₦airaland Forum

Nice job Gov. Sanwo Olu

I'm still in shock!

Biodun556:
There was revenue shortages under Buhari government leading to constant borrowing but ironically it seems the loans that we are paying now with crude oil has been looted under his government.


A whole central bank governor forging the president's signature.

so this is actually true. Folks strong in this country o

emkz:
https://www.thecable.ng/6-2m-fraud-fg-asks-interpol-to-place-three-nigerians-on-watchlist-for-forging-buharis-signature/amp

https://punchng.com/6-2m-fraud-presidency-asks-interpol-to-arrest-three-suspects/

https://www.vanguardngr.com/2024/02/6-2m-theft-fg-declares-cbn-staff-others-wanted-for-forging-buharis-signature/

Straightforward answer: Govt was already DEAD BROKE!

yeshuasfootstep:
I find it very difficult to wrap my head around the fact that subsidy was removed, and the naira floated at the same time.

Please is there no other better way of going about it?

I need input and education because I think it's aim Is to inflict maximum hardship on the people,especially as even date given for subsidy removal by previous government was not adhered to.

Even the money budgeted was not exhausted.

Well said

Draslo:
They will ignore your questions and attack you instead. Nobody will give you any reasonable answer.

Me, I blame social media. Some smart politicians saw how social media was used successfully by paying influencers during the #EndSars movement. They did the same to elevate him. Many people don't think. Social media influencers with 200k followers and above cashed out big in 2022/2023 pre election season. These same influencers dished out a lot of propaganda. The funniest and most foolish of them were the ones with Peter Obi on the face of Time magazine and fake news that he won best Governor by Bill and Melinda Gates foundation. Brazen lies that many will argue today that are true. Things dey happen my brother. Long term poverty has reduced our collective ability to think clearly. It's easier for many to just follow bandwagon. I'm sure they believe if Peter Obi had won the election, Dollar would magically return to ₦150 and we'd buy PMS for ₦65 per litre.

I bet they would either be cursing him just like they're cursing Tinubu today if he had won or they'd be telling us to be patient because he's been president less than a year. Either way, this current shegepromax would still be here today because it had been brewing since when Mr Obi was governor sef. Obi made his billions under Abacha. It was after the elections when he was exposed that he came on Twitter to do damage control apology. Man made himself the sole importer of Heinz products in Nigeria under Abacha. This went on for more than a decade and a half. This is the same format Dangote made his billions from. Man bought PDP and LP nomination form but says he no dey give shishi. I don't think in the history of our democracy has any candidate bought nomination form twice in the same election season from two different parties. That just screams desperation.

I also want to address his purported humility. There are drug barons who earn billions of $ yearly but live moderate lives. You might even ho as far as calling them humble. This is a big misconception. These people are frugal or trying to live modestly to cover up their real lives behind the camera but their love for money is promax.

fergie001:
Previous Thread:
https://www.nairaland.com/7998785/hardship-nigeria-almost-road-venezuela

Good question.. State Govs should be accountable

Brilliant!

Genius100:
Look at what happened in the last few years when for example, official rate was N450 and parallel rate was N800. Nigeria essentially restricted the people that could get the dollar at N450. What that means is that there is a thriving black market where the rates are much higher. First, International airlines that sold tickets in Naira and wanted to convert their money to Dollars to take it back to their country could not do so because CBN did not have enough dollars to give them. Nigeria became the number 1 country where airlines had their money stuck. So this puts the country in a situation where foreign entities would not want to invest in the country.

Now think about Diasporan remittances which is supposed to be over $20 billion a year. This money will never come through the official changes because no one will change dollars for N450 when parallel rate is N800. So consequently, the CBN reserves became very low. With low forex reserves, the Country was in a position where we almost could not pay our foreign debt back which constitutes is a death sentence to the economy, if we default.

Also, the Diasporan remittances never made it into the country. It was being held by certain Fintech and their partner banks in Nigeria. They hoarded it which made dollars more scarce and led to Naira continuing to lose value. They were seeing crazy gains while the rest of the country suffered.

Compare that to when you float. The official rates and parallel rates are largely harmonized. Now Diasporans can send money through officially licensed IMTOs. These IMTOs will give the CBN a certain percentage of the dollars- let's say 50% - That amounts to about $10 billion.

Second, the people that were speculating and hoarding millions of dollars for gains, now can no longer make arbitrage money because there is no longer substantial difference in rates between official and parallel. Those dollars can now go to productive activity. Last, foreign companies now know they can get their money in and out of the country which will spur investments.

Ultimately, floating allows CBN to grow its reserves, which allows Nigeria to service debts and also procure additional low interest debt that can be used for the desperately needed capital investments in the country.

