rufai charged for “incitement, sedition and publication of false news”. The former minister and CPC chieftain is currently facing interrogation at the offices of the State Security Services in Abuja after he was arrested this morning upon his return from the United Kingdom.This year, every Nigerian – all 162 million of us – man, woman and child will ‘pay’ the sum of N27,685 each to help run the federal government. What we cannot afford, government will borrow on our behalf to pay for its activities.That is why the federal government, on behalf of you and I will spend the sum of 4.485 trillion (over four thousand billion) naira in 2011. This is against the backdrop that our entire oil earnings for the year cannot pay the generous salaries and allowances of politicians on the one hand, and the meagre pay cheques of other public sector workers on the other, while infrastructure and unemployment are barely getting attention.When you walk into a government office to request for a basic service, the staff you meet may not even bother to reply to your greeting and barely has time to listen to you; the policeman that should protect you on the roadblock, stops you and demands for bribes and has no qualms shooting dead any motorist that refuses to give him twenty naira; the customs officer at the border who is supposed to stop smuggling takes a bribe and actually connives with the smugglers to bring in banned products into the Nigerian market, while harassing the traveller entering Nigeria with two new pairs of shoes; the hospital staff that, contrary to every professional oath, refuses to attend to dying patients because they are on strike; the soldiers who get so bored that they occasionally go on a rampage, using policemen for target practice. With live ammunition, of course; the politician who rigs himself into office then proceeds to loot the treasury: these are all the people whose standard of living we are spending nearly 75 per cent of the 2011 budget to pay for – and borrowing some after spending all our collections from oil and taxes!
310 DEBT Interview on CHCH - February 24, 2010
A follow up segment to one CHCH did on Canadians who are drowning in debt, Marlene Dicenzo of 310 DEBT gives you information, advice and tips on ...
Can I file chapter 13 if I have over $310,000 in debt? If not, what if I don't qualify for Ch. 7?
Why would you not qualify of Chapter 7 ?
$310,000 in debt? I dunno, United Airlines filed Chapter 13 with 2 Billion in debt. Why can't you?
Audited Financial data shows that Palin left Wasilla,Alaska pop.6500 a debt of $20Million Good or Bad ?
If it's true then she was a reckless financial Administrator, and the per capita debt of $3076,92 she accumulated would be the equivalent to a national debt of (310 Million Americans) would be a total addition to our national debt by over $ 9Trillion this is more than the Bush/Mc Cain Administration by 3 times (Bush Mc Cain Accumulated over 8 yrs $ 5Trillion and counting).
She is credited of having an 80% approval rating in Alaska after just having served 2 yrs. Hummmm. We other Americans have been paying over $120 per barrell for Alaskan oil to greedy oil companies.
Sarah Palin has been lucky , high oil prices have permitted her to refund Alaskans $1500 each from oil windfall profits for a small population of 600,000 paid for by us American Taxpayers, not by Palin's genius. Also don't forget , in addition to giving Alaskans Oil Welfare Benefits" we American Taxpayers paid $400 Million Pork Barrell Earmarks for the Bridge to Nowhere . Also this year she has asked $200 million in Additional Pork Barrell Earmarks for the 2008 Fiscal Year. Do you trust her?
Well if you'd BOTHER to do even just a little research you'd know that that 20 million in debt is to finance a Sports Center which was approved BY the citizens of Wasilla. It is how a building is usually paid for. But hey don't let the FACTS get i n your way.
The population of Wasila is 11,000 (or it grew to that when Palin was mayor) and when she left there was actually a surplus, the town simply chose to build a sports center that left a debt of about $235 per capita, but they voted on it and it passed with a majority, and with the help of their Senator.
Way to be a lemming.
...of course that point is this: Why can't Obama supporters come up with this kind of detail from HIS experience...? Why can't they put dollar figures on any of his "positive" works...?
Certainly you must be able to find SOMETHING substantive in his past with that fine-toothed comb of yours...
all she wants to do is clear land to drill for oil and vote for bigger tax break for the big companies.
Yes, Waslla has more debt - by voter choice to improve their city.
The Truth about the debt.
Sarah Palin built the city's first big sports complex, on time, under budget, and the bond will be paid off two years ahead of schedule[4].
Much like New York now has a new stadium for the Yankees, Sarah Palin pushed through a much needed sports complex to improve the lives of the people of Wasilla.
