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Politics / Re: Hunger In The Land: Top Economists Hand To-do-list To Tinubu by MrPristine: 7:10pm On Feb 11
Very disappointing the advice of the so called top economists. The first thing that the government needs to do to salvage the economy is to make drastic cuts in the cost of governance, the second thing they need to do is to give every necessary support to the productive sector to help boost productivity within the economy.

4 Likes

Politics / Re: FG Registers 2million Businesses To Tackle Unemployment by MrPristine: 7:18pm On Feb 10
Majesty2:
We are proud of you our president... Go on soun

It is because of disgusting ass licking miscreants like you that vile politicians like Tinubu continue to have the opportunity to destroy this country.
Business / Re: French Firm, Canal+ Group, Offers To Buy Multichoice For $1.69bn by MrPristine: 5:47pm On Feb 02
nairalanda1:


The truth is, even when our economy was healthy, no NIgerian company was set up that could do the same as multichoice.

It is too expensive, either way.

It's not too expensive, there are several Nigerian companies that have the capacity to raise $1.6 billion to buy the company. That said we can always raise our standards to match up with that of South Africa.

That said, MTN came from South Africa but today MTN Nigeria is far bigger than MTN South Africa.
Business / Re: French Firm, Canal+ Group, Offers To Buy Multichoice For $1.69bn by MrPristine: 5:38pm On Feb 02
It would have been nice if a Nigerian media company can buy over Multichoice, sadly our economy is currently comatose due to the fact that we have braindead criminals running the country today.
Politics / How To Put An End To Nigeria's Electricity Problems by MrPristine: 7:47pm On Jan 30
https://www.thecable.ng/energising-our-power-sector-taking-a-cue-from-the-telecoms-industry/amp



Energizing our power sector: Taking a cue from the telecoms industry

By Kunle Oshobi

A lot has been said and written about how critical the power sector is to the

economic development of any country, yet Nigeria continues to falter in

getting this critical sector of our economy right. The power sector is

important because of it’s strategic importance to other sectors of the

economy which all depend on power supply and getting our power sector

right can trigger several multiplier effects that can result in a massive

increase in the country’s GDP within the short to medium term.

To put the dire situation of the power supply shortfall in Nigeria into proper

perspective, the total power generation in the country as of today stands at

only 14,000 MW but our national grid is barely able to transmit 4,000 MW

without collapsing thus a country of over 210 million people have to

contend with just 4,000 MW of electricity supply daily.

By contrast, South Africa which has a smaller economy than ours albeit

with a much bigger industrial sector generates and transmits 58,000 MW of

electricity daily to it’s population of 60 million people and even with this

huge capacity they still can’t meet the electricity demand in their country.

Suppose we are to benchmark Nigeria with South Africa based on the ratio

of power generation to their population. In that case, we will need to be

generating and transmitting at least 200,000 MW of electricity daily to be at

par with them in terms of power supply, yet we are still grappling with a

mere 4,000 MW daily output. While this figure looks abysmally low, it does

indicate that there is a huge potential for investments in the sector given

the right incentives.



One begins to wonder why investors are not taking advantage of this huge

shortfall in power supply to invest in the sector and bridge the supply gap in

the country. The simple answer is that investors will not put their money into

ventures where there are no guarantees of reasonable returns on their

investment and if we are serious about attracting investors into our power

sector, we have to provide incentives that will make it profitable for them.

Contrary to the misconception in some quarters that electricity supply

should be a government service and distributed to people cheaply, the

reality is that “government has no business in doing business” and the

private sector is best equipped to handle our power sector as is done all

over the world while government should be left to play a regulatory role.

Going back to the huge supply gap in the power sector, some of us will

recollect that as of 2001 when the telecoms sector in Nigeria was

revolutionized with the entrance of the GSM operators, Nigeria had just

over 400,000 active telephone lines but today we have well over 300 million

connected telephone lines in the country of which about 250 million of them

are active.

The question emerges; How were we able to move from a paltry 400,000

active lines in 2001 to over 300 million connected lines in just 22 years?

What lessons can we learn from it and apply to the power sector to achieve

a similar growth trajectory? The answers to these questions will reveal to

us what we need to do to get our power sector right.

The simple answer to the questions above is that the regulatory framework

for the telecoms sector was business-friendly and accommodated profitable

investments. As a result of this investors were encouraged to invest

massively in the sector and subsequently invested over $75 billion in the

telecoms industry to make Nigeria one of the countries with the highest

teledensity in the world.



How then do we incentivize investors to invest heavily in the power sector

to achieve the kind of results achieved in the telecoms sector? My

suggestion is that the government should roll out a list of incentives as a

policy document to encourage investments in the power sector and make it

more profitable for investors.

These incentives should be for a minimum of ten years and backed by

legislation to make it irreversible by subsequent administrations. The

incentives should include tax holidays for new investors in the sector while

existing investors should be given tax credits based on the value of

additional investments that they make in the industry. Zero duty should be

charged on all power generation, transmission, and distribution equipment

imported into the country while the cost of gas used for power generation

should be heavily subsidized within this ten-year framework.

Subsidizing the power sector should not be confused with subsidizing

petrol. While the former is targeted at subsidizing production which has a

lot of multiplier effects on the economy, subsidy on petrol is subsidizing

consumption which is merely an indulgence.

Having done everything possible on the side of the government to help

reduce operational costs in the power sector, the government must also

allow the power companies to charge a cost-reflective tariff without

neglecting their duty of regulating the tariffs to prevent the power

companies from exploiting their customers.

We must also revisit the costly and inefficient national grid system and

instead allow for mini-grids on a state-by-state level while the government

completely backs out of owning the grid system and allows the more

efficient private operators to own and manage them. This will encourage a

lot more investors into the power sector and allow for captive power plants.



Having ensured increased profitability for investors in the sector through,

tax holidays, zero duty, subsidies, cost reflective tariff and an investor-

friendly regulatory framework, we can be rest assured that investors will

come rushing in with tens of billions of dollars to take advantage of the

incentives and in the process, we can repeat the magic that resulted in the

exponential growth in the telecoms sector.

Oshobi, a development economist and management consultant writes from

Lagos.
Politics / Re: Makinde Faults Atiku’s Silence On Ibadan Explosion by MrPristine: 3:32pm On Jan 29
Makinde should go to hell, after betraying Atiku and working for the opposition against him, he is now wailing that Atiku didn't call to greet him. This is the same hypocrite that refused to receive Atiku when Atiku went to campaign in Ibadan.