DeLaRue:
During Buhari's government, Nigeria, through the CBN, was spending according to some estimates, more than $12billion per year to maintain 2 exchange rates N440, and I think N570 to a dollar.

That $12 billion dollars was effectively a subsidy.

By the time Buhari left, Nigeria had just about $3.5 billion in its account. It is from that amount that we have to pay our debts and pay for imports of goods.

As you can see, Nigeria no longer had the $12 billion dollars required to keep naira/dollar rate at less than N600. So the current government had no choice but to give up on trying to subsidise the naira.

If Atiku or any other candidate had won, they would have had no choice than to follow the same path.

It is like buying a BMW when you had money. If you no longer have money to maintain it, what do you do, you give it up. No be so?

Your friends and neighbours who see you taking Okada will call you stupid for giving up such a beautiful car. But, younno longer have know what they don't know - you no longer have the money to maintain the car.

This is exactly where Nigeria is at present.

Excellent explanation! Kudos!

iwaeda:
https://dailypost.ng/2024/02/13/ex-sgf-boss-mustapha-exonerates-self-buhari-from-alleged-6-2m-foreign-election-observers-payment/

Wow this allegation against Emefiele is huge o!

samebony1:
https://www.thecable.ng/just-in-tinubu-confers-national-honours-on-super-eagles-gifts-them-plots-of-land-in-fctcompetition.

Good one.. Kudos!

Updated

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blacknp:
Same way you shout say Hope Uzodinma no get hope for 2nd term, until em clear all the local governments for Imo state?

Please go keep quiet for one corner of the room. Nonsense.

Lol... So much kids on social media

coputa:
It's a gradual process,Nigerians are gradually keying into the solar revolution now.

In no time PHCN will fizzle out,and be only playing regulatory role alongside NERC

You're very right. Myself I've planned to get solar for my homes. Enough of Gen noise and incessant Phcn issues.

Good one from Kano state

This is very unfortunate

Islie:
The infraction happened in the wake of the COVID-19 pandemic, under Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), who is currently facing corruption charges.




https://www.premiumtimesng.com/news/top-news/667732-cbn-fails-to-account-for-4-5bn-in-foreign-reserves-audit-report.html

Nlfpmod

BBIA:
where prisoners go to practice and perfect the “hard labour” clause dished out to them during their sentencing.

Ok i see.

hisexcellency34:
Governor Dapo Abiodun, Aliko Dangote, Aigboje Aig-Imokhuede and friends visit Pastor Shyngle Wigwe and his wife, Mrs. Stella Wigwe, to pay respects on the loss of their children Herbert, Chizoba, and grandson Chizi, in a helicopter crash.

I still can't believe this.. So so unfortunate

LibertyRep:
An account of the spending of the campaign fund should have been rendered by now. It's almost a year after the elections.

Rightly said

Ibrahimcoomasie:
https://dailypost.ng/2024/02/12/fresh-crisis-hits-labour-party-as-treasurer-demands-account-of-n3-5bn-from-abure/

.
Wow this is huge.. my Edo brother Abure nu fekele o (make you small small o)

Paraman:
https://punchng.com/nigeriall-become-net-exporter-of-food-says-tinubu/?amp

Very important.. Lets first have enough for ourselves

chopnaira:
Damage control 🤣

LP=PDP= APC= NNPP, no difference.

Lol..

sketching:
Kano State Seals 10 Warehouses Hoarding Food, Confiscates Essential Goods



SOURCE: AriseTV

Very good

adebenson155:
This is my player of the tournament is Frank onyeka

Same here. I was telling folks watching with me.

Frank is truly the best unsong hero

Islie:
https://tribuneonlineng.com/blame-buhari-not-tinubu-for-economic-hardship-sanusi-tells-nigerians/

Nlfpmod

A boy who has no record of service has a private jet and owns houses in Dubai and England just because he is buying dollars at so a rate and selling them.

Incredible! You see the folks that destroyed this country

OLAADEGBU:
Nigerian Police Trace Notorious Abuja Kidnapping Gang To Mpape Hills, Kill Kingpin, Other Members, Destroy Camps.

Kudos to the Security team

matify83:
It was only a matter of time.

It gained notoriety and traction because the government of the day gave it attention by staging all manners of "animal dances and smiles" in their precinct.

With Asiwaju's aloofness to the self inflicted economic destruction of the South East, the players "receive sense"

100% Well said!

Wow this is so so sad! Unbelievable!
Very philanthropic man!

verybadmouth:
And he'll fly to CIV tomorrow again. The presidency job is not for the weak

He's not going.. Already delegated VP to go

Businesses need loans to run

Sunijacks:
Will this policy help the naira?

Yes it will

Congrats to NDA