₦airaland Forum

Dijita:
The 2.4Billion was considered invalid after independent examination by independent auditor. I believe some of them will probably still be cleared after the documents had been ironed out. It is however wrong to portray CBN as a charlatan denying legitimate businesses of their right due. It is an open secret that was excessive fraud in the forex sector prior to the current reform.

Don’t mind them, people who have been milking the system for years….obtaining forex at the official rate and either not importing anything or importing but selling as if they obtained forex at the parallel rate. We know them..some of them own supermarkets, import everything and anything, things they can manufacture in Nigeria. They made so much money exploiting the system, they bought shares in banks to secure their flow of official forex and they are the ones shouting consumption to production.

Sctests:
So now we agree that Gowon started the civil war. Not Ojukwu. He finally came clean..

Anyway, the population of his tribe has continue to reduce with mass fulani killings, while those he sought to extinguish keep growing in leaps and bounds.

That's his penance and recompense.

He did not say he started the civil war , he said it was difficult in the beginning and people thought he wouldn’t succeed but he succeeded.


Always twisting history.

ademijuwonlo:
Even Yam, garri and other locally produced agricultural products are expensive. So, what are you talking about?

It is amazing how You people will claim to be educated but don’t understand that when you eat local foods you create jobs in Nigeria. When people have jobs, they spend money, when they spend money, factories sell, when factories sell, they employ more people. When people have jobs and factories are working govt gets more taxes and can provide hospitals, roads, schools etc.

Your love for imported foods and imported everything is the reason you graduate and there are no jobs for you and all of you are looking to japa!! When you eat imported foods the jobs you create are abroad and you local factories close down!!!

So even if the local one is also expensive, at least the local one benefits you for reasons outlined above. This is not the time to help other countries.

seunmsg:
That’s a bold and courageous leader who knows what to do. Correcting the mistakes of the past is not an easy process. The reforms, though painful, is the only sensible option considering our current situation. We must all endure and allow the process to achieve desired outcome.

I have been posting for the last few days that I won’t forgive him if he backtracks. I am glad to hear that he has no intention to.

We’ve had many opportunities for reforms in the past starting with the Babangida era but they never followed through on the promised reforms. All that happened was pain without the reforms so the problem grew and grew and the country became impoverished and the only people who succeeded did so via rent seeking. It discouraged good honest people from participating in honest enterprise, public service, academia and politics and the democratization of corruption to the point where almost every Nigerian is dishonest and corrupt because that’s the only way to make a living. This needs to change.

Umueme:
Till it gets to 900 a litre, it'll now flood the market and be sold with insane profit

check the price of diesel, deduct roughly 5%...that's the unsubsidized free market price of petrol.....and start to prepare yourself for it.

Umueme:
Ok

Not to be a sadist, but we heard so about Dangote refinery. Nothing yet till now. With the current party in power, every news is taken with a pinch of salt. Pray it comes to pass as they said though, as it will help alleviate the suffering of the masses.


#MyOpinion

You will not see a drop of Dangote petrol while petrol is selling for N600/ liter. Did he wait 16 years to build a refinery to make a loss?

that is probably amongst the reasons why he has resorted to importing his own crude.

YourFada2:
I quite agree with you to a certain point but how do our local farmers make use of the farmland when bandits and kidnappers have become the order of the day. This imported rice is what we’ve been living on for the past 20 years.

now we are talking, yours is one of the few sensible responses to my comments and you are 100% right. That’s the challenge Tinubu needs to address, security, not fuel subsidy or forex.

I posted a few days ago, that I come from a very comfortable family but when we were young, imported rice was something we ate on sundays (if we were lucky) birthdays, christmas etc. there was local rice but it had stones in it so we never ate local rice. In boarding school, the rice we ate was local rice and again, it was a maximum of once a week.......but somehow in the last 40 years or so, everybody feels entitled to eat imported rice every day…these habits need to stop! It was Shagari and Umaru Dikko that started all this nonsense of imported rice....ironically while at the same time running a green revolution propaganda.

Tinubu should be judged not on the removal of subsidy or the floating of the Naira but on his ability to secure the country so farmers can go to farm and take advantage of the opportunity. Like they say never let a crisis go to waste, he would have done that if he fails to capaitalise on the high price of foreign 8mports to kickstart the domestic value added food industry and the 1st step is to increase our farm output.

