₦airaland Forum

lexy2014:
What are those reformation policies?

According to you "
The high dollar rates we are seeing is just the after shock of the reformation policies of this govt" .

At the same time you claim that the same dollar rate "was purely artificial and bourne by speculators".

How can both be the reasons for the high rate of dollar?

What is the economic reality?

Any disruptive policy by govt in any sector such as the fx reformation policy we have now would have after shocks that will reverberate the entire gamut of the entire country because of its multi dimensional effect.

In secondary school economics high prices should lead to lower demand all things being equal but in this case look what we have.....who are the people buying the dollar at those high prices....I believe u would agree not the real sector....I know people who want to import goods from China but have to put things on hold because of the crazy hike in rates and there are many more like that....then who are those buying the dollars at those crazy rates.

lexy2014:
That is not what I asked you.

1. Where is the sign that they are being set up at all?

2. How many days does it take for them to be set up?

I answered you!! "This isn't spare parts trading or pure water manufacturing".
The kinds of investment we are talking about here requires a lot of pre planning before final agreement and then implementation....look at dangote refineries for example,was that done over night....do you have any idea how long it took from conceptualisation to where it is now?

mycar:
Looking forward to seeing the benefit of the trip. It however beats my imagination how official exchange rate is the one dragging the parallel market up now and how the official rate rose from 460 to 1600 just in less than 10 months.

The high dollar rates we are seeing is just the after shock of the reformation policies of this govt in that space as expected....it doesn't depict actual economic realities.....it was purely artificial and bourne by speculators.....I personally know a couple of people who has got their fingers burnt already by buying even at 1,900 and were expecting to still sell higher but look what is happening now.

You don't worry, everything will still settle and calm down..... however,I agree we can't get the 750 rate anymore,that's wishful thinking.

lexy2014:
Where is the sign that they are being set up at all?

How many days does it take for them to be set up?

This isn't spare parts trading or pure water manufacturing.....heavy industries manufacturing are highly capital intensive ventures takes proper planning and implementation.

The joke is on you....when u rejoice that your economy is tanking and insecurity is rife in the country u call ur own,how do u expect investors rush in to do anything.

Kingsmeal:
Reminds of this widely celebrated India investors propaganda 😂.

Till today, nothing don happen..

Fear who no fear this Ajuri

So u think multi billion dollar investments can be set up in a day.......haba

Simonjef:
Yet there is scarcity of Money even in the street an banking Hall

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All that excess monies went into the hands of a corrupt few privileged class who then use all that money to pursue the scarce dollars.....cbn on the other hand is mopping up all these excess cash.

In essence,the real value of that money is been held in dollars while the cbn mops up the cash

RepoMan007:
That's what happens when a trade is oversaturated. Instead of 100 mega stores selling groceries, 1000 road side stalls are, and everyone wants to make enough to cover their needs. They have to hike prices of goods they sell.
The reasonable thing will be for some of the hands doing retailing to move closer to the wholesale and production part of the whole product life cycle.

Instead of risking going into farming and start making reasonable amount of money, they form a union, regulate prices and continue with their lives. The end users suffer the cost.

Like I always like to point out to people that many of us Nigerians are misdirecting our labor and money is in the wrong places......many people who are in the cities doing petty trading,riding okada,doing menial jobs are better of in the rural areas doing far more productive things like agriculture and boosting local economy rather than deserting the rural communities.

immortalcrown:
What is the essence of this post?

If you want to compare the prices, indicate the volume of oil produced by each country, and also indicate the exchange value of those countries' currencies to Naira. Don't just give us the Dollar value, those countries do not have Dollar as their currency. Population is another factor to be considered.

That begets the question,the issue is that PMs In Nigeria is about the cheapest in Africa..... compare their population with ours,the total number of cars in Lagos alone is more than many African countries.

blueAgent:
Am never an advocate for oversized civil service, but than since we have no reliable welfare or unemployment scheme in this country, sacking or retrenching most civil servant workers would lead to more hardship.

