Printing naira without backing na recipe for Desaster. No wonder Naira is on free fall

Governor Godwin Obaseki of Edo State has said Nigeria is in a huge financial trouble.

Speaking at a programme in the state on Thursday, the governor said the federal allocation for March was insufficient, forcing the Federal Government to print between N50 billion and N60 billion for states to share.

"When we got FAAC for March, the federal government printed additional N50-N60 billion to top-up for us to share."

“This April, we will go to Abuja and share. By the end of this year, our total borrowings is going to be within N15-N16 trillion. Imagine a family that is just borrowing without any means to pay back and nobody is looking at that, everybody is looking at 2023, everybody is blaming Mr. President as if he is a magician,” he said.

This is the country that a bunch of you "egg heads" want to belong to. A country that is already dead needs no resuscitation...it's burial time for the ZOO.

Why didn't you reject your state share of the printed Money if you are really concerned about the economy Mr. Governor?

Every one of you guys is a major contributor to the economic woes in Nigeria. Can you openly tell your people how much was spent in your state last elections?.....

The legislature increased their allowances and salaries since 2007 unchallenged.

They buy choice vehicles, office furniture with equipment and auction same to themselves every 4 year unchallenged

They monetize benefits and entitlements and turn around to procure same for official use unchallenged.

The executive can't call kettle black and God's judgement will start on the judiciary that is not only docile but always sending convicts back into the society to continue in their old ways

The Irony on this post.. the man printed money to share to 36 states.. Instead of Nigerians to hold their governors accountable, its person who approved the printing that his held responsible. Naija my country

The average hausa man believes it is better for them to keep on suffering than for a southerner or easterner to rule the country.

oluwazt:
Most Nigerians don't know what's going on...THIS COUNTRY HAS NO MORE MONEY. They have borrowed last 4yrs to fund the budget mostly recurrent expenditures and now, realizing that they can no longer borrow and no global bank will lend them since the country is heavily collateralized that they have now resulted to illegal money printing to survive.

I can't wait for the money to dry up, that's when Nigerians will know truly what regions can survive without federal allocations.

Which region can survive on their own in this country? Hmmm May God save us in this country

film3four:
Governor Obaseki of Edo state has said that Nigeria could go the way if Argentina if something is not done now to reposition the economy of Nigeria.

He went further to state that the federal government had to print 50-60 billion naira last month and shared to the states to top up on their allocation.


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



https://dailytrust.com/obaseki-how-lack-of-funds-forced-fg-to-print-n60bn-for-states-to-share

Ha ha ha. Tinubu shall inherit the debt and pay it with his cash stored in bullion vans.
Yeye country further mismanaged by a most incompetent government since 2015; added to burning desire in Nigeria’s present apex leadership to convert the country to Islamic Sharia country.

Daaaaaaaaaaaaaamn it!....

A kaduna nzeogwu would've done the needful,

Only a RED REVOLT CAN SALVAGE THE DOOMED SHITHOLE!

NigeriaIsZOO:
Lol, the bastards in government now print money to share as a way of maintaining balance of payments

By the time these bastards are done with Nigeria, we will be using buckets and wheelbarrows filled with naira to buy bread

haha please in the name of God pray for us let's not reached that stage

Cutehector:
The average hausa man believes it is better for them to keep on suffering than for a southerner or easterner to rule the country.

And when real suffering sets in, they will flood down south in dangote trailers begging for alms.

Amumaigwe:


And when real suffering sets in, they will flood down south in dangote trailers begging for alms.

as in eh.. So daft

NigeriaIsZOO:
Lol, the bastards in government now print money to share as a way of maintaining balance of payments

By the time these bastards are done with Nigeria, we will be using buckets and wheelbarrows filled with naira to buy bread

Just like Somalia currency pushed in barrows to buy a loaf of bread.

The Mujaheedeens of Somalia led by their El Shabab terror group undid Somalia, so are the harbingers of Islamic Sharia criminal laws in the north with their Boko Haram are undoing Nigeria.

