Yes, you outrightly removed fuel subsidy and subsequently floated the naira without proper measures to alleviate the consequences. Who does that. This is insane and equally a callous decision. This shows that you don't have the people at heart. Governance is very far from you. Tinubu am talking to you. These decisions works in a country where there is a stable economic system. Work on the economy first before taking these decisions and stop impoverishing the people which is the direct effect of the insecurities today.

Nigeria is a complex country we’re you dnt take hasty decisions, he never took time to study the country before taking hasty decisions now naira is on a free fall, he did it to attract foreign investors now where re day?

Let's put aside politics. Even me myself, I no vote for APC, PDP, LP and NNPP so, forget.

In 2014, oil prices crashed. That meant that we started spending large sums of our reserve on keeping up the naira. At the same time we started borrowing to keep our heads above water. Started with PDP, continued with APC.

As at JUne 2023, 90% of our revenue were going to debt servicing...because oil prices had been so low (at one time below 20 dollars per barrel), that we had to take loans to survive. ANd the loans had to be paid back.

At the end of the day, anyone who took over, would have had to do something. And it is either we stopped spending money on subsidisng the naira, and partially removed subsides...or we kept on pretending that one naira was one dollar, and got more and more broker.

FUel subsidy costs were rising year in and year out....


I don't like APC, PDP , I wish we voted them out since , I have not voted for any big party since I cast my first vote in 2003, and yet, the truth is, with debt servicing at 90%, and with us nearly at the mercy of the IMF...what else would we do.

ANd the fact is, if government had diversified our earnings, we would have been able to mittigate these problems. But APC failed in that regard. Here we are.

I am not even sure that Tinubu wants to diversify the economy, plus he is still doing subsidy...which means waste of money self.


ANyway, I don talk my own. All I know is, if subsidy had gone in 1993, we would not have been here. If we had taken the National Development plans serious, especially the Third one which was to have commenced in 1980, we won't have been here. If we had had leaders who had been commited to making us a manufacturing nation, that exports manufactured goods, we won't have been here.

BUt most of us just want our side in power. Sigh.

IRRESPONSIBILITY AND DON'T KNOW POLICY.

THE CBN IS IGNORANT OF ITS AUTHORITIES AND RESPONSIBILITIES TO CURRENCY PROCUREMENT, STORING, ISSUANCE AND CIRCULATION.

THE MINISTRY OF FINANCE IS IGNORANT OF ITS AUTHORITIES AND RESPONSIBILITIES TO ORDER NEW MONEY PRINTS REGULARLY.

THE FEC IS IGNORANT OF ITS POWERS TO PROMOTE GOOD POLICY FOR THE ORDERING, PROCURING, STORING, ISSUANCE AND CIRCULATION OF ALL MONEY PRINTS.

THE NMPC DOESN'T KNOW ITS RESPONSIBILITIES TO WHO AND EXACTLY FOR WHAT.

IT IS VERY SICKENING THAT IN 2024, NIGERIA IS THIS CONFUSED ABOUT HER SOVEREIGNTY.

BUHARI IN 8 YEARS SCATTERED EVERYTHING AND WE ALL WERE JUST FOLLOWING HIM LIKE FULANI HERDS.

ORISA37.

OUR IRRESPONSIBLE CBN UNDER BUHARI AND EMEFIELE AND THE MDBS ARE TRADING IN FOREIGN CURRENCIES.

chubinwa:
Yes, you outrightly removed fuel subsidy and subsequently floated the naira without proper measures to alleviate the consequences. Who does that. This is insane and equally a callous decision. This shows that you don't have the people at heart. Governance is very far from you. Tinubu am talking to you. These decisions works in a country where there is a stable economic system. Work on the economy first before taking these decisions and stop impoverishing the people which is the direct effect of the insecurities today.

Floating the naira is not bad but the method of floating is bad

Because generator produces electricity on its own doesn't mean it doesn't need electricity to start working

Floating is complex

nairalanda1:
Let's put aside politics. Even me myself, I no vote for APC, PDP, LP and NNPP so, forget.

