₦airaland Forum

casualobserver:
I have already responded and I do not wish to repeat myself.


There is a difference between the economy and the government. I think you people are conflating the 2. There is also a difference between sources of forex to the economy and sources of government revenue.

I have already made myself clear. Governments all over the world make money from taxes in one form or another. Governments seek to boost the economy because. The bigger the economy, the more the taxes they can collect.

The tourist who brings his $1000 to Nigeria does not arrive at the airport and say here government this is my $1000 add it to your government revenue. He sells it to someone who needs dollars and spends the Naira he receives In the economy. It is the places where he spends that Naira that the government taxes In the form of levies, fees, permits income tax company tax etc. as soon as that tourist enters Nigeria he becomes like any other Nigerian. He is spending Naira just like any other Nigerian. My point from the start is that if govt is not plugging tax leakages in the economy, e.g restaurants patronized by tourists then the extra economic activity brought into the economy by tourists will not translate into increased govt revenue. All that will happen is the exchange rate will improve and beside charges like visa fees etc, govt will not see much of the revenue brought in by tourists.

The misconception is that any income from exports or tourism goes straight to the government. The only reason why in the case of oil and gas all income goes to the government is because THEY OWN IT.
Govt does not own the forex of a private individual or organization. Government wants you to bring in forex not to own it but to help the exchange rate. Govt does not make any money simply because I bring forex into the country. To prove this, diaspora remittance into Nigeria has been more than our oil revenues for the last 4 years. It hasn’t affected government revenues. It can’t because it is not their money.

Your tourism examples are bad examples. I do t understand what you are trying to say by saying countries have tourism sites…what is the point of that? Every country wants to promote tourism. Plus the US govt does not make anything. A lot of their aid is done to boost their companies. If they donate medicines to you, they know they know it will benefit their local pharmaceutical companies. The purpose of tourism is to bring additional customers for your industries. Hotels airlines. restaurants etc not that the money from tourists go directly to the government. The more your industries boom the more taxes you collect…but only if they are actually paying taxes. Otherwise you have a booming economy and low govt revenues. Again It is important to understand the difference between the economy and the government. Boosting the economy does not mean you are boosting government revenues if your tax collection system is plagued with poor compliance and collection.

This whole thing is about increasing and sources of govt revenue. If you are exporting and the govt is not receiving taxes, your economy will grow but your government income will not grow. All the benefit will go to the private sector which is what we have in Nigeria. If tourists are coming to your country, your exchange rate will benefit, your economy will benefit but tourists do not spend dollars, they spend Naira. Therefore if you do not plug your tax collection leakages, the economy will benefit but govt revenues will not see a corresponding benefit.

What I see here is a misunderstanding between the economy, the government, government revenues and foreign exchange and currency stability and the interplay between them.

Tourism and exports are part of the domestic economy, an exporter, a hotelier, a restaurant are businesses just like any other Nigerian business except they have the potential for foreign customers. When you say tourism, it is the same hotel that you and I go they will go to and they will spend Naira not forex. As far as the business that provides the service to the tourist, it is a Naira transaction but influx of tourists simply increase volume of business. As far as the man who manufactures, he manufactures just like every other manufacturer except he has foreign customers. If the government was not collecting the right amount of taxes from these businesses when they didn’t have foreign customers. The level of government revenue will not increase simple because. They now have more business in the form of tourists and exports. All that will happen like I said is that the exchange rate will improve and the economy will improve.

The real issue is we are not collecting the right amount of taxes corresponding to a $440b economy, tourism or no tourism, exports or no exports. It is the same people who are not paying the right taxes today, that will benefit from improved economic activity from increased exports and tourism activities that won’t pay taxes unless govt plugs the holes. So unless we plug the current loopholes, all exports and tourism will do is improve the economy and exchange rate. Like I said, though linked, exchange rate is different from the economy and is different from govt or govt revenues. It is how well we are able to link them together. And so far we’ve not done well. If we improve the tax loopholes, there is more scope for increased govt revenue than tourism or exports can bring to Nigeria.

