Pun intended but…

His mother is Ghanaian. Plus he may wed or be wedded to a foreigner.

By the laws of divisive mischievous Nigerians he has lost all claims/rights to the helms and realms of power from his birth. Despite the fact that he is an outstanding young man that has made us proud.

God bless him and may Nigeria get it right someday.

Although elections are over we must investigate the root cause of the unending hatred between tribes in Nigeria and eliminate it. It has lingered for too long.

I bother myself with certain questions, for one, where was Africa when the Europeans made ships? Guns? Canons? Planes? Rockets? Computers? My guess is stuck in a whirlpool of trivial tribal rivalry.

Even now, It’s quite disheartening to read asinine remarks from the new generation. ‘Non indigenes shouldn’t vote in my state’ but Nigerians vote in foreign elections. Where did this callosity come from?

I’ve always wondered why a person (non indigene) whose whole life’s investment (academic, social, business etc) is based in a state will wish the state destruction. There’s no plausible intent.

Why should a Yoruba or Ibo man living with his family in Abuja or kaduna, heck even France, be silent about an environmental/robbery/taxation problem in his current vicinity and be more concerned about similar problems in a distant hometown just because he is a non-indigene. Is voting no longer a social instrument for expression of interests in a democracy?

Where your treasure is there lies your heart. A house divided cannot stand.

Shutting down is being too high handed.

Slam them with a lofty fine and a warning to shut them down in the event of a future reoccurrence.

Hammer and tongs isn’t the only way.

We should remember that other investors are watching. Shutting down businesses at the slightest provocation or misdemeanor is brash.

The CBN governor should not be dissuaded in his pursuit to stabilize the economy. No one should celebrate this, we all fail when Nigeria fail.

Increased production should be private sector driven (favorable tax policies) till the FG puts basic and social amenities in order.

The President needs to plug more holes. I retain my stance that with oil revenues only Nigeria per capital should be way better than where it is. Juxtapose GDP with foreign loans, forward payments, foreign remittances and it doesn’t make sense that we’re where we are.

Time for forensic scrutiny of commercial banks domiciliary accounts beginning with public and civil servants and their relatives.

The Minister in charge should have a rethink about this policy. Proof of indigenship is an outmoded means of identification. Especially in a country where falsification of documents is a trade.

Whether or not someone is an indigene shouldn’t be the question. What should matter is if those living on this soil called Nigeria are worthy to be Nigerian passport holders, and called citizen and a pathway should be shown.

I align with former VP Osinbajo’s proposition to scrap state of origin and replace it with place of birth. We need to blur ethnic lines as they do us no good.

Subsequently, NIN should be treated like SSN. As early as at the period of birth it should be issued along with birth certificates.

.

tollyboy5:

The high way has a rail track bro.

So why embark on two projects that offer near equivalence in terms of economic value at the expense of tax payers. I think it goes without saying that the Nigerian economy is not at the epicenter of this project and it’s just sad that in the face of all the country’s woes the government still engages in wastefulness.

Rail would take a shorter period to complete.
Laying tracks is an all weather affair.
Lagos port deliverables, industry products, and commuters can easily be trafficked with a robust rail system. The road is not a pressing need.
The road can come at a time when we are richer as a people.

How is a coastal high way in all ramifications better than a coastal railway. In terms of efficiency and long term benefits a railway trumps road.
With the added advantage of reducing the incidence of conformational changes to businesses and the environment.

And a much cheaper option would be to provide more ports along the coastal axis.

Why we continue to engage in wastefulness at the expense of human capital and development is bemusing.

Side note: can they complete the refineries already?

Excellent plan.

They should rescind the decision to create 3 cards and instead make one in which other features can be activated upon request.

By what metrics did this government arrive at its decision to raise tariffs?

How about following through on the adequate metering scheme to ensure that every Nigeria contributes their quota?

How about reissuing licenses to discos that are PLCs just to ensure they have the adequate financial backing for the job?

The purchasing power parity of Nigeria to countries paying similar for power is too low. Sane countries formulate fiscal/monetary policies in view of the minimum wage.

Power in Nigeria isn’t expensive, thoughtless governments have made it so. We flare gas that can be used to power turbines at no extra-cost. Wind, hydroelectric, solar and geothermal all at our disposal.

For a government keen on giving out free cash for pilgrimage and palliatives, Nigerians across the board would have applauded the government if it invested a chunk of that money into power infrastructure.

Dangote and his enigmatic refinery…

To the petrochemical engineers in the house, kindly explain how Dangote’s refinery processes crude directly to diesel without producing petrol (gasoline) first as a byproduct.

Well done Mr Adesina, history will remember you.

Someone had opined that Nigerians don’t pay taxes, but in truth Nigerians pay so much illegal taxes that if channeled to official channels would make a difference.

Secondly, it is high time we scrap the state of origin and replace it with place of birth. If you’ve lived for 18 years on a ground, you qualify as a son of the soil.
Isn’t it hypocritical that Nigerians vie for foreign citizenship but support tribalism.

He is dead, yes.

We should encourage and support those that venture into investigative journalism irrespective of their impetus.

I watched for several weeks speculations from media houses about Kate Middleton’s health until it came to light that indeed all was not well with her.

A lot of Nigerians become indignant when people sources of wealth are investigated, why is that? Trump, Biden, Elon Musk, Jeff Bezos are constantly under the microscope by tax and security agencies so why is it a taboo in our clime?
Death should not be the end of litigation or investigation, if public funds can be traced to a dead man’s account it should be confiscated, no sentiments from the attendant authorities.

247man:


12,570£

Thanks for the correction.

Nigerians celebrates inhumane policies. Personally, no Nigerian earning below 1M NGN a year should be taxed

Elliotwaveforec:

If you've got enough money to travel out, you're definitely taxable.

