₦airaland Forum

grandstar:
To a good extent, I have already written off this government in terms of the economy. It seems Tinubu is being more of a politician than a manager. It is as though he is leaving the hard decisions to be made in his second term if he wins one.

The subsidy only shouldn't have been removed, but the price fully deregulated. Also, electricity prices should have also been deregulated and he should have made a public address to make the masses know. If they pay peanuts for power, they'll receive peanut amount of electricity and rely on costly petrol or diesel for their generators.

He also should have within the first week, set up economic policies to not only hasten economic growth, but to help mitigate the pain of the removal of subsidies.

He should have lifted the ban on the importation of poultry for one. Another would have been the ban on second hand clothing. These are not only populist moves but are also beneficial to the economy. This would have been better than the costly palliatives the government offered.

Most importantly, there is an urgent need to cut company taxes. The average company tax rate in Europe OECD is 21.5%. Why is Nigeria's 32% (with education tax included)? A company tax rate of 14.5% would help drive local and foreign investment and would encourage many companies operating in either partially in the informal economy or fully in it enter the formal one. A tax cut will not only boost foreign portfolio investment, but increase tax revenue as the tax base would increase astronomically.

Frankly speaking, I don't think Wale Edun is the man for the job. He might have made a great state commissioner of finance, but is failing managing the nation's economy.

I feel sorry for Oluyemi Cardoso. I suspect he wants to increase interest rates but the president who is a fan of low interest rates is forcing his hand. How will the president in his budget speech announce that inflation would hover around 21.4% for the 2024 fiscal year when this isn't Venezuela, Argentina or Zimbabwe or some other economic basket case.

There will be growth but I see the Naira's continuous fall as that is the only outcome of the expected double digit inflation rate and the CBN's refusal to fight inflation with gusto.

Despite all I have said, I feel the economy could still achieve 5% growth rates from 2026 upwards due to low interest rates and the further liberalization of the economy. I am an estate agent and cost push inflation has enabled developers sell property that would have seem impossible with the new sticker prices.

It is the poor I pity. They bear the brunt of high inflation the most. The government too will pay a high price as the cost of subsidizing the petrol price will simply keep increasing as the Naira falls. Also, wage increase demand are bound to rise as workers try to keep up with rising prices.

I agree with everything you've written above. What pains me the most about the direction this government is taken is that unlike Buhari, whose bad policies could be excused as stemming from ignorance, Tinubu knows the right thing to do, but is simply too scared of public opinion to do it. That Tinubu knows what the right policies should be is clear from all the speeches he's given abroad to foreign media, where he proclaims all sorts of plans for reform that he does nothing about upon returning home, only to promptly jet off to yet another foreign location to make yet more grandiose promises he has no intention of fulfilling.

The only thing Tinubu has going for him is that the situation wouldn't be any better under either Atiku or Obi, both of whom have shown themselves to be willing to say anything to pander to public opinion, and neither of whom would have had a working majority in either house of the NASS, even if they truly had any intention of living up to their campaign promises. Nigeria's corruption-driven politics - where candidates must fund themselves instead of relying on grassroots contributions from ordinary party members - simply doesn't allow for the emergence of leaders who are both principled and know what they're doing.

Dollyak:
Interestingly, this could take off this time as the focus is now both on generation and transmission. It'll be interesting to see how they intend to generate though.
Based on 132kv transmission, it looks like it'll be an embedded generation.

Nothing is going to happen. The fundamental problem with Nigeria's power sector isn't equipment, which is easy enough to buy abroad, but the structure of the market itself. Power distributors (DISCOs) aren't allowed to charge enough to recover their costs, which means they can't afford to pay the generators (GENCOs) for the power they are given to distribute. The end result is that neither the GENCOs nor the DISCOs have the money to do even minimal levels of maintenance.

As much as it may pain certain tribal warriors to hear, Fashola was right that the solution isn't rocket science. The problem is that the solution isn't what the masses want to hear - they need to pay what it costs to generate and distribute power, not what feels "fair" to them thanks to an inflated sense of entitlement stemming from the "oil boom" years of the 1970s when Gowon, Murtala and Obasanjo were dishing out "awuff" in the forms of subsidies of all kinds.

Sadly, Tinubu has been so spooked by the backlash from his attempt to cancel the oil subsidy that he clearly lacks the guts to take any major steps in this direction (how could he, when he doesn't even have the courage to let the CBN fight inflation with higher interest rates). All we can expect for the next 4 years is lots more meaningless agreements like this one, while the fundamental issues are left unaddressed.

tomju2:
Really? Is it Igbo people that brought a drug trafficking president into power? Shim!

If we have a "drug trafficking president", why is it that Igbos monopolize the international drug trafficking statistics? Is Tinubu secretly an Igbo man, unable to trust any but his kinsmen from the SE with his illicit business?

