Omohayek's Posts
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grandstar:The problem with the above is that right now the government simply doesn't have the necessary reserves to defend a pegged rate. The only way out of this mess is to combine the interest-rate increases you've already mentioned with the announcement of a large-scale privatization program, as part of a larger program to rein in the size of the public sector. Even though any privatization program will still take a few years to complete, just the readiness to make concrete proposals would firm up foreign investor confidence, which would reverse the downward pressure on the Naira. The other side to this story is the need to rein in public-sector demands for ever larger wage increases to cope with inflation, as this is already giving rise to a classic wage-price spiral. One advantage to the announcement of an ambitious privatization program (apart from the prospect of both bringing in badly needed forex while simultaneously reducing the government's expenses) is that it will put public-sector workers on notice that their positions are no longer secure enough for them to try holding the rest of the country to ransom through strike action. The NLC leadership may continue to foam at the mouth, but the likelihood of anything coming of their threats will be radically diminished. I know Tinubu was badly shaken by the backlash when he announced the abolition of the petrol subsidy (which he never fully followed through on), but the fiscal situation left behind by Buhari was atrocious, and the changeover coincided with a sharp rise in global interest rates to make the already existing debt burden crushing, meaning no one is about to grant Nigeria fresh new loans unless Tinubu is willing to go to the lender of last resort, i.e. the IMF. Not only would doing so kill Tinubu's hopes of getting re-elected (given how negatively Nigerians view the IMF), but the reform program the IMF will demand would be far more radical. Tinubu needs to get over his fear of public opinion and put forward a program that will draw in FDI on a large scale, before events force far harsher medicine on him. |
Birminghamvirgo:Why is everybody taking this troll at his word? He's clearly not even Yoruba, let alone Egba. Anyone can claim to be from anywhere on the internet. |
Rahkman:And you're as gullible as they come for taking this troll seriously. What sane Egba man would ever claim his people aren't native to Lagos, even with areas like Abule Egba, Tinubu and Tejuosho all named after Egbas? And which Yoruba man would ever dare claim Aworis aren't native to Lagos Island? I haven't even started speaking about how much of Lagos state (e.g. Ikorodu) was carved out of Ijebuland to begin with. The buffoon you're replying to is as "Egba" as I am a native of Mbaise, which is to say, not in a million years. |
nairalanda1:And this is the root of the systemic corruption in Nigerian politics. The only way to succeed in Nigerian politics is to either have deep pockets oneself, or to be backed by others with deep pockets. In the first case, for most the only way to attain to such personal wealth is by stealing as much as possible in every position attained while climbing up the political ladder, while in the latter case it means reliance on rich "godfathers" (almost all of whom got rich through some form of corruption) who will want healthy returns on their "investments" - returns that, again, are only obtainable through massive corruption. Once one understands the preceding, it becomes clear why those expecting any known figure in Nigerian political life to be "clean" are living in a dream world, no matter which party the figure in question might decamp to a given point in time. Yet again we see how the Nigerian love of false economies leads to disastrous long-term consequences. Nigerians refuse to pay for political activities out of their individual pockets, and end up paying far more through corruption, just as they hate paying their electricity bills and up spending far more buying diesel to power noisy, dirty "I pass my neighbor" generators. |
greatness22:How does this non-sequitur explain how "this administration" is responsible for a scam that took place in 2010? |
Throwback:The bolded above is why I can never take Peter Obi seriously (even leaving aside his hypocritical posturing as a "saint" despite his manifest corruption). Either Obi criticizes without proposing any concrete alternatives - and no, nice-sounding generalities don't count - or when he does say something concrete, it turns out to be even more bone-headed than whatever it is he's criticizing! Even as far as tribal champions go, the SE can do far better than this third-rate intellect. |
BALLOSKI:The above can only be the words of someone who never experienced the bad old days of waiting years for a single unreliable landline under NITEL. |
