₦airaland Forum

omonnakoda:
[s]You do not understand Forex otherwise you won't say this rubbish

What do you mean by sacrifice?
What is the Forex for if not to exchange? Foreign reserves are not government funds they belong pro rata to any person with naira in his pocket
Those holding naira do so because it promises value and that promise is redeemed when they can buy Forex with ease.
The CBN balance sheet increases in Naira when it sells dollars and vice versa

All CentralmBanks do this so how is Nigeria different. They just do it to different degree

I agree that we should not spend on subsidies but that does not mean the subsidy budget should not be spent on welfare. Arguably everything government does is welfarism whether it is funding health ,education even police is all welfarism
What is "affordable" has to be subject to some object test. What is the definition of affordable?[/s]

Trash! The CBN subsidising the cost of forex is indirectly subsidising our import hungry culture.... Go back to elementary school!

omonnakoda:
ok can you shut up now?see painment

Are you gay?

Oh wow! Now it makes sense! This speaks volumes on who you really are - a filthy fraggot running after my ass. God forbid!!

No wonder he keeps saying he's done but still lurks around in my mentions like a typical female/effeminate specie hungry for attention. #Bobrisky

Painment? Last I checked, you were the one who out of deep, resorted to throwing insults about.

omonnakoda:
I told you yesterday I have nothing To say to you but you keep regurgitating a dead conversation like a rejected lover.


This conversation ended yesterday

Lol... what a dumbass! Go back and check our conversation history and tell me who the scorned 1st wife is. Last time I checked, I wasnt having a conversation with you before you jumped in like a hungry dog gunning for an argument on issues you know nothing about.

omonnakoda:
You think you know and you know nothing

The naira is essentially a debt of the Central Bank. When they "defend" the naira as you call it they are paying or redeeming their debt by buying Naira back.
Different countries I the world adopt different intervention regimes in foreign exchange for strategic reasons. Most countries do it to different degrees Some intervene to shore up exchange rates while others exchange to do the exact opposite and are called currency manipulators.

The fact that different players e.g Japan ,the UK and China do this regularly mean than the market is not a perfect market and it is naive to believe that exchange rates reflect "value" or that flotation will determine "actual value" The reality is that there is nothing g like actual value.
The market is affected by speculative forces especially in the futures market which can produce wide swings within seconds that bear no relation to economic reality. Only the US can withstand such forces. This is equally true for information such as election results, referendum results etc. Not every economy is strong enough to subject itself to such speculative forces .

The market asks a question about currency value and the CBN responds by paying its debt from foreign reserves. Some would argue that that is the purpose of the foreign reserve ie to purchase naira whe those holding it seek redemption. We are right like China and the UK to intervene in our interests just like most of those we trade with do. How that amounts to import subsidies is very bizarre logic. The parallel market is a good guide to reality

Every state is a welfarism state to a greater or lesser degree.
What is important is that we do so within our means eg for decades we have enjoyed cheap subsidised petrol. That is welfarism.

Like I said before, the Naira is artificially stronger than it should actually be because of interventions by the govt/CBN. The very fact that the CBN sacrifices some forex to keep the exchange rate low, that's a form of subsidy.

Yes every state has large elements of welfarism, but it begins to be counter productive when you practice the level of welfarism you cannot afford. E.g. is Nigeria spending its entire govt revenue on subsidy.

omonnakoda:
It is targeted at those who can pay for them people who can afford 75 million who BY YOUR 10 MILLION definition are Rich.

Rich people don't have to live there. They can be landlords . That is a foolish question

Of course, he's resorted to insults. Very typical of empty vessels when they lack sensible things to say!

omonnakoda:
You seem to like talking for the sake of talking.

I said the Lekki property is not targeted at them .


What is your point?

And who are the Lekki properties targetted at exactly? The rich? Which rich person would go live in those block of flats that look like council flats?

Or do you mean to say the houses targetted at the poor? Which poor person can afford that?

