₦airaland Forum

ekeroyal:
It is clear you didn't understand my comment. You can ignore it and hold on to your opinion(s) or provide some information (genuine or not) to counter what Babatunde has revealed. Then we can take it from there. This matter is too sensitive to be toyed with.

While we all agree agree that the CBN maintains multiple exchange rates and hasn't really shown sufficient transparency in the way it chooses who and who to allocate forex to, my own point is that the report about CBN issuing forex to selected individuals at N3 to $1 and even 62 kobo to $1 etc., that part of the report is definitely crap.

bumi10:
When i saw this post, i nearly fell on the floor while laughing. Mothers no get chills oo especially when their daughters are getting to 28 or 29 years old. They are poised to do anything within their powers to make sure they hook them up at least. I bow for mothers ooo.

The way some mothers now wish their unmarried adult daughters happy birthday on social media is frightening o! See the way they wish them happy birthday on social media this days and tell me if this is not and advert...lol

Check out how Mama Bola wished Bola happy birthday last week.

Happy birthday to a beautiful Princess from the royal family of Eko Akete (Lagos), favourite niece of Otunba Mike Adenuga (Glo Chairman).
-
A well brought up child, wife material 100 yards, prayerful hard working woman, a very good cook, In fact if you eat her Pounded yam and efo riro, you will turn to Oliver Twist and ask for more.
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A daughter of Zion, prayer warrior and intelligent woman. Meek as a sheep, she minds her own business, will never go through your phone at all
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Any man who gets married to her would be the luckiest man in this world, Uncle Glo will foot the wedding bill and relocate them to wherever they choose in the world
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Happy birthday my precious daughter.

Abeg watin una think?

http://www.exlinklodge.com/2017/03/how-mothers-advertise-their-daughters.html

Will never go through your phone.. Interesting!

ekeroyal:
While most of us are not privy to the information CBN, The Presidency, Babtunde Gbadamosi and some top government officials have, we must not throw away this revelations. Those in authority should come out clear the air. Is it not enough that people's business are closing and others are loosing their jobs while a few a growing fat?

While we al know Nigeria is a fantastically corrupt country plagued with malpractices, you genuinely believe a story that CBN sold dollars to someone at 62 kobo to $1 right?

www.nairaland.com/attachments/4941800_savage_jpegbb114821f82e795835ac4f2194de70e2

I remember when Saharareporters aused the statement, "guava bellied Amaechi"

Mama P

OLADD:
My man there's no justification whatsoever for the bailout to the governors. In fact, that singular decision signaled the beginning of Buhari's woes. The States suddenly saw themselves as toddlers who should be spoonfed instead of fending for themselves.Buhari should have stood his ground by asking the prodigal governors to account for their respective allocations in the last 2 years before been considered for bailouts, if necessary. With regards to oil import expenditure what happened to the modular refineries promised the nation 15 months ago? This govt doesn't deserve any pity.

The govt gave licenses to 23 qualifying oil and gas investors to build modular refineries since early 2016, we haven't heard anything from those investors till date. I'm still not sure I understand how or why you are now blaming the govt for the decisions of our big oil magnate who prefer importation to building refineries.

OLADD:
That's it! We are so fixated on this rethoric of "we don't have any other alternative". This is in responce to the last paragraph of your post. APC as an opposition party had all the time in this world to fashion out alternative ways of running govt before coming to power. They knew the country's reserve was aiming southward as a result of dwindling oil revenue months before taking over. At inception, instead of emptying the treasury to governors in the name of bailout, the funds should have been given out as lifelines to the non-oil sectors which constitutes a large chunk of the country's GDP. That would have helped local production to a great level, boosted local supply and reduced import. Do you know the significance of this? The mad rush for dollars engineered by the CBN restriction policy would have been nonexistent while, maybe, the country wouldn't have plunged into recession. I rest may case here.

Nigeria depends so so so much on imported goods so even at N1000 to a dollar, there would still be a mad rush for the dollar. Cmon man, we import virtually every drop of petrol and kero and diesel we use in this country. And unlike many other nations that need these products for just transportation, our power supply in Nigeria is over 70% dependent on these same products which we import.

You may say we are focused on the 'no alternative' rhetoric, but guess what?... it can never be overemphasised that we had no immediate alternatives. Even the so called bailout funds you highlighted as a possible solution wouldnt have been able to scratch the surface.

Again, regarding the bailout funds, while I agree with you that the funds could have been used for great things, do you really know the impact of 27 out of 36 states being unable to pay salaries in a nation like Nigeria where govt is the biggest employer of labour?

