₦airaland Forum

God1000:
If I were the president. I would simply cancel it.


And such thing should never repeat itself again, how can the giant of Africa stoop so low to the extent of begging for a meeting with a country of 2.7 million people

Our leaders should stop embarrassing us and fix Nigeria abeg

He won't, cos of the estacode. Our leaders no.get shame.

But why can't tinubu sit in one place? Use the energy to solve the problems at home..we have an ambassador in Qatar. Let him represent you in any meeting held over there and save us the dollars.

Abacha looked brutal to Nigerians but he knew whom he was targeting...the enemies of state who pretended to have loved democracy and Nigeria,not knowing they were fighting for their turn. We had the best economy when abacha was in power. He didn't travel throughout his stay in office and he didn't permit his people to attend meetings that would not benefit us anything overseas. Even though he was handed a travel ban, his ministers weren't.

Same people abacha was running after are those who have ended up destroying our economy and democracy today, even setting bad precedent. They stockpile private jets like no man's business, stashing their foreign accounts with dollars and their sons are wearing most expensive wearable.

People may say abacha looted. Who among Nigerian leaders didn't loot? Their sins are still covered because they're alive. By the time they die, abacha loot would be doing press up, compared to how much they have stolen. One of them.iwns 3 private jets. The cost of these 3 jets will swallow all whatever abacha had stolen.

donbrowser:
There you go. It's easier for them to buy from us now because we have lower currency. Same as the reason why people stopped buying rice and cars from Benin Republic

LOL. which currency is of more value here, cfa or naira? I can't believe our naira is this worse. That 1k naira got me 10,000cfa in 2017.

You know, you can't buy what you already have. If you go to Niger, beans have become so useless cos they can't export it so, which part of niger was the intercepted truck full of food items was going as they claimed? They lie a lot..its called damage control. Nigerien have food in sufficiency but can't export due to sanctions.

That's one of the reasons they are forming a Tri-state so they can export to other parts of non-ecowas countries. Ecowas and Nigeria is reaping the consequences of their hasty decisions, food crises in Nigeria will reduce drastically now that border has been reopened. They'd never tell you all these facts

Godfullsam:
You friend is not telling you the truth. Try and do your own research by yourself instead of relying and believing on what your friend told you.

See, one of the reason for the high cost of foods at the moment is because Nigerians are exporting food to Niger Republic through our porous boarders in the north to make more gains.
Just last week, about 50 trucks of grains bound for Niger Republic were intercepted .

Nigerians used to import foods from Niger before, but now reverse is the case.
Tinubu messed up by floating the naira without putting proper measures in place to avoid the current situation we now find ourselves.

I wonder who is advising that old man sef.
Just like buhari, Tinubu thought everything will just begin to fall in place as soon as he assumes power. These men don't seem to exermine the complexity of our economic and security challenges before contesting.

Maybe it's because there is no room for accountability in Nigeria system.

Buhari would have spent his second term on jailed if Nigeria is a country that enforces accountability. We rather enforce mediocrity in this part of the world.

Don't believe all these politicians. Where's the food to be exported? When Fulani herders have sacked most of the farmers and farmlands have become ghost towns in Benue and other places?. Is it not same FG that went and imported rice and made a pyramid of it and called it Nigeria rice? What of the one done by Ibikunle Amosun? The outermost layer of the pyramid was covered by rice bags while the inner was full of rubbish.

Niger is Nigeria's major feeder till tomorrow. Forget the arrangee export through porous borders as reported. It never existed. They just wanted the gullible minds to see the reason why food was scarce.

Let me ask you this....had Niger stopped farming in their country that would have warranted them to import from Nigeria? Farming is like a carnival in niger. Once its time for farming, those employed gatemen leave Nigeria. Our leaders minds is full of deceit. Floating if the naira and closure of borders against Niger same time caused the food crisis in Nigeria. Its high time we looked into agriculture. Most of the cow we eat come from as far as Mali. They couldn't enter Nigeria for months.

donbrowser:
When in actual sense food are being intercepted at export points. Your friend lied to you.