nairalanda1:And just like the communists of Eastern Europe, they buy into the old slogan "We pretend to work, and you pretend to pay us" - though in Nigeria's case it's the refineries and power companies pretending to work, while the Nigerian consumer is the one pretending to pay. |
nairalanda1:I get what you're saying, but at the end of the day Nigerians need to understand that magical thinking is not a substitute for rational economic policies that lay the groundwork for faster long-term growth. I'm doubtful any of the Nigerians who think they're advocating for the poor by supporting economy-distorting subsidies would be quick to cry "think of the poor patient!" if faced with a medical doctor who has to amputate a gangrenous limb or cut out a cancerous lung, but at the end of the day the mindset is the same. An economist who criticizes petrol subsidies and price-controls on electricity is no more likely to be doing so out of "hatred" of the poor than the doctor who orders a grueling course of chemotherapy is doing so out of malice towards a patient. In both cases, the personal preference of the experts would be to go the other way (all else being equal), but in both cases, sentimentality is not allowed to cloud the harsh realities about what is best for the patient, whether that be the Nigerian economy as a whole or patients with seemingly innocuous symptoms which considered altogether ring fire alarms in the medical experts. Far too many Nigerians are quick to resort to ad hominems and to impugn the motives of those who oppose growth-destroying policies supposedly aimed at "the poor", without even trying to understand where the critics of said "pro poor" policies might be coming from. In my case, the entire point of my choosing economics as a path of study is precisely because I've been obsessed with one question since I was a teenager, namely "Why is Nigeria, and sub-Saharan Africa as a whole, so desparately poor, and why was the entire region proving incapable of emulating the East Asian countries which were already clearly escaping the same poverty trap 30 years ago?" If I hated or were even merely indifferent to the plight of Nigeria's poor, there were certainly more financially promising paths I could have followed, like going into law, or becoming a plastic surgeon in the USA ... The frustrating thing is that after so many years of study, I finally reached a point where I could confidently answer the question that tormented me so much growing up, but now find that hardly anyone is interested in hearing the solutions, most of which are ultimately very simple. Not the politicians, who only care about winning elections and stealing to repay their backers, and definitely not the masses who subscribe to magical thinking and don't want to hear about making any kind of sacrifice for the future. Nigerians are especially guilty of this entitled mindset, thanks to that brief period between 1973 and 1981 when the country was flush with "Oil Crisis" Petrodollars, and both military and civilian leaders rained down "awuff" as if the good times would never end. |
nairalanda1:Honestly, you have the patience of a saint. So many Nigerians seem unable to respond to opinions they find disagreeable other than by pouring out invective and abuse. Nigeria's educational system is good at turning out people who know how to cram and pass exams, but it does an abysmal job of teaching the principles of logic and the basics of rational argumentation. |
Ozommadu:Thanks for confirming that you're just another barely literate tribalist with nothing of value worth saying. |
Ozommadu:If you bothered to even glance at my comment history, you'd have known that I was one of the harshest critics of Buhari from the very start of his presidency, and that I predicted even then that his time in office would be a total failure, amounting to essentially a "lost decade" for Nigeria's economy. That you didn't bother to do even this minimal amount of homework before dashing off your nonsense about how I allegedly "supported buhari for 8 wasted years" says all there is to know about just how much your rantings are worth. Oh, and by the way, it's Tinubu, not "tilumbu". At least take the effort to spell it right if you want to be taken for more than yet another semi-illiterate tribalist with an axe to grind. |
Kaiser20:No, that's exactly how we got the power sector fiasco, with undercapitalized local buyers unable to endure years of losses from capped fees while making heavy capital expenditures. All you're suggesting is a pan-Nigerian version of the same "our pikin" mentality that has wrecked everything a Nigerian government has ever had a hand in. We need to stop treating everything as a matter of handing out "juicy" positions to "our sons/daughters", and focus on service delivery. What matters isn't where the management (or ideally, buyers) are from, but how well they do at running the refineries efficiently while minimizing downtime. Even if they happen to come from Pluto, so be it. |
