₦airaland Forum

cr7lomo:
Thats what alot fail to understand.... if an average person can only visit the cinema one a year ... then there's a serious economic problem.... as u rightly said ... its cheaper to put data 2k , and watch like 10 movies on YouTube and Netflix ...than to spend money on transportation thats very expensive compared to b4 ...then spending on the cinema ticket ...all will cost about 15 to 20k , plus transport.... if u are on a date , thats an extra 5 to 10k ... I will rather invite the date to my house to Netflix and chill... which is far cheaper .... most Nigerians are using their money to feed and take care of groceries first ...which is very expensive these days .... cinema is not a priority again... will rather use that money to go the beach , which is even cheaper


As long as there's another option for visual entertainment... then the cinema industry is cooked

Let me ask you a question?
Was going to the cinema ever a priority in Nigeria?

Naustine:
So what prompted the increase from 240 to 800 initially? Was it minimum wage increase?

What was your minimum wage, money supply, forex rate, per capitas of GDP PPP and nominal when you were buying it at ₦240?

Inspirer1:
I don't subscribe to these incessant increment in kinimum wage as is being done here.
Why not demand a better economy.

How many Nigerians are civil servants that truly get to benefit from any increment?

Government can increase minimum wage today and weaken the economy tomorrow such that the increment becomes useless.

Is that not what is happening to the last increment? The current 70k is even more useless than when it was 30k during Buhari's tenure.

What NLC is doing is about the system that is designed to keep the rat race running.

DevAfrica:
This is why Nigerians won't take NLC seriously. Almost everything on these demands is for public sector workers. What of the self care employed and those in informal sector who account for d vast majority of workers? Reducing fuel price is out of d hands of d FG, d PIB has deregulated d sector. This is not our fight, it's your fight cos we stand to gain nothing

The government can allow the naira appreciates to it's real value which was around ₦1,100/$ in June this year.

Naustine:
The minimum wage was negotiated when fuel was around N800 per liter..now fuel is about 1400 that's about 80% Increase in fuel price ..that automatically renders the minimum wage useless...so it's either they increase minimum wage or return fuel price to what it was

The higher they increased the minimum wage in naira, the higher price of petrol and the lesser quantity it buys.

Ambivert77:
Negotiations are part of democratic society...Moreso, this is the time to negotiate good renumeration for the civil servants. I support this move as long as it's not political.

Good renumeration like?

saintkel:
What I don't understand is dis....u claim to remove subsidy n recover trillions of naira.....then y is dis government always collecting loan from world bank and china?

In 2026, someone still believes trillions of naira were saved from petrol subsidy removal. The same subsidy that was financed with loans which the government is still servicing.

Ankakh:
I can understand why the government will try and market this as a win because when the likes of P&G, Uber and others left Nigeria, they were blamed; but JPMorgan is primarily here for the HNIs. It looks good on the whole macro level, not so much on the micro level. And the real change for the country's economic level happens at the micro level.

JPMorgan, P&G, Uber are all foreign companies with one goal, invest some dollars and harvest massive dollars at the end. The difference between the dollar invested and profits are borrowed dollars.
So, a functioning economy will filter out foreign firms who are not export oriented in due time.

tonyashburton:
Employees can get rich if they're given stock options at pre-IPO prices. When their company debuts on the stock exchange through an IPO, they could become millionaires on paper depending on how many shares they hold and the stock prices.
Examples are Space X employees and other tech sector workers who got very wealthy in the tech booms of the mid to late 90's.
Also executive level employees at most large corporations are very well remunerated with high salaries and performance based bonuses.
So in a nutshell, you can certainly get rich as an employee.
The OP's generalised statement is not entirely correct.

Based on this your explanation, the employees of those companies got rich by stock options (investment) making them investor and not salary.

2special:
Go check the payout that was giving to the chairman of Cadbury Bunmi Oni when he resigned, the late chairman of Access Bank started as employed even Tony elumelu rose up the rank to become the chairman of U.B.A, MTN and stanbic bank chairman salary and yearly benefits.

This people you mentioned are shareholders of the these organizations.
Hence, they are investors.

Irony1:
It has only achieved $3.4billion in assets since 2011 when it was funded which lends credence to what I said the govt has not been prudent in financial management, if not we would not be where we are.

Sovereign Wealth Fund is were the government invest it excesses.
So which asset size where you expecting from country that specializes in exporting crude oil, borrowing against the same as collateral to import substandard petroleum products and quotes imaginary competition theory on top?

anonimi:
Stolen as usual, just like the billions of dollars in subsidies removed, higher revenue targets in August as well as more loans than when PDP gave us:

- cheap petrol
- cheap dollars
- high employment
- high productivity
- high prosperity


to be the biggest African economy.

