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Politics › Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by DeLaRue: 6:00pm On Feb 03, 2024

SoNature:
Bola Tinubu has given Yemi Cardoso the opportunity to practice his patchy-patchy voodoo economics! And as for the outcome, your guess is as good as mine! If Emefiele was bad, Cardoso is worse off!

No one who understands economics, and understands that the Nigerian economy was on the verge of bankruptcy when Buhari left, will agree with you.

4 Likes 2 Shares

Politics › Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by DeLaRue: 5:44pm On Feb 03, 2024*

immortalcrown:
.

But today in Nigeria, high import duty does not decrease the demand for foreign goods because consumers in Nigeria refuse to give up on foreign goods.

You think so, but that's not the reality.

There is a pain point at which demand for many imported goods will fall fast. People will simply start buying less and less of them. Whether that pain point is at N1500, N1800, or N2000 to a dollar, I don't know.

But the CBN will have the data. They know. If N1500 doesn't stiffle imports to the level they want, I suspect the CBN will not mind seeing naira close to N2,000 to a dollar.

In some ways, it is to the credit of Mr Tinubu's administration that it is willing to follow this extremely tough path to redirect the economy from import-dependence to greater local production. For a politician facing election in just over 3 years to follow a path that may not show positive results for a few years, is truly brave.

The Nigerian economy was heading for the rocks after over 40 years of mismanagement. Tough decisions are needed to correct long term over dependence on imports.

That naira/dollar pain point is the point at which local production of certain goods starts becoming more viable than importing the same goods. This should translate to us producing more of what we need locally. This will lead to more job creation, less pressure on the naira, and a stronger, more balanced economy in the long term.

But this approach comes with a lot of economic pain initially, as the country is witnessing now.

That's the theory o.

Whether things happen in practice like I stated above is a different matter, because Nigeria's situation often defy economic theory.

53 Likes 8 Shares

Politics › Re: Total Ban On Imports For A YEAR Selectives Follow Indefinitely by DeLaRue: 11:52am On Feb 03, 2024

1. As a signatory to several international trade treaties, including those of WTO, we can't just wake up and ban goods import.

If we do, we will be in breach of the treaties we signed over the past decades. Countries whose goods we ban will sue us at the WTO, and if we lose, we face paying huge fines.

Until the case is determined, those countries can also retaliate and ban goods that we export.

So it's lose lose for Nigeria.

That was why Buhari couldn't ban importation of rice. His government only refused to provide foreign currency to those who wished to import rice.

Also, a Nigerian, Okonjo Eweala is the Head of WTO, and Nigeria must have lobbied other countries for her to be elected. How can the same country turn round and say it no longer believes in WTO, it wants to ban goods imports from other countries.

2. If you ban things like school fees, black market dollars will become hot cake, even more than it is now, and that will send dollar rate skyrockettting.

There are no easy solutions.

Politics › Re: THE Truth Is Most Tribes In NIG Are Very Prepared To Suffer by DeLaRue: 10:43am On Feb 01, 2024

Everything is tribe, tribe, tribe.

So who is competent.

Mr Obi? Lol. Like he distinguished himself as Governor.

or PDP's Mr Atiku. So, you think having people like Dino in charge of the country would have been better huh

Politics › Re: The Solution To Nigeria FX Problem by DeLaRue: 2:12am On Feb 01, 2024

The government needs to go in hard on those, including banks, who game the fx market.

Huge fines for any bank found gaming the market. After a number of infractions, say 3, the board of that bank is forced to resign enmasse.

Enact such regulation, and watch the banks straighten up at once.

Some of the Op's points centred around E-naira are also worth investigating.

Politics › Re: Picture Of Harmattan Over Enugu, GRA This Morning by DeLaRue: 3:44pm On Jan 31, 2024

This year's harmattan feels like the harmattan of old.

I like it.

If only a few other things can go back to how they used to be.

I wish we could go back to when people used to be more honest, respectful, and even somewhat naive.

Many aspects of today's modernisation and technology have turned society upside down.

