₦airaland Forum

Banning them is prejudice. They shouldn't be banned.

They should also behave themselves and not chant anti-Palestinian slogans.

That was what put them into trouble in Amsterdam.

Orlandoo:
No one can even point to one thing Tinubu has achieved since he grabbed and ran away with someone's mandate. Nothing. Only pardoning criminals.

The net foreign reserves has grown from $3.99bn to over $42bn, which is able to cover 8 months worth of imports. By the way, net foreign reserves refers to the reserves that the central bank actually has access to. The gross figure contains the one that is encumbered. The net foreign reserves are unencumbered.

In addition, when Tinubu assumed office, 97% of government spending was going towards debt servicing. It is now below 50%.

I have no idea what it's called.

I have eaten it and it's okay.

JohnnA1:
Good evening, pls whats the best way to receive funds from Atom/SquadHelp?

Cc: GPexchange, Leaner47, U1, Grandstar

I haven't received cash from Atom before

My mum died at 79. She's quite strong. I doff my hat

Hussein052:
Israel is known for violating international laws, killing innocent civilians and destroying government infrastructure in disguise of fighting terrorism, before gullible Christians will criticize me, for your information the president of Lebanon is a Christian. Lebanon has more Christians than Israel

Lebanon was majority Christian at the onset. The poorer Muslim population grew faster than the richer Christian population, and then you had Palestinian refugees who were largely Muslims.

Lebanon is a very polarised society.

If Bin Laden's converted to Christendom, this will be the way his wives and children will be dressed.

He died with "contraband."

He did nothing unlawful before the eyes of the law but against the most high.

He has warned us of "the strange woman."

jmoore:
Kwara indigene wey bandits dey give wotowoto nonstop have the audacity to talk about Anambra under Obi.

I suspect the bandits are probably those fleeing assault from other parts of the North. It's quite fresh.

I suspect the banditry could have been resolved had the military not been bugged down fighting Islamist terrorists in the Northeast.

This is too painful to read.

Many on the list clearly did not deserve to be there.

Brendaniel:
Where do you think most of the revenue is coming from? more taxes and what are the citizens getting in return? insecurity, inflation and corruption in governance with high government running cost...

So after writing all these things you wrote, what is the benefit of it to the average citizen?

Just to add, the revenue did not increase, it was only bloated, if you need stats I will provide them for you...

Nigeria only collects about 10% of GDP as taxes. This is one of the lowest rates in the world. It needs tobbe increased.

Let me use my sister as example why things need to change.

In December 2010 tjhereabout, my sister got a job in a Nigerian bank after her Youth Service. Her salary was 91k a month. Then the exchange rate was around $1-155. Let's just say about $600

Today, that N91,000 is barely $60.

That kind of job now pays 250,000, which is $160

What went wrong and how could it have been prevented?

First, had Buhari simply continued with the policies of GEJ, and had been more product than him, the exchange rate would at worst be $1-N300

That doesn't fully answer the question

Two of Nigeria biggest problems are its over reliance on crude oil revenues for both government spending and forex inflow through its exportation.

Oil for a long time constituted more than 70% of government revenue and for more tha 80% of fx inflows.

So, if the price of crude oil crashed, government would crash, leaving a big hole in the budget while dollar inflows would crash, causing the currency to crash as well.

The solution is for the economy is be far less dependent on crude oil for both revenue and for foreign exchange.

That is why revenue drive of this government is the right way to go. I am certain they can increase revenues to about 18% of GDP eventually. Whenever the price of oil should crash, the economy and the Naira don't come crashing.

For exports, the nation needs to diversify. Non-oil exports need to grows to the point that it dwarfs what is received from crude oil. The floating of the Naira has led to an export boom. Exports are rising fast. If it continues like this, in 10 years time, crude oil will account for like 25% of export.

This year, the price of crude oil fell due to a slowing world economy. However, the government was able to weather the storm due to an increase in non-oil revenues.

