₦airaland Forum

LastProphet:
please sir what do you do? your points are spot on, I hope authorities see this

kayfra:
This is a great thread.

I don't agree with running parallel exchange rates, all that it will do is encourage bankers to connive with FX dealers and it will defeat the purpose.I believe it's time we acknowledge the realities of diminshed revenues in our mono product economy. This is how I'll propose to change the existing monetary policy:

1. Devalue the naira to something more realistic and closer to the parallel market. Let it float with given limits maybe plus or minus 20 naira
2. Lower interest rates to reinflate the economy so more money is available and cheap to lend. Yes. Inflation will increase but consumers will have more money to spend.
3. Place outright bans on any product that can be sourced locally and review the policy on a product by product basis if it's becoming scarce. A tiered approach to enforce the bans should be considered, so stuff like toothpick, tomato puree, chicken etc can be Class A. Products that deserve total bans and Class C may just be tariffs
4. Place transaction limits on cards for personal use and be more liberal with business cards. Banks should come out with cards for Business vs. Personal cards. Improves tracking and taxable income
5. They know the politicians and contractors that benefitted from the dollarization of our economy. So a blanket ban is shortsighted. Remove the draconian policy of limiting inflows and outflows of dollars into domiciled accounts and track the aforementioned people.
6. Any import of farm or processing equipment that encourages exports should be subsidised and the proof of receipt of such should be at the custom. This should be done using rebates to avoid people getting subsidies and channeling the money for alternative use.
7. Redesign the monies collected via Remita, so that it spends more time at the banks which fRees up cash for lending and trade. CBN can track those using some clearing mechanism.


Without doing something to our monetary policies, the economy will crash before the end of second quarter. They are killing the economy the more this ill-advised policy continues.


And outside of monetary policy, Buhari and his goons needs to communicate an economic vision that brings about everything. Give it targets, goals and milestones. Without a vision and an enabling environment, Nigeria is doomed to fail.

kayfra:
We are a victim of a mono product commodity export based economy and when prices tank, then so is our fortune and currency. We had a boat load of opportunity under the last government to structurally change our economy by building infrastructure and diversifying our exports. But we blew away the days of oil at $140 a barrel. That was lost on private jets and ridiculous properties.

Anyway, accepting our reality let's look at what will alleviate the pain.

Monetary policy - CBN (Emefiele)
1. Devalue the naira and stop wasting reserves on our ego. Naira is not worth the official rate and let's be done with that reality. Of course, inflation will rise, which is inevitable.
2. Lower interest rates. This is to make the cost of borrowing cheaper, so more naira is available to spend to keep a buoyant economy. The banks won't enjoy runaway profits but they can make up for that in fees.
3. Stress test the banks and based on the results, recapitalizate the banks. We can't afford to have weak banks that'll collapse anytime soon. If the banks are not strong enough to do real banking, then consolidate them.
4. Formulate policies for banks to increase retail lending which will grow the economy when money is available to individuals to invest in businesses and other entrepreneurial activities such as farming. We have 160 million people and can run a growth based economy internally.
5. Put more import tariffs on frivolous goods to encourage local production.
6. Prioritize the issuance of forex to companies importing industrial or agricultural machines. Anything that will foster local production should be encouraged. This will get us from being a net exporter of raw goods to a net exporter of processed or semi processed goods.


Fiscal policy (Adeosun)
Kemi is already doing most of my recommendation

1. Look for ways to seal all the leakages in parastatals.
2. Retrieve every single kobo of revenue made by government agencies which will include customs, ports, waec, jamb etc etc
3. Review the cost of governance with the aim of drastically lowering recurrent expenditure. This may involve firing redundant people.
4. Review our VAT. We have a low tax rate and we need to tax consumption of foreign goods to discourage our dependence on them.
5. Broaden the tax base with targeted taxation across the economy. Anybody with a stall or farm has to pay taxes. No exceptions.
6. Automate governance using technology. We need an ERP solution and data warehouse. This will give easy access to information and reports so we can plan and make better policy decisions.
7. Review fee structure across the board. This will include police tickets, traffic tickets, tolls, road tax etc etc


