Ebola is a disease! 🌽Eaters said he made Lagos a mega city. Tinubu made money for himself by over taxation and building transport to favour himself and his crew. He thinks it will work at the center stage but na lie. A fake accountant who falsely graduated from Chicago university but has a narcotic case.

MT:


You raised the bolded in your write up and I will like to learn from you.

Do you mind mentioning 2 or 3 of these economic measures that Tinubu Administration missed to force down parrallel market exchange rate down to the official rate?

He should have raised taxes on imported luxuries such as cars, phones, building materials and clothes. In fact, the only imported items he shouldn't have raised taxes on are food and medicine. This should have been his very first move in office.

Basically, he should have focused on reducing the demand for dollars before trying to merge the rates. He should have maintained a subsidy band on petrol prices, subsidising prices using a fixed percentage, e.g. a 20 per cent subsidy on the landing cost of petrol.

In summary,
step 1 raise taxes, thus reducing demand for dollars
step 2 unify the currency rates
step 3 remove subsidies.
This process should take more than one term of 4 years to accomplish.

VeeVeeMyLuv:

Did I just hear you say REVOLUTION? PLEASE don't make me laugh

Wake me up when Nigerians get serious. With this confused nationhood of Nigerians, it can never happen

I'm literally pained.

I may be having my modest earnings in foreign currencies, but the situation isn't the same for the people I care about. My monthly expenses have skyrocketed since the first week of June, because the economic collapse is impacting on the finances of my people, leading to more calls for assistance. Calls that cannot be ignored.

People who have lived along the middle class margin are now sliding helplessly into lack and fearful penury. Now I have to step up and assume responsibilities I ordinarily shouldn't have. And it hurts even more that Nigerians are suffering but still see the need to be reasoning along tribal and religious lines.

Like, are we cursed as a people? None of this is making any sense, walahi!

In 2015, I and my folks voted against Goodluck Jonathan, despite the fact we're Cross Riverians and share the same region with the man. He was giving his best to the economy, but the measure of corruption in his administration was beyond logical explanations, coupled with his lackadaisical attitude that was responsible for his failure to have set the operational template for the restructuring of this country. He failed us in that regard and we rallied against him cause we thought that Daura President was going to tackle corruption, even if he performed averagely in other aspects.

Yet, we're stuck in a rot today and Yoruba people are still boldly defending Tinubu, even in his evident failings..

How does this lemfi work esp GBP payment in London .

oloriooko:
1 GBP is now 1145 on Lemfi
It will be the 8th wonder of the world if it falls below 1k
Present BAT and the big guys are cashing out big time
God help 9ja

BoldBrainz:


I'm literally pained.

I may be having my modest earnings in foreign currencies, but the situation isn't the same for the people I care about. My monthly expenses have skyrocketed since the first week of June, because the economic collapse is impacting on the finances of my people, leading to more calls for assistance. Calls that cannot be ignored.

People who have lived along the middle class margin are now sliding helplessly into lack and fearful penury. Now I have to step up and assume responsibilities I ordinarily shouldn't have. And it hurts even more that Nigerians are suffering but still see the need to be reasoning along tribal and religious lines.

Like, are we cursed as a people? None of this is making any sense, walahi!

In 2015, I and my folks voted against Goodluck Jonathan, despite the fact we're Cross Riverians and share the same region with the man. He was giving his best to the economy, but the measure of corruption in his administration was beyond logical explanations, coupled with his lackadaisical attitude that was responsible for his failure to have set the operational template for the restructuring of this country. He failed us in that regard and we rallied against him cause we thought that Daura President was going to tackle corruption, even if he performed averagely in other aspects.

Yet, we're stuck in a rot today and Yoruba people are still boldly defending Tinubu, even in his evident failings..

It is very frightening. You are not alone

I have been having sleepless nights since this President assumed leadership of this country.

]The Yoruba Nation will always stand for Adamu Mumuni Bola Tinubus's mandate.
It's Tinubu's turn! , even if naira is exchanged for 1,200 nairas to the Dollar
Even if fuel is sold for 900 naira per litter.
Even if the country is bleeding and people are dying of hunger we don't care. Mumu man

gentposh:
I have this group, they want their name to appear on Google when ever someone searches for them. Pls how can i go about it?

Google business... Register the group there... Remember you'll need to verify it's genuiness.

MT:


You raised the bolded in your write up and I will like to learn from you.

Do you mind mentioning 2 or 3 of these economic measures that Tinubu Administration missed to force down parrallel market exchange rate down to the official rate?

I read that guy's subsequent request to this your comment, and much as he made some valid points, he failed to actually address the core root of this foreign exchange quagmire that we've been enmeshed in for well over a decade now.

- The CBN has failed and is continually failing in its fundamental role of being a watchdog and regulatory body over commercial banks and financial institutions. This is solely because the independence of the apex bank has long been compromised on the altar of political interests.

