Exchanging $ at cheap rate for people sending children abroad to pay school fees or BTA for those privileged to travel out is not helping the economy. They're just takIng care of their own people, a vocal minority at the expense of the masses who don't have a say in how this country is ruled
How many Nigerians can afford to pay $30,000 to school in the US that CBN has to subsidize these folks to pay tuition?
It's still difficult for manufacturers to source $ but easy to pay tuition to attend university in New York. This CBN is a joke. No wonder international investors do not take them seriously
There is nothing like injecting dollars into the economy, our foreign revenue is in dollars and needs to be converted to local currency before it can be used to fund 2017 budget.
The CBN is not giving out those funds, rather exchanging it for capital projects as stipulated in the 2017 budget. We are in a petrol-dollar economy , we need both to service the economy until will fully diversify.
One of the reforms the IMF demanded from Egypt was to do away with food subsidies. And that's exactly what shot inflation to 30%.
This is why I call you a politician, because every African analyst worth his onions knows the underlying reasons for Egypt's inflation. And not your very immature, beer-parlor exchange rate nonsense.
Now compare that to Nigeria where the government does not subsidize food. Food currently is bought at parallel market exchange rate. So the only effect a full float will have on the Naira in terms of inflation is due to higher fuel prices that historically increases the price of goods. But Nigeria has no choice really. If oil goes up to $60 as expected later this year, the current pseudo-fuel-subsidy will have to be re-pegged. Which means higher fuel prices and higher cost of goods with short to medium term higher inflation.
If Nigeria had abandoned fuel subsidies in 2012, the pending impact of a full float on inflation would have been minimal. But alas we even still have fuel subsidy now because 145 is more than the current landing cost of petrol. The NNPC pays the subsidy.
Then about data of Egyptian reserve. Read the reports from Bloomberg:
So it is clear you are pulling figures from your a$$ like politicians do. I'm talking about reserves, you are talking about FDI.
You have to apologize to Nairalanders for deliberately misinforming them, before I'd even begin to contemplate apologizing to you when I did not insult you. If you lie, then you are a liar. Simple as that. I'm not going to apologize to you for implicitly calling you a liar when you are brazenly lying.
As for the value of the Egyptian pound, look at official data from the Egyptian Central Bank -- http://www.cbe.org.eg/en/EconomicResearch/Statistics/Pages/ExchangeRateshistorical.aspx. The Egyptian pound has been hovering between 15 and 18 since the start of this year. The recent minute increase which has stopped was because of the drop in oil price last month. That's how fully floated normal currencies behave, not the fake pegged naira.
Then the consumer confidence you showed is for data starting in 2007. If you are to use the word, know what it means. 2007 is recent, so you should have said as I did with the reserve, consumer confidence is at it's lowest point since 2007. Not say all-time. Know how to express yourself. Furthermore, the consumer confidence is heavily influenced by inflation, so it's low point is expected.
I will ask you again. What do you gain from lying?
You are a politician plain and simple. An economist doesn't lie when facts are staring at him/her straight in the face. It is only politicians that do not do adequate research before opening their mouths. That's exactly what you are doing.
Shameless propagandist.
I set my cross hairs on people like you who prefer propaganda over facts and use high sounding words to cover up their offensive, brazen lies and misrepresentation of data.
-Lord
Exchanging $ at cheap rate for people sending children abroad to pay school fees or BTA for those privileged to travel out is not helping the economy. They're just takIng care of their own people, a vocal minority at the expense of the masses who don't have a say in how this country is ruled.
How many Nigerians can afford to pay $30,000 to school in the US that CBN has to subsidize these folks to pay tuition?
It's still difficult for manufacturers to source but easy to pay tuition to attend university in New York. This CBN is a joke. No wonder international investors do not take them seriously
Yes, all individuals are entitled to freedom of speech. Likewise inciting violence through hateful words is illegal. I listened and watched that Suleiman's speech; it was filled with pure hate and violence. He should be cautioned and sanctioned for that kind of incendiary statement.
