₦airaland Forum

He can not afford $80m...no Nigerian musician ca afford to buy a jet worth that much...all those nonsense youbread ans hear on social media are the works of paid PR agents

Aside from the company not being registered ( which is still contentious), tell me how this is an illegal business??

The real thieves are in the creeks, probably protected by the same security ops.... they just want to make some noise and camouflage with this dude. he is not an oil thief.

Nigerians are not ready for good governance. I echo what Rotimi Amaechi said ,if truly Nigerians re suffering, they know what to so to demand for good governance. I stated it here on nairaland that Nigeria is in a terrible state now and also being managed poorly cutrently ...when I said on this forum that if only the citizens knew what they are in for, they would all be on the streets demanding for better policies some cursed me. This rise was already predicted by the Economist Intelligence unit as far back as November last year. They also stated recently tgat the Nigerian govt. Is likely to double the VAT rate soon. That will likely happen and the citizens will also whine and go back to ther huzzles to continue suffering.

...this can only be from a stark illiterate

Dosoq:
Loss my FOOT!

After increasing the prices of all their products, most especially the bournvita chocolate tea, a carton of the small sachet of bournvita chocolate tea was #23500 as at February(as at the last time I bought it),I'm sure it's not less than #24k+ as we speak ,let alone other products.

They have doubled the price of all their goods,so they should stop crying for loss.

It is hallucination of the highest degree for anyone to iotalically think that Tinubu will fight corruption.....in short, it is insanity pro max to expect such.

Tinubu!!! Of all people

...that money is still in circulation. It doesn't get desposited with CBN....and your bank charges are your earnings that becomes part of your net incone afterwards which is shareable as dividend or spendable as part of retained earnings, as you wish...now tell me how that helps you reduce inflation??

Dobodobo04:
Banks would have to get the money somewhere?

They would charge customers more interest on loans, pay less rates on savings, etc. Would u agree?

There is no point debating with you if your knowledge of floated currency is limited to buyi g from banks ans sekling ti aboki...dont have time for babysitting and coaching grown ass adults

Jagabanbattle:
It’s fully floated. If you like, go and buy dollar from bank and sell to Aboki like most criminal does before. Let’s see if you will make profit.

....

Two illiterates.....blind correcting blind....you cant use bank capitalisation to mop up excess liquidity...it is not a monetary policy tool for managing inflation.

Dobodobo04:
Daft?? Wrong choice of word!!

CBN probably using it to mop off Naira off the system.

...what type of half educated analysis is this?

Oyerinde16:
What it means is that.
1. Banks must have 500b untouched in reserve, they can only take it or cash it if they want to close or shut down the bank.
2. Banks will begin to look for ways and means to gather this money, either by savings, merging, borrowing and or using stringent or dubious methods to get the money.
3. Banks would need more marketing staffs to pay less but bring in more money into the bank.
4. Most banks would borrow to stand alone then spend years paying back the loan
5. Some banks would just merge to meet the target then consolidate and move on without owing.
6 you can add your own

...your post below has shown your ignorance . In a galloping inflationary situation, monetary policies that curb spending are the best remedies.

MrPristine:
These clowns have clearly lost the plot, this is a time that they should be working to reduce interest rates and encouraging more people to go into productive businesses to help grow the economy. Instead the clueless charlatans are doing the exact opposite.

...this can only be from sone who doesn't know anything about the law or witnessed a case where the police were reluctant to push the case.

The case is not with the family, it is with the state/govt.

Angel55555:
Baba, he can have a settlement arrangement with the family of deceased, the Police won't charge him. It's going to cost him a lot of money, but it's better than going to jail for a few years.

Olodo!...the currency is not fully floated...it is still managed according to world bank. Borrowing to defend a currency is not floating because it is not sustainable

Jagabanbattle:
One slowpoke up there said “All we’re saying is he should return it to where Buhari left it”.

Like where Buhari left it was better than now. Tinubu has surpassed Buhari's entire 8yrs by floating our exchange rate and removing subsidy without the country collapsing.

Even Buhari publicly keep saying Nigeria will collapse with floating our exchange rate and removing subsidy. Here we are.

...lol...u don't know what you are saying....AlphaBeta collects 10% of whatever revenue is generated in Lagos. As a matter of fact, lots of these will be done and dusted under your man......olodo!

FreeStuffsNG:
He added that the terms of the agreement between NIPOST and the plaintiff included the remuneration of N7.50 from every 50-naira deduction.

“That the Plaintiff’s 15% which is NGN 579,130,698,440 is part of the 3.8 trillion naira in the Stamp Duty Collection Account.