You clowns seriously need to knock it off with this stale attempt at deflection. There is a serious problem with the international drug trade in your part of the country, so much so that even foreigners have now come to realise peddling drugs across borders is your specialty.

grandstar:
What will amaze you is that I accept your assertions. I 1,000% accept them but,,,,,,,,, we are talking about Argentina here.

I am sure you remember the words of Simon Kuznets, winner of the 1971 Nobel Prize in Economics, who stated there were four types of economies in the world: developed, undeveloped, Japan and Argentina.

We are talking about Argentina here. It is a well known basket case. Dollarization is the least bad option here. With high inflation and the depreciation that comes, with it, this is the best option.

The country will be forced to make savage cuts in spending. that it has long refused to do.

Yes, due to the sticky wage issue, the civil service will simply have to be slimmed down and all forms of wasteful spending cut.

It doesn't change the fact that what you said is true. I don't have much faith in dollarization due to its many cons. It too may unravel. It is still a way forward.

Blue3k, please join in the discussion.

Yes, given Argentina's long history of failure, I can understand the appeal of giving full-scale dollarization a try. Still, one question remains: given this guy's lack of a majority in either the Senate (just 7 out of 72) or the Chamber of Deputies (just 38 of 257), how exactly is he going to get his radical policies passed? The Peronists certainly aren't going to lift a finger to help him pass an agenda that runs counter to everything they have preached and practiced since the 1940s.

This lack of congressional backing is the same reason why I thought Obi was doomed to fail, even if by some legal miracle he'd managed to turn his 3rd-place finish into a Presidential "mandate". Unless you're a dictator or the all-powerful President of France, there's only so much you can do when the politicians who control the purse-strings have every incentive to ensure you fail.

grandstar:
I support the full scale dollarization of the economy. The dollar should be adopted a s the country's currency.

This will ensure it can no longer print its way out its problem. It will have no choice but to embark on painful reforms like Greece was.

Adopting another country's currency has its drawback if reforms are not carried out as quickly and as deeply as possible.

While your desire for full-scale dollarization is understandable, it comes with some very big drawbacks.

The first drawback is that monetary policy will now be dictated by the USA for its own internal ends, without any regard for your local economy. This means if your domestic economy loses competitiveness against the USA, the only solution will be deflation, which is always extremely painful ( due to "stickiness" of wages and prices - https://www.investopedia.com/terms/s/sticky-wage-theory.asp ).

The second huge drawback is that your central bank can no longer act as "lender of last resort" in the event of a systemic failure (e.g. a bank run).

The IMF has put out a pretty good summary of the pros and cons if you're interested.

https://www.imf.org/external/pubs/ft/issues/issues24/

Southwestidiot:
I forgot that whoever spoke against the south west or a Yoruba man must be an Igbo man, shallow thinker

I can hardly be shallower than a low-IQ troll whose moniker is an attempt to slander an entire region of more than 40 million people. The "ìdiot" part of your handle applies more to you than it does to anyone else!

Truths9ja:
oh my God, this is very worse if it all . Why reporting for Godsake. This is just an acts of immaturity from the Yoruba guy you mentioned here. As if they are in kindergarten environments.

And what kind of mumu takes as Gospel truth a tale told by a poster going by the pseudonym "Southwestidiot"? Can't you see that this is obviously yet another deeply tribalistic (and almost certainly Igbo) troll? It takes no effort to invent outrageous stories slandering other groups when you don't have to produce the slightest bit of evidence.

There is no evidence that the diploma Nigeria's President Bola Ahmed Tinubu submitted to the country's electoral commission was forged, the BBC's Global Disinformation Team has found.

Allegations that President Tinubu's certificates were faked went viral on social media following the release by Chicago State University (CSU) of his academic records last week.

We have looked at some of the most widely circulated claims.

The release of the president's academic documents is the culmination of a judicial case filed in August by one of his main rivals in February's presidential election, Atiku Abubakar of the Peoples Democratic Party (PDP).

Mr Abubakar was hoping to have the victor disqualified after accusing him of falsifying the CSU diploma of Bachelor of Science in Business Administration awarded in 1979 that he submitted to the electoral authority (Inec).

To obtain evidence for his case in Nigeria, Mr Abubakar approached a US court in August, requesting it to compel CSU to release Mr Tinubu's academic records through a process called discovery, where the parties exchange information including documents ahead of a trial.

Mr Tinubu's lawyers opposed the discovery application, citing privacy concerns, but the US court decided it should proceed.

The documents requested by Mr Abubakar were:

Copies of diplomas with the same font, seal, signatures, and wording awarded to other students that are similar to what CSU awarded to Mr Tinubu in 1979
Documents from CSU that were certified by Jamar Orr, who was then a staff member of CSU, in the 12 months from 1 August 2022


In response to request one, CSU submitted seven diplomas covering different disciplines with the names of the students redacted. According to the university's registrar, these diplomas had not been collected by the students.

