₦airaland Forum

One thing I like is that this trans nonsense has cooled down for now in the US.

It was so appalling.

I suspect the real reason why Tinubu approved the 15% import duty was Dangote's intention of increasing his refineries capacity from 650,000 bpd to 1.4mbpd, making it the largest single investment during his administration.

The offer seemed to good to be true. Tinubu could not allow him to go elsewhere and build such a plant.

Such 700,000bpd refinery would be grabbed with both hands by other countries. He is already building a fertiliser plant in Ethiopia.

VeteranOG:
If na bread, leave am for bokku.

I do not like their bread. It has a funny taste.

His life don finish.

He will rot in prison for a very long time.

emmi14:
Because Buhari destroyed the economy 2015-2023 it cannot be mended? Bola Tinubu knew about the economy. He is acclaimed economist. The military rules before Obasanjo in 1999 destroyed the economy but Obasanjo paid off every borrowed cent by Buhari, Babangida, Abdulsalami and Co.

What OBJ inherited was heaven compared to what Tinubu took off from.

On a scale of 1 to 10, OBJ inherited 4, while Tinubu inherited 11!

Abacha actually was super prudent with spending, so he could siphon plenty of it away. In 1995 and 1996, there were even budget surpluses. He increased the foreign reserves from $500m he inherited in 1993 to $8bn in 1998 when he died in office. It was Abdulsalaam and his boys who took over from him that were reckless, because they wanted to chop as much as possible before they left office. So, OBJ just had to deal with just one year of recklessness.

Tinubu inherited a complete utter mess. The foreign reserves could only cover 1 month worth of imports, rather than the minimum of 4 months. 97% of government spending was going towards debt.

In 1999, when OBJ assumed office, Nigeria imports were $4.5bn. The foreign reserves were $5.4bn -This could cover over 1 year of imports. Also, 38% of government revenue was used to service debt.

In 2023, Nigeria's imports were $49bn. The foreign reserves were $3.99bn. This could not even cover 1 month. It was the shortage of dollars that sent GSK and other multinationals out of Nigeria. They couldn't cope.

Tinubu: Just imagine your salary is 1m and by the time you service your debt, you're left with 30,000
OBJ: If salary was N1m, by th time debt was serviced, you're left with 6200,000.

This shows you the severity of the economic crisis the nation was in.

The two are not the same at all. Buhari had totally destroyed the economy and that was why people were japa in droves. The economy had collapsed due to chronic economic mismanagement.

Tinubu is mending the economy. Okonjo Iweala has said the Nigerian economy is stabilising. Lamido Sanusi and Charles Soludo also praised the reforms. All 3 are economist who are best able to give professional statements.

Today, less than 50% of government revenue is spent on debt servicing. The net foreign reserves is now over $25bn and can cover at least 6 months worth of imports, So, things are improving,

I don't support a lot of his borrowing but his economic reforms have brought the economy back from the abyss.

He sounds jealous.

He might not be, but this should be confidential. It could put her in trouble.

brain54:
Firstly, so you are okay with Trump removing tinubu...?


I may not like tinubu but such type of outside interference on Nigeria's politics and governance shouldn't be tolerated or condoned.

Obama removed Jonathan... how did that eventually turn out?

You think Obama or Trump truly have the interests of Nigeria at heart?

Any change in Nigeria's leadership should depend on and come from the Nigerian people and not from outside influence.


Secondly, tinubu is not like the gentleman Jonathan that would allow himself to be removed easily. He would rather let the country burn!

Obama did not remove Jonathan.

Jonathan destroyed himself by being weak and undecisive, and having some incompetent people working for him..

I made a recent discovery.

He might be gay, or may not be.

He is certainly a paedophile. A paedophile is attrracted to minors, and could be both sexes.

It was a shocking revelation.

Gay men are very promiscious, so finding a willing lover shouldn't have been difficult, but he chose a minor.

He deserves his sentence.

I think sexual molesters should be given the choice of chemical castration for a shorter sentence. The ability to reoffend would be greatly limited as the libido would have been largely destroyed killing lust.

There are so many leagues all over the world that would gladly take him for a short spell. If done right, it may open up a new business model for players and clubs can cash in on.

For instance, if he plays in the South Korean league for a short term and it proves successful in wooing a massive audienced in that country, clubs may begin to bid to have top talent to paly for them during those short windows.

He is a slowpoke.

He should be deported asap. This should save taxpayer dollars.

The DRC is a mini- furnace in someway.

slyzy:
And Tinubu is presently fixing the economy by piling up debts without showing any fiscal discipline

Tinubu matter tire me. I won't be surprised if the finance minister and the central bank governor don't support it, but they have to play along.

