There is no need to cancel all BDC licenses if they operate from designated offices and shops where the Cbn can easily monitor them.

The big problem is on-street sale of currency - this should be proscribed.

I am not aware of any other country in the world where up to 50 or more people will loiter on streets casually selling and buying currency.

That said, it is not going to be easy politically to ban mallams selling on the Street. Some of these people have been involved in the business for decades, and that is all they know. Banning them will result in massive political outcry by the North, and the whole policy will be enmeshed in accusation of tribalism.

It's like the government banning importation of certain goods imported predominantly by people from the South East. Accusation of tribalism will fill the air.

Nigeria is very complicated.

Ogiame:
Apapa's petition is dead and buried... This is about Abure's corrupt doings especially at the State level.

He cup don full

There was a thread yesterday claiming LP state chairmen passed a vote of confidence in him.

Nigerian politics. Avoid it at all cost.

I feel sorry for his wife and children seeing their man on the floor like this

That's serious.

The Apapa faction went quiet but they seem determined to pursue their petition against Mr Abure.

Why is he on the floor, an a Policeman seem to be pulling him by his collar. That's terrible.

predictor1:
The government is failing seriously but I'm beginning to think the people themselves are guilty of profiteering.
We are hurting one another.

Any government, whether in Nigeria, USA, Germany etc can always do better. I agree with you on that.

No government anywhere is immune from widespread dissatisfaction. Infact, the majority of people in the US, Germany, UK etc absolutely detests their current leaders.

As to your claim that the government is 'failing seriously,' it would be helpful if you could share your reasons for their failure as you say.

What do you think they seriously need to be doing now that they're not doing. You never know, people from government may be on Nairaland.

They might just get a timely expo from your brilliant ideas.

Please we are waiting.

Even when the government is trying to act in the best interest of the people by going after those who have or are destroying the country, the people would castigate the government and support the villains

1. Government declares a person alleged to have perpetrated a serious fraud wanted, you people oppose going after the individual.

2. Government goes after those hoarding food, you people oppose.

3. Government tries to stop wholesale export of foods and other goods to neighbouring countries, you people cry foul and insist people should be free to sell wherever they want.

4. Government announces success against terrorists even with pictorial evidence, you people say it is a lie.

5. Government goes after people selling new naira notes, you say Government shouldn't.

6. Government quite generously reverses a previous government 's policy and pays 2 months of a promised 4 months salary to ASUU lecturers with the rest to come, you curse government for only paying 2 months.

The examples are endless.

I don't think there's any other country in the world where so many people have zero loyalty to their own country.

They just want everything to fail.

If a coup happens in Nigeria, the sanctions that'll be imposed by the USA will be monumental.

It will be several times more severe than Niger. The US doesn't even have Niger's time. With Nigeria however, the USa will wield a big, back -breaking stick.

Nigeria will be cut off from all international Financial institutions - world Bank, Afdb, IMF etc The US will ensure no Western country buys our oil or gas. Direct non essential commercial flights to the USA and other Western countries will be cancelled.

It will be economic strangulation very similar to Russia's and Iran's.

Nigeria will crash to at least N20,000 to 1 dollar very quickly. Even cryptocurrency, the US will ban Binance, USDT etc from operating in Nigeria.

All the small boys calling for coup on social media - your eyes will clear.

Don't try and protest o, cause the military will send you to jail without any court trial. They will ban twitter, Facebook, Nairaland and other social media. Abuse your military head of state like you abuse Mr Tinubu, the military will beat you up, beat your parents, arrest anything and anyone living with you and lock all of you up for years. No bail or begging under military o.

Sebi some of you want military government.

Saying Tinubu knew what he was going to meet in government is ridiculous.

So, Tinubu knew Nigeria had only $3.7billion in its foreign reserve, not the $37 billion that the Buhari government led the country to believe.

Did Tinubu know that Emefiele, Buhari's assistant Tunde, and the Aso Rock gang stole billions of dollars and trillions of Naira?

Did Tinubu know that the Buhari government has sold most of the country's future oil production, collected the dollars and spent/stole it all?

Did Tinubu know that the past government was effectively handing over a virtually bankrupt country to him.