Finally on tourism, Nigeria has not got what it takes to be a destination for foreign tourists in the near to medium future. All this talk of tourism is just theory. We haven’t got the infrastructure or the hospitality culture and even if we started today and are, serious it would take a decade to make Nigeria semi-attractive to foreign tourists. Even those of us in Nigeria dread to travel internally. If I wasn’t a Nigerian I wouldn’t come to Nigeria.

You are writing a lot of story without making any point. You pay to access tourism sites in Israel and Saudi and the income goes to govt. Not all the money made in tourism goes to govt but govt makes revenue from toursim beyond taxes.
Secondly, not all the monsy from oil goes to the Nigerian govt. You are ignorant about the matter. Nigerian govt gets just about 60% of the revenue from oil. The rest goes to the IOCs, dealers, brokers and what not. Even NNPC keeps back a percentage of the oil revenue.
Nigerian govt is one of the most inefficient and terribly mismanaged in the world. You can take that to the bank.
That's why you all are saying Nigeria is poor.

casualobserver:
I agree 100% it is awful. South Africa spends more on education than our entire federal budget.

Export only affects forex and hence currency value it makes no real difference to revenues. Our gdp is larger than SA. The redesign they have a higher budget is because they collect more taxes. If we collected more taxes even without exporting we would have more revenue and higher budget.

Even if you collect higher taxes, if the value of your currency is poor, the money will amount to nothing in terms of real value. Nigeria's revenue has steadily increased in nominal terms since APC came on board. But the value when compared in dollars still remain almost the same from 2015. So, it's not about more revenue but the value of the currency. Just imagine that $1 equals N100. Use that to calculate the new values of the budget and see how different everything looks

With this budget whoever mocks anyone that mocks anyone that want to jaapa should be noted as an enemy of progress

Kukutenla:
You are writing a lot of story without making any point. You pay to access tourism sites in Israel and Saudi and the income goes to govt. Not all the money made in tourism goes to govt but govt makes revenue from toursim beyond taxes.
Secondly, not all the monsy from oil goes to the Nigerian govt. You are ignorant about the matter. Nigerian govt gets just about 60% of the revenue from oil. The rest goes to the IOCs, dealers, brokers and what not. Even NNPC keeps back a percentage of the oil revenue.
Nigerian govt is one of the most inefficient and terribly mismanaged in the world. You can take that to the bank.
That's why you all are saying Nigeria is poor.

Where did I say “ all the monsy from oil goes to the Nigerian govt”? I said the government owns the oil. Learn to read and comprehend. It is because they own the oil they can benefit in such a manner from the oil and gas industry and the forex from Oil belongs to them. This is why despite being a supposedly English speaking country, Nigerians require English proficiency tests to gain admission to universities abroad.



You really are a dimwit. Because the government charges for access to historic sites does that mean that tourist who goes to Israel or Saudi and May spend $5000 on hotels fights restaurants taxis etc and only $200 to visit historic government sites. In your warped mind the tourism industry is the $200 the government received in tourism site access fees? Look the amount a tourist spends on taxis alone is more than the fees to historic sites. If you go to yankari or Olumo rock today, is the amount you spend on entrance fees the tourism industry…Jesus wept How daft and brain dead are you people? If you think the entrance fee to historic sites is the tourism industry, you are an even bigger buff00n than I thought.

Kukutenla:
Even if you collect higher taxes, if the value of your currency is poor, the money will amount to nothing in terms of real value. Nigeria's revenue has steadily increased in nominal terms since APC came on board. But the value when compared in dollars still remain almost the same from 2015. So, it's not about more revenue but the value of the currency. Just imagine that $1 equals N100. Use that to calculate the new values of the budget and see how different everything looks

You are daft and efforts to educate you is a waste of time.

casualobserver:
Where did I say “ all the monsy from oil goes to the Nigerian govt”? I said the government owns the oil. Learn to read and comprehend. It is because they own the oil they can benefit in such a manner from the oil and gas industry and the forex from Oil belongs to them. This is why despite being a supposedly English speaking country, Nigerians require English proficiency tests to gain admission to universities abroad.

