₦airaland Forum

vaxx:
The mood of Ghanaian right now.


Messiah of infrastructure has come

Congrats.

SmartPolician:
What about Total, Shop, Shell and Chevron? Do they take everything they make from Nigeria to the west? It seems the oil and gas industry is a hype or their decision to divest has reduced their earnings.

They pay company income taxes and royalties I guess not VAT because VAT is a consumption tax and crude oil is a raw material not for consumption.

onuman:
Foreign oil companies that are supposed to pay income tax with US Dollars pay with crude oil. They fc..cuk Nigeria front and back. They did not bring crude oil from their home countries to Nigeria.

Would crude oil production be classified under VAT? VAT is a consumption tax which would involve refining. So Dangote refinery would likely pay taxes for selling PMS to Nigerians if more than 25% (only due to the free trade zone limit).

QuietMynd:
Is it an application/software available for the general public ?
The information I read about the system shows enough transparency for me.
I think Buyer nd seller can see the rate only that users can't see each other personal information unless at the last minute when deal is about to be completed.
And any deal delayed or canceled can't be continued after trading has closed for the day. They will have to initiate a new deal.

Nice one but how do you see this addressing speculation in the parallel market and especially the crypto market? I think rather than address those markets, what the CBN has done is to create a special kind of market (transparent one) for all interbank rates and big transactions. So when there is liquidity in the Banks, there would be no hiding place and it would be clear for all big market participants to see.

All CBN would have to do from henceforth is monitor EFEMS and ensure there’s enough liquidity in the Banks for authorised dealers and all big players.

Speculators ( mainly small retailers and crypto guys) in the long run may have to either beat them or join them but their speculative actions may not necessarily dictate the direction of the naira with thesame pace as before.

QuietMynd:
What's yall take on the EFEMS system introduced into the FX market by the CBN
I have been looking for a solution like this for the financial market as a whole.

Not as transparent as I would have loved. I would have preferred a platform where all can see live rates and volumes.

theenchanter:
the reason some senators (esp from the core northern states) are against it isn't because of personal income tax, they're against it because there's a reduction in percentage of revenue shared to states on the basis of population.😂

Look, I've studied the new tax reform so well, and I'll tell u that it's a master stroke from the president, anyone without bias will also agree it's a good reform.

Those against it are only angry that 60% of the derivation will be given to states where it's generated and 20% will be shared equally to all while the remaining 20% will be shared by population.... Unlike how it is currently shared.

Imagine they shared 5 Billion naira VAT to you as a Governor currently mostly based on just equity and population while the economic activities and contributions from your state are next to nothing.
But then you see that with this new reform you would now get just 1 Billion naira share down from 5 Billion. Of course you would kick against it. It’s normal.

But this presents a good opportunity for those kind of states to sit up, fight insecurity in their states and ensure productivity and high consumption in those states. The president and his team did well on this one and the fact that it is so controversial means it is truly a big change and uncomfortable for many of these Governors and political elites who love the status quo.

But this increase in VAT comes with a decrease in CIT and other taxes together with other reforms packaged in one go. This is different from 2019 where VAT was increased without the accompanying reforms.

Obaaderemi2:
Exactly. If only Nigeria could also find a way to bring down inflation and the exchange rate

Five major indices I look out for:

Inflation
Exchange rate
GDP growth
Employment numbers
Debt Sustainability

The first two are very important.

Obaaderemi2:
Obiano13, if this is true then why do you think Ruto is as bad as you claim?

Ruto is not bad from what I’ve seen so far. I think for the likes of Obiano, it’s more about politics than anything else. All the indices for Kenya this year look better than they were in 2023. Inflation, Exchange rate, Stock Market, name it.

QuietMynd:
Ghanaian architecture designer re not made for color mixing.
The color of some of there building always gives me fever.
What's ur take on the tax reform bill.

Those bills should have been passed since like yesterday with probably some few touches here and there. A proper simulation of how it would be implemented is needed as well as the VAT sharing and the results for all states.

60% derivation for states is a good one.

vaxx:
Ghana 🇬🇭 International Mall, a massive shopping and entertainment hub, is under construction in Accra.

Once completed, it will be the largest mall in West Africa

This colour get as e be.

Just30:
Not possible to only add 20 million people in 10 years when 7 million Nigerians are born each year.

A statistical impossibility

What emperical data says 7 million Nigerians are born each year since 2018 when UNICEF made that report ? Who are those 7 million Nigerians? Where are they?

UNICEF gave out that data in 2018 but there is no census to determine this except estimates still based on 2006 census which was flawed and debated heavily. They didn’t show the studies done by their members across Nigeria so like everything else, I would take these to be estimates just like these international bodies also estimated that there are 20 million out of school children which is still being debated.

