₦airaland Forum

Beforedbuilder:
All stories what Nigerians need is uninterrupted power supply. Aba power should buy or run their own independent gas plant. Enough of excuses.

Kukutente23:
Keep quiet forthwith
This is beyond your intelligence grade

Kukutente23:
What does exchange rate have to do with local crude refining in naira as against imported fuel
I'm taking about the ratios not the price
Can you guys?!!

Starcrest1:
5 million naira not 5 hundred thousand.

Minimum wage = 15 dollars × 1400 =#21,000

Working hours = 9hours × 30 days = 270 hours

#21,000 × 270 hours = #5,670,000

Starcrest1:
Oya explain to me why minimum wage is #5,000,000 in the US while in Nigeria it's #70,000 but Americans buy fuel #2000 and we are buying it #1300 in Nigeria....

I'm listening....

Kukutente23:
I keep saying it that what's going on is a scam

When subsidy was removed in 2012 under Jonathan which Tinubu and his goons organised against, fuel price went from N87 to N145 which was less than 100% (60% actually). And crude oil was selling at over $110 per barrel while we were importing the fuel.

So how come petrol price is over 600% (656% actually) at N1300 now from the price before subsidy removal (N189) at just around $100 per barrel when the crude and refined products are being sourced locally?

Can anyone explain this mathematics in a way that makes sense

edogu:
1.Fuel subsidy was removed, yet we are still borrowing.
2. It's true that the removal has increased the amount allocation to both states and LGAs. Unfortunately, many of them are doing nothing with the money.
3. EFCC should be restructured for effectiveness and efficiency. Their current mode of operation seems to have lost its impact. It's no longer the EFCC we knew during time of Ribadu. The current one is more interested in yahoo yahoo boys. The FG in attempt to win next election has turned a blind eye to some of the activities of the state government. My governor recently bought brand new landcruiser and distributed to party executive for what reason? Meanwhile, the schools in his local government are in ruins.

TonyeBarcanista:
Sadly, we have enablers of the systemic rot!

Now you said Governors can testify to how rich they have been since the purported subsidy on petrol was removed, you are right. They became so wealthy, just like the President. While citizens continue to lavish in penury. Is the government meant to serve the elites and politicians, or the entire population?Governors are now rich in what currency?
What was the purchasing power of the naira before Tinubu?

As for the socalled project, can you provide a list of those projects (ongoing and completed) and the costs? Lets see whether it matches the N20trn FG claimed to have benefitted as their own share from the subsidy removal.

helinues:
Except if you are expecting the government to be dropping daily food on the masses table.

Apart from money saved from fuel subsidy, the governors can testify to how rich they have been since fuel subsidy payment was stopped.

How about the ongoing projects across the country, where did FG get money from?

Sholamyman:
What about the Geregu debt.

fijiano202:
Some of you easily believe rubbish news ..Ghana that dont have 24hrs light want to supply Nigeria and some dull Nigerians actually believe

cr7lomo:
Arr u sure u are normal?? He owns the company ....he doesn't hv to be paid... his shares is his salary... he is the business owner... delta state or any other state isnt a business ...its an elective job

cr7lomo:
But u are carried in an official car worth 300m and a convoy worth over a billion... now how does it balance ??

Nextjs:
Useless discussion.

All the taxes, subsidy removal


What impact

As we arguu here. Thousands of Nigeria are stranded in Benin bypass

AleAirHub:
I am confident this step will restore investor confidence in the company and underscore our long-term stability.

Parachoko:
It's going to be so dumb for any Government to start paying subsidy on Fuel again

Jakarta:
Just like how Nigeria's public debt jumped from ₦12.6 trillion for 55 years after independence to ₦159.35 trillion in 11 years of APC led FG. Even after the removal of subsidy, floating of the naira, increasing customs duty, increasing electricity tariff, increasing VAT, PBAT alone added over ₦71T to Nigeria's debt in just 33 months with almost nothing to show for it.

Hedonisco:
This is wishful thinking. If the Yahoo phenomenon has truly "folded up", you will tell from the crash in rent prices, hospitality, hook up prices, and the likes.

These guys are like the phoenix. They somehow perpetually evolve, renew themselves and become ever so much more sophisticated. There is always a new scheme or 'update' or the other.

Go to any club, even in ghetto areas, every weekend night and see them splurging. This has been going on in different iterations for more than 30 years. With Ai, it will only get bigger and more dynamic. Especially because of the unending supply of mumus in this world.

PDPdestroyer:
How will you know if it’s overvalued like Elon Musk’s SpaceX IPO?

prinsam30:
How is this a beneficial to the poor masses Wen fuel is sold for 1400 naira

Kemical23:
Blaming you brother is not the solution, your family is just one of the victim of Nigerian insecurity, as a normal young guy he have to live his life to the fullest if he is not into fraud or drugs....
Money is not that easy to control because you want to be recognized among men in the society, it is a normal thing for all young men out there.....

DataAnalyst2022:
House,
I have about 5m naira that I will need to use for investment in late 2027. This is more than 1 year time, and I don't want to touch it and I want to avoid traditional bank with thier ridiculous interest rate.

Can someone suggest where I can invest this that will not be risky and will be easily withdrawable as well.

Money market on cowrywise comes to mind. I just want to know if there are better options for me.

Thanks

Kukutente23:
Inflation exists because the system is looking for equilibrium. It is not a fuel or moving power. Instead, it's a contending factor to the availability of goods and services. Less good and services and Inflation shoots up. More goods and services and deflation occurs.
Inflation does not exist in a vacuum. In a perfect system where the goods and services match demand at every instance, there will be no Inflation

Nbkay23:
Dangote won’t like this one.. I know for sure

Kukutente23:
Where did you learn your own economics?
The economy is built in production and sale of goods and services
Learn this basic concept today so you won't end up frustrated with debts

Kukutente23:
Debt can't be an anti-inflation whatever that means measure
Debt even has the capacity to increase inflation since it's basically money you didn't earn
You're not looking good with this your theories o

CSTRR:
Instead of this guy to invest all his wealth in Nigeria where he made it, he is busy spreading it all over africa.
The same africans that hate Nigerians with a passion.

If that was how rockefeller did, America would not be the industrial power it is.

Eleph:
Another good news from the private sector due to the failure of governments across Africa.

Skydivine:
Tinubu does not care about the rest of the country . As long as he is borrowing and directing the money to Lagos state projects alone, that is enough for him.

We were told that removing fuel subsidy will save money, enough for most needed capital projects, but here we are with nothing to show for it except more debts.

Who goes borrowing in manner with no limits. Maybe to show that his government is performing but the data is backing up the story . It’s an delusional to project such image , when every knows exactly the situation of things in country.

This is no longer a situation of the more you , the less you see The recklessness in borrowing is making the economy to bite really hard.

AMINDA:
"Nigeria is generating so much revenue that governors are no longer borrowing" - Tinubu

So who is now borrowing these domestic debts that is making debt servicing to skyrocket to unprecedented levels? Federal government?

Kukutente23:
How does that change the fact that it's still debt

CodeTemplar:
Someone thinks APC is the problem but is there any other party towing a different path?
All 36 states governors are doing same thing in principle. Save for Obi who has a teack record of saving, who can we point to for a different approach.