₦airaland Forum

Paramount01:
Wha is the role of federal govt? Who closer to the people? Where can impact of Govt be easily fealt? When your roads and Electricity spoil who is closer to you? Federal govt is to make all that is necessary available, Federal Govt have out palatives to state Govt,l to share how many state Govt share it, Federal Govt gave bail out, how many states share it? The positive impact of Govt is easily felt by the people from local govt and who controls local govt?

It's either you are deliberately acting stupid and ignorant to prove a point to your masters or you are indeed stupid.
It's the constitutional duty of the federal government managed by Tinubu to manage the economy well and provide security to the people. And in those two areas Tinubu has failed woefully. Now you transferring that responsibility to the states is what I don't understand.
Is it the state that manages the economy? Do they control inflation or manage exchange rates? What about security , who is the C in C?
You miscreants will just come online to change narratives to shift blame on your principal. Nonsense.

Jonjam269:
Obirodents have turned Nairaland to Wailingland. Losers

Are you people just silly or what? If you think this is just about election and obidients then you are just too naive. How old are you? Have you been to the market lately? Do you know how deep the hyperinflation going on is? So the people that are not obidients should suffer in poverty and pernury because the government is incompetent and cannot manage the economy.
This is not about election and people's choices in the election anymore but about the lives of Nigerians. Very soon APC will get that insurrection they are looking for and it will happen in 2024 if things continue this way.

4Play:
I don't know much about the crude oil supply arrangements to the refinery but I doubt the refinery will make much difference to Nigeria's currency depreciation issues which I think is driven by high inflation and lack of general confidence in the economy.

Supposing supply is via NNPC to the refinery, wouldn't that mean forgone oil export dollars? In other words, oil that could have been exported for forex dollars is simply diverted to a refinery in Lagos leading to less forex inflow into Nigeria.

The thinking is that lower import of refined crude will curb forex outflow/dollar demand. That is true. However, I suspect that much of the refinery's revenue will find its way out of the country as Dangote, just as is the case with the cement business and indeed many Nigerians/businesses, prefer to maintain financial assets offshore in more stable currencies like the dollar or Euro.

The net effect on naira depreciation will be close to zero. What's driving the optimism is Nigerians desperate tendency to seek for magic/easy solutions to complex problems. Next year, they will be looking for other sources of optimism after the hullabaloo about the refinery comes to nothing.

God bless you for this submission.
This was exactly what I stated earlier on this forum on the FX matter and some ignorant people called me a prophet of doom. I wish I can drag that nairalanda or whatever he's called into this matter.
A lot of oil money presently don't even circulate the Nigerian economy. Almost all the big players have FX just lying fallow in their account and will never convert it to naira.
Same thing Dangote will do and even at that he has loans in FX that he must repay. So how some gullible folks think a private investment will solve the country's FX problem is still a source of worry to me.

There are still a lot of mystery around this crude supply to Dangote by shell. The global pricing for crude oil is denominated in USD hence why it's refered to as petrodollar. Now if the forward contract between Dangote and Shell is denominated in USD it then means Dangote will have to pay Shell in USD for the supply.
The only way Dangote will pay Shell in USD is if he sells to local petrol supplier also in USD which is why I am laughing at those thinking this arrangement will reduce pressure on FX.
My expectation is that Dangote will get her supply directly from NNPC and they can work out a way of making payments in NGN.
I suppose this is the reason the clueless NNPC MD already sent a disclaimer that nothing will change in the pricing of petrol.
I will be waiting till next year to watch and see how events unfold.

nairalandankrah:
Says, Saboteurs frustrating Tinubu’s economic policies...




https://thenationonlineng.net/saboteurs-frustrating-tinubus-economic-policies-says-senate-leader/

Look at what someone's father is saying. Saboteurs should be held responsible for the failure of a whole government.
Shame is catching me for this man I swear.

Kingrshd3:
Some people still dey abuse APC or Tinubu when PDP and LP also support the naira redesign even with the subsidy removal that brought hardship to the nation ...

So who is a good leader now among Tinubu atiku and PitObi 🤔

If you think naira redesign is the cause of your problem today as a Nigerian.
Just look at yourself in the mirror and say you are big fool and your education is a waste.

lexy2014:
how does defending the naira against the dollar mean that the government is "subsidizing the lifestyle of the majority of the wealthy"?

who are these "majority of the wealthy" you are referring to?

has not defending the naira made them poorer?