Not everyone is inclined or passionate about been entrepreneurs or farmers, some are born to be business owners.

What I suggest is for the government to tackle corruption, fish out ghost workers in the civil services, diversify the economy, promote local and international investments into the country.

Most civil servant are idle becos the government failed to do their part, in countries were law and order is upheld and the system is working,you would see that there civil servants are highly engaged, becos they are the ones that run the system of government.

If they aren't fit for purpose they need to be directed to where they would be more useful to the economy and sack the inefficient ones amongst them like elrufai tried to do with derelict teachers in Kaduna at the time..... agriculture is also entrepreneurship,there are so many making good money from farming ,this will add more productivity to the economy than deadwood.......Pls tell me what's the use of FRSC,vii,go to all our research institutions is solely administrative staff that fills up the whole place with no research whatsoever going on,what the hell do we need a whole ministry for special duties for,same with women affairs,humanitarian affairs, ministry of aviation,police affairs and many more to numerous to mention.....all this would serve as departments under some ministries

FeelGoodAlways:
No reversal, no return

Their strike had nothing to do with the subsidy removal,they had long downed tools under the rein of the inefficient ngige who incidentally is a medical doctor himself.

blueAgent:
You failed to mention corruption and high cost of governance by the political class, that's where the main savings would be done

Do you know that some of the government ministries and parastals are under staffed? example the police force.

This govt has already made provision to recruit more people into the security agencies.....the govt already identified the manpower shortages you mentioned......I agree govt profligacy is a problem caused by politicians and top officials but it's nothing compared to the gigantuan deadwood in our civil service,more like people getting paid for adding no value to the economy.....if I had the powers I would order a govt shutdown for a reappraisal and implementation of reforms only critical services like security agencies, education,health and core govt functions would be allowed to operate until a total overhaul is done,you need to dlsee the oransanye report to understand what I am talking about,several govt agencies duplicating themselves and downright useless.....also legislators and ministers should drive their own cars or at most not more than one official cars with no police security and huge number of aides.

blueAgent:
The ones that are unemployed ,have they been engaged into productive sectors?

The existing civil work force are already gazetted and already have some form of management training or the other,that's a good place to start......this will reduce govt recurrent alone by 30 to 40% and the savings can then be used for more purposeful things like insfarctruture for development.....if this civil servants are absorbed into private sector,that's more employment opportunities for the so-called unemployed you mentioned.....if 20,000 new farms were to be established for instance that's well over a million jobs from farms alone,then add other allied services,like transportation, processing,technicians,extension workers, construction workers etc then you would see the big picture......I am not saying this is the only solution to our economic woes but it's just one of the simple things we can do to boost our economy and free up govt finances and even make more money for govt through taxes and levies, subsidy removal is just one of them.

YesDaddy1:
Obidients want progress but on one condition: d progress should NOT be from their 'enemy'. Or else they prefer d status quo.

"That's cutting your nose to spite your face" however,I strongly will advocate for proper sensitisation on this matter because many of them are quite ignorant of the issues and are just a plain delusional and sentimental mob.

Ralph117:
With the high rate of unemployment in this country you still want people out of work force who teach you this kind of economics

Direct them to more productive segments of the economy like agric or manufacturing or even service sectors......govt should provide training for them on how they can stand alone and provide financial backing to them in terms of loans and guaranteed.....consolidate what they should Eran say over 10 years and monetise it for them.....you need to visit govt establishments to see how redundant and wasteful this guys are,they need to be pushed into productive segments rather than seating in those offices.

What Nigeria needs now is production, production and more production,once the economy is expanded,there will be more money for everyone......we need to find how to boost our economy without causing inflation...... Mere minimum wage increment will bring just about that and it's still papering over the cracks......govt recurrent expenditure alone is weighing down our economy,it needs to be reduced

LeoDeKing:
It appears the only solution to this issue of fuel subsidy removal is increase in wages.

But when wages are increased, prices of commodities will respond in the usual language which in effect dampens the increase in wages.

