₦airaland Forum

nairalanda1:
Cedis is also very weak

Note I am not excusing bad government, but that cedis you see is a weak currency.

Minium wage in Ghana is 540 cedis. That buys 36 liters of fuel compared to 60 liters of fuel on 70000 Nigerian minimum wage.


One dollar is 1320 Korean won. Yet the won is stronger than our naira.

Value of cureency is not by number you see

What relevance is this analogy that you have posited, 1 Dollar is 1320 Korean Won whereas 1 Dollar is 1700 Naira. Is it not obvious to even the blind that the Korean won is stronger in terms of Value so what exactly is the point you are trying to make with this analogy.
Sometimes I wonder whether you just post things to show that you know how to use Google search.

adenigga:
For this comment.........

Amen bro

Vision101:
Yes OBJ saved and obtained debt forgiveness but there was no infrastructure. Total decay of infrastructure under him. What is the sense in saving without investment in infrastructure that will develop your economy.

His privatisation was a mess under atiku. Billions of dollars were invested in power without results. That's the genesis of our energy problem of today. He didn't make efforts to either bring the refineries back to life or encourage private sector investment.

Then the worst was the regimes that took over from him. Jonathan squandered everything. OBJ was so upset 😭 against Jonathan that he had to openly support buhari.

Then buhari..... another story. Many had confidence in him including myself. We trusted him to be frugal and have the ability to tame corruption but he disappointed.

The problem of OBJ is that he thinks too highly of himself. He believes that he is the best leader that Nigeria will ever have.

And he's right, of course OBj is by far the best leader Nigeria has ever had since we started democracy in 1999. Objs record is unmatched in all areas of our national life.
He revolutionalized telecoms in Nigeria, infact you are using your phone to type this rubbish today because of OBj, he left office with Zero debt while the present looters we have today has taken our debt to over 100 Trillion , inflation was single digits all through OBjs tenure while today Nigerias inflation is over 100 percent. OBj assembled the best brains and technocrats but today appointments is all about political patronage and not merits.Obj fought corruption and not caring whose Ox is gored, I recall Tafa Balogun and many high profile corrupt officers going to jail in his time.
So OBj has the bragging right abeg, he's the best we have had so far when you compare it to the incompetent buffons like Jonathan,Buhari and now the incompetent druglord we have in aso rock today.

gidigbam1:
This is very shameful coming from OBJ who also had zero plans and was clueless about what to do or how to lead Nigeria. While countries like the UAE who's oil production was just 50k barrels per day, and that of Nigeria was 2 million barrels per day, were busy borrowing money from different sources to build the kind of infrastructure they now have, OBJ's only solution to Nigeria's problem was to pay up all Nigeria's debt.

This can be likened to a family with an empty land that they have not developed, instead of using money to develop the land and build a hotel, you decided to use the money you would have used to build a standard 5 star hotel to pay up debts you are owing. While your neighbor who doesn't even have the kind of money you have went ahead to borrow money from different people to build and furnish the 5 star hotel. At the end of the day it is you that they used your money to pay debt that will suffer while those that borrowed to develop theirs have paid off all their debts and are now enjoying.

That is how clueless and wicked our OBJ, was and to make matters worst, he installed GEJ who didn't commission a single project as Governor of Bayelsa state then to become the vice President instead of choosing Donald Duke who was by far the best Governor in the whole of Africa, that built the then best tourist destination in Africa (obodu Cattle ranch) and Africa's biggest premier resort Tinapa, with the Calabar Carnivals that people from all over the world come to enjoy during Christmas. Imagine if Donald Duke ended up becoming the President instead of GEJ, just imagine how he would have transformed Nigeria. With Donald Duke, there will never have been a Buhari Presidency, and Tinubu's. It was OBJ's wickedness to punish Nigerians that made him bring GEJ who didn't have a track record of deliverables.

