₦airaland Forum

omowolewa:
There are many other ways through which the telecom can raise there capitals of which bank loan is one.
Why can't the telecom coy explore other means of finance. Venture capital financing, Stock exchange, leasing, infrastructure subleting are one of the mean of financing their projects.

Not capital will come free, but the finance cost may be reduce through a good loan portfolio management.

Company boards use loans because venture capital changes ownership structure. A 100 million dollar company can get a 5 billion dollar loan if the business is lucrative and they can convince the bank board. That was obviously how Globalcom was financed. The banks will become technical owners of the business if the business owners are not able to come out of the debt as fast as envisaged and they won't be able to.

ghostofsparta:
I really do appreciate your analyses for I know not there exist a master-slave relationship between these telcos and banking corporation, however if your pointer is an excuse to justify the terrible services these telecommunication companies provides us in the expired amalgamation borne of a British experiment called Nigeria then I beg to disagree.

I am not using this post to justify incompetence. Not at all. It is to make a case for a new kind of economic system where commercial banking is run as an arm of government and where interests from loans augment tax revenue.

PastorAIO:
Are you sure that animals do not know good from bad? When my dog stole a piece of meat and I caught it in the act, I could swear that that was a guilty look on it's face.

I've also seen monkeys look guilty and even ashamed.

It can hardly be denied that apart from language, the power we have that makes us different from lower animals is that of contemplation which makes us moral beings. That is the aspect of Eshu. It may not be totally absent in animals but it is largely absent while it dominates in humans. Animals are ruled more by instinct while humans contemplate at junctions where Laaroye (Iba o!) Waits.

The original meaning of Christ is fault free, rational son of God operating with common sense, especially as a ruler as in the case of Osiris the first Christ and King in Kemitic Egypt. It started in Kemitic Egypt. A Yoruba rendition of it is Obatala, the benevolent King and Olodumare's right hand man. The Greek got the concept from the Egyptians and introduced it to Christianity by naming early followers of the new Jewish sect 'little Christs' or Christians because of the way they carried themselves and related with others in Antioch, Turkey. Not everyone qualifies as a Christ or Christians to early Greeks or Egyptians, only empathetic and sensible people who are on the narrow path of rationality. Not everybody. People like Buddha, Confucius, initiates of Ayelala among the Yoruba and etc would be considered Christians by the ancient Greeks or Egyptians but modern Christians who plan assassinations of innocent people and preach heresy would not.

The concept has no equivalent in Jewish culture or theology. It is purely a Gentile concept. It also has nothing to do with modern Christianity and if those Antioch people had seen those Jews threatening people with hell fire or forgiving sins by pleading the blood of Jesus, they would have withdrawn that appellation immediately but the appellation has now stuck.

It is thesame story with Islam, the religion named peace despite having a practice of threatening, condemning and attacking those that do not worship God exactly the way they do, chanting the name of their war mongering and rapist last Prophet during ritual prayers.

Islam means peace and Christianity means rational, empathetic and perfect. Those values are far removed from Christianity and Islam. Seeing themselves as such remains a pure self deception. Mohammed and his co traveller Jesus Christ were egotistic individuals who placed themselves on higher pedestals than other humans. They are not worthy of emulation. Emulating them by some is what is hinging our civilization gradually towards destruction. There is a need to join hands to stop the trend.

I am not saying people should be forced to work in this post but that all available work should be shared with mundane or routine work automated as much as possible. Anyone that does not want to work should not benefit from that. Laziness is not the cause of poverty or unemployment, you may say lack of foresight, insight, wisdom and etc but not laziness. Are you against all that? Evil people working for the antichrist and the Dajjal (Christians and Muslims) have dug in against such an arrangement. I am sure they will fail.

There is no reason why anyone should be unemployed, homeless or destituted in any nation while some others are flying private jets, drinking exotic wines, paid twenty million dollar bonuses and etc. People may have all these advantages but not while some others are dying of starvation, living homeless, unemployed and etc, it should be only after all others have had their basic needs taken care off. Animals seem to know this intuitively as animal civilizations do not have some animals living in luxury in the midst of extremely poor fellow animals.