Politics › Re: Reno Omokri Educates Nigerians On The Dollar Exchange Rate, Over 6000 Likes by DeLaRue: 8:15pm On Jan 30, 2024

Glo network was not that good in my area some years ago, so I just have the sim on my phone - I rarely buy glo credit.

But from today, I will start buying glo again. Hopefully the network is better.

I just have to do my little bit and support Nigerian businesses.

It's up to others what they do.

3 Likes 1 Share

Business › Re: Dangote Refinery To Import Crude Oil From The United States by DeLaRue: 7:07pm On Jan 29, 2024*

Some were even saying that Dangote was getting Niger Delta crude oil at cheap price.

How laughable.

Dangote refinery will buy crude from other sources if una wahala too much. He can buy from anywhere in the world. It's his business.

And he doesn't owe you a single litre of petrol. If Nigerians are not prepared to buy at market price, he will sell to countries in Africa and the rest of the world that are ready to buy.

Nigerians should face their own refineries in Port Harcourt , Warri, and Kaduna, hold their politicians to account, and leave Mr Dangote alone. He owes you nothing.

Nigerians' sense of entitlement is unrivalled in the world. Never satisfied. Always whinging and abusing.

33 Likes 5 Shares

Politics › Re: Nigeria must leave the global economy. by DeLaRue: 7:09pm On Jan 26, 2024

The over dependence on imports satiates our short term wants, but it is immensely inimical to long term, sustainable development.

Some imports are unavoidable. But our reckless obsession with importing everything under the sun is ruinous.

I went into a new supermarket in Ikeja GRA last week. I was left in shock. By my estimate, more than 80% (that could be an underestimation) of the goods there are imports. Not even one of the biscuits was manufactured locally.

No doubt, that supermarket doesn't care if dollar sells for N3000, the owners will continue to buy dollars.

I had never seen anything as overwhelmingly metaphorical of the malaise that is eating away at the heart of the Nigerian economy.

As a country we don't earn enough dollars, yet we cling on to unrelentless needless imports.

It is difficult to see what any government can do to stop the continuing loss of naira's value.

Until we as individuals start shunning unnecessary imported goods, the naira will have no chance against the dollar.

Politics › Re: Warning To The Northern Elders by DeLaRue: 4:18pm On Jan 24, 2024

bigpriik:
southwest cant stand the wrath of the north.

Smh

What wrath huh

1 Like 3 Shares

Politics › Re: Court Of Appeal Judgment: Police Teargas 16 Sacked Plateau PDP Lawmakers by DeLaRue: 6:06pm On Jan 23, 2024

Nobody or institution can reverse the judgement of the Court of Appeal.

Not the Supreme Court. Not the President. Certainly not the Governor.

Even if the law that stops house of assembly appeals at the Court of Appeal is amended today, it will not apply retrospectively. So you guys can't benefit from such amendment.

You have been extremely unlucky but I don't see how the situation can be corrected.

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Business › Re: FX Scarcity? How Innovative Are Nigerian Banks by DeLaRue: 8:42pm On Jan 22, 2024

I think this is far more complex that it appears.

The apps you mentioned exchange dollars at black market rates. CBN doesn't permit Nigerian banks to do that.

Even if CBN creates a similar app, its rates will be at official rate which is usually around 25% less than black market rate. Naturally people prefer black market rates so they won't use CBN's app.

Politics › Re: NNPC: Why We Adopted Lower Oil Price Benchmark For $3.3bn Crude-for-cash Loan by DeLaRue: 12:58pm On Jan 22, 2024

Akwamkpuruamu:
You are ripping your country and you are proud of that. Something is sold for 100 but you wan to sell it for 60 naira because it's not your personal property

The deal is more complex than you put it.

The deal is benchmarked at $65 dollars. That doesn't mean each barrel of crude will certainly be exchanged for that amount.

My understanding is that there will be dynamic movement between the international price of crude and how much crude we have to give the lenders.

So, if international price of crude rises above $65, Nigeria will give less crude. If price falls below $65, we'll have to give them more crude.

It is not the worst deal in the world.