In response to request two, CSU stated that it could not find the diploma they issued to Mr Tinubu in 1979, because they do not keep copies of diplomas already collected by students.

In response to request three, CSU stated that it produced for Mr Tinubu a replacement diploma dated 27 June 1979. It also released diplomas awarded to other students that bore similar font, seal, signatures and wordings as Mr Tinubu's diplomas.

In response to request four, CSU submitted other academic documents initially attested to and released by Mr Orr.

In line with the judge's ruling, Mr Abubakar's lawyer Angela Liu last week questioned Caleb Westberg, CSU's current registrar, in a deposition.

The BBC was given access to the deposition transcript by Mr Abubakar's spokesperson, Phrank Shaibu.

Some social media users in Nigeria allege that the deposition and the diplomas released by CSU confirm that the diploma submitted to Inec by Mr Tinubu was forged. This claim was also repeated by one of Mr Abubakar's lawyers, Kalu Kalu, at a press conference last week.

We found there was no evidence to support this claim.

The CSU released several diplomas issued between 1979 and 2003. We analysed all of them.

There are three different diplomas for Mr Tinubu that we refer to throughout our analysis:

The original one, from 1979, which he has said in the past was lost when he went into exile in the 1990s
The second one, that he submitted to Inec - supposedly a replacement diploma from CSU (it is similar to diplomas issued by CSU in the 1990s)
Additionally, CSU holds another replacement diploma for Mr Tinubu that they say is probably from the early 2000s that he never collected

The allegations on social media are based on a comparison between the document Mr Tinubu submitted to Inec and the 1979 diplomas released by CSU.

During Mr Westberg's deposition, Mr Atiku's lawyer focused on the copy of the diploma President Tinubu handed to the electoral commission and suggested that it was unlike any of the diplomas released by CSU.

However, while Mr Westberg agreed with Ms Liu that the diploma in question does not look like the samples from 1979, he stated that the certificate actually looks like three of the diplomas CSU released to Mr Abubakar. Our analysis confirms this.

It turns out that the discrepancy in the appearance of the diploma is down to it having been re-issued in the 1990s.

Mr Westberg said the template of CSU's diploma has changed several times over the years. He said any request for a new diploma would resemble the current template at that time, no matter when the student graduated.

As such, if Mr Tinubu had reordered his diploma in the late 1990s, what he would have been given would look like what was obtainable then.

Three of the diplomas dating from the 1990s that CSU submitted were similar to Mr Tinubu's.

One of them, which bears the date 18 December 1998, is identical (aside from the names, class of degree, and dates) to the diploma Mr Tinubu handed over to Inec.

Mr Westberg also stated that CSU does not keep notes of when a graduate asks for the reissuing of a diploma and therefore Mr Tinubu's request for a copy of the diploma was not recorded.

The copy he gave to the election commission had part of the university logo missing, which Mr Westberg said in his deposition was possibly "cut off" when it was photocopied.

We analysed the diploma. It appears in fact that its bottom part was not included during the photocopy process.

Original article here: https://www.bbc.co.uk/news/world-africa-67067854

No doubt the usual suspects will now claim that Tinubu has supposedly "paid off" the BBC for this report, that the BBC is part of some imaginary "Lagos-Ibadan media" cabal, or that Chiagozie Nwonwu & Fauziyya Tukur (2 of the 3 authors of the article) are both secretly "Agbadorians" writing under Igbo and northern names ...

grandstar:
'

Hello,
A little digression.

The money borrowed from the central bank during Buhari's tenure was converted into bonds.

What if the federal government refuses to default on paying the interest or even the principal, could it adversely affect the economy.

I am asking this based on what happens in China. The Chinese government borrows large sums of money from state owned banks. Since the state owns these banks, the bank rarely call in these loans so it is a lot like free money.

Due to the severe pressure the government is in, can it afford to default on this debt it owes the CBN in order to cut cost? It is better than turning on the printing press.

I wouldn't say that it's "better", just a different - and frankly, worse - strategy for reneging on debts. Runaway inflation forces bond-holders to swallow cuts on their principal (as long as the bonds aren't inflation-indexed), but at least in that case the burden is shared with the general populace, which means there's at least some political pressure to rein in the inflation, so bond-holders won't necessarily lose everything.

With a unilateral default, the bondholder losses are total, and the signal it sends to prospective future lenders is that the Nigerian government isn't to be trusted in the slightest. This means being shut out of the financial markets, not only abroad but even at home, as domestic investors can read the writing on the wall just as well as foreigners. This may free up some cash for domestic spending in the short term, but the capital flight it will engender will wreck the economy. Developing countries need lots of capital investment to grow, and the only option left after a default will be to find that saving by squeezing domestic consumption to the bone, as low as it already is. If people think they are suffering now, how will they act when even hawkers and laborers see 40% of their income disappear in taxes?

