₦airaland Forum

XshegzzyeeiX:
For privacy reason, please remove my account details from your quote.
Thanks...

Removed.

Hmmm... casting our minds back to this old topic from May, I hope you now see the relevance of my last response to you regarding how the lack of oil sale in May/June will affect you much later in the year? The lack of forex in the last few months which is a result of that lack of oil sale in May/June has just pushed the dollar up to N500. Do you still think it doesn't affect you?

DMerciful:
See how you're twisting the narrative, which is deceitful in itself. You said the previous govt (and not govts) incurred N63 billion and now you're saying as at the time GEJ left office. Do not shift the goal post!

If the value of the value keeps falling, whose fault is that? Why can't Obj tenure be compared with Bubu? Are you making it seems the incompetent one is facing a separate challenge? You forgot ND militancy was highest in Obj/Yaradua time?
Bubu is a failure, accept it!

Well, I believe I've explained myself clearly in my last posts; as May 2015, Nigeria's total debt was ~$63billion, almost half of that figure was incurred by the immediate past admin, despite the much higher revenue received.

To answer your question on the value of money, I never said Buhari was doing well (if that's what your obsession is), but if you seek the culprit in the drop in value of the Naira, none of our recent presidents is exempt from that fault, from OBJ down to Buhari, and it would amount to economic illiteracy to just think Buhari alone is principally responsible for how the Naira has faired lately given the prevailing circumstances. You asked whether PMB is facing a separate challenge, absolute YES! he is facing a very separate and unique challenge which none of his predecessors faced (i.e. a sudden shock in the economy from a sudden drop in forex). Nigeria's economy was running on an average of $100 a barrel, govt spending, recurrent expenditure, size of civil service etc were built on that average and the economy was used to that price, and then it suddenly dropped without the govt sacking anyone. Remeberr at this time Nigeria was already so import dependent and then boom, forex stopped coming in. Oh yes, the shock situation PMB faced, neither OBJ nor Yaradua nor GEJ experienced that.

But then again, I wasnt even referring to the value of the Naira when I mentioned the "time value of money", I was rather talking of an increasing demand for forex due to an expanding and globalising economy. I will explain below (a long explanation)...

In 1999, how many ordinary Nigerians needed forex? How many Nigerians could travel abroad or school abroad or could go for medical checkup or holidays or shopping abroad as at 1999? If you agree with me the number of people who now do these things have multiplied in exponential proportions since 1999, then maybe it would help you understand what I meant when I said forex demand has increased by over 1000%.

Again in 1999, Nigeria wasnt an almost 100% import dependent nation; we weren't as obsessed as we are today with imported goods (including tooth pick). In 1999, we weren't importing 99.9% of our petroleum products as is the case today, we still wore clothes and shoes made in Aba and used fabrics woven in Nigerian textile mills and ate foods grown in Nigeria.

Unlike today when I can easily with a few clicks from my phone, order something from overseas, in 1999, we neither had phones nor internet. All of the above changes (which are positive by the way) are associated with a continously increasing forex demand over the years. So my point basically is that if oil sold for $10 in 1999 and Nigeria was okay, with the exponential increase in forex demand, you cannot expect $10 oil price to exactly be sufficient for Nigeria in 2020, especially when it was much higher just few years ago.

Furthermore, outside the area of forex, there're many more areas where the demand for revenue has increased over the years. Minimum wage in 2020 is not the same as it was in 1999; even the sheer size of the civil service has increased in exponential proportions since 1999, so fo you still expect $10 in 1999 to be sufficient in 2020?

DMerciful:
GEJ govt borrowed $63 billion? Pure lies!

That's how you buharists use propaganda to deceive gullible people!

Bubu govt has earned far more than Obj govt yet Obj paid our debt accrued during the military era

The importance of verifying info before swallowing it can never be overemphasised. Unfortunately, many typical Nigerians either dont possess the capacity to do this, or just deliberately want to be lazy about it. No offense, but the fact that you jumped to conclusions saying I'm lying, without taking even a second to try and verify what I said (either by asking me to provide evidence or by running a quick google search yourself), that's a lazy trait.

