₦airaland Forum

Words on marble! !

Cutting an annual salary of 14M in half while turning a blind eye to over 500M monthly security vote is tantamount to masturbation on dry palms.

Buhari should stop the white wash and get to work.

4Play:
I agree it's pure propaganda. You won't expect anything less from the Nigerian media whilst the country's inhabitants suffer. However, I disagree with your implication that reserves should not be accumulated because this will cause inflation. I suspect most Nigerians are not heavy consumers of imported products so managing inflation by depleting scarce forex serves only a minority of Nigerians. For imported goods, if the Naira is left to find its true value, the resulting increase in import costs will help curb import and put the economy on a more sustainable path.

What the CBN should do is "merge" the official exchange rate with the parralel rate by allowing the Naira drop to its true value and stop this nonsense of trying to fix a rate. Let the market decide the rate not the CBN.

We all agree that Naira should be left to find its true value but it must be systematic. There must be a plan.

Gradual withdrawal of fx sales to certain products backed by a govt policy within that sector of interest would be workable.

If you want to stop fx sales to rice importers, then grant soft loans to rice farmers, erect storage facilities that could be leased, govt can get involved in the distribution chain....... Thats a plan.

But absolute withdrawal of fx sales without any support to the local alternatives is inhumane. Especially when local alternatives are no where near national consumption.

You cannot expect a minimum wage earner of 18k to feed on 1200 naira per kilo of chicken... or do you?

Another loose propaganda when this is pure economics.

Prior to this time, the FG through CBN provides buffer for the Naira using the reserves. This is done by financing foreign transactions at CBN fixed rates... and this includes importers, students, medical tourists, PTA etc. As such, Nigerians with proper documentations do not buy dollars from the black market as this is financed through the CBN

Fast forward to last few weeks, CBN has stopped financing imports for 40 staple items including rice, tomato paste etc. These were the bulk items that make up over 80% of the CBN foreign transaction financing. Unfortunately, these importers have had to go seek for foreign currencies in the black market.

Due to this happenings, The dollars that were hitherto available for buffering the naira through financing foreign imports have been re-channelled back to the reserves.

But unfortunately, this is also one of the major reasons a dollar is selling for 245 naira because these importers have increased the demand in the black market, a kilo of chicken has increased from 700 to 1200 and almost the price of every item in the market has risen by 20% or more.

The key question is now.... Do we have to grow our reserves at the expense of very high inflation? Of what benefit is it to the Nigerian masses that we have a huge reserve but the Naira is in a mess and the masses with a minimum wage of 18K cannot afford to eat.

The current increase in reserves is a farce and the bane of our current economic and financial troubles. This is why the country desperately needs the services of a finance minister/ economic adviser to check the activities of CBN

The online APC rodents have not done Buhari any good by portraying him as one who will forcefully correct the Nigerian anomaly and any opposition will bw crushed.

Unfortunately, with the 'fear of buhari' mantra the noisemakers..... the enemies of this government have grown bolder and have found a common front.

Let it be known today. ..... From the South South to the South East, there is no single fear of Buhari. Radio Biafra and Niger Delta Militants have become more daring and if Buhari is brave enough. . He should engage on 3 wars on 3 different fronts without any crude sales.

Diplomacy and federalism is the only way out and unfortunately Buhari believes in none of them.

What a confused man...... God is no author of confusion.

Ok

Very True!!!!

The corrupt entities in PDP have been flushed and they are now in APC.

OBJ
Atiku
Amaechi
Kwankwaso
Saraki
Ngige
El rufai
Etc!!!

And what advise was given to aregberascal?

Ok

Lol

Then I can comfortably tell Buhari that his government have outrightly failed if this news is true.

I've come to agree that politicians have over estimated the gullibility of Nigeria.

Hahahahahaha

Every northerner is first a Northerner before being a Nigerian.

Irrespective of their enlightenment and affiliations, their loyalty remains with their region.

We are fundamentally different people in terms of religion, culture, beliefs, traditions, language only forced together without a working formular.

ItsMeAboki:
Wow!
It seems like some ppl want our hard earned foreign currency reserves be made available and wasted on frivolous importation of rice, tomato paste, even tooth pick (items that we can adequately produce locally if encouraged) in order to temporally and artificially keep down inflation so that we can continue enjoying our unsustainable addiction for unnecessary imported goods.

ItsyouABOKI

That's all

myboy2010:
even the juju man 4 my village no fit do am... buhari all d way

It doesn't hurt to investigate and find out things for yourself.

