sharpchap:
IMF exists to serve the interests of the European Union not Africa. They tell you things that will help them obtain cheap raw materials and cheap expatriate labour from Africa. Why are our leaders so foolish? Or rather let us be more precise and recognize that our leaders are actually their agents. Thats just the simple truth.

I am fed up of these supposed intentions of IMF. IMF would not be in your business if you do not mismanage your economy. How would a third world country borrow over a billion dollars to fund unproductive subsides at the expense of development.

Growing:
When I heard IMF two years ago or so say that subsidy was robbing the poor for the rich, I was quick to see that they were saying nonsense.

The poor benefited from subsidy. Fullstop.

You have the theory you don't understand. We have the experience we live through.

One of the key questions to be answered is - what is the cost of these subsides?

greenermodels:
I don't blame the evil minded guys at IMF rather I blame the foolish president that removed subsidy without thinking of the effects on the people he's leading, Western countries enjoy all forms of subsidy, from free education to subsidized housing, subsidized healthcare, subsidized food and agriculture to subsidized energy yet they told him to remove all subsidy and he acted without thinking because he wants to look smart. What a failure, worse than Buhari.

Most Western governments actualize a redistribution of wealth through subsidies and taxes. Taxes are collected to fund free healthcare and education. In a way, it is an indirect payment for the subsided services.

Nigeria merely pays out subsidies but barely receives taxes. Thus, it has to finance its subsidies with borrowings. The petrol subsidy is not productive. Since it has been instituted in the 1970s, the people are as worse off. All the subsidies on petrol have not boosted productivity to the point it can stand on its own.

sunboy:
Regionalism is the way forward, it worked for us before, it can work again!

These money should go to the region instead of this bunch of parasites. In my whole life as an adult I have no witness what they spend their constituents money on in their respective constituency… with a big exception “Femi Gbajabiamila turned Surulere around” then I started to question… if he could do all that with his constituency allowance, why are others not doing the same. I can boldly say that he did more than even the local government.

This bunch of parasites sucking on the national wealth.. I don’t want to rant too much today.

Regionalism led to a civil war and crises within each region. If you lack the credible and proper institutions, people will not believe in your regionalism. I think we have too many fantastic ideas of the 60s as a period of unbridled progress in this country.

Corruption will follow us to the regions.

Judolisco:
I'm currently watching it in my office.... Southern legislators are not united.... Nengi and senator kawu should be suspended ASAP... Ndume said d matter should be buried... Never, u can not be d alpha and omega of a matter...

Kudos to senator adeola for demanding an open session... Dis northern senators think say dem wise

So 500m was shared amongst some senior senators... Na wetin cause d rowdy section bdat... I think d senate should be scrapped, the underground money dis guys are sharing, should be used in reducing poverty in dis country

Wasn’t it a Northerner that revealed the rot in the budget? What were the pure and clean Southern senators doing in a cesspit of corruption.

You tribalists act like a modern nation can survive with credible and independent institutions. As long as tribalism reigns supreme, the problem will always be the Other not corruption, poverty, lack of education, lack of democratic institutions.

InfoGuru118:
The Nigerian Senate on Saturday denied reports from some media platforms that it padded the 2024 appropriation budget by well over N4 trillion.




https://platinumtimes.ng/senate-break-silence-on-padding-of-2024-budget/

This inquiry is directed at tribalists. If the North is intent on destroying Nigeria, why are we not hearing Southern voices in the Senate arguing for good governance?

The true is that corruption has broken our governance. The check to an irresponsible executive has been compromised. How could the Senate have allowed ways and means of 30 trillion without considering the effect of such on inflation and devaluation.

In many ways, Tinubu is not at fault for this terrible situation.

My problem with Nigerian politics is that there is no in-depth or thoughtful scrutiny to policies. The topmost question, to be asked, is "where will Lagos State get the money for these ad hoc social programs?" What have we sacrificed to meet this new objectives?

This lack of scrutiny is why we are where we are. You can not run a country in an ad hoc and unaccountable manner.

crossfm:
Hehehe.

Other African countries now see Nigeria as a place to get cheaper food because our currency is very weak. They come and buy food in large quantities back to their countries.

The farmers on the other hand believe they will get a better bargain from foreigners. They said these foreigners don't price too much,and in most cases they don't even inspect the bags as Nigerians do.

This would have been a blessing to Nigeria if the government did their home work well.