There is no job anyone is doing, be it CEO, medical doctor, researcher and etc that another human being can not do, though it often requires training, so, anywhere there is an administration leading a human civilization, there ought to be full employment. Being employed should not be a priviledge. Whatever jobs are available should be shared to all. In this way, there will prove to be too many jobs. Unemployment should not be seen as a driver of the economy or of the people to work hard. People need to be driven to enhance productivity but there are many ways to do this apart from allowing unemployment to be a norm. In the NYSC program in Nigeria, the youth corpers are still driven by their superiors wherever they are posted to, despite the fact that the Federal Government pay their salaries and many of them have been given community awards for outstanding service. Their salaries are paid on the recommendation of their superior. So people can be driven to work hard and be more productive even with guaranteed employment.

The Earth has enough resources to afford a comfortable life for all, so unemployment and poverty should be thrown into the dust bin of history. Full employment is the future of humanity and there will never be enough people to fill all possible positions, no matter what. Such a policy can change any nation forever and it is better than the current system in most nations.

Such an arrangement can only be possible if a large chunk of the GDP in form of taxes is rerouted to the center for organisation and such taxes will be taken mainly from statutory minimum wages and such a tax is no tax at all, since the minimum wage is fashioned to accomodate it from the onset. It can also be augmented by corporate taxes, tenement rates and etc.

Such a system, for its no one left behind outlook can be described as Modern Communism.

I think Yoruboid languages are a blend of Igboid language and Kemitic Egyptian with touches from Edoid, Akokoid, Nupe and etc but I believe the language is basically Igboid and Kemitic Egyptian. How that came to be is a mystery. It is akin to how Britain came to be speaking a Germanic language when the people are over 70 percent genetically Celtic. A huge population of Kemitic Egyptian mixed with an aboriginal population in the Yoruboid area and imposed their language. These people also have remnants among the Wolof and etc going by the language but the bulk of them settled in the Yoruboid areas apparently, going by the language. Some Awos among the Yoruba know an ancient language. This language should be studied to see how it is similar to the Akokoid, Igboid and Edoid groups. There is an old language classification of ede ife or defoid consisting of Yoruba, Akoko and some others but it has been relegated in favour of YEAI, Yoruboid, Edoid, Akokoid, Igboid as they are all equally related according to linguists but I think Yoruboid and Igboid are more related, possibly because I am more exposed to Igbo. I also believe all those language including even the strange Ijoid are legitimate ancient Ife languages. It is also possible that the whole Yoruba were originally Akokoid before the Egyptians came. An Awo was saying the old Yoruba word for house was Arigidi and this name occurs only in Akoko today. How we got so different languages within so little distances will never be explained easily I believe. The origin of language is perplexing and headache inducing.

Do not offer advise unless you are asked or it is a life threatening situation. Satan missed that one. Somebody might be doing something harmful innocently, then you should offer advise whether or not you are asked. Moreover there is no Satan, the entity is a gimmick by Abrahamic religions to ranch people.

You can't destroy someone just because they annoy you, you might do that and later find out they were right

If there were no United States and no United states dollar, crude oil may be worth far less than what it is worth today and that will be the true worth, maybe 20 dollars per barrel or even less. The use of the US dollars has made certain commodities to be overpriced, when there was no US dollars in the past during the slave trade, traders from Europe will load mannilas and etc from Europe to berth in West Africa, then load slaves and etc in West Africa to berth in the Americas, then sugar in the Americas to berth in Europe, all exchanged by barter, prior to that; Arabs would arrive West Africa with salt and leave with gold, leather and etc to sell in Europe. There was a time salt exchanged for its weight in gold in West Africa, since there was no US dollar to prop up the gold price, later when the industrial revolution started, the export of West Africa to Europe was mainly palm oil, not used for cooking but used to oil machineries and the trade was done by barter, no unit of forex back then. If a Yoruba merchant wants to buy goods in Europe or Hausaland, they had to go to Europe or Hausa land with made in Yoruba land products, accept their money, then use the money to buy their products that is needed in Yoruba land to sell in Yoruba land. He could also act as a middle man, buying British to sell in France at a profit before returning to West Africa.
If the dollar collapses today which may happen anytime, a system of international trade akin to the old system will have to be returned to.

The governments of all serious nations depend on taxes paid in their own currency, they are not running after forex. They are not overly concerned with forex or trapping forex in their banks. Their revenue is not denominated in forex. Their job is to organise the economy, raise taxes and intervene wherever necessary. If they print more money, the value of the currency will dip but it can be cancelled out if there is more production in the country leading to less importation. Such an inflationary action by their CBN is calculated to help their entrepreneurs. Such should not be mistaken for the mockery of nation building going on in Nigeria. What is going in Nigeria is the desperation of a government whose income is majorly denominated in dollars instead of the local currency, naira and that dollars is no longer as forthcoming as it used to be.
All along, a government's income being majorly in a foreign currency has been a bad idea, instead of the government to seize the opportunity and adjust immediately, they are behaving like a fly determined to follow a corpse into the grave. What kind of a government bases its finance on the sales of a finite commodity? That is a father and mother financing their family by selling their belongings one by one.That is the Nigerian government.