Nearing the end of its first full year of operation, the Wasilla Multi-Use Sports Complex is boasting 20 to 50 percent increases in off-ice uses offered at the 102,000 square-foot facility.[4]
WASLLA VOTERS agreed in 2002 to a half-percent increase in the city sales tax to pay off a $14.7 million bond to build the multi-use facility. The project "was completed on schedule and under budget," Mayor Dianne Keller said, and the complex opened its doors March 6, 2004.[4]
Sales tax revenue, which can only be used to pay the bond, is coming in faster than expected. Keller said she believes the facility will be paid off at least two years ahead of the 10-year schedule.[4]
CNN ,MSN reports that "MayBe" President Palin left Wasilla,Alaska pop.6500 a debt of $20Million is it true?
If it's true then she was a reckless financial Administrator, and the per capita debt of $3076,92 she accumulated would be the equivalent to a national debt of (310 Million Americans) would be a total addition to our national debt by over $ 9Trillion this is more than the Bush/Mc Cain Administration by 3 times (Bush Mc Cain Accumulated over 8 yrs $ 5Trillion and counting).
She is credited of having an 80% approval rating in Alaska after just having served 2 yrs. Hummmm. We other Americans have been paying over $120 per barrell for Alaskan oil to greedy oil companies.
Sarah Palin has been lucky , high oil prices have permitted her to refund Alaskans $1500 each from oil windfall profits for a small population of 600,000 paid for by us American Taxpayers, not by Palin's genius. Also don't forget , in addition to giving Alaskans Oil Welfare Benefits" we American Taxpayers paid $400 Million Pork Barrell Earmarks for the Bridge to Nowhere . Also this year she has asked $200 million in Additional Pork Barrell Earmarks for the 2008 Fiscal Year. Do you trust her?
The media lies and distorts the truth, so no.
Yes, Waslla has more debt - by voter choice to improve their city.
The Truth about the debt.
Sarah Palin built the city's first big sports complex, on time, under budget, and the bond will be paid off two years ahead of schedule[4].
Much like New York now has a new stadium for the Yankees, Sarah Palin pushed through a much needed sports complex to improve the lives of the people of Wasilla.
Nearing the end of its first full year of operation, the Wasilla Multi-Use Sports Complex is boasting 20 to 50 percent increases in off-ice uses offered at the 102,000 square-foot facility.[4]
WASLLA VOTERS agreed in 2002 to a half-percent increase in the city sales tax to pay off a $14.7 million bond to build the multi-use facility. The project "was completed on schedule and under budget," Mayor Dianne Keller said, and the complex opened its doors March 6, 2004.[4]
Sales tax revenue, which can only be used to pay the bond, is coming in faster than expected. Keller said she believes the facility will be paid off at least two years ahead of the 10-year schedule.[4]
Palin left Wassila pop. 8000 with a $20 Million debt equiv. to $8Trillion National debt ?
A President Palin would come into office with the following economical credentials:
a) $20 Million Debt for Wassila ,Alaska pop. 6000-8000 which would be equivalent to a National debt approx.$ 8 Trillion( pop 310 Million Americans) A record even worse than 8yrs. Mc Cain/Bush
b) She claims credit for giving back $1500 to each Alaskan due to windfall energy prices due to over $120/Barrell each and every American paid for including the $400 Million in Pork Barrell Earmarks Each and every American paid for the :Bridge to Nowhere that she failed to return after she opposed it. Notwithstanding the other over $200 Million in Earmark Pork Barrell she requested for this fiscal budget. You see it's easy to give away money and get a 80% approval if you give money away funded by American Taxpayers.
Did you know that Biden gave a total of $250.00 to charity last year. That's right. I said two hundred and fifty smackers.
You are lying about Palin. I don't know where you hear all this crap, but it isn't from Fox News, the fair and balanced network.
Vote McCain/Palin.
Is it true,According to CNN,USA Today,MSNBC That Gov Palin Left Wassila Alaska $20 Million debt? ?
If this is true then her administration left Wassila pop 6500 over $3000/ per person in debt which is far more than Mc Cain/Bush have accumulated over the past 8 yrs for the whole country (USA pop 310 Million ) $5 Trillion in additional Debt by Bush Mc Cain is equal to Approx $1600/ per American.
