₦airaland Forum

ogmaskman:
This presidency pad budget crap the senators sold to you is stale. The budget is the property of the executive. It's funny really when I hear pple shout padded. How can dey pad their own property. Maybe you need to explain what you understand by padding. I am forced to believe that many pple do not even know what the word "padding a budget" means.

Like the budget for Aso rock, ie its medical ? the so called rent for aso rock? U forgot so soon?
link 1
http://www.premiumtimesng.com/news/headlines/197827-2016-budget-buhari-to-spend-more-on-state-house-clinic-than-on-all-federal-teaching-hospitals.html
link 2
http://www.vanguardngr.com/2016/01/602809/

CecyAdrian:
Pls get the angle am coming from. The people rambling about time being gone and the budget not passed yet are the ones am referring to

ok noted

CecyAdrian:
Nigerians are very funny at the same time frustrating! We are saying there the budget have been "laced" and "unlaced" with outrageous figures and projects, mind blowing figures going into "rubbish" projects while people beneficiary projects are being ignored or pushed aside and some people are more concerned on the time it has taken to pass the budget.

So, PMB should pass a budget full of errors without correcting them because time has gone abi??

how about the budget of the presidency that was padded, nah who we go ask? The head is equally as guilty, so he has no moral ground to push forth his arguments hence this carry do attitude.

OYAY:
And to think virtually all the infractions are in the south speaks volume! So the common sense lawmakers and his bandwagons just sit in that NASS auditorium to warm bench is alarming.

nah it means its only the southern projects there where slashed, why not slash teh Northern projects

GudluckIBB:
Ipod, wailers and children of hate.

Nass has slashed the vote of 2nd Niger bridge by 3.9 billion. What your clueless phd holder couldn't achieve, the "dullard" wants to help you people.
Let's see whom you will wail to this time

Buhari, teaching jonathan how to be firm as a president right from independence.
God bless buhari.

hmm no Northern project slash yet?

bebe2:


no mind me,

it was my contractor that did all rubbish.

Me sef hear say some contractors dey furge approval plans nah Dem say oooh

989900:
Chinese manufacturers will always quote in dollars, no doubt . . . neither did we have a choice than oblige them.

That helps them cook the books, like you rightly mentioned earlier . . . they will tell you, for larger transactions you'll have to pay to their Hong Kong dollar account and yada, yada, yada . . .

But, like I said earlier, it's up to you to tell them and insist you have only yuan, especially since that should favour us now.

There are tons of suppliers in China, you have to know your way around.

Worst case scenario, transfer your Yuan to China and change it to dollar (the loss is negligible) -- I have done transactions in excess of $100k (probably that's not big enough to qualify for your scenario) with companies in China -- you need to know your way around the city and around the system, the Chinese themselves will tell you the mutually beneficial thing to do.

What the Yuan deal affects directly is, the artificial pressure on the dollar in Nigeria, especially BM and parallel market rates (such as you will see the BM rate move closer to the CBN rate -- it won't automatically make the Naira gain more than 5-10% against the Yuan at the CBN rate, until the Naira appreciates against the dollar for real at official rate (that takes more than a Yuan deal to achieve, that takes earning more from exports,and reducing imports by manufacturing, refining our own oil, and smart-out-of-the-box monetary policies).

P.S. I know you won't still agree, but like always, in few days or weeks as usual between you and I, my position on the matter will be practically re-confirmed for you to verify.

I am not disputing what you said, however Im considering the Zimbabwe factor.I think most of us Nigerians will still prefer to buy Yuan in Nigeria convert it to Dollars in China as sales in Dollars give them the Chinese factories forex and tax rebate.Also bear in mind the vast majority of goods we buy from china own their parent companies outside of china, ie the major phones,Electronics and car parts.They where attracted to china cos of cheap labour less robots more manpower.I think the owners too would prefer dollars to the yuan.Anyway like you say, let us see waht the coming months bring but i n all with the present state of affairs, something got to give ooh or else we are in deep poo.Everybody is holding on to their physical cash.

MENTORCH:
No they will hold spiritual YUAN, is it not a currency?

I suggest we visit the terms of the swap agreement.
what happened to the PAY THE SUPPLIER ON OUR BEHALF part of the deal?or you are forgetting is loaned? or mayB Im the one not getting the gist right

amtaken:
This is exactly how people sound when they are caught red handed.

igwegeorgiano:
hmmmmm watching from an iroko tree in daura forest. when the naira appreciates against da dollar i will come down. meanwhile, am suspending myself on this iroko tree till 2019. damboroba shege biu

dont worry in 2019 you will hit teh ground running

MENTORCH:
I think it will work because 60percent of the people who always need dollar are the importers; they import most of their goods from China,so what will they be doing with dollar when they can change to Yaun directly.

SO you think they are going to hold physical YUAN

BodyKiss:
Do you also ask for proof when the news favours you? Hypocrite.

The proof is in Zimbabwe

Heffalump:
Soludo, you have nailed it, period. Wailers will not believe what you said, they will rather seek to crucify you. GEJ was the baddest thing that ever happen to Nigeria. It will take more than a decade to reel out of the pain inflicted on Nigeria by this son of a man call Ebele Jonathan, Not Goodluck!!!

