₦airaland Forum

nairalanda1:
Nigerians don't get it...if you want the goods and services you want, you have to pay those who provide it a price that would enable them to afford to make their expenses be paid off, pay for the maintenance of production facilites, pay for transport, pay for taxes, pay staff gorgeous salaries, and still earn something to make a living

Paying subsidies and enacting price controls is a nice way of enabling corruption and a large mess. NO profit, people stealing money, etc...wahala starts.

The Soviets subsidised food, petrol and everything....until 1991, when they ran out of money, and began to break up.

You are the one that doesn’t get it. Can you explain to us what the issue between NNPC, Dangote, Independent marketers? What is the plan from the minister of petroleum to address incessant PMS scarcity?

The people that deserve a laugh are those that blame Nigerians for the problems in the oil and gas sector. They say things like: Nigerians like cheap things too much, deregulation will end the problems, Dangote coming on board would make fuel available and drive down prices, etc. They fail to realize that the corruption and opaqueness in this sector, if not addressed, would only amount to dancing around the problem without any substantial result. One of such people is @nairalanda

nairalanda1:
SO, this is what is happening



Essentially, marketers are at a standstill. Whether they buy from NNPC or from Dangote, their minnimum selling price by which they can make a profit is N1000 if not more.

NNPC meanwhile will be there selling fuel at N800-1000...thanks to government paying them a subsidy.

IN essence, they can't compete with NNPC...while NNPC keeps on outselling them. Of course, NNPC cannot meet Nigeria;s needs.

Behind all this is an APC government that does not want to remove subsidy, because doing so means they lose 2027 before the first shots are fired, and they get blamed for more hardship. It has nothing to do with import cabal or subsidy cabal. The fact is, people do not want to pay above N1100 for fuel....because 'as an oil producing country we must pay for fuel below N200 per liter'

Therein lies the problem.....most people do not want to pay high prices for fuel. And we have a government that is scared of high prices for fuel.

(Again assuming subsidy goes, that just means higher profits for any subsidy cabal so to speak)

The same problem is as it has always been....cheap fuel addiction.

People are not unreasonable. If there was no way out, I’m sure people would understand. Nigerians are one of the most accommodating set of people. In fact we have had multiple price increases this year alone, few screams and then adjustment is made. All this in the face of grueling poverty.

The main problem lies in the fact that Nigerians know the set of people they are dealing with. People that have overseen decades of our government owned refineries experience decadence. They have little trust for the people that are supposed to oversee the whole process of stabilizing the oil and gas downstream sector - and they have a good reason to.

Even if the price goes as high as the North Pole, there is no assurance that the situation will be resolved. For one, you cannot bank on the records of daily PMS consumption. There is a level of opaqueness in that sector that if not dealt with, every other attempt will be tantamount to dancing around the problem.

lekonso:
I think the question you should ask is, who is the Minister of Petroleum

You are wise. Anyone asking for answer for rent money from the secondary school child in the presence of the daddy of the house is simply deceiving himself

Ttalk:
I agree completely with your position until you mentioned APC, the rot is caused by Nigerian elite and not by political party.

Hold your government responsible and stop using style to shield them. Hold the people that currently have the powers of the state, can make and change policies and have the instruments of coercion to enforce what is required. Stop blaming people who were kicked out of power because they supposedly failed. The reason why they are no longer in power is because they were deemed to have failed. A spade is a spade not just an agricultural tool.

Dwightventures:
This has been my life message to Nigerians including the big men I've talked to. That's why you only hear of me on nairaland. This country is exactly where the society wants it to be. It is a tragedy for me to be a Nigerian. As I've coined it over a decade ago: "THE PROBLEM WITH NIGERIA IS THE NIGERIAN PEOPLE THEMSELVES, A FEW OF WHOM ARE IN GOVERNMENT FOR A BRIEF PERIOD. THEIR ATTITUDES, WORLDVIEW AND BELIEF SYSTEM ARE SUCH AS TO CREATE A FAILED STATE", and that's what we have. I'm hiding under a rock, trying my best not to interact with any Nigerian. It would be my dream to have an alternative country of residence, but every single country in the world hates Nigerians. But of course, according to Nigerians it is because we are too successful and they're jealousy. Yea, that can only come from a proud member of a failed state. I only laugh at our people now. I'm no longer interested in bettering the country. They've stolen my life already

If you are trying to catch 4 rabbits at the same time you’ll catch none. I don’t argue that the society is experiencing a rot. But how do we solve it? Everything rises and falls on leadership. A civil servant can decide to be a good and principled man but the system will punish him and those that cheated to get their way up will not be punished eventually.

