IbeOkehie:


The relationship and links between the subsidy, culture and homogeneity is easy to ascertain. It's been explained exhaustively.

Good Luck to Nigeria

Explained by who to who?
I remember showing you the amount of subsidy that exists in your US. Is the US an homogenous society?

Kukutenla:

1. What is the relationship between subsidy and homogeneity? Is subsidy in any way linked to history or culture? Subsidy is an economic term that's linked to economic stability and societal equality. No subsidy and class inequality gaps gets wider! That's why you have subsidies in critical sectors of an industrialised economy. Most of you run to industrialised countries without realising that they all became what they are through subsidies. The West built their age of civilisation on the back of cheap labour provided by slaves harvested from Africa. They transpired to the industrial age through the exploitation of cheap raw materials using colonialism. That's how they built the societies they have today. Don't get me wrong. They were highly ingenious and creative. But ingenuity alone does not provide the abundance of materials that's required for the level of industrialisation of the West.
2. You think Nigeria's economy is not free? I beg to disagree! The Nigerian economy is free. Most Nigerians get by with little or no government interference. As a matter of fact, government interference complicates things just as we presently have with the whole issue of subsidy. The basic fault with fuel subsidy is corruption. We can't even say how much we consume with confidence. We talk of smuggling, oil theft, bunkering and we ignore all that to complain of subsidy? OK. The subsidy removed since last year, over a year now, where is it? The claim was that we spend N400bn every month on subsidy. It's over a year now that it had been removed. That's N4.8trn. Can you point to any cogent thing that has been done by this govt that you think can amount to just N2trn? So where's the money?

what's even more alarming is the corrupt bitch and dumbfvck in just one year has almost doubled both the domestic and foreign debt that maalu Buhari had already shot through the roof....all this while screaming thru the rooftops that money had been saved thru subsidy removal. 😁

Where'd all the money go?

I never imagined a day would come that the naira would be this worthless.

Jeez

Treadway:
what's even more alarming is the corrupt bitch and dumbfvck in just one year has almost doubled both the domestic and foreign debt that maalu Buhari had already shot through the roof....all this while screaming thru the rooftops that money had been saved thru subsidy removal. 😁

Where'd all the money go?

I never imagined a day would come that the naira would be this worthless.

Jeez

That's another matter for another day my brother. At least Buhari was honest enough to tell us that he's using the debt to run govt and build infra
Let me share something with you. Do you know Oando borrowed Nigeria money early this year? Same Oando was broke as at 2022. They made profit for the first time in over ten years last year and their books days it was due to foreign denominated assets.
Today, same Oando is bidding to buy a refinery in Trinidad and Tobago. What am I telling you? Devaluation has favored some people already. Only that those who were favored are briefcase businessmen. What the real manufacturing and services sector lost due to devaluation, some folks somewhere gained it. Madam Remi donated 1bn to her alma mater. That's $618k as at the week she gave the donation. As at May 2023, N1bn was over $3m.
The matter long.

Kukutenla:

1. What is the relationship between subsidy and homogeneity? Is subsidy in any way linked to history or culture? Subsidy is an economic term that's linked to economic stability and societal equality. No subsidy and class inequality gaps gets wider! That's why you have subsidies in critical sectors of an industrialised economy. Most of you run to industrialised countries without realising that they all became what they are through subsidies. The West built their age of civilisation on the back of cheap labour provided by slaves harvested from Africa. They transpired to the industrial age through the exploitation of cheap raw materials using colonialism. That's how they built the societies they have today. Don't get me wrong. They were highly ingenious and creative. But ingenuity alone does not provide the abundance of materials that's required for the level of industrialisation of the West.

Subsidies work best in countries with fewer people or homogenous demographics. Cultures are different and when yoked together, they have different approaches to life. Nigeria cannot be like Namibia or Saudi Arabia or Norway simply because of our population and ethnic diversity. Developed countries apply subsidies, but one thing you must know about almost every developed country today is that it became developed and prosperous as disproportionately homogenous nations. Apart from the US which had only a black population of less than 15% as of 1990, no other developed nation that you can think of today is heterogenous. So you see, subsidy works best in homogenous settings. A nuclear family will utilise subsidised resources better than a polygamous home because the former is homogenous by blood. The same applies to extended families. Humans are tribal.

About slavery, while the West enslaved us, the belief that having slaves lead to prosperity does not apply to East Asia or now rapidly developing South east Asia. If you equate slaves to cheap labour, labour costs are cheaper in Nigeria compared to China. Thus, a developed and prosperous society can be achieved without slavery.

You think Nigeria's economy is not free? I beg to disagree! The Nigerian economy is free. Most Nigerians get by with little or no government interference. As a matter of fact, government interference complicates things just as we presently have with the whole issue of subsidy. The basic fault with fuel subsidy is corruption. We can't even say how much we consume with confidence. We talk of smuggling, oil theft, bunkering and we ignore all that to complain of subsidy? OK. The subsidy removed since last year, over a year now, where is it? The claim was that we spend N400bn every month on subsidy. It's over a year now that it had been removed. That's N4.8trn. Can you point to any cogent thing that has been done by this govt that you think can amount to just N2trn? So where's the money?