NLC will then start negotiating for another salary increase and if govt obliged again, the cycle is repeated.
We expect govt officials to be resourceful rather than simply following popular demands for wage increase as that will in effect portray them as just empty opportunists struggling to just control the resources.

Get experts in relevant fields to address this issue, I don't subscribe to increase in wages.

For me!! Downsizing the civil service is the way to go,too much deadwood getting paid for doing nothing thereby ballooning govt recurrent expenditure

Cloudflare:
To those idiots above hailing the drug lord for this, Kindly note that the FG doesn't control the price of gas, so it is not Tinubu nor APC that did this. The gas price is controlled by marketers. It is Safe to say that Tinubu did nothing here. He should revert back to when fuel was sold for #150 and then make adequate planning before removing fuel subsidy. I don't expect him to know this because obi the game planner will do everything when he has restore his stolen mandate.

That's what will happen to petrol too the earlier we leave it to market forces.......there is a price for freedom and enjoyment which we have to pay but Nigerians just want to jump into Eldorado and bliss without hardwork

naijapips04:
When will the time for Kerosene and Diesel come? Since you all want to be unreasonable.

Diesel prices have long come down to 650 per litre from over 1k some months back......as for kerosene,you should jettison that forever as that's what's used to fuel your airplanes.....if you crowd out supply and compete with aviation industry on kerosene the effect will be more scarcity and higher air fares.....leave kerosene,go use gas

Ofunaofu:
Tinubu lack the moral standing to remove subsidy no matter the circumstance

He vehemently kicked against it to the extent of sponsoring protests against the government of Goodluck Jonathan.

We are only telling him to do the exact same thing he told Goodluck Jonathan when the latter remove subsidy on petrol.

Is that too much to ask

The exigencies of the time warrants a much more meticulous approach, Nigeria isn't as buoyant as we were in 2012 anymore.....if subsidy isn't ended now,it will end us.....I agree minimum wage needs to be reviewed upwards but like I said we need to be careful not to cause hyper inflation which would make matters worse....prices will come down die to market forces as we can see with diesel and cooking gas.....it's just for us to hang on a bit

Saao:
are you not in Nigeria? Today I left ajah to Alapere ketu. I spent 5k to and fro. I thought it will be cheaper than driving, I end up spending more. Imagine someone earning 40k a month, how would they survive? Forget the politics and face the reality.

Nigerians need to adjust......our livestlye of frivolities needs to be checked. There is no point embarking on a trip that isn't important,less traffic on our city roads, families using several cars in a day will need to adjust, people will then lean towards cleaner and environmentally friendly cars and buses.....no point driving a big keep or V6 or V8 cars up and down,unless you can afford the fuel.

No unecessary energy consumption.......electricity has improved tremendously,I am just ending a tour of benue,adamawa and Kano based on my job and I can attest to this, especially in Benue and Kano...... though transportation cost is really crazy and it's burnt my pockets but I already made plans to adjust.

Govt should reduce tariffs on alternative energy sources like solar and EVs,we need to wane ourselves of heavy dependence on fossil fuels.....think of the advantages,my wife for instance has been told to work from home for the mean time and I know many others like that and I also don't need to go out everyday for daily bread all we need do is be creative and gravitate towards critical thinking.

Beremx:
they are working for Nigerians who are being affected by the astronomical increase of fuel price. You cannot increase fuel price without easing the pains that come afterwards. No salary increase, no palliatives, nothing!! If you're not affected by the increase, let those who are affected be fought for by NLC

If the civil servants get there wage increase...what of the private sector workers.....we need to be careful about this so as not to bring about hyper inflation.....there far more intelligent ways to boost the economy without bringing inflammation.