I suspect you were born yesterday or you are one of these gen Zs still sucking their mummy's breast otherwise you won't open your mouth and spot these jargons you just quoted.
Don't ever in your life compare Obasanjo's government to this ongoing nonsense by APC that started with a clueless Buhari and now being finished by a known drug lord.
Obasanjo revolutionised GSM and telecommunications industry you are seeing today in Nigeria, Obasanjo left government with Nigeria having zero debt due to his foreign policy out debts were forgiven, Obasanjo assembled the best brains from Nigeria with known technocrats not the political patronage that is being done by your emilokan clueless fellow in aso rock, Obasanjo all through his 8 years maintained inflation at single digits while your useless government today has close to 40% inflation, Exchange rate all through Obasanjo's government did not exceed 180naira to a dollar but today it's about 1700.
All these witness live and it's not that I was told or read it somewhere as i can go on and on, but yet an ingrate like you whose brain has been taken over by APC zombiesm dare to speak ill of Obasanjo and praise Tinubus useless policies with nothing to show, you must be a dimbat that was born yesterday indeed.

helinues:
If you don't want government to be borrowing unnecessarily, then suggest another means of raising funds without taxing

Please save us the story of government should cut their excess , even if they do, it's not even up to 3% of the current budget

The government you are supporting is mentally lazy and seeking for easy way out. I and many others have provided different means of generating revenue on this forum for free even without being paid any advisory fees but as usual APC and Tinubus government is a lazy owomida government who thinks the agberoism he entrenched in Lagos will be done federally.
There's untapped bitumen in Ondo and Edo state but Nigeria imports bitumen to construct her roads, there's vast arable land in the north that a singke state cam become a orange plantation and nigeria can become orange concentrate exporting nation.
Infact the opportunities are enormous but successive Nigerian government is mentally lazy,lacks foresight and always looking for easy way out like rasing taxies and removing subsidies

Originakalokalo:
Please, I am a bit confused...Why is the bag of Rice 97,000 and why does it keep increasing?

What is the government doing to arrest this?

Are they aware?

Is this caused by greedy farmers? Low supply? Bad policies?

Rice apart, where is the import duty removal on food?

Why is food becoming a commodity so expensive that a common man cannot afford it?

Please if you have answers, kindly respond...

The reason is simple, there's general inflation in the economy and rice being a commodity in the economy will follow too. When you say greedy farmers, what exactly do you mean by that? Will the farmer not send his child to school, pay for rent, buy other things he will use? Are those items the farmer will buy immune from inflation? Since the items he will also buy in the economy will increase his own commodity too will have to increase..
No item is immune from inflation when an economy has failed like we have in Nigeria presently. In your own business or services you render , have you not increased the price too? Why should the rice farmer not do same.

grandstar:
It would be appropriate that newspapers employ a competent economist so they won't make such embarrassing articles which exposes a shallow understanding of economics see the light of day.

If truth be told, Tinubu needs to go further in cutting structural wastes such as the fuel and electricity subsidies, and a bloated civil service.

How do people expect the government to run a budget of 27.5 trillion on basically 4 trillion? Buhari would have simply told the central bank to print the difference and lend it to him. That is why debt servicing in 2022, was higher than the entire government revenue!

PwC bulletin: Nigeria's 2024 Budget Highlights
The Federal Government of Nigeria recently presented the 2024 Budget proposal to the National Assembly. The Budget titled "Budget of Renewed Hope" shows a proposed expenditure of NGN27.5 trillion and an estimated revenue of NGN18.32 trillion for the 2024 fiscal year. We have analysed in our infographic a snapshot of the 2024 Budget proposal and its assumptions relative to the 2023 approved and supplementary Budgets.

At least 80% of the revenue will go towards servicing debt. That is why I said the FG only has about 4 trillion to play with.

There's the saying," Borrow borrow make me fine." That was what Buhari was doing. He would have borrowed money to provide the petrol subsidy. Tinubu says the days of such have to end. His refusal to go on a borrowing binge to give you cheap fuel is why the price of petrol is so high.

