₦airaland Forum

vaxx:
Listing good , on a diplomatic note , why will the issue be exposed ? Are you so sure Benin is not owing Ghana . ( I guess your best answer is because you are looking for a similar situation in which it was exposed in Nigeria ). Nah Ghana isn't that way unless it has become a public nuisance .

Our church building wasn't even an issue until some people make a politics out of it .

There is something we call diplomacy

So why is the 3 million dollars owed by Nigeria and Ivorycoast to Ghana exposed? Who exposed it?

Senate did their thing in trying to investigate the executive. That was how it got exposed. It wasn't to fight Benin but for record keeping.

vaxx:
Ghana is not a chest beater , adi have not raised an argument that Benin is owing Ghana . That is not the bone of the discussion . I only let you know Benin also depends on Ghana electricity . It is and take and pay , you will only pay after it has been consumed.


This is govt to govt ( why should it be exposed , Ghana understand diplomacy

Lol. You don't know if Benin is owing Ghana because Benin is not owing Ghana simple. Benin's electricity debt to Nigeria is since 2016 or thereabout. I only knew about it now because of the Nigerian senate audit recently.

vaxx:
those rice from those part of the north end up mostly as tuwo shinkafa ( rice ball) fine imported rice are what are consume in your finest hotel and we'll to do gathering

You don't know Nigeria more than those who live constantly in Nigeria. Your experience is just one experience.

vaxx:
You practically don't know , I bet you , you are only hearing this from me , Ghana is not a chest beater . So go and make your research where you have read about who and who supply Benin republic electricity .

Ghana supplies energy to Benin but Benin is not indebted to Ghana as far as I can tell. So stop the lies about Benin being indebted to Ghana if you have no proof.

vaxx:
It has gotten better than foreign rice yet your big men only consume ballistic rice from India in a well packaged bag ( they even go to shopping mall to go shop for it ). That is exactly what I was eating thru out my stay in Abuja . Foreign rice are classified , the cheaper , the less valuable , even the ones that are mostly import from Benin to Nigeria are actually not consume by beninoire themselves . Beninoire has their own varieties , not Nigeria bound rice

Well some people like to import but you are not the only one who eats rice in Nigeria. Rice from Gombe, Kebbi, Kano and all over Nigeria have gotten better over the years.

vaxx:
so many evidence has proven that your local rice can't be Enough for you. You idiot that know nothing to zero . Nigerians even prefer foreign made rice to local . To the extent that they have rebadged local rice in a foreign bag so that it will appear a little well package.

Have you stop importing foreign rice ?

Have you start buying your local rice at a lower price?

With about 200 millions Nigeria , can your local rice be enough to feed you?

Has Benin republic stop exporting her inboard rice to Nigeria ?

Your electricity to Benin is take and pay , Ghana supply Benin too electricity but you will not see Ghana complaining Benin is not paying ( this only happens in Nigeria ) infact largely , they depend on Ghana electricity together with Togo.


Benin formerly import fuel from Algeria , the black market is saturated by nigerian illegal business men

I know Ghana and Ivorycoast supply energy to Benin but give me the article that states that Benin owes Ghana.

vaxx:
mr bull crap, I am sure you will prefer foreign rice to Nigeria rice assuming you were ask to pick one for free right now

Nigerian rice has gotten better than foreign rice in the past 3 years. I agree it wasn't that way before. However, when the demand became high, more mills have been built and Processing now better than before.

lexy2014:
1. you are the one who said that there is law. so why cant you quote the what the law says? suspension or removal...what is the difference? if you say that the law says that the president can remove the CBN governor and that the CBN governor is independent yet "when their monetary policies don't align with your fiscal policies, the people still blame you mostly. So you have to take critical decisions", how is that independence?

2. what is the most important thing? if you believe that the CBN acted on tinubus instruction to float the naira, then it contradicts your claim of independence which means that Emefiele didnt need to be sacked before the naira could be floated. when you said you "believe", did you have proof before you believed?

