soojar:



Some people that talk here apart from the fact that they just want to support their candidates at all cost and want to see what the other candidates say as rubbish, many of them don't actually understand simple economics, i.e multiplier effect.

They don't know the first industry that will experience an upward surge if credit and mortgage facilities are in place is the insurance industry that has so far gone comatose in Nigeria. Followed by sharp increase in SMEs, banking sector, Automobiles, housing, in fact everything.

The America they are all running today is a credit society. More than 80% of Americans who own homes have them on mortgage and even many of them cannot finish paying the mortgage in their life time but that would not stop them from living a good life. Civil servants, business owners, even students.

The best thing is to leave such people to keep wallowing in their ignorance. The question they should have asked is how is Tinubu going to achieve or implement this with the distraction of insecurity still out there.

Those companies you mention above, how many are owned by nigerians and even the so called bank.

Kennedyli:


I don't like responding to you guys because all of you are dumb. You are comparing mortgages in the U.S where the dollar is stable to a naira that will can be 2k/dollar in 10 years time.

Which lender will give out a fixed loan rate with the naira so unstable.

How do people pay for these loans when their income isn't increasing.

If you are sincere. You'll know what Tinubu said is bull shit. You need to stabilise the economy before talking about a credit bureau.

What i finding bemusing about Obi & his supporters is how they lie statistically with confident ...
stop asking childish question, banks/lenders are still giving out loans as long as the loanee can bear the interest or service the loan, its greatly depends on the applicants

The credit system is just one of many Tinubu agendas, you are not in his mind so it lame to conclude credit system will be is number one agenda in office, at the primaries Tinubu said a lot of things that did not even include the credit system, so how do you know which is number one.
you don't need to sensitize a tourist he needs to board aeroplane before he lands in any country of choice

So he knows all this and na now him dey talk am. I no even sure say na him prepare that write up.

phemray:



sir, get the man clear, its a policy to fight or discourage corruption and he only use 100k as example. for me i think it may work because main reasons for corruption, kidnapping, yahoo, drugs etc is not because of daily food, it is simply to get quick money to buy houses, cars, Lands etc just to show off. Note that EFCC have not recovered food items from homes of people arrested for fraud or financial corruption but houses, cars, jweries and youths are following their footsteps. well God help us

Wait so car loans is our problem in this country? So the country should forget about investing in education, health, SMEs, power and first give workers car loans?

Are you trying to tell me that kidnappers and armed robbers and even Yahoo boys are gainfully employed and went into fraud and theft because they couldn't afford a car?

PHOTSEE:


And who told you that this current administration of buhari never implimented your so called credit polices rolling but what was the outcome?
What do you thing lead to the private loaning company holding sway in Nigeria if not for the fisical policy of buhari ,where your so call government and cbn failed.

You talk of inflation and you want free money in circulation. How is this possible, no production , no manufacturing industries , no sources of employment, inshort productivity.

I know your have had about money flight by great investors.

So it was Buhari's credit policy reform that brought about Chinese loan sharks revolutionalising Nigeria's credit space?
I no be know ooo..
So Nigeria basically failed because it didn't attract enough loan sharks to come and give 50% interest,short term credit to vulnerable Nigerians or what? Or maybe you mean CBN failed because it was suppose to be giving loan shark credit packages to consumers ?...

How is credit free money?You're gonna pay back and with interest.
Where the trick lies is reducing lending rate.One has to look for ways to mitigate the inflation rate that reducing lending rate will cause,and one way you can do this is via taxation.It can be balanced at the tail end.

Money flight by foreign investors in Nigeria is at the Capital market,which is a good thing for a developing economy like Nigeria.We don't need foreign investments at that segment of our fragile economy.
They run because they can't get their profits out easily and also their investments have been affected by devaluation.
Let them go!
How many real foreign businesses in Nigeria have fly their capital that you know?

soojar:



Some people that talk here apart from the fact that they just want to support their candidates at all cost and want to see what the other candidates say as rubbish, many of them don't actually understand simple economics, i.e multiplier effect.

They don't know the first industry that will experience an upward surge if credit and mortgage facilities are in place is the insurance industry that has so far gone comatose in Nigeria. Followed by sharp increase in SMEs, banking sector, Automobiles, housing, in fact everything.

The America they are all running today is a credit society. More than 80% of Americans who own homes have them on mortgage and even many of them cannot finish paying the mortgage in their life time but that would not stop them from living a good life. Civil servants, business owners, even students.

The best thing is to leave such people to keep wallowing in their ignorance. The question they should have asked is how is Tinubu going to achieve or implement this with the distraction of insecurity still out there.