Why should Tinubu not blame the past government.

On several foreign forums, you will see several hundred comments from people from around the world on a topic that is totally unconnected with national governments, a Nigerian will pop up and comments so negatively about his country, you just shake your head.

Countries like Pakistan, Lebanon, Argentina and several others are in worse economic and political situation than Nigeria, but commenters from those countries do not denigrate their countries such crass way as many Nigerians do on foreign sites.

Even as expensive as things have become recently, many things including petrol, cement, food etc are still cheaper in Nigeria than in many of our smaller neighbouring countries.

You talk your country down and even curse the country on foreign sites, and you expect Nigeria or Nigerians to be respected abroad.

The ability to criticise a government is an absolute necessity in any democracy. But is constant abuse, name calling, and cursing the best approach. I don't think so.

The problem is a certain group in the country can't accept a Southern President they can't control.

That was what happened to Mr Jonathan.

LoveLeadsLand:
I have a question: Why is the Christian South always more expensive than the Muslim North?

1. On average, there's more money chasing after goods in the South thus keeping prices up.

2. Southerners have a higher profit expectation. The average hausa person is happy to sell things for a 10% profit. In the South, you need a profit of 20% or above to survive because most things are more expensive here.

3. As for food, Northerners take to farming more readily, hence food is cheaper there.

Sadly, the average Southern youth is not interested in farming. He would rather be wearing tight jeans up and down, displaying unnecessary anger and rudeness on social media, blaming government for everything under the sun and demanding that govt subsidise every aspect of his life, making references to 'in the abroad' or 'in a sane climate' despite never stepping foot outside Nigeria, and generally deluding himself about his place in society and the world.

There you go.

Now I expect abuse from the usual suspects.

Few months before the end of Mr Jonathan's era, the federal government in which she was coordinating minister for the economy started borrowing to pay salaries despite the government having consistently received the largest crude oil revenues in the history of Nigeria.

Under her watch the money was all squandered or stolen by the likes of Deziani and other GEJ/PDP larkies.

Her excuse was that she advised the government to save but that it didn't. Absolute tosh. Why didn't she resign? People should stop trying to re-write history.

Also, she never faced an economic situation as tough and complex as we have today so we simply don't know if she would have been any better than those performing similar role now.

It's easy to be a finance minister when the government is making record revenues from oil revenues and bandits are not disrupting farming on such scale as we have presently.

The truth is, she was never really tested in the sort of economic conditions and circumstances as we have now. Any suggestion that she would handle the current situation better is pure speculation. We simply don't know.

Gerrard59:


Mention one.

P.S. No such agency exists. If it does, why have the agency staff been idle?

No agency can control food prices across Nigeria. It won't work.

Nigeria of 1970s and 80s when there were Commodity boards is different to today's Nigeria. In those days, people feared government, were generally more compliant, and not as mischievous.

Today's Nigerians are different. They'll beat up and attack Commodity board employees or devise a thousand and one ways of circumventing any price control. Commodity board employees will likely start collecting bribes and turn a blind eye.

Some ideas look good in theory, but are bound to fail in practice.

Many Nigerians want to import food and everything under the sun, yet they want a strong Naira.

We can't have it both ways.

Either the country wants to import most of its food and go bankrupt in a few years time when we run out of dollars, or we buckle down now and address our food shortages with local solutions.

The choice is ours.

The rentiers he referred to are powerful people who hang around government corridors looking to be awarded import licences to bring in rice and other commodities.

These people may be encouraging hoarding in order to create even more shortages in the hope that their friends in government will give them lucrative exclusive licences to import.

Mr Tinubu is a Lagos boy afterall. He is countering them one by one.

Consider this:

- One Emir publicly said his people were hungry and effectively chastised the President and openly embarrassedthe President's wife.

- A couple of days later, another one said he could no longer contain the anger of his people and that the President must do something.

- Just a few days later, the VP said the government would establish a Commodity board.

Can you spot what appears to be a coordinated attempt to bump the President into certain actions.

The VP has no authority to announce major economic policy on his own volition. A major economic policy involving the setting up of a Commodity board with potential for wide ranging consequences has to be debated, evaluated, and coordinated across several departments of government not least the Ministry of Agriculture, Finance, the Presidency etc.

