₦airaland Forum

Gotocourt:
It was petrol subsidy that recked the economy. Kindly check currency floating around the world, it will shock you that some developed countries currencies ain't floated , meaning it's subsidized. It's not rocket science that our petrol daily consumption dropped from 70M to 35M liters per day. I personally know the fraud that went on under the subsidy regime

Because your exchange rate isn't floated does not mean it is subsidized.

During Soludo's tenor in his early days, he fixed the Naira below its true market value. He undervalued the currency. Nigeria then was not following a floating exchange rate policy.

Many countries that do not float their currencies keep them undervalued. The UAE and Hong Kong are two good examples. China is another. An undervalued currency is a clear indication that it is not subsidized.

Lamido Sanusi condemned the "dollar subsidy" that existed under Buhari. It will be abused. As Hamilton said, "The existence of subsidies can not be divorced from abuse."

https://www.nairaland.com/4861949/lamido-sanusi-laments-buharis-economic

Gotocourt:
Tinubu should subsidized dollars before cadavers go full street. The capitalist idealogy is tough on the masses

It was Buhari's subsidized dollars that wrecked the economy.

Are you suggesting the country goes back to its vomit?

CodeTemplarr:
Coming out as a partisan I have always known you as now. At least you didnt die denying it.


So what is the saved subsidy funds being used for that's actually positive or helping us actually grow? Is it the highways that's redundant in advance or idle airports or needless flyovers or religion?

A man earns 500k a month, and spends 700k. He has to borrow 200k to cover the shortfall.

A time comes and he's fed up. He decides to do something about his excess spending. He spends 100k a month on beer after the close if work, and decides to eliminate it. This he does successfully.

His wife now comes to meet him and asks,"This money you have saved, how are we to spend it, how are we going to spend it?" What will you tell her?

The government is trying, considering the absolute mess it inherited from Buhari.

In 2023, 97% of government revenue was to go towards debt servicing. That was how appalling the state of the economy was under Buhari.

It would take at least 4 years to get the budget deficit below 3% as the benefit of improved tax collections brightens the government fiscal position, and also much faster economic growth.

In Tinubu's second term, expect a slash in the size of the civil service, and an end to electricity subsidies. This would further improve the government's fiscal position

Why was she suspended because her nudes were leaked? She was being blackmailed.

This is just hypocrisy. Many of those lecturers sleep with students, so in which way are they better than this lady? She is a victim.

Her boyfriend needs to be taught as lesson!

fergie001:
Because she did the Islamic thing, stayed in the industry a little over 2 years, dats all. Just hyped!!!!

She's not a Muslim. Lebanon was previously a majority Arab Christian country. Faster breeding Arab Muslims and an influx of Palestinians now make them a minority in Lebanon.

You have indigenous Christian communities in Iraq, Jordan, Syria, and Iran. Many date over 1,500 years old, older than Islam.

Adekunle Gold definitely feels uneasy sitting next to her. I don't blame him.

Many may even wonder why he is sitting next to her.

If he is chatting with her, many may wonder what bros is planning. He might also be forced to answer questions at home. Simi no go tolerate nonsense.

If he had no clue who she was, he would have no problems whatsoever.

Watianoengineer:
Speedy has been in existence since when president buhari took power in 1983.. I remember taking it to school as a kid back In 83 when I was in pry 6. How time flies

We should be around the same age. I finished primary school in 1983, and started my first form in 1983/84 calender year. I remember learning of the coup on December 31st, 1983.

I had to repeat form 1 when I transferred to a private secondary school. I was the last Form 5 set. I'm certain you were. I finished in 1989.

Netanyahus end game seems to be to make life so miserable for the Palestinians that they'll beg for mercy. The Palestinians now want Hamas out bit it won't he easy. It's crum8nal gangs that seem to be replacing the void their exterminated helms men are leaving behind.

It's a scotch earth policy

rinzaugustine:
Jonathan had the exact same scenario you mentioned but never hamped on it as excuse for failure and no Nigerian should excuse failure in this 2025 based on tribal sentiments otherwise it’s dead on arrival

Your response is lazy uneducated.

