₦airaland Forum

It is best they go the Nigerian route: let the currency drop and find its true value, rather than postponing the inevitable or simply making things worse.

Nigeria has benefited from floating the Naira. It was scary at first but the benefit has been astounding. The net foreign reserves has grown from $3.99bn which could barely cover a month's worth of imports to over $24bn by April this year, able to cover at least 6 months worth of imports.

CoronaVirusPro:
Benefit of polygamy!

When one goes crazy, you move to the next.

Competition among wives works in your favour

They can also be keeping side boys as well.

That's another benefit of polygamy.

Alliswell248:
Baba, you are a legal luminary and not an economist.
The debt profile is still under 100 billion usd.

US is owing in trillions, equally china.
UK, Germany and many others are owing thousands of usd in billions.

Debt is needed to speed up infrastructure development.

We need money for railway, electricity, and many things

A lot of what he said sounded for dubious. If true, it should have come from bankers or economists.

When forex scarcity became pronounced in Augustc2015, the banks, fx buyers and others did not mask their frustration and it was public news.

I feel he is just bearing his personal thoughts and feelings.

IDF should not start acting like saints. There has been a lot of misdeeds from the Israelis.

It will take time for the dust to settle.

Trump must insist both sides honor their sides of the agreement.

Engrghidazuka:
.

You visited UK more than decade ago. Medical doctors take home more than £4,000 a month after tax. When Accommodation and other bills deducted, they save at least £2,000 which is equivalent to N2,000,000 a month, readily available to be invested in Nigeria.

one year savings is more than his 7 years earning COMBINED while in Nigeria. That is, what he would save in 5 years in the UK, he will never smell it till retirement in Nigeria.

You're missing the point. It is the way the doctor presented that was the problem. He said what he has earned in 6 months or so is more than what he made in Nigeria.

He said his salary in Nigeria was 185k a month. Multiply by 12 and you have 2.22m.per year. Multiply by 6 years and you have 13.32m over 6 years which is £6,000.

£6,000 over 6 months is like £1,000 a month. That waa where the misunderstanding arose.

I was in the UK in 2020. I came back 2 days before the British lock down commenced.

I was at a private clinic with my dad and two sisters in London. There were 2 Nigerian lab guys working there. One had completed his house in Imo state if I'm correct. The other was either Ibibio or Efik.

Brendaniel:
This was exactly the same thing Ikeja electric did to us, I can tell you presently we are still clearing over 1 million naira accumulated bill as tenants for bills we did not really use, this is their plan, they over inflate it to run for maybe 2 or 3 years the bills will pile up then if the government comes after outrageous billing they then relax it to the normal rate and keep disturbing you to clear off all the debts...

Imagine as at 2021 before tariff hike, they were billing us up 66k per flat, then imagine in 2025 after tariff hike we have never paid above 20k for more than a year, in fact our last bill was about 17k, but they are still disturbing us for those bills that were accumulated those periods of outrageous billings, threatening to cut our light from time to time.

See you guys have to act fast, if we knew early enough we would have suspended all the other accounts and kept only one early enough, everybody pitches to that one and be paying it...

yes, they will come and want to investigate and throw penalties and all that, but I can tell you in the long run it is way cheaper than accumulating 88k on those accounts every month, because in just 10 months those accounts may have accumulated over 800k each,

that was what happened to us, even if you trying to pay on each, as long as you are not clearing the entire 88k at once, the bills will be accumulating very fast, it is better to stop that accumulation as quick as possible then be fighting them using one account that all of you will be sharing, it is cheaper in the long run both for landlord and tenant...

I know what we are paying right now because of not suspending those accounts early/...

Estimated billing is just thievery for lack of a better word.

They'll drag their feet before they'll provide meters.

This is absolute nonsense.

If the Igbos were 30% Muslims, attitude towards the igbos by core Northerners would change.

The Hausas and Igbos are the opposite of each other.

It's like a typical New Yorker and a typical rural man from Tennessee.