It is not the IMF or the world bank devaluing the naira but our government. That is how we moved from million naira budgets to trillion naira budgets, by printing more money. What the IMF and world bank does is to advise the government to stop manipulating exchange rates with their oil dollars and now by trapping dollars of other legal persons in Nigerian bank accounts in a bid to project a certain image that is not correct. Afterall the difference occurring in the official rates and black market rates is an embarrassment to the government and not to IMF or the world bank. A currency should be a reliable store of value to a reasonable extent.

Being in charge of banking activities is a form of racketeering? You fix a maximum interest rate for cash deposit and charge anything you want as interests on loans, penalties and different kinds of committals by which corporations are enslaved as cash cows. The money you are operating with is public money, not yours. Let us say you are sitting on 7000 billion dollars and you pay 5 percent interest while grossing 20 percent as revenue from loan interests, overdraft charges, bank draft charges, credit card charges and other cosmetic charges. That will be a cool 15 percent of 7 thousand billion dollars taken by people who are not directly involved in growing the economy. A people who still had to be bailed out in the US by the government when they caused an economic crunch by not looking before they leaped.

This is why I believe the future lies in totally nationalising the banking industry. The revenue they make are like taxes and the system is best controlled by the government to serve as a source of revenue that augments taxes. In effect bank commissioners should be appointed like police commissioners and commercial banking should be a department of the Central bank because if the banking industry fails, it will affect the nation more than any industry, though the industry is performing an abstract function. The function of government too is abstract and both are similarly important and should be grouped together.

If you want to get an idea of what is going on in the banking industry, look at companies like MTN and Globalcom in Nigeria. These are companies essentially working for banks from their inception. The general notion is that they are making a lot of money in Nigeria but the reality is that they are working for banks in Nigeria, in Europe and elsewhere.

When their activities were to be kicked off, they parted with 20 million dollars each to qualify to enter the bidding room to bid for the GSM licenses. MTN and ECONET paid 285 million dollars each for their licenses and Globalcom paid 220 million dollars a few years later. Those were monies for some pieces of papers and not part of the required capital outlay or investment for their operation. When their activities started, it used to cost around one million dollars to set up a single mast. Consider the number of masts in Lagos state alone. I do not know how much it costs now. Then there are many other infrastructures supplied and maintained through contracts by companies like Alcatel, General Electric and etc all of which run into tens of billions of dollars. All of these were financed by banks. There is no other way of financing such projects. It always comes with the banks coming up with conditions that will keep the corporations tied to their apron strings forever. They keep paying interest loans and restructuring the debts till eternity. It often starts in the form of the bank acquiring shares in the company but not ordinary shares that can be easily detected but shares in forms like debentures and etc. This is acceptable to the companies since the companies have no form of collateral for the loans they are seeking. This is the premise on which the goal posts are constantly shifted to maintain these corporations as cash cows of the banks.

So if a company like MTN declares a revenue of 4 billion dollars in Nigeria, between 1 and 2 billion dollars of it might be going to banks for all we know. They still have salaries, diesel and many other expenses to contend with. I do not know the state of their finances but I know MTN is constantly indebted to banks in Nigeria, not to talk of bigger banks in South Africa, Europe and etc. They use high interest utilities like commercial papers.

In many ways, we are all slaves of the bankers and this is one reason I will like to see the cartel crash. The collapse of the banking industry will be very welcomed as it will open the way for a new order of nationalised banks whose income will augment taxes. The institution taking income tax should be the only one with a banking license.

This does not mean some corporations are not doing very well but most of them are corporations built by innovation and/or grit like Apple, Microsoft and etc.

The governments of all serious nations depend on taxes paid in their own currency, they are not running after forex. They are not overly concerned with forex or trapping forex in their banks. If they print more money, the value of the currency will dip but it can be cancelled out if there is less importation. Such an action by their CBN is calculated to help their entrepreneurs. Such should not be mistaken for the mockery of nation building going on in Nigeria. What is going in Nigeria is desperation of a government whose income is majorly denominated in dollars instead of the local currency, naira and that dollars is no longer as forthcoming as it used to be.

