Treadway:
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. 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, of 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 patter of the Zim dollar. Of what use is 100 trillion Zim dollar for Zimbabwe now, and comparably of what use is the higher figure in revenue as well when the tender is fast becoming toilet paper as evidenced.

Okealaaye:



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.

Tinubuderanged:
which hope? Someone is putting a knife on your neck and the same person I s telling you to have hope, are you a fool?

Okealaaye:


Take it easy, Eboe boy. Nigeria will survive. God will not answer your prayers of disintegration.

Tinubuderanged:
I am not an Igbo man,also you should know that you are talking to a man not a boy. I am a northerner, peter Obi is not even my candidate.
Come to the north and see the meaning of surfering.
The whole country is complaining but you guys foolishly believe that anybody that didn't agree with Tinubu evil policy is an Igbo man.

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

Blackdeewhy:
If this happens in a SANE country, EVERYBODY should be on the street now protesting against this in human!
Nigeria is an OIL producing STATE!!
But because we're not so NORMAL here in Nigeria, we will all pretend and smile.

Lass las, we go dey alright.
As that guy will say, this new PUMP PRICE WILL FAVOR ME AND MY FAMILY IN JESUS NAME.

grandstar:


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%.

I already said the above in my third paragraph. I said it was 35% under GEJ and it was to be increased to 70% in Jonathan's supposed second term. However, Buhari won the election and the implementation instead was carried out under him. I even stated you would understand it better. See articles below.

https://www.premiumtimesng.com/news/164274-nigerian-government-says-no-going-back-on-70-per-cent-vehicle-import-duty.html?tztc=1
https://www.pressreader.com/nigeria/thisday/20141214/281762742596815

Zimbabwe's circumstance are far different from Nigeria. When countries experience hyperinflation, it is due to the central bank's reckless printing of currency.

When Bolivia was experiencing 10,000% inflation rate, its third highest import was the paper used to print the currency.

Nigeria is far from this. This can be deduced by finding out if there was an increase in "real terms". The term "real terms" means a lot to economist.

For instance, if you buy a house for 50m and the price hits 70m in a year, that is 20m profit. What if inflation is 50%, that means the house should have been worth 85m instead. So, in real terms, you made a loss of 15m

Also, imagine if you had $1m and the exchange rate was 800 and you use it to buy a mansion in Banana Island for 800m. In a years time, you sell it for 1.2bn

What if the exchange rate has fallen to 1,500. That means you will receive only 1,200,000,000 divided 1,500 = $800,000

That means in real terms, you have lost $200,000

So, let us calculate whether the increase was simply a nominal increase or real increase

July - N1.959 trillion . In dollars using N800 and you get $2.44875bn approximately $2.35bn
June N786.161 billion in dollars using 440 and you get $0.98270125 approximately $0.990m

So, there was a more than doubling in revenues in real terms by the government. It was not simply due to "cost push demand" as you assume.

Treadway:
check the bolded again as it's incorrect. 786 at 440 is 1.79 approx.

Meaning there isn't a doubling in real terms, but rather a 30-35% boost relative to June, which can be expected as a new govt had just come in...and which isn't even so special either cos they have done over a trillion a couple of times even in Bubu times, not even mentioning the money popping Jonathan times. It's all online.

Nairalanda1

Treadway:
check the bolded again as it's incorrect. 786 at 440 is 1.79 approx.

Meaning there isn't a doubling in real terms, but rather a 30-35% boost relative to June, which can be expected as a new govt had just come in...and which isn't even so special either cos they have done over a trillion a couple of times even in Bubu times, not even mentioning the money popping Jonathan times. It's all online.

Nairalanda1

Ikpeyi:


https://dailytrust.com/n620-per-litre-this-isnt-what-we-voted-for-kano-resident-laments/

leokid866:
Iya to bi é sofo lorun....

grandstar:


I made a mistake when replying this earlier.

There was over a 100% increase in real terms. Don't water it down. Claiming it is simply down to a government coming in is simply disingenuous. That is not so. If you have any evidence that such an increase (especially this large) is due to a regime change, please prove it.

I very much doubt revenue under Bubu even hit 800bn, talk less of a trillion! How? How? How?

grandstar:


What 30-35% boost? Go to the thread again

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

It said :

The three tiers of government are set to share N1.959 trillion in July 2023 — probably a record, TheCable can report.

This is nearly triple the N786.161 billion shared in June and more than triple the N655.93 billion in May.

