Gajagojo:
Atiku a clown
What was Emefiele doing?

https://www.bloomberg.com/news/articles/2021-03-23/nigeria-using-managed-foreign-exhange-regime-central-bank-says

The truth is bitter and painful.
Nigeria and Nigerians have a lot more pain ahead and no one can tell them the truth

We must curb our appetite for imported stuff
Otherwise we will see dollar at 5000
No matter who is in charge . Tinubu should see this through even if it costs him the next election and the rest of his damaged reputation.
We have to start feeding ourselves. Imagine Nigeria spending tens of billions of dollars importing food. How Do We pay for that? Bitter and painful truth.
We have to take this very bitter medicine. I see dollar at 3000 this year before it starts to stabilise. I do not blame Tinubu because it is the right thing to do and whoever does it will.incur Nigerians anger and that is why past leaders have avoided it. Now we have no choice
The only thing that will change the exchange rate is inflow of dollars on a major level
Not going to.happen.

Learn to stop eating rice . If you don't produce rice start eating cassava and cocoyam


The one thing I will criticise Tinubu for is he and his government as well as the National Assembly. Have to be seen to visibly make sacrifices too
But if the exchange rate reaches 10000 is all good
We don't need dollars to plant yam and cassava. Nigeria must curb this addiction to rice

Cart before horse. Remove subsidy gradually but make sure local refineries work fully first so you don't import petrol tied to the dollar. Float the naira if you must but make sure your are a net exporter first. Floatation of any local currency by an import dependent economy is suicide.

Besides, believe you me, even first world economies take measures to defend their currency. If you abandon your currency to the vagaries of the wind when you produce nothing, you are beyond daft. You are suicidal.

Cart before the horse. That's what's going on, and that's what you are championing. Tail wagging the dog. Upside down logic.

Ndi Yoruba has feneshed Nigeria intoto

searchlight:
Focus on the disaster of your brother. Has your father eaten?

Face front, this is above your intellectual capacity 😏

stanliwise:
very eloquent and polished write up here. Any idea on what can help this our devaluation?

Three things can help, namely

1. Cardoso commits to a much lower rate of inflation (say 5%) and shows he means business by hiking interest rates until they are no longer negative in real terms (that's what Russia's central bank governor, Elvira Nabiullina, did when western sanctions were announced).
2. Tinubu publicly commits to a large-scale, rapid program of privatization, showing he means business about bringing down the FG's spending (and giving the unions reason to think twice about demanding wage hikes that will make the problem worse).
3. Instead of wasting effort on chasing "hoarders" and encouraging an impossible "self-sufficiency" in agriculture, existing restrictions on food imports should be lifted (other than for safety reasons), and import duties slashed, so the masses have access to cheaper food. Even in Nigeria, there are many more buyers of food than there are commercial farmers, so it makes no sense to harm the former for the sake of the latter.

DeepSight:


Cart before horse. Remove subsidy gradually but make sure local refineries work fully first so you don't import petrol tied to the dollar. Float the naira if you must but make sure your are a net exporter first. Floatation of any local currency by an import dependent economy is suicide.

Besides, believe you me, even first world economies take measures to defend their currency. If you abandon your currency to the vagaries of the wind when you produce nothing, you are beyond daft. You are suicidal.

Cart before the horse. That's what's going on, and that's what you are championing. Tail wagging the dog. Upside down logic.

Just open your mouth to yarn rubbish

Remove subsidy gradually?
Which subsidy?
There was No money to pay subsidy.
As of May 29 2023 The government was OWING subsidy money and servicing debt with over 90%_0f revenue

The government had. NOT BEEN ABLE TO PAY subsidy since January 2023
The government was broke . Even the oil being drilled had been sold in advance and the money spent.

