₦airaland Forum

I often wonder how people with toddlers manage to have dogs in the same house, especially those security dogs.

Believeintruth:
Lol. Make una dey deceive unaselves.

Assuming the APC-led FG is not being truthful, did you take the time to verify the previous administration's claim that it was at 97%? It wouldn't make sense to criticize their assertions now if you accepted the negative news of 97% without any verification.

Believeintruth:
Dude shush your mouth there. These guys are still printing money and i know a lot about finance more than you.

Do you have evidence to support this assertion?

P1PrinceKT:
I'm talking about when the deadline is passed. We have to go to neighboring countries to deposit our moneys?

You want free consultancy😊. Anyways for the benefit of others; don’t try to travel with cash around Nigerian borders it won’t end well—-you’re better off telling your bankers- they’ll find a way out at a reasonable cost hopefully.

P1PrinceKT:
What are you going to do with the printed dollar? Are we only to spend the abroad? But not in Nigeria?

Well, you have the option of depositing into a dorm account. You can easily open one with any bank. There are currently over $20 billion in dorm accounts owned by Nigerians. Even if your money is from an illicit source, it will still be accepted during this nine-month amnesty period.

iLoveYouToo:
There are lots of apps accepting Naira to create dollar liquidity. There are too many loopholes.

They’re not ready yet.

As long as the transactions are executed via the banks then it’s not hidden but we are referring to dollars in liquid form.

Mandate1:
I'm yet to see any policy of this current govt that resulted in positives. This won't be either.

I've never been a fan of the dollarization of the system, and for sure, 90% of the dollar in the system are held by politicians. Whr did the politicians get the dollar shared in the last election? Make we dey deceive ourselves.

As citizens, do we even need to have dom accounts in the first place? Dom accounts should be open to only businesses genuinely into the import and export of goods that require dollar. The politicians started it and now it has gone round.

Not just politicians; most bribes and illicit transactions that puts invisible pressures on the naira/USD are executed in dollars-cash to avoid the preying eyes of the regulators.

Kobojunkie:
Yet if you go Saudi, you go still find people wey get dollar stash.

They are not the target yet nothing in what Edun said suggests what you claim. Efun's words read like a total ban but here you are insisting exemptions exist. Where can I get a copy of the report you keep quoting from, abeg, make i read? 🤔

Saudi can afford to dollarize* her economy we are not on the same level in terms of dollar liquidity flows.

P1PrinceKT:
So finally where does raw dollar come from if you can't deposit it? If someone gave it to me I will let him know that I don't accept cash?

You can either accept naira or dollar transfers via dorm

Kobojunkie:
1. Where did you get this information that what Edun said there only applies to domiciliary accounts?

2. Are you insinuating that I have no business having my $2500 cash in a safe somewhere?!

Again if you know the rate is stable like you’ve in UAE its makes no financial/economic sense to hold USD. Obviously folks with $2500 ain’t the target but those that have enough to influence market trends with volumes.

Kobojunkie:
No, your response specifically listed Dorm accounts, not regular checking or savings accounts where the requirement is probably that one has to first convert foreign currency before depositing into them, right?
The statement seems to criminalize the having of foreign currency rather than the depositing of it though.

Are we on the same page? This 9-months policy will only affects dorm accounts!
We have no business with dollar in Nigeria; the currency is naira. If the rates were stable do you think anyone will care about holding usd?

Kobojunkie:
Only domiciliary accounts?

You want to deposit dollar into naira savings account? Even if your bank accepts it—it’ll be declared—- we all know what a suspicious transactions looks like😊

Kobojunkie:
Ban dollar deposits across all channels? What about foreign currency accounts? Or do you mean something like restricting people to having to first convert foreign to local currencies before maybe depositing it into either a checking or savings account?

I am trying to make sense of this supposed ban. If hoarders are those whom they are after, why not restrict people to certain amounts rather than instituting what seems like an all-out ban? Even China has yet to attempt any such.

Keyword: Ban cash dollar deposits. Meaning you can’t deposit raw cash into your dorm account—only bank transfers or transactions with traceable history.

Kobojunkie:
So, if I have $2500 in a safe somewhere and if I don't move that money into a bank within 9 months the law would come after me. Why? How? What for?

They only need to ban cash dollar deposits across all channels and I suspect this is a precursor to that. Even if you choose to cross border you’d have to concede some losses with a chance of losing your cash because if any LEA finds you with cash around the border OYO.

Armaggedon:
Governors want to assert authority in the local governments.

Smart Alec—probably that's the goal the governors have the numbers for constitutional amendment. But I think the traditional rulers, too, are trying to self-protect, because with LGA financial autonomy, their influence will be whittled down to strictly advisory.

nairalanda1:
You can call me batist but it is the truth, 30 trillion is not enough for a nation our size.

Plus it is an indictment on the government and party which came in on a manifesto to increase revenue. So far as you can see they have failed.

But pointing that out somehow makes me a batist.

