₦airaland Forum

grandstar:
Tinubu is lying!

Don't wait to be spoon-fed. What then is this $6bn debt? Why is IPMAN saying government spends 700bn monthly on petrol?

The worst thing about the lying is that it serves no political purpose whatsoever. Nobody believes what Tinubu is saying here - not the investors who Tinubu needs to revive the economy, and not the masses who fail to appreciate just how artificially cheap petrol continues to be.

If Tinubu admitted the subsidies were back in full force, at least he could claim political credit for "defending the masses" from the ravages of market forces, but instead he chooses to expose himself to the attacks of the ignorant while reaping none of the benefits of truly abolishing the subsidy. This makes no political sense whatsoever.

Brendaniel:
The problem with you guys is that you don't read and when you read you people hardly comprehend,

No, that is your problem in particular, not a problem all of your critics are afflicted with. If you were slightly more intelligent, the possibility just might have occurred to you that the reason why so many people have been lambasting you is because you are wrong. Unfortunately, you are a clear-cut case of Dunning-Kruger syndrome.

That is how you people jump into conclusion because of hatred.

Here you go again, projecting your own deficiencies onto others. If you weren't burning with hatred and envy, you wouldn't have made a mind-bogglingly inane comment that anyone who had ever stepped outside Nigeria's borders would have seen for the tribally-motivated drivel it is.

I have no issues with train development, the problem here is the statement bye bye to cars which I clearly stated, I'm only speaking the truth and if that means nonsense and insane to you then that is your problem not mine...

No, the problem here is not a mere rhetorical flourish like "bye bye to cars" (which is actually true for anyone who can either walk or take a bus to and from the station, as millions do in megacities throughout the world). The problem is with you, so blinded by tribalistic envy that you just had to spew some of the venom that was clearly churning within you. No half-way intelligent person would have made your utterly ridiculous statements.

Brendaniel:
The truth is train is best for long distance journeys, train just like planes are best for long distance travel, so how can you say bye bye to cars because of train?

Can train take you to your gate or door step?

Ah, yes, that must be why world cities like London, New York and Tokyo don't need extensive subway systems, since everyone can just get around them in their cars! Who has ever heard of a human being walking from a train station to his or her own doorstep?

As inane comments go on Nairaland, yours must be in contention for the most nonsensical of all.

Oceanfl0w:
Something is wrong in the West in terms of education

Yes, we have to educate not just our own children, but also those of the destitute rabble who endlessly flood into our region from everywhere else in the country. Funny how you and your ilk are quick to boast about how many people from your region live in the SW during election periods, but when stats like these appear, you suddenly develop amnesia about all your children hawking goods on the streets of Lagos during school hours.

MadamRamota:
Even the four out of every one hundred in the south east is debatable. I can bet with my life that almost all the children in the east are attending school. South West is an embarrassment to the south.

What a lot of tribalistic nonsense. Here's one reality which never occurred to your bigoted (and clearly badly educated) mind: one reason why the SW percentage seems so high is because the region is the preferred destination of choice for the indigent from everywhere else, not just from the north but also from your own barren, overcrowded and economically moribund enclave.

Oghene86:
The only solution to this subsidy issue is for our refineries to work, anything outside that is not sincere, Tinubu should insist the refineries get back on stream, if not this would consume his government, the hardship is too.

And how are the refineries supposed to "work", when the price of their output is lower than the cost of their inputs? With what funds are they to be repaired, and then maintained? Where is the money to cover their losses supposed to come from? Is it with the very same FG revenue that's being guzzled by the oil subsidies you want kept in place?

It's funny how those who lack an understanding of basic financial concepts of profit and loss are the quickest to offer their imagined insights into economic problems ...

Trendtips:
I'm skeptical about the return of fuel subsidies. In my opinion, it's best to remove them entirely. However, the government should have implemented a gradual phase-out plan, combining structural development with social welfare measures. This approach would have mitigated the harsh impact on citizens. Unfortunately, the abrupt removal has left people feeling helpless, affecting both the vulnerable and the resilient alike

Again and again people bring up this "gradual" nonsense. Isn't that exactly what has people out on the streets right now? Isn't a gigantic level of subsidy still in place at this very moment, guzzling 25% of FG revenues every single day? All "gradualism" does is stretch out the pain, providing grounds for malcontents to endlessly scream and wail, without even the compensation of freeing up meaningful government revenue for other purposes. It is the worst of both worlds, as we can see with all the on-going discontent.