OLADD:
My friend, let's try as much as possible to be sincere when national issues are discussed. I am sure you know deep down within you that the plummeting reserve was not responsible for this govt's flappy forex policy. At departure in May 2019, Jonathan left a reserve of $29.6b which grew to $30 or thereabout, few weeks ago. So, what has changed?

The truth is that Buhari's govt is fond of taking decisions without considering its implications. They tried to control demand for some imported items by restricting access to dollars forgetting that people would invade the parallel market as an escape route. That was the genesis of the plunge in the value of naira.

Before deciding to place restrictions on the 41 so-called luxury items (which they have now relaxed), govt should have enhanced local production to a significant level thereby foreclosing the possibility of panic buying and crazy dollar rush.

Bro, I honestly feel tired, completely weakened having to explain some of these things to people like you because I know you are well enlightened, but you have simply chosen to act like you don't comprehend simply things all because of sentiments.

Yes, several policies of the admin aren't good, but it would make a lot of sense if we could just remain focused, put the unnecessary sentiments aside for just one moment and then address issues 'as they are' instead of how we want them to look. I am tired of having to sound like I am defending bad policies such as the maintenance of multiple exchange rates by the CBN/FG, the fact is that I am not. But for once like I said, put the sentiments aside and call a spade a spade.

A little background... Nigeria has an inordinate thirst for imported goods from basic petroleum products to the least of the items we eat; this means a high demand for forex. Nigeria gets over 90% of its forex from oil sales and with the oil crash, the primary source of our forex was cut by more than half. Like you said, GEJ left about $28.6bn specifically in the reserves as at May 2015 when he handed over. A question for you is, do you know how much was in that reserve 6 months before that handover date?... There was about $38.6 billion in the reserves but it crashed rapidly within 6 months to $28.6bn because while the FG/CBN kept issuing forex 'normally' as if nothing was wrong (in a bid to save the Naira), the inflow of forex into the reserves had dwindled seriously (due to the oil crash) leaving a negative balance.

Meanwhile at the time in question (Nov 2014 - May 2015), oil still sold averagely above $60. Another question for you is, if we could be losing about $1.67billion monthly from the reserves when oil still sold for over $60, what do you think would have happened to Nigeria if the forex restrictions were not enforced having in mind that the oil crash continued to as low as $28/barrel?... Do you know what happens to an import dependent country when its forex reserves drop to zero? Google Venezuela to get an insight.

So I am completely sick and tired of people still saying forex restrictions by Buhari led us to the present mess because while that may be correct, one would have expected these overnight economists to be gracious enough to also tell us if Nigeria really had another option at the time considering that Nigeria was fast running out of reserves.

OLADD:
I deliberately mentioned your post for the purpose of being "schooled". Did you read the part of the NBS report that spoke about haphazard production activity in the oil sector as a result Niger Delta agitations? Was Buhari's thoughtless grandstanding on military approach rather than dialogue, not responsible for that? What about his forex policy that favours the elite, stifling the manufacturing sector of funds needed for raw material importation and preventing them from operating at optimal capacity? Is the manufacturing sector not a major contribution to the nations GDP? Why did the Naira suddenly rebound against the Dollar if not for the reversal of Buhari's obnoxious forex policy? Face the truth, my friend.

Oh yes buhari's approach aggravated the Niger Delta bombings, but at least he has since reversed on that approach hence we haven't heard cases of bombings in close to 4 months.

Then for the forex policy which you claimed was changed, this is the very point where I called you out. To the best of my knowledge and as a matter of fact, nothing has changed and we still practice a multitude of dollar rates. The appreciation of the Naira seen last week is principally because the CBN resumed disbursement of forex into the market and that is not a new policy; this isn't the first time in the last 2 years that the Naira would suddenly appreciate following the CBN's injection of forex into the system, but then, you cannot give what you dont have. About 3 months ago, in order to rebuild up the reserves which had dropped to dangerously low levels (~$23bn), the CBN severely cut the disbursement of forex into the market and this is what put the recent pressure on the Naira which pushed it up to N520. With the reserves now built up close to $30bn, the CBN simply resumed disbursements and this is what led to the recent appreciation (not any new policy or 'obnoxious' policy reversal as you claim). Hopefully with oil price now averaging $55 and oil production now over 2million bbls, it may be possible for the CBN to sustain the weekly injection of forex into the system to continue appreciating the Naira without our reserves dropping to the very low levels again.

