Ikpeyi:
All of us are feeling the heat.

me,seyi tinubu son and davido are not feeling it.

grandstar:


Just imagine a truck was on your daughters leg and was crushing it-would you take your time to look for the "best" way of removing or you'll focus on just removing it as quickly as possible.

What Tinubu has done or approved of is what you call "Shock Therapy." Many economist prefer this to the slow and steady approach especially in country's facing an economic crisis.

Government such as Lebanon, Pakistan, Argentina and even Italy would wish they had Tinubu's power to bring about such change within their own countries.

The end of both subsidies should have been years ago. The petrol subsidy was consuming 20% of the budget. Already debt servicing was higher than government revenue. Imagine if servicing your debt was higher than your salary and it was getting worse every month?

I've been reading all comments, going through people's expressions until I got to this comment.
Wait, let me ask: Are you a graduate or still in Secondary, Cos I marvel at the level of dilapidated education system in Nigeria??
So this is the best logic you can come up with??
Ok! To get down to your "level" of reasoning since you area big time(MUMU) with zero IQ.

Just imagine: A sharp object fell into the eye of your kid, would you forcefully pull it out as the ODE you were Born To Be OR would you Gently get ride it not to affect the delicate part of the eye( which is the Cornea) "MASSES" to further damage it??
This is the nonsense type of logic reasoning you're bringing up to a different related topic that has nothing to do with life threatening situation.
Foooool!!

grandstar:



Exchange rate 2.4trn, share proof showing the time frame this accrued

Early this year to June 1st, the official exchange rate hovered around $1- 440 while the parallel market rate was 740. Crude oil production was around 1.5 million barrels per day. Price of crude average around $50 per barrel. When multiplied, that is $75m per day. Let us say the governments share is $50m daily. In a month, that will $1.5bn monthly

Lets now calculate the how much the government was losing monthly

$1.5bn sold at the official rate of N440. 1.5bn x 440 = N660b

$1.5b at the parallel rate N750 .1.5bn x 750 = 1.215 Tr

So, 1.125,000,000,000 - 660,000,000,000 = 465bn

So, government was losing N465b every month. So, from beginning of January to June 1st, which is 5 months, the 3 arms of government would have lost 465b x 5 = 2.325tr. That is just within 5 months. If we extend it to by another 7 months, the figure will be very frightening.

Fuel subsidy 7.8trn, share proof also showing the time frame this accrued.

At June 2023, the average price of a litre of Nigerian Bonny Light crude oil average $0.47 or 47 cents per day. When 47 cents is multiplied by 440, you get N206.80 per litre. The price then was fixed at 195 per litre if I am correct? That means, it was cheaper to buy petrol than to buy crude oil. There was already a subsidy of N10. Since the end price to consumer was 195/litre, that means NNPC would have sold it to marketers cheaper for them to make a profit. So, let us say the government sold it to them at N175/litre, the subsidy increases to about N30/litre.

Please note I used the unrealistic 440 to a dollar rate. Also, I have not included refining cost. I don't know how much it would cost to refine it but let us use 150/litre.

So, lets add N30 + N150 = 180. Total subsidy is 180/litre.

Daily average daily consumption is minimum of 60m

180 x 60 = N10.8b daily. Multiply by 365 and you have 3.942 trillion a year in subsidies.

Please note that I only used the unrealistic exchange rate of 440 to calculate my figures instead of 750 which is about 60% higher. If we used 750 x 47cents, it would be N352/Litre of crude oil. That will mean the 352-195 = 157/litre subsidy before it is even refined. If we add 150 refining cost, that would bring the estimated refining cost to 157 + 150 = 307 litres per day.

307 litre x 60,000,000 daily consumption = 18.42bn subsidy daily.

Multiply 18..42bn x 365 = 6.723 tr per year in subsidies

Also note my refining cost was an assumption. Also, the daily consumption was the minimum possible as most estimates are higher than that, some even up to 90m


My estimate for refining cost was just an estimation

Bookmarked for further reference.

taylor89:
Una go cry tire

We warned y’all like we did in 2015

But Helinues and the rest assured us Tinubu was a master strategist and a FIRST CLASS graduate of accounting from Chicago University

He did it in Lagos he will replicate it in Nigeria

I knew Tinubu was a Buffon because a man who spent over $500 million to acquire power won’t work for the benefit of the masses

Go to street now everybody just squeeze face

The country is mourning including APC supporters

Omo this government of Tinubu must favor you people and una family oo

Una go cry till blood come out

Tinubu fire down no look anybody face

Make the suffer choke

Before end of 2023 mortuary go full

Tinubu area of specialization is COCAINE & HEROIN not governance

when u hear renewed shege u reply banza..Dem go hear am wela

nairalanda1:


Bookmarked for further reference.

