₦airaland Forum

aribisala0:
You are mistaken
Nigerian debt and CBN backlog are very different things
Totally unrelated
Try to understand what the issues are . If you don't then do not comment
CBN backlog is not repeat NOT debt . The CBN is NOT the government.
The backlog is the obligation of the CBN to accept Naira from Foreign investors at an agreed exchange rate. They have brought the Naira and the FUN is not producing dollars and that is why the Naira is crashing because there are sellers offering a different rate

D4gmail1:
Bro, that is not the issue. This is like cutting a tree and ignoring its roots. What is the cause of the backlog? If that is not addressed, how can you be sure it will end if the cycle keeps repeating?

Remember Obasanjo's govt fully paid debts in the past, where are we today?

nograv:
I give you evidence of why Tinubu isn't that bright, instead of acknowledging it, you go quiet..

Chai my people smdh

UnknownT:
You are owing Billions of Dollars in backlog, you released 500m and you think that will increase the value of the Naira? How many % appreciation did the Naira do against the Dollars when Afrexim bank loan was secured?

Terry4:
For past months now, sum has been releasing to clear FC backlog, still Naira d devaluation

Curious345:
Aboki at Allen are waiting for the 500m USD forex intervention fund

DMerciful:
Yea because he can bribe his way out

The Central Bank of Nigeria says it has released $500m to various sectors in its determination to address the backlog of verified foreign exchange transactions.

Its Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, disclosed this in a statement on Monday in Abuja.

According to Sidi-Ali, this comes barely a week after the apex bank paid approximately $2bn to settle outstanding commitments across various sectors.

She said that the management of the CBN was committed to settling all legitimate foreign exchange backlogs within a short time frame.

She said the CBN had begun implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long terms.

“As the Governor said, the CBN’s focus is on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years,” she said.


Meanwhile, Sidi-Ali said that the forex market reforms were designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities.

She expressed confidence that a stable exchange rate would boost investor confidence and attract foreign investment.

Speaking further, she urged all participants in the market to play by the rules, adding that transparency in the market would enable the fair determination of exchange rates.

The CBN, over the past few months, has released various sums in its effort to clear the backlog of foreign exchange liabilities.

DMerciful:
Are you new in Nigeria? Don't you know Tinubu's tendencies?

DMerciful:
He must be doing it for Tinubu

viodemus:
Everyday incompetence exhibition.

Accountants at the heat of the moment, are now tasked with being engineers. When will they understand the various types of flow meters, valves, pipe conditions, pumps, setup, bypass conditions, equipment conditions, equipment optimization, emergency procedures, etc.

sulaak:
Northern elites and cabal dominate NNPC; any direct attack against the NNPCL elite will have a direct response.

Felix6:
Those that were
Fetus in 2008 are not supposed to quote this comment, except they were watching football mundia or golazo through their mummy's vj.

Nataliace:
I'm married for twelve years now and my marriage is blessed with two kids all boys, 11 and 9 respectively. Our marriage was also blessed with peace until I discovered my husband dates girls.

The one that pains me most is dating a neighbor who has been my enemy since we relocated to that settlement. My husband has side chicks too numerous to mention and I tried to talk to him but he refused. I left him and went back to my parents house thinking that will make him change and to come and apologize, to my greatest surprise he didn't make a move of putting things in order.

The worst is that the girl in the neighborhood is now living with him sleeping in our Matrimonial bed doing all the house chores and taking my children to school.

I came back and apologized to my husband but he said it's over between us. I love my husband so much that I can't afford to lose him. What should I have done? I expressed my grief of being hurt but it bounced back negatively.

Please advise me on how to restore my marriage.

Tonytonex:
see bah?
That's the thing.

Tonytonex:
I mean the taste. Fake ones fit don dey.

Tonytonex:
but e like this present seaman no dey like before again

Blitzking:
So you are a forward thinking person..the whole of Africa wasn't as big as USSR yet they existed..

IamAtikulate:
If you know the volume of trade that moves to Niger from Nigeria through Kano, you won't say this nonsense. You Yorubas are gradually killing this country wit gross incompetence and lack of foresight

nograv:
All three nations are in the process of throwing off the last vestiges of French rule. Niger for example has rocketed to being one of the fasting growing economies in the world this year.

..

Felix6:
That is what you get when Standard has fallen across board. between 1990 and 2008 Osimhen might be struggling to start for championship and division 2 sides in Europe.
But today's football is just money, no quality and talent.

saintopus:
The governor may frustrate all effort to hold LGA Elections if Wike insist on producing the LGA Elections candidates.

NkanuSon:
They are using money that belongs to all Nigerians to develop only Lagos and then tomorrow they get angry when Lagos is called no man's land abi?
They are the same people fighting northerners being in control of abuja
Still thesame people working with ikwerre the owners of port Harcourt to go against their brothers in south east

The Federal Government has ordered the immediate suspension of reconstruction work at the Eleme-Onne section of the East-West Road in Rivers State.

The Minister of Works, David Umahi, disclosed this while speaking to newsmen in Port Harcourt on Sunday.

Umahi said the order became imperative following the use of sub-standard materials by the contractor handling the project.

While noting that he inspected the work the previous day (Saturday), he also expressed sadness over the slow pace of work even after the government had made an advance payment of N33 billion.

The Minister explained that the work has to stop pending when some irregularities concerning the project are resolved, saying with the pace of work by the contractors the work cannot be completed in five years.

“The project must benefit the people. The rainy season is coming in two months and the people will go ahead suffering.

“You have our (FB) N33 billion. Do you know what the interest rate is every month on the bill?

“The President had to order me in September to come here and order the payment because some people in Rivers State went to see the President and we paid you N33 billion, since that time till now,” he said.


He further said, ” I saw that the sand they are using is not river sharp. What we paid for is river sharp sand.

“I’m not satisfied. The idea is that when you place the lumps, the lump would be good. But when you place the sharp sand there are some voids between the lumps.

“And so the sand will go and fill it and it becomes a compact monolithic pavement structure. When I saw that sand I wasn’t happy.

“And I took that sand and put it on my palm and poured water and I was squizzing it, and at the end of the day, there was nothing left.

“That confirmed that it was very clear. So I directed that the company should be written and they should ensure that they remove the sand.”

Continuing, he said, “I was very shocked that instead of removing the sand they had continued with the sand.

“The contractor is carrying out the job, but at snail speed. If we allow him even another five years he will not finish So we are not going to allow him.”

He, however, said a meeting with the contractor has been scheduled to look at the anomalies after which the errors would be ex-rayed and the new timeline would be given to ensure the project is completed.

panafrican:
8.6 billion Leones = 437, 000 US dollars! This is NOTHING folk. At least $75 million US were found in Abacha's house in Nigeria after his death ,

In Nigeria, Cote d'Ivoire ,or Burkina Faso someone would steal 10 times this before being caught.
Last month the president of the national assembly was on the news out there for having stolen 600 billions CFA ( $ 1 billion US ) in the passport business.
His company is responsible for making passports and national Identity cards. For the fiscal year 2022-2023 the company only gave
the equivalent of $1200 ( $1 000 + $ 200 ONLY !!!! ) back to the treasury , all the rest was nowhere to be found .
And the guy never resigned ! It is the speaker of the HOUSE !!!!!