When we tell people that Tinubu and his gang of thieves lack economic management skills, they called us wailers, IPOB, losers.

Now such a novice and bookkeeper interim president has plunged Nigeria into an avoidable $3B debt. The balablu bulaga and senile president floated the Naira without thinking of the consequences. Since then, Naira has fallen like a pack of cards to an all time low of N980 to $1 Now to defend his stupid policies, Nigeria had to borrow $3b .

When the tribunal sacks him next month, all those involved in the dirty processes that weakened the Naira to less than the cfa will be hounded in Kirikiri and Kuje prisons, including the INEC select himself.

You just imagine what $3b could have done for Nigeria. The coastal rail from Lagos to Calabar would have been 30-50% completed with such an amount. Funnily, the money would be drawn from oil producing communities who have no roads, no light, no water. Yet they see nothing wrong with it as long as they are given gateman job.

He appointed a mechanic as CBN governor in a country that boasts of seasoned economists.
So my question is, after we blow this $3B, then $ will spiral again to another all-time high? Then we go and borrow another $3B to shore it up in 3 month's time? Is this sustainable?

Why remove Emefiele then?

Validated or whatever you call yourself, I thought you said you are a chartered accountant with many years of experience. It’s such a shame reading this kind of rubbish from you.

Do you guys even understand the details of the $3billion loan at all?

Let me educate you and your likes. The loan from AFREXIM is not a typical loan like you guys are making it. It is more like an upfront payment for future crude oil production. The loan will not be paid back in cash but with guaranteed crude oil supply. So, it won’t affect our future inflow in anyway in as much as we can meet the required crude oil production level.

seunmsg:
Validated or whatever you call yourself, I thought you said you are a chartered accountant with many years of experience. It’s such a shame reading this kind of rubbish from you.

Do you guys even understand the details of the $ 3 billion loan at all?

Let me educate you and your likes. The loan from AFREXIM is not a typical loan like you guys are making it. It is more like an upfront payment for crude oil. The loan will not be paid back in cash but with a guaranteed crude oil supply. So, it won’t affect our future inflow in any way as much as we can meet the required crude oil production level.

NNPLC is not the Central Bank of Nigeria, they are just a private company limited by share and as such should not feature in the monetary policy.

A private company should not have the power to dictate the trajectory of our economic policy to avoid insider trading and altering the regulatory functions of our Security and Exchange Commission.

Linking the $ 3 billion credit to Naira to the Dollar Exchange rate was absurd and financial market rascality. This is why Elon Musk was sanctioned and removed as the Chairman of SpaceX when he said, he has raised enough funds to make the company private.

seunmsg:
Validated or whatever you call yourself, I thought you said you are a chartered accountant with many years of experience. It’s such a shame reading this kind of rubbish from you.

Do you guys even understand the details of the $3billion loan at all?

Let me educate you and your likes. The loan from AFREXIM is not a typical loan like you guys are making it. It is more like an upfront payment for future crude oil production. The loan will not be paid back in cash but with guaranteed crude oil supply. So, it won’t affect our future inflow in anyway in as much as we can meet the required crude oil production level.

It will affect because whenever we are paying, it will have to be from our OPEC quota huncle.
You cant cunningly abdicate that arrangement through the back door

Validated:
When we tell people that Tinubu and his gang of thieves lack economic management skills, they called us wailers, IPOB, losers.

Now such a novice and bookkeeper interim president has plunged Nigeria into an avoidable $3B debt. The balablu bulaga and senile president floated the Naira without thinking of the consequences. Since then, Naira has fallen like a pack of cards to an all time low of N980 to $1 Now to defend his stupid policies, Nigeria had to borrow $3b .

When the tribunal sacks him next month, all those involved in the dirty processes that weakened the Naira to less than the cfa will be hounded in Kirikiri and Kuje prisons, including the INEC select himself.

You just imagine what $3b could have done for Nigeria. The coastal rail from Lagos to Calabar would have been 30-50% completed with such an amount. Funnily, the money would be drawn from oil producing communities who have no roads, no light, no water. Yet they see nothing wrong with it as long as they are given gateman job.

He appointed a mechanic as CBN governor in a country that boasts of seasoned economists.
So my question is, after we blow this $3B, then $ will spiral again to another all-time high? Then we go and borrow another $3B to shore it up in 3 month's time? Is this sustainable?

Why remove Emefiele then?

chinedu

U go explain tire

MadamExcellency:


NNPLC is not the Central Bank of Nigeria, they are just a private company limited by share and as such should not feature in the monetary policy.

A private company should not have the power to dictate the trajectory of our economic policy to avoid insider trading and altering the regulatory functions of our Security and Exchange Commission.

Linking the $ 3 billion credit to Naira to the Dollar Exchange rate was absurd and financial market rascality. This is why Elon Musk was sanctioned and removed as the Chairman of SpaceX when he said, he has raised enough funds to make the company private.

NNPCL is not a privately owned company. It’s a company fully owned by the Federal government. FG can obtain loan through any of its agencies.

Like i tried to explain earlier, the loan is guaranteed by crude oil owned by Nigeria. So, what we are getting is an immediate payment for future crude oil production. The proceed will be paid to FAAC and the dollar component will go to CBN as usual for forex management.

It is not the usual loan with high interest and guaranteed by Nigeria’s sovereign bonds. There is no debt on CBN to pay back so it’s a far better way to get money.