You really are a dimwit. Because the government charges for access to historic sites does that mean that tourist who goes to Israel or Saudi and May spend $5000 on hotels fights restaurants taxis etc and only $200 to visit historic government sites. In your warped mind the tourism industry is the $200 the government received in tourism site access fees? Look the amount a tourist spends on taxis alone is more than the fees to historic sites. If you go to yankari or Olumo rock today, is the amount you spend on entrance fees the tourism industry…Jesus wept How daft and brain dead are you people? If you think the entrance fee to historic sites is the tourism industry, you are an even bigger buff00n than I thought.


You are daft and efforts to educate you is a waste of time.

The bolded is why it is not good to talk too much especially when it is lies. You end up forgetting the things you say and deny almost in the next breath. Look below. I have helped you delete a lot of the long rant because nothing there really makes sense which is why you're denying making such statements.

casualobserver:
I have already responded and I do not wish to repeat myself.

The only reason why in the case of oil and gas all income goes to the government is because THEY OWN IT.

You are also showing your absolute cluelessness by looking down on $200. If 5000 pilgrims from Nigeria (the number of pilgrims from Nigeria to Saudi is more than that every year) pay $200 to access the historic sites, that's $1m already!! Just imgaine making $1m from Nigerian pilgrims alone.
You're not really smart. Take your time and think through issues more.
My point on exchange rate making difference in dollar equivalent of budget still stands. Even SA budget is not up to 5trn rands and their budget is almost four times larger than ours with our 23trn in dollar terms.
Borrow a brain ASAP

Kukutenla:
The bolded is why it is not good to talk too much especially when it is lies. You end up forgetting the things you say and deny almost in the next breath. Look below. I have helped you delete a lot of the long rant because nothing there really makes sense which is why you're denying making such statements.



You are also showing your absolute cluelessness by looking down on $200. If 5000 pilgrims from Nigeria (the number of pilgrims from Nigeria to Saudi is more than that every year) pay $200 to access the historic sites, that's $1m already!! Just imgaine making $1m from Nigerian pilgrims alone.
You're not really smart. Take your time and think through issues more.
My point on exchange rate making difference in dollar equivalent of budget still stands. Even SA budget is not up to 5trn rands and their budget is almost four times larger than ours with our 23trn.
Borrow a brain ASAP

The part on Nigeria owning all the oil was a typo and it was within the context of forex from Oil who owns the forex. At the time I was arguing with another slowpoke like yourself who claimed all forex from exports belonged to the govt. it is assumed that any educated person knows the partnership arrangements with the oil producing companies. So all forex the govt gets from their share belongs to them because they own the oil.

The rest of your submissions are utter nonsense and clearly from someone who has no understanding of how economies work. Someone who thinks the $20 entrance fee is the tourism industry!!!


To Engagie you any further is to lower my IQ. I only responded for the sake of others who are reading and because you pointed out a legitimate error.

casualobserver:
The part on Nigeria owning all the oil was a typo and it was within the context of forex from Oil who owns the forex. At the time I was arguing with another slowpoke like yourself who claimed all forex from exports belonged to the govt. it is assumed that any educated person knows the partnership arrangements with the oil producing companies. So all forex the govt gets from their share belongs to them because they own the oil.

The rest of your submissions are utter nonsense and clearly from someone who has no understanding of how economies work. Someone who thinks the $20 entrance fee is the tourism industry!!!


To Engagie you any further is to lower my IQ. I only responded for the sake of others who are reading and because you pointed out a legitimate error.