Okay, and how does one recovering from an illness or schooling abroad, who’s currently not earning but has savings or pensions back home get a tax certificate?

Also, are the taxes being charged on interest runs by banks considered state tax?

Elliotwaveforec:

Without tax, we ain't going nowhere. Developed countries don't play with taxes!

Agreed, developed countries also recognize that some incomes are un-taxable and are transparent with taxes and also regulate inflation and price control.

What level of income is un-taxable in Nigeria? For the UK it’s 12,470£ and below.

I’ve got some questions.

Does the SG or FG issue tax certificates to all tax paying Nigerians annually?
Is it possible to get a tax clearance certificate without paying the sum of 150k?
I made this enquiry a while ago and it all boiled down to ‘Oga just pay, the thing is not free’.
Please if you’ve know a legit and cost free way to get TCC kindly advice.

While some Nigerians celebrate the harsh policies of the government against its people, who pay VAT, Stamp duties, levies or some form of tax.
Please bear in mind, the individuals that need to pay for medical bills abroad, send kids to school, get PTA to attend professional conferences do not opt for form A because they’re so rich but because they choose to save lives or invest in themselves. Some even borrow these monies.
Other countries provide FX for their citizens at easy. 1300:1 isn’t cheap, yet the process is stiff.

3 years paid TCC + bank charges + swift charges + miscellaneous fees = go to the black market.

How about, just verify that the purpose/invoice/ receivers account number provided is legit by contacting the foreign bank or institution?

Quite a few topics bordering on financial mismanagement have made headlines of late, and reading through the comment sections, I can see mixed reactions, some in awe of such callousness against one’s own state, some confirming strong held bias that the corruption in Nigeria is irremediable, and others, who are the audience I’m dedicating this piece to are asking, how and why does this happen.

The answer is simple… our style of politics. The price of political loyalty in Nigeria is similar to making a pact with the devil. I don’t know President Tinubu, whether or not he’s a forthright person- time will tell, but what I do know is that he shook too many hands to get to power and a large portion of the problems we are facing today were Trojan gifts. The elements in his party are evil loyalist, they avail him their support at the expense of his administration’s success. His reluctance to checkmate their excesses lays credence to the fact that he’s in bed with them. And from the looks of things Mr President cares more about a second term than doing right by Nigerians.

(Side note: I believe Mr President’s failure to follow through on Emefele’s policy led to inflation and devaluation of the naira as those who were caught in the crosshairs, insured their loot in USD) back to my topic…

I like the adage, if it’s true, it’s not new and if it’s new it’s not true. Nigeria wouldn’t be the first and last country bedeviled by corruption but other countries have turned the tide by implementing technology (basic spreadsheets, SAGE, ABACUM, CODOT etc ) and I’ll be shedding more light on this.

Here are some excepts from another article I found interesting.


Budget Monitoring

Establish a formal set of processes for comparing budget to actual results.

Monitoring the budget is important to ensure that the financial, operational and capital plans that were developed and approved for implementation as part of the budget processes are being implemented. Budget monitoring is crucial for an organization to be able to enforce accountability related to spending. In addition, regular, comprehensive monitoring of the budget allows a government to evaluate service level provision, ensure any new initiatives are making expected progress towards goals/expectations, learn more about trends and other deviations that may impact future operations, and finally demonstrate transparency by sharing findings from this regular monitoring.

Budget monitoring must include examination of a broad set of functions in order to fully inform what actions need to be taken if significant deviations are found. Comparison of budget to actuals is the starting point for budget monitoring, but it should be expanded to include how the organization is performing related to service delivery and other programs/initiatives. To ensure this, governments should clearly articulate not only the elements and who will analyze, but also how the analysis will be utilized. If conducted consistently, thoroughly and effectively, the budget monitoring process will provide information that may lead to corrective action or operational improvement.

1. What elements should be reviewed:
A, Revenues. Governments need to carefully analyze sources of funds with particular attention to:

Seasonality, and whether comparable to prior observations

Any potential volatility and the resulting impacts
Trends and comparison to projections

One time sources

Timing of receipts

Relationship to economic indicators and potential impacts

Changes in policy/practice of overarching governments involved in disbursement of revenues

Review of patterns at other similar/related governments

B, Expenditures. Governments need to carefully monitor all expenditures as well – including one-time uses and also examining key aspects of the following:

Personnel. Examine additional detail beyond just regular payroll expenses, including analysis related to hiring and vacancy information and also, depending on magnitude, analysis of part-time, overtime, leave pay out and special pay. In addition, conduct analysis of re-class/promotions to see if on-track with expectations. And whether fringe benefit costs are within budgeted expectations as well.

Non-personnel. Monitoring needs to include more than just current expenses. Governments need to analyze draw down of encumbrances, outstanding purchase orders, and its major contracts to develop a better picture of not only what was spent, but what remains to be spent.

C, Operations. Are services being provided as anticipated? Are any services being provided that were unanticipated? What trends are being observed that may impact whether or not spending remains on track?

D, Capital. Governments need to monitor the budgets of capital projects as well.

E, Economic Trends. How is the broader context of prices for labor, services, commodities and other items impacting expenses versus the budget?

F, Performance Measures. Governments should incorporate into their budget monitoring process an examination of performance measures and linkages to financial outcomes. The analysis should include any changes to goals/initiatives since budget adoption and are there any new initiatives not initially included in the budget.

2, How the elements should be analyzed

A, Root cause. Governments should move beyond just identifying deviations from budget versus actuals and work towards analyzing and articulating why deviations occurred in order to move towards resolution.

B, Time frame. Is it anticipated for any identified variance to continue or is there an underlying reason for the variance? How does the current spending pattern impact the subsequent year's budget?

C, Requirements. Structure budget monitoring to meet any interim reporting requirements that the government may have, if possible.

