₦airaland Forum

Somebody saddled with the responsibility of leadership, who claimed he was a "strategist" should have asked this question from those who advised him to devalue the currency, before accepting to do so in a bid to attract foreign investments.

Buhari asked them these questions, hence he refused to devalue further. Same Buhari that we all agreed is not educated.

This makes me doubt whether the Tinunbu is educated at all.

Chetas81:
WHAT IS YOUR JUBILATION, WHERE ARE YOUR PRODUCTION LINE, TO STRENGTHEN YOUR NAIRA, STOP BEHAVING LIKE ALIEN 👽👽

If only he did not listen to bad economic advices...to devalue the currency...that singular act has ruined his administration.

Lol...BOT

Incrediblekutty:
As much as we believe that the government is Superior, we should almost admit that Tinubu's administration is the only one since 1999 that has dared to withstand and refuse to kowtow to the Oil Mafia influence in the country. This is purely apolitical, I'm just stating a fact and I stand to be corrected with facts

LOL!! Nigerians and irrelevant statistics.

When a new thing comes up to peoples hearing, it becomes a fad for newspapers and others to quote it as a reference point for those with little understanding of such terms to carry on the fallacy.

The truth is, Debt to GDP ratio is an irrelevant measurement for developing nations to gauge their prudence as regards loan structuring. In fact, no one uses it except the creditors to gauge the capability of a country to squeeze its national resources to repay loans in the case of default or loan recall. its is more like the measure of a collateral when you want to take loans. For the Banks, they are more interested in your ability to generate funds to pay principal+ interest, the collateral is a fall back security in case you default. To that extent, more focus is usually on the debt to revenue and more on repayment terms. To buttress this, check the Debt/GDP ratio of Japan, USA, China and other big economies of the world... and these are countries that give loans to other governments either bilaterally or through agencies like IMF/World Bank. In fact, recent studies on developmental economics have rubbished that ratio as a reference for anything other than the measure of a capability to payback when in default.

Read the recent report from the DMO and the alarm on Nigeria's rising Debt to revenue ratio.

The terms under which Nigeria have been collecting recent loans are very terrible, they smack of desperation to cover a self inflicted damage and its akin to selling the future of Nigerians to sustain the profligacy of the current politicians

opamoses1:
Interestingly Nigeria is among the countries in Africa with low debt compared to its GDP.

https://www.legit.ng/business-economy/economy/1590485-new-report-ranks-nigeria-10-african-countries-debt-burden-2024/

Unfortunately, you are getting it wrong bro. It is more than Kyari.

The government needs money from anywhere now, after boxing itself into a tight corner with stupid policies. Even if Palestinian authorities that are going through a devastating war have some small change to loan anybody Nigeria will go and beg for it.

....only if he had not listened to those who advised him to devalue the currency in order to attract foreign investments....he has been fooled

starstaz:
Haba!!!!!! Kilo de .

Don't we have a better head that can take over from kyari .

Lol...
A lot of you don't know nada, you just talk. That agreement is tied to access to foreingn loans. The current government of Tinubu has boxed itself into a situation where it can sell Nigeria for any loan right now, to correct its exonomic policy blunders, under very terrible conditions that will make Buhari appear like a genius.

That agreement is signd and nothing can be done about that. The country is on her knees and almost collapsing and you guys are talking about culture....culture kor, tradition nii.

Risingblue008:
If this samoa of a thing true
Den we have lost our culture
The white has no culture or traditions,so anyhting is allowed

But if this is real
Tinibu u fall my hands

Well,na 4ked-up man he be from time memorial

Unfortunately, lots of you guys are still missing it. The upward drive in inflation is not mainly due to the removal of the subsidy or not...afterall, the subsidy has be surreptitiously returned by Tinubu administration after the loudmouthed and infantile "subsidy is gone" brain fart on May 29 2023

The bigger cause of inflation is the combo of huge supply of naira in the economy and the stupidly and cowardly decision to devalue the local currency(naira) in the bid to attract foreign investments( according to the Minister of Finance). This government is likely to turn to the same "Ways and Means" Buhari used to fund its ludicrous budget for many years( which was lampooned by this same Tinubu's administration upon resumption of office), in the face of dwindling options of foreign loans and increasing cost of governance+declining oil revenue. Its either that or they tax the people more. Cant people see

Ebigwei007:
They have to make provision for the people, if they want everything to be okay, lets make the price of petrol come down to like #120 and you will find out that things will come down.