So any talk of reducing subsidy gradually is unrealistic and childish
The only way to do that would be to borrow and those willing to lend Nigeria were non existent except the IMF.
The IMF will not lend you money for subsidy
When you need to borrow from the IMF you are screwed
There was literally no money to pay for subsidy.
Even now as we speak the government still owes NNPC subsidy money
All the money borrowed from Added in recently $3 billion is conditional
NOT FOR SUBSIDY

no one will lend you money for that

omohayek:

Three things can help, namely

1. Cardoso commits to a much lower rate of inflation (say 5%) and shows he means business by hiking interest rates until they are no longer negative in real terms (that's what Russia's central bank governor, Elvira Nabiullina, did when western sanctions were announced).
2. Tinubu publicly commits to a large-scale, rapid program of privatization, showing he means business about bringing down the FG's spending (and giving the unions reason to think twice about demanding wage hikes that will make the problem worse).
3. Instead of wasting effort on chasing "hoarders" and encouraging an impossible "self-sufficiency" in agriculture, existing restrictions on food imports should be lifted (other than for safety reasons), and import duties slashed, so the masses have access to cheaper food. Even in Nigeria, there are many more buyers of food than there are commercial farmers, so it makes no sense to harm the former for the sake of the latter.

1. That Cardozo or what is his name can’t pull such stunt. He can’t.
2. FG Spending hasn’t been Much of a problem compared to money laundering. Not matter how Goverment tries to cut cost it can never survive with this rate of money laundering
3.The third will only lead to more chase for dollar and importing more raw material.

omohayek:

Three things can help, namely

1. Cardoso commits to a much lower rate of inflation (say 5%) and shows he means business by hiking interest rates until they are no longer negative in real terms (that's what Russia's central bank governor, Elvira Nabiullina, did when western sanctions were announced).
2. Tinubu publicly commits to a large-scale, rapid program of privatization, showing he means business about bringing down the FG's spending (and giving the unions reason to think twice about demanding wage hikes that will make the problem worse).
3. Instead of wasting effort on chasing "hoarders" and encouraging an impossible "self-sufficiency" in agriculture, existing restrictions on food imports should be lifted (other than for safety reasons), and import duties slashed, so the masses have access to cheaper food. Even in Nigeria, there are many more buyers of food than there are commercial farmers, so it makes no sense to harm the former for the sake of the latter.

Commit to lower rate of inflation 5%. HOW will that be achieved exactly?when we are importing over $60 billion?

That is wishful thinking. Very unrealistic.
The only way to achieve the is to stop importing or reduce importclose to zero

How will privatisation affect devaluation? What is the nexus?

Devaluation is simply down to demand and supply

You either increase the supply or stifle the demand for dollars

Stop eating rice
Cook with palm oil and NOT imported vegetable oil
Stop eating noodles,bread,and flour based products
Get your refineries working
Try to produce something useful to the World other than crude oil

Sangoamadioha1:
Now that is opposition. Atiku try for this one, not like that one that just whips up sentiments with useless mantra like 'consumption economy to production economy 😏

I thought the idiot you support would transform Nigeria like Lagos

It seems he is incompetent to handle any of his duties as the president. You guys pushed Nigeria to this destruction out of tribal sentiment from Buhari to an old illiterate that don't even know anything.

ezegenigbonine:


I thought the idiot you support will transform Nigeria like lagos

Please tell me who i supported o because those i supported were not on the ballot.


Ode, you think everyone that criticizes your lord and master automatically support Tinubu. Very myopic thinking 😂

omohayek:

There was never any doubt in my mind that Atiku's plans were objectively the best of the three - he understands clearly that the Nigerian economy needs to be massively deregulated - but the question (at least as far as I was concerned) was the extent to which Atiku could be trusted to carry out his program in a fair and transparent manner, given his long record of using power to tilt deals in his own favor. That so many people harbored similar doubts as I did is no one's fault but Atiku's own, and Obasanjo's criticism of him wouldn't have stuck if there were no substance to the accusations.

In any case, Atiku's latest effort was doomed once Peter Obi announced his vanity candidacy using the LP as his latest vehicle of self-advancement, thereby taking 90% of the Igbo vote with him. Obi might as well have handed Tinubu the election on a platter, by dividing the anti-APC opposition.

Circling back to Atiku's latest statements, while I give him credit for actually making concrete proposals that can be scrutinised (unlike Obi, who sticks to worthless platitudes), the idea that Tinubu ever had the option of a managed float is pure fantasy, given how low the foreign reserves were (and still are), and how much of the FG's income was already going to debt service. Where exactly would the money to "manage" the float have come from?