Are you not aware that majority of Nigerians are foolish? They believe any lies being churned out to them by politicians or their pastors. This forex lie is the same lie they sold on subsidy removal, that it only benefits the rich whereas the major beneficiaries of subsidy is the common man on the streeta who enjoys cheap fuel and reduced transportation costs which also keep prices of goods and services low. But how the government used propaganda to make some idiots believe subsidy only benefits the rich is what I don't understand, today that the subsidy has been removed ask yourself if you have fared better and how it has impacted you positively.
It's the same narrative for the dollar, with pegging of the exchange rate in an import dependent economy. The prices of goods being imported whether directly or indirectly are kept within our reach and populace can afford it thereby making our purchasing power good.
But today there is hyperinflation in the land on every goods and services food, egg,chicken just name it are all dependent on FX but some foolish ones are still saying they are ok because the government has spinned their usual propaganda that it only benefits the rich.
Honestly, Nigeria is full of low minded people. What they don't know is that the reverse is the case for the rich and the useless politicians they support, the more the naira depreciates the better the purchasing power of the rich who has stockpiled the dollar already. I also earn in FX and more dollar loses her value the better for me too but I just pity the poor ones who have been reduced to nothing.

Putindbutt:
As long as the President is no longer using about 2billion dollars to defend the naiqa everymonth, it is fine. let the market forces determine naira value and we must deemphasise our excessive demands on dollars by seeking alternatives.

Look at what this ignoramus is saying. It is fine for naira to keep depreciating against the dollar, so to what end is your goal of you want naira to keep depreciating then what do you intend to acheive in the long run.
What do you think is responsible for hyperinflation going on in Nigeria today? You think it's fuel subsidy? It's this Naira depreciation that's causing the hyper inflation going on in the economy. The people's purchasing power is at its lowest, yet you are fine with naira to keep depreciating because one fool in Abuja promised you to suffer today for an utopian better tomorrow.
Better wake up and smell the coffee, there's no better tomorrow that you are suffering for today. The only people enjoying today and will enjoy tomorrow are the politicians and you their willing slaves will keep suffering if you don't do something about it.
Better wake up

Layi4real:
if u think it is very easy for Tinubu to build this country up Nd make it a working nation within this short period of time then try building up Ur life first Nd achieve all Ur life goals within a short period of time too.....
many people here can't even control there family well not to talk of controling an organisation

Don't you think it's stupid to be comparing how people run their family to how Tinubu is running the country?
It's like someone applied for a job alongside other candidates and after 6 months he's been found to be incompetent but your excuse for the person is that others should come and do the job if it's easy. Why did he apply for the job if he knew he couldn't do it?
So far Tinubu has displayed gross incompetence in the way he's running the country's economy.
And if your excuse is he met a mess on ground, is he not a part of the mess he met on ground. Is it not an APC government he himself is a part of that handed over to him, so what exactly is you zombies point of argument.

occfx:
E dey make cloth not to fit man... Me I just forget am there. By the time you reach 30s, e no go bother you again. If you wan do surgery go abroad make the remaining quack doctors wey dey here no cut your nerves commot. Another reason you should leave it be say girls like it. If u get woman wey like to suckk am, you go enjoy yourself well.

I agree with this one because most ladies actually have lesbian tendencies. When they see a man that can knack them very well and also fulfil there lesbian fetish they go overboard.

airsaylongcome:
Support does not mean approval. Approval would mean a document was signed by the president, in his regular signature

Lol
Look at this slowpoke trying to twist narrative to his fellow zombies.
Read what you wrote, what does that even mean? Support doesn't mean approval, so if you support something you didn't approve it niyen oh. You better enroll to another school in case you went to a school in the first place.

blamingthedevil:
Dangote Refinery working✓
Portharcourt Refinery working ✓
Subsidy Gone✓
Foreign Exchange Defending gone✓
Investors Confidence all time high✓
Capital Market at the highest index peak✓
Security improved ✓
Infrastructures projects continuity ✓
Lagos Ibadan Expressway completed✓
Apapa Oshodi Expressway completed
Enugu Onitsha expressway almost completed✓
Grants to Nano Businesses✓
Loans to Businesses ✓
CNG conversion ongoing ✓
Europe Gas Deal signed ✓
Rivers Crisis Resolved ✓