APCHaram:
Ports do not collect dollars

Yes but whatever they collect is a percentage of the value of imports that entered the country legally and not all imports have duties on them. Then we still have those things that entered illegally and those are the majority consisting of a lot of consumables, tech products and etc. A lot of automobiles enter illegally, computers, clothes and etc. If you check ports revenue, then multiply the dollar value by 10, that may be close to what entered legally, signifying a sector of import consumption.

IFA is the divination system similar to tarot reading, astrology and etc and ABORISHA is the monotheistic practice under Olodumare.

If somebody sets up an institution for the sole purpose of assassinating the character of an individual say the Pope or the US President, Bill Gates and etc, portraying the person as a cannibal, sadist, human ritualist, morally deficient and etc, distributing leaflets and training people to carry on the character assassination, there will be a warning from appropriate quarters, then litigations, fines and if they continue, they will be bankrupted with fines, if they still continue, they will be jailed and so on and so forth. That is the way to treat an issue of character assassination. God is a very important concept, the most important aspect, if that entity, the unseen father of all, is left open to character assassination from all quarters, with such irrationality and unfairness classed under freedom of speech and religion, then of course there will be repercussions for any society that allows such. As the saying goes 'Ti Ogun ba je lo, Ogbon a je bo' meaning 'Reaction will always be in excess of the action that caused it'.
So, if we allow in our society the character assassination of God, the father of all as a sadistic and violent entity, classifying such ignominity as freedom of speech and religion, then we are definitely going to be paying for it and it may be with the loss of our human civilization.

God is the silent judge and if the global society continues to condone his character assassination by the Abrahamic religions of Christianity and Islam, escaping the consequences will prove impossible.

No one can plant maize and harvest yams.

When Olodumare created humans as reflections of itself, moral beings who can differentiate good from evil, masters of the universe, higher and different from other living beings because we are moral beings, Olodumare also instituted Esu for the purpose of keeping us on the narrow path of rationality. Esu is a servant of Olodumare, not Satan who is depicted by Abrahamic religions as an opponent of God, working against God. In all original human culture, no deity works against God, just like there is no institution set up in an Earthly Kingdom or empire for the sole purpose of undermining that empire or kingdom. Other deities may have aspects applicable to lower animals. Ogun is courage and innovation, Osun is fertility, Oya is dissent or division. Animals exhibit all these traits too but Esu has nothing to do with animals, only human beings. This may be why Esu is regarded as the most important orisa by many. Esu is from Ilare quarters in ancient Ife. Esu is the force of balance but I prefer to call it the orisa of contemplation which is why its abode is in junctions and its sacrifice is placed at junctions symbolically. We are always at junctions, we are always contemplating and there Esu is always waiting for us to test our integrity. This is why Esu is a messenger of Olodumare.

Other beings, like animals who do not know good from bad, right from wrong are not patronised by Esu. People who are not perfect will be taught hard lessons continually by Esu, however Esu is a guide to the upright, rational person operating with iwa pele or gentle character. Esu's image is always carved at the edge of all Ifa divination tray as the connection between our world and the other world.

Anybody keeping you on the right path, challenging your integrity, challenging your morality, like an opposition party to a ruling party and etc is Eshu incarnate to you, you must sacrifice to Esu or pay the consequences!

If any orisa has been most mauled and abused by renegade Abrahamic religionists, that is Esu who is depicted by them as Satan, the opponent of God. It is like depicting a favourite child as an outcast. A very unfortunate development. Olodumare has no opponent and Laaroye (Iba o!) Is his messenger.

ORIKI ESU

Laaroye!
Adijale takete
Baba orita!
A fi bi dire A fi re dibi
Ma se mi o.
Ma so beeni mi di beeko
Ma so beeko mi di beeni
Ojowu Okunrin
Laaroye Ogiri oko
Elekun nsunkun, Laaroye nsun eje
Onimi nsu mi, Laaroye nsu ifun.

A rin lanja lanja laalu
A jo lanja lanja laalu
Ode ibi ija de mole
Ija ni otaru ba dele Ife
Ti o fi de omo won
Oro Esu to to to akoni
A o fi ida re lale
Esu ma se mi o
Omo elomiran ni ko se
Pa ado asubi da
Na ado asure s i wa
Iba o Baba!
Ase Edumare!
Edumare Ase!