A VP cannot just announce policy, and I think the President's rebuke about letting those in charge of economic policies do their job was targeted at the VP.

The VP needs to be careful. Mr Tinubu is ruthless.

Also, Southerners need to put their smart hats on and be able to read between the lines. In some ways, Mr Tinubu is battling influences who want things to remain as it is so their decades-long rentier interests are protected at the expense of the masses.

victorVIC1:


Misplaced priority

The country is going through a challenging phase but it is far from collapsing.

lilfreezy:
lmao. what happend to PH, uyo, warri? abi lagos na oil producing sate . commander in chief of nepotism. APC zobies una do this one o

The departments being moved are not involved in the regulation of crude oil production where the States you listed dominate.

The departments regulate the downstream oil sector which is dominated by Lagos. The downstream sector in Lagos is bigger than the rest of the country combined, especially with Dangote Refinery being in Lagos.

The vast majority of Nigeria's downstream resources are in Lagos, including the mighty Dangote refinery.

A couple of departments directly involved in their regulation can be in Lagos, close to the businesses they're regulating.

The headquarters remain in Abuja.

Perfectly logical.

Paraman:


It is expected to take months for upgrading units to be brought online, experts have said.

https://punchng.com/dangote-refinery-to-export-two-fuel-cargoes-report/?amp

'Upgrading units' - I guess that's for petrol.

So the refinery may not produce petrol for a some months yet. Hmm.

Someone from abroad told me yesterday that Nigeria will not benefit much from the refinery. My immediate interest was in another topic we were discussing so I didn't really press him to explain why he thought that would be the case.

But thinking about it now, I think the government will just end up paying same old subsidy to Dangote as the current pump price of around N650 is not going to cut it. Subsidy is here to stay.

So we are back to square one, with the only advantage being that the government will not be buying the petrol from him in dollars.

If Nigeria's wahala is too much, the man may even decide not to sell to Nigeria.

O ti lo o

gaby:
Borrow borrow...

I go come carry my hard-earned money lend to kleptos for 7-10 years when I'm not sure Nigeria will exist into 2025?

God forbid.

It is a good strategy for the government.

Part of the reasons for the current high inflation is that Mr Buhari's government printed way too much naira.

The current government has been trying to get some of the excess naira liquidity out of the system.

One smart way of doing it is through the issuance of long term bonds. The money that individuals, companies, financial institutions, pension companies and foreign investors use to buy the bonds will be taken out of their bank accounts, thus reducing the amount of naira in the system.

As more of that liquidity is taken out of the system, it will help to bring down the rate of inflation.

The government has to use several tools to combat inflation. Issuance of long term bonds is one of them.

If the return is at least 20%, the bonds should sell very well.

A lot of people have billions sitting in banks doing nothing, and they don't necessarily need the money now. Getting a guaranteed 20% per annum may be attractive to them. Not everyone is interested in calling mallam's to change billions into dollars.

Also, because inflation is around 30% today doesn't mean it will always be at that level or higher during the 7 year term of the bond. It may come down significantly.

Equally, most businesses don't earn guaranteed annual net profit of 30% 40% or above. Some do, but not all. In the current economic climate, running a business profitably is very challenging

Some people have money but don't want the extreme hassle of running a business in Nigeria. For these sets of people, a 20% net annual profit for lending that money to the Federal government is an attractive proposition.

Paraman:
Some of the statement by the minister was unnecessary, especially the part he asked what the governor's are doing with their allocation.

The governor's can't achieve meaningful things because of the high inflation, everything has gotten more expensive.

It is a legitimate question.

You don't pay salaries or pension
You do very little infrastructure
Basic health centres are not funded
You don't do anything to encourage farming in your state (especially Southern Governors)
You do nothing to help fight insecurity in your state.

All people see are hilux, land cruisers, and a long entourage of officials running up down.

Most state governors are doing absolutely nothing. Many Commissioners don't even have anything substantial to do. Everything starts and ends at the Governor's office.

The Governors are completely left alone to loot while citizens focus 100% attention on the Federal government.

As long as that continues, nothing will change.