3. you arent talking about both. how is it hard for the foreign investors to get back their dollars at CBN rate? are the foreign investors looking to get back their dollars here in nigeria? is it here that they want to use their dollars?

(b) is there no availability of dollars are people not getting dollars to use at the moment or before the floating of the naira? how much is a dollar now?

4. How can you "no one knows if it's removal or reduction"?
(b) is it you that doesnt know or "no one" knows? why dont you speak for yourself?
(c) did the government say that "no one knows if it's removal or reduction until we import new products without subsidy"?
(d) who are the "we" you are referring to?
(e) are you saying that all the loan buhari has been borrowing was meant for fuel subsidy?

5. It is my research am doing by asking you these questions. if you say Mele Kyari explained it 2 weeks ago and you were privy to that explanation, then you be able to tell me when did NNPC borrow to import and subsidise fuel and from who did NNPC borrow?

6. so if you dont know when Tinubus predecessors appointed service chiefs, why making it look as tinubu appointing service chiefs is the 9th wonder of the world?
It's logical to conclude Emiefele had to be suspended first given how fast the managed floating happened after his suspension.

1. Go and read the CBN act, then come back.

2. Read my previous answer again. You are going in circles. CBN is supposed to be independent but there are loopholes in the CBN act that gives room for such restrictive independence in Nigeria we see today.
I don't have proof BAT told the CBN to do so but it's common sense to believe so or at least to believe they did what he wants.

3. You are going in circles. Learn more about Forex and why multiple exchange rates far apart is not good for foreign investments. I can't teach you everything. Also learn about how the previous system encouraged arbitrage in addition to lesser foreign investments. Check the stock markets as well, and the reduction of foreign investments there since 2021. Compare data and come back to ask me questions. I'll be willing to help.
Airplanes found it hard to get back dollars from CBN at 450 rate.
MTN have been having that problem.
Airtel admitted such issues recently.

b) My answer above would help you on this one.

4) Again, no one knows. We would all know when first stocks are imported for July.
b) Repitition
c) Government don't have to say everything.
d) Needless Repitition
d) We the common people. You and I.
e) NNPC have not been remitting since June 2022 and remitted below standard for a long time now. So maybe Buhari wouldn't have borrowed so much. So indirectly yes.

5) First read up on what Mele said first. I am not Mele. I believe it because it corroborates what Finance Minister also said in January. I don't know who they borrowed from. It's like asking who is Buhari borrowing from or who does Dangote borrow from, etc.

6) It's not the 9th wonder of the world.

lexy2014:
1. which law is there on suspension that you say is vague? can you quote the law? i didnt ask you about you would have done if you were tinubu. i asked if you say that the CBN governor is meant to eb idependent and then you justify his suspension by saying "when their monetary policies don't align with your fiscal policies, the people still blame you mostly. So you have to take critical decisions", how is that independence?

2. that is not all that matters. if you claim that Emefiele had to be suspended before floating of the naira could be done, then on whose instruction was the naira floated after the CBN governor was suspended?

3. what has that got to do with foreign investors? earlier you said it is about much they arent able to repatriate back home. now you are saying it is about "Those who send dollars to Nigeria and are supposed to get it at the CBN rate have problems.". which one are you saying?

(b)meanwhile, what benefits have accrued to nigerians with the floating of the naira?

4. I didnt ask you about when oil marketers will start importing and I didnt ask to state the reason for anything. this are my questions...its not a question of "we would know". it is YOU. there is no "we" except YOU have no idea what you talking about. is it removal or is it reduction? you have to be clear.

(b)what benefit has accrued to nigerians as a result of the removal of fuel subsidy?

5. based on your research, how does that answer the question...when did NNPC borrow to import and subsidise fuel and from who did NNPC borrow?

6. pls how long did it take Tinubus predecessors to appoint new service chiefs?

1. Go and read CBN act.

Yes the act is not clear on whether the president can suspend the CBN Governor or not but only listed conditions for the removal.