There is no emperical evidence to show that Nigeria’s growth rate has been stable at 7 million annually even if we grant it was so until 2018 ( a low likelihood) until the Nigerian NPC and NBS get to work. The NPC under this administration now have a better way of recording births and deaths in Nigeria so we would get their reports soon.

Just30:
Still 93 or 96 million humans showed up to be registered

I may be wrong but I think they registered double for some because some registered 4 years ago and changed location and may have registered again with a few changes especially since things changed a lot between 2015/2019 and 2023. Everything is part of that 93 million. That data cannot be trusted in my opinion.
Nigeria is max 170 million presently . Many Nigerians have argued this over the years with good reasons. We may have only grown from 150 million to 170 million in the last decade. The 2006 census was highly inflated for political reasons and everything are still estimates based on that.

Just30:
bvn can hardly be falsified

BVN is 60 million at the moment.

Just30:
yeah...for Nigeria, that is possible

Impossible. The 93 million is simply false.

Just30:
That is what is referred to as voter apathy

Voter apathy from 93 million to 25 million? I doubt.

StivoH2022:
Kenyas population was approx 50m as of 2022 ...registered voters were 22m.

Nigeria's registered voters are 93m... if the percentage is almost the same as Kenya's, then Nigeria's population should be above 200m

How many were Kenya’s actual voters from that 22 million ? Now compare that to the actual voters who came to vote in Nigeria. Just approximately 25 million out of a so called 93 million.

I so much agree with this.

vaxx:
Another Tesla Cybertruck car on the street of Accra, Ghana 🇬🇭 four has been identified somewhere

I am yet to see one in Nigeria , anyway they're few Nigerians who can afford it anyway.

A simple google search would save you this headache.
No matter how down or poor Nigeria is, she can never be compared with Ghana.

Obiano13:
This is what the CIA and DEA said according to court documents:

The agencies told a US District Court in Columbia that they could not fully disclose Tinubu’s level of cooperation with the CIA. The DEA stated that Nigerians did not have a right to know what Tinubu was up to.

“Human sources can be expected to furnish information to the CIA only when they are confident the CIA can and will do everything in its power to prevent the public disclosure of their cooperation. In the case of a person who has been cooperating with the CIA, official confirmation of that cooperation could cause the targets to take retaliatory action against that person or against their family or friends,” the CIA stated.

Similarly, the DEA added, “We oppose full, unredacted disclosure of the DEA’s Bola Tinubu heroin trafficking investigation records because we believe that while Nigerians have a right to be informed about what their government is up to, they do not have a right to know what their president is up to.”

😂 you are so funny my man. So how does this prove he is a CIA asset? Isn’t this a normal CIA response when they want to reject an enquiry? CIA can even reject your request for info about yourself. They hardly grant information.

Also, it would be stupid for CIA to publicly reveal their asset moreso when he/she is a public figure like a head of state and ECOWAS chairman for that matter.

Come on men, you should be smarter than this.

[quote author=Obiano13 post=132934119]

You are not even concerned that the guy is referred as an ACTIVE ASSET by CIA? What does that mean to you?

Where did CIA refer to him as an active asset?

Obiano13:
Ofcourse! The culture of blind loyalty and tribal allegiance over integrity and accountability by the usual suspects. By exalting leaders mired in corruption, drug dealing, money laundering, and abuse of power, Nigerians relentlessly send the dangerous message that moral bankruptcy is tolerable as long as it aligns with personal or ethnic interests over ideal values. This unending defense of immorality not only normalizes wrongdoing but also perpetuates the cycle of poor leadership that continues to make Nigeria what it has become. I am expecting too much of you ofcourse!

Go through those documents again in 1993. I do not see where the man was convicted of drug dealing. He was accused yes, because his account received money from two brothers of his Nigerian friend. That particular account was blocked in 1992 for which he presented himself to find out why. In the end, he forfeited what the court believed was the particular proceeds of drug and the rest of the money in the account (a family account by the way) was returned to him and his family. Remember he was in Nigeria working in Mobil as an accountant as at the time this account was flagged and he had a Nigerian business with that his friend who was based in the U.S.

The American court simply traced all accounts the money from the brothers of his friend got to. Even that friend himself who sent Tinubu the cash was not charged or accused. Tinubu only got into the picture because it was believed that part of the money sent to him by his friend (whose brothers were convicted) were also proceeds of drug crimes by those two convicted brothers.

What we cannot prove is if he was part of the drug ring himself because it doesn’t seem the convicted guys mentioned his name.

I have read almost every account I can find on this case and in summary we can say we don’t know if Tinubu was part of the drug ring or not but the guys who were part of it were already convicted and sentenced at the time.

