nairalanda1:


Yes, because Nigerian economy is reliant on JUST OIL...and when the oil price crashes, we borrow to stay up, and when it rises, we pay off our loans, and then borrow more to replace the revenue iused to pay off the loans we borrowed

Every Nigerian leader has done it. That is why since I was born, our economy has always been in crisis.

Want to be free of the crisis? It involves hard choices that if I mention it here, people will abuse me, so make them enjoy APCPDP. Power for change!

Tinubu or is it Thivbu is borrowing because the alternatives are total removal of subsidy, and fuel selling above N1200 and extreme tax measures, and removal of subsidy on power, with the DISCOS setting price, and massive floating of the naira, so much so that naira reaches N2000 per dollar...but he wants to do partial, and partial because the full thing means...HARDSHIP

Every Nigerian leader has known the above...but they all wanted to be elected....

You'll continue to give excuse for tinubu, until both you tinubu and naira finds oil as una de plunge underground

nairalanda1:



The thing is we don't have enough money to invest in nada.

Only way forward is diversification and industrialization.

A country like Nigeria can not industrialised without first investing our proceeds first hand.

It is from our investments that we can build those industries but as it is now,our foreign reserved has depleted by additional 1billion dollars as at this year alone.

Any country or family that fails to invest his profits will become poor in a matter of time.

Nice2023:
If truly Buhari has a legacy to be guarded and guided then, we have with us the worst president ever in our history.

I dey laugh una.

Buahri has no educational background...he became a general by a quota system...that is according to Elrufai.
That is Buhari was the only general in Nigeria history without military insignia.

For Emilokan,we are sure his academic qualifications are at variance with expectations in the society. Therefore,these two figure heads can't and would never better the economy.

It takes a man or woman of education to address the economy and not these two conk heads.

Finally,the only achievement expected of this new president is to take Nigeria back to where Buhari left us because everything has dabaru

Are you sure bihari is not actually more educated than tinubu, I mean, none existent pri sch, no college of ibadan record, 1970 government college Lagos graduation, FBI saying no graduation from csu, at least bihari attended primary school.

nairalanda1:


Yes, because Nigerian economy is reliant on JUST OIL...and when the oil price crashes, we borrow to stay up, and when it rises, we pay off our loans, and then borrow more to replace the revenue iused to pay off the loans we borrowed

Every Nigerian leader has done it. That is why since I was born, our economy has always been in crisis.

Want to be free of the crisis? It involves hard choices that if I mention it here, people will abuse me, so make them enjoy APCPDP. Power for change!

Tinubu or is it Thivbu is borrowing because the alternatives are total removal of subsidy, and fuel selling above N1200 and extreme tax measures, and removal of subsidy on power, with the DISCOS setting price, and massive floating of the naira, so much so that naira reaches N2000 per dollar...but he wants to do partial, and partial because the full thing means...HARDSHIP

Every Nigerian leader has known the above...but they all wanted to be elected....

Remove subsidies bla bla. But the president and his few aides can squander N500m+ on hotel bills for a meaningless voyage to America for a few days. Their motorcades can be as long as ever. No attempt to empathise with the masses by showing that even the leaders are 'suffering'.

You people are not serious.

The real hard choices are institutional reforms, not removal of subsidies. Brutally deal with the Labour laws and the constitution for that matter. Disband the useless public service/civil service. It is unsustainable that we have hundreds of thousands of bastards masquerading as 'federal government workers' who actually contribute nothing and add zero value. Sack these bastards, let them go and die if they want to. After all, the majority of Nigerians are self employed.

Everybody enjoys subsidies, which is better than just a few unproductive fools enjoying fat benefits for doing nothing. Cut the cost of governance. Eliminate wastage. The savings would be 10 times what we spend on so-called subsidies.

Whi we offend?

Hedonisco:

Remove subsidies bla bla. But the president and his few aides can squander N500m+ on hotel bills for a meaningless voyage to America for a

Anyway, Tinubu has brought back subsides...enjoy them. Me, I think he is WRONG.

The problem with subsidies is not the subsidy, but how we pay for them. Here in Nigeria, we pay for today's subsiodes with tomorrow's money.

That's why I think they should go. Yes, fuel would be expensive, but at the end, government would no longer throw away money, and we can get more than just Dangote refinery.

nairalanda1:



You really don't want to know how Buhari and Emefiele were managing the crashing naira value.