Plus she kept $400 Million in Pork Barrell Earmarks for 600,000 Alaskans which is another $600/Alaskans and including the $250 million in additional Porl Barrel Earmarks request for fiscal year 2008.
Palin actually left the city of Wasila with a surplus in the bank, that they then voted to channel, with the help of their Senator, into a sports facility. They voted for the debt, and they're happy to pay it off, as the revenue of the completed sports center is probably worth it over time.
EDIT: Kelly - don't be nasty because you're becoming increasingly unhappy blindly following a promise of change with no substance. That's no reason to attack me personally, slick. And since when is one letter from one resident of Wasila the majority opinion for a town of between 9,000 and 11,000 when the project was being completed? Hmmm, check the popular opinion polls. You can just Google it, why would I want to do your work for you? You're probably to awestruck by the repetition of your mantra "Hope" to take the time, anyway. Besides, it's not like you'll believe what you read. You've got to hear it from the Chosen One's lips before it's the truth, right?
Most capital projects in businesses or cities of all sizes are paid this way.
Alysse: she made the proposal and referendum... yes the city voted on it but there would have never been a referendum if not for her. I am not judging why she decided to propose this but saying that she was not pivotal for this act is naive.
P.S. there were legal fees, it was 1 million not billion. Not uncommon to have issues like this in real estate.
http://online.wsj.com/article/SB122065537792905483.html?mod=googlenews_wsj
http://dwb.adn.com/news/alaska/matsu/story/9055227p-8971221c.html
http://www.politico.com/blogs/bensmith/0908/The_antiPalin_email.html?showall
here's a letter from a wasilla resident.
b) Debt for local communities is common place to build major projects and infrastructure - its called selling bonds and paying them back over 20 to 30 years - almost ALL communities do that unlike our senators and congress people that spend without a repayment plan.
Can a university refuse to verify your diploma if you owe them money?
I owe $310 to the university. I have been looking for work for over a year and just found out that they refuse to verify my degree during my background checks due to this debt. I do not have the money to pay it off at this time.
yes they can you will have to find a way to come up with the money
Sinking in credit card debt, what is the best option, waiting for collections, or debt negotiation?
I have accumulated alot of credit card debt over the last 5 years, with it accelerating over the last 1 1/2. About 3 years ago, we got a second mortgage on the house to pay off the debt, and well, it is all back, and more. With the second mortgage, it makes it virtually impossible to pay. Guess we truly lived beyond our means. Our credit isn't shot, as a matter of fact, it is just poor. Right now, I have a 652 and the wife has a 670. We have never, ever missed a payment, however, the minimum payments on over 40,000 in credit cards is more than we can afford.
My income dropped bad last year, and most of the debt piled up trying to "bridge" the gap. Can't really sell the house (housing market sucks, and second mortgage was for 95% at that time) without a short-sale. No fancy vehicles to sell, both our cars are used, with one payment of $310, and other $322.
Anyway, any ideas? Credit cards are currently paid, not late. Don't want to get into a late-fee mess if we can help it. Called the credit card's to try to get the interest rate reduced, or some help with lowering payments, but no dice.
BTW, I do NOT want to do a BK. I was hoping that I could maybe let it go into collections, and then work out a reasonable deal that way, but I was worried that the late-fees and HIGH interest rates would make that too-little, too-late
Just to be clear, I am not wanting to get another credit card. That is what got me into this mess to begin with. I basically was wondering what works better with high credit-card debt. Waiting for charge-off/collections, or trying debt-negotiation. Either way, it will trash my credit, but as of right now, I honestly can say that I don't want any credit anyway!!!!!!!!
Actually Suzi, my wife got me to watch a Dave Ramsey show with her the other day. We sat down, ran our numbers. The problem is we don't have enough income to pay the bills. It isn't like we are blowing our money right now, we already blew it. Now, we are in the position of having 2 upside down cars, basically and upside down house, and credit cards that are making life miserable for us. Yes, we got ourselves into the mess, and we will pay what we can. I do NOT want to do a BK and neither does she. Nobody forced us to use these cards, and I will not try to sidestep them. Besides, I am pretty sure that we make too much money to do a BK anyway, since we would basically be put onto a payment plan anyway. I would rather do it the "right" way, it's just that we don't have enough money right now to do it the "right" way, thus the asking about trying to work out a settlement thru collections or thru debt negotiation.