Aside this, I do see some subtle difference already in the Tinubu government aside the "removal" of petrol subsidies and the "unification" of the exchange rates.

The present government does not support the high cement prices brought on by the complete ban on cement imports. The present minister of works and housing has negotiated a price reduction in the cement price from Bua Cement but I suspect they'll prefer to open the doors to cement imports in again.

Also, the import duty on cars has also been reduced. This is again a breath of fresh air.

The country needs more of such. They haven't simply followed the same policies they met like what has been happening since 2003 when some of these bad policies started being implemented.

Yes, the appointment of Cardoso was a disappointment but it seems Tinubu wanted to play safe for now. In 2027 at the latest, a competent economist will be appointed to fill the post.

I think you're being far too optimistic here. Tinubu simply doesn't have 4 years to squander on less than competent monetary policy. The credibility of any new government is established by how it acts in its initial time in office, as that is when governments are typically most willing to take on tough reforms, before the electoral cycle restarts. If Tinubu is already backtracking at this early date, how will he be acting 2 years from now, when the usual suspects come back into the ring and start promising painless miracle solutions? See what the Financial Times had to say in its editorial yesterday. This ought to shatter any illusion that foreign investors aren't paying close attention to what is going on.

https://on.ft.com/46eRRh8

Bola Tinubu, Nigeria’s new president, started off with a bang. In removing a costly fuel subsidy and in shifting towards a market-driven exchange rate, which has sharply weakened a previously overvalued currency, he has gone some way towards persuading investors he is serious about reform. But four months into his presidency, there are signs of things going awry.

The new president moved quickly to raise expectations. In his inauguration speech in May, he used five words — “the fuel subsidy is gone” — to scrap a policy that had cost the Treasury $10bn in 2022. Previous administrations had tried, and failed, to remove it.

His instincts were right. Because Nigeria imports most of its refined petroleum products, the subsidy had become a licence for middlemen and crooks to profit from arbitrage. Middle class car owners were the biggest beneficiaries. Perversely, the higher the oil price, the higher the subsidy — and thus the greater the drain on the Treasury.

Now that the government is $10bn better off, it needs to explain how it is going to use the money to improve people’s lives. It could make direct payments to the most vulnerable or set out plans to bolster public services such as health and education. So far, it has been silent. Tinubu has not done nearly enough to explain the rationale of a policy that, to many Nigerians, seems like the withdrawal of the only thing the state had ever done for them. As petrol prices rise, millions of people — already under pressure from rising food prices — are having to walk miles to work.

Changes at the central bank are similarly half-cooked. The removal of Godwin Emefiele, the previous governor, was overdue. But its manner, initially via a charge of firearms’ possession, was odd and smacked of political revenge. More substantively, the new exchange rate regime has yet to be properly explained. After a signal was given in June that banks could bid freely for foreign currency, the naira fell nearly 30 per cent, pushing inflation up still further to an 18-year high of nearly 26 per cent. Still, the move to a more realistic exchange rate was a vital step in persuading investors that they could obtain dollars, either to invest in manufacturing inputs or to repatriate as profits.

But dollar liquidity has since tightened as investors seek to clear a backlog of $7bn in previously unsatisfied demand. After a convergence of the official and black market rate, a gulf has reopened: the parallel rate has fallen to N1,000 versus an official rate of N785. Opacity about the true level of net foreign reserves — by one estimate as low as $4bn — has exacerbated the problem. So has Nigeria’s inability to sell its full Opec quota because of chronic oil theft. Curbing the looting of Nigeria’s patrimony is one of Tinubu’s most urgent tasks.

Jorussia:
I think we are over flogging this tinubu certificate saga.The most important thing is the university confirmed he was their student and he graduated. If the university doesn't place emphasis on certificates,rather on transcript as provided for by the united states jurisprudence, i don't think we should waste our precious time debating this matter.

You are assuming the people pushing this manufactured "controversy" are arguing in good faith. In reality, they are unwilling to countenance any facts which go against their preferred narrative, which is that Tinubu must somehow be "illegitimate", even though neither Atiku nor Obi were able to produce supporting evidence in court. These are people who have a deep-seated hatred for Tinubu going back several years, to the point I imagine this hatred has become the sole reason for living for at least a few of them. One can't expect monomaniacal hatred to be overcome through facts and reasoning.

DMerciful:
Funny enough most Northerners call themselves Hausa-Fulanis

And here you exemplify the very kind of blinkered stereotyping and projection I was speaking about. If you sincerely believe such nonsense, you can't have met many northerners in your life, because the vast majority would consider your statement so insulting as to be "fighting words".

