₦airaland Forum

hafeeanubasy:
But can work under Peter OBI.
Because you have been claiming he stole Peter OBI plan.

You people are becoming laughing stock!,..no principle,no bearing!

Even it cannot work under OBI if he doesn't focus on government wastage and corruption.

joyandfaith:
Even it cannot work under OBI if he doesn't focus on government wastage and corruption.

Tinubu is doing that already.

Be optimistic like you will have done if your candidate is in power

hafeeanubasy:
Tinubu is doing that already.

Be optimistic like you will have done if your candidate is in power

Tinubu is not working on fighting corruption and government wastage.
You guys hailed Buhari for 8 years. You have started another 8 years of hailing. Any president that is not focusing on corruption and wastage is just dancing around.
Caveat: i did not have candidates. Not all public affair pundits are politically affiliated.

joyandfaith:
Even it cannot work under OBI if he doesn't focus on government wastage and corruption.

That's the elephant in the room that most blind supporters are oblivious of. No policy and I repeat no policy can work with the level of corruption in Nigeria. Even a bad policy will work without corruption. Its annoying that we are chasing ants - subsidies, while ignoring the elephant. The only actions I support Tinubu for is his attempts at tackling corruption. I just hope his arrest of Emefiele and Bawa is not revenge for the stupid naira redesign policy people believed was specifically aimed at Tinubu. I would have preferred President Tinubu clean up the oil industry before talking about subsidy.

wirinet:
That's the elephant in the room that most blind supporters are oblivious of. No policy and I repeat no policy can work with the level of corruption in Nigeria. Even a bad policy will work without corruption. Its annoying that we are chasing ants - subsidies, while ignoring the elephant. The only actions I support Tinubu for is his attempts at tackling corruption. I just hope his arrest of Emefiele and Bawa is not revenge for the stupid naira redesign policy people believed was specifically aimed at Tinubu. I would have preferred President Tinubu clean up the oil industry before talking about subsidy.

Exactly..

joyandfaith:
Tinubu is not working on fighting corruption and government wastage.
You guys hailed Buhari for 8 years. You have started another 8 years of hailing. Any president that is not focusing on corruption and wastage is just dancing around.
Caveat: i did not have candidates. Not all public affair pundits are politically affiliated.

That is your opinion very PERSONAL opinion!

pafra:
Guy go through the thread only few of you are sentimental. Most people discussed real issue.

Policies that have not been tried?
Make una dey call down.....
Even though it have not been tried, it is a workable policy in the the long run. I am not against it. The challenge I have is the management of the policy. Na you supposed calm down read to understand.

I criticize and profer solution . Criticize My solution

Finding solution for a policy that haven't even been tried to know if it will work.....what then are you providing solution For?
Stop sounding pained....allow the policy work.....stop looking for way it won't work rather look for ways to make it work

ican2020:
Floating naira in an economy that’s import driven is not only dangerous but will have very big negative consequences

Removing official and unofficial rates beautiful but trying to allow market forces to determine the rate is bad

China second biggest economy in the world does not allow market forces to determine its currency, their government intervenes from time to time

I don't think floating the naira is that bad. It is good but allowing free outflow of naira value via import of leisurely goods is the wrong I see.
Let us redo the double forex window but in a creative manner. Any good or item considered leisurely and a luxury with import tendency should attract a crippling import tax. Things like hair extension, cigarette, wine, gadgets, attires. Things that hardly aid productiveness.

In addition to the above is things that can be produced locally but isn't being produced. A huge import tax will drive up price of imported ones and make local production attractive.
That will save the govt forex, create jobs, and boost GDP.

Just playing to the gallery

jumper524:
Every policy has its good and bad effect.
Pending on which part you focus more on so the benefit or harm would reflect more on you.

You calculation involves variables that came from govt ineptitude. What was exchange rate in 2011 and why was it not improved upon rather than falling? If our refineries were working, who will we be paying subsidy to?

nairalanda1:
On fuel subsidy removal....the fact is, we had reached a point where we were borrowing to pay for the thing, government had reached a point where it was owing NNPC the main importer, and the fact that Dangote's refinery is near completion (not quite..mind you) meant that subsidy had to go.

If we did not remove subsidy now, we would have been in serious trobule in a few years time.

How is subsidy damaging? Let's assume fuel cost N65 at the pump today as it did in 2011. In 2011 december, landing cost of fuel was N99...meaning we paid a subsdy of at least N34 per liter. If we kept fuel at N65 at the pump....we would have been paying subsidy of at least N475 per liter by now.

Now add up increases in consumption from 2011-date, take into consideration that from 2014-2021, oil prices were too low to sustain us, to the point that we had to borrow money (and even when they were above 100 dollars, we had to borrow...between 2011-2014, and even after 2021.).....and we could have been in an even worse debt than we are now.

As for the exchange rate...well, jury is still out. I agree it would affect our economy well well....especially since it is import dependent...even our manufacturing industry is dependent on imports. Unless we have to do import subsitution fast....things would get expensive. On the other hand, keeping an artifical official exchange rate, alongside a parallel market for decades is where we got things like roundtripping among other issues. All in all...if we want a strong currency...we have to earn more dollars , more hard currency...which means more manufacturing.