D, Basis of comparison. Governments should also ensure that reference points for comparison are logical and appropriate and account for any major organizational changes that would impact any comparisons. In addition to comparison of current results to budget, government should expand their basis of comparison for more robust analysis to include:
Previous year actuals
Averages of several prior year actuals
Projections and forecasts

3, At what level of detail should the analysis be conducted. This will vary depending on revenue/expenditure type. Organizations should discuss benefits of more versus less detail and its impacts on the timeliness, usefulness, and degree of difficulty to compile, among other factors. Potential levels at which to monitor the budget should mirror an organization's chart of accounts, including the following:

A, Fund. Use for high level analysis and also may be the only monitoring needed for minor revenue/expenditure areas

B, Department. Analysis at this level can be used to establish budget accountability for department heads

C, Sub-department/division. Appropriate to analyze in particular if budget accountability resides at the sub-department head level.

D, Function. Use to track expenditures by major organizational responsibilities, i.e. public safety, public works, etc.

E, Object/account. Utilize for examining key types of expenditures at an organization-wide basis, such as overtime.

F, Project/program/grant/activity. Use to track revenue/expenditures of specific activities associated with areas that need additional scrutiny or for reporting requirements

4, Who is responsible and outlining roles
A, Production. Who produces the analysis, reports, etc. related to budget monitoring should be clearly articulated and disseminated.

B, Roles. Collaboration and ownership within the organization should be promoted to help provide context related to any potential issues.

C, Ownership. Identify who is responsible for resolving variances related to both spend and service delivery as well as any other problems identified that need attention.

5, Tools for conducting the analysis
A, Electronic system. An organization's enterprise resource planning (ERP) system should drive data gathering and analysis related to budget monitoring. Use of the ERP system allows for real time information to be readily accessible for encumbrances and other time sensitive information as opposed to reliance on static, stand-alone reports.

B, Automation. Budget monitoring data and reports should be integrated into and generated by an organization's ERP system to ensure efficient use of staff time and also consistency of information.

C, Overspend Protection. Governments should also ensure that mechanisms are in place in their ERP system to automatically prevent overspending of budget and notify the organization's financial leadership.

D, Consistency. Off-system analysis should be consistently applied to all aspects of monitoring the budget and clearly articulated to both staff conducting the analysis and end users.

6, Communications. This will vary on type of size of jurisdiction as well as the intended audience

A, Frequency. The frequency of how often budget monitoring reports and information is generated should be agreed upon at all levels of the organization, but may vary for different program areas.

B, Delivery. The government should describe the point at which the monitoring process is achieved and how the information is communicated and to which stakeholders, both internally and externally, needs to be clearly structured.

C, Format. The format for how information related to budget monitoring needs to be clearly established as well, including considerations for the audience and their level of expertise.

D, Transparency. How can the information be shared on a wide spread basis to the community and include the proper context to best inform the public and minimize additional request for more information.

E, Action. A government's budget monitoring process does not end at the time of communication. Following the steps above, governments will conduct comprehensive monitoring and communication that will ensure timely corrective action and operational improvement.

Source: https://www.gfoa.org/materials/budget-monitoring
https://processmonitoring.ndi.org/section-1/budget-monitoring-and-expenditure-tracking#:~:text=Civic%20groups%20have%20employed%20social,service%20procured%20by%20the%20government.

The buck stops on Mr President’s desk, it is incumbent upon him to demand weekly or monthly reports with evidence on budget performance and until he does so transparently I dare say he is complicit in this situation, and when Nigeria gets it right I pray the names of others who have benefited from this ignominy will be stripped from the annals of Nigerian history.

Read, and share…

I see and appreciate the efforts of the President in trying to convince and coerce foreign investors to take a chance on Nigeria. But some of us know that his strategy is for optics. Anyone who has worked in a global financial institution or just has friends in one can ascertain that investment is made by indices/metrices and less by ‘friendliness’. Every investor needs ROI and sadly our President’s first few decisions in offices traumatized past and future investments and continual dysfunction of institutions has eroded investors confidence. From lack of autonomy of the CBN and a lack of transparency in government spending to pay as you go justices, the list goes on. WE NEED STRONG AND AUTONOMOUS INSTITUTIONS!

Before my copy-paste article, one word for those you think foreigners are unaware of the massive corruption in Nigeria, you’re ‘naive’. Every where I’ve been, Nigeria is the poster boy for corruption. Word travels faster than you can imagine, in addition our political class wears corruption as a badge of honor.

Now to the lengthy text…

Evaluating Country Risk for International Investing
By BRIAN PERRY Updated June 22, 2022
Reviewed by CIERRA MURRY
Many investors place a portion of their portfolios in foreign securities. This decision involves an analysis of various mutual funds, exchange traded funds (ETFs), or stock and bond offerings; however, investors often neglect an important first step in the process of international investing. The decision to invest overseas should begin with determining the riskiness of the investment climate in the country under consideration.

Country risk refers to the economic, political, and business risks that are unique to a specific country, and that might result in unexpected investment losses. This article will examine the concept of country risk and how it can be analyzed by investors.

Economic and Political Risk
Consider three main risk sources when investing in a foreign country:

Economic Risk
This risk refers to a country's ability to pay back its debts. A country with stable finances and a stronger economy should provide more reliable investments than a country with weaker finances or an unsound economy.

Political Risk
This risk refers to the political decisions made within a country that might result in an unanticipated loss to investors. While economic risk is often referred to as a country's ability to pay back its debts, political risk is sometimes referred to as the willingness of a country to pay debts or maintain a hospitable climate for outside investment.

Even if a country's economy is strong, if the political climate is unfriendly (or becomes unfriendly) to outside investors, the country may not be a good candidate for investment.

Sovereign Risk
This is the risk that a foreign central bank will alter its foreign exchange regulations, significantly reducing or nullifying the value of its foreign exchange contracts. Analyzing sovereign risk factors is beneficial for both equity and bond investors, but perhaps more directly beneficial to bond investors.