Many nigerian economists like peter obi, okonjo iweala etc have been warning the nigerian govt about this impending economic doom but as usual the dumb northerners running things in nigeria don't have any clue on what to do instead buhari and his fulani brothers are busy wasting billions of dollars to search for the same crude oil everyone is divesting from in the desert northern nigeria.

Print Naira to share allocation. This Obaseki can lie ooo.

Sọ, FG will call all state governors and hand them Ghana must go bags of money as allocation in Abuja. Then each of them will now transport it to their state.

SmartPolician:
I think the best thing that can happen to any Nigerian now is to start saving their money in US dollars. Buhari and his minions have ruined what's left of this shithole. That oldie has been singing diversification since 2015, yet they are still looking for crude oil in the north with Nigeria's hard-earned money.

Economically, Nigeria is in deep crisis, but we don't know. Like Obaseke pointed out, people are more interested in 2023 than surviving this year.
If the dullard continues to print money, the inflation that will hit this country will be unprecedented. After 6 years in office, I have yet to pick out far-reaching reforms that Buhari and Osinbajo implemented.

Railway is not Nigeria's immediate problem; fix our electricity so that people can empower themselves and production companies will incur less costs. If we continue to import, we will keep putting pressure on the US dollars and naira may hit $1/1k before the end of the year. I cannot blame our leaders alone though, I blame daft people who keep them in power just to have their people in government.

Una neva even see anything

Bro what are the requirements for opening a solar account?

SmartPolician:
I think the best thing that can happen to any Nigerian now is to start saving their money in US dollars. Buhari and his minions have ruined what's left of this shithole. That oldie has been singing diversification since 2015, yet they are still looking for crude oil in the north with Nigeria's hard-earned money.

Economically, Nigeria is in deep crisis, but we don't know. Like Obaseke pointed out, people are more interested in 2023 than surviving this year.
If the dullard continues to print money, the inflation that will hit this country will be unprecedented. After 6 years in office, I have yet to pick out far-reaching reforms that Buhari and Osinbajo implemented.

Railway is not Nigeria's immediate problem; fix our electricity so that people can empower themselves and production companies will incur less costs. If we continue to import, we will keep putting pressure on the US dollars and naira may hit $1/1k before the end of the year. I cannot blame our leaders alone though, I blame daft people who keep them in power just to have their people in government.

Una neva even see anything

Bro what are the requirements for opening a dollar denomination account from Nigeria?

If Nigeria economy collapses, Prof Osibanjo should be held responsible. He publicly announced he is in charge of coordinating the economy. His policies continuous borrowing have destroyed our economy. We expected him to have spoken up against any wrong economic policies being pushed by the president or any member of the federal executive council. Since we have not heard anything of such, we can conclude that Osibanjo has killed our economy. Even if Buhari is a dullard Osibanjo is a professor who should know and do better.

Jonathan was booted out because of mismanagement and corruption but some people still praised Buhari for doing the same



very soon now, will quote an old post and say it's good to know we still have sane youths like you here? I wonder how a sane person will support those kind of useless govt led by the most uneducated cow in the history of Africa


I doubt the sanity of all Buhari supporters, how can a human being be happy with the way Buhari is handling this country somewhat of drumming support and vote of confidence for him


height of stupidity

CodeTemplar:
If you print more money against a stagnant or recessing GDP, it only gives people a false sense of wealth thereby causing inflation. Govt of witchcraft economics. Their own idea of delivering good governance is that of making some people suffer more to make others greatful and happier. Sort of like a lecturer denying some people their grades to make other look super intelligent.

The buhari govt is obviously following tinibu's advise to print new currencies.

franchasng:
Northerners have destroyed Nigeria but because Yorubas want to remain as VP or get one of their empty corrupt politician loyal to Northern politicians to become next president have remained silent.



Posterity will judge Igbos well because they have been talking, shouting, screaming on top of their voices while other Nigerians watched and laughed. Nigeria is dying oh, Northerners are about to bury the remains of dead Nigeria.