The ONLY way to truly remove subsidies is to do so once and for all, which means not just ceasing to pay them to oil marketers, but completely deregulating the petroleum market, so that anyone who can buy the necessary forex at market rates can buy refined petrol from any source and then sell it on the domestic market. This is also the ONLY solution which will ever make domestic refining a viable commercial prospect.

Nigerians need to get over the delusion that there is some magical, painless way to reform an economy that has been stagnating for the last 12 years, even as once poorer countries have been enjoying 10% annual growth. This obsession with short-term benefits is why Nigeria is still a destitute nation, even though South Korea which was poorer in the 1960s is now a fully developed country with GDP per capita on the level of the UK and France.

What a long-winded and ridiculous way to simply say you are a diehard tribalist who sees nothing wrong in 95% of your own people voting for a thieving mediocrity like Obi, but is quick to castigate all Yorubas for giving 50% of their votes to Tinubu. Cast the log out of your own eye before ranting about the speck in someone else's!

Brendaniel:
I know not all Yorubas support him but Yorubas have made a big mistake and still making it.

Only a very few come out to speak against what Tinubu is doing and those few are viciously attacked by Tinubu's paid men and the rest of you just keep quiet and watch...

I spoke about this thing last year and during the campaign to some of your people here that the biggest mistake Yorubas made was allowing Tinubu drag the Yoruba tribe into his politics and campaign....

Presently an average Nigerian cannot seperate Tinubu from his tribe when they are attacking him, because Tinubu wanted it so, he knows when his tribe is attacked his tribe will fight back making it look like a tribal war because he is from the Yoruba tribe and it worked...

Look at his paid supporters, all they do is call anyone who attacks Tinubu Igbo and start insulting the person...

If you've read the story of Hitler and Germans you will know exactly what I'm talking about, not everyone in Germany supported Hitler and his racial war especially against the Jews...

Do you know that even up to some of his generals and top officers tried to kill him different times to stop him?

But guess what? They failed all the time but the whole Germans paid for the atrocities of Hitler and are still paying till date, how?

There are some words and insults a German cannot say to other European race and the Jews, till date Germany hardly opposes any decision of Israel in the UN so they don't look like they are anti Jews...

There were so many other things the Germans went through initially from other races though it has toned down much now which the Germans had to be extra ordinarily conscious with...

I was actually expecting a whole lot of your people especially your Obas to shout down at him when he started this tribal politics because anything he does will rub off on the entire tribe but only a few spoke out but those few were attacked by his supporters and the rest of you just kinda watched on.

I would have loved to say more now but the truth is what that guy said is just how an average Nigerian sees Tinubu's presidency as Yoruba support.

mrvitalis:
You are quoting FG

And where exactly is one supposed to obtain information on government expenditure, if not for the government itself? Or do you imagine the FG is like a private business that needs to submit annual reports which have been signed off by accountants? I don't know why you insist on repeatedly embarrassing yourself with such ignorant statements.

EXPRESSSMAN:
Reality.
The only way to go now is for the government to cancel the floating of Naira. They should go back to pegging the exchange rate , then use import licensing, exchange control and other methods the CBN may deem fit to manage it.
The CBN are just wasting time dwelling on interest rate.
successive governments have tried this float at pilot level and withdrew when they saw the impact.
No need beating about the bush. The floating should be cancelled if Tinubu and his team want to be serious.

And here we see a brilliant exposition from one of the finest graduates of the North Korean school of economic punditry. It's impressive how you've managed to pack so many wrong-headed, economy-destroying suggestions into so few lines! All one has to do to understand Nigeria's economic predicament is understand that all the gibberish you've written is what passes for "intelligent", "mainstream" opinion in this prison cage of 200 million ignoramuses.

Iamdboss:
First and foremost, fuel subsidy removal is not gone, gvt still pays heavily for it just that they lack the courage to admit it. Also, from the acclaimed removal money they've generated, it hasn't benefited the economy but made it worse. May God deliver us from this clueless and evil gvt

And how exactly is the government supposed to obtain the benefits of additional revenue from a subsidy that you yourself admit is still in place? Do you imagine it's possible to spend the same money twice or something? What is it about subsidies that robs most Nigerians of whatever little reasoning ability they possess?

