₦airaland Forum

Nigeria 40.1 percent of total population were classified as poor. In other words, on average 4 out of 10 individuals in Nigeria has real per capita expenditures below 137,430 Naira per year. This translates to over 82.9 million Nigerians who are considered poor by national standards.

Source: http://www.nigerianstat.gov.ng/download/1092

The cross river clown governor is trouble maker. It still baffles me how this idiot got two terms. The political attack ads would write themselves. He's attempted worse land grabs with the cross river superhighway trying to annex 1/4 of the state for a road project.

Front page: Lalasticlala

Bad economic policies caused this.

The writer is pretty much admitting you're corrupt because of his lack of self discipline and unwillingness to cut off leaches. This assumes you're only stealing for stated reason. Most likely your thieves feed themselves and give a few scraps to others.

Lol ok dude we'll wait for leaked video to surface.

Nairaland conspiracy theoriest have their stories. I'll go with handlon's razor. The practice always existed in various forms in northern Nigeria.

garfield1:
You needn't abuse me.direct me to the thread

You didn't need to tell foolish lies attention hungry clown.


https://www.nairaland.com/5828937/imf-lists-unpopular-policies-cbn

garfield1:
Gbam.up buhari.helinues,ctorch,racoon,gamelnasser and blue3k will not come here

Mumu you're too thirsty for attention. I already commented on this news yesterday fyi.

a reduction in the 7.5 percent VAT because that will really eat in to the earnings of the states and the local governments. Somebody alluded to the fact that salaries are not even been paid. So a major reduction who regards to our sources of earning will further deepen that crisis.”

States are always being caught in this predicament because they do plan well. All the criticism you can level st the FG are just as bad or worse with states. Even with ability to collect income tax, land use and other taxes they'll still wont pay workers.

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onoja12:
Fools are easy to identify ,they live on narratives rather than fact.you are shouting world bank statistics like that is more valied than reality.ode.both you and your world bank dey mad.here in nigeria we use 2020 statistics for 2020 discussion not stupid people quoting 2016 report for a 2020 debate even pikin when start university for done get degree.so give yourself brain we live on gound not in one place where people fake reports to suit agendas,for us here we are proud and happy for the likes of dangote,infact we would soon be proposing a reevaulation of the naira upward.fake white man economics only know weaking the naira while they strengthing there dollar then live fools like you to debate rubbish.economics answer in the united states to covin 19 post economic recovery printing more dollar,in Africa they tell us it will lead to devaluation and inflation.who is fooling who.

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Mumu you stop rambling just post your proof. Are you reallu too stupid to understand 3.25 is less than 4. You got both your facts wrong just whing the imf is evil while your go beg them for a loan like an almajiri. The inflation rate increased slightly and CPI rose in America as well. Is it so hard for you to look up basic facts?

CrownWale93:
Can you kindly breakdown the intention on IMF here, since you understand the Economy better than the economist

They want Nigeria to liberal reform to it's economy. If you feel they're so evil dont go begging them for money like an almajari. The whole reason Nigeria is in this mess is because the choose to live and die on oil revenue.

onoja12:
Humility you lack,knowledge you have none but pride and arrogance you have alot of,i know you seat in one stupid place making noise,let me help you 1 dollar is 450 meaning at 1800 per bag that comes to 4 usd per bag i do not think there are up to 15 countries the world over that sell that cheap.go and learn ,not running your mouth.

Mumu you already see the facts before you. The world bank and other already studied proved Nigerians pay double the world average for cement. Stop guessing and just go look up facts present the proof. Lol you clowns are only good at running your mouths. It turns into mission impossible to present proof banking it up.

In June 2016, the World Bank published a report examining the impact and costs of lack of competition in a number of industries in Africa. They found that African cement prices averaged $9.57 per 50kg bag compared with $3.25 globally. Put another way, Africans paid 183% more than people around the world for the same product.

Source: https://www.google.com/amp/s/qz.com/africa/1098137/africas-richest-man-has-a-built-in-advantage-with-nigerias-government/amp/

Only 15 percent goes to the federal government. 85 percent is shared between the states and the local governments.

