₦airaland Forum

Will he be a rubber stamp appointee or to ensure that's votes counted are a true expression of the people?

IGBOPROMISE1:
Hope he knows apology means admission of guilt, and with that comes compensation!?

In addition, the entire Southeast will demand the same.

Fayose is his senior.

What he said is contemptible.

FarahAideed:
The average Gazan is better off than the average Nigerian under Tinubu

Gaza GDP per Capita is $3500
Nigeria GDP per Capita is $800

Gaza has better life expectancy

I really doubt that.

In Gaza, they still use donkeys and horses. It is an indication of poverty.

Guestmale:
You can write whatever suits your mind and narrative but one thing is clear Hamas or Palestinians will forever think twice before acting stupidly like the way they did on 7th October 2023.

Do you really think Hamas has learnt a lesson?

You have no clue what defiance looks like.

dimeji1:
Another 5 years they will attack Israel again except they are not Arab in blood.

That's why there needs to be foreign peacekeepers on the ground, preferably from the Arab world.

They would see first hand where the problem is coming from.

nairalanda1:
It would be very easy to refute sani, so here goes

The usual disclaimer...1) I dn't support tinubu 2) I am not here to defend him , and 3) I have never voted for him

So, why did subsides go.

Let's go back to why GEJ wanted to remove subsides. IN 2011, subsidy spending was three times that in 2010. Not because of looting, but because high oil prices meant that costs of production were so high, we had to spend more money on subsides.

That is why GEJ had to remove subsidies...partially (and why buhari and tinubu were wrong to oppose him, but hey. they wanted to get into power, and they joined the bandwagon).

By August 2022

1. Debt servicing was eating 90% of our budget
2. Forex was severely scarce.
3.Effective forex reserves were 4 billion dollars, most of the reserve having gone to pay for y'know...debts

Yes, that's how bad subsidy had become....and at the end of the day, we was out of money

(Read this article in the Guardian...Reflections on the fuel subsidy regime ,....from August 2022, for more details.)

As for floating the currency, let's be real. Round tripping was a thing, as people were buying forex at official rate and selling on the black market. And yes, government corurption was a thing too. Add the fact that forex was scarce because since 2014, oil prices had collapsed....and we had not been earning enough forex as a result.

I won't even mention...ok I did...about how, 50 years of subsidy

1. Wrecked our refineries...from 400000 bpd in 1987 to 92000 bpd in 2012, to 6000 bpd in 2019, to zero by 2023 May. Because to afford subsides we started skimping on maintenance costs.

2. Massive losses in smuggling. If any country with subsides has stopped smuggling of fuel, tell me. LIbya, Venezuela, Angola, Iran,even Saudi have been unable to stop smuggling. And we was losing billions and we were at one point having fuel consumption rates of 100 m liters per day, over half of which went to other African countries.

3,Stifling investment in new refineries...and in the sector as a whole. IN 2020, we had 20 licences for refineries issued, down from 60 in 2011...yet only 5 had been taken up, because under subsidy most of them would have not seen any ROI. You cannot refine fuel for say N720...and government makes you sell it below N400 without losing money...






The main culprit is not the world bank and IMF. The main culprit is the fact that we rely too much on oil money. A country of 230 million relying on 1.8m bpd is not going to be prosperous, and is going to struggle to pay for welfare programmes like subsides...without getting into massive debts.


Yes, tinubu should have paid for palliatives to cushion the effect (which was why he was wrong to oppose GEJ subsidy removal...as we had the cash then to do somethings re palliative if subsidy had gone) but see my above 3 points. Even with subsidy removal, our net income has not improved at all (which is why Tinubu is a failure...let's even add he supported Buhari who came to power on diversification mantra...which he failed to implement)....and then we

1. Have a massive debt of 150 trillion naira and growing

2.Have to take more loans because oil prices have not been above our fiscal breakeven.(That's the price we need to have enough revenue from oil to have a budget that makes sense)...As the below AI summary says.