Stop lying. That's not a typo. You obviously don't know what a typo means. What you can claim is that it's a freudian slip or misspeak and not a typo. So much for your intelligence.
It is also obvious that you are very confident in your ignorance. You're still yapping on $20 or is it $200? That shows why you have such limited knowledge.
As I pointed out to you about exchange rate, SA's tax revenue for 2022 is 1.69trn rand while Nigeria's tax revenue in same period is 10trn naira.
In order words, Nigeria made five times of SA's tax revenue in respective local currency and economy. However, trouble starts when you convert it to US dollars. SA's becomes $94bn while Nigeria's own sinks to $22bn using 2022 exchange rate. If you use our present exchange rate, it will hover around $11bn.
I hope you are not to dim upstairs to see the difference!!

cc nairalanda1, codemaniacs

Kukutenla:
Stop lying. That's not a typo. You obviously don't know what a typo means. What you can claim is that it's a freudian slip or misspeak and not a typo. So much for your intelligence.
It is also obvious that you are very confident in your ignorance. You're still yapping on $20 or is it $200? That shows why you have such limited knowledge.
As I pointed out to you about exchange rate, SA's tax revenue for 2022 is 1.69trn rand while Nigeria's tax revenue in same period is 10trn naira.
In order words, Nigeria made five times of SA's tax revenue in respective local currency and economy. However, trouble starts when you convert it to US dollars. SA's becomes $94bn while Nigeria's own sinks to $22bn using 2022 exchange rate. If you use our present exchange rate, it will hover around $11bn.
I hope you are not to dim upstairs to see the difference!!

cc nairalanda1, codemaniacs

At least I was man enough to acknowledge that particular error unlike you nitwits whose entire arguments are based on ego and can never admit errors and will continue to defend the indefensible.

I said the most a tourist will spend on tourist sites is $200. This is based on the assumption that he visits 10 sites at an average of $20 entry per site. Not all sites charge and not all tourists actually visit tourist sites. $200 is simply the most a tourist will spend on entry into tourist sites. I simply gave the figure of $200 as the max you will get for an enthusiastic tourist visiting many tourist sites. In Nigeria it will be much less. I can’t imagine any govt site charging N5000 ($5) entry fee.

Now, a tourist comes to your country to spend $5000 and for you to think that the $20 entrance fee ( maximum $200). Should be the focus and target of govt revenues? That is how you want to increase govt revenues? It shows how small minded you are. Our entire tourism industry in Nigeria is only $2.9b. Have we collected $580m in tourism related government revenue?

The global standard for govt revenue to GDP is 20%. Nigeria is roughly 10%. As it stands there is potential 10% govt revenue we aren’t collecting due to lapses in the tax collection system. Do you know what GDP is? Somebody comes into the country to spend or contribute $5000 to your GDP and the result of your education and enlightenment is to focus on the $20-$200 he may spend on entrance fees when there is a potential $500- $1000 in taxes (depending on how much your tax compliance currently collects and can inprove) that you are losing out on because you are not collecting the taxes you are supposed to collect on the $5000 he spent on flights, restaurants taxis, transport, hotels, etc etc.

What you have demonstrated is you clearly do not understand economics. Again you should runaway in shame for typing that the l tourism industry is the entrance fee collected. It shows you are an economics simpleton.

casualobserver:
At least I was man enough to acknowledge that particular error unlike you nitwits whose entire arguments are based on ego and can never admit errors and will continue to defend the indefensible.

I said the most a tourist will spend on tourist sites is $200. This is based on the assumption that he visits 10 sites at an average of $20 entry per site. Not all sites charge and not all tourists actually visit tourist sites. $200 is simply the most a tourist will spend on entry into tourist sites. I simply gave the figure of $200 as the max you will get for an enthusiastic tourist visiting many tourist sites. In Nigeria it will be much less. I can’t imagine any govt site charging N5000 ($5) entry fee.

Now, a tourist comes to your country to spend $5000 and for you to think that the $20 entrance fee ( maximum $200). Should be the focus and target of govt revenues?

The global standard for govt revenue to GDP is 20%. Nigeria is roughly 10%. As it stands there is potential 10% govt revenue we aren’t collecting due to lapses in the tax collection system. Do you know what GDP is? Somebody comes into the country to spend or contribute $5000 to your GDP and the result of your education and enlightenment is to focus on the $20-$200 he may spend on entrance fees when there is a potential $500- $1000 in taxes (depending on how much your tax compliance currently collects and can inprove) that you are losing out on because you are not collecting the taxes you are supposed to collect on the $5000 he spent on flights, restaurants taxis, transport, hotels, etc etc.