You're actually losing me here, what exactly is your point?

omonnakoda:
Defending the naira is import subsidy? Really?
Welfare states cannot be capitalist?
Is there any country that does not subsidise one sector or the other?
What was the 2008 US bank bailout? The 2008 automotive industry bailout? The endless subsidies for the defence industry? Or the current Covid bailout

The NHS in the UK is free

Social security benefits payments in the US exceed Nigerian national budget (nearly $900 billion), ditto for the UK


What about AGRICULTURAL subsidies in the EU,USA

Wake up ,you are clearly out of your depth here

Are you by any means comparing the financial capacity of US/UK to Nigeria?

If you go back and read what I wrote again, I mentioned that Nigeria does not have the financial capacity to be a welfarist state; our attempt to be a welfarist state is the reason growth is extremely slow. A typical example is petrol subsidy; Nigeria simply doesnt have the financial capacity to keep being a welfare state by subsidising petrol, we cant be competing with civilisations like US or UK who are 10000 richer.

And yeah, just incase you didnt know, the CBN defending the Naira by pumping in cheap forex into the market every month, that is indirectly subsidizing imports. the dollar is currently N360, its only when the Naira is floated fully that we can know the actual value of the Naira.

VaalCee:
We do not run a Capitalist economy where Political will overrides and determines every other sectors? Nigeria is more of mixed economy largely delving into Socialism

Nigeria is almost a wefarist state where the govt does or is expected to do everything for the poor; almost every govt policy is aimed at the poor. That's why almost everything is subsidised; all imports are subsidised (with the CBN defending the Naira every month), fuel is subsidised, education is subsidised, health care is subsidised, electricity is subsidised etc... Fact of the matter is that we do not have requisite financial capacity and patriotism to run a welfare govt, that is why no sector works in Nigeria.

If the govt jumps the struggling middle class (that pays most of the taxes) to go pamper the poor, the imbalance will bring chaos.

omonnakoda:
by your own definition on this thread

I defined middle class as people earning typically between N1-10m per annum. By all definitions, this is even the lower midclass in Nigeria

omonnakoda:
Like I said we will have to agree to disagree, with respect you are making noise and repeating yourself with your epistle on middle class Government in Nigeria doesn't have the money to cater for anyone.

This Lekki project was not built with government money and neither targets poor or middle class it is for rich people .

That depends on your definition of 'rich'.

SultanOfAbia:
Look At The Rusty Plane They Sold Us
Something used to fight Ww2 in 1945
Africa is dumping Ground

Just look at the red circle, The rusty Panel Beating that airplane has received

The planes are brand new.

By the way, the tucanos may 'look' like 1945 planes, but they aren't; they were first produced in 2003.

omonnakoda:
We will have to agree to disagree

If you want to move to Lekki that is your choice nothing to do with government

Government exists for everyone.

The role of government should be to make policies that attract long term capital into Nigeria and articulate a housing strategy for everybody to increase the supply of housing

Why can't ALL NEIGHBOURHOODS be decent

Even in the most developed countries or cities in the world, all neighbourhoods aren't decent. And even if all neighbourhoods are made decent, some neighbourhoods will always be more decent than others, and humans will always aspire to move up to better locations.

If you want to move to Lekki a more decent house in a more decent neighbourhood, that is your choice nothing to do with government

"If the poor wants to leave their shanties and move to better homes, its their choice, nothing to do with govt." How about that?

Government exists for everyone.

Of course, not for the poor alone. Those paying the huge taxes need govt help too.

The role of government should be to make policies that attract long term capital into Nigeria and articulate a housing strategy for everybody to increase the supply of housing

Resources are limited/scarce, so prioritising is of utmost importance. Like I explained earlier, the midclass can pay for the houses and the funds can be used by govt to develop more houses.

When the govt provides decent houses for the midclass to buy, the poor also benefits because they occupy the older houses which the midclass leaves vacant. As you can see, this model readily caters for the middle and lower income earners, and also creates long term capital for govt to develop more housing.

On the other hand, if the govt ignores the middle class and jumps to cater only for the housing needs of the poor, the taxable midclass would feel cheated and disgruntled, and the government would have no capital to develop more housing. Such an imbalance would create chaos in society. This model may work only in communist nations.