11 Likes 1 Share

Politics / How To Solve Nigeria's Economic Problems by MrPristine: 8:46am On Jan 24
https://www.thecable.ng/aggressive-export-promotion-as-an-elixir-for-nigerias-economic-problems/amp

Aggressive export promotion as an elixir for Nigeria’s economic problems
 
By Kunle Oshobi
 
After eight years of lethargy on issues regarding the economy during the immediate past Buhari administration, the current administration took off with a bang and in rapid succession announced two earth-shaking economic policies that reverberated across the country.
 
The first was the removal of petroleum subsidies which President Bola Tinubu announced impulsively during his inauguration while the second which was announced a month later was a partial floating of the Naira which resulted in a massive devaluation of the currency with it’s consequent impact on the economy.
 
Being an import-dependent country, the impact of the devaluation of the Naira affected the cost of a wide range of goods and services across the country. When coupled with the increase in the price of petroleum products which also affected the cost of goods and services in the country, the negative consequences of this double-edged sword on the populace is best left imagined.
 
Most economists agree that the two major economic policies introduced by the current administration are a step in the right direction however, the implementation of the policies was abysmal with little or no thought of how to reduce the negative impact of these policies on the masses neither were there any plans to take advantage of these policies to accelerate economic growth.
 
Some may want to argue that the government gave some palliatives but the truth is that apart from the fact that they were an after-thought, it was just a politically motivated red herring that was designed to provide temporary relief for a handful of Nigerians while no thought was given for implementing policies that we enhance sustainable economic growth.
 
Contrary to economic theories of “demand-pull” and “cost-push” inflation, the leading causes of inflation in Nigeria are the falling exchange rate of the Naira and the cost of petroleum products. If we take into consideration the fact that the exchange rate of the Naira also affects the cost of petroleum products, we can safely conclude that the poor exchange rate of the Naira is the number one cause of inflation in Nigeria today.
 
The question now arises; what is responsible for the poor exchange rate of the Naira and why does it keep falling against other international currencies? The simple answer is that the demand for foreign exchange in the country is far higher than the supply and as a result of this, the Naira is constantly being put under pressure thus the downward slide.
 
How then do we solve this problem? We can either implement restrictive policies to reduce the demand for foreign exchange or engage in an aggressive export promotion drive to boost foreign exchange receipts into the country. For a country that is serious about growing it’s economy, the latter option is the obvious choice.
 
Nigeria currently generates between 45 and 50 billion dollars annually from exports of which over 90% of it is attributable to oil and gas exports while our import bill for 2022 alone was $53.61 billion. Although our foreign exchange receipts are also complimented by diaspora remittances of between 20 and 25 billion dollars annually, a significant amount of the forex from the oil receipts is retained by the oil-producing companies and is not available to fund the foreign exchange market thus the huge shortfall.
 
Apart from forex needed to fund imports, there is a huge demand for forex to fund intangibles such as foreign school fees, foreign medical care, BTA, and PTA all of which add up to the high demand for foreign exchange in the country. According to a banker friend of mine, the demand for forex they receive in his bank is at least ten times the forex allocation that they get from the CBN.
 
Contrary to the current administration’s strategy of borrowing $3 billion from AFREXIM Bank to provide liquidity in the foreign exchange market which will only result in temporary relief, what our government should be embarking on now is an aggressive export promotion drive to ensure that foreign exchange receipts into the country increases on a sustainable basis.
 
Ironically, AFREXIM Bank was established to promote and fund exports for African countries and one would have expected the government to approach them with the mind of funding export promotion to bring about a sustainable solution to our foreign exchange problems while giving the economy a boost. Sadly, they seem fixated on short-term solutions while postponing the evil day.
 
Given that government already has institutions like the Nigeria Export Promotion Council, (NEPC) and Nigeria Export-Import Bank (NEXIM) what the government needs to do is to energize both institutions so that they can embark on an aggressive export promotion drive. While NEPC should be given increased funding to create more awareness about the export potentials and opportunities available in the country, NEXIM should also be empowered to fund the export drive.
 
To start with, the $3 billion loan from AFREXIM should be diverted to NEXIM to fund export promotion instead of just using it to fund the forex market to provide temporary liquidity. By so doing we will be providing a permanent solution to our forex problems having used the funds to support export businesses that will continually ensure a steady flow of foreign exchange into the country. Effectively speaking, export promotion should be made a major policy of this administration, and all available resources deployed to support the initiative.
 
While Nigeria is very rich in a lot of natural resources that are in high demand globally, the agricultural sector provides a golden opportunity to significantly increase our foreign exchange earnings while at the same time creating jobs for millions of Nigerians. For instance, a small country like the Netherlands which is just about the size of Niger state generates revenues of over $100 billion annually from the export of agricultural produce. Imagine what Nigeria which has ten times more arable land can generate if we put our house in order.
 
In my reckoning, we can move Nigeria from a country that generates less than $50 billion from exports annually to one that generates more than $300 billion annually in the medium term if we put the right policies in place to aggressively support export promotion and enhance the value of our export produce. By so doing, we will not only be improving our foreign exchange earnings, but we will also be creating jobs for millions of Nigerians and ensuring the overall growth of the economy.
 
With the significant increase in the amount of foreign exchange revenue flowing into the country, there will be much less pressure on the Naira and this will give our local currency the much needed stability needed to curb inflation and it’s negative consequences on the economy while at the same time enhancing economic growth. The time to act is NOW!!!
 
Oshobi, a development economist and management consultant writes from Lagos
Business / Re: Why The New Minimum Capital Base For Tier One Banks Should Be At Least $5billion by MrPristine: 5:36am On Jan 16
magoo10:
With this small and medium scale enterprises will thrive by way of loans and temporary overdrafts including large scale industries and manufacturing sectors.

Banks should be the vehicle used for economic developments assuming we have a reasonable government at the center in collaboration with the central bank.

Very well said.

1 Like

Business / Re: Why The New Minimum Capital Base For Tier One Banks Should Be At Least $5billion by MrPristine: 7:46pm On Jan 15
kettykin:
Again this doesn't work this way. The economy is like a big machinery.

This is like putting the engine of a Boeing 747 in a keke tricycle.

Think outside the box, if countries with much smaller economies like Morocco and Algeria can have banks with capital base in excess of $5 billion, Nigerian banks should have the capacity to do much more.
Business / Re: Why The New Minimum Capital Base For Tier One Banks Should Be At Least $5billion by MrPristine: 7:44pm On Jan 15
kingsways:
The author must be mad. No Nigeria Bank even has $5 billion in Total Assets let alone capital

You just betrayed how extremely ignorant you are on the subject matter.
Business / Why The New Minimum Capital Base For Tier One Banks Should Be At Least $5billion by MrPristine: 7:21pm On Jan 15
https://www.thecable.ng/why-the-new-minimum-capital-base-for-tier-one-banks-in-nigeria-should-be-at-least-5-billion/amp

Why the new minimum capital base for tier-one banks in Nigeria should be at least $5 billion
 
By Kunle Oshobi
 
The issue of minimum capital base for deposit money Banks once again came to the front burner when the CBN governor recently indicated that there was a need to raise the minimum capital base of deposit money banks to put them in a position to support the one trillion-dollar economy that the current administration is targeting.
 