1 Like

Politics › Re: NNPC: Why We Adopted Lower Oil Price Benchmark For $3.3bn Crude-for-cash Loan by DeLaRue: 12:48pm On Jan 22, 2024

International trade and borrowing is cut throat.

Foreign lenders no send.

The party desperate for a loan is at the mercy of a creditor.

This deal is not great, but also not terrible given that we desperately need dollars.

We have to get dollars whichever way, otherwise naira could head towards N3000 within a year.

1 Like

Politics › Re: Stop Targeting Our Politicians In Corruption Probe, Northern Groups Warn EFCC by DeLaRue: 10:48pm On Jan 21, 2024

paramakina202:
Please EFCC leave northern ex governors alone and target former Abia state governors in the person of Ikpeazu and his Oga Ochendo.Thank you.

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Politics › Re: Do You Like The Nigerian Government To Install CCTV Cameras In Public Places by DeLaRue: 6:10pm On Jan 17, 2024*

CCTV is unlikely to make a big difference.

1. Covering every square metre of this huge country with cctv is impracticable.

2. Most kidnapping take place in remote isolated places where cctv will most likely not reach.

That said, urban areas can certainly benefit from cctv presence. But I doubt if that will be very effective because we simply don't have the infrastructure in place to make cctv work 24/7.

It is one thing to install cctv., it another to make it work all the time.

1 Like 1 Share

Crime › Re: "How I Was Raped By My Husband’s Benefactor" – Bauchi Housewife Narrates by DeLaRue: 1:49pm On Jan 16, 2024*

The Police claim not to be sure they received the petition for rape?

And the victim's husband is detained from defamation.

What a horrific experience for this family.

10 Likes 1 Share

Politics › Re: Supreme Court And Plateau Lawmakers Axed By Appeal Court by DeLaRue: 9:36pm On Jan 14, 2024

IfnobeGod20:
I think where error of omission and commission had been committed, there should be room for review. No one should benefit from monumental error of the judges. As it stands now, the judges had killed 16 lawmakers unjustly.

Unlike the Supreme Court, the Court of Appeal does not have the power to reverse itself.

Even if the law permits it, and ordinary people believe the Court of Appeal made an error in this case, the Court of Appeal may decline to reverse itself as it may not believe it made an error. The Court of Appeal is perfectly entitled to make a decision on its own accord if there is no precedence on the subject matter from the Supreme Court.

The legal mechanism for challenging/overturning a Court of Appeal decision is through appeal to the Supreme Court.

In this particular case, the law says such appeal cannot happen.

The law is the problem.

Politics › Re: Supreme Court And Plateau Lawmakers Axed By Appeal Court by DeLaRue: 9:08pm On Jan 14, 2024

tnerro1:
I maintain that judges who have their judgment overturned by a higher court, should have it noted against them so when there is an opening in a higher position, it should count against them

Thankfully, there is no country in the world where what you're proposing is applied.

Some of the greatest judges the world has known wrote their most famous and epochal judgements at court of appeal level., some in dissenting judgements. Some of these judgements continue to be studied long after these judges were dead.

Please type Lord Denning into google.

Also, some appeal court judges are consistently more brilliant in their judgements than Supreme Court justices.

Now you want brilliant, independent and fearless judges to be cowed by the threat of punishment if their decisions are overturned at the Supreme Court?

2 Likes

Politics › Re: Supreme Court And Plateau Lawmakers Axed By Appeal Court by DeLaRue: 9:00pm On Jan 14, 2024

Bobloco:
You are ranting

But it doesn't change the fact that those Appeal court justices should be sanctioned

Let's all calm down and be considerate.

Why exactly should the Appeal court judges be sanctioned? For doing their job? We need to be fair to this people.

They considered the facts before them and the law, and a majority of them reached a decision.

Normally, the losing party can appeal to the Supreme Court.

It is the law that says they can't.

So the law is the problem, not the Appeal court judges.