- The level of foreign currency racketeering that's going on between commercial banks and politicians/elites is so mind-boggling that about 80 percent of the foreign currencies in Nigeria are in the hands and bank accounts of these dubious individuals, to the detriment of tens of millions of Nigerians. If you walk into any major bank headquarter today as an ordinary citizen and try to purchase just a thousand dollars, you will end up with so many procedural bottlenecks that it might take you up to 3 days to get that money, after filling a litany of forms. This is not because the bank possibly doesn't have those dollars in their vaults, but because they're more interested in selling them to the elites, than giving them to you at the official rates.

- These politicians and elites are in turn, almost entirely the owners of the Bureau De Change agents you'll find spread all over the country. They buy these foreign currencies from commercial banks, give them to their black market agents to sell at increased rates to you and me. They succeed in creating an artificial scarcity of foreign currencies in the banks, so they can profit from selling the same currencies to you and me.

- Tinubu was first supposed to address the issue of foreign currency racketeering between banks and the elites, using the CBN as the disciplinary instrument. After which he was supposed to clamp down on BDC agents, eliminate the scourge entirely and only leave room for government monitored and regulated BDC outlets, strictly manned by the CBN. But he conveniently ignored this major source of the FX discontent because he is one of the major beneficiaries of FX racketeering and illegal BDC operations.

- Just imagine having a country whose economic flow as regards currency trades lies on speculations by "abokis" running the BDC market.. !

This is just one aspect of the solutions he ought to have implemented before rushing to completely eliminate subsidy. I can sit down to explanations on other positive measures, but time isn't a luxury I most often bask in.

tesppidd:
Till today no palliatives.

They say we should tighten belt but Tinubu is increasing ministers because he wants to compensate people.

Our representatives in Government at the National Assembly are receiving stress allowances for staying extra 2 weeks inside AC and be doing the very stressful work of shouting Aye and Nay.

Thunder fire anybody telling us Tinubu has hit the ground running, rather he hit the ground and landed on quicksand.

BoldBrainz:


I read that guy's subsequent request to this your comment, and much as he made some valid points, he failed to actually address the core root of this foreign exchange quagmire that we've been enmeshed in for well over a decade now.

- The CBN has failed and is continually failing in its fundamental role of being a watchdog and regulatory body over commercial banks and financial institutions. This is solely because the independence of the apex bank has long been compromised on the altar of political interests.

- The level of foreign currency racketeering that's going on between commercial banks and politicians/elites is so mind-boggling that about 80 percent of the foreign currencies in Nigeria are in the hands and bank accounts of these dubious individuals, to the detriment of tens of millions of Nigerians. If you walk into any major bank headquarter today as an ordinary citizen and try to purchase just a thousand dollars, you will end up with so many procedural bottlenecks that it might take you up to 3 days to get that money, after filling a litany of forms. This is not because the bank possibly doesn't have those dollars in their vaults, but because they're more interested in selling them to the elites, than giving them to you at the official rates.

- These politicians and elites are in turn, almost entirely the owners of the Bureau De Change agents you'll find spread all over the country. They buy these foreign currencies from commercial banks, give them to their black market agents to sell at increased rates to you and me. They succeed in creating an artificial scarcity of foreign currencies in the banks, so they can profit from selling the same currencies to you and me.

- Tinubu was first supposed to address the issue of foreign currency racketeering between banks and the elites, using the CBN as the disciplinary instrument. After which he was supposed to clamp down on BDC agents, eliminate the scourge entirely and only leave room for government monitored and regulated BDC outlets, strictly manned by the CBN. But he conveniently ignored this major source of the FX discontent because he is one of the major beneficiaries of FX racketeering and illegal BDC operations.

- Just imagine having a country whose economic flow as regards currency trades lies on speculations by "abokis" running the BDC market.. !

This is just one aspect of the solutions he ought to have implemented before rushing to completely eliminate subsidy. I can sit down to explanations on other positive measures, but time isn't a luxury I most often bask in.

Gbamsulotely

VeeVeeMyLuv:

It is very frightening. You are not alone

I have been having sleepless nights since this President assumed leadership of this country.

Omoh, if the Nigerian Judiciary decides to continue in their habitual corruption and lack of integrity with respect to the cases at the PEPT, na to find any means available leave this cesspit by next year!

Angelfrost:
Tinubu is making prophets out of naysayers...!

They all said Naira will depreciate from #1000 to $1 by December this year... Seems CBN is way ahead of them.

At this rate, it will be #1500 to $1 by Christmas... This is damning and historic.

Ofunaofu:
One of the most foolish decision ever made by this calamitous Tinubu government is the exchange rate unification nonsense


Instead of putting measures in place to drag the parallel market exchange rate down from 750/dollar to meet the official exchange rate of 460/dollar, the government move the official exchange rate up to meet the parallel exchange rate masking it as exchange rate unification.


After he must have removed subsidy from petrol without any single local refining capacity


How did we get here as a Nation

What measure do you suggest be putting in place to drag the parallel market rate down to official rate?

