sarrki:
Nothing dey say about the last government that I won't believe

The most corrupt government in the history of Nigeria

Somebody just told me that you are a thief and a paedophile, and It just happened that I believe him.thats all.

Mylove55:
see as a grow-up ipod de reason like what i dont know, so oyebo gave ipod criminals dollars for stone, hahahahaha, u dont know d meaning of grant or waivers, just go back to school, u are stil a kid

****

Import waivers are concessions given to manufacturers and also exporters who require imported materials to augment their export or manufacturing based operations.

The waivers are given in this case to miners needing to import heavy duty equipment, chemicals and other neccessary materials for their operations.

That is what the waivers are meant for.

If they export stone who bennefits most? Isn't it the federal govt?

Since they bring about forex inflows.

The useless glorified account is claiming the waivers are being abused by some exporters to import materials not needed for their daily operation.

So in this case , what this means is that we should just be working and exporting goods so that CBN can have forex but when we need the forex they claim we are abusing our waivers.

[size=18pt]Now if you had sense you will know that if you export goods , the forex is not given to you but the CBN credits your account at the prevailing official rate in naira which is far lower than what you will get from BDCs.

This then means I will be working to export goods and provide dollars cheaper for the federal govt but when I need forex for my import requirement, the CBN will tell me to purchase at the ridiculously higher margin from BDCs.

This my **** friend is why manufactures are closing shop.

At the end of the day we are all working for Buhari and his useless thieving clueless cabinet

This is also similar to how we can only receive money transfers from western union at the ridiculously low CBN rate but if I want to send money abroad , I will pay at the parallel rate in the same western union office

Next time know who you dare mention to insult your father this morning


****.[/size]

Cc: enigma2007

12Monkeys:


You confirmed zombie illiterate.

Import waivers are concessions given to manufacturers and also exporters who require imported materials to augment their export or manufacturing based operations.

The waivers are given in this case to miners needing to import heavy duty equipment, chemicals and other neccessary materials for their operations.

That is what the waivers are meant for.

If they export stone who bennefits most? Isn't it the federal govt?

Since they bring about forex inflows.

The useless glorified account is claiming the waivers are being abused by some exporters to import materials not needed for their daily operation.

So in this case , what this means is that we should just be working and exporting goods so that CBN can have forex but when we need the forex they claim we are abusing our waivers.

[size=18pt]Now if you had sense you will know that if you export goods , the forex is not given to you but the CBN credits your account at the prevailing official rate in naira which is far lower than what you will get from BDCs.

This then means I will be working to export goods and provide dollars cheaper for the federal govt but when I need forex for my import requirement, the CBN will tell me to purchase at the ridiculously higher margin from BDCs.

This my idiotic friend is why manufactures are closing shop.

At the end of the day we are all working for Buhari and his useless thieving clueless cabinet

This is also similar to how we can only receive money transfers from western union at the ridiculously low CBN rate but if I want to send money abroad , I will pay at the parallel rate in the same western union office

Next time know who you dare mention to insult your father this morning


Silly taju.[/size]

Cc: enigma2007

Bros! I do not understand if your rants was meant for me or Mylove55?

enigma2007:


Bros! I do not understand if your rants was meant for me or Mylove55?

You are complicit in defending this folly so that's why you were mentioned.

12Monkeys:


You are complicit in defending this folly so that's why you were mentioned.

Ok. So i will ignore that rants because it is insulting and i do not want to be associated with derogatory words.

Back to our discussion, lets bring it down to a personal level (I am assuming that you are a business man), imagine you gave some money or incentives to someone that will further or make your business grow in the long run and they take your money or incentives and use it to bring in items that would not grow your business but will only enrich them.. How would you feel? Would you continue giving your money to such person?

enigma2007:


Ok. So i will ignore that rants because it is insulting and i do not want to be associated with derogatory words.

Back to our discussion, lets bring it down to a personal level (I am assuming that you are a business man), imagine you gave some money or incentives to someone that will further or make your business grow in the long run and they take your money or incentives and use it to bring in items that would not grow your business but will only enrich them.. How would you feel? Would you continue giving your money to such person?

