₦airaland Forum

TimeManager:
History will be kind to Tinubu, he'd be remembered as the best president yet Nigeria has had. Restructuring is taking a gradual shape, signing into law the bill for states to general their own electricity and more to come with the constitutional review we're getting there.

-kiss the truth!

Accursed frogling, may the hunger, hardship and tragedy Tinubu has foisted on Nigerians abide closely with you always. Amen.

Adakintroy:
Saudi regulates women extremely does not mean other society does not do so moderately. It's all about social orderliness. The bank she is in has a strict code of dressing for staff. Does that mean they too are sexist ?

Even harvard that teaches women right. Have strict regulations as to mode of dressing and this are supposedly educated people. Sexism does not teaches immorality. True sexism teach self control and standard moral decipline for the female just as true masculinity is all about protection of the weak and upholding proper moral standards.

But you only mentioned regulating females. Males nko? They are so well behaved and enlightened they need no regulation?
That's what is sexist.

What is good for the goose is good for the gander.

enambobo:
Culture is the way of life of the people. If the people say it is wrong then it is wrong. It may be right in America but not in Africa. When in Rome behave as a Roman. Respect the people!

For how long has it been African culture to cover up the body in such a complete way as to betray obsession with sexuality?

Is it not true that what you are calling African culture is actually the imported sex obsession of Abrahamic religions?

African people before such religions dressed very liberally. And very often they left bare parts of their bodies such as their breasts, bellies, thighs and sometimes even bums.

And this was in tandem with the African weather.

Adeeko007:
Does that mean you can enter bank naked cos it's nobody's business?

I didn't say that.

Adakintroy:
At some point society always have to regulate women. At some point. Anything that does not take responsibility for their actions is a danger to itself and others

This is sexist.

Have you considered relocating to Saudi Arabia where your fantasies of regulating women will be well fulfilled?

enambobo:
I have no time to rant with you Mr America. Her dressing is indecent for a public functional place like a banking hall. That's fact. I'm sure you yourself can't be putting on pant to a bank when you're not mad. The number of people quoting that initial rubbish you dropped is a measure of your stupidity to think it is proper. So rest and check yourself cos we can't be all wrong.

You can all be wrong.

Religion is an example.

Billions of people swallowing imported bullsheet.

Britishpea:
But if they rape her it’s their business right or how else do you invite rapists?

This is very ignorant. Rapists rape all sorts, including elderly women in their beds at home.

Saying that a victim of rape attracted rape because of her dressing is nothing but a cheap excuse for rape. Non rapists see all sorts of lewd dressing everyday and are not inclined to rape. At best they will toast you.

Cizarr:
The security that allow her enter that bank should get query... That's total nonsense.

Is he an usher at a church? How does style of dress affect his remit: security. Was she carrying a gun?

wirinet:
What are you saying? It seems you are very ignorant if economics, it was the removal of subsidy coupled with the floating of the currency at the same time that was responsible for the huge changes in exchange rate.

They are stabilising fuel prices by paying subsidy, which they claimed to have removed. The subsidy payments are even higher now than before removal.

@ Gajagojo ... FYA again.

danowena:
All these guys that will just be talking for the sake of talking without adding common sense. How does he think the fuel price has remained some despite the huge changes in exchange rate? Cost price of fuel got cheaper?
Of course they are still subsidizing fuel otherwise it won’t remain relatively stable.
Lets try to contribute with some sense instead of trbal or partisan sentiments.

@ Gajagojo. FYA.

wirinet:
What are you saying? It seems you are very ignorant if economics, it was the removal of subsidy coupled with the floating of the currency at the same time that was responsible for the huge changes in exchange rate.

They are stabilising fuel prices by paying subsidy, which they claimed to have removed. The subsidy payments are even higher now than before removal.

He is saying the same thing you are saying. That subsidy is still being paid. How did you read what he wrote?

TimeManager:
1,700 @ official and 1,730 @ blackmarket. I love the chess game Cardoso is playing with those economic saboteurs. The gap keep closing up. If you think you can become an overnight billionaire through round tripping like you did in the past, then you're the latest clown in town.

-kiss the truth!

You are a fool. A person is murdering you, and you are busy clapping for his chess game.

If Nigerians don't rise up, we are finished.
Venezuela, Zimbabwe, here we come.

Winterhaven:
Men love cheating on their wives, but they go crazy when their wives cheat on them. They don't know karma is a bitch

Mere cheating through a fling or sex is a different kettle of fish from paternity fraud.

PARADIZEPRIEST:
this is what happens when experts are working the ropes to solve an albatross caused by predessesors, half literates and illiterates are busy rantning in a very lowsy manner. Go get financial edu and stop this ...

You are beyond daft.

PARADIZEPRIEST:
you don't rebuild an 8year damaged economy in 10months.So, stop being sarcastic and face reality with positivism. Look at the economic matrixes,it will oscillate like tidal waves till things normalize

They will boil you to death slowly like a frog in hot water. Dey dia.