Dobodobo04:There are two big risks associated with simply handing over management to the private sector without an outright sale. 1. It risks all sorts of government interference in the day-to-day running of the business. Suppose the managers decide it's time to trim their bloated workforce and institute objective performance monitoring, as opposed to the old "federal character" based system of tribal spoils standard in parastatals? How likely are top government officials to stand by and just let the managers do so, especially if it involves their "kinsmen"? Remember that the government still owns the company, and therefore has a veto over any management decisions. 2. It rules out all possibility of the managers raising capital to invest in the business. To raise funds, you either need to sell shares (all of which are still owned by government) or borrow, but no lender is going to approve a loan against collateral which isn't owned by the borrower. The last thing the Nigerian government can afford right now is spending billions more USD on these obsolete refineries. |
hedonido:Yes, you're clearly doomed to a life of impoverished misery, at the end of which you will go to your pauper's grave convinced that "ronu-minded nonenties" were to blame for all the problems which befell you in your sad excuse for a life. Nigeria's tragedy is that far too many of its people share your glaring intellectual shortcomings, ensuring that national political contests always turn into "tribal" struggles for supremacy instead of being based on idealogies and policy proposals. |
Kenochi:I agree that full privatization would be best, but that's not what this proposal is suggesting. As far as I can see, all they're calling for here is for private entities to manage a refinery which will still be under full government ownership. That doesn't go anywhere near far enough in my view. They need to sell the antiquated white elephants and be done with them once and for all. |
hedonido:And here we see the sort of arrogant, hypocritical tribalist who exemplifies all the sins I've mentioned. By all means, keep indulging your delusions of grandeur about the "millions" and "billions" in deals you're supposedly contemplating, if said fantasies help you get through whatever humdrum existence has filled you up with so much obvious hatred. |
N3TRAL:Your comments here are much more cogent and fact-based than the one you started the thread with, or the follow-up in which you insinuated (while carefully avoiding being explicit about who you were referring to) that Yorubas prefer northerners to people from the SE - which is rich with irony, given how many of the comments responding to this thread have been by the usual tribal warriors from that region gleefully mocking your "road to Damascus" experience or indulging in childish gloating. Perhaps you ought to reflect on the possibility that any apparent lack of fondness for the SE you might be seeing just might stem from the unrelenting hostility, arrogance and hypocrisy of so many who claim that region as their place of origin (as witnessed on this very thread). The fact is that one hardly ever sees Hausas expressing such malicious intent towards people from the SW, and it is beyond reason to expect people to love those who seem to hate them intensely, despite millions of the group expressing said hatred having lived in their millions amongst the people they despise for decades, all the while unmolested and allowed to prosper. That said group seems to hate the northerners as much as it hates people from the SW is hardly any kind of redeeming feature. Now, returning to the points you've made above, I agree with you that Cardoso has yet to prove himself being close to fit for the role of CBN governor, and I said as much on here, on the very day his appointment was announced. A good CBN governor needed to be someone with a strong economics background, as well as the backbone required to hike interest rates as needed no matter what Tinubu or other politicians might have wanted. Cardoso clearly lacked both qualities, which was why I foresaw he would be a failure in the role. It's clear that Tinubu has lost all appetite for serious reform after the backlash to his half-hearted effort at abolishing the petrol subsidy (which is still in place no matter what they say to contrary), so the last thing he wants is a CBN governor who is determined enough to bring down inflation to cause serious economic pain. Anything even slightly controversial (like deregulation of the power sector, or privatization of money-pit "parastatals" ) has been put aside for meaningless "palliatives" and other such measures to appease the masses. The consequence is that Nigeria's economy is now doomed to another 3 years of lackluster growth as we wait for the next electoral cycle to begin. Having said all the above, what you need to ask yourself is not whether supporting Tinubu was the right thing to do, but whether any of the alternatives would have done better. Neither Atiku nor Obi have magic wands they could use to wish away the pain from abolishing the petrol subsidy, but they would still have been forced to start