In summary, there was no new spectacular policy or reversal of any 'obnoxious' policy; except you are saying the policy is Buhari saving money in the reserves for 3 months and then now injecting the saved FX back into the system to appreciate the Naira. You can't give what you don't have and the CBN wouldn't have been able to inject FX last week into the economy if it didn't save up in the last 3 months.. Of course the only thing which people who are ignorant of the happenings can see is that "the resumption of FX injection happened when Buhari is away, so therefore it is a reversal of Buhari's policy by osinbajo and it is appreciating the naira."

cc: NaijaFutbol

OLADD:
That's if Buhari and Osinbajo desist from playing politics with the Nigerian economy. When we tell you guys that Buhari's flipflop policies are responsible for the recession, we are often taken as enemies of the state.

Which politics exactly are you referring to? Buhari's policy is what ensured that Nigeria's economy is hinged on only one commodity right?

If you want me to school you on what's really going on, I can. So please stop boring me with these your 'Buhari this Buhari that' shallow analysis of the economy.

NaijaFutbol:
Osibanjo is Working
Buhari is Calling

The non-oil sector is still weeping


Some people will come and blame oil price as if oil price reduced dollar from N525 to N425 in less than 2 weeks.


Some people are clueless and they dont even know it.....but that is none of my business.

Charlie, pass the kpoli this side

The funny part of this comment is that you are one of the clueless ones who doesnt even know it.

From the chart, the worst days are definitely over.

www.nairaland.com/attachments/4937575_gdp_pnge12995fdcab17955e38dd83f477bc56b

NOETHNICITY:
u guys re wrong.
The herder and his cattles were very orderly that day. I just stood observing them in amazement.
I'm not a bigot blind to constructive situations.

Lol, what exactly is orderly about leading cattle through the concrete streets of a university?

coolscott:
He is in fact trying to give p. Buhari the credit for what he is doing, as a team player. The OP's position feels nonsensical

It was already on the news even before Buhari travelled that the VP was going to go on a tour of the Niger-Delta; the first leg of the tour even started when Buhari was still around. SO why does anyone actually think the president isn't aware of the visits?

Political miscalculations is the reason why the presidency hasnt reached the SE. A clear case was the almost 100% support the SE gave GEJ in 2011 thereby destroying the PDP zoning formula which would have definitely produced an Igbo president in 2015 or 2019.

If Yaradua didnt die, PDP would have definitely zoned the presidency in 2015 to the SE; if GEJ didnt contest in 2011, the PDP would have also definitely zoned the presidency to the SE in 2015 or 2019 (assuming whoever was the northern candidate stubbornly de ided to complete 2 terms).

I remember the former PDP chairman Vincent Ogbulafor lamenting the decision of GEJ in 2010 to contest and distort this zoning formula. But at the time, he was shouted down by fellow SEasterners and GEJ summarily booted him out of the chairmanship position for daring to oppose him. Ken Nnamani was also ridiculed for not supporting GEJ's election bud in 2011.

We all know the result today, Igbo presidency has become a strong mirage and beholding the reality, everyone now seems to embrace IPOb as the only fall back solution.

PapaBaby:
It seems Osibanjo has been reminded of his "mere commissioner" status, check out his pathetic tweet.
It's hard not to feel sorry for the mere commissioner.

And what exactly is pathetic about a boss asking his deputy to carry out some national duties?

Smh for the reasoning of some folks.

"Earmarking or pump-up legislation"

Wouldnt have been much of an issue if the senators and reps actually used the pumped-up funds for their constituencies.

"Let them bring those tyres to Aba and our boys at Port Harcourt Road will use them to produce several items like fan belts, conveyor belts, etc which can be sold at very good prices".


While some see substandard tyres about to be turned to ashes, others see raw materials and money. Hopefully they release the tyres to be used for something more useful, and hopefully some of the tyres dont somehow find their way into the market cos I dont trust even the Customs guys.

HE drinks kai-kai the way we drink water

Pavore9:
His health is at risk. Whatever he is earning from that will also go into getting medication.

Medications indeed! the kai-kai does the needful...

Some people just have venomous tongues, or should I say, venomous hands.

asuustrike2009:
I be your mate? I only gave you s fact you're saying another. Tunde Bakare is an actor being used and he's claiming to be upright. I know his type when I see one

Sometimes I wonder why I even bother responding to some kind of ignorant fellows on this forum.

Mr Man, enjoy your ignorance.. Bye!

asuustrike2009:
The guy was used if you don't know. As for my acclaimed hero by you, I don't have any because Nigeria politicians are the same irrespective of their party affiliation. Tunde Bakare only played the script given to him. No wonder he was dumped just like oby was used and dumped. Don't worry more revelations will come before and after 2019 election.

You were the one who also gave him the script from the protests he led during IBB days and Abacha days and the arrests he endured right?... Were you even born when Bakare started speaking against governments?... You just wake up and start spewing nonsense over issues you are ignorant about.