Buhari
1. Communicate a vision and hire an economic adviser that can articulate the vision as concrete plans with milestones.
2. Go after trade agreements with African countries. We have a lot to sell the less developed African countries and can effectively replace a lot of their foreign partners. This will increase dollar repatriation from the revenue we make in those countries.
3. Stop speaking so negatively about Nigeria. You kill consumer and investor confidence when the head of state sounds so negative.
4. Fight corruption but don't let it take center stage of your government. It just shows you're not capable of managing a complex country with varying priorities.
5. Strengthen our defense. It's your #1 priority as commander in chief.
6. Go get a communication coach to teach you the art leadership using verbal and non verbal cues.


NASS
1. Pass PIB bill as a matter of urgency.
2. Pass any bill that will clear roadblocks and speed up the incubation of businesses. Example. Why does it take a year to get mining license? There are other examples.
3. Do real work and pass laws that will help the common man and big business. They go hand in hand


The People
1. Work hard, pray hard and party hard.

onila:
shes from a very good family

they shld leave her alone

her father was once a senator

comos:
media trial !

PentiumPro:
I don't know why people are putting this babe into the public space.
She is just an Investment Banker and Wealth Manager doing her job, she is neither a police officer or an EFCC official to start asking question as to the source of fund put under her care to manage.
Please let's allow her the privacy she deserve.

Justiyke4u:
Those shouting scam up and down is so obvious that they can't hide the fears in their voices. I remain neutral but in my opinion I think the essence of raising this issue of passport is to send a message across. I wonder why people take this biafra issue so personal when they have already believed that it is not possible but instead of relaxing they are still worried. #fact*the more you talk about something, the more popular that thing becomes# please if you want to react against my opinion you can do so without mentioning me.

God Bless Nigeria and give our leaders wisdom
That should be our prayer for our country

fatiaanu:
Hope you are not smoking something cheap. Be careful!

Spybradd:
joblessness o

pinardave:
So because shell BP is shutting down their production due to unfavorable economic condition and the present administration`s lack of direction, and you are here spewing up blackmail. Guess, Buhari should realize that any case against shell will not be decided by his pocketed Nigerian judiciary. You guys should tell this govt to be focus oooo
By now every sensible Nigerian has come to the realization that there is something more dangerous than "corruption", "incompetence"is more dangerous than corruption...... A Man can be corrupt and still be profitable but an Incompetent man makes you lose all you are worth and jeopardize your future.....

Buhari has shown himself incompetent in all ramifications ....... The money we have lost by the crash of the Naira alone in the eight month administration of Buhari should equal and exceed all the monies that can ever be stolen by the Jonathan administration ..... Our economy has slowed down and its growth rate is now less than the 10th in Africa. The contracting nature of our economy means we have lost all the economic gains by Jonathan to such a docile government

Sweetguy25:
You think Shell and ENI would forgo an over 2 billion barrels worth of crude oil well easily? These guys are not MTN o. The dullard should remember Shell and AGIP are not MTN.

We don’t recognise Biafran passport – US, UK
January 25, 2016


Eniola Akinkuotu

The governments of the United States and the United Kingdom have said they do not recognise the passports being issued by the Movement for the Actualisation of the Sovereign State of Biafra.

The National Director of Information, MASSOB, Sunny Okereafor, had said two weeks ago that the passport was valid worldwide, adding that the travel document costs N5,000 while its renewal costs N2,000

He had said, “I assure you that the Biafran passport is valid. Except Nigeria, other countries of the world accept Biafran passport and allow our citizens to travel with it. In Europe, North and South America, Biafran passport is accepted. Nigeria is the only country that seizes Biafran passport. Go to neighbouring Ghana here, they will stamp the passport for you. Don’t be confused by the propaganda of the Nigerian government that there is nothing like Biafra passport.

MASSOB appeals to Biafran citizens to procure their passport and use it to travel. If you doubt me, get a Nigerian passport while I have my Biafran passport; when we get to Europe, you will see who they will welcome than the other. Many people with the Nigerian passport have been repatriated, but have you heard of anybody with Biafran passport receiving such ill-treatment?”