their terms by doing so, as the alternative was Nigeria defaulting on its foreign loans, and then being shut out of the financial markets for decades. Where would the funds have come from to offer more meaningful "palliatives" to appease the public wrath? In addition, there is the question of whether either Atiku or Obi have shown themselves in word or deed as being even an iota more principled, honest or intelligent than Tinubu, and the answer is a clear NO. Atiku made his fortune by abusing every one of his public offices to award himself favorable concessions, while Obi refused to pay salaries or maintain roads for months on end, so he could skim the interest from parking the funds in a bank he had a share in, a sin he compounded through his theft of security vote funds (for which he was nabbed red-handed), his use of public money to prop up a brewery he controlled (by using his parents as fronts), and his opening of an offshore account in a foreign tax haven 4 years into his governorship. That was bad enough, but then look at how both men have pandered to the public at every turn since losing the election - neither has been honest that Nigeria was headed for serious short term pain no matter who won. I won't even get started on the reality that Obi could never have passed any legislation or got a single appointment through a NASS in which both the House and the Senate are controlled by the APC (and therefore, by Tinubu). Please continue your criticism of Tinubu (criticism he richly deserves), but you don't do your argument any favors by giving it a tribal coloration suggesting he's in office because Yorubas are somehow particularly guilty of tribalism. If they were, Obi wouldn't have won in Lagos and Atiku in Osun, even as 90% of the SE gave their vote to a man they themselves called a "do-nothing" mediocrity while he was governor. If anything, it's the relentless, mostly baseless, and very clearly tribal nature of the attacks on Tinubu emanating from certain quarters which makes it harder for Yorubas to hold him to account. If the loudest voices against Tinubu are motivated purely by tribalism without regard for political ideology or personal records, what do Yorubas have to gain by abandoning their own for someone else's tribal champion who has nothing to offer beyond skewing appointments to his own "kinsmen"? |
IamAsiri:You're giving the original commenter far too much credit by referring to what he wrote as an "ideology". In truth, all you're seeing is a diehard misogynist seizing upon a rare opportunity for him to publicly express his most sick and hateful fantasies under the guise of (pretend) moral outrage. In a better organized society, this psychopath would be under close observation for an eventual progression from merely fantasizing about hurting women to acting on them and turning into a full-blown serial killer. |
I hope none of you rejoicing on this thread were among those pointing to Sanwo-Olu's recent victory as "evidence" of the supposedly irredeemable "corruption" of the Nigerian judiciary. https://www.nairaland.com/7967676/supreme-court-affirms-sanwo-olus-election I'm sure such double-standards and hypocrisy are beneath you fine, upstanding ladies and gentlemen ... |
Farrason:In other words, explaining your own verbal diarrhea is beyond your limited intellectual powers, so you're now resorting to a weak effort at evasion. |
Farrason:What on Earth has a documentary exposing TB Joshua's criminality got to do with "mocking" God? Are you so gone in your worship of the dead man that you identify him with God? |
SIONKPO1:What a lot of nonsense. Soldiers are every bit as bound to obey the law as "civilians", a fact that would be more apparent, had so many years of military dictatorship not conditioned the likes of you to think them above the rest of they used to so arrogantly call "bloody civilians". Nobody is forced at gunpoint to join Nigeria's all-volunteer armed forces, and those serving who are disappointed to find khaki doesn't grant them special rights above their fellow countrymen are free to leave the service once their terms are up. |
ivolt:No, there is no such burden of proof. Diversion of public funds into private accounts is by definition illegal, for the very reason you describe - it's an easy avenue for self-enrichment by skimming the earned interest. This is the same reason why Peter Obi is justifiably called a brazen criminal, because he ran the very same scheme during his years as governor, but managed to get away with it through a combination of immunity protections while in office and "tribal" solidarity once out of it (with many of the very same "kinsmen" who condemned his inaction while governor suddenly switching to singing his praises once he'd stepped down). Betta Edu is a thief, just like Peter Obi is a thief, but unlike Obi, she can't count on millions of "kinsmen" to shield her from accountability. |