Encouraging your followers on the pulpit to commit violence act is disgraceful. We all need to understand that outcome of any war in Nigeria can be extremely unpredictable and violent. People should stop listening to all these unprincipled Christian leaders. They will all flee to US, Canada or any safe haven if conflict starts and leave their followers to face the consequences.
Nigerians be smart: A lot these religious leaders and their families have visas and permanent residency of western countries. They'll set our country ablaze with violent words and flee when trouble starts.
esuLAAROYE: Enough is enough. The last time we checked, Sections 38-41 of the 1999 Constitution (as amended) states clearly that every Nigerian is “entitled to freedom of thought, conscience and religion, including freedom to change his religion or belief, and freedom (either alone or in community with others, and in public or in private) to manifest and propagate his religion or belief in worship, teaching, practice and observance.
The Constitution states unambiguously that ‘Every person shall be entitled to freedom of expression, including freedom to hold opinions and to receive and impart ideas and information without interference’. Every person shall be entitled to assemble freely and associate with other persons, and in particular he may form or belong to any political party, trade union or any other association for the protection of his interests:
I think Buhari's government didn't rule with constitutions. they actually operate with guns, unidentified search warrant, ruggedity and force.
Buhari's government is called Forcemocracy: the government of the force, by force and to force.
meanwhile Fulani hiredkillers are licenced under section Buhari/2017" 34" to eliminate Christians at will without prosecution but the Christians are under a stewpiid law that compound them not to retaliate even when they butcher/harrass their spiritual leader in front of them..
the thunder that will fire Buhari is still drinking Small stout with Donald Trump in U.S.A.
mastengsynergy: Very brilliant C. V. But he has never introduce where his Parents hailed from. Born in Epe doesn't mean he is a native of Epe land. "What is your State of Origin Sir? Lagosians want to know.
Born in Lagos, schooled in Lagos, worked for Lagos state government and paid his taxes to the Lagos state coffers. He's a Lagosian simple and therefore qualifies to hold any elective post in Lagos.
I see no competition, instead what I see is a cartel. Cement shouldn't be more than N500.
You are right.These guys have been gouging Nigerians all this time and making excessive profits. Price of cement in Nigeria is still one of the highest in the world
BadBoy25: yes ,if given power ,black people are the most bigoted people, That is why i have no sympathy towards blacks in some situations sometimes . that is why God did not give black people power to dominate the earth .
Rationalizing racism with your explanation is really disturbing. I don't believe you're a black person
ooshinibos: Yes ,minorities does discriminate ,but its a complex that can be explained , i have experienced it , people become how they are treated , i noticed this in Europe , some of the afro caribbeans are obviously racist to african migrants , and the british born asians are worst than the white racist ...it is a vicious cycle bruv , i remember a black afro caribbean commuter in london abusing a bus conductor that happenned to be an african ( obviously she was nigerian or ghana because she had tribal marks ) , the commuter shouted at the conductor , go back to ur country and all sorts of racial abuse , the oyibos in the bus could not believe it , i was shocked beyond my brain and i will never forget. i remember this more than the white racism that i have experienced in Europe . i believe if the afro carbbeans that were born in europe had never experience racism they might have not been able to dish out the same evil to fellow african migrants that show up in europe. i will think the victims of racism will be compassionate but it nevers turns out that way ..the abused becomes the abuser most of the times .....same story amongst the afro americans and the african migrants, the tension and hate is just something else... this racism is beyond color and its an evil mechanism designed to destroy mankind..turning a blind to it makes it worst and when this evil matures it does not discriminate .... terrorism is an off shoot of untreated racism ..and so on
This isn't racism. The persistent racial prejudice experienced in white societies has created a subtle caste system within minority groups. Sadly the prevailing perception that minorities closer to white people (in how they speak, what they eat, how they look, where they are born etc) are far more superior than their other black brethren. Some Africans and Caribbeans therefore detest each other to be seen as been closer to white people. I see this tendency all the time.