I tell you

When I say renewed shege u respond banza [color=#990000][/color]

ednut1:
Agbado price is different. True or false

My Guy where Agbado filling station dey? U get any clue? I hear say them they sell at cheaper price to CORNfused slaves

Westernlove:
Me I have been buying for N150 only with my Agbado ID Card

Serious! Where I fit get the ID card, Abeg?

faceland:


They took to the street when it was raised to N65 (Including Woke Soyinka). Now it is N620 everyone just act cool as if nothing happened.

Don't mind the tribal bigots full of hatred. If it were Peter Obi, the whole country would've been on fire by now.

nairalanda1:


Bookmarked for further reference.

This thread better explains things. You can see the massive increase in the amount that will be shared this month. This was from the June revenue.

Calculate the difference. ()

https://www.nairaland.com/7769994/faac-share-n1.959-trillion-revenue#124512669

Copy:Nairalanda1

leokid866:
that's because your lot rushed in here to self-service each other off 🙄

One fool spotted. Waiting for the next.

Parrot69:

I've been reading all comments, going through people's expressions until I got to this comment.
Wait, let me ask: Are you a graduate or still in Secondary, Cos I marvel at the level of dilapidated education system in Nigeria??
So this is the best logic you can come up with??
Ok! To get down to your "level" of reasoning since you area big time(MUMU) with zero IQ.

Just imagine: A sharp object fell into the eye of your kid, would you forcefully pull it out as the ODE you were Born To Be OR would you Gently get ride it not to affect the delicate part of the eye( which is the Cornea) "MASSES" to further damage it??
This is the nonsense type of logic reasoning you're bringing up to a different related topic that has nothing to do with life threatening situation.
Foooool!!

Being emotional won't change the fact that 1 + 1= 2.

Look at the massive increase in government revenue after ending the petrol subsidies in very early June and floating the Naira in the middle of June.

https://www.nairaland.com/7769994/faac-share-n1.959-trillion-revenue#124512669

The revenue this coming July will be much higher. That was how much the government was not only losing but borrowing. The country was borrowing money because of this subsidies as it was starving the government of money.

Yes, the removal was painful. I have only fuelled my Gen once since the petrol subsidy was removed. But because it was the right thing to do, I have accepted it.

Almiron:
No oh, on your mandate Bola we go die.

This #620 per litre will favor me and family ijn.

Una never see anything, oju yin mabo danu, una go suffer.

Most of the fools they squat on the mandate now, no more on your mandate we stand.

Inherently foolish ppl.

Kukutenla:

It is intellectual fraud to isolate Lagos economy from the rest of Nigeria. Nigeria's GDP grew from 1999 to 2013 at an average of 6% per year, comparable with the rate of growth of China as at then. So to isolate Lagos as if Lagos was growing so by itself is the same type of fraudulent claim that got us to where we are. For instance, the telcos who contribute significantly to the rise in GDP all came in on the strength of the federal govt's privatisation programme in that sector. Yet, they pay all their state taxes in Lagos and their VAT which is country- wide is counted as if it is all consumed in Lagos.

So true
Abeg school those Inherent FOOLS.

tesppidd:
Is this a town hall or what?

My friend complete the sentence,

blueAgent:





Most of the fools they squat on the mandate now, no more on your mandate we stand.

Inherently foolish ppl.

hunger go reset their heads

blueAgent:



My friend complete the sentence,

Different from Bala Blu blu

grandstar:


Being emotional won't change the fact that 1 + 1= 2.

Look at the massive increase in government revenue after ending the petrol subsidies in very early June and floating the Naira in the middle of June.

https://www.nairaland.com/7769994/faac-share-n1.959-trillion-revenue#124512669

The revenue this coming July will be much higher. That was how much the government was not only losing but borrowing. The country was borrowing money because of this subsidies as it was starving the government of money.

Yes, the removal was painful. I have only fuelled my Gen once since the petrol subsidy was removed. But because it was the right thing to do, I have accepted it.