It's mind boggling that a public servant signed this kind of contract on behalf of the Federal Government of Nigeria. The banks are the ones collecting and remitting the funds to CBN, I need clarification on why FG needs an intermediary and if it's absolutely required, it will be 15% of the money from now until eternity.

They will struggle to get this huge commission from this current administration of CBN and President Asiwaju Bola Ahmed Tinubu. This is why CBN Gov Olayemi Cardoso was brought to CBN and he is called "The Headmaster ".

The Judge just carefully used wisdom too

...this shows how uneducated the type of people who unfortunately found themseleves in power in Nigeria are...Completely disconnected. They will remain in the shit hole created by your husband....abi?

Zwooks:
Gossip. Focus on your husbands problems

comprehension problem here...

yang:
This people just pulled a forecast out of their ass and printed the rubbish


On a trade weighted basis the 1 USD should be trading at 7000 NGN in the next 18 months

Just to point at some erronous assumptions/conclusions from this report

You expect a tighter monetary policies





You expect a rise in Debt to GDP and implicitly a huge rise in printed money supply (Fuel subsidy, Thiefinibiu and AKpabio budget padding, APC corruption, unproductive bloated civil servants and govt agency (minus health and education workers))



but are modelling a drop in inflation to 11.7%




How do you drop inflation when the goverment is printing money every year with a bloated budget to fund a criminal lifestyle through bpersistent devaluation. You do not account for the desinvestment occuring at the moment, where is the fiscal revenue going to come from



How are the forex reserves going to rise with no investment? Either in the Oil and Gas or the manufacturing sector ? This report neither accounts for the FX forwards or the Oil and Gas forwards, these are the criminal contracts signed to steal future money from the Zoo Nigeria treasury

...cant believe this was typed by an adult..

Bullfallo:
..oh it’s no longer the subsidy money and dollar subsidy. Its now tax? When you increase vax it end up worsening the inflation. Service and product will increase price in the same country where some states haven not implemented the 30k 15$ monthly minimum wages.

A growing country is a threat to western countries that why they want every country down. But the Chinese have the balls to stand on there own. Africans are just too weak and inferior to every other race

lol...brother, believe them when they say these things. You better start acting to save more money in forex.

yang:
This people just pulled a forecast out of their ass and printed the rubbish


On a trade weighted basis the 1 USD should be trading at 7000 NGN in the next 18 months

Dey play. You will be shocked that there are plans already by the FG to increase the VAT otherwise, the wont mention it. They git the intelligence. I have always trusted(+Bloomberg) them more because all they had predicted on the economy have come to pass. Lats week they mentioned that Nigeria will need more foreign loans to prop up the Naira, a lot of people smirfed at them, today there is news that Nigeria has almost finalised another $1BN from World bank.

I can assure you, VAT will be doubled by end of the year and Nigerians will do nothing about it, except cry on social media.

BigBashiru:
EIU report if you look closely is run by Europeans directly or by proxy. Unfortunately most blacks are brainwashed by media etc to worship Europeans. They just implemented European recommendations without question. They want to make it like western countries where ppl are taxed to death. 15% tax is too much.
Blacks sha. No sense at all.

004gist:


Always advising FG to raise tax, stop subsidies but they have never advised FG or block policians from bringing stolen funds to their banks in Europe and UK or stop them fromm buying properties in their countries

They will never condemn and reject shame elections. They will never condemned excessive borrowing.

siddon there, you will tell me whether their economy is the one going down the drain

First off, I believe these predictions more than any rubbish that comes from CBN or Nigerian govt.

I said this sometime in one other posts, if Nigerians had an iota of idea of the shit the country is, the streets will be awash with protests to force this administration to act more prudently and thoughtfully on economic decisions. Those two ill-timed and thoughtless decisions, especially the currency devaluation, made out of drunkenness and highness on drugs have finished Nigeria.

Nigeria is in real trouble. These guys Tinubu gathered together don't know what they are doing, they are clueless. Get out if you can.

When Tinubu stated recently that he will fight corruption, I nearly fell off the chair with laughter. TINUBU, corruption personified himself, fighting corruption?? Lol...

Truly, a nation begets the type of leadership it deserves.

It was a thoughtless decision in the first place. He was drunken with power....Completely overated.

christistruth01:
Nonsense !


Nigeria has enough hard working people and Natural Resources to save itself!