Otherwise, why are roads worse than the PDP years




https://www.youtube.com/watch?v=v_mAUX4wWC0?si=TH4LTxdg1B-mcxU9




https://www.youtube.com/watch?v=vaStIpnqjdU

Can you explain how it was stolen?

Irony1:
You seem to miss the point here. If we do an audit of our solid mineral assets alone. If you add 2m barrels per day with our solid minerals revenue we should be having a sovereign wealth fund in addition to our revenue earnings. See Nigeria has a lot of mineral wealth that these our politicians have kept hidden.

Nigeria has a Sovereign Wealth Fund called the Nigerian Sovereign Investment Authority (NSIA) which was opened in May, 2011.
Sovereign wealth funds are nothing but government investment company just like fund managers who operates mutual funds where the government invest it's excess for passive income. To have a passive income, you first need an active income.
A poor man whose daily income cannot cannot give him a proper three square balanced meal has not business investing for passive income.

iwaeda:
He is only widening the tax nets and reducing your purchasing power. They want to tax like developed country, but provide little or no infrastructure.

Developing countries needs little to no taxes for development because 80% of what is needed for the development has to be imported with reserve currencies like the US dollar.
So why tax Nigerians in naira when dollars is needed?

nairalanda1:
I would like it if most nigerians paid taxes at 30% for the poor, 40-50% for the rich...covering something like 95% of working age nigerians.

NO, I don't support tinubu, and i don't like APC. But here is the cold reality, 1.7 or even the 4 million barrels that tinubu is aiming for, or even the ten million barrels, all per day, of crude...cannot yield enough revenue to satisfy 237 million nigerians, even if we comot corruption.

I like the tax idea because it would reduce (not end, every nation borrows) our borrowing. More importantly, it would really put fire under our leader's legs well well. If we are paying hefty tax, and not seeing any benefits at all at all, ya think that there would not be actual revolution?

70% of taxable nigerians are not paying taxes. Less than 20% of this year's budget came from tax revenue. That means borrowing, because for us to not tax anyone, oil has to be way above 160 dollars per barrel..on a continous basis. And to reduice borrowing, we got to improve the tax to gdp...which is below the African advantage.

Because most of our government revenue is not from tax, people do not effing care about the massive stealing going up in Abuja and the executive. It is time people were forced to wake up. When that happens, nothing for APC or our crrupt leaders to loot again...dem go see shege.

Infact the reason why we no dey see revolution is because e no dey hit people for their pockets.When it starts actually doing so, people would wake up and see

30% tax for the poor and 40- 50% for the rich?
That is pure illusion?
Any geographical territory where tax is levied, the poor pays 90-95% of those taxes.

panpan:
When will Nigeria's external debt become $0?

When Nigerians stop importing all kinds of foreign nonsense.

AMINDA:
Trump just struck a deal with Russia to import cheap diesel that will cater to the already highly-subsidized farmers in America. That's subsidy. He has even thrown Zelensky under the bus because of this. But they keep pushing the narrative to developing countries that subsidies are a bad thing.

The subsidized diesel is for Russians in Russia, US is buying at market prices.

Fearurcreeator:
Common man should stop being common . Anything common no too dey get value. You sef no like common things. Stop being common. Upgrade

Your comment is both funny and logical. Common man wants to escape poverty but don't know importance of forex reserve.

Jakarta:
Foreign reserves, wey dey reserve porverty.

For Nigeria defeat poverty, external forex reserve should be minimum of $1 trillion. This is achievable through manufacturing, exportation, less importation birth control.

shox:
That’s some serious money laundering sh!t

It will be money laundering if done illegal but if done legal, that is some profit shifting, tax avoidance and wealth preservation strategy.

Dreal1247:
This is the foundation of speedy improvement on the side of our local producers as the increased demand will encourage improvement. Also it will reduce pressure on the foreign exchange thereby strengthening our local currency.

I doubt the part of reducing pressure on foreign exchange because a good number of local assemblers are foreign companies who are waiting for the next general meeting to repatriate profits in dollars back home.
Both the indigenous and foreign assemblers depends heavily on foreign patents, critical components for there operation.
So, I don't see any forex conservation strategy here.

DeLaRue:
I asume most of you don't even know that this $6.4 billion dates back to before the current administration came back to power.

Since coming to power, this government has paid back over $12 billion dollars most of which was from previous administrations. So, what is $6.4 billion?

Ghana, whose economy is barely larger than that of Lagos State owe the same $6.4 billion as Nigeria, yet Ghanaians are not on the Internet abusing their government. Why is it that many Nigerians, most of who don't understand how national debts work, go into a meltdown and become abusive on hearing that like Ghana, Nigeria also owe $6.4 billion.