I noticed you always cannot engage intellectually

Benwallt:
The way some of these downtrodden op"s think, you will think they started walking the moment they drop out of their mother's uterus.

DMerciful:
You calculation involves variables that came from govt ineptitude. What was exchange rate in 2011 and why was it not improved upon rather than falling? If our refineries were working, who will we be paying subsidy to?

Would you let government set your price then if you were running a business?

Like you patronized local rice at 30k vs Thailand rice at 8k hitherto?

arejibadz:
so you want us to be paying subsidy for other african countries,
floating of currency reduces import , if dollar is high you will patronize locally made goods, it just two weeks let the man rest abg he has tried

DMerciful:
I noticed you always cannot engage intellectually

Thanks for the notice. I don't notice you so, keep moving.

Removing petrol subsidy without local refining capability was a blunder. If floated naira hits ₦1200 and Brent Crude rises to 2022 highs of $130 per barrel, a litre of petrol could reach ₦1500 per litre. However, if all refining is done locally, the FG can intervene in times of global turmoil by supplying local refineries with crude oil at discounted rates.

When you meet decent arguments and points, you look for straws to hold unto. What a joke!

Benwallt:
Thanks for the notice. I don't notice you so, keep moving.

DMerciful:
When you meet decent arguments and points, you look for straws to hold unto. What a joke!

Keep moving. When I see people with substance I engage them. Guys like penguin2, very reasonable fellow but someone like you , God forbid bad thing. You will shout and shout. I ain't concern

Rolings:
How is it unplanned
None of the presidential candidates has the plans BAT had.
The policies are all planned. We all were expecting all he has done do far, even your candidate promised to do all these...so what's all the fuss
One thing about truth is that it is relative
The truth to me might be a lie to you
The Lie to me might be the truth to you

So nobody have the monopoly of TRUTH

Political talk.

nairalanda1:
On fuel subsidy removal....the fact is, we had reached a point where we were borrowing to pay for the thing, government had reached a point where it was owing NNPC the main importer, and the fact that Dangote's refinery is near completion (not quite..mind you) meant that subsidy had to go.

If we did not remove subsidy now, we would have been in serious trobule in a few years time.

How is subsidy damaging? Let's assume fuel cost N65 at the pump today as it did in 2011. In 2011 december, landing cost of fuel was N99...meaning we paid a subsdy of at least N34 per liter. If we kept fuel at N65 at the pump....we would have been paying subsidy of at least N475 per liter by now.

Now add up increases in consumption from 2011-date, take into consideration that from 2014-2021, oil prices were too low to sustain us, to the point that we had to borrow money (and even when they were above 100 dollars, we had to borrow...between 2011-2014, and even after 2021.).....and we could have been in an even worse debt than we are now.

As for the exchange rate...well, jury is still out. I agree it would affect our economy well well....especially since it is import dependent...even our manufacturing industry is dependent on imports. Unless we have to do import subsitution fast....things would get expensive. On the other hand, keeping an artifical official exchange rate, alongside a parallel market for decades is where we got things like roundtripping among other issues. All in all...if we want a strong currency...we have to earn more dollars , more hard currency...which means more manufacturing.

Op is very clear why are u rigmarolling The mandate thief suppose to have thought everything out well like fixing the refineries b4 removing subsidy.Now if the Naira crashes to like N700 to the dollar govt wud have no choice but to start subsidising Petrol again.Fix the refineries first.

moderatedguy:
Op is very clear why are u rigmarolling The mandate thief suppose to have thought everything out well like fixing the refineries b4 removing subsidy.Now if the Naira crashes to like N700 to the dollar govt wud have no choice but to start subsidising Petrol again.Fix the refineries first.

If we fix the refineries, it won't make fuel cheap.

It costs money to make a liter of fuel. A lot. Niger and Ghana both have working refineries...and fuel is at least N490 in both countries...because they have to pay for the running of the refinery and the upgrades, and workers salaries and wages, as well as transport costs from refinery to end user. And let's not forget....refineries use imported material. We don't make most of the essential components or spare parts here in Nigeria. Or in any of our neigh bours.

Our only hope...maybe all the 16 licenced refinery owners who haven't started anything should get to work now that subsidy removal has removed any excuse for them not to do anything...and maybe prices would come down, but not to the point where we would be paying 50 kobo for a liter of fuel as our forefathers did back in the 1980's.

Zxcvbnmghtr:
They are all little children. They want to see akrakacabra magic to happen.

Why not present your facts lets analyse it instead of asslicking

Epistasis:
Why won't the policies look unplanned to you. When he was dishing out his policies before the election, you were more interested in bala blu. He released a 80 page document titled RENEWED HOPE where he clearly illustrated his economic blueprint.
I am not surprised a bit... coming from an obidaft!

The policies would backfire ..thats ops point

nairalanda1:
If we fix the refineries, it won't make fuel cheap.