Therefore until the act is amended, there is room for the president to exploit this. That means, although CBN is meant to be independent, until the CBN act is amended the president can still suspend the CBN Governor.

2. I believe it was on BAT's instruction but we have no proof and that's the most important thing. BAT can simply say he advised the new acting CBN to float the naira and he took to his advice.

3. I am saying both. Read more about this topic. Also read the speech of the Airtel chairman who recently visited BAT so you get more understanding. Wide naira margins leaves foreign investors confused on how to get back their dollars since it's hard to get dollars back at the CBN rate.

b) The benefits accrued to Nigerians is that with more foreign investments there would be availability of dollars than ever. With availability of dollars, exchange rates become stable. You are then allowed to use your naira card again. If there's no arbitrage, then it means no round tripping for just a few, exporters make money, etc.

4) No one knows yet if it's removal or reduction until we import new products without subsidy. NMPDRA has given 6 licenses at the moment for new importers. When they import and sell to the market at this new exchange rate, then it would be clear. Because we can always compare to international prices.

b) Benefit is that Nigeria may not go broke or become a Sri Lanka anytime soon due to borrowing for what she can't subsidize. If Nigeria doesn't go bankrupt, common man still has hope.

5. Mele Kyari has explained it all 2 weeks ago. Go and do your research.

6. I don't know. You tell me.

lexy2014:
1. if you say that the CBN governor is meant to eb idependent and then you justify his suspension by saying "when their monetary policies don't align with your fiscal policies, the people still blame you mostly. So you have to take critical decisions", how is that independence?

2. on whose instruction was the naira floated after the CBN governor was suspended?

3. what has Foreign investors now know how much profit they would take back home after investing got to do with forex
what benefit has accrued to nigerians as a result of floatation of forex?

4. its not a question of "we would know". it is you. there is no "we" except you have no idea what you talking about. is it removal or is it reduction you have to be clear?
what benefit has accrued to nigerians as a result of the removal of fuel subsidy?

5. "Foreign minister zainab...". when did Zainab become foreign minister? you claimed NNPC borrowed to import and subsidise fuel. when did NNPC do that and from who did NNPC borrow?

6. pls how long did it take Tinubus successors to appoint new service chiefs?

1. Since the law is vague on suspension, if I were the president I would also do what BAT has done.

2. Doesn't matter. Officially naira was floated by the CBN. That's all that matters.

3. You are repeating questions. When you have one rate at 460 and another at 720, the gap is too wide giving room for arbitrage. Those who send dollars to Nigeria and are supposed to get it at the CBN rate have problems. Some people buy at 450 naira and sell at 750 naira. This is common sense and I don't know why you are repeating these questions. Do your research.

4. We don't know because the oil marketers would start importing from next month and most likely at this new exchange rate. If it remains 560 naira then it's likely there's still slight subsidy. If it increases then it means truly no subsidy at all. I favour 20% subsidy to leave it at 450-500 naira no matter what.

5. Auto correct. I meant to say Finance Minister Zainab. I'm sure you know but you are grasping at straws now.
NNPC made it clear they have been borrowing. Mele Kyari in his interview said they are almost defaulting and there's a 2.8 trillion naira debt. Do your research man.

6. I don't understand this question.

lexy2014:
1. if this isnt the first time a CBN governor has been suspended and it is a big decision, what is big about this decision and what is makes it special?

2. Probably in what way? kindly explain

3. what is "forex subsidy"? which "foreign players/investors" are you talking about? what have foreign players/investors got to do with forex and its floatation? what is round tripping and how will round tripping be reduced?

4. you have to be clear. was fuel subsidy removed or was it reduced which one?
was there no wind of change under buhari? what is the significance of not having the same fuel subsidy in april?

5. did NNPC ever borrow to import fuel or to subsidize? when did NNPC do that and from who did NNPC borrow?

6. what is good about appointing service chiefs "this fast"?
pls how long did it take Tinubus successors to appoint new service chiefs?

