Obi58's Posts

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Politics › Re: Inexperienced Boy Owns Private Jet Under Buhari – Sanusi by obi58: 11:26am On Sep 05, 2023

yarimo:
hehehe so being an NYSC member means you are civil servant? Illiterate kids everywhere . Nigeria constitution is superior to any agency or state act. Adebayo shittu is a lawyer not a illiterate kid like you

Are you not aware that this same lady was rejected by the Senate (an APC led senate for that matter!) in 2020 for not completing her compulsory one NYSC service in 2001?

Stop trying to justify what is wrong. Both by the provisions of the constitution and the NYSC act, she is not supposed to be a serving minister whilst in nysc service.

Travel › Re: Baiyeku, Ikorodu Laments Bad Roads, Seeks Govt Intervention by obi58: 9:33am On Sep 05, 2023*

GloriousGbola:
the road is okota road. it is right there on the map.

you are a real tool. i actually expected as much though - a meaningless wall of text and 20 words where one would suffice.

people like you are only capable of empty criticism. i am sure in real life you are casually peeing in gutters and throwing junk out of windows . it is after all the responsibility of the government to pick up after you.

you dont know the difference between ago palace way and okota road - you don't know the gutters are constantly blocked with garbage. but you do know how to run to the internet to whine at high volume

it is true, empty ignoramus barrels make the most noise.

now run off to twitter to find an echo chamber of like minded noisemakers

GloriousGbola answer the questions raised..... Stop living up to your inglorious moniker. It's typically stupid of you to get sidetracked about minor issues like names of road when we are focused on the major issues of bad roads and environmental issues plaguing the state.

Is the affected road bad or not? What is government doing about it?

What is the Lagos state ministry of environment doing to address the issue of flooding and blocked drainages in the state?

Travel › Re: Baiyeku, Ikorodu Laments Bad Roads, Seeks Govt Intervention by obi58: 9:25am On Sep 05, 2023

GloriousGbola:
i know you are not particularly smart, so let me help you out

https://www.google.com/maps/place/Ago+Palace+Way,+Ikeja,+Lagos/@6.5108581,3.3145608,16.13z/data=!4m6!3m5!1s0x103b8edab3715df9:0xf3a9a39e03d9d15c!8m2!3d6.5001958!4d3.3027681!16s%2Fg%2F1tggksn9?entry=ttu

hopefully you are able to read a basic map, though i am not holding my breath, given yourproud in your face ignorance

what can lasg do about blocked gutters when we have irresponsible people who constantly throw rubbish out of car windows? who have no sense of decorum or knowledge of what a dustbin is? people who are literally on the same level as animals in their behavior?

did the gutters block themselves?

or do those food packs look like sand to you?

I asked you a simple question .... What is the name of the road please? Instead of educating us as the so called knowledgeable person you claim to be you instead demonstrated your stupidity by calling up Google maps to indicate where you feel Ago Palace way is.

As to the whether the affected road which you are still yet to name is outside Lagos state, you conveniently chose not to respond. That's how shameless sadists like you who feel smart continue to expose your foolishness because of the 12 pieces of silver you have collected to sell out your birthright as a Lagos citizen who should be holding its government accountable for provision of social amenities which you are entitled to because you pay taxes... But then again maybe you don't who knows?

Finally, as to what government can do with respect to blocked drainages Mr Smarty Pants, there is a whole lot that can be done. For one, apart from the fact that it detracts from the megacity status Lagos aspires to, it also constitutes a huge environmental hazard to the inhabitants as well as of course causing flooding. So any serious government should take blocked drainages serious.

Lagos state is supposed to have an environmental commission responsible for waste management innit? LAWMA and LASEPA to be precise both under the Lagos state ministry of environment. I asked you about Joe Igbokwe which of course you dodged because of your malicious intent. People are employed to sweep roads daily. How many roads do they actually sweep? Most of them even sweep their refuse into these gutters! Why can't these people be held accountable for ensuring the cleanliness of the drainages in the sectors they are contracted to cover?