It costs money to make a liter of fuel. A lot. Niger and Ghana both have working refineries...and fuel is at least N490 in both countries...because they have to pay for the running of the refinery and the upgrades, and workers salaries and wages, as well as transport costs from refinery to end user. And let's not forget....refineries use imported material. We don't make most of the essential components or spare parts here in Nigeria. Or in any of our neigh bours.

Our only hope...maybe all the 16 licenced refinery owners who haven't started anything should get to work now that subsidy removal has removed any excuse for them not to do anything...and maybe prices would come down, but not to the point where we would be paying 50 kobo for a liter of fuel as our forefathers did back in the 1980's.

Ghana and Niger don't have Crude Oil.Nigeria does

moderatedguy:
Ghana and Niger don't have Crude Oil.Nigeria does

Actually they do.

Niger has a large crude oil field (Agadem oil field)which they use to.feed their refinery.(Soraz oil refinery, Zinder)..the same refinery which was exporting fuel to Nigeria and three other African countries . Refinery was opened in 2011andset up with Chinese aid

Ghana produces 177000 bpd which feeds their two refineries , one of which is the Tema oil refinery . Main oil field is the Jubilee oil field.

moderatedguy:
Why not present your facts lets analyse it instead of asslicking

What is there to analyse again. Are you blind?

Zxcvbnmghtr:
What is there to analyse again. Are you blind?

No am not blind...Lets have your own views ...its so easy to criticize.

wirinet:
But free education in China is a success. Why do you think its a failure in the US but hugely successful in China?

Cos China has an incentive to be successful(competition with USA)
America has incentive to not (racism, idealism)

And not just China primary and secondary school education in South Korea is also free.

nothing is free but the grace of the almighty

Cromagnon:

Cos China has an incentive to be successful(competition with USA)
America has incentive to not (racism, idealism)



nothing is free but the grace of the almighty

Bone that "grace of the almighty" nonsense. Nigerians use religion to excuse incompetence and failure. You first nailed it when you opined that China(which is an official atheist state) is successful because it has an incentive to be successful. Meanwhile Nigeria is a failure (despite our over religiousity) because we lack the will, discipline and incentive to be successful. We use religion as an excuse for failure.

For your information primary education in South Korea is free and compulsory. They have almost 100% enrolment rate, compare to Nigeria with more than 20 million kids out of school.

TINUNOMICS IS PLANNING AND CONTROL AND REPORTING FOR CORRECTIVE MEASURES. SUPERIOR TO THE EXIT BUHARINOMICS WHICH WAS NO PLANNING NO CONTROL NO REPORTING AND NO CORRECTIVE MEASURES BECAUSE BUHARI TOLD OBAMA THAT HE HATED BUREAUCRACY.

wirinet:
Bone that "grace of the almighty" nonsense.

Really
What keeps you breathing?
Competence?

Nigerians use religion to excuse incompetence and failure.

Where did I mention religion?
I just said grace of God is only free lunch

You first nailed it when you opined that China(which is an official atheist state) is successful because it has an incentive to be successful. Meanwhile Nigeria is a failure (despite our over religiousity) because we lack the will, discipline and incentive to be successful. We use religion as an excuse for failure.

Where do we use religion as an excuse for failure?
Be spe ific

For your information primary education in South Korea is free and compulsory. They have almost 100% enrolment rate, compare to Nigeria with more than 20 million kids out of school.

And you think that is why they are as productive as they are?
You funny

Validated:
Thank you. However, you are being sentimental.

Let me ask you, where you will buy refined petrol for less tha $1 today, the world over? Where?

Petrol is $3.14 at the low in some part of USA Today and that is priced per gallon. That’s at the gas station.

1 gallon is 3.785 liters and that means petrol is like $0.8 today.

@750 rate, you have 600 naira.

michlins:
ok let's say you're right, what will it cost the government to first of all block the loopholes in the subsidy regime and that of round tripping of dollar before floating them?

A country that is import dependent has no business floating its currency. How can a country with over 100ml poor people liberalise its market and expect the same poor people to afford it?

Elections are gone, it's time we speak the truth because irrespective of whom you support,we will all buy from the same market

Lol how do you block loopholes? Loopholes they’ve been blocking since 2007 that they never block. If you create room for corruption, people will always exploit it.

That same problem is what we are facing with dollar/naira arbitrage. So far you are maintains difference in rate, people will always exploit it. Some even go as far as working with some universities in USA where they lie they are asking schoolfees only to get it back and sell at black market rate.

For the subsidy part, government will provide some palliative like increase in workers salaries and expanding the economy. It’s just 3-4 weeks of this government, Nigerians should not expect magic in weeks.

Policy like this at first usually bring pain, but as market forces align, things will start getting better.

We all blame double $$ rate policy that Emefiele implemented and clamored for a single rate. Now some Nigerians are now saying we should rather go back multiple rate again. Nigerians are confused being.

I’ve been hearing subsidy must go for the past 15 years or so, a government came in and remove the subsidy, Nigerians still dey wail.