₦airaland Forum

Seems only a few hard core union members turned up.

A big failure.

People are not interested in a rally that will achieve very little.

The government cannot magically grow rice, cassava, yam etc overnight, but it is doing all it can to respond to the clear suffering of the people. Let us see what the government, including State governments can do to reduce the suffering.

Seems only a few hard core union members turned up.

A big failure.

People are not interested in a rally that will achieve very little.

teebillz:
Why HiTech though?

Why not HiTec?

mikeapollo:
Hitech does not have the requisite capacity to handle this kind of job.
This huge project should have been awarded to Julius Berger.

Everything doesn't have to go to Julius berger. We need to continue to develop our own indigenous capacity.

People ventilate about government making Dangote a monopoly, yet you don't mind if Julius berger is made one. Some types of complex jobs, like the Lagos Ibadan expressway reconstruction may well be beyond the likes of Hitec, but building a new road through forests is not as complicated.

Your claim that Hitec doesn't have experience is patently false. I saw the company reconstructing the heavy - duty Apapa - Oshodi expressway around Gbagada with concrete, and it was very impressive. To my knowledge, that road remains as solid as a rock to date.

Even assuming the President has an interest in the company, should the company close down and its employees sacked because its alleged owner has become the President? I think the proper question to ask if whether the company got the job in a lawful manner.

He did not admit to quoting N30b in error.

That means he is standing by the figure.

The last has not been heard o this matter.

Eteka1:
We need results not stories. Hungry man don't understand all these jargons.

What you call 'jargons' are the instruments the CBN needs to use to help bring down inflation.

Bringing down inflation is essential to increasing investment, creating jobs, and boosting economic opportunities for the man on the street.

Good.

Mr Buhari's administration printed so much naira, if the man had been in government for a few more years, inflation and the value of the naira will have ended up somewhere not too far from Zimbabwe's experience.

As part of the mopping up exercise, the CBN also announced medium & long term bonds a couple of weeks ago.

Both of these exercises are barely scratching the surface of the problem, as I read somewhere recently that there could be as much as N90 trillion in the system

If that's true, I don't envy the CBN. They have a big big challenge on their hands.

Labour is certainly not winning in Edo.

This government is actually trying.

Almost for the first time since Nigeria 's independence, a Nigerian government is finally being forced to think and do things differently because no more excess money.

Since shortly after Nigeria discovered oil, too much money coming into government coffers has made successive governments too lazy to think.

Now that the country is facing extreme challenges and there's no excess money anymore, government officials are finally using their heads.

Though a majority of state governments still dont care to think of basic solutions that can help the people.

Some of these solutions and reforms being adopted now appear too simple, but if we maintain and improve them, things will slowly start getting better.

There is no single magic solution anywhere.

St Andrews Church Owo should be designated a national monument.

A testament to honest, diligent, and methodical workmanship of decades ago.

Today's brief case contractors can't build anything that will stand the test of time.

All their N300m naira Lagos duplexes with sub-par superficial finishing will be falling apart in 15 years max.

👍

There's also a case for strengthening existing laws to proscribe trading any form of crypto currency and set a minimum jail term of 10 years.

Let's see how many will take the risk.

G

Diesel has not been subsidised about 4 years.

We can't go back to subsidising it.

Nigerians just don't understand the scale of the problems facing the country.

Nigeria is broke. I repeat, this country is super broke.

Mr Buhari's government was borrowing to subsidise petrol. Should we borrow more and more to add diesel subsidy?

Which generations will pay back all these debts?

steeltrust:
Why can’t govt forced all this institutions to peg dollar at a particular price even to an extent you can’t increase or decrease the price

I don’t understand
Is that too difficult for them to do

It is like trying to stop run off water with cardboard. It won't hold for long.

If a government tries to peg the price of tomatoes when demand is high without increasing the supply of tomatoes, the pegged proce will only hold for the period that Policemen are stationed at every tomato point of sale. Is that possible in a large country like Nigeria. Obviously not.

Same will apply to forcefully pegging the naira/dollar price. It will only work if the government can supply far more dollars to the market. Unfortunately Messrs Emefiele and Buhari left Nigeria 's dollar account almost empty.

As a result the current government does not have the capacity to supply the avalanche of dollars that is needed to reduce the naira / dollar rate.

