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 Politics › Re: Zanga-Zanga And Tinubu’s Crumbling Northern Alliance By Farooq A. Kperogi by malali: 1:21am On Aug 12, 2024 |
lexy2014:Nigeria has always been swimming naked, the reason why we didnt know was because the light was off in the swimming pool. Tinubu came and turned on the light in the swimming pool. Now everyone is shouting..."we are naked, we are naked " We have always been naked !! Now we have to come out of the swimming pool and buy swimming trunks and bikini to cover ourselves, which will cost money. Tinubu cannot buy this for everybody. Harsh reality. Only think i am concerned about is the money used to subsidize all the petrol and forex should not be looted. |
| Politics › Re: You Fix Your Salaries, Allowances Yourself, It Is Immoral - Obasanjo (video) by malali: 5:12am On Aug 11, 2024 |
Let the truth be said our NASS is a cesspool of corruption. Legislators should be made a part time and ceremonial position. There is nothing that deserves their full time. Meetings can be virtual Obasanjo is 100% correct. 5 Likes
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| Politics › Re: Take Action Against Internal, External Forces Impeding Dangote - Atiku by malali: 12:42am On Aug 11, 2024*. Modified: 2:57am On Aug 11, 2024 |
Jagaban turned Dangote to a content creator. Now he has turned Atiku to a skitmaker. You go explain , explain, explain tire.......No evidence !!! 6 Likes 1 Share
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| Foreign Affairs › Re: See Kamala Harris Rally Crowd Sizes So Far (Wisconsin, Michigan, Arizona) by malali: 9:50pm On Aug 10, 2024 |
SpaceX:Silence is Golden. |
| Politics › Re: Fuel Subsidy Removal Slashed Domestic Consumption Of Petrol By 50%. by malali(op): 9:42pm On Aug 10, 2024 |
Nbotee:Exchange Rates has multiplied. |
| Politics › Re: I Was Offered ₦800k To Demonize Dangote Refinery - David Hundeyin (Pictures) by malali: 9:34pm On Aug 10, 2024 |
JuanDeDios:I believe they are money worshipers Someone is paying them to remove popular opinions I had a post with 400likes Shared by 50 people And it was "removed" by Mods Later we complain about the cabal in government , when there is a cabal on Nairaland. nlfpmod 1 Like 1 Share |
| Celebrities › Re: Women Kneeling Down And Praying For Regina Daniels (Video) by malali: 1:13pm On Aug 10, 2024 |
Daily bread. |
| Politics › Re: Obasanjo: Many Nigerian Leaders Should Be In Jail by malali: 1:09pm On Aug 10, 2024 |
This statement should be taken seriously, If there is any leader in Nigeria who knows other leaders that belong in Jail, Its President Obasanjo, because 1-He has been a president. X 2 2-He has been to jail. X 1 |
| Politics › Food Gulps 17% Of Nigeria’s Dollar Spending On Imports In Q1 2024 by malali(op): 1:09pm On Aug 10, 2024 |
In Q1 2024, Nigeria spent $689.88 million on food imports, representing 17% of total foreign exchange (FX) expenditure on imports and a 40% increase from the previous quarter. The Central Bank of Nigeria (CBN) data reveals that overall imports totaled over $4 billion, with the industrial sector leading in FX spending at $1.94 billion. Amid escalating food prices and a 25% rise in imported food inflation, government officials and organizations debate between immediate food importation and bolstering domestic production to achieve self-sufficiency. The import of food products gulped about $689.88 million in the first quarter of 2024, which is about 17% of the total foreign exchange (FX) spending on imports. This is according to the sectoral utilization of foreign exchange data contained in the quarterly statistical bulletin of the Central Bank of Nigeria (CBN). Based on the data, Nigeria spent slightly over $4 billion on imports in the period under review. What the data says The CBN data shows that there was a 40% increase in the amount of FX spent on food import, from $493.24 million in the last quarter of 2023 to $689.88 million in the following quarter, which is Q1 2024. Year-on-year, there was a slight increase of 2% from $677.61 million recorded in the same quarter of the previous year. The data further shows that firms in the food product sector were the second-highest spenders of foreign exchange for imports. Leading on the list are firms in the industrial sector, which spent the lion’s share of $1.94 billion. While firms in the manufacturing sector spent $594.63 million, those in the oil and gas spent $522.90 million on imports in Q1 2024. The agricultural sector spent the lowest FX for imports at $35.52 million in the period under review. Imported food inflation rose by 25% Within the first quarter of 2024, Nigeria’s imported food inflation rose by 25%, according to the Consumer Price Index (CPI) data by the National Bureau of Statistics (NBS). Nigeria’s imported food inflation increased significantly from the 26.29% recorded in January 2024 to 32.89% in March of the same year. A month-by-month analysis shows that January starts the year with a high imported food index and a significant inflation rate of 26.29%, indicating that the cost of imported food is already elevated. In February 2024, the imported food inflation increased to 29.81%, marking a notable jump of 3.52%-points in the inflation rate from January. The trend continues upward in March, with the imported food inflation rate climbing to 32.89%, an increase of 3.08%-points from February. Also, within the same period, general food inflation rose by 13%, from 35.41% in January 2024 to 40.01% by March of the same year. 1 Like 1 Share
