anonymous1759:



Get a life you’re sounding too dumb and stvpid

another demon from hell…. It takes a demon to see this level of destruction and still support the government in power.

Handwork of Tinubu

Some people are making money through this policy and while some are complaining day by day, even those that didn't have business doing with dollar, in every government, they always complained....it's earlier u realised the reality of global change the better for you......its every where ,even usa,Europe, UK.check their policy...its better you start eat and buy what you produce locally and how you can send it to international market.

Revolution2022:
Devaluation of the currency doesn't help the economy of a country.Nigeria has been devaluing the Naira.Still,the economy has not improved.

/

Devaluation is very good...but only for countries with high exportation business. It makes goods in such countries cheaper and attracts foreign merchants.

For Nigeria, it will be good if Nigeria refines her petroleum and exports to other countries. But since Nigeria is heavily dependent on importation and consumption with minimal production, devaluation will quicken the destruction of the economy. It is worse considering that income remains stagnant. N100k in 2023 doesn't have the same purchasing power as in 2003. The losers are those who look at the numbers and think they are doing well.

/

cucumbar:
Sharap there you demon!
Why can’t the government go against the people abusing the subsidy? Keep supporting rubbish for 30k. Hell awaits you. Demon!

The issue has never been about those abusing the subsidy. The issue is the subsidy itself.

As at May 28 this year, a litre of crude oil used to process it into petrol cost 47cents per litre. Multiply that the unrealistic exchange rate at the time of 440 to a dollar and that brings the price to N208 per litre of crude oil. The petrol price then was 195 per litre

That means it was cheaper to buy petrol in Nigeria than the crude oil it is made from. It was even the unrealistic rate of 440 used. If the more realistic 770 rate is used, the figure will be more frightening. We are yet to add refining cost and all minor costs? The subsidy would have been at least 250 per litre. Multiply that by 50m litres a day [b](this is very conservative) [/b]and you have 12.5bn daily. Multiply that by 365 and you have around 4.65bn in a year. The government estimated that the fuel subsidy would cost about $10bn this year alone. This is about 2.2% of GDP.

Already, debt servicing was to consume 96% of government revenue this year. Where then is the more to subsidize petrol? The money no longer exists. The government is not borrowing for an investment that would yield interest to pay off the loan but something that would only add on to the country's unsustainable debt burden.

Is the subsidy removal biting my butt? Yes. I have only bought petrol once since the subsidy was removed. Do I support the removal? Yes. It was the right thing to do.

Even if the sub
sidy would cost the government nothing, it caused a lot of damage. It discouraged investment in the refining of crude oil. No one would build a refinery in a country where the government subsidizes the price of main products. Subsidy basically means selling it below the market price. Dangote and Bua could proceed because they could use their very profitable cement businesses as collateral.

Had the subsidy been done away with in the 1990s, by now, the country would be refining at least 2million barrels of crude oil daily. It would have a ripple effect on the oil industry and the economy. Nigeria would definitely be the no.1 petrochemical giant in Africa, same with fertilizer, second largest gas exporter in Africa, Africa's largest oil logistic hub and so on. The subsidy cost the country a lot of things. I won't be surprised if GDP would not be at least 3 times what it is today.

grandstar:
Argentina is a perennial basket case. It should be an economic powerhouse but bad fiscal and monetary policies are the bane of its economy.

It always spends above its revenue and lacks the backbone to cut spending. Cutting spending would mean slashing the bloated civil service, eliminating transportation and energy subsidies. These are untouchables, so things just go from bad to worse.

On January 1 1992, the Argentine Peso was fixed at $1-1peso. Today, it is $1-350 peso

Those who want the petrol subsidy to continue want the above to play out, This should be a warning.

today 1 Naira is how much to a Dollar....Awon lecturers every where

Cemsorcems:


Agbado dogs, even if you miss anything of importance in the entire post, don`t miss the above quoted part, then compare it with what is obtainable in Nigeria before praising the failure in Aso Rock for his dumb foresight!

