rapistbuhari:
One day, a promise! The next, a denial!!

Kachikwu should shut up and do his job.
April 7 will come and go and problem continues.

Nigerians have heard this nonsense many times from him before.
Nothing is new under Buhari, Nigerians have witnessed all level of incompetence and lies from Buhari administration.

Buhari is actually the Petroleum Minister. If we can not blame Buhari, why is he the Minister ?

musicwriter:


.

Generally, Nigeria is not ready for development. I for one know how to spur development than anybody in the government. For example; I have more solution for our electricity problem than the power minister. But, that's not the issue for now.

When analysing all these, don't forget to look back to history, cause economic theories isn't enough. Winston Churchill said "the farther backward you look at history, the farther forward you are likely to see''. We once devalued the Naira under IBB's regime in the 80's. It didn't end well. It gave us structural adjustment program- SAP which brought hunger in the land, literally. Thereafter, the world bank lured Nigeria to more loans, until we depended on more loans to survive. Our economy was then owned and directed by western powers to our detriment- something Obasanjo worked hard to have them "cancel the debts". Many countries like Argentina, Indonesia, Ghana, Bangladesh, e.t.c have toed that line and it didn't end well for any country.

If the president can work seriously on electricity to boost power supply, work on our refineries, encourage buy Nigerian made, e.t.c you'll see after a while the dollar will start falling naturally to its place. Both IMF and US know this that's they're putting enormous pressure and our elites to pressure the president into submission.

Words like "devalue the Naira" is not supposed to exist. The right words should be "allow the value of naira to be determined by economic forces" while you block leakages. No one should charge fees and sell items in dollars or any other foreign currency in Nigeria. Close down all USD denominated account and convert the funds at agreed fx rate to Naira, then allow importers to conduct their businesses with certain tact and tax. Right ? But CBN decided to fix false exchange rate for Naira and still changes policy up and down like amarteurs. Do they not know that the single problem facing the economic is keeping funds in foreign currencies called Dorm accounts ?

Close down dorm account and allow every international transfers be settled in our local currency. That solves the very immediate step.

jpphilips:
Atlantian post=44223622]

Kachikwu does not discuss monetary policies, if he said that, he must have spoken in a different context, you claimed to be a businessman yet we discuss Naira and the best example that comes to your mind is "goods", Naira is way beyond "goods",though traded, Naira is not a commodity, apple and oranges not mix, the best I can give you is a Trader not a businessman, You are definitely far from being one.




Let me be sure i am not wasting my time, what are the two types of currencies and why did Nigeria choose to fix the naira?
The answers will determine if you are worth my 17:59

Run along boy, shoes get sizes, I am sure you will meet your equal on the way up. I hate trading by the way, when one says I am a businessmen, its only trading that comes to your mind. You shouldnt blame me for your ignorance please. Its best to get adequate knowledge before coming here to debate.

Please dont write again, you seem not willing to de-learn those junks and re-learn working modules.

jpphilips:


There is no fact to face , you are speaking from both compases of your mouth, you do not support devaluation, so do I, but you want naira to float on demand and supply forces? don't you realize that your proposal is worse than devaluation, what class are you self? make I no discuss economics with Dbanj or Raskimono.

Depending on Abuja is not the issue here, If Abuja has enough, it will go round.

First off, you actually dont sound like someone who will be good in business, so do not ask me about my class, I am not a student, I am a successful business man. Business works in transparency. You can not fix the price of goods and not be mindful of competition as well as the twin pillars of demand and supply. It sounds great to say value of dollar in Nigeria is 199 naira, but the question is, what determines that value you place of dollar in your currency, is it determined by the standard economic yardstick ? That is what Kachikwu meant when he said he is not a miracle worker. He can only work with fact and figures.

While I do not support devaluation of Naira is simple. I do not want the lazy Presidency fixing the value of naira lower than the natural value. Allow the basic economic parameters of demand and supply and inflation to determine your fx rates so the entire world can see your transparency and rate you accordingly. Are we too afraid to face the collapse ? Yes, we have failed and we are a failed nation, we must accept that fact and then fashion out best strategy to crawl out of the valley. We cant hide it for ever, as it was in Greece and Brazil, needless to mention Zimbabwe, so it is here, but we must be transparent, we must accept criticism and we must allow States not Federal Government to be the Economic Centers. Federal Government is a parasite, a bully and a big failure.

jpphilips:



Your currency has no strong backing, it can not compete with the demand and supply elements, you have a $500b import economy, with currency backing of less than $55.2m daily, there is a tilt in the balance of trade already and you are asking Naira to be determined by demand and supply? Do the maths bro, if you try that, Naira will disappear as a currency

My opening line stated that I do not support devaluation, but I prefer if the CBN will allow Naira to assume its natural value based on laws of demand and supply of forex.