Even though Nigerian banks have been doing relatively well and some people think that there is no need for a new minimum capital base for the industry, the reality is that compared to the size of our economy, the Nigerian banking industry is grossly under-capitalized and lacks the capacity needed to adequately fund the growth of the economy.
 
It is itself a contradiction that even though Nigeria has the biggest economy on the African continent, no Nigerian bank is amongst the top ten most capitalized banks in Africa. Though the list of biggest banks in Africa is dominated by South African banks, banks from countries with much smaller economies like Morrocco, Algeria, and Egypt also made the list of the top ten most capitalized banks in Africa.
 
The other irony is that one single bank in South Africa, (Standard Bank Group) has more tier-one capital at $13.2 billion than all the top ten banks in Nigeria which have a combined tier-one capital of less than $12 billion. When we take into context that Nigeria has a much bigger economy than these other African countries and a population that dwarfs most of them, we begin to realize that our banks need to be more adequately capitalized to fund the economic growth that we so much desire.
 
Before we go on to discuss what should be the ideal minimum capital base for deposit money banks in the country, I would like to refer to that last capital raising exercise carried out during the Obasanjo administration which even though was deemed to be successful, failed to achieve the ultimate objective empowering banks to fund the productive sector of the economy.
 
Even though the 2005/2006 bank capital raising exercise was very successful with the industry tier one capital increasing by over 200% within a space of two years, the increased capital in the industry failed to translate to increased funding for the productive sector as the government's appetite for funding also increased significantly with a resultant effect of the government crowding out the productive sector from the money market.
 
This was despite the fact the newly reformed pension industry was also accumulating trillions of Naira in pension funds which greatly increased liquidity in the financial services industry yet despite this up to 70% of the funds available in the industry went to the government in form of Bonds and Treasury bills, while most of what was left of the 30% went towards financing the big corporates and multinationals leaving very little to support Small and Medium-scale Enterprises (SMEs) that are the engine of growth in the economy.
 
For the proposed bank capital raising exercise to achieve its aim of supporting the growth of a one trillion-dollar economy, the increased capital of the banks must be directed towards enhancing the capacity of the banking industry to fund SMEs to stimulate growth in the economy. The practice of government cornering most of the available funds in the financial industry to finance unproductive activities must stop and the government must be more focused on supporting the growth of our SMEs which will not only ensure job creation and economic growth but will also ensure increased government revenue through taxes.
 
As of today, less than 3% of Nigerians have access to loans from the formal sector, and in a thriving economy, this figure should be at least 70%. However, our bankers have failed to develop the credit system in the country as it's much easier for them to earn fat interests and fees from government securities than to do the hard work of managing millions of small lenders with the higher attendant risk associated with lending to them.
 
Given Nigeria’s status as the biggest and most populated economy in Africa, it is not out of place to expect that Nigerian banks should be amongst the biggest on the continent. Also, benchmarking what our African peers are doing, will help us to arrive at what should be the minimum capital base for banks in the country.
 
With $13.2 billion in tier-one capital the Standard Bank group of South Africa is the most capitalized bank in Africa. This is followed by the National Bank of Egypt with $7.3 billion, Compatriot Banque Misr also of Egypt with $7.2 billion, Ned Bank of South Africa with $5.9 billion, First Rand of South Africa with $5.5 billion, Attijariwafa Bank of Morrocco with $5.4 billion, ABSA of South Africa with $5.3 and Banque Centrale Populaire of Morrocco with $4.9. In contrast, Zenith Bank which is the most capitalized bank in Nigeria in terms of tier one capital has a capital base of $2.6 billion while it ranks as the twelfth most capitalized bank on the continent.
 
It is clear from the above summary that if banks in much smaller economies than Nigeria have tier-one capital running into several billions of dollars, Nigeria with a much larger economy and massive population will certainly need more for us to remain competitive with our African counterparts and it is based on this that I believe that the minimum capital base for tier one banks in Nigeria that are licensed to operate internationally should be at least $5 billion while the minimum capital base for banks licensed to operate nationally should be at least a billion dollars. The minimum capital base for regional and other categories of banks should also be reviewed accordingly.
 
As suggested in my previous article, rather than wield the big stick on banks that are unable to meet the new capital requirements, banks should be incentivized to meet up with the new capital requirements, and those that are unable to meet up allowed to play in smaller niche markets that their capital base can accommodate.
 
With the new capital base in place, the focus of our fiscal and monetary policy should be such that lending would be encouraged to the private sector to boost both production and consumer demand. This effectively means that the government should drastically reduce its borrowing from the money market so that there are more funds available for the private sector in terms of fiscal policy while efforts are put in place to bring down interest rates in terms of monetary policy.
 
With the new system in place, the average Nigerian entrepreneur or even consumer should be able to access bank credit and this will increase economic activities both on the demand and supply side thus accelerating economic growth while banks significantly increase their asset size. We will effectively be developing a credit culture in our society where the average citizen will easily be able to access credit and expected to pay it back when due.
 
The downside of this credit system that bankers are apprehensive about is that some Nigerians may take advantage of the system and deliberately default on loans extended to them but that is where the credit rating agencies come in as defaulters would be blacklisted from all sorts of credit in the country until they liquidate their outstanding obligations and as time goes on Nigerians will begin to realize the benefit of good credit ratings when they see their contemporaries being able to access higher and higher amounts of credit for maintaining a good credit score while those with poor credit score are denied access to credit.
 
With the development of the credit culture in our economy, we will be able to unlock a lot of our economic potential which will in itself trigger rapid economic growth for the benefit of all Nigerians.
 
Kudos to the CBN governor for this initiative to increase the capital base of the banking industry but he must understand that if this increased capital base doesn’t translate to a significant increase in lending to the private sector, it will be another exercise in futility. I wish him all the best.
 
Oshobi, a Development Economist and Management Consultant writes from Lagos.
Business / Why The New Minimum Capital Base For Banks Should Be At Least $5 Billion by MrPristine: 11:26am On Jan 15
https://www.thecable.ng/why-the-new-minimum-capital-base-for-tier-one-banks-in-nigeria-should-be-at-least-5-billion/amp

Why the new minimum capital base for tier-one banks in Nigeria should be at least $5 billion
 
By Kunle Oshobi
 
The issue of minimum capital base for deposit money Banks once again came to the front burner when the CBN governor recently indicated that there was a need to raise the minimum capital base of deposit money banks to put them in a position to support the one trillion-dollar economy that the current administration is targeting.
 