Had it been that farmers were secured enough,they would have cultivated more and gotten enough harvest,and we would have been supplying food to other countries.

No matter how we want to see it, insecurity lead us to where we are today. These farmers have been complaining. They pay in millions to bandits during planting and harvest. They must add all those money they paid to these bandits,they can't sell at lost.

Brilliant observation. What do you think Dangote will do?

FarmPlanetNG:
North and hypocrisy. You engage in agricultural projects with the country's finances, then out of sentiments send it to Niger Republic that they are more next of kin than Southern Nigerian, yet you all wanted to die for same religion ticket. The hypocrisy in the north stinks to hell. Since you hate the southerners so badly, please call for referendum so you can go attach to your Niger Republic in peace

Trust me, this has nothing to do with religious or ethnic sentiment. It is simple economics. Our weak currency necessarily encourages exports even to neighboring countries. CFA is stronger than naira.

The government is the real culprit.

JoeEeL:
I don't like Tinubu o. In fact, I don't like One-Nigeria as a construct.

I like the tribes and the indigenes respectively, but the composition of all these to form one giant country created by an european terrorist is just a worry to me.

That said, if Tinubu can fully pursue state police and find ways to influence the Senate, that's a step in the right direction. That's the beginning of devolution of power.

This new CP of a guy named Lagbaja is a Yoruba man. If there is unrest in the South East, a Yoruba man will now go there and bring in forces and you know na, some South East indigenes may be killed or arrested. Before u know it, it may look like victimisation. If Nigerian police forces were very professional, maybe it would have even been better. All these make me cringe.

Just like if a white police officer roughhandles a black man. As blacks, we have this feeling that we are being victimised even though the white police officer may truly be professional. But in this nigeria, our case is even better than blacks and whites of countries like U.S.A etc. because we are indigenous by nature. We have our ancestral lands.

So let everyone face their own lane. Let Ijaw police officer police ijaw community. Let Berom do the same. Same goes for Igede, Urhobo, Ejagham, TIV, Baruba, Bini, Igbo, hausa, beri, Kamuku, Zabarma, Bussawa, and of course, the gallant Yoruba nation.

When you write laws, it is great that you are able to articulate the good intention behind state police and the hopes legislation should bring to life. However, you should also imagine the possible wrongs and dangers agents can bring. For one, state police will likely be abused by governors who are unchecked by their respective houses of assembly. But this risk is outweighed by the security crisis. Another is the that state police may become catalyst for trial conflicts. Will Benue state police victimize the Funlani communities in that state? Will Kano state police victimize Christians?

Finally, the issue of funding has to be addressed. If the state police will not be adequately funded, why bother?

PUSSYHOE:


North


Everything bad start from north.

This is untrue.

atiku4President:
Hmm, the country is now a confirmed chop, I chop republic

On top of borrowed money.

OndoEyes:


It was needed to rejoice and dance on the same day his boss just died? Aiyedatiwa was nothing before Aketi brought him to contest with him and this is how he repaid him. Nothing can justify this treacherous act

Please… please… we need to perish such thoughts. Even if he was nothing, the fact that he is the deputy governor, Aketi ought to have done the proper thing during his battle with the disease. There is no sentiment in constitutional governance. The constitution was clear that the governor ought to step down when in ill health.

vanitybutiwanti:
he's your fathers god bitter man, did he also do it in Abuja because of Fubara? Something he does every year that sim had to continue with the gesture, you're so pained that Amaechi your god did nothing for his people when he was minister and you're finding it hard to believe that the FCT minister will continue with the gesture after his tenure as governor, please don't cry, the fubara that you insulted and never voted for is a member of the fct minister political family and for your information, the same persons from the family across the LGA disbursed the rise and cows for sim and wike

Nigeria may be a better country if we promote accountability rather than generosity. We wouldn’t need the generosity if all the resources are well spent on common hood.

Eteka1:
Nice. God bless Wike for this kind gesture.

One should be wary of these Greek gifts.

Jorussia:
That is why I agreed with Senator Oshiomhole when said that whenever international institutions applaud policies of govt,he is always suspicious. Once Dangote and other refineries start operation next year,we can sell PMS at #150 if the govt is serious about bringing down the price.the govt can decide to sell crude for local consumption in naira to Dangote and give him extra crude to refine sell overseas.