What exactly has Buhari done to increase Reserves?

shamsuRana:
Question for haters and pessimists.

The haters and the pessimists might be right after all

Another loose propaganda when this is pure economics.

Prior to this time, the FG through CBN provides buffer for the Naira using the reserves. This is done by financing foreign transactions at CBN fixed rates... and this includes importers, students, medical tourists, PTA etc. As such, Nigerians with proper documentations do not buy dollars from the black market as this is financed through the CBN

Fast forward to last few weeks, CBN has stopped financing imports for 40 staple items including rice, tomato paste etc. These were the bulk items that make up over 80% of the CBN foreign transaction financing. Unfortunately, these importers have had to go seek for foreign currencies in the black market.

Due to this happenings, The dollars that were hitherto available for buffering the naira through financing foreign imports have been re-channelled back to the reserves.

But unfortunately, this is also one of the major reasons a dollar is selling for 245 naira because these importers have increased the demand in the black market, a kilo of chicken has increased from 700 to 1200 and almost the price of every item in the market has risen by 20% or more.

The key question is now.... Do we have to grow our reserves at the expense of very high inflation? Of what benefit is it to the Nigerian masses that we have a huge reserve but the Naira is in a mess and the masses with a minimum wage of 18K cannot afford to eat.

The current increase in reserves is a farce and the bane of our current economic and financial troubles. This is why the country desperately needs the services of a finance minister/ economic adviser to check the activities of CBN

Please what is the source of these numbers being paraded by a supposed president?

Is this not the same man we've been told to be patient with that he was still studying the hand-over note?

Without any minister, no cabinet member.... Buhari single handedly without any help traced and calculated 1 million barrels being sold per day by the so-called ex-minister?

With the way Buhari talks and throws numbers around, investors are very wary and Key nationhood stakeholders are increasingly worried.

What if Buhari cannot increase our crude sales by 1million barrels per day in the coming months, can we assume he has cornered and sold the rest for himself? Or he will be back to tell us his numbers were wrong?

There are things a president should not do, even ministers dont brandish numbers around loosely.

Please can anyone tell me the economic policy direction of this dispensation?

Are we all now blind to reality?
What's with the pictures and media hyperactivity without any real life to it?

Whats the plan for the fast depreciating naira?
Are we devaluing the naira or not?
Are we taking away subsidy or not?
Are getting more private participation in the power sector?
Are we deregulating the oil and gas downstream or not?
Are we subsidizing farmers or not?

Why the numerous media press without addressing the pertinent questions?

Dollar sells for 245 naira
Chicken is now 1200 per kilo from 700
Fuel scarcity persists
Investors continue to pull out funds
Stock market loses 1trillion
ALL IN 7 WEEKS

Yet internet children gallivant at the sight of any buhari picture online. .....

but what is the direction? What is he actually saying on our economy?

Lol

The evil called Obj is Nigeria's major problem.

Eliminate Obj and watch Nigeria progress

What exactly could these politicians be contributing to this meeting?

The professional driver is in the car.

No doubt. ... the NE needs some support but why must that be on borrowed funds?

Is this not the same people complaining about borrowing by previous govt?

People borrow to invest and Buhari is borrowing to rebuild. Will the NE generate the funds to payback or they intend to pay using oil proceeds?

When will they borrow to rehabilitate the SS after years of exploitation with no FG prescence to show? 

When will they borrow to rebuild the SE after the civil war wreckage?

 Its funny that Buhari intends to use oil money to rebuild a region that was used through imnense propaganda to oust GEJ from office.... even when the oil money is from GEJ's region. Until justice is done, Nigeria will know no peace.

It is entirely wrong for a President to say nothing would work without security.

It goes without saying that Good security is required for economic growth but it does not mean everything will grind to a halt because we are securing our territory. Under GEJ, Nigeria grew to become the biggest economy in Africa despite Bokoharam assaults.

As an investor, considering statements like this.... Nigeria cannot be an investment destination until all security issues are cleared. Not because they cannot attempt, but because the FG does not believe in any progress outside security challenges.

The truth is that Buhari had zero plans.

Why should the economy and finance ministries be on standstill till Sept all because Baba is scared?

By Sept dollar will be selling for 300 and a kilo of chicken will be selling for 1800.

No serious country leaves a vacuum in its economy.

APC and Buhari are not responsible for Lamido and sons arrest

APC and Buhari are not responsible for the arrest attempt on Dasuki

APC and Buhari are not responsible for the detention of Obua

So who is responsible?
Why should Buhari take credit when its being touted as fight against corruption but always claiming irresponsible?

