₦airaland Forum

ayoolataiwo:
This power tussle is already turning to a game of shame and a house divided against itself.I asked where is Sanwoeko in all of these political war.The intervention of Jagaban might end this probably

I don't believe members of the House of Assembly could impeach the Speaker in such underhand way (while the House was on holiday), unless there was someone in the shadows pulling the strings.

That someone must:

1) have a beef with the Speaker

2) be in government, and

3) have access to a lot of resources to turn the heads of the House members.

In my opinion, only one person in Lagos State meets all 3 criteria.

Many are just never satisfied.

I don't know any country in the world that has built a road over 700 miles of mangroves.

From Ondo all the way through the other parts of the Niger Delta, the areas covered by near-impenetrable mangroves are enormous.

Miles after miles of mangroves. Very difficult, expensive, and time consuming to build over.

Building motorways and bridges over them will probably triple if not quadruple the total cost of the road, and by Nigerian standards, it will probably take 25 years or more to complete.

See how long it is taking Julius Berger to construct the ongoing Opebi bridge in Lagos - on dry land o. Bridges are not easy.

That means the coastal road will probably never be completed because subsequent administrations will not keep pouring money into it for 25years.

The current path of the road is ok. Most of the South South and Niger delta states and the South West will be linked by a single road.

ehikwe22:
So Jonathan was exclusively the person that did this? He did it exclusively or he did it the most? What's your evidence he even did it at all? Or you're just obsessed with Jonathan?

Well, it was widely reported that hundreds of billions was in the custody of a senior PDP/government official. Various individuals were then sent to collect money from the person.

https://www.nairaland.com/2857092/return-money-collected-dasuki-pdp

The looting under Mr Jonathan is unforgettable.

Attempts by revisionists to paint his regime in a different and favourable light is laughable.

A very ineffectual leader.

The President can't just order N8.9 billion to be paid from federal revenue to pay for running the governing party. That'll be illegal.

This was the same thing Mr Jonathan was doing and we saw how that led to massive PDP-led corruption.

Each party should spend only what it can afford, and canvass their members for additional voluntary contributions if needed.

Chai

'Court-declared senator'.

Mr Apabio, your mouth ehn.

Nigeria's political and Judicial scene is now a big joke.

What is going on

If the politicians can't be civilised in accepting defeat, why do certain judges join in ridiculing the judiciary with ridiculous court orders.

Why is the National Judicial Commission so ineffective and slow in disciplining these judges that turn established Judicial processes on their heads.

The one by the High Court in Osun ordering a new election thereby challenging a decision of a Court of Appeal was another shocking aberration.

5 oranges.

Why do many Nigerians think the more oranges you take at a sitting, the better.

Whether it is fruits or ice cream, sugar is sugar. Your body does not know the difference. It is just that the body can process natural sugars a little better.

Taking so many oranges in one go WILL spike your blood sugar.

The woman deserves praise for her efforts in taking care of her husband. But the meal size is too large, and packed full of too much carbohydrates - another type of Sugar.

Madam, well done. Please help oga to reduce the size of his meals a little.

Reinvented:
That is what government is peddling around.

Nobody in government has said anything about inflation being 10%.

We need to stop peddling misinformation.

Official current inflation rate is 24%.

chidiokay:
i dont understand you, CBn intervention on forex simply means "injecting" more dollar into the market, which one is Cbn os buying up again
if there is excess dollar, naira would be gaining strength .. not reverse

I understand that you don't understand. Only very few people who know what's going on behind the scene in the currency market would know.

Yes, the CBN has been buying excess dollars coming in into the country.

If the CBN had not been buying those excess dollars in recent weeks, naira may have risen sharply, may be to up to N1350. But it may not have been sustainable for more than a week or 2, then the dollar may have fallen back to maybe N1600.

Nigerian manufacturers and even foreign investors do not like or want such volatility. They prefer stability.

And the CBN has delivered some stability for the naira since the start of the year. They did not want the excess dollar inflow to cause instability, hence the reason the CBN stepped in and bought the excess dollars, WITH NAIRA.

So as you can see, the CBN not only sells dollars to defend the naira, it can also buy excess dollars to ensure the naira doesn't rise too sharply and inorganically.

The man on the street may want naira to jump to N1200, N1300 etc, but manufacturers, foreign investors, and the CBN do not want that to happen suddenly.

ibabz:
Ogbeni, you go explain tire with no evidence.

Where did you see the excess dollars coming in.

You have excess dollars which should have reduced the dollar value without spending extra $8billion to support the naira.

1. You are correct, me self don tire trying to help people understand what's going on. Please vote for who you like. I've never voted in Nigeria.

2. Where did I see the excess dollars coming in? Some information are slow to make it to the press, so I understand your scepticism. However, some people have this information. If the CBN had not bought the excess dollars that came in over the past few weeks, dollar will probably have gone down to less than N1400. The CBN stepped in to buy the dollars because such sharp drop will have caused instability in the market. The CBN rightly prefers sustainable stability over unsustainable sharp drop.