All these trash 🗑 statistics and trash links.
One guy by name Lexy2014 asked you a question, why haven't you answered him??

Dubetex96:
Una good evening I say may I remind una fuel is N620 per liter. may this increment favour me and my family

Amen,

Dey enjoy that corn below for now

Parrot69:

All these trash 🗑 statistics and trash links.
One guy by name Lexy2014 asked you a question, why haven't you answered him??

Why should I reply Lexy? Am I jobless?

Why don't you do the calculation here and see how much as accrued from the fuel subsidy removal and the Naira float?
https://www.nairaland.com/7769994/faac-share-n1.959-trillion-revenue#124512669

Let us do simple maths. It seems I have to do simple maths for you

N1.959 trillion in July 2023
N786.161 billion shared in June

That is 1.959tr minus 786.161 =1,172,839,000,000 or 1.172

That was 1.172tr increase in just a month. That was just because the fuel subsidy and the Naira was floated.

That was why the government did those reforms . That was why the other 3 presidential candidates said they would end them as well.

grandstar:


Just imagine a truck was on your daughters leg and was crushing it-would you take your time to look for the "best" way of removing or you'll focus on just removing it as quickly as possible.

What Tinubu has done or approved of is what you call "Shock Therapy." Many economist prefer this to the slow and steady approach especially in country's facing an economic crisis.

Government such as Lebanon, Pakistan, Argentina and even Italy would wish they had Tinubu's power to bring about such change within their own countries.

The end of both subsidies should have been years ago. The petrol subsidy was consuming 20% of the budget. Already debt servicing was higher than government revenue. Imagine if servicing your debt was higher than your salary and it was getting worse every month?

You are very stvpid!! Shvt D fvck u nincompoop!!

tesppidd:

Different from Bala Blu blu

Welldone

When Life beer 4 you.

Almiron:
hunger go reset their heads

I tell u.

grandstar:



Exchange rate 2.4trn, share proof showing the time frame this accrued

Early this year to June 1st, the official exchange rate hovered around $1- 440 while the parallel market rate was 740. Crude oil production was around 1.5 million barrels per day. Price of crude average around $50 per barrel. When multiplied, that is $75m per day. Let us say the governments share is $50m daily. In a month, that will $1.5bn monthly

Lets now calculate the how much the government was losing monthly

$1.5bn sold at the official rate of N440. 1.5bn x 440 = N660b

$1.5b at the parallel rate N750 .1.5bn x 750 = 1.215 Tr

So, 1.125,000,000,000 - 660,000,000,000 = 465bn

So, government was losing N465b every month. So, from beginning of January to June 1st, which is 5 months, the 3 arms of government would have lost 465b x 5 = 2.325tr. That is just within 5 months. If we extend it to by another 7 months, the figure will be very frightening.

Fuel subsidy 7.8trn, share proof also showing the time frame this accrued.

At June 2023, the average price of a litre of Nigerian Bonny Light crude oil average $0.47 or 47 cents per day. When 47 cents is multiplied by 440, you get N206.80 per litre. The price then was fixed at 195 per litre if I am correct? That means, it was cheaper to buy petrol than to buy crude oil. There was already a subsidy of N10. Since the end price to consumer was 195/litre, that means NNPC would have sold it to marketers cheaper for them to make a profit. So, let us say the government sold it to them at N175/litre, the subsidy increases to about N30/litre.

Please note I used the unrealistic 440 to a dollar rate. Also, I have not included refining cost. I don't know how much it would cost to refine it but let us use 150/litre.

So, lets add N30 + N150 = 180. Total subsidy is 180/litre.

Daily average daily consumption is minimum of 60m

180 x 60 = N10.8b daily. Multiply by 365 and you have 3.942 trillion a year in subsidies.

Please note that I only used the unrealistic exchange rate of 440 to calculate my figures instead of 750 which is about 60% higher. If we used 750 x 47cents, it would be N352/Litre of crude oil. That will mean the 352-195 = 157/litre subsidy before it is even refined. If we add 150 refining cost, that would bring the estimated refining cost to 157 + 150 = 307 litres per day.

307 litre x 60,000,000 daily consumption = 18.42bn subsidy daily.

Multiply 18..42bn x 365 = 6.723 tr per year in subsidies

Also note my refining cost was an assumption. Also, the daily consumption was the minimum possible as most estimates are higher than that, some even up to 90m


My estimate for refining cost was just an estimation

thanks for the detailed response.

