Phrank Shaibu, the Special Assistant on Public Communication to former Vice President of Nigeria, Atiku Abubakar has described as patently fraudulent the announcement by the Nigerian National Petroleum Company Limited (NNPCL) that it had taken a loan for the primary purpose of supporting the naira.

Shaibu said that the announcement was a mere banana peel, a ruse to force the naira to appreciate on the parallel market.

He said in a statement that the move was cosmetic and unimaginative and had once again exposed President Bola Tinubu as a lilliputian economist that lacked ideas on how to rescue the economy he had pushed to the edge with unviable policies.

He argued that monetary policy was not the job of the NNPCL but the Central Bank of Nigeria and wondered why the NNPCL, which claimed to be a profit-making organisation, would go ahead to take a loan for the primary purpose of stabilising the Naira.

Atiku’s aide also drew parallels between the actions of the NNPCL and the CBN under the authority of Godwin Emefiele.

Shaibu added that oil production has dropped on Tinubu’s watch due to continuous oil theft.

He said that instead of boosting forex liquidity by increasing production and exports, Tinubu decided to take the Jejune path of obtaining foreign loans, an inglorious road that his predecessor had travelled

He said, “For many years, Tinubu claimed that he built the economy of Lagos from scratch. Now, he has been exposed as a charlatan. His administration detained Emefiele and vilified him for taking FX loans from JP Morgan and Goldman Sachs running into $7.5bn, which was used in defending the naira.

“Now, Tinubu’s administration claims to have done the same thing by forcing the NNPCL to take a loan of $3bn to defend the naira. We, however, have it on good authority that this is all a ruse to force the naira to appreciate at the parallel market, an action that will further affect the government's credibility.

“The NNPCL has failed to shed the toga of an ordinary government agency. No wonder it has refused to become a public limited liability company, as stated in the Petroleum Industry Act. The NNPCL boss, Mele Kyari, who is also desperate to retain his job, has allowed himself to become a willing political tool just like Emefiele. If the NNPCL was a publicly listed oil firm like Aramco and Mobil, would it obtain a loan in order to ‘defend the naira’?”

Shaibu said Tinubu lacked a clear economic blueprint, hence his constant failures.

He argued that Tinubu’s policy flip-flops had already begun affecting Nigerian bonds, as reported by Bloomberg.

He added, “The PUNCH aptly described Tinubu in its recent editorial as a loose cannon that goes around with a wrecking ball. He takes action whimsically without thinking about consequences. He announced the removal of petrol subsidies without proper planning and brought the nation to its knees.

“He forced the CBN to float the naira even though the country had liquidity problems. Now, he is on the verge of taking the West African region to war without Senate approval. Tinubu is nothing but a myth that will continue to unravel.

“He claims to have deregulated the petroleum sector, and yet NNPC is still the one determining the price of petrol.

"He has pegged the price of petrol and yet claims that there is no subsidy. Nigerians must not allow themselves to be deceived by this man.”

What better thing did you and your oga have to offer Nigeria..
Nigeria will be great.

Seriously

Then tell us instant solution that will give us instant Result since you've the right move with u....



If we allow the market force to determine the rate some people are still ripping the Policy nd cashing out while the masses is suffering....


We are not producing enough so what's your instant solution till we av enough things to produce and export instead of importing more....

inoki247:
Then tell us instant solution that will give us instant Result since you've the right move with u....



If we allow the market force to determine the rate some people are still ripping the Policy nd cashing out while the masses is suffering....


We are not producing enough so what's your instant solution till we av enough things to produce and export instead of importing more....

If you take away corruption, that loan can fix our existing refineries to start local refining of petrol and stop petrol importation which will reduce our FOREX consumption and Naira will gain instant value against USD because petrol importation consume more than 60% of our FOREX consumption in Nigeria.



Alternatively, use the loan to do 50% subsidization of petrol till February while urgently working on our existing local refineries to start production.


Clamp down on subsidy cabals making petrol subsidy a trillion naira project that it ought not to be if you subsidize the actual quantity of petrol we consume in Nigeria.