When investing in the equity of specific companies within a foreign country, a sovereign risk analysis can aid in creating a macroeconomic picture of the operating environment, but the bulk of research and analysis would need to be done at the company level.

On the other hand, if you're investing directly into a country's bonds, evaluating the economic condition and strength of the country can be a good way to evaluate a potential investment in bonds. After all, the underlying asset for a bond is the country itself and its ability to grow and generate revenue.

Developed, Emerging, and Frontier Markets
There are three types of markets for international investments:

Developed Markets
These markets consist of the largest, most industrialized economies. Their economic systems are well developed. They are politically stable and the rule of law is well entrenched. Developed markets are usually considered the safest investment destinations, but their economic growth rates often trail those of countries in an earlier development stage.

Investment analysis of developed markets usually concentrates on the current economic and market cycles. Political considerations are often less important. Examples of developed markets include the United States, Canada, France, Japan, and Australia.

Emerging Markets
Emerging markets experience rapid industrialization and often demonstrate extremely high levels of economic growth. This strong economic growth can sometimes translate into investment returns that are superior to those available in developed markets; however, investing in emerging markets is also riskier than investing in developed markets.

There is often more political uncertainty in emerging markets, and their economies may be more prone to booms and busts. In addition to carefully evaluating an emerging market's economic and financial fundamentals, investors should pay close attention to the country's political climate and the potential for unexpected political developments. Many of the fastest-growing economies in the world, including China, India, and Brazil, are considered emerging markets.

Frontier Markets
These markets represent "the next wave" of investment destinations. These markets are generally either smaller than traditional emerging markets or are found in countries that place restrictions on the ability of foreigners to invest. Although frontier markets can be exceptionally risky and often suffer from low liquidity, they also offer the potential for above-average returns over time.

Frontier markets are also not well correlated with other more traditional investment destinations, which means that they provide additional diversification benefits when held in a well-rounded investment portfolio. As with emerging markets, investors in frontier markets must pay careful attention to the political environment, as well as to economic and financial developments. Examples of frontier markets include Nigeria, Botswana, and Kuwait.

Measuring Country Risk
Just as corporations in the United States receive credit ratings to determine their ability to repay their debt, so do countries. In fact, virtually every investable country in the world receives ratings from Moody's, Standard & Poor's (S&P), or the other large rating agencies.

A country with a higher credit rating is considered a safer investment than a country with a lower credit rating. Examining the credit ratings of a country is an excellent way to begin analyzing a potential investment.
Another important step in deciding on an investment is to examine a country's economic and financial fundamentals. Different analysts prefer different measures, but most experts turn to a country's gross domestic product (GDP), inflation, and consumer price index (CPI) readings when considering an investment abroad.

Investors will also want to carefully evaluate the structure of the country's financial markets, the availability of attractive investment alternatives, and the recent performance of local stock and bond markets.

Sources of Information on Country Risk
There are many excellent sources of information on the economic and political climate of foreign countries. Newspapers such as The New York Times, The Wall Street Journal, and the Financial Times dedicate significant coverage to overseas events. Many excellent weekly magazines also cover international economics and politics.

The Economist is generally considered the standard-bearer among weekly publications. International editions of many foreign newspapers and magazines can also be found online. Reviewing locally produced news sources can sometimes provide a different perspective on the attractiveness of a country under consideration for investment.

Important Steps When Investing Overseas
Once a country analysis has been completed, several investment decisions need to be made. The first is to decide where to invest by choosing among several possible investment approaches, including investing in:

A broad international portfolio
A more limited portfolio focused on either emerging markets or developed markets
A specific region, such as Europe or Latin America
A specific country or countries
Remember that diversification, a fundamental principle of domestic investing, is even more important when investing internationally. Choosing to invest an entire portfolio in a single country is not prudent.

In a broadly diversified global portfolio, investments should be allocated among developed, emerging, and perhaps frontier markets. Even in a more concentrated portfolio, investments should be spread among several countries to maximize diversification and minimize risk.

After deciding where to invest, an investor must decide which investment vehicles to invest in. Investment options include sovereign debt, stocks or bonds of companies domiciled in the country(s) chosen, stocks or bonds of a U.S.-based company that derives a significant portion of revenue from the country(s) selected, or an internationally focused ETF or mutual fund.

The choice of investment vehicle depends on each investor's individual knowledge, experience, risk profile, and return objectives. When in doubt, it may make sense to start out by taking less risk. More risk can always be added to the portfolio later.

In addition to thoroughly researching prospective investments, an international investor also needs to monitor their portfolio and adjust holdings as conditions dictate.

As in the United States, economic conditions overseas are constantly evolving, and political situations abroad can change quickly, particularly in emerging or frontier markets. Situations that once seemed promising may no longer be so. And countries that once seemed too risky might now be viable investment candidates.

What Are Examples of Country Risk?
Country risks include all of the potential risks that can occur in a nation that could impact investments in that nation, whether that be capital investments or security investments. Such risks include political risks, climate risks, and social risks. Specifically, these consist of civil wars, mass protests, earthquakes, and so on.

How Do You Measure the Country Risk of a Nation?
The most common way to measure a country's risk is through its sovereign rating. A sovereign rating is a rating compiled through an analysis of various qualitative and quantitative factors of a country. Sovereign ratings are calculated and provided by the main global rating agencies, which are Moody's, S&P, and Fitch.

What Countries Have the Highest Risk?
The countries with the highest risk include Venezuela, Mozambique, Yemen, Libya, and Haiti.
6

The Bottom Line
Overseas investing involves a careful analysis of the economic, political, and business risks that might result in unexpected investment losses. This country risk analysis is a fundamental step in building and monitoring an international portfolio. Investors that use the many excellent information sources available to evaluate country risk will be better prepared when constructing their international portfolios.

https://www.investopedia.com/articles/stocks/08/country-risk-for-international-investing.asp#:~:text=Different%20analysts%20prefer%20different%20measures,when%20considering%20an%20investment%20abroad.