Most of the time, it was by BORROWING. . Now we are reaping the borrowing effect.

Does not make Tinubu better though. He helped bring Buhari.


You want a strong naira on the back of an economy that exports one thing and one thing alone? Tell me another story.

So Tinubu is not borrowing. Is that what you are implying

Do you want us to reel out all the borrowing Tinubu have undertaken in just five months

Nice2023:



A country like Nigeria can not industrialised without first investing our proceeds first hand.

It is from our investments that we can build those industries but as it is now,our foreign reserved has depleted by additional 1billion dollars as at this year alone.

Any country or family that fails to invest his profits will become poor in a matter of time.

The problem is not that you are wrong...the problem is, we don't have the money.

That is why we have to punish corruption by the ultimate punishment as they do in China. At the end of the day, they are stealing from a tiny purse.

But right now, no money. No money for investment. Too many mouths feeding from the trough, even if there was no corruption.

Short term, taxes. Long term...become an exporter of manufactured goods and services.

Bobloco:


So Tinubu is not borrowing. Is that what you are implying

Do you want us to reel out all the borrowing Tinubu have undertaken in just five months

You haven't read my comment in full, or my other comments on this site.

Tinubu is borrowing. Because like most Nigerian leaders since independence, the basis of our revenue has always been selling raw materials...since 1970's it has been oil money.

When oil proces fall, we borrow to stay afloat. When oil prices rise, we pay off our debts, and borrow to fill the hole they leave.

Tinubu is borrowing, because the alternatives means he would not get elected again. Nigerian leaders, including our current one take the decisions that get them elected, not the ones that get our economy running well.

LOL

nairalanda1:




You haven't read my comment in full, or my other comments on this site.

Tinubu is borrowing. Because like most Nigerian leaders since independence, the basis of our revenue has always been selling raw materials...since 1970's it has been oil money.

When oil proces fall, we borrow to stay afloat. When oil prices rise, we pay off our debts, and borrow to fill the hole they leave.

Tinubu is borrowing, because the alternatives means he would not get elected again. Nigerian leaders, including our current one take the decisions that get them elected, not the ones that get our economy running well.

LOL

Tinubu should be blamed for whatever is currently happening to our naira

Infact, in just five months Tinubu have surpassed Buhari whom we thought was the worst in all negative indices. Now imagine what it would look like in four to eight years time. It will be total catastrophe

nairalanda1:


The problem is not that you are wrong...the problem is, we don't have the money.

That is why we have to punish corruption by the ultimate punishment as they do in China. At the end of the day, they are stealing from a tiny purse.

But right now, no money. No money for investment. Too many mouths feeding from the trough, even if there was no corruption.

Short term, taxes. Long term...become an exporter of manufactured goods and services.

See let me explain to u.

Buhari told us we are now rice sufficient country,after the closure of border,rice produced locally skyrocketed in price.

Is that how u will export your locally made goods when countries like Thailand,Egypt and India rice are far cheaper and quality than Nigerian made rice.

I am not saying we can not get there,but not at the way we are doing things presently. Nigeria is the only country,where its debts surpasses its inflow and they are borrowing and keep increasing expenses and we say we don't have money.

U don't have money,yet u are employing more ministers,travelling abroad at a rate never seen before in our history. Spending on frivolities yet keeping the people poor and redundant.

With all of above,I can tell u with confidence,that we are no going any where if we continue to employ this kind of mentality.

Bobloco:


Tinubu should be blamed for whatever is currently happening to our naira

Infact, in just five months Tinubu have surpassed Buhari whom we thought was the worst in all negative indices. Now imagine what it would look like in four to eight years time. It will be total catastrophe

Yes, I agree with you, but the problem goes beyond PDP, APC, etc etc.

(Disclaimer, you don not have to agree with me).

Nigeria's naira has been on a downward trend. That's because it is hopled up to our dollar revenue from oil, which fluctuates like fluctuation.

We want a strong currency, we have to simply in essence become a producer nation. We must industrialize. We have no choice.

Why the naira is falling like now is simple. We'#ve spent years wasting our reveue on corruption, defending the naira, more corruption and subsides subsides, subsides, and we have also gone through very low oil prices...and our economy is not diversified at all.

Now we are at point zero. Either we face the truth, or we take a loan and defend the naira as we have done before.