Iamzik:
This nation can never get better with people who think like this. Don't worry when one dollar becomes 5000 and you can't buy food anymore your brain will reset

On the contrary it is daft people like you who fail to u derstand that a nation that cannot feed itself is in trouble. I know you are a poor man because you think like one. therefore, You have no business eating imported food, therefore the value of the dollar is really not your business. The country is in a mess because people who should be eating yam, Eva, Amaka, akara, ogi feel they have an entitlement to eat imported rice or bread made with imported wheat. This is despite the fact that we are the largest cassava producer in the world and we can turn cassava into flour for bread but subsidized imported wheat has not allowed our cassava processing industries to take off. So we import wheat and export jobs to wheat producing countries. And yet 1diots like you don’t get it!!!

If N5000 to a dollar is what it takes for you to rest your brain and abandon foreign foods, if N5000 is what it takes for you to abandon foreign flour and patronize local flour made from Cassava, then that is where we are heading. It is in your hands. If you like patronize foreign goods and foods if you like look inwards and patronize local. The days when government can indulge you are gone, there is no money!!!

PastorOlokonla:
Tinubu does not patronize our local doctors, he will always fly to France for medical treatments paying in foreign currencies. Same with Buhari and I never hear people like yourself complaining.

the problem with personalising these issues is that the core of the matter evades you. it does not matter who is in power the problem is the same and the solution is the same, indeed all the candidates said as much. If anyone is trying to play politics ask themn where would they have gotten the money to pay subsidies or defend the naira? Susbisy has snuck back in though the backdoor and i am against it because it will result in the same problem of smuggling into neighbouring countries. If you think things are bad, the only reason petrol is N600 is because we floated the Naira.

casualobserver:
Let me explain something to you. We have used up all our lifelines. The economy will sustain even N3000 liter if that is where petrol gets to. The country will sustain whatever level the Naira gets to because at the stage we are right now, we have more or less lost the ability to shape our destiny in the short term due to the recklessness and indulgence of the past by both leaders and the citizens and if it doesn’t then it doesn’t. You talk as if we have choices....we dont!!!

we 1) can’t afford to subsidize petrol or forex.


So if you had any sense, you will start to change your consumption habits.

I don’t think you people get it. When other countries are very militant about protecting local jobs and consuming local products this is why. We have been living on borrowed time for decades now it is the time of reckoning, the time to pay.

If you like be playing politics and blame game. We are where we are and there is nothing anyone can do especially if you refuse to change your consumption habits and your entitlement mentality to foreign products.

The one thing I blame this govt for is the insensitivity in the conspicuous consumption of foreign luxury items (especially Jeeps) at this time. Very insensitive and an own goal. But be under no illusion there is no way out of this but pain. I have said it many times, pain is the only way people change their habits.

sylve11:
But even the locally produced foods aren't cheap.

yes but at least we are providing jobs for the economy. Imagine if in addition to what is going on local farming jobs are also being lost?

Dbegining:
I'm not in for childish tantrums today so, I'll take it easy on you and your English teacher.

You made three contradicting statements
1: he should remove subsidy
2: who will advocate for return of subsidy (even when the government that removed it started paying it again)
3: he should sustain the reforms

You asked who will advocate for the return of subsidy and that he should sustain the reforms when subsidy is back. So which reforms are you sustaining. And nobody advocated for return of subsidy. The reforms that you are confidently praising is what flopped the subsidy removal.

I mean, you as a product of a good educational system should know that the reason subsidy is back is that the economy cannot handle buying fuel as high as 1200/litre.

Be thankful. Be very thankful. I don't want to show your stupidity to the world today.

Let me explain something to you. We have used up all our lifelines. The economy will sustain even N3000 liter if that is where petrol gets to. The country will sustain whatever level the Naira gets to because at the stage we are right now, we have more or less lost the ability to shape our destiny in the short term due to the recklessness and indulgence of the past by both leaders and the citizens and if it doesn’t then it doesn’t. You talk as if we have choices....we dont!!!

we 1) can’t afford to subsidize petrol or forex.


So if you had any sense, you will start to change your consumption habits.

I don’t think you people get it. When other countries are very militant about protecting local jobs and consuming local products this is why. We have been living on borrowed time for decades now it is the time of reckoning, the time to pay.