Near triple and triple is a 300% leap and not 30-35% increase.

I doubt Buhari ever hit 1trillion. Any evidence of that? How? How? How?

Okealaaye:


You know how many Nigerian rulers came from the North since Independence, don't you? If they had laid solid foundations for Nigeria's development and progress things wouldn't have been this way. What exactly did they do to ease the suffering of their people, not to talk of the other Nigerians? Tinubu hasn't been in office for 50 days, yet you're wailing already. You know how long your people ruled us, don't you?

Treadway:
i don answer you with evidence already in the post above...Again, you brought the talk of real terms, and in real terms it is a 30-35% growth in revenue. Your words, your analogy, your math (which I corrected appropriately). If you now wanna throw away the real terms argument cos you can now see that there was infact no doubling, that's on you.

If a shitty corolla that was quoted at 3.8m just two months ago, now is cleared in July and quoted at 5m, was there any actual increase in value, or just a shameless decrease in naira value and it's purchasing power aka Zim dollar 2.0. Dem devalue currency you dey happy say number grow, shey value grow ni?? smh

Na you go clap for this one alone o, and those who don't know the smokescreen and fugazy wey una dey sell.. The work wey the governors go do with 1/3rd of the money as of four years ago (assuming they don't embezzle it all), will be more than what they can do with this one you are celebrating today. Not everyone on nairaland is dull bro. The contractor you will pay for projects will cost thrice as much as it did same time 4 years ago. How much was cement, sharp sand, granite, generators, solar panels, batteries every item you can think of four years ago and how much are they now? By what % do you reckon the quotations of today will be relative to the same period 4 years ago, where even 600b allocation in real terms is far better that this 1.9t you alone dey clap for??



Nairalanda1, I dey quote you cos I have a hunch you are the same person. Your typing pattern, words, logic etc are largely the same. I may be wrong though.

Iseoluwani:


Boya ko tele

Treadway:
you brought the talk of real terms, so let's stay on course. As per your doubt, let me clear it. See screenshot of two months (Oct 2022 and Dec 2022) both above 1trillion.

There is more by the way! Let's stick to the real terms you mentioned, cos you cannot be using an unofficial rate in official calculations. When the NCS posts higher figures simply cos of the adjustment in exchange rate in July, is that real growth in revenue? I don't think so.

Nairalanda1

Treadway:
i don answer you with evidence already in the post above...Again, you brought the talk of real terms, and in real terms it is a 30-35% growth in revenue. Your words, your analogy, your math (which I corrected appropriately). If you now wanna throw away the real terms argument cos you can now see that there was infact no doubling, that's on you.

If a shitty corolla that was quoted at 3.8m just two months ago, now is cleared in July and quoted at 5m, was there any actual increase in value, or just a shameless decrease in naira value and it's purchasing power aka Zim dollar 2.0. Dem devalue currency you dey happy say number grow, shey value grow ni?? smh

Na you go clap for this one alone o, and those who don't know the smokescreen and fugazi wey una dey sell.. The work wey the governors go do with 1/3rd of the money as of four years ago (assuming they don't embezzle it all), will be more than what they can do with this one you are celebrating today. Not everyone on nairaland is dull bro. The contractor you will pay for projects will cost thrice as much as it did same time 4 years ago. How much was cement, sharp sand, granite, generators, solar panels, batteries every item you can think of four years ago and how much are they now? By what % do you reckon the quotations of today will be relative to the same period 4 years ago, where even 600b allocation in real terms is far better that this 1.9t you alone dey clap for??

Nairalanda1, I dey quote you cos I have a hunch you are the same person. Your typing pattern, words, logic etc are largely the same. I may be wrong though.

Treadway:
i don answer you with evidence already in the post above...Again, you brought the talk of real terms, and in real terms it is a 30-35% growth in revenue. Your words, your analogy, your math (which I corrected appropriately). If you now wanna throw away the real terms argument cos you can now see that there was infact no doubling, that's on you.

If a shitty corolla that was quoted at 3.8m just two months ago, now is cleared in July and quoted at 5m, was there any actual increase in value, or just a shameless decrease in naira value and it's purchasing power aka Zim dollar 2.0. Dem devalue currency you dey happy say number grow, shey value grow ni?? smh

Na you go clap for this one alone o, and those who don't know the smokescreen and fugazi wey una dey sell.. The work wey the governors go do with 1/3rd of the money as of four years ago (assuming they don't embezzle it all), will be more than what they can do with this one you are celebrating today. Not everyone on nairaland is dull bro. The contractor you will pay for projects will cost thrice as much as it did same time 4 years ago. How much was cement, sharp sand, granite, generators, solar panels, batteries every item you can think of four years ago and how much are they now? By what % do you reckon the quotations of today will be relative to the same period 4 years ago, where even 600b allocation in real terms is far better that this 1.9t you alone dey clap for??