Back to the subject, I said Nigeria's total debt as at the time GEJ left office was $63billion, I didnt say he incurred all of it, but under his tenure, Nigeria's total debt rose by over $30billion to hit that figure I mentioned.

Regarding OBJ earning less, that info is to be confirmed. But even putting that aside, it is total economic illiteracy to compare 1999 to 2020; there's something called the 'time value of money'. N1000 in 1999 does not have the same value as N1000 in 2020. That Nigeria's economy was okay in 1999 with oil prices of $10, that does not mean $10 in 2020 with be sufficient to keep Nigeria afloat in 2020. For starters, Nigeria's forex demand in 2020 is over 1000% higher than what it was in 1999. So next time when people try to compare crude prices in 1999 with 2020, a little bit of economic knowledge should be applied to that logic.

DMerciful:
You still believe those fallacious corruption allegations? How come the corrupt free Bubu govt is borrowing money upandan? Do not let propaganda continue to influence your decision regarding Nigeria

The former govt, despite the much higher oil prices and revenue, borrowed massively to keep things afloat, raking in total debts of about $63billion as at May 2015. In early 2015, when oil prices were still reasonably higher than what it is today, the then govt lamented the drop in revenue and had to borrow about $3-4billion to pay civil servant salaries amongst other things in February 2015.

Since 2015 till date, oil prices have fallen further, govt revenue has dropped further, and it's on record that the current govt has received only about a third of the revenue received by the previous govt (which was also borrowing). With this info out in the public, with the same oil prices still low and with even the more recent covid crisis, you're actually still asking why the govt is borrowing money?

Why would any right thinking human expect GEJ who failed woefully in security to now start castigating PMB for failing in the same subject?

peeps4u:
I was expecting this kind of reply but we're talking about the old refurbished trains brought to Nigeria.
And are these Nigerian trains faster than bus?

Absolutely YES!

These latest rail tracks being built are standard gauge just like what's obtainable in devoloped parts of the world; the tracks can also carry the high speed trains you see in developed countries and lastly, the latest trains being placed on the tracks are not slow speed trains as you think. I think when you hear the word 'train', your mind keeps going back to those older rickety trains than run on narrow gauge tracks; that's not the case for these new trains you've been hearing about (i.e. the ones associated with the new Abuja-Kaduna and Lagos-Ibadan tracks).

NdigboWorldwide:
If they put the price to 1000, I think they will never lack passenger because it will be more than confortable travelling by road.

The price should be dynamic just like flights, not fixed. If the ticket demand increases, price should increase and vice versa. The moment govt starts fixing price, that's where these trains start dying.

The price fixing is already bastardising the abuja to kaduna trains; that's why you see officials hoarding tickets and selling to highest bidders. If the price is made dynamic, and tickets can clearly be bought online, then a massive corruption ring would be blocked.

peeps4u:
How will train safe more time than bus? Is it faster than bus or what and also considering the time they will take to get ticket?

Trains should be faster than bus. These are standard gauge trains, not those old narrow gauge slow ones going from lagos to minna.

NdigboWorldwide:
Bus is cheaper anyway, but that price of train from Lagos to ibandan is billshit with the earnings or majority that is suppose to be using it. , just imagine you are residing in Ibandan and work in Lagos and being paid 100k monthly, tell me how the rail is of help.

I think the price should be driven by demand and supply; book your ticket early, you get cheaper rates and vice versa. In an ideal situation if managed properly like a business, these trains should be able to pay for themselves and payback their loans. But we all know what's obtainable in Nigeria; by 2022, govt would cut the prices to N750 for election and the rail loan would keep being paid by oil money.

jonnyjustcome22:
Do they really understand what they are doing at all because anywhere in the world train is always cheaper than car or bus. The country is moving backward instead of forward.

Where exactly in this world is train cheaper than bus? Any examples?

It's amazing how over 90% of people commenting on this thread are so so confident in their unanimous belief that trains are cheaper than buses around the world. Abeg which world exactly are we really referring to here?

ubox:
I wonder what they'll say if they hear the prices of bullet train.

Lol.. you even go too far.

Lamasta:
By all standard and means train ought to be cheaper compared to road transport...

By which standard exactly?

