[quote author=Mrchippychappy post=125115117]Una no dey ever find better examples? If not Somalia, na Sudan now na Argentina. Na wa oh.[they
should
use
the
country(BIAFRA)
that's
never
existed
as
an
example?]

sonnie10:

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?

see bro, maybe that eastern business wey I write sha made you write this, but you see ehn no be only Igbos dy imports! It gradually the whole nation! D truth be say if Nigerians get factories nobody go buy, everyone prefers Oversea products! But if almost all imports are banned factories go just they open left and right begin production!

One day Nigeria will be great

Taylor90:
[b]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

Guilty conscience of a Wailer.

Berrylite:


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

Hunger is already dealing with all of you corn addicts. Your people are on the streets begging for food.

So the death might get you quicker

JerryGent1983:
today 1 Naira is how much to a Dollar....Awon lecturers every where

Because he have soo many lazy people like you in Nigeria today, that add nothing to the economy.

surgical:
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

In the meantime, with your piss poor productivity level you expect to enjoy parity with stronger currencies?

DeLaRue:


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

Government at the top is the main instigator (politicians benefit hugely) of corruption. This is why nobody wants to fight it. Like I asked you, do you know anybody who collected TraderMonie?
Nobody asked questions due to tribal/religious sentiments.
Do you know what it means to have the backing of state power? But they use it intimidate and subdue their political opponents!

Social welfare is sacrosanct, even Tinubu will soon realize that there's no way you can run a country efficiently without it, except you intend to give the economy back to businesses and private big businesses which is even worse. The Nigerian economy has never been intentional about boosting multiple sources of income and punishing corrupt practices of bureaucrats who stand in the way and cause a massive bottleneck to our collective prosperity.

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!

This one is still feeling pains from the pangs of defeat.
Brace up for 8 years is a long time away.

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

Your tweet is out of ignorance. Read again again and make some reasearch dumb skull. The devaluation isnt favouring argentina and this candidate is against it. Dont just jump on anything with that maggot filled brain of yours. Mr Ebola

Flangelo12:


What helps?

In my secondary school understanding of economy, devaluation would discourage importation, which would in turn boost the value of the currency but it has never worked in reality, especially in our nation.

What helps?
Well, production, processing of produced goods into different useable forms and enabling environment for entrepreneurship.

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.

pally, it’s about the abuse…not the subsidy itself.
First of all, they haven’t told us how much fuel we consume or they have been subsidizing. That means certain persons have been inflating the figures at will.

Why have they been calling subsidy a scam?

They talk about smugglers taking subsidized fuel to sell outside Nigeria. Are these smugglers ghosts?

Why must you throwaway the baby with the bath water? Why not go after persons abusing the subsidy ?
Please be truthful for once.

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

Favour them how? Argentina is a basket case. I have an Argentinian colleague and he says it's horrible economically there

1 argentine peso equal to 2.17 Naira. Just another shitty currency like naira. yet argentines during world cups will be forming "white" superiority to Nigerian and other Africans...mtchhh

Adgraced:
1 argentine peso equal to 2.17 Naira. Just another shitty currency like naira. yet argentines during world cups will be forming "white" superiority to Nigerian and other Africans...mtchhh

Argentina is a nice looking broke country.

cucumbar:
pally, it’s about the abuse…not the subsidy itself.
First of all, they haven’t told us how much fuel we consume or they have been subsidizing. That means certain persons have been inflating the figures at will.

Why have they been calling subsidy a scam?

They talk about smugglers taking subsidized fuel to sell outside Nigeria. Are these smugglers ghosts?

Why must you throwaway the baby with the bath water? Why not go after persons abusing the subsidy ?
Please be truthful for once.

Why must there be a subsidy in the first place? People should pay market determined price for goods and services. That is the right thing to do.

There are better ways to help people than with a subsidy. Tinubu made the right call and he has been praised by economist for it.

Reference:


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 subsidies 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.

You sound naive ( please don't be quick to take it the wrong way). You sound innocent.

In democracies, a leader does not have the luxury of doing what he wants to do. Rather, you do what you are able to do.

The meticulousness you desire sadly wasn't there and the blame goes to the acting central bank governor who seems clueless in respect of taming inflation and also the growing spread between the official and parallel market rates. Had he succeeded in deregulating the Naira, we won't be having this discussion. It is the downward spiral of the Naira that is causing the present pain and nothing else.

For inflation to be tamed, CBN will need to increase interest rates to 25%. This will bring inflation down but would most likely lead to a recession and it is something Tinubu may not want hence the CBN's steady hand. When interest rates are high, people prefer to save rather than invest, removing cash from the system. With less cash in the system, inflation goes down. It is the prime tool central banks use for combating inflation but it is a double edge sword as it slows economic growth and many times, pushes the economy into a recession. Rates are lowered gradually as inflation falls.

A new CBN governor is badly needed now as well as a finance minister. The quick decision you seek won't come as Tinubu unwieldy cabinet takes shape and nominees are appointed to their respective ministries, parastatals and so on. He has political debts he has to pay.

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

Mr heaven

grandstar:


You sound naive ( please don't be quick to take it the wrong way). You sound innocent.

In democracies, a leader does not have the luxury of doing what he wants to do. Rather, you do what you are able to do.

The meticulousness you desire sadly wasn't there and the blame goes to the acting central bank governor who seems clueless in respect of taming inflation and also the growing spread between the official and parallel market rates. Had he succeeded in deregulating the Naira, we won't be having this discussion. It is the downward spiral of the Naira that is causing the present pain and nothing else.

For inflation to be tamed, CBN will need to increase interest rates to 25%. This will bring inflation down but would most likely lead to a recession and it is something Tinubu may not want hence the CBN's steady hand. When interest rates are high, people prefer to save rather than invest, removing cash from the system. With less cash in the system, inflation goes down. It is the prime tool central banks use for combating inflation but it is a double edge sword as it slows economic growth and many times, pushes the economy into a recession. Rates are lowered gradually as inflation falls.

A new CBN governor is badly needed now as well as a finance minister. The quick decision you seek won't come as Tinubu unwieldy cabinet takes shape and nominees are appointed to their respective ministries, parastatals and so on. He has political debts he has to pay.

How do you mean by 'deregulating the naira'?

PDPdestroyer:

How do you mean by 'deregulating the naira'?

Let the value be determined by market forces, by forces of demand and supply

grandstar:


Let the value be determined by market forces, by forces of demand and supply

Isn't that what has happened with the floating of the exchange rate?

PDPdestroyer:

Isn't that what has happened with the floating of the exchange rate?

Yes

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.

as usual, bullshit logic. Their bloated civil service for example is only a burden to their purse because they don't produce their salary worth.
Petrol subsidy should never have been touched without local refining capacity doubling local consumption