What you have demonstrated is you clearly do not understand economics. Again you should runaway in shame for typing that the l tourism industry is the entrance fee collected. It shows you are an economics simpleton.

It was not an error. It was an exhibition of ignorance borne out of arrogance. But it's ok since you have received well the education.

Your argument was that govt does not make money from tourism beyond taxes which i corrected. You are still in shock at the fact that goct makes money outside tax from tourism obviously. GDP is based on aggregate of economic activity not just spending. You keep equating spending to GDP. Spending is just an aspect of GDP. The tourist guides who pay tax and license fees, the travel agencies, those who work to maintain the tourist sites all contribute to the GDP. However, what you should be aware of is that tourism will not exist at all if that $200 is not paid to run and maintain the sites.
So, it is not just about taxes but aggregate of economic activity. Your claim is just like saying the taxes paid by telecoms companies is the most important factor in telecoms while you are unaware that telecoms companies actually pay for license to use frequencies to the govt before they start paying tax. The telecoms companies then employ service vendors who also pay tax along the line. It's the aggregate of those monies that forms the contribution of the telecoms sector to our economy and not just the tax they pay.
I see you have tacitly accepted the education I gave you on tax revenue differential between SA and Nigeria. Good for you.

Kukutenla:
It was not an error. It was an exhibition of ignorance borne out of arrogance. But it's ok since you have received well the education.

Your argument was that govt does not make money from tourism beyond taxes which i corrected. You are still in shock at the fact that goct makes money outside tax from tourism obviously. GDP is based on aggregate of economic activity not just spending. You keep equating spending to GDP. Spending is just an aspect of GDP. The tourist guides who pay tax and license fees, the travel agencies, those who work to maintain the tourist sites all contribute to the GDP. However, what you should be aware of is that tourism will not exist at all if that $200 is not paid to run and maintain the sites.
So, it is not just about taxes but aggregate of economic activity. Your claim is just like saying the taxes paid by telecoms companies is the most important factor in telecoms while you are unaware that telecoms companies actually pay for license to use frequencies to the govt before they start paying tax. The telecoms companies then employ service vendors who also pay tax along the line. It's the aggregate of those monies that forms the contribution of the telecoms sector to our economy and not just the tax they pay.
I see you have tacitly accepted the education I gave you on tax revenue differential between SA and Nigeria. Good for you.

I suggest you actually read some books and educate yourself instead of forming your opinions from half baked analysts on TV.

The tourism industry is not the N509 entry fee to Oluomo rock but the $5000 you spend along the way. I. Any event Nigeria is incapable of attracting the sort of tourism based on the current level of decay of infrastructure, the lack of interesting places, the insecurity and the attitude of those in the hospitality industry.

casualobserver:
I suggest you actually read some books and educate yourself instead of forming your opinions ions from half naked analysts on TV.

You're just being unreasonably daft
I already educated you. Take it with gratitude and move on. Ability to write long epistle does not equate intelligence or understanding. Get it right

Kukutenla:
You're just being unreasonably daft
I already educated you. Take it with gratitude and move on. Ability to write long epistle does not equate intelligence or understanding. Get it right

Since you are on an ego trip, you are the fountain of knowledge, the country could do with you in charge of its economy. Now clap for yourself and run along.

casualobserver:
Since you are on an ego trip, you are the fountain of knowledge, the country could do with you in charge of its economy. Now clap for yourself and run along.

Oh but you were so sure of yourself you labelled anyone who disagreed with you daft or buffoon.

You need a brain check

Kukutenla:
Oh but you were so sure of yourself you labelled anyone who disagreed with you daft or buffoon.

You need a brain check

The 1mbecile does not understand sarcasm, he thinks I agree with him. When you need to be rid of a pest, you tell them what they want to hear so you don’t dumb down your brain with continued engagement.

casualobserver:
The 1mbecile does not understand sarcasm, he thinks I agree with him. When you need to be rid of a pest, you tell them what they want to hear.