I think the OP is confused about what racism entails. He asserted that racism is about "superiority" and to be superior, you've to be the dominant race, with power. However, since minorities can never be the dominant race, and they lack the power to either rule, or be superior - there's absolutely no way they can be racist.
But on the flip-side - they can be bigots and and also ethnocentric.
Topic:
- BIG NO!!
Absolutely correct. Black people and other minorities need to understand that Racism equates to prejudice and power. This is the only meaning of RACISM. Anglo Saxons and other Aryan descendants have this false sense of superiority and belief
Internalized racism is the most dangerous outcome of prejudice in North America and Europe and to a large extent in African societies. Some Nigerian parents deliberately force their kids to imbibe and accept pop culture and white values. These kids do not speak local languages nor eat Nigerian dishes even though they live in Nigeria. They are fondly referred to as aje butter
And the Rockets are not matching the Mavs offer sheet for Chandler Parsons
Deng to Heat; Lebron to Cavs. basically the 2 teams swapped small forwards with the Heat getting the very light version. New big "3" Bosh, Deng and Wade. Jeez Heat fans are in for a very long season.
Would you not agree that only a dullard will conclude that the statement “she immediately stayed back to study for her Masters Degree which she achieved in 1983” meant she stayed back at St. Paul’s College Lawrenceville?
From the context of the paragraph, the statement “she immediately stayed back to study for her Masters Degree which she achieved in 1983” meant she stay back in USA to pursue her masters degree instead of returning to Nigeria.
This statement shows the woman is not credible. In a citation you have to be precise with the facts. (example: B.Sc, St Paul's College and MBA St. Paul College or whichever university)
Making vague statement like this indicates she's hiding material information
eGuerrrilla: To be clear, I have seen enough of these cases in the world of employment to spot deliberate obfuscation from a mile off.
Get the undiscerning reader to accept the veracity of the first claim, which may or may not be true (before proceeding to St. Paul’s College Lawrenceville from 1978-1982, where she bagged her first Degree in Accounting. On completion of her first degree). Then tunnel the second and more important assertion (payload) which you know to be false - so she immediately stayed back to study for her Masters Degree which she achieved in 1983) - while leaving just enough wiggle room to feign complete innocence if found out. Brilliant!
eGuerrilla has an eye for this kind of chicanery.
Spot on. This woman has a knack of been economical with the truth. Reminds me of her "do the needful" phrase. When yawa burst, she can find a way to explain things
With this she can claim the Master degree was not from St Paul's College. So which university in the U.S. did she get the Maters degree? Did she even study for the MBA?
Nets vs Knicks tonight! Originally billed as a marquee match up, now it's the battle of the Atlantic bottom dwellers. TNT picked this one to bring in the ad $, but now those companies will be asking for a refund
A-40: Da phuck? So you mean if the season ended today only 3 teams from the East would be .500 or above? No wonder the Heat have been steadily r@ping the East and coasting to titles! Its a joke how bad these guys are while you have teams in the West over .500 that would miss the playoffs
joke indeed! 38 wins gets to the playoff and in the miserable Atlantic division, 35 wins can get the top spot and automatic 4th seed. NBA needs to do something
Donlittle: The east just sucks, and nets lost again, told everyone of my friends, this team will do nothing, anyone here still thinks deron williams is a top five point guard?
true things look very bleak for the Nets but are only 2 games behind the Atlantic division leading Boston. And the top team in this pathetic division will be #4 seed in the playoffs. So Nets can still get to playoffs and make some noise. Plenty of games to play
Halloween is the dumbest white tradition. Dressing up in costumes and begging door to door for candy. Seriously? It's just not cool to see black people doing this shitty practice. Only white people enjoy this crap
It's all about store owners pushing more stuff and selling more goods before christmas
Babzilla: BAD MOVE BY THE LAKERS IF U ASK ME THE BLACK MAMB'S VENOM IS NOT SO POTENT THEY SHOULD EXPLORE WHAT HE IS WORTH SHOULD THEY TRADE THEN BUILD FROM THERE WHATS WITH THE HANGING ON SMH
Lakers are now worth over $1 billion, thanks to his 5 championships and the Kobe brand. So $48 million is chump change considering. Plus this is a great retirement package for a future HOF. They can't trade him cos his got a "no trade clause" in his contract.