What's funny is that VAT is pretty insignificant chunk of overall revenue. Its a little over 1/3 of non oil. The FG needs the little they get from vat though. If you look tax to GDP Nigeria near the bottom compared with other African countries.

onoja12:
I wouldnt argue with you,you are in the ignorant class,those who think speaking english equate to knowlegde,[b]Nigeria an exporting nation?cost of cement in Nigeria higher than which country in the world?[/b]abeg tell this dellussional tails to yourself,i would rather prefer to debate with knowledgeable minds not ignorant assumptionist.

Nigeria is net exporter clown. You dont know this fact because you never looked this up. Cement does cost in nigeria thsn other african nation. Lol this isnt a debate weirdo I'm telling you simple facts. Lol im glad I won't be bothered with an futher mumu rambling from you.

NewsRescue– The going price for a 50kg bag of cement in Nigeria is anywhere between N1,650.00 and N1,800.00. That corresponds to $10-11. At this rate, Nigerians pay at least double the cost of the same size bag of cement in most nations around the world.

Samuel Awoyinfa writing for the Punch this March, captioned this, ‘Cement price still defies laws of demand and supply.’ It does.

In his article, he compared costs to the amount paid for the same product in neighboring Ghana and Benin republic. In Republic of Benin and Ghana, a bag of 50kg of cement sells for 4500CFA (N1,500) and  GH¢15.295 (N1,150) respectively. That equals $6 and $9/bag.

But the disparity in price is even much worse when other countries are compared globally. In the United States, this quantity of cement sells between $5 and $6.00

Source: https://newsrescue.com/paying-double-the-world-price-dangote-cements-nigerians-in-poverty/#axzz4s4hWmEVm

In June 2016, the World Bank published a report examining the impact and costs of lack of competition in a number of industries in Africa. They found that African cement prices averaged $9.57 per 50kg bag compared with $3.25 globally. Put another way, Africans paid 183% more than people around the world for the same product.

Source: https://www.google.com/amp/s/qz.com/africa/1098137/africas-richest-man-has-a-built-in-advantage-with-nigerias-government/amp/

We have been dependent on oil and we can see disruption that has happened with regards to our earnings in the oil and gas sector. The benchmark we had for the budget as totally be distorted.

The increase from 5 percent to 7.5 percent was just brought in to application in February of 2020 all in an attempt to ramp up resources to meet our 2020 budget and into the future.

It's always been foolish to rely on oil revenue for fund majority of your budget. Why would raise vat just to lower it after oil prices collapse. The point was increase other tax revenue streams. Lol maybe nigeria didn't think that would mean coming for their pockets.

Front page: lalasticlala mynd44

tomdon:
Encourage or discourage imports??

A strong naira policy encourages imports. If they stopped defending the currency the exchange rate will drop reducing everyone ability to import.

Nigeria politicans tell pointless and foolish lies. Why would they claim this a grant like this information isn't publicly available.

darediamond:
Ever give thought to why IMF likes borrowers especially Africans and more importantly NIGERIA a "STRATEGIC COUNTRY"?
THE SCENES BEHIND THE SCENES YOU KNOW ARE NOT THE SAME SCENES BEHIND THE SCENES YOU DO NOT KNOW.

DO YOU REMEMBER HOW ABACHA TREATED I.M.F DURING IS MILITARY REIGN IN NIGERIA AND WHY?

WITH I.M.F .AFRICA IS DOOMED!

Yawn if the IMF is so evil dont run begging them like an almajari. If the government didn't foolishly depend on oil revenue to fund 60% it's budget this wouldn't have been a major issue. Lol you weirdos disassociate your actions from the consequences.

diplomat058:
was protectionism ever enforced in Nigeria? read up on the protectionist policies of 19th century Japan, Korea in the 70s, Xiaoping China and so on. Now, even this forex ban on 41 items is partly successful cos it has been compromised by sanctioned smuggling. The success is evident in the exponential surge in local rice production. Now that we need to review and tighten the policies to block loopholes, in the wake of the anticipated global recession, IMF is proposing u winding up and sending the local rice farmers back to poverty. so, you want us to continue importing toothpicks. After Obj romance with neoliberal policies, what was the result? debt pardon? Lol.

A nation of 200+ million doesn't need a debt relief. we need to be on the limelight as an economic powerhouse to reckon with as par production, capital and development.

Lol you're very delusional if you believe rice production increased exponentially. Nigeria is yet to achieve any sort of sufficiency and still imports rice to fufill most of it's needs. Multiple investigative reports show the policy hasn't done much. Most of the Asian Tigers especially china improved after liberalizing their economy.

