Dafresh:
you mean majority are happy buying fuel 650 naira

don't mind those idiots, they believe that everyone that speaks against the evil policy of tinubu is an Igbo man. I am a northerner I want them to come to the north and see how northerners are cursing tinubu. Infact many people prefer to have Buhari back instead of the high surfering that tinubu put them into.
Every commodity has skyrocket to a price that only the Rich can afford.

Tinubuderanged:
don't mind those idiots, they believe that everyone that speaks against the evil policy of tinubu is an Igbo man. I am a northerner I want them to come to the north and see how northerners are cursing tinubu. Infact many people prefer to have Buhari back instead of the high surfering that tinubu put them into.
Every commodity has skyrocket to a price that only the Rich can afford.

They are afraid to say the truth

nnamdi640:
With all what you mentioned, corruption won't allow such to happened. Again, if the so called crude oil is refined in this country, there won't be any need for demand of dollars for importation of the refined products, even if there is increase in the price of crude oil, it won't affect the price as what we have now. With this present price, we are among those countries that buys fuel at a very higher rate. A country that have crude oil and yet buys the products at a higher rate, I don't think we have two countries that are in our situation

Importing petrol is a big shame

Lifestone:

Are you saying the two policies are wrong. Common, maybe I should listen to your alternatives to the position of BAT. Strong leaders take tough decisions.

The policies ain't the problem here but the timing.
He should have first ensured that refineries were running perfectly before removing the subsidy

SOSinNigeria:


Yes, that inauguration speech announcement of subsidy removal was obviously unintentional. Tinubu obviously didn't mean to say that subsidy has ended. But because he is ignorant or too old to understand that any word uttered by a president is critical. Immediately he made that mistake, media carried the news and fuel stations increased their prices. Instead of him to clarify that his statement was misconstrued, the old man decided to ride with it.

Someone that openly said 'na data we go chop' shows he doesn't even understand the importance of data in economic management.

Peter Obi understands the critical importance of data and peer review, and that's why he doesn't joke with it. He will check if there are other developing countries that have tried it and how successful they were. He will also make comparisons with Nigeria to understand how to implement it.

Tinubu is just a disaster and at this point, the damage is done. Nigeria's economy is headed for a crash if the mad man isn't stopped.

Unfortunately his supporters are still playing the ostrich; pretending everything is good or that those criticizing the biting hardship are enemies. By the time they realize what they have done to themselves, it will be too late to be redeemed.

onumadu:
I thought you wanted to say that Buhari concocted a clear fraudulent elections to bring Tinubu in, knowing fully well that the judiciary will reverse it.
Buhari appeared to have honored their gentleman agreement (keep in mind that there is no honor among thieves, lol) , but Buhari set up landmine through the brazen electoral fraud.
And Buhari handpicked Mahmood to carry out the plan.
That is why INEC deliberately posted wrong electoral results to the iRev portal.
By the time Tinubu realizes all these games, he would be back in Irabiji.

If tinubu wants he can fix the issues with his kabal but no their interest is topmos

judatech:
I dey wait for comments

as ehh, the op finished work there.

There's nothing else left for any sensible person to say.

onumadu:
I thought you wanted to say that Buhari concocted a clear fraudulent elections to bring Tinubu in, knowing fully well that the judiciary will reverse it.
Buhari appeared to have honored their gentleman agreement (keep in mind that there is no honor among thieves, lol) , but Buhari set up landmine through the brazen electoral fraud.
And Buhari handpicked Mahmood to carry out the plan.
That is why INEC deliberately posted wrong electoral results to the iRev portal.
By the time Tinubu realizes all these games, he would be back in Irabiji.

If tinubu wants he can fix the issues with his kabal but no their interest is topmost

Majority of the post here against BAT is by the same person using different monikers. Op chai you are jobless oh.

The mouth tour snails used to curse a diety, you will use to rub the ground.

onumadu:
I thought you wanted to say that Buhari concocted a clear fraudulent elections to bring Tinubu in, knowing fully well that the judiciary will reverse it.
Buhari appeared to have honored their gentleman agreement (keep in mind that there is no honor among thieves, lol) , but Buhari set up landmine through the brazen electoral fraud.
And Buhari handpicked Mahmood to carry out the plan.
That is why INEC deliberately posted wrong electoral results to the iRev portal.
By the time Tinubu realizes all these games, he would be back in Irabiji.