By the way, inflation is high and could go down. The prime reason why it is high is because the central bank does not want to increase interest rates to the point that it would bring down inflation. This is because Tinubu does not want the economy to slow or even enter a recession.

Brendaniel:
And since Tinubu stopped the subsidy, is he not borrowing more?

And Nigerians are paying more...

So what has removing subsidy solved?

The removal has been a blessing. The government is asking the central bank to print money to finance the fuel subsidy which would eventually lead to a depreciation of the Naira. Keep that subsidy and the Naira will fall to N4,000 for a dollar in 4 years time.

I can't say if the borrowing has gone up in real terms. 10 trillion in 2015, may be more in real terms than 50 trillion today.

The borrowing today is also more sustainable due to a massive increase in revenues.

A lot of the borrowing is for infrastructure projects which would help the economy grow.

Some of the spending I msut admit are questionable. A lot of these projects prime objects are to win votes.

I decided browse following your complaint.

Yes, the government wants to borrow $21bn. The question is how sustainable is it?

Revenue collection has been growing fast under Tinubu. Nigeria hopes to improve revenue collection by 3% of GDP in the next 3 years which will be easily achieved.

Nigeria's GDP is 370trillion. 3% of that is 11.1trn which is $7.4bn. Assuming interest rates on the loans are 10% per year using the worst case possible, that is $2.1bn a year in interest. The borrowing is sustainable. $7.4b-$2.1 = $5.3bn

I generally would prefer more prudent spending, and far less borrowing.

Brendaniel:
The fuel subsidy was not the problem. the corruption was the problem, there is no global power in the world today that does not have one form of subsidy or the other for their citizens, you are making it look as if subsidy is a bad thing and will only cause problem, that's one of the major issue I have with the way some of you do things in Nigeria. instead of tackling the root cause of a problem, you either destroy the whole thing or fight it from surface, in the end the problem remains or causes a bigger problem like what Tinubu has done...

I appreciate educated response like these.

Nigeria no longer has the money to fiance the subsidy. It would just make the budget deficit bigger. It cost about 2% of GDP to provide it. The country barely collects 10% of its GDP as taxes. It is not sustainable.

Buhari was borrowing heavily to subsidize it.

The country listed here are all rich except Iran.

Shoprite needs to come back to Nigeria after Buhari chased them away with its defective forex policies that created chronic scarcity of foreign exchange.

Standards is beginning to drop, especially in their cooked food section.

Brendaniel:
And you think when citizens lose money to the corruption still going on it doesn't still affect the government indirectly?

I don't understand what your problem is! Are you bitter that the fuel subsidy is gone?

Brendaniel:
And yet fuel scarcity, NUPENG, Dangote and NNPC are still doing abracadabra with pricing and scarcity, there is still corruption.

It isn't costing the government money.

The truth is that Blord can easily set up another account and build up a following quickly. It would take time,though, to buil;d up a followiung to 3m followers.

He can also place adverts on Instagram to promote his products.

Brendaniel:
And as fuels subsidy ended, corruption in the fuel industry has ended abi?

What kind of corruption will be ongoing in the industry? Whatever kind of corruption going on today will be low level stuff.

Hunger don wire am.

The poor soul.

Though Babangida said he annulled the election to keep a promise he made to Abacha, there was another rumor.

It was rumoured that Babangida might have kept some "large amount of money" in his family care which he refused to hand over.

I doubt this is true.

Brendaniel:
Something wey I don dey shout about since Buhari's time sef and it got worse under Tinubu, under Tinubu it is bazaar of looting and sending abroad that is going on( free for all Tinubu's loyalists).

That's why I laugh anytime Tinubu supporters or those who think that biggest killer of the naira is importation, importation is like going to market to buy what you don't have in your house to increase productivity for you, so there is a value chain, but these guys are just looting naira and converting to dollars and sending it abroad without any value in return and you expect the naira to grow

That's why I laugh when CBN throws out any policy and the politicians don't start opposing it then the policy did not affect their corruption, Tinubu and his patch patch cabinet are not ready to fight corruption and corruption is the biggest killer of the economy, don't let anyone deceive you.

