He made some very strong points particularly on the question of foreign reserves.

It is something worth ruminating on

2 and 3 obviously

This minimum wage is something that has been discussed since subsidy was removed last year.
It shows how unserious and inefficient this govt is
Builder of Lagos by foot
I won't even be surprised if the backlog is not paid
Even the wage awards have been abandoned

nairalanda1:
Total removal of subsidy means no more fuel.scarcity.

But most of us really want fuel at 40 naira. Government inclusive, since it wins votes

And what is wrong with fuel at 40 naira
Fuel is 0.74 cents, less than a dollar

How it take concern una

AngelicBeing:
l agree with your submissions here

Note also that Keyamo made an outright payment for that house in the US. Our friends here who glamorize mortgage live and work in the US but they can't buy or build a house outright not because they don't want to but simply because they can't afford to.
So taking mortgage to own a house in the US is not basically a business idea but a survival strategy. If most Nigerians who live in the USA had a choice, they won't take it.

o123456789:
Any assessment is supposed to be from the masses, not the government. If Tinubu wants to know his government scorecard, he should throw a challenge on all social media so that Nigerian can rate this present government, the hashtag #RateTinubuGovernment can do the magic.

Even Zombies will log in with alternate accounts to rate him poorly

IbeOkehie:


And which Nigerians could afford ₦5,000 in 1979? In 1990 my parents were teachers with University degrees. Their combined income was ₦1,000 per month. Meanwhile as I've said, a Nigerian teacher in the USA owns a near identical house on the same street since 1986.

Lagos may be the best place to buy real estate in Nigeria. Baltimore is one of the worst metro-areas to buy in the USA.

I added something else to my thesis...the investment in Lekki was undeveloped land abi? So it never earned any rent.

If the Nigerian had a chance to buy that home in Baltimore he could have rented it out and had the tenants pay for it. Think about that.

But the bolded. Nigerians pay lots of tax...to the local chief or Omonile. They pay vigilante people for security. They pay bribes to police at checkpoints.

Here in the USA if you rent out a house guess who pays the tax? It ends up on the tenant as long as it's rented.

There was a recent thread here on Nairaland where an Oba went around claiming peoples property. And it's not safe for an Igbo man to own property in Lagos State now.

So you don't know anyone that lost property they paid for in Nigeria? Well I know many such people. In all my time in the USA it has never happened. That's why Festus Keyamo and Tinubu's children own homes in the USA.

Just do the calculations. Numbers don't lie. They amply illustrate why Nigeria is the Poverty Capital of the World

Good Luck to Nigerians.

Which American could afford $90k in 1979? As at 1979, the Gowon govt had implemented certain reforms that ensured civil servants in Nigeria could own cars, land and other such properties. The Udoji awards in 1972 changed the status of civil servants for good.

The fact that the land in Lekki was undeveloped also shows that the owner incurred minimal cost in terms of building, maintenance and associated taxes. Houses depreciate over time. It is land, a fixed asset that appreciates NOT the house built on it. A three bedroom flat built in the 90s will attract lower rent than one built in the 2000s.

All this talk of omo onile is exaggerated. Omo onile can't do nada for a land with C of O and the right documents. The highest they can do is get money from you while building just to prevent cases of theft and arson but they have no business with your house once completed. Ditto the Oba. In the US system, you pay tax on those properties till you die!!

You're not correct. Property tax is paid by the owner of the property not the tenant. Even undeveloped land in the US attracts property tax. Who pays that? The trees? US property laws makes tax payable by the deed owner not a tenant.

Like I already told you and someone else here, the reason why our elites chose to acquire properties abroad is due to their corrupt dealing which demands that they hide the monies and of course, how they've pummelled naira value over the years. If naira could maintain same rate it had in the 70s and 80s against other currencies till now, no one, not even you will see acquiring properties overseas as a good thing. As a matter of fact, it is only African leaders and elites that I know who go about buying properties all over the world in different places. The motivation for that is usually to hide stolen wealth and not necessarily making business decisions.