I agreed with you on subsidy though, we should have at least let Dangote start production and sell off all our moribund refineries before removing the subsidy. That was the reason Emir Sanusi once said he pity anyone that will take over from Buhari. If Obi or Atiku were to be president today, they will do the same because subsidy is no more included in our budget beyond June 2023. So where do you expect new government to find money to continue subsidy when it has already being removed by Buhari administration? Or you want government to finally put the country in red line by continue borrowing to finance it like Buhari?

Revolva:


you are to send me the dollar to my dollar account ...before i pay u cash to ur bank savings 900/dollar i can try

Naso

Lanre4uonly:
It is well.

It is not oo
Before ending of October, dollar will hit 1k nd from next year we will start talking of 1k+ as naira-dollar exc rate

Idiot like you! The rate of crime in lagos and ogun state by yorubas alone is enough for God to destroy them with fire and brimstone.

Typing:


Without crime, Chinedu and Emeka for don die finish. As they legalise crime for their region, thats why they are able to survive.

promise4040:
Idiot like you! The rate of crime in lagos and ogun state by yorubas alone is enough for God to destroy them with fire and brimstone.

See People who do crime in Lagos

Tinubu economy will make dollar become high to naira $1 - N917 is still good it will still go up before December

Treadway:


https://www.bloomberg.com/news/articles/2023-08-09/nigerian-naira-drops-to-record-as-black-market-dollar-rate-soars

We warned and warned, but y'all didn't listen. The chimps up there have learnt nothing from 2015/2016 when Buhari made this same shitty call to remove subsidy and float naira in one fell swoop in a country like Nigeria. Now they have successfully FAILED, yet again. A move from officiall/parallel rates of 450/720 to 750/1000(in a few days) is a very successful FAILURE. Smh

I really pity Nigerians Working in Nigeria and receiving payment in Naira. Imagine earning 50k ($150) in 2017 and 2018 and still earning that 50k ($55) now with everything now twice the price of goods and services four to five years ago.

My salary has doubled twice the amount my boss was paying me in 2018 when dollar to naira was 450 per $1 even with that, I still feel the hardship not to talk of those earning in Naira with no increment of salaries.

Does this mean buhari/emefiele economy team were more intelligent? Because the way naira is falling since Tinubu unification is quite scary...

orohbirodeysmel:
Ok...

How I wish naira will weaken to $1 = ₦2000
💃💃💃💃💃💃💃💃💃💃

So that those of us making money in $$, yahoo boys, Amazon Kindle publishers, crypto traders, forex traders, programmers etc will blow like atomic bomb 🤣🤣🤣

This morning alone, I never even chop breakfast 👇👇👇👇

Be like i go come learn work from you oo. Especially your dangerous side

Tinubu government will favour me and my family over to you

gentposh:
I have this group, they want their name to appear on Google when ever someone searches for them. Pls how can i go about it?

Email me at playmusicnaija9@gmail.com

CodeTemplar:

Growth without productivity is retrogression.
Technology not engaged doesn't produce results. Population that's entitled to tech gadgets but not growing in productivity is equally as disastrous.

How can Nigeria political class level up?

orohbirodeysmel:
Ok...

How I wish naira will weaken to $1 = ₦2000
💃💃💃💃💃💃💃💃💃💃

So that those of us making money in $$, yahoo boys, Amazon Kindle publishers, crypto traders, forex traders, programmers etc will blow like atomic bomb 🤣🤣🤣

This morning alone, I never even chop breakfast 👇👇👇👇

See who is making dollars. May God punish you and your entire family for trying to defraud people

Greatn3ss:

See who is making dollars. May God punish you and your entire family for trying to defraud people

If I have never defrauded you or anyone close to you or anyone here on Nairaland...
may your accursed soul rot in hell.
May your pains be excruciating at your death bed.
May you drown in the deep blue Mediterranean sea...
May sharks feast on your corpse....
May your kids and future generations know nothing else but poverty...

Get out of my mentions demented bastard. keep moroning, while I make my money...just closing gold trade to come here to see your useless mention. Check date, and time ebola👇👇👇👇👇

All his supporters are no where to be seen

All the business enterprises owned by Nigeria went into bankruptcy in the hands of the Yoruba and the Hausa - Fulani managerers. Today, Nigeria is rapidly going down in the hands of Yoruba government.

Ofunaofu:
One of the most foolish decision ever made by this calamitous Tinubu government is the exchange rate unification nonsense


Instead of putting measures in place to drag the parallel market exchange rate down from 750/dollar to meet the official exchange rate of 460/dollar, the government move the official exchange rate up to meet the parallel exchange rate masking it as exchange rate unification.


After he must have removed subsidy from petrol without any single local refining capacity


How did we get here as a Nation

Tinubu is a foolish man.

AdesegunSanni89:
If you like go and buy dollars at black market rate, na you sabi. The official rate is around N760 in banks. If government is selling petrol at N600 and you decide to go buy at black market for N1000. Na you sabi o.

Go to bank and see if u can get up to 2000 dollars, they will call their mallam from zone 4 to come and attend to u in the banking hall there, you go shock like Buhari