₦airaland Forum

The most disastrous admin ever. He just sat there, developing Katsina and his close associates looting. Insecurity increased, poverty too, indices worsened, theft grew.

Absolute disaster.

N500 bi or mi ....llion?

Buddha3:
Some of you APC and Tinubu's supporters are heartless!

The leadership of a country that has bluntly refused to make existing refineries functional or build new ones, decides to wake up and place taxes on businessmen who import diesel just so you and I don't suffer, and this is the nonsense you have to say?

Tax on the importation of AGO is going to directly translate on the price of that product per liter, which the common man has to bear every time he goes to buy the product. And instead of you to abandon partisan politics and stupidity and condemn this initiative in it's entirety, you're sheepishly romancing a wound with life threatening implications.

Godforbid that I have you for a brother or son! You're a disgrace!

I almost heeded your last two paragraph advise but realized that in a country as ours where taxation is unfairly enforced in one part of the country more afgressively, taxing widely used commodities at source is a fair strategy to as many as possible.

In a country where people won't pay taxes one on one, taxing widely used things diesel, petrol and gas is fair form of taxation after all

I support.

2014 thread.

That's like asking about minimum harvest for a farmer before he can settle down.

The naira has lost value over time.and was only being shored up or to be put plainly, subsidized.
Same way petrol subsidy removal cannot be a increment is how naira floating can't be called devaluation.

Stock is just a rough value of what speculator place on a business and is open to such swing in fortune.

Lol...

anti-sapa topic.

Lutherblaq:
If this govt want to help us the should have set free buses for us after they remove the subsidy but no the keep on looking like the don't know what to do.

There is no way free ride could have been smuggled across border but the govt didn't see that's and still don't.

Tinubu is doing the best any single man can do to restructure Nigeria against the wish of those favoured by the current structure. I expect efficiency unit to be back on card and more.

ican2020:
Floating naira in an economy that’s import driven is not only dangerous but will have very big negative consequences

Removing official and unofficial rates beautiful but trying to allow market forces to determine the rate is bad

China second biggest economy in the world does not allow market forces to determine its currency, their government intervenes from time to time

I don't think floating the naira is that bad. It is good but allowing free outflow of naira value via import of leisurely goods is the wrong I see.
Let us redo the double forex window but in a creative manner. Any good or item considered leisurely and a luxury with import tendency should attract a crippling import tax. Things like hair extension, cigarette, wine, gadgets, attires. Things that hardly aid productiveness.

In addition to the above is things that can be produced locally but isn't being produced. A huge import tax will drive up price of imported ones and make local production attractive.
That will save the govt forex, create jobs, and boost GDP.

Tinubu's main moves thus far are meant to put his government in the good books of our serial lenders IMF and WB. They desire that five subsidies go away.
They are :
Education(gone)
Petrol(gone)
Forex(gone)
Fertilizer(alive)
Electricity(alive)

Tinubu is only positioning his govt for some immediate savings and future borrowings. The IMF and WB, and lenders know the key to reversing our fortune economically is production(robust one) and that we are no where near that level of preparedness for competitive production so they offer us seemingly easy options that will entrap us further.
I see almost no achievement in all of Tinubu's major moves so far.

nairalanda1:
Perhaps, but he listened to Nigerians. To the detriment of the economy. Like most past leaders over the sibsidy issue

Timubu is removing subsidy not because he is a strong leader but because IMF is looking at us one kind and because we just don't have the money to continue with subsidy. That's also why Obi and atiku would have done same.

We are.not the masters of our destiny now.

I have to agree with you on the statement about not being masters of our destiny.
What I think we are doing wrong is accepting the cosmetic solution to our deep-rooted challenges. Poverty is synonymous to lack. Lack of things to be specific or in a more indirect term, lack of means to get things including money.
Lack on a large scale, is best combatted with production(robust one) and we simply don't have the capacity for that as things stand. Our average yield per hectare in agriculture is way lower than world average for example. Instead of giving an hungry man money to buy food for 3-4 weeks, why not help him farm and have food all year round?
This is where I think Tinubu is losing guard when towing IMF and WB suggested path for us.
Their own nations have subsidy and regularly intervene in private businesses to keep them alive and competitive. Disbusrmwnt seem a fair deal but with corruption that's rife already, disbursement can't do much for us.