Those companies you mention above, how many are owned by nigerians and If the so called bank.

Kennedyli:
Is this the best of Tinubu? Unfortunately he's saying gibberish even after all the editing.

How would someone earning 100k afford ro pay back a car loan of 3.5 million?

Even with a credit system. It will take 100% of his salary for over 2 years to pay for the car.

Which lender will agree to such a deal?

BTw Nigeria already has a credit system. Loan apps like Carbon and Branch use it.

The next president should focus on increasing local production to strengthen the naira.
So that car of 3.5 mil can go back to the 1.5 mil it was sold 7 years ago.

TINUBU HAS NOTHING TO OFFER.

You are obviously an olodo... so carbon and branch is a credit system eheheheheh. I want to educate you on what credit system is but... I honestly don't know where to start with you eheheheh

PHOTSEE:
From the same man who said "untill Jonathan is removed from seat, we can't concur corruption,

now is "untill we have a good credit we can't concur corruption."

Please ask him , who his he referring as we?

lolzz, we=Nigerian system

The question is how did we get to buying a house for 8million in the first place?

You want citizens to take credit to buy houses and cars and not for entrepreneurial engagements that will create employment and drive economic growth?

There is truly a problem with Nigerian leaders of today.
Why can't they pay civil servants well so that they'll not need to borrow to purchase the said property.
Gagaban has nothing to offer.

trutharena:
He claimed one of the reason for big corruption in the civil service is that the system is rigged against integrity because how do we expect a civil servant/Private workers earning like 100k to afford a house/car that is 8million by paying cash at once.

He said we can’t have a system that allow corruption while on the other hand have EFCC to curb the corruption.

He advised the best way to curb this is to set up mortgage system such that the people can pay in installment with FG working alongside the lenders to see that people can have access to such loans. With this, a civil servant don’t need to steal to afford cars and etc.

In Lagos, this is in practice with Lagos HOMS. The FG just need to back the banks with some security that can help them mitigate against defaulters that may arise.

To the Obituary people that invaded this thread, you’ve been asking for Tinubu stance on things like this, now he spoke brilliantly, you’re still bitter.

Whether you hit your head on stone or not, Tinubu will be your president in 2023.

Trust me, if Tinubu gets elected, he will build a long lasting mortgage structure in Nigeria that will outlive his government. This man understand how to build structure and he is a goal getter.

wirinet:


Are you a banker in Nigeria or in China? In Nigeria's current inflation rate alone hovers around 18%. CBN interest rate is 13%. Banks that borrows from CBN must input their running and administrative costs (before even talking about profit) before giving out loans. That's why loans from banks is around 25 -30%. So how are you able to get single digit loan in Nigeria'?

That's where you're getting it wrong. I have said it..."a multilateral arrangement involving banks and FG". The owner of the fund would be FG (who is not out to make profit). The commercial banks will be the ones to midwife it. Schemes like that are already in existence for Agric with the Agric Credit Guarantee Scheme (ACGS) bankrolled by CBN through commercial banks and the the one for manufacturers done through Bank of Industry (BOI)

Besides the above, the car manufacturers (Toyota, Kia, Hyundai, et al) and their representatives (Elizade, Dana Motors, Choscharis, et al) can be part of the agreement and their direct involvement would beat the rate down significantly.

Very true.

Watch
https://www.youtube.com/watch?v=uH-YOZWxGSc&t=4s

Production economy is what got developed countries where they are today. You can't have a proper functioning credit economy without becoming productive.

Nigeria has a macro economic issue, and not a micro economic one.

Teenaira:


You definitely do not understand what you are saying. Credit economy is the big difference between the developed economy and the under developed countries. If we can have a functional credit system, it will solve a lot of problems.
That your obi production economy is the dumbest thing anyone can ever say. Obi is only deceiving you. Tell me why are manufacturing companies running out of Nigeria. Anybody can produce anything but you must produce at least possible cost. Otherwise, you will not be competitive in the market. So the problem is getting the right environment to produce so that you have the best of efficiencies and not because people do not want to produce. So if production is profitable lots of people will go into production otherwise, even if government try to force people, they will still not go into production. That is a major pillar of free market economy.

Vulturereloaded:
Good Morning Tinubu,

I guess you are just waking up.

U know all this and you didn't advice buhari? Left Nigerians to suffer for 8 years, because u want to be president?


We are not interested in your Bullionomics.

That guy called Tinubu is an hypocrite just like his master

We can't have a credit system when there is no accountability for basic amenities and zero trust in the system.
Credit system routinely causes big problems for developed countries.
Inflation that would hit naija ehn.

christejames:


OH God!...