In a country with crude oil, lithium, LNG, Gold, Copper and over 40 minerals, groundnut, shea butter, bene seed, rubber in addition to Human Resources which is vital to production (even at the comparatively lower wage level cc China and Bangladeshi) we still use the term we need to produce more.

How about manage our resources better?

We wouldn’t all fit into the finished goods arena but we can find our place in the global value chain setup.

To reiterate, the average Nigerian has a very low demand for USD compared to the Middle East, Europe, South America etc.
Taking a poll, what does the average Nigerian pay for in USD? Holiday travels? Tear rubber cars? Subscriptions? Big or Medium brand new couture? (An original Nike or Adidas is upwards of $60, Ralph Lauren is upwards 100$ (on sale mostly), so what fraction of the population can afford that), an average Emirati spends in a year USD to the tone of 150,000$ (that by my estimation is what over 500-750 average Nigerians collectively earn in a year).
The biggest consumer of Nigeria’s forex is the government at all levels. Cc UNGA/ Dubai Conference Not importers or the citizens.
The biggest killer of production is the government. They mine minerals through unregistered companies, they share oil fields/other resources based off friendships, (food for thoughts, have you ever heard of any other upstream company complain about oil theft except NNPCL?),
They take loans and receive aid that don’t reflect nor affect in the economy, our population replacement rate is not as high as it once was (especially with the increase in unatural and extrajudicial killings) so where does the government spend both internally and externally generated revenues?
Where are the benefits from subsidy removal? Is PH refinery up and running?

Nigerians we don’t need to individually all produce something, the government should be transparent with our oil and non-oil earnings. Protect investors interests, if we can’t export our own natural resources they’re thousands of companies that can come setup and sell these resources, and pay staffers in foreign currency.

A working emergency number.

A couple of surveillance drones from Turkey or China.

Radar systems with perimeter intrusion sensors at notorious locations.
https://m.made-in-china.com/hot-china-products/Perimeter_Surveillance_Radar.html?acc=8642081837-lxy&cpn=17931444919-137564261457&tgt=dsa-1655848540209&net=g&dev=m-&gid=Cj0KCQiAwbitBhDIARIsABfFYIJtaz-EyhNUenf0gfCAeJwjxu72D8G-uJFTf2LDEiCmkNt80GSpNdgaApirEALw_wcB&kwd=&mtp=&loc=1007469-&gad_source=1&gclid=Cj0KCQiAwbitBhDIARIsABfFYIJtaz-EyhNUenf0gfCAeJwjxu72D8G-uJFTf2LDEiCmkNt80GSpNdgaApirEALw_wcB

2 police helicopters.

Dear Minister, be serious with the lives of Nigerians for once.

hegelian:
Saudi has 36million population approx. and Nigeria has over 200million citizens.. Our population is like x6 of their own population and there oil export is like x3 of ours.. Pilgrimage also is a very huge source of dollars for them and to cap it all our politicians steal to keep this dollar in foreign countries while their steal to keep within the country.. The indices is there and supple and and demand never lies..

Healthcare expenditure per capital in KSA is $1291, while the figure is $69 (debatable) in Nigeria.
https://data.worldbank.org/indicator/SH.XPD.CHEX.PC.CD?locations=SA

Also I’m curious about the real figures of demand and supply, (from MDAs, commercial banks etc). Please anyone who has this should share the link.
I’ve requested this from bankers but all I ever get is ‘it’s a lot’ and looked at the CBN website, the only figures there is NFEM
https://www.cbn.gov.ng/rates/exchratebycurrency.asp

As I mentioned earlier, we may not be as rich as KSA, but we have no business being this poor. Nigerians should know that our present quagmire is nothing short of government stealing.

Nigerians who are simple are continually sold on the lies that our economic woes are tied to an imbalance between a demand, caused largely by the insatiable desire of Nigerians for foreign finished products and the perfunctory attempt by the government to meet its supply.
My sincere hope is that this post eliminates ignorance and feeds your curiosity.
This short edit is also borne out of the personal disdain that I’ve got with the expression ‘Nigerians are dollar hungry’.

Side note-Nigerians as far back as a century ago have always enjoyed finished products. By the virtue of our colonial masters, which were at that time the worlds most advanced civilization, and they brought with them refined products which many Nigerians got accustomed to. Today there are talks about returning to local consumables without due diligence as to its standard of quality and it is expected that this reversal is welcomed and adopted with ease. This a discussion for another day.

What is the true demand for USD in Nigeria?

I’ll be making a comparative study with the kingdom of Saudi Arabia.
Nigeria is a country that is poor by all economic definitions, and as such purchases most of its consumer items from countries like China and India. We have no luxury stores or malls in Nigeria. To make it very simple how many Bugattis or lambos are in Nigeria, less than 100 across states combined.
Does Nigeria have football clubs where players earn in millions of dollars monthly? In comparison, KSA or the UAE actually have a higher demand for USD. The Arabs are also very flamboyant in their lifestyle and wouldn’t lessen it for anyone or reason. Have this in mind as we proceed.

Can the CBN publish the true forex demand and supply report?