Buhari wrecked the economy. All these screaming should have been carried out then and not now, but majority were clueless. Buhari scored worse than an F9 in almost all his 8 years as president

See this mumu, are you aware that Tinubu has borrowed more than any other president in the history of Nigeria within 2 years in office including the Buhari you are gaslighting despite his so called subsidy removal?

richmond500:
Car ke, my salary is not even up to 200k, where I wan see car to buy? I even think say u wan talk 300-400k

Btw, Tinubu policies is economic policies and it's not magic, so there is little chance of the FX coming down to 1000 in January.
But it will surely come down from next year

Lol, see yourself.
It's just self deceit, are you aware they Tinubu will be 2 years in office by may next year. If his policy does not start to show by next year , is it when he's booted out by 2027 his policies will be showing.
You can keep deceiving yourself my brother, you and I know that there's no policy working anywhere , it's just trial and error they are doing and you guys are falling for it.
We were in a forum with the CBN governor recently and he was asked when the exchange rate and inflation will come down and he said he can't tell, that's the CBN governor oh, but APC zombie online thinks Tinubu has some deliberate thing he's doing that will stop this suffering from continuing and are still having hopes.

richmond500:
when u hear people say I work in a particular sector or I have first hand knowledge, just know they want to lie.
Just because u are doing POS doesn't mean u work in the financial sector.
Ogbeni rest, FX mean foreign exchange and if u don't see how reduction in imports can help our foreign exchange then u have a problem.

Make u rest with ur financial sector, the highest transaction u make a day is probably 200k from that ur POS stand

All these insults you are throwing amounts to nothing, I have thrown up a challenge to you and we can bet our cars if you won't mind, I will drop my car and you drop yours. If you are really sure of your support for Tinubu as an APC zombie and you can promise that Tinubus policy is working and by January next year dollar will be 1000 , not even the 500 naira he met it .We can do cars or cash depending on you to really show that you know what you are talking about.

richmond500:
firstly, subsidy is gone, this makes a regime where govt can use the funds for something else.
Secondly, No multiple fx windows, this means u will be buying dollar same amount that the elites will buy too, it calls for competition in doing business in Nigeria and promotes local production from every Nigerian that wish to.

Thirdly, Larger percent of our import was from oil, that bottleneck is gone too thanks to Dangote refinery.

I don't know why people aren't seeing this

I am forced to respond to this comment because of the stark ignorance that I see there.
The first point about the absence of multiple FX window in Nigeria today is about the most ridiculous and ignorant statement I have read this year. Really!!.
Are you really in touch with reality of you are just taking in anything APC propaganda dish out to you. The official dollar rate on the nafem window today is 1620 but you can cross to your aboki next street and ask if you will get dollar for that rate, he will most likely tell you it's 1750, then there's also a window called CBN intervention where dollar is sold for 1550. That's 3 different FX windows in the same country Tinubu and his zombies like you said they have unified exchange rate.
The second point you noted is that subsidy is gone in the same economy where subsidy is said to have been gone more than 5 times only for NNPC to come back and say they are owing $6Bn in subsidy payment between last year and now.
On your final point on Dangote refinery, I work in the financial sector and I always wonder what is making you people think Dangote refinery is the solution to Nigeria's problem. Firstly, Dangote refinery is a private business and if you say dependence on foreign import will reduce I agree, but it will not translate into any significant appreciation of the Naira. The reason if because the crude oil you are giving to emdangote in naira is the part of your little FX earnings if you have exported the crude hence there's FX deficit presently due to this.
Finally, if after all I have said you still think I am talking trash and you are so sure of yourself and Tinubu that things will be great by next year, we can place a bet with a trustee, where if naira exchange for 1000 by January next year you win while if it does not I win be that, if he sure for you.

HydraFeeds:
It's sign of low intelligence and lack of creativity to repeat a single statement several times in an article . It's like a "smart attempt of a dullard " to meet up 500 word threshold in SSCE .