This is just like a thief advising the community to create vigilante group if they want to stop the crime...
Tu



Nigeria is a big theatre of comedy indeed

Comrade take it slow

SeaTrade:
So it was Buhari's credit policy reform that brought about Chinese loan sharks revolutionalising Nigeria's credit space?
I no be know ooo..
So Nigeria basically failed because it didn't attract enough loan sharks to come and give 50% interest,short term credit to vulnerable Nigerians or what? Or maybe you mean CBN failed because it was suppose to be giving loan shark credit packages to consumers ?...

How is credit free money?You're gonna pay back and with interest.
Where the trick lies is reducing lending rate.One has to look for ways to mitigate the inflation rate that reducing lending rate will cause,and one way you can do this is via taxation.It can be balanced at the tail end.

Money flight by foreign investors in Nigeria is at the Capital market,which is a good thing for a developing economy like Nigeria.We don't need foreign investments at that segment of our fragile economy.
They run because they can't get their profits out easily and also their investments have been affected by devaluation.
Let them go!
How many real foreign businesses in Nigeria have fly their capital that you know?

You just made me laughed in your first and second assumptions. Coming to the bolded

Do you thing it is only, employee, entrepreneurship (small bussines) and big corporation can be a source of income to the masses, what happens to investment as a source of income, oh the capital market does not matter! But we have the elite at the realms (such as damgota) using it for capital sourcing for their various project, being issued to the public (mass). When you talk about finance i expect you to face it squarely.

That's why I always say Tinubu has nothing to offer Nigeria.

Otherwise, he will know a credit system will not work in Nigeria's current state. The first thing is to empower SMEs and provide a conducive environment for them to strive.

Saintinoo:


Wait so car loans is our problem in this country? So the country should forget about investing in education, health, SMEs, power and first give workers car loans?

Are you trying to tell me that kidnappers and armed robbers and even Yahoo boys are gainfully employed and went into fraud and theft because they couldn't afford a car?

spiritedtete:



You are obviously an olodo... so carbon and branch is a credit system eheheheheh. I want to educate you on what credit system is but... I honestly don't know where to start with you eheheheh

Yea, please educate me fool. You guys keep quoting me with the same gibberish as your paymaster. Foolish idiot.

This is what we should be having now. If I can be earning up to 300k a month and still can't afford my dream house or car then something has to be fixed

kayperry:




What i finding bemusing about Obi & his supporters is how they lie statistically with confident ...
stop asking childish question, banks/lenders are still giving out loans as long as the loanee can bear the interest or service the loan, its greatly depends on the applicants

The credit system is just one of many Tinubu agendas, you are not in his mind so it lame to conclude credit system will be is number one agenda in office, at the primaries Tinubu said a lot of things that did not even include the credit system, so how do you know which is number one.
you don't need to sensitize a tourist he needs to board aeroplane before he lands in any country of choice

Stop quoting me with all these gibberish. So credit system is why Nigerians should vote for your shake shake daddy? You better go and look for something serious to do with your life. Online agbero no be work.

Kennedyli:
Is this the best of Tinubu? Unfortunately he's saying gibberish even after all the editing.

How would someone earning 100k afford ro pay back a car loan of 3.5 million?

Even with a credit system. It will take 100% of his salary for over 2 years to pay for the car.

Which lender will agree to such a deal?

BTw Nigeria already has a credit system. Loan apps like Carbon and Branch use it.

The next president should focus on increasing local production to strengthen the naira.
So that car of 3.5 mil can go back to the 1.5 mil it was sold 7 years ago.

TINUBU HAS NOTHING TO OFFER.

the present government encouraged local production and I'm guessing you saw the outcome, he was hated and insulted for shutting bothers and demanding produce from the incentives of the past administration.

PHOTSEE:


Those companies you mention above, how many are owned by nigerians and If the so called bank.

many of the insurance companies in Nigeria are owned by Nigerians and many more would come up once the industry is now profitable. Majority of the banks in Nigeria are Nigerians' There are about 3 automobile industries presently owned by Nigerians and many more would join once patronage increases.

TinubuNG:
Mumu people will always wail!

You are earning 100k monthly with mortgage you can buy car is what he said , we can't see where he ask you to get 3.5m car .

As it is in Nigeria today, with 1.8m ,you will get a very nic toyota corolla. He didn't say you fool will get benz .