The above is why tinubu is taking more and more loans. It also goes to show that his government is...not serious...in diversifying. If they were, the oil price issues would be less of a burden.

Keep in mind that oil prices have been below 70 dollars per barrel.

So, stop blaming the world bank. Get your government to focus on economic diversification. We are here because we refused to face the truth in the 1980's when subsidy removal was first proposed.

TO parapharase Andropov of the USSR In 1983, this is the result of an economy that sells resources, and uses the money to import consumer goods, instead of industrial knowhow we can then manipulate into our advantage. The result of an economy not dependent on manufacturing using our resources, to make goods that the world needs, and that we need.

(If you quote me to abuse me, or call me APC supporter, that shows you don't understand what is at stake here. And the above explains why an Obi victory and atiku victory or even Sowore victory won't have changed anything. Partial removal of subsides too won't have changed much too
Again, tinubu is not a great leader, and in many ways, by supporting buhari, and by not having a clear idea on diversification, or even a plan on industrialization, plus subsides on power are literally killing the sector, and preventing investment...yeah, bad leader).

You're wasting your time educating these guys. I was trying and just threw in the towel.

Lanruze:
Senator Shehu Sani had better be circumspect in his utterances against the World Bank.

Nigeria is heavily indebted to the Multilateral lending organisation. The World Bank has one of the most reasonable concessionary long-term rates on loans.

I usually laugh when citizens praise the Tinubu led Government on the "outright" removal of PMS subsidy, FX rates Unification and Tax net expansion.

The [b]three (3) policies above are World Bank dictated policies and never worked in any country.
[/b]
China and the Asian Tigers used home grown industrial revolution policies to advance its fortunes, Brazil modeled a "Bolsa familia" home grown policy, Rwanda used its own home grown model of environment cleanliness and urban renewal initative to attract tourists and the list goes-on.

The best advice for any right thinking middle income Nigerian is to look elsewhere for greener pastures especially countries with a stable currency whilst pumping investments in Nigeria. In Ten (10) Years you will thank your stars you took the plunge.

What you have written is very wrong and makes no sense.

Why does the IMF demand the end of consumer subsidies?

Because these subsidies leave a massive hole in government in the budget and the government is now forced to borrow lots of money to sustain the subsidy. The massive borrowing mounts pressure on the local currency which forces it to depreciate. That was what was happening during Buhari's government.

Why does the IMF demand for unified exchange rates? Imagine the official exchange rate was $1-N500, and the parralel exchange rate is $1-N1,000, and you were sent $200, where will you exchange it?

Tinubu inherited an economy where 97% of government revenue was going towards debt servicing.

Why? Because Buhari had gone on a borrowing binge because he was a populist and didn't want the people to suffer. Have you ever heard of the phrase,"Borrow, borrow, make me fine"?

When Buhari assumed office, 26% of revenue was going towards debt servicing.

It just could not continue. By ending petrol subsidies, that eliminated one of the main reasons for government borrowing.

Next, there was chronic shortage of forex. Only $4bn left in the net foreign reserves. Net foreign reserves refers to the actual amount the central bank has access to and not the gross figure. This was not enough to cover one month worth of imports. The minimum requirement is 4 months. Worse, it was owing purchasers of forex $7bn.

Why was the central bank short of forex and owing purchasers? It was so because the central bank had been selling forex below its true market value. The central bank was printing money in massive amounts to lend to the FG and was also tasked with keeping a pegged exchange rate. This was a disaster waiting to happen.

Tinubu's reforms have reversed things. Less than 50% of government revenue now goes towards debt servicing. The net foreign reserves have risen to over $42bn, which is able to cover 8months worth of imports.

I believe there's definitely some sleaze in this project.

I suspect the money would be used to settle people who brought the president to power, and also provide more than enough funds to fund a re-election campaign.

I am very happy for him.

He should thank Hod he wasn't sentenced to a lengthy term in prison over there.

I hope he does not go back to his vomit

Thus is a teenager and not a man.

He is still young, hence this huge mistake.

