lonzo:
The Irony on this post.. the man printed money to share to 36 states.. Instead of Nigerians to hold their governors accountable, its person who approved the printing that his held responsible. Naija my country

There is how far u can blame the governors. They are just like class captains for college. The Nigerian president is more constitutionally powerful than the American president. Then, u dont print money beyond what you earn. If we earn $14billion a year, thats the equivalent in Naira of what shud be in circulation. Else you are certainly going to be unable to support what u are printing. Just like issuing someone a dud-cheque

PigTormentor:
It's pathetic but that's what most govts are doing these days (Covid era). Even the US govt is printing and borrowing at an alarming rate.
Next generations of Americans will be paying forever.

https://www.usatoday.com/in-depth/money/2020/05/12/coronavirushow-u-s-printing-dollars-save-economy-during-crisis-fed/3038117001/

My friends park well. U say most government are printing currencies, but u only cite the U.S! that MUMU country. The most indebted country in the whole world

Why will the states look for creative ways to generate revenue when all they do every month is to run to Abuja to collect allocation? This is the major reason why they do not care to empower their citizens to boost the economy. He done red for them I just pray make this crude oil finish today so that all of us go get sense.

jubilee55f:
Buhari is the most useless president on planet earth. Honestly.

this is an under statement, buhari is a virus that infected all the sector's in Nigeria, Nigeria is a collapsed state

Foolish talks. U all will die one day that my joy. You are worst oga Governor go pay ur lecturers u owe dey 12 months salaries haba .

Krismas:
My friends park well. U say most government are printing currencies, but u only cite the U.S! that MUMU country. The most indebted country in the whole world

US na mumu country? The biggest economy in the world, the richest country in the history of humanity? When the US sneezes, the rest of the world catches a cold. The rest of the world looks to the US for direction in terms of economics, technology and many more.
Na this kind of mumu we need in Africa and Nigeria in particular.

I don hear, na mumu country.

Very good. I was even thinking its worse than this. Nigerians are generally very useless people, and deserve every shit that afflicts them. The Nigerians with sense have left the shithole, while the sensible ones have plans to leave, or have strategies to absorb the shock of nigerian problem (eg working online and being paid in usd etc)

2023 is by the corner, most will vote with their ethnic and religious bigotry, and the Christians never failed to submit 10% of their income for tithes on Sunday, and somehow never ask themselves while they are progressively becoming poorer. If the zoo have to fall to a point where loaf of bread cost a wheel barrow of bundles thousand naira notes, them so be it, especially if it will open people eyes or eliminate the dumb ones, so those with visions can take over.

A country with pastors, PhD holders, educated people, professors and much more yet, they keep silent and due to their personal greed and let fulani enslave them part two, after the British did the part one. Future will crown the igbos. They saw these long ago in the 60's, lost 2million of their people to evacuate the zoo, but yet, both the yoruba and fulani fought them to stay back. Even at that, they are still industrous and proving to Nigeria that they were right all along, that the zoo is truly a shit hole.

Fcked up country with fcked up people

film3four:
Governor Obaseki of Edo state has said that Nigeria could go the way if Argentina if something is not done now to reposition the economy of Nigeria.

He went further to state that the federal government had to print 50-60 billion naira last month and shared to the states to top up on their allocation.


https://www.youtube.com/watch?v=IobDyrT_UrQ



https://dailytrust.com/obaseki-how-lack-of-funds-forced-fg-to-print-n60bn-for-states-to-share

Very useless man.

PigTormentor:


US na mumu country? The biggest economy in the world, the richest country in the history of humanity? When the US sneezes, the rest of the world catches a cold. The rest of the world looks to the US for direction in terms of economics, technology and many more.
Na this kind of mumu we need in Africa and Nigeria in particular.

I don hear, na mumu country.

My point is, U.S is not a good example. For long now, many countries have been pushing for dumping the dollar as the world currency. Some countries have partially done that self. The U.S is cheating the world. Why do u think Gaddafi was killed? Its WW2 that gave the U.S the edge it has today. More like past glory otherwise its behind many countries in everything.