I'm sure that you are aware of KAI in Lagos. Google them if you are not aware. How many of these so called officials enforce environmental sanitation both in commercial and residential areas of the state?

How many sensitisation campaigns has the government engaged on to enlighten people on the hazards of blocked drainages and what enforcement has been installed to serve as a deterrent?

These are just a tip of the iceberg of the active role government can and should be playing in environmental protection Mr Smarty Pants no Sense.

P.s. This should not detract from the horrific state of roads in Lagos and the content question as to what the government is using all its IGR for if it cannot provide basic amenities for its citizens.

Again.... What kind of moniker is GloriousGbola? How can you convince anybody that you have a modicum of common sense?

Travel › Re: Baiyeku, Ikorodu Laments Bad Roads, Seeks Govt Intervention by obi58: 8:59am On Sep 05, 2023

GloriousGbola:
this is the typical state of gutters along ago palace way. this is almost at the beginning of the road
this is the state when it has NOT rained

how will the gutters not flood?

are the gutters blocking themselves?

you also seem to be confusing ago palace way with the road to link road to cele

What's the name of the road please? Is that road in Benin Republic?

What is the LASG doing about blocked gutters? I thought at a time they had a commissioner (Joe Igbokwe) in charge of drainages? Has that been rescinded now?

Travel › Re: Baiyeku, Ikorodu Laments Bad Roads, Seeks Govt Intervention by obi58: 4:13am On Sep 05, 2023

GloriousGbola:
AGO palace way road is not bad. it is in perfect condition. the drains are however full of rubbish dumped by the people.

You lie sir. There are sections of Ago palace way that are either flood prone or porthole ridden. The section between Cele express and oke afa is in a terrible state.

Travel › Re: Baiyeku, Ikorodu Laments Bad Roads, Seeks Govt Intervention by obi58: 4:09am On Sep 05, 2023

raskymonojendor:
Anytime you are in Lagos from Owerri or is it Onitsha, I would love to take you on a ride on one of our trains.

Have some shame.....

Stop defending the indefensible. Fine the blue line metro has started operations which is laudable but let's not forget it was completed almost 10 years after the target date meanwhile the red line is still uncompleted and the other proposed metrolines like the green and purple line are still yet to commencée.

Lagos is supposed to be a megacity but unfortunately is a megaslum. For the massive IGR generated daily there shouldn't be a single bad road but unfortunately that is not the case. Not only bad roads but there is a general decay of public infrastructure throughout the state be it pipe borne water, health facilities or schools.

Almost all the major communities in Lagos have terrible access roads and you just have to ask yourself where all the monies go to. As for internal roads, those have long been abandoned to CDAs because local governments here are completely moribund.

Lagosians pay exorbitant transport fares on bad roads and the government turns a blind eye to the massive 'ticket' collection by touts on transporters daily which is passed on to Lagosians in higher bus fares.

Honestly the Lagos state government can and should do better for its citizens

Politics › Re: Inexperienced Boy Owns Private Jet Under Buhari – Sanusi by obi58: 6:13pm On Sep 04, 2023

yarimo:
read and understand the constitution before login to public forum and disgrace yourself and your parents

Let's display maturity on this platform and stop trying to defend the indefensible.

The act establishing the National Youth service corps clearly makes it compulsory for every graduate under 30 years to do a 1 year service to the nation after which a discharge certificate is issued which is a compulsory requirement for employment in Nigeria be it in public or private sector.

I'm sure you have also read the official position of NYSC on the issue of holding public office.

I'm sure you're also aware of a former minister of finance who had to resign because of her forged nysc certificate.

1 Like

Politics › Re: This Is No Time For Strike Threats, NURTW Tells NLC by obi58: 9:26am On Sep 04, 2023

Lexiskillz09:
Oga go strike make we see. Stop the unnecessary long epistle of Noise

On Colos.

