Naira vs Dollar

🥵

Deep

Inflation caused by removal of subsidy

Very soon you will use bag to exchange a dollar

BOSSkesh:
Inflation caused by removal of subsidy

Can you interpret this inflation thing to a layman?

jeromestarks:

Can you interpret this inflation thing to a layman?

unfortunately not in the way you would understand

How about you interprete this.
By the way,you haven't insulted Nigerian women for the past 4 days..just a subtle reminder.

What concoction is that?

Caaz:


How about you interprete this.
By the way,you haven't insulted Nigerian women for the past 4 days..just a subtle reminder.

BOSSkesh:
unfortunately not in the way you would understand

I will slap you.

Caaz:


How about you interprete this.
By the way,you haven't insulted Nigerian women for the past 4 days..just a subtle reminder.

This guy, leave me alone naaa.
I will slap you oooo

A4alpha:
What concoction is that?

It's the food I prepared in my gf house. Delicious right?😋

jeromestarks:

This guy, leave me alone naaa.
I will slap you oooo

Most of ya poor trolls can't take what you dish to people that re doing well than ya offline

Thundafireseun:
Just earn in dollars

And all this won’t matter to you

You won't buy your groceries in dollars remember?

Thundafireseun:

Buh you will be smiling because you have the purchasing power

It all falls back to the same if you ask me 🤷‍♀️

Thundafireseun:


You will be smiling more than your neighbours and their Galfrnd’s will envy you ☺️

Lmao

Funny how these days will be better than next 20 years to come, same way 20 years ago was better than today...that's how terrible and scary these things are.

What ever price they are selling anything you want to buy, would be th3 cheapest you'd get. If you have money but it now

This is just the beginning

ZZz


Venezuela's economic collapse can be attributed to a combination of factors, including:

Dependence on Oil: Venezuela's economy heavily relied on oil exports for revenue. When oil prices dropped significantly, it severely impacted the country's income.

Mismanagement and Corruption: The Venezuelan government, under President Hugo Chávez and his successor Nicolás Maduro, implemented policies that were often populist but unsustainable in the long term. These policies included heavy government spending, price controls, nationalizations, and currency manipulation. Mismanagement and corruption exacerbated economic problems.

Hyperinflation: Venezuela experienced hyperinflation, with prices skyrocketing at an alarming rate. This eroded people's purchasing power, leading to widespread poverty and hardship.

Fiscal Deficits: The government consistently ran fiscal deficits, leading to high levels of debt. Instead of addressing structural issues, the government resorted to printing money, exacerbating inflation.

Decline in Productivity: Productivity in non-oil sectors declined due to lack of investment, inefficient government policies, and expropriations. This further weakened the economy's ability to diversify and generate revenue beyond oil.

Political Instability: Political instability and polarization also played a role in Venezuela's economic collapse. The government's authoritarian tendencies, human rights abuses, and repression of dissent led to international isolation and sanctions, further complicating economic recovery efforts.

These factors, among others, contributed to Venezuela's economic collapse, resulting in severe shortages of food, medicine, and basic goods, mass emigration, and a humanitarian crisis.

Weak political will to tackle corruption results in weak currency, and weak economy.

CONGRATULATIONS TO THE awalokan

Do you know what you have to do to earn a 100 DOLLARS ?

Healthcare: Go to the hospital in the dollar country, ordinary headache they will charge you $350 after insurance deductions and co-pay. In Nigeria, there is no hospital that will charge you $10. Some hospital visits abroad can cost you $50000. (Giving birth with C/S, 1 or 2 days of ICU). In Nigeria you wont spend $500.

Education: Come and study in dollar economy let them give you loan with 7% percent compund interests, you will work and die without finish paying for such loans. In Nigeria people study for free and "japa" Thats essentially free human capital, No country in the world allows there manpower to JAPA free of charge.

Public Transportation: Compare the airfares and bus fares, $500 tickets is europe or america if you buy last minute, is a cheap ticket. In naija you can walk into Abuja airport and fly to Lagos last minute, with $100.

Utilities: Electricity, power and water, Have you paid water bill, heating bill $800 before ? You are comparing dollar to naira ?

Telecommunications: Even Internet costs are comparable, phones services, standalone phone servces can cost up to $120 plus taxes for a month. Do you pay that much to sub your phone in a month ?

Certain Agricultural Products: Agricultural produce are cheaper in Nigeria, than any dollar economy. A big Mango can be $3-4, Have you ever bought 1 mango for 5000naira ? Meat is cheaper in Nigeria, food stuff even with the cry is still cheaper than abroad.

Would you rather earn $5000 and have to spend $4995 for bills and living.
Or earn 100,000 naira and spend 50000 naira for bills and living ?

Hmmm

It's called small body big engine

illicit:
🥵

Shebi you're regretting voting for tinubu

I like you and that other one that calls himself aswani, you guys are tinubu supporters but try to claim 'sitting on the fence' even though you're almost falling off the same fence in front of everyone

Funny 😁

The USA exports a lot of manufactured goods and servicies, and also sells a lot of agric produce, and a lot of minerals, oil inclusive. It is the world's largest oil producer.

Nigeria does not do the above, and has never done the above, even under the leadership of many of the leaders you guys regard as good.
Instead, we export oil, whose prices are so volatile, that it does not yield enough.

The thing is, seriously, check out all the countries with strong currencies. They all have high income from diversifed economies, engage in serious manufacturing and exporting the produce of the manufacturing, and also very crucially have a high tax income, and allow the free market to run things. They don't pay subsidies for everything, least of all the power sector.

Nigeria could have been there...if we removed subsides on power and petrol, enforced tax collection on everyone, diversified, yes, diversified our economy, and as someone has suggested here, allowed the free market to thrive, and fought corruption well.

The problem is, this government , and all your past governments (yes, Tinubu, and GEJ are very alike in many ways, cry about it), are all the same. They do not want to do the above, especially removing subsides, because it means a hard period of suffering that may last years. So, we rely on oil, and use oil money to pay for illusions, and when that runs out because of low oil prices, and corruption, we then turn to borrwing to pay (yes, Buhari did that, but so did all our past leaders, and even this current one )...to maintain the illusion. In the name of the poor.

Here is the thing. We are not ready to make the hard decisions. DIversify, improve tax collection, really fight corruption, and looting, and bloated government(tell me why do senators and house of reps need 160m cars for?), remove subsides on power (Ghana and Ivory coast have 24 hour power, because they privatised the sector, and let them charge a lot of money...power in Ivory coast costs 6 times that in Nigeria. I checked)...and on petroleum (and don't tell me about how other countries subsidse, because they charge high taxes or have diversifed economies . We don't. And we are not Saudi with 40 million people and 10 million bpd production), increase manufacturing, because we all want to be importer..and sell imported stuff...forgetting how it damaged local industry.


A country where over 80% of its income comes from oil and where the oil price is too volatile over the years, and where the population is too huge can never have a strong currency. We have never had a strong currency. It is just now that we are at our lowest point, thanks to bad economics, especially from APC since 2015 (for those who think I am stupid enough to defend APC or any government)....that nyash don open and we are seeing the real value of our currency.

(Yes, CFA is strong, but that is because the French pay for it to be strong).

I don't know how we are going to solve our problems. This current government is not it, and people want goodies, not sane economics.