See as body dey sweet you

Tobijays:
how long will it take to fix the refineries? Read up on all these things so you won’t sound dump! The only single fast approach to bring down dollar rate is stop all imports into these country but that will kill the whole eastern business because all ther goods are imported! China closed all ther borders and reduced drastically ther imports for over 40 years that is why they are where they are now!

The East even without power at the center is still responsible economic failure of Nigeria

Tobijays:
so with your supply and demand, explain to us how you go turn 1dollar to 150 naira?

When we stop importation of refined crude products and start refining and exporting, we will have net gain instead of the current excessive demand of forex for import.
It’s simple.
Patronizing on man monopoly due to campaign financing will not help the situation.

He believes replacing the peso with the dollar could calm inflation, but many economists warn that would trigger financial chaos.

This guy should be careful.

Okoroawusa:
This guy is an American agent
I hope Argentina doesn't go the way of Venezuela.

The U.S. spoils any land it sets it eyes on....I call them "the scavengers". Look at Venezuela, Libya, Afghanistan, Iraq and more.

If you read about Argentinan history, you would see the long story that led to where they are now. Suffice it to know that years of spending for 'social amenities' without a thought for where the money would come from led to the issues the country faces.

Venezuela is also a classic case of relying on oil and oil alone. In the 1980's their economy crashed to a point where people were eating from the bins . And their leaders were at the time pro-American

Libya's problems is simple. Years of one man rule breed resentment. There is a cold reason why China has regular transitions of power. After some time, one man rule gets people angry.

But if you look at all the countries you mention...they have weak economies because they rely on ONE SOURCE OF INCOME...whose price they do not control. (Only Iraq and Afghanistan were wrecked by the US...and in the latter's case, Rossiya.)

Taylor90:


Meanwhile Argentina own devaluation will favor them but Nigeria own don backfire

Argentina's devaluation has not favored the average Argentine. It has been one long story of problems after problems from the 1980's onward.

They are better than Nigeria, really, but they are far from where they should be.

They even ended up at one point not paying their debts to the IMF. some ten years ago (while Nigeria manages to service their debt).

sonnie10:

When we stop importation of refined crude products and start refining and exporting, we will have net gain instead of the current excessive demand of forex for import.
It’s simple.
Patronizing on man monopoly due to campaign financing will not help the situation.

good point. How long do you think it takes to repair or build a refinery? It can’t be less than 2years any rubbish work will lead to explosion that can ruin the entire state it’s located and environs! Safety mechanisms is key and we have to import all parts to fix! Buhari destroyed the economy, Jonathan too and OBJ! Only if obj built world class refinery it would have saved Nigeria close to 500 billions dollars and guess what it was cheaper then due to conversion rates! The military govt was a waste! Tinubu impact can only be felt at the end of his first tenure that if he is very good! Buhari’s economic rottenness reached the core. The only emergency to save dollars is to cancel all imports and limit forex to only earn dollars and pay naira! But cancelling imports will cripple all the businesses in Nigeria because the economy is running on imports! No government fit run naija to make sense even if you a Godsent! Building this country needs honest man with massive vision to build this country and it will take nothing less than 10 years! How did the prince of Saudi build dubai? How long did it take ? Ordinary burj Khalifa took over 2 years and that is just a building

grandstar:


The issue has never been about those abusing the subsidy. The issue is the subsidy itself.

As at May 28 this year, a litre of crude oil used to process it into petrol cost 47cents per litre. Multiply that the unrealistic exchange rate at the time of 440 to a dollar and that brings the price to N208 per litre of crude oil. The petrol price then was 195 per litre

That means it was cheaper to buy petrol in Nigeria than the crude oil it is made from. It was even the unrealistic rate of 440 used. If the more realistic 770 rate is used, the figure will be more frightening. We are yet to add refining cost and all minor costs? The subsidy would have been at least 250 per litre. Multiply that by 50m litres a day [b](this is very conservative) [/b]and you have 12.5bn daily. Multiply that by 365 and you have around 4.65bn in a year. The government estimated that the fuel subsidy would cost about $10bn this year alone. This is about 2.2% of GDP.