A summary of the official channels of forex transactions should be published (form A, form M and other instruments), this should be tabulated against our oil revenues (since this is currently our largest source of forex, note that we still have revenues from minerals, royalty, foreign remittances and other commodities exports). I believe only about 5% of Nigerian population actually have direct demand for USD, and I believe the value is politicized to deceive the populace. Nigeria through oil revenues can meet its forex demand if transparency is applied. If you say it’s impossible, then continue reading…
Nigeria exports between 1.5-2 million barrels of crude oil per day, KSA does between 5-6 Mn barrels per day.
Nigeria’s foreign reserve is estimated 30 billion USD,
KSA is 414 Bn USD
Naira to USD (900 official rate)
Riyals to USD (3.5 official rate)

Government spending KSA $330 bn USD 2023
Government spending Nigeria $47 bn USD 2023

Elementary mathematics, if our oil revenues are 40% of that of KSA, why is government spending about 15% where is the rest of the money. We should at least do 30-35% of the value of government spending in comparison to KSA.
We have no business with poverty! We may not be as rich as KSA but the Naira shouldn’t trade as low as it currently is.

Our population is more? What government schemes have benefited you as a Nigerian? What is free for you as a Nigerian?
The value of social investment by KSA (a country that doesn’t tax as high as Nigeria) dwarfs whatever social/ human capital investment Nigerian may have. From free education and healthcare, to pension for all Saudi both in the private and public secta.

https://data.worldbank.org/indicator/SH.XPD.CHEX.PC.CD?locations=SA

We need to produce more, oil isn’t enough!

I ask this question. What is the export portfolio of KSA, or UAE how many consumer products are made in Saudi?
Nigerians must understand that supply of USD is majorly the job of the government and in layman terms, consistent supply is the reason why any foreigner would bring their hard earned cash to Nigeria. Pilgrimage does this for KSA, trade, tourism, sports, technology, amongst other.(https://www.vision2030.gov.sa/en/vision-2030/vrp/public-investment-fund-program/)

How has the Nigerian government made the country attractive for foreign investment or supply? is it in terms of Security? Agriculture? Transportation? Technology? Electricity? Manufacturing? E-commerce? Cyber security? Freight?

In summary, the math doesn’t add up especially after subsidy removal.
All our refineries (excluding Dangote’s) should’ve been up and running in 6 months of the new administration.

THERE IS A LEAK PEOPLE AND I REPEAT THE MINISTER OF PETROLEUM RESOURCES, NNPC DIRECTOR AND CBN GOVERNOR SHOULD BE ARRESTED FOR STEALING AND MISMANAGING THE COMMONWEALTH OF NIGERIANS.

Just imagine if Aramco claimed oil was being stolen in Saudi Arabia?
Nigerians need a sincere and transparent foundation if we’re ever to grow.

Happy New Year!!!

My submission might be a bit off topic but it’s food for thought.

If Nigeria makes a minimum of $100 million/day from crude oil sales only, can the CBN let us in on how much is the daily demand for FX?

When FG talks about digitizing FX transactions why not just tell commercial banks to add this as a widget to the regular bank apps, so the identities of those who request FX may be know and how they spend it also known.

How can FG ignore the sacred cows that are the real reason for the FX scarcity and devaluation of the naira. In one breathe they said during the last administration a privileged few got FX at very low rates without adequate paperwork and round tripped it causing pseudo-inflation. Who are these people? Why do politicians walk into the CBN and withdraw FX on demand?

How can the black market in a country have more FX than the FG, if this is true then terrorism is here to stay. How does this FX come in? Wire transfer? Boats? Ships? Planes? My guess, racketeering! Foreign remittance can never be enough to meet the black market demands. Investigations should be made into their sources.

Lastly, can someone explain why the NNPCL GMD isn’t in court or DSS custody? During the last administration the Navy rebuffed claims that oil theft was ongoing. NNPCL asserted it happened. Both should be in court and if the navy can prove that all vessels that lifted oil had correct documentation then the GMD and his directors should be in prison. I conclude under reporting and off-record sales of crude oil happened under their watch and wherever the proceed were stashed it should be repatriated.

The president knows the truth and it’s sad that he plays on both sides of the pitch. The solution is easy the decision is hard.

Does Tinubu love the APC more than Nigeria, his adopted pedigree and progeny?

nairalanda1:




Even then, it is not enough for a nation our size.

(And no, I am not denying corruption exists.).
Now funny you should mention GNI. Our GNI is larger than Kuwait. But....and here is the thing...

Our GNI per capita is 5200 ppp dollars. Kuwait's own is 55930 ppp dollars.

Let that sink in, and you will see why they can afford things like this.

They can afford to spend money on buffering their currency.

Now, diversificsation is important to me because 80% of our revenue is oyel money. And at the end, we never have oil at a high enough price that can sustain us, thus we take loans.

APC, PDP all of them have failed in diversifying our economy, and the army was even responsible for making us oil dependent in the first place when they ruled. That's why I am not impressed with Tinubu, atiku and obi.

Now, I DO NOT DENY CORRUPTION, I DO NOT DENY THERE IS POOR ACCOUNTABILITY, et....we have that, but even then, the money to begin with is not enough.

If Tinubu does not diversify our economy, he is a failure like all our past leaders...including the ones you like.

Simple. Nigeria must diversify, and Nigeria must industrialize. Or we get crushed by them in the IMF.

I agree with you wholeheartedly. It is always good to find Nigerians who still have their thinking caps on. I’m glad inductive and deductive reasoning isn’t fully lost.

Diversification or accountability, whichever comes first would be beneficial to us as a nation.
Push for both as one cannot work without the other. Billions of dollars are taken as loans in addition to what we earn with nothing to show for it, is Nigeria an economic black hole?
we may not be as rich as Kuwait but we have no business being this poor.

And let me share my philosophy for free with you.

Need for survival (not induced by external threats but by psychological oppression) and innovation cannot coexist. When a people are focused on how to survive, crude biologic instincts take over higher brain processes.

And as a gift; you should read up Plato’s ‘Allegory of the cave. It’s a quintessential illustration of modern day Nigeria.

nairalanda1:



UK and Canada are industrial societies, and such societies generate jobs directly and indirectly. Immigration is a bonus to them in a way, ( and it does put a strain on their economies)

What I am saying is simple. Nigeria cannot be like Kuwait because our revenue per capita is lower than Kuwait. We should strive to be like the UK and Canada. Industrial nations that export industrial goods and services

What do you suppose our revenue per capital is?