TRANSLATION

PANEGYRICS OF ESU

Laaroye!
He instigates a fight and stands by to watch.
The old man at the junction.
He blocks evil with good and good with evil.
Do not manipulate me!
Do not turn my Yes to No
Do not turn my No to Yes
The jealous man.
Laaroye, hard like a rock!
The bereaved is weeping tears while Laaroye weeps blood
While one passes excreta, Laaroye passes intestines!
He walks with a graceful gait
He dances with a graceful gait
He knows and regulates the stage of a conflict.
Otaru arrived Ife in the midst of a fight
He bound their children
Esu's matter should be approached with caution. It is hard.
We will scare people away by brandishing his sword
Esu do not manipulate me
Go and manipulate other people
Go and manipulate my enemies
Reverse the evil talisman
Point the good talisman to us
Iba o Baba!
Ase Edumare
Edumare Ase.

May Olodumare assist us. Ase.

xMrPx:
@OP, let me analyse ur foolish post!
First, Adeboye whose influence spread across d globe, suddenly become attention seeker to u?

Secondly, u are so foolish to conclude prophecies not coming to pass' fools like u expect doom prophecies to be reality' undermining the fact that evil prophecies are revealed to be cancelled and averted.

Of the world population, which is over a billiion, Sir Adeboye stands out to be among the 100 most influential persons'. The reverse is ur case! amongst thousands of nairaland users, not more than 2% know u even exist'. Amongst the world population, ur soul is least recognise'

Lastly, I advice u pray so u become useful to urself rather than insulting great Servants of God.
#odoyor
#Looser
#clown
#Olodo
#poor brat
#Agbaya
#fake soul

That you are well known does not mean you are not a crook or that you are adding value. What value is Adeboye adding by being a well respected man in a decrepit country? It is better to be former President Obasanjo, a much villified man in a decrepit country. If you are stuck in one position, no forward movement, only backwards, I want to assure you you are loving your enemies and hating your friends. I wish God will enlighten you more. Adeboye and etc are crooks is what you need to know my brother. May God guide you.

People like Adeboye, reeling prophecies off their heads are public nuisances seeking undeserved attention. The one he said in 2011 about the wealth of unbelievers being transferred to his sheep, the believers, never came to pass. You are a billionaire Pastor in this God forsaken Nigeria, then you need to be ashamed of yourself, not to be boastful or claiming parity with Olodumare. A major war has no possibility of breaking out because such a war must have big players like the USA, Russia, China and India confronting themselves. Wars are started by people who think they have a chance of rushing their opponents and finishing them off. It wont be started when your opponents have enough nukes to wipe off human civilization many times over. Not a chance but Adeboye has no common sense or empathy to realise this, so he put the rubbish in his sham predictions.
In the past, a Babalawo will not speak on an issue before consulting Ifa, nowadays, Pastors are at par with Olodumare, even TB Joshua who could not foresee the building collapse that killed hundreds in his church is desperate to be seen as at par with Olodumare! What a pity! What a decivilization and devolution of humanity. What a shame!

A major war will be averted in 2016 - Adeboye gives New Year prophecies - DailyPost Nigeria
dailypost.ng

orisa37:
"IFA" is a well established Religion of equal Powers, Influence and Recognition like Judaism, Christianity and Islam. It uses Rosary, like in J.C.I.(Judaism, Christianity and Islam), to divine the Wishes of Lord-God-Almighty-(Oluwa-Olorun-Olodumare). The Messiah, Christ, HolySon is the ODU-IWA; CHRIST; CHARACTER AND HOLY SPIRIT IN US FOR ALL TRANSFORMATION. So no problem so far. All we need now is to rewrite the Yoruba Bible of Arch Bishop Ajayi Crowther and reconcile it with "IFA" Religion. The Universities of Ilorin and of Ife can do this forThe Sovereign States of Western Nigeria.

There is no basis for comparison with Christianity and Islam that is against divination, look down on others, have a know it all attitude and etc. Ifa is comparable to tarot reading, astrology and other pattern readings. It is only often more advanced. It is incomparable to spiritual practices reducing God to the status of a sadistic and violent being, a demon. Nobody died for our future or past sins in Aborisha practice. Iwa pele is your only saviour. No one is annointed, if you want to be an Awo, a respected monk, it comes only through long years of practice and study.

orisa37:
Fear fear make yoruba most religious. Fear of what? Why should human fear his own imagination?

I have already replied the guy trying to derail the thread. Do any group in Nigeria have prominent people like Prof Wande Abimbola, Yemi Elebuibon, Dr Solarin, Fela Anikulapo kuti and etc who are not followers of Abrahamic religions? Even the ones who are followers are not really followers. You can not describe Owa Obokun Aromolaran as a Christian for instance despite since he worships with Christians as well as Muslims also with traditionalists, thesame is true for people like Pa Peter Fatomilola. Which group in Nigeria still have their wits about them to such an extent?