You say others don't understand macroeconomics and they're illiterates APC zombies regurgitating fallacies but you're the one that calls other point jargons because you're of low intelligence.

Let me give you a simple analogy that's in your level ,if you're owing debt but you're unable to pay ,will the debtor leave you ? He can seize or take your things till you're able to pay back or to use in exchange for the payment.

That's the deal going on . I will attach a screenshot of the details of the process below .

China doesnt have the strongest currency in the world neither is the currency stable despite government intervention and in fact ,they're mulling floating the currency.South Korea has almost the same exchange rate with Nigeria but they're a better country. Also ,I believe CBN stated it will intervene "when needed" . Oil is the major import in Nigeria but we are now producing locally and there's still hope there will be more productions which will greatly reduce dependence on foreign currencies and enhance local competition .

Talking about pathways ,because I support subsidy removal and floating of naira doesn't mean I don't believe the government could do better in the way it's handled with better support and resistance measures . Everybody can't be one way zombies like you .

Arguing with your likes will diminish my thinking faculty, you wrote long jargons without any answers to my queries and also attached a post that supports my claim that oil was simply being swapped for refined products.
I'm done discussing with an ignoramus.

HydraFeeds:
i wanted to report your comment for abuse buy I think you deserve a response .

Only blind people will see what's in front of them but chose to ignore because of sentiments.

Do you want the government to keep borrowing money to defend the naira and to subsidise petrol or you want the situation to flow naturally while the loans to defend naira and fuel subsidy is relieved?

It's also a fool that will think removing subsidy and floating naira won't have immediate consequences. It's after the consequences that the situation will balance .

What do you know about macroeconomics that suggests this ongoing nonsense has an end date? You are just saying what you have been programmed to say as an APC zombie to console yourself and your likes.
If I ask you to lay out the pathway on how things will get better and give the tentative dates now you will not be able to, hence you are banking on hope and not any clear strategy which is the usual yarns APC illiterates are programmed to say when the ongoing mess in Nigeria is being questioned.
Is it Q1 or Q2 2025 that things will get better ? What will the dollar rate be by January 2025? Wil it be back to 600 naira by then, can we can place a bet now?
Even you in your own mind you know you are fooling yourself and you don't have answers to what I have queried up there, you are simply banking on hope without any clearcut pathway on how things will get better according to you hence why you are an APC zombie.
The useless government you are supporting is floating naira in an economy that is import dependent and with huge trade deficit even China as big as it is did not float her currency to market forces without government intervention. You said the government was borrowing to pay subsidy when NNPC said they have never paid a kobo for subsidy since 2015 ,all they were doing was to swap crude oil for refined petrol. You see that you are ignorant and don't even know what you are talking about but simply regurgitating the nonsense APC has programmed you to say.
The useless government keeps jerking up interests rate to combat a cost push inflation and killing local industries, who uses interest rates to fight cost push inflation that is not demand driven.
I don't blame the government because it's illiterates and ignorant people like you that is emboldening them and even when we try to show you the light with facts you will still come online and spit jargons as usual.

HydraFeeds:
Another gas lighting ,as you came from Netherlands to vote your preferred candidate,so did others came from different countries to vote for the current government.

Talking about the current hardship ,I believe Nigeria is being reset .

Awon oloriburuku zombie tun de oh. Nigeria is being reset in your dumb skull abi, while the reality on ground shows Nigeria is going 100 years backwards. The annoying thing about this government is that we still have your likes supporting the ongoing nonsense in this country . I wish some of you can come out and say these things where men are sitted if you will get home with your full body that day we will see.

Paulyaweh:
Where are we heading to.