It's the height of inanity to complain about Tinubu "abolishing" a subsidy that is still intact and draining the FG's coffers. It crosses into outright perversity to complain that a subsidy which was never actually abolished has failed to generate any tangible savings. That 99% of responses on this topic are as dumb as yours shows why Tinubu would have been better off fully deregulating the petroleum market from day one: by resorting to half measures, Tinubu gets neither the approval of the ignorant mob (who attack him for supposedly eliminating something any dummy can see is still intact), nor the fiscal benefits of eliminating all the wasteful spending.

Aboks:
One of tinubu's boys

And yet they always happen to be your kinsmen ... Is Tinubu an Igbophile then?

SmartyPants:
Stop talking nonsense. When there is inflation you don't increase expenditure! You do the opposite! Do you even understand how inflation works??

Well said. Good to see that there at least a few educated people left on Nairaland.

Wotowotoman:
I stopped reading at the bolded. I can’t waste my time reading the rest of the crap you wrote there…

Yes, it's all "crap" because you're just a low-IQ shill on Dangote's parole, unable to provide any logical reason why Dangote's monopoly profits should continue to be artificially sustained because he went borrowing on the assumption he would enjoy government protection forever.

AlexBells:
You could be too daft to understand the authority of the president. Even if Kanu is a convict, Mr. President has the power to grant him pardon, now all that’s needed is package him back in a jet and fly him back to where the Dullard kidnapped him from. Maybe use the right approach to extradite him if they have a case against him then go on a proactive and transparent trial.

Talk about throwing stones in a glass house. For Tinubu to pardon Kanu in your scenario, your messiah has to actually be convicted first! Right now he is still on trial, so there is nothing to pardon. The real reason why Kanu is stuck behind jail bars is because he is a known flight risk ineligible for bail, after he fled the last time it was granted to him.

Even if Tinubu were secretly an IPOB devotee, there is absolutely nothing he could legally do to spring Kanu from jail until the trial process is complete.

Wotowotoman:
I have a question for you. How do you expect him to pay his USD loans

That's Dangote's problem, not the Nigerian population's. The indisputable fact is that cement is a low-tech commodity, yet Nigerians are made to pay multiple times the market price because Dangote successfully lobbied previous governments to put up protectionist barriers on his behalf against competition. Dangote's multi-billion $US fortune has been extracted from the wages and earnings of 200 million near-destitute Nigerians, most of whom are so blinded in their admiration for wealth (however ill-gotten) that they uncritically praise one of their biggest oppressors!

This is the reason why I've always laughed at all the dummies who were going on and on about how Dangote's refinery would finally deliver on the Nigerian delusion of endless, artificially cheap refined petroleum - nothing in the man's business history has ever indicated he would behave other than as the ruthless monopolist he has always been.

VeeVeeMyLuv:
But all these suspension of the taxes is not having any effect on the price of the foodstuffs

The prices of foodstuffs have continued to fly up

What a stupid comment! Do you expect a measure that has only just been announced to already be having an effect? Nairaland is overrun by loudmouths with IQs in the low 2 digits.

As usual, all the same old trolls and dimwits rush to post their inane personal attacks on Tinubu and tribalistic nonsense about "ronus", but the whole lot can't demonstrate they share a single working braincell between them. None of them can say how exactly Saint Peter Obi (aka the Messiah from Anambra) would have done any better to handle the situation, so sure are they that Obi must be better simply by virtue of being their "kinsman".

Here's a challenge for all you empty barrels with your endless insults: share with us how any leader is supposed to square the circle of rising worldwide interest rates, low oil revenues and low taxation with huge expenses on petrol and electricity subsidies. Does Peter Obi have a magical money tree in his backyard (or in his Virgin Island offshore accounts)? Can he repeat the miracle of loaves and fishes, and use the same oil money to pay for expensive domestic subsidies and interest on foreign loans? I bet most of you low-IQ buffoons don't even know how compound interest works, let alone what the current yield on US treasuries is (or why that might be important).

Nairaland really needs to do something about the hordes of idi.ots who clamber to spew the same old ignorant, tribalistic claptrap on every single topic. All it does is drive away those might actually have something intelligent to contribute.

Impliment:
Is increament in electricity tariff a function of state government?