From his antecedents in Lagos state, he believes one should borrow a lot as long as it is sustainable. That is not wise. Always be prudent.

The only good thing this time is that it is far more sustainable than under Buhari, and the nation's economy is beginning to pick up.

Paramount01:
Pls can you swear you are not aware is not subsidize?

What you're asking is not possible again in economics.

It is like asking a woman to go back to what she looked like before she had babies.

The fundamentals have changed. You should have been complaining when Buhari was destroying the economy from 2015-2023.

That was when the destruction of the economy was going on.

Lalami3232:
I miss the good old days. This was the period were 99% of boys would graduate from secondary school as virgins and 95% of girls will also graduate as virgins. Unlike now wey be say na about 14% dey graduate as virgins from secondary school. If you doubt me, ask your babe.
This was also a time where 99% of DNA test dey positive because most men married virgins(fresh) women unlike now wey over 50% na negative because most people are forced to manage leftovers as partners.
This was a time when money get value and children had morals unlike now wey nudity and and toxicity don spoil the world.
This was a time when people dey go village go marry because we had good babes over there, unlike now wey single mothers full village pass city. Abeg the list too plenty jare!!!

What do I even know sef aside enlightening my fellow men nationwide with the good news of DNA test

Where do you get these your data from?

My granddad sent my aunt to school, and she got pregnant.

He swore never to send any of his other daughters to school. After decades, he relented, and sent another of my aunts to school. She too got pregnant.

It is what it is.

givedemwotowoto:
They steal crude oil and call it production shortfall.

Based on this so-called production shortfall, they will have to tax Nigerians more in order to meet up with payment of interest on IMF and WB loans, because those loans are backed by crude oil production and sales targets.

You might wonder, why steal crude oil when you can steal the revenue after the sale? If you steal already recorded crude revenue, you have to back it up with documentation that can be queried later by another government. So they steal the crude and record less production.

Where do you get your assumptions from?

Why do countries run to the IMF? It is usually because they are very broke or lack foreign exchange.

The interest the World Bank and IMF are very low, very easy to service, with some loans as low as 1%. Nigeria owes the World Bank $18bn. With interest rates ranging from 1-2.25%, this is piffling. This is barely $450m a year. Very very easy to service

The IMF asking you to increase revenue is the "equivalent of your parents asking you to get a better job, a job that pays better. Look at Lagos, because of IGR, it is able to function to a very large extent without depending on the monthly allocation.

Nigeria is too dependent on crude oil revenues for survival. So, anytime the Naira crashes, the government and the country is in trouble. Through a massive rise in non=oil revenues recently, the government was in a better position to weather production shortfalls in crude oil.

Nigeria does not owe the IMF a dime. You can confirm it yourself.

Kobojunkie:
It ain't even close to the same. Why? Because there literally are no bonds between the wives and the children these men have outside of their marriages.

2. As someone who sees no problem with adopting and raising children that are literally born to total strangers, I think the lawyer has a point, but too many are blind to these.

Yes, it's not the same. There has been no bonding by the wife to the child of any kind

On the other hand, there's been deep bonding by the man to the kids. So much emotional invested has been made that the children look up to him as "daddy."

Benzigler:
Their was never a coup, just propaganda for protection purpose

But has the federal government ever bring out a report that there was a coup?

There's been no formal statement to that fact.

Chilipepper:
Lawyer addresses men who abandon children who are products of paternity fraud.

She has a point but the way she worded it sounds like an entitlement.

The man needs to be spoken to empathically. He has been hurt greatly.

Swiftly abandoning the child is wrong (Read Proverbs 14:12, 16:25). It's no better than a wife dumping her husband the second she finds out he has a child outside.

There's need to meditate on what to do, and assisting him to reach a positive conclusion should be the goal

Many men have brought up their wife's affair baby.

Great100000:
1 in India
1 in Venezuela
3 in South Korea
1 in United Arab Emirates
1 in Nigeria
3 in United States of America

Awesome

What's so interesting is that South Korea does not produce crude oil yet has 3 of the world's largest refineries.

dawnomike:
At 16, when he ought to be on the way to building his bright future. The environment in which he grew up has turned him into a criminal!!!

What he is doing is wrong.

However, the injustice they face daily in the West Bank is heartbreaking and is the fuel for such terrorism.

His career just die like that?

Make he go find songwriters wey go knack am fine song

That's how it rolls

Celestialsword:
Do you know that it was the introduction of the N1000 and N500 naira notes that wiped out ten and twenty naira in terms of value and usage

You people just bring out textbook economic theories that is not working

That is not true.