Nairalanda1, I dey quote you cos I have a hunch you are the same person. Your typing pattern, words, logic etc are largely the same. I may be wrong though.

Ikpeyi:


https://dailytrust.com/n620-per-litre-this-isnt-what-we-voted-for-kano-resident-laments/

grandstar:


I an not Nairalanda1

I think I should let you know what type of person I am. I prefer to focus on what technocrats say, rather than what the layman on the street.

Listening to the man on the street in respect of economics is no different from a food vendor in how to handle live wire. It is because economics does not electrify and kill is what makes many feel they are dons in economics while spewing hieroglyphics. Hoewever, it does leave behind economic woes when implemented.

In respect of clearing car for 3.8m 2 months ago and 5m now amount to a nominal or real increase? Let us use this test

A pen I bought 2months ago still cost the same price now. 3.8m would buy 76,000 pens e months ago and the 5m it increased can purchase 100,000 pens today. So, there was an increase in real terms. Government was losing tons revenues by under-pricing the dollar at the official rate. The increase in price was not Zimbabwean style printing of currency.

The inflation suffered under Buhari was cost push inflation- that is inflation fuelled by printing of money and excessive government borrowing from the central bank. That was why the Naira kept falling and inflation was high. A persistent increases in projects shouldn't come as a surprise.

Corruption is another matter altogether. I don't what to say about that.

4 years ago, the Naira was 365 if I am correct. It later devalued to 480 or so as of October 2021. The currency should not have lost a kobo if Buhari had listened to his technocrat. If he had devalued the official rate then of 410 to about 460, there would have been sufficient dollars to go round.

Also, had he also ended petrol subsidies, there would been less borrowing need. The Naira would have remained firm at around 460-480 band.

But Buhari never fails to spoil a good thing. The Naira began to fall rapidly from around 480 in the last quarter of 2021 when government banned sales of forex to the BDC's.

I am sure prices of cement and other things would have only increased in cost by from 2019 to now by only 30-35% rather than doubling if the sales to the BDC's had not been stopped.

Treadway:
i'm not interested in blaming Buhari, but rather the massive horde of foolish Nigerians who love supporting and rewarding failure, so I no go dissect or discuss that one with you.

How can you say that money will buy more Corolla's or pens now bros?? Even cococola pet drink is 250 now within a space of two days. Those calculations are off, and you know it. The only thing that has not increased in price is the air we breathe, and the increases haven't taken full effect or gone round like I was telling a friend. Just give it two more weeks by August everything go clear well. For example, i'm also a Vitafoam distributor and they haven't adjusted their prices, but I/you/we know the prices will be adjusted upwards very soon and in no small measure and this will be the same on virtually every item you can think of. I'll personally remember to tag you in August when this breakfast must have gone round more. The naira purchasing power has almost been wiped out, meaning anyone and everyone with the means will be jostling to preserve their money in dollars creating a sure consistently high demand that will make the chasm between the parallel rate and the official rate wider, and we are right back to where we started, only worse off cos 100k would now give the value that 10k once gave.

Let's not beat around the bush on this, rather let's call it what it is. The naira purchasing power has been whittled down to the degree and by a percentage that the number increase of 1.9trn so celebrated is virtually irrelevant and offers no real comparable value to when the naira purchasing power was better. This is the simple truth.

Treadway:
Honestly, I am very very very worried. I am into luxury goods on both fronts (mattress and cars). With the kin squeeze in disposable income that is sure to happen for an extended period of time, I am very very afraid. Man must urgently go back to the drawing board, before shit hits the fan.

Japa geng in travel section go dey laff me say God don catch oga treadway. Sukkot give me 15million you are not using let us goan build CNG skid in Ibadan oo, igboro ti fe daru bayi oo

SweetDipBenny:
We protested against bad governance nd SARS, they told us to go tru d ballot. We went tru d ballot, nd they told us to go tru d court. They sud not let us go tru d street after goin tru d court.. WE R NOT OUR PARENTS.

Parrot69:

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