You see your policies increase unemployment and lead low growth. Why are you now you're crying crocodile tears about poverty? Nigeria sought this loan because they chose to live and die on oil revenue.

diplomat058:
Is the government itself not evil? Stvpid, directionless government of a regressive country. How long must we continue to play the underdogs? we must look for way out of our mess and the solutions certainly aren't with the international money-drilling finishers (IMF). Lol

I am sorry if you live on the paycheck from these institutions, but for me, national development is key and the west won't gibe you that

Lol you cant even give it to yourself as the data proves. You want to talk about the west like they crafted your economy.

diplomat058:
Oga, you are allowing the IMF to deceive you with false statistics. Why don't you present the Egyptian narrative of the economic growth to counterbalance your IMF claims? The consensus in the circles of Political economists is that IMF is a vendor for its western owners and always push for liberalization for imports to outcompete and kill local industries. Where is Egypt today? Ask Ghanaians for their experience. What about Columbia? The stories are the same.

When South Korea used local and foreign capital and facility loans to industrialize in the '70s and '80s, the West attributed the development to the use of neoliberal measures, a claim refuted by the Korean Government. we all read about how Park Chung Hee nationalized the financial powerhouse, power, iron and steel, and attached a death sentence to unauthorized outflow of forex. Tell me, are these liberal strategies? IMF always wanting to reap where it didn't sow and paving way for the neoimperialists.

Instead of whining the stats are fake get the correct ones. If you're going to make a claim provide evidence to back it up. Rambling for a whole paragraph isnt proof. I already gave proof of Egypt and while you ask questions and cite anecdotes. The IMF evil yet your government runs to them knowing this ok.

anonymous1759:
Giving soft loans is another factor of improving the economy, but don't allow hate to be cloud your judgement that banning foreign imports won't have positive impact on the economy. Read my post before you quote me ok.

I said Nigeria can open her economy for competition when it's strong at this point we need to close down some things we import. If you take a look at the ingenious companies we've doing well its because they've the resource too compete. If you always carry a child on the back he won't learn how to walk. You've to drastic measure sometimes.

These policies only weakened the economy. All the stats are in front of your face proving this. If you think this works best keep voting in guys that perpetuate it.

diplomat058:
Telling the government to unban 41 forex items is like asking us to go back to the fays of confusion and lack of focus. Yes, we are not close to where we are going, but we have at least identified, consensually, some of our problems. Just think about it bro, given the high import propensities of Nigerian, dearth of capital, Lilliputian industrial bases, and so on, is this the right time to open our doors to the world? experience has shown that protectionism is a potent tool used by any developing country on it's take off phase but western imperialists and their political economists will not acknowledge this, to sell their products and liberalise for markets to kill their industries, dominate and repatriate capital and returns on equities.

Dude your policies have failed but you telling me the westerm imperialist you're running to are the issue. The protectionist measures didnt address the issues of productivity for 4th time. Thats why they didnt and wont work. You cant point your secess so yiu just keeo rambling how bad they are.

abeggnow:
why can't people have a discussion without abusive words does it show a lack of maturity Also, my comment is not about President Buhari, everybody knows that his government is not economically sound. My talk is about IMF. The case of Indonesia and Malasia comes to mind

Ok now that you that not every IMF policy ends badly. Why do you disagree with their policy suggestions.

anonymous1759:
Stop all these Grammar, nothing good comes easy the best way to improve local production is to ban foreign goods, we can open up when Nigeria economy is sufficient to compete.

Every country passed through a tough time building her economy. If we build our local industries unemployment will reduce. Maybe you're affected by the policy that's why you're angry but any citizen who's not selfish will agree with the ban of 41 items. Let Generator ban comes next. You'll see the drastic change in power sector.

Lol you're hopeless case. Even when you see your policies failed miserably you just start rambling platitudes. These policies you advocate for hard business business. The best way to improve local productivity is buy having lower interest rates and making it cheaper to operate in Nigeria.

Nigeria rice policy failed to achieve self sufficiency. The best way to get towards thst goal is with mechanized farming. Eliminating the land use act there by allowing famers to access use loans easier is works aswell.

No clown you won't see a drastic change in the power sector. You dont allow power companies to charge market rates for power.

AlhajaChinyere:
Idiotic moronic talk. In economics there are time horizons called short term, medium term and long term!
In the longer term we are better off STOPING all importation otherwise we will become pure slaves in our own country.