Remember even Mobil did not sack him or suspend him because of this case. He was their treasurer in Nigeria at the time.

rvp2018:
Kenya economic turnaround nearly complete.
- Inflation at 2.7 percent - lowest in 17yrs!
- Forex reserves now at 4.6 months
- KES stabilized at 130.
- Economy expected to grow at modest 5 percent
- Gov Revenues grew 25% almost last month - last year revenues grew 11.5%
- Interest rate in treasury bills and bonds dropping
- Base rate likely to go single digit - now at 12%.

Ruto administration has pulled a very quicky recovery and by April IMF will exit - and the economy will be back to firing on all cylinders.

I agree, I see some progress. For Nigeria, we may still have some complexities and some way to go probably.
The biggest problem we have: Too much naira spending in the system chasing a mere $40 Billion gross reserves.
Tinubu by ideology, is too expansionist and believes in big Government spending for growth (like I do) but this is conflicting with the needed economic reforms at this time. We need ways to moderate Government spending and the over 107 trillion naira in circulation.
But on the positive, Tinubu’s team has done a good job by reducing printing (ways and means) in 2024 compared to 2022 and 2023, and even paid back to the Central Bank the 7 trillion naira printed in 2023.

Obiano13:
Your president is a thug my friend. 1st grade thug.
https://www.occrp.org/en/news/us-blocks-records-on-nigerian-presidents-alleged-drug-ties

In a recent court filing, the agencies argued that confirming or denying the existence of records could compromise privacy interests and national security, as they responded to multiple Freedom of Information Act (FOIA) requests from plaintiff Aaron Greenspan. The case highlights ongoing tensions between transparency and the protection of sensitive information held by federal agencies.

The CIA, FBI, and DEA jointly filed a statement opposing the release of unredacted files on Tinubu’s background, again citing national security concerns. According to the filing, disclosing these details could endanger U.S. interests abroad.

Court documents from a Chicago case claim that in the early 1990s, Tinubu was linked to bank accounts allegedly used to launder money for a heroin ring in Chicago. Records from 1993 reveal that Tinubu, then a prominent figure in Lagos, agreed to forfeit assets to U.S. authorities in a plea bargain, sidestepping a potential trial on drug trafficking and money laundering charges.

Amid public demands for transparency, the DEA echoed the CIA’s stance, maintaining that citizens are not entitled to unrestricted access to intelligence files. “We oppose the full, unredacted release of the DEA’s Bola Tinubu heroin trafficking investigation records because… they do not have a right to know what their president is up to,” the DEA stated.

The agencies' position hinges on national security risks, with the CIA underscoring the potential consequences of either confirming or denying any ties to Tinubu.

It has been 31 years since Tinubu, then a private citizen, forfeited $460,000 to U.S. authorities after an investigation tied him to alleged drug trafficking in Chicago.

This reply from CIA is the general reply they give to many applications. Neither confirming or denying anything. So how did you deduce CIA asset from there? You are not answering the question.
We should learn to use our brains for fvck sake.

Obiano13:
This is SHOCKING BUT explains A LOT! Tinubu is a CIA mole,,, after being arm twisted 30 yrs ago when he was arrested with drug money in the US. Confidential informants are helpful to CIA because they have insider information and are VERY cost-effective. Such informants cooperate with the authorities in exchange for reduced charges, reduced sentences, or immunity from prosecution. I can bet my money sleepy Tinubu avoided jail by agreeing to turn into a CIA mole and providing the US with lots of information on Nigerian affairs. This explains why the current Nigerian govt is playing to the gallery even on economic policies that are meant to finish Nigerian citizens.


https://www.youtube.com/watch?v=YH2OHmPt0qg

The Central Intelligence Agency has indirectly confirmed that Nigeria’s President Bola Tinubu is a CIA mole by confirming that Tinubu is regarded as an active asset by U.S. intelligence agencies. This disclosure emerged in a joint filing by the U.S. intelligence agencies that were opposing the release of the unredacted information about President Tinubu’s background. This has sparked a debate on whether the president is an active agent of the CIA or not. But the government and President Tinubu’s silence on the matter has raised more questions on the matter.

Must you believe everything you see on the internet? Can you show me where in the CIA reply you deduced he is a CIA asset? Why do we love conspiracy theories this much?

Lagos redline train night ride.


https://www.youtube.com/watch?v=3KqOiLWTB9Q?si=3QMfpuiXfM8Ohvnu

Dangote jet now makes up at least two-thirds of Nigeria's jet fuel supply and almost half of the fuel used across West Africa, according to Energy Intelligence calculations. Nigeria's jet fuel imports have collapsed from 13,000 b/d last year — when they made up all of the country's supply — to just 5,000 b/d so far in 2024. Jet imports into West Africa from outside of the region have similarly dropped from 34,500 b/d in 2023 to just 17,900 b/d so far this year. Loading schedules show Dangote jet heading to Benin, Senegal, Togo, the Gambia and Gabon in the region. Dangote’s owner has previously said the plant will eventually produce enough jet fuel to supply all of Africa.