Even though Nigerian banks have been doing relatively well and some people think that there is no need for a new minimum capital base for the industry, the reality is that compared to the size of our economy, the Nigerian banking industry is grossly under-capitalized and lacks the capacity needed to adequately fund the growth of the economy.
 
It is itself a contradiction that even though Nigeria has the biggest economy on the African continent, no Nigerian bank is amongst the top ten most capitalized banks in Africa. Though the list of biggest banks in Africa is dominated by South African banks, banks from countries with much smaller economies like Morrocco, Algeria, and Egypt also made the list of the top ten most capitalized banks in Africa.
 
The other irony is that one single bank in South Africa, (Standard Bank Group) has more tier-one capital at $13.2 billion than all the top ten banks in Nigeria which have a combined tier-one capital of less than $12 billion. When we take into context that Nigeria has a much bigger economy than these other African countries and a population that dwarfs most of them, we begin to realize that our banks need to be more adequately capitalized to fund the economic growth that we so much desire.
 
Before we go on to discuss what should be the ideal minimum capital base for deposit money banks in the country, I would like to refer to that last capital raising exercise carried out during the Obasanjo administration which even though was deemed to be successful, failed to achieve the ultimate objective empowering banks to fund the productive sector of the economy.
 
Even though the 2005/2006 bank capital raising exercise was very successful with the industry tier one capital increasing by over 200% within a space of two years, the increased capital in the industry failed to translate to increased funding for the productive sector as the government's appetite for funding also increased significantly with a resultant effect of the government crowding out the productive sector from the money market.
 
This was despite the fact the newly reformed pension industry was also accumulating trillions of Naira in pension funds which greatly increased liquidity in the financial services industry yet despite this up to 70% of the funds available in the industry went to the government in form of Bonds and Treasury bills, while most of what was left of the 30% went towards financing the big corporates and multinationals leaving very little to support Small and Medium-scale Enterprises (SMEs) that are the engine of growth in the economy.
 
For the proposed bank capital raising exercise to achieve its aim of supporting the growth of a one trillion-dollar economy, the increased capital of the banks must be directed towards enhancing the capacity of the banking industry to fund SMEs to stimulate growth in the economy. The practice of government cornering most of the available funds in the financial industry to finance unproductive activities must stop and the government must be more focused on supporting the growth of our SMEs which will not only ensure job creation and economic growth but will also ensure increased government revenue through taxes.
 
As of today, less than 3% of Nigerians have access to loans from the formal sector, and in a thriving economy, this figure should be at least 70%. However, our bankers have failed to develop the credit system in the country as it's much easier for them to earn fat interests and fees from government securities than to do the hard work of managing millions of small lenders with the higher attendant risk associated with lending to them.
 
Given Nigeria’s status as the biggest and most populated economy in Africa, it is not out of place to expect that Nigerian banks should be amongst the biggest on the continent. Also, benchmarking what our African peers are doing, will help us to arrive at what should be the minimum capital base for banks in the country.
 
With $13.2 billion in tier-one capital the Standard Bank group of South Africa is the most capitalized bank in Africa. This is followed by the National Bank of Egypt with $7.3 billion, Compatriot Banque Misr also of Egypt with $7.2 billion, Ned Bank of South Africa with $5.9 billion, First Rand of South Africa with $5.5 billion, Attijariwafa Bank of Morrocco with $5.4 billion, ABSA of South Africa with $5.3 and Banque Centrale Populaire of Morrocco with $4.9. In contrast, Zenith Bank which is the most capitalized bank in Nigeria in terms of tier one capital has a capital base of $2.6 billion while it ranks as the twelfth most capitalized bank on the continent.
 
It is clear from the above summary that if banks in much smaller economies than Nigeria have tier-one capital running into several billions of dollars, Nigeria with a much larger economy and massive population will certainly need more for us to remain competitive with our African counterparts and it is based on this that I believe that the minimum capital base for tier one banks in Nigeria that are licensed to operate internationally should be at least $5 billion while the minimum capital base for banks licensed to operate nationally should be at least a billion dollars. The minimum capital base for regional and other categories of banks should also be reviewed accordingly.
 
As suggested in my previous article, rather than wield the big stick on banks that are unable to meet the new capital requirements, banks should be incentivized to meet up with the new capital requirements, and those that are unable to meet up allowed to play in smaller niche markets that their capital base can accommodate.
 
With the new capital base in place, the focus of our fiscal and monetary policy should be such that lending would be encouraged to the private sector to boost both production and consumer demand. This effectively means that the government should drastically reduce its borrowing from the money market so that there are more funds available for the private sector in terms of fiscal policy while efforts are put in place to bring down interest rates in terms of monetary policy.
 
With the new system in place, the average Nigerian entrepreneur or even consumer should be able to access bank credit and this will increase economic activities both on the demand and supply side thus accelerating economic growth while banks significantly increase their asset size. We will effectively be developing a credit culture in our society where the average citizen will easily be able to access credit and expected to pay it back when due.
 
The downside of this credit system that bankers are apprehensive about is that some Nigerians may take advantage of the system and deliberately default on loans extended to them but that is where the credit rating agencies come in as defaulters would be blacklisted from all sorts of credit in the country until they liquidate their outstanding obligations and as time goes on Nigerians will begin to realize the benefit of good credit ratings when they see their contemporaries being able to access higher and higher amounts of credit for maintaining a good credit score while those with poor credit score are denied access to credit.
 
With the development of the credit culture in our economy, we will be able to unlock a lot of our economic potential which will in itself trigger rapid economic growth for the benefit of all Nigerians.
 
Kudos to the CBN governor for this initiative to increase the capital base of the banking industry but he must understand that if this increased capital base doesn’t translate to a significant increase in lending to the private sector, it will be another exercise in futility. I wish him all the best.
 
Oshobi, a Development Economist and Management Consultant writes from Lagos.

1 Like 1 Share

Agriculture / Re: Two Units Of 5,000 Litres Capacity Urgently Needed In Lagos by MrPristine: 6:57pm On Jan 13
Offer still available smiley
Agriculture / Two Units Of 5,000 Litres Capacity Urgently Needed In Lagos by MrPristine: 6:39pm On Jan 12
I need two units of fairly used 5,000 litres capacity fish tanks for purchase in Lagos, if you have any available for sale, kindly reachout to me via: 0805-800-8262 thanks.

Autos / Re: Respray / repaint And Oven Bake your Vehicles to look brand new[with pictures] by MrPristine: 8:28am On Dec 14, 2023
coringo:


Where's your location and hope this paint won't fade away when done?