This is getting crazy


Just a month after the last increase.
https://www.nairaland.com/8202832/nnpc-retail-outlet-adjusts-pump


I wonder how much other marketers will be selling now and how much it'll get to outside lagos.




https://www.google.com/amp/s/www.channelstv.com/2024/10/09/nnpcl-sells-petrol-at-%25E2%2582%25A6998-per-litre-in-lagos-%25E2%2582%25A61030-in-fct/amp/%3futm_source=webpush&utm_medium=push&utm_campaign=NNPCL%2bSells%2bPetrol%2bAt%2b%25E2%2582%25A6998%2bPer%2bLitre%2bIn%2bLagos,%2b%25E2%2582%25A61030%2bIn%2bFCT

Whether you fail to accept it or not, there's a silent state capture that is ongoing that will make Nigerians slaves to Tinubu in Nigeria. The way the likes of Akpabio, Oshiomole and different governors have been wearing Tinubu cap lately shows there will be a time Tinubus image will be on every street to be worshipped like Baal before you go out in the morning.
If this is not the case I am wondering what is giving this government the temerity to keep pushing the people to the extreme like this, just this morning they announced increase in drivers license and now this yet the docile Nigerians as usual will keep quiet.
The Nigeria of today has been captured by political jobbers who have infiltrated everywhere and are subjecting the people to untold hardship like slaves and the people who are supposed to unite to resist their enslavers are quiet because of religious and tribal differences.
Fight your oppressors and stop this enslavement.

kenn4rill:
https://dailypost.ng/2024/10/09/again-nnpcl-increases-fuel-pump-price/#:~:text=The%20Nigerian%20National%20Petroleum%20Company,outlets%20in%20Abuja%20on%20Wednesday.

Whether you fail to accept it or not, there's a silent state capture that is ongoing that will make Nigerians slaves to Tinubu in Nigeria. The way the likes of Akpabio, Oshiomole and different governors have been wearing Tinubu cap lately shows there will be a time Tinubus image will be on every street to be worshipped like Baal before you go out in the morning.
If this is not the case I am wondering what is giving this government the temerity to keep pushing the people to the extreme like this, just this morning they announced increase in drivers license and now this yet the docile Nigerians as usual will keep quiet.
The Nigeria of today has been captured by political jobbers who have infiltrated everywhere and are subjecting the people to untold hardship like slaves and the people who are supposed to unite to resist their enslavers are quiet because of religious and tribal differences.
Fight your oppressors and stop this enslavement.

I have never seen a set of people so stupid and docile like Nigerians, the Arab spring that led to the overthrow of several governments in north Africa was triggered by a marginal increase in the price of bread and someone himself on fire and this triggered waves of protests from Tunisia, to Egypt, to Libya and to Morocco.
Today in Nigeria, the government has increased fuel price by over 500% within a year, increased exchange rate by over 500% within a year, increased passport fee by 50% within a year while inflation has skyrocketed by over 40% within a year,the same goveenment is planning to further increase fuel price by 200 Naira in the coming weeks while they have now increased cost if drivers license and plate numbers by 40% , yet the people are looking like mumu.
What is even more shocking is that amongst the same set of youths that should be on the streets holding the country aground until all these wicked policies are reversed you will also find some that are supporting the policies because of primordial tribal and religious sentiments.
I cause the angel that brought me to this country to live with these sets of evil humans and people.

Man102:
BREAKING: Tinubu initiates National Youth Conference to interact with young Nigerians




Source : https://politicsnigeria.com/breaking-tinubu-initiates-national-youth-conference-to-interact-with-young-nigerians/

This is a distraction abeg, have they implemented all the recommendations from the national conference yet?
What's the agenda? This is just a tool for APC to settle boys and Seyi Tinubu friends abeg.

emkz:
One of the highlights of his speech was when he spoke of a national youth confab for the youth to come together and harness their needs and interests which shall be considered.

The future is for the youth. Instead of always attacking the government, I encourage all the youth to take advantage of this and propose solutions to existential problems.

Few days ago, I had even suggested something along these lines.