The Hausas are laid back, and conservative Muslims, while the Igbos are more aggressive, grasping and Christian.

The Hausas may see Igbos as overambitious and greedy, while Igbos may perceive them as stupid and lazy.

The Hausas generally have q middle finger for those who look down on them. They are oeoyd of who they are and don't need our endorsement.

I don't know how truthful this is- about the FG failing to honor promissory notes.

However, in the event it is, then it is disappointing.

I am glad so one called himout on this nonsense.

It has no spiritual importance of any kind.

Vinnie2000:
Dave Umahi was Ebonyi state Governor in 2023 but couldn't deliver his state to Tinubu/APC.

Even his Family members (who knew better) Defied him.

Same with El-Rufai who could not deliver Kaduna to Tinubu.

So now currently, Can the likes of
*Peter Mbah
*Douye Diri
*Eno Bassey
*Sheriff Oborewvori
Etc, convince their citizens and Deliver their States to Tinubu in 2027?🤔

Drop your Take!🙂

Tinubu is not just counting on them alone...

Huge loans have been taken for infrastructure and there are projects going on everywhere. If the Lagos Calabar highway is ready before the elections, these will win him votes in the South South especially.

With that project alone, he mught have done more for them than GEJ. His people benefitted greatly from the Amnesty program under him.

Vinnie2000

Do they really need to deliver their states?

With their support, Tinubu is already certain of victory

Don't forget Tinubu didn't win a clear majority in 2023. He just got the most votes of any of the contestants, and he was the only candidate who achieve 2/3 of all states.

History may repeat itself in 2027

It is a good thing he is humble enough to state the truth.

He also did not tribalise the matter.

Windblown2much:
Hmmm how do u know all these if u aren't gay 🤔

I don't need to be gay to know all these.

It's always best to stay informed. It will protect you.

Imagine a mother saying, " Her son is a good boy. He doesn't chase girls. He is serious with his studies." Meanwhile, he is having gay sex with his male friends he is studying with in his room, right under her nose.

bibiking7:



Thats not quite true though. Even junior doctors earn between 3 to 4k pounds per month. Nurses that work private and not under NHS earn 22 pounds per hour and work 12 hours a day for 4 days a week. Believe it or not, the doctor is actually right. In 5 months, I earned my 11 years gratuity payment. I'm not even a doctor. I am talking about what I had left after rent, bills, tax. Yes, things may be quite expensive in london, same way it is lagos, in New York. Those are highly populated cities. Rent will be high. Folks fail to realize though that the UK is 4 countries in 1. England, Wales, Northern Ireland and Scotland. Expenses vary in these countries. Rent for a 1 bedroom flat in London will get you a 3 bedroom flat in many other parts with council tax and bills.

That's not the issue here

It is the way he said it that's the problem. You'd have reached the conclusion he was receiving much less.

Some are gay.

The gym is a gay church. You will always find gay men in gyms.

Men by nature are drawn by what they see. Since they know what they want in their partners body, they want to achieve that perfect body shape for their partners or other men.

Toruibestate:
You mean it wouldn't have been a bad news?
Millions will agree to this due to comments I see on this issue nationwide.

The economy might swiftly collapse. there will be capital flight out of the country. The Naira might enter into free fall. To end a Southern presidency by Northern officers will be frowned upon by many in the South.

This isn't Niger, Mali or Burkina Faso.

valuedammy:
I don't understand myself.

How will I have enough money in my savings account and I will still be borrowing money from another person to take care of myself and family.

The foreign reserves isn't the government's personal cash. A sovereign fund on the other hand are assets belonging to the government.

The foreign reserves are used for facilitating foreign trade and activities.

Lanruze:
Dear Readers,

Please note that there is a maturing bill of $6B dollars obligation that will be due next month which the Government wants to borrow more money to re-place to continue the illusionary growth.

Secondly, is this the net FX reserves or the gross number ?