Can you believe this story? This is how carelessness with one's domain name can cause.

https://www.nairaland.com/8536505/when-domain-dies-expensive-lesson

That is why one must guide his domain religiously.

It also indictaes that there's money in Nigerian domains.

The slowpoke had even been released out on bail and still went back to drug.

He deserves no mercy. He is looking for money to flex back here in Nigeria.

They can make a fortune just parking the domain name.

They don't even have to show films again.

Tge previous owners were quite careless.

I have parked domains before.

I initially thought he went there to flip burgers and was arrested as an illegal immogrant and then deported.

givedemwotowoto:
Tinubu didn't just inherit an economy in tatters. He supported the same economy and even advised them to print money (which they did), and stood with the government from day 1 till the end. He even promised to continue from where Buhari stopped. Enough with the fallacies.

As for World Bank, what they have essentially said is that the reforms are very slow compared to the expected outcome, which means he's running at speed 10 when he should be running at 10,000. You can’t be building a coastal highway of fraud when major highway roads in the country are death traps. Where is the sense? You’re running a very wasteful government, and can’t tackle insecurity, rather using security forces to fight your opponents who did not bow to you. How can your so-called reforms make any meaningful impact?

If you don't understand diplomatic language, the rest of us do. So quit with all the propaganda.

It's the same set of who praised Buhari as the best for 8 years, are the same ones claiming he destroyed the economy.

Many of you genuinely believe that Tinubu supported Buhari's policies. The evidence actually shows the contrary.

https://www.nairaland.com/3593615/tinubu-criticizes-buharis-economic-policies

When Tinubu said the the nation should print money, this was during the time of Covid. Little or no revenue was coming in for the country. That was why he advised for the printing of money to help cover the deficit. The US,UK and the Eurozone did print money then. It is Keynesian spending to revive a comatose economy. These were extraordinary times, and it might have been fitting to do so.

https://web.facebook.com/legitngnews/posts/bola-tinubu-has-advised-president-buhari-to-print-more-naira-notesaccording-to-h/3141301289300080/?_rdc=1&_rdr

https://punchng.com/tinubu-to-buhari-print-more-naira-notes-suspend-vat/#google_vignette

So, it is a myth that Tinubu supported Buhari's economic policies. Buhari who many had hoped for, was not one to take advice. Where he failed woefully was in the area of economics where he chose statist and populist policies over sound economic ones.

Most leaders have a very poor understanding of economics. That is why they hire economists to stir the economy. They listen to the technocrats.

Kushites:
Are you a kid?

Do you think currency value is something a government can set?

Look, here’s how it works. The Naira is at its natural level now, based on the laws of demand for Naira.

If Nigerians demand MORE Nigerian goods and services, the Naira value rises, because people demand more Naira currency.

The more Nigerians demand imports, the more Naira value falls and Dollar value rises.

The ONLY way to override this basic economic logic is for the FG to borrow BILLIONS OF DOLLARS EACH YEAR to shore up the Naira value artificially.

That’s what what we’ve been doing all along, in addition to borrowing $10 billion a year for fuel subsidies.

That’s why prices were “lower” then, and Naira value “higher”.

But it was all artificial.

Tinubu has ended all that. The country will develop faster because of these moves.

Your job as a Nigerian is to BUY NIGERIAN if you want Naira to rise.

It’s not by government magic.

If you were dreaming of buying your next Toyota jeep, DUMP the idea and buy an INNOSON jeep. Or NORD.

That’s how you raise the Naira.

You're half right about some of the things you wrote, and half wrong about some others.

However, I will focus on this "Buy Nigeria," issue.

It does not work. It has been tried for over 40 years and achieved nothing. Countries do best when they focus on areas they have competitive and comparative advantages in. "Buy Nigeria" is usually focused on things the country sucks at producing.

Also, the "Buy Nigeria" mantra has more to do with strengthening the Naira than any other thing, and to prevent its depreciation. It has never strengthened the Naira. Never! If a currency is supposed to depreciate due to some fundamentals, then it should, rather than fight it.