Etc
Etc
Etc

God Bless Federal Republic of Nigeria

Just ask yourself how all these nonsense you have quoted as acheivement has bettered your life when.
Bag of rice from 30k is now 60k
$1 from 400 is now 1300
1litre of fuel from 180 is now 650
A paint of garri from 1500 is now 4000
Augmentin drug from 7000 is now 38000.
Can you now see that you are a foolish zombie.

nairalanda1:
No matter what you think about me, it remains that an Angola outside OPEC is iminical to our interests.

Also, the palaver is, more and more nations are discovering oil. OPEC in a way is on its way to becoming irrelevant. The more and more oil gets pumped out , the more oil prices fall.

That's why long term, we need to diversify our economy away from oil. It is that simple.

Thank God we are both aligned that OPEC influence is waning and more and more countries will seek pull out and state her own oil terms.
If that's the case why was your earlier submission then centred on it affecting Nigeria to the extent of more borrowings or more taxes on the people. Why are you not stating for Nigeria to dictate her own terms as well.
If glut will reduce the price then let is be, what you will do is to increase supply to earn more revenue. This has been Russia's approach to stay afloat since God knows when.

4ward4:
go read his analysis and stop typing thrash!!!
Opec isn't just an Association of name, that organization have such much influence and I doubt if Angola will ever sell crude up to their price benchmark to remain relevant in the sector. Cheaper crude will be sold by Angola, thereby putting Opec countries in a tight corner.

Defender of the universe, even your own submission is contradicting his own position. While he stated OPEC influence is waning as more and more countries produce oil. You are stating OPEC is even more influential.
Fyi OPEC is only as influential as any country makes them to be, Russia has never been in OPEC but theyake the world sneeze on any of her oil policy. OPEC is only beneficial to Saudi Arabia and the other gulf nations, every other country there is just doing follow follow.

nairalanda1:
Anyone hailing Angola on leaving OPEC...should know it is bad news for Nigeria.

Oil prices fell on the news. Know what that means? It means Angola is free to produce and pump as much oil as it wants without any pesky OPEC quota...which means lower oil prices long term because of the resultant glut.

Angola is also free to sell crude at a lower price than the OPEC benchmark if it wants...especially if it needs the money now. (That's part of how Russia survives US sanctions, sports fans).

This weakens our revenue stream drastically, meaning we have to take more and more loans, or the government would have to raise your taxes well well, in the short term at least.

So, don't rejoice.

As usual I was expecting your half baked, ill thought analysis on issues. Why should Angola's foreign policy affect Nigeria if Nigeria is a functional country? Angola's oil reserve is not as much as Nigeria and both Angola and Nigeria were given lower quota. Angola had the nerve to pull out and sell oil at her own terms but Nigeria with more oil reserve than Angola cannot take such bold step.
Should that be the fault of Angola or Nigerian citizens? Why should that burden now be passed to innocent citizens in the name of excessive borrowing and excess taxation as stated by your ill thought analysis. If the government is bereft of ideas and cannot take bold decisions then according to you they should borrow or tax the citizens more abi.
You are always coming online to give ignorant and ill thought out analysis.

OlawaleBammie:
If u re not into an excess money I would say u should not venture into exporting for now, u can always do that later anytime u want.

Secondly, I want to tell you that no matter the position u find urself in the chain of trade u would always make ur profit if u put ur effort...I promise you that, but don't bite more than u can chew.

Thirdly, anything agricultural produce (especially the cash crops) are cocaine in disguise

Pls can we connect.
Capital is not an issue but I understand that field require pool funding and people with on ground expertise.

Sirchiboy:
Made a stand to stop sleeping with hoes coz I came into full awareness that nothing is so special about sex.
It will only drain your money and leave you in a state of perpetual regrets.

I stopped rolling with fake friends, backstabbers and hypocrites masquerading as real niggers.
Ota bi ore, ore bi it's koloun gbe won jina Siwa.

anonymous1759:
The motive is to make money not to answer boss on Empty stomach , a bank manager will answer Sir to a poo Parker In the UK when he comes to Nigeria with his heavy currency. Only fraudulent bank managers are rich .