In 2014, oil prices crashed. That meant that we started spending large sums of our reserve on keeping up the naira. At the same time we started borrowing to keep our heads above water. Started with PDP, continued with APC.

As at JUne 2023, 90% of our revenue were going to debt servicing...because oil prices had been so low (at one time below 20 dollars per barrel), that we had to take loans to survive. ANd the loans had to be paid back.

At the end of the day, anyone who took over, would have had to do something. And it is either we stopped spending money on subsidisng the naira, and partially removed subsides...or we kept on pretending that one naira was one dollar, and got more and more broker.

FUel subsidy costs were rising year in and year out....


I don't like APC, PDP , I wish we voted them out since , I have not voted for any big party since I cast my first vote in 2003, and yet, the truth is, with debt servicing at 90%, and with us nearly at the mercy of the IMF...what else would we do.

ANd the fact is, if government had diversified our earnings, we would have been able to mittigate these problems. But APC failed in that regard. Here we are.

I am not even sure that Tinubu wants to diversify the economy, plus he is still doing subsidy...which means waste of money self.


ANyway, I don talk my own. All I know is, if subsidy had gone in 1993, we would not have been here. If we had taken the National Development plans serious, especially the Third one which was to have commenced in 1980, we won't have been here. If we had had leaders who had been commited to making us a manufacturing nation, that exports manufactured goods, we won't have been here.

BUt most of us just want our side in power. Sigh.

Subsidy is an issue but APC failures made subsidy what it is till date... Today we pay over #600 subsidy per litre

APC in 9 years have failed to grow our revenue, who's fault is that?

APC increased our debt, there by debt servicing who's fault is that

APC removed subsidy it backfired the reintroduced from the back

APC floated naira like kids, crumbled the economy who's fault is that

APC borrowed money to build unviable projects that increased recurrent expenditure and debt serving without any increase in revenue

Bro PDP was bad yes but we were progressing even though it was too slow

Today we are not even static we are regressing at a fast pace

MR. PRESIDENT REGULARLY SIGNS ALL ORDERS FOR NEW MONEY PRINTS, PROCUREMENT AND PRODUCTION UNTIL AND UNLESS SUCH SIGNING IS DELEGATED AT THE FEC, TO THE MINISTER OF FINANCE.
SUCH IS THE SOVEREIGNTY OF THE NAIRA NOTES.
BUHARI AND EMEFIELE JUST DESTROYED THE SYSTEM IN 8 YEARS.

mrvitalis:

Subsidy is an issue but APC failures made subsidy what it is till date... Today we pay over #600 subsidy per litre

APC in 9 years have failed to grow our revenue, who's fault is that?

APC increased our debt, there by debt servicing who's fault is that

APC removed subsidy it backfired the reintroduced from the back

APC floated naira like kids, crumbled the economy who's fault is that

APC borrowed money to build unviable projects that increased recurrent expenditure and debt serving without any increase in revenue

Bro PDP was bad yes but we were progressing even though it was too slow

Today we are not even static we are regressing at a fast pace

Yeah, APC Has failed , it's not like I am defending them, and for you to think I am defending them shows you have completely misunderstood me

TO all the points raised, there was an answer. Subsidies had to go, Tax base had to be raised, manufacturing had to be encouraged, and corruption had to be fought. And the economy had to be diversifed.

APC knew they were facing oil prices crashing. They knew what needed to be done in response. They did not do it. That is why they are useless.

PDP is just like APC. Nothing done to get us off our dependence on oil. They just used oil revenues to cover our cracks. That does not let APC off the hook though.

nairalanda1:



Yeah, APC Has failed , it's not like I am defending them, and for you to think I am defending them shows you have completely misunderstood me

TO all the points raised, there was an answer. Subsidies had to go, Tax base had to be raised, manufacturing had to be encouraged, and corruption had to be fought. And the economy had to be diversifed.

APC knew they were facing oil prices crashing. They knew what needed to be done in response. They did not do it. That is why they are useless.

