₦airaland Forum

Spiritmask:
I don't deal with black market price, which is hard to monitor. I only state and work with official CBN value/price. Buhari left it at N465.

The School fees of my young brother in Canada, has almost double likewise the cost of importing petrol which was at the official rate of N465 during Buhari regime, but now above N750.

OfoIgbo:
Well, it could be 100% especially as Ijawland used to be part and parcel of Igboland. From that angle, you are correct for claiming that Igbos have 100% of Nigeria's gas resources.

Spiritmask:
Tinubu met the dollar at N465, that is where Buhari left it, He should bring it back to it previous value.
Stop glorifying nonsense.

Racoon:
Meanwhile:

Ofunaofu:
When will Buhari be arrested

Buhari approved whatever decisions he undertook as the CBN governor

Isobug:
Release this fellow. If you must charge him, change him with Buhari, the CinC of the economy then.
This is clear witch-hunting

Wainey:
FCT is one of the only position where ur power is so limited that you become insignificant.

Except probably the president, no other person can get a firm grip of FCT where there is the most power tussle.

They know that giving him other ministerial positions will make him use his influence to intimidate people to do his bidding.
Even Wike knows what is going on that is why he has not finally left PDP where he still has allies

Ruggedniggaone:
I will see your marriage with hellinus before I can take you seriously

rippa:
How do u know the guy is Ibo?
This is how u people try to make us from the SS hate them but instead u are the one we are hating everyday

Get a life

Success1981:
Is that what Tinubu presidency is reduced to

Mrfixiit:
Your clownish jibes against the person of Peter Obi can not erase the facts that he is one of the best governors Nigeria has had under this democracy and even won governor of the year.

Sitting on top of a yellow jerry can of fuel, Jeannine waits for customers on a sidewalk in Benin’s economic capital Cotonou, but business is slow.

The motorbikes and cars she normally supplies are no longer stopping to stock up on her cheap gasoline, which is smuggled in from neighbouring Nigeria.

Since Nigeria’s new president Bola Ahmed Tinubu abruptly ended his country’s long-standing subsidy on petrol two weeks ago, prices of black market fuel over the border in Benin have also doubled.

“Since this morning, barely five people have stopped,” said Jeanine. “Everyone prefers to go to the petrol station now.”

Two weeks ago, a litre of “Kpayo”, the smuggled gasoline sold on the side of Beninese roads, doubled from 350 to 700 CFA francs (0.5 to 1 euro). That is now higher than the petrol in service stations at the market price of around 650 CFA a litre.

In Nigeria, fuel prices have also tripled since Tinubu ended the subsidies, with food, transport and power prices feeling the knock-on effect.

Ending the subsidy was the first measure taken by Tinubu, who sees the subsidies as unsustainable financial waste costing the state billions of dollars a year, and allowing massive smuggling of subsidised gasoline to neighbouring countries.

“Why should we (…) feed the smugglers and be the Santa Claus of neighbouring countries,” Tinubu said last week, justifying the decision, which has been unpopular in Nigeria.

For decades, Nigeria’s low-cost gasoline has been transported illegally by road to its neighbours, primarily Benin, where it is resold on the black market by a multitude of informal sellers.

“You know, this fuel helps feed thousands of people in Benin,” said Jeannine, a 48-year-old widow with five children, who says she does not have savings “to start a new business”.

The scale of the trafficking is such that the price of taxi fares has almost doubled in Cotonou. In Cameroon, another neighbour of Nigeria, several motorcycle taxi unions have gone on strike in protest.


“Is it because the border is closed?” asks the driver who has never heard of Nigerian subsidies.

“We’re going to pray to God that it goes down,” said the 46-year-old man, who says he was forced to cut corn rations for his children when business slowed.

A few kilometres away, Nicolas Evedjere is happy enough. The gas station manager has never sold as much as in recent days.

“We had to close this morning, because we had nothing left to sell, our clients have multiplied by ten,” he said smiling while adding he is sad “to see brothers suffer”.

Suppliers had not anticipated such an explosion in demand, he said.