Since we are directly under our state government it would be nice for us to ask our state governors what they did with their share B4 we go to federal govt

ChoCandyDiamond:
what will be the outcome at the long run and the benefit, will they buy our crude oil in yuan, who will buy excess yuan, dollar will end up been more expensive for other users because the forex market which is traded in dollars will collapse, in flow of dollar to Nigerian economy will stop, only people living abroad will be sending dollar home, Zimbabwe that try that how far for them, at the end of it, if Yuan fluctuate as usual inflation will skyrocket in Nigeria.

Oyeha we forget Zimbabwe, that's waht they did.

KingGBsky:
sensible youths shud come 2geda 2 bring transforning ideas for this country instead of being negative in blaming and fighting oppositn govt. We can only help each other.
#WereIsTheLove

Govt are wicked they have always been to the youths, they dont care about you and me rather themselves only.If this govt really cares why not freeze tax on goods we export at least eh chinese have this kinda freeze

989900:
When people say the Yuan is unstable, I wonder if the Dollar or any currency for that matter is totally immune to instability.

Look at what happened to the dollar some years back, or what is happening to the Euro now.

And since the yuan reserves will be largely for yuan purchases, I don't think we have any major issues there if it depreciates, actually it works in our favour when making purchases, it may not work in our favour if we have to pay back yuan debts in dollars (if we have a strong dollar).
However, if we have a strong economy and a strong Naira it still works in our favour.

Are we not missing something here,the Yuan is heavily regulATED, EVEN THE CHINESE EXPORTERS do not trust it hence the rather sell in Dollars
WHo here has ever bought a container load of any goods in YUAN if you buy from shops and do weigh Bill to Lagos then yeah, but if you go to factory where minimum purchase in 1x20 ft container then I am afraid its dollars.

ChoCandyDiamond:
Chinese businesses dont even want yuan because they dont trust it, they prefer USD

That's waht I just said and someone was arguing.

Bgorgeous:
This is real change.see economic policies that gets to the middle class table right from the top.not the robost economy on paper.

How does this effect you and more so gets to the middle class table?wanna face reality

laurel03:
u can buy in dollar anywhere in the world

Not at all, try and buy in Dollars in the UK or EU.no deal and this is fact.your money get converted

989900:
Just ask them you want to pay in Yuan.

I do it anytime I have to.

The you are talking about goods under 1M naira.Cos they don't get tax breaks,they pay more tax wen you pay i n local currency, just don't take my word for it ask them this too.

laurel03:
"You know more than 50 percent of foreign businesses in Nigeria is with China and before now, Nigerians doing business in China have to change their money to dollar, then from dollar to Yuan"
"Instead of the headache of dealing with 3 currencies, the dollar element is now removed and we have a normal 2"
#PMB Nagode 4 ds 1..... chilled fura 4 u as u no dey drink ogogoro like our ex oga..

This where the vast majority of you get it wrong, In China you buy in DOllars not yuan,

bebe2:
You should have enough space between d road and fence. Just in case your governor decides to expand the road in future.
I quite disagree with you on this, and I will give you my reasons. If my building plan is approved by the ministry of urban development and I follow the plan, if any government decide to expand or carry out any construction on the road that will affect my building then appropriate compensation should be paid. It's only in Nigeria that you see individual developers going to develop an area without the master plan of that area.[b] [/b]The best practice is for the government to map out all available infrastructure. E.g access road, drainage, walk way, electric line etc.

We are talking about Nigeria na?

Most pole don't seek approval before building

dont try that again on, you will cry at the end, unless you are talking of a village.

oapeleo:
If you don't know velocity changes when it goes through a conduit pipe

If you dont know the density formula = mass/ volume
And volume = area x depth and from that get the weight of water on the collector. Blame your maths teacher.

If you don't know the density of water. Blame your chemistry teacher.

If you don't know the normal flow equation. Blame your fluid mechanics lecturer

Then my dear, your problem started from secondary school. God help you.

I find ur last statement very disrespectful coming from you who needs a JOB, and my secondary school days ended B4 1991
From your write up I will advice U to stick to Auto CAD and website development.

Skanas:
Well said bro...what this all means in plain language is that if you are buying from China and pay directly in yuan technically it feels as if you are paying in dollars at CBN rate(or near CBN rate) i.e $670 * 197=131990 which is better than paying in dollars at the parallel market rate. My only fear about all this is that if it's allowed to stand for too long it will kill production internally for us as more cheaper goods from china will by way of competition force our local shops to closed up....let's not depend on this for so long, we need to use this period to create more industries so as to increase our export...