PDP is just like APC. Nothing done to get us off our dependence on oil. They just used oil revenues to cover our cracks. That does not let APC off the hook though.

PDP at least kept oil production stable at over 2 million barrels per day

PDP at least reserved certain positions like finance, trade, health, and a few others to technocrats.. Reason Nigeria grew under PDP

You can't tell me Nigeria didn't grow under PDP

You think our music grew by accident?
You think Sundcity hip TV started same time by accident?

You think the banking sector grew by mistake ?

You think the insurance system happened by mistake?

Telecom sector?

Name one sector that has grown under APC

PDP are bad but far better than APC

mrvitalis:

PDP at least kept oil production stable at over 2 million barrels per day

PDP at least reserved certain positions like finance, trade, health, and a few others to technocrats.. Reason Nigeria grew under PDP

You can't tell me Nigeria didn't grow under PDP

You think our music grew by accident?
You think Sundcity hip TV started same time by accident?

You think the banking sector grew by mistake ?

You think the insurance system happened by mistake?

Telecom sector?

Name one sector that has grown under APC

PDP are bad but far better than APC

PDP Never diversified the economy, and kept us on oil, and also kept subsides, which is a big reason why we don't have much domestic refining.

As for me, all our leaderships have been bad since independence. We have a large populaiton with a large poor underclass. The only way to manage that populaiton is to find them something to do, and that can only come from being a manufacturer of goods and services.

PDP Kept oil at 2 million, lol. Even if APC raises oil to 5 million, as they plan to do, it still won't generate enough revenue for our nation. We still need to raise tax to gdp ratio, and we need to diversify.

2 million barrels of oil cannot be enough unless we even have oil at 139 and above per barrel self.

Oga, I know that APC Is useless, but PDP's mess is why useless APC Is there.

nairalanda1:



PDP Never diversified the economy, and kept us on oil, and also kept subsides, which is a big reason why we don't have much domestic refining.

As for me, all our leaderships have been bad since independence. We have a large populaiton with a large poor underclass. The only way to manage that populaiton is to find them something to do, and that can only come from being a manufacturer of goods and services.

PDP Kept oil at 2 million, lol. Even if APC raises oil to 5 million, as they plan to do, it still won't generate enough revenue for our nation. We still need to raise tax to gdp ratio, and we need to diversify.

2 million barrels of oil cannot be enough unless we even have oil at 139 and above per barrel self.

Oga, I know that APC Is useless, but PDP's mess is why useless APC Is there.

Whatever you write objectively some will still see you taking sides. Obasanjo cleared the debts, leadership after him put us back in debts

We should bear it in mind we are wasteful and no longer a rich nation. Are we not going to survive if their is trade blockade? We continue to spend scarce fx to import frivolities and we expect a strong naira

nairalanda1:



PDP Never diversified the economy, and kept us on oil, and also kept subsides, which is a big reason why we don't have much domestic refining.

As for me, all our leaderships have been bad since independence. We have a large populaiton with a large poor underclass. The only way to manage that populaiton is to find them something to do, and that can only come from being a manufacturer of goods and services.

PDP Kept oil at 2 million, lol. Even if APC raises oil to 5 million, as they plan to do, it still won't generate enough revenue for our nation. We still need to raise tax to gdp ratio, and we need to diversify.

2 million barrels of oil cannot be enough unless we even have oil at 139 and above per barrel self.

Oga, I know that APC Is useless, but PDP's mess is why useless APC Is there.