Jonathan met over $20bn in the Excess Crude Accounr. There was over $50bn in the foreign reserves. OBJ had reduced the external debt from $35bn to $5bn.

You did no research.

What yeye tribalism? Were the two economists who performed beautifully during OBJ's rule not Igbo speaking, Soludo and Okonjo Iweala? The same woman served under Jonathan but couldn't perform as much because GEJ was not as supportive. She urged him to save money with crude oil at $100/barrel, he did not support her.

Validated:
Dey play ... in 2014 PDP were hoping that APC would not survive except Buhari picks Tinubu. When Buhari picked little known Osinbajo, Tinubu had to queue behind them. Wait until after the primaries, even Obi or Atiku will queue behind the winner. ADC is about rescuing Nigeria from a bunch of disastrous leaders.

Tinubu offered Osibanjo. Buhari wasn't the one that found him.

Tjra:
Deportees.... Hmmm

This reminds me of the Rhodes-Vivour family of Lagos.

Honestly, African leaders that accept this nonsense are a disgrace to humanity.

They are in transit.

rinzaugustine:
Emilokan is busy forming one party state which will eventually sink him. The basic aim of elections is to have good governance and not that Africans particularly like that concept. If tinubu had come in and brought dollar down to less than 200 naira, fuel down to less than 100 naira, used technology to defeat terrorism and kidnappings to barest minimums, fixed federal highways, citizens getting electricity at least minimum of 8-10 hours everyday…nobody would care about 2027 or what he does in 2027 but his dismal failure the worst in Nigerian history have pushed majority of Nigerians looking up 2027 as a hope of redemption from tinubu

And you forgot to add that Tinubu should bring down fire from heaven.

How will he bring exchange rate down to 200? When he took office, the CBN had only $3bn, and it was owing buyers $7bn. At $1 -440, the CBN could not supply enough dollars, if the price is reduced to N200 as you suggested and the demand is $20bn, where will you get the dollars from?


Whatever exchange rate you have, you must be able to defend it. Defend means that you have SUFFICIENT forex to supply at that exchang rate.
The ultimate determinant of an exchange rate is the market or market forces. Neither the government nor CBN is the ultimate decider.

Let me give an example. Imagine the price of oil is $100 per barrel, and the country is selling 1mbpd, that is $100m daily. That is $100m flowing in daily. Then oil prices drops to $50 per barrel. That means $50m is coming in daily. With the reduced inflow, will you pay more for dollars or less? You will have to pay more

As for oil subsidy, how will Tinubu reduce the price of petrol to N100/litre. A litre of crude oil is at least N500 per litre! The fuel s7bsidy isn't free. It is very costly.

Let me explain how the fuel subsidy works.

Let's say the country produces 20bn litres of crude oil yearly. Let's assume crude oil is N500 per litre.

To sell the petrol to you at N100, the government's sets aside 6bn litres of crude oil to sell at N80.

So, from 6bn litres of crude oil, the government will earn 6bn x N80 = 480bn.

The remain 14bn litres, it sells at N500 which is 7trillion. So total income from crude oil is 7tr + 480bn wh8ch is 7.48trillion

If the government had sold the entire 20bn at N500, it would have earned 10trillion.

Now, let's say the budget for that year is 9trillion. Because of the fuel subsidy the revenue is only 7.48tr. There will be a budget deficit of the 1.52tr. governmenr will have to borrow 1.52trillion. Without the fuel subsidy, there would have been a budget surplus of 10tr-9tr = 1tr

The fuel subsidy has been forcing the government to borrow heavily for years. The borrowing has become too much and it's killing the economy. The fuel subsidy was a major reason for borrowing under Buharis government.

In 2015, 26% of government revenue was used for servicing debt. By May 2023, it was 97% of gocernment revenue. Imagine receiving your salary of 500k and being left with 15k after you settle debt? Must anyone hear it?

Factcheck0001:
dey play


Citizens of Saudi Arabia n UAE are one of the richest in d world


I don spend time for Abu Dhabi before n I know Wetin I Dey talk, go there n u will see Dino melaye as a small boy

This is the problem here.

