₦airaland Forum

Putinofrussia:
Can you also tell USA,China,Britain etc not to borrow again?

kppo:
This is good news. I think we should use this to service our national debt and stop borrowing.

LegendHero:
Source: https://nairametrics.com/2025/07/22/external-reserves-hit-40-1-billion-in-july-2025-cardoso/

helinues:
Are we spending dollars in Nigeria? Just for you people to appreciate the efforts of this government, but you just can't as you might have sworn to something not to see the progress of Nigeria

occam:
Mischievous reports like this are only pushing false narratives on the Nigerian debt profile. National debts are measured and reported in USD. This is the internationally accepted practice.

As of March 2023, our total debt was $108b, but as of today, it's $97b. This shows a decline of $11b in the last 2 years. Unfortunately, these doomsayers and negative people will convince gullible Nigerians things are getting worse. They deliberately report the debt in Naira only, thereby overstating the real number. In March 2023, the conversion was based on the highly subsidized exchange rate of N460/$1 compared to the market-driven, efficient N1,500/$1. Of course the figures will be higher in Naira when compared to 2 years ago

This administration has made a strident efforts to pay down the debt. Our international trading partners and countries applaud this efforts and have confidence in the handling of the Nigerian economy by this government. Unfortunately, like lambs to slaughter, gullible Nigerians will believe politicians and fake media outlets.

obaidan:
They should just share this debt as follows.
Dangote go pay 10%
Mike adunga 7%
Abdulsamad Raman 6%
Otedola go pay 5%
Jim via 4%
Orji uzor kalu 3%
Tony Elumelu 2%

Benedict peters, TY Danjuma, Arthur Eze, Jim oh Ibrahim, folorunsho alakija, should raise 8% amongst themselves.

All bank MDs past and present, led by Aigboje Aig-imokhuede should pay another 8%

Bola Tinubu and Atiku Abubakar should help us with 5%

After that make them tell us weytin remain. We will release 2nd list of people that will help us with the payment before dem go share the rest for us ordinary citizens

grandstar:
Subsidize dollar at 1,500? The Naira isn't subsidized. The purpose of floating the Naira was to end the dollar subsidy.

Yes, dollars was borrowed using collaterized crude oil to offset unremitted dollars to buyers. The CBN was owing buyers of forex under Emefiele $7bn. There was only $3bn in the net foriegn reserves- that is the actual the central bank has access to. That was how bad things were under Emefiele. The CBN needed to clear the backlog it was owing before trust in the forex market could be revived.

The backlog has since been cleared. The net foreign reserves has risen to over $30bn.

ncoolsome:
Who initially had the highest price in cement and any other goods he was in ? A group of monopolistic companies are called cartel with dangote leading.

grandstar:
Because your exchange rate isn't floated does not mean it is subsidized.

During Soludo's tenor in his early days, he fixed the Naira below its true market value. He undervalued the currency. Nigeria then was not following a floating exchange rate policy.

Many countries that do not float their currencies keep them undervalued. The UAE and Hong Kong are two good examples. China is another. An undervalued currency is a clear indication that it is not subsidized.

Lamido Sanusi condemned the "dollar subsidy" that existed under Buhari. It will be abused. As Hamilton said, "The existence of subsidies can not be divorced from abuse."

https://www.nairaland.com/4861949/lamido-sanusi-laments-buharis-economic

forgiveness:
What does their profit profits the masses?

We saw Billion dollars companies improving the economy of other Nations. What has this companies profited the Nation?

israelmao:
Fuel subsidy removal is only shoring up wealth fof the upper class which iis the ruling as well as and business moguls.

Zico5:
Where are the money accrued from subsidy removal? Tinubu will tell us he shared it with governors. No any tangible development, they are still borrowing despite the subsidy removal. Tinubu thinks we are all fools. He is only playing to the gallery. Let him continue to share the money just to lure many lawmakers and politicians to APC. The fight is between him and hungry masses. People will rather die than allowing him to rig this time.

grandstar:
It was Buhari's subsidized dollars that wrecked the economy.

Are you suggesting the country goes back to its vomit?

prigoz:
Despite this, yet we keep borrowing. Very soon china will take all of as the security, because I don't see how this deceitful government can pay back all the borrowed money

jpmoriarti:
While European countries like Spain, Switzerland etc still subsidises petrol, transport etc for their people, Nigerian govt removed subsidy for the poor Nigerians and the already rich companies are getting richer while the poor Nigerians sink more into penury.

So, what is everyday Nigerian benefiting from the government? It is a shame.

dederocs:
Government should subsidise for Nigerians, it's a people's rights to enjoy subsidies, government just need to look for intelligent ways to do it.

confluence:
The guy is saying the facts , just wait and see for some year,dangote will drive all his competitor out of market and later monopolize the system. It happened in the cement industry, even few years ago Bua brought cement price to #3500 from #5000 dangote refuse to bulge, couple with the greed of the distributors Bua was forced to raise price back when distributors refused to pass the gain to end users which is the consumers

EarthKing:
One of the basic characteristics of a monopolistic market is price control. With all this strategic moves, PMS will definitely sell at 3k per liter in no distant time. Wait for it!

ironheart:
Monopoly at play here, it happened in the cement industry, same tactic is being deployed.

I remember buying Dangote cement for 950 but now its 10 times the price

malali:
Ighalo coming back from china to play in Manchester united was very high odds.......it was a big gamble

If Osimehen goes to Saudi......he should forget Europe.I

Whether you play in Europe or Saudi..Your ultimate aim should be

....make sure you build your passive income, with bulletproof reliable investments. Once you hit 1 million dollars a year without having to play ball....you are set for life.

BlackViper:
https://x.com/stats_feed/status/1946002981410759082?t=sU58UTenm1q155CchqMFOw&s=19[/quote]What is kind of useless data if these?

cjudy:
Remove subsidy for fuel and be paying it to defend Naira. This government no get direction ajeh

Offpoint1:
They should remove the useless limits... They shouldn't dictate how I spend my money.

As for Fintech, their greed will kpai them

DeLaRue:
My Gtb card didn't work over the weekend. Tried Zenith card, same problem.

Are we supposed to get new bank cards, or the thing has not started operating.

Johnnonye:
Stock is not a scam. Enlighten yourself about stock, you will be happy you did. The richest people in the world riches are tied to stock evaluations. Learn the game and become rich too

HeyMeNot:
oga you people should stop stealing from nigerians. dont convulse too much

HeyMeNot:
thats because they reap nigerians through several multiple chargers... look at all the alert charges and many others

SmartPolician:
Has Dangote been able to satisfy the Nigerian market before considering the Southern Africa oil trade flow? Nigeria should be Dangote's priority because CBN, NNPC and Nigerian banks believed in that dream and invested so much in the refinery.

koladata:
This is what Nigerian government should be doing across Africa if they are serious, see south African doing businesses across Africa, see mtn, see dstv. kudos to Dangote, but Nigeria is richer than him meanwhile he was able to use his money wisely by creating presence across africa

jmoore:
If Opay gets commercial banking license, they will be no 1.

ALISMILE:
I got forex at the parallel market several times

If I was well connected I could have gotten my cheap as well.

Now think— how was that even a fair policy?