Sadly, the point of question will fly right over the heads of those you're responding to. The average Nigerian seems to think electricity costs nothing to generate, and that only government wickedness determines how much private electrity suppliers should charge - hence the litany of nonsensical responses in this thread.

Gbadugbakun:
They withheld his name Because he's yourba. If he was igbo, he's full names, state of origin, home town and village would have been mentioned.

Useless country.

This is the same way in which you and your ilk were insisting all the names on the World Bank's blacklist must be Yoruba, only for more than 90% to be revealed as Igbo in origin. Stop projecting your own tribalism on others!

Blazetrailer:
I am utterly shocked that people have not understood the calamitous economic decisions Tinubu took. He has single handedly finished whatever was remaining of Nigeria. Inflation will hit 200%. I tell you.

If Nigerians are still in love with their country, they should be on the streets now to pressure this government to reverse all its wrong economic decisions. Otherwise, its over for Nigeria. You will see soon.

As if all the recycled angry gibberish you wrote demonstrates anything other than your ability to spew the kind of nonsense other ignorant Nairalanders want to read. Do you even have the first clue why Tinubu was forced (yes, forced) to adopt the measures he took in the first place? Do you think he wouldn't have preferred to play to the gallery of entitled semi-illiterates like you for cheap popularity if he had any choice in the matter?

Here's the answer: worldwide interest rates rose sharply over the last 2 years, meaning the cost of servicing all that debt accumulated under both GEJ and Buhari was no longer sustainable for a federal government already burdened with gigantic subsidies on both petrol and electricity. Something had to give, and if Tinubu had chosen to default on foreign loans for the sake of keeping fuel and electricity prices artificially low, Nigeria would have been cut off from international financial markets for a decade or more, and the current hardship you think you're enduring would seem like a luxury holiday by comparison.

Honestly, it's tiresome seeing all of you loudmouths confidently rambling on about matters of which you have absolutely no comprehension. You're the same sorts of buffoons who think you can tell Christian Ronaldo how he should be playing while sitting in bukas nursing your pot bellies with bottles of stout.

nasek:
Why not proffer solutions instead of criticism if dem truly care as dem dey claim. Instead of acting lyk opposition party

If you had reading comprehension skills beyond those of a primary school student, you'd have realized that the solution you seek has already been offered by the World Bank - the CBN needs to raise interest rates a lot higher, and a lot more aggressively than it has done.

Even with all the hikes to date, real interest rates are still negative, which is utterly ridiculous, since it means anyone wanting to preserve the purchasing power of their savings must either seek out inflation-proof assets like gold or property, or else dump the Naira for more stable foreign currencies in the hope of riding out the inflationary wave. In short, the World Bank is only spelling out the obvious, as much as that may fly over the heads of ignoramuses like you.

ruffhandu:
Oga, please pity Nigerians and stop supporting segregation. Every Nigerian is entitled to constant supply of electricity, and the cost of electricity should be according to usage and the same for everyone

Why not go full communist while you're at it, and start ranting "From each according to his ability, to each according to his needs!" like a good student of Karl Marx? How well did that work out for the Soviet Union? How well is it currently working out for North Korea?

You need to grow up and face reality: electricity costs something to generate, and someone somewhere must pay that price. Neither the FG nor the states have the money to do so, and no private investors are going to squander their own savings so you can enjoy the unrealistically cheap power you consider yourself "entitled" to. It is that very same "entitlement" mentality that has led Nigeria's power generation and distribution to stagnate for the last 40 years!

Mentorme:
Few men (like celebs, players and rich men) will sleep with many women;
While many women will sleep with the same Man.

What's the conclusion?

Few men are sex mania, while many women are loose.

Reading through your completely fact-free claims, the only thing to be deduced from it is that you are just another sex-starved misogynist angry at all of womankind because none of them are interested in sleeping with you in particular. And really, who can blame them?

Godmother:
Funny enough, research has proven her right and it's quite sad

Infidelity is wrong in any ground, no matter how you try to paint it

Some women claim they do it for attention. They get married and the man just completely switches off the affection. Others do it for financial gains or as revenge against a cheating husband.

Whatever the reason, cheating is wrong for a man and also for a woman.

Wha

I know most Nigerians hate to think critically about any claims which validate their prejudices, but this post and your reaction to it are all a load of nonsense.