Kobe is a true warrior compared to those ring chasing niggas in South Beach.
Polio: I think its high time the head honchos at the New Year Knicks get rid of Mike Woodson!
Terrible start to the season ... Losing is a norm now
FFS, we cant even get shi.t right anywhere
Poor defence, misfiring offence ... Woodson is out of depth and ideas to stop the rot
MSG is a whipping base, away fronts is even worse
My poor knicks, in 16years since i have been supporting them, i have never felt this way!
Well, you guys are back to the dark days of Isiah Thomas. Only good news, this rooster is not filled with drama queens like Marbury, Steven "Franchise" and bloated centers like Eddy Curry.
Boss13: I believe this thread is not about whether Ghana is better than Nigeria but about a President making the right decision irrespective of his personal interest. The concerned lady played a vital role in his election. However, he had to do what he felt right in order to have public confidence.
Peeps we should remember that the woman was only expressing her ambition and yet to actually commit the crime. Yet the govt felt if she could think it, she would achieve it and to the detriment of the public. Another interesting thing is that we don't know if she was actually thinking of saving her salary or gifts from contractors.
In our beloved country, the concerned person will say - enemies of progress are after them and it was actually a set-up. A member of the house of rep. was caught red-handed with bribe and what became the outcome of that case?
Oduah played a huge role in Jonathan's election and I believe that is the sentiment playing in her issue. She still attends Federal executive meetings, she is still performing her role as minister and yet she is under investigation. Won't such person confiscate evidences?
If this issue (Oduah's gate) turns out to be a cold case, it is enough reason for me not to vote for Jonathan in the next election irrespective of whether we have constant power supply or he kills shekau.
I am also ashamed this corruption which has serious repercussions is been admired and hailed by my eastern brothers. We do not know the extent this scandal goes because our journalists are lazy to investigate further.
If NCAA keeps paying interest for a loan that is not use to improve its activities, where will they get the money to make our air space safe. Of course, more planes will drop from the skies and our darling minister will tell us that each accident is an act of God in her brand new armored BMWs.
How can any smart leader appoint a pea brain like this as minister? Ghanaians need to question their President's decision making; though still a notch above our own Jonah
MANY Nigerians are managers in top companies across Europe, Canada and the US.
Those nations are more enlightened than backward India, and will make use of talent regardless of skin colour. That a country allows workers from all over the world is a sign of political maturity and plurality, so Nigeria should be praised.
This is simply a political statement not grounded in reality. Yes, Nigerians managers in Europe & North America are very professional. Indian managers in Nigeria on the other hand are just slave drivers. This may be related to the "Caste system" in their country. Dark skin Indians are classified as untouchable and only allowed to do menial jobs or working long hours as slaves on farms. This is India; a very backward feudal society
I guess those Indian managers see Nigerians as untouchables that must be horse whipped to perform their task. I don't blame them since our govt refuse to educate and empower our own people
gny kelly: consider this: 70% of america C.E.O and managers are indians. Why= they flow with the market tide. Those ones i worked with over here have enough skill to power any economy. But they are here illegaly. Complain of how they maltreat and careless of workers welfare. You can ask NLC and govt official how they are settled when they come for inspection. Not their fault. They swim with the tide.
Crap! where did you get your own stats. Most CEOs in American companies are either born in there or naturalized citizens
atlwireles: The rush to judgement crowd, should always learn to allow due process, when dealing with issues like this. Stella did nothing wrong and the attempt to chase her from office has completely failed.
o boy do the needful and park well jor. This your rush to judgement thing na story.