2 Likes

Politics › Re: Supreme Court And Plateau Lawmakers Axed By Appeal Court by DeLaRue: 8:33pm On Jan 14, 2024*

Litigation is not an exact science where 2 + 2 almost always equal 4.

The Court of Appeal decided the legislators case based on the appeal judges' interpretation of the facts and the law. Their decision remains valid.

That the Supreme Court reached a different decision in a case with similar facts is not an aberration.

The problem is that the legislators case could not be appealed, according to the law. The law is the problem, not the Appeal court. The lacuna in the law needs to be closed. That's the job of the National Assembly.

By the way, there is no law anywhere in the world that 100% anticipates and captures every single potential future issue that can arise. At the time the current law was made, no one thought of or anticipated the situation in Plateau.

As things stand under current law, the APC legislators will remain in place until the next election.

The legislators that were removed were very unfortunate, and I sympathise with them. But I can't see how they can be reinstated.

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Politics › Re: They Are Kidnapping People In Abuja While President Tinubu Is Busy.Doing What? by DeLaRue: 1:20pm On Jan 14, 2024

hisexcellency34:
Busy meeting Daniel Bwala, an inconsequential and chameleonic fellow

The sad reality is that the government can't eradicate kidnapping.

As a civilian, I have spent time thinking about potential solutions to kidnapping and other security problems, but no solution can eradicate these issues.

You can be kidnapped sitting in your house. Even if your house is located next to a police station or a military barrack, you can be kidnapped. No where is safe. There are simply too many who are bent on criminality and they will not desist.

Even if the government employs 1 million police men and women, it won eradicate kidnapping. That's even not possible as the 45,000 that we have currently we can't even fund them properly.

Please note that I am not saying your question is improper, of course it is. The government must continue to be put under pressure to do more.

But we can't say the President must not entertain visitors because there is kidnapping in the country.

Politics › Re: Audio: Keep Space For Me In APC, Another Ex- Atiku Spokesman Begs by DeLaRue: 12:23am On Jan 12, 2024

In the immediate aftermath of the removal of subsidy, exchange rate palava, higher food prices etc when a large proportion of the population was up in arms against the new government PDP and Labour Party were very confident that they would turf out APC come 2027.

Although people are still angry and frustrated, the government has been taking some good decisions lately that is beginning to raise hopes that things may turn our better eventually.

As a result, the prospects of APC losing in 2027 are beginning to recede.

It is no surprise that some senior Labour and PDP politicians are beginning to think about jumping ship.

The prospects of being in the political wilderness for 16 years in a row is a daunting reality for PDP politicians that need money.

Business › Re: CBN Sacks Boards Of Titan Trust, Union, Keystone, Polaris Banks by DeLaRue: 7:13pm On Jan 10, 2024

Good.

Many of ther bank MDs need to be investigated, and charged if found to have colluded with the corrupt thieves..

The movement of huge stolen money is not possible without bank Executive Directors involvement.

Family › Re: Please How Do I Handle This With My Wife And Her Brother. by DeLaRue: 4:53pm On Jan 10, 2024*

Hmm...it's a little complicated.

Even after her brother offered to put in N3.5m, your wife could have told him, that's very nice of you. I will discuss it with my husband and get back to you since he's the one providing the N1.5m balance.

It's just a respect thing.

But that didn't happen so the next best thing is for your wife to ask his brother to call you and discuss the purchase.

Again, that'll be a subtle way for your wife to send a message to her brother that her husband's participation in the decision to buy the car is necessary.

You calling your brother in law is not the right thing to do.

Tell your wife to ask his brother to call you.

If he calls, thank and appreciate him, and inform him you will give your wife the N1.5m to add to the purchase price.

If he refuses to call, then clearly your wife should not continue with the purchase.

You need to assert authority in a sensible, and considerate manner.

You sound like a gentleman and I appreciate you want the best for your wife. But certain things must be done.

DO NOT CALL THE GUY. YOU WILL LOSE RESPECT.

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Family › Re: My Mum Wants Me To Sack My Househelp by DeLaRue: 4:41pm On Jan 10, 2024

What I struggle to understand is...how does a woman snatch a husband.