I have heard your story over and over. People get into debt, go out and get a second mortgage or consolidation loan to pay it off...but then turn around and run up their credit all over again. The next thing you know, you are in twice the amount of debt you started with.
Sound familiar?
Then you realize you are in big trouble, so you try to do the "right thing". You start by contacting the credit card companies to either reduce the principle and/or interest rate. The result is they turn you down...and even INCREASE your rates.
Sound familiar?
Let me show you your future. And forget the Dave and Suzies advice....in most cases it doesn't work.
You can let them go to collections by not paying them. Then they MAY offer to settle for a 25% discount. Will cutting that much from your credit debt help your situation? I'm betting not.
And this will ONLY work if EVERYONE agrees to work with you. That is not going to happen. You will run into the big collection agencies that specialize in making your life miserable. If your cards are over $2000 in debt, you can expect judgments. You say you make too much money now? Wonderful! They will gladly slap garnishments on your income. Can you live with 25% of your wages being garnished?
Like I have said, I've heard this story way too many times. Without carefully examining your financial situation, I couldn't possibly give you any advice. I can say this...debt settlement rarely works. And basically it is the same thing as bankruptcy...except that while you are in settlement your debt continues to grow. They don't freeze your interest or late fees. It's going to take you an awful long time to get out of debt.
I would start by searching out a local non-profit debt COUNSELOR that will go over your finances and work out a very strict budget. Then (if your counselor is any good) they can direct you on the correct path to take. But I'm going to bet that BK is your only real course.
Will you qualify? Probably not for a Chapter 7. But under a Chapter 13 plan you will force your unsecured creditors to 1) freeze the interest and late fees, 2) force them to accept a reduced settlement, and 3) be placed on a payment plan that will get you out of debt within 5 years.
The key to deciding if BK is the way to go is simple. Sit down and create an extremely strict budget. Cancel the cable TV and cell phones. No more entertaining, dining out, or movies. Figure out exactly how much money you have left every month to apply to your debt.
Then contact every one of your creditors and see what sort of deal they will give you. You don't need a debt settlement company to do this...you just need to make sure you tell them that the alternative is you filing bankruptcy. Every one of your creditors must understand that if they don't work with you, it's going to cost them when you file BK. This will get MOST of your creditors to work with you, but not all.
Then crunch the numbers and see if your budget works. Lets say you manage to get all of your creditors to knock 25% of your debt. Now you owe $30k....do you have at least $650 in your budget to apply to your credit card debt?
If your answer is no, you have no real choice but to file for bankruptcy. You can do it now, or you can do it in a couple of years, after your credit has been ruined, you have 2-3 judgments on you, and everybody is harassing you on a daily basis.
Like I've said, I've seen this story many times. I live in an area where factories have been closed, and those still working have seen their huge wages cut. They are forced to live on credit until things improve.....and they never do.
I am not a lawyer or credit counselor, and I am not associated with any of these companies. I'm just someone that everyone seems to come to for advice, and I've done a ton of research. I hope thinks work out for you.
how do you calculate debt to total assets ratio? I've been trying and failing with one question.?
I'm sure you need to divide the liabilities with the assets but when I input the answer it says its incorrect. This is the info I have.
Net sales $2,229,430
Cost of goods sold 1,027,290
Selling and administrative expense 922,310
Interest expense 110,160
Income tax expense 8,570
Net income $ 161,100
Current assets
Cash $ 71,030
Short-term investments 55,670
Accounts receivable (net) 185,010
Inventory 140,550
Total current assets 452,260
Plant assets (net) 640,190
Total assets $1,092,450
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $ 190,930
Income taxes payable 37,170
Total current liabilities 228,100
Bonds payable 215,210
Total liabilities 443,310
Stockholders' equity
Common stock 344,890
Retained earnings 304,250
Total stockholders' equity 649,140
Total liabilities and stockholders' equity $1,092,450
Total Debt/Total Assets is what my financial accounting book states.
US Deficit?
I hate to ask, but who does the government borrow money from?
U.S. NATIONAL DEBT CLOCK
The Outstanding Public Debt as of 04 Mar 2007 at 04:16:19 AM GMT is:
The estimated population of the United States is 301,098,310
so each citizen's share of this debt is $29,202.57.