Let’s go practical.

Per capita income is a measure of the amount of money earned per person in a nation or geographic region. Sadly our dearth in data isn’t adequate to ascertain this.

So we turn to ‘Per capita income for a nation’ it is calculated by dividing the country's national income by its population.

Gross National Income (GNI) is the total amount of money earned by a nation's people and businesses.
Ie. GDP + income it receives from overseas sources.

World Economics estimates Nigeria's GDP to be $2.024 trillion in 2022 - 87% larger than official estimates + The Federal Government said Diaspora home remittances in 2022 stood at US$ 21.9 billion through official channels + (my estimate) another $22 billion through unofficial crypto channels like Binance, e-wallets etc totaling = $2.067 trillion

National income/population
USD 2,067 trillion/150 million (working class 17- 65 years) = $13, 780/ year, $1,148 per month.

Perhaps this is too simple, but it’s open to scrutiny. My point is before we speak of diversification we should demand for accountability and transparency on our National income. If not, no matter how much we earn oligarchs would still enforce poverty on the nation.

nairalanda1:


Low population oil producing countries have more dollars to spare for backing up their currency.

Nigeria produces half the oil Kuwait produces but has 40 times Kuwait population. That means that Kuwait has a higher GDP per capita, which means they have enough dollars to spare for backing up their currency

Nigeria needs to diversify its economy.

Government expenditure and population are not directly proportional. If the logic is right then high immigration to the UK and Canada would mean those countries would get poorer soon.
In the curious case of Nigeria, what does the government really spend on? Recurrent expenditure and capital expenditure, as always recurrent expenditure outstrips capital. And the recurrent is an over valued political structure (which isn’t revenue generating) and a few civil servants. Kuwait doesn’t have this.
Nigerian government has no form of welfare that impacts the average Nigerian, is it in healthcare? education? Sport? Housing? Where is our crude revenue truly spent? And are our budgets pro or anti development? Is what we have in terms of infrastructure truly a reflection of our revenues?

Christine lagarde once refused to provide loans to Nigeria because she opined that the money to deal with the issue then was in Nigeria.
A secretary of IMF during an interview at a SSEF said if Nigeria manages its oil revenues adequately it would be amongst the developed countries and there are studies to show this. I have nothing against diversification but let’s start with accountability, what leaves our shores, how much of it is swapped, how much money is returned?

Be it 4 or 100 million certain infrastructure of a country will always be present. Airports, railway, tram, road networks, hospitals, housing, (even beyond the current population utilization), schools, military equipment. Qatar an equally small country recently hosted a World Cup, ask the question, were the amenities used by visitors built just because of the World Cup? Same can be said of Dubai, Canada and others.

Nigerias population is an asset. The government has chosen not to be industrious. If and when it decides to expand on development of energy, both thermal, hydroelectric, LNG, fossil and renewable forms like hydrogen an industry would be developed that would take over Africa and stamp our dominance in the sector world over, leaving out other exports.

For those who do not see where the government comes in in the issue raised by the OP. I’ll list a few;

The ease in falsifying travel documents (eg. Police character certificate) has been noticed by developed countries;
The easy to change ones identity or biodata;
The lack of database to appropriately track and provide interpol with records of deviants who travel out;
When criminals are repatriated or investigated, perfunctory court proceedings scores us low eg. Mompha;
The governments protection of unscrupulous elements, their bank records etc. Airpeace boss still has a case in the US;
In foreign countries citizens with criminal records have travel bans attached to their ID hence no airport would let them fly;


Nigeria government should step up national security, share data with foreign governments and ensure travel documents are authentic. These are a few steps that would help.
Some countries just don’t want to compound their internal problems.

This is a dispassionate piece of my perception of the framework of the mind of the average African-Nigerian.
Since the age I could check the denotation of words and make inferences, I’ve always been interested in the history of slavery. Was it merely oppression by artillery superiority and infantry domination or a mental break, an acquiescence to the status quo. The later has proved more true.
Many peoples at some point in their history have been oppressed by aggressors, but never gave in to slavery, at many points they observed protests and revolts and would rather see the extinction of their people than live on their knees as Che Guevara put it.
But that was not the case with Africans, we’ve always loved life, survival, the bare minimum, our community, our family and friends. Dignity, propriety and honor are arcane to the values we hold dear. As heartwarming as it may seem it is a basic instinct that should’ve been relegated to vestigial memory and tradition.
The old/modern world and its rulers care nothing for sentiments in the face of opposition. The world witnessed a Herod kill all children below the age of 2 years because of a tale of a king that would threaten his kingdom. And this is the narrative till date Ex. Russia-Ukraine.

As Africans we need to place our mark (novelty) on this earth. In as much as we celebrate ‘first black’ occurrences, first black Doctor, lawyer, astronaut. Like India, we need to land on the moon. In our own spaceship not as co-travellers. We need to aspire to own the best hospitals not just being the best black doctor in a foreign hospital. I’m speaking of avante-garde innovations.

Where are we today? we were property to, and in bondage of white men. Today we are property to and in bondage of black men. We pray and wish that men like us would be kind to us when they rule us. We align with them for sustenance and to succeed - what Bob Marley defined as mental slavery. We identify with our oppressors. Irrespective of how educated we are cognitive dissonance precedes intellect and logic on issues of governance and what’s the reason behind this? Self preservation.

John 12:25, Anyone who loves their life will lose it, while anyone who hates their life in this world will keep it for eternal life.

A man once asked a question over a decade ago, are you working or slaving? For those who don’t understand the difference it’s ‘autonomy’.
The Nigerian man has next to zero autonomy except for his biological and natural affairs. Our social contract is toilet paper of our politicians.