Rather when the facts are above the processing power of your iq, you slither away like a slimy worm. Do that

Na true! 2023 budgets is yet to be 100% implemented yet 2024 is being presented!

Phantom233:
It's not about how much you budget but what you actually do with the money. Even if we're given 500billion dollars yearly, our extremly corrupt and wicked Apc political rulers and Allies will reloot the monies without any tangible results

gare:
Keep taking side with evil leaders in this country, I pray you life is like Nigeria that never progesses despite all it's wealth, be looking for 70%

This isn't about taking sides dear.. it's about common sense..


You want to tell me corruption doesn't exist in Egypt, South Africa and Algeria... Can you swear on your life that you are also not corrupt..and if given the chance to be were the politicians are.. you will play the game clean?


Don't be delusional... corruption or not..

How can you be spending $33bn on 200 million and you want that country to be like south Africa that spends $132 bn on just 60 million.. I m not sure you processed the rubbish you said or believe in..

Even to fight corruption..you need money.. you see all those civil servants that collect bribe for ever damn service..you think if they are paid well they will do so?

If you hear some of the salary they earn..you will not blaim them as all for what they do...

If there is enough money to automate many of those processes and remove human interference..you think corruption will still remain??

Please...

pocom35:
This isn't about taking sides dear.. it's about common sense..


You want to tell me corruption doesn't exist in Egypt, South Africa and Algeria... Can you swear on your life that you are also not corrupt..and if given the chance to be were the politicians are.. you will play the game clean?


Don't be delusional... corruption or not..

How can you be spending $33bn on 200 million and you want that country to be like south Africa that spends $132 bn on just 60 million.. I m not sure you processed the rubbish you said or believe in..

Even to fight corruption..you need money.. you see all those civil servants that collect bribe for ever damn service..you think if they are paid well they will do so?

If you hear some of the salary they earn..you will not blaim them as all for what they do...

If there is enough money to automate many of those processes and remove human interference..you think corruption will still remain??

Please...

Another nitwit. Are governors who are not paying salaries but stealing money like the one in Kogi doing it because they are poor?
You guys keep yaping on 33bn for Nigeria and $132 billion for South Africa without realising it's a question of exhange rate not productivity.
You guys need to get proper enlightenment

Kukutenla:
Another nitwit. Are governors who are not paying salaries but stealing money like the one in Kogi doing it because they are poor?
You guys keep yaping on 33bn for Nigeria and $132 billion for South Africa without realising it's a question of exhange rate not productivity.
You guys need to get proper enlightenment

You are the one yapping nonsense.. so when contracts are done..you think it is in reference to naira?


So when exchange rate goes high commodities will remain the same in naira? For a country that imports everything.

You speak about the question of exchange rate...so is the dollar used to express our own budget as 33 billion different from the one used to quote south Africa's budget as 132 billion?

Corn247:
Yes the Chinese industries pay tax to china.
Which useless thing do you produce in aba and how does it reflect in the revenue??

Ogun state alone generate more more than your five states and that makes sense to you clowns.
Abeg pack well.

Abegi.. you be real clown.

pocom35:
You are the one yapping nonsense.. so when contracts are done..you think it is in reference to naira?


So when exchange rate goes high commodities will remain the same in naira? For a country that imports everything.

You speak about the question of exchange rate...so is the dollar used to express our own budget as 33 billion different from the one used to quote south Africa's budget as 132 billion?

Keep quiet
Contracts are done in naira terms not dollars
Exchange rate is unstable because most of our elites especially oldish hoard and speculate on the naira.
Your last question is meaningless. Ask why your govt pegs exchange rate at 700 while South Africa pegs is at 18. That's the difference between your dollar and theirs

Hotice085:
And we are still Number 1 in Africa, all of you are human waste, bunch of lazy idoits who only depends on handout and when it runs out you go about stealing from Us
What a curse people
* Fool says we are 250million as counted by a Zulu*

Yes, our taxes & mineral resources stop us from japaring 🇿🇦🏆🏆🏆 We're lazy & spoilt and you're very jealous of it.