Deadlytruth:You have to see the issue through another lens. The reasoning behind all the clamor for "youth" is not because those screaming about it are concerned with good governance, but because they feel it's past time they had "their turn" at the feeding trough. That "turn by turn" mentality is all there is to it, as truly public-minded Nigerians are as rare as hen's teeth. |
stagger:A person's "tribe" does not determine a person's actions - most people of any "tribe" won't be criminals, no matter how the data is sliced. Having said that much, it's naive to pretend that "tribe" (or to be more precise, ethnicity) has no influence on how likely a person is to commit a particular sort of crime vs. another, not to speak of where that crime is likely to be committed. It's important not to sweep such glaring associations under the rug, as doing so makes it impossible to discuss why the associations exist, and what could possibly be done about them. For instance, what meaningful discussion could there be of all the clashes between herdsmen and farmers throughout the country (and much of the rest of West Africa) if it were forbidden to note that the herdsmen tend to share a common ancestry, with all that implies about their cultural norms regarding land ownership and property rights? The reality of crime in Nigeria is that the numbers of participants in the various types of crimes committed differ drastically by ethnicity, and that this has been so since the 1970s at the very latest. Worse still, the impact of these disparities has wider ramifications than just making certain groups feel embarrassed: witness the raging methamphetamine epidemic in a certain part of the country, all discussion of which has been stifled on here to spare the fragile egos of certain tribal champions. One could say the same about grave desecration, oil bunkering, fraud and many other sorts of criminality. It's one thing to crack down on people seizing on these crime stories to merely fling tribal insults, but it's going too far to suggest all mention of tribe is now verboten. It means we as Nigerians will be unable to discuss sociological realities which are certainly not going unnoticed abroad. See, for example, the following papers on the subject. https://www.jstor.org/stable/4006522 https://www.unodc.org/pdf/transnational_crime_west-africa-05.pdf (from the United Nations Office on Drugs and Crime, no less). https://scholarlypublications.universiteitleiden.nl/access/item%3A2871445/download What is to be gained by refusing to acknowledge what even the United Nations has picked up on, other than sparing the egos of some people with "tribal" chips on their shoulders? |
Danjikanbauchi:And here we see a sterling example of the inanity that passes for "reasoning" amongst so many barely literate Nigerians. So because "northern Muslim governors" have been allegedly squandering state revenues on wasteful projects, southern Christian governors should also be committing the same sins of misgovernance? |
Ola9ja23:And how exactly does this monumental steel and concrete edifice do either of the things you mention? All I see here is a gigantic white elephant that will suck down even more public revenues for years to come, right up until it ends up derelict or eventually demolished, as is the typical fate of all such projects. The building will need constant maintenance of its roofing, electrical wiring and plumbing, it will need security guards to prevent thieves from breaking in and ripping out everything they can possibly sell, it will need to be covered by insurance, it will need to have electricity bills paid ... I could go on nearly ad infinitum. If renting it out to the usual "prosperity gospel" charlatan "prophets" would be enough for all of these costs to be covered, wouldn't private entrepreneurs already have stepped into the breach by funding the construction of such buildings without government intervention? This gigantic albatross reminds me of the Yamoussoukro monstrosity built by Félix Houphouët-Boigny in Ivory Coast some years back. It's just another pointless money pit whose primary purpose is to allow large-scale embezzlement of funds while fooling a bunch of gullible Africans who mistake big, shiny buildings for a leader supposedly "working", as if buildings by themselves ever cured malaria, educated anyone or provided paved roads and potable water. https://www.nytimes.com/2001/05/25/world/yamoussoukro-journal-for-a-great-white-elephant-a-new-lease-on-life.html |
CameroonPepper:Whatever helps you sleep at night, rancid-breathed, brain-dead troglodyte wastrel that you are. Go jump off the closest bridge and spare the rest of us your pathetic existence. |
CameroonPepper:There, I've edited your gibberish for clarity. Abusive bottom-feeders like you are the reason why Seun badly needs to implement a block button on this site. |
qtx:Critiques like yours (which is both valid and to the point) are the exact reason why those suggesting Tinubu fired her out of tribal motives are talking nonsense. This whole situation hardly does him any credit, as he's the one who put her forward in the first place! |