We are located at Ojota Lagos, you can reach me on 0802-733-8500 for a detailed description, the quality of our paint job is also guaranteed.
Autos / Re: Respray / repaint And Oven Bake your Vehicles to look brand new[with pictures] by MrPristine: 4:52pm On Dec 13, 2023
coringo:
Good morning. How much to bake a Toyota Camry 2009 using a good quality paint?

Good afternoon, it will cost 100k to get it done. Thanks for the inquiry.
Politics / We Must Cut The Cost Of Governance To Revamp Our Economy by MrPristine: 10:30am On Nov 22, 2023
https://www.thecable.ng/to-revamp-nigerias-economy-we-must-cut-the-cost-of-governance/amp

Cutting the cost of governance as a first step to revamping the Nigerian economy.
 
By Kunle Oshobi
 
In April 2006, the Nigerian government was able to conclude a deal in which they made the final payment for our Paris Club debt and the country became virtually debt-free. This resulted in very strong fundamentals for the country’s financial status which was demonstrated by a respectable credit rating for the country and for the first time ever, a significant appreciation in the value of the Naira against major international currencies.
 
In paying off our debts which was at that time choking the Nigerian economy same way it’s choking government finances today, the government had negotiated a 60% discount on our $30 billion Paris Club debt. Effectively the Paris Club had accepted to write down $18 billion of the debt if Nigeria made a lump sum payment of $12 billion in full and final settlement to the club of creditors. This the Nigerian government was able to do easily by dipping into our foreign reserves which had been significantly built up by the Obasanjo administration since they assumed power in 1999.
 
From just over $5 billion in 1999 when the Obasanjo administration assumed power, they where able to increase the country’s foreign reserves to $42billion by 2006 when the Paris club debt was paid off and it was this enhanced liquidity that enabled them to negotiate with the Paris club of creditors from a position of strength and get significant concessions on the debt. The robust foreign reserves also played a major role in stabilizing the value of the Naira during that time period as well.
 
One begins to wonder how the government then was able to build up our foreign reserves so significantly at a period when oil prices averaged less than $40 per barrel and our oil production capacity was much lower than what we have today. The simple answer is that the government then was able to keep the cost of governance relatively low and rather than fritter away the increased revenue from crude oil when the prices were going up and our production capacity was increasing, the government chose to save by building up our foreign reserves and creating an “excess crude account” that our budget surplus went into.
 
It was this prudent management of resources that created an atmosphere that enabled the economy to thrive during that time period and this contributed significantly to Nigeria being the fastest growing economy in Africa during that era and becoming the biggest economy in Africa when our GDP was rebased in 2013.
 
Sadly, from a situation where Nigeria was left with just over #2 billion in external debts after we exited Paris club in 2006, our external debts have grown rapidly to an all-time high of over $42 billion while our total debts are in excess of N90 trillion when we factor in local debts. We now find ourselves in a situation where we are now using up to 97% of government revenue to service existing debts while the government has to resort to taking more loans for the basic task of running the government.
 
The other tragic part of the increased loan portfolio is that most of the loans were taken to finance recurrent expenditure with very little capital expenditure or even investments to show for these loans so there is no hope of increased economic activity or revenues being generated to help off set these loans.
 
Virtually everything was used to finance consumption despite claims by the previous administration that they invested heavily on infrastructure. The reality is that the handful of major infrastructural projects they embarked on doesn’t come anywhere close to justifying the additional N77 trillion in debt incurred by the immediate past administration.
 
A lot of people begin to ask, how these debts affect us individually as they assume that the burden is on the government alone. The reality is that it is these debts that are responsible for the high inflation rates in the country. The major cause of inflation in the country is due to the falling value of the Naira which continues to fall as a result of the government’s fiscal irresponsibility.
 
To finance the bloated cost of governance, the government has been taking the shortcut of borrowing more money and getting the Central Bank to print more money to finance their consumption. This increased money being pushed into circulation to finance consumption without a corresponding increase in the level of goods and services being produced in the country is what is directly responsible for the constant fall in the value of the Naira and the high inflation rate that we are all being subjected to today.
 
Given the current terrible state of our economy, one would have assumed that the current administration who by their own admission stated that they inherited a very bad and heavily indebted economy, would not continue on the path of financial recklessness of the previous administration and be more prudent with the management of our commonwealth.
 
Rather what we have seen is even more profligacy in the management of our resources as demonstrated by the enlarged cabinet size of the current administration and the two supplementary budgets that they have presented in the last six months which were mostly to finance consumption and the excesses of those who now hold the reins of power.
 
If the current administration is really serious about fixing the economy, the first step they ought to have taken was to make drastic cuts in the cost of governance. In a conversation I had with a former top government official who had been involved with the economic team, he stated that most recurrent expenditure budgets were heavily padded and that the government could afford to cut it by up to 50% without affecting service delivery by the government.
 
This is apart from the fact that there are a lot of redundancies in the public service that add up to unnecessarily increase the cost of governance. According to his analysis, we can easily reduce the expenditure budget for the current year by as much as N6 trillion without affecting service delivery. The savings can then be used to reduce our deficit/debt burden and improve the health of the economy.
 
Of course, there are several other things that need to be done to revamp our economy which I will focus on in subsequent articles but for now, the starting point to revamping our economy should be to make drastic cuts in the cost of governance, reduce the deficit and strengthen the economic fundamentals of the country to lay a strong foundation for the needed investments that are required to turn around the economy of the country.
 
Oshobi, a development economist, management consultant, and author writes from Lagos.
Politics / Supporting The Automobile Industry As A Trigger For Nigeria's Industrial Develop by MrPristine: 9:12am On Nov 16, 2023
Supporting the automobile industry as a trigger for Nigeria’s industrial development.

By Kunle Oshobi
 
In 2014, the Jonathan administration came up with the National Automotive Industry Development Plan which was designed to encourage investments in local manufacturing and assembly of vehicles while creating local jobs, boosting our GDP and reducing foreign exchange spent on imported vehicles.
 
The policy increased the tariff on imported vehicles to 70% while it reduced the tariff on Completely Knocked Down (CKD) parts of automobile components amongst other incentives to encourage investments in the automobile industry. As a result of the policy, over 40 firms were issued with licenses by the National Automotive Design and Development Council to establish automobile manufacturing/assembly plants in Nigeria, and subsequently about $1 billion was invested by these firms to jump-start their operations in the country.
 
In my opinion, the Automotive Industry Policy of the Jonathan administration was easily the best economic policy initiated by the administration as it is a policy that is capable of setting the stage for an industrial revolution in the country and transforming the economy of the country if it had been built on. Sadly, the succeeding administration failed to give the industry the necessary support and the industry is still far from the success story that it was envisaged to be.
 