Krismas:
My point is, U.S is not a good example. For long now, many countries have been pushing for dumping the dollar as the world currency. Some countries have partially done that self. The U.S is cheating the world. Why do u think Gaddafi was killed? Its WW2 that gave the U.S the edge it has today. More like past glory otherwise its behind many countries in everything.

Yes the 2nd world war gave the US a big boost but it has been leading the world since. The US has dominated economically and militarily for so many decades and is still poised to lead for the next 30 to 50 years. China is competing but China has many baggage that will prevent it from becoming as dominant has the US has been since world war 2.
Many countries have been trying to dump the Green back for as long as I can remember , but the US dollar is still the most dominant currency in international trade. The Yuan, Pound or Euro have no chance of catching the dollar even with the US govt printing money simply because all the other countries/currencies have their own problems too and the US is still the biggest economy/military in the world hence more people in the world have faith in the US currency. The thinking is very simple - if the US economy should go down with the US dollar then the rest of the world is also going down.

"The U.S. dollar is known as the world's reserve currency. ... The dollar is strong because of the U.S. economy and because people want to hold dollars and the safety of the U.S. dollar. In times of uncertainty, investors flee to what's known as safe havens, investments expected to hold their value during market turbulence.

franchasng:
Northerners have destroyed Nigeria but because Yorubas want to remain as VP or get one of their empty corrupt politician loyal to Northern politicians to become next president have remained silent.



Posterity will judge Igbos well because they have been talking, shouting, screaming on top of their voices while other Nigerians watched and laughed. Nigeria is dying oh, Northerners are about to bury the remains of dead Nigeria.



Just imagine what these wicked, incompetent corrupt Northern politicians are doing after looting Nigeria's Treasury yet they are always first to shout fight corruption

Peeps are making impact ful comments to create awareness about the wasteful minagementof Buhari administration and you dunce is here calling out a tribe on whose land you and your ancestors been feeding fat.. Is this matter a yoruba or Igbo or hausa wahala... Don't you have igbos as part of this regime....

Why not just keep quiet if you don't know jack about the subject matter

Krismas:
When the hammer falls, What is the guaranty that Banks will not have liquidity issue? Even ur Dom savings may be affected

Exactly my thought.
Best is to find a way to save in a foreign bank.

If Nigeria would wise up and process crude oil to a refined product they would not need those oil companies that are pulling out of Nigeria. As Qatar did, they have their own oil company that serve as the parent and regulatory company to all foreign oil companies e.g. shell, Total etc.

When you sell a bad product you have to take responsibility. Bola has to take responsibility for the downfall of Nigeria. From economy, to security. From healthcare to education. Now he wants to be president in 2013. He is so selfish and so foolish that he fails to realise that they are destroying the country he wants to rule. Doctors are on strike but the President is in London receiving treatment from doctors over there. Do they think that GOD is like them?

Nigeria, Nigeria, hmmm, wayward leaders

fidelisodogbo:
If Nigeria would wise up and process crude oil to a refined product they would not need those oil companies that are pulling out of Nigeria. As Qatar did, they have their own oil company that serve as the parent and regulatory company to all foreign oil companies e.g. shell, Total etc.

but we have nnpc now

tamdun:

Oga shut up, where were u Igbos during GEJ's tenure? both Buhari and Jonathan are disaster but u kept quiet during GEJ's tenure because...

Unfortunately, the tenure of the next president that will emerge in 2023 will make Buhari’s 8 year tenure look like eldorado.. as long as this governance structure remains the same. If you like bring down Angel Gabriel from heaven to contest.

That president is only coming to preside over the monthly sharing (FAAC) of an ever shrinking national cake. As the cake continues to shrink in size the amount of hands scrambling to get a piece of it continues to ballon in size which will lead to that inevitable implosion.

SmartPolician:
I think the best thing that can happen to any Nigerian now is to start saving their money in US dollars. Buhari and his minions have ruined what's left of this shithole. That oldie has been singing diversification since 2015, yet they are still looking for crude oil in the north with Nigeria's hard-earned money.

Economically, Nigeria is in deep crisis, but we don't know. Like Obaseke pointed out, people are more interested in 2023 than surviving this year.
If the dullard continues to print money, the inflation that will hit this country will be unprecedented. After 6 years in office, I have yet to pick out far-reaching reforms that Buhari and Osinbajo implemented.