PDP meet power generation at 1750 left it at 6000mw
PDP meet our economy at $250billion left it at over $500billion
PDP improved banks, Insurance, entertainment,

Yes they had their issue but they are miles better than APC

APC met power at 6000mw today it's Around 4000mw

APC met a GDP of $530 billion today it's $370 billion

We voted APC because PDP growth was too slow, but APC didn't even give us growth one bit

mrvitalis:

Floating the naira is not bad but the method of floating is bad

Because generator produces electricity on its own doesn't mean it doesn't need electricity to start working

Floating is complex

Theres no way foolishness can be explained, you go explain APC foolishness tire, you float currency when your export oustrip import marginally, to gain from the marginal difference, if the margin is high like in China, your money strengthens, use regulated floating towards where product are sold and where raw materials are imported from, like in china, this is because a strong currency increases production cost, and export becomes difficult, due to affordability of other countries on your product, so china loves low currency strength, towards purchasing countries and high currency strength towards countries they get raw materials from
In the case of Nigeria, import is greater than export, due to low production and high consumption, so currency is weak, therefore block floating, since it can't fight on same par with export dependent currencies, blocking gives it bullet proof against other currencies or it crashes like it had done, the question is ? Where this statistics not available to the present CBN, even Peter obi campaigned with it, yet they ignored the expo.

nairalanda1:
Let's put aside politics. Even me myself, I no vote for APC, PDP, LP and NNPP so, forget.

In 2014, oil prices crashed. That meant that we started spending large sums of our reserve on keeping up the naira. At the same time we started borrowing to keep our heads above water. Started with PDP, continued with APC.

As at JUne 2023, 90% of our revenue were going to debt servicing...because oil prices had been so low (at one time below 20 dollars per barrel), that we had to take loans to survive. ANd the loans had to be paid back.

At the end of the day, anyone who took over, would have had to do something. And it is either we stopped spending money on subsidisng the naira, and partially removed subsides...or we kept on pretending that one naira was one dollar, and got more and more broker.

FUel subsidy costs were rising year in and year out....


I don't like APC, PDP , I wish we voted them out since , I have not voted for any big party since I cast my first vote in 2003, and yet, the truth is, with debt servicing at 90%, and with us nearly at the mercy of the IMF...what else would we do.

ANd the fact is, if government had diversified our earnings, we would have been able to mittigate these problems. But APC failed in that regard. Here we are.

I am not even sure that Tinubu wants to diversify the economy, plus he is still doing subsidy...which means waste of money self.


ANyway, I don talk my own. All I know is, if subsidy had gone in 1993, we would not have been here. If we had taken the National Development plans serious, especially the Third one which was to have commenced in 1980, we won't have been here. If we had had leaders who had been commited to making us a manufacturing nation, that exports manufactured goods, we won't have been here.

BUt most of us just want our side in power. Sigh.

you are a lier. When crude oil price was low. It means fuel price was low as wel. All over the world fuel price came down but it never did in Nigeria.

Also during buhari administration there was fear that the country will break up at a time nnamdi kanu was active. Buhari and northerners came up with plans to mortgage the Niger delta oil. Also to create cattle colonies across the country. They use thise money to build the northern railroad and railway stations to niger. Waste part of it on oil exploration. It was not fuel subsidy. Fuel subsidy is a scam. The amount of fuel subsidy is not up to 1 trillion

nairalanda1:
Let's put aside politics. Even me myself, I no vote for APC, PDP, LP and NNPP so, forget.

In 2014, oil prices crashed. That meant that we started spending large sums of our reserve on keeping up the naira. At the same time we started borrowing to keep our heads above water. Started with PDP, continued with APC.

As at JUne 2023, 90% of our revenue were going to debt servicing...because oil prices had been so low (at one time below 20 dollars per barrel), that we had to take loans to survive. ANd the loans had to be paid back.

At the end of the day, anyone who took over, would have had to do something. And it is either we stopped spending money on subsidisng the naira, and partially removed subsides...or we kept on pretending that one naira was one dollar, and got more and more broker.

FUel subsidy costs were rising year in and year out....


I don't like APC, PDP , I wish we voted them out since , I have not voted for any big party since I cast my first vote in 2003, and yet, the truth is, with debt servicing at 90%, and with us nearly at the mercy of the IMF...what else would we do.

ANd the fact is, if government had diversified our earnings, we would have been able to mittigate these problems. But APC failed in that regard. Here we are.

I am not even sure that Tinubu wants to diversify the economy, plus he is still doing subsidy...which means waste of money self.