I mentioned Saudi Arabia, and not Abu Dhabi. Abu Dhabi can still afford its extravagance

Abu Dhabi produces approximately 3 million barrel per day and has a population of approximately 4m. Let's assume crude oil is $60/barrel, that's $180m. Divided by 4m people, and that's $45 per person.

In Saudi, oil production is approximately 11mpd which at $60 is $660m. It's population is approximately 33m, which makes it $20per person.

So, Abu Dhabi is by far richer per person. It widens much further when we realise that only 19% of Abu Dhabis are citizens vs 55.6% for Saudi Arabia

Were that details be included, the figure for Abu Dhabi is $236 per person, and Saudi $78.4. Abu Dhabi sovereign fund is also larger than Saudis.

Saudi Arabia wants more of its people to work in the private sector but over 60% of its indigenous population prefer government work.

Saudi Arabia is projected to have a budget deficit of 4% of GDP this year and next year.

Atarakpa:
With the demise of Muhammad Buhari APC will struggle in the north for the forth coming election. I will advise our current amiable president to be more friendly with the south east. South west south South and north Central

Friendliness isn't enough. Performance is critical. The days where presidents or their chosen ones won elections through brazen rigging are long gone. Performance by the president is now fundamental. Had Jonathan's performance been much better, he wouldn't have lost to Buhari.

Unfortunately for Tinubu, his economic reforms, though necessary, has come with a lot of pain. The ignorant Northern masses don't blame Buhari who ruined the economy, but Tinubu who is repairing the damage.

That is why the massive borrowing of $24bn should be taken note of. I suspect part of it is to initiate an infrastructure construction boon that will turn heads. Buharis road rehabilitation were a vote winner with many, including the educated.

That may not be enough. The Northern masses may demand more. That's where the proposed Forest Guards come in. Insecurity in the North is through the roof.

It's a new security outfit that will be taxed with taking on the murderous killer herdsmen and Fulani bandits. Unfortunately, I have serious doubts if Nuhu Ribadu is the man for the job. I would prefer Marwa to handle security. He is a crowd puller when he does his job.

Tinubu may still need more. The unavoidable hardship still hangs over him. He will need to open the borders, end import bans on many products, and slash unnecessarily high duties on many goods such as cars for instance.

Poor dude. 20 years of hope wasted.

Saudi Arabia, a poor rich Arab nation.

Its oil wealth isn't enough to sustain its lazy and entitled population any longer. More than half of its citizens that work, do so for the government, either directly or through Aramco.

They all want high paying government work that come with little effort.

His parents should have raged against the marraige. He is too young. He is in his "Bloom of Youth," the stage at which he wants to taste life. It is even worse now that he has money.

His decisions smacks of immaturity. Don't be surprised when you start hearing of cheating allegations against Endrik.

BodyCount:
West, CHRISTAINITY and hypocrisy..


This is why I love Muslims...

Open to marry more than one.

STUPIDITY IS WHEN SOME WOMEN WON'T MIND THEIR HUSBAND TO BE WITH UP TO 5-20 DIFFERENT WOMEN OR GIRLS IN A YEAR, BUT TO JUST HAVE TWO WIVES AND STAY LOYAL TO BOTH WILL BE A TABOO TO THEM...
SHAME!

And you think most pf these Muslim men don't have sidechicks outside? 4 wives doesn't stop cheating.

Gotocourt:
Kanuris and Fulanis no dey blend. Borno people are protesting Mr president decision 🤷

Didn't Tinubu consult with his vice? He is an academic Ian from Bornu state. I had forgotten Buhari wasn't even from Bornu state.

This is just ignorant.

I wonder if Tinubu will swallow humble pie, and make a u-turn?

This was the same issue with Unilag when they wanted to rename it after MKO.

I feel it should be overturned ASAP.

Proudlyomonna:
Guy all this ririri doesn't even play in the Reality. APC was never created to make Nigeria better,they only joined forces to take out Pdp and to keep it at all cost.
APC is a curse to this Country, people who have something doing with their lives can testify how this demonic Weapon of mass economic destruction is affecting business.

Reality over all this Nija political jamboree.