In any case, the $6.4 billion is payable over several years. Even if it is payable tomorrow, Nigeria has $55 billion in reserve from where it can write a bloody $6.4 billion cheque without flinching. Meanwhile, Ghana can't afford to pay $6.4 billion at once, yet its citizens who are better educated and know how these things work are relaxed and not worried.

And by the way, which government increased our net foreign reserves from a disastrous $3 billion to almost $40 billion in just over 3 years - it's the same Tinubu government that you people are abusing

No problem, you people should continue to let opposition politicians like Mr Atiku and Mr Obi deceive you.

This is the only comment with financial literacy, the rest are just displaying there ignorance.
A country with over $40 billion in net reserves shouldn't have sleepless nights over $6.4 bond.

TenQ:
Nigerian need 40-60GW of electricity and we generate at best less than 6GW of electricity and you say the problem is not generation but subsidy!?

Who told you this?


Subsidy was estimated to be about ₦1.63 trillion between 2015–2019.
Between 2020-2023 subsidy was reduced to about ₦144 billion.

By April 2024, subsidy was removed entirely for the so-called band A and despite the general INCREASE in tariff, the government said that subsidy was back to ₦1.949 trillion subsidy obligation for 2024.


If this isn't corruption, tell me the formula of this witchcraft looking at the Tariff according to year

2015 ₦25/kWh
2016-2017 ₦29/kWh
2017-2019. ₦31/kWh
2020-2021. ₦45/kWh
2022 About ₦58–64/kWh
2023 About ₦60–66/kWh
2024 ₦100/kWh
2025-2026 Band A: generally around ₦200–₦225/kWh., Band B: roughly ₦160–₦190/kWh., Band C: roughly ₦130–₦150/kWh., Bands D and E: approximately ₦35–₦125/kWh.





If you are still convinced it is a subsidy problem you need to explain how 6GW can be shared successfully by the population of Nigeria when we need 40-60GW.

Electricity has three sectors with three different sets of players.
1. Generation which has been privatized since president Jonathan era.
2. Transmission which is handled by the Transmission Company of Nigeria (TCN).
3. Distribution which is privatized.
The 6GW you are talking about is the transmission capacity of TCN which the federal government. Nigeria's generation capacity is about 14GW and the TCN 6GW is the reason there is always a grid collapse because it is too small to carry the electricity generated.
About 80% of Nigeria's electricity is generate revenued from natural gas which is subsidize by government and Band A subsidy is more of power subsidy removal between Discos and the federal government. The electricity used by Band A users is still generated from subsidized natural gas.
About tariffs, me and you know the exchange rate between 2015 and 2026 combined with tax increment, excess naira in circulation etc.

Akwamkpuruamu:
No matter what, Obi has set the standard on selflessness in leadership

Selflessness?
Elon Musk is the first trillionaire on earth but earns $0 salary

TenQ:
Why ate these people acting like Power Generation is Rocket Science!?

Produce enough electrical power and transmission is easy!

The electricity problem of Nigeria is never generation but government subsidizing when they can't pay subsidy and refused to removed it and still holding on to transmission.

Emmabyte:
Dangote want to be the only one doing petro business in Nigeria just the way they did in cement thoes days

You seem to be tying from a different planet

zoedew:
Nice. I agree that this government has been irresponsible in granting import licences to bring in petrol when it could have subsidised local crude production through the NNPCL in which it has controlling shareholding. Going that route might reduce NNPCL profit but it gives the much-needed succour to the people while we await the promised micro benefit of the macro improvement in the economy. Given the thieving and corrupt antecedents of Atiku I do not trust him to be able to do what he suggests in a manner that will not in the long run harm the country.

Who gave Nigerians this idea that subsidy reduces profits?

blackmantis:
They have been importing fuel all theses while before Dangote Refinery Let them continue to import and sell what's the wahahla now. Dangote said he is not selling to you simple.

Under which law?

omoredia:
Dangote showing his true colours now. How won't they import when the imported is far cheaper that the locally produced fuel. Was Nigeria set up for Dangote and his family?

Where is the far cheaper imported petrol sold and what is the grade?

Iran2025:
That Nigerians have been paying.

Petrol subsidy was financed with loans with the government owing subsidy debt

Iran2025:
Nothing stops Tinubu from building new refineries with our fuel subsidy's money.

Which fuel subsidy money?

Iran2025:
His decision. We have been consuming imported fuel for years. Na him Sabi. We need more hands to import more fuel to reduce the prices. Dangote never see anything.

When will some people see reality. Nigeria is the only country that exports crude only to import substandard petrol and sell it higher than the standard petrol yet a citizen still believes the illusion of competition reducing price.