We must face the fact, if the economy has collapsed, it has collapsed and we must all face the effects so we can make the decision to fashion out best solution. At the moment we are less than a third world country, so why are we afraid of facing our reality so we can learn new strategies in governance ? The 36 States dependence on Abuja for allocation is what is killing the country, we either solve it now, or it will dissolve us all.

jpphilips:



How is FG abdicating its responsibilities solve the problem? If FG can not afford to exploit alternative avenues for forex earning, what makes you think the states can?
If we go by your advise, in the first month, all Nigerian states will collapse.

No they will not collapse. Give them 6 months to prepare and utilize their allocations for business for profits. That is how American 52 States are managed. Federal Government has no business dashing you money every month.

musicwriter:


.

Yes, totally agree with the above quote. But, even at that, we're better off not devaluing the Naira. As you acknowledged, we operate a mono-economy, therefore, we have nothing else to sell to the world except crude oil. Countries that devalue are countries that have solved the economic problems you pointed out, and who have a lot of products to sell to the world. You have to understand whether we devalue or not, both have its disadvantages. What we're talking about here is choosing the least evil among two evils.

I do not support devaluation of Naira, but I support allowing the value of the Naira to be defined by the Economics laws; The Law of Demand and Supply. So we can predict the economy better. Without prediction, we cant really have foreign direct investments. No one invests in a country that the government can chose to fix value of currency and mar your profits. Fixing the price rate of your currency means we are holding on a false value of the Naira, even when the black market has already dictated the tune for local consumers. The false value of naira fixed by CBN is hurting imports and driving prices high due to unavailability of local alternatives to our everyday consumables.

Nigeria has a choice, but we are not taking charge of the situation, we still put Property lawyer as Minister of Power, Works and Housing and we still have an illiterate without knowledge of hydrocarbon market, drilling and mining as Minister of Petroleum and the same fellow is President. Its so sad.

daretodiffer:


I agree that electricity is one the hindrance to our economic growth however it is not enough reason to encourage importation. The government is trying its best to improve it and I trust Fashola to deliver.

If we cannot manufacture sewing needles, we should not import them either . However we companies that import them, they need to start production.

1. Fashola has no experience in electricity business, he is a property lawyer by career.
2. If you stop the importation of sewing needles then all tailors, seamstresses, braiders etc will lose their jobs in millions, such a bad suggestion.
3. Without electricity, the cost of production will be too high, and with the tax regime on importation of machineries it will be tough to just ban stuff.

Solution is act as if there is no oil. Allow States to mine their fields and keep their resources to pay tax to Federal government. The Federal government has consistently failed.

Allow States to build their power plants and utilize their energy for their states and sell what ever excess they have to the national grid.

Allow States to exist automously and merge if they so desire and the Federal Government should earn just 40% of the IGR of States as Tax.

I guess the Northerners will not like this idea cos they believe they are disadvantaged, but I tell them this. A man with crude oil definately needs a man with rice and tomatoes. That is the beauty of diversification

They should try an igbo name, may be it will be accepted.

musicwriter:


Of course, there're two devils to choose.

1. Devalue = problem.
2. Don't devalue = problem.

But, the lesser devil would be not to devalue. And that's what the president have done.

Ofcourse, no one feels happy about losing your currency, its sad, but when the system of government is 100% typical of models that the economy must recess, then you can only hold it for so long. It will eventually collapse.

We are treating symptoms and the cause here getting worse. The cause of the fall of naira is mono-economy; depending on a single export as primary source of capital gains. The solution is electricity provision, tax waiver for importation of machinery for manufacturing and increase local production of goods, which actually cant be done with diesel generators without driving the cost of production and products up, then inflation sets in.

Now, since our President has totally messed up the energy sector, what drastic measure should we take ?