SOSinNigeria:
Tinibu has proven to be the most foolish president in history. Even Buhari everyone thought was dull succeeded in playing him for a fool.

Buhari, just like other presidents before him knew that removing subsidy without working refineries will spell doom. So, what did he do? He carefully set the date for subsidy removal to coincide with when he would be out of government. He gazetted that he has removed subsidy with a futuristic date. He took the glory yet used Tinibu as the mugu to take the blames.

Having raised hordes of tribal bigots, sycophants and propagandists to back him up, Tinubu thought he could ride roughshod on Nigerians. He removed subsidy on his first day as president. As if that wasn't bad enough, he floated the naira! He then basked in the glory of being a tough president who could walk where angels dread to go. Little did he know he was only digging his own pit.

Now, fuel price has continued to rise astronomically while naira continues to crash against the dollar. Tinibu must have realized his folly by now but it's too late. He can't bring back subsidy without appearing like a demented fool. Neither can he regulate the naira as was done before without making a caricature of himself. As things stand now, Tinibu can't do anything to save himself. Very soon naira will get to 1000 per dollar and fuel will get to 1000 per litre.

Even his bigots and sycophants are too hungry and too frustrated to put up a fight on his behalf. He has disgraced them completely and Obidients now make mockery of them everyday.

I bet Buhari, Jonathan and Obasanjo must be laughing hard at Tinibu and his foolishness.

Who is "Tinibu", do i know him?

Skyview01:


Who is "Tinibu", do i know him?

Did you just crept out of a hole? Who doesn't know the drug lord, impostor and mandate thief?

Even people in faraway Austria know him as a drug lord.

Your biological parents that are not foolish, please list their life achievements here

Lifestone:

Are you saying the two policies are wrong. Common, maybe I should listen to your alternatives to the position of BAT. Strong leaders take tough decisions.

Atiku and Obi would have done what Tinubu is doing. They said exactly the same thing during campaign.

nicedayontop:
Tinubu has taken the best set of decisions since he became the president. Even the other candidates never say they would not remove subsidy. Anything or policy that will make Nigeria to stop borrowing in order to subsidize petrol consumption is highly welcomed. We can't eat our cake and have it. It is so obvious that Nigeria will go with the subsidy system going by the rate and amount of borrowing during Buhari government. This is positive economics as against normative economics. Unfortunate, many Nigerians don't understand the dangers ahead if we continue with subsidy regime.

continue

forexprophet:
You are under a spell...fool
....

...lol. The guy has no atom of cell working in his brain

Penguin2:

I don’t think it was Buhari that set Tinubu up to fail, I think Tinubu undid himself by himself.

I read of a report by a committee chaired by Sen. Abiru, the former MD of Polaris bank who they say might be next Minister of Finance even though he’s a serving senator.

That committee was set up by Tinubu and his handlers before even inauguration and they came up with what would form the economic blueprint of Tinubu’s administration. They recommended a phased removal of subsidy and a delayed floating of the Naira; a recommendation backed by data.

But on Inauguration Day, Tinubu ignored the expert recommendation as informed by data and chose to act on impulse and his immediate instincts. He even said it later in an interview that his men were surprised that he made that pronouncement as it was not part of his speech. The result is the disaster we have now.

So, it’s not Buhari’s fault. Even Buhari made provision for subsidy till end of June but Tinubu cut it shorter. And even if it had been gazetted, Tinubu as president had powers to review it.

The man no just get sense.

When we drew attention to this then, his lackeys tried drowning those concerns with "he can take bold and tough decisions".

They are mute now.

Nigeria is not Lagos. If he fails to nip this downward spiral in the bud, he'd be a one-term president.

By September, parents will start grappling with high university tuition. Same parents who have parked their cars over #600 gasoline.

-Lord

SOSinNigeria:


Did you just crept out of a hole? Who doesn't know the drug lord, impostor and mandate thief?

Even people in faraway Austria know him as a drug lord.

Tinubu is the president of Nigeria. I don't know a "Tinibu".

You may need to go to spelling classes.

LordAdam16:


When we drew attention to this then, his lackeys tried drowning those concerns with "he can take bold and tough decisions".

They are mute now.

Nigeria is not Lagos. If he fails to nip this downward spiral in the bud, he'd be a one-term president.

By September, parents will start grappling with high university tuition. Same parents who have parked their cars over #600 gasoline.