CyberWolf:
Binance rate simply follows black market rate. There has been clampdowns on BDCs nationwide since morning, that’s why the rate is crashing but it’s just a temporary measure. Ban BDCs and peg the exchange rate to a reasonable rate and watch it stabilise.

Pegging was what happened under Buhari. That government was spending an estimated $1.5billion dollars per month to keep the naira at below N550 or thereabout to a dollar. That money was effectively subsidising the naira, so the rate we had under Buhari was artificial.

The current government met less than $4 billion dollars in the country 's reserve even though Mr Emefiele regularly reported that the country had between $32billion to $37billion in reserve.

So you can see that with $4billion, Mr Tinubu's government had no chance in hell of pumping $1.5 billion dollars per month to 'peg' the Naira's value where it was under Mr Buhari.

And we still had/have to repay Mr Buhari's debts, pay for imports etc from the paltry $4 billion.

To cut a long story short you need plenty of dollars to peg (subsidise) the naira. Nigeria is broke. It doesn't have the funds to do so.

That's the reality.

lalabrother:
VPN to the rescue

The existence of VPN does not vitiate the government 's right to ban crypto trading. And VPN alone may not solve traders problem as someone mentioned that Binance has stopped selling of naira or something to that effect. If that's true, it means VPN or no VPN, you can't trade naira on Binance. Of course there other lesser known trading options.

A ban will also mean more and more of the trading will be pushed underground. Many of those currently trading will likely pull out as more and more obstacles are put in their way. Some will simply take the view it is too much trouble.

That said, I agree banning will not stop trading 100%, and I am sure the government knows that.

If banning results in 40 - 50% reduction in trading, the government will consider that a win.

PotatoSalad:
Go and play with your stuffed toys.
One step forward, two steps back.
Now USD will be scarce to get, driving up the rate. And believe me, VPN dey.
I use Starlink and I don't even have to use VPN to access binance.

While you play with your toys, open cartoon network.

If they do that, it'll be the final nail on the coffin.
People put money in banks because of trust.
Domiciliary accounts remain domiciliary accounts. If you wake up one day and all the money you have there is now in naira, I wouldn't even want to imagine the consequences. It'll be bloody

That probably explains why they'll leave that as one of the last options.

But, make no mistake, it can happen.

There aren't many countries in the world that allow its citizens to open a foreign currency accounts in their country.

A UK citizen cannot open a dollar account at Natwest, Barclays or any other bank in the UK. Only foreign nationals with particular investment or employment status can do so. Can an American citizen open a Euro, Pounds or Mexican peso account on US soil. I doubt it, though I stand to he corrected.

Think about it. Domiciliary account for all and sundry makes no economic sense for a country.

lexy2014:
how is crypto responsible for the economic problems Nigeria is experiencing right now?

The government doesn't need yours or my permission to ban crypto.

If they consider it part of the sources fueling undue speculation, they have the power to ban it.

NOwazobia:
I don't understand your point, they should not trade crypto?

There is no fundamental right to trade crypto.

Many countries have banned crypto.

Nigeria can ban it if it wants. Of course banning will not stop it, but it will push the activities underground with the likely result that only the most passionate traders will continue trading it.

If people know they face 15 year jail term for illegal trading, many will stop trading. Only the extremists will continue trading.

The Nigerian government has more levers it can pull. If extreme levers are needed, it can apply them and there's nothing speculators can do. They can cry to the UN, AU, FIFA, Girls Scout or any body they like.

I heard from a source last week that the government is actively considering proscribing domiciliary accounts.

If they're actively considering it, it means there is probably a 50% chance of it happening.

This is a cat and mouse fight between the government and the speculators.

It is going to be a long fight.

Think9ja:
O

I didn't judge na.

I just expressed an opinion that there would need to be evidence of Mr Abure's involvement.

Unless some of those who participated the attack on him confirm that they were sent by Mr Abure and there is corroborating evidence to that effect, this Petition does not establish a direct link to Mr Abure.

It is perfectly feasible that those who attacked him acted on their own volition, or are masterminded by people other than Mr Abure.

That the perpetrators are supporters of Mr Abure's faction does not directly implicate him, unless there is evidence that he orchestrated, ordered, supported, or organised the perpetrators.

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.