The system is rigged against doing the right thing. If you are asking citizens to do right and yet the system will promote the wrongdoer unapologetically, then you need to think about your recommendation again.

Administration of law, order and justice in a society is a leadership function. It’s not a teacher that will get it done. Now people are fighting for themselves and because there is no clear administration of justice, people do what they have to do.

oloriooko:
@ the bolded
I will not say only APC but every Nigerian is guilty of this and until we reposition our mentality and desires, it will only get worse
All our leaders grew among us so it's an innate problem that require entire repositioning of our mental state and allegiance to national development

When the head is rotten the body will be so too but when you fix the head, the body will follow. It’s impossible to have a society where the administrators of justice, law and order are grossly corrupt and yet you expect a society of just and lawful people. It’s impossible because when people act justly, they do so because they have the mindset that the system will justify their good works. But when there is no effective administration of lawfulness, people that decide to do the right thing will get punished by the unjust system.

If the society can fix itself without leadership, tell me the use of leaders? You expect a teacher or a mechanic to implement and enforce policies that ensure that people do the right thing? Stop wearing APC glasses and face the fact bro.

We would be deceiving ourselves if we think that 100% Nigerians are corrupt. If we get the right people in power and stop playing sentiments, you will see the difference. When we have leaders that are ready to remove INEC, Judiciary, Legislature from the executive pocket, then maybe we can start to get a different result but when people continue to shield, defend and support bad leadership, they are adding to the problem.

Dijita:
Your made very good point if we filter the partisan jaundice. The problem is not APC, PDP or labor party. The problem is we the people. We are corrupt to the bone. Nigerians lack the discipline to live within their means. It is both in government and in private sector. I travelled to
the dangote refinery during the construction stage, at night you will see some of the drivers selling their tankers fuel by the roadside. whether Tinubu remove subsidy or not, the country is already bankrupted. Nigeria is a sinking boat with many holes in it. The government is borrowing money left and right to patch the many holes and the people are complaining that the water is not been removed fast enough. This titanic already hits the iceberg. At this stage, It is survival of the fittest

You are deceiving yourself if you think that government’s borrowing is all done in good faith. I hope you’re seeing the way they are spending lavishly on frivolities whilst complaining that there’s no money.

You expect people to lead their lives honestly when the administrators of justice, law and order don’t administer justice? There are people who decided to do the right thing but the unjust system punished them for doing the right thing. Is it normal to ask such a person to do right without fixing the problem of an unjust society?

It’s not a roadside mechanic or plumber that will fix the justice system in a country. It is leadership. If the head is rotten the body will follow and when you fix the head the body will definitely be alright.

HellVictorinho8:
D cabal didnt av 2 stop him

Neither did they try 2 stop him

Was tinubu nearly assassinated

Thatz wat i understand by trying 2 stop him

I don’t expect the roadside mechanic or teacher to stop the cabals. If the commander in chief vested with the powers of the state and instruments of coercion cannot do anything about them, then it’s either the leader is a beneficiary of the rot or he has no business being at the helm.

CapodeCapouti:
Sorry dangote. If it was when buhari was in power you had started operations or if Atiku had won, only you for me our alpha and Omega by now.

That’s a big assumption you are making here. For a president like Buhari whose administration was run by Cabals without his knowledge of many things, you actually think that Buhari would see this through without the “untouchable” cabal resisting?

ivandragon:
Hmm...

When you tell people that removing subsidy is not an end in itself, they throw up blind arguments.


If as the government said that pms subsidies became unsustainable because of corrupt practices and rising costs, the commonsense thing to have done is check the corrupt practices and then address the issues that gave rise to the increasing costs.


How can you admit that people committed economic sabotage for years and then rather than get those people to pay for thier crimes against the masses, you leave the masses to thier fate because you are too cowardly to do the right thing?

Does bat think the economic saboteurs would just simply go away because he decided to run from them and instead suffer the masses? That cabal would simply evolve into another monster to continue to feed off the broken system, afterall, they are untouchable.