Take Keyamo for example. His claim when the house he bought came to the fore is that he bought the house with money that's been lying in his account before he became minister. In other words, he suddenly got tired of seeing the money in his account and decided to invest it not in Nigeria but abroad. Anyone who believes that nonsense needs a knock on the head.

shaybebaby:

Whatever helps you sleep at night. Invest in Nigeria all you want. Your money your choice.

There are many ways to skin a cat.

Exactly!!

IbeOkehie:


Land appreciates in Nigeria in naira terms.

All the while the same naira is depreciating in dollar terms.

My point is that when you do the calculations you find that investing in the US/UK gives better returns. I've done the calculations myself multiple times in many different situations and that is ALWAYS the case.

For example, given the naira rate back then, ₦15,000 may have been sufficient for a down payment on the $79K house in the USA. Today that same ₦15,000 will be worth ₦500 million naira if it had been invested in the USA house.

So which is the better return? Carefully go through the calculations and see for yourself. THAT IS MY POINT, the USA has ALWAYS provided better real estate returns than Nigeria. It would have been better to invest that ₦5,000 into USA real estate.

Again do the math. Basically the astronomical depreciation of the naira DESTROYS all nominal gains.

Then add the risk. Whatever you think you own in Lekki could be taken by government tomorrow, one local Oba could wake up and start contesting the landed property you THINK you own. You might be an Igbo man and dispossessed solely on basis of your ethnicity.

Whatever man.

Good Luck to Nigeria.

You're fixated on dollar that's the problem. The dollar also suffers depreciation. $1 in 1979 is not same with $1 in 1999 and certainly not same with $1 in 2019. You're thinking like the average Nigerian big man who must dollarise everything. Naira for naira, dollar for dollar, the land in Lekki has appreciated better than the one you described. Less than 5k worth 100m compared to 79k worth 400k.
Meanwhile, the guy in Nigeria will pay less tax on his properties than in the US.
That said, I'm not aware of any Oba taking over properties arbitrarily. That's another imagination from you guys.
But I agree the depreciation of naira value against other currencies is a problem though

IbeOkehie:


Please tell them. Facts speak for themselves. No need to look far in the age of internet. Here's one from Baltimore Maryland, one of the UNDESIRABLE cities in the USA. I chose this house because I know a Nigerian couple that bought on the same street back in 1986 for $90K.

https://www.zillow.com/homedetails/1127-Cowpens-Ave-Baltimore-MD-21286/36411353_zpid/

This house was bought for $79K in 1979. Today it's priced over $500K. The records as shown make it likely that it's owned by the same person/family that originally bought it in 1979 because it hasn't been bought or sold since then. It's very likely the mortgage is paid off. Ditto for the Nigerian family, they've lived there since I came to this country. The man is a high school teacher, wife is a nurse.

So what exactly is the problem with mortgage biko nu? Gain of $400K = ₦560 million at current exchange rate. As in, half a billion naira....this man and wife can sell their house and get half billion naira cash. And the kids are all grown, one is nurse, one engineer at Microsoft. When the parents do die, these kids will inherit this profit. Imagine how comfortable their grand children will be. Would this have been possible in Nigeria?

Another friend of mine, Asian Indian, all of his siblings are professionals. They lived together in their parents house for 7 years, including their spouses. Saving like crazy. In 2010 when my friend moved out he was able to buy a house in Washington DC for CASH.

This is the power of cooperative inter-generational wealth in the USA. This is in no way rich by our standards here, these are middle class people because government tax data shows 99% of Americans earn less than $400K per year.

Anyway to each their own. Anyone who wants to experience, observe or interact with poverty should stay in Nigeria. Nigeria is the Poverty Capital of the World.

Good Luck to Nigerians.

Are you now implying that landed properties only appreciate in the Western countries?

As at 1979, land in Lekki was less than 5k. Today, it is worth N100m. So what's your point exactly?

shaybebaby:

Your ignorance is not my problem.

You're the one who is ignorant
Don't turn it to fight
You are finding it hard to admit a basic fact due to superiority complex

shaybebaby:

A mortgage does not appeal to me in Nigeria because there is no reputable database that I can use to assess the market price of properties by different parameters, location, property size, price history etc.