Criminalize smuggling of petrol outside Nigeria via borders and give stern warning to all custom command manning various borders through which they smuggle petrol outside Nigeria. Use some stubborn smugglers to show example without fear or bias.

franchasofficia:
If you take away corruption, that loan can fix our existing refineries to start local refining of petrol and stop petrol importation which will reduce our FOREX consumption and Naira will gain instant value against USD because petrol importation consume more than 60% of our FOREX consumption in Nigeria.


Alternatively, use the loan to do 50% subsidization of petrol till February while working on our local refinery to start production.


Clamp down on subsidy cabals making petrol subsidy a trillion naira project that it ought not to be if you subside the actual quantity of petrol we consume in Nigeria.


Criminalize smuggling of petrol outside Nigeria via borders and give stern warnings to all custom command manning various borders through which they smuggle petrol outside Nigeria. Use some stubborn smugglers to show example with fear or being bias

Teach agbadorians simple Eco 101,all they know is 'emilokan',such a pathetic group of nitwits we are forced to cohabit with in this contraption called Nigeria.

franchasofficia:
If you take away corruption, that loan can fix our existing refineries to start local refining of petrol and stop petrol importation which will reduce our FOREX consumption and Naira will gain instant value against USD because petrol importation consume more than 60% of our FOREX consumption in Nigeria.



Alternatively, use the loan to do 50% subsidization of petrol till February while urgently working on our existing local refineries to start production.


Clamp down on subsidy cabals making petrol subsidy a trillion naira project that it ought not to be if you subsidize the actual quantity of petrol we consume in Nigeria.


Criminalize smuggling of petrol outside Nigeria via borders and give stern warning to all custom command manning various borders through which they smuggle petrol outside Nigeria. Use some stubborn smugglers to show example without fear or bias.

who told you that they are not working on the refineries? You want them to deploy half of the sum on the refineries while dollar skyrockets to 1500 so that wicked souls like you will rain abuses on the president on the internet. He has done the right thing by providing liquidity in the FX market, by this time next year, two refineries in PH should be up and running, one being run by NNPC and the other by Aradel, a private establishment.

vanitybutiwanti:
who told you that they are not working on the refineries? You want them to deploy half of the sum on the refineries while dollar skyrockets to 1500 so that wicked souls like you will rain abuses on the president on the internet. He has done the right thing by providing liquidity in the FX market, by this time next year, two refineries in PH should be up and running, one being run by NNPC and the other by Aradel, a private establishment.

criminal liars.


You criminals no longer use Dangote Refinery to lie, its now Aradel refinery.


Whoever swore for you political criminals must be a strong witch.


By this time next year, it will shift to Bua Refinery, you criminal supporters of evil will continue to move the goalposts to suite your criminal candidate, continue

franchasofficia:
criminal liars.


You criminals no longer use Dangote Refinery to lie, its now Aradel refinery.


Whoever swore for you political criminals must be a strong witch.


By this time next year, it will shift to Bua Refinery, you criminal supporters of evil will continue to move the goalposts to suite your criminal candidate, continue

shutt up, wait for next year. You guys don't want anything good for this country. Get lost. Look for the Aradel thread here on nairaland, a nairalander that worked on the project confirmed that the project is almost complete. You rejoice when things go bad and get angry and bitter when things are good, is that not wichcraft?

Phrank is such a brilliant Man 👏👏👏

vanitybutiwanti:
who told you that they are not working on the refineries? You want them to deploy half of the sum on the refineries while dollar skyrockets to 1500 so that wicked souls like you will rain abuses on the president on the internet. He has done the right thing by providing liquidity in the FX market, by this time next year, two refineries in PH should be up and running, one being run by NNPC and the other by Aradel, a private establishment.

Who made the dollar rate skyrocket in the first place??

You foo!s were busy praising him for hitting the ground running when he foolishly floated a naira that was heavily being defended then by Emefiele.

Today, you're again praising him for defending the same naira you believed shouldn't be defended!

You guys are useless h.ypocr!tes and ass-l!cking goats

vanitybutiwanti:
shutt up, wait for next year. You guys don't want anything good for this country. Get lost. Look for the Aradel thread here on nairaland, a nairalander that worked on the project confirmed that the project is almost complete. You rejoice when things go bad and get angry and bitter when things are good, is that not wichcraft?