If you like be playing politics and blame game. We are where we are and there is nothing anyone can do especially if you refuse to change your consumption habits and your entitlement mentality to foreign products.

The one thing I blame this govt for is the insensitivity in the conspicuous consumption of foreign luxury items (especially Jeeps) at this time. Very insensitive and an own goal. But be under no illusion there is no way out of this but pain. I have said it many times, pain is the only way people change their habits.

NaijaCrusader:
The country is dangerous of becoming a failed state and you are talking and asking of what is sustainable. What is unsustainable at the moment is hyper inflation that we have in the society now which is driven by the very weak and unstable naira. Nigeria can still borrow money quote me any day on that in fact last week the FG put in a request with the Senate to borrow more. What has brought the nation to this horrific point is a lot of things and I can mention just a few but is is way more than what I can mention in this space things like Nepotism, incompetence,lack of vision, bloated and padded budgets, ineffective checks and balances in the three arms of the government, corrupt or failed judiciary, extravagant looting and spending by government officials,corruption at almost every level,the list is almost endless but the bottom line is still incompetent leaders.
Now you must preserve the state to be able to save it,if the naira continues to fail in less than three months the banking sector will fail,people will be queueing for their money in long queues to get cash that will lose value the moment the leave the bank. What do you think will happen? One or two the hardship will become unbearable and the demonstrations will be uncontrollable and the military will take over or different armed groups will take over don't call me a prophet when these things begin to happen and happen but I can call them looking at recent and old history and I can do that because I am educated and exposed,practical and pragmatic






quote author=casualobserver post=128590510]

Borrowing to subsidize petrol and defend the Naira is what is unsustainable, it is what led us here. Why are you people so daft? Did you not go to school? Is it that hard to explain to you? We were borrowing to subsidize forex and petrol…nobody is willing to lend us money anymore so we have to remove subsidies. When was the last time you heard the Chinese lent us money?

Mr Expert, please tell me where the government is supposed to get the money to pay for fuel subsidies or to defend the naira so that you can continue to consume imported food? Simple question! I agree with you but tell me where the money for subsisy and to defend the naira is supposed to come from?

You epeople dont seem to understand there is no oney left because we have been living a false life, so bad that we were borrowing for the last 8 years to defend the naira and subsidize petrol. if we had to borrow to pay subsidies and defend the Naira and no one wants to lend us anymore, please tell us where the money for subsidy and to defend the Naira is to come from?

Did you people not hear when they said we were using 95% of our income to pay debts and were borrowing to pay salaries and subsidies under Buhari?

...or is it that you were not paying attention when we were told that to pay salaries and subsidy under Buhari, a major portion of the Oil we are producing now and in the future, had been sold under the last administration, the money collected and spent?

Dbegining:
For the fact that you can say this means you don't know jack about what's going on.

Cause eery sensible person with a single iota of sense knows that subsidy is back.

Just shut up would you??!

clearly you are a product of a failed education system. i said he need to remove subsidy which implies i know subsidy is back.

marlow1962:
Golden Sella from mm2 or stop 2 shop then was less than 10k, last I bought from stop 2 shop is about 28,700.
Went to get petrol today and they sold 700 per liter, seriously we are getting there.

You are not even talking local rice you are talking about imported rice. When rice gets to N200,000 you will know that we have other foods in Nigeria. The policy is working, Nigerians have no business eating imported food unless you are well off….change your eating habits if you are poor. No country feeds it’s poor on imported foods.

I have no sympathy for anyone complaining about the price of imported food or food manufactured with imported raw materials…that is the problem these reforms are designed to solve. Economics is very simple, it’s demand and supply. When the demand falls because the price is too high people will either resort to local rice or alternative local foods like yam…..which is good for our local farmers and our economy.

This is exactly what I have been saying. We have developed bad habits over the years. It is only through pain that people change bad habits.

The reforms are doing exactly what they are meant to do. To encourage exports, unfortunately the initial pain is severe because for now the only thing we have to export is food.

surgical:
you are Tinubu enemy

If he sustains the reforms, he will go down in history as Nigerias best ever president even if he loses his second term. Awo was criticized when he introduced free education and taxed the people, now we can’t stop talking about him.


The job of a leader is to do the right thing even if it isn’t popular at the time. The masses generally
Lack the ability or intelligence to see beyond their noses and short term.