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| Politics › Fuel Subsidy Removal Slashed Domestic Consumption Of Petrol By 50%. by malali(op): 12:58pm On Aug 10, 2024 |
The Minister of Information, Idris Mohammed, has said that Nigeria’s domestic consumption dropped from 2 billion litres of petrol by 50% following the removal of fuel subsidy. Mohammed, in a conversation with the media on Thursday, revealed that the decline in importation suggests that these imports are being redirected to destinations other than Nigeria. According to him, the removal of subsidy by President Tinubu is meant to benefit the country both in the short and long term. He also reiterated the position that subsidy was not included in the 2023 budget before it was removed by Tinubu on May 29, 2023. “The removal of fuel subsidy is really a big one and the president knew that it was going to be something that would be very beneficial to this country in the short-term and in the long-term. “By May 29, 2023, when Tinubu took office, there was no provision in the budget for the fuel subsidy itself. Because the president removed it, there was no need for budgeting for it. “At that time, Nigeria was importing for domestic consumption about 2 billion liters of PMS roughly. By the time fuel subsidy was removed, our domestic consumption had come down to about fifty per cent. That immediately was a pointer to something. “It meant that either people were now more disciplined that they not using their cars as they should or this import was going elsewhere. And I think the study shows that import was actually going elsewhere,” Mohammed said.
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| Politics › Re: Zanga-Zanga And Tinubu’s Crumbling Northern Alliance By Farooq A. Kperogi by malali: 11:54am On Aug 10, 2024 |
The analysis attempts to paint President Bola Ahmed Tinubu’s political strategy in a dire light, suggesting his chances for re-election in 2027 are dwindling due to the recent Zanga-Zanga protests. While the protests highlight discontent, the article misses several critical aspects of Tinubu’s long-term strategy and the dynamics of Nigerian politics. First, the notion that Tinubu’s coalition with the Northern political establishment has crumbled is premature. Northern politics is notoriously fluid, and alliances are often re-forged based on evolving interests. The protests, while significant, do not represent the entirety of the Northern political landscape. Dismissing Tinubu’s influence based on short-term reactions fails to consider his deep-rooted connections and ability to navigate complex political terrains. The claim that Tinubu’s economic policies are pushing people to the brink, while valid in its concern for immediate impacts, overlooks the long-term vision behind these decisions. The removal of fuel subsidies and currency adjustments are painful but necessary reforms to stabilize the Nigerian economy. Immediate backlash was expected, but the true test will be whether these policies can bring about sustainable growth, reduce inflation, and ultimately improve the standard of living. If successful, Tinubu’s approach could secure not just Northern support, but nationwide approval. Furthermore, the article’s suggestion that Tinubu discard neoliberal policies in favor of Awolowo’s welfarist approach is overly simplistic. The economic challenges Nigeria faces today are vastly different from those of Awolowo’s time. A modern, diversified economy cannot thrive on protectionism and government intervention alone. Tinubu’s embrace of market-oriented reforms may seem harsh now, but they could lay the groundwork for a more resilient economy, reducing Nigeria’s dependence on oil and fostering innovation and entrepreneurship. The author also overlooks the fact that Tinubu’s silence in the face of protests is not a sign of weakness or loss of control but a calculated move. In Nigerian politics, applying the “stick and carrot” approach at the right moment can solidify power rather than erode it. Tinubu understands that acting too swiftly or harshly could alienate key supporters or escalate tensions. By allowing the protests to run their course, he avoids giving them undue importance while preparing to address the underlying issues in a manner that consolidates his authority. The