Explain pls . If its the arrangee export they intercepted through porous borders as reported is your thinking, you may be one of those being deceived because it's hard to believe. Niger does farming till tomorrow unhindered. Since when Nigeria became exporter of food to Niger?It's laughable.

Nigeria is in this mess cos people always believe their lies. You know the story behind the rice pyramids of the FG and that of Ibikunle Amosun that time. The Niger border food interception was a damage control gone wrong, which only the gullible would believe. Herders have sacked many from farmland so where is food export coming from? Most of the beans and cosw we consume come from them. In fact some cone from as far as Mali. Do your research

LadyExcellency:
Where is the Form Q and bidding system? Floating the Naira was the master stroke that liquidated Nigeria's economy and if nothing is done, we will abandon the naira for the dollar as a means of transacting business and exchange to recover our monetary policy back to its footing.

Form Q and bidding system via SME Wholesale and SME Retail windows are all gone, likewise L/C.

Floating of the naira is the greatest mistake any reasonable leader wouldn't want to make. Did you see any country in africa protesting over hunger as Nigeria is doing right now? It would never happen. Let me shock you. I have a friend and business partner in Niger Republic. He told me one secret nobody has ever told me in recent times, which was one of the reasons there's so much hunger in the land.

Niger Republic are known farmers. A large percentage of the food we eat in Nigeria comes from Niger, including cows, goat and ram. Most of our beans, tomatoes, onions, water melons,.just name it...are being imported into Nigeria via the land borders inside trucks in hundreds weekly from Niger. Recall the ECOWAS placed some sanctions on the 3 countries where the military overthrew government including Niger? That sanction took a heavy toll on Nigeria, who imports agric produce from them daily. Lots of Nigeria-bound food are stuck in Niger.

Recently,the 3 countries wanted to form a Tri-state such that food from Niger can easily be transported through other countries to other African regions, boycotting the ecowas. The purpose was also to promote economic development among the 3 member states. Some people were just clapping for Tinubu for suspending border closure and other sanctions without knowing the major reason. Tinubu caused the current woes, after announcing subsidy removal , floating of the naira and closure of Niger border to other african countries...the most stupid decisions ever.

I hope with the suspension of sanctions, truck load of food items can now enter Nigeria to discharge goods ,hoping the Nigerien military leader too won't retaliate by stopping trucks from entering Nigeria.

Henryfortune:
There's nothing you will do to please this haters...

He acted too late. Are you aware the 3 countries are now planning a Tri-state formation? I read about this yesterday. They don't send ecowas again. Sanctions suspension is of no effect on them anymore.

With a Tri-state formation, they're free to do whatever they like outside of the ecowas, even parley with Nigeria's enemies and nothing would happen.

At times, its always good to look before you leap.

descarado:
E don hook tinubu for throat.
New assignment.
Make sure these people don't leave ecowas or........

From begging to lifting sanctions.
What next.

So pe o tilo. I read recently that they're forming a tri-state. Apparently ecowas has no power to sanction again. You can't sanction a non-member. Lifting of the ban is of no effect

Xscape1993:
I am not surprised...

Why they arrested the authentic LP chair and accused him of possession of gun is becoming clearer . Baba yii o lojuti kobo. He's not even hiding his stupidity and the fact that tinubu is using him.

Jimmy will be called names for saying this. Petrol is now 640 at mobil and other major stations

True . I know a Nigerian leading politician who goes to South Africa for his routine medical check ups. Guess what? A known Nigerian doctor who relocated to South Africa in 2012 is his physician.

They destroyed our health institution, paying drs peanuts. Same people are patronising our drs in a foreign land, wasting tax payers' money. I just pity those following them like mumu over some sentimental moves and 5,000 naira largesse. They're always at the receiving end.

visionsen:
Mr. Edu should work with the recently appointed monetary committee then let's see how it goes.