You cannot export yam from Nigeria. This means farmers in the north central have been cut off from the export market while their Ghanaian counterparts export yams to African communities in the abroad. Two, STARLINK Nigeria which generated $1BN from cocoa exports could not have achieved the same if not for SAP by IBB. Before then, there were commodity boards. Today, farmers in the north make a lot of money by selling their farm produce at market rates to exporters. That is freedom.

If you want to eliminate corruption, reduce subsidies or remove them entirely. NITEL was subsidised, but it was inherently corrupt. MTN is not perfect, but anyone in anywhere across Nigeria can obtain a SIM CARD without knowing anybody. Mr IbeOkehie has written extensively on this. From what I have read, subsidy seems not have to be fully removed. This problem started when Tinubu and Buhari vehemently opposed and fought Jonathana for the same policy they try to enact today. Karma if you ask me. The problem with Tinubu's policies seem to be his crony capitalism, which is not surprising anyway. He has always been a crony capitalism.

Naija!

Fujiyama:
A poster above says Buhari had a 'poor intellectual background'. And the current man has what?

This administration made 2 major moves: the removal of fuel subsidy and the floating of the Naira.

Today the administration has reinstated the subsidy but it has not made the exact figures public...and there's a reason for that. One of the industry players (Pinnacle oil MD/CEO) said the subsidy now runs at N1 trillion per month currently. If the man is correct, that raises the question: What was the point of subsidy removal then?

Today the administration has taken at least one facility (Project Gazelle) that by the government's own admission will be used to prop up the currency. For how long will this 'intervention' be sustained...and more important, what was the point of the float in the first place then?

I am no seer but I wager that before the end of this year, this administration will again go before lawmakers to ask for approval for a supplementary budget to cover these costs. When that supplementary budget is passed, the real extent of the subsidy reinstatement will be known. The forex management outcomes is a little bit trickier to predict...but I ask the experts - what happens when you run out of money for currency defence?

Gerrard59:

Subsidies work best in countries with fewer people or homogenous demographics. Cultures are different and when yoked together, they have different approaches to life. Nigeria cannot be like Namibia or Saudi Arabia or Norway simply because of our population and ethnic diversity. Developed countries apply subsidies, but one thing you must know about almost every developed country today is that it became developed and prosperous as disproportionately homogenous nations. Apart from the US which had only a black population of less than 15% as of 1990, no other developed nation that you can think of today is heterogenous. So you see, subsidy works best in homogenous settings. A nuclear family will utilise subsidised resources better than a polygamous home because the former is homogenous by blood. The same applies to extended families. Humans are tribal.

About slavery, while the West enslaved us, the belief that having slaves lead to prosperity does not apply to East Asia or now rapidly developing South east Asia. If you equate slaves to cheap labour, labour costs are cheaper in Nigeria compared to China. Thus, a developed and prosperous society can be achieved without slavery.


You cannot export yam from Nigeria. This means farmers in the north central have been cut off from the export market while their Ghanaian counterparts export yams to African communities in the abroad. Two, STARLINK Nigeria which generated $1BN from cocoa exports could not have achieved the same if not for SAP by IBB. Before then, there were commodity boards. Today, farmers in the north make a lot of money by selling their farm produce at market rates to exporters. That is freedom.

If you want to eliminate corruption, reduce subsidies or remove them entirely. NITEL was subsidised, but it was inherently corrupt. MTN is not perfect, but anyone in anywhere across Nigeria can obtain a SIM CARD without knowing anybody. Mr IbeOkehie has written extensively on this. From what I have read, subsidy seems not have to be fully removed. This problem started when Tinubu and Buhari vehemently opposed and fought Jonathana for the same policy they try to enact today. Karma if you ask me. The problem with Tinubu's policies seem to be his crony capitalism, which is not surprising anyway. He has always been a crony capitalism.

Thanks for taking the time. Though most Nigerians will NEVER understand because of their INSTINCTIVE socialist nature. That's why a solid majority campaigned and voted for APC in 2015, they're culturally socialist. That's that.

I thought about replying but I got tired when I read this

You think Nigeria's economy is not free? I beg to disagree! The Nigerian economy is free.

Reminded me of my public encounter with Peter Obi who wants to be President but doesn't UNDERSTAND that Nigeria is an almost communist country. According to him, and I quote "the Nigerian market is too free"

Peter Obi who apparently has spent decades in the import/export business doesn't think about the ubiquitous import licensing and tariffs and bans in the Nigerian market. I just wanted to hang my head and cry....

There's no hope.

Good Luck to Nigeria 🇳🇬