Governance is far more complex than you are just saying it

Ofunaofu:
They are working for Nigerians

Nigerians are simply reminding Tinubu of his words to Goodluck Jonathan in 2012 over the latter decision to remove fuel subsidy

"2 wrongs don't make a right" if we had listened to Jonathan,we won't still be here......if we don't listen now then when..... Nigeria is on the brink of bankruptcy due to high level corruption and misgovernace......I agree for minimum wage to be increased and I know that is the crux of the Labor agitation but they have been hand tied by getting involved with partisan politics which make everyone suspicious of them

LagosFirstSon:
Revert to the old price and come to the negotiating table or we go on strike

Bola Tinubu protested against fuel subsidy removal in 2014 during Goodluck Jonathan PDP government. Why go back to his vomit now?

Tinubu must be really stupid to think he can just wake up and take decisions without following due process

You can fool yourself but not anyone else......this noise by NLC is all about minimum wage increase,that's the end game and everyone can see through them......I then wonder why I should bother about a strike when I won't benefit from any minimum wage increase.......subsidy should be gone for good

youngrichnigga:
Obviously the two backgrounds are different she was in the meeting if he was not in the meeting if you look at the background showing the other of the other picture you will see that the backgrounds are different so maybe not the substantive meeting but at some point she sat in the meeting

Both pictures were taken from the same room but different times and angles......the pic depicting the meeting with emefiele and kyari present doesn't have the first lady in it.

Israel07:
Naira is overvalued at #460?

Pls what should it be

boltwings:
it is true. Same CBN denied devaluing naira when it was 430 but later on accepted that it was devalued. This devaluation will be the beginning of the fall of Tinubu. I pray Peter Obi reclaims the mandate because the problem will get worse with a deluded criminal leader like Tinubu.

Don't you know the naira is overvalued....it is being strongly defended by our foreign reserves which is a lacuna in the first place.......the real value is what you get on the streets and all efforts must be geared towards unifying both official and black market to eliminate unbridled arbitrage on the part of Shylock dollar merchants.

Chijeep:
Tinubu spent approximately 200 billion naira for this completed election...
This same money must be recovered and it's from all of us both you that voted PDP, APC, ANPP AND LP.
WE MUST ALL MUST PAY IT.

SO IF YOU'RE HERE STILL MAKING MOCKERY ON PETER OBI AND HIS MANDATE, YOU'RE ONLY DOING YOURSELF UNLESS IF YOU CAN GIVE US THE EVIDENCE THAT YOU WENT TO PETROL STATION AND BUY FUEL 87/LITRE WITH YOUR APC MEMBERSHIP CARD

You guys will never seize to amuse someone with your buffoonery

Patriotsleague:
MLK times are different from now, and the government didn't kill JF, or even MLK, it's via organized crime syndicates, Makinde is not a mafia boss, he is a democratic governor.

Why are you trying so hard to defend evil capabilities and acts of earthly govts...govt sanctioned assainations and killings has existed since the world started.

Mob killed a whole POTUS !! Mob my fat black arse,and you believe that bullcrap......the mob also killed ghaddaffi or sadam,Osama even Lumumba......quit cappin bro,you not good at it.

Jogs1900:
Wahala.

What of the man's first wife's interest? The judge didn't consider that.

Does it mean despite marrying a woman under customary law, one can still marry another woman under statutory law?

Yes but the law only knows one husband one wife.....you can decide to be like delay but the law would only recognise the only one you bring under the act

Dpen11:
Love this judgement

All men!! On your guards!! We have all become endangered species......but hakimi technique will come to our rescue

Vboot1:
What is the role of state chief of protocol?

You remember that short man with bulging eyes that always wears glasses and follows Buhari everywhere.....he was Buhari's CPO,he oversees all ethics and operational guidelines of all the president's itinery.

luckedesiri:
..... To what end if i may ask?
For the public to gather funds for him or for the government to pay him back.
Why exactly would he do such a thing?

To corner the money from the owners..... pretend you lost the money so the owners don't come to ask you..... more so that money isn't clean money so

luckedesiri:
The operation was not random....

It was either coordinated by a bank staff or someone close to the man....

9ja is just too terrible these days!!

The man himself faked the robbery with his cohorts!! If you know you know