Railway is not Nigeria's immediate problem; fix our electricity so that people can empower themselves and production companies will incur less costs. If we continue to import, we will keep putting pressure on the US dollars and naira may hit $1/1k before the end of the year. I cannot blame our leaders alone though, I blame daft people who keep them in power just to have their people in government.

Una neva even see anything

You're right, but what is Obaseki doing or has done in Edo For five months he hasn't constituted his cabinet. Is he not part of the problem

Mt Obaseki, the problem is neither the price of oil or our dependency on the revenue.

It's the ineptitude of the president, Mohammed Buhari to make sound professional decisions.

You said there's no money but the presidency wants to blow $1.5 biilion on an ancient refinery. Something that should be sold off "as is".

Look at the train revitalization going on, it's all borrowed money with no returns to pay it back.

Since he's been in power, he has he has not privatized a single enterprise. He has not cut down the bloated Civil service to cut cost. Even GEJ wanted to rationalize the civil service to contain cost.

He has blown up repeated opportunities to end subsidies and deregulate the price of petrol. Now the subsidy is costibg $3 billion a year to maintain.

Just being prudent would free about 2 trillion.

Buhari's is honest and dedicated to the country. People should realise that having such traits does not dictate ability to deliver and performance

Kenneth Kaunda and Julius Nyerere, both honest leaders left their countries impoverished. Buhari, should be added to that gang.

SarkinYarki:
Buhari is running Nigeria like Idi Amin ..They are now printing empty fiat currencies just so they can loot but they still don't know the implications of this .....chei there is no hope for this economy again .. Zimbabwe and somalia will be a joke by 4th qtr

And some people are still shouting one Nigeria like there lives depends on it. by the time Buhari is done, every body will wonder what happened

NigeriaIsZOO:
Lol, the bastards in government now print money to share as a way of maintaining balance of payments

By the time these bastards are done with Nigeria, we will be using buckets and wheelbarrows filled with naira to buy bread

Just to buy bread �

franchasng:
Northerners have destroyed Nigeria but because Yorubas want to remain as VP or get one of their empty corrupt politician loyal to Northern politicians to become next president have remained silent.



Posterity will judge Igbos well because they have been talking, shouting, screaming on top of their voices while other Nigerians watched and laughed. Nigeria is dying oh, Northerners are about to bury the remains of dead Nigeria.



Just imagine what these wicked, incompetent corrupt Northern politicians are doing after looting Nigeria's Treasury yet they are always first to shout fight corruption

You Igbos are not in anyway better than Yorubas or other ethnic groups in Nigeria when it comes to playing parochial politics, so don't play sanctimonious here. Your cry about this govt is simply because you don't have key positions in it. Nigerians are essentially greedy, sentimental and self-centred people, Igbos inclusive. The Atiku most of you were queuing behind in 2019. Wasn't it because his running mate, Obi is an Igbo man? Isn't Atiku a Northerner again? Please stop deceiving yourselves.

franchasng post=100666308 :
Northerners have destroyed Nigeria but because Yorubas want to remain as VP or get one of their empty corrupt politician loyal to Northern politicians to become next president have remained silent.



Posterity will judge Igbos well because they have been talking, shouting, screaming on top of their voices while other Nigerians watched and laughed. Nigeria is dying oh, Northerners are about to bury the remains of dead Nigeria.



Just imagine what these wicked, incompetent corrupt Northern politicians are doing after looting Nigeria's Treasury yet they are always first to shout fight corruption

But you and your people also voted for another Fulani northerner now. You're not making any sense

PigTormentor:


Yes the 2nd world war gave the US a big boost but it has been leading the world since. The US has dominated economically and militarily for so many decades and is still poised to lead for the next 30 to 50 years. China is competing but China has many baggage that will prevent it from becoming as dominant has the US has been since world war 2.
Many countries have been trying to dump the Green back for as long as I can remember , but the US dollar is still the most dominant currency in international trade. The Yuan, Pound or Euro have no chance of catching the dollar even with the US govt printing money simply because all the other countries/currencies have their own problems too and the US is still the biggest economy/military in the world hence more people in the world have faith in the US currency. The thinking is very simple - if the US economy should go down with the US dollar then the rest of the world is also going down

"The U.S. dollar is known as the world's reserve currency. ... The dollar is strong because of the U.S. economy and because people want to hold dollars and the safety of the U.S. dollar. In times of uncertainty, investors flee to what's known as safe havens, investments expected to hold their value during market turbulence.