KingKO22:
Protest is part of democracy but we should not allow Nzogbu Nzogbu people to hijack it from us

Yorubas are sophisticated, I don't see any Hausas protesting against Buhari or any Igbo protesting against Obituary

Only Yorubas can protest against its own people if we are not seeing result that we votes for

When you grow up you will stop framing everything in ethnic terms.

MT:
Yes you are correct but that differential accumulates to a lot of money which Nigeria can not bear.

So they result to borrowing with high interest rates, which the nation continues to service.

Now, it has become a burden. Nigeria cannot continue along that path.

Sanusi Lamido has been shouting about this. Even Iweala said Jonathan lacked the political will to save for rainy days.

This is the end results.

Well we can agree the country has been very badly managed. Pleasure speaking with you.
Good night.

MT:
No. The benchmark of a dollar to naira is fluid and determined by various tools.

It fluctuates but currently it is 1USD = 1500 naira.

Exactly, so when it was not yet N1, 500 to the dollar, the FG would not have been paying such a differential. It would have been paying the differential which tallied with the exchange rate at the time.

Capisce?

Gajagojo:
You are an empty noise maker
https://oilprice.com/futures/wti/
Bonny light is quoted there way into the future

All these bluster is to cover your shame we can see through you

I said, when does one take value for it, olodo?
If it is that English is over your head, let me translate it - when does one get paid?

MT:
Now we are getting somewhere.

The FG has various tools to determine the true value of the naira to a dollar. They will know it is 1500 naira to a dollar even if naira has not been floated, they always know the differential to pay. They always benchmark dollars to a realistic value

What you are suggesting is that prior to the floatation the FG had been paying subsidy with N1500 as the true value of the dollar in its mind. This is not only not the case, it is ridiculous.

Gajagojo:
Just keep quiet and stick to what you know
Commodities are sold on futures contracts to enable businesses plan and avoid shocks
All that twaddle you are writing is bluster aka shakara
You are out of your depth and should shut your mouth

Sharrap!

Tell me - when futures are sold - when is value taken for them - now, or in the future?
Obviously if value is taken in the future that entirely nonsensifies the meaning of futures.

You take value on future flows today, not in the future - otherwise they are not future flows.

I have told you that you are an illiterate. Accept it. Illiterates are still human beings. So you are still human. Don't cry, accept who you are. Its not your fault you could not be sent to school. Life happens

MT:
Look at the bolded and read what i am about to type carefully.

Let us assume naira has not been floated now. And it is trading 700 naira to a dollar but meanwhile the true ratio of naira to dollar, as we can see now is 1dollar = 1500 naira.

Now if the importer wants to import, the importer will pay FG at the rate of 700 naira to a dollar , which means the FG will add 800 naira for each litre to make up the true value of the naira. It is still the same thing!

You think the importer is importing at 700 naira to a dollar, hell no!....they are actually importing at 1500 naira to a dollar with the FG borrowing money to add to the differential.

Tell me how does that pay us? It is a bubble

The point is that the FG would not being paying any such differential if it hadnt floated the naira. Afterall, it hadnt been doing so previously. You cant just imagine "the true value of the naira" and say that the FG would be paying the differential on such an imaginary "true value" if it hasnt been floated and is still 700 naira.

Get it?

IndexMode:
No, you're wrong

Before floating the naira, he should have worked on importation of capital goods like tractors, raw materials etc. and even stockpiled
That is the only way we can produce local products inspite of a weak naira.

Now, FG can't control price if they didn't provide/subsidize input. All those local alternatives you mentioned are also expensive.
Increasing minimum wage would cement inflation permanently and make naira worthless. All associations would also raise their charges subsequently I.e bricklayer, babrbers, transporters

He did not lay the foundation to become a productive economy first. His critics are right, execution is everything.

He must partially manage fx to keep this economy from collapsing meanwhile.

Gbam!

Gajagojo:
It is not a contract that takes futures earnings
It is a contract to buy a product or service at a specified price in the future
E.g. I can sign a contract to buy crude oil 1 million barrels in August from NNPC at $80
Come August and the price rises to $200 they are obliged to sell to me at $80
The price drops to $40 I must still buy at $80

That is how it works. It could be the same for a farmers harvest or any other commodity
That is why Dangote cannot get oil from NNPC today

Many of you are ignorant and just argue blindly and foolishly with EMPTY HEADS

You are not thinking straight. When you make a futures contract and fix a price at which it will hold, do you not do this to take advance earnings? Otherwise what will be the point in short changing yourself? It is called exactly that because you sell your futures olodo, and of course you do so at a lower fixed price because of the time value of money.

Now what does that have to do with what I said re: the manner of subsidy removal?

MT:
The announcement during inaugaration speech was not right.

Thank you for at least admitting this. Maybe you are a good man who does not deserve to suffer. There is hope for you.