Politics › Re: This Is No Time For Strike Threats, NURTW Tells NLC by obi58: 8:32am On Sep 04, 2023

Lexiskillz09:
Says the stupid fool.
Oya embark on strike and stop making noise

What your garrulous incontinence shows is that either you're a paid miscreant selling your birthright for peanuts or of all fools you are the most foolish. Either way, reasoning with you is wasted because you quite obviously are not here for intellectual discourse. You're just here to bandy insults all around and not coherently make a case for your point of view.

You just graduated but obviously you learnt nothing in school that's why you are here insulting your generation. When elders are talking you are supposed to pay attention so that you can learn but the few strands of hair on your chest seem to have given you false bravado.

You are yet to decide on a course of study for masters and are seeking advice. By the time you start job hunting and no one is feeding you, I'm sure you will understand just how foolish you have been and how you are disgracing the hands that are going through hell in this economy to feed layabouts like you.

Politics › Re: This Is No Time For Strike Threats, NURTW Tells NLC by obi58: 12:44am On Sep 04, 2023

Lexiskillz09:
See mumu wey pain no allow see road

Today Asiwaju tomorrow Tinubu. U never see anything God will continue to use Asiwaju to inflict more pains on you, and like u have been crying and wailing since 10BC u will continue to cry till thy kingdom come.

If dem born u well you and any of ur family members well make una embark on d stupid strike
Through Asiwaju, God will continue to deal with you.

Keep crying 😢 😭
No room for stupid strike

Young man, stop making noise online and focus on your studies....

It's quite clear you don't know what workers are currently going through in the economy that's why you're clamouring for no strike.

This is not a time for displays of stupidity please. The government has removed subsidy and needs to be held accountable for the promised economic reforms it wishes to undertake.

It is a sign of irresponsibility if the government only engages labour when they threaten to go on strike. That's quite unfair if this allegation by labour against the government is true.

5 Likes

Politics › Re: With Functional Refineries, Petrol Will Sell For Less Than ₦‎200 – IPMAN by obi58: 7:21am On Sep 02, 2023*

Mynd44:
This isn't true except the FG will introduce subsidy on crude oil to the refineries.

If the crude is supplied at market price, the difference due to importation will not be more than ₦‎50-70 naira.

The only advantage is the pressure on the Naira due to FOREX

Why should government sell crude oil to the DOMESTIC market at INTERNATIONAL prices?

Every major economy adopts PROTECTIONIST policies that prioritise the welfare of its citizens, why not Nigeria? Why can't we sell only the quota of crude exported along with excess refined product over domestic demand at international prices?

This is what a serious government would do but because of 'vested interests' (or the cabal as you know it), we continue to inflate production costs and pass it on to the poor masses. Corruption is emasculating the economy and the government needs to be serious about weeding out these drains to the economy.

Nigerians need to stop making excuses for corruption in government. This is how the lie that subsidy must go because of smuggling to neighbouring countries was sold to Nigerians. My answer to that is that if aeroplanes can be fitted with tracking devices and tracked from departure to arrival destination, why can't same be done for lifted products from the depot? Why should we be comfortable that our borders are porous to smuggling as a country and no one is making a serious effort to address this?

1 Like 1 Share

Politics › Re: Gabon: Expect More Coups In Africa – Femi Fani-kayode( FFK ) by obi58: 7:16pm On Aug 30, 2023

Next on the line is Cameroun.....

Paul Biya has been in power for over 40 years and the country is wallowing in abject poverty just like many African countries where corruption, tribalism and nepotism has deeply entrenched the slavery of the African people with few amassing wealth at the expense of the majority.

3 Likes

Politics › Re: Obaseki: I’m Scared Of FG’s Lack Of Plan For Nigerians After Subsidy Removal by obi58: 8:52am On Aug 25, 2023

jumper524:
this administration have increased the igr of state (more than double of the previous) governors of every state including edo state so governors like Obaseki can do something from his own end.