They are looking for who to colonise with unnecessary debt

God Almighty is on our side

...very funny people..typically involving God in matters that does not concern him. Where are the hardworking people? Your govt is busy negotiating for more loans you are here calling yourself hardworking. It is not in having the resources but in efficiently managing it. Congo DR have some of the largest deposit of natural resources in the world, its people are currently intwined in a civil war because of poor leadership.

CodeTemplar:
So the govt is trying to spend its way out of economic challenges but in another breathe, increasing interest rates to curb circulating money level.

You are talking zig-zag bro.

Lol....

Now, when a Govt issues a deficit budget that needs to be funded with borrowings without a corresponding increase in taxes, that is an expansionary budget, using fiscal tools and not raising taxes to reduce aggregate demand. Read the 2024 budget again and tell me it is contractionary.

That the CBN then issued another contractionary monetary measure months after the budget indicates clearly a disjointed approach to dealing with the economy. It shows you that there was no clear and coordinated thoughts behind the budget and that typical of the current administration (rushing to do things without a clear and visionary analysis of the problem and then reversing itself weeks after), the budget was rushed without careful thinking(current spit-spat among the senators should give you an indicator of this). Contradictory economic policies between fiscal and monetary polies are not rare (e.g Thailand 1997 and Canada 2021) but it is uncommon and shows a sign of an economy heading towards chaos unless reversed immediately. Nigeria is heading the Thailand route. Thailand needed loans from World bank to save itself from bankruptcy, what the sane people are telling you is that Nigeria cannot survive further without foreign loans.

The CBN, just like it's doing on the exchange rate issue is cleaning up the mess of a thoughtless and irrational leadership decision and because they were appointed by the leadership, there are no public spats about it. The govt. is clueless and disjointed.

....lol! ...says the chief looter of the commonwealth of Lagos

Ask him....Who are the looters? Is the subsidy not back? Is he not paying more now or looking for more borrowings to pay more?

Unfortunately, some bones will believe him.

....this is correct. All those story about floating the naira na wash. If you know, you know. As pointed out by a foreign financial magazine late last week, the govt of Nigeria devalued the currency intentionally...shikena. This would increase the value of their forex earnings in naira to fund the budget and the bloated govt. They have sold a dummy to the Nigerian populace, just like they did on subsidy. Unfortunately, we have dunderheads who still believe them, even the so called experts have failed to see this. Naira will hover between 1400 and 1600 for the foreseeable future. They know what thy are doing.

Kukutente23:
It's all a fraud
The CBN is back to pegging exchange rate
Tinubu suffered Nigerians for nothing

...


I

..lol...going back to the steps toed by Emefiele. These guys are clueless..cluthing at straws at best.

...this man was so overrated...what was the need for those initial gra gra in the first place.....na mu.mu man

seunayantokun:
I agree with you on the fact that Nigeria is fast heading towards break-up but i don't agree with you that oil subsidy was hastily removed. One, it was sinister politics to know the truth but negatively feed emotions of the populace with untruths. The truth was there was no more financial ability to provide funding for the bogus subsidy claims. That was why Buhari and the national assembly did not make provision for them in the 2023 budget. They all saw it, but left the next administration to face the wrath of Nigerians.

The NNPC had stopped making any remittance to the federal purse - stealing continued there unabated. The CBN was rotting seriously but making all moneys available for Buhari and his cabal to finance their selfishness and terrorists unleashed on the country to implement their fulanisation agenda. The situation was worsened by frivolous printing of naira notes to meet up with monthly allocations to FG, states and local governments amongst other things. Governors and other politicians who saw it couldn't speak up but Governor Obaseki of Edo State said more than enough at the time. The foreign reserve had been run aground with just $2 billion left there. There were attempts to cover up lots of things with borrowings to the extent that many decades into the future of Nigeria had been mortgaged, and now over 80%, we have been told, of Nigeria's revenues goes into financing the country's debt burdens. Have you asked why Dangote refinery which got lots of yet-to-be-questoned free billions in dollar from the Buhari administration cannot readily get crude oil supply from your NNPC Ltd and now trying to import crude to refine? Because NNPC has practically next to nothing to supply local refineries. I have mentioned just a little bits of the realities. To compound the woes, Boko Haram and sophisticatedly armed fulani terrorists have continued to close down farms, kidnapping for ransoms, killing farmers and taking over communities and villages where food and cash crops were grown. So, when Tinubu said subsidy was gone, he couldn't have done any better. Wherewithal could he have continued paying the fraudulent claims which in reality were only means of free money for some rogues? I would say that Tinubu is facing karma because he, Pastor Tunde Bakare, Buhari, etc whipped up sentiments and emotions against Jonathan who had wanted to remove the subsidy long ago when it would have been less painful for Nigerians. However, blaming him for removing it when he did is playing bad politics, any other person as president would have done same thing.