There is no evidence of that.

It was Emefiele's reckless printing of money to lend to the federal government that destroyed the Naira.

The 1k was introduced in 2007. It was only in 2017 or even years later that the N50 started becoming worthless. That is 10 years later.

I am certain all those who hate the IMF would be praising them now.

The enemy of my enemy is my friend.

The government must relax on the borrowing no matter how sustainable they think it is.

The tariff has simply made Dangote a monopolist and would exploit it.

He feels entitled considering it is the largeingle investment in Nigeria, where by federal, state, or local government, or even local or foreign investment.

It might even be the largest ever in Africa.

It does not mean he should hold us to ransom.

If there is a duty, let it be low, so that the competition would be fair.

The floatation of the Naira is one of the best things that has ever happened to the economy. If only this was done in the Year 2000 and not recently.

Kudos to Zenith Bank.

BarrElChapo:
While this is commendable to encourage local production, yet our local production capacity is not enough to meet the daily demand.

What may happen is that importers may sell at a higher price and local producers will instead of selling lower match that price.

Dangote refinery can meet domestic demand and also export.

With no competition, Dangote can whatever he wants. A 15% tax is basically a ban if you ask me.

The industry is one of thin margins. The money is in volume and turnover.

Dem go hear am.

Tinubu is not smiling.

nairalanda1:
Your budget this year was based on the plan that oil prices will be 75 dollars per barrel

Since January ending, oil has been averaging 68 dollars per barrel

At the end, it's either loans or taxes or things don't get paid

And yes, apc took over promising diversification. They failed.


Modified

We got to fight corruption, but the major issue in which apc has messed up is lack of diversification and eventually industrial economy

I don't support any of your parties by the way

Diversification is going on. The government was able to surpass its revenue generation due to non-oil revenues. The country is gradually moving away from an over reliance on crude oil

Also, non-oil exports are booming. The Naira float seemed to have worked wonders there as well.

Hemanwel:
I have made this suggestion sometimes ago. You don't even need to be a financial expert to know this.

Due to the reduction in the purchasing power and the hyper-inflation in the country, the need for the CBN to issue higher denomination notes is sacrosanct. Abi, until when we start using a bundle of N1000 note to purchase a cube of Maggi, bah?

Nigeria has never suffered from hyperinflation

Celestialsword:
If this advice is followed,it will put the final nail on the Nigeria coffin.This is handiwork of enemies of Nigeria.

The only thing holding up this country now is the crude oil export, because no working refinery to refine it.
which is tied to the dollar, despite that,the county's currency is still at an all time low.

Nigeria is an import dependent nation,so all her money is spent on import and less on exports

This results to trade deficit,year in year out, hence the continuous borrowing to run the economy including padding the naira

What is all this economic illiteracy about?

Introduction of higher denominations has never led hyperinflation in Nigeria.

This is how it work: the central bank would withdraw N100BN of the lower denominations, and replace it with N100Bn of the new higher denominations. The central bank simply replaces higher denomination.

Hyperinflation on the other hand is when the central bank print new money for the sole purpose of giving it to the government to fund its spending.

This is 99% right.

The 1% is that because of kidnapping, banditry and war, it might be best we keep things this way for now.

It would simply lead to a spike of these 3 evils.

Mandate1:
revenue is rising and people are dying of hunger. Does this add up? The essence of borrowing is to make life benefitial to the people. Pray tell me what major infrastructure, project or policy of this govt that has made life better for Nigerians? Lagos-Calabar road is not a necessary project that will impact the life of the people. It's more of a prestige project and not to bolster or boost the life of the people.

It would time for things to turn around. Even the government is a bit too optimistic.

When Thailand went through a severe economic crisis in 1996, it took it 5 years for it to reach its peak again. For Greece (yes, the European country), about 25 years. That is 2036.

97% of Nigeria's government revenue was going towards debt servicing. Let's assume government revenue was 20 trn, and debt servicing gulped 97%, government is left with 600bn.

Workers salaries alone is about 3 trn
Petrol subsidy: Estimated at $5bn
Military fighting a war

The money can't get anywhere. The government is bankrupt.

Because of you, I went to confirm details. In 2022, government revenue was 5.3 trillion. Government spending was N14.79 trillion. The budget I think was based on 17trn.

That's one mad differential.

The government spent N4.39 trillion on petrol subsidies alone in 2022. That is about 80% of generated revenue for that year!

In 2022, it was estimated that government spent more than 100% of its revenue on debt servicing. No wonder the government resorted the way and means to keep afloat.

This is not the time to complain. You should have done so from June 2015 when the economic carnage b Buhari began.