assumption that Tinubu’s political capital is exhausted ignores his ability to adapt and pivot as needed. The President is well aware of the vested interests, often referred to as the “cabal,” that have historically held Nigerian leaders hostage. His careful maneuvering, however aloof it may appear, is designed to avoid the pitfalls that have trapped his predecessors. By focusing on long-term economic reforms and maintaining strategic alliances, Tinubu is positioning himself to outlast immediate challenges and secure a peaceful, prosperous reign. While the protests and economic hardships are real concerns, the analysis underestimates Tinubu’s strategic acumen and overstates the impact of short-term unrest on his long-term prospects. If Tinubu continues to balance reforms with strategic alliances and carefully timed interventions, he could emerge stronger, not weaker, in the lead-up to 2027. 7 Likes 1 Share |
| Travel › Re: My observations about some of our japa brethren in North America by malali: 11:40am On Aug 10, 2024 |
.The narrative shared serves as a poignant reminder of the pressure many immigrants face when adjusting to life in a new country, particularly in the highly capitalist environment of North America. The pursuit of material success, often driven by the need to impress peers, can lead to unsustainable lifestyles that prioritize outward appearances over genuine well-being. It’s crucial to recognize that financial success doesn’t necessarily equate to happiness, especially when it comes at the cost of one’s mental and physical health. The pressure to maintain an image can be overwhelming, leading to unnecessary stress and long working hours that detract from the quality of life. Supporting the Motion: 1. Mental and Physical Health: Working multiple jobs to sustain a high-cost lifestyle can lead to burnout, health issues, and strained relationships. It’s essential to prioritize well-being over the constant grind. 2. Financial Security: Living beyond one’s means is a recipe for financial disaster. The unpredictability of the economy, coupled with high interest rates on loans and mortgages, can quickly turn a seemingly manageable debt into a crippling burden. 3. Cultural Pressure: The pressure to conform to community standards or to project a certain image often leads individuals to make financial decisions that are not in their best interest. It’s vital to live authentically and make choices based on personal goals rather than societal expectations. 4. Long-term Sustainability: A lifestyle built on credit and loans is not sustainable in the long run. It’s essential to create a financial plan that allows for savings, investments, and an emergency fund, rather than relying on debt to maintain a certain standard of living. Practical Tips to Beat the American Capitalist System 1. Embrace Minimalism: Focus on what truly matters by prioritizing needs over wants. Avoid accumulating material possessions that don’t add real value to your life. 2. Invest in Experiences, Not Things: Instead of spending money on the latest gadgets or luxury items, invest in experiences such as travel, learning new skills, or spending time with loved ones. 3. Build Multiple Income Streams: Don’t rely solely on your primary job. Explore side hustles, freelance work, or passive income opportunities that can provide financial security. 4. Buy Used or Refurbished: When purchasing big-ticket items like cars or electronics, consider buying used or refurbished. This can save money while still providing the functionality you need. 5. Negotiate Everything: From utility bills to car insurance, always negotiate for better rates. Many service providers are willing to offer discounts if you ask. 6. Start a Community Exchange: Organize or participate in a community exchange program where goods and services are traded without money. This can reduce costs and build a strong support network. 7. Delay Gratification: Practice patience by delaying purchases for 30 days. This helps avoid impulse buying and ensures that your financial decisions are well thought out. 8. Learn DIY Skills: Save money by learning to do things yourself, whether it’s home repairs, cooking, or even clothing alterations. The internet is full of tutorials and guides. 9. Utilize Public Resources: Make the most of public libraries, parks, and community centers for free or low-cost entertainment and resources. 10. Stay Connected to Your Roots: Remember your cultural values of community and support. Engage in mutual aid within your community to reduce reliance on the capitalist system. it’s crucial for new immigrants to navigate the complexities of the American capitalist system with wisdom and restraint. By adopting a lifestyle that prioritizes financial prudence, personal well-being, and long-term stability, it’s possible to thrive without succumbing to the pressures of materialism. 13 Likes 2 Shares |