DMerciful:
There are others but both Yorubas and Hausa-Fulanis sees everybody thats not Yoruba or Hausa-Fulani as Igbo.

Were you not here in Feb presidential election that they were calling all SS people as Igbos?

If you wanna verify, criticize Tinubu and you'd be branded Igbo immediately

Stop projecting your own failings onto others. I'm Yoruba but know full well the distinction between Efiks, Edos, Itsekiris, Ikwerres, Urhobos, Ijaws and many other SS groups who aren't your kinsmen. It's your own people who have repeatedly betrayed their own bigotry and ignorance by treating "the north" as a homogenous body of "head-slammers" and calling Buhari a member of some mythical "Hausa" oligarchy, even though he has not a drop of Hausa blood and no true Hausa man has ever ruled Nigeria. You (falsely) claim to be the most travelled of all tribes, yet few of you seem to understand the distinctions between Angas, Tiv, Birom, Kanuri, Nupes, Idomas and many others you routinely treat as an "ignorant", faceless "muslim" horde, in yet another act of projection.

Fujiyama:
^^^
All of them have doctorates in economics except Powell. Powell's degrees were in politics and law.

Powell wouldn't have had a chance of being where he is today without Trump's misogyny pushing him to drive out Janet Yellen, who had been doing a superb job. It's still too early in the game to say whether Powell will succeed in overcoming the well-deserved scepticism he faced upon assuming the office.

Sadly, the CBN's fraudulent policies are enabled by the gullibility of all the Nigerians who so badly want a "strong" Naira that they'll happily enable all sorts of rip-offs for the sake of this illusion - hence the multiple exchange rates which produce opportunities for "round tripping", and the schemes to cheat the senders of remittances through an artificial rate that also scares away foreign investors. The one thing the "Strong Naira" zealots never ask themselves is what point there is in having a "strong" exchange rate that you can never get access to unless you're Dangote or some other such well-connected figure.

Seun:
Because the official market cannot serve all the people who want dollars.

Actually, it could serve all of them. The real issue is that, given Nigeria's galloping inflation with no end in sight, the rate at which supply would meet demand would be so high that it would be deeply politically embarassing.

An aspect of uncontrolled inflation that Nigerians tend to overlook is that rational market participants will bake inflation expectations for the future into their forward contracts, which means that if the spot price for $USD is, say N1000, while inflation has been running at 20% for the last year, anyone with sense will plan on the basis of next year's rate being 1 $USD to N1,200 (and N1,440 two years on), and today's prices will be adjusted accordingly to account for this. Exchange rates are therefore not just about how much USD the CBN currently holds in reserves as against the amount of Naira in current circulation.

Seun:

https://www.youtube.com/watch?v=It2zHSJBZns

During an interview with Arise TV, the IMF rep for Nigeria said that "a lot of the focus" on ending the free fall of the naira "should also happen on the supply of naira, not only on the supply of foreign exchange". He said that there is a need to "tighten monetary policy; to take liquidity out of the system."

He said, "there are too many nairas chasing yet too few dollars. As I have alluded before, in previous conversations.
It is very important to reduce the amount of nairas, reduce the growth rate of money supply domestically in Nigeria."

"In parallel also, fiscal policies should cease to rely on the Ways & Means."

"All the operations of the central bank that are not conducive to reigning in liquidity, phasing out financing of the fiscal deficit of the government, focusing on price stability, tightening monetary policy is going to be needed."

"It's costly - it doesn't come without a price, but it's a price worth paying."

Recall that Sanusi said the same thing and Bismarck Rewane has been calling for monetary tightening for years.

This is precisely what I have been saying on here for years now - it's absurd to expect the Naira to be "strong" against the US Dollar while turning a blind eye to runaway domestic inflation. Ignorant people look at the nominal CBN interest rate and claim that it's already too high, even though in real terms it is actually highly negative, and then they act surprised that holders of foreign currency would rather park their savings in low-risk countries where the real interest rate is much closer to zero than it is in Nigeria.

The first thing a truly competent and independent CBN governor would do on assuming office would be to end this nonsense, by hiking rates high enough to make them positive in real terms. This would both help to reign in domestic consumption while drawing in the foreign money needed to make up the shortfall in domestic taxation. The downside is that the economic pain would be intense initially, but better that than allowing Nigeria to turn into the new Argentina, which has consistently slid down the economic rankings over the decades because government after government has sought short-cuts and "palliatives" to shield the populace from economic reality.

https://www.economist.com/briefing/2014/02/17/a-century-of-decline

https://www.economist.com/films/2023/09/07/why-is-argentinas-economy-in-such-a-mess

Ikaeniyan0:
Nigerians have gotten use to buying cheap fuel

The FG might be subsidizing till Dangote or PH refinery start working.