Already, debt servicing was to consume 96% of government revenue this year. Where then is the more to subsidize petrol? The money no longer exists. The government is not borrowing for an investment that would yield interest to pay off the loan but something that would only add on to the country's unsustainable debt burden.

Is the subsidy removal biting my butt? Yes. I have only bought petrol once since the subsidy was removed. Do I support the removal? Yes. It was the right thing to do.

Even if the sub
sidy would cost the government nothing, it caused a lot of damage. It discouraged investment in the refining of crude oil. No one would build a refinery in a country where the government subsidizes the price of main products. Subsidy basically means selling it below the market price. Dangote and Bua could proceed because they could use their very profitable cement businesses as collateral.

Had the subsidy been done away with in the 1990s, by now, the country would be refining at least 2million barrels of crude oil daily. It would have a ripple effect on the oil industry and the economy. Nigeria would definitely be the no.1 petrochemical giant in Africa, same with fertilizer, second largest gas exporter in Africa, Africa's largest oil logistic hub and so on. The subsidy cost the country a lot of things. I won't be surprised if GDP would not be at least 3 times what it is today.

you said it all bro! Tinubu told labor chairman that refinery will be fixed! Swears bro if OBJ helped with the subsidy removal by now Nigeria GDP will be over 1.5 trillion dollars

sonnie10:

The East even without power at the center is still responsible economic failure of Nigeria

bro, the evidence dy! Nigeria purchase goods of over 4 billion dollars from China in 2022 alone! Retain that money into the economy lasan e go shake d dollar a bit! Over 20 million mobile phones was shipped into this country! Over 1 million cars was brought into Nigeria last year! Let talk pharmaceuticals, heavy duty machines, cosmetics and consumables and see where d problem lies! And Nigerians keeping der money in dollars in all these fx domain not in CBN ooo nah tell me how dollar no go high! E suppose don reach 5k sef

I pity them
When you vote emotions and rhetoric you get this

Tobijays:
bro, the evidence dy! Nigeria purchase goods of over 4 billion dollars from China in 2022 alone! Retain that money into the economy lasan e go shake d dollar a bit! Over 20 million mobile phones was shipped into this country! Over 1 million cars was brought into Nigeria last year! Let talk pharmaceuticals, heavy duty machines, cosmetics and consumables and see where d problem lies! And Nigerians keeping der money in dollars in all these fx domain not in CBN ooo nah tell me how dollar no go high! E suppose don reach 5k sef

Did Igbos start importing today? But can’t a Yoruba or Hausa man build factories to produce all these things you listed? So that they would save the day.
Why the fixation on Igbos?

Tobijays:
good point. How long do you think it takes to repair or build a refinery? It can’t be less than 2years any rubbish work will lead to explosion that can ruin the entire state it’s located and environs! Safety mechanisms is key and we have to import all parts to fix! Buhari destroyed the economy, Jonathan too and OBJ! Only if obj built world class refinery it would have saved Nigeria close to 500 billions dollars and guess what it was cheaper then due to conversion rates! The military govt was a waste! Tinubu impact can only be felt at the end of his first tenure that if he is very good! Buhari’s economic rottenness reached the core. The only emergency to save dollars is to cancel all imports and limit forex to only earn dollars and pay naira! But cancelling imports will cripple all the businesses in Nigeria because the economy is running on imports! No government fit run naija to make sense even if you a Godsent! Building this country needs honest man with massive vision to build this country and it will take nothing less than 10 years! How did the prince of Saudi build dubai? How long did it take ? Ordinary burj Khalifa took over 2 years and that is just a building

Like I said earlier, policy making is different from implementing. You are taking about building refinery and you have not seen any sign that it’s even an agenda of the present government.
Let them start with executive order in that regard, then we will see them as being serious.