Pandora fans are just too stupid ajeh

Have you earned 100k a month before? Is the bmc job or which ever job you're doing paying up to 100k? Yes. We Pandora fans are trying to make the country work to save fools like you that can't think for themselves .

kiddapunk:
the present government encouraged local production and I'm guessing you saw the outcome, he was hated and insulted for shutting bothers and demanding produce from the incentives of the past administration.

How did Buhari encourage production?
The same Buhari that banned forex for over 6 months that made many companies close down? The same Buhari that banned twitter without recourse to people doing business on the platform? What is wrong with you people?

GeneralPula:


Calm down, it kinda shows you didn’t understand how credit system works..

In USA for example, Credit cards are being issued by card issuers based on personal credit score ( Your worth)..

Either you’re earning $100,$200,300 or $1,000, you can take credit. They’re not going to borrow you more than your monetary value, and they’ll provide you a pay back payment plan that will be easy for you to navigate..


So, here in naija, either you’re earning 50k, 100k, 200k or 1m, you’ll be the able to take credit according to your monetary value..

Even a pepper seller at market can take credit. So long she’s earning and she’s got credit score..

So how much you’re earning isn’t any problem since they’ll only offer you credit based on your monetary value..

What type of government will you be running when you don’t run an all inclusive government? You want to bring credit system in a country where morethan 70% are unemployed while the rest 20% are under employed. How much is minimum wage and how much is 1$?. Na so them go just open mouth waaaa de talk what is not possible but as gullible as your lots are, you believe him

lugado:


Father lord
To think that people liked this your reaction shows how unlearned the youths of this country are

You dont know how foolish you sound. Is the work you're doing paying you 100k? If not, sit this one out and think of your life.

Teenaira:


You definitely do not understand what you are saying. Credit economy is the big difference between the developed economy and the under developed countries. If we can have a functional credit system, it will solve a lot of problems.
That your obi production economy is the dumbest thing anyone can ever say. Obi is only deceiving you. Tell me why are manufacturing companies running out of Nigeria. Anybody can produce anything but you must produce at least possible cost. Otherwise, you will not be competitive in the market. So the problem is getting the right environment to produce so that you have the best of efficiencies and not because people do not want to produce. So if production is profitable lots of people will go into production otherwise, even if government try to force people, they will still not go into production. That is a major pillar of free market economy.

Read what you wrote slowly or show it to your friends to see how dumb you sound.

FuckOsuPigs:


He just used that as an example. Someone earning 100k does not necessarily have to go fo a N3.5m car. In a multilateral arrangement involving banks and FG, workers can actually obtain car loans for 5 years (60 months) and mortgage loans for 20 years (240 months) on a single digit interest rate. I'm a banker and I currently enjoy this benefit. This is what obtains in UK, Canada and US.

The man is making sense. Despise the messenger but don't hate the message. Take emotion out of it.

Yea. It's easy to compare Nigeria that is suffering from massive currency devaluation to the U.S.

Interest rate in U.s and u.k is below 10%. Is your bank giving loans less than 25%? Think banker.

Saintinoo:


Tinubu is not an economist, he studied business administration. though they said he worked as an accountant.

What Nigeria needs right now is investment in the power and mining sector in order to help the manufacturers. The a massive investment in education and SMEs. Then we can start talking about car loans, who will collect the car loans? is it the millions of unemployed youths he wants to give car loan?

That was how Buhari started sharing 30k and 10k in the name of social investment. These people are not serious at all. As a graduate of Economics I feel sorry for this country anytime I see politicians bringing useless policies.

The problem is that Nigeria politicians who think they know the economy well, ignorantly use political economy policies.

I agree with with except your mention of the mining sector. Mining has always been exploitative and destructive in nature. Foreigners (Chinese and Europeans) will just continue to exploit and destroy our people and environment, while our people (governments, communities and youths) will to kill each other to collect rent. That's what has brought sub-Saharan Africa to its present sorry state.

What we need is education. Technical, entrepreneural and scientific education. We must encourage research in other to solve our own problems instead of hopelessly depending on outsiders. We must convert from being consumers to producers.

Mccullum:


It's you that is jumping from subject of the matter to another one entirely, he's on one of the strategy to use for fighting against corruption. You derailed from there to how to make our currency stronger. Don't let your hatred for Tinubu to becloud your sense of humor.

Lol. Tinubu and fighting corruption in the same sentence. The lagos state assembly says high.

Mccullum:


It's you that is jumping from subject of the matter to another one entirely, he's on one of the strategy to use for fighting against corruption. You derailed from there to how to make our currency stronger. Don't let your hatred for Tinubu to becloud your sense of humor.

Lol. Tinubu and fighting corruption in the same sentence. The lagos state House of assembly says hi.