Are men naive, helpless and unthinking creatures that they can be 'snatched' like a piece of paper?

It's ridiculous.

A man that is 'snatched' wanted and is happy to be snatched.

1 Like

Politics › Re: Throwback Video: When Akpabio Accused Olubunmi Tunji-ojo Of Corruption by DeLaRue: 4:33pm On Jan 10, 2024

Off your mic, it's ok. I say it's ok cheesy

They don't want their secrets revealed.

Chai...Nigeria!

1 Like

Politics › Re: YPP Gives Tinubu 48 Hours To Suspend Interior Minister, Tunji-Ojo by DeLaRue: 7:04am On Jan 10, 2024*

Whichever way you look at the facts of this case, it is difficult to see how the Minister can continue in his present role.

It was reported that he was invited to Aso Rock yesterday.

If that is true, and we haven't heard anything from Aso Rock about the outcome of the meeting, it may well be that they're trying to find a soft landing for him.

But it is difficult to see how any soft landing would not damage this government's reputation.

The Minister got himself into this situation unfortunately and only has himself to blame.

The President should prioritise his government's standing over saving the ass of any Minister that misbehaves, however well the Minister may have performed.

At the very least, the Minister should refund all monies collected under the contract. He should then be demoted to a junior Minister in another Ministry. Even this will still damage the government's reputation immensely, but it would be worse if the government came out with a fudge that keeps him in place as a senior Minister.

9 Likes

Politics › Re: Tinubu Summons Interior Minister, Tunji-Ojo by DeLaRue: 3:40pm On Jan 09, 2024

aribisala0:
This is emotional

Why should the contract be voided?

You say money should be returned? Was the money a gift? Were services provided?

You say a person securing a contract > Did his person secure a contract?

It is important to ask questions and get facts before pronouncing

Often many people talk too quickly and too emotionally

The key issue is this

What are the rules
What are the facts

That is where to start

That is the mindset of an investigator or a judge

You have the mindset of a lynch mob

Nothing emotional here.

What are the rules? That's basic. Conflict of interest rule for a start.

It is startling that you think a minister securing a contract from the government he is serving in is acceptable.

This is corruption in any way you look at it.

Can this happen in the UK, US, or anywhere in Europe, Singapore etc Absolutely not.

Foreign observers and potential investors will read news like this and just shake their heads in disgust at the never ending corruption in this country.

Ok na. Continue to support atrocious behaviour.

8 Likes

Politics › Re: Tinubu Summons Interior Minister, Tunji-Ojo by DeLaRue: 3:35pm On Jan 09, 2024

aieromon:
How do you void a contract that has been signed off as completed and payments successfully made to the consultants?

Well if the details we know so far are correct, the contract is unlawful. If it is unlawful, it is void ab initio.

As to returning the money, that's the minimum condition for him retaining a role in the government.

And who are the consultants? It's him. Nobody else.

3 Likes

Politics › Re: Tinubu Summons Interior Minister, Tunji-Ojo by DeLaRue: 3:29pm On Jan 09, 2024

SalamRushdie:
Tinubu should take it easy with this one ..no need to throw away the bathwater and baby..This is how Barth Nnaji was removed when he was fixing electricity

That's permitting serious corruption. You can't have different rules for different people.

That said, the fact he has been invited to Aso Rock may be a sign that they don't want to sack him. They may find a soft landing for him.

I say that because the other women were not invited to Aso Rock. Ms Edu went on her own accord but was denied access to the President.

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Politics › Re: Tinubu Summons Interior Minister, Tunji-Ojo by DeLaRue: 3:14pm On Jan 09, 2024

1. At the very least, the contract should be voided.

2. All monies collected under the contract so far should be returned to the Federal government.

3. If the minister complies with 2 & 3 above, he should then be demoted to a Minister of State in another ministry.

But, in any other country, a person securing a contract from a government in which he is a serving Minister is liable to be sacked immediately. No ifs or buts.

The man's poor excuse of only being a shareholder and not a director of the company is risible.

It is corruption. Full stop. He should go.

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