Thirdly the naira devaluation will see more diasporans bring in more FX to Nigeria as such the reserves will be on the rise till Year end Dec. 2025.

USA has commenced the devaluation of the Dollar against other foreign currencies to encourage Manufacturing whilst competing with China so there would be capital flight to Emerging Markets like Nigeria.

You see, Propaganda and story spinning to look Good will not do us any good in Nigeria. The Buhari Government left over $35B Gross whilst $31B was encumbered on forwards and loans.

You seem quite informed but biased.

Considering the mess Tinubu met, this is a vast improvement.

The country would still be borrowing for a while as going from spending 97% of government revenue on debt servicing in May 2023, to less than 20% can not be achieved overnight.

What is questionable is the borrowing for politically dubious projects whose prime objectives may be simply to win over polticians and also the hearts fo the masses to vote for the president.

affable4:
Please I need to understand something as a layman , how do we claim that our reserves are high when we keep borrowing more than what is in the reserve?

Just explain to me if you know.

The foreign reserves and borrowing have nothing in common.

Badb0y4lyf:
Fake statistics, Na statistics we go chop.
Why can't we be in IMF list of fastest growing economy.

Tinubu inherited a completely messed up economy.

Expecting to enter that list now may be a bit farfetched.

It might be in the fifth year beforte the country starts acheiving at least 5% economic growth rate.

The coup might have succeeded.

All they have to state is that the petrol subsidy is back and the price is now N197 per litre, and their support will jump through the roof.

I doubt the coupists would last a month. The economy would most likely collapse due to massive capital flight which would see the Naira plunging to very low levels. The resistance from civil groups would simply be unbearable, far worse than what IBB experienced after the annulment of the 1993 elections.

The fact that the coup was led by Northern officers would also be seen as anti-Southern president.

The coup would probably not succeed.

Is it only Namecheap that are bloody thieves?

They tell you initial registration cost is $9.89 (a random) and renewal is $12.98.

However, when it comes time for the renewal, it ia $18.38! This is daylight robbery

The one that's really pissing me off is a dot online.

Cost of registration was like $1 and renewal was to be $2.90 or so.

Just to see renewal at $28.98!

This is ungodly. It is extremely deceitful. Please note that there are domain names I personally use for my website or other things. I am seething here.

What are your horror stories if you have any.

In addition, are there any registrars out there that keep to their word?

naijapikin2:
See lebanese o

These set of people who were known to be beggars not too long ago.

If were raised in the north you likely would have known them to be beggars. As at then even if you tried adopting them, with their poverty they'd still refuse.

You must be referring to the Berbers Touregs from Niger.

You can't fix stupid.

This is a good example.

TONYE001:
True, if others go into importation, competition will stabilize things. The other sad thing here is, those going into importation are already corrupt, and oriented by the evil big names in the business....so, they go in and play along.
My point is that of morality. Is it moral to put extensive profits on top a cost price? This pursuit for gain, to what extent is it acceptable? Where do we draw the line? What's the purchasing power of a majority of Nigerians?

This is one major reason things are expensive in Nigeria. Life is hard. Families are struggling to feed. People are struggling to survive. Crime rates are climbing. Depression, diseases, everything bad is getting worse. We all thought it was the government's fault....alone. We now know that na we dey do ourselves. We wicked true, true.

Survival of the fittest.....but how many people come dey fit sef?

Importation all over the world is a high margin business.

But then again, that's if we don't factor in overheads and other costs.

Jakarta:
Ogbeni close your dirty mouth and call a spade by its name. How can a medical doctor be earning 185k a month? Even if his tax bills are high at least he is enjoying what he paying for. Is the price of energy cheap hear, I'm paying 209.50 for a unit on band a yet I've spent 175k fueling my generator. I once visited a general Hospital, and I saw people sleeping outside on tents, no power. Only 1 doctor attending to over 18 patients in a ward. Folks like you are taking this country backward due to your blinded support.

You have a point but what the doctor may be earning in the UK is nothing to write home about.