Admittedly the policy attracted a number of foreign brands to start assembling their vehicles locally but the local industry is still scratching the surface of it’s potential. For instance, out of the over 400,000 vehicles purchased in the country in 2022, only 10,400 were assembled locally which amounts to just a 2.5% share of the Nigerian market. This is a very far cry from the 50% market share that the policy aims to achieve for local manufacturers.
 
The recent outcry by the public based on the plans to buy 469 imported luxury SUVs for members of the National Assembly at an estimated cost of N59 billion has once again brought the issue of the government not supporting our local industries to the front burner. Apart from the fact that such huge expenses should not have been undertaken given the parlous state of the economy, one would have assumed that a government that was serious about fixing the economy would have prioritized patronizing local manufacturers instead of opting for exotic and expensive imported brands especially when high-quality alternatives were being produced locally.
 
It is not enough for government to make policies to support local industries but they must also give their full support by patronizing them. In conformity with this line of thinking, I believe that our governments at various levels led by the federal government should promulgate a “Made in Nigeria” policy which will ensure that goods made in Nigeria are prioritized in all government purchases and most especially in the automobile industry.
 
Imagine the boost to the local industry if the federal government issues an executive order or even enacts a law mandating that only made in Nigeria vehicles are allowed to be purchased as government vehicles and the President leads by example by changing all the cars in the presidential fleet to Nigerian Brands.
 
With the president setting an example, he can then encourage every state governor to implement similar policies to support their local industries. For maximum effect, this policy should not be limited to just government vehicles but should also be extended to all vehicles licensed for public transportation in the country for maximum effect.
 
Imagine the boost to the local vehicle manufacturing industry if all the buses, taxis, and tricycles being used for public transportation in Lagos were phased out over a period of five years and replaced with brand-new vehicles that are manufactured in Lagos. I know the issue of the cost of financing these new vehicles will come up but this presents another opportunity for vehicle leasing and hire purchase which will also boost commerce in the state while ensuring that we have safer and more comfortable vehicles being used for public transportation across the state.
 
The “Made in Nigeria” policy can also be extended to the textile industry by ensuring that the fabrics for the uniforms of all uniformed government personnel and students across the country are sourced from local manufacturers to help boost the textile industry in the country.
 
By enacting and implementing this “Made in Nigeria” policy, the government will not only be supporting the local industry to create jobs but they will also be boosting government revenues through increased tax returns from these industries thereby making it a win-win for all.
 
With the increased patronage these industries will be getting, they will now be encouraged to scale up and even support other industries to produce some of their needed components locally based on economies of scale thereby creating a multiplier effect in the production value chain.
 
It is estimated that if the local manufacturing industry can scale up to meet up to 50% of the annual demand for vehicles in the country, it would attract investments of up to $16 billion in the value chain of the automobile sector and create at least one million jobs in the country. The implementation of the policy in the textile/garment industry will also attract an investment of at least $2 billion while creating a similar number of jobs.
 
By enacting the “Made in Nigeria” policy, we will not only be setting the stage for Nigeria’s industrial development, but we will also be solving many of the country’s economic problems in the process. We will be able to reduce our foreign exchange expenditure and help stabilize the Naira, create jobs, boost our GDP, and increase government revenues through increased tax sources all at no financial cost to the government.
 
Oshobi a development economist and management consultant writes from Lagos.
 
 
https://www.thecable.ng/supporting-the-automobile-industry-as-a-trigger-for-nigerias-industrial-development/amp

4 Likes

Politics / Re: German Chancellor Olaf Scholz Visits Yoruba Cultural Centre In Lagos by MrPristine: 5:34pm On Oct 31, 2023
9jatriot:
When we say do not deliberately make your region unsafe, they will think it is hatred. It is beautiful things like this that make us say it.

There is no region in Nigeria that cannot boast of cultural beauty if we all harness our potentials.

Say whatever you want to say about Lagos, it is far better run than any other part of Nigeria. It is one of the many reasons why many of us support Tinubu.

Our hope or belief is that he is able to replicate or even better what he was able to start in Lagos.

Arrant nonsense, Tinubu has absolutely nothing to do with the development of Lagos. Lagos has been by far the most developed state in the country for at least a hundred years before Tinubu migrated from iragbiji to Lagos. It's ridiculous to be giving a rogue that failed woefully as governor of Lagos state the credit for the development of the state.

1 Like

Politics / Re: Open Letter To The Supreme Court From Comrade Timi Frank by MrPristine: 8:09pm On Oct 21, 2023
Burob:
Bury this wailers epistle of stories that touch, na record fines awaits Atiku Malu Abubakar, & his surrogate protégée Gringory Obi for wasting The Court’s time, & deliberately deceiving the vulnerable minded Agbadorian Atikulators & Obidients.

How much are you being paid by Tinubu and his gang of criminals to be disgracing your family on social media?

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Politics / Open Letter To The Supreme Court From Comrade Timi Frank by MrPristine: 12:16pm On Oct 21, 2023
Press Release
21/10/2023

Consider Nigeria first, Timi Frank tells Justices of Supreme Court

Former Deputy National Publicity Secretary of the All Progressives Congress (APC), Comrade Timi Frank, has called on Supreme Court Justices to put the interest of Nigerians first for the sustainability of democracy as they adjudicate on the appeals challenging the eligibility of Bola Ahmed Tinubu as President.

Frank made this call in a statement in Abuja, in reaction to hearing notices from the court to parties in the case fixed for Monday and the setting up of a seven-man panel of Justices to hear the appeals filed by three presidential candidates challenging the outcome of the February 25 election and the subsequent dismissal of their petitions by the tribunal.

The candidates are Atiku Abubakar of the Peoples Democratic Party (PDP), Peter Obi of the Labour Party (LP), and Chichi Ojei of the Allied Peoples Movement (APM).

The Supreme Court Justices to sit on the appeals include Justices Musa Dattijo Muhammad, Uwani Musa Abba Aji, Lawal Garba, Helen M. Ogunwumiju, I.N. Saulawa, Tijjani Abubakar and Emmanuel Agim.

Frank who is the United Liberation Movement for West Papua (ULMWP), Ambassador to East Africa and the Middle East, urged the Justices to know that the appeals they are about to hear would remain the toughest, far-reaching and represents the most difficult decision they would ever make in their long years of stewardship at the bench.

Frank said: “We know there will be intense pressure on you, Justices, to do the wrong thing. There will be promises, gifts and inducements.

“Some of you are about to retire. What reputation do you want to retire with? Do you want to retire with blood-stained wealth given the number of people whose blood were shed during the election without peace in your conscience? You can be vindicated today by man who wants you people to do injustice and inflict more pains on Nigerians. Will you also be vindicated by God? What do you want to be remembered for upon retirement?”