1. CBN Governor is meant to be independent but when their monetary policies don't align with your fiscal policies, the people still blame you mostly. So you have to take critical decisions.

2. It's logical to conclude Emiefele had to be suspended first given how fast the managed floating happened after his suspension.

3. Forex subsidy is what Emiefele has been doing. Inputing millions of dollars every week into the market to keep that wide CBN rate at 460 naira. Foreign investors now know how much profit they would take back home after investing. Look at Airlines for instance with trapped money.

4. We would only know if it was removed or reduced by next month. But a change has certainly occurred.

5. Former finance minister zainab made it clear in January that NNPC has been borrowing to fund fuel subsidy. NNPC says they are owing 2.8 trillion naira and they haven't remitted to Government koffers since June 2022.

6. It's a good sign that shows preparedness.

lexy2014:
that isnt what i asked you except maybe you didnt understand the questions.

1. is this the first time in the history of nigeria that a CBN governor is suspended?

2. did Emefiele need to be suspended before exchange rate could be floated?

3. pls what is the benefit that will accrue to nigerians as a result of this floatation?

4. you arent even sure whether fuel subsidy was removed or reduced. if you arent sure, how then are you listing it as something tinubu has done?

5. what have nigerians gained from this fuel subsidy "Removal/reduction"?

6. what is special about "Rejigging of the security architecture"? has it never happened before in nigeria?

1. No, but whenever the suspension happens, it's a big decision. Nobody said it's the first time.

2. Probably.

3. Removal of forex subsidy. More clarity for foreign players/investors. Big reduction of round tripping.

4. Whether removal or reduction. There is a wind of change in that direction because he didn't waste time in implementing what Buhari had planned. For now we don't have thesame fuel subsidy we had in April.

5. Nigerians would gain because it means NNPC wouldn't have to keep borrowing to import and subsidize large volumes of fuel.

6. No one said rejigging has never happened but it's good it's happened this fast.

Anymore Question?

lexy2014:
is this the first time in the history of nigeria that a CBN governor is suspended?

did Emefiele need to be suspended before exchange rate could be floated?

why was Emefiele arrested? what is his crime?

pls what is the benefit that will accrue to nigerians as a result of this floatation?

you arent even sure whether fuel subsidy was removed or reduced. if you arent sure, how then are you listing it as something tinubu has done?

what have nigerians gained from this fuel subsidy "Removal/reduction"?

what is special about "Rejigging of the security architecture" has it never happened before in nigeria?

He is taking effective decisions in 3 weeks. Which means in his first 100 days, some things would have been settled for him to build on.

Managed floating of the naira is a better decision than what we had before.

I don't know why Emiefele must be arrested but I support his suspension.

I prefer fuel subsidy reduction by 20% max than a full removal. In the coming months we would know if it's a reduction or complete removal. Nigeria stands to gain a lot from it.

Rejigging of security architecture in 3 weeks is a good sign. It means no time to waste. Hit the ground running.

lexy2014:
how has he hit the ground running?

what decisions has in the last few weeks that suggest that he has hit the ground running?

are all his receiving visitors part of his "hitting the ground running"?

CBN Governor suspension to allow for exchange rate managed floatation.

Removal/reduction of fuel subsidy.

Rejigging of the security architecture within 3 weeks.

and counting.

Tofax:
The North seems to have 11 appointees, the South West has 9 appointees, and South East 1, and South-South 1. That is fairness and equity?

They were not in ranking positions in the military before.

vaxx:
Smuggling is just a miniature of the deal just like drugs/ countrified currency presence in Nigeria. Every country has their headache .even Ghana here we are trying to curb drugs .

Smuggling has always been a major part of Benin economy right from the 1990's. This is why land border closure was a big headache to them.

vaxx:
Benin republic isn't a poor nation like chad or niger republic. Fact about Benin standard of living are available on the net

Benin republic economy for as far back as I know has always been based on smuggling.
Now they are improving in cotton production.

