Pesuzok:

He should go to sahad, he will be amazed with the varieties of local rice. Many are are from the North

don't mind him, he should get is facts right, locally produced rice that are of high quality are sold in the market he should go ask

wirinet:


And if there is acute shortage of dollars to fund essential imports such as medicines and petrol leading to the crash of the naira and subsequent hyper inflation, who will you blame? The central bank governor?

Be sensible. The CBN should be an independent or autonomous financial institution and the continued interference, ordering and brazen directives is defeating the purpose behind the creation of a central bank in the first place.

The reasons behind the order are also not well or clearly thought out.

It smacks of hypocrisy to continue to subsidise fuel and providing forex for pilgrimage which is of no benefit to the nation and then turn around to want to ban forex provision for food imports in a nation which is not reliant on its own produce or secured in terms of food production to meet the teeming population's needs!

Fu...cking think!

[quote author=wirinet post=81280873][/quote]



Mtcheww.

tiredoflife:


U too didn't get it
Depression is an economic state worse than recession
Go to Google and read up
1928 America had the great depression
Maybe that would help u

you didn't get it either, maybe your trying to digress from the topic, you also need to be clarified.

Champneys:


Be sensible. The CBN should be an independent or autonomous financial institution and the continued interference, ordering and brazen directives is defeating the purpose behind the creation of a central bank in the first place.

The reasons behind the order are also not well or clearly thought out.

It smacks of hypocrisy to continue to subsidise fuel and providing forex for pilgrimage which is of no benefit to the nation and then turn around to want to ban forex provision for food imports in a nation which is not reliant on its own produce or secured in terms of food production to meet the teeming population's needs!

Fu...cking think!

No central bank in this world is absolutely independent, it is always under the control of the executive. In the US Trump is at loggerheads with the Federal Reserve chairman over interest rate cuts and the tarrif (trade) war with China.

I feel the order is on point and Buhari should go on further to give more support for local farmers to meet our local food needs.
Now, tell me, why should our food importers depends solely on the FG for dollars to import food into the country? Can they source their dollars elsewhere? Mallam's don finish for streets or bureau de change don't finish?
It's time for them to be creative. They can export Nigerians items abroad and use the dollars earned to import the food they like, after all importation of food was not banned.

The government is forced to subsidise fuel because it is essential to the economy and there are no substitutes. If fuel was not subsidised, and fuel rises to unbearable levels, it will lead to social unrests, which is capable of bringing down the government. The only thing that can unify Nigerians against any government is high petrol prices.

I agree that subsidising pilgrimages is unnecessary and unreasonable. It's just a waste of scarce resources, but then Nigeria is a very religious country and the various governments scores some political points with sponsoring and subsidising pilgrimages.

nototribalist:
You have no constitutional rights to order CBN on what to do. This terrorist need to know his limit.

Will Rwanda, Ghana or South Africa allow such an illiterate to be their President? Only in Nigeria Aboki wey no go school go wan be president. Very shameful

The constitution and extant laws do not restrict the presidential power to direct an agent of government to effect a monetary or fiscal policy that is in tandem with
electoral promises

The best a government agency like NNPC or CBN can get is financial autonomy or independence,nothing absolute!

You may cite section of the constitution that is the source of your agitation.

What imported food does the average Nigerian require that is not produced locally?

Use your sense and don't be fooled by so called economic political analyst

Issue of fulani herdsmen should be tackled first as it is painful to see farmers complaining about fulani herdsmen everyday.
Farmers who will feed the nation are crying everyday of cows ransacking their farms while some farmers are being kidnapped or raped and killed on their farms by so called fulani herdsmen

ideylaff:


The laws binding the Central Bank makes it autonomous in its day to day running.... so there are boundaries the President cannot go beyond.... after he has appointed a CBN Governor....

Buhari and his handlers are playing ludo and monopoly with the affairs of the country.... Embarrassing themselves daily..


That was how you ban forex on 42 items when you came into office and plunged Nigeria into recession.

Now you want to ban forex on food and milk, then give people going to mecca excess dollar. Then give criminals billion dollars for importing fuel.


"Primarily, the Central Bank of Nigeria (CBN) is the key regulatory body of the banking sector. ... The foremost laws governing the regulation of banks in Nigeria is the Banks and Other Financial Institutions Act (BOFIA) 1991 (As amended) and the Central Bank of Nigeria Act 2007."