IGR means Internally Generated Revenue. This is different from the monthly federal allocations received by states after sharing at the center. You have a point though in asking what more state governments are doing to improve the lives of their people now they are receiving larger allocations though inflation and falling naira is diluting the impact of such finances.

This same government has given 5billion to every state governors including Obaseki to see how they improve things at state level.

Many states are in dire economic state and are even struggling to repay the COVID 19 loans they were given. The so called 5bn palliative is actually part grant and part loan repayable over 20 months by direct debit from the center with a 3 month moratorium. Increasing the state governments debt burden will reduce their ability to effectively discharge their obligations which have further negative impact on the people. Corruption and financial misappropriation should not also be discounted in the disbursement of the palliative making the FGs palliative move counterproductive. The country would have been better served if that 5bn was used to set up CNG conversion centers and filling stations in each state and provide loans for people and transporters to convert their cars to keep movement of goods and services more affordable and help reduce the inflationary tendency.

This same government is working towards an much improved minimum wage of 60k that's highly sustainable and this same govt has been working over time to stabilise our weak naira using every policy they can hatch till now.

The country is broke and so far nothing has been done to tackle corruption and cost of governance which have constituted major drains on our finances over time. Also efficiency in revenue collection should be given serious focus. Recently there was a story on radio about the hocus pocus currently going on when you go to take the train from Lagos to Ibadan, how passengers are prohibited from card payments and issued tickets to Abeokuta instead of Ibadan in 2023 and this has been on for 2 years without being addressed. Same issues have been responsible for smuggling at the borders and leakages in duty collections at the ports. These are quick fixes which government should immediately address. In the medium term, all the refineries should work to boost FX inflow and everything should be done to encourage domestic production. This is the only way forward.

If you would have done better, tell us how.

Politics › Re: Ondo Youths Reject Igbo Politician As Council Caretaker, Storm Street To Protest by obi58: 1:38pm On Aug 24, 2023

Flathead8:
I totally support this, if a common security guard can't be Yoruba in SE, I see no reason why Ibo should be elected

If this is the level of your mentality, then the entire purpose of your Parents sending you to school has been defeated.

Politics › Re: Naira Weakens To N773.4/$ At I&E Window, N905/$ At Parallel Market by obi58: 10:16am On Aug 24, 2023

DeLaRue:
Government doesn't control black market price. It is up to the buyer and seller to deal at whatever price suits them.

The government only has direct influence on the I & E window which is around N780. Big companies and many others who have legitimate reasons can buy dollars from banks.

Many of those desperately buying at any price on the black market are using hundreds of billions stolen under Mr Buhari's government. They can't come out openly to buy through official channels.

If they like, they should push the black market rate to N1500, it is up to them.

The government can only focus on the I & E market.

But the problem is that the CBN cannot meet the demand of the big companies on the I&E market. This is what is fuelling the demand in the black market where the dollars are readily available.

Govt secured a so called loan to bridge the FX demand gap in the I&E window to stabilise the naira as a desperate short term measure but so far, this loan has either not been used or is failing to make the desired impact. Waste of funds which we have to pay interest on if you ask me.

The solution still has to lie in boosting both oil and non oil exports to increase FX inflow. This is the only way out.

4 Likes 1 Share

Politics › Re: Shuaibu Audu Prostrates Before President Tinubu by obi58: 7:15am On Aug 22, 2023

[quote author=Mohisah post=125274248]What do u know about North?
We squat to greet elders and sometimes even remove our shoes/slippers, we play culture, not Western life, just dat u barely see it on media[/quote

You tell me how many northern members of Buhari's cabinet squatted to greet him at their confirmation or any official function for the 8 years he was president?