The Op is still a learner, Baba already launched a chain of hotels since.

www.nairaland.com/attachments/3915506_buharihotelreview_jpege222de69fadc94364731f7fb37a609d6


www.nairaland.com/attachments/3915507_widebuharihotels_jpegfcc3895c21a684658caadb8693d43f48

ephi123:
Stop claiming ignorance, it's not about appointments in this thread but overall representation. Not like I was expecting anything better from you anyway.

Kindly tell me one reason why I should even bother responding to a person who sees no wrong in youths of a country being overly obsessed with tribe and religion of appointees over their qualifications?

ephi123:
Irony of life. Who is the origin of this act if not Buhari himself.

Despite his flaws, Jonathan's appointments were usually quite balanced and well represented. It was in Buhari's era people started paying attention to where people are from because 8 of every 10 appointments would be from the North.

So as you are wondering why Africa is still in the third world, also wonder how a leader can be so bigoted with appointments. That should give you enough to wonder about for the next few days.

Keep blaming it on Buhari while the youths keep losing their minds. The last time I checked, the reported appointments on this thread are equal between north/south, but youths actually find much pleasure in these silly things. After all when we end up ruining our lives, we can just conveniently put the blame on the 75 yr old man.

The psychopath has picked his pen again. But strangely this time, it isn't about Buhari or Apc or Fulani or Muslims or Northerners; it is about TB Joshua being assassinated by a hovering plane. But then again who knows? he may just find a way to link that plane and the building collapse to Buhari and Fulani-Muslim fundamentalists trying to kill a Christian strong man. I hail!

Nobody seems to be talking about the qualifications and suitability of these candidates. Several years back on this forum, when appointments like these are made, in the following posts, people roll out the CVs of the candidates and the discussions on their suitability and potential to deliver follows. But welcome to the Nigeria of post-2015 election, appointments are made and only thing that matters are the tribe and religion. And we continue to wonder why Africa is still third world.

asuustrike2009:
Like I said bakare is an hypocrite and was used by politicians to grab power. It was better he had kept quiet like the likes of kumuyi than involve in politics like orisejafor. Yes this wasn't the only crises in the north but doesn't mean he should fold his arms and watch the body of Christ die like chicken. Even fr mbaka isn't left out of the mess because he was also silent during the Enugu fulani crisis. It was better he didn't talk rather he ought to have defended the church not barking out politicians. Now that they both barked, they shouldn't have being silent since the issue I raised also affected the Christian folk. For heaven sake they're shepherds and not politicians

Bakare was not used by anybody, Bakare was only led by his conscience and he's been doing that for several decades and has a reputation of being about the only Nigeria pastor who speaks out against governments! So kindly cut this ignorant crap you are spewing.

Furthermore, Mbaka and Bakare are not the only pastors in Nigeria but you obviously pick on them because they did not speak favourably about you hero. Before they became pastors, they were born Nigerians and are still Nigerians so they have every right and even a divine duty to speak about happenings in Nigeria just like everyone else so cut all these nonsense crap. There are millions of pastors in Nigeria, and you cant expect the very same people to speak all the time. All the other pastors in Nigeria aren't deaf and dumb, they should speak up too.

VanBommel:
WTF He looks like bobrisky

Paprisky you mean?

asuustrike2009:
No because he was also silent when the Christian faithful were killed in Southern Kaduna.

Is Bakare the only Pastor in Nigeria? Bakare stood under the sun, defying bullets while protesting to make GEJ president; the same Bakare also came under the sun again to protest against GEJ when he lost focus.

The question i ask once again is, 'is Bakare the only pastor in Nigeria?' Of all the over 1million pastors in Nigeria, why does Pastor Chris Okafor feel a need to call out bakare even when he himself has done nothing we know of? Is this the first time Christians have been killed in Kaduna in Nigeria's history? Were you born today or was Pastor Okafor born today? Who is Pastor Okafor and what right does he have to call out a Bakare who has been about the only vocal Nigerian pastor for decades?

Is there any demonic force tying Pastor Chris Okafor's legs from staging a protest against the current government?... Must he wait for Bakare?.... The other day, ordinary Nigerians led by Tuface organised a protest which flopped because people like Pastor Okafor chose to sit in his mansion feasting. But today he has the guts to question Bakare that has been speaking against governments since IBB days and defying the bullets and brutality of successive military regimes... Stinking nonsense!

asuustrike2009:
He's not but he's an hypocrite

What makes him a hypocrite? Because he spoke against your hero?

After swallowing N50million with a promise to return N5million, I'm just wondering who wouldnt really be happy working with Jonathan.