Usually, the Naira usually depreciates when crude oil prices crash. This is due to reduce dollar inflows. It is the reduced inflow that has caused the depreciation. So, the problem was caused by reduced forex inflows and not imports. The answer would be to increase exports.

A floated currency acts as a corrective mechanism. If demand for imports are high, the currency depreciates, making imports more expensive and less affordable. A depreciated currency makes locally produced more competitive in the Nigerian market and international as well. It encourages exports.

There is currently has export boom in the non-oil sector. The days of crude accounting for over 70% of exports are near. I foresee in 5 years time, crude oil will account for less than 50% of exports. That is the power of a floated currency.

givedemwotowoto:
Obidients shouldn't be your problem. Your problem should be those with power to make the naira appreciate, who sent it from the official price of less than 500, to over 1,400. They are the real problems

Why not try and brush up your economics rather simply criticise? Okonjo Iweala, the World Banks and several economists have praised the reforms. Why not find out why they did so?

Tinubu inherited an economy in tatters. Debt servicing consumed 97% of government revenue by 2023, up from 26% when Buhari took office.

There was only $4bn in the net foreign reserves, which refers to the forex the central bank actually has access to, and not the gross figure usually presented. This couldn't even purchase 1 month worth of goods and services from overseas, rather than the minimum standard of 4 months worth of imports. Worse, it was owing buyers of forex $7bn.

With the present economic reforms, the amount spent on debt servicing is now less than 50% of GDP. The net foreign reserves has grown to over $42bn, enough to cover 8 months worth of imports.

So, things are looking up. The ending of the fuel subsidy and the floatation of the Naira were the best things to have ever happened to the country. On some foreign websites, they display the Naira equivalent.

Obagreatdatoye:
Until dollar return to #500/1....I won't still take this govt serious

It can never return to $1-N500. This is the new normal. Better get used to it and move on.

That is not how economics work.

osuofia2:
If hypocrisy was a name, Obama should shut up because he contributed in making a dullard In the person of Buhari to be our president. He refused to sale arms to GEJ and Boko Haram onslaught continued.
God bless Donald Trump

There are a million and one countries in the world. If the US did not supply them weapons, there were other countries they could have gone to.

The truth was that the Nigerians were not passionate about ending the insurgency.

One Arthur Eze was given a $500m to supply helicopters and he supplied aged and rickety ones which were useless.

The NSA man, Dazuki was more interested in lining the pockets of PDP members. He was too slow acquiring weapons.

If I was the president, I would prefer all soldiers be sent home than be slaughered due to poor armoury. It would be as though my own child was at the war front.

I am very certain they could have amassed at least $500m of weapons within 30 days if they were really serious. The passion was not there to do something.

It was only when elections were near that suddenly, things began to change when they routed Boko Haram just two months before the elections, something they should and could have done more earlier if they were serious.

Buhari now came with his own nonsense, and kicked out the foreign mercenaries or military contractors with the excuse that the Nigerian military could handle things themselves.

Nothing wrong with that, but ensure it is properly carried, by making sure the military are ready to take up the roles covered by these mercenaries. Many of the troops on the ground condemned the exit of the contractors. It put them in arms way.Buhari's action was regressive.

Babalegba:
When is he going to make the standard of living better in Nigeria.

It was Buhari that destroyed the economy.

Tinubu is simply reviving the economy through reforms. That's why World Bank and many eminent economists are praising the reforms.

It will take time before it will trickle down to the masses because of how ruined the economy was.

In addition, welfare programs which should have been implemented to assist the poor may not work in Nigeria due to endemic corruption. The money will just be stolen by the officials.

Dangote paying his engineers 400k a month is a crime against humanity if true.

No wonder they joined the union.

It is when rival refineries such as that of Bua commence operations will he then feel the need to pay them far better, lest they post these guys.

I almost started believing in evolution which is a farce.

The man has said nothing.

Just whining.

In the land of the blind, the one-eyed man is king.

This is very very true.