That means the FG will be subsidizing till eternity, as there is no way for either of those refineries to be profitable selling their output for less than it costs them to make it. As Nairalanda1 has already said, Nigerians are utterly delusional in wanting to keep their cake while eating it.

The most inane aspect of all the whining about the subsidy and the never-ending slide of the Naira is that none of the groaners and moaners can see the obvious linkage between the two issues. Tinubu tried to bring the subsidy to a quick end because the FG had run out of foreigners willing to lend it money to throw away on selling cheap fuel to all of West Africa. That reality has not changed, especially with interest rates so much higher back in safe, credit-worthy Western countries, so the FG has no other source to turn to in "paying" for the subsidies Nigerians demand than ye olde printing presse, aka inflation.

It is that inflation which is driving the Naira's value against the USD down like a stone - the indigent Nigerian masses may be easily fooled into thinking printing more money can magically make one better off, but US Dollar (and Euro, and Yen, and UK Pound) holders are not so easy to bamboozle. They won't part with their cash for the same price while domestically you're paying 22% more for everything from onions to cheap slippers.

grandstar:
I have known Lordadam for a while.

He doesn't say what he wishes to be done, or what he wants done- but rather- just stating how things are.

Where he can give a decisive answer, he provides one. For him, it's nothing personal, simply business.

It was precisely because he'd previously projected the impression you describe that I found his puerile response so disappointing in this particular case. Here was a subject on which he supposedly had expertise to bring to bear, and yet all he saw fit to add to the discussion amounted to "na turn by turn"? If this was all that could be expected of someone who had seemed to have a clue, what hope for the ignorant masses on here who see no difference between accounting and economics and imagine themselves monetary policy maestros while unable to distinguish basic supply and demand curves?

Gajagojo:
You are talking ignorant and conceited gibberish.
The CBN in Nigeria has next to zero influence on inflation in 2023
That train has left the station all the ammunition it has is exhausted
Everything you have to say is colored by bigotry

Look, you low-IQ bottom feeder, you have just made about the most inane set of comments I have ever seen on this website, and that is really saying a lot! I am more Yoruba than you will ever dream of being, I have defended Tinubu times without number on this very site, and yet I have no problem saying that this appointment was a gigantic error that threatens his entire agenda. I know baboons like you find this hard to comprehend, but it is possible to agree with a politician on some things while disagreeing on others: some of us actually remember that objective realities exist, and affect us all regardless of tribal affiliation.

Maybe jobless nonentities like you can receive sustenance from blind shows of tribal loyalty on sites like Nairaland, but the rest of us need a thriving economy, and an unqualified, highly dependent CBN governor is not the vehicle through which that will ever be accomplished, no matter the tribal origin. Or perhaps dimwits like you think Yorubas will get a special dispensation from economic stagnation? How well did that work for Igbos under Emefiele?

The primary cause of inflation in NIgeria is imported inflation and government living beyond its means
The government through irresponsible fiscal policy and poor oversight by the National Assembly
The CBN has no levers to press beyond interest rates and to stop lending to governments
The interest rate lever is exhausted .
The main thing that needs to happen at the CBN today is to stop corruption with Forex which is not an issue of qualification but of integrity
To fix inflation we need peace,security and then to start production of food and other basic things that drain our Forex

Those are Economic and political issues not monetary ones

Utterly imbecilic nonsense. "The interest rate lever is exhausted"? That is just about the daftest claim imaginable! Where exactly did you obtain your economics degree again? Could you even tell Walrasian equilibrium from a walrus if your very life depended on it? Save your worthless beer-parlor "insights" for your fellow semi-literates who think they know more than those who spent years acquiring advanced degrees.

ehissi:
To hire this man as CBN governor is a recipe for Macro-Economic collapse!

How will Tinubu ignore hundreds of more qualified folks for this person.

That was how Buhari gave Ministry of Finance to an Accountant that said "Recession is just a word" now bag of rice is heading to #50k. Brown beans, na only yahoo boys dey buy am now......

At least nominate someone with a background in economics, Developmental Economics to be precise, we can't keep running around in circles like we have been doing with our Economy for the last 8years

Good to see someone else who gets it. Tinubu is setting his entire tenure in office up for failure by picking such a lackluster candidate. In other countries, governments are so aware of how critical the role of central bank governor is that they'll even recruit abroad to fill the role if need be (e.g. Mark Carney from Canada, who was head of the Bank of England, or Stanley Fischer from the USA as boss of the Bank of Israel), but in Nigeria we treat the role as just another "juicy" appointment to be doled out on a tribal basis, as if monetary stability weren't a precondition for meaningful economic development. None of us would pick our personal surgeons on such a flimsy basis.

