₦airaland Forum

franchasofficia:
I am a realist, an economy expert and an FX industry key player too even though I am an engineer by first profession.



I deal on FX on a daily basis.



My desire is for it to work out fine but I am just pointing out some loopholes.


Tinubu seems to have good intentions to surprise we his critics but he seems much in a rush in doing some of his good policies without proper planning and preparations.



If it works out fine, that will be awesome and a big plus for him, I will become one of his fans.




Its unfortunate my influence haven't reached the level of getting national attention, I would have published an article to guide Tinubu and his economic team on some of these policies and how to ensure they don't fail at the end

I think the past administrations failed because they were stuck in planning and preparation stages. The truth is ppl are determined to sabotage your planning and preparation. Tinubu is using elements of surprise and enter action with boldness. These are laws of powers. It will definitely get worse before it gets better. Imagine if Goodluck had enter the subsidy removal with boldness by now we would have been reaping the fruit. His actions only postponed the Evil days.

baralatie:
No exactly the way you put it.
The lack of earning dollars and a huge import bill in dollars led your from #22 to #750

The lack of earning dollars lead to the control in the first place. Abacha introduced the control system because of the drop in crude oil prices but guess what happens...ppl took advantage of the system. The banks and the bureau de change. They enjoyed the arbitrage and if you are conversant with the history...it actually led to ppl acquiring banking license.

BarrElChapo:
You sound naive, is there any nation on the earth that doesn’t tie its money to the apron of the dollar ?

Don't waste your comment on ppl that have zero knowledge on a particular subject. This is exactly how Buhari was screaming foolishly about subsidy until he became president and eventually scattered the Table with over 3 trillion naira subsidy payments.

franchasofficia:
How did they factored them in?



Have our local FG owned refineries started operation?

Petrol import alone consumes more than 50% of Nigeria's FX. If we are still importing petrol, CBN will continue to run short of FX until we stop petrol importation completely and also boost our Agricultural sector to start exporting more.



More than 80% of containers that bring in goods into Nigeria go back to their country of origin or port of loading empty, its a sign of a dead national economy. We must regig and revamp our export, especially agro export which is the only thing we can export after crude oil to solve our FX shortage crises.




Failure to solve our low FX inflow while floating the USD to depend on free market demand and supply will only lead to uncontrolled crash of naira to maybe 1000 to 1 USD if not more in the coming weeks or months

Have you asked your self why the control system failed in the first place? Control system took us from 22naira to 750 naira.

BarrElChapo:
Meaning the dollar may hit the N1000 to $1 soon ?

stop speculating

tonytony208:
So, has this reduced naira dollar exchange rate? Ọ̀dẹ̀.

Has the previous policy reduced it kolo?

franchasofficia:
A good start for now.


But guess where the problem is?


CBN doesn't have enough dollar to meet Nigerians' usd demand, remember we are an import dependent country.


What it means is that Nigeria doesn't earn enough FX through export to meet up with the dollar demand of Nigerians, which means many Nigerians will be going to Aboki for dollar and Aboki will be determining the rate based on demand of dollar for the day, and this will definitely lead to uncontrolled crash of Naira value against USD.



I commend Tinubu for this good dollar floating policy, but it would have been better done after putting certain things in place to ensure CBN earns or have enough dollar to supply to all banks to sell to Nigerians.



One of those things that would earn us more FX and also reduce our FX outflow is putting our local refineries in working condition and leasing them out to private entities to run for Nigeria to reduce importation of petrol which gulps most of our FX. While fixing the national refineries, Dangote's refinery will also be ready and both combined would solve our importation of petrol which consumes majority of Nigeria's FX.

The reality is there will never be a right time to act. I see ppl always saying put things in place...lol We have been putting things in place since 1999.....Where has that gotten is to? Multiple exchange rate is abokis holding country hostage. How can one currency be sold at different prices to different class of ppl? Is that not fraud?

Favourchris:
hope they can handle the demand, putting naira on a free market with our not so working economy, will end in disaster.

all i see this man doing is making policies b4 planning for the out come....


like this, na 3k we go see ... if bank cant supply everyone

Was bank supplying everyone before? If no so who was supplying everyone? What is stopping the economy from working? Do round tripping of usdollars boost economy? Oga go sleep if you no understand wetin dey happen. Abokis held this country hostage with the introduction of multiple exchange rate. Incase you don't know , it was abacha that started this nonsense.