ANyway, I don talk my own. All I know is, if subsidy had gone in 1993, we would not have been here. If we had taken the National Development plans serious, especially the Third one which was to have commenced in 1980, we won't have been here. If we had had leaders who had been commited to making us a manufacturing nation, that exports manufactured goods, we won't have been here.

BUt most of us just want our side in power. Sigh.

You just dey shout we, we

How much I spend out of the money they borrowed, ordinary road I no even get to pass, light na me dey provide am myself, same for shelter and every other thing, so please take out that we and put the appropriate word😃

chubinwa:
Yes, you outrightly removed fuel subsidy and subsequently floated the naira without proper measures to alleviate the consequences. Who does that. This is insane and equally a callous decision. This shows that you don't have the people at heart. Governance is very far from you. Tinubu am talking to you. These decisions works in a country where there is a stable economic system. Work on the economy first before taking these decisions and stop impoverishing the people which is the direct effect of the insecurities today.

Nigeria doesn't have money (US dollars) to defend the naira anymore. Same as fuel subsidy. (Even though, fraction of subsidy was brought back).

All major contestants in the last election except Kwakwanso said they would float the naira.

All major contestants including Sowore said they would immediately remove fuel subsidy.

Heads or tail, Nigeria was bleeped.

Bullfallo:
you are a lier. When crude oil price was low. It means fuel price was low as wel. All over the world fuel price came down but it never did in Nigeria.

Yess, because we don't have domestic refining, and had to import....which was due to subsidy. I will explain it to you this way...once government sets prices, a lot of mess results. This is not a one day thing...it started in 1973 when government tried to protect us from the vagaries of the oil price increase

Also, we were running out of money to pay for subsidising the naira. A little less spent meant oil prices rose, because the cost of maintaining the naira at N120 per dollar had to be reduced even back then...

All this is because all governments have not diversifed our economy. We have never had enough cash to do much. The stealing that is done (before you accuse me of supporting corruption) only worsens matters.

At the end, if you want cheap fuel anyway, it's a pipe dream. You have to let the market set the price, and things go on...

Also during buhari administration there was fear that the country will break up at a time nnamdi kanu was active. Buhari and northerners came up with plans to mortgage the Niger delta oil. Also to create cattle colonies across the country. They use thise money to build the northern railroad and railway stations to niger. Waste part of it on oil exploration. It was not fuel subsidy. Fuel subsidy is a scam. The amount of fuel subsidy is not up to 1 trillion

That is off the point anyway, so...

Plus 'martgaging oil' is what happens when we do not diversify our economy, run out of cash, have a low tax to gdp ratio,.....at the end we start taking loans and more loans.

Railways were built by loans anyway. We cannot build them the right way because at the end, it means you pay more for rail transport, and more in tax. YOu guys do not want that. (Then again, most African countries build rail by loans too).

jude79:



Theres no way foolishness can be explained, you go explain APC foolishness tire, you float currency when your export oustrip import marginally, to gain from the marginal difference, if the margin is high like in China, your money strengthens, use regulated floating towards where product are sold and where raw materials are imported from, like in china, this is because a strong currency increases production cost, and export becomes difficult, due to affordability of other countries on your product, so china loves low currency strength, towards purchasing countries and high currency strength towards countries they get raw materials from
In the case of Nigeria, import is greater than export, due to low production and high consumption, so currency is weak, therefore block floating, since it can't fight on same par with export dependent currencies, blocking gives it bullet proof against other currencies or it crashes like it had done, the question is ? Where this statistics not available to the present CBN, even Peter obi campaigned with it, yet they ignored the expo.

Statistics you say?

Are you not in Nigeria when the person who appointed the CBN governor was going all around the country shouting "Nah Statistics we go chop"?

Floky215:


Statistics you say?

Are you not in Nigeria when the person who appointed the CBN governor was going all around the country shouting "Nah Statistics we go chop"?