[url]https://www.nigerianbulletin.com/threads/%E2%80%98cbn-is-not-a-ministry%E2%80%99-%E2%80%93-moghalu-hits-buhari-over-forex-order-%E2%80%93-olisa-tv.401179/[/url]

Are you saying that because the CBN is autonomous, her governor is not answerable to the president?

wirinet:

No central bank in this world is absolutely independent, it is always under the control of the executive. In the US Trump is at loggerheads with the Federal Reserve chairman over interest rate cuts and the tarrif (trade) war with China.

I feel the order is on point and Buhari should go on further to give more support for local farmers to meet our local food needs.
Now, tell me, why should our food importers depends solely on the FG for dollars to import food into the country? Can they source their dollars elsewhere? Mallam's don finish for streets or bureau de change don't finish?
It's time for them to be creative. They can export Nigerians items abroad and use the dollars earned to import the food they like, after all importation of food was not banned.

The government is forced to subsidise fuel because it is essential to the economy and there are no substitutes. If fuel was not subsidised, and fuel rises to unbearable levels, it will lead to social unrests, which is capable of bringing down the government. The only thing that can unify Nigerians against any government is high petrol prices.

I agree that subsidising pilgrimages is unnecessary and unreasonable. It's just a waste of scarce resources, but then Nigeria is a very religious country and it scores some political points with sponsoring and subsidising pilgrimages.

Great.

How on earth can an agency of government be independent of the executive,when the later is solely responsible for failure or success of the economy?

The best CBN or any govt agency can have ,is financial autonomy or independence.

Occasional presidential intervention is very much in order.

ideylaff:


The laws binding the Central Bank makes it autonomous in its day to day running.... so there are boundaries the President cannot go beyond.... after he has appointed a CBN Governor....

Buhari and his handlers are playing ludo and monopoly with the affairs of the country.... Embarrassing themselves daily..


That was how you ban forex on 42 items when you came into office and plunged Nigeria into recession.

Now you want to ban forex on food and milk, then give people going to mecca excess dollar. Then give criminals billion dollars for importing fuel.


"Primarily, the Central Bank of Nigeria (CBN) is the key regulatory body of the banking sector. ... The foremost laws governing the regulation of banks in Nigeria is the Banks and Other Financial Institutions Act (BOFIA) 1991 (As amended) and the Central Bank of Nigeria Act 2007."

[url]https://www.nigerianbulletin.com/threads/%E2%80%98cbn-is-not-a-ministry%E2%80%99-%E2%80%93-moghalu-hits-buhari-over-forex-order-%E2%80%93-olisa-tv.401179/[/url]

You don't seem to know anything about what you are saying.

Recession that set in for close to a year and GEJ couldn't pay salaries of workers is what you are now blaming on import ban.

Why should forex be provided to those who import food items when we are supposed to be revolutionizing the agriculture sector in Nigeria?

How many fertilizer blending companies and rice mills have been established in the last 4 years?

Autonomy does not mean that the CBN is not part of the executive and answerable to her.

wirinet:

No central bank in this world is absolutely independent, it is always under the control of the executive. In the US Trump is at loggerheads with the Federal Reserve chairman over interest rate cuts and the tarrif (trade) war with China.

I feel the order is on point and Buhari should go on further to give more support for local farmers to meet our local food needs.
Now, tell me, why should our food importers depends solely on the FG for dollars to import food into the country? Can they source their dollars elsewhere? Mallam's don finish for streets or bureau de change don't finish?
It's time for them to be creative. They can export Nigerians items abroad and use the dollars earned to import the food they like, after all importation of food was not banned.

The government is forced to subsidise fuel because it is essential to the economy and there are no substitutes. If fuel was not subsidised, and fuel rises to unbearable levels, it will lead to social unrests, which is capable of bringing down the government. The only thing that can unify Nigerians against any government is high petrol prices.

I agree that subsidising pilgrimages is unnecessary and unreasonable. It's just a waste of scarce resources, but then Nigeria is a very religious country and it scores some political points with sponsoring and subsidising pilgrimages.

You and I know that the fuel subsidy is not sustainable. It benefits the rich more than the poor, so removing it will allow for a rise in GDP and free up money for pressing infrastructural funding and social amenities if we can get rid of it. This has been proven around the world and we need to painfully cut that off now. Nigerians paid more than 145 per litre in the past, what we need is palliative measures to cushion the impact of yanking it off now till everyone finds a balance.

This is a painful move the Govt must take and the continuous payment is all political, you cant get all political with everything.

Now back on the order to CBN on forex for food imports, the implication of this is basically that the food importers will turn to the parallel market, this will increase the dollar to naira valuation. The foreign reserve in $ and the naira gets the pressure.