People who want something good for their country won't be supporting clueless corrupt criminals as you and your hypocr!tical people are currently doing

You're the real enemy of this country and the reason it's not making any headway

Your stinking levels of hypocr!sy and tr!balism are k!lling the country!

inoki247:
Then tell us instant solution that will give us instant Result since you've the right move with u....



If we allow the market force to determine the rate some people are still ripping the Policy nd cashing out while the masses is suffering....


We are not producing enough so what's your instant solution till we av enough things to produce and export instead of importing more....

I think you should have asked the man in the seat that question 6 months ago before you went to the polling booth.
The fact you don't know what Atiku's proposed solution is shows what we have been saying that a lot of you went to the polling booth to vote on sentiments rather than an informed choice of the candidates.
You're now asking for his solution when he was saying it during the campaigns but you were busy shouting awalokan

Kukutente23:

I think you should have asked the man in the seat that question 6 months ago before you went to the polling booth.
The fact you don't know what Atiku's proposed solution is shows what we have been saying that a lot of you went to the polling booth to vote on sentiments rather than an informed choice of the candidates.
You're now asking for his solution when he was saying it during the campaigns but you were busy shouting awalokan

You people cry too much everything looks good on paper until you apply it in Nigeria and it worked....

The forex unification is what other countries practice he reach Nigeria he no work that alone shows no matter how good the Policy's are dere will always be loopholes E.G IPPIS...


if you like bring two million policy from heaven to Nigeria people are ready to find the loopholes..


So please save your tears....



Stop crying about who anybody votes for this is democracy....

I was expecting his statement to contain an immediate alternative plan that the FG have done to stabilize the naira

inoki247:



You people cry too much everything looks good on paper until you apply it in Nigeria and it worked....

The forex unification is what other countries practice he reach Nigeria he no work that alone shows no matter how good the Policy's are dere will always be loopholes E.G IPPIS...


if you like bring two million policy from heaven to Nigeria people are ready to find the loopholes..


So please save your tears....



Stop crying about who anybody votes for this is democracy....

Which country practiced forex unification? Can you give me an example of such country and how it worked? You're simply ignorant if you think what was done by Tinubu's CBN is forex unification. What was done was simply naira devaluation. Even Wale Edun said as much recently.

Secondly, there's no foolproof policy. That's why there's policy management and monitoring to see those loopholes and react in such a manner as to mitigate the effect if need.
In your bid to discredit Atiku's spokesman, you asked him to give you the right solution. The fact is you never asked the man you voted for that question you're asking the man who is playing his role as an opposition. In other words, you're holding those who are not in govt to higher standard than those you voted in. It's nothing less than political insanity. Your preferred candidate never attended any debate to rub minds with his fellow contestants yet you chose him.
Atiku proposed raising $10bn to support startups and SMEs. Do you ever recall that? That's a plan.
Your preferred candidate just raised $3bn to defend the naira. Did he ever mention that during his campaign. Yet you've not called him out.
There's your hypocrisy!!

Free2Fly:


People who want something good for their country won't be supporting clueless corrupt criminals as you and your hypocr!tical people are currently doing

You're the real enemy of this country and the reason it's not making any headway

Your stinking levels of hypocr!sy and tr!balism are k!lling the country!

How did you know that I'm from a particular section of the
country, you're very stupid? Which politician is not corrupt in Nigeria?

Because a particular candidate wasn't declared winner, the country should burn and not make any form of progress at all?

In your personal life are you honest in all your dealings? People that do all sorts to get by in real life, are calling people hypocrites because they don't have the platform? Fooooools.

Free2Fly:


Who made the dollar rate skyrocket in the first place??

You foo!s were busy praising him for hitting the ground running when he foolishly floated a naira that was heavily being defended then by Emefiele.

Today, you're again praising him for defending the same naira you believed shouldn't be defended!