Politics › Re: Shuaibu Audu Prostrates Before President Tinubu by obi58: 9:57pm On Aug 21, 2023

Arapmoi22:
Yes daddy.
You forgot how your tribal prosperity seekers are prostrating and kneeling in canaanland.
I experienced plenty of it in Winners Chapel Owerri.
Yes daddy
Yes daddy
Yes daddy.

Perhaps on their personal church visits but not during official functions.

Know the difference and have peace please.

Politics › Re: Shuaibu Audu Prostrates Before President Tinubu by obi58: 8:25pm On Aug 21, 2023

favor914:
Please Shut up, Inconsequential ignorant Obidient.

Your picture says everything about you.

Riff raff.

Politics › Re: Shuaibu Audu Prostrates Before President Tinubu by obi58: 7:39pm On Aug 21, 2023

egbetokuns:
Why u guys always muscle unnecessarily about the Culture you don’t understand and you’re not ready to learn. Everything can’t be politics because is minister now he can’t respect his father any longer.

You don't treat government which is the place for official conduct to showcase your cultural proclivities.

Just the same way you won't expect a sitting president to be referring to Bishop Oyedepo as Daddy at an official function. He can address him that way if they are having a personal conversation but not at an official function.

I hope you are rational enough to understand the difference.

Politics › Re: Shuaibu Audu Prostrates Before President Tinubu by obi58: 5:50pm On Aug 21, 2023

simpleseyi:
That is Abubakar Audu's son prostrating for his late father's friend Tinubu.

How do you greet your father's friends? By standing on their heads or by kneeling on their necks?

This is the height of unprofessionalism. So was he appointed minister because of his late father or because of his credentials?

Even Buhari who is officially older than Tinubu and arguably more influential in the North did not have ministers and members of his cabinet coming to prostrate for him in the name of respect.

We don't need sycophants or yes men in government. Will such a person be able to defend his position on an issue before the president if he believes it is the right thing to do? On the evidence of this, I doubt.

1 Like 1 Share

Politics › Re: President Bola Tinubu Approves Establishment Of Presidential CNG Initiative by obi58: 9:04pm On Aug 18, 2023

naptu2:
Presidency Nigeria @NGRPresident

https://twitter.com/NGRPresident/status/1692573521401069719

Establishments of policy has never been a problem of the government.

We were promised transparent technology driven elections but we all saw how that turned out.

So while on paper this looks laudable, we would like to wait and see the mode of implementation to see how this government's initiative will be implemented. Will this initiative provide soft loans for vehicle users and transporters who seek to convert their vehicles? Will there be financial and technical support for interested entrepreneurs who wish to establish conversion workshops? Will government itself be involved in creating conversion centres or will the support be in terms of policy incentives alone or will all these be implemented and more? Will corruption and politics contaminate this initiative like the fuel subsidy removal?

Time will tell.... The devil is in the details. Let's wait for the specifics of this initiative and the timelines for implementation.

Politics › Re: NLC Faults N180 Billion Palliatives, Says Governors Will Frustrate Programme by obi58: 8:19am On Aug 18, 2023

Kukutente23:
But there'll be nothing to loot or buy the votes of the poor na.

But 180 billion is less than 50% of the 500bn loan collected na

Politics › Re: NLC Faults N180 Billion Palliatives, Says Governors Will Frustrate Programme by obi58: 8:13am On Aug 18, 2023

I heard that a CNG conversion center costs between 50-100m to set up. 2bn of the 5bn will set up between 20-40 conversion centres in each state. The remaining 3bn can be used to subsidize the cost of each conversion either as a form of soft loan/grant to car owners and vehicle transporters.

If we decide to PPP such that government provides 50% counterpart funding for private sector participants willing to set up such centres, then we can even have more centres set up.

I am sure that some states would not even need up to 10 conversion centers. Even a state like Lagos would be well served with 40 conversion centers.

Just imagine if that 5bn was used to set up CNG conversion centers in each state and offer conversion to cars/buses/keke at 50k per vehicle.