Never mind omo onile issues and all that even after purchase. For that reason, why would I want to secure a loan to acquire an asset that may be problematic I.e high risk? Should issues arise, or I was scammed, the bank does not care. I must pay up somehow.

So if I'm going to be on the hook for a sizeable amount of money, I best make sure the underlying asset is sound and the UK provides that.

There is a reason why rich ARABs, Chinese and Russian oligarchs buy properties ( even when they remain largely empty most times) in London and not Banana Island or Lekki. I'll let you figure out why that is.

See truckload of excuses. Database, omo onile are just excuses.
It seems you're unaware that Chinese, Arabs etc all own properties in VI, Lekki, Banana Island etc.
The main reason for their aversion to real estate in Nigeria is our weak and volatile currency not those excuses you're giving

shaybebaby:

@ first bolded: just because you are not financially savvy does not mean everyone else should be like you.

Debt can be used to build wealth..if you know how, in certain instances. In some instances, if you have the cash outright, it is BETTER to take on the debt. For example:

Today in the Uk :Say you have a £100k cash lying around but you need a £100k mortgage to buy your house. Mortgage rate is 4.5% fixed for 2 years. And you can get 5.5% on fixed 2 year saving product, please tell me would you pay cash outright or not?

You missed my point. Nigerians like you will cringe at the mention of mortgage while in Nigeria.
However, you fight any Nigerian who disparage mortgage in the UK and USA as not being financially savvy.
How does mortgage appeal to you in the UK but not in Nigeria?

Angelfrost:


Face it... You don't really pay taxes here.

You literally live off subsidy, yet poverty is still extremely high.


How many working and earning Nigerians can boast of owning or building houses despite the relaxed taxation?!!

Speaking of Mortgage... Go study the nation's debt profile and servicing.

Even the futures of your unborn kids are already mortgaged.

But even the US and UK are worse off in terms of national debt than Nigeria is.
What's the fuss over debt?
A good number of Nigerians own houses. I can even bet and say more Nigerians than Americans own houses. Owning a house is cheaper in Nigeria than UK or US. Maybe the quality and standard is what you can argue on.
Lastly, I've been reading through this thread and seen how Nigerians abroad are glamourizing mortgages and mortgage payments.
Mortgage also exists in Nigeria. A lot of Nigerians don't know or don't care to know. That's why I find Remi Tinubu's tribe about Nigerians joyfully doing abroad what they wouldn't touch in Nigeria appopriate.
Most of those in favour of paying Mortgage to own houses abroad will never touch Mortgage in Nigeria for no other reason than societal bias and prejudice. Who wants to be called Onigbese?
Bottomline is Nigerians are the most confused people when it comes to what they want. But they seem not to be confused about how they want it.

yarimo:
The EFCC chairman is just confused, he doesn't know anything about his job.

One of Bello's online dogs

If you see the way he defends APC you'll think it's because of how much he loves the country

LegendHero:


Oh now the guilt tripping start. The defeatist syndrome steps in once again.

It was you that claimed “Legendhero is a tribalist for creating a Nolywood thread in politics section”. You started it and not me.

It’s this looking for trouble, then when stuff hit the fan, activating victim syndrome that amaze me.

Worry about your life and stop worrying about how I live my life wherever I am.

Lastly, as I have known you are from the hate side, it will influence how I engage you going forward with respect to intellectual discourse, that’s IF I even engage you henceforth.

Have a nice day Shinedu!

Hehehe
So long Abubakar

LegendHero:


I still don’t understand you. How does the above question relate to “tribalism”.

Until today, I have always thought you are Yoruba. That’s why I engage you civil because I remember I once asked you and you dodge the question.

to me in Yoruba could mean big-short man. Like an oxymoron. But your victim mentality can only point that you ain’t Yoruba.

If I get to know you are Ibo, I will change how I engage with you because I now understand where your bitterness stem from.

How does creating a topic in politics section make one a tribalist?