Simple: Radical approach is the answer; Stop giving States Allocation. Yes, stop giving also means stop taking from states. States should exploit their resources and manage their infrastructures and build their power plants, while paying 40% taxes on oil/gas, solid minerals to Federal Government. States should establish their police and clinics and schools.

Federal Government is supposed to be a supervisor of States, not the God of States.

Except we change the governing structure, we must go down, real down.

daretodiffer:



1) Companies are now being forced to patronise local goods.
2) Importers can no longer import foreign goods that are produced locally.

At whose expense. Our thought process should be 360 degrees, not so ?

Give me local alternatives to buy a sewing needle. Can you ? All needles are imported.

I need to buy a phone, so do me a favor, which phone is produced locally ? Oh I see, all phones are imported.

You see, you cant produce in the absence of electricity. You strangulate your economic by not providing local alternatives to consumables. Cos you enforce smuggling through the borders while losing on the taxations by the ban.

The government has lost track of what is going on and how to arrest the situation. If you listen to the Information Minister and the President's media team guy on TV, you will be so afraid that they have no clue what is going on. When you tell Nigerians to go and fight vandals, it means the government has lost battle of securing the pipeline. And if a government can not protect a pipeline network. What can they protect ? The value of the naira ? For how long ?

Naira is already valueless.

The mismanagement of our economy by Buhari and his gang of ignoramus has landed us on this precarious situation. An erudite political economist would have nominated Ministers and formed Economic Team within 1 week of swearing in. But this Buhari left the country on auto-pilot till today, even after choosing his "square pegs in round holes" Ministers, the budget was "patch-patch" fraud.

Today, our dear dummy President doubles as Petroleum Minister. And then a certain ex-narcotics pusher blames a junior Minister instead of the Minister of Petroleum/President for their mismanagement of our country's resources.

How will the economy work when there is no spending power from the teaming masses of the populace. The minimum wage is too low and even then the prices of pure water and transportation has gone skyrocket, petrol is now selling above 200 at black market, dollar is selling abover 300 at black market. Very soon, our country will be sold at black market.

This is the time for this dullard to consult all Professors of Economics beyond the timid APC contraption and allow the country to be managed by people who at least have a certificate.

2016 is NOT 1984. Ab.o.ki, be guided.

amaechi1:
I am tempted to believe that some of our economical woes may be connected to foreign interference.

On who's interest to devalue? Rather than returning our loot stored in different banks in US to develop our economy, the US is pressing for killing the naira.

US come and buy oil from us not devaluation!

The naira is already devalued in reality, but on paper its not. The CBN has an exchange rate, then the street has her exchange rate. Guess where most of the trading is done in private sector. You guessed right, at the BDC, so our naira is equal to the value at the black market, just that Presidency wants to save their face by pegging the CBN rate as official rate. There is nothing going on at official rate than the corruption of giving his wife 22m dollars from CBN to change to naira and keep the profit. That is the deal that is going on now.

That's a dry skin, she is supposed to use moisturizer for a month before applying the whitener. Some women sef, you keep wondering which type of man loves them.

I let NIGERIA burn !

Both are correct.

Why blame the man for your inability to come quick. You girls have too many problems these days and it isnt very easy to please you people. Samsung s7 is out, and Apple just launched new phones. You will want that..too. You need new peruvian hair, and you want the best things in life and the man is battling to provide. With all your time you sit down and watch telemundo and expect Chukwuma to perform like Alejandro of Telemundo. Women, make una dey fear God na. If chukwuma smoke igbo or sk to get hard, na you go still complain saying he bleeps too hard without romancing ...what shall we do to please you people.

AntiWailer:


Yes we are ashamed but also thankful we changed the past Govt.

Now go back and strategize for 2019. Election is over for now.

Supersonic mor0n, we have a duty to expose the ineffectual Daura nomad for what he is. I am not interested in 2019, I am interested in making sure the dullard is schooled to do the right thing.

bigerboy200:

Those were conduit pipes for massive looting of billions of naira with very little result achieved..youwin my foot.. Oduah,Badeh and Dasuki can shed more light...

How much was looted ? And by who ? in Sure-P and YouWin ? You see, its just pure biased sensationalism. You have no capacity to tell the truth, cos your DNA is wired in lies. Propaganda boy.