He added: “This is not about Atiku Abubakar, it's not all about Peter Obi, it's not about the APM party. But it's about the legacy and precedent that you are about to hand down in Nigeria. The supreme Court as the last line of defense of democracy and the rule of law must fulfil its duty and this is the moment to do so.

“Therefore this is not the time to base your ruling on technicalities.

“Judge within your consciences and God to know if the arguments before you are viable or not. You
must thoroughly weigh the facts and the truth before arriving at a decision.”

He noted that the whole world has seen the facts and they know the truth about what transpired during the elections.

“They also know who submitted a forged certificate to the Independent National Electoral Commission (INEC).
The courts in other jurisdictions have proven
and certified some of these facts.

“This is not time for the Supreme Court to reject any evidence that is germane to unraveling the truth and doing justice in the case notwithstanding arguments that the Supreme Court will not admit new evidence,” he said.

He urged the justices not to seek to protect the interests of one party or one man against over 200 million Nigerians, home and abroad, that are now anxiously waiting for truth to prevail.

“Already the world has lost confidence in the Nigerian judiciary. Nigerians and members of the international community have lost confidence on the judiciary. But we believe this is time to prove the nay sayers wrong.

“This is the time for the justices to restore hope in the judiciary. Your decision would either rekindle hope in the country or further destroy it.”

He noted that the Chief Justice of Nigeria, Justice Kayode Ariwoola, while addressing 22 newly sworn-in judges of the Federal High Court recently said the constitution must be considered in deciding each case brought before them.

According to Ariwoola, “Several vitriolic attacks are regularly heaped on the judiciary; it is, however, crystal clear that public opinion, no matter how serious or weighty it might be, cannot override or supersede the Constitution of the country which we apply in deciding each case.

“Nevertheless, your Lordships still owe your conscience and the generality of the Nigerian masses, particularly those who are looking up to you, the great responsibility of good moral rectitude and acceptable conduct to uphold and consolidate the trust reposed in you.”

Frank said: “We agree with the CJN that the constitution must be the basis of arriving at a decision in the instant case. The Justices of the Supreme Court that would hear this appeal would owe their decisions to the provisions of the constitution, their consciences,
God and the good of the country.

“Already, members of the ruling party and those in government are celebrating their expected favourable outcome of the appeal which points to the fact that they are privy to how the Justices will rule which Nigerians do not know, if that be the case, man would have spoken but God and posterity will speak for Nigerians at the end of the day.

“We urge the Justices to be bold and courageous like the Kenyan Supreme Court Justices that today are a shining example and a reference point as an upright and unbiased judiciary in the continent of Africa.

“Defend our laws. We are not demanding for you to do anything against the law as Nigerians, but respect the constitution which forbids candidates from presenting forged certificates to INEC,” he declared.

END

Signed

Comrade Timi Frank
ULMWP Ambassador to East Africa and Middle East

1 Like

Food / Re: How I Prepared The Alligator I Killed by MrPristine: 9:04am On Oct 16, 2023
flyinnizam:
dead Alligator

This is not an alligator, it's a small crocodile. We don't have alligators in Africa.
Politics / Re: Tinubu Pulls FCT Out Of TSA by MrPristine: 2:26pm On Oct 13, 2023
This will make it much easier for him to loot the revenue of the Federal Capital Territory and also introduce Alpha Beta scammers to the FCT revenue generation system.

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Politics / Re: Tinubu's House Of Forgeries by MrPristine: 4:05pm On Oct 09, 2023
yarimo:
You were just giving free bonus data to create senseless thread, so nothing wrong in asking questions na. Any idea with what is going on in Israel and Palestine

What primarily concerns us here is the fact that we now have a notorious criminal that is parading himself as president of our country. Israel and Palestinian should take care of themselves.
Politics / Re: Tinubu's House Of Forgeries by MrPristine: 12:42pm On Oct 09, 2023
yarimo:
What is the situation in Israel and Palestine? Just asking for a neighbor

How is the question relevant to the more pertinent issue that we have a confirmed fraudster and notorious criminal illegally occupying the office of the president of Nigeria?
Politics / Tinubu's House Of Forgeries by MrPristine: 12:11pm On Oct 09, 2023
October 9, 2023 10:59:01 AM


Tinubu’s house of forgeries


By Paul Ibe

Since Tuesday last week when the deposition regarding President Bola Tinubu’s educational qualifications came to the fore in the United States, there have been several attempts to twist the facts of the matter, which deliberately aim to confuse the mind of the public concerning the matter.

Some media aides to the president have come out openly to ‘push back on the narrative’, while some media houses, especially one, have persistently slanted their story to justify a corrupted interpretation of the facts in the disposition.

Sadly, however, the truth of the matter remains that Nigeria’s President, Bola Tinubu falsified a document he submitted to the Independent National Electoral Commission (INEC) and swore an affidavit under oath to back up his forgery.

On page 26 of the deposition which is publicly available, the Registrar of the Chicago State University, Caleb Westberg under oath, was asked a simple question that, “CSU has determined that it does not have a true and correct copy of the diploma issued to Bola Tinubu in 1979, correct?

“To which the Registrar responded, “that’s correct.”

Also, on page 27, a similar question was put to Mr. Westberg: “So, CSU, after going through every diploma, was unable to find an authentic copy of any diploma that CSU issued to Tinubu in 1979. Is that correct?”

The CSU Registrar, in his response, said: “We did not find any diploma issued by CSU in 1979 to Mr. Tinubu.”

And coming straight to the specific issue of whether the CSU is aware of or in possession of the diploma that Tinubu submitted to INEC, to which Mr. Westberg simply said, “Correct, we are not aware of it.”

Indeed, anyone who has taken time to do a thorough reading of the deposition will come to the unambiguous conclusion that the footprints of Tinubu’s odyssey as far as the CSU documents are concerned is filled with profound forgeries and abuse of administrative due process.

President Tinubu’s supporters and spin doctors will want to force the narrative of, at least, “Tinubu graduated from the CSU down our throat, even when the narrative has no foothold in logic.

The question remains: How does a candidate graduate from a university that you were never qualified for?

According to information in the open, President Tinubu applied to the CSU with a pre-qualifying 1970 certificate from Government College Lagos, whereas the school did not come into existence until 1974. Maybe this should make Tinubu the first man ever to have an anticipatory certification from the school four clear years before the founding of the school.

Another mystery is that in addition to the non-existing Government College Lagos certificate, Tinubu presented a certificate from another school in the United States that belongs to a female candidate and a Cambridge HSC of 1970 – the same year he purportedly graduated from a secondary school in Nigeria.

