₦airaland Forum

HRprof:
I’m not against his removal of subsidies but against the decision without putting measure in place to caution negative impacts on the ordinary citizens.

Secondly I’m against his decision to float dollars with the hope to achieve Naira appreciation but now the opposite is the case. This has added more inflation to commodities.

In conclusion he made the right decision at the wrong time as regards to subsidy removal, he should have taken it step by step not removing all subsidy and depreciating Naira at same time.

The WAHALA is wearing doubled rappa

HRprof:
Dollar floating is the mistake FG made, this policy is worsening the situation coupled with subsidies removal in fuel, electricity etc.

Naira will keep depreciating because of scarcity of dollars in the bank and customer will continue to patronize black market.

Aboki FX will capitalize on this to double their price against bank rate. You can not float dollar we don’t produce.

Tinubu kicks the ground running without leveling the ground now the ground is running through us.

Agadinaagwuofe:
.

Well he should find something in the country to export and earn dollars that is the only way we can increase our dollar earning and that will cushion effects of dollar scarcity or hoarding by the traders anything outside that will amount to knee fire brigade approach which will continue to devalue naira.

nairalanda1:
The basic problem with Nigeria is that we are not earning enough forex. That has always been my position

As for the floating, I'm taking a wait and see. I neither support nor oppose it. But at the end of the day, so long as we are not earning enough forex.



So, you agreed with TInubu and Buhari back in 2012 then?

I did not then, and I have been convinced that subsidy had to go once my eyes were opened back then

Plus, even if we wanted to keep the subsidy we 1) don;t have the money 2) are losing too much money 3) the thing was going to dwarf our earnings from fuel 4) our budget this year was 20 trillion naira, subsidy costs were projected to reach 14 trillion this year. That means we would have to borrow more money to cover the resulting deficit...had we kept subsidy.

Removing subsidy and keeping it are two hellish options. Removing it at least has the option of stimulating domestic production of fuel, and ending imports and massive corruption and smuggling. Keeping it puts us on track to be like Sri Lanka in a few years. Plus the DMO is already screaming at the government not to borrow any more.

We are, as I have said here, not the masters of our destiny.



Perhaps, but if this government is really serious about diversification, things may improve. We wait and see...

Agadinaagwuofe:
The only practical and reliable policy that can halt the continuous rise of dollar is increment in cash reserve ie (when we have enough dollar in our reserve) and that can only happen when we increase our production and reduce importation. Any policy not woven around that is bound to fail in Nigeria I don't know any other country but it will fail here.

shortgun:
When we told them the drug baron knows nothing about how the economy works they called us names.

Imagine someone who only knows how to mobilize agberos to intimidate voters taking decisions on fiscal matters in 2023.

Someone who said "na statistics we go chop"

001Lagos:
https://www.vanguardngr.com/2023/06/nnamdi-kanu-briton-seeks-nigerias-suspension-from-commonwealth/

lavylilly:
If you have money leave Nigeria

sreamsense:
You know he is an IT expert, he knows well about logic because everything about computer is logic. However, handling 12 polling unit due to time factor I guess out of 176,846 is too negligible to show any serious positive direction to his research and for the fact that he didn't interrogate with those that matters to extract more factual data to aid his research has rubbished everything he presented because his data are not reliable enough. LP has lost this case already even before formal ruling takes place except you like to dwell in lies

Millimann:
This point is classic!!!
That is why the 25% requirement is essential. It checks rigging in states to a large extent.

OfoIgbo:
So far, Peter Obi's people have submitted enough evidence to prove that
1. Shettima had another nomination before he was declared Tinubu's running mate
2. Tinubu didn't get 25% of Abuja votes, which is a constitutional requirement
3. Cast doubt on how INEC arrived at the decision that Tinubu won, especially as there were thousands of blurred results, and huge discrepancies in certain states.

The only point Peter Obi now has to prove is that he actually won that election. Even though I know he has submitted EC8A forms for the election, the prosecution still needs to collate the exact results in those forms, as the court may not have time to go through that mountain of evidence.

All I can say at the moment is that Peter Obi has proven enough points for the judges to cancel that election and call for a re-run. He needs to do a bit more for the courts to have enough evidence to declare him the winner.