WannaHowzit:
Yes, our taxes & mineral resources stop us from japaring 🇿🇦🏆🏆🏆 We're lazy & spoilt and you're very jealous of it.

People that killed their own lucky Dube, almost killed their minister of transport 2weeks ago and no week passes that they won't kill an African
Lazy, jealous filled men and cowards
Only knows how to make noise in their mamas kitchen

Kukutenla:
You are writing a lot of story without making any point. You pay to access tourism sites in Israel and Saudi and the income goes to govt. Not all the money made in tourism goes to govt but govt makes revenue from toursim beyond taxes.
Secondly, not all the monsy from oil goes to the Nigerian govt. You are ignorant about the matter. Nigerian govt gets just about 60% of the revenue from oil. The rest goes to the IOCs, dealers, brokers and what not. Even NNPC keeps back a percentage of the oil revenue.
Nigerian govt is one of the most inefficient and terribly mismanaged in the world. You can take that to the bank.
That's why you all are saying Nigeria is poor.

Exactly

Phantom233:
I know you don't really understand what's going on but
E go clear you when you become independent

For your hearing, I have been independent since 12 there is nothong to clear again.

Kukutenla:
Keep quiet
Contracts are done in naira terms not dollars
Exchange rate is unstable because most of our elites especially oldish hoard and speculate on the naira.
Your last question is meaningless. Ask why your govt pegs exchange rate at 700 while South Africa pegs is at 18. That's the difference between your dollar and theirs

Lol..

The dollar plays a key role.. go and do contract with Julius beger. And along the line dollar rates doubles.
So you mean JB will not come and meet you back for more money?. Dey play..


The vice president lodge that was awarded for about 7bn naira .today Julius Berger is asking for 15 billion naira to complete the nearly completed project..and you are telling me contracts are in naira.. even though the figures are calculated in naira and paid in naira... It is still a reference of the current exchange rate.

Dollar is the Same in both Nigeria and South Africa..it is the value against each local currency (i.e south Africa rand, Nigerian naira ) that differs

pocom35:
Lol..

The dollar plays a key role.. go and do contract with Julius beger. And along the line dollar rates doubles.
So you mean JB will not come and meet you back for more money?. Dey play..


The vice president lodge that was awarded for about 7bn naira .today Julius Berger is asking for 15 billion naira to complete the nearly completed project..and you are telling me contracts are in naira.. even though the figures are calculated in naira and paid in naira... It is still a reference of the current exchange rate.

Dollar is the Same in both Nigeria and South Africa..it is the value against each local currency (i.e south Africa rand, Nigerian naira ) that differs

This is a lie. Julius berger can't come back and ask you for more money claiming exchange rate once a contract has been signed.
What usually happens which you're not aware is that the govt only releases about 30% of the entire money then when the contract has expired after years they call the construction company back to come and complete the project. Of course by then the initial contract is no longer binding so they have to renegotiate

Kukutenla:
This is a lie. Julius berger can't come back and ask you for more money claiming exchange rate once a contract has been signed.
What usually happens which you're not aware is that the govt only releases about 30% of the entire money then when the contract has expired after years they call the construction company back to come and complete the project. Of course by then the initial contract is no longer binding so they have to renegotiate

My dear....there are countless times... Fashola went to FEC meetings for approvals for funds to complete ongoing projects as a result of upward review due to economic realities..

A simple Google search will help you...

Papa oworonshoki highway was awarded for 72.5bn naira... The road construction never stopped but congrats had to be review to over 90 bn.

Lagos Ibadan highway has been under construction since Jonathan era inshort it is not a Buhari project per say.. but the contract sum changed when Buhari got in despite working never stopping but slowed down...
The only main project that stopped was 2nd Niger bridge ...JB sat back with government for upward review to 414bn..
. sometimes these contractor know that things will keep getting expensive.. so they quote even bigger amount way above current market prices so that when commodities get more expensive...their loses can be minimized through the period of building the project...

pocom35:
My dear....there are countless times... Fashola went to FEC meetings for approvals for funds to complete ongoing projects as a result of upward review due to economic realities..