You guys are useless h.ypocr!tes and ass-l!cking goats

Your father is the foooool. Do you know more than Sanusi lamido Sanusi? What have you achieved in your life other than abusing people online? Where was your father when Sanusi complained about arbitrage in FX in the build of to the elections when the president attended an event in Kaduna? He even promised to fight the president if he doesn't float the naira, Sanusi is an astute banker and an economist, he knows more than you. Get lost and go find something productive to do.

Borrowing billions of dollars to "defend" the naira is absolute madness

The loan would be misappropriated as usual, some used to finance importation of luxury goods and after it has been exhausted, naira would depreciate again with outstanding loan and interest to pay.

Kukutente23:

Which country practiced forex unification? Can you give me an example of such country and how it worked? You're simply ignorant if you think what was done by Tinubu's CBN is forex unification. What was done was simply naira devaluation. Even Wale Edun said as much recently.

Secondly, there's no foolproof policy. That's why there's policy management and monitoring to see those loopholes and react in such a manner as to mitigate the effect if need.
In your bid to discredit Atiku's spokesman, you asked him to give you the right solution. The fact is you never asked the man you voted for that question you're asking the man who is playing his role as an opposition. In other words, you're holding those who are not in govt to higher standard than those you voted in. It's nothing less than political insanity. Your preferred candidate never attended any debate to rub minds with his fellow contestants yet you chose him.
Atiku proposed raising $10bn to support startups and SMEs. Do you ever recall that? That's a plan.
Your preferred candidate just raised $3bn to defend the naira. Did he ever mention that during his campaign. Yet you've not called him out.
There's your hypocrisy!!

Cross border to the neighboring country you will see for yourself they don't av multiple rate, na dere commercial banks dey determine rate... You will even prefer exchanging your currency from black market than the bank I'm speaking from experience....



Can you also give me any example of any country you've been to that practice multiple exchange rate like Nigeria....



Me I won't take you far just cross border to any west Africa countries and see if dere rate are not unified...



You're the hypocrite here show me any thread or any comments I call out any candidate...


You people just jump into conclusion and think everyone is like you....


And again who ever you vote for if his or her policy isn't working you've the right to ask from others what solution du dey av the person you vote for might tap from it nobody knows it all...


I will never attack you for voting anyone buh u guys come online jump into conclusion cos people av contrary view....

Thief'nubu is no graduate, not to mention an Accountant graduate. He is dull, empty & has no economic ideas of his own. He did not transform Lagos...Lagos was already transformed before the thief stole the inheritance of the go back to your village crews & brought agberos to spit saliver on commuters...

The thief graduated from the school of Narcotics & earned a degree in trafficking white substance in & out of Chicago...hence the nickname Bobo Chicago..

Thief'nubu came to Stack up bullion vans...and it made me wonder how the mandate thief wants to transform Nigeria ...He will only succed in transforming the emilokans into agberos...

inoki247:



Cross border to the neighboring country you will see for yourself they don't av multiple rate, na dere commercial banks dey determine rate... You will even prefer exchanging your currency from black market than the bank I'm speaking from experience....



Can you also give me any example of any country you've been to that practice multiple exchange rate like Nigeria....



Me I won't take you far just cross border to any west Africa countries and see if dere rate are not unified...



You're the hypocrite here show me any thread or any comments I call out any candidate...


You people just jump into conclusion and think everyone is like you....


And again who ever you vote for if his or her policy isn't working you've the right to ask from others what solution du dey av the person you vote for might tap from it nobody knows it all...


I will never attack you for voting anyone buh u guys come online jump into conclusion cos people av contrary view....

You're comparing Nigeria with francophone countries who have their currencies tied to France. Maybe we should have us currency tied to dollar too.

There are west African countries with parallel markets. And why the focus on only west Africa? What about countries outside West Africa. While it's not necessarily a good thing, that of Nigeria, which has existed for years, was escalated by the Buhari regime due to insiders getting access to free dollars from CBN easily.

You just called out Atiku. Is he not a presidential candidate? Or does he not have right to criticize before you start accusing him of not having solution just because the one you voted for is fumbling.

I'll repeat again. Atiku gave clear cut plans in his campaign. It was your candidate who rebuffed debates and you all hailed him. Now that he's there and fumbling, you don't want those who he ran against to criticize him. That's hypocrisy.