Wouldn't this help to reduce the impact of fuel price on transportation of people, goods and services?

When we say this government is not serious about improving the lives of people this is why we say so.

Politics › Re: You Can’t Wait For Govt To Do Everything, Remi Tinubu Tells Nigerians by obi58: 10:27pm On Aug 17, 2023

deji17:
Okay. Wait for Govt to do everything.
Otherwise, most things that we see abroad and we like, are provided by the private sector and or private sector driven.

You lie sir. Cover your head in shame please!

Abroad:

Government does not leave education and health care to the private sector.

Emergency services like ambulance, fire service and police actually work unlike in Nigeria.

Government provides security for its citizens. You don't have police standing at random checkpoints looking to extort citizens and taking cover once they hear any gunshot during robberies.

Government provides a sane climate for businesses to thrive. They don't multiple tax SMEs out of existence like in Nigeria.

Government does not allow Agberos in whatever guise to extort transport workers abroad as is the case in Nigeria.

Etc

In Nigeria, we provide housing, water, education and electricity for ourselves. Our schools up to universities are a mess ditto our health systems. Security is non existent and corruption and hifh cost of governance still a menace.

Nigerians don't ask for much just provision of basic amenities like good roads, electricity and functional hospitals and schools but even after 50 years of independence, our systems are still a mess.

3 Likes

Politics › Re: FG Allocates ₦5 Billion To 36 States & FCT As Palliative For Subsidy removal by obi58: 10:19pm On Aug 17, 2023

ivolt:
Forex is not a commodity.
It serves a specific purpose and there is a point at which it sufficiently meets all demands.

You don't need an infinite supply to meets the demand for forex or any other resource.
A condition of glut is commonly met without infinite supply.

You just made my point.

There's no commodity that has infinite supply FX(money) inclusive. It's price (exchange rate) is a function of the ability (supply) of the FX market (cbn and aboki) to meet the needs (demand) of our import dominated economy. As such the government can regulate price either by boosting supply short term through loans/liquidity injections or increasing our earnings.

On the demand side, if government focuses on domestic production with view to import substitution, our demand for FX will reduce. This also goes for local refining of crude which will eliminate the need for importation.

Government instead of focusing on eliminating fuel importation chose to play short term politics and eliminated subsidy instead. But all indications thus far has shown that the expected gains from subsidy removal have been overshadowed by the daily pains Nigerians are experiencing in the galloping inflation of goods and services and the rapid decline in quality of living and concurrent escalation in the cost of living.

Widening our revenue base through taxation for example without addressing the fuel importation conundrum which is not just depleting our foreign reserves but encouraging imported inflation will be self defeatist to say the least.

Politics › Re: FG Allocates ₦5 Billion To 36 States & FCT As Palliative For Subsidy removal by obi58: 8:58pm On Aug 17, 2023

ivolt:
There is no such thing as excess demand in forex.
It is always a question of limited supply.

OPEC is just a quota fixing cartel!
It has no significant bearing on a country's economic power.

I am not sure you read your own answer.
Why would you blame the problem on "excess" demand and then turnaround to prescribe
a supply solution(earning)?

It is not an earnings effect when FX that could be used by thein meeting other commercial imports

You are obviously confusing cause and effect.
Again, there is no excess forex demand.

There is no commodity that has an infinite supply. The price of every commodity is an interaction between its availability (supply) and it's demand. Both forces work together to determine the prevailing rate of the commodity. Saying there is no excess demand of FX is too one dimensional to say the least.

Now to the issue of FX.

The quantity of fx made available by CBN for fuel marketers and importers to purchase on the official market is limited due to our hamstrung oil earnings and loan obligations yes. However, there are fx demand components like that of oil imports which if addressed will reduce the pressure on our reserves not just because there will be increased earnings but because the existing scarce resources can be saved or better utilized on more deserving sectors of the economy. This importation component is part of the excess demand I refer to.