Let us wait for the defence, and what points they have

REALretep:
The constitution is clear on matters of dual citizenship. Such persons cannot vie for such high political offices. It is a ground for disqualification. It cannot survive the rigours of the courts.
I hope the judiciary will be bold enough to do the needful

REALretep:
Ahhh
If the deputy governor already has American citizenship and even declared it, then why did he vie for election knowing fully well that it is against the Nigerian constitution.
This cannot survive in court oo. Sanwo Olu is gone be that

mrvitalis:
U want to defend floated naira? Lmao

eldoradoxx:
Even if it is not cheap, allow it in. The value we get for 35k per bag of local rice is a false value. It is not worth the amount. It is demand adjusted price. Once competition comes in, some local rice eaters will go for foreign rice regardless of the amount and the price of the local ones will come down.

eldoradoxx:
I fully understand the issue. My argument is simple, initially government said they banned foreign rice to save the forex. I am saying, let the importers source their foreign from wherever and import. Let there be a competition between our local rice that goes for the price of gold in the market while it's not worth a bronze price. Allow competition, those who can afford foreign should buy, thereby reducing the quest for the monopolized local rice. A reduced demand of local rice over time adjust the price. Our local rice has no business going for 35k per bag while foreign rice imported into other African countries goes as low as half the price. It is because government created a monopoly that the prices are that high. Remove the monopoly and let the true price releflct.

eldoradoxx:
Banning importation of cheap foreign rice because u want to encourage local rice is like patronizing your neighbor who bakes and sells a loaf of poor quality bread at #2000 per table size loaf simply because you want to encourage his business when down the street, there is a far better quality table size loaf of bread going for the price of #300 per loaf. Nigerian government acts like people that are bewitched.

eldoradoxx:
Government does not lose anything if it allows rice to come in. Importers should source their forex from the open market. We cannot be doing Almajiri economic, banning importation of cheap food and imposing heavy prices on our local and unavailable local one, it is simple logic. Not everything imported into Nigeria was financed using government allocated dollar.

Sofistcatdmoron:
The United States is currently the largest rice importing country in the Western,,
Are u better than them?

ThierryJay:
The expected slight loss in value to the Cefa would likely be more bearable when compared to the benefits from reduced food prices.

Nigeria economics typically deviates from traditional economic theories, for example how do you explain how locally produced rice became significantly costlier after border closure when the theoretical idea was to improve local production and lower prices.

eldoradoxx:
Let's not talk out of patriotism driven ignorance of how thinks actually work. You restrict importation of items you have comparative advantage in it's local production and import things that you don't easily produce at competitive price compared to your neighbors. Do we import cassava, corn, yam, beans, millet, pepper, okro, the list is endless. The answer is no, why? Because it is cheaper to produce it here than import it. Do we say the same as rice for instance? We don't have comparative advantage locally farming rice. Thailand can produce all of Africa's rice need at a give away price. Before Nigeria banned foreign rice, a 50kg of Thailand long grain well polished rice went for as low as #9-12k, while Nigerian locally produced rice went as low as #5 to 6k per 50k.
Buhari being not knowledgeable in anything was misled that banning foreign rice was the solution, he banned foreign rice so that local rice can sell. But because our local rice is not sufficient to meet demand due tod monopoly conferred on it by a sick government, local rice is now over 35k for 50kg while across the border where there is no restrictions on importation, Thai rice which is far better than our local nonsense rice hovers around #12-15k per 50kg.
All that FG needs to do to reduce food price is allow rice come in to introduce competition between it and local rice. Which ever is better and cheaper win the market,. meanwhile don't give forex to rice importers

Idaytesj29:
What do people really want?

ThierryJay:
Are cars and rice from Benin republic priced in USD? If no, how would opening the border then increase the demand for dollar?

crisubanijunior:
How do u know people have no intention of returning? Create an enabling environment and see if people wont return.

Heffalump:
You are citing very few bad cases

nlfpmod:
https://twitter.com/PeterObi/status/1671763477164072961?t=jxuNPa0phhCFXCbSHE3OoA&s=08[/quote]Bill Gates and Peter Obi would be right if those japarians are actually genuine students who are in search of true knowledge. Students represent the highest percentage of japarians.

Alas that is not the case. Many people that japa use studentship to mask their desperate intentions of travelling abroad to go and work. They are actually economic migrants who are of almost zero value to Nigeria when they are back into the country. Their school assignments are normally contracted out - they do not do it by themselves mostly. It is a tragedy.

Exceed15:
Food import most importantly. The greatest mistake of Buhari was closing up borders in the name of us embracing our local rice that the masses cannot even afford. So what's the essence? Competition is healthy. It controls Inflation.

Jogs1900:
Not only rice..Food items generally