Believe me, they won’t do it. The reason is that it will hinder the monopoly of their campaign donor in that area.
Will it also take him 2 years to sign orders?

Devaluation help if tailored towards a macroeconomics indices in mind. A country like China has been devaluating her currency for years to make export cheaper while average Chinese shun import because it's too expensive. Naira devaluation is tailored toward nothing. We export nothing and import everything and that is our major problem. Import is out of reach and most businesses will close shop because they can afford raw materials, hereby increases unemployment while we have nothing to offer the world in term of export.

Revolution2022:
Devaluation of the currency doesn't help the economy of a country.Nigeria has been devaluing the Naira.Still,the economy has not improved.

How do we get to using %96 of revenue for debt servicing? I am scared for Nigeria for real. We need to cut cost of governance by %90 per cent. Only one senator from each states instead of 3. 200 max house of representative. No more than 10 commissioners in every states. Part time state legislators in every states i.e Virginia. Nigeria is a poor country and it's time we accept reality and start cutting costs in all aspects of governance. We can't expect poor people to make sacrifices while it's business as usual for politicians.

grandstar:


The issue has never been about those abusing the subsidy. The issue is the subsidy itself.

As at May 28 this year, a litre of crude oil used to process it into petrol cost 47cents per litre. Multiply that the unrealistic exchange rate at the time of 440 to a dollar and that brings the price to N208 per litre of crude oil. The petrol price then was 195 per litre

That means it was cheaper to buy petrol in Nigeria than the crude oil it is made from. It was even the unrealistic rate of 440 used. If the more realistic 770 rate is used, the figure will be more frightening. We are yet to add refining cost and all minor costs? The subsidy would have been at least 250 per litre. Multiply that by 50m litres a day [b](this is very conservative) [/b]and you have 12.5bn daily. Multiply that by 365 and you have around 4.65bn in a year. The government estimated that the fuel subsidy would cost about $10bn this year alone. This is about 2.2% of GDP.

Already, debt servicing was to consume 96% of government revenue this year. Where then is the more to subsidize petrol? The money no longer exists. The government is not borrowing for an investment that would yield interest to pay off the loan but something that would only add on to the country's unsustainable debt burden.

Is the subsidy removal biting my butt? Yes. I have only bought petrol once since the subsidy was removed. Do I support the removal? Yes. It was the right thing to do.

Even if the sub
sidy would cost the government nothing, it caused a lot of damage. It discouraged investment in the refining of crude oil. No one would build a refinery in a country where the government subsidizes the price of main products. Subsidy basically means selling it below the market price. Dangote and Bua could proceed because they could use their very profitable cement businesses as collateral.

Had the subsidy been done away with in the 1990s, by now, the country would be refining at least 2million barrels of crude oil daily. It would have a ripple effect on the oil industry and the economy. Nigeria would definitely be the no.1 petrochemical giant in Africa, same with fertilizer, second largest gas exporter in Africa, Africa's largest oil logistic hub and so on. The subsidy cost the country a lot of things. I won't be surprised if GDP would not be at least 3 times what it is today.

grandstar:


The issue has never been about those abusing the subsidy. The issue is the subsidy itself.

As at May 28 this year, a litre of crude oil used to process it into petrol cost 47cents per litre. Multiply that the unrealistic exchange rate at the time of 440 to a dollar and that brings the price to N208 per litre of crude oil. The petrol price then was 195 per litre

That means it was cheaper to buy petrol in Nigeria than the crude oil it is made from. It was even the unrealistic rate of 440 used. If the more realistic 770 rate is used, the figure will be more frightening. We are yet to add refining cost and all minor costs? The subsidy would have been at least 250 per litre. Multiply that by 50m litres a day [b](this is very conservative) [/b]and you have 12.5bn daily. Multiply that by 365 and you have around 4.65bn in a year. The government estimated that the fuel subsidy would cost about $10bn this year alone. This is about 2.2% of GDP.