The US military certainly wasn’t the best in Afghanistan. It was the Dutch military. The US hasn’t won any war since WW2. Even the US knows they are not the strongest military right now. On economy. The largest economy doesn’t translate to the best economy. After all, Nigeria is the LARGEST economy in Africa but she is the poverty capital of the world. The day the world dumps the dollar as its currency is the day US overtakes Nigeria as poverty capital. It’s merely politics that keep it so for now. If it were not so, we will not be having this conversation to begin with. Nigeria is hedging her Naira with the Dollar that’s why printing Naira recklessly is irresponsible. What hedges the Dollar? Rather they hold people’s reserves which they can’t afford to repay. It’s why they are the greatest debtors on earth.

saaron
MrSamsung:
franchasng:
NigeriaIsZOO:
SmartPolician:
CodeTemplar:
descarado:
oluwazt:
SarkinYarki:

Firstly, we need to make sure that your comments and submissions have nothing to do with bitter politics which an average Nigerian is known for.

Then, we need to remind you that the money you're going to hold this morning money was once printed.

Then, you all need to understand that bad currencies are removed from circulation from time to time and they're needed to be replaced so that there wouldn't be shortage of money in circulation. How exactly do you think government achieve that?

Then, all of just became expert on economy and monetary issue like you knew more than the CBN officials. Do you guys even know the process the government has to go through to print certain amount of money and release it into the circulation?

How much are we even talking about here? 60 billion naira! What is the Nigeria GDP again? You all can only go haywire like this if it is proven that this has become normal and frequent recurrent practice with the administration.

Do you all want the government to wait until there is no enough money in circulation when we all know bunch of bad currencies are being removed from the circulation from time to time?

Many Nigerians youth and common sense are like word and opposite, they give in too easily to their emotions. And of course, most of you can't comment without being influenced by politics though you will never admit it.

The Bureau of Engraving and Printing produces 38 million notes a day with a face value of approximately $541 million. That doesn't mean there is $541 million more money circulating today than there was yesterday, though, because 95% of the notes printed each year are used to replace notes already in circulation.
https://www.factmonster.com › math

Facts About U.S. Money

maasoap:


Firstly, we need to make sure that your comments and submissions have nothing to do with bitter politics which an average Nigerian is known for.

Then, we need to remind you that the money you're going to hold this morning money was once printed.

Then, you all need to understand that bad currencies are removed from circulation from time to time and they're needed to be replaced so that there wouldn't be shortage of money in circulation. How exactly do you think government achieve that?

Then, all of just became expert on economy and monetary issue like you knew more than the CBN officials. Do you guys even know the process the government has to go through to print certain amount of money and release it into the circulation?

How much are we even talking about here? 60 billion naira! What is the Nigeria GDP again? You all can only go haywire like this if it is proven that this has become normal and frequent recurrent practice with the administration.

Do you all want the government to wait until there is no enough money in circulation when we all know bunch of bad currencies are being removed from the circulation from time to time?

Many Nigerians youth and common sense are like word and opposite, they give in too easily to their emotions. And of course, most of you can't comment without being influenced by politics though you will never admit it.

Don't ever quote me again

descarado:

Don't ever quote me again

I just did. Will you commit suicide now?

maasoap:


Firstly, we need to make sure that your comments and submissions have nothing to do with bitter politics which an average Nigerian is known for.

Then, we need to remind you that the money you're going to hold this morning money was once printed.

Then, you all need to understand that bad currencies are removed from circulation from time to time and they're needed to be replaced so that there wouldn't be shortage of money in circulation. How exactly do you think government achieve that?

Then, all of just became expert on economy and monetary issue like you knew more than the CBN officials. Do you guys even know the process the government has to go through to print certain amount of money and release it into the circulation?

How much are we even talking about here? 60 billion naira! What is the Nigeria GDP again? You all can only go haywire like this if it is proven that this has become normal and frequent recurrent practice with the administration.