The first, you assumed the entirety of the $1.5b in the official/parallel rate analysis, which clearly shouldn't be so. You realise billions of USD were doled out thru Form A for the japa movt. You also realise same USD at official rate is used in paying for the refining/shipping etc of the same crude, by the sole importer of the last 7-8yrs called the NNPC. How in the hell will the govt use an erstwhile illegal rate for the aforementioned? Yes, we recognise that round tripping happens/happened, but you can't claim it happened on the entirety of the sum..Do you agree?

Second, the daily consumption of 60m litres isn't based on any empirical or irrefutable data, wherein lies one of the scams in the subsidy regime. But let's even say you did a rough estimate, you did calculations for a year. Recall how I said the 70b is just one instance, right? Try and do a mental calculation of such frivolous spending that has happened in the last one year, the bullet proof cars, sham renovations and all that and let's see that as well side by side.

Third, as I have said earlier, you can't even use the parallel rate as you said you could have in the last paragraph. The official rate in a normal setting is the only rate to reckon with. Corruption and the imbalance between demand and supply, which is still an offshoot of that corruption is what birthed the so called parallel rate.

Above all, see how you intelligently came up with this assumptions and gave a position, it is still not backed by any data/proof by way of articles/links etc. That is one of the problems right there. Without irrefutable data and records, you really can't separate fugazi from fact.

Nairalanda1 bookmark this too.

Treadway:
thanks for the detailed response.

The first, you assumed the entirety of the $1.5b in the official/parallel rate analysis, which clearly shouldn't be so. You realise billions of USD were doled out thru Form A for the japa movt. You also realise same USD at official rate is used in paying for the refining/shipping etc of the same crude, by the sole importer of the last 7-8yrs called the NNPC. How in the hell will the govt use an erstwhile illegal rate for the aforementioned? Yes, we recognise that round tripping happens/happened, but you can't claim it happened on the entirety of the sum..Do you agree?

Second, the daily consumption of 60m litres isn't based on any empirical or irrefutable data, wherein lies one of the scams in the subsidy regime. But let's even say you did a rough estimate, you did calculations for a year. Recall how I said the 70b is just one instance, right? Try and do a mental calculation of such frivolous spending that has happened in the last one year, the bullet proof cars, sham renovations and all that and let's see that as well side by side.

Third, as I have said earlier, you can't even use the parallel rate as you said you could have in the last paragraph. The official rate in a normal setting is the only rate to reckon with. Corruption and the imbalance between demand and supply, which is still an offshoot of that corruption is what birthed the so called parallel rate.

Above all, see how you intelligently came up with this assumptions and gave a position, it is still not backed by any data/proof by way of articles/links etc. That is one of the problems right there. Without irrefutable data and records, you really can't separate fugazy from fact.

Nairalanda1 bookmark this too.

Simply forget all I wrote. Just focus on the article below.

https://www.nairaland.com/7769994/faac-share-n1.959-trillion-revenue

N786.161 billion shared in June
N1.959 trillion in July 2023

That is a difference of close to 1.18 trillion

Just by ending petrol subsidies and floating the Naira, government revenue increased by 1.18 trillion. And note that the Naira was only floated mid-June. Had it been floated 1st June, the revenue would have been higher.

The tremendous increase in government revenue simply gives credence to what I am saying.

The revenue is shared 52% federal government, and states and local government shares the remaining 48% to the states.

In this instance, let us just assume the state takes the 48%.

48% X 1.18 = 556billion extra will go to the states. Divide this by 36 states and you have N15.9BN

That means an increase in allocation averaging 15.9bn per state monthly. This is massive.

grandstar:


Simply forget all I wrote. Just focus on the article below.

https://www.nairaland.com/7769994/faac-share-n1.959-trillion-revenue

N786.161 billion shared in June
N1.959 trillion in July 2023

That is a difference of close to 1.18 trillion

Just by ending petrol subsidies and floating the Naira, government revenue increased by 1.18 trillion. And note that the Naira was only floated mid-June. Had it been floated 1st June, the revenue would have been higher.

The tremendous increase in government revenue simply gives credence to what I am saying.

The revenue is shared 52% federal government, and states and local government shares the remaining 48% to the states.

In this instance, let us just assume the state takes the 48%.