NaijaCrusader:
He should sustain what is not sustainable? If the naira continues to tumble as it is tumbling Nigeria is heading to be another Venezuela or Zimbabwe. Soon your banking sector will begin to collapse and you will begin to hear of distress banks again. Pegging the dollar back again is of utmost importance and should be done urgently if not their won't even be a second term to speak of

Borrowing to subsidize petrol and defend the Naira is what is unsustainable, it is what led us here. Why are you people so daft? Did you not go to school? Is it that hard to explain to you? We were borrowing to subsidize forex and petrol…nobody is willing to lend us money anymore so we have to remove subsidies. When was the last time you heard the Chinese lent us money?

advanceDNA:
It will never settle....

over corruption/embezzlement will never let it settle.....

U pple have not stopped to wonder how obansanjo did what these government is complaining they can't do now.....

Obasanjo cleared out debts..grew foreign reserve, and still maintained the subsidy on the currency and other crude oil products....

Bluearrow:
Your analogy doesn't apply to Nigeria situation. It is impossible for our weightless & unhealthy naira to withstand the dollar without support! The economy is zero, the nation has lots of debts & all these years of corruption and funds mismanagement effects are gradually coming up. It is either the govt stop the floating by paying to defend the naira or it's going to be very disastrous, because the depreciation is not going to stop!

Mind u, if the govt wants to start defending the naira, he is going to start from the current exchange value, same way they have started paying fuel subsidy at 700 naira, something they removed at 195 naira. The earlier he starts paying to defend the naira, the better! All these chasing of bdc are never going to solve anything.

You are clearly not well informed when it comes to economics. During Obasanjo,s time we were producing 2m barrels a day. And by the way Obasanjo did not build any infrastructure because after subsidizing everything there was little left.

Buhari had been borrowing for the last 8 years to subsidize petrol and defend the Naira and at the same time build some infrastucture. Right now no one is willing to borrow us any money. In any event are you asking we continue to borrow to subsidize petrol and imports?



Nigerians are not serious people. You need to decide what you want. Do you want to develop your country or do you want to eat for a few years? If we decide we want the 1st option, Some won’t make it that is true but if we decide we want the second…..none of us will make it. The reason we are where we are is because we chose to eat for 8 years. Now there is no more money to eat. If Buhari had removed subsidy and built refineries, and changed our consumption habits things would not be as they are today. Let’s not forget the money Dangote spent in building his refinery is what we spent in subsidy every 2 years….all gone in the exhaust pipe of jeeps with nothing to show.

Tinubu needs to sustain the Naira float, it will settle where it settles. He should remove subsidy. All these people panicking because there is difficulty only show why successive governments have led to this point. They don’t have the balls to do the right thing. What kind of person is advocating g a return of subsidies either Forex or petrol?

You cannot change your life without pain. If it costs him his second term so be it but he needs to sustain the reforms.

Dream25:
Psychology
Fear who no fear Putin..

Fear those who no fear America

Bobloco:
No Lagosians is more of a Lagosian than GRV

Get that into your thick head

Actually you are wrong. His family are returnee slaves who settled in Lagos. But just like all the returnee slaves who settled in Lagos they are not originally from Lagos. Most came from ilesha, Abeokuta, Oyo, as far as Ilorin. Slaves were rarely captured in Lagos but the hinterland and usually as a result of tribal wars. Most slaves and hence returnees do not originate from Lagos or Ijebu. Ijebus were not captured as slaves and Lagos was not a source of slaves, so the closest he could have come from was Abeokuta axis. Ajayi Crowther was a descendant of slaves captured by the fulani wars with the Oyo empire. Da Rocha’s ancestors were from Ilesha. Herbert Macaulay was from Ikirun in Oyo state, Randles are from Oyo state, the Alalkijas (who reverted to their Yoruba name) are from Abeokuta and so on. So when you hear all these Lagos families with foreign names, know they are returnee slave descendants who did not originate from Lagos.

So when you say no Lagosian is more Lagosian than Vivour you are wrong. They were not from Lagos and when they returned there were people in Lagos even before their ancestors were sold off, talk less of when they came back.

They only assumed a social status in Lagos because when they came back they returned with skills and or education superior to the locals.