Go and get economic literate. Many of you need it.

What's the difference between APC and PDP? All fingers of the same leprous hand. Both very corrupt. Did many not many politicians cross carpet into APC when Buhari took office? Even Atiku was once in APC. Now, many are jettisoning PDP for ADC. There's no difference if we don't want to deceive ourselves.

I am apolitical. I don't even vote. Only God kingdom can bring the salvation mankind really needs. Focus on it.

cucumbar:
What are you even on about ?

Buhari’s was almost 30 days.

Tinubu’s own was from the first day.😁

So you and tinubu knew Buhari destroyed the country and you campaigned to continue from where he stopped?

Tinubu’s 2 years has been worse than Buhari’s 8 years.

Forget the new word, the so called reforms you guys have been brandishing up and down.

There’s nothing reforming about the so called reforms order than the elevation of poverty.

Rest abeg.

Please interpret what is written below:

在美国教书:从私立学校到公立学校的文化震撼
永别了，所长！
──追忆李慎之先生 说东道西:纠正意识与维护意识
说东道西:思想工作和心理咨询
发现另一种人生态度：《世界宗教 》读后

You may not be because it is in Chinese.

However, what is written below is in English. You should able to interpret it.

1. As at June 2023, there was $3bn, and the CBN was owing buyers of forex $7bn. What does this mean? Interprete.

2. As at May, 2023, 97% of government revenue was to be expended on debt servicing. What does this mean? Interprete.

It is in English, please interprete.

Proudlyomonna:
You Apc shameless hopeless happy slaves are pathetic,hypocritical and irredeemable Zombies
Buhari is a genius compared to Tpain. Tpain is the greatest calamity, curse and FAILURE to befall this Country,Tpain is a deadly weapon of mass economic destruction this is what is obtainable in Reality aside your Apc Zombie oo ZOMBISM.

It's the highest level of foolishness to even think that Tpain has any intention to make Nigeria better,the only thing that ever and still matters to Tpain and his evil Apc is to win ELECTIONS. Una go carry this ZOMBISM to una grave fa

I am apolitical. I don't even vote.

Let me ask you a set of simple questions

1. The official exchange rate is $1-N200. The black market is $1- N300. Discuss.

2. As at June 2023, there was $3bn, and the CBN was owing buyers of forex $7bn. Discuss

3. As at May, 2023, 97% of government revenue was to be expended on debt servicing. Discuss.

Let me have your answers.

Almost from the first 30 days, it was obvious to economists that he was going to leave the economy in ruins, in tatters.

Many who criticise Tinubu are as clueless as they were then and now how the economy was being destroyed. All they can do is winge and whine about the pain of Tinubu's reforms but are totally ignorant of the damage Buhari caused.

When you inform them of the damage, their only argument will be, "Was it not Tinubu that put him there?"

This pro-chancellor get mind, dey openly criticise Wike.

10.5bn tax collection in one month by Anambra state? Soludo try o!

He knows his onions!

In two years time, it may hit 15bn.

So Yul Edochie went to wife a mother of 3? This one pass be careful

Boyfriend/girlfriend, and marraige na two different things. No be 5 and 6.

You have both taken the gloves off once you're married. No dulling. You love for each other must either shoot up, or you will have problems.

Love na fails. A marraige founded on deep love for the true God, and your spouse based on the Bible will never fail. There must been compatibility from the word go.

Some men have sworn they will never look outside, never beat their wife, even eat her food after the worst disagreement.

PlasmaTV:
Did he go for Buhari's funeral?
The north will remember 🤡🤡🤡

PS: Yaradua was a good one. One hardly ever heard of his children. Unlike a certain Seyi who acts like the VP of the country

😂😂😂😂

Tinubu and nepotism na 5 & 6.

It may be his undoing in his second term.

He first even has to win.

Glo and 9mobile are to me non-existing.

Only Airtel and MTN I consider are in the race.

Blueberries are lovely.

It's strawberries I'm no fan of. I think most commercial strawberries are harvested way before they've ripened, so it has it has lost a lot of its natural sweetness.

Grapes are the bomb. Oyinbo no dey toy with am.