Prof Corruption: "Do the needful" is the funniest phrase ever deployed to defend Madam Oduah!
1. Would NCAA have gone ahead with the deal with only "Do the needful" on the memo? What was needed to execute the deal was an approval by the Minister. Stella Oduah gave that approval. This is not a case of NCAA executing a deal without getting an approval from the Minister. Stella has exonerated the DG of NCAA from any wrong doing, at least up to this point. "Not approved" is clearly different from "approved, do the needful".
2. Does she have powers to give that approval considering the amount involved? Minister's approval limit is N100 million, anything more than that requires approval by the Federal Executive Council. But Stella gave an approval for a deal amounting to N255 million without FEC approval. Obviously, NCAA does not have means or powers to table anything before FEC without going through the Minister of Aviation. So, Stella is still responsible for the approval she gave to NCAA.
3.It beggars belief that a Minister would approve such an amount of money without prior discussions about the deal or without an elaborate briefings on methodology of execution. You can't just approve what has not been examined to your satisfaction. You read, schedule an appointment with subordinates, ask questions (if you are not clear about anything), then approve. If you have doubts about anything, you demand such is fixed before approving the deal. But once you approved, it means you are happy with everything.
So key questions answered. 1.Stella Oduah approved the deal 2.The approval was beyond her stipulated limit. That's clearly an abuse of office.
This investigation has also exposed Maduka as a shady business man. He lied to both Ministry of Finance and NSA on a matter that ordinarily should be straight forward. Lagos did not order armored vehicles, Ministry of Finance did not and could not approve waiver for NCAA because it did not even submit any application to that effect. Ditto for NSA. But here we are NCAA have armored cars with fraudulent NSA clearance, all thanks to Crook-Mas Maduka. That's not all. The cars supplied have different chassis number to ones quoted on invoices, which speaks volume of the extent of desperation to cover up the obvious. Hear Okonjo Iweala here:
http://www.newsexpressngr.com/news/detail.php?news=3301&title=%E2%80%98Oduahgate%E2%80%99:-Okonjo-Iweala-clears-the-air,-says-no-duty-waiver-granted-for-armoured-cars&scid=15 So, the importation and subsequent clearance of these cars did not follow laid down procedure. Maduka has more explanation to do.
That's not all. Read this:
Now to the bank angle: While first bank called it a loan, NCAA called a mere understanding, yet millions of naira have already been expended. Read this:
So, if NASS did not approve the purchase, what do we call it? Extra-budgetary spending!
Put everything together: ****. Stella approved an extra budgetary spending to the tune of N255 million which is clearly above her legal approval limit. If that's not an abuse of office, I don't know what it is.
I expect a report from NASS that indicts Stella Oduah and Maduka.
Case closed. I also expect NASS to recommend immediate removal
Incompetent or willfully blind Either way she's no longer fit to be a Minister. Do the Needful A new phrase for corruption. She knew that deal stinks but kickback was there for the taking. So she "Approved" and put "Do the Needful" to cover her ar&se in case the deal is probed in future.
Yes, did you see where I said "I can understand now why most ASUU members view students with contempt". Despite your best intentions, some people say just enough to change your view about them. As Burke said, "there is a limit at which forbearance ceases to be a virtue". Yes, I am a lecturer both in and out of the class, and I try to educate anyone who desires an education. But when someone speaks so ill of something I hold dear, I will state things exactly the way I see them.
At the end of your post, you hinted an acceptance of the fact that students or FG, *someone* always pays dearly for education. In your estimation, is that happening in Nigeria? If it is not, can you suggest an easier way to make it happen than what ASUU is doing?
Agreed but how do we ensure the poor are not denied access to education? I'm sure an average student forks out over N200,000 for fees, feeding and accommodation per year (N800,000 in 4 yrs).