IMF is merely subscribing to common economic sense. The price of petrol in Nigeria is not reflective of the international price and it implies that your government is mismanaging its resources by subsidizing petrol. Whenever government subsidizes petrol, it cannot use that money for anything more productive.

Simple economics.

udemzyudex:
Lol.. Who does that? Why print 2 copies of different judgment in the first place?

LOL.. Judgement was for the highest bidders.
It's a waste of time going to vote, going out to vote is just making the process a little harder for them, that's all.

What likely happened was that the judgment was written off the back of a previous judgment. This is a word processing error. It is similar to writing a letter off a template but remnants of the template still remain.

Bulldozer90:
Time to go our separate ways

Same governance issues will persist. Tribalism is no cure for institutional problems.

emorse:

Don't forget that you have to produce first before you can export. So if cost of production kills small businesses, there'll be nothing to export hence, no benefit of devaluation. It's a delicate balance.

The supposed low cost of production in FX did not stimulate the growth of small businesses either. Instead, the FX was spent on consumer goods which outcompeted and killed the little manufacturing we had/have.

uniquetechng:
Korea is a producing nation not a consuming Nation like Nigeria, we don't produce anything for export aside oil.
Weaker currency will impoverish the people.

The idea is that a weaker currency will stimulate productivity and export. As a natural course of events, an import dependent nation like ours, ought not to have a strong currency if demand for it is low. Ours was obviously propped up by the CBN. We can make the decision to keep propping up the naira for the benefit of the elite, but we must realize that it is at the expense of higher priorities such as education and healthcare.

Kobojunkie:
I don't like stories.. answer the questions.

Where? What agricultural goods and produce are being exported? This is a sincere question as I have no idea what actual goods Nigeria currently manufacture and exports.

They are selling these products at what rate abeg? I figure cost of processing and production in Nigeria is not cheap at all compared to other more stable economies out elsewhere.

Some costs of production will be variable with the dollar but most are not. Labour costs will largely be denominated in naira, the land and/or factory similarly in naira, transportation will be in naira, financing will be in naira not dollars.

Other countries have tried this same formula. It is not rock science. Besides, there is a cost in being an import driven economy based on petro-socialism. If the money used to prop an overvalued naira for the elite was used for better priorities like healthcare and education we improve our Labour force. Amongst 200m people, we should be able to find sufficient geniuses that can innovate.

Kobojunkie:
I don't like stories.. answer the questions.

Where? What agricultural goods and produce are being exported? This is a sincere question as I have no idea what actual goods Nigeria currently manufacture and exports.

They are selling these products at what rate abeg? I figure cost of processing and production in Nigeria is not cheap at all compared to other more stable economies out elsewhere.

I just said cash crops… cocoa, cashew, tobacco, timber and the likes. Some companies process these at some level and export.

rockyh:
use the right word many things are wrong with his brain. How many Nigerians have access to the advanced technological development in other countries even social services you think exportation is all about the low standard quality in Nigeria,if you don't know some of our foodstuffs are smuggled to Europe because it is not of international standard. Until your government is serious about investment and standardization of Local products kiss the economy goodbye

Petro-socialism is not sustainable.

Kobojunkie:
Where? What agricultural goods and produce are being exported? This is a sincere question as I have no idea what actual goods Nigeria currently manufacture and exports.

It will surprise you. People export cash crops, legal and financial services. People earn in FX due to tech.

fineboynl:
No country would want Nigeria produce. Even our local rice will can’t export because its even more expensive than the polish foreign rice.

Tinubu needs to reverse the policy on subsidy. At least take Nigeria back to where he met it. 750 to dollars and 200 fuel price.

But there is the problem of priorities. Bringing back fuel subsidies and reverting the FX rate to 750 or whatever means we are not spending more money on our refineries, education or health or bulletproof vehicles.

lexy2014:


According to you "PBAT is a genius in economy". How can someone be a genius in "economy"? What type of English is that?

You are comparing nigeria with China. Pls which "cheaper labour" is Nigeria going to attract by devaluing the naira?

Which products is Nigeria producing that will become cheaper for exports? Export to where exactly?

How should Tinubu ensure food security and national security?

People exporting goods including processed agricultural goods, and services are making a killing. Every dollar brought into the country swells the naira you have.

Imagine if we had great hospitals which attracted patients from around the world in the same fashion as India and your doctors are still paid in naira.