A simple Google search will help you...

Papa oworonshoki highway was awarded for 72.5bn naira... The road construction never stopped but congrats had to be review to over 90 bn.

Lagos Ibadan highway has been under construction since Jonathan era inshort it is not a Buhari project per say.. but the contract sum changed when Buhari got in despite working never stopping but slowed down...
The only main project that stopped was 2nd Niger bridge ...JB sat back with government for upward review to 414bn..
. sometimes these contractor know that things will keep getting expensive.. so they quote even bigger amount way above current market prices so that when commodities get more expensive...their loses can be minimized through the period of building the project...

That is what I'm telling you. Most of the contracts, govt only pays 30% upfront and they then abandon the contractor to their fate only to run back to them when the contracts are about to expire. Look at Lagos-Ibadan Road. Is there anywhere in the world where a road of just 120km will take over 24 years and still not completed? Na only naija now.... if the projects are funded as required, most of the roads will be a max of a year to two for completion. But you see road projects extending to to five ten years. Which contract will last that long?

pocom35:
My dear....there are countless times... Fashola went to FEC meetings for approvals for funds to complete ongoing projects as a result of upward review due to economic realities..

A simple Google search will help you...

Papa oworonshoki highway was awarded for 72.5bn naira... The road construction never stopped but congrats had to be review to over 90 bn.

Lagos Ibadan highway has been under construction since Jonathan era inshort it is not a Buhari project per say.. but the contract sum changed when Buhari got in despite working never stopping but slowed down...
The only main project that stopped was 2nd Niger bridge ...JB sat back with government for upward review to 414bn..
. sometimes these contractor know that things will keep getting expensive.. so they quote even bigger amount way above current market prices so that when commodities get more expensive...their loses can be minimized through the period of building the project...

That's why we must all work towards to ensure a stable FX rate. This round tripping of FX and devaluation of naira that all our big men are perpetrating does no one any good. Bcoz this investors both local and foreign are fleeing.

Just look at how it has disgustingly impacted on the road construction like you described.

Princedapace:
Which other regions are being industrilized? U are so funny! Bro, indegenous industries that produce local products that can be exported is the way to go!
And hey, all regions in Nigeria are shithole. Wake up baba!
No single region in Nigeria is competitive. Wake up o!
No region has 24/7 power supply, so how can industry strive?
ALl regions, people still dig borehole to get water, all regions, their state capitals are still shitholes.
All regions, if u get heart attack, u are most likely going to die due to poor health care!
All regions have poor emergence response center!
U can easily be killed in all regions!
In all regions, the politicians and their friends are balling hard while more than 80 percent of the citizens in that region are struggling middle class or poor class

So, what is now the globalization in which region abeg?

South West: Building new airports, FTZs, Rails,IPPs,seaports,mega cities,cargo airport,roads,hubs
South South : Bridges
North: Infrastructures

In 2025/26 when SW IGR is N1.8tn

South East: na we build Lagos .

i copied the above though it is what it is. Keep arguing emotionally.

Image123:
South West: Building new airports, FTZs, Rails,IPPs,seaports,mega cities,cargo airport,roads,hubs
South South : Bridges
North: Infrastructures

In 2025/26 when SW IGR is N1.8tn

South East: na we build Lagos .

i copied the above though it is what it is. Keep arguing emotionally.

hahahaahhaa
Baba, na only u know what Igbos do u o. Chaii, this life eh. Baba, no part of Nigeria is good. No single politician in south west treat him self in Nigeria or in south west
That is becus they know it is not good!
Make una dey deceive una selves. If u suffer heart attack now in any region in Nigeria, and u need emergence health service, my brother, make them prepare ur will because u arent getting any emergency health care and na die straight. That is what makes Nigeria bad.
Make yorubas and Igbos continue to fight here while politicians win!