Most of the MPs used to be part of the problems we're facing today. Have you checked their profiles and their activities or services rendered to the CBN? Pls check

Seun:

https://www.youtube.com/watch?v=hNf97-hy7Gw

Our Finance Minister, Mr. Wale Edun, who is responsible for fiscal policy, appeared on ChannelsTV to share his plans to improve the Nigerian economy:

1) Giveaways. He spent half of his time talking about giveaways. He feels most of the excess naira in circulation has gone to the rich, so he wants to share more excess naira with the poor as well. 🤐

2) To plug revenue leakages by channelling all revenue directly to the FG and disbursing expenditures directly to intended recipients without intermediaries who might embezzle the money. ✔️

3) To increase tax collection by 70% this year without increasing tax rates and eliminating some types of tax that are unnecessary. ✔️

4) He want to pay back Ways & Means by looking for new sources of revenue. I felt that his explanation of how that would be achieved was vague. It's unlikely to happen after CBN's data showed an increase in W&M. ❌

5) Collaborating with CBN by increasing interest rates to attract FPI. I find this to be short-sighted if attracting hot money is the perceived benefit of raising interest rates and not the reduction of inflation, & FDI. Also, our real interest rates are still negative, so how will this work? ❌

Overall, Mr Edun has some decent ideas but his overall plan is inadequate to solve our problems.

I recommend inviting the economists who spoke at Proshare's Economist Conference to Abuja for a retreat where they can help him to develop a comprehensive plan that might actually work.

Don't mind these guys Seun. They're at their wit's end.. confused set of people

Jennyclay:
It’s so glaring it was a self defense because being in a heated argument with a Nigerian man is very dangerous

They are all violent in nature, they are quick to raise their filthy hands or carry cutlass to butcher someone’s daughter

Bunch of woman butchers!!
Evil men!!

...and that self defence will land her in jail. I pray they get her asap. I wonder what you'd have said, had the guy been the one who stabbed the girl.

Biodun556:
CBN is working hard

Selling dollars on the streets like pure 💦 water should be criminalized it doesn't happen anywhere in the world except Nigeria

I think you're right. But the question we need to ask those in government is, are they truly sincere about leadership?

Most of them are the cause of the woes in the country today and not those selling dollars on the street and I'd tell you why.

I'm an importer and I serve both health and oil and gas sectors ok? Each time I opened a form M, either for L/C, or form Q transaction which allows genuine SMEs to access 20,000USD quarterly and the form M has been submitted and approved with form M charges taken, we'd now be waiting perpetually for the CBN's weekly fx allocation. The CBN would tell the public that an xyz amount had been allocated to various commercial banks. But by the time you investigate, the money had been shared among directors who would keep fx for these same politicians at special rates and leave crumbs for genuine fx applicants to share, which will never get anywhere, of course.

Virtually all these politicians own at least, one company. They need fx too for one thing or the other overseas. We have a governor in the s/w who owns a popular petroleum marketing Co. These guys always approach the bank directors to hoard fx for them.

After genuine fx applicants had waited endlessly and customers keep pressurising them, they'd be left with no option than hit the streets and rake as much as they can, though at a high commission, after banks have failed them. You can imagine the street sellers never existed, ebi maa pa awon eeyan gaaan!!.

In America, SMEs are the driving forces of their economy, not all the big shots. You can imagine fx given to the likes of dangote and otedola in the hands of SMEs, our economy would have received a huge boost, more people would have been employed and those in agricultural sector would have raised a bar and food would have been in aboundance. FG would have earned hugely too, in revenues via taxes.

Let me tell you the effect of these unwarranted arrests...

1- food scarcity would increase cos SMEs are the biggest players in our agriculture

2-cost of commodities would soar and we'd continue to witness both cost-push and demand-pull inflation

3-anarchy would now set in.