The bigger killer of the economy isn't corruption. It is bad economic policies.

The fuel subsidies were costing the economy 2% of GDP. For a country that barely collects 10% of it, this was a death sentence.

When Buhari assumed office, 26% of government revenue was going towards debt servicing. By the time he left office, 97% of it was going towards debt servicing. There was overborrowing. One reason for this was borrowing money to provide the subsidy. That was why the 3 leading presidencial candidates wanted the subsidy gone.

This is just one example. I could go on. During Jonathan's government, the economy was doing great despite high levels of corruption.

Bad policies also enable corruption. All corruption surrounding fuel subsidy disappeared was the subsidy ended.

By 2008, half of Americans 25years and under, were non-white.

Trump is simply wasting his time. The Republicans would lose a lot of votes and supporters because of this. He would also gain lots.

But at the end of the day, bitter minorities will go out in full force and kick the Republicans. They will be slaughtered in the Midterm elections next year.

Lanruze:
The Depreciation of the naira is indeed a bad thing for those who are resident in Nigeria and earn in Naira.

This is something we researched a couple of months ago and found out is the root of the excruciating poverty rise in Nigeria.

What many of you fail to understand was that a refusal to depreciate also existed. Buhari frankly said he does not believe in devaluation.

Buhari resisted devaluation but did it work?

Let me put this as simple as possible

If N100Million is chasing $10m, what will the exchange rate be? You will say $1-N10

If N100Million is chasing $5m, what will the exchange rate be?

FarahAideed:
It's a bad thing , why are IMF leaders countries currencies not depreciated like the Naira if it's a good thing .and please dont bring Korea here ... Currency devaluation should be considered a crime against humanity , you are literally throwing the sweat and hardwork of honest people into the gutter

What do you mean by member states? The list of member states are below:

https://www.imf.org/en/Countries

The uni is run like a ruthless organisation.

Out of regards for his reputation at the very least, Oyedepo should ensure they are well renumerated.

He was carrying "contraband goods" and he didn't know, of the worst kind.

moneymind:
I'm trying to pay to transfer out a name from unstoppable, Grey is not working, gtb Mastercard is not working, Grey and gtb Mastercard through PayPal is not working. Pls suggest any possible way forward.

Get a Providus Bank Naira or Dollar card.

I have been using mine since 2022 if I am correct. This was while Buhari was still in office.

Proudlyngwa:
So why did you feel she was not the richer one and wanted Akon to pay her off,

Akon being more popular does not translate to being richer

He is the celebrity that people know.

Secondly, if she was wealthy, it would have been revealed.

Proudlyngwa:
So why is he not entitled to walk away with something from her

Actually, the law does not discriminate between men or women. Whoever is the richer one, pays.

Madonna with a high alimony when she divorced years ago to her then husband, Richie.

brain54:
Cute dog...

Rip to your dog.

I know someone that had a 26 year old dog. The dog was so old. Nobody saw it die or the body. It just went out one calm evening and never returned.

The owner looked for it but never found it.

Someone said some dogs usually do that when they have premonitions of their death.

I also remember they was a dog on a street close to where I lived as a kid. I avoided that street because of the dog as it always barked at me and chased me one particular day.

I can't remember the particular age but it was well over 20 years old.

It later died and I remember being very happy and started going to the compound to throw sticks at fruits hanging from the tree there!

The dog wanted to die with dignity.

He doesn't want his master's last memories about him being sickly and weak

PeterObiGuy:
He attended no University meanwhile they say Education is key.
TOMPOLO can pay and feed 6 hundred thousand graduates for 3 years and he will not feel it.

Because apart from Tantita 48 Billion yearly, he still receives money from Amnesty, immediate past Deputy Governor of Delta is his boy.
Present Delta State Speaker is also his boy.

When Buhari foolishly cancelled the pipeline protection contract with his company, oil production collapsed from about 2mbpd to around 600,000bpd at some point.

It was the biggest mistake Buhari ever did.