DelGardo:


Pathetic!
Go and familiarize yourself with the constitution, which permits the government to spend a percentage of its proposed budget when the draft is under legislative consideration, and stop confusing your fellow wankers.

Building roads and fighting Boko Haram where? In Atlanta or Niger republic? We are not even talking about 5years with NO new roads to the credit of an administration that earned the highest revenue in history and you are here making your best effort to pollute this thread.

Are you not ashamed that your President is not able to pen down an error free budget ? Are you still not ashamed that for one year a country operates auto-pilot without budget because your illiterate President couldnt do his job ?

Are you not ashamed that it took 6 months for your President to nominate the 'usual suspects' as Ministers and nothing has changed since they were sworned in ?

Are you not ashamed each time you queue up to buy fuel with your hard earned money ?

Are you not ashamed that at your age you have nothing tangible going on for you compared to men your age in a real country ?

Go Bleep yourself my good friend, I have no tolerance for selective intentional ignorance.

tobiasbeecher:

Why is it that there is so much bitterness in you? Who are your parents? Are they divorced? Do you come from a broken home without love and happiness? I asked all these in order to find out why there is so much bitterness in you. You really need help seriously!

The guy is a mental case. He comes online when he faces serious problem in life and dish out the bitterness. Ignore him.

koboko69:


Hahahahahahaha. Pained soul. Chia. Airports, roads . Fear God oooo.
Oil soild for above 100usd.....where is the money oga? We had to keep borrowing. Plz dont come and sing governors shared ECA crap. What happened to the FG's own share?

First off, I am not here to tolerate your naivety, I am not complacent in your typical mediocrity. I wasnt trained to be stupid like most of you.

Shall we begin;

You said Buhari operates without budget and pays salary without borrowing - That is total rubbish, I do not know your background, but even on a family setting, budget and planning is important. Buhari is so illiterate that he couldnt even sign a budget, one year after he won an election and he is spending money ? Why would anyone, any sensible man to applaud such expenses without the context of planning and budgeting. I think you are sick, lacking in wisdom and inefficient in business acumen.

Salaries of workers: Nigeria makes millions of dollars daily on oil and gas exports and these funds accrue to the banks daily. Is Buhari paying this salary from his Daura Cattles and not our oil/gas money ? Why are you praising a man who has not fixed any infrastructure since he assumed work.

Go to the filling station and preach about goodness of Buhari, I can assure your family that you will be dead.

koboko69:


The joke is on you super clown. .

You are not celebral, you are not lettered, you are simply mentally bastardized by suffering.

koboko69:


So a government that have not borrowed a dyme to pay salaries, but have even given bail out funds to your states and have alao been fighting war against terrorism have not tried enough. A government who have not been operating on any budget...please your hero would have ruined our lives

Keep your mouth shut if you do not have what to write. A government isnt operating on a budget, yet it is spending money. Then you applaud a government that is unaccountable ? Do you know anything about business or you are just one foolish person depending on parents for food ? Planning and Budgeting are the core of management, and if you dont plan you fail. Which is why Buhari has so failed and is the worst president in living memory.

Concerning the issue of borrowing to pay salaries, what is he doing with the millions of dollars that accrue to Nigeria daily. JOnathan was fixing roads, building airports, fighting Boko Hausa Haram, building schools and runing YouWin and SUre-P. What has the illiterate in Aso Rock been doing with the millions of dollars per day we earn from oil and gas exportation.

The cult of stupidity is attempting to resurrect the tradition sentimentalism. When I read what these APC nematodes write on nairaland, I cant help but feel pity for them. It seems that the new allowance has just been paid and they are able to afford internet to surface with their long forgotten stupidity.

How can one compare a government that went on massive construction of roads, airports, schools and even revamped the agric sector to a government that could not even pen down a budget, has failed in every election organization, a government that is shrouded in darkness and filling stations are home for Nigerians. We havent seen this kind of stupid President since military left governance.

I can not even imagine which demonic souls are occupants of APC nematodes, cos if someone can be rejoicing in darkness then he is a demon.

How can one borrow money when he has not initiated any project for once since winning election.

Buhari is the most foolish human being to step into Aso Rock.

I dont know why anyone will believe Jesus resurrected in 21st century. Do we just throw our brains away and reason like goats ? Rise to where ? in which sky ?