PUSSYHOE:
Good move it will reduce our population, many go die of poverty

Ehen

Essenza01:
Then we can conclude that policy is antipeople..

How is the policy antipeople?

Essenza01:
Banking stock rose obviously due to Fx responsibility shed to them from the CBN..... nothing out of the ordinary, its longterm effect caused inflation at 650, while the blackmarket is still sustained at 760.

The CBN should open up card payment so the people would benefit directly from the FX Monetary policy it enacted.. that's only when it benefits the people directly.

Opening up card payment with a mere 1 million barrels per day of crude oil only is a recipe for disaster. In 2014, we could do all that because we sold 2.2 million barrels per day, so there was enough dollars to offset our wanton consumption with our cards.

sharone21:
Too many nonsense under the last regime

Hope our Naira cards can be used abroad?

Can we put money in Domiciliary account and send to Naira account if we like?

Can we also send out money via Western Union?

Those travelling abroad will no longer get reduced price for dollar though.

Maybe in a few months if we have more dollar supply.

Eagle360:
Financial Expert please how does it affect us, what is the benefits to common man.

Omo common man nor dey this discussion. Common man dey use dollar?

Rebuke:
No be only "who has wrote" na who has wroted ni😅😅😂😂

Who has written. I nor go school.

Tinubu who has been giving Colloqium speeches since 2009.

Who has written policy books on the Nigerian economy and his ideologies.

Who has a dedicated special policy document written by Olu Verjeihen, his special adviser on Energy, is the one you are saying copied from Obi?

You dey smoke Igbo?

Obaaderemi2:
The beninoise economy would shrink further. It's like a double jeopardy: fuel subsidy removal and border closure.

I'm not sure but I think the border has been opened (or maybe only to an extent) since end of 2021 after Tallon agreed to cooperate with Nigeria to check smuggling.

Border is not closed anymore I believe. It could be that it's still closed and this is why this Benin driver who was ignorant about subsidy asked here : "Is it because the border is closed"?

vaxx:
An average poor beninoire bought from black market because Nigeria illegal buisness men are it available ( that should be the right word ) why well to do and govt official maintain buying from legal filling station in Benin republic. It is more modest and country friendly to buy from legal filling station of their country , they will empower their country by doing so. Unfortunately , the incident affect nigerians buisness men more. It is nigerians who largely run the infamous business of black market in Benin , it is the same nigerians who profit more by opening fillings station close to the border line . The consequence is visible in Nigeria now. I don't need to talk much.


Nigerians and her problem , Benin has just gotten one of her headache solve thru Tinubu. The economy now will be more formal in the oil sector ,the money invite can easily be accounted and allocated for sourcing other ventures. The ultimate goal , Benin govt will not be sharing the fuel market with nigerians illegal busint men. Using dollar to by imported fuel isn't the issue here but getting the turnover quick as possible.. payback method( the quicker , the investment incurred) is more important than profit in this essence

How many Beninoise can afford 750 CFA fuel? If they can afford it, why have they been complaining? Have you seen their French Twitter page?
How rich do you think Benin Republic is to absorb the sudden change? Care to give me statistics?

If Benin Government begin to import more fuel to satisfy their total consumption, wouldn't that be more stress to their economy than it was before given the fact that they didn't need to satisfy their entire population previously?

Please Nigeria feeling the burden of subsidy removal is not the topic here. It's only common sense that it affects Nigeria. We are talking Benin Republic here.

Shma2022:
You're still embarrassing yourself. Read why we partner with US in Intelligence system.

Kenya is A member of the Global Coalition to Defeat ISIS, Kenya is a willing U.S. partner in CT investigation, prosecution, and incident response, and plays a leading role in regional CT cooperation. The Kenya Defense Forces (KDF) continued to participate in AMISOM and supported border security and counter-IED efforts within Kenya. Security services responded to numerous terrorist incidents, while also disrupting AS and ISIS attack planning, recruitment, and travel. Reports of human rights violations by security forces during CT operations continued, including allegations of extra-judicial killings, disappearances, and torture. In responding to the January 2019 DusitD2 Hotel attack, Kenyan security forces demonstrated improved procedures in line with international standards for protection of human rights in response to terrorist threats and attacks.