Long before the CSU discovery of last week, Tinubu has had a history of forgery and perjury. In his form CF001 he filed ahead of his governorship election in 1999, Tinubu had claimed albeit fraudulently that he attended St John’s Primary School Aroloya, Government College Ibadan and Chicago University as different from Chicago State University. The late lawyer and human rights icon Gani Fawehinmi would have succeeded in bursting him but for the immunity he enjoyed as Governor of Lagos State.

President Tinubu must be a man of mystery. No wonder his supporters call him Idan (a distorter).

It is our contention that at the heart of the forgery scandal against President Tinubu is the question of integrity and morality.

If the President would not do what is honourable by resigning from office and saving the country an imminent embarrassment, at least his supporters should desist from telling shameful lies to confuse the public

Lastly, while supporters of the President are quick to reference his transcript from the Chicago State University as evidence of his studentship in the school, we are alarmed how his NYSC certificate bears Bola Adekunle Tinubu, even when the CSU said under oath that the middle name of “A” was never interpreted in any document in his file.

Every Nigerian who has undergone the NYSC programme understands that the names on the NYSC are never a creation of the candidate, but the official name that the student was officially known as, from their tertiary institution. Tinubu was allegedly never known as Adekunle at CSU. Thus, the only way to understand how Adekunle was smuggled on his NYSC discharge certificate can only be explained as a forgery.

Yet, his media aides will come to the open to make a shameful alternative fact.

It is even more shameful that just when this whole scandal continues to unfold, media handlers of President Tinubu have, from nowhere, smuggled a middle name of Adekunle into his Wikipedia account. The word Adekunle in Yoruba is a house filled with royalty. But in this instance, we daresay it is a house filled with forgeries.

It is, therefore, becoming very obvious that there is no end point to how President Tinubu and his spin doctors will continue to use one forgery to cover the other.
Politics / Re: Nigeria's Financial Mess: The Tragedy Of The Buhari Years by MrPristine: 4:38pm On Sep 24, 2023
Yujin:
He was voted in by Yorubas and they supported him for the full 8years. They have no moral ground to condemn him today. It is not possible.
Don't even attempt it.

Not all Yorubas supported him, thiefnubuu and his gang of criminals don't represent all Yoruba people.
Politics / Re: Nigeria's Financial Mess: The Tragedy Of The Buhari Years by MrPristine: 3:56pm On Sep 24, 2023
To make matters worse, thiefnubuu has vowed to continue in buharig's footsteps of failure.
Politics / Nigeria's Financial Mess: The Tragedy Of The Buhari Years by MrPristine: 3:56pm On Sep 24, 2023
*NIGERIA FINANCIAL MESS*
*The Tragedy Of Buhari Years*


*We have sold forward crude contracts so our crude is encumbered as some of the crude we haven't produced doesn't belong to us.*

*We have sold forward FX contracts so some of our future FX earnings are encumbered. Essentially, some of the FX we are yet to earn does not belong to us.*

*Under the infrastructure tax credit scheme, some of our major company income tax payers were awarded roads to either rehabilitate or construct and are entitled to utilize the total investment cost incurred in the construction or refurbishment of the eligible road as a Tax Credit against their future CIT liability, until full cost recovery is achieved. In essence, some of the future Company Income Tax is encumbered*.

*From inherited crude oil production volumes of 2.05 million bpd in May 2015 (and a production capacity of 2.13 million bpd) which was close to our OPEC Quota, by May 2016 production crashed to 1.4 million bpd, a 30 year low at the time but we had no idea that worse was to come. By the time the Buhari administration was exiting, crude oil production volumes had crashed to 998,602 barrels per day in April 2023 (against our OPEC Quota of 1.8 Million barrels per day), insufficient to cover our crude oil swap obligations and our Carry Arrangement with the IOCs, much less generating revenue crude. NNPC infamously was unable to remit a dime to FAAC since January 2022.*

*Do you now see why we cannot provide Dangote refineries with feedstock given that even our crude / PMS Swaps are locked in future contracts.*

*We have borrowed so much such that our cost of debt service (interest and not principal) currently exceeds our revenue so all our future earnings are encumbered to service debt only*.

*At N87 Trillion debt stock, Buhari borrowed Nigeria back into colonization and spent our future earnings in top!*

*In 8 years, in an environment of depleted foreign reserves, we created so much Naira supply, that we more than doubled total naira supply from N21 Trillion as at May 2015 to over N55 Trillion as at May 2023.*

*So, this N1,000/US$1 exchange rate is morning yet on judgement day.*

*I am not sure we have fully dimensioned the havoc the Buhari led APC government wrecked on our economy.*

*The chickens have come home to roost !!!*

Politics / Re: Tinubu Is Just Buying Time, The US Judiciary Will Expose Him As A Fraud. by MrPristine: 8:24pm On Sep 23, 2023
emerged01:

I was wondering too o. no be all the records floods the net?
So why is the notorious criminal desperately begging the court not to instruct CSU to release his academic records?
Politics / Re: Tinubu Is Just Buying Time, The US Judiciary Will Expose Him As A Fraud. by MrPristine: 3:04pm On Sep 23, 2023
Enice:
Mumu! This is one of them. They carry rumours about without confirmation. Oga show us where CSU said tinubu's certificate is fake. See them! Hate filled idiots. What the university said was that they cannot confirm or deny the certificate as it is not part of a student's record. It is ceremonial (ceremonial means it is issued for celebration purpose like during graduation). So, how does that mean fake? It's like requesting for a reissue of your certificate when you lost the original one. Will the reissued certificate be the same with the original one when years has passed and so many innovations have come to play like computers, new fonts, new designs, new staffs, new VC, etc. And if the school does not keep a record of the original, how do you know which is fake? IPOB goat

If you were not such a slowpoke, you would have known that CSU's refusal to confirm Tinubu's certificate clearly means that they didn't issue it and if the vile criminal doesn't have anything to hide, why is he begging the court not to release his fraudulent academic records from CSU? If you are daft and bigoted enough to believe Tinubu's lies, not everyone is as braindead as you are.
Politics / Re: Tinubu Is Just Buying Time, The US Judiciary Will Expose Him As A Fraud. by MrPristine: 10:45am On Sep 23, 2023
Enice:
I no dey understand people for nairaland again o! Why are most of you so dense! CSU has said that certificates are ceremonial documents, therefore they are not part of a student's record. So how is the certificate Tinubu presented fake?

If you are not so daft, you will know that Tinubu submitted a certificate to INEC which CSU refused to authenticate as originating from them. Further investigation revealed that the certificate was produced an a website used to produce fake certificates based on the template of the certificate. The question remains where did Tinubu get the fake certificate he submitted to INEC because going by your contradictory statement, CSU said that they don't issue certificates.

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