The harsh reality is that any winner of the 2023 election would have been forced to make the same decisions at a similarly rapid rate, as the money simply wasn't there to keep going in the same old way. The only alternative to doing so would have been to print money at an even faster rate than Tinubu is currently doing, which would have led to inflation so high that a "mere" 30% annual rate would have seemed something to envy. The frustrating there here is that Atiku understands this quite well, but is happy to peddle lies to curry popularity with the masses. It's such dishonesty that makes it so hard for me to trust any promises Atiku makes.

Good bless you

stanliwise:

1. That Cardozo or what is his name can’t pull such stunt. He can’t.
2. FG Spending hasn’t been Much of a problem compared to money laundering. Not matter how Goverment tries to cut cost it can never survive with this rate of money laundering
3.The third will only lead to more chase for dollar and importing more raw material.

What exactly do you mean by money laundering?
Government spending is. THE BIGGEST PROBLEM

not sure where you took get these ideas
Over 20 trillion ways and means enter the market without backing and that is not a problem

Government is the largest borrower in the economy not industry.
The money supply has grown to unprecedented level thanks to government spending.
That is the number one problem and legacy of Buhari
Now government has created a situation where interest rates must be close ton30% very soon
How can any business thrive in such a situation?

ElSudani:
At least he came up with something. The Agulu messiah offers only empty rhetorics, no substance.

Was Agbado voted to be helped? Thought he knew everything. Just look at where tribal sentiment leads us. We know somebody doesn't know anything but we voted for him just because he is from our village. What a shame

AllTheWayUp:


https://www.facebook.com/share/p/SWA5JsocUsPKyARE/?mibextid=Nif5oz

I applaud Atiku for at least putting it on record what he would have done if elected as President. That woman-sounding man, Obi, is all over the places like headless chicken.

Atiku's idea seems funny though. He was against both the fixed and floating exchange rate but he would ask CBN to be intervening on daily basis, while admitting Nigeria has low inflow of dollars. So, by implication, Nigeria will be paying the differential in the true value of dollar to naira. Nigeria will be using our limited income to pay the differential. Really?

How will he then achieve his manifestos? Where will the money come from? So, all our limited inflow will be used to defend the naira? Road, education, healthcare etc, where will the money come from to bring them to shape? How will he even pay Federal workers salary consistently? By borrowing at high interest rate?

Lastly, Atiku happens to be part of the people who looted the country blind. Some of the dollars that Nigeria realised developed wings to fund all the houses he bought in Dubai and other business enterprises in other countries.

This is a classical case of a thief who stole a pot soup turning around to accuse the person he stole from why he does not have soup at home. Sadly hilarious

Gajagojo:


Just open your mouth to yarn rubbish

Remove subsidy gradually?
Which subsidy?
There was No money to pay subsidy.
As of May 29 2023 The government was OWING subsidy money and servicing debt with over 90%_0f revenue

The government had. NOT BEEN ABLE TO PAY subsidy since January 2023
The government was broke . Even the oil being drilled had been sold in advance and the money spent.

So any talk of reducing subsidy gradually is unrealistic and childish
The only way to do that would be to borrow and those willing to lend Nigeria were non existent except the IMF.
The IMF will not lend you money for subsidy
When you need to borrow from the IMF you are screwed
There was literally no money to pay for subsidy.
Even now as we speak the government still owes NNPC subsidy money
All the money borrowed from Added in recently $3 billion is conditional
NOT FOR SUBSIDY

no one will lend you money for that

Thank you my brother.

Majority of Nigerians are still under the illusion that Nigeria is a "Wealthy" country.

A country that has been looted blind.

Where is the money that Nigeria will use to pay for subsidy. Nigeria is a broke country as it stands.

Sangoamadioha1:



Please tell me who i supported o because those i supported were not on the ballot.


Ode, you think everyone that criticizes your lord and master automatically supports Tinubu. Very myopic thinking 😂

The Igbos that you guys hate with passion are the ones that will repair this country "mark my word". Time will come when you Hausas and Yorubas will run at the mention of the presidential sit after destroying the country.