Politics › Re: FG Allocates ₦5 Billion To 36 States & FCT As Palliative For Subsidy removal by obi58: 8:18pm On Aug 17, 2023

We are still yet to receive the audio palliative 25% reduction in bus fare by Lagos state government.

Politics › Re: FG Allocates ₦5 Billion To 36 States & FCT As Palliative For Subsidy removal by obi58: 8:14pm On Aug 17, 2023

ivolt:
This one has been cajoled.
Forex crisis is a crisis of earnings, not importation.

You are the one who has been cajoled. Maybe you're just a paid influencer deliberately spreading misinformation.

Naira dévaluation is as a result of excess demand (importation) of FX over supply (oil and non oil exports).

A good chunk of our limited FX is spent on fuel imports when as an OPEC member state we should not just be refining but selling the excess to our countries which will boost our foreign reserves. This will insulate our economy from oil price fluctuations on the international market and reduce the demand for FX thus strengthening our Naira and reducing inflation in the country.

Travel › Re: Kenya's Electric Okada (Boda Boda) by obi58: 9:33am On Aug 17, 2023

naptu2:
Government! Government! Government!

Was it the government that set up these companies in Kenya??

Besides, there are already Nigerian companies that are providing alternative energy solutions; have you patronised them? Have you set up one yourself?

Meet Mustapha Gajibo Who Converts Petrol Cars To Electric Cars In Borno.
https://www.nairaland.com/7721251/meet-mustapha-gajibo-converts-petrol

Innoson Produces CNG Vehicles, Asks Nigerians To Say Bye To Petrol
https://www.nairaland.com/7720173/innoson-produces-cng-vehicles-asks

All You Need To Know About The Lagos Electric BRT (Photos And Videos)
https://www.nairaland.com/7721928/all-need-know-lagos-electric

Ogun Converts Public Buses From Diesel To CNG
https://www.nairaland.com/7779074/ogun-converts-public-buses-diesel

Ogun State To Provide Electric Okada For Public Transportation.
https://www.nairaland.com/7788268/ogun-state-provide-electric-okada

Where is the electricity to make this business sustainable?

A typical charging hub in Nigeria cannot depend on erratic NEPA so will either have to add solar or generator. This will make deployment of this facilities more capital intensive and more expensive to sustain thus making it difficult for such services to provide competitively priced services for widespread buy-in.

This is why governments role in providing the enabling environment for businesses to thrive and provide affordable services can not be overemphasized.

1 Like 1 Share

Business › Re: What To Know About The NNPC's $3billion Loan From Afrexim Bank by obi58: 8:09pm On Aug 16, 2023

ORIENTATION101:
olodo despite breaking it down for you.
FG is not paying bank any money.

But they are going to bro...

Oil marketers and importers are looking for dollars to import which currently is unavailable at 700 naira in the official I&E market but is present in the black market at 950 naira.

To avoid the steady decline of the naira and the increasing gap reappearing between the official and black market the CBN has to intervene to make sufficient dollars available at the official rate which is why they have secured the loan ergo reintroduction of subsidy through the backdoor.

2 Likes

Business › Re: What To Know About The NNPC's $3billion Loan From Afrexim Bank by obi58: 8:03pm On Aug 16, 2023

Our problem at the moment is insufficient dollar reserves to defend the naira as a result of insufficient exports.

So why is the government not taking this loan to accelerate the renovation of our refineries to boost our refining capacity and reduce our dependence and demand for dollars to fund petrol imports?

Why are we not seeking solutions to address the root cause of our current problem which is our exposure to imported inflation due to the fluctuations in international oil prices?

This solution as posited is at best a short term solution to crash dollar price by ensuring sufficient availability of same in the interim at the expense of our already limited future earnings. Instead of subsidizing domestic fuel consumption this seeks to subsidize domestic dollar demand. It may work in the interim to some extent but will have repercussions in future.

3 Likes

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