Asadujames202:
Stop quoting that "thing"

Lol

heniford2:
KOB whats the name of movie

King of Boys

Nnamebuka:
Apart from the cinematography nothing else cut it for me in that movie. How would you explain that a young man has been worried over the identity of his biological father only to be presented with a likely lead but he chose to look the other way? When Andy came to Nnamdi with the confession that he is his father I expected that revelation to change the dynamics of the storyline. It's usually inherent among male species to want to know their paternal affiliation in Nigeria if not the world over. They just acted like nothing happened and went on with the movie. It could have been better if they had made Andy get in touch with Nnamdi only at the hospital after maybe repeated failed attempt to see him. And maybe that's where he'll reveal his identity to his son.

I also expected chief Mike (Bob-Manuel Udikwu) to play a prominent role being one of the major stakeholders in the occult of the original LIB. Instead his role could best be described as a waka pass. For a legendary actor like that? Haba!

I won't lie the dialogue was good. No waste of precious time in unnecessary chitchat.

I'm constantly on Mtel unlimited data plan and practically live in Netflix and prefers to watch well researched and executed movies. Movies that add to your I.Q and not all these over-hyped Nigerian movies. However when I decided to give it a shot during this lockdown except for KOB which I thoroughly enjoyed I'd practically left many half-way.

No offense but KOB didnt cut it for me, it was just another one of those typical nollywood movies shot with a nice camera, with everyone forming 'gangster', nothing more.

Regarding the Andy Okeke meeting and confession to his son, no the son didnt just look the other way, he was still thinking deeply about it just like anyone would. But obviously he dismissed it because it would typically seem like a scam that your long lost father just appears the moment you make money, only to start telling you tales of how your benevolent benefactor is a 'devil'. Nnamdi shrugged it off as the words of a deluded scammer because he didnt even believe in the whole money ritual tale (remember when he sarcastically asked Mr Nworie whether there was anything like money rituals in 2019).

Regarding Chief Mike and Omego, they weren't necessarily meant to be a part of the movie, they just made necessary 'appearances'. Just seeing their faces was enough for me.

omonnakoda:
I don't agree with all this middle class categorisation. For me it is wholly irrelevant

and why should moving to Lekki be an aspiration? I don't get that
People across Nigeria should be encouraged to stay in the rural areas and so the housing strategy should build more homes in rural areas.

The typical aspiration of every normal human is to one day move into a more decent house in a more decent neighbourhood; not sure why you had to pick on the word 'Lekki' and abandon the primary message.

And there's nothing irrelevant about catering for the needs of the mid class who typically pay the most tax and provide the revenue for govt to function. Ignore the midclass at your own peril. It's also important to note that if you take care of the midclass, the poor is also taken care of.

Nnamdipapakanu:
It doesn't glorify occultism like lib


It is movie that will encourage ur faith, persistence and hard work to never give up on ur dream.

Pls what message did LIB pass to you? Be sincere.. It encourages u to do ritual abi..
Rubbish.


Pls watch the Train by Mike bamiloye

Okay I'm sorry! I agree with you, LIB is glorifying occultism. You're free to stick with your cartoons and your faith. Leave us to enjoy our occult movie abeg, we're occultists.

Nnamdipapakanu:
Same rubbish. Pls go watch The train

What exactly is rhw Train and why exactly must I wacth the Train before I appreciate a good movie like LIB?

omonnakoda:
I don't know what you mean by "almost implied" How does one almost imply a thing?
I do not understand your fixation with middle class
I do not understand your fixation with home ownership. Must people own homes?
Is that some kind of religious duty? There is nothing wrong with renting. What is required is better protection and regulation as well as security of tenure

Let us agree that there is a need to increase the supply of housing.

Different models work in different places e.g Germans tend to rent more and buy less than in the UK

Our current monetary reality is very different from the UK,
Interest rates are double digits and most loans are short term.
We have a capital deficit compared to the UK and lenders are very risk averse. Also our weak currency will hardly encourage any lender to lend for 20 years
How many people in the category of Teacher ,Nurse etc can afford to put down 10% on a house in London? Buy to let is for new builds often in areas that are not the most in demand

Lekki is different from Imota

Okay let's forget about 'owning' a property, what about being able to rent decent properties? If the government only considers the poor, what then happens to the mid class? Dont they deserve decent homes to rent too?