3. As for the $8 billion, that refers to how much the CBN spent to defend the naira over the last 18 months or so.

As we speak, this year so far,the CBN has not been defending the naira due to the excess dollars coming in. If this situation continues for most of the rest of the year (nothingis guaranteed), the CBN will not need to intervene as often as it did in the past. If the CBN only spends N$1 billion to $1.5 billion defending the naira this year, that would be a fantastic result.

Nigeria's economic indicators today are much better than they were last year or the year before.

That is why more dollars are flowing into the country.

Foreign investors are not mugus. They don't take money into a failing economy.

They can see what those of us residing in Nigeria can't see. They already see the green shoots of recovery in the Nigerian economy.

What they see is a country that is the economic powerhouse of Africa that is now taking many right economic decisions.

Nigeria is now on the path to economic revival. We need to build on the few succeses of recent months, and the government must do all that it can to ensure that most of the population share in the coming prosperity.

mikkyangel3:
You claimed to float the exchange rate in May 2023,

In 2025, we are hearing you use $8bn to support the naira.

The exchange rate is still floated.

There are different degrees of float.

What we operate is a 'managed float", ie, the currency is floated but, IF NEED BE, the CBN can intervene to defend the naira.

This is perfectly reasonable. It is what most countries do, and what the CBN promised from the beginning.

It was mischievous 'experts' on Arise TV shouting 'float, float', all over the place without explaining to their audience what it means.

A managed float is still a float.

The CBN has been consistent.

chidiokay:
You are not okay, you need checkup asap

Buhari spent 10billion to keep forex at $1/480, and you think spending 8billion in 2yrs to keep $1 @ 1500+ is better

So Mr Buhari was spending $10 billion per year to keep the rate at around N650 to $1 (only people going for hajj, and highly connected politicians got dollar for N450).

Now let's assume the current government spent $4 billion in each of the past 2 years.

But so far this year (2025), more dollars have been flowing in than the Nigerian currency market can absorb.

The CBN is stepping in to buy that excess dollars.

Effectively, there has been a complete turnaround. The CBN is not currently defending the naira due to excess dollar inflow.

That means if this situation persists for most of this year, the CBN's annual intervention may fall from the claimed $4 billion to my be $1 billion - $2 billion.

Isn't that fantastic.

Remember, as I mentioned previously, during early Feb, Brazil was spending $7 billion PER DAY to defend its currency.

If Nigeria ends up spending $2 billion PER year to defend the naira this year, please let us appreciate the work of the CBN a little.

There is no perfect country in the world.

Zackattack:
Using $8billion dollars to support a currency that has been floated😳
Does that make sense to you?
You might as well just keep supporting it when it was 400Naira/$.
This administration keeps surprising me everyday.

Most people just don't understand how currency markets work. That's fine.

Do you know that the CBN has been buying excess dollars that's been coming into Nigeria in recent weeks because the dollars comin in has been more than the market can absorb?

Remember the problem has always been too little dollars coming into Nigeria, which meant the CBN had to release dollars into the market (what people refer to as defending the naira).

In the past few weeks, the reverse has been the case. The amount of dollars coming in has been too much than the market can absorb. The CBN is now stepping in to buy the excess dollars. So, instead of defending the Naira, the CBN has in a funny way been 'defending the dollar.'

The first 18 months or so of the administration saw a very volatile naira. It made sense for the government to spend dollars to stabilise the naira.

However, in the past couple of months, the naira has stabilised, so no.need for the government to routinely defend the naira for now.

The CBN has done an excellent job.

NothingDoMe:
They don't lie about it.

The CBN has never said they are not or will never defend the naira.

No Central bank in the world will say that.

I think you have been listening too much to 'experts' on Arise who say things like the Naira is on a free float.

Have you ever heard of those words directly from the mouth of the CBN Governor.

Switzerland has one of the strongest and most stable currencies in the world. Yet, its Central bank does defend the Swiss Francs if they need to.

Every central bank steps in to defend its currency. They just don't announce it. It is one of the priority tasks of every Central bank.

Nigerias just get worked up over the most basic things.

NothingDoMe:
They don't lie about it and tell tales of moonlight.

No government in the world directly releases information about how much it is spending to defend its currency.

If a central bank gives a running commentary about how much it is spending, that will give ammunition for currency speculators to attack the currency even further.

That is why Central Banks around the world speak in codes, like '...if it is necessary to do so, we will step into the market'.

Whether it is Japan, Brazil, India, that's what a Central bank will say.

You don't go to war by disclosing your strategy. Instead, you keep your opponents guessing.

Even Mr Rewane is only guessing by looking at how much dollars Nigeria has borrowed and how much we have left.

It's just guess work. Only the CBN knows the correct figure. It may be significantly less than Mr Rewane has claimed.

Nothing new.

Every country steps in to support their currency.

In late January 2025 (last month), Brazil was spending about $7 billion dollars PER DAY! to support its currency against the dollar.

Around the same period, India spent over $20 billion dollars within 3 days to support the Indian Rupee.