You see why I said you are a tribal jingoist? What does my question have to do with my tribe? People who generally look at everything through the narrow prism of tribe are a danger to society and it is ironic that someone who lives in a foreign land where his likes were once slaves and downtrodden would cling so tightly to tribalism as an instrument of social engagement.
Do you mean to imply if you meet an Ibo man on the streets of Atlanta, you will relate with him differently from how you will relate with a Latin American? And you really believe you deserve better treatment from the American system than those meted out to Blacks in the years of slavery and segregation?
I'm sure you knew what you were fishing for when you brought the topic here. It is not about bitterness or joy or enlightenment but tribal supremacy which drives your energy in such direction. If not, you've been on NL enough to know where this otherwise informative piece belongs but you soiled it like the proverbial finger dipped in palm oil.
Pity

PressMyButton:

Osae and Emele Onu write for Bloomberg, Emele Onu who was a co-author is unapologetically an obidient. Don't be half smart.

Who is Emele Onu and where is the evidence he co-authored the piece?

Stop regurgitating trash I tell you

LegendHero:


I don’t understand your question. How does that relate to this discussion?

Just as I don't understand how this thread relates to anything politics

PressMyButton:

Bring the breakdown from the Bloomberg article. Is English too difficult?

But you are so sure the writer is Obidient yet you can't even read and understand what he wrote

I guess you refer to people whose IQ are way beyond your grade as Obidients then

PressMyButton:

Prove me wrong, bring the breakdown, let's see.

Prove you wrong that what? What have you said that needs disproving?
You're giving yourself too much importance

PressMyButton:

Go check the name of the writer and check him out on twitter.

The writer is Anthony Osae-Brown, Bloomberg's Nigeria bureau head. Explain clearly how he's Obidient or you're just another swaddling, slimy internet zombie who swallows and regurgitates trash fed to him by his APC masters

IbeOkehie:


The world price of PETROL today, right now, is around $0.75 = ₦1008 per liter. You can go on any market site and check or call any refinery anywhere in the world.

If this is NOT the common, regular price paid at petrol stations in Nigeria, that means government is manipulating price somehow. Given that NNPC is the ONLY supplier of petrol to Nigeria today and they're selling below ₦1000, well there you are.

Good Luck to Nigeria

That does not change the fact that subsidy is not the reason for the present scarcity
And what do you mean by WORLD PRICE of PETROL

LegendHero:


The word “tribalist” don suffer for Nigeria.

Can you explain the relationship between most watched movies and politics

PressMyButton:

Until you give me the breakdown analysis of how naira was defended according to Bloomberg.

I thought you're intelligent and enlightened
Go back and read the article!!

PressMyButton:

The writer of that unfounded article was an Obidient, a staunch one at that, he was bursted big time and his intention of writing the pile of lies was exposed.

That's a lie. The writer is not an Obidient. You guys just go about swallowing every propaganda from your puppeteers in APC

PressMyButton:

Which foreign media?, Bloomberg?, an Obidient writer?, what a joke. What was the breakdown analysis to back up his spurious claims?

Shut your dumb trap.
When did Bloomberg suddenly become Obidient and why did the CBN gov have to come out to explain the fall in reserves? It shows those you're defending don't even think like their followers.

PressMyButton:

Tinubu floated the naira which has closed the gap between the official and parrallel rate, the gap has close from 300naira difference to less than 20naira now. But Obidients lacked understanding.

And what is the effect on the economy according to your understanding?

PressMyButton:
From 1100 back up to 1400, Obidients are jubilating once again, they are no longer saying CBN is defending the naira. Despite debunking their lies of CBN defending the naira when it was gaining.
Can we say Naira is falling when CBN is defending it?

Any coincidence the value started to fall after CBN was called out by foreign media?

I recall some APC bots like you were accusing foreign media of being from a section of the country that hate good news

Op is an irredeemable tribalist and ethnic jingoist
Just check the names and you'll see his motivation for opening this thread in politics section

nairalanda1:
Subsidy has not gone. It is still being paid. That is why there is fuel scarcity.

Partial removal masquerading as full removal..lol.

Learn to keep quiet if you don't know
The scarcity is due to tanker drivers who want to increase fares due to diesel cost