First address the factors that have made fuel subsidy unsustainable, then you can remove the subsidy. At that point, pms could come down to as low as N350- N400 per litre without subsidy, which is still bearable in our present economic state IF the N70k minimum wage is implemented across board.

Once pms crosses N400, reintroduce subsidies, at this point, government would be paying about N50-N75 subsidy. When prices drop, stop the subsidy.

To those saying smuggling because of high prices in other countries, I ask...

1. Why should Nigerians pay more for a product it has comparative advantage simply because the government is too incompetent to perform its duty of securing the nation's borders?

2. What stops fuel prices from going up in those countries as the price in Nigeria rises? So because fuel is N2000 in Cameroon, Nigerians must pay N2500 for something they can get at N500?

3. What happens when the much touted CNG is also adopted by neighbouring countries? So the prices would also rise due to smuggling?

Apc is just made up of senseless characters who are cunning and out for themselves only.

How can I give you six likes?

You have just gotten yourself a fan today.

nairalanda1:
NIgerians do not want to pay market price for petrol....that is why we are having all this long grammer about Dangote doing emotional blackmail.

The thing is, Tinubu's government does not want to admit that they have been paying subsidy and they have to remove it for petrol to flow. Because it means prices go up, and their chances of winning in 2027 go away.

Nigerians as a whole do not want cheap fuel to end. There are the subsidy cabals, the smugglers, and most poor Nigerians.

Infact, subsidy is one of the few things the elite and the poor agree on. It benefits both of them...at the expense of economic progress and development of a domestic refining capacity.

Cheap fuel is what isdriving this whole thing. No Nigerian wants to pay N1500 for a liter of fuel, as it means that the subsidy is truly gone. But attempting to keep fuel cheap is hurting NNPC, who right now are scraping the barrel to pay for it. Their barrels, not the government. And they are at a point where they cannot keep scraping the barrel.

Subsidy should go. It's time to end the five decade old charade. But I know Nigerians...we would sacrifice our economy to Molech rather than do the sane and right thing. After all, we want N20 FUEL.

Try to try to be honest!

You are blaming payment of subsidies for non-functional refineries when there have been various rounds of turn around maintenance that ended up turning nothing around despite the multi-billions that went into these activities. How much more do they need? This is aside the billions that go into salaries and emolument for non functional facitlites. You gotta tell yourself the truth. You are saying that the refineries will work if we are made to pay N1500 per liter? Please tell yourself the truth.

Vision101:
What flourished importation at the expense of production are poor power, overvalued currency, high taste for imported goods, rush for quick wealth etc.

You have to be realistic bro. Nobody is in business to do charity anywhere in the world. Even the big multinationals situate their plants in neighboring countries. Devalue your currency all you want, if you lack the fundamentals, production will still be a pipe dream. Go and ask manufactures, they are crying tears and blood today. Every country imports and exports but some governments are more deliberate about focusing on and promoting the areas where they have a comparative advantage. In our case, we are blaming people who find legitimate ways to stay afloat for not engaging in production. Do you know how many people have gotten their fingers burnt attempting manufacturing?

Vision101:
Anyone that understands Nigerian economics knows that the twin rope that had tied Nigerian neck have been overvalued currency and highly subsidized petroleum products consumption.

The above were fueled by petrodollar. The effects of high level corruption was not seen by many. Poor governance at all levels was not so much felt. Importing goods and sell was easy route to wealth. It paid business people to import and sell than to produce. Import substitution policy was abandoned. Nigerians generally both leaders and the led lived false life.

Petrodollar has gone and our leaders resorted to borrowing. States were owing salaries for years not even months. Every leader was afraid to crack the twin problem because of the certain citizens backlash. But we have reached the dead end. Any further postponement of the evils day will be catastrophic.

The present leader braved it. The informed are aware that what is happening now will happen because of his decision. That's not to say that there were no mistakes. For example the twin heads should not have been cracked at once or at the same rate.

And what are the factors that have led to low production? You mean people do importation business because they want to intentionally sabotage economic development? No. The conditions for production are not favorable. Infrastructure, power supply, cost of doing business, credit and so many other factors make it unprofitable to produce. Even big multinationals are closing their plants.

Someone will come and tell me that Nigeria is poor

Tueh!!!!

Mismanagement of resources is the bane of this nation’s progress.

nairalanda1:
A country with a budget of 18 billion dollars for 260 million people is certainly not rolling down Easy Street.