In front of gas stations that still have fuel to sell, long queues are now visible at peak times.

This is good news for the Beninese State, which hopes to increase its tax revenue, as informal sellers do not pay tax.

“In recent years, the Beninese government has encouraged the development of service stations in the country to reduce the importance of contraband gasoline on the market,” Beninese government spokesman Wilfried Houngbedji told AFP.

“If we hadn’t done this, we would currently be facing serious shortages,” he said.


The subsidy episode has once again illustrated Benin’s steep dependence on its Nigerian neighbour, a West African giant with 215 million inhabitants, the continent’s largest economy and one of Africa’s top oil producers.

Nigeria’s border with Benin was closed off overnight in 2019 by former Nigerian President Muhammadu Buhari, a shutdown which lasted 18 months and asphyxiated the Beninese economy.

Whether coincidence or not, Beninese President Patrice Talon recently dismissed his foreign affairs minister, replacing him with Shegun Bakari, a Beninese entrepreneur who is of the same Yoruba ethnicity as Tinubu, and who observers say is “close” to his inner circle.

At the Benin border post of Seme-Krake, on the Atlantic coast, the usual hustle of currency traders, sellers, transporters and small traders involved in gasoline trafficking may have slowed, but another activity persists.

Rice imports are officially banned in Nigeria, which is trying to encourage local production.

But on the Nigerian side, past the customs checkpoints, a multitude of cars, their trunks filled with bags of rice arriving from the port of Cotonou in Benin, are unloaded in plain sight and passed into new vehicles for transport into Nigeria.

Melagros:
Oh! So it wasn't illegal when lalong was carrying out the same action, right?

Biodun556:
Yea

Pierohandsome:
Naira will hit #1000 to a dollar by December latest.

Lovelink1991:
TINUBU SIGNING BILLS 🙆‍♂️🙆‍♂️🙆‍♂️🙆‍♂️

Since APC and Tinubu supporters claimed they sign electricity bill into law, my area have not seen the light again ooo, I hope the bill is not about darkness because I know that Tinubu is not reading before signing this bills.

One day he will sign the bill that allow the importation of Narcotics drugs into the country without knowing

oldbende:
Tinubu may revoke Tompolo's 48billion naira pipeline protection contract and give it to Asari Dukobo.


https://www.youtube.com/watch?v=PHawnd-W-5I

jara:
Dangote indicated sometimes ago that he would no longer need Central Bank for dollars since he would be generating enough foreign income.

Well take him up since he, Otedola, Ibeto, Innoson, the international corporations and big boys get their lion share from Central Bank. Give them license to open kiosk as in the Western countries to sell dollars competing for the best rate.

Our International stars generating foreign incomes should also be encouraged to do so. Anyone else selling dollars or any foreign currency must declare where and how they got it.

This will push Central Bank out of chosing winners and become competitive. In other words, show us where and how you are getting your foreign currencies. This is the real meaning of floating, not black or privileged markets.

plaetton:
Little guy,
You can sing praises to your God Tinubu as much as you want.
That is not the issue here.
The issue here is about fundamental economics. And by any fundamental economic forces, the Naira, now that it is freely floating, will gradually float to N1200 to N1500 per USD.
How soon in the next 3 to 6 months that would happen is something that I would not speculate .

lexy2014:
How is Tinubu in control?

In 2015, nigerians were to to suffer and enjoy tomorrow. This is 2023. Has tomorrow not yet arrived?

What is the benefit of all the previous sufferings?

plaetton:
I guess you're not capable of properly defending your opinion without reverting to name calling.
Compulsive name-calling is usually a sign of mental vacuity.

engineerkola:
You typed many sentences and made no sense. There are many Powerful Nigerian Presidents that have been overthrown by the military. A wise president makes more powerful friends than powerful enemies. President Tinubu is doing the right thing by building relationship with the military rather than arresting their generals and turning them to enemies. You won't know anything about this because you are a child.

Please read what you wrote as a response to my comment and see if you are proud of yourself.