These modern trains are faster, safer, more secure, far more comfortable and luxurious. based on what standards exactly do we all feel these benefits should come at a cheaper rate? If trains are truly cheaper, then why should I or anyone ever use the bus?

For every country I've been to, train tickets are more expensive than buses; so I wonder where this consensus idea on this thread that trains should be cheaper is really coming from.

NdigboWorldwide:
Railway is cheaper than road, especially taxi.

Taxi is an executive charter service; comparison is train vs bus, which is cheaper globally.

Whitelookq:
Google
Among the different means of transportation, Railway system is the cheapest and safest mode both for passengers and goods. It is the most affordable mode of transportation used for travelling for long as well as for short routes.

For heavy freight movement, Yes! but for passengers, I doubt it. If you insist on your google finding, maybe you should go deeper and please point out any country where intercity passenger train tickets are cheaper than catching the bus.

lexy2014:
I think it used to be. I remember entering train from Kano to Zaria by train. It was about 3 times cheaper than bus. Maybe things have changed especially considering d investment in d new infrastructure

Those old version narrow gauge slow trains may have been cheaper than buses because the NRC probably fixed a low/subsidised price, but that doesnt mean rail passenger transportation is 'generally cheaper' than road transport around the world.

Tenshades:
It's cheaper...this government is just trying to milk the masses dry by all means.

I have boarded train from Osogbo to Minna with #800 before it was later raised to #1,200 in 2015.

I'm sure you know airline or road transport companies won't collect #800 or #1,200 from you to take you from Osogbo to Minna.

NRC may have charged you N800 from Osogbo to Minna in 2015 in those old school narrow gauge extremely slow trains, but that doesn't automatically mean that rail passenger transport is cheaper than road transport globally; not especially with the more modern higher speed trains.

etibaba:
With the way you quoted him people Will feel you know better, Just do your findings cos Rail transportation is cheaper than road shikena.

Like I said before, kindly point out the place where rail is cheaper than road for passenger transportation (not freight); it's a very simple question that has the capacity to educate us both.

Coldie:
To some extent he has some truth in what he said.

When abuja kaduna train started it wasn't this expensive, till now it's not this expensive. How come this one is more expensive.

If it started of being this expensive imagine how expensive it will be in the next wave of increment

Did you read the report before saying the bolded?

CeterisXVII:
It is often cheaper because in other countries petrol is not subsidised like it is done here, so fuel costs are high, which in variable leads to higher transport costs.

It also costs money to go through tolled roads and parking fees also apply in many areas.

At the end of the day, it becomes cheaper to go by rail. Especially if it is a long distance journey.

Please can you give any specific examples? Examples of countries or routes where train is cheaper than road.

Lamasta:
I don't think Amaechi the transport minister have any idea that lagos to ibadan by bus is 1k or less self while train that is suppose to be the cheapest means of transport is 3k

May be him and his chinese brothers will board the train sha

Where exactly did Nigerians get this weird idea from that trains are supposed to be cheaper than road?

rejoice4eva:
The last time I checked, railway transportation is cheaper than road transport. Why is everything in this nation seems lopsided and upside-down

Railway, cheaper than road? Please where in the world did you see that?

akinreals:
Make una continue u hear, Ibadan bus from Berger is 500naira, train 3k to 6k, una go sell una hear

Then catch the bus... Life isnt that complicated.

Pierocash:
Which family will have pastor Paul Enenche and won't be blessed. What a blessed family.

I always suspect that major Gen Enenche is related to Paul Enenche

Of course they are...

Mayng01:
The video is authentic, but that particular photo is still a doctored one

Of course it was superimposed and that's what the report just confirmed. But the big question I've been thinking since the noise about that photo started was, "if it's edited, and so what?" Nigerians just like to bother themselves and make a fuss over irrelevance.

wingmanIII:
Very incoherent. Sounds like the guy is having a mental breakdown

You just spoke my mind, sounds like depression. The incoherence of his speech and the irrelevance of the rant don't add up to anything reasonable. The fellow needs help.