-Lord

Sometimes you can’t help but feel pity for them because they are operating on the level they know and can grasp.

They are like lower animals with poor mental development that remote controlled and told what to say and how to say them all the time.

And being lower animals, they have no rational ability to question the orders handed to them neither are they interested in counter-facts to what they are told.

It’s a pathetic life they are leading.

SOSinNigeria:
Tinibu has proven to be the most foolish president in history. Even Buhari everyone thought was dull succeeded in playing him for a fool.

Buhari, just like other presidents before him knew that removing subsidy without working refineries will spell doom. So, what did he do? He carefully set the date for subsidy removal to coincide with when he would be out of government. He gazetted that he has removed subsidy with a futuristic date. He took the glory yet used Tinibu as the mugu to take the blames.

Having raised hordes of tribal bigots, sycophants and propagandists to back him up, Tinubu thought he could ride roughshod on Nigerians. He removed subsidy on his first day as president. As if that wasn't bad enough, he floated the naira! He then basked in the glory of being a tough president who could walk where angels dread to go. Little did he know he was only digging his own pit.

Now, fuel price has continued to rise astronomically while naira continues to crash against the dollar. Tinibu must have realized his folly by now but it's too late. He can't bring back subsidy without appearing like a demented fool. Neither can he regulate the naira as was done before without making a caricature of himself. As things stand now, Tinibu can't do anything to save himself. Very soon naira will get to 1000 per dollar and fuel will get to 1000 per litre.

Even his bigots and sycophants are too hungry and too frustrated to put up a fight on his behalf. He has disgraced them completely and Obidients now make mockery of them everyday.

I bet Buhari, Jonathan and Obasanjo must be laughing hard at Tinibu and his foolishness.

calm down

LordAdam16:


When we drew attention to this then, his lackeys tried drowning those concerns with "he can take bold and tough decisions".

They are mute now.

Nigeria is not Lagos. If he fails to nip this downward spiral in the bud, he'd be a one-term president.

By September, parents will start grappling with high university tuition. Same parents who have parked their cars over #600 gasoline.

-Lord

Yes, not every policy can be rushed. Some need very sound execution like the student loan scheme. It needs lots of tweaking and fine tuning.

The end does not always justify the means.

However, I support his action in respect of the fuel subsidy removal. About the Naira float, the appointment of a very competent CBN head should sort that out.

Most importantly, the government is barely 60 days old and has dealt a blow to the oil subsidy, a monster that held the economy in a stranglehold for decades in a matter of days. The ending of the multiple exchange policy which Nigeria de facto practised for the past 8 years due to Buhari's incompetence was demolished in less than 30days. There's a lot of turbulence in the market. The country experienced worse under Buhari. The government needs more time. It is too early to pass judgment.

You wrote about when the Naira declines to 512 to a dollar if I am correct while the official rate was 199. That was probably first quarter of 2017. The currency had been dropping rapidly for weeks. It made a sudden rebound. I ad clients who wanted to purchase a house and were unhappy that the Naira was firming up as they wanted in bring in dollars (convert to Naira) to pay for it. The Naira suffered a free fall under Buhari a number of times.

Similar drop was experienced in late 2021 (when the CBN banned sales of forex to BDC's) and even late last year (due to the Naira redesign and swap policy), It actually happened a 4th starting around mid June when the Naira started a rapid fall from around 365 around early second quarter 2020 hitting around 480 by November. I might be wrong here. The official rate remained at around N310

It should even be 5 times if we include the free fall that happened when Buhari assumed office. By January 2016, the parallel market rate was 310 while the official rate was stuck around 1999. That man was a disaster.

grandstar:


Yes, not every policy can be rushed. Some need very sound execution like the student loan scheme. It needs lots of tweaking and fine tuning.

The end does not always justify the means.

However, I support his action in respect of the fuel subsidy removal. About the Naira float, the appointment of a very competent CBN head should sort that out.

Osinbajo, Atiku, Obi would have carried out a less chaotic implementation.

Heck, Tinubu self-sabotaged himself. His own policy documents, manifestos, and experts had it all laid out in plain terms.

Why have experts if you would not listen to them?

Most importantly, the government is barely 60 days old and has dealt a blow to the oil subsidy, a monster that held the economy in a stranglehold for decades in a matter of days. The ending of the multiple exchange policy which Nigeria de facto practised for the past 8 years due to Buhari's incompetence was demolished in less than 30days. There's a lot of turbulence in the market. The country experienced worse under Buhari. The government needs more time. It is too early to pass judgment.