Many of you just say rubish online out of ignorance. A manager in most new generation banks earn between 2-3m net in this Nigeria monthly, and you think that one is not ok by Nigerian standard.
Even if you make that amount monthly by doing menial jobs abroad,the bills you will pay will make you have nothing left.

malali:
Capital flight

[b]There is no business that can survive selling anything imported

Reason $1= 1200naira
The goods are now too expensive
Nigerians have very low purchasing power
These shops cannot make profit servicing only the few rich people in the country.
They are better off in a country with a buoyant middle class......

More shops will be closed, more foreign companies will leave as well.

Your Trade minister also has no clue what she is doing, you need someone who is tested and trusted, you can re-allocate her to another ministry, but get a trade minister thats ready on day one.

The senate should also start inviting all these ministers and questioning them on what are the measures they are taking to alleviate the sufferings of Nigerians. Tinubu should send another ministerial list to senate for clearance at least 2 for each potential ministry, so that the current ones can sit up and know that they are replaceable(Call them reserve bench ministers). We dont have to go through 4 years to know a non-performing minister !!!

Also, that mistaken identity bombing, No country should bomb its own citizens, In a civilized country thats
1-Grounds for impeaching the president. (You are the commander in chief, you swore an oath to serve and protect Nigerians).
2-The Army officer in-charge should have submitted his resignation honorably.
3-There should have been a ruthless senate hearing , where the army should have been cut to size and held accountable, killing Nigerian citizens mistaken for terrorists is high up there as treason in a country thats not at war ?? Even Ukraine,Russia,Hamas and Isreal are not killing their own citizens by mistake.

Sweeping this under the carpet shows weakness from a Commander in Chief.

Please Stop singing that song "Bola on your mandate"......You make the whole government look like a circus. It only makes the Commander in chief look like the Commander in Clowns[/b]

You have made very valid points and you are full of wisdom. Even you will perform better than majority of the people the druglord appointed as minister.
Nigeria is sinking daily and some miscreants even here are still driving this useless government to his grave. Just wait for one zombie to respond to the things you have with stated with "you are ipob Tinubu is the best thing to happen to Nigeria". It's a pity sharing this country with brainless zombies.

Kukutente23:
https://punchng.com/nnpcl-not-transparent-on-subsidy-dollar-revenues-wbank/

So despite the fous subsidy removal, NNPC is yet to be remmiting oil revenue FX to the federation.
Who do us this thing sef, we are not paying subsidy and we are still not earning oil revenue despite heavy debts andore borrowing by Tinubu.

phemray:
Oga calm down, no pain no gain. Moreso in
2023 election

Atiku= I will remove subsidy and sell refineries.

Obi= subsidy must go it's a scam.

Tinubu= no matter how u protest ooo, we will remove subsidy.

Jonathan= no promises of subsidy remove but find it difficult to have a good implementation team when he did and instead of standing by his action he backed out just after 2 weeks.

U see jagaban issues pass tribalism. He his a goal getter and a good planner.

During camping he had town all meeting with the labour union, industrialists, oil and gas stakeholders and it was concluded to be removed. No other candidates have such good moves to carry everyone along. And best is to remove from day one so that we start facing the issues at once.

Am feeling it as u, but it's better for once. afterall am targeting relief in the next 2 years. if in the next two years we got it right it's better forgetten than been postponed.

If Atiku won, there will be complain, if obi wins there will be complain and since Tinubu won and we hve complain shows that we want solutions without pains.
I strongly believed Nigeria has gotten it right this time.

Look at what this ignoramus is spitting out, Nigeria has gotten it very wrong and not right at all.
As it is fuel subsidy removal is even the least of our economic woe right now. The major problem is Tinubu's ill thought out FX floating, excessive borrowing and refusal to reduce the cost of governance.
This is what is causing the massive inflation we are experiencing, have you gone to the market recently.
Nigerias inflation is almost 100% you and it's not as a result of fuel subsidy removal but Tinubu's useless poor economic policies.
Keep supporting evil and justifying rubbish, I'm sure you are still being fed by your parents.