Better change your thinking pattern. I am blasting the government for getting an f in revenue generation,and you are here calling me batist. Maybe this tinubu economy has afflicted your brain, brother

Comparing the budgets and populations of cities like Nairobi and Accra to Lagos reveals that the main issue isn’t solely leadership but a substantial lack of productivity. This results from years of underinvestment in education, as many politicians focus on immediate benefits, like subsidies, to retain power. This short-sightedness deepens the knowledge and opportunity gap between the elites and the masses, often supported by elites who profit at the expense of the people.

To tackle this, we must rethink our budget priorities and legislate to allocate at least 40% of state budgets to primary and secondary education. This shift would help bridge the gap and promote long-term community growth.

Assumptions

Fx reserves less $100m

RaySimran:
IF all that is in history about this woman is TRUE, then it's an abomination putting her name and UNICORN in same context; a clear oxymoronic display by the producer who's trying to distort historical fact.

You don't honor such people. At least Hitler wasn't wicked to his "own" people as this "vile" woman whose atrocities cringes the devil

Define a Unicorn?

OneCandleAway:
Nope. He was adopted. He isn't even from lagos state.
The tinubu family even released a family tree of their descendants and the BAT wasn't among.

Even late mama awolowo testified that she knew all the children iya oloja gave birth to and this Bola isn't one of them.

Pls post the family tree here since you’ve seen it—I trust that you’ll keep your word! Waiting …

There’s a reason you’re more likely to find a millionaire in Lagos than anywhere else in West Africa.

If you have time please watch the minister's presentation: https://www.youtube.com/watch?v=gaY_lV1LTFI&t=2674s

Boyooosa:
I understand your point vividly but still, result matters. If you have staring results, you don't need to unnecessarily sugarcoat because evidence will be there to reference. So when you have performed, the next thing is to also put up human face in showcasing your achievement or guiding people, Nigerians don't need bluntness as it is because too much has been damaged.

Even in sane countries where they have almost perfect everything, they don't communicate rudely, arrogantly or even bluntly, they come down to cutizens' level of understanding and still deliver the same message he has dropped as if he is doing Nigerians a favour for doing what he is paid for.

I give him kudos on his performance so far tho

There’s a subtle contradiction in your post. You can’t criticize someone for lacking Glaring results while simultaneously giving that same person credit for their performance. I believe we shouldn’t focus too much on optics—I would prefer a straightforward minister whose word I can trust over someone who consistently deceives the public, like the NNPC's GMD.

Uglyoneiam:
As a business entity, just being able to afford something (i.e. liquid enough) does not translate to proper financial management nor sense. In the long run, if you kill off your SMEs with increased production/service provision costs, your economy will tank faster than a dead carcass dropped from an airplane with an anvil tied to it.

So in other terms , keeping your money in the bank is not a productive economic activity that will be beneficial to the country.

Thank you for your effort, but the initial scenario you presented indicates that energy costs are over 100% of revenue, which is a recipe for disaster. In this situation, it would be more prudent to liquidate and save the capital rather than risk destroying valuable assets.

More of this!

Skinnygee1:
Don't be deceived,the constant electricity your getting now is due to raining season, when it's dry season (January-may)then you will understand that this government is very useless

Please let us know the percentage of our electricity that comes from hydro compared to gas?

Boyooosa:
That's correct, just that the guy is a blunt person and it's not good for the present situation of the country....Nigerians ought to be pet like babies until government is able to fix all the chaos they and some very wicked individuals have caused Nigerians over the years

I agree with you. I remember when he suggested that people should manage their electricity consumption; many were outraged at the time, but he was vindicated months later with significant improvements in supply and price increases. However, I believe we need more direct communication with the public, as it helps manage expectations in the short, medium, and long term. Sugarcoating hasn’t done much for the people.

Mypeople2:
In every cabinet, there must be a professional liar. This guy can lie for Africa.Anyway he is performing his duty as a Lying Minister of Power ( LMP)

What exactly is the lie? Or do you all just enjoy ranting without any logic? If the grid collapse had lasted more than a week, I’m sure the entire country would be filled with protests and social unrest.

IyfeNamikaze:
What sort of slavery mentality is this for goodness sake?! You're mentally a slave so there's nothing I would say that can ever emancipate you from it.

I don't resort to insults, as that’s for those who lack depth. Why are you ignoring the question that was posed?

Uglyoneiam:
The hike in electricity tariffs should not be understated. As much as generator owners may use less fuel in areas where power supply is constant, they most likely can't afford the fuel in most cases in trying to meet these electricity costs. So there isn't much of a ''savings".

If they can’t afford to power their business, then it might be wiser for them to save their capital in the bank instead.

IyfeNamikaze:
You're a complete idiot! So people who don't own cars do not use public transport? Or move goods from one state to another?

Is it really preferable for someone to pay exorbitant transportation costs only to also face high fuel expenses to run their home? Does that truly represent a better situation? Let’s consider the implications of such a scenario.

Mexyz:
you just murdered that guy.

Respect Sir!

Murder must have another meaning…it appears common sense is way too scarce these days.