In conclusion, our leaders know whom to arrest but as you know, won ni ti a ba nfa gburu, gburu maa fa igbo. Its a wise adage. They'd be affected as well.

Solution to the problem is licencing bdcs and regulating their activities, not arresting or increasing their share capital. You'd be surprised this would be hijacked by same politicians who would only register a bdc and hoard the fx allocated for their registered companies, if they succeed in increasing share capital to 2bn naira and genuine applicants won't still access fx.

I remember when they appointed travelex to give fx to travellers at the airport. We'd approach them and they'd say they've not resumed. By the time they finally resume, they'd only attend to a special list and tell you dollar has finished. This had happened to me twice. I almost missed my flight to France on one occasion. I queued for hours before they said, dollar had finished but we should still wait. They only attended to 2 people on the queue. Travelex had mopped up everything and given it to the highest bidder through the back door cos the cbn always assured of enough allocation to travelex.

Until there's sincerity of intentions, they'd keep fooling us while we'd be clapping for them.

I wonder what the over-hyped MPCs would achieve under this economic hardship, as if they were not part of the same system that destroyed our economy. Anyone among them who had at one time or the other rendered a service or linked to the CBN is already a failure.

Even if they reverse the floating of the naira today, it won't change anything until after a year or 2

Delivery is key. No be profile you wan chop. If I present my profile,many would also feel excited. Nigeria is messed up already

silverkings:
Ths shettima wear cap for church?

A proof he's not a Liberal Muslim. The little you see him do in public is because he's a public figure. Its pure deceit

These business owners are slave drivers. They're part of the Nigeria's problems

Paraman:
https://www.thecable.ng/imf-nigerias-inflation-rate-will-drop-to-23-in-2024-15-5-in-2025/amp

Ask the IMF

Read the below from same confused IMF

https://guardian.ng/news/imf-warns-nigeria-of-potential-44-inflation-rate

www.arise.tv/imf-warns-naira-may-experience-further-35-depreciation-in-2024-due-to-local-production-challenges/#:~:text=

https://nationaleconomy.com/imf-warns-of-potential-44-inflation-peak-as-naira-falters

https://nairametrics.com/2024/02/19/nigerias-inflation-may-peak-at-44-as-naira-value-worsens-imf/?amp=1

I had to pull this from various sources so you'd not say it's from a blogsite or its fake news.

See, these guys are our major problems. The foreign media always speak from both sides of their mouth and they're mostly given false reports by their local correspondents whom the politicians have bought over.

I always pray for a better Nigeria. We're the only ones who can tell the real story , not what a foreigner or foreign media is telling us. Their reports don't reflect the realities on ground. That's the truth

alanto:
Please stop posting Nigeria's growth it's hurting obi people

Yes, it's hurting because it's fake news. We aren't seeing this in reality. These foreign news media don't know the realities on ground. They publish only what their bought-over correspondents tell them.

World Bank, IMF , etc predicted improved economic growth for Nigeria last year after the removal of subsidiary. The same people told tinubu recently to review the policy cos more people would be plunged into hunger...you see? Nobody can tell thr Nigeria story better than Nigerians. The new slogan ebi npawa ooo, coupled with the protests seen nationwide Is a proof nothing is improving. I hope reuters would do a through research on the real situation on ground cos I don't like the way people always confront me politely and be asking me to buy food for them daily each time I set out. Its not a good sign at all. It's never happened this way since I was born.

With all this fake report, fuel is now sold for 640 naira, beginning from yesyerday morning at major stations. Same crude output had always been impressive for some time now, yet it has never reflected in our economic growth.
You should know we all crave a better Nigeria and we don't have any other country.

Useless talk. Set awon nkechi CEO. You too would soon come on social media crying and exposing your dirty lifestyle.
The moment you set a particular age for marriage, you've started failing already and putting yourself under undue pressure. Just believe in God and stay focused. What would be would be. Enjoy your life to the fullest and don't run someone else's race

HopeNeverDies:
These people have really taken Nigerians to some joke extent!!!