Gajagojo:


Just open your mouth to yarn rubbish

Remove subsidy gradually?
Which subsidy?
There was No money to pay subsidy.
As of May 29 2023 The government was OWING subsidy money and servicing debt with over 90%_0f revenue

The government had. NOT BEEN ABLE TO PAY subsidy since January 2023
The government was broke . Even the oil being drilled had been sold in advance and the money spent.

So any talk of reducing subsidy gradually is unrealistic and childish
The only way to do that would be to borrow and those willing to lend Nigeria were non existent except the IMF.
The IMF will not lend you money for subsidy
When you need to borrow from the IMF you are screwed
There was literally no money to pay for subsidy.
Even now as we speak the government still owes NNPC subsidy money
All the money borrowed from Added in recently $3 billion is conditional
NOT FOR SUBSIDY

no one will lend you money for that

Looks like you are accustomed to gutter language. I don't have the time for that.
Listen: the only reason we got here is corruption - not subsidies. The said subsidy was bloated and inflated by corruption.

Research. The increase in petrol prices by 200% in Nigeria in a single day was a global first. It has never happened in history in any other country before. And no country does that. No country. Only in mad Nigeria does such lunacy happen.

I repeat: the issue is corruption - not subsidies.

You speak as if the subsidy being paid was a proper amount in the first place and that it simply naturally bled the country dry. That was not the case. Corruption did it. Otherwise there is no way the cost of subsidy would jump from under 300 billion to over 6 trillion in a few years. If that is not black magic, I dont know what else is.

You have lost your compass. You have lost your sensitivity. You dont recognize protestable issues anymore.
You will be killed by your government and while the knife is going through your throat you will be shouting - like Boxer in Animal Farm - "Napoleon is always right!"

APOPTOSIS:
I'm highly elated he floated it.
He should Float more.
Sometimes, some things are just blessing in disguise waiting to be tapped. He's fast creating more Billionaires

Yeah, at this rate, every Nigerian will be a billionaire. When a bag of rice will be 50m, 2003 corolla 1.5b, packet.

tsdarkside:
nigeria doesnt use dollars but nairas....

why concentrate on something that is not official currency of nigeria....
what is this guy talkin about....??

nigeria has no business defendin dollars in nigeria....

My brother, Nigeria uses dollars a lot. We are not producing anything, so we virtually import everything. The phone you are using to type whatever you are typing was imported by exchange of naira to the dollar. Likewise almost everything you are using in your house. This country is so useless that we even import toothpick

omohayek:

Three things can help, namely

1. Cardoso commits to a much lower rate of inflation (say 5%) and shows he means business by hiking interest rates until they are no longer negative in real terms (that's what Russia's central bank governor, Elvira Nabiullina, did when western sanctions were announced).
2. Tinubu publicly commits to a large-scale, rapid program of privatization, showing he means business about bringing down the FG's spending (and giving the unions reason to think twice about demanding wage hikes that will make the problem worse).
3. Instead of wasting effort on chasing "hoarders" and encouraging an impossible "self-sufficiency" in agriculture, existing restrictions on food imports should be lifted (other than for safety reasons), and import duties slashed, so the masses have access to cheaper food. Even in Nigeria, there are many more buyers of food than there are commercial farmers, so it makes no sense to harm the former for the sake of the latter.

Let me expose the folly in your solution with questions:

1. So at what rate will the importers exchange naira for a dollar to import food? If a dollar is exchanged for 1500naira, plus logistics and profit, will the food still becomes cheaper and affordable?

2. When the borders are opened, wont there be an increase in the number of importers? If yes, what will happen to the dollar-naira exchange rate? Will it come down or go madly up?

In those questions lie the folly of your solution, Mr armchair CBN Governor.

DeepSight:


Cart before horse. Remove subsidy gradually but make sure local refineries work fully first so you don't import petrol tied to the dollar. Float the naira if you must but make sure your are a net exporter first. Floatation of any local currency by an import dependent economy is suicide.

Besides, believe you me, even first world economies take measures to defend their currency. If you abandon your currency to the vagaries of the wind when you produce nothing, you are beyond daft. You are suicidal.