Rubbish analogy.

Buhari and his useless APC did not give any successful local business man in Nigeria any insetives. Rather they are bent on exploiting our sweat through this useless policy.

If there are loop holes then block them!

A situation whereby superstitious followers of the arabic diety Allah are given waivers to forex to go see their stone shrine in the desert where they produce or add nothing of value to the economy and govt coffers and you turn around and tell me that is engaged in productive venture that you will be charging me a higher forex at prevailing parallel rates but only for you to collect my forex earnings through my hardwork and decide to give me a ridiculous low rate in return is tantamount to monkey dey work baboon dey chop.

Who in God's holy name did this useless forex help if not Buhari and his fellow corrupt travelers who get forex at subsidized rates to meet their needs and also offload it on the parallel markets at higher returns? In short who our reserves epp?

As things stand now, no right thinking business man will invest in Nigeria neither will ny one with little sense left hold onto the now bastardized naira.

This policy just goes to prove that Buhari was sent by the west to poverize us.

In 1984 he refused honoring any local obligations and concentrated almost all our earnings servicing western loans. He did this because there was a mild recession hitting the UK then and it is no secret that the US and UK openly accepted Buhari's treasonable act of overthrowing a democratically elected civilian govt.

Today he is back and repeating the same useless anti Nigerian policies he did 30yrs ago by letting our forex lie fallow in foriegn accounts at the detriment of our local economy. This is confirmation that the man Buhari is nothing but a western stooge and puppet.

He won't stop until he poverized Nigeria back to pre-1999 levels and he has the same set of traitors surrounding him and cheering him on.

So stop cheering stupidity for once in your zombie existence.

sarrki:
Nothing dey say about the last government that I won't believe

The most corrupt government in the history of Nigeria

sarrki:
Nothing dey say about the last government that I won't believe

The most corrupt government in the history of Nigeria

sarrki:
Nothing dey say about the last government that I won't believe

The most corrupt government in the history of Nigeria

Abacha's wife will never be as poor as Dangote i.e. Africa richest man. Was the loot done in Jonathan's regime. You make sense when you don't talk

12Monkeys:


Rubbish analogy.

Buhari and his useless APC did not give any successful local business man in Nigeria any insetives. Rather they are bent on exploiting our sweat through this useless policy.

If there are loop holes then block them!

A situation whereby superstitious followers of the arabic diety Allah are given waivers to forex to go see their stone shrine in the desert where they produce or add nothing of value to the economy and govt coffers and you turn around and tell me that is engaged in productive venture that you will be charging me a higher forex at prevailing parallel rates but only for you to collect my forex earnings through my hardwork and decide to give me a ridiculous low rate in return is tantamount to monkey dey work baboon dey chop.

Who in God's holy name did this useless forex help if not Buhari and his fellow corrupt travelers who get forex at subsidized rates to meet their needs and also offload it on the parallel markets at higher returns? In short who our reserves epp?

As things stand now, no right thinking business man will invest in Nigeria neither will ny one with little sense left hold onto the now bastardized naira.

This policy just goes to prove that Buhari was sent by the west to poverize us.

In 1984 he refused honoring any local obligations and concentrated almost all our earnings servicing western loans. He did this because there was a mild recession hitting the UK then and it is no secret that the US and UK openly accepted Buhari's treasonable act of overthrowing a democratically elected civilian govt.

Today he is back and repeating the same useless anti Nigerian policies he did 30yrs ago by letting our forex lie fallow in foriegn accounts at the detriment of our local economy. This is confirmation that the man Buhari is nothing but a western stooge and puppet.

He won't stop until he poverized Nigeria back to pre-1999 levels and he has the same set of traitors surrounding him and cheering him on.

So stop cheering stupidity for once in your zombie existence.