HNICEARTH:


It will affect because whenever we are paying, it will have to be from our OPEC quota huncle.
You cant cunningly abdicate that arrangement through the back door

We’ve not been meeting our OPEC quota for years anyway so if this will help to increase production, it’s a win win for everybody.

seunmsg:


We’ve not been meeting our OPEC quota for years anyway so if this will help to increase production, it’s a win win for everybody.

it will be from the same production its the same as paying in return

seunmsg:
Validated or whatever you call yourself, I thought you said you are a chartered accountant with many years of experience. It’s such a shame reading this kind of rubbish from you.

Do you guys even understand the details of the $3billion loan at all?

Let me educate you and your likes. The loan from AFREXIM is not a typical loan like you guys are making it. It is more like an upfront payment for future crude oil production. The loan will not be paid back in cash but with guaranteed crude oil supply. So, it won’t affect our future inflow in anyway in as much as we can meet the required crude oil production level.

President Ibrahim Badamosi Babangida applied this line of wisdom in the massive infrastructural development of Nigeria. In one of his interviews, he said he was paying construction companies such as Julius Berger not in cash but in crude oil.


A point of emphasis is the uncultured way the op has written about the President of the Federal Republic of Nigeria. I hope he and his family members would not be crying all over social media after justice is done to him.

seunmsg:


NNPCL is not a privately owned company. It’s a company fully owned by the Federal government. FG can obtain loans through any of its agencies.

As I tried to explain earlier, the loan is guaranteed by crude oil owned by Nigeria. So, what we are getting is an immediate payment for future crude oil production. The proceed will be paid to FAAC and the dollar component will go to CBN as usual for forex management.

It is not the usual loan with high interest and is guaranteed by Nigeria’s sovereign bonds. There is no debt on CBN to pay back so it’s a far better way to get money.

Stop confusing private to mean one-man business. This is a private sector-driven business and every subsiding law governing the private sector applies.

seunmsg:
Validated or whatever you call yourself, I thought you said you are a chartered accountant with many years of experience. It’s such a shame reading this kind of rubbish from you.

Do you guys even understand the details of the $3billion loan at all?

Let me educate you and your likes. The loan from AFREXIM is not a typical loan like you guys are making it. It is more like an upfront payment for future crude oil production. The loan will not be paid back in cash but with guaranteed crude oil supply. So, it won’t affect our future inflow in anyway in as much as we can meet the required crude oil production level.

That makes it even worse.
The fact it is the future petroleum earnings that have been mortgaged for this ill conceived policy is even crazy. Among so many other things, that $3b could be invested in education with a 100% guaranteed return on investments for the nation.

The whole idea of allowing Naira to float was to allow market forces to determine its true equilibrium value and ultimate stability. Once the cat has been let out of the bag, it's not possible to hold the Naira back through rash policy.
Even with this adhoc non- event ，the Naira would resume its downward descent in a few weeks time. I'm still predicting N1250 as the point where Naira drops to before it finds permanent stability.

You collected money for sales in the future? Its a loan! Tinubu is trying to be clever by half!

Interest will surely be paid inform of crude but it is 100% a loan!

seunmsg:


NNPCL is not a privately owned company. It’s a company fully owned by the Federal government. FG can obtain loan through any of its agencies.

Like i tried to explain earlier, the loan is guaranteed by crude oil owned by Nigeria. So, what we are getting is an immediate payment for future crude oil production. The proceed will be paid to FAAC and the dollar component will go to CBN as usual for forex management.

It is not the usual loan with high interest and guaranteed by Nigeria’s sovereign bonds. There is no debt on CBN to pay back so it’s a far better way to get money.

Wailers don buy market.
It's a cash advance for goods to be produced. It doesn't even matter if it is Nigerian breweries or NNPCL that did it (got usd payment in advance)
What matters is that we needed a bulk dollar flow to ease out the fx regime transitioning. The net effect is more usd chasing naira and more usd to settle dollar transactions in the short time. Not a big deal.
Problem only comes if they relax and don't use this ease period to ramp up production and seek other dollar generating transactions. Then they will have to do this again; so not sustainable... But it is innovative.
I don't know the details of the deal... But it may or may not come at an interest (discount in this case). Don't forget the counterparty may also use this transaction to hedge against crude oil price increase. So not a big deal.

seunmsg:
Validated or whatever you call yourself, I thought you said you are a chartered accountant with many years of experience. It’s such a shame reading this kind of rubbish from you.

Do you guys even understand the details of the $3billion loan at all?

Let me educate you and your likes. The loan from AFREXIM is not a typical loan like you guys are making it. It is more like an upfront payment for future crude oil production. The loan will not be paid back in cash but with guaranteed crude oil supply. So, it won’t affect our future inflow in anyway in as much as we can meet the required crude oil production level.

If the NNPC had been listed as a public liability enterprise (as prescribed by the PIA) like Total and Aramco, would it have senselessly gone to take loans to assist the Federal government in ameliorating economic woes occasioned by the same government?

It is stupid deals such as this which keep the politicians united in corruption and willing to die to make sure Nigeria stays as one, so that the natural resources of the South South will continue to be plundered, to the point they're now even leveraging on the livelihoods of unborn generations.

Tinubu is taking loans and using the future of unborn Southern children as collateral, and it's okay by you because it is not your lands and waters that are getting degraded and polluted in the process.