On this note, I'd like to plead with Nairaland Moderators to create threads for different topics concerning national development. Let Nairalanders contribute/debate actively on those threads. Anyone who has nothing to contribute and deploys insults should have their comments suppressed.

The youth conference is nothing but a distraction, it's just an avenue to settle Seyi Tinubu and his friends.
These people are smart, they have seen what the youth is capable of with the last protest, to kill such morale they have created a distraction for you while you forget about the main economic issues in the country and distract you with the useless youth conference

[quote author=Mynd44 post=132234142][/quote]The druglord has sniffed his cocaine again, he said he wants to create national youth conference for 30 days. Is that what Nigeria needs now?
You are not creating jobs and tackling the economic issues , it's a youth conference that the agenda is unknown and an avenue to settle Seyi Tinubu and his friends to silence the youths you want to create oloshi.
What happened to the national conference report Jonathan did, have you implemented that one first?

SarakiBukola:


Much Ado About Nothing.

Prison worldwide is a very terrible place.

Sodomy ( male rape) is far more common than you would know.

Stephen King's Shaw shank Redemption described it very well. Some inmates are such bullies they prefer you fight so that they beat you before raping you. For resisting you might have to swallow a lot of yogurt and extra guys on the line.

You want Bobrisky to be gangraped and passed around ?

Pray never to find yourself there. There was a Dr in Benue who mocked a PDP supporter that he stitched the PDP's guy's anus when he was raped in jail.

This is why I pray never to see anything that will make me face prison even for a day. The mere thought of a fellow man raping my anus make me cringe, after the experiencing such, most expensive inmates cannot face life again and some even commit suicide after getting out of prison.

helinues:
Toh

Reality dawning. If you don't want to borrow unnecessarily, then it's time to raise the tax

Modified: Make una no attack my comments , suggest another means of generating new income( projects money , expenditures) without taxing and borrowing

If you need someone else to tell you how Nigeria can raise more revenue without taxing her citizens to death with the vast arable land in abundance,untapped mineral and human resources in abundance and access to a seabed of oil and gas down south then you are just as daft as the Tinubu and APC you support.
Infact I think yours is worse, you are a disgrace to your generation and education.

9jatriot:
Okay, now go and check those countries if their interest rate is higher or lower than their inflation rate, then you would begin to understand why and what the CBN is trying to do when the interest rate is increased.

The response to this daft response was provided in both the article and someone here but yet Tinubu zombie will not get it or will pretend not to get it. I don't even know whether it's deliberately forming ignorance to please their masters or Tinubus supporters are indeed daft and incorrigible, but I will try my best to break it down for you like I will teach my two year old twins at home even though I dont expect a usually daft Tinubu supporter to still understand it.
Nigeria's inflation is not demand driven inflation and you cannot solve that kind of inflation by increasing interests rate because it's not because people have so much money and their excessive demands is chasing fewer goods thereby pushing up the price. Nigeria's present inflation is cost driven , in other words people's demands have not gone up but people are unable to afford the basics they need to survive e.g Food, Clothes, Petrol, groceries etc hence increasing interests rate is only complicating the problem because you will tighten access to credits and productivity will slow down in the economy.
The only way to deal with this sort of inflation is to deal the root cause which is the elephant in the room already identified. The root cause of the inflation is on the fiscal side and that includes high energy costs(Power and Petrol), High and unstable exchange rate, High import and excise duties and insecurity. Instead of Tinubu and his gang of idiots to tackle these issues he's busy complicating the problems with increasing interests rates every month and as usual his zombies like you are leading him on to his doom and Nigeria's doom.
Let's face it Nigeria has the highest number of morons in the world and the leaders are just a reflection of the morons in it.

Candidlady:
Yes he would listen... He is like a father.. all we need is just patience


Rome wasn't built in a day

If I tell you how to slap you dey hungry me ehn with this your defeatist mentality.
Be patient till jesus comes back abi.

nairalanda1:
All in all, we should have removed the subsidy on power, make everyone pay for power at market price, and there would be massive improvement in power supply.