Ghost01:
And the orisa oke other people also appeal too every now and then is the orisa of mountains? To my knowledge, every mountain or hill that has any significance in a people's history in Yorubaland has its own specific deity with a specific name, e.g. Olosunta and Orole for the hills that bear the two names in Ikere-Ekiti. Orisa oke is often used interchangeably with olu orun to refer to the lord/deity/god in charge of oke (sky) - olodumare.

The chief priest of Okebadan is called Aboke. It should be clear that Olodumare is not on thesame pedestal as Ogun, Sango and etc. They all use ase which belongs to Olodumare. You have ashe too that belongs to Olodumare. Everyone has and everything as well, originating from Olodumare. So Olodumare is the supreme being in Yoruba thought, not an orisa. The Itsekiri use that word to mean God but the Yoruba do not.

If you have heard Lagbaja's tribute to Fela where he said 'Abami ti dorisa Yeeparipa...'. That is the Yoruba belief about Orisa. Anyone can become orisa but no one can become Olodumare.

PastorAIO:
Orisha Oke is Orisa of mountains and Highlands.

Orisa Oke is worshipped in Ibadan, for example, which is surrounded by hills.

The Jewish deity was also originally an orisa oke. This is seen in the Psalms 'I will lift up my eyes on to the hills from whence cometh my help' and the deification of mountains in early Judaism.

macof:
I see!
But Irunmole aren't deified

Orisas, Eegun and everything in nature is deified but Olodumare is too busy or too objective to take notice of any deification or manipulation. Olodumare stands behind honesty and truth. I believe no one knows all the names of the 400 irunmale ruling in council with Olodumare not to talk of deifying them. I am not an expert in these things but I only use my common sense.

Abraham was not a Jew neither did he understand any Semitic. Language. He was a citizen of Nimrod's Sumeria. He spoke Sumerian, a language which some say is an ancestor of Indian Tamil. So Abraham might be proto Hindu. I think his name might be a form of Brahmin, the highest Hindu caste. Some say he followed the deity Ram. The Sumerians ir written records have stories pointing to a lost human civilization that was advanced just like the oral history of Ot u Ife in the Ifa corpus but their own was written down thousands of years ago, so it is fuller and more elaborate, though obviously derived from folklore too. They all refer to Atlantis, Ot u Ife and the city of the Annunakis as the Sumerians called it.

Don't be dragging us back to Abraham who lived only 5 thousand years ago. I believe the Ife calendar was inaugurated thesame year Ot u Ife was sunk or destroyed. That would be 10060 years ago by next year.

Organising your country to rely on taxes like sober people is the only way. If the currency dips by 50 percent in six months, that is due to Central bank activities, other effects are more gradual. If no new money is introduced into the system for a long time except to replace old notes, then the value of the currency will rise steeply, goods will become cheaper and etc.

There are nations who subsidize their agriculture with taxes, then those people sell in Nigeria, the answer is not to ban them, that is a foolish answer, the answer is to organise your own economy and subsidize your own farmers. It is not possible to effectively stop something from entering the country, if you ban something essential, you only make it more expensive.

amInigerian:
[size=13pt]There is a major difference between forex earners and forex expenders [coined word]

What Nigerians (including govt) spends on imported stuff = our expenditure
What the Nigerian govt receives after exporting stuff = earner

Because Oil remains the govt's largest export oil remains the Nigerian govt's largest forex earner.

Now the govt is the public sector and is definitely different from the private sector.

When our economy was the biggest in Africa last year it was around $509billion (public + private)

Oil made up less than 10% of that ($509billion) but made up to 90% of govt revenue.

$509b represented all the documented business going on in Nigeria in all the sectors including the oil sector which made only 10% of it.


So to start with, what we spend is different from what we earn
What the private sector earns is different from what the public sector earns

And private sector expenditure is an opposite of govt earnings on two counts

i) govt is public, private sector is private
ii) it is not even private sector earning. It is private sector expenditure

Also, as for what we spend in the country, it is not forex we spend in buying these things we buy. It is naira produced here in Nigeria through the production of value that pays for these things in the shops. The importers ultimately pay their customers in forex even though we pay in naira in the stores. So in essence, we are buying dollars with our naira, increasing the demand (and value) for dollars against our naira.