Cart before the horse. That's what's going on, and that's what you are championing. Tail wagging the dog. Upside down logic.

So when Buhari refused floatation simply because of this same cart before the horse reason, why was he criticized by Obi and most of the analysts in 2022 where they said floatation is the only way? Don't you think Buhari was also waiting for the revamp of refineries and coming on of Dangote refinery?

DeepSight:


Looks like you are accustomed to gutter language. I don't have the time for that.
Listen: the only reason we got here is corruption - not subsidies. The said subsidy was bloated and inflated by corruption.

Research. The increase in petrol prices by 200% in Nigeria in a single day was a global first. It has never happened in history in any other country before. And no country does that. No country. Only in mad Nigeria does such lunacy happen.

I repeat: the issue is corruption - not subsidies.

You speak as if the subsidy being paid was a proper amount in the first place and that it simply naturally bled the country dry. That was not the case. Corruption did it. Otherwise there is no way the cost of subsidy would jump from under 300 billion to over 6 trillion in a few years. If that is not black magic, I dont know what else is.

You have lost your compass. You have lost your sensitivity. You dont recognize protestable issues anymore.
You will be killed by your government and while the knife is going through your throat you will be shouting - like Boxer in Animal Farm - "Napoleon is always right!"

I quote you - The increase in petrol prices [color=#990000]by 200% in Nigeria [u]in a single day

It wont happen in other countries because these countries have been selling at the international market benchmark while Ngeria has been enjoying susidy. We have never bought at the real cost of petrol as obtainable in other parts of the world.

So, there had to be a jump.

ezegenigbonine:


I thought the idiot you support would transform Nigeria like Lagos

It seems he is incompetent to handle any of his duties as the president. You guys pushed Nigeria to this destruction out of tribal sentiment from Buhari to an old illiterate that don't even know anything.

Are you minding those charlatans? The few of them I know that had the means have all taken off to Canada, before see finish enter. The remaining unfortunate ones are soaking garri daily, disturbing our peace with phone calls, pleading for assistance. Infact I blocked one number 2 days ago. They have brought misery and poverty on a grand scale. They were warned about buhari, further warned about the current fellow, warned that nothing good could come out of anything apc. See where they have led us to.
Anyway, as I always say, the righteous will survive.

Sangoamadioha1:
Now that is opposition. Atiku try for this one, not like that one that just whips up sentiments with useless mantra like 'consumption economy to production economy 😏

Gbam.

MT:


I quote you - The increase in petrol prices [color=#990000]by 200% in Nigeria [u]in a single day

It wont happen in other countries because these countries have been selling at the international market benchmark while Ngeria has been enjoying susidy. We have never bought at the real cost of petrol as obtainable in other parts of the world.

There is subsidy in many forms in most of the countries you have in your imagination. And there have also been efforts to remove such subsidy in many such countries. Believe me, I have researched the matter carefully. In no country, except Nigeria, has it ever been done the way it was done here. No country .

So, there had to be a jump.

In other countries, the worst you had was about 30 - 35 % increase over a period of about a year or two years.
Only mad people do a 200% increase in one day.

Mad, irresponsible, illiterate and suicidal people.

GeneralDae:

So when Buhari refused floatation simply because of this same cart before the horse reason, why was he criticized by Obi and most of the analysts in 2022 where they said floatation is the only way? Don't you think Buhari was also waiting for the revamp of refineries and coming on of Dangote refinery?

It is a pity tht a day has come when we can possibly miss one of the worst and most illiterate presidents in the history of the world.
But here we are.

We have been gifted with a thoughtless insensitive demon straight from hell who is an errand boy for the IMF.

DeepSight:


There is subsidy in many forms in most of the countries you have in your imagination. And there have also been efforts to remove such subsidy in many such countries. Believe me, I have researched the matter carefully. In no country, except Nigeria, has it ever been done the way it was done here. No country .



In other countries, the worst you had was about 30 - 35 % increase over a period of about a year or two years.
Only mad people do a 200% increase in one day.

Mad, irresponsible, illiterate and suicidal people.

I challenge you to mention if either the US, UK or Canada - the topmost countries you always rush to mention - subsidise fuel ?