There is a CBN act, FG must allow the Central Bank discharge its duties within the ambits of the act, we cant keep hiding under the excuses that there is no autonomy anywhere in the world with various Central Banks. We are setting a wrong precedent within our region as well as our future.

We have politicised everything and the poor grasp of economic management by the president is hampering this country seriously.

A visionary Govt will come up with other ways in form of reforms and impactful policies like making the Agricultural sector very competitive and vibrant such that imports will gradually fizzle at. Don't fall for the cheap propaganda on the successes in the Agricultural sector by the way, if you know, you know.

Ordering the CBN to stop forex will not help us achieve food security, neither will it stop the bastardisation of our monetary exchanges or improve or weak institutions.

Champneys:


Be sensible. The CBN should be an independent or autonomous financial institution and the continued interference, ordering and brazen directives is defeating the purpose behind the creation of a central bank in the first place.

The reasons behind the order are also not well or clearly thought out.

It smacks of hypocrisy to continue to subsidise fuel and providing forex for pilgrimage which is of no benefit to the nation and then turn around to want to ban forex provision for food imports in a nation which is not reliant on its own produce or secured in terms of food production to meet the teeming population's needs!

Fu...cking think!

Pilgrimage is once in a year.I beg stop comparing apples and oranges.

No government should deny the citizens their right to religious obligations.

Fuel importation and subsidy is a product of the 16yrs of PDP misgovernance which cannot disappear so soon.

It is shear hypocrisy and mischief to agitate against fuel subsidy,but then support forex for food importation.

Both fuel subsidy and forex for food importation are bad!!

If I may ask,what food do most Nigerians require, that is not produced locally.

Use your sense!

Doyin2:


Pilgrimage is once in a year.I beg stop comparing apples and oranges.

No government should deny the citizens their right to religious obligations.

Fuel importation is a product of the 16yrs of PDP misgovernance which cannot disappear so soon.

If this country was left in charge of you, it will be with the dogs by now.

Una never ready!

You people saying that Buhari does not have the power to order the CBN to stop selling forex to food importers, answer this question;
Does Trump have the powers to unilaterally order a 25% tarrif on Chinese goods imported into the US without reference to the Federal Reserve, the Customs Service or even the Congress?

Doyin2:


Pilgrimage is once in a year.I beg stop comparing apples and oranges.

No government should deny the citizens their right to religious obligations.

Fuel importation is a product of the 16yrs of PDP misgovernance which cannot disappear so soon.

No one is talking about denying citizens their right to religious obligations, what we are talking about is subsidising religious obligation. Pilgrimage is religious tourism, which is a personal obligation. The government have no business selling dollars at subsidised rate to people going on personal religious obligations.

Champneys:


If this country was left in charge of you, it will be with the dogs by now.

Una never ready!

We are discussing economics here,not sentiments. Provide economics sense.

The economic calamity of sudden and total removal of fuel subsidy of over 20yrs, can best be imagined.Let us pray for the likes of Dangote refinery to commence operations ,then fuel subsidy will die a natural death.

wirinet:

No one is talking about denying citizens their right to religious obligations, what we are talking about is subsidising religious obligation. Pilgrimage is religious tourism, which is a personal obligation. The government have no business selling dollars at subsidised rate to people going on personal religious obligations.

I am not too sure govt is still subsidising forex for pilgrims.That would not be appropriate.

Whatever,two wrongs cannot make a right.

Let us applaud the food forex restriction and then critic other policies separately.

There will always be bad and good policies.

This food forex restriction is a good one.

Which imported food does not have local substitute?

I beg let someone tell me ooo....

Now local rice farmers will increase the prices

Where are the Bubu APC ewarrior it is like they are dumb funded no one is supporting this man again

wasi9ice:
Now local rice farmers will increase the prices

A worthwhile sacrifice towards eventual self sufficiency in local rice production.

Can you imagine a scenario where only local rice is available?

Yes ,when demand exceeds supply,price rises on the SHORT TERM.And some people would eat rice may be only on festive days like those good old days

But what happens on the LONG TERM?

Demand and supply equilibrium!

BTW what nutritional value does rice have that other cheaper foods cannot provide as a temporary sacrifice

I can't blame Buhari blood of dictatorship still runs in his veins so he can't change for life, bo se ma Baku niyen blame people who voted for him in second term

lekonso:
I'm afraid how the youths in this country think. I'm not a fan of Buhari, but this time he is very right. How can we be spending our scarce forex on importing foods we can grow at home. Can't you people think, necessity they say is the mother of invention. If Nigerians cannot grow her foods then let them starve. If you can make your food at home at cheaper cost why spending your scarce money to buy food outside, this is simple logic.