| Politics › The Litmus Test For Dangote’s Refinery—navigating Nigeria’s Complexities. by malali(op): 11:21am On Aug 10, 2024 |
The Dangote Refinery, celebrated as a transformative project for Nigeria’s oil sector, faces a daunting road ahead before it can run at full capacity. As a virgin refinery, it must overcome a series of challenges that are uniquely Nigerian—ranging from recent policy shifts to entrenched interests—that will put the famed business acumen of Aliko Dangote to the ultimate test. Fuel Subsidy Removal: A Double-Edged Sword The recent removal of fuel subsidies, a move aimed at freeing up government resources and promoting market efficiency, presents both an opportunity and a challenge for the Dangote Refinery. On one hand, it eliminates a significant distortion in the market, potentially allowing the refinery to operate on a more level playing field. On the other hand, the immediate effect has been a sharp increase in fuel prices, which has led to widespread public discontent and could translate into operational pressures. The refinery must navigate this volatile environment, balancing the need for profitability with the broader socio-economic impacts of higher fuel costs. Forex Challenges: A Volatile Landscape Nigeria’s foreign exchange market is another critical hurdle. The removal of forex subsidies has led to a more market-driven exchange rate, which, while necessary for long-term economic stability, has also introduced significant volatility. For a capital-intensive project like the Dangote Refinery, which relies heavily on imported machinery, parts, and expertise, fluctuations in the naira’s value could significantly impact operational costs and profitability. Securing stable forex flows will be crucial, but this is easier said than done in a country where forex scarcity is a perennial issue. Electricity Tariffs: The Power Conundrum Electricity tariffs have also seen a sharp rise following the removal of subsidies, compounding the refinery’s challenges. Energy costs are a substantial part of any industrial operation, and for a facility of this scale, the impact of higher tariffs could be significant. Nigeria’s power sector is notoriously unreliable, and while the refinery is likely to have its own power generation capabilities, the cost and consistency of energy supply remain areas of concern. The refinery’s ability to manage these costs without passing them on to consumers will be a key determinant of its success. The Pre-Existing Cabal: Old Guards and New Entrants Perhaps the most formidable challenge will come from the pre-existing cabal of petrol importers who have long dominated Nigeria’s fuel supply chain. These entrenched interests have benefited from the status quo and are unlikely to welcome the disruption that the Dangote Refinery represents. Dangote must not only establish his refinery as a viable alternative but also navigate the complex web of political and economic interests that have historically influenced Nigeria’s oil sector. This will require not just financial muscle but also deft political maneuvering. The Litmus Test for Dangote’s Business Acumen Aliko Dangote is no stranger to overcoming challenges, but the stakes have never been higher. The success or failure of the Dangote Refinery will hinge on his ability to navigate these multifaceted challenges. It will require a combination of strategic foresight, operational efficiency, and perhaps most critically, the ability to influence and adapt to Nigeria’s ever-changing policy landscape. While the Dangote Refinery has the potential to revolutionize Nigeria’s oil sector, it is not a foregone conclusion. The path to full operational capacity is fraught with challenges that are uniquely Nigerian. How Dangote and his team address these will not only determine the refinery’s success but also set a precedent for future industrial projects in the country. The refinery’s journey is a litmus test for Dangote’s famed business acumen—one that will be closely watched both within and outside Nigeria. |
| Politics › Innovative Solutions To Soaring Petrol Prices Copying Other Countries. by malali(op): 8:37am On Aug 09, 2024 |
In countries where petrol is imported at a significant cost, governments often implement a variety of strategies to prevent inflation and ensure that fuel remains affordable for the general population, including minimum-wage workers. Below are examples from different countries and the methods they use: 1. Malaysia • Fuel Subsidies: Malaysia provides direct fuel subsidies to keep petrol prices affordable. The government fixes petrol prices, and any difference between the fixed price and the market price is borne by the government. This helps to protect consumers from price volatility. • Targeted Subsidies: To manage costs, Malaysia has considered shifting from blanket subsidies to targeted subsidies, where only specific groups like low-income earners receive the subsidy. 