See the way you have deviated from point of discussion to partisan politics and useless topics that have not bearing to Export grants that was suspended.

i do not belong to any group (I am neither pro-APC or pro-PDP or anti of any of the political parties) and so your stupid generalization about been a zombie does not apply to me and i am sure that there are loads of Nigerians that are called "undecided" that do not pander to the whims of PDP or APC or to any of the Nigerian political parties.

Ping my mention when you are ready to debate fiscal and monetary policies without recourse to coarse language or name-calling or bringing your partisan politics to play!

Parting shot: I can see why you can't run a successful business without blaming the govt. in power. You need to be properly schooled in how to use whatever prevailing policies or lack of policies to make legitimate money without resulting to illegalities.

bigx:
Precious stones are high value

She didn't say precious stone but stones

Please pardon my ignorance. I do not understand what she means that people were exporting stones. Don't they conduct customs physical examination before goods are exported? When she says stones, we have various types of stones. Is she referring to the precious stones?

enigma2007:


See the way you have deviated from point of discussion to partisan politics and useless topics that have not bearing to Export grants that was suspended.

i do not belong to any group (I am neither pro-APC or pro-PDP or anti of any of the political parties) and so your stupid generalization about been a zombie does not apply to me and i am sure that there are loads of Nigerians that are called "undecided" that do not pander to the whims of PDP or APC or to any of the Nigerian political parties.

Ping my mention when you are ready to debate fiscal and monetary policies without recourse to coarse language or name-calling or bringing your partisan politics to play!

Parting shot: I can see why you can't run a successful business without blaming the govt. in power. You need to be properly schooled in how to use whatever prevailing policies or lack of policies to make legitimate money without resulting to illegalities.

For 6yrs, the Jonathan administration was able to maintain a stable forex rate for the naira which hovered at around 156 to the USD.

This feat was achieved through a steady supply of forex sales into the local economy by the CBN .

The last immediate Governor of the CBN, by estimation, provided $100bn to local businesses during his 5yr stint.

This huge amount was made possible due to high oil receipts to govt coffers buoyed by a strong and growing confidence in our economy.

The naira began its decline through a deliberate and well thought out policy move by the CBN to devalue it on the heels of lowering oil prices.

The naira then saw a dip to 178 naira during the twilight years of the past administration in the closing quater of 2014. This policy was borne out of both necessity and commonsense.

Further decline in the naira was recorded in the buildup to the 2015 general elections not out of fiscal constraints but owing largely to an unstable political atmosphere. Investors being rightfully wary of the careless rhetrioc and threats of unleashing violence by the opposition party and it's candidate (just as Buhari promised and executed in 2011 after he lost out), led to most investors fleeing for safety. The stock market was heavily hit and the naira was not spared as well which saw the naira dipping to as low as 210 to the USD.

After the vagabonds secured their mandate in May, 2015 the naira gradually regained some value to 199. This wasn't out of any economic masterstoke by the Buhari adminstration but merely due to the fact that Nigeria had survived one of her most tense political situations in her history.

This value remained stubbornly and artificially stagnant for over one year leading to the greatest disparity between the official rates to that of the parallel market.


Fig 1: Naira trend from Jan 2011 to May, 2015


The politics of the naira had now taken precedence over the economics of its true value

Despite several calls to float the naira, the arrogating mediocre at the helms refused to do the needful.




The naira took several hits further when the man at the helms refused to announce a cabinet and issue any economic road map. Rather, the man in charge went on a global pilgrimage tour prophesying his mythical Puritan sainthood while denouncing his fellow country men as indisciplined criminals and preaching to whoever had time to waste that Nigeria was broke. If there was ever a worst demarketing agent, here came Buhari to out shadow him at the task of rubbishing our nation to which he was elected to promote.

The Buhari govt will then set out to try old and discarded rubbish fiscal policies that have never worked and will never work in trying to buoy his artificial currency. He introduced import restrictions on items without providing insentives to promote alternatives within our local manufacturing sector. He isolated our economy from the rest of the world by introducing silly restrictions on individual consumption and use of their ATMs while abroad and on the net. He favored his cronies and family members with subsidized forex gotten from the CBN with a note from him which they dumped on the parallel market to get huge returns. He then decided to stop all ongoing govt projects and payments to contractors in order to keep our foreign reserves hovering at $26bn (down from $30bn he inherited on May,29).

