₦airaland Forum

Pierocash:
Oga floating of the naira in an unstable economy is worse than the fuel subsidy removal.

Floating the naira simply means, removing the fx subsidy, which is the background of the fuel subsidy because everything is imported and calculated by the fx rate.

Are you seeing it now? The dumb leader is focused on the arbitrage opportunity been exploited by some few, but forgot the consequences on the masses. In every policy of the government,there are opportunities to be exploited by few ,you can't change that . So you don't implement anti people policy simply because you want to block the opportunity of the few

A good policy is the policy that improves , or ameliorate the hardship of the masses irrespective of the loophole exploited by few

What this man is doing is like a big thief stopping other smaller thieves because he wants to gain the advantage those smaller thieves where exploiting nothing more

instead of foolishly floating it, forex at lower rates should have gone towards productive ventures that will see supply of basics rise and price of avoidable imports soar. Most important, local refining should have been prioritized even if it meant deploying army and foreign experts to all govt refineries. Import of diesel, petrol and gas was eating substantial part in of the forex earned from sales of crude oil, denying vital supply of forex to other basic needs.

The president's unwillingness to face corrupt elements was his major undoing. He will regret it.

I said same sometimes back in other words when I said he was a wealth redirector and not a creator of wealth.
He cannot inspire creation of wealth.

Nigerians cant be blamed much because their mandates was redirected to favour the Lagos maestro.

BOSSkesh:
Do you even know the true implications of what emefiele did Smh

you claimed he did thing but has Tinubu and his cbn man not printed money too?

Even at that no control of the mess unraveling.

Lame attempt at roping in uncle Meffy in their mess.
I hope he is the one riding 120 vehicle convoy?
I hope he is the one not arresting subsidy thieves.
I hope he is the one who supervised weakening of naira from around N460 to almost N800 in 70 days.
I hope he removed subsidy without local refining in place.
I hope his son is the one skating while the poor choke.

No self employed man or woman will be attracted to such gathering.

VeeVeeMyLuv:
Is it only Nigeria that imports?

What of Kuwait, Saudi UAE? Even food and drinks these guys import due to their desert like land

importation is not bad. Too much of it is. You produce 100 USD of forex over X time but want to import 2X amount of good within same period. That's bad.

abhosts:
Saying we should produce more and import less is a myth that has no basis is modern economics. The world's biggest manufacturer, China imported goods and services worth $2.7 trillion in 2022 alone. That is far more than the whole Africa spent on importation. The more a country produces, it would need to import more, so more production does not necessarily translate to less imports.

You suck at economics bro. Try something else like cocoa yam farming.

When you produces excess at lower rate and export, you earn forex that will eneble you go to other countries to buy what you do not have. When you import more than what your sold excess production can handle, you put pressure on your local currency and arrive at the current Nigerian dilemma.

If the producers start producing enough and exporting, they will earn dollars or forex and flood the market to force those perceived hoarders into selling their dollars. That's two forces of market driving down dollar to naira rate. Better than taxing people for not spending money.

When you start taxing them for having money, they move it to safer banks(online transfers) and the naira suffers even more because there is fewer dollar in sight.

Truth is he could have avoided such avoidable showoff that's capable of triggering reactions from angry Nigerians. He broke no law though.

joyandfaith:
Floating of naira is a bad idea. Forever restriction on 43 items doesn't make sense.

it wasn't really a bad idea but was done hastily and wrongly.
If refineries were working and no dollar was needed for import of petrol, diesel and kerosene or gas, that would have gone a very long way in reducing the current demand of dollar and kept Naira much stronger.

Even petrol subsidy could have been maintained had the leakages they alleged was confronted for what it was - corruption - but they were only after cosmetics measures that will swing indices briefly. Economics is 99% production centered, we missed that part in black Africa.

helinues:
Na where una dey get una own news from gan na, industries leaving, to where?

he spoke the truth now.

ECOWAS involves more than Nigeria. May be mourihno or ancelotti should be hired to manage the community so they can understand that ECOWAS is not equal to Nigeria.

Dollar rate and petrol import volume are propelling each other up and that's bad.

What if crude rises to $150 a barrel?

Fixing a deregulated price is a wrong idea. It gives false hope to consumers.

If you have worthy content, head to YouTube or other text based sites please. Nairaland is a concoction of social media ideas and runs on ads that presents every user has one account. Lol.