The thing weak me for this Nairaland!

The man is not against importation of foreign food but he is saying if u must bring foreign food into Nigeria then don't approach CBN for FOREX because they will not give you.


And this is hard for young graduate Nigerians to understand.

Doyin2:


Pilgrimage is once in a year.I beg stop comparing apples and oranges.

No government should deny the citizens their right to religious obligations.

That's a ridiculous comment. The government not subsidizing frivolities it can't afford like pilgrimages is not a denial of anybody's religious rights. It's not your right or mine to demand subsidies for our pilgrimage. Who manufactured such a "right"? We really have our priorities skewed in this country.

Fuel importation and subsidy is a product of the 16yrs of PDP misgovernance which cannot disappear so soon.

It is shear hypocrisy and mischief to agitate against fuel subsidy,but then support forex for food importation.

Both fuel subsidy and forex for food importation are bad!!

If I may ask,what food do most Nigerians require, that is not produced locally.

Use your sense!

It's not a question of whether the food is produced locally. It's a question of whether local supply can meet demand and whether such protectionist measures is of net economic benefit. Economic policies are always about trade-offs of positives and negatives and protectionist measures often sound wonderful in theory but often end up as net negatives. Majority of Nigerians would prefer importation if it means cheaper food. The ban on cement importation for example under OBJ sure made the likes of Dangote and BUA very rich men with all the import and tax and forex waivers to support local production, but plunged the Nigerian building and construction market in a depression as our local cement prices rose to the highest in the world.

Anyways, I'd wait to hear the food being spoken about. At a point he was talking about banning things like milk which is pure lunacy. Our local milk industry can't supply even a tenth of our needs. What are we going to do? Start importing Holstein Friesland cattle in millions (which won't survive our climate)?

Doyin2:


I am not too sure govt is still subsidising forex for pilgrims.That would not be appropriate.

Whatever,two wrongs cannot make a right.

Let us applaud the food forex restriction and then critic other policies separately.

There will always be bad and good policies.

This food forex restriction is a good one.

Which imported food does not have local substitute?

I beg let someone tell me ooo....

FG doesn't subsidize forex for pilgrims. FG stopped sending delegates for Hajj since 2015.


Some state governments still sponsor pilgrims though

CoolAmbience:

Maybe, CBN is now under your community.

What sort of ignorance will make a person not to know that someone appoints the CBN governor? Abi, CBN governor dey fall from heaven?

Sagamite's "cretinous product of a failed educational system" label seems to fit thus no response needed.

CoolAmbience:



You don't seem to know anything about what you are saying.

Recession that set in for close to a year and GEJ couldn't pay salaries of workers is what you are now blaming on import ban.

Why should forex be provided to those who import food items when we are supposed to be revolutionizing the agriculture sector in Nigeria?

How many fertilizer blending companies and rice mills have been established in the last 4 years?

Autonomy does not mean that the CBN is not part of the executive and answerable to her.

Why wasting your time answering these people? They think one way and very irrational. If Buhari did not renew Emifiele's tenure would they have remembered the autonomy of CBN from taking advice from economic advisers. The presidency and the CBN works together. The advice from the President does not mean it is from Buhari, but from some of the economic teams.

Those importers will not like this. They are very irrational. They want Iran to use Shiites to penetrate West Africa using Nigeria as a base. Their leaders want APC to zone presidency to them in a multi party system where other parties are available despite the hatred for Buhari and APC and lack of support for any APC program.

King44:
ask the people selling those smuggled rice that you want to buy local rice if its like a bag or more they will get it for you, the reason why you are still seeing smuggled rice around is because we Nigerians we are so fake to the extent that we believe anything produced in Nig is no good thus no demand for it but if the measure put in place to curb smuggling is made strict we would have no option than to start consuming it and continuously demanding for good quality

besides shebi you say u wan buy rice and u asked me to link you up I am still wsiting

On the other hand, the ready unavailability of local rice could be the course, y should I have to buy 2 or more bags to eat local rice

Hmmm

And how do you know he is doing it with good intention(sic) considering that you are not close to him?

Tell me what Buhari ate this morning?

If you don't know something as simple as that then why claiming that you know his intention?

LazyGold:
Buhari is doing this with good intention but he need good advisor to know what is really best for Nigeria

fineboynl:
no more cattle import which are the ulterior motive

HI bro. There is something we need to discuss. I just sent u a pm.

1forall:


Sagamite's "cretinous product of a failed educational system" label seems to fit thus no response needed.

Mtchewww.

You aren't a product of a failed educational system yet can't use punctuation marks correctly in a sentence. Nawa o!