48% X 1.18 = 556billion extra will go to the states. Divide this by 36 states and you have N15.9BN

That means an increase in allocation averaging 15.9bn per state monthly. This is massive.

hmmm. I don't even know where to start.

So, I will say I acknowledge your point, but is this good news? Let me read this news to you another way. NCS had of last week changed the rate for car import on the assycuda platform to 770 (this is speculative), some say 680. It was 421. At the end of June/July clearly the NCS will declare more in trillions too..not so? But is that a good thing or a positive direction when NCS charges you for 1.8m to clear a 2003 corolla which cleared for 1.3/1.4 last month. Is the 400k increase to that car and by extension the overall figures for the NCS revenue by the end of June/July a positive direction signal for the economy? A yes or no will suffice (but then again if you explain I don't mind, I enjoy your level-headedness).

It appears to me to be a tricky situation, because in the general sense it just re-emphasizes how deplorable things have gone so fast. Kinda like Zimbabwe should also be happy if their Zim dollar monthly allocation rises considerably in the same fashion that their money has turned to tissue paper. Infact that is a befitting analogy. Of what use is the tissue paper?

TrumpDonald2:

One fool spotted. Waiting for the next.

your papa na fool.....no wonder he had you.....🤮

Okealaaye:


Tell me, what could Obi or Atiku could have done better, and that less than 60 days after taking office? Remember that they too promised to remove Subsidy.

they promised to remove subsidy, did they promised to multiply school fees by 3? Did they promised to remove subsidy without palliative? Did they promise to remove subsidy on their first day in office knowingly that subsidy was budgeted up to the end of June?
Tinubu is a disaster I swear.

Tinubuderanged:
they promised to remove subsidy, did they promised to multiply school fees by 3? Did they promised to remove subsidy without palliative? Did they promise to remove subsidy on their first day in office knowingly that subsidy was budgeted up to the end of June?
Tinubu is a disaster I swear.

Buhari didn't capture Subsidy payments in 2023 budget, remember? Tinubu only proclaimed what was already an issue of public discourse. I wonder why any reasonable person should evaluate performance of a government that has been in for less than 50 days. It isn't for nothing that the Americans from whom we copied this type of democracy, assess their governments only after 100 days in office. Some people are happy to be bearers of hopelessness in the Nigerian situation. They hate Hope.

Treadway:
hmmm. I don't even know where to start.

So, I will say I acknowledge your point, but is this good news? Let me read this news to you another way. NCS had of last week changed the rate for car import on the assycuda platform to 770 (this is speculative), some say 680. It was 421. At the end of June/July clearly the NCS will declare more in trillions too..not so? But is that a good thing or a positive direction when NCS charges you for 1.8m to clear a 2003 corolla which cleared for 1.3/1.4 last month. Is the 400k increase to that car and by extension the overall figures for the NCS revenue by the end of June/July a positive direction signal for the economy? A yes or no will suffice (but then again if you explain I don't mind, I enjoy your level-headedness).

It appears to me to be a tricky situation, because in the general sense it just re-emphasizes how deplorable things have gone so fast. Kinda like Zimbabwe should also be happy if their Zim dollar monthly allocation rises considerably in the same fashion that their money has turned to tissue paper. Infact that is a befitting analogy. Of what use is the tissue paper?

I have always believed in doing the right thing, even when it hurts.

What is the best policy regards car importation. The import duty for cars shouldn't be more than 20%. I would even say 10%

The problem is that the import duty is too high and it should be slashed. It was increased to a total of 70% if I am correct under Jonathan by the then minister of investment, Agangan to encourage local car production. Ngozi Iweala who was the then finance minister was displeased at the policy. The government already knew it was a wrong policy but rather kill, seemed to have extended it to commence during his second term (which turned out to be Buhari's first term). You should know more about this tariff increase than I do.

Is it better to produce cars than to import? Economics state you are best focusing resources at areas you have comparative advantage in. Nigeria has no comparative advantage in car production. The present captive market is not enough to produce cars very competitively. Since, we can't produce cars competitively, that means cars manufactured here would be expensive.

To manufacture of cars locally, high import duty would be place on imported cars so as to make it very expensive and people would be forced to patronize locally produced ones. It is encouraging locally production as some local car manufacturers seem to be booming like Innoson in Nnewi.

However, is Nigeria better off or worse off?