NzogbuNzogbu:
Why are we even the producers of petrol sef

I know very soon it would change to Nigerians are the only ones not paying to breathe

My Yoruba friend, I wonder why you didn't say Nigeria petrol was cheap when gej was president at #65 instead of tinubu apc fighting him

gbegiri and akpu gobbling tribal legend, under gej, it was subsidized and so the comparison would have been wrong. Now, it isn't.

Probably to get by.

Shege just appearing to folks like a spirit.

Imagine a kingdom of darkness threatening to block light.
Darkness is absense of light.

Using grammar to mask loans. No be only balance of payment na payment of balance (outstanding).

Fufu I guess.

Lol. E pain them

Roasted one is tastier and more digestible.

Biodun556:
Sanni Abacha who came to power through coup knew the implications of having coup in neighboring countries

we all know even if Tinubu conscripts your mum & dad you will support him.

See how emefiele was hijacked from prison service officials.

No arrest or prosecutions until now.

Let me go and buy cheap perishables from the trucks.

omohayek:
Thanks for sharing the article. It's a shame Nigerian politicians (and elites in general) have never shown any enthusiasm for case studies of how to do development right, as the East Asian "Tigers" - and Hong Kong in particular - have long stood as counter-examples to the statist, protectionist, import-substitution based model that has proved a total failure wherever it has been tried (including China and India).

Hong Kong is particularly noteworthy of attention, as it puts attention to the lie that economic growth is particularly a matter of cultivating "strategic" heavy industries through subsidies, heavy import tariffs, outright bans and all the other distortionary policies Nigerians of all strata have all taken for granted as "obviously" necessary for progress. In addition, the example of Hong Kong illustrates something that should be obvious but which most Nigerians seem unwilling or outright incapable of understanding: the less the regulation, the lower the taxation, and the smaller the role of the state in general, the less room there is for corruption to flourish. One cannot have a state which puts huge discretionary powers in the hands of politicians and bureaucrats without these powerful leaders being tempted to abuse the powers they have been granted for selfish purposes, which is all "corruption" is.

For example, even if all the worst allegations about Tinubu's supposed corruption were true, merely by abolishing the petrol subsidy and getting rid of the old multiple-exchange rate regime, he will at a stroke have done more to reduce corruption in Nigeria than any leader has done since Buhari first came to power in 1983. A "crooked" Tinubu who then goes on to privatise and deregulate the numerous white elephants and parastatals will have managed to clean up public life in Nigeria to a degree no impotent "saint" with a "stolen mandate" could ever have managed, given the reality of an APC-controlled House and Senate.

If Tinubu's critics were serious about caring about "corruption", this is what they'd be pushing for, but as we can all see with their cheering on of the recent coup in Niger, all this "opposition" really amounts to is tribalistic animus rather than anything rooted in principle, a primitive "it's our turn to steal" mindset that would rather Nigeria descend back into the darkness of the Abacha years if they can't have their way. In such an atmosphere of primitive tribalism, a Nigeria that learns from Hong Kong seems about as far-fetched as Star Wars turning out to be a documentary, sadly ...

epistology I call this.
Your doggedness in advancing failing policies of Tinubu is fascination in the least.

seunmsg:
This is the silliest and most annoying part of the write up. You have a young family that depends on you but you take joy in lying and spreading falsehood against the head of another family. So, is your family more important than Fashola’s family?

This attempt to rally emotional support and blackmail the DSS has failed. Report yourself to the DSS and stop hiding. You will be properly investigated and prosecuted for your crimes.

don't sound so stupid Mr BMC agent.
He reported what was reported elsewhere according to him and even referenced the original sources. How is that different from a fake news hitting NL front-page? Has Seun or Lalasticlala been swooped on like they are doing here?

Hopebringer:
Shut up.

Has terrorism in Nigeria been stopped? Iswap still controls vast area in the North

Bokoharam still controls several Local governments in the North , ipob terrorising the southeast, Bandits and herdsmen still killing people in Southern Kaduna and north central .

All these kids who don't know anything open their big mouths to talk rubbish

is like your greater grandfather practiced juju and yoga at the same time o?

I opened this thread to get insight on how one can earn forex personally from Africa.

Dollar in Nigeria is now as good as N1000 in Nigeria. Other African countries are not spared out as Japa syndrome is on full throttle across black Africa.

Art and craft idea.
Office task idea
Food idea
DIY ideas
Tech ideas

What's the way forward Africans and Nigerians.

Continue please.