Do you all want the government to wait until there is no enough money in circulation when we all know bunch of bad of currencies are being removed from the circulation from time to time?

Many Nigerians youth and common sense are like word and opposite, they give in too easily to their emotions. And of course, most of you can't comment without being influenced by politics though you will never admit it.

My brother the governor was clear that the money was" printed to be allocated to states" and that's where the problem lies , that is clearly Idi Amin type monetary policy .... Printing to replace worn currency is whole lot different from this financial crime being perpetrated right in front of our eyes ..To print and replace the CBN would have to mop up 60 billion naira worn notes from circulation and replace them with same value but in the case obaseki mentioned the Buhari govt printed unbacked empty 60 billion worth of " tissue paper " and quietly injected it into state treasury which is a huge huge huge problem and if the govt repeats this for 12 months you can consider our monetary economy gone for good

Nicklaus619:


In economic point of view, unnecessary printing of new currencies will make a lot of money be in circulation , as there will be a trickle-down effect, as such when money becomes too much in circulation, the economy experiences money illusion, and inflation and recession follows.

I wonder if buhari has any economic team in his cabinet, because no sane government will print money to share to some group of persons who will squander the money on luxury goods, plunging the the economy into a deep recession sh!t. And the low-income earners become poorer, and the high income earners becomes richer from exploiting the poor, as most of the money that gets into the hands of the poor, one way or the other goes back to the rich through exploitation and the vicious circle of poverty continues, from one Generation to the next.

In fact if I begin analysis this thing, headache go catch me, abeg this country aff tire me

Has it been confirmed that the printing of this 60 billion naira was unnecessary? When was the last time it was reported that Nigeria printed new notes and released into the circulation? How much is leaving the circulation monthly and yearly as bad currencies? Not all these governors even understand how the economy works.

SarkinYarki:


My brother the governor was clear that the money was" printed to be allocated to states" and that's where the problem lies , that is clearly Idi Amin type monetary policy .... Printing to replace worn currency is whole lot different from this financial crime being perpetrated right in front of our eyes ..To print and replace the CBN would have to mop up 60 billion naira worn notes from circulation and replace them with same value but in the case obaseki mentioned the Buhari govt printed unbacked empty 60 billion worth of " tissue paper " and quietly injected it into state treasury which is a huge huge huge problem and if the govt repeats this for 12 months you can consider our monetary economy gone for good

I wouldn't want to believe the scenario the way Obaseki presented it. The CBN officials wouldn't agree to that, this is not Abacha era where nobody questioned him.
Even when crude oil fell below 20 dollars per barrel, no reports of money being printed and shared in that manner. Brent crude oil today is 62 dollars per barrel, I don't see the need to print currencies and share just like that.

hehehe.. from the reactions (loud and uncontrollable wailing)I'm reading from this thread, its now clear there are no more 5 facenters and 97 facenters in the country.. every one is now 5 facent and even less







honestly i love this trend




The disaster was brought in to come and deal with igbos,but everybody is being dealt mercilessly with now




I love all these..

maasoap:


Firstly, we need to make sure that your comments and submissions have nothing to do with bitter politics which an average Nigerian is known for.

Then, we need to remind you that the money you're going to hold this morning money was once printed.

Then, you all need to understand that bad currencies are removed from circulation from time to time and they're needed to be replaced so that there wouldn't be shortage of money in circulation. How exactly do you think government achieve that?

Then, all of just became expert on economy and monetary issue like you knew more than the CBN officials. Do you guys even know the process the government has to go through to print certain amount of money and release it into the circulation?

How much are we even talking about here? 60 billion naira! What is the Nigeria GDP again? You all can only go haywire like this if it is proven that this has become normal and frequent recurrent practice with the administration.

Do you all want the government to wait until there is no enough money in circulation when we all know bunch of bad currencies are being removed from the circulation from time to time?

Many Nigerians youth and common sense are like word and opposite, they give in too easily to their emotions. And of course, most of you can't comment without being influenced by politics though you will never admit it.

The money was printed for states to share supposedly. If it was for replacement of old notes, no problem,, but for states to share, that's so funny. They could have passes it unto banks who are the channel through which old notes get pulled out of circulation. I see no need to pass it to States if it was for routine currency reimbursement.