Kenya's intelligence system stretches to the far Afghanistan - talkless of Somalia.

You have to limit your trust in the U.S to a degree. U.S military bases together with that of France have been all around Nigeria in countries like Niger, Chad, Cameroon, etc but they don't do anything in the fight against ISWAP.

They are not far from the Lake Chad but they allowed those guys settle and its Nigeria who cooperates with her neighbours to do the job.

Best you can do is allow the U.S sell you weapons and train your soilders. It should end there.

AfriqueDuZuid:
Ask your self why Kenya is in the USA rador - in partnership with Kenyan intelligence system in mitigating such threats.

You in USA radar because they know you can't handle your own security affairs, ask your self why is it not in Egypt, Nigeria, south africa, ethiopia, Algeria, Morocco etc

Yope. Foreign military bases in Africa.

Kazikazi:
My advice is simple..live within your means


https://www.youtube.com/watch?v=Po59BXPhsZg

The term collapse is used vaguely. Argentina have been the way they are for decades. Ghana is recovering with IMF program. Nigeria is reforming herself in her own way (may be facing challenges but not anywhere near collapse). Kenya would simply borrow more, negotiate and make some more deals like the one they made in Qatar to keep themselves going. So the list makes no sense.

None of these countries would collapse in 2023 (depending on what he means by collapse though).

chrisooblog:
That argument ehn

Ghana is a great country by African standards but levels dey this thing. No matter how Singapore dey develop you'll be out of your mind to rate them above China.

Nuff said.

Ghana is not doing badly at all. Infact in terms of tourism and a relaxed atmosphere, they are doing very well.

But one cannot deny the obvious. South Korea is perhaps a more cordial place than China and doing well in their own right but China is definitely the big dog in the region. It doesn't take anything away from South Korea nor does it deplete some of the advantages they have over China (which are many).

Some things are not up for argument no matter how patriotic you are.

Wizzzzmike:
Really he laid the foundation for us and Ghana got independence before ur zoogeria dude check ur IQ score again lol. Zoogeria helped every country in Africa but they forgot to help themselves jeezz the dumbest shit I've ever heard lol

Ghana got independence before Nigeria only because Northern Nigerian leaders were not in a hurry to sign the pact. The agreement was already there since 1956.

Nkrummah and Azikiwe were from thesame thought process/ same school of politics. Both inspired by Herbert Macualay of the 1920's.

However, Nkrummah became more pan African than Azikiwe only because the other prominent Nigerian leaders then were not interested in pan Africanism but first pan Nigerianism/pan their Nigerian region, except a few.
Even Tafawa Balewa, though pan African was more pan Nigerian first and foremost compared to how Nkrummah took it. This is why Nkrummah somehow eventually stood out as more popular.

Azikiwe was then forced to concentrate on local politics first.

vaxx:
Nigerians illegal business men made the business available in Benin republic. Some of your big men open up fuel stations close to the border to augment their back trade . The ones they sold in jerricans and send thru motorcycle into Benin republic.

An average beninoire who lives his country and prefer the success of his country surely still buy from fuel station regardless of the cheap fuel available thru Nigerian in Benin republic. Now Tinubu had made the work easier for talon, talon is not going to Eve used forced to let them buy from fuel station . Beninoire will gladly comply

They bought from black market because it's cheaper and they don't have money to buy expensive fuel. Now they have to spend more than double to buy what they used to buy. This is why trade business in Cotonou is now slow because the economy is largely informal.

Nigeria imported large volumes of fuel and this previously saved Benin from importing as much from Algeria and sourcing for scarce dollars to meet their total consumption. Now they have to do that, coupled with the likely inflation and the slowdown of their informal economy.

It's common sense.