Is financial disbursements the way forward?

I don't think so. If you hand people the money directly, they will buy many foreign goods and that money will end up being used leisurely and in foreign hands.

Instead, disburse production enablers. Things like cheap power in industrial estates, raw materials, equipments like sewing machines, water pumps, sprayers, tractors, baking tools, books, e-libraries, and even unusual capitals like fenced lands in secure industrial estates to aid production generally.

That's why I was shocked they cancelled petrol subsidy that was quite influential in driving production cost down. The westerners telling us to remove all subsidies know we don't have efficient machines and systems like they do and so we will end up with costlier goods that barely be sold outside or exported.

In all of this, our government that's too corrupt to challenge corruption, prefer to remain eligible for more loans and so obey the lenders we are indebted to. Production(Robust one) is our only way out and not change of wastage format they are calling renewed hope.


Disbursements is not so great an idea when you consider the estblished spending pattern of the average Nigerian.

He messed up but if not for being who he is and where he is from, I doubt he would be suffering now.

All through human history machines have been gradually introduced to replace human labour. It is wrong to destroy machines because of employment. Those machines produce more then humans can keep up with and therefore help drive down prices by keeping supply high.

She claims. What if the husband was challenged health-wise for a year or more?

lhordspy:
Amidst Ukraine war funding, The US national debt topped $32 trillion for the first time ever.


NYPOST.COM
NYTIMES.COM


Michael A. Peterson, The Chief Executive Of The Peter G. Peterson Foundation, Which Promotes Deficit Reduction, In A Statement Said:

PGPF.ORG

This is coming just days after US announced additional $325 million in security assistance to Ukraine taking it to $40B in weapons sent to Ukraine so far.

https://www.google.com/amp/s/thehill.com/policy/defense/4047788-us-hits-40b-in-weapons-pledged-to-ukraine-with-new-325m-lethal-aid-package/amp/

After WriterNiig(WriterNig) lost the contract it seems they gave it to you abi?

Okay. Brazilian hair nko?

Expect more posts on experiences.

Census that will include Nigeriens, Chadians, Benin republic, Mali and Cameroonian Hausa speakers or another one.

He made sense but in Nigeria, sense is for helpless people. The leaders thrive on absolute senselessness.

Cuts in welfare should be replicated in cost of governance. Where is efficiency unit today? Wastage and leakages was embraced ahead of production when they removes subsidy.

That can't possibly be true.

Guns and bombs cost far more than tractors, fertilizers and seedlings.

You are a data analyst OP. You already analyzed your data so no need to redo it.

Be realistic OP. That thing looks cheap..

Fresh attack very now and then.

nairalanda1:
Nope...we

1.Have to pay back debts incurred when crude prices were low.

2.Have to pay for other things.

3.Subsidy costs have risen...because when crude oil prices are high, so is subsidy. That;s a part of the reason why GEJ wanted to remove it in 2012,...subsidy costs were too too high then. Nigerians and Buhari and Tinubu said no, subsody was kept, and by 2014 we were borrowing to pay salaries. See the problem. And then we were losing money from the savings.

The only way we can pay for subsidy is by taxing every Nigerian, and earning more from diversification...and even then it won;t be enough. Making fuel costs money.

No 1. is faulty in the sense that, debt was suppose go into productive use that will support the debt repayment but has been misused.
No. 3 is religion of what my reply exposed the flaw.

I believe that will be possible again soon.

nairalanda1:
I blame customs...but here is the thing.

Fuel used to cost N195...while in Benin and co it cost above N485. A small kid can carry a ten liter keg of petrol across the border, sell at the equivalent of N350 or more, pay off customs men, and still have enough profit to go home.

If you were a customs man or woman, and even if they were paying you well, you would still take the money.

That's why the only way to stop the plant growing was to attack it at the root...which is removing the basis ....subsidy.


But the problem with subsidy is that every year, the cost of production and transport of petrol always rises, while the government retail price stays steady. At some point, where we were paying X billion monthly for subsidy for one year, we would be paying 4X billion the following year. And that money comes from .....the budget. Add poor revenues from oil, and the devaluation of the naira over time...and the money to pay for subsidy keeps rising. We can stop smuggling...but we cannot stop the production cost.

Rise of crude price also means rise of crude oil earnings. It balances out.