We get bad power because we don't pay for power in full. Even now

1. Most Nigerians do not pay the market price for power

2. 40% of Nigerians , if not more, don't pay for power at all.

Run your business that way, and you would lose money well well

The above is why we do not have constant power supply. And why we have shitty power. And why we have blackouts.

Plus, with debt service rising again, government can't afford subsides for power.

But most of you don't want to hear the truth....so we will blame corruption, the Hausas, tinubu, gej, buhari, the army, etc etc.

Tomorrow we will cheer for the guy who chases nepa people from disconetctin him....a big part of the problem.


Modifed

I love the tears of rage of the people who throw tantrums at the above posts...yes all of you.

NO matter how angry you are...electricity costs money to generate and transmit.

Also, the cost of things do not respect your feelings, or mine.

Suck it up, buttercups.

Modifed 2

Google for 'Solving the Liquidity crunch in the power sector. It answers all your questions..

This idiot has come again with his usual capitalism theory which is utopian to say the least but not practical.
For Nigeria to achieve the kind of extreme capitalism you always preach, the minimum wage in Nigeria will have to be 500k and that's very unrealistic hence your theory only exist in your maggot infested brain and not practical. A simple Google of the countries you like to compare Nigeria with will tell you the minimum wage there.
Nigeria is a poor country and even at that there's a reason government exists in a society which is to help the poor and weak and not to put them into their death hole. There's nothing wrong with subsidy because every country in the world subsidizes for her citizens.

meglith1:
https://www.vanguardngr.com/2024/09/breaking-apcs-okpebholo-wins-edo-governorship-election/

If you still believe this country will be better then you should trade your brain for bread.
Apart from the fact that this APC candidate cannot express himself and avoided interview like their grandpatron in aso rock now, he's also from a useless party called APC that has thrown over 100 million Nigerians into abject poverty since 2015, yet people still trooped out in their numbers to vote him as governor.
The only solution to Nigerian problem is to flee from that country and never look back, the people their are caused.

nairalanda1:
Our fuel needs are about 60 million liters per day. Dangote can do 25 million liters per day.

Until we get more refineries, importation is going to continue.

And the way to get more refineries is to in essence remove fuel subsidy and let the market control the pricing of fuel

Where are you getting your information from, Dangote said it can meet Nigeria's fuel needs 100% and still export to other countries.

[quote author= post=132080599]Source: https://www.vanguardngr.com/2024/09/naira-down-to-n1650-in-parallel-market/[/quote]I told some zombies here that Dangote's impact on naira value will be close to zero and they insulted me, infact some even called me a pessimist that doesn't wish the country well.
I am still laughing here and will be watching, for those willing to learn, Dangote's export earnings are not coming into the Nigerian economy, it's either being used to service loans offshore or it's moved to his escrow account with JP Morgan and if your argument is that it will save us FX used to import petrol then no that we are also losing FX with the crude given to Dangote to refine in Naira for same hence the net effect is zero.

adenigga:
Source: https://punchng.com/20-govs-borrow-fresh-N446bn-as-revenues-tumble

This is why I shake my head in pity when I see APC zombies posting that more revenue allocations to state is an achievement of the ojuyobo in aso rock.
The states have FX obligations to service to contractors and lenders which are denominated in foreign currencies, yet within a year you have devalued the currency by over 300% and increased minimum wage by over 200% while you only increased their allocation by 40% and yet you think the states should do more with the increased allocations and should be held accountable for the mess on ground.
APC zombies are very daft with their trying to shift the blame of the economic mess from their druglord in aso rock approach.

chidiokay:
Bro you are not close to intelligence as you think, Now the assumption that Forex low demand and a re-alignment in balance of trade will boost earning is as Factual as 1 × 1 = 1, the fact that Nigeria/govt undermines the effect with lies & corruption does not change what is "right"
Dangote export of diesel & aviation fuel is not adequate enough to trigger a turn around, besides dangote is having challenges selling this product