Ogene001:
Tinubu has destroyed abookis after deceiving them with Muslim/Muslim ticket and dancing in Kano. Peter Obi used to say these things but Tinubu was fooling around to deceive northerners when he had similar plans.

Tinubu did not destroy abokis. Abokis have destroyed Nigeria and they have always been a liability before amalgamation. Someone has to stop the madness. How can you fix rate of one currency for different class of pll?

oluwaseyi0:
how is this Mr Tinubu getting away with all this, so many president can't attempt this

What exactly was stopping them? Maybe you should ask them.

tesppidd:
How dare he worry Hope Uzodinma, Yaya Bello and Fani Kayode?

Is that the message?

do you even have sense? those ppl have been there since buhari time and they are allies of buhari.....lol. Bawa is only good with chasing yahoo boys. Bawa has all the time in the world to go after fani kayode so you just been silly for listing all those names. Bawa is for yahoo boys.

Dreal1247:
When Dangote is already advocating for petroleum import licenses not to be issued to marketers who are not having refineries. Let's watch as the game progresses.

Why do you want marketers to import fuel? This marketers are evil from the days of Jonathan. You guys hate the only person that took risk and loan to build a refinery in Nigeria while taking sides with the same marketers that have benefited massively from subsidy scheme. Obasanjo sold refinery to Dangote back in 2007 and you guys with the same hate ensure that Adam collected those refineries back from Dangote....The question i will to ask is, what has Nigerians benefited from the returned refineries since 2007?

franugo:
Where is the attack? Someone arrived at a very valid conclusion from the news at hand and you scream attack? Tell me what's wrong in his assertions

What valid conclusion? Let's assume you are Dangote. You took loans and years to build a refinery and then you conclude that the refinery will just be built so that you can import fuel...lol and then use the facility that you took billions to build just for importation..lol. If this is a valid conclusion to you then it means something is probably wrong with the left side of your brain.

professorPABX:
Mind my words, he may later use the licence to import AGO, JetKero and PMS and later deceive Nigerians that they are refined products from his refinery.

When the refined products start flowing dunce like you will not come back to apologize for your foolish post

Tochi3:
Which means a report that the Dangote Refinery needs more billions of Dollars of loans to be completed is true not propaganda..

If dangote can be given a license to import fuel, why build the refinery with borrowed loans. Why claim subsidy has been removed. What is this so called Subsidy then...

Everything is falling in place. That means Dangote has monopolized subsidy payment. The fraud Subsidy still exist only that Nigerians will pay Dangote the subsidy for the importation of fuel . The increment of the fuel price in order to recklessly maximize profits only goes to Dangote, allies & the government of emilokan per bullion vans.

There is nothing Tivnubu emilokans support that works. Poo' hari's maladministration comes to mind..

The license to build refinery always come with the option to lift. Otedola was giving a license to build refinery and the option to lift was there. He did not even attempt to build and non of you have ever attacked him. Dangote decided to build and you guys are attacking him. The problem of this country is the citizens.

Igwe9:
artificial jump based on predictions and in anticipation of devaluation of naira, those that trade forex understand.

We have so many dunce on nairaland....lol. i want Tinubu to do well because it doesn't matter who your voted for bro. The goal is the same. A better Nigeria

9icetoo:
Hmmmmm

Not entirely true but let's see how it fares first.

Load affects some stuffs oo.

it will affect at the same rate.

Aonkuuse:
This man done enter Wahala

No single wahala. They want him out of office. All this noise go finish soon. They will release him

clinician2x:
Aviation business is not a necessity for the most populous black nation on earth.

You are very stupid sir...

Name one business the government has run successfully? Please just name one.

NOHOLDSBAR:
Fake news all over the country. Lazy journalists don't do any work before going to press. They don't do any investigation prior to printing stories. How can the press claim that 85 Billion was spent and now the man says less than 3 Billion was actually released for the project since 2016.
Lazy journalists just like some Lazy citizens who just enjoy peddling rumors and half truths. Pathetic.

But man said he spent 12 billion on fire trucks. Please can he tell us where he got it from?

MikeMicheal:
How much is Nigeria minimum wage that you expect rent to be the same as UK?
Let's start from there.