Britain favours credentials over countrymen for BoE's top job

LordAdam16:
Go f*ck yourself, hombre!
Your comment history over at least the past year is a disgrace!
And you have the nerve to label anyone a tribalist for noticing sh*t, you gaslighting c*nt!

F*ck off my mentions and go do that low-budget ethnosupremacist sh*t with your nutjob compadres.
Que sera sera. Your time in the sun will end. You'll type epistles. And there'll be plenty of receipts to shut your b*tch a$$es up.
Supremacists come in all stripes. All, including you, are disgusting!

-Lord

Of course, nothing to offer in response but incoherent ad hominems, no doubt dished out in a fit of spittle-flecked rage. The "turn by turn" mindset you and so many else on here exemplify will be the death of Nigeria.

alezzy13:
Well background in business and public administration is encouraging.

I've argued CBN needs less of textbook accountants or economists, usually so full of thier macroeconomic theories with very little impact in practice. We need more practice-oriented technocrats. I wish him the best

More ignorant "textbook economist" bashing. Do you even know who the last CBN governor was with an actual PhD in economics? Emefiele had no training in the subject, making him the very sort of "practice-oriented technocrat" you ignorantly praise, yet look at the destruction he wrought on the Nigerian economy while in office.

Look at how an actual "textbook economist" like Soludo performed, and compare it to the total failure of the "practice-oriented technocrat" Emefiele, and then tell us again how all that "textbook" knowledge is a bad thing.

InsightsGuru:
This tradition of nominating retired bankers to lead the CBN is not the best way to go. In most of the leading economies, the tradition is to nominate an economist with deep knowledge, expertise, and experience in monetary policy, normally a well-grounded economist ideally with a Ph.D. in Economics, and some private and/or academic experience. The only exception was former President Obasanjo who appointed Prof Charles Soludo, a PhD economist. Retired bankers can make good ministers for finance and not CBN governors.

Until any Nigerian president embraces the reality that managing the complexities of the macroeconomy requires an expert we will continue to see a Central Bank that is derailed from its core duties and unduly influenced by powerful politicians and senior bankers and bureaucrats.

If we really want to grow and move forward just as most countries are progressing, we need to start to do things the right way. Growth and progress at the individual and entity level is a result of consistent and cumulative decisions taken over time most of which are right.

Thank you for putting the crux of the matter so clearly and succinctly. It is good to see that Nairaland isn't totally devoid of people who have real insight to share, rather than the usual childish tribalistic nonsense.

As you've noted, a Phd economist like Soludo would have been a better choice, especially given Nigeria's runaway inflation and dire need for credibility in the international financial markets. While I doubt Cardoso can do quite as badly as Emefiele did, I just don't see him being the one to bring inflation under control and restore monetary stability, especially given his prior closeness to Tinubu, which will probably compromise his ability to act independently.

Olurondo:
This appointment does not make any sense.Yemi Cardoso's first degree is Management and Administrative studies and he has a masters degree in public administration.Any reasonable person will know that more than ever before we need a sound ECONOMIST as a CBN governor!!

At last we have someone with something substantive to add to the discussion, instead of the usual monomania about "tribe". While it's disheartening to hear what you've shared, I thank you for providing the information.

LordAdam16:
No point in complaining.
Everyone will get their turn.

In fact, it'll be a huge relief if each geopolitical zone gets the opportunity to be nepotistic for 8 years.
Marginalization complaints will subside.
Whenever it gets to your turn, appoint whomever you fancy.

The regions that'd best benefit from this arrangement are the Core North (NW and NE) and the Better South (SS and SE).
Regions will always be sympathetic to sister zones.
Heck, even the MB will get something, as their Christians will be appointed in the Better South's administrations, while their Muslims will be appointed in the Core North's administrations.

The Yorubas don't have a twin region, so they'll be hard hit by this paradigm they're championing.
You bet they'd raise dust when they're on the receiving end, but no one will pay them any mind.
I trust the SE.
The SS might try to be sympathetic because we are a melting pot of Indigenous, Yoruboid, and Igboid ethnicities.
But the gbas gbos from the SE will be a sight to behold.

-Lord

So, despite all your pretensions to being some sort of intellectual with an expert in economics, it turns out you're just another run of the mill, tribalist Nairalander, incapable of evaluating individuals on their merits, and obsessed with keeping track of which appointment benefits which group or other. The position of the Central Bank governor is just about the most important one Tinubu has to fill, especially given the parlous state of the economy and the high debt burden of the FG, yet the only thing you and all the rest of the cretins on here can think about when alerted about Tinubu's choice is that he happens to be Yoruba? Are any of you for real? Is there anyone left on this website with an IQ above 70?