Already, debt servicing was to consume 96% of government revenue this year. Where then is the more to subsidize petrol? The money no longer exists. The government is not borrowing for an investment that would yield interest to pay off the loan but something that would only add on to the country's unsustainable debt burden.

Is the subsidy removal biting my butt? Yes. I have only bought petrol once since the subsidy was removed. Do I support the removal? Yes. It was the right thing to do.

Even if the sub
sidy would cost the government nothing, it caused a lot of damage. It discouraged investment in the refining of crude oil. No one would build a refinery in a country where the government subsidizes the price of main products. Subsidy basically means selling it below the market price. Dangote and Bua could proceed because they could use their very profitable cement businesses as collateral.

Had the subsidy been done away with in the 1990s, by now, the country would be refining at least 2million barrels of crude oil daily. It would have a ripple effect on the oil industry and the economy. Nigeria would definitely be the no.1 petrochemical giant in Africa, same with fertilizer, second largest gas exporter in Africa, Africa's largest oil logistic hub and so on. The subsidy cost the country a lot of things. I won't be surprised if GDP would not be at least 3 times what it is today.

You are grossly St*PID!!

All these stupid Agbado supporters will never know that a poor economy is as a result of poor FDI and shitty fiscal policies like devaluing the Naira. If you don't get substantial foreign money coming into the country, your local money would be going out, leading to inflation.

What that dolt in Aso rock doesn't know that plunging the region into a war zone would only lead to less FDI and more inflation. Instead of him to try to transform the country, industrialize it. Solve the issue of low literacy rate. Fix the age long security issues. Work with neighbour countries to fix those security issues. Tighten the border. He would do his usual schtick. I said it before, the people of the Sad Waste are the lowest intelligent people you could ever find anywhere on earth.

SunTzu123:

1. Improve balance of trade. How you ask? By increasing exports!
In Nigeria s case it's easier; if we truly saving N1T every two months from subsidy, why not fix our refineries? Palliatives is another subsidy fraud! (By the way, do you know ANYONE who received TraderMonie?)
If our refineries are working, we will not be importing fuel!
Devaluing your currency actually helps if you are an exporting economy! (China makes sure the yen is always lower valued against the dollar!)
Why is NO ONE talking about getting our refineries back to work so that Nigeria becomes a net exporter of refined petroleum products?

Ever wondered why governments since Obasanjo have been trying to repair refineries and they still don't work?

Also, this idea that if refineries are fixed, we will not need to import or that petrol will be cheaper is just laughable. Refineries run by civil servants will produce oil cheaper? With the massive corruption that'll go on there? These refineries need to be sold if the government can find a fool to buy them.


You say the way to bolster naira is to export more. This is not an expo. Successive governments and experts have been saying it for decades and there are many govt incentives & schemes to boost export. Just screaming more exports, more exports makes no difference. What are you personally doing to produce something the country can export? You think the goods to export will magically drop from the skies. Or it is the President and politicians that should go and work in a farm or factory to boost exports.

And by the way, since you know export is the way out, and it is that easy, please what products can Nigeria export to Japan, South Korea, China, Germany, Uruguay, Mexico etc Garri, Yam, electronics, aerospace spare parts, vehicles, trains, TV, computers?

Tell us na.

Other countries's citizens are busy in factories or researching new products they can export, whereas half the Nigerian population are on social media pontificating, attacking one another, abusing politicians, and insisting the country must be destroyed.

Ok o.

grandstar:


Tinubu has never said he was an economist. Tinubu's strong points are that he appoints people who know their job, Okonji-Iweala and even Charles Soludo have approved his policies.