Buhari ended subsidy, albeit briefly. When he raised the price to 145 then 165, NNPC made profits on each liter sold.

Then the oil price surged and he decided to reintroduce subsidy because the country had suffered through a recession and was just getting back on its feet.

The multiple exchange rate policy had the same impetus. Again, many of the pains were self-inflicted. Like starting a tussle with the creeks when oil was at a decade low price. But the facts were that revenue was low across the board and a triage had to be done.

There is no such thing as a perfect economic policy. There are always pros and cons. Round-tripping was the con of the multiple exchange rate policy, but there's a reason why Nigerian policy makers tend to turn to it when we're in dire straits.

You wrote about when the Naira declines to 512 to a dollar if I am correct while the official rate was 199. That was probably first quarter of 2017. The currency had been dropping rapidly for weeks. It made a sudden rebound. I ad clients who wanted to purchase a house and were unhappy that the Naira was firming up as they wanted in bring in dollars (convert to Naira) to pay for it. The Naira suffered a free fall under Buhari a number of times.

Similar drop was experienced in late 2021 (when the CBN banned sales of forex to BDC's) and even late last year (due to the Naira redesign and swap policy), It actually happened a 4th starting around mid June when the Naira started a rapid fall from around 365 around early second quarter 2020 hitting around 480 by November. I might be wrong here. The official rate remained at around N310

It should even be 5 times if we include the free fall that happened when Buhari assumed office. By January 2016, the parallel market rate was 310 while the official rate was stuck around 1999. That man was a disaster.

We've had two epochs of declines. From the tail end of Jonathan's tenure to when Osinbajo unified the rates during Buhari's extended bed rest in London. The second was triggered by the once-in-a-century pandemic.

Within these epochs, there were lulls and periods of rapid declines, but the overall trend was negative.

Again, Buhari had to work with sh*t fundamentals. He didn't cover himself in glory and he often worsened the economic downturn, but he stuck religiously to his fiscal socialist tenets.

Which is that even if we only have little, Nigerians should get a morsel. That was the thought behind the variegated social programs including NPOWER, school feeding program, TraderMoni, reintroduction of the FX and gasoline subsidies.

The downside of course is that it resulted in a boon for connected blue bloods to pilfer. I don't approve of this. I'm more of a fiscal conservative.

The EFCC/DSS raids on BDC outlets, the banning of abokifx, the naira redesign, and many more moves instigated by Meffy were not for show. They were desperate attempts to manage the chasm between the divergent rates and inflation, while supporting his principal's economic position.

Tinubu is a fiscal liberal. You do not switch a country's driving economic policy overnight or in a month.

You need first-party access to the data and your experts need to run their models and what not. He didn't do that. And it's blown up in his face. Parallel market rate is 870 as of this morning. Official I&E closed at 793 (intra-day high of 853). And we're about to regularize monthly allocations of N2T, courtesy of the depressed FX rates.

So where will he see the stubborn oaf of a CBN governor who'd say he'd want to make the naira appreciate by over 20% and cut their allocations by over N400B. Even the opposition will scream blue murder.

And we've not broached the 10,000-pound whale called inflation. The West pretty much took a sledgehammer to their economies to stall spiraling inflation. Our floor is 20+% (compared to theirs of ~3-5%). And we are talking about have increased gasoline price by 300%. Allocations by 250%. Minimum wage is to go up by at least 200%. All of these within one quarter. And he's still planning to cut interest rates.

As I said self-sabotage.

There's a thread that opined that Buhari set Tinubu up. I think Tinubu stuck a fork in an outlet himself.

You're saying it's still early days. But you don't put out fires by spraying accelerants. And that's what he is doing.

Why has it taken him 6 weeks to put together a ministerial list? Why is he engaging in early policy reversals on the N500B conditional disbursals?

I never had high hopes for him. But I at least figured he'd be better than Buhari. Like that's an easy bar to clear, right? And yet, he is flailing about.

He can still turn this around but he has to get on it pronto.

You have the policy, you have the experts, you have the backing of the entire political establishment, you have the press in your corner, what else does he need... Anyway, it'll be a good thing if he implodes early. Like Buhari, his lifelong ambition of being the GCFR has been achieved. Rather have 4 years than 8 years of maladministration.

-Lord