Your post assumes that revenues will always remain stagnant no matter who the manager of the resources is. Yes it’s not going to be easy but how do we reward clear mismanagement, incompetence, lip service developmental efforts and unwillingness to tackle corruption head-long with another term because we assumed that “Mr XYZ” couldn’t have done any better? If it was your personal estate or business, would you entertain such line of action?

IbeOkehie:
Nothing original in Chinese economics. State ownership is starting to bite in China right now. Their economy is stagnating big time. They're facing the same problem of INCOMPLETE market reforms that we have in Nigeria. I guess the Communist Party did their best not to lose POLITICAL control.

As for your other main point, I agree and wrote that:



We agree.

Good Luck to Nigeria

State intervention is not all bad if implemented well. Even the western nations support some aspects of their productive economy especially in their infancy so as to prevent them from unhealthy competition from established markets abroad. When they have gained some modicum of stability, they then allow them to function competitively. It’s about finding solutions that work specifically in your context and this is the originality I’m talking about. Most of the times, established economies marry the market driven approach with state intervention in what we call a mixed system in varying degrees. Every economy will encounter one rough path or the other including USA and China but the most important thing is their response to such a challenge.

IbeOkehie:
Stop conflating issues. Profligate and wasteful spending is a different matter. Still you have a point, misplaced as it is.

If Nigeria implements SAP completely, within 10 to 25 years there will be so much prosperity and enough money for government officials to waste and steal without Nigerians noticing or feeling it.

The amount of waste, government benefits and corruption going on in China and USA is magnitudes bigger than anything in Nigeria but it's hardly noticed because the PRIVATE, DEREGULATED and FREE MARKET keeps generating more.

Nigerians continually obsess over government money because government has seized most avenues for making money. 🙄 Implement SAP and most Nigerians will be so busy in a booming economy they will forget government exists, never mind how many private jets the Presidency is using.

The average American doesn't even know the name of their Governor or Senator! Or the Presidential salary. Who has time?



Implementing devaluation FIRST will attract the PRIVATE investment that will FIND and CREATE and BUILD the productive industry.

It doesn't have to be export oriented. Nigerians can eat a lot more eggs, fish and beef. There's a lot of people that need basic housing, wood and steel is needed for that. As production increases the money supply can be carefully increased in tandem. That's how wealth is created, more production growth, slower money supply.

But attracting that investment also REQUIRES free markets and property rights. It all needs to be done at once. Just sit down and sign all the ones that can be done by executive order and then get National Assembly to do their own part, like repealing the Land Use Act and making land private property.

Then sit back and watch the suffering, crying unfold. Yes, there will be plenty of that.

I'm not even sure Peter Obi knows what such policies are or the basic frameworks.

And I say that because I asked him live and in person and he flunked it. So I have my doubts...but he might have hired some good economists to help him understand and implement.

Good Luck to Nigeria.

China didn’t just blindly follow SAP recommendations by the Bretton Woods Institutions and that’s why there was a lot of bad blood between the duo about Chinese economic policies. Whilst their economic system is largely capitalist, it has a good touch of state ownership - socialist market economy. They just tried to be as original as possible.

China for example had a good export sector so devaluing their currency was going to be beneficial. Devaluing a country’s currency reduces the cost of her exports and makes imports less attractive because it is more expensive. As exports increase and imports decrease, there is typically a positive balance of payments as the trade deficit shrinks. This was China’s story and they were accused of not playing fair, doing this when they should have been hailed. The western nations’ dream for developing nations however is for us to devalue mindlessly, knowing that even our exports sector is hinged on importation and the economy is so dollar dependent.

Once we devalue, the promise is that imports gets more expensive but export is more lucrative but the absence of fundamentals means that we can’t even produce. Poor power supply, inefficient dispensing of law and order (and the accompanying lack of trust in business), difficulty in doing business, neck breaking interest rates, dilapidated infrastructure and a whole lot of other poor fundamentals/realities means that the productive sector can’t gets it head above the waters and so production is next to zero and yet we find ourselves stuck in the place of having to rely on importation and because importation is more expensive, your darling SAP is counter-productive.
This is the story here.