Tinubu is part of the problem, but the issue goes beyond him. And even if we did not vote him in, whoever we vote in would face the same issues. NO, this is not a defence of tinubu. Obi might do something, but at the end the result would still be the same.

Nigeria as a nation has been lying to itself for decades that we are rivch and righ and powerful. Now nyash don open. Time we faced the truth. This government is already showing signs they do not want to face the truth.


That's why calling me an APC supporter misses the point. We are broke, we have done bdady, corruption has wrecked us up, and now we are at point zero. All IMF needs to do now is to tell us that they won't give us more money, and bam...we would be at rock bottom.


Good evening. You Nairalanders are funny. Anyone who does not agree with you is an APC supporter. Meanwhile, you are not seeing what I am seeing.

Nice2023:




See let me explain to u.

Buhari told us we are now rice sufficient country,after the closure of border,rice produced locally skyrocketed in price.

Is that how u will export your locally made goods when countries like Thailand,Egypt and India rice are far cheaper and quality than Nigerian made rice.

I am not saying we can not get there,but not at the way we are doing things presently. Nigeria is the only country,where its debts surpasses its inflow and they are borrowing and keep increasing expenses and we say we don't have money.

U don't have money,yet u are employing more ministers,travelling abroad at a rate never seen before in our history. Spending on frivolities yet keeping the people poor and redundant.

With all of above,I can tell u with confidence,that we are no going any where if we continue to employ this kind of mentality.

I stopped reading when you said Buhari said we were rice sufficent.

We were not , and have never been rice sufficent.

nairalanda1:


Yes, which is why Nigerian leaders have been told by EXPERTS since the 1980's that we have to DIVERSIFY OUR EARNINGS.

But no, na oil we know. All the money we lose from illegal mining for example, could have helped us a bit...but no.

. You are far from the truth, was it not fashola, amechi, fayemi, shettima and all other now APC governors and bots took Jonathan to Court to bring out that was saved to to be shared , you people will see the truth and hide it, that is why Nigeria will continue fall

Nice2023:





It is not about the population. After all equatorial has a population of less than 2million with huge oil Wells and still very poor,if not among the poorest in Africa.

Soa Tome and principe has one of the tiniest population in Africa with less than a million people,yet they are seriously poor.

Solution is,invest the proceed of ur oil and u will take ur population out of poverty just like Norway has done.

Norway invested so much billions in their sovereign wealth fund which no country on earth has ever done since the nineties. Currently,Norway sovereign wealth fund has gained just 149billion dollars just in one year.

That is the power of investing ur proceeds from what u produce.

Additionally,if Norway was to share the money in its investments abroad,each citizen would get 250,000 dollars as their share.

stop fooling and defending evil politicians . Norway you mentioned produce almost the same amount of oil Nigeria produces. Yet Norway oil revenue is x5 of our revenue. APC has buried nigeria

kk2027:

True

But he didn't build Lagos
Fadhola did

yes, that's the obvious.

Ttalk:


Don't just jump to discussion listen and read through so you won't sound daft

Oya try and make a smart comment let me see

i hate tinubu d thief,i also hate buhari bt do not talk abt legacyof buhari as dat man was a dullard n badluck

kk2027:
Buhari managed to somehow suspend naira at around 700/1 for a very long time and we were even complaining.

Now Tinubu we thought was the messiah seems to have completely lost all atom of clue how Buhari and Emefiele were able to manage the already crashing naira value.

I see people blaming everything on APC because of Tinubu but we should be able to call a spade a spade, Buhari really tried. He appeared concerned about the crashing naira.

Imagine within 5 months of Tinubu, naira is now over N1100

If this continues this way, serious wahala dey o my people. Naira might hit 1500 before Christmas

If Tinubu actually succeeds in destroying Buhari's legacy, he would be the best president Nigeria had and would etch his name in the sands of time.

bukatyne:


If Tinubu actually succeeds in destroying Buhari's legacy, he would be the best president Nigeria had and would etch his name in the sands of time.

He should please return naira to 700/$ That Buhari Left It.

Painfully, he can't achieve that again cos whatever goes up in Nigeria never comes back

okeysoninv:
stop fooling and defending evil politicians . Norway you mentioned produce almost the same amount of oil Nigeria produces. Yet Norway oil revenue is x5 of our revenue. APC has buried nigeria

U are just being stupid.

Where did u see me praise APC...u just jump in in between and started writing rubbish.