Those still bent on Tinubu bad, Obi saintly and Atiku angelic had better wake up and face the realities of their life. Enough of flying a kite with your life. As it is now, the only solution for all of us is restoring security, to start with, so that we can go back to agriculture. Nigeria must go back to regionalism. State and council policing must be quickly ushered in. Security of lives and property will be the start-off point. Otherwise total abreak-up is more imminent than imagined.

....but..but..the subsidy is back and much worse, we are now funding it with borrowings. If there was no subsidy, a litre of fuel would be over N1000 by now. Clever by half... I repeat, the subsidy management could have been better managed. Currently the IMF and World Bank are refusing to loan the country more money stating that the reforms were poorly hatched.....

seunayantokun:
I agree with you on the fact that Nigeria is fast heading towards break-up but i don't agree with you that oil subsidy was hastily removed. One, it was sinister politics to know the truth but negatively feed emotions of the populace with untruths. The truth was there was no more financial ability to provide funding for the bogus subsidy claims. That was why Buhari and the national assembly did not make provision for them in the 2023 budget. They all saw it, but left the next administration to face the wrath of Nigerians.

The NNPC had stopped making any remittance to the federal purse - stealing continued there unabated. The CBN was rotting seriously but making all moneys available for Buhari and his cabal to finance their selfishness and terrorists unleashed on the country to implement their fulanisation agenda. The situation was worsened by frivolous printing of naira notes to meet up with monthly allocations to FG, states and local governments amongst other things. Governors and other politicians who saw it couldn't speak up but Governor Obaseki of Edo State said more than enough at the time. The foreign reserve had been run aground with just $2 billion left there. There were attempts to cover up lots of things with borrowings to the extent that many decades into the future of Nigeria had been mortgaged, and now over 80%, we have been told, of Nigeria's revenues goes into financing the country's debt burdens. Have you asked why Dangote refinery which got lots of yet-to-be-questoned free billions in dollar from the Buhari administration cannot readily get crude oil supply from your NNPC Ltd and now trying to import crude to refine? Because NNPC has practically next to nothing to supply local refineries. I have mentioned just a little bits of the realities. To compound the woes, Boko Haram and sophisticatedly armed fulani terrorists have continued to close down farms, kidnapping for ransoms, killing farmers and taking over communities and villages where food and cash crops were grown. So, when Tinubu said subsidy was gone, he couldn't have done any better. Wherewithal could he have continued paying the fraudulent claims which in reality were only means of free money for some rogues? I would say that Tinubu is facing karma because he, Pastor Tunde Bakare, Buhari, etc whipped up sentiments and emotions against Jonathan who had wanted to remove the subsidy long ago when it would have been less painful for Nigerians. However, blaming him for removing it when he did is playing bad politics, any other person as president would have done same thing.

Those still bent on Tinubu bad, Obi saintly and Atiku angelic had better wake up and face the realities of their life. Enough of flying a kite with your life. As it is now, the only solution for all of us is restoring security, to start with, so that we can go back to agriculture. Nigeria must go back to regionalism. State and council policing must be quickly ushered in. Security of lives and property will be the start-off point. Otherwise total abreak-up is more imminent than imagined.

....but..but..the subsidy is back and much worse, we are now funding it with borrowings. If there was no subsidy, a litre of fuel would be over N100k by now. Clever by half...

...why? for stating the obvious?

Advancedman:
Thunder fire EIU

......they are not advising, they just stated the inevitable. if you do not know, the Minister of Finance has been going around the globe seeking
for more foreign loans, there is an on-going discussion of $1bn with world bank. I believe you will hear it soon when it is announced, it is a matter of time. Currently, Nigeria can not survive without loans. The reforms were poorly and hastily implemented.

sulaak:
The EIU's advice on taking loans to protect the Naira and increase the country's foreign reserves is bad advice and should be ignored, just like they should have ignored the World Bank's advice on floating the Naira.

Due to excessive corruption in Nigeria, the country should focus on investment. Any loans into Nigeria will be stolen and wasted by Nigeria's political elites.

Any new loans to Nigeria will be excessive, considering Nigeria's high-risk and moody ratings at B and C.

The president's team has got one thing right. Seek foreign investments from the Gulf states (UAE, S Arabia and Oatar). The above countries are looking for new markets in which to invest their excess funds. Nigeria should seek investment in LPG and LNG to build new deep sea ports and agriculture.