Look at very daft people misyarning. Even the citizens are more imbecillic than their rulers.

That agreement is tied to continuing aids and grants/loans to the signatories. Nigerian government, due to its stupid and thoughless policies have boxed itself into a situation where it can not do but accept the conditions tied to such agreements, as it needs funding and loans from the member countries or parties to that agreement. A reason the government surreptitiously accepted to sign it.

Make all the noises you can, the FG will go back and sign the agreement. It needs foreing aids and loans to push itself out of the self inflicted economy abyss/ mess one dumb and senile old man plunged the country into...just to prove a point on blind boldness and daft reforms.

You want money/loans.?...accept the terms in their fullest form.

Lol....while the minister of petroleum is somewhere doing balabulu

...omor aley jati jati yii ti dake!!

madone:
Didirin wey never cross border dey mushin dey count people wey their life better 100m times better than his miserable life.
Ooo maybe na their WhatsApp you track you done help them track their wives WhatsApp finish.
Mr dick measuring tool omo ale
Obun

Bastard oponu, olodo, oloshi
If them leave you now you say you know how many people wey dey lagos animal obun, ode

LOL....Cash out time. If you know..you know

LOL.....2/3rd of that is for kickbacks snd settlement of the Ogaz.....if you know, you know...

A close friend recently told me of a contract he was trying to get from Lagos state government, some of the state officials invited him to a private meeting on the mainland and told him they can guarantee he would get the contract provided he is ready to ball and quote another almost 300% of the cost of the project as variation cost when he gets the approval.....which will solely be for them.

Nigerians are not serious. They love suffering. Otherwise, those 2 stupid policies (especially the thoughtless devaluation of the naira) should have been enough to push people to the streets to protest

The truth is, Tinubu and his team really miscalculated on those 2 policies. They were not well thought out. Its extremely dumb to allow devaluation without carrying out necessary structural changes in the economy that is import/forex dependent. For instance, up till now, there are organisations in Nigeria that still insist in on being paid in USD and nothing happens, despite all the Government noise.

Even Tinubu and his cohorts collect forex as rents/lease rentals on their numerous high rise buildings in Ikoyi there.

Nigeria is doomed. Get out now!!

LOL...they have scammed the people. Subsidy is surreptitiously returned and the Govt can't fund it again with borrowings.

Why did the idiot remove it in the first place. No gains. Na initial gra gra! The looter of Lagos has been found out. Na looting strategy e get

The worse one is the devaluation. The inflation that will hit Naija will be the grandmother of the one Zimbabwe had

Lol...
One of the lies they told was that if they removed subsidy, it would liberalise the market and will make the products flow in without hindrance and hence bring the prices down after some time.

I laughed at the above postulations when some of the public commentators were pushing this stupid narrative without validating it against what was truly on ground.

Same narrative was said for the devaluation of the naira...that it would rise but will eventually come down to about 600/700 to a dollar in a short while. This was emphasised several times by the current minister of finance. The thing is 1500 and rising

I knew they were deceiving the people...the gullible ones

Liar

Exactly!!

Nigerians have been so blinded by propaganda. What is the use of your increased foreingn reserves when your economy is tanking towards recession?

That's why I said there so many educated illiterates in that country called Nigeria. They read the news the government wants them to hear and they start hallucinating over what is irrelevant.

If this is not used to buoy the economy and it remains in the foreing reserves, it is only good news for Nigeria's foreing creditors...meaning that, they have more assets to seize in case of default. The increased reserve does not translate to an improved credit rating yet, so what's the good news??

ivandragon:
In 2014, With less than $30b in reserves, Nigeria had a more robust economy as reflected in the purchasing power and cost of living of the average Nigerian.

If financial and economic policies do not reflect a significant improvement in purchasing power and reduction or affordability of cost of living for majority of the citizens, then those policies are useless.

Only buffons count this to mean anything. So long as it does not help your exchange rate and it wont be used to defend the naira, this news is useless. It only increases the opportunities for the lenders to Nigeria government in case of default.

Tinubu can never attend a debate. There was a reason his handlers made sure he avoided speaking to the public all through the election campaign. He is senile.
The few attempts at speaking at rallies revealed tgat much. He will never hold a live meet the press or televised press conference tgat even the semi literate Buhari was holding regularly. He will be exposed as having nothing in his head,senile, angry infantile in reactions and completely uncouth.