2. Saudi Arabia • Controlled Pricing: As an oil-producing nation, Saudi Arabia controls the price of petrol domestically to ensure it remains affordable for its citizens. The government sets prices and adjusts them periodically to avoid significant inflation. • Social Welfare Programs: The country also has extensive social welfare programs that help cushion the impact of any fuel price increases. 3. India • Subsidies and Direct Benefit Transfers: India used to provide extensive fuel subsidies, but in recent years, it has moved to a more targeted approach. The government now provides subsidies directly to consumers through direct benefit transfers (DBT) for certain fuels like LPG, allowing the market to determine prices while cushioning the impact on the poorest. • Public Transportation Investment: To reduce reliance on personal vehicles and alleviate the impact of fuel prices, India has invested heavily in public transportation systems, such as metros and buses, making them more affordable and accessible to the working class. 4. Venezuela • Heavily Subsidized Fuel: Venezuela, despite being an oil-rich country, faces economic challenges but continues to provide fuel at extremely low prices to its citizens. However, this policy has led to significant economic distortions and is not sustainable in the long term. • Price Controls and Rationing: The government has also implemented price controls and rationing to prevent hoarding and ensure that everyone has access to fuel, though this has often led to long queues and shortages. 5. Brazil • Petrobras Pricing Policy: Brazil’s state oil company, Petrobras, used to subsidize fuel prices to keep them low. However, to align prices with international markets, Petrobras now adjusts prices based on global oil prices. To prevent inflation, the government sometimes temporarily reduces taxes on fuel. • Flexible Taxation: The Brazilian government can adjust fuel taxes (CIDE) to stabilize fuel prices and protect consumers from sudden price hikes. 6. South Africa • Regulated Fuel Prices: South Africa regulates fuel prices based on international oil prices, exchange rates, and other factors. The government adjusts fuel prices monthly to avoid sudden spikes. • Fuel Levy: The government imposes a fuel levy which can be adjusted to manage inflationary pressures. There are also discussions on implementing targeted subsidies for the most vulnerable groups. 7. Indonesia • Subsidized Fuel for Low-Income Groups: Indonesia provides fuel subsidies for specific groups, such as low-income households and public transport operators. The government also subsidizes certain types of fuel more heavily, such as kerosene. • Energy Diversification: To reduce reliance on imported oil, Indonesia has been promoting the use of biofuels and investing in renewable energy. 8. Egypt • Fuel Subsidy Reform: Egypt has been gradually reducing fuel subsidies as part of economic reforms. However, to mitigate the impact on the poor, the government provides cash transfers to low-income families and invests in improving public transportation. • Public Transportation: Egypt has expanded its metro and bus networks to provide affordable alternatives to personal vehicle use. 9. Turkey • Fuel Tax Reduction: Turkey has occasionally reduced taxes on fuel to mitigate the impact of rising global oil prices. The government also provides subsidies to public transportation to keep it affordable. • Energy Efficiency Programs: Turkey encourages energy efficiency to reduce fuel consumption, thereby lowering the overall demand for petrol. 10. Ghana • Price Stabilization and Recovery Levy: Ghana has a levy on fuel products that serves as a buffer to stabilize fuel prices when global oil prices rise. This helps prevent sharp increases in fuel costs that could lead to inflation. • Subsidized Public Transport: The government also supports public transportation to keep it affordable for low-income workers. Key Strategies Used to Prevent Inflation and Ensure Affordability: 1. Fuel Subsidies: Direct subsidies to reduce the retail price of fuel. 2. Price Controls: Government regulation of fuel prices to prevent inflationary spikes. 3. Targeted Subsidies: Providing subsidies specifically to vulnerable or low-income groups. 4. Tax Adjustments: Reducing taxes on fuel temporarily to manage costs. 5. Investment in Public Transportation: Expanding and subsidizing public transportation to reduce reliance on personal vehicles. 6. Energy Diversification: Promoting alternative energy sources to reduce dependence on imported oil. 7. Social Welfare Programs: Implementing social safety nets to cushion the impact of high fuel prices on the most vulnerable. These strategies are tailored to the economic conditions and policy objectives of each country, aiming to balance the need for affordable fuel with the challenges of managing national budgets and avoiding inflation. |
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