The National Debt has continued to increase an average of
$1.84 billion per day since September 29, 2006!
What is the role of the Federal Reserve in the deficit?
The national debt occurs when the government spends more on programs than they take in from taxes. This results in a budgetary deficit for a given fiscal year. The sum total of all surpluses minus all deficits = the current national debt. How does the government pay for the extra spending that isn't taken from us in taxes? Well, they sell government bonds that can be bought by you, me, foreign countries, etc. They can also borrow from foreign governments. The bottom line is that they have to get the money from somewhere if it doesn't come from taxes.
when can we have OUR country back?
here is a peace from yahoo's homepage news article:
"Tax laws consider debt that a lender forgives as taxable income. In a homeowner's case, for example, if the bank reworks a loan so that the principal is less and writes off that excess, the amount is taxable cancellation of debt income. The same is true in certain situations where a mortgage lender forecloses on a home and sells it for less than the owner's loan principal. For example, if a bank forecloses when the borrower owes $400,000 on a home and then sells the property for $310,000 in full satisfaction of the debt, the borrower will usually owe tax on $90,000"
i feel like crying and running away from here, when i read this Mafia rules, they are ripping us off like wild lions, where is the politician to make the stop, like Washington did to the English empire?
I'm not trying to support or provoke a revolution by any means, but i wont be surprised or bothered when its going to happen.
p.s. cash, is option #2, but its not easy
Have you seen the ads for “Debt Consultants” too?
Maybe you’ve heard our recent ads on the radio cautioning people against debt “consultants”. If not, this story is a good example of why you should be very careful before you decide to go visit a debt “consultant” to discuss your debt troubles.
Earlier this year, I met with a couple who had recently been to see a debt “consultant”. Based on the advice of this “consultant”, the couple paid over $1,000 in up-front fees and was told that a Trustee in Bankruptcy would contact them so that they could file for bankruptcy as that was their only option. They’ve never heard from either the “consultant” or the Trustee that was going to call them.
They found us online and called to book a free consultation with us.
When they came into our office, we reviewed their situation and we discussed the options that they had including filing a consumer proposal. The consumer proposal offered them an opportunity to repay a portion of what they owe to their creditors and eliminate their debts without filing for bankruptcy. This was not an option that the “consultant” told them about. It turned out that for their family, the consumer proposal was the best option for them, and they signed the paperwork with us a short time later.
Before you meet with anyone for financial advice, make sure you know who you’re dealing with. Ask them if they are a licensed Trustee in Bankruptcy who would actually be able to provide you with the services they are talking about whether it be a consumer proposal or filing for bankruptcy, and you should never have to pay an up-front fee.
If you’ve had a similar experience with a debt “consultant” or if you’re interested in knowing more about consumer proposals and whether they might be the right option for you, contact our office at 310-PLAN or email us and speak to one of our professional staff. You can come meet with us for a free consultation where we will review all options and come up with a plan that will work for you.
...310 debt - News
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Yamana Gold Provides 2009 and 2010 Operating Outlook Cash costs at El Penon are expected to be between $280-310 per GEO in 2009. The Company believes that significant potential exists at El Penon and has |
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Got Credit? Debt Market Starts To Thaw As Mortgage Rates Fall ... from 310 ticks just three weeks earlier. Corporate spreads have also tightened to a lesser extent, and more US companies are tapping the debt market. |
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CalAmp Reports Fiscal 2009 Third Quarter Results At November 30, 2008, the Company had total cash of $5.7 million, with $25.2 million in total outstanding bank debt and a $4.5 million note payable to a key |
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Asian spreads widen in cautious trade - Inquirer.net Asian spreads widen in cautious trade The Asia iTRAXX investment-grade index excluding Japan, a key measure of risk aversion, widened to 310 basis points from 282 on Monday, a trader said. South Korean banks plan big issue of bonds |
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PacifiCorp sells $1 bln debt in two parts - IFR NEW YORK, Jan 5 () - PacifiCorp on Monday sold $1 billion debt in a two-part sale, according to International Financing Review, a Thomson |
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A H Herpers Chagani Gowling Inc - 310-DEBT. 905-310-3328. 205-4056 Dorchester Rd. Niagara ... H Herpers Chagani Gowling Inc - 310-DEBT. 905-310-3328. 32 East Main St ...
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