Sorryooo!!! I forget that we are now in a town hall propaganda, different from balablue. >:

chubinwa:
Yes, you outrightly removed fuel subsidy and subsequently floated the naira without proper measures to alleviate the consequences. Who does that. This is insane and equally a callous decision. This shows that you don't have the people at heart. Governance is very far from you. Tinubu am talking to you. These decisions works in a country where there is a stable economic system. Work on the economy first before taking these decisions and stop impoverishing the people which is the direct effect of the insecurities today.

Are you asking a question or you're making a comment. However, floating the Naira at this time is the best thing to do. Government have been defending the Naira for years and now that's part of this economic issues the country is facing. If you are not working and continue to use your savings in the bank to sustain yourself, when your saving dries up, what will you do?
Govt doesn't have the funds to be defending the Naira again so it has to float.

Jlow2:
Nigeria is a complex country we’re you dnt take hasty decisions, he never took time to study the country before taking hasty decisions now naira is on a free fall, he did it to attract foreign investors now where re day?

It was not hasty but a necessary decision. If you borrow funds from your friends and all your friends said they will no longer lend you money what will you do?

Iamanoited:
IRRESPONSIBILITY AND DON'T KNOW POLICY.

Give reasons, counter the policy. Tell us what you will do.

mrvitalis:

Floating the naira is not bad but the method of floating is bad

Because generator produces electricity on its own doesn't mean it doesn't need electricity to start working

Floating is complex

Which method would have been better? Educate us.

studyless123:


Which method would have been better? Educate us.

Devalue to a value u can considerably defend for 6 months to 18 months

Defend, build confidence then gradually withdraw n allow market forces take over

Tinubu devalued to a value he couldn't defend thereby reducing confidence in the naira... This is basic macro economics na

mrvitalis:

Devalue to a value u can considerably defend for 6 months to 18 months

Defend, build confidence then gradually withdraw n allow market forces take over

Tinubu devalued to a value he couldn't defend thereby reducing confidence in the naira... This is basic macro economics na

If you're using defend. I can safely state that you don't know the state of the economy. There are other measures to take but whoever is mentioning defending of the naira is ignorant at this time. Defending of the Naira is what has gotten the economy to this state. You can't defend the indefensible. Even Japan the world strongest economy couldn't defend the Yen and the fall was historic.
I don't know if you're into business but if you ask the banks for invoice financing because you know you'll get cash advance but you don't have the invoice, how will you get the funds?

How much was oil price in 2001 vs 2014? Was the naira not defended in 2001 even with lower oil price than 2014?

nairalanda1:
Let's put aside politics. Even me myself, I no vote for APC, PDP, LP and NNPP so, forget.

In 2014, oil prices crashed. That meant that we started spending large sums of our reserve on keeping up the naira. At the same time we started borrowing to keep our heads above water. Started with PDP, continued with APC.

As at JUne 2023, 90% of our revenue were going to debt servicing...because oil prices had been so low (at one time below 20 dollars per barrel), that we had to take loans to survive. ANd the loans had to be paid back.

At the end of the day, anyone who took over, would have had to do something. And it is either we stopped spending money on subsidisng the naira, and partially removed subsides...or we kept on pretending that one naira was one dollar, and got more and more broker.

FUel subsidy costs were rising year in and year out....


I don't like APC, PDP , I wish we voted them out since , I have not voted for any big party since I cast my first vote in 2003, and yet, the truth is, with debt servicing at 90%, and with us nearly at the mercy of the IMF...what else would we do.

ANd the fact is, if government had diversified our earnings, we would have been able to mittigate these problems. But APC failed in that regard. Here we are.

I am not even sure that Tinubu wants to diversify the economy, plus he is still doing subsidy...which means waste of money self.


ANyway, I don talk my own. All I know is, if subsidy had gone in 1993, we would not have been here. If we had taken the National Development plans serious, especially the Third one which was to have commenced in 1980, we won't have been here. If we had had leaders who had been commited to making us a manufacturing nation, that exports manufactured goods, we won't have been here.

BUt most of us just want our side in power. Sigh.

