₦airaland Forum

nairalanda1:
We also sell resources to the developed nations, share the money, and use the same money plus extra to buy products from the same industrialized nations made with our resources we sold them

They win, we lose.

No, they gain from us while we gain from God's earth. Until we exhaust God's deposited resources they help us explore in the first place, we wont know how bad we have it.

Useless extremists.

If bandits can't be tamed, I dont expected protesters to be.

We are unproductive and have been selling resources to fuel a wasteful lifestyle. Add corruption to that.

I remember all too well how they did same under GEJ only to keep silent under the lanky terror called Buhari.
Thunder want to fire these ones.

Well said.

Lol. Most governors and deputies are remote workers. If you know you know.

I see few southerners. Hunger has put energy on diminishing return point in south. For north, they have strength.

The northern hunger is still at 2019/2020 level of southern hunger. This is politically suppressed frustration of yesteryear being unleashed. They should calm down.

Chinkoalhaji34:
Good move

Let’s see how this plays out for the masses

Good move to waste public funds but be giving dummy orders to private individuals to crash prices. That's the equivalent of blaming businesses for food prices.
It isnt about bandits levying farmers who then transfer same to consumers. It isnt about security agents taxing transporters of food nor thugs and taskforces taxing them. It is about the businesses just being greedy yet many are closing down.

Mad fellow.
They are business men who look to maximize profit and thus prices.
You are a public servant who should minimize cost of governance but do you do that? Instead you award outrageously priced contracts with public funds and turn around to play on intelligence of the people by asking business men and women to crash prices. Very idiotic to pretend to be on the people's side after robbing them blind into the future.

Never knew our security agents could be this active. What is now stopping them from dealing with bandits?

IbeOkehie:
This is wrong policy. Another socialist money grab to titillate the masses with visions of more subsidies and palliatives.

cc Gerrard grandstar

Summary here -

https://www.deloitte.com/ng/en/services/tax/perspectives/proposed-windfall-tax-on-nigerian-banks--foreign-exchange-gain.html

Banks did business according to government policy, now government is going back in time to seize the perfectly legal profits. It's immoral to punish shareholders for business activity that is completely legal at the time of the trades. It was government that insisted on fixing forex rates at unrealistic prices, the banks did nothing wrong.

This is a classic case of POLICY SOMERSAULT that discourages investors from participating in the economy. It's also a good illustration of government autocracy. Get this for instance ......



Comment by the author



Retroactive laws are universally recognized as unjust. Anybody, whether foreigner or Nigerian, will think twice now about investing in banks or in Nigeria for that matter. Less investment means less jobs, less taxes and less learned expertise in the long run.

Very discouraging.

Good Luck to Nigerians.

All along Broda Yekini has been targeting the chunk of the money in the system to tax, or more appropriately, get a cut of it and fuel his expenditures. He tried the poor but was met with resistance because the poor are already squeezed to the point of feeding with above 60% of the income. I guess he has finally seen the one sector that has defied the economic regression to get his slice of the bread from.

Dont be too enraged by the technical explanation or justification they are selling here, it is all about the money trail and getting their own cut from whoever is still prospering. Maybe it will be the mosques and churches next. Those ar the only two spots I can think of where money exists in meaningful lump sum.

They tried very hard to pin it on the usual suspects - Igbos, or should I say the serial victims. It failed. Woefully failed.

Very foolish. The road is a public place and not Islamic road.

yarimo:

That's 7/36 bro. I know it is a pass mark for APC. Thank SE for that 7/36. If not that they want to spite others by staying back, that protest would have been like 34/36 in favour of the masses.

Most are down to heavy presence of security agent patrolling. What I find funny in that is the fact that thieves can write locals in ghettos letter about robberies a month to robbery date, show up as advertised and rob successfully. These same security agents wont have mobility to respond but once the food the top men are eating becomes threatened, they have fuel to patrola whole town 24 hours day.

That's enough to make any sane human want to protest after this one ends.

That's minimum wage times 12 plus side hustle income.

madridguy:
Governor Abba Kabir Yusuf approved protest in Kano State.

Not APC rioting and looting infiltrators.

In Gombe, they had a little rehearsal two weeks ago.

I like the way Nairaland differentiates rioters from protesters. There are no placards around them. That shows they are different group.

FreeStuffsNG:
The Governor called for the protest and wasn't clear in his declaration that if there be a protest, it should be a peaceful protest.

The fall out is a violent attack going on in Kano including looting of NCC by the protesters incited by the body language of the Kano state Governor.

To avoid a situation where the violence spreads all over Kano and neighboring states, is it not time for the President, HE President Bola Tinubu, to consider and declare a state of emergency in Kano state?

Mynd44 nlfpmod

Protest has only one flavour, peaceful is the name. Tell your paid infiltrators to stop hijacking protest of areas with large voters in preparation for 2027.
You deceive no one.

What's special about that Kano that's not in greater extent in Lagos?
Tinubu has been seriously eyeing Kano for 2027 and this is his chance I guess.

Lagos' SAH is not done weekly like in other places. They do it when Tinubu/APC interest is threatened. Duriñg election. During protest against bad APC governance. Selective SAH.

maasoap:
No, they don't print money monthly or all the time. Nigerian government revenue has doubled under Tinubu. And raising the percentage of ways and means bills doesn't necessarily means printing more money like your are insinuating here. Many commenters have explained it that it also means raising the set borrowing limit.

external borrowing is different from ways n means. ways and means is what CBN gives to govt. where is cbn getting money from other than printing? they dont handle taxes or oil earnings andneven they do, it gets remitted back to govt under other ministry.

The coincidence of these protests is suspicious.

maasoap:
Broke indeed . How much did they share June ending? How much are going to share July ending? The last time I checked, their allocation has doubled under Tinubu. Are they now going to share what they were sharing under Buhari? I'm asking you because we just like to allow these people to lie to us.
Nigeria is broke but it doesn’t prevent them from buying SUVs that's worth 150 million naira per one. Broke but doesn't affect their millions monthly and quarterly take home pay plus phantom constituency projects.

that's cause someone printed money like confetti.

grandstar:
Ways and Means is the practice of the central bank lending more to the government basically by printing money.

This was used extensively during Buhari's 8 years and that's why the currency is a mess.

Buhari largely refused to make tough decisions like deregulating the price of petrol nor sacking excess civil servants to cut cost.

There was therefore no option but to resort to borrowing to pay for continuous subsidy and bloated civil service

The largest expense of the FG today is servicing the money borrowed which is almost as high as 7% or more of GDP

Had Buhari been the president since 1999, the country's debt burden would have been thrice as large.

how many has the current guy sacked? Even if he sacks 50% of federal workers, can he sack the state workers also?

Our structure is anti-growth.

The gains are largely inaccessible to the people. Using scarce funds to build useless flyover and highways is only beneficial to the construction people and their casual workers.

Tinubu is a content creator. He just created a content to give the impression of hope.

Tianamen1:
Workers salaries consume 80 percent of the budget

what are the workers bringing to the table? Many of them can be sacked and the govt wont feel a thing.
More money and static supply will drive prices up again.

Fujiyama:
^^^


Is this the only way of borrowing or raising capital?

for now it is. Tax is not forthcoming as organisations aren't making as much as they used to on the overall.
Borrowing is fast reaching its limits.

The other logical option which is increased production or productivity is bugged down by systemic decay. Things like graft, insecurity, lack of amenities.

Zimbabwe that has tasted hyperinflation long enough are looking to double food production. Their most important energy use is for farming. agriculture and not to watch BBNaija or EPL. That's where we should look to for short, mid, and long term solution.