GeneralDae:
Chowdeck, a Nigerian YC-backed food delivery platform, could consider expanding to South Africa, Kenya, and Ivory Coast.

“We are still figuring things out, but we are looking at these countries because they have a mature market. Especially South Africa,” Kennedy Offor, sales lead at Chowdeck, said on the sidelines of Moonshot by TechCabal on Thursday.

Chowdeck expansion
The food delivery markets in South Africa, Kenya, and Côte d’Ivoire are bustling with players. In South Africa, there is Mr D Food, a Takealot Group subsidiary, Uber Eats, Zulzi, and others. In Kenya, Chowdeck will compete with Glovo and Bolt Food. Glovo and Uber Eats are also in Côte d’Ivoire.

Chowdeck, which recently celebrated reaching one million registered users, makes 40,000 deliveries daily. However, 70% of them come from Lagos State.

While the company has integrated other verticals like grocery delivery, medicine shopping, advertising, and last-mile logistics to expand its offerings on its app, expanding to other countries with a similar consumer dynamic like Lagos provides growth opportunities.

Until the international expansion, Chowdeck will continue working to increase the number of restaurants in its network by adding new ones and supporting existing partners to open outlets in new locations.

“By opening outlets closer to places where the data shows frequent orders come, we are ensuring that food gets to people faster and at a more affordable rate,” Offor said. “We have helped smaller businesses [in Lagos] open such new outlets.”

For restaurant aggregators like Chowdeck to scale orders, restaurants with high patronage must be well-distributed. So the company has also doubled down on partnerships with quick-service restaurant chains. In August 2024, it signed an exclusive partnership with Chicken Republic, which has nearly 100 outlets in the country. The company recently worked with Chicken Republic to launch a new food product. Chowdeck is also looking to support its expansion into new states.

“We figure out ways to help them grow as much as we can, whether it’s a quick delivery, whether it’s the amount of data we’re able to give them in terms of where orders are coming and whatnot,” he said.

Offor believes a symbiotic relationship with these restaurants is a sure path for the company’s growth. This seems like an operating philosophy that will fit right in wherever their expansion takes them.

Chowdeck from just 300 registered users when they were founded in 2021 to 19000 in 2022, to 250,000 in 2023 and now over 1 million in 2024.

Now looking to expand to all 36 states in Nigeria (currently in just 8 only), and possibly in the coming year enter into South Africa, Kenya, and the Ivory Coast.

Remarkable growth.

humility33:
I don't understand because the refinery was supposed to lessen the pressure on the naira at least we are supposed to see the effect even the claim trade surplus by the FG last month is of no effect on the naira

But you forgot to ask about the crude oil Dangote is getting. Isn’t that also crude that we are no longer exporting for dollars?

naijaboy756:
Oga dollar was used to import those products before now right?

So since October, we did not need that! Dollar was saved as FX or let’s say that the pressure that amount of dollars was supposed to exert was taken off and it ought to have an immediate impact on the value of the Naira right ?

Yesterday Naira crashed further to over N1,700

Are you an APC supporter? Let me know how to package the insult

Dangote refinery cannot save naira until he starts exporting when at full capacity. This is because Nigeria gives Dangote crude that would have otherwise been exported.

Dangote’s Net Worth hits $28bn following the completion of his refinery project.

Now 65th richest man in the world.

The Dangote Refinery has finally revolutionized the PMS Market not only in Nigeria but in Africa. Nigeria, being the largest country by population in Africa, is also the net importer of PMS on the continent.

Imports of PMS to Nigeria dropped sharply from weekly average of 1.3m barrels in August to just about 280,000 barrels in first week and another 290,000 barrels in second week of October

Only 2 cargoes of PMS have been imported throughout this October as against the average 12 cargoes in August.

While Dangote Refinery is ramping up production, it’s still news that the major PMS producing Unit of the refinery, the RFCC is not running to capacity which is typical of new chemical processing plants.

Two things will happen in the next few weeks:

1. The PMS from Dangote will flood the market from the first NNPCL order being sold to marketers or marketers buying directly from the refinery. This will take time before the product circulates.

2. Or the country faces fuel scarcity as a result of insufficient supply from Dangote and also insignificant supplies from imports.

The ball is now in the Dangote’s court. Prove he can make Nigeria self-sufficient or give the government and “the people” reason to justify continuation of imports.

TIME WILL TELL

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