DMerciful:
How much was oil price in 2001 vs 2014? Was the naira not defended in 2001 even with lower oil price than 2014?

Even then back in 2001 we was complaining about falling naira, how most people were suffering and japa was still common.

And the naira was falling. In 1993, 20 naira by 2001 getting close to 100 naira. People were crying then.

Japa was happening. Recall the dv lottery?

And our forex needs were not as much as they are now. No active telecoms sector then so imports of computers and phones were not as high as now. Limited internet, etc.

Nigerian problem is how to improve earnings. In the face of oil money's inability to satisfy our growing population. That is why apc is useless. They have failed to answer that question

nairalanda1:

As at JUne 2023, 90% of our revenue were going to debt servicing...because oil prices had been so low (at one time below 20 dollars per barrel), that we had to take loans to survive. ANd the loans had to be paid back.

Le us be sincere, the foreign loans we took has nothing to do with survival.
Most of the money were splashed on vainglorious projects such as rail lines which can't only pay for itself
but its maintenance is gulping a significant chunk of our yearly budget.

I remember the textbook argument that our "debt to GDP is the lowest in Africa" constantly being used to justify more loans
even though the government had no other means of paying back aside from oil proceeds.

In 2014, oil prices crashed. That meant that we started spending large sums of our reserve on keeping up the naira. At the same time we started borrowing to keep our heads above water. Started with PDP, continued with APC.

What's funny is that we built more forex reserves when oil prices were average between 1999 to 2007 compared to today.
And the lowest price of the so-called 2014 crash is higher than the average oil price from 1999 to 2005.

BTW, borrowing didn't start with PDP, all Nigeria's government from independence borrowed.
What matters is the scale of borrowing compared to revenue and whether the borrowed funds
are essential or would not become future liabilities.

What you are doing is excusing incompetent admins using simplistic textbook economics.
We cannot dig ourself out of a hole by digging further. Imagine if these guys were in charge 1999 to 2007,
Nigerians would have gone through hell during the 2008 crisis. And they will have a ready textbook excuse
that it is not their fault but the crash and low oil prices.

Till date, the CBN has not given a report on the expected gain of floating the Naira.
That is, the massive increase in FX inflow.

The fact is that the government took the easiest way out by eroding the populace purchasing
power while patting itself on the back for "saving" trillions.

This is the largest wealth transfer from the poor to the government. Yes, the rich are not as exposed
to Naira cash instability as the poor.

There are countries that are neither resource rich nor manufacturing houses but still has more
stable currencies than Nigeria.
How did they manage this? By spending within their limits.

If the government really believes it is in a dire strait, it will impose austerity measures on itself even for symbolic purpose only
but what do we have? Their spending and profligacy has been increasing year in year out since the 2014 crash occurred.
This is not the people you make excuses for.

mrvitalis:

PDP at least kept oil production stable at over 2 million barrels per day

PDP at least reserved certain positions like finance, trade, health, and a few others to technocrats.. Reason Nigeria grew under PDP

You can't tell me Nigeria didn't grow under PDP

You think our music grew by accident?
You think Sundcity hip TV started same time by accident?

You think the banking sector grew by mistake ?

You think the insurance system happened by mistake?

Telecom sector?

Name one sector that has grown under APC

PDP are bad but far better than APC

PDP are worse, they just use sense cover their uselessness... I will never ever vote PDP again..

When Obj came, with his reforms came prosperity for Nigerians and this went on to Jonathan.

You're just trying to defend the monumental failure of the APC govts

nairalanda1:


Even then back in 2001 we was complaining about falling naira, how most people were suffering and japa was still common.

And the naira was falling. In 1993, 20 naira by 2001 getting close to 100 naira. People were crying then.

Japa was happening. Recall the dv lottery?

And our forex needs were not as much as they are now. No active telecoms sector then so imports of computers and phones were not as high as now. Limited internet, etc.

Nigerian problem is how to improve earnings. In the face of oil money's inability to satisfy our growing population. That is why apc is useless. They have failed to answer that question