Not stopping there, he squandered much needed forex in compensating his theiving governors who supported him in the last election. I know you will say that both APC and PDP controlled states got a bailout but why should Osun state get a bailout of 40bn naira - an amount 400% higher than the next highest state recipient! The osun bailout was nothing but anavenue to compensate Bola Ahmed Tinubu since the rascal governor of osun did not use the huge sum - which amounted to a year's earnigs for the state to offset owed civil servants' salaries.



Fig 2: the Dullard's voodoo tricks effect on the naira

Not only did he squander the LNG funds in compensating his theiving accomplices, he forced banks through his bailout agreement to reschedule debts owed by states. This led to a huge shortfall in liquidity flows to banks since the states where their biggest debtors. The antecedents were shaky banks that led to a lot of branch closures, staff retrenchment and a spike in interests rates further contracting the economy.

The dullard will later apply for a 2 trillion naira supplementary budget based on loans in late November , 2015 claiming the inherited budget he met "was no more feasible in light of harsh economic realities". Now what exactly did he do with the 4.5 trillion budget and the additional 2trillion naira supplementary budget for 2015? Not a damn thing!

It gets worse. In early 2016, the dullard issued another draconian decree on our economy restricting forex sales to local manufacturers; declaring they "source forex from other sources" - the black market to be precise which his cronies where now supplying forex to. This saw the naira crashing at well over 320 to a dollar.

So who exactly is our forex for since Buhari has restricted virtually every one but himself, his cronies, family members , political jobbers and newly acquired business affiliates to forex access ?

As things stand now our foreign reserves is just sitting fallow in foriegn bank accounts servicing foreign interests and businesses.

So who in God's holy name does our foriegn reserves epp?

Na sense naa,d past govt no wise Even this one sef

How can people export stones. So U mean USA or England will accept stones. This APC govt is so despicable.

alaskido:
Please pardon my ignorance. I do not understand what she means that people were exporting stones. Don't they conduct customs physical examination before goods are exported? When she says stones, we have various types of stones. Is she referring to the precious stones?

My brother that's my worry. How can a sane lady say people exported stones. That's the height of stupidity and ignorance in this present government

MadamExcellency:




I am disappointed in you for failing to comprehend the Minister's statement.

She said that Jonathan's administration stopped export grant because of unprecedented abuse by the exporters hence the Buhari's administration decided to adopt the same policy.

To think that so many of your type liked your submission is equally absurd.

Only if you could comprehend the fóòl I was responding to you will see the error in your post.

MANY OF YOU HERE ARE MORE STUPID THAN THE KEMI OF A GIRL. ASK YOURSELF THIS, "WHO RECEIVED THE STONES THAT WERE EXPORTED FROM HERE??

PFRB:
MANY OF YOU HERE ARE MORE STUPID THAN THE KEMI OF A GIRL. ASK YOURSELF THIS, "WHO RECEIVED THE STONES THAT WERE EXPORTED FROM HERE??

You people are just here to espouse ignorance on massive scale.
Export grant, commonly call Export Expansion Grant (EEG) is a form of subvention by government to allow Nigeria exporters compete in the international markets by reducing their cost of production
EEG is issue in form of cetificates that most beneficiaries normally discount to importers, who then uses the cetificates in lieu of custom duty payment to Nigeria Customs for their assessed import duty, though at a point the nigeria customs only allow for the EEG cetificates to pay for base duty as they claimed to be losing huge cash revenue. ( an economic sabotage in my opinion)
Now, according to the minister, some people were abusing the scheme (as it is usual with Nigerians to always abuse good govt policies) by loading containers with worthless items (apparently the use of the word ''stone'' is a mere metaphor to show the worthlessness of the exported item) in connivance with scanning companies and possibly some custom officials to defraud FG and put claims to the govt for the cetificates

There is just too much ignorance on this thread.