ASUU can propose a "school fee exemption grant" for low income earners; closely linked to student performance. So students that do not score good grades will start paying fees the following year. Given the income levels in Nigeria, up to 65% of students will qualify. I'm sure Nigeria can fund this.
After spending close to 100 hours fielding questions on the ASUU strike last week on this same Nairaland, I had decided to just face my work and go through the various threads on the strike in stealth mode to pa ironu re. However, your post was so strongly-worded and ignorant that I had to decloak immediately to speak to it.
My dear young man, I lecture in that same OAU you are mouthing about. No be your fault. I wish you had attended some other universities in Nigeria; then perhaps you would have valued what you have here more. Elede o meye.
Your angry rant is fueled primarily by simple ignorance of the fact that by paying less than N100,000 for an education worth at least N1 million, students are a primary cause of the reason why the FG spends so much on tertiary education. Yes, the fight we are taking to FG to raise money may yet come back to haunt you guys. Have you ever paused your rant to ask yourself why ASUU doesn't just call off and let the government jerk up school fees? Believe me, if it were in my power, I would have made us do this long ago. Then you would stop accusing us of being selfish old men because you would be too busy working your guts out to raise the money for your education. The truth of the matter must be said: nobody in Nigeria wants to pay for anything. That is why a student like you is being given education that others mortgage their futures to get in the US, and you can still be ranting.
Did you see where someone obviously better than you suggested that a PG education somewhere abroad costs N5 million? Yet, you are mouthing off that OAU had the guts to collect N20,000 from you. You want ASUU to fight so you wont pay even that.
Since you say you are in OAU, I challenge you to say the university has NOT improved over the last 10 years. Do you even have any idea why that is so
I can understand now why most ASUU members view students with contempt; they lack the capacity for simply comprehension, preferring to raise hell.
This country is probably doomed, and I'm not thinking about GEJ or ASUU when I say that; I am looking at *you*.
Perhaps you should have kept quite. Coming from a lecturer, this response was so inappropriate. You should have simply enlightened him, presented the facts and move on. Addressing a student with such contempt is very unethical
The huge amount quoted (in bold) applies only to foreign students. In Canada for instance, citizens pay far less than foreign students. In addition low income students or those whose parents' income fall below a threshold receive student loans and grant (ranging from $9,000 - $23,000 per year). Only 30 % of loans are repayable after completion of studies.
So in effect, university education is subsidized for low income earners. Sadly, Nigerian student do not get this kind of help from government.
Between May and September this year, emerging markets stocks fell by close to 20%, do you know why? Because the US Federal reserve threatened to shut the printing press!! -
Brazil, Russia, and India all had a crash in their currencies - see charts below (for russia, india and brazil)! China didn't because it's pegged against the dollar, but the effect set back china's growth (see chart below for China). It's simple - if the US shuts the printing press, funds will flow out of Emerging Markets back into the dollars! In September when the fed promised to keep printing money, the emerging market currencies rallied again from their record lows.
Emerging Markets actually need the US to keep printing money, else the IMF forecasted that several emerging markets could fall straight off into recession - particularly for countries like Russia and India. - These countries depend on foreign fund flows to keep their economies strong.
Additionally, printing money does not really increase your debt. With a debt that huge, the US will never pay it back! It can only do two things - either default on it, or inflate it away. The US is never going to default (or so it's assumed) so it's eventually likely to inflate it all away.
Finally you should know that most of US debt is owed to the US government itself. The US Federal reserve holds roughly 16% - so effectively the Federal reserve lends money to the treasury and the treasury pays interest to the federal reserve.....
I concur with this great analysis. Even with the threat of downgrad by the Credit rating agencies, countries continue to invest in US Treasury bills
People really overestimate the Chinese economy. China is just a manufacturing hub for the ever growing US consumers. Finito.
Business / Re: Naira Overvalued By 20%, Says IMF by occam(m): 12:22pm On Apr 06, 2017 