Y are we all getting this thing wrong,
First of all we are given loans are guaranteed not physical cash
The Chinese export trade is in Dollars not in Yuan
The Chinese yuan is pegged with the Dollar and can be manipulated at anytime as the chinese are know to devalue their currency at moments notice
For every import made by Us from them the chinese will pay the supplier in China from the Loan(at their exchange rate
Question who fixed this rate?
WE WILL ALWAYS CONVERT OUR MONEY TO DOLLARS FIRST THE YUAN.
There is no Benefit if you are not importing from China
Each time you import you are paying into CBN here in Nigeria, would they CBN be honest enough to service this loan? wont this money go to voice mail?
Lastly Bear in mind the Naira is of no need to the Chinese so you wont be physically be seeing Yuan in Nigeria as no one will use the Yuan to buy the naira. and if Indeed the chinese want their money back it will def be in dollars not Naira or Yuan.
NB,You can reference various currency swap deals around the world, its rubbish.The parallel ones are better.ie Cuba.

Abudu2000:
guy you don take your pills today,wetin you call am no be "euro" and we know that even 80% of Europe dey export,now wetin we wan call Nigeria and China agreement? or you want give the both nations their own continent abi smh

Not everyone in the European Union use Euro, ie Uk and Poland.

give near to precise location plz, you might just get a deal.

donfish28:
http://thewillnigeria.com/news/buhari-emefiele-move-to-crash-the-dollar-sign-landmark-currency-deal-with-china/

I don't think this will crash the prices of phones from China because for example Gionee m5 which cost 2299 yuan from China will still be about 70,000 naira

Economists in the house your contributions please

I don't think things will be cheaper but doing Biz with China will certainly be easier. I for one can tap from this benefit. Something got 2 give they way the country is.They should also make it easy for Biz Visa for Nigerians going to china easy .This should B3 added to the trade agreement.

oapeleo:
Ok. First if you choose to use a collector.
Calculate the weight of water in the collector. You can get weight using density formula and volume from the area. If the weight is too much for your collector, then increase its size or the material.

And to velocity, if you did your fluid mechanics well, you will know Velocity changes when there is a change in area. And to balance the flow, the inlet velocity has to be equal to the outlet velocity. This will help you choose the appropriate number of outlet pipes, their sizes and spacing.

In case you decide to make a reservoir out of the water. Then you need to read on Catchment area and reservoir size. Google it.

Stay blessed

I think you are confusing yourself just as I suspected
We where talking all along of free falling water hence I said the velocity it constant unless it's path is disturbed by presure points or pump. The free fall of any object is directly tied to gravity which is 10g
Even if you use water colector the regardless of the are or volume of water in the collector the exitin of water is going to B same as the is no presure on the colector cos it's open and not a vacuum.
I was waiting to see the equation for this calculation.
I'm not just talking for talk sake I deal with something similar day in day out at work cos we ha e to get water of equipment.

naijadeyhia:
Oga I have and am still doing business with the Chinese so I understand all I wrote up there. Sentiments aside, no country survives alone... in some way they all leech off each other and we term it business but in real sense its not business its simply finding a balanced mutually beneficial leeching position for both parties.

China is offering service In exchange for service and I say yes to that. Why some are saying no to this deal is because of our warped mentality of Chinese products being substandard but that is totally wrong. China is an understanding economy that will give u what you want at the quality you want as long as they profit and many Nigerians have abused this. However they deal mainly on authentic stuff but will compromise the quality for you if you insist.

We have a standards organisation here so why are we afraid of their service even if its Chinese. The so called Japanese products still contain chinese parts and they have their hands in almost all aspects of manufacturing.

They know that a lot of their people do biz here in Nigeria and many more are coming so why not help to make their host country better if in the long run such businesses still help to boost the Chinese economy.

Even if all he said was true?

naijadeyhia:
I honestly think Seun should warn his mods to stop posting any story related to Fayose on this forum. Fayose is an insult to intelligent people nationwide.

Imagine someone with a National Diploma level education from ibadan and illaro suddenly wanting us to believe he is a financial and business guru.

Someone who has been unable to attract any external investment or interest into Ekiti State and spends all his days searching the news for anything relating to Buhari. The guy needs a shrink ASAP because we are all watching a governor run mad in office.

Where in the world did he get the notion that we would be repaying China in dollars when they would be giving us a loan in services..... the agreement is for service exchange between both countries. Much of our oil is bought by China so its only logical to offer them oil for service which is something Buhari knows about so well.

I pity the entire people of Ekiti state for foolishly allowing someone most of them are intellectually better than to rule over them. I thought the last Buffoon in government has been removed but I never knew an even greater one was waiting for the other to exit stage so he could take centre stage.

Bauchi state governor went to China same way Fayose did but he was able to attract investors to Bauchi but what did Fayose bring back to Ekiti.... Ridicule and shame as always.

If you ha e dealt with the chinease b4 I'm sure you will say diff.
If the FG came back with no physical forex then the man is right. Of they the loaner are the same ones validating contracts then the man is right
One thing I know is the yuan is pegged to the dollars and get devalued at will.a thing we are asking the cbn to do.

geesilver:
If by what you analize is right, I think there is some sense in it.........sometimes I think of how this china loan go truly translate to strengthen the naira, cos I know say china things no dey last........I fear the worst for the future. Just pray this government get it right.

I am afraid he is right. I ha e once opted to pay a chinease supplier in yuan but he wants Dollars citing tax reasons

EngrEltolad:
Nice thread those Architects can be annoying at times with their unrealistic building plans.

I think you talking about quacks and DIYers like me.