You’re labeled a deviant when you speak up, when you protest it’s called civil unrest. As Asa said, Mr jailer, don’t you know you’re a prisoner too? DSS, NPF, NA, isn’t a win for Nigeria a win for you too? Must you crucify your kith and kin for seeking justice and liberation?

Please Nigerians don’t let no one tell you they’re more Nigerian than you are. We all have as much claims to the wealth of the country as any other person. Billions was share to judges and lawmakers while the average citizen was in need of food to eat, shelter to sleep, meds to heal and transport to transit. I took a cursory look at what the cost of the average decent mass transit vehicle would cost (€72,500 (59,617,919 NGN) for used, $550,000 (423,775,000 NGN) FX@ 770 for new diesel). Trillions have been purportedly saved monthly from subsidy removal, so what is the hold back? Why haven’t we purchased buses to easy the burden. What about upgrading hospitals and subsidizing treatments?

Don’t stop asking questions my brothers and sisters, demand better from those in power, don’t perceive them as better, superior or celestial. Think! Don’t give in to the well scripted rhetorics of these charlatans. Look and you’ll see if words match actions. They claim to care but no true austerity on their part. They claim to attract foreign investment but no new laws have been put in place to protect the investment of foreigners. Buhari’s government refusal of emirates airline to repatriate its funds was not well thought of. Tinubu’s unification of rates without prior warnings to the private sector was adding salt to injury. The rascality and deceit (Ex. Sunrise Power) of the Nigerian government is a major risk index to foreign investors and until laws are enacted to protect the private sector FDI would be difficult.

Above all, break the circle of slavery, let them break your bones but never your spirit! Don’t give into the lie of minding your business and ignoring the government. Businesses only thrive in a viable environment created by a government. Keeping the government on its toes is minding your business.

God bless Nigeria!
@Seun

No Nigerian will get good amenities and hate it, that I know for sure because of our love for foreign countries, their amenities, provisions and products. We should desist from celebrating mediocrity. In all works of life, mediocrity is abhorred except in politics, why? A medical specialist, IT specialist, Engineering specialist is expected to produce immediate, short and long term solution not propositions but we tolerate this in politics, why?
Are we sincerely saying that the current situation in Nigeria is the best we can have at a time like this?

I propose a ‘one voice movement’ not a protest just a common understanding. The movement is hinged on austerity measures, transparency and performance index/appraisal.
Please join me and other well meaning Nigerians to call for these. The largesse of government must end, more freedom of information should be provided to the press on government expenditure form the office of the accountant/auditor general of the federation, even if a tyre is changed we would like to know this. Also, we hear of this every rising illusory demand for forex by Nigerians, I request that all commercial banks should publish on their websites names and/or amount of those on the wait list demanding forex, (I believe the so called rise in demand is fictitious because quite a sizable number of Nigerians depend on funds from family and friends abroad than banks) and lastly I ask that NGOs in conjunction with the press put each and every politician in the spotlight, tag them to performance in line with their constitutional duties, less that 55% performance in 2 consecutive months should be a call to impeachment.

No matter your tribe, religion or idiosyncrasies if it’s for the betterment of this country speak with one voice.
God bless Nigeria.
@Seun
@mods

‘Water moving against itself cannot flow’…
This write up is born out of an old realization and now growing concern about a pervading retrogressive mindset that has stagnated Nigeria as a country and Nigerians.
I call it ‘One Voice Discordance’.

This cause is multi- layered, stemming from family values, formal and informal miseducations, religious disharmony, selfishness and a lack of patriotism.

What is OVD?
This is an intentional or inadvertent drive to invalidate, repudiate or sabotage an opinion, observation or criticism by another who is contextually incorrect in other to subterfuge the undiscerning crowd.
Eg. Policeman assaults a bystander or citizen assaults a policeman. Both scenarios should be condemned by all and sundry. Assault is the offense irrespective of what lead to it.
With OVD, some people would celebrate the assault because of the political affiliation, religion or ethnicity of the victim.
For a people that fought so hard against racism, segregation and stereotypes I’m always bemused at the level of intolerance Africans hold against each other. Our minds are partition by polarized values. If it comes add up against our wishes, we hate it. We cannot grow or achieve much this way.

Drawing allusions from the issues of today.
Let’s scrutinize the economy, elections were won in February. Campaign was done with a manifesto months prior, the problems of Nigerian had been laid bare years earlier. It is only logical that whoever vies for office is armed with the solutions, meaning rigorous research and consultations was done to consider the benefits, risks and consequences of any and every given action. Every given action being allotted a timeline as fundamental project management illustrates.
Criticism in ‘one voice’ should be channeled along those lines. As of today, almost 6 months post election and 3 months post inauguration nothing is still certain. What is the timeline to adjudge a policy as failed?
Out there right now, there is a woman in need of urgent orthopedic surgery but due to the cost implants and the surgery, she is at the mercy of bone setters.
Out there right now, there is a diabetic, hypertensive, asthmatic and SLE patient that cannot afford their medications and imminent death awaits.
Out there right now, there is a young entrepreneur that did his feasibility studies before taking a loan, but is currently contemplating suicide because he has no more money to finalize his projects no thanks to inflation and his debtors are coming for his head.
Out there right now, there is a student in a foreign university being ridiculed and on the brink of being ousted from the university because his family cannot make up the difference in the cost of tuition due to the exchange rate.

The economy was too unstable for extreme measures as what was taken. I believe the risks and consequences are currently outweighing the proposed benefits and with ‘one voice’ we should abrogate furthermore.

It is claimed that subsidy money has been saved, little has been said about our foreign reserve. CBN no longer sell to commercial banks or BDCs, and the oil theft days are behind us, crude oil currently sells at over $85, these should imply large sums of saved up USD which should fast track development but that’s not happening, why?