I have not attacked you for voting anyone. What I'm pointing out is you don't have the right to vote someone into office, then start to attack those you never even listened to, not to mention vote for, that they don't have solutions too. Most especially when your preferred candidate is fumbling. The opposition have the right to criticize. Why try to shut them up?!!

Dollar now trading at 800 naira to one USD, I pity those who bought at high price. If you want to buy please buy at 700 naira to be on the save side. Any amount above that make the person they carry him dollar they go ooo except u won pay school fees.

Kukutente23:

You're comparing Nigeria with francophone countries who have their currencies tied to France. Maybe we should have us currency tied to dollar too.

There are west African countries with parallel markets. And why the focus on only west Africa? What about countries outside West Africa. While it's not necessarily a good thing, that of Nigeria, which has existed for years, was escalated by the Buhari regime due to insiders getting access to free dollars from CBN easily.

You just called out Atiku. Is he not a presidential candidate? Or does he not have right to criticize before you start accusing him of not having solution just because the one you voted for is fumbling.

I'll repeat again. Atiku gave clear cut plans in his campaign. It was your candidate who rebuffed debates and you all hailed him. Now that he's there and fumbling, you don't want those who he ran against to criticize him. That's hypocrisy.

I have not attacked you for voting anyone. What I'm pointing out is you don't have the right to vote someone into office, then start to attack those you never even listened to, not to mention vote for, that they don't have solutions too. Most especially when your preferred candidate is fumbling. The opposition have the right to criticize. Why try to shut them up?!!

Lol Incase you've forgotten Ghana isn't a francophone country and this the policy dey ar also running....


That 10billon you're talking about will still be brought to this country me nd u won't feel it...


Nigeria problem is beyond what you see from outside...

During the NiSRAL farmer loan me nd my friend applied we were not given all of a sudden he brought a link they told him 20 percent will be taken money wey no be free money na loan buh intrest free...

My friend went for it he took it he didn't use it for any farming while me I rejected the offer cos I can't pay any 20percent....

Both my friend and the facilitator av dey not ripped the system like that the intention is to farm during the farming period you will employ two or three people buh with the Japa plan was he able to contribute anything to the country economy....



Go to bank of Agriculture and see how people are running dem street everybody out dere are just ready to rip any policy and dey don't mind going to jail they're not even scared.....

inoki247:



Lol Incase you've forgotten Ghana isn't a francophone country and this the policy dey ar also running....


That 10billon you're talking about will still be brought to this country me nd u won't feel it...


Nigeria problem is beyond what you see from outside...

During the NiSRAL farmer loan me nd my friend applied we were not given all of a sudden he brought a link they told him 20 percent will be taken money wey no be free money na loan buh intrest free...

My friend went for it he took it he didn't use it for any farming while me I rejected the offer cos I can't pay any 20percent....

Both my friend and the facilitator av dey not ripped the system like that the intention is to farm during the farming period you will employ two or three people buh with the Japa plan was he able to contribute anything to the country economy....



Go to bank of Agriculture and see how people are running dem street everybody out dere are just ready to rip any policy and dey don't mind going to jail they're not even scared.....

I never knew Ghana is the standard for financial practice. There are a good number of countries in Africa and elsewhere who have multiple exudate rate. It's a old as our present democracy but it has not had such a disruptive effect like it had under Buhari due to round-tripping which he did nothing about.

Now you're hiding under conjectures. The palliatives that your president announced on TV two weeks ago, where are they? Yet you're making projections on a plan made by someone who did not have the chance to implement it. You're an hypocrite.

You're just shifting around. The question is if atiku had a plan compared to Tinubu and the answer is a firm yes! So your outburst on him is totally unjustified. You should face those you elected into office.
Atiku is not in office. So whether is plan will work or not is left to conjectures. It is the man there that's showing signs of not having plans at all you should be concerned with. I remember asking, when his Zombies where praising him for subsidy removal and naira devaluation what the plan really was. Because i saw those two policies as means to achieve an end. None can answer till this day. But now, he's somersaulted, you're looking to blame Atiku.
Haba. Your hypocrisy nor be here.