Bebigiby1:
The economic mathematics been peddled by these analysts posted By BusinessDay regarding argument about local export benefiting from weak currency is a farce and unrealistic... There is no economic benefit of weak devalued naira as Nigeria is majorly an import driven economy.... The infrastructural deficit as regards high cost of reliable electricity, transportation et al will erode any competitive advantage if you produce locally in Nigeria.... The only solution is for naira currency to appreciate in value and this can be achieved if politicians stop looting our public funds, refine fuel locally (Government must build and operate at least one refinery) and reduce the cost of government by dissolving duplicate ministries, parastatals and pubic offices including reducing the number of senators, reps and ministers.... The current system of government is bloated and too expensive......

This is an example of Buharionomics. The belief that economic issues are solved with anti corruption.

Newdawn30:
The best palliative is subsidy... It has a trickle effect on the economy , instead of, all this conditional cash and dashing money up and down, that will end up in the private pocket of corrupt officials.

Sharing money doesn't work in Nigeria because we lack adequate data as a society.

The painful part is, after removing the subsidy we are still borrowing, while the citizens are suffering more than ever before

Sadly your government lacks the funds for the subsidies. It is broke. Subsidies are meant to support productivity to an extent that they can be removed in the long run.

Does IMF need to inform the Nigerian government that the subsidy is parasitic?!

Omooba77:


https://guardian.ng/sport/n50400-for-covid-19-test-in-nigeria-free-in-cameroon/

In this world, there is nothing free. Someone somewhere is always footing the bill.

Ttalk:


You seems not to understand what is happening in this country.

The nepotistic nature of Buhari is not an masses versus elite dichotomy

The mining of gold in Zamfara by state government is not an elites vs masses scheme

The concentration of security chiefs in one region is not masses verses elites plan

The militarisation of southern Nigeria with numerous checkpoints while northern roads are left without such barricades has nothing to do with elite vs masses

The concentration of absolute power at the centre has nothing to do with masses or the rich.

This is clear Nationals war, it is scheme to dominate and oppress

Yet the man is guaranteed to leave office in 2023. Wouldn't you thank the Constitution for that? Hasn't it ensured that there can be no despot? Whatever policies made by Buhari will be unwound by the next president. The concentration of security chiefs can be more varied as you wish. The militarization of the South can be reversed and the soldiers will be redeployed.

The concentration of power which you have complained about is diluted by the separation of powers between the National Assembly, Judiciary and the Executive. Buhari cannot make laws and adjudge you in court for any transgressions. He may accuse of a crime but he cannot punish you without the intervention of the judiciary.

Despite all these, the conflict between classes remain. The rich will get richer and the poor will get poorer.

Eriokanmi:
See this one. We won't explore the ondo and Lagos Oil to the maximum capacity yet and that's where we are wiser than you all. Lagos exploration hasn't even cimmenced yet. Mention any Niger delta state that's more developed than ondo state in spite of the huge allocation at their disposal. I'm waiting. We have the 2nd largest deposit of bitumen in the world, in same ondo state. Google is your friend. Its for the future. If you know, you know.

Your post is a clear indication that we're wiser and smarter than you guys. We are talking of first oil discovery but you completely deviated from the fact, only harping on the aftermath of oil discovery in Nigeria. If we could do so much in our region from proceeds from cocoa, had the oil been first discovered in our region, our region wouldn't have taken any of the shiits you guys took, thereby cause your region to be so destroyed,impoverished and the multinationals abandoned cleaning up the region. Truth is bitter, you know and that's what I'd like you to come to terms with. There are oil companies' head quarters in our region and we made them develop and take charge of environmental hazards caused by them. Have you been to Lekki and VI before? Go see them there. They're well behaved and that's what makes the difference between the 2 regions. I remember the day I visited Niger Delta University Teaching Hospital in okolobiri, which looks like a glorified health centre. No meaningful development there. The population of okolobiri isn't up to 30k yet, no single street light there and there's an NLNG facility there flaring gas. No.good hotel, people relied on generator and i asked them why were they so backward, they said their people who collect royalties from the oil companies live in abuja and only give them crumbs. Such nonsense won't happen here.

I will disagree with you at the point where you consider people of the Niger Delta to be intellectually inferior by virtue of their tribes. The viciousness of poverty guarantees that people will always be exploited by their elites. It can happen anywhere and happens everywhere including the South west. Corruption in state governments ensures that people are not getting the education and social support they need. I think corruption is a larger issue than resource control because where a state has total control of its resources, it will still waste it away.