Balance in trade is key here, what is the volume of diesel & aviation fuel exported compared to volume of refined PMS we import .. see the gap naw

Over 60% of our forex goes into importation of PMS .. imagine that stops are you saying the ripple effect wont strengthen the economy/naira

That dangote is private does not undermine GDP .. try understudy what is GDP ?? olodo
i take it that you have no basic knowledge of economics at all,. Jare

See this one that does not know his left from his right calling an investment banker olodo, anyways social media is a leveller.
We will be here by this time next year then you will swallow all the nonsense you just quoted there. In the meantime, keep fooling yourself while you are trying to graduate from your school.

chidiokay:
Local refinery is suppose to ease the inflation, nothing wrong with our assertions, the problem is the dubious characters we have to deal with.

However, whatever inflation the dangote might reflect is temporary and on a short term under a normal clime,
the Naira deal hopefully should crash high demand for dollar, a drop in demand should strengthen the Naira ,
Also the export of Dangote pms is a huge plus to our GDP and surplus to our forex earnings, the ripple effect strengthens the naira

Overtime , Maybe Nigerians we feel that relief we need and longed for, thats if they let it be

Whenever I read ignorant folks like you post how Dangote refinery will boost Nigeria's FX earnings and bla bla bla, I always laugh and shake my head in pity.
I see first hand how much millions of dollars Dangote has been making from exporting diesel,gas oil and naphta since June, how much has those export earnings helped the Naira?
You know why it has not helped the Naira in any way, it's because Dangote is a private company and all his export earnings don't stay in Nigeria, he's either settling loans offshore or placing it in an escrow account with JP Morgan. Put yourself in Dangote's shoe, will you put your hard earned FX in an unstable economy like Nigeria?
If your argument is that buying pms will save Nigeria FX spending then yes it would but it will also result into Nigeria losing FX earnings, because for every barrel of crude oil NNPC sells to Dangote in naira the alternative forgone is FX loss if the crude had been exported hence I feel the net effect is close to zero.
You guys should stop been unnecessarily optimistic cos this is Nigeria's reality now.

Salewa97:
The price of petrol in Nigeria is still one of the lowest in the world.

The only difference is that we are not subsidizing it for now which is not a bad thing.

The money that would have been used for subsidy is being channeled into infrastructure development

The annoying thing about this government and her several misdeeds is that you will always find the likes of this one here defending it even if the hunger will wipe out her generation soon. Can you also explain to us how minimum wage in Nigeria is also one of the highest in the world ma?
After you can now compare the minimum wage to the fuel price in the countries you are comparing Nigeria with, you should also tell us how Nigeria has the best hospital, road and rail since they scammed you to increase the fuel price shebi ori yin buru ni.

nairalanda1:
We are rich in resources , but poor because we do not use those resources to make stuff the world needs

Really do I have to spell it out to you guys.?

Rich countries use limited resources to make sutff people need. Poor countries just sell raw materials and import stuff made from those same materials at inflated prices


South Korea, Japan and china learned that trick, otherwise they would have been poor broke ass nations by now. Infact people used to jakpa from those countries in large numbers. Now they don't.

You always contradict yourself, if we are rich in resources like you said. Why not tailor your solution to tapping the Nigerian untap resources instead of seeking the easy way out?
Nigeria has human and natural untapped resources hence it's not a poor nation, the problem is successive bad management which is emboldened by the likes of you who thinks that the way out is to make the citizens suffer more.
Nigeria is not ripe for subsidy removal if ever because all countries subsidize for her citizens. What Nigeria needs is a good leader who can think outside the box, taps into her untapped resources and make life better.All the nonsense IMF solution you proposed there is rubbish, Nigeria must urgently tap her untapped minerals, diversify her economy from oil and ensure household income increase before any subsidy removal otherwise the easy way out proffered by this incoherent person is null and void.