We need to deal the fundamentals before we hope that any thing like SAP can work. Why is FDI at a very low place? The reasons I pointed earlier. Also, lack of justice/law and order which is very key to investors. When you have a country whose legislature and executive are in bed together with the judiciary right in the same room, then you have a potential Paul Biya of Cameroon situation in your hands where a president at 90 is seeking his 9th term in office (I believe). How do you want investors to pour in more and more? These are the issues. When you have an electoral system that is an appendage of the executive, do you expect that SAP would just magically turn the tide? If you Ike give SAP 20 or 30 years, it will get even worse for Nigerians in these circumstances. These are some of the things Peter Obi hoped to try to start fixing but some people preferred to give the keys of the country to people who have trampled on law and order all their lives. Rather than blame Peter, please face the elephant in the house and demand accountability as a good citizen.

What they are saying is that even though there is a shortfall like before, this time around the payment is made by federal government to NNPC unlike before when payment was made to oil marketers. The problem with this argument is that whether we are talking about “subsidy” or “shortfall payments,” the country’s scarce resources is still being used to make up for inability of the government to ensure that we refine our crude.

IbeOkehie:
Price of petrol worldwide isn't secret. Go to investing.com or Yahoo Finance and see it.

Sorry to tell you the story of billions of stolen electricity money under Obasanjo is fiction😅

There's no free market for electricity in Nigeria, that's why there's scarcity of mains electricity supply. Private electricity supply is booming...that's called HOME GENERATORS.

Good Luck to Nigeria

How long will you guys continue to look back. PDP was eased from leadership because of their shortcomings. Is it too hard to seek accountability from the current elephant in the room?

Max24:
I totally agree with you my brother. I dont have problem with govt raising revenue but I strongly believe it must be accounted for. If you check my past posts you will notice that I always believe in accountability at all levels. That why I regard the senators as looters because they have been hiding their salaries and allowances for long. And I truly understand you argument about whether subsidy has been fully removed or not but since their is improved revenue let's start demanding accountability from everyone - Federal, States and LGAs. Also, all the salaries and allowances of legislators should be public knowledge. Remove subsidy but enforce accountability. It will quicken our growth. Why can't we have some Kigali in Nigeria starting from Lagos ?

That accountability you’re waiting for is like waiting for a Nigeria to defeat the United States in the next Olympic Games. Don’t tell me that they are promising this and that because their antecedents do not show trustworthiness. From electricity (which has recently seen a temporary seasonal improvement) to functional refineries, it’s the same cycle of promises and excuses. Why should this be any different? Governors are so evil but I’ll tell you what, if FG’s strategy of removing subsidies was meant to increase revenues, that strategy is dead on arrival because:
(1) inflation has already made the value of the monies valueless in the first place just like the argument that the new N70,000.00 minimum wage can no longer buy a bag of rice unlike how the former lesser amount could do that.
(2) the monies would not translate into anything meaningful anyway since you know that the people you’re giving these monies have immunity from prosecution and thou know they won’t do anything. It’s just like putting the money for your children’s school fees in the custody of a known drunkard in the area and asking your children to chase the drunkard if they don’t get the money.
Subsidy matter is very sensitive to the average Nigerian’s pocket because it affects everything so keenly. We are not saying that it’s removal is not necessary but it’s those questions that surround its removal that government has no interest in answering as follows:
(1) What’s really going on in the sector?
(2) Is subsidy truly gone? Landing costs are still higher than what is charged by oil marketers
(3) What is the issue with Dangote refinery?
(4) When will the government owned refineries begin to refine crude and what is the hurdle?
(5) Is oil theft a thing of the past?
(6) Are the cabals unknown and bigger than government? If you say the cabals have tied your hands - either internal or external cabal, are you fit to be in charge?

The net result is that government has simply transferred its burden on the average Nigerian with no commensurate benefit.

DeepSight:
My dear, look let me not waste time going through the philosophy of the matter - which I can see we will disagree on based on your posts with other people up there. I will only say that the IMF/ Bretton Woods prescriptions have been around for decades and have never worked in a single third world country. They have rather consistently destroyed lives and economies everywhere they have been implemented - so much so that it is obvious that the destruction of lives and the pauperization of populations is actually what those policies were deliberately designed for and history proves this.