No doubt. ... the NE needs some support but why must that be on borrowed funds?

Is this not the same people complaining about borrowing by previous govt?

People borrow to invest and Buhari is borrowing to rebuild. Will the NE generate the funds to payback or they intend to pay using oil proceeds?

When will they borrow to rehabilitate the SS after years of exploitation with no FG prescence to show?
When will they borrow to rebuild the SE after the civil war wreckage?

Its funny that Buhari intends to use oil money to rebuild a region that was used through imnense propaganda to oust GEJ from office.... even when the oil money is from GEJ's region.

Until justice is done, Nigeria will know no peace.

Privatisation has started since Obj and GEJ continued in the power sector...... nothing new this time.

One will think Buhari will do something different after faulting every move of the ex-govt.

But which telecoms sector is being referred to here, is this different from the already privatized one?

That of solid mineral and energy is a welcome development.

But privatization of health and infrastructure is unacceptable. This is like a govt trying to run away from its responsibility.

How can poor Nigerians pay for medical services when its privatized? A glimpse is the cost of private hospitals compared to the public ones. There is no insurance coverage for the Nigerian masses and privatizing the health sector is like signing a death warrant for the poor Nigerians.

How can a responsible govt privatize infrastructure as a key policy. That means all government roads will be tolled, all infrastructures which were hitherto free will now be concessioned and everything will have to be paid for by masses whose minimum wage is 18K.

..... They better be joking.

Is it not time someone stops talking and start acting? .... no law of power allows you throw all the cards on the table.

But who are the corrupt Nigerians?
Who exactly in his team to the US is non corrupt?... Amaechi, Rochas, Oshiomole etc
Or the money bags that funded his campaign into office are not corrupt?... The Tinubus, Atikus, Kwankwasos etc
Are all the old military generals not responsible for the corruption we see today?.... IBB, Abdulsalam, Shonekan, OBJ etc

Is Buhari not even corrupt himself?.. Or we quickly swept the $2.8B PTDF funds under the carpet because we were seeking a messiah?
Wouldn't it have been honourable for Buhari to declare his assets as promised?.... why the sudden change of mind?.... The answer lies exactly on the fact that he would lose the non-corrupt mantra the day his assets are declared.


What of the cunny words like "I have more than a million in my account" when he could have said I am worth over 5 billion naira in cash and assets and still be correct.

Truth is.... he that comes to equity must come with clean hands. The true corrupt heads have Buhari's dossier so he wont attempt to touch them. So he would attempt to attack the immediate ex-govt to put a front of fighting corruption while leaving his old friends and co-dining criminals.... BUT he will be shocked.

The fight against corruption must be for the entire lot if it to be just

Please what is the source of these numbers being paraded by a supposed president?

Is this not the same man we've been told to be patient with that he was still studying the hand-over note?

Without any minister, no cabinet member.... Buhari single handedly without any help traced and calculated $150 billion missing?

Why the past decade?, why not the past 40 years?, at least we are sure of abacha loot... so why stop at a decade?, Is this not a clear plot to exonerate his army colleagues like IBB, Abdulsalam and OBJ?,

Is this not a clear jab on the ex-administration by limiting to a decade knowing that Yaradua is not alive to be attacked?

Has it occurred to anyone that USA tracks all the looted funds lodged in their economy?... If they had the interest of Nigeria at heart... why have they stayed silent and not repatriated these funds in the past even with their OBJ (CIA tool) in power?

Why should a supposed president be so loose with numbers at the height of global scrutiny? Was that meant to seek sympathy or are the campaigns not over yet?

If Buhari is unable to repatriate exactly $150billion, should we assume he pocketed the rest?

Are there no smart people around this man?

And the irony of this all is that the same men sitting around him while he was making these statements are the same men who looted the funds and used same is campaigning him into office. People like Amaechi, Oshiomole, Rochas etc have looted their states dry, invested in the presidential elections and they are now off to the US begging to have repatriate funds (same sitting in their pockets)

Who actually is fooling who here? With the way things are going... No incumbent will ever hand over to an opposition in Africa (Lessons learnt from Nigeria)

What exactly has PMB done differently apart from absorbing all the PDP rejected criminals to his bosom?

After criticizing all the efforts of the past government, they are shamelessly adopting all..... Meaning APC had zero plans to change Nigeria cos its all been continuity and autorun.

But unfortunately, they will be thoroughly tested soon.