Try get sense oga. I never said your electricity price should be the same with UK. Ghana minimum wage is not same with UK but they have relative stable electricity. I never told you that rent will be the same with UK but your brain malfunction keeps affecting your thought process.

Mahul:
One will wonder why the last administration refused to remove the subsidy, in spite their claimed fight against corruption if the Subsidy was such a big crime ?
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They were the ones stealing the crude oil.

MikeMicheal:
How much is the minimum wage in UK?
Pay Nigerians that and they can afford what UK residents pay for electricity.

How much is your house rent for a year in Nigeria? Let's start from there.

inoki247:
You people think everybody are like you who lie for fun...


I can show you an example of derr bill with numerous charges....

please show it.

JetStar:
The major reason why electricity is failing in Nigeria is that people want it, but they cannot afford to pay super high rates and you can't blame them that much. Nigerian workers don't earn much to be able to afford N200/KWh electricity. If they could, many people would be able to run petrol generators 24/7 without much conplain when the price was about N250. Don't say it's pessimism. It's just one of the uncomfortable realities plaging Nigeria.

Do you know what it takes to run gen 24/7 @ 250 naira? Even someone that earns much will complain bitterly. A tank of Average Generator is 15 litres. 250×15= 3750 and that will take you maximum of 15hrs which is less than a day. Please don't come and type nonsense again i take God beg you.

seunayeni:
Honestly, it's a Laudable proposal and I hope it is sustained eventually.However, what about states like Ekiti, Osun, Adamawa, Ebonyi etc who probably do not have the Financial Strength and laid down Blueprints like Lagos for Power Generation nko....these states go come dey look Lagos like London ...abeg make them do the check and balance well so that all other states can be carried along.

They have Elected leaders.

emnite:
You want us to finish our money on electricity abi?

No finish it on Generator.

inoki247:
Doz people are Joker's abg no take dem serious Ghana even Tax derr Electricity Alot you will see all the break down in ur bill...


Them go comot street light fee

Power line fee

All this Jargons u dy house u no dey house for the whole month u will pay all this charges...

If u like travel for a whole Year you will pay all this fees monthly and if you didn't pay it will keep piling up dy won't add any consumption money cause you didn't use any electricity for the whole month since you're not around but You see Doz Charges of street light, Power line and others you will surely see them.....




Nigerians want 247 light buh if they bring the cost and start telling them to pay dey will still complain....


Electricity never cost finish na bypassing of Meter left and right everywhere....

Stop telling lies about Ghana. Electricity is not cheap in Ghana no mean say you go start to add sugar and salt put. I was resident in Ghana all this things you wrote are lies.

CodeTemplar:
Lol... N200/kwhr rate loading. By the time they do those their wuruwuru PPP and inflate cost, Lagosians will be lucky to get N200/unit.

It seems most of you prefer to use Generator to run your homes. The problem of this country is the citizens. If you travel to UK you will be screaming UK have constant Electricity and you will gladly pay the bill....lol. But in Nigeria you one to spend 3k for 1 months...lol

CharleyBright:
Young man, when I was in school learning English you were not yet born. So u cannot come and teach me English.
Go back to read your last sentence.
It is either you don't understand what u wrote or you don't have the understanding of how to use sarcasm.
You passed your message and I responded appropriately.

A faceless forum and somehow you think you know my age, you know my religion and you know everything. Mr know it all clap for yourself.
Please I repeat we have gone past Muslims and Christians discussion. The ppl that supported Muslims Muslims ticket cannot suddenly comeback to start saying a Muslim cannot be a senate president . I want a Muslim to be head of both chambers.
Next time keep your old age to yourself because even Gen Z dey claim popsy too.

temiflex01:
Do you mean for year back we don't have enough rain and water? When there is positive changes, let's accept and recognise it.

What is positive changes? Is it having one week of light? We have to monitor and observe the situation with fact. What is the generation level? How many comes from dams and gas? Do we have a new policy that will ensure gas supply to the turbines? We need to know what exactly has improved. All this random we are having light in Lagos just shows that the citizens only care about themselves. Once it favors me everything can go to hell.

Coder2Client:
Stable even when it rains heavily but the unit drops fast as stable the power supply is. We will get use to it eventually.

It is your appliances that is dropping the unit.