So yes. Crude oil does not bring in more than 10% of the total money spent in Nigeria yearly but of that $509billion, every bit of it that originated from Nigeria is not considered forex. Only the part that originated from foreign businesses or concerns paying to Nigeria or Nigerians is considered forex.

So 10% of the $509billion was govt oil forex, the remaining forex in that figure, the people with the data will know and it will consist of stuff Nigerians and Nigerian businesses exported.

Now in every country there is the undocumented economy (which is said to be 20% extra of the documented figure) and in Nigeria where many things are not documented (like how much pepper was produced and sold throughout Nigeria) it is believed that the 20% figure is low. So it is believed amongst experts that the $509billion value was significantly smaller than the real size of our economy at the time.
[/size]

So they should say the forex earned by the government and not forex earned by Nigeria. Then they need to know that no serious government depends on forex as it is clearly against the legal tender law they enacted. Your post does not remove from the fact that the oil sector does not account for up to 20 percent of forex spent by Nigeria as I explained. Forex spent by Nigeria is from forex earned by Nigeria.

I was discussing this with someone some yrars back. The origin of the Igbo word seem obvious. Ndi Owerri means Owerri people, Ndi Enugu means Enugu people, Ndi Yoruba means Yoruba people. So it is not hard to see that Ndi Gbo meant ALL people originally. Ndi as used by Igbos is thesame idi from idile used by Yorubas. We are descendants of thesame ancestors just a few thousands years back. Idile means family in Yoruba.

Gbo in Ndigbo is thesame as Gbo or Gbogbo in Yoruba which means all. It occurs in the title Akarigbo of Remo which means Akarigbogbo Remo. The akari or head of Remo land. Akari means same as Olori from ori meaning head.

So when Igbos say Gbo kwe unu! They are saying Gbogbo hin e ke or Gbo hin e ke which is Yoruba for all of you shout.

NdiGbo means everybody in reality. That is my view.

The amount of US Dollars spent per capita per annum in this country Nigeria can not be less than 500 dollars, if not more, given the fact that phones, computers, clothes, rice, sugar, flour, diesel, PMS, apples, car parts, paper and etc are all more or less wholly imported, and that is not the complete list, only a list containing some items that are visible to all. Rice and PMS are two of the major items that takes forex from the economy through everybody almost everyday. Then people spend billions of naira to pay for school fees of their wards in foreign universities, they also spend money on medical tourism and on vacations, naira is converted to dollars in all these instances. Ghana alone takes in dollars from Nigerians paying school fees to Ghanaian schools at a level that exceeds the Nigerian national budget for education. It was the former CBN governor, Alhaji Sanusi, now Emir of Kano that once raised the alarm. Then we still have the industrial sector that uses forex for raw materials, equipments and etc.

However, yams, oranges, onions, pepper, meat, vegetables and etc are foods produced locally, then all sorts of services are paid for locally in the economy which is said to be at a per capita income level of 6 thousand dollars per annum by PPP. So 500 dollars per annum per capita out of that may be a very conservative estimate of what an average Nigerian expends on imported stuff, but even that comes to close to 100 billion dollars a year. So if oil can not provide more than 20 billion dollars forex a year at 2 million barrels of crude oil a day, 40 dollars per barrel, 80 million dollars a day, 2.5 billion dollars a month, 30 billion dollars a year, 15 billion dollars to cover expenses and payments to JV partners, leaving around 15 billion dollars as the oil component of our forex, how then is oil the major forex earner for Nigeria? Nations that need food but can not grow enough food and have no forex to buy are shown on TV where adults are emanciated, kids are malnourished, sometimes they eat grass, sometimes they just lie down to wait for death. 11.3 percent of the global population are malmourished and there are countries still ravaged by terrible famines because they have no forex to import food. In Nigeria, if we had no forex to import food, we would starve, as we are not into food security which is an aspect of nation building, but we are into self mockery, time marking and total degeneracy. Nigeria is the only nation in West Africa where the cities are subjected to epileptic power supply as a part of the culture for instance.

Even when crude oil sold for 100 dollars per barrel, total forex net from that sector could not have so much exceeded 40 billion dollars per annum after expenses and sharing with the JV partners.

So from what is apparent, crude oil may not be bringing in up to 20 percent of the forex that is consumed in the country, yet the official position is that crude oil brings in over 90 percent of the forex. This position is merely to justify the fixation of the government on the oil sector in order to maintain the status quo which benefits only a few people.

The economy is well over one trillion dollars a year at Purchasing Power Parity levels.