I measured it the last time I reached the summit.

ulysses:
I believe thise time it will come to reality. Ajaokuta holds the key to Nigerian industrial revolution.
The steel summit in August 2025 was key and an opening pathway to glory.
The Minister for Steel Development, MD CEO of Ajaokuta Steel Company & Honourable Member Representing the good people of Ajaokuta Federal Constituency, Kogi State Indivines and every Nigerians will be the ultimate beneficiaries.
Let's join hands together ❤️

It's a white elephant projec5. It can't produce steel at competitive price. This would be end users at a disadvantage. We already saw what happened with cement.

There's a .massive glut of steel in the world market, die to Chinese overproduction.

It is far cheaper to import steel than to produce it locally. The place should be blown up and turned into an industrial estate.

omohayek:
And how much steel is Russia exporting these days? Ajaokuta was already an obsolete Soviet project when it was first conceived in the 1970s, and even the Western companies that would have crushed it in the marketplace are now having trouble themselves with super-cheap Chinese steel.

https://www.reuters.com/markets/commodities/eu-plans-cut-steel-import-quotas-hike-tariffs-2025-10-01/

Ajaokuta is the very definition of a white elephant project, doomed even before work was started on it. There is absolutely no chance it will ever produce steel at market-competitive prices, even if corruption were miraculously eliminated from Nigeria and the best Russian experts were brought in to run it.

The worst thing about the Nigerian obsession with this black hole of a project is that steel isn't even that economically important anymore. How much steel do the likes of Apple, Facebook, Google, Microsoft or Nvidia produce? How much steel do Singapore, Switzerland or Hong Kong produce?

Fetishising steel in the name of "industrialization" is nothing more than cargo-cult thinking, based on the delusion that we have to repeat other countries' exact development history to succeed. By that "logic", we might as well start with setting up 19th-century steam-powered cotton mills, so we can work our way properly from the beginning through all of industrial history.

This is a breath of fresh air.

Where have you been?

I will be crushed, very crushed.

I will will ask to know the father. I will ask to meet him.

But at the end of the day, accept the reality but will let her know she will bear most of the consequences.

I really won't care for the child's father. The father may be a deadbeat not ready to accept responsibility.

I would be devastated and my daughter would realise it. I will just become sunken

slivertongue:
Israel would not have been able to sustain its concerted campaign against Hamas in Gaza. They note that tens of billions of dollars in future funding for Israel is projected under various bilateral agreements.

The Jews are well invested in what the US, and the US will continue to support them because they are the US.

I am not certain about that.

Israel is a $400bn economy. It means it would have to borrow lots of money to fund the war.

I

nwirinedu:
And now that your uncle is that is president removed subsidy mention the gains that have accrued to the nation.

Just mention one.

If Sanusi lifestyle wasn't subsidized by the current administration would he say he supported subsidy.

I am not in the 20k crew, I speak for development.
You are only defending your allowee.

If your entire future is valued at 20k you should be in a bird cage.

You're very funny.

Sanusi has always supported the removal of fuel subsidies. Even in 2012, he supported Jonathan's removal of the subsidy.

Most of you people have a very poor understanding of economics.

Did PO and Atiku not say they were also going to eliminate subsidies? It is hypocritical to now complain about it.,

What many of you fail to understand is that the subsidies were improverish the country.

Aside causing huge budget deficits, it discouraged investments in the midstream and downstream sector of petroleum industry.

No investor would build a refinery in a country where it is subsidized. About 20 refinery licences were given out in the early 2000s but the subsidies discouraged investment. Subsidies means you're selling the product below the market price, hence, losses.

Had there been no subsidies, there would have been massive investments in refining. The country by now would have been producing at 2million bpd of refined oils. Nigeria would be a leader in urea, petrochemicals and other areas today. Nigeria would have been the petroleum hub of Africa.

The economy today would have been at least 3 times bigger.

anonimi:
How many worrisome infrastructure projects are there in this supplemental budget

When was the last time you read about Stockholm Syndrome?

The Bloomberg article is old and obsolete. This 2025.