Fahdiga:
NGpatriot you are a shameless crumb eater. at this rate you will even defend the devil claiming he didn't offend God and that it was God that lied against the devil. you have my pity

Since when has it become a virtue to spread false/misleading information? And when has it become a crime to clarify false info? Even after clarification, you still desperately insist on believing and spreading misleading info?

I swear, a lot of Nigerians need urgent mental evaluation.

TriCee:
Lol, a very valid suggestion though. But coming from the wrong person.
Oby is either bittered or trying to right her wrongs.

Obakoolex:
I don't know if you people have never made any mistake and try to fix back....some people that supported buhari has now realized their mistakes and trying there possible best to fix things back, so either let them try or hush please

What wrong or mistake did Oby make exactly by calling out the then president to do something about bokoharam and the over 200 kidnapped girls?

Its obvious a lot of Nigerians actually need this mental health evaluation, not just Buhari.

RenaissanceGuy:
Let's not be emotional about this. Yakubu Gowon was in Ethiopia attending a meeting when he was overthrown. So how did he then move half of CBN? Did he come back to Nigeria to tell the new military govt to give him half of the CBN treasury? Impossible Bring up your own "superior" logic. The guy said the man left Nigeria with half of CBN money. Actually, Gowon went to the UK from Ethiopia after he learned of his ouster. So it doesn't add up.

"How could Abacha have stolen half of the CBN when he actually died? Did he move the money from the grave?.. it doesnt add up"

The above is exactly how watery your defense sounds...

Where and how exactly did you arrive at this conclusion that it was AFTER he was overthrown that he moved the money? I've seen someone else on facebook come up with this very illogical argument you put up here and I wonder where your picked this from.

When a leader is corruptly saving funds for the rainy day, why exactly do you think the leader would foolishly wait until the rainy day before moving the funds?

I'll go with Obi. His financial prudence is something we could use in Aso Rock for once.

Agbegbaorogboye:
Exactly. You get it now. The bias for everything north in this govt is too loud and clear. They want to reduce import duty on foreign cars so as to kill the local auto market which is southern dominated and also kill the Benin port while opening the border for Niger to bring its fuel into Nigeria. Samw Niger that housed Boko Haram

Mind you Niger sells fuel at N350 per liter. So how exactly will the fuel be sold at N170 in Nigeria. Can you see the rigmarole? Look very well and you will see where dis is going to

Now I get your message clearer; the govt importing petrol from the northern border is the bone of contention.... You even have a specific problem with Niger cos they house bokoharam. Then you imply that the Nigerian govt is being stupid for importing petrol to be used in northern border towns from a closeby Niger refinery instead of Lagos seaport; youre sure tribalism and favouritism for the north is the reason behind that decision.

Thank you for letting me know how confused you are. Obviously the bitterness on this thread isnt even about anything rational or reasonable, rather it's all about hate and bigotry against the north. Thanks for letting me know so I can bounce off this useless thread.

Agbegbaorogboye:
No sir. We are saying the Federal Government of Nigeria should exist for the benefit of Nigerians not for the benefit of a particular ethnic group. Same stock can use the border to export their cement and now import their fuel with some hidden benefits while the other stock can die of hunger at the border communities like the South West kings pointed out last week

So Nigeria importing petrol from Lagos ports and trucking it down to the north makes you feel better than Nigeria just conveniently getting the petrol to be consumed in northern border towns from Niger? In your understanding, it is tribal favouritism for govt to get petrol stock for northern border towns from Niger instead of Lagos? Wow! I think I get your message clearer.

Agbegbaorogboye:
Keep quiet and stop pandering to emotions.
Nigeria has been importing fuel from Niger before now. It's not a new thing. The reason this is on the front burner is because the closed border means products from Niger can't come in. So, this is like opening a special window for Niger to import its fuel to Nigeria. Just like border was opened for Dangote.
Same border that was accused of being the smuggling route o.
I hope you can see the bigotry and clannishness embedded in this stupid decision

Okay so the problem now is that Nigerian government is importing fuel from Niger when the border is closed for ordinary Nigerian citizens to import anything?

You're saying your problem and the problem of the hordes of bitter people on this thread is that the Nigerian Government shouldnt be bringing in fuel through land borders? That is what the bone of contention is on this thread?