The CBN governor could be from Pluto for all I care, as long as he/she/it has the right credentials to rescue Nigeria's international credibility and slash the inflation rate to single digits. What anyone with a half-working brain should care about is whether this appointee has the requisite knowledge of economics, a track record of clear thinking, the discipline to stick to his job - fighting inflation and keeping the economy stable - rather than obsessing over toothpicks and messing around with hare-brained currency exchange schemes, and the will to stand up to both Tinubu and the NASS when it comes to doing the job he was appointed to do, political consequences be damned. As of yet, not a single person has brought any facts to bear on this question, even as you're all busy keeping score of which tribe is scoring which "juicy" appointments - as if all Nigerians don't stand to benefit equally from low inflation, a stable Naira and a hugh rise in foreign direct investment.

West1side:
In August 2023, a request was made in U.S. federal court for the university to provide information related to educational records concerning Bola Tinubu, the President of Nigeria, and a former CSU student. The university has confirmed Tinubu attended CSU and graduated in 1979 with a bachelor's degree. Federal law, however, prevents us from providing any further information without consent or unless allowed to do so via court order.

This highlighted bit is what I pointed out when some nonsensical hit-piece from "People's Gazette" was being pushed heavily by the usual suspects a while back. The records of all American university students are private - even for the most anonymous and unimportant ones - and cannot be revealed without the express permission of the students themselves. All CSU has done has simply been to comply with American law, and all the overheated claims of a "cover up" are nothing but the pathetic cries of desparation of Obi supporters grasping for straws, thinking they can get through hair-splitting technicalities what they failed to achieve either at the ballot box or in court.

Whatever supposed "discrepancies" exist in the certificates Tinubu might have provided in the past, if some Nigerian court does decide there are genuine issues with them, all Tinubu has to do is request that CSU issue him a brand new certificate, which will obviously be signed by whoever is currently in charge of issuing them at the moment, a reality that will no doubt be seized upon by the usual gang of coup-supporting, judiciary intimidating, tribalistic "patriots" as a new "discrepancy" indicating (purely imaginary) "fraud".

Naijaboy18:
Serious question. How are Igbo going to get president while hating yoruba and the north?

Don't hold your breath expecting a meaningful answer. This is the same question everyone was asking them throughout the runup to the election, when they were busy dishing out "vawulence" [sic] and "woto woto" in the form of tribalistic insults, only to turn around and start screaming "RIGGED!" when - surprise! - their candidate was rejected by the very same northerners and Yorubas they'd been gleefully inflicting all that "vawulence" [sic] upon.

Impregnable101:
But wetin Nigerians go find for Pakistan of all places?

Pakistan (along with Afghanistan) is a major transit route for opium - the raw ingredient for making heroin - which is why the usual suspects are no doubt to be found there, setting up wholesale distribution to their brethren throughout SE Asia (the ones pretending to be "studying" or trading in second-hand clothes while dealing drugs to the locals).

Chuksyno:
Only fools like you with your hatred on Igbos right inside your bone marrow believes that drug trade involved Igbo tribe alone but forget in a haste that your druggie master in power have network of drug cartels scattered all over with lazy yoruba youths as his slave servants including agberos in your useless tribe. Igbos are not your mate in terms of industrialization, business management and what have you. Igbos would continue to be the source of your revenues and your landlord at your own land while jealousy and envy on igbos keep eating you up. Ezi Bida!

Blah blah blah - and yet Asia's prisons remain chock-full of your brethren, your region is in the grip of a meth-epidemic, and every single meth-lab ever discovered within Nigeria's borders has been run by one of you - oh, and by the way, your Peter Obi is still a loser, and will remain one even if the Supreme Court deigns to hear his ridiculous case. Tufiakwa, umu mkpurumiri!

Chuksyno:
What have your druggie father in power done to you and your miserable kindreds. Ewu Guinea!

Pretty rich for an Igbo man to be calling anyone else a "druggie", as if you and your brethren hadn't monopolized the international drug trade since the 1970s. Was it my "druggie father" [sic] who scattered thousands of your kinsmen all over Asia's prisons, to the extent that Asian policemen now know that drugs are an Igbo thing? Shameless nitwit.

Chuksyno:
Military take over is the key since democracy is aborted and justice miscarried.

Pathetic tribalistic sore loser. You and your clannish kinsmen would have it worst under a military dictatorship!

tuzle:
when I was in secondary school, the first time I ever passed maths comfortably was the topic differentiation. It wasn't like if I understood it, but I just followed the steps and found out it worked.

Differentiation and differential equations are completely separate things. Anyone can learn to grind through a few simple cases of differentiation by rote, but some differential equations (especially partial differential equations) are amongst the most difficult challenges in all of mathematics, e.g. the Navier-Stokes equations governing viscous fluid flow.

https://en.wikipedia.org/wiki/Navier%E2%80%93Stokes_equations