As I said, let me not waste your time with arguing the philosophy of it - let me just go to the practicality. Let us assume you needed to remove subsidies, fine. No where in the world would you remove them in one fell swoop the way it was done in this country last year. That is unheard of. The spike in PMS price was over 200 per cent - and believe you me, I have researched this matter - there had never been such an increase in the price of PMS in a single day in any country in the world. Other countries which removed subsidies did so gradually over time in order to reduce the shock to the system. One does not have to be an economist to know that the ripple effects on the prices of other commodities will lead to hyper-inflation which is what has obviously happened. And there is no way that is good for the economy. If it must have been done, it should have been done in phases. Carefully managed phases.

Now as if that was not bad enough, you then proceeded to float the naira immediately at the same time. This was the biggest disaster of all. You have to understand a number of things. First is that an import dependent economy cannot afford to float or devalue its currency, That is a prescription for suicide. Because if you import everything you use, as we do, then you are spending USD all the time and if you devalue your currency then you will require more and more of your currency to procure less and less USD and that will finish you off in a vicious cycle - because the more USD you chase the more your currency will fall.

But it was not just this obvious principle that made it a disaster - what made it the greatest disaster is the fact that you are importing the said PMS you have removed subsidies from. You are paying USD for the PMS, and thus it stands to reason that once your currency falls, you will pay even more USD for that PMS and this is why the landing cost of PMS has become so high, that it is now obvious that the government is in fact still paying some subsidy to retain the price at circa N600 - because based on the exchange rate it should be over N1, 000.

Therefore by flloating the naira at the same time as removing subsidy, the FG actually defeated the purpose of subsidy removal.

The net result has been the death, destruction and unspeakable hardship which has followed. The truth is that these policies are ill thought out and they have never succeded in any third world country where they have been prescribed, and they frankly were not intended to.

Now, to adderss your question "what have we acheived through fuel subsidy since indpendence" - the answer is very simple and it is staring you in the face. Sometimes you dont know what you have until you lose it. The safety net that the economy had from this kind of devastation and hardship is what we acheived. Just compare the ecomony of a mere one and a half years ago to what obtains today and you will see the difference. That is what it is.

No economy can grow when you deflate it and take away the purchsing power of the people. Everywhere economies have grown, there has been an injection, and not a deflation. The devaluation of the naira accompanied with hyper inflation has made every Nigerian vastly poorer. And there is nothing positive about a pauperized population - let no one deceive you - there is no long term gain in such. It will only ever deliever death and hardship.

Finally please stop comparing the removal of subsidies in places like the UK with what has happened here. Not only are the subsidies not the same and the products being subsidized not the same, the entire picture is different. This is aside from the fact that no one was insane enough to remove 100 percent of a critical subsidy in a single day. Anyone who does that to his country is bent on destroying it.

cc nairalanda1 / kukutenla / kukutente23.

Absolutely spot on

Max24:
Was there no inflation in US during the time of trump? Even UK removed subsidy on different items at different times in their best interest. But nobody has answered my question. What did we achieve with the fuel subsidy we benefited from since independence?

The main issue is the opaqueness of the oil sector. Are you sure that subsidy is actually gone? Because landing price of PMS is still higher than the amount being charged by oil marketers. Boosting of the domestic output would reduce importation and reduction or elimination of importation will naturally remove the need for subsidies in the first place.
There is so much “abrakadabra” in that sector. Firstly we hear new dates that the Port-Harcourt refinery will kickstart every now and then. Then to the Dangote Refinery - it’s one story after the other. They complain that there are internal and external cabals. Who are these people? Is it the mechanic on the street that will fight these cabals? With snippets of information that government officials allegedly own refineries abroad, you cannot help but scratch your head and ask if the sector is not being intentionally sabotaged. As someone would say, oil theft is not pilfering candy at a local store but it is organized crime, any sincere move to sanitize that sector would involve a lot of probing and bringing people to book. Subsidy no doubt was draining the resources of the state but even if the removal of the subsidy was meant to address this problem of draining revenues, the question to ask is - what will the government do with more funds in their hands? If you say that the allocations to state governments is higher and you don’t even have a concrete plan on how to use the funds to alleviate the direct problems that the subsidy removal will cause, you need to think circumspectly.

nedu666:
China did not devalue its currency because inf said so but to aid its export driven economy. If not, why the imf and America declare China a currency manipulator. The Asian tigers who implemented imf policies during the Asian currency crisis of the 1990s later ditched such policy to follow their home grown policy

Exactly!