Imported cars, especially tokunbo cars has created employment and livelihood for over a million people. You may even say it is far more than that. Many hustlers who started with zero have become millionaires in Naira. I am sure many now even travel overseas to import cars.

I know many car dealers. I know many who work for them. I know many hustlers. People condemn imports but there's nothing wrong in them. What is wrong is when you don't export and that is where Nigeria fails. Non-oil exports are not booming.

I think I have only met one person working for a local car manufacturer.

These policies cause far more harm than the petrol subsidies but people are unaware. If import duties on cars were slashed to even 5%, I am sure business will boom and everybody will benefit. But let's be conservative and just say 20% which I feel is even too high.

Pat Utomi said what the country should have focused on is to find one area in manufacturing cars the country is good in and boost it. For instance, imagine if Nigeria supplies 40% of the leather used in Mercedes cars in Germany, or 20% of the tires used in manufacturing cars in Europe. That is where the power of comparative advantage comes in. That is why German manufacturing is so good.

You'll have a German medium manufacturing company control 50% of a certain product globally. I am sure as a car importer, you will probably understand it better.

grandstar:


I have always believed in doing the right thing, even when it hurts.

What is the best policy regards car importation. The import duty for cars shouldn't be more than 20%. I would even say 10%

The problem is that the import duty is too high and it should be slashed. It was increased to a total of 70% if I am correct under Jonathan by the then minister of investment, Agangan to encourage local car production. Ngozi Iweala who was the then finance minister was displeased at the policy. The government already knew it was a wrong policy but rather kill, seemed to have extended it to commence during his second term (which turned out to be Buhari's first term). You should know more about this tariff increase than I do.

Is it better to produce cars than to import? Economics state you are best focusing resources at areas you have comparative advantage in. Nigeria has no comparative advantage in car production. The present captive market is not enough to produce cars very competitively. Since, we can't produce cars competitively, that means cars manufactured here would be expensive.

To manufacture of cars locally, high import duty would be place on imported cars so as to make it very expensive and people would be forced to patronize locally produced ones. It is encouraging locally production as some local car manufacturers seem to be booming like Innoson in Nnewi.

However, is Nigeria better off or worse off?

Imported cars, especially tokunbo cars has created employment and livelihood for over a million people. You may even say it is far more than that. Many hustlers who started with zero have become millionaires in Naira. I am sure many now even travel overseas to import cars.

I know many car dealers. I know many who work for them. I know many hustlers. People condemn imports but there's nothing wrong in them. What is wrong is when you don't export and that is where Nigeria fails. Non-oil exports are not booming.

I think I have only met one person working for a local car manufacturer.

These policies cause far more harm than the petrol subsidies but people are unaware. If import duties on cars were slashed to even 5%, I am sure business will boom and everybody will benefit. But let's be conservative and just say 20% which I feel is even too high.

Pat Utomi said what the country should have focused on is to find one area in manufacturing cars the country is good in and boost it. For instance, imagine if Nigeria supplies 40% of the leather used in Mercedes cars in Germany, or 20% of the tires used in manufacturing cars in Europe. That is where the power of comparative advantage comes in. That is why German manufacturing is so good.

You'll have a German medium manufacturing company control 50% of a certain product globally. I am sure as a car importer, you will probably understand it better.

the info you mentioned is wrong, and so kinda warps the argument you made because it really has no impact or bearing on 99.9% of Nigerians. I am in this business so I can offer real perspective.

It was Buhari who raised total import duty to 70%, not Jonathan. It was initially only 35% import duty, before Bubu added additional 35% levy making a total of 70%. Now here is the vital part, it is for what the NCS terms new cars, which is any car that is imported and is a year/model that is max 3 years old from the year in view eg NCS would consider a 2021 model car a a new car, and will charge a total of 70% duty. How many Nigerians import/drive those?? It was supposedly to encourage locally assembled new vehicle manufacturers eg Innoson and co

So you see how it warps the argument. What i want you to get/answer is, when the NCS now declares more revenue figure expectedly as a result of the exchange rate that went up from 421 to 680/770, is that a signal of a positive direction in the economy, the naira following the pattern of the Zim dollar. Of what use is 100 trillion Zim dollar revenue even if it grew from 30trn due to continued devaluation of the currency for Zimbabwe, and comparably of what use is the higher figure in revenue in naira as well when the tender is fast becoming toilet paper as evidenced.