2prexios:
You are a subject of Ife, the centre of your cosmos.

I am 'omo oniporogun l'ode Orun'.

I'm from the makers of Ife.

Who are you?

I am not a subject of Ife unless you say Ijesas are subjects of Ife which will be wrong. You are a subject of Ife as you say. I am not. I am from Ejemu family in Ere Ijesa. We settled there from Ijero from the Ejemu family in Ijero who are the custodians of the Ajero title. Ogun Ajero is my patrilineal ancestor. All others are my ancestors too.

Ancient Obas were servants of the people, when they fail, they are sacked by being ordered to commit suicide. Somebody who is Oba should be sober and be not referring to others as subjects, though nowadays, no Oba has real powers. They are mainly decorations. Ifes of all Yoruba groups are the smallest in population. Possibly there are more Oyos on Ife land than real Ife indigenes but all see the Ooni as their Oba.

This present Ife was recognised by the present Yorubas as such, probably because at one point around less than 2 thousand years ago, it was their most successful state producing segi beads. The Ife is now very small compared to others having only 4 local government with the core indigenes in full occupation of like two of them.

2prexios:
The Yoruba originated in Ile Ife, according to Yoruba tradition.

Ife Moore Mope.

The word Ife is Yoruba homonym for love, and the mantra of Ife is 'onife abure' that is,

'whoever has love will attract friends'.

May this love work for Yoruba, Naija and her people.

These words are flowery but are also blasphemous. Ife (re do) means expansion not love by any stretch of the imagination. Are you a Yoruba man? Ife (do mi) is love. There is a clear distinction. Turning things upside down to appeal to sentiments or for whatever reason is wrong. Ife was the point where land rose above the oceans and started to expand. The first patch of land inhabited by terrestrials on Earth. Ife (re do) is expansion, Ife (do mi) is love. Ife (re re) is cup. The Yoruba language may become castrated in future but it is not yet castrated. Saying Ife (re do) is same as Ife (do mi) is very outrageous. Its like saying go is thesame as come. A speaker of a tonal language will understand

dejavski:
Do you know that the Benins were also occupants of ile-ife before?

If everyone in SW are not descendants of Oduduwa why do they generalise the entire SW as egbe Omo oodua? That's the main correction I am trying to highlight here

Benin itself is a Yoruba word so your assertion is self contradictory. Maybe you meant to say Edoid people occupied Ife in the past. Would they be Urhobo, Benin, Afemai, Etsako, Esan, Ogbia and etc? It should be obvious to you that you are wrong. Ancient Ife spoke languages no one can understand today except some Awos who know rudiments of the language of some comparatively recent Ifes.

There is the tendency to believe that the languages of the Yoruboid group are not indigenous to Nigeria because of the large number of words that are cognate with Kemitic Egyptian of 5 thousand years ago but then Yoruba also has a large number of words and expressions cognate with the Igboid group as well as with other adjacent groups. So it is an open question not yet answered for now. But we can safely assume that it is more likely that an old Ife language is more akin to the language known by some Awo in thesame way Catholic priests know Latin. That language should be examined and compared to the Akoko, Igboid and Edoid groups, there will be similarities but they won't be thesame.

All groups claiming origin from Ife are one. Their name is Yoruba for now but the appropriate name is Ife people. However Yoruba thought says all humans are Ife people, so to distinguish themselves a new name like Yoruba is necessary. The founder of the reigning dynasty is often placed as the father. The last one named Oduduwa was from Mecca, the penultimate may have been Orunmila, then there may have been Ogun too, probably Esu, Sango and etc in antiquity but presently it is Oduduwa, it does not matter if he was Chinese, Japanese or European. The important thing is he was made Oba at a duly recognised Ife.

No modern group are exclusively Ife aborigines. All modern groups have identities that are no more than 1500 years ago. Ijesa, Oyo, Ilaje, Ondo, Awori would sound strange to the hearing of our ancestors. Before all those there were Erinmoje, Ijero, Ire, Aramoko, Ira and many others now defunct. All of us are remnants of people holding on to the tradition of when Earth was first inhabited by dare devil ancient astronauts led by Ogun Lakaye. That first city was the first Ife.

When Humans reach that level of advancement again, we may spot a habitable planet where a patch of continent is portruding above the oceans , we then land there, being among the first set of terrestrial life. That would be Ife, we will land there with tech and know how, blossom then get wiped off as a result of one thing or the other, there may be survivors who will then carry on the traditions while others wander off as nomads. That is how it rolls. The story of the universe.