China had a functional export driven economy and so devaluation was beneficial to them. The Bretton Woods institutions (IMF and friends) were not happy with this move. Come to Nigeria and you’d see the exact opposite - an economy that is largely imports dependent. Not only is consumption imports driven, manufacturing is also imports driven because the equipments they require to produce are largely sourced abroad.

There was no renewal of agreement. After two years in the compound I was served with a letter motifiying me of increment 6 months to payment due date. And this is the second increment just that this time around, there was no notification or letter. I was told in person that they have reviews the rate.

There was no formal letter or any new agreement document. In other words, it is the same agreement document from the beginning that we are still using now. Though she was saying that the agreement specifies that the annual rent is for one year except the tenant wishes to renew.

She only issued me a one page letter when she raised the rent to 1m. There has been no new agreement contract document.

MrBrownJay1:
are you saying that you have been living in that apt for 3 yrs paying 1m yearly, but you only have a 1yr contract (and it doesnt say that it will be automatically renewed)?

with inflation, i would say the rent should go up every year by 5/10%, so technically you should be paying at least 1.2m yearly now.

The first two years rent was 800k then 1m in the third year and now they are saying 1.4m. I think the landlady has a right to value her property as she deems proper but I’m saying why inform me one week to renewal of the rent? She is claiming that it is one year rent with option to renew if I meet the conditions.

When I said the constitution requires her to give me 6 months to effect a quit notice, she argues that quit notice wouldn’t apply since it is a fixed term (one year) contract as stated in the agreement. I am here to clarify from nairalanders especially those with law background, the position of the law on this matter.

Hello everyone.

I have just been served with a great shocker by my landlady. She waited for my current rent to reach its final days (one week to due date) before serving me with the news that rent has increased from N1,000,000.00 to N1,400,000.00 just like that. I am a family man and to be honest saving up the N1m was not very convenient and now I am faced with the possibility of being evicted one week before the end of the current rent.

After a heated exchange with her, she told me to go and read the contract I signed. This was after I told her that I need about 6 months to get a new place as I cannot be paying N1.4m. On reading the contract again, I realized that they had smartly indicated that the rent term is 1 year even though I have been staying in the house for 3 years now.

My question is that can I find succor anywhere or is there any provision in the constitution that protects tenants from arbitrary decisions such as this? If the woman had told me earlier, I would have planned for it but one week to the end of my tenancy contract, she comes and gives me this shocker? Common, I just don’t know what to say.

Someone please assist with any useful and factual information that could help because clearly I may need to take this matter to court.

I have seen the arguments from both ends and my candid take is that christ embassy have had a rough relationship with the media from way back even before the time the divorce saga happened when media media houses were adding infidelity to spice up the story even when the ex-wife said nothing of that sort.
I recall that it was when the church threatened to take the media houses up legally on the story-spicing that they dropped the infidelity claim

Hence there has been some sort of bad blood between the media and Christ embassy generally and you will struggle to see their name come into the news for any positive news like their latest medical facility.

I will thoroughly expect them to be suspicious of sharp media activity towards them given the history of unwholesome reporting they have suffered from the media in the many years gone by.

This is the reason I can think of - frankly anyone of us would do similar all things being equal.

Obrigado.

Good people, I am quite inexperienced with German cars. Please let me know what your thoughts are about BMW 523i care. The good, the bad and the ugly.

I’m grateful.

Magabush1:
My question is why are all these our big men not producing , do they always have to become president to produce or what ? Why is everyone not trying to provide solutions in their little capacity, why is everyone waiting for the president to do everything. How can a new president who was sworn in less than 1 year turn the country into a production country. How long does it take to set up a big production company if I may ask. There are lots of questions to ask but I stop here. Can only the president change Nigeria the way we want it, what of governors,senators ,house of reps members ,LG chairmen etcz , where are they factored in this consumption to production era.

That’s because you don’t know how many people have gotten their fingers burnt because they ventured into production. The environment is very harsh for production hence why foreign companies are leaving in droves.

Leadership offers a unique opportunity to confront the bottlenecks. It’s not a roadside mechanic or a teacher that will confront the organized crime of oil theft or insecurity. Rather than make excuses for leaders living largesse yet doing nothing, it’s our responsibility to demand accountability from them.

Your thoughts?

When a girl that you haven't yet asked out calls you "sugar" what's she trying to get at?