Clown that mumu excuse doesn't explain why all the policies failed miserably. The ERGP projected a 4.5% growth rate, 11% unemployment rate all by 2020. You weirdos just start rambling platitudes when you have nothing reasonable to say. It's clear you didnt read the document before rambling.

Stopping all importation wont achieve the goals you want. Nigeria has to address the structural issues hindering productivity. There's nothing inherently wrong with importing products. Nigeria is already a net exporter.

olaniyilukman:
You be mumu I swear, for how long are we going to depend heavily on products we can produce locally. The more we import these products, the more our economy will be in shambles. More foreign exchange will be required to facilitate this transaction and it will render our local currency useless and also wipe out industries that produce similar products in Nigeria thereby creating a huge room for unemployment...

Mumu which one of these products did you become sufficient in due to the import ban. The import ban doesn't address the productivity issues. Are you self sufficient in beef production or are you still importing cows? The import bans also make manufacturing more expensive.

The policy increased unemployment and led to low growth clown. The ERGP failed all its targets. The exact opposite of what you morons claim happened but you guys still run your mouths. Even simple things like unifying the exchange rate was resisted by the CBN.

Imustsurvive:
wow! the little boy has jumped in the mud again, ain't gonna roll in the mud with you, I'm out of here boy!

Ok liar please keep your foolish comments to yourself. You clowns like you running you mouth till it's time to bring quotes.

Maduawuchukwu:
Which areas will you commend Buhari?

Building the rail lines and other infrastructure even if its at snail pace.

Imustsurvive:
this is unbelievable!! I can't believe my eyes, you also supported APC in the last osun gubernatorial election, I know you more than you know yourself

Your comments are getting foolish. I didnt care who won the last election in osun. If anything I gave my opinion who I thought would win. Bring the quote if I did.

Imustsurvive:
You!!! you that fought for buhari severally? you and butterflyle0. you are now criticizing him? wow! unbelievable

I always said Buhari economic policies were bad on many threads. I can give him credit in other areas.

abeggnow:
There is no good policy from IMF.tell me one country that has followed IMF policies and prospered.

Egypt followed steps by the IMF and improved. The avhieved higher economic growth and lower unemployment rate after 2016. Instead of whining about IMF suggestions why not ask yourself why Buhari policies failed in every metric. The ERGP failed targets and unemployment rate kept climbing.

On the fourth review of Egypt’s economic reform program, after allowing a dispense of US$2 billion following approval by the Executive Board in February, bringing its total dispensed funding to $10 billion from a S$12 billion loan.

The IMF attributed this improvement to measures such as liberalization of the exchange rate and prudent monetary policies alongside continuing efforts to control public finances.

It pointed out that Egypt’s economic growth accelerated from 4.2 percent in fiscal year 2016/2017 to 5.3 percent in the previous fiscal year 2017/2018, and is expected to reach 5.9 percent during the year 2019/2020, supported by the recovery in net exports and investment, which offset the decline in consumption.

It also added that the unemployment rate fell to a single digit, the lowest level since 2011.

The review found that the current account deficit shrank to 2.4 percent of GDP from 5.6 percent in the previous year, thanks to tourism revenues and Egypt’s strong overseas remittances inflows bringing the total foreign exchange reserves to equal about six months of expected imports.

Source: https://egyptindependent.com/imf-praises-egypts-economic-reform-program-says-all-targets-achieved/

onoja12:
GREAT FOE WHO?EXPORTING COUNTRIES RIGHT.NIGERIANS AND SELF HATE

You're right Nigerians like you hate yourself. You foolidhly defend stupid economic policies thst dont benefit you. Nigeria is an exporting nation. The import ban list makes doing business more expensive and it doesn't address the fundamental issue of domestic productivity. Cement for example is more expensive in Nigeria than in other countries resulting in higher cost of construction in plsve with massive housing deficit.

Nigeria wants banks to lend out more cash then in same breath complain about inflation. If you let naira settle to actual rate you would actually import less. The CBN is clearly making contradictory policies. The ERGP failed but you dont want to talk about that. It's the IMF you ran to that's your issue.

wink2015:
Why is IMF not advising federal government to diversify the economy.

Nigeria need to invest I'm Agriculture.

They already told Nigeria to diversify economy ad nauseam.