You still dont get it, Nigeria will have that "jump" because there was no money for any form of subsidy, and while other countries were making incremental jump based on international market price, Nigeria was paying subsidy on her own fuel, and selling below the international market price So it was reasonable that when Nigeria wanted to be at par with the rest of the world, selling at the international benchmark, there would be a signifcant "jump" as catch up.

Buhari knew Nigeria was broke and he did not make provision in the budget for subsidy. This was the budget passed on to Tinubu.

You think Nigeria is still a wealthy nation? Don't be delusional, that was then.

ezegenigbonine:


My brother, Nigeria uses dollars a lot. We are not producing anything, so we virtually import everything. The phone you are using to type whatever you are typing was imported by exchange of naira to the dollar. Likewise almost everything you are using in your house. This country is so useless that we even import toothpick

Gbam!

DeepSight:


Looks like you are accustomed to gutter language. I don't have the time for that.
Listen: the only reason we got here is corruption - not subsidies. The said subsidy was bloated and inflated by corruption.

Research. The increase in petrol prices by 200% in Nigeria in a single day was a global first. It has never happened in history in any other country before. And no country does that. No country. Only in mad Nigeria does such lunacy happen.

I repeat: the issue is corruption - not subsidies.

You speak as if the subsidy being paid was a proper amount in the first place and that it simply naturally bled the country dry. That was not the case. Corruption did it. Otherwise there is no way the cost of subsidy would jump from under 300 billion to over 6 trillion in a few years. If that is not black magic, I dont know what else is.

You have lost your compass. You have lost your sensitivity. You dont recognize protestable issues anymore.
You will be killed by your government and while the knife is going through your throat you will be shouting - like Boxer in Animal Farm - "Napoleon is always right!"

Whether or not the increase of petrol price by 200% in a single day is a global.first is not relevant to the post you quoted or the issue under discussion so the highlight in red is just childish theatrics
However it IS NOT TRUE
There have been worse shocks in Zimbabwe and across the world in 1973 following the You Kippur war
However it is NOT RELEVANT

You call it corruption not subsidy that is a pedantic argument
Others may call it incompetent. We are no able to control our borders which means by default any petrol subsidy subsidizes. Neighbouring countries
Whatever the case that is irrlevant
We are not able to pay for subsidy. We cannot afford it. Even if there was no corruption we still have not got money for it. So again that is an academic point . We would have to borrow to pay any subsidy even if it was operated by angels. No one will lend us money for that now.

Keep playingtribal politics, the real mess is yet to smell.

Sangoamadioha1:
Now that is opposition. Atiku try for this one, not like that one that just whips up sentiments with useless mantra like 'consumption economy to production economy 😏

DeepSight:


It is a pity tht a day has come when we can possibly miss one of the worst and most illiterate presidents in the history of the world.
But here we are.

We have been gifted with a thoughtless insensitive demon straight from hell who is an errand boy for the IMF.

You didn't answer the question.

Gajagojo:


Whether or not the increase of petrol price by 200% in a single day is a global.first is not relevant to the post you quoted or the issue under discussion so the highlight in red is just childish theatrics
However it IS NOT TRUE
There have been worse shocks in Zimbabwe and across the world in 1973 following the You Kippur war
However it is NOT RELEVANT

You call it corruption not subsidy that is a pedantic argument
Others may call it incompetent. Whatever the case that is irrlevant
We are not able to pay for subsidy. We cannot afford it. Even if there was no corruption we still have not got money for it. So again that is an academic point . We would have to borrow to pay any subsidy even if it was operated by angels. No one will lend us money for that now.

But Govt has circled back to paying subsidy though due to the exchange rate difference from that time.

nedekid:

Are you minding those charlatans? The few of them I know that had the means have all taken off to Canada, before see finish enter. The remaining unfortunate ones are soaking garri daily, disturbing our peace with phone calls, pleading for assistance. Infact I blocked one number 2 days ago. They have brought misery and poverty on a grand scale. They were warned about buhari, further warned about the current fellow, warned that nothing good could come out of anything apc. See where they have led us to.
Anyway, as I always say, the righteous will survive.

True