However, our correspondent sent an email to the American consulate in Lagos to inquire from the US regarding the claim of MASSOB.

In his response, the Deputy Public Affairs Officer at the consulate, Frank Sellin, said, “The United States does not consider passports purporting to be from a Biafra entity to be a valid legal document for purposes of visa issuance.”

A similar response from the British Government was sent to The PUNCH via email.

The UK recalled that it did not support the disintegration of Nigeria during the 1967 Biafran War and had not changed its stance 49 years after.

A statement by the Press and Public Affairs Officer, British High Commission, Abuja, Mr. Joe Abuku, read in part, “The answer is unequivocally ‘no’. The UK does not recognise the so-called Biafran passport

“The position of the UK Government during the Biafran War is a matter of historical record. The UK Government’s position, which reflected the Charter of the Organisation of African Unity, was to recognise the borders laid down at independence.

“The Biafran War caused great suffering and the UK supported the reconciliation work that followed the conflict. The UK supports the territorial integrity of Nigeria and the Nigerian Government’s commitment to work for a secure and prosperous Nigeria for all Nigerians.”

millionaireman:
But Seun said no body must promote Biafra on his blogsite, so why allow matters about Biafra here where no body can defend anything BIafra or risk ban? Bringing Biafra matters here is for Biafra to be ridiculed. That is not what balancing of opinion on a blog site to make it stronger is all about..

inlandtaipan:
some of your brother don't believe Oyo state is in shambles, Oyo state is the Dubai of Nigeria

post=42285679:
And also blaming the Igbos for their misfortune, they voted for Change hope their region will be Eldorado, and also to pin down southeasters and their business men and women, you can see how they where rejoicing over demolition of Oshodi market, at last what happened? They should have learnt a lot from 20 pounds and economic policies against the Igbos that didn't work. Southwestern states is stagnant at the moment not just Oyo, only Lagos is putting small effort, they are the highest indebted region in Nigeria and nothing to show for the large loan they collected, Ekiti spent their own on JKF love water bed, Osun on visibility study on longest runway airport in western hemisphere and tallest talking drum in the world according to Guinness book of record , while civil servants are languishing same with other states, the zombies will be silent on the evils going on in their region, they easily jump on any thread about the Igbos to pour they frustration, and hatred while their region is retrogressing, you can never see them comment on this thread, they will allow the thread to kindly go down, but create any thread about IPOB, Olisa metu, Stella Odua or NOI they will land like vultures. I have been to all southwestern state recently I feel sorry for them when they coming online to paint their region as most developed, majority of them don't travel, those that do don't like come back this is the fact, when I traveled to Oyo recently with one of their own also a friend he was so ashamed to tell me we had gotten to Ibadan until I noticed brown roof every where. I feel for them, they don't what others to mock them especially Igbos.

MayorofLagos:
Thank you my brother.
Ojukwu was a war criminal and a thief.

No money in Bank of Biafra for people to withdraw, those who had money could not use it bdcause tbere were no commodities to purchase. They couldnt eat their money. The refugee aid sent in to feed people he cornered it for an elite group. Finally when he fled....instead of rescuing lives and airlifting them out of war zone he chosdd his mercedes to evacuate. If bank had no money for people tobwithdraw, where did Chukwuemeka get the millions he escaped with?

Is any Ibo capable of asking qhestions about these gaps and lapses?

Their leaders point to Yoruba in order to push them away from probing internally and discovering the lies and deceit.

Biafran leaders stole Ibo bank savings. Yoruba owe Ibo nothing, Nigeria owe Biafra nothing. Ibos should go and recover their looted savings stashed away in Switzerland and Portugal by their own brethrens.

My brother, Its time for me to go eat delicious amala and ewedu.

daveante28:
you guys are stupid and there's no hope for nigeria if you can be so dumb. what does Tinubu (your God ) has to do with the eco atlantic? It's private project ,not Tinubu Atlantic . Even if Tinubu was the governor ,is it built with his money? Humpty Dumpty!