Are u saying that if by end of June, he stops subsidy, Nigerians wont complain same way? If he had not removed the subsidy and petrol still sells for 180 naira now, with the international price reading 1500 naira per litre, Nigeria will be paying a differential of 1320 naiira for every litre bought!! The 650 naira per litre now has reduced the amount being spent to subsidise via the backdoor and let me tell you, that has to go with time too if we really want to reposition the country.

You are getting it all wrong, if the naira was not simultaneously floated, you will not be speaking of N1,500 per litre!

And listen, remember that GEJ tried to do this in 2012 - and it was not a complete removal - only a partial one. Do you remember the rage and protests led by this same Bola Tinubu? What is hypocrisy, tell me?

Now, when I say it should have been done in phases, that is the way it is done everywhere else in the world if you do not wish to fling your people into murderous hardship. Which is what has happened and what we are facing. This is no sensible way to run a country. No seasoned administrator will do things in such a reckless and thoughtless way.

Believe you me, for a sovereign economy such as Nigeria, there are always many creative options - which have been unexplored. Licenses of all kinds which the government has not even thought of regarding a vast array of solid minerals and new technology. It only takes creative and out of the box thinking which is lacking in government. Government still has tunnel vision focused on crude oil.

As per the floating of the naira, he had no choice. No foreign investors will invest in Nigeria when you are not giving him the right value for his dollar. Why should the FG be paying a the differential of each dollar bought.

Government was not paying an actual subsidy for each dollar sold. And foreign investors were still in our very large market. If anything, more investors have exited since this govt came on board with its disastrous market shrinking polices. One thing this govt fails to understand is that when you reduce the purchasing power of the populace, the market becomes less attractive to any investor because consumers are poorer.

Nigeria gave people who were travelling to saudi arabia, jerusalem and schooling abroad cheaper dollar at CBN rate while they kept on paying the differentials in price. Do you know how much in billions being wasted in that process, not to talk of the importers?

That was fraud.

Gajagojo:
You are rude and mannerless with no home training
It has everything to do with what you pay for petrol today
Go and find out how futures contracts work
All you said is assumption

Sharrap. You started being rude and I have only addressed you the way you deserve to be addressed.

You dont know jack about macro economics.
You are just throwing in the phrase "futures contract" without understanding what the issues in this discussion are about.

A futures contract is simply a contract which takes future earnings upfront and yes, we have done that because of our debts - this does not mean that we are out of creative options in the entirety of our sovereign resources on the subject of subsidies - if they are not corruptly bloated.

You dont understand anything.

MT:
Where do you expect Nigeria to subsidise both exchange rate and petrol?

Please just tell me

Do you realize that both policies were inflicted on us within a month of the resumption of this administration?

Tell me - do you really think it was wise to do the subsidy removal within minutes of assuming power?

Not even with one or two week's pause, analysis, consultation and consideration of facts on ground (especially when funds had been provided for subsidy till the end of June) - tell me seriously - was it right to do it that way - in the inauguration speech?

As for the floatation of the naira, no one was chasing the FG so desperately that it had to be done so quickly.

You need to bear in mind that doing it simultaneously with the removal of the subsidy was a double disaster. It creates a vicious cycle that is difficult to exit.

Gajagojo:
Does not make it true
It just makes sense in your head

Many of you like to.talk.nonsense thinking you know everything. When you know nothing
There is such a thing as a futures contract
Find out how that works and stop running your mouth

You are ignorant and illiterate and trying to hide your ignorance and illiteracy.
What do futures have to do with what I said? ? ? ?

MT:
All great countries had gone through this phase before.

America went through the great depression.

A prodigal son must suffer for the years of the locust. That is our state as a nation

So, what exactly was your point. You dont have firm grip of economics.

Governments must take pro active steps to protect their economies and their people. What we are doing is simply adopting IMF instructions hook line and sinker. IMF prescriptions have NEVER saved any developing economy in the world. If anything, IMF prescriptions have a LONG HISTORY of wrecking developing economies.

Gajagojo:
Does not make it true
It just makes sense in your head

You must be kidding.

Ol boy, 2 + 2 = 4, okay? Its not in my head.

If you dont get it, let me break it down for you.

1. PMS is imported - with dollars.
2. At the time of removal of subsidy, the dollar was circa 700 naira.
3. Today, the dollar is circa 1500 naira.
4. Automatically, the cost of importation of PMS has more than doubled.
5. The pump price at the time of removal of the subsidy only factored the cost at the time - and that is no longer the cost. The cost has more than doubled due to the exchange rate.

Unless you are saying that the FG practices black magic and voodoo, there is no other way around this - they are paying subsidy by the backdoor otherwise the pump price of petrol would have jumped yet again to over a 1, 200 per litre.

And the IMF has confirmed this.

If you dont understand this elementary stuff, I cant help you.
Keep worshipping the frog.

GeneralDae:
But Govt has circled back to paying subsidy though due to the exchange rate difference from that time.

Gbam!