When the midclass guy living in a 2 bed apartment in Imota moves into his new 'rented' apartment in Lekki, the poor guy living in a face-me-I-face-you room gets an opportunity to move into that vacant 2-bed apartment in Imota. So by building those houses in Lekki for the midclass (who can afford to pay for them and provide revenue for govt), the govt also indirectly takes care of the housing needs of the poor. The rich and mid-class pays for the welfare of the poor.

Nnamdipapakanu:
LIB is an occult movie.. Why act a movie on a bad culture that we are trying to make people abandon..

[s]That movie is clearly a trash.... Film that glorify satan n kingdom of darkness.

Encouraging evil and ritual.[/s]


Pls go and watch The Train


If not That nollywood no get sense, he better pass the rubbish LIB..

Yes.. Go watch it.. THE TRAIN

So if a movie is made about a group of robbers terrorising a city, it automatically means the movie is promoting armed robbery? What brand of hypocritical reasoning is this? Wonders shall never end!

Is our Nigerian and African society not awash with ritual killings all over the place?

The movie was amazing amazing! It easily stands out as my best nollywood movie ever. Cant remember when last I watched a Nigerian movie and was impressed; the picture quality, the video transitions, the sound effects and soundtracks. I also loved the way the story perfectly picked up from the old story as a seamless sequel. I enjoyed it so much that I watched it twice! Nothing could be weirder than that.

I agree with the Ramsey Nouah Igbo flaw though, he could have practiced those lines better. Only character I didnt like was the Uzoma dude, he felt too non-nigerian, too misplaced and too fake in my opinion.

omonnakoda:
Did I say that.? You have an unfortunate manner of debating by reductio ad absurdum

I did not make any recommendations. I just question your very strong and opinionated assertion.

What are they based on.?
What exactly is middle class? Who draws the line?

Housing policy should be debated openly with an open mind and no preconceptions or dogmatism

Many of your claims are ridiculous . Natural law If government builds houses why must they SELL them. That is one option but not the only one
Projects and council properties in the US and UK did not end up bought by middle classes
The properties could be rented .......
Of course that means more work on feasibility but that is not my recommendation. I mentioned it to show one option and no doubt there are different models.

You didnt mention it but it almost sounded like you implied it. Okay now I get you, it's possible for the govt to rent them; but then, if the middle class still struggles to find decent houses to rent or buy, dont you think there would be an imbalance if the govt ignores the mid class and focuses just on the poor?

The US and UK where you say the council has houses for rent and sale for lower income earners, provision had already been made for the midclass through low interest mortgage schemes, help-to-buy support schemes etc. As organised as these societies are, if there wasnt any provision already made for the midclass, the midclass would somehow manipulate it's way and end up being the ones buying up all those council projects made for the poor. Same logic I believe applies for Nigeria (which is even less organised).

Since the govt has scarce resources, a quick way the govt can kill several birds with one stone (i.e. solve housing problem for medium and low income earners) is to develop housing schemes for mid income earners to buy. The money made from these would be used to develop more housing schemes and in general, there would be a higher supply of houses in our cities to meet the demand. As the mid class moves in to occupy their new homes, those lower in the ladder move up one step to occupy the houses the mid class previously occupied.

By the way, I have a friend who works in a small telecoms firm and earns N120k per month, also have a brother who's also into IT, and earns N380k monthly; both are married with kids. These are the kind of guys I refer to as the Nigerian midclass, generally earning anywhere between N1-10m. They live fairly comfortably on their income, but would never be able to own houses of their own if the govt doesnt step in.

omonnakoda:
Needing housing doesn't mean everyone should OWN housing

They can be tenants
Your claim about prioritising middle class needs is based on what?

if the government caters for the needs of the middle class, the poor will automatically be taken care of. But if the government jumps the middle class to go give free welfare to the poor, it creates a major imbalance and crisis in society.


Research or self interest?

So the middle class should keep renting forever as tenants, whilst the government builds free or cheap houses for the poor?... If that happens, by natural law, the middle class (that has the financial capacity) would still end up buying up all the low cost houses. It's impractical to jump the middle class who are still renting in poor condition to go cater for housing needs of poor who cant pay for new houses.