Just imagine what these wicked, incompetent corrupt Northern politicians are doing after looting Nigeria's Treasury yet they are always first to shout fight corruption

Oga shut up, where were u Igbos during GEJ's tenure? both Buhari and Jonathan are disaster but u kept quiet during GEJ's tenure because...

the clock of this country has dik to almost to an end, weather u like it or not, this country we go into war, regions are preparing the north, brafrains, 9ja deltans, but d yurubas are d least tribes without preparation. I pity them.

Some sycophant keeps calling Prof Osibanjo "star boy" but he is a star that has lost its shine because of blind loyalty and party politics. He is only interested in sharing 10k Tradermoni or pushing for RUGA to be implemented nationwide.

MrSamsung:
See I don't blame PMB as much as those person(s), people or groups of people, tribe and region that think that they are wise,sophisticated and political savvy that voted in this disaster, doing so out of sheer wickedness, hatred and tribalism.

Without them there is high chance that PMB would not have smell the presidency.

I hope and know that they are happy now, because they keep defending this man even here on nairaland in great numbers even going as far as thinking to elect those who were in the forefront in Buhari's campaigns and election.

How can a nation be sooo stupid

Lool.
The most ShophistiWretched group in Nigeria, most politically savvy group which knows better than the others in the south on how to see far and form political alliances.
They keep quiet in order to inherit the carcass of Nigeria in 2023.

Rugaria:
My own is that I just hope that Buhari will be the last Fulani to rule this unfortunate country!
His failure in government is cultural.. , it's a product of his warped base mindset.
Nomatter what happens, going forward, a hundred year moratorium should be placed on the Fulanis from every aspect of modern governance in the country! They actually need folks from other? They actually need folks from other forward looking parts of the country to govern them for a while, because let's face it, there are no success stories after all these years they have dominated governance in the country.

I don't really believe in targeting tribes. Among the Fulanis, there are still bright minds. A good example is el-Rufai. That man is very intelligent, well-educated and smart.

Just like rational people do all over the world, we must focus on competence and antecedents. If not, this country will become another Venezuela, Argentina or Greece. Every Nigerian deserves a shot at leadership. We cannot judge an entire tribe because of the lackluster performance of a docile nonentity.

Besides we print our own currencies so print yafu yafu make e plenty.

This is when we need the SAVE NIGERIA GROUP. Where are they now? We need to go stage another protest at ojota

tamdun:

Oga shut up, where were u Igbos during GEJ's tenure? both Buhari and Jonathan are disaster but u kept quiet during GEJ's tenure because...

BUG IDIOT SPOTTED

You brought a no certificate dullardin to rule 200m people, what do you expect?

oluwazt:
Most Nigerians don't know what's going on...THIS COUNTRY HAS NO MORE MONEY. They have borrowed last 4yrs to fund the budget mostly recurrent expenditures and now, realizing that they can no longer borrow and no global bank will lend them since the country is heavily collateralized that they have now resulted to illegal money printing to survive.

I can't wait for the money to dry up, that's when Nigerians will know truly what regions can survive without federal allocations.

Las las we’ll resort to farm produce (plant and livestock).

Rather the find ways to improve the economy we are borrowing money to build meaningless rail ways all over the country even to niger. How much will those rail ways generate at maximum or minimum?

There is no economic expert to advise us on how to improve the economy or run it. The vp a lawyer is the head of the dp called economic team that do nothing bt share and spend money on rubbish.

Firstorderwizard:


Bro what are the requirements for opening a dollar denomination account from Nigeria?

1. You must have ONE valid ID (Driver's license, voter's card, Nigerian passport and National ID card)
2. 2 references with dorm or current account
3. Passport photograph
4 Utility bills (house rent or NEPA bill)

I don't know about other banks, but you must have a minimum of $100 balance that you cannot withdraw if you choose to open it with First Bank (that's the bank I use)

That's all.