O

cjfavour:
You're the one suffering from Stockholm syndrome not me that's if you know what that means. So PO amassed wealth from corruption in subsidy? A man from south east that his region has never ruled the country amassed wealth through subsidy but your ppl who has been ruling didn't amass wealth through subsidy? Make use of your grey matter naaaaa You ppl are making PO to be larger than life without knowing it. All these due to hatred?

Everything about you and your comments comes from a place of tribe. By definition you are not objective and thinking straight. What does someone building his wealth from hidden subsidies and destroying local factories and jobs have to with tribe? Did northerners and Yorubas not do the same? I made a point that is purely economic, all your responses are tribal.

Racoon:
Total summation of the problem. Never be distracted.

Let’s. Not be distracted from the fact that at least 4 members of his party on seperate instances and seperate matters have accused him of forging signatures.

cjfavour:
Your last paragraph is for u. Did u see where PO talked about ships using another country's port or berthing in another country due to price fluctuation you mentioned here? Why is it smart Aleck like u didn't know it can happen to Nigeria just as PO said? Defending rubbish will make u look stupid u know?

You suffer from Stockholm syndrome. You are the one defending rubbish. Peter Obi is the embodiment of what has destroyed Nigeria. Rent seekers who have abused the corruption and explicit and implicit subsidies in the system to amass wealth at the expense of local factories, jobs and the economy. Yet you come here defending him.

2 things are infinite, the universe and human stupidity.

You deserve a country where he is president.

cjfavour:
Your last paragraph is for u. Did u see where PO talked about ships using another country's port or berthing in another country due to price fluctuation you mentioned here? Why is it smart Aleck like u didn't know it can happen to Nigeria just as PO said? Defending rubbish will make u look stupid u know?

You suffer from Stockholm syndrome. You are the one defending rubbish. Peter Obi is the embodiment of what has destroyed Nigeria. Rent seekers who have abused the corruption, the explicit and implicit subsidies in the system to amass wealth at the expense of local factories, jobs and the economy. Yet you come here defending him.

2 things are infinite, the universe and human stupidity.

Chrisrare:
Obviously the man is not a real man. This is the kind of situation that a real man stands by his woman.

What of the man or men that produced the 3 children, why didn’t they stand by her?

chopnaira:
We are no longer subsidizing petrol for Togo, Benin Republic, Cameroun, Chad, Ghana, Niger Republic, Central Africa Republic, Burkina Faso e.t.c

If we don’t increase pump price to N1200 where it probably belongs, the smuggling of petrol will resume. Smuggling of food across the border because Nigerian food is cheap compared to our neighbors has already started.

Jostoman:
This is the work of APC, they know that PDP is doing their primary tomorrow and they dont want the winner to trend tomorrow.

Can you read? Is APC the edo state govt? Why are you people so daft, the OP even emboldened it and you are here shouting APC?

cjfavour:
How many importers buy dollar at official rate? Oga they get their dollars from pallarel market so PO is right. If they buy the fx expensive, they'll pass it to their buyers and inflation will continue. You're the one that doesn't know what you'resaying. Stop talking for talking sake.

People like Obi used to obtain their forex at the official rate, that’s also why he invested in a bank. That part of it (official and subsidized forex) is over for everybody so that is a mute point now. Now everybody buys forex at the same rate. Why then should some pay duty at different rates?

The question you should answer is
1) will he sell his products at a reduced rate because he paid less duty?
2) why should the country subsidize importers, especially those importing things that can be produced in the country? Why should the country subsidize the creation of jobs abroad?

You pay based on the exchange rate at the time your goods are assed for duty.. what if you buy dollars at N1500 and it rises to N1000 by the time his goods arrive, he will be asked to pay less duty. Will he complain and say no he must pay duty at N1500?

I seriously wonder all the time. Do you people have any brain cells?

onuman:
See one of the Islamists.

Is it that you don’t want to japa again, or is it that you won’t send money home? Is it that there are jobs for you here?

Please quicker you go the better, our cities are becoming crowded.


You go abroad, you get a job, you send forex home, win win for all.

Or is it that you do t want to go again and you are just bluffing us? Abeg please be going your country needs you…..abroad!

Recardo:
How is this news or anything new? It's been like this since buhari's destructive government and it will continue even after tinubu.

The more that leave the better for Nigeria. Shebi they will send forex home?