VaalCee:
Who has housing as his or her basic need? The Poor or the rest classes you mentioned? Housing is a basic need for the Poor. The rich do not need this from the government, there's hierarchy of needs such as that of Abraham Maslow

There's something called the 'middle class', we need decent houses too.

We need to rid ourselves of all these communist/welfarist ideologies where we expect the government to do everything for the poor. The poor arent the only ones in society.

We run a capitalist society; if the government caters for the needs of the middle class, the poor will automatically be taken care of. But if the government jumps the middle class to go give free welfare to the poor, it creates a major imbalance and crisis in society.

Everybody needs housing, both rich, middle class and poor. The rich may not need this type of help, but there's millions of people who fall in the Nigerian middle class category (e.g. people earning anywhere between N1-10m per annum). Although this group may seem to live relatively comfortably, they may never be able to own houses of their own in expensive places like Lagos till retirement.

When govt sets up housing schemes like this which the mid class can afford, the money paid by the mid-class would create funds for the govt to devolop more houses like these. When more mid-class families move away from their previously rented apartments to new estates like these, the vacant apartments will then be filled by families lower in the economic ladder who probably lived previously in face-me-I-face-you compounds. And of course the extremely poor living under bridges may be able to upgrade to face me i face you houses. In this model, everyone's taken along.

VaalCee:
It won't be available for the common man.
��

DirtyGold:
Nice development but certainly not affordable for the common man

You'll soon hear N50million for 2bedrooms apartment

What's tha business?

Common men arent the only ones in Nigeria; mid and upper mid class need things like this too.

"My detractors are after me", a statement bery common amongst Nigerian politicians.

NaijaRoyalty:
iwene tansi is the name of that particular aircraft .

it's like a kind of mark of identification.

Yeah of course! I was referring to the Op who called it Tansi airlines instead of United Nigeria.

Lexusgs430:
He should have formed a consortium with Air Peace........

Do we all have to individually own Airline companies?.....

That would be a very wrong move which could lead to the downfall of both airlines. Better they do it separately; if not for anything, it would create room for competion, better services and lower air fares.

How did 'United Nigeria Airline' become 'Iwene Tansi Airline'?

The way in which we turn everything to tribe in Nigeria is just sick.

Officialgarri:
We should indeed ask ourselves, if there are indeed no working isolation centres in Kano, then where have they been housing patients?

Or are we also going to agree that there are no patients in Kano?

Common sense cant be forcefully impressed into the heads of those who deliberately thrown theirs in the trash.

When I saw the video of the empty centre under construction this morning, it didnt take more than common sense to know it was obviously a centre not in use. But how do you expect people who have refused to use their brains to know that?

Kingrefreshed:
You are provoking me with this your stupid argument. What on earth do you mean with this statement. "Do you want the petrol bought from overseas to be given to you for free?


Which petrol is bought. It is only taken abroad to be refined and then they pay a certain percentage for that and its been shipped back here.

Are you in Nigeria or writing from Antartica??

Smh!... Okay since the word 'bought' is driving you crazy, let's put it aside for now and examine your point in a different way. If Nigeria sends it's crude (which you say is worth $0) abroad to be refined;

(1) Is the service of refining our crude going to be done for free? Are you aware that the service of 'adding value' to a raw material very often exceeds the price of that raw material itself?

(2) The logistics of transporting the crude to the foreign refinery, the bulk storage and handling services, the transportation of the refined produce back to Nigeria, and the distribution of the final products to your filling stations across the country; in your own wisdom, will all that be done without a cost?

Oga, running about calling people stupid doesnt exactly make you look smart; most especially in topics where you have little or no knowledge. You only expose and magnify your emptiness by doing that.

DrGoodman:
Yes, just as this administration completed the dredging of the River Niger

There are thousands of incomplete or abandoned projects across Nigeria. Some of these projects are massive and would typically span several administrations especially due to limited funds.

The last admin started the Abuja to Kaduna rail; the current admin completed it. The Admin of OBJ started the warri to Itakpe rail; the current admin completed it. The last admin started ground works for the 2nd Niger bridge, the current admin has made good progress on it and may likely complete it before 2023.

This admin started and has finished the Lagos to Ibadan rail section; if they cant complete the section from Ibadan to Abuja, the next admin will complete it.