30billion isn't no kid here! People are damn suffering... fgs 💔

Who df is saying the truth between these nincompoops


Seyi , ogbeni come finish our road for adegbayi to Ajia o😕

Where's the money lol? The loan he wanted to take from the French govt for the upgrade of oyo health institutions hasn't been perfected yet, been 3 yrs now they've been on it. As a matter of fact, they're not even talking about it again. Our partner SFEH came to Nigeria post covid for a holistic assessment of oyo hospitals but left in disappointment. The health commissioner, that lady was in attendance during the visit.

Maybe Seyi was thinking tinubu would help out, one of the reasons he supported him. The federal govt no even get imself right now. Nnkan ti baję mon won lowo. They're at their wit's end.

Just enjoy the little portion of the adegbayi Rd done in peace . I don't see seyi doing any meaningful project in his 2nd term cos no money anywhere. As you can see,most of those major projects, including the one at iwo Road had been stalled. I passed there 2 days ago on my way to oshogbo and back. Seyi tried shaa but when there's no money, he can't do anything.

Nigerians should brace up for stiffer economic challenges cos this administration has missed it from day one. They've not even spent one year in office yet and people are already crying

I pray it crashes truly cos I bought fuel in same Dapo Abiodun's Hayden Petrol station yesterday at a high cost. Will somebody like this ogun governor ever pray that dollar should crash when he has tonnes of petrol his company bought at a high cost and kept in his various tank farms? These people think we're foolish shaa.

Sincerely, I pray it crashes cos the scenario is hurting me.

A short term measure is commendable but not the lasting solution. Nigeria is in for a long-term , seemingly unending change.

BeninRefugees:
Omo

Elections has consequences


There's huge difference between being good at playing dirty politics and leadership

God just wants us to learn a lesson. Every human being (not only Christian, Muslim or pagan) is feeling the consequences already. When you go to a marketplace to buy meals, sellers won't say because you're from a particular tribe or religion, they'd give you a discount or you have a different market place where you'd get goods or fuel cheaper.

Recently, the sultan of sokoto confessed that Jonathan administration was the best so far after Obj's since the return of democracy in 1999. Then, some people may maintain that crude sales were high both in usd and volume back then but today, its same scenario for over a year now yet, no improvement. They don't even tell us how much crude they sell daily and at what price. Buhari destroyed Nigeria and his people even attacked his convoy physically cos they felt disappointed and now, its Tinubu's turn under same party.

We're still experimenting in Nigeria, what we've been doing after decades of independence. Kemi, a trade secretary of the UK came to Nigeria recently and my people identified with her even though she's British. Here in Nigeria, that lady won't see ordinary LG chair. Obama wouldn't have seen any reasonable office to head if america were Nigeria and we like to visit their countries where things work and people head positions without bias. We're not ready for growth and development yet. They've turned governance into turn by turn.

One day, I believe the masses, irrespective of tribe will react wildly to their wicked rule...We're smelling it already. This is just the beginning . They've not seen protests yet. They'd soon begin shutting down MDAs

emkz:
These are just temporary measures and are bound to fail. The forex market in Nigeria is like a hydra-headed snake. Cut one head; as you face another head, the first head will grow back. Cut the damn neck! In other words, let the CBN address the root of the problem instead of pretending they don't know.

Since last week, dollars injected into the forex market are mopped up.

Who exactly are those mopping up the forex?

What economic activity is tied to the raid of the forex?

Ribadu claims the activities of speculators are responsible for the hike in dollar rates.

My question to Ribadu is: why are the speculators not afraid of the government?

For many years, bank MDs have been accused of buying forex from CBN and the forex goes into the black market through back channels, for example, there are vulturistic abokis sitting in banking halls trying to buy off dollars from customers.