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.

codemaniacs:


they are targeting Nigeria's political system and total control of Nigerians..

what it means is they will now be able to freely deploy soldiers to Nigeria and build U:K owned soldier barracks and bases of operations all over Nigeria.

Oh please.

UK law firms are not an arm of the UK government.

The idea that the UK can forcefully deploy soldiers and build UK-owned barracks in Nigeria is preposterous.

UK doesn't have the power or the means to do that.

The most powerful country in the world, the USA, asked to station its military in Nigeria to help combat ISIS and other terrorists in the Sahel. Nigeria declined. The US went to Niger instead.

Nigeria is not a small country. A country of over 200 million people no be beans.

The US can't push Nigeria around let alone small, broke UK.

nedekid:
Can anyone explain how this will be beneficial to Nigerians? As I did not see the part where Nigerian lawyers will reciprocatively practice in UK courts.
Lawyers in the house should kindly enlighten us.

1. Nigerian lawyers have been able to practice in the UK for a long time by writing a simple test called the Qualified Lawyers Transfer test. Even without the test, you can still practice, just that you have to inform prospective clients you are a 'Foreign Lawyer'.

2. UK law firms that set up office in Nigeria will primarily be targeting commercial/business/cross-border transactions. 99% of their work willl be office based. It is unlikely you'll see them wearing a robe and appearing in a court, even though though they might be able to do so.

These people are not coming here to handle Chieftancy, land, election matters, or Mr A ran away with my wife type of cases etc

They will be targeting big transactions.

This is positive in some ways

1. Lawyers from Nigeria and other Common law countries have been able to practice in the UK for decades. All you have to do is write the Qualified Lawyers Test (QLT). Most newly qualified lawyers from Nigeria can pass the test at first attempt. It is not difficult at all. Once you pass, you will be inducted as a Solicitor of Supreme Court of England and Wales, and be given a practising certificate. That's it. You can practice like any other British Solicitor. You can complete the whole process within a few months.

All these years that Nigerians have been able to do this, Nigeria did not have a reciprocal simple route for UK lawyers to practice here and there was no histrionics from the UK side.

2. Having global UK firms like DLA Piper opening their own office here will give foreign investors confidence that the same firm handling their matters in Hong Kong, London, New York, Paris etc will handle their matters in Lagos/Abuja Nigeria. Many large foreign companies prefer such seemless arrangement.

3. Nigerian law firms have not particularly covered themselves in glory when it comes to corruption. Many of the international scandals surrounding large contracts where Nigeria's interests were traded cheaply to foreigners in return for bribes were drafted by Nigerian lawyers. Having UK legal firms here who are subject to the UK Bribery Act and who know how much costly and damaging allegations of bribery can be to their reputation is a good thing. Large international contracts involving Nigeria may be better handled on behalf of the country by a global UK law firm based in Nigeria than by Nigerian law firms who time and again have proven themselves ready to sell out Nigeria for a few dollars.

Overall, I believe people are right to ask questions about whether Nigeria is getting anything in return. That's for the government to answer. But, I personally believe this is a positive move.

No

After more than 50 years of grossmismanagement, Nigeria's economy needs deep structural changes. If the changes being put into place now cann resolve some of the problems, the economy will be better for it in the medium to long term.

I acknowledge that the reforms will, and is causing short term pain. I do not take that lightly.

All the regimes you mentioned above that you thought were good were charades.

Nigeria made so much money in the early 70s from bumper oil prices. Instead of investing in the economy, Nigerian government blew the money. We started living large. That was a huge missed opportunity.

Mr Shagari's government came into power in 1979. That was when we had the first large scale theft running into hundreds of millions of dollars by a single individual- read about Mr Umaru Dikko.

By the time Mr Babangida seized power in 1984 (?), the country had gone from the overflowing coffers of the 1970s to serious economic problems. IMF entered the picture to dictate what we needed to do. Read about Structural Adjustment Program (SAP).

Looking back, Mr Babangida turned out to be one of the better leaders in terms of infrastructure, but there was also big corruption.

We know there was looting during OBJ's era.

One of the worst periods of economic mismanagement in Nigeria 's history could be Mr Jonathan 's era. Nigeria earned the most money from oil in its history during that time, but 3 months to the end of his administration, Mrs Okonjo Iweala announced that the government was broke and they needed to borrow money to pay the salaries of federal civil servants!