Who ask u?..most of u can not even sustain yourselves yet u know the solution to every problems.

Egg head.

A huge IMF loan is necessary to inject forex into the economy. We also need big hikes in interest rates to cool down inflation and make the naira relatively more attractive to hold. The fact that the CBN has not responded with rate hikes worries me and suggests a degree of ineptitude or cowardice on their part.

They need to also start looking at assets (including the ports and NNPC/refineries) to sell to foreign investors as this can draw in forex. There is a whole range of policy reforms they can pursue to build confidence and almost 1/2 year is gone and they are still focusing on propaganda with a nearly comatose president who is too brain-dead to master policy details.

If you want to read about the textbook case on how to get out of this malaise, look at the reforms undertaken by South Korea from 1997 after its financial crisis.

kk2027:
Buhari managed to somehow suspend naira at around 700/1 for a very long time and we were even complaining.

Now Tinubu we thought was the messiah seems to have completely lost all atom of clue how Buhari and Emefiele were able to manage the already crashing naira value.

I see people blaming everything on APC because of Tinubu but we should be able to call a spade a spade, Buhari really tried. He appeared concerned about the crashing naira.

Imagine within 5 months of Tinubu, naira is now over N1100

If this continues this way, serious wahala dey o my people. Naira might hit 1500 before Christmas

Isnt that the truth state of the economy? Or should we continue to defending Naira simply because we dont want to face the reality?
It is a pity that this is where we find ourselves but sha know say e go still down until we start producing and exporting.

Nice2023:




U are just being stupid.

Where did u see me praise APC...u just jump in in between and started writing rubbish.

Who ask u?..most of u can not even sustain yourselves yet u know the solution to every problems.

Egg head.

tell your leaders to be accountable to us. Nigeria, has huge oil and gas resources that can comfortably give us $200b why are they earning small compared to Norway. We need to unravel the oil industry. Naira has no business going more than 80 against dollar in sane Cline. Our import is not even up to $60b

kk2027:
Buhari managed to somehow suspend naira at around 700/1 for a very long time and we were even complaining.

Now Tinubu we thought was the messiah seems to have completely lost all atom of clue how Buhari and Emefiele were able to manage the already crashing naira value.

I see people blaming everything on APC because of Tinubu but we should be able to call a spade a spade, Buhari really tried. He appeared concerned about the crashing naira.

Imagine within 5 months of Tinubu, naira is now over N1100

If this continues this way, serious wahala dey o my people. Naira might hit 1500 before Christmas

Buhari took it from N216/Dollar and you are saying he really tried? Your comment is not only shameful, it reeks of double standards!

SouthSouth1914:


Buhari took it from N216/Dollar and you are saying he really tried? Your comment is not only shameful, it reeks of double standards!

216 to 700 in 8 years

And Tinubu has taken it to 1130 in 5 months and nothing is being done to check it.
If it continues like this, you can project the value before Christmas

Nice2023:



U know go school like ur emilokan...how would u understand.

The problem with u Illiterate Nigerians is that,u guys will never do a research or search out something yet,u will condemn what u don't know.

Keep fooling yourself. I still read and learn from people here.

Do you even know what military insignia is. This one is feeling proud in his ignorance. A simple goggle search will save you this embarrassment 🙄
He say Buhari no get military insignia 🤣🤣🤣

kk2027

Buhari tried shit

Tinubu inherited a complete and utter mess.

Tinubu has kept mute only because the previous government was APC. If Atiku or Obi had won the election, na gory tales we go fey hear.

The extent of the stench was that the $34bn in foreign reserves in 2015 has reduced to less than $4bn. This is not up to one months import cover versus the minimum of 3 months global best practice.

Nice2023:




U are just being stupid.

Where did u see me praise APC...u just jump in in between and started writing rubbish.

Who ask u?..most of u can not even sustain yourselves yet u know the solution to every problems.

Egg head.

the word egghead actually is a compliment. An egghead is a brilliant person. Lol

Who Nigeria offend like this ?

I heard $ is now $1152

Emilokan govt will favor me

Idiotseverywher:
. You are far from the truth, was it not fashola, amechi, fayemi, shettima and all other now APC governors and bots took Jonathan to Court to bring out that was saved to to be shared , you people will see the truth and hide it, that is why Nigeria will continue fall

The problem I am talking about is that we are not making enough money in the first instance, not how we are sharing that money.