...and I am no supporter of Obi nor Atiku.

CrushObituaries:
Who did you want Tinubu to debate with? 3rd class graduate of philosophy that lies more than the demons, a product of tribe of warmongers and bullies, see what those miserable embittered bitter grievingory Obi people did to shettima after attending a debate, what is the essence of attending a debate if you are talking to embittered people that their senses has been donated to kanu Nnamdi, when winning is sure, less than 17 hours after Soludo spoke about grievingory Obi's investment, unknown gunmen attacked his hometown and his son was insulted, bullied and threatened, what is the essence of the debate.

...and they will die of hunger

Jungle!!

I'm no obidient nor Atiku supporter...but when people reasons like this to determine the fate of their children and their future generations, it shows we still have a high proportion of stupid fools in Nigeria. Its obvious Tinubu does not have any good idea on how to ove the country forward but insisting on him to show others pepper or make a point t is not only idiotic but insanity redefined.

Ironbull:
Just dey laugh.

Tinubu will finish his 8 years and nothing you a fake prophet, obi-diot and obidents can do about it 2023 was just shege pikin 2027 will be real shege promax upon obi-diot and his obidients slaves.

We are waiting, una head go bracket by the time we are done with you all.

this must be one of the most myopic posts on naira land this year. if they are the ones losing, why did Ecowas lift sanctions unilaterality and begging them to come back.

You lack understanding that what is happening in those countries are nationalistic revolt against imperialism through the French government, that why those coups have remained popular with the people.

...rather, its your "democratically elected" politicians thieves in Nigeria that are currently having a "FILLED DAY" with your common wealth. Go to Dubai, almost half of the high rise buildings have been bought by Nigerian politicians(even local govt councillors)

kingsways:
Let them go

Na dem go lose, those three are not any way as big as the others combined

#No beg anybody

ALL SANCTIONS SHOULD BE RETURNED AND MORE. THE DICTATORS WANT TO HAVE A FILLED DAY WITHOUT PRESSURE FROM ECOWAS

#Fire for fire

The idiot and senile fool that he is, imposed sanctions immediately without the option of diplomacy, thinking Nigeria had a leverage.....the stupid idiot reversed the sanctions on his own when he saw they were not working....

Some people labelled him as "experienced stategist"

Na experienced idiot

CHRISSANCHEZ:
It's a pity ECOWAS Chairman (Nigeria president) cannot handle the situation.

...Buhari tried then... because this buffon that is there now destroyed what was left of Nigeria in just 1 year.

nedu666:
Buhari spent 8 years and added no value to this kwantry. What a tragedy

I laughed hard at this.
The guy(Tinubu) is completely lost. He is reeling out irrelevant initiatives when the economy is fast approaching recession. Completely dumb and too senile to understand what surrounds him

NwaNimo1:
Another scam...to steal indigenous peoples land and natural resources!l

https://storage.ko-fi.com/cdn/useruploads/display/0ffe3fcc-73ba-4036-bbc9-f8ea3f5a7494_3ojxq.gif

Look at what a serious and important arm of an economic structure of a country has been reduced to.... faulting people and organisations up and down, looking for their own cut of the money....in a country struggling with hyper inflation, deteriorating economy and currently approaching recession. Imagine!

Can you get to work and stop blabbing about?

..anyways, what did I expect from the government led by one of the most corrupt Nigerians

Bot...

Rilwayne001:
The previous government really bankrupted this nation.

...rather, read what you wrote again and tell us why you should not join the likes of Mr. Macaroni and his likes in making dumb skits for a living. LOL!!!

SmartPolician:
If you have a comprehension problem, ask someone to help you explain what you just quoted.

...these are choir boys at best.

....and Obama is an economist, right?

..."hire an american"

LOL...na comedians full nairaland, abeg.

SmartPolician:
Osinbajo is a lawyer. He cannot do anything.
If I ever become the president of Nigeria, I will hire an American economist as my coordinator of the economy. Give him terms of service, pay him good salary and give him targets.

There's a reason why the most successful Nigerian companies are run by foreigners.
Such a person won't have any vested interests and will go against evil men destroying Nigeria's economy. If he doesn't meet my expectations, I will sack him and send him back to his country.