Mr Jonathan's era marked one of the most corrupt in the history of Nigeria. The looting was unprecedented. Mrs Deziani alone allegedly made off with billions of dollars. Several others were not far behind.

The only regime to come close to or exceed that level of mass looting is probably Mr Buhari's. By the time he left office, not only had his administration borrowed so much, it had also pledged a big chunk of the country 's future oil earnings to secure loans, a significant amount of which was stolen.

Mr Tinubu could have followed the same path and cycle trodded by his predecessors by borrowing heavily to maintain fuel, currency, and other subsidies,m, and thus keep the population happy. But that would drive the economy into a future inevitable doom because more than 50 years of reckless and profligate spending and borrowing would eventually catch up with the country and everything would collapse, like Lebanon.

Instead of choosing the easy option, he has chosen to get rid of some of the deep-seated economic albatrosses around the country's neck. By sacrificing short term popularity for a greater long term public good, I applaud Mr Tinubu. He means we'll, and I pray his policies work as he expects.

Nigeria of the past 50 years has been like the people living so-called fake life on the island in Lagos. They live above their means and keep the charade of luxury life going through one dodgy dealing or the other. But eventually, reality catches up and it may be too late for them.

It may be necessary for Nigeria to take short term pain now in order to avoid total collapse of the economy in the future.

On this I stand with Mr Tinubu, and I encourage him to continue to listen to critics of his policies, adjust them where necessary, and continue to keep an eye out for the best advisers wherever they may be in the world.

We need a completely new security organisation made up predominantly of technology savvy , highly motivated young graduates trained abroad on intelligence gathering and surveillance. A small team of about 200 - 300 people should be sufficient. They'll operate from a single office and cover the whole country.

They'll operate outside the existing security structure (certainly not under the Police), be highly paid, have best-in-class modern surveillance, detect and suppress tools, including acccess to the best available surveillance drones, heat-seeking helicopters etc The organisation should be led by a small team of brilliant middle ranking military and police officers, and if considered necessary, be directly answerable to the office of the President.

Recruitment into the organisation should be based purely on merit.

The organisation will pass credible surveillance information to the military and Police for actioning.

We need to go high tech. The current Police model is not capable of addressing the problem.

Inspirer1:

I was surprised seeing it too, that road from Akure enroute Kogi is the most dangerous in the Southwest by my own assessment.

Akure to Owo seems quite safe. I think you mean Owo to Kogi, through Ikare or Akungba.

I passed that route last year. Parts of the route was so quiet, and just seemed perfect for kidnapping. I was not surprised to be told later that kidnapping happens there often.

I was told herdsmen were in all the forests around there.

The problem with that axis is it is boundary territory where South West meets Kwara, Kogi and Edo State. It is perfect for cross-border criminality.

The nearest federal security presence (police station) in that area is at least 30 mins away from any point. So when people scream that the President must do something, there's actually not a lot the President can do immediately to prevent these attacks. The Police will always react only after the event partly because we simply don't have enough police men, and the entire security system is outmoded.

We don't even have enough men in the military to fight insurgents in the North and also secure every square metre of land in the South.

There's a particular intersection at Ikeja Gra where traffic wardens do the same.

If the light is green when you proceed but turns red at any time during your transition into the road you're joining, you'll be accosted and stopped by a warden who will then accuse you of driving through red light!

It's no doubt a money making scheme.

Dangote refused to buy Nigerian crude oil in dollars. Is he buying from the US in naira? Op's assertion is certainly questionable.

Dangote can source crude from any country if the price is better. In any case Nigeria doesn't even have enough crude to supply Dangote at present.

As for government cronies trying to force Dangote to use their ship at unjustifiable prices, I am not surprised, afterall greed is second nature to many in this country.

Dangote should buy from wherever he likes.

Wow

That's a lot.

Prolonged strike will wraken the economy more, cause naira to fall.more, scare off investors and ultimately achieve nothing good.

There are no magic answers to Nigeria 's long term problems anywhere. The government is making some tangible changes which will take some time to deliver results.