If things aren't going well, it is because they were snappily done. If they weren't done, nothing would have been done.. He made the right call.

Until a finance minister and CBN governor are appointed , expected some turbulence.

So until a certain minister is appointed nothing can be done to bring the economy out of the perilous dive.

Exactly what is a government then. Aren't you worried or concerned that this government by your assertion seems totally unprepared to handle the affairs of this country.

Because Nigeria is not in a transition. The same party is in charge so there is a level of continuity at high levels of government.

Mr Tinubu knows exactly what was happening in the Buhari regime and was prepared to act swiftly on subsidy which is like a firefighter rushing into a burning building to save the occupants.

But then to put out the fire they now need an expert, haba. If Mr. Tinubu needs a Minister to get the basic nuts and bolts of the economy going then who advised him to remove subsidies in the first place. The same person should advise him on how to tackle the inflationary fallout and the cost of living crises.

You said previously that Mr. Tinubu is not an economic expert. If so why take a key, key, key, economic decision. Which kind of doctor opens up a patient in theatre without an immediate plan on how to proceed.

Me, I am all for quick decision making in ending the structural imbalance subaidies are causing the Nigerian economy but I said it ceaselessly since day 1 that there had to be a plan to tackle inflation before it took hold and spread to engulf the entire economy.

Today the patient is dying in theatre with an open wound and the medical director is busy advertising the position of trauma surgeon.

Kai .
Nigerians abeg make una dey elect people wey get SOLUTIONS. Details, details, details is what matters. Folks of other nations elect leaders based on the facts of what they bring to the table.

THEY ARGUE OUT THESE PLANS like a client argues about plans with the architect before he puts his money to build.

Taylor90:
Ebola supporters will capitalize on this Argentina currency devaluation now

Meanwhile Argentina own devaluation will favor them but Nigeria own don backfire

FYI Argentina president is 64yrs while Ebola is 91yr

No compare the two brains devaluating their currency

u have no shame as usual hatred wickedness senselessness unpatriotic nature will continue to destroy ur likes continue to cry that's how u will cry for another 8yrs

Bobbiee:
All these stupid Agbado supporters will never know that a poor economy is as a result of poor FDI and shitty fiscal policies like devaluing the Naira. If you don't get substantial foreign money coming into the country, your local money would be going out, leading to inflation.

What that dolt in Aso rock doesn't know that plunging the region into a war zone would only lead to less FDI and more inflation. Instead of him to try to transform the country, industrialize it. Solve the issue of low literacy rate. Fix the age long security issues. Work with neighbour countries to fix those security issues. Tighten the border. He would do his usual schtick. I said it before, the people of the Sad Waste are the lowest intelligent people you could ever find anywhere on earth.

Obidient ipob terrorist ur brain is full of obifraud poo so there is no point correcting u

Berrylite:


You go explain till you die a shameful death. Keep up the hating

Just leave the were alone, him don turn himself to a clown, nah so he dey alwys wail ontop every thread, person wey no get option, either he like it or not, Tinubu go rule am for the next 8 years 🤣🤣🤣🤣🤣

Taylor90:
Ebola supporters will capitalize on this Argentina currency devaluation now

Meanwhile Argentina own devaluation will favor them but Nigeria own don backfire

FYI Argentina president is 64yrs while Ebola is 91yr

No compare the two brains devaluating their currency

Nah so you dey wail ontop every thread, and nah so you go wail for the next 8 years, e dey pain you say no be Obi dey power nii 🤣🤣🤣🤣😜😜😜😜

The guy's profile sounds like Obi lamba apart from the win. This one is already pulling his country further down.

Flangelo12:


What helps?

improve your production and aim for favourable balance of trade
No sensible country devalue if they don't have what to export,a net importer who devalue will hurt it economy like Tinubu just did,he is just thoughtlessly doing the bidding of the west,he even wanted to go a step futher by plunging Nigeria into a nedddless war just because his puppeteer says so