ElSudani:
Stop using foul language, makes you sound like a tout. Your ranting is a clear indication that you are hungry and trust me Tinubu has nothing to do with it. The earlier you know this the better for you. Otherwise, you will just die of hunger. I just pity the young children you may have, I have little sympathy for lazy, whiny folks like you who wants to open their mouths wide so Tinubu can shove cheap Thailand rice into it.

I have enough to feed your generations for years to come. Even in this Tinubus failed government I just added a GLE to my fleet.
My success is because I don't rely on failed government stipend to feed, unlike you who is paid 30k monthly to defend a failed government even at the detriment of your family and generations to come.
What a failed life you have, you are beyond redemption and nobody can help you.

ElSudani:
Since you love rice so much, how many damn acres do you have under cultivation? How many acres does the folks around you have under cultivation? None, that is the simple answer.
I am sick and tired of people like you who would rather japa or die than to be seen on a farm complain about the prices of food. Funny enough, people like you are the first on the internet to wail and lament about hunger.
We have a better alternative to rice in Nigeria, eat cassava it is the same carbohydrate.
If your survival is tied to rice them grow it. Is Tinubu also preventing you from doing that?

You should first ask how many acres of rice Seyi Tinubu, Iyabo Ojo Tinubu and you the Cheif Zombie Tinubu supporter have grown first.
The sad truth is that many of you are wallowing in self imposed poverty and poverty of the mind.
You better emancipate yourself from this mental slavery before you infect your children with it if you have any.

ElSudani:
Everything boils does to the price of rice. May I ask you how many acres of rice you have under cultivation right now? Probably none.
Your taste for imported food is one of the problems facing the country.
What did we eat before Thailand rice? Have we always depended on imported food?
Your taste for imported rice is one of the problems the government must address. Either you grow it or eat cassava instead, carb is carb.

Look at this zombie giving another excuse that it's our taste for imported rice that's making the price go up.
Where I bought rice for 58000 yesterday, they also sell Eko rice there (i.e made in Lagos rice) the price of the Eko rice is 56000 per bag and you can go and check if I'm wrong. Shebi according to you it's our consumption of Thailand rice that's making the price go up, why is the locally produced rice equally expensive?
Also, is it also the impoverished citizens by this same government that's making it buy SUVs for politicians, budget 15Bn to renovate VP house, go on a jamboree to Dubai?
Just admit it that the useless government you are supporting has failed, it will not kill you if you do. Must you be a zombie to politician in your life?

ElSudani:
You don't know what you are talking about. Did you read where one of the ministers said we already got the money for some of the oil we are selling right now?
What that means basically is that we mortgaged some of our future oil earnings. Tinubu didn't do that and I suspect it doesn't mean anything to you as long as you can afford rice.

Your summary already validated my point, all the excuses in the world won't mean anything to me and millions of Nigeria if a bag of rice is sold for 58,000.
Mind you, you may give all the excuses in the world but can you bet with your life that by this time next year a bag of rice will be selling for 35000 the way Tinubu met it.
You will come back again to give another excuse for why that cannot happen. Lol
The government is not the only.problem of this country, it is zombies and zombie followers that always give excuse for failed governments that are the main problems.

Fujiyama:


Damning with faint praise.

"Caa" ratings are even lower than speculative grade. To be blunt, a "Caa" rated security is a junk bond.

Are you minding the ignoramus, many of them don't even understand what they are posting.
It's just like a drowning man clinging to any straw to support the failed administration of Tinubu.

spinna:
The aura, mannerisms and actions of the two regimes are very different

Tinubu hit the ground running with his inaugural speech.. the main statement of the speech was "subsidy is gone"

Buharis first speech he said he is for everyone and no one (whatever that means)

I get your point though About not raising hopes on politicians ,, but still TNB so far has been better that BHR

Lol, is this a joke?
Tinubu is better than Buhari? How please?
What was dollar rate in Buharis time and what's the rate now?
What about bag of rice then and now?
What is the price of a flight ticket then and now?
What is the cost of governance in Buharis time and what is Tinubu planning on to spend on SUVs now?
You must be very blind to reality to say Tinubu is better than Buhari.
Tinubus government is 50 times worse than Buhari.

tollyboy5:
I'm not bothered on who has access to get fuel, what i capitalize in my first comment was the effect on foreign exchange and the reverse effect on peoples salary able to gain purchasing power more.
More companies need a stable electricity not fuel to fuel generators. PDP so far has been the reason Lagos don't have independent power supply. Now that a Lagos man is there i know thing are going in the right direction.