Japan spent over $60 billion to defend the Yen against the dollar last year, yet the Yen has lost so much value against the dollar in the past 2 years.

If Nigeria spends $8 billion in 2 years, that's still reasonable, compared to when we were spending about that amount every year under Mr Buhari.

Truth is, the dollar is just too powerful against most currencies. Many governments have to defend their currencies, otherwise...

According to this list, only 3 states had more that 1 million votes:

1. Lagos
2. Ondo
3. Rivers State.

An extremely high proportion (may be over 80%) of all eligible adults must have voted in Ondo.

Also, total votes in Kano was around 311,000, yet total votes in Ondo was over 1 million

In 1993, 1 million people voted in Ondo. 27 years later, less than 500,000 voted in the Governorship election in November 2024.

That's shocking. The voting population seems to have given up on voting.

The President will do well to leave Mr Ganduje in the position of APC National Chairman.

He is doing a good job for his party.

Not been following the Osun saga much.

From what I understand, the APC local government chairmen will finish their term in October, 2025, just 8 moths from now.

Why not let them finish and hold a new election which the Governor's own people will almost certainly win, as is usually the case with local elections.

Also, once the Attorney General of the federation advised on his own interpretation of the Court of Appeal judgment, the Governor should have cooled things down.

The current Attorney General was very quick to heavily criticise the Edo State APC Governor for trying to get rid of PDP local government Chairmen.

He seems like a fair Attorney General.

The target is Ikoyi prison, but it has to be made to look like it is a nationwide thing.

The value of that land no be small thing.

Anyway, the prison is no longer suitable for the location.

You will write to Oyinbo man countries demanding they place a visa ban on the Senate President of your country

Inferiority complex.

Cam you show us any example of white Americans writing to the embassies of African countries to demand visa restrictions on Mr Trump for his unorthodox governing style?

The only relief is that most of these assemblies are unlikely to receive more than 30% of their budget.

Budgeting an amount is one thing, actually receiving the budgeted amount is a different thing.

It is the Executive that decides what actual money is disbursed, and that depends on how much revenue a State makes, and how the Governor wants to allocate the revenue.

Ekiti is winning o.

That'll be 2 Federal Universities in Ekiti, plus a State University.

For a relatively small state, 3 government Universities no be small thing.

Was chatting with a lady friend earlier today, who told me I would be shocked if I knew the number of married women who cheats.

I was telling here women cannot cheat as much as men.

She laughed and said ok o.

I find it difficult to believe some of the married women who are so committed to Church things in my Church could be doing this stuff.

Could they Really?

Am I naive or something.

Mr Tinubu will do well to live Mr Ganduje in his Chairman role.

The Premier League has its own issues, but I don't recall a Premier League coach openly dump on his own player for missing a penalty the way this Italian coach did to this guy.

The regularity with which Ialian coaches, club management and even players in the same team as some black players talk to the back players openly is shocking.

Anyway, I only watch the Premier League occasionally, if I have nothing else to do. The other leagues, I have zero interest.

richmond500:
not just the minister, this administration should be ashamed of themselves

I think it still comes down to the minister in charge of the sector.

These sort of decisions are taken at Ministerial level. As the Coordinating Minister of the Economy, the Minister of Finance will likely know about some of the details, but it is the Minister in charge of that sector that will 'package' the 100% price increase and then justify it to the Minister of Finance for approval.

Highly unlikely the President knew much of this.

And please don't ask me why a Minister will approval such humongous increase o . I understand DSS have their eyes everywhere these days. I no wan enter jail

richmond500:
is this the best time to increase price?
For the first time in like 4yrs, I am using opera mini free data, I could still afford the data but what about those that cannot?

Not that I am happy with the price increases.

I am just saying the guy should direct his angst at MTN, not the President.

On the other hand, I also believe that some price increases should be expected given the amount of dollar investment these companies have put into giving us a reasonable data speed.

I think a less drastic price increase of may be 25% would have been preferable.

I believe they've increased by about 100%. That's ridiculous. Greedy.

The minister that approved that sort of increase should be ashamed of himself.

You should target MTN, if at all.

Not sure what the President has to do with the price of data.

MTN has invested billions of dollars to give us a decent data speed. They have to have a way of recovering some of that money, so they can continue to invest for the future.

MTN's investment has given Nigeria a faster data speed than some countries in Europe and many parts of the USA. Yet, people in those countries pay more for data than we do. MTN and the companies providing slower data speed in those European countries buy equipment from the same 'market' and pay with the same dollar.

Yet, we expect MTN not to be able to charge a fair rate for their services.

The government can regulate how much they increase prices, but they can't block them from doing so for ever.

From what I understand, these telecom companies have been prevented from increasing prices for many years. That can't continue forever.

True.

However, the immunity clause in the Constitution needs to be amended so that Governors can at least be prosecuted for treasonable felony while they are in office.

Without such amendment, Governors will continue to ignore or scheme around Supreme Court judgements.

If Governors or any President can ignore Supreme Court rulings and we accept and normalise it, then we have walked ourselves into a lawless, ungovernable situation.