Who regulates those abokis?

If the $10billion the vice president said would come into the system enters, it would be evacuated by the same speculators which would not solve the problem.

My observation is that CBN has lost complete control of the forex market and are being regulated by the BDCs and population instead of CBN being in control. All over the world, forex trading is heavily regulated by governments through central banks.

What I also observed is that the dollars are mopped up by those who don't need them but are keeping them for a profit. Therefore, let CBN take complete control of the forex market through the following measures:

(1) Deregister all unlicensed BDCs. That market is heavily unregulated and until they are faced squarely by the authorities, the practice of the naira dying will not stop.

(2) Stop selling dollars to commercial banks as it is clear that they have failed in meeting their obligations to customers with the dollars. People who approach the banks for PTA/BTA and school fees are directed to the BDCs. Why do BDCs have dollars and banks don't? Even with banks, some people still approach the CBN to transfer their school fees. Infact, it was found that the banks had $5billion in their vaults. How come no one has been punished when these same banks created artificial scarcity to push people to BDCs?

(3) All banks should be compelled to show a statement of how they used the dollars they received from the CBN from the last two years. At least it would give us some ideas of what disappeared through the black market.

(4) CBN needs to carry out a tsunami on the banking industry. Use some bank MDs known for the forex fraud as examples by dismissing them for breaking the law.

(5) Once all these measures are taken, the CBN must protect all forex coming into the country to ensure the problems we currently have are not iterated.

In summary, CBN needs to take drastic measures to regulate the market.

There are other measures that can be taken to get the dollars from those who have stored them. Whether the CBN would have the will is something else. The Nigerian forex market is like those who pirate music.

Kill the black market for forex.

The black market had always been there before many of yiu were born and naura remained strong. You don't even need to buy fx expert you want to travel overseas. If you needed to order goods, banks were there to help . There was a time in this country when the official rate and the so called black market rate were almost equal. When banks refuse to sell fx to you for whatever reason, you head for BDCs.

Why do you think people are hoarding the dollar? Tell tinubu if you know him to reverse his floating of the naira. Otherwise, people will see paper on the ground and think its money. He won't be abke to endure the soon to come wahala that will erupt in Nigeria. The masses will always be at the receiving end. What's in the various banks is a tip of the iceberg when compared to the money in the hands of those mallams.

If i were tinubu, I'd take a harsh measure of converting the over 30bn usd lying redundant in commercial banks to naira. But he'd not do that cos himself and friends own the majority of those monies. We don't have a committed leader yet. To rule Nigeria successfully isn't rocket science. A leader with a will is needed. A lot of people reading my message always make mistakes by attacking Obi each time, thinking he's the one I'm referring to. I wonder why they don't mention atiku. There are many Nigerians who are qualified enough for that position. But the corrupt guys we have there won't permit them.

Is anybody hurrying him before? Is anybody threatening him to leave power? He had shot himself in the leg. He'd be the one to force himself to leave with his wicked polices

yarimo:
ABURE and OBI are known criminals

Yes, only to the agbadorians

EnglishUsa:
Some poor people will still vote APC that day

When they say edo no be lagos, just gba bęę. Edo people will collect your money openly and will still not vote you.

donpapa:
We warned them about the dangerous precedence Yahaya Bello would set but no one listened! You can’t run a country like this and know peace!
Even the almighty Adam Oshiomhole is wailing!!!

That's what happens when a desperate politician wants to hold on to power. A lot of bad precedence had been set by the apc which will come back to hurt them.

Mccullum:
I'm observing either this concerted effort will make some changes or not.

No government can tolerate economy saboteurs to this pathetic level.

God bless Naija.

BDCs have been doing business from time immemorial. The fed govt is only chasing shadows like emefiele who went after the abokifx, saying they're the reason for the then worsening naira. Not knowing we were still playing back then. Floating of naira is as good as slaughtering the masses in their threats. Its a wicked policy.