Just see what this slowpoke is saying here.
PDP is the reason Lagos does not have stable electricity but PDP left government almost 9 years ago for the foolish people he's supporting now yet we don't have light as I'm typing now.
But according to this one it is PDP that's not making Lagos have light. I am still looking for one person with a functional brain supporting this government and I'm yet to see.
Awon ashiere eda.

Treadway:
lol....nice wordplay.

I still dey HODL my dollar stash sha. Will be following the trends....till then.

To the folks here, make I epp una answer some of your questions. If the refinery does start, the price of fuel will largely remain same or even higher. So don't expect cheaper fuel. What you will expect as a benefit is more Forex to go round..forex that would have gone into importing fuel will now be saved, meaning more available Forex, meaning the exchange rate gets better IF the rogues y'all put in power don't mop it all up.

What forex do you think you will save with Dangote refinery?
You are being scammed forex just the same way you have been scammed with the price.
Dangote will be buying crude with forex from NNPC and any forex he makes from exporting refined products will go into buying crude oil. Any FX profit Dangote makes thereafter from the sale of crude will go into his account and not to Nigeria.
Now, if you expect Dangote to sell his products to Nigerians in Naira, how will he pay for the crude he's buying?
For every crude oil NNPC gives to Dangote for local consumption , the government is also losing forex they would have gained by selling it abroad.
So where's this forex savings coming from?

nairalanda1:


The cold truth, the cold truth and nothing but the cold truth

Refineries are created to make money. Money to pay the owner, to pay for maintenance, to pay for taxes, and to pay for worker's salaries.

Any attempt to restrict money making by refinery would lead to its collapse.

(Like what Tinubu is doing now. Landing price of petrol has been above N720 since October 9, and yet fuel is selling below N700 nationwide. LOL.).

Anyway, Nigerians do not want to face that truth.

(Awaits people to start spilling electrons).

You are not just stupid but it seems wickedness also runs in your vein.
Are you unconcerned about the plight of Nigerians and you are happy that prices are increasing and should even increase further?
Today , a bag of rice I priced last week for 52k hoping I will buy today and the price has jumped to 58k, then petrol has started selling for NGN620 in Lagos while the price of Friso Gold I use to feed my babies is now 21k from 10k and yet a useless idiot on nairaland is happy with price increase and even wishing the price increase more.
I am thinking you are still being fed by your parents and you are yet to come to the reality of life.
God knows if I meet any of you physically supporting all these nonsense and it's not on nairaland I will punch you if you say this rubbish near me so that you will be treated like the kid that you are.

tsdarkside:
its not the job of nigeria to be providin you dollars....

if you want dollars,then start your business in america that controls dollars....thats common sense....

if the raw materials you need for your business is not in nigeria,then it makes no sense to open shop in nigeria....
from were do you think nigeria gets it own dollars from....??
you think america dash them....??

you are blamin the wrong people....
you want dollars,international companies want dollars,common people want dollars....
to add salt to injuries,you use aboki when you have dollars other than cbn....

its good the way nigerian customs are doing it....to remind you people that nigeria is not a dollar economy but naira....

imports should be discouraged at all cost....

This person is the definition of stupidity.
The school you attended is school every parent should blacklist, no child should ever attend that school hence he will end up being a daft nuisance to the society.

Sangoamadioha1:
My argument is that he is part of the problem and he is not happy petrol importation will soon stop. This is my opinion based on how i see it.
Because govt is not working on the one he wants then what government is doing is rubbish.
Pray, does he have monopoly of knowledge. The government, after due diligence, say this is the one we are starting with but Mr knowledgeable, who watched refineries collapse under him, says no it must be done his way or it won't work.

Ps Even under Abacha we were importing fuel (if you remember the time bad fuel came into the country during Abacha's time). The refineries started their decline under Mr knowledgeable's time.

Despite all efforts to correct your zombie brain you are still adamant in your shallow thinking.
The refineries did not collapse under the man you are pointing fingers at, the refineries worked under him and not a single fuel was being imported throughout his time, infact he stated that Nigeria was exporting refined products.
So what exactly is your point of argument?