All it takes to see through this rubbish is an understanding of basic mathematics. If there are about the same number of men and women in a population, how can the women possibly be sleeping around more than the men? Who exactly are those women supposed to be sleeping with? Are they all lesbians or something?

Sheuns:

Indaboski Bahose.

I’m a burning fire.

Well, he made valid points. A country that prides itself with PhD holders and professors in several fields and none of those professors have managed to solve just one problem that we face out of multiple.

All most Nigerian professors and PhD holders know how to do is tell students; you cannot have A in my course.

How many of the PhD holders and professors have you elected as governors, reps and senators? And whose fault is that but your own? Do you think having a PhD gives you mind-control powers or something?

Your insistence on blaming the highly educated for their not being listened to by the millions just like you is a perfect example of "educated illiteracy" in action. You are the political equivalent of the man with heart disease who ignores his doctor's calls to change his diet and take up exercise, only to suffer a heart attack and then begin to curse at the doctor for not forcing the patient to do as he'd been told.

grandstar:
Where do people find money to send their kids to American universities? Their citadel of learning comes with tuition fees high enough to give even the wealthy sleepness nights.

My friends son was charged $200,000 as fees for a 4 year course! Even if I was a millionaire, I'll consider it a waste of money.

Those astronomical sums of money also buy world-beating libraries, laboratories, study programmes, technology infrastructure, professors (often Nobel-Prize winners), and, upon graduation, a life-long advantage in seeking well-paid work - at least if you're talking about the higher-ranked American universities (e.g. the Ivy League, Stanford, MIT, University of Chicago, etc).

I do agree that for less motivated and/or able students, paying full fare to go to a lower-tier American university makes no sense, as such students are unlikely to make full use of the opportunities on offer anyway.

CountinBlessins:
Dimwit illiterate Yoruba. What do you know about me? Lemme guess I am Ibo right ?

Dimwit illiterate 🤣🤣🤣🤣🤣

I'm "illiterate", yet you're the one stupid enough to spout rubbish about Yorubas dominating fraud, without even bothering to check if the facts would back up your bigoted nonsense? If that's what "illiterate" means in your upside-down dictionary, then yes, I'd rather be an "illiterate" any day than a low-IQ tribalist like you who shoots from the hip.

CountinBlessins:
Probably all Yoruba and Yoruba owned companies

Is that right? Why not try typing "Nigeria" into the box on the World Bank page, and counting how many of the names are Yoruba vs. your kinsmen?

https://www.worldbank.org/en/projects-operations/procurement/debarred-firms

Your people outnumber the "fraudulent" Yorubas on the list by something like 10-1- showing the wisdom of the old adage about those living in glass houses not throwing stones.

What is the point of a story like this if none of the barred individuals and companies are actually mentioned?

Stanleymaster1:
World Bank even join dey kill nigeria.

What an incredibly stupid thing to say! The loan has been made on exceedingly generous terms, well beyond what even top-rated OECD countries like the USA or Germany could get on the international markets. There is zero interest due for the first 10 years, and even after that, the interest rate is only 1%, even as current US inflation is running above 3% (with the Federal Reserve aiming for a long-term rate of 2%). Do you know what this means in financial terms? Let me spell it out for you: the World Bank is essentially giving money away to Nigeria!

I'm honestly sick and tired of loud-mouthed imbeciles like you spouting your paranoid rubbish about institutions like the IMF and the World Bank, even as you betray your lack of understanding of basic concepts like inflation-adjusted rates of interest.

grandstar:
omohayek, blue3k do you support a flat 9% VAT policy?

It would certainly make a lot more sense than the current jumble of high taxes on companies and high tariffs on imports. The basic problem I foresee is one of collection - so much of the Nigerian economy is in the informal sector, and until that changes any VAT will fall primarily on the already small section of the economy that already pays most of the taxes.

This is one reason why any policy which discourages the pace of digitization is such a terrible idea (e.g. the "cybersecurity levy" ). Cash needs to be phased out as the primary vehicle for carrying out transactions, and this requires that digital payments be as quick and low-cost as possible, so that even roadside hawkers won't hesitate to take electric payments on their phones for the smallest purchases. The beneficial side-effect of this would be to make VAT collection almost automatic (and definitely unavoidable), and in a manner much less amenable to petty corruption (since such transactions would be fully automated).