I have been to the UK. It seems what he is earning may not be more than £2,000 a month which is lamentable.

TONYE001:
Business is not charity, true. But does this mean a businessman should get a thing for N100, (let's say the cost of logistics - Importation, etc - is N50) and sell it for N600? 300% gain?

Make we reason this matter well.

My point is or the tragedy is not what if you said is true.

The tragedy is that if that's the truth, why don't others go into importation and fill I'm the gap?

That's why I don't blame businessmen.

Brendaniel:
This your analysis is not solid, do you know why? you are not being realistic, firstly I'm not against diversification, but you can't tell me a man who has a well paying job like the MD of a bank and his salary is based on let's say 2% of the profit of the bank on a monthly basis.

The bank has boom profits for 6 months and then because the profits dropped thereafter then the bank MD starts complaining that he is broke and unable to take care of his family.

Would you call him a serious man? what was he doing when there was boom?

And even as he is still earning, what was is he doing with the one he is still earning?

You see why your first analysis with your sister's jpb did not really hold waters, OBJ also proved this your theory wrong, if the government is not responsible with the management of resources no matter how big it is, the country will always be broke, whether they collect more tax or diversify, it doesn't change much because mismanagement will follow to destroy whatever gains and that's the case of Nigeria today.

Nigeria is like a man who earns x 10 of what his neighbor earns but is more in debt than his neighbor and looks poorer than him because of mismanagement.

Mismanagement is one of Nigeria's biggest problem in economics not just the earnings, like I said I'm not against diversification but the leadership has to be gotten right for any of your theories to work if not it will be like what Tinubu is doing now...

Does Nigeria look like what is working under Tinubu even after all the policies you and him claims to have implemented?

I did respect how OBJ managed resources. Nevertheless, there's just a limit dependance on one resources can achieve,

Botswana, the best run country on mainland Africa, managed its diamond wealth so well that you'd be gushed why you did not learn of them sooner. Diamonds was its primary source of wealth. Corruption was very low and the extra earnings from diamond was being saved. There was a time, it had enough money saved to run for about 3 years if no revenue came in.

Though rich, it had a problem. It was wholely dependant on diamonds for its wealth. It tried to diversify but it was disadvantaged by its location. It is an landlocked country that is mostly desert, and with a small population. It was never successful in diversifying.

Then the worst happened. Diamonds prices not only crashed but the crash was sustained. It's economy was badly hit, that the ruling party that brought managed the country's wealth prudently was kicked out of power through the ballot box. It has always been a democracy since independence.

Let me enlighten you about something, Many unsavory things said about BAT are true. The godfatherism, the massive sleaze, the cronyism are true. And one more thing is also very true: he is a very good manager.

These economic policies are gradually changing the economy. It is a pity they weren't implemented since 1999. Wale Edun and Cardoso are dynamos. The country is gradually moving away from dependence on crude oil for the bulk of government revenue and foreign exchange inflows.

It is a pity that he inherited bankrupt country. That's why there's so much misery today.

Alaigbo:
No that was not the only thing that put them in trouble in Amsterdam.

What else my guy? Give me gist

If she was the one to die with her side man, he would beat the kids if they dared to mourn her.

The way you lay your bed, is the way you lie on it.

Lesson: be loyal to your spouse.

Second lesson: Let the woman be.

Orlandoo:
Nigeria in 2014 and Nigeria now under Tinubu, which one is the best?

The white man says, "The Devil is in the details!"

When GEJ was in office, the oil price was $100 per barrel and he mismanaged it. But that's not the issue. OBJ was the best president ever during since the onset of democracy in 1999 when it came to management of the economy.

Tinubu inherited a complete mess. He is restoring things, and he has received a lot of accolades.

If there is a problem, it is borrowing galore. Nothing wrong with borrowing, but some of the project have dubious benefits.

Nevertheless, he has done a great job considering the utter mess he met on ground.

Business isn't a charity. The businessman owes you nothing.

If you can import it and sell below the competition, then go ahead.