₦airaland Forum

Na wa oo

Saying that we should reduce our consumption and usage of foreign goods is laughable, because we don't produce anything in sufficient quantity to meet any of our needs.

EleventhWeirdo:
Go school, you say no. Continue wandering with ogogoro sachets and lamenting governance at newspaper stands

is there any hope of alleviating the economic hell tinubu and his renewed hopelessness has thrown the nation into?

Chinjo2:
And who owns the CBN?

Bank of International settlement (BIS)

Ewedu government in the mud

E-BOLA Tinubu is a fairlure

No more printing money, somebody must have heard something !!!!

Free float of naira might be on the way too.

Hmmmm, somebody is learning. About time.

Good Luck to Nigeria!

greenermodels:
Story for the gods, Tinubu controls everything and everybody including the CBN governor and the CBN so if he asks for a loan,he would definitely get it, simple and short.

Tinubu is a seasoned accountant and not a dunce like buhari..he clearly knows the implications of more ways and means and hence won’t opt for an easy way out..not at this time.

Shey na statistics we go chop

Alpha Beta Economists

This is a step in the right direction, but Cardoso can't claim to be serious about tackling inflation while targeting 21.4% inflation for 2024. That is an outrageously high value to tolerate, and it will lead to serious economic distortions that will damage an already struggling economy's growth prospects.

It's absurd the lengths to which Cardoso is going to avoid the obvious, unavoidable remedy, namely to raise interest rates. This is the very first thing he should have done upon being appointed, yet so far there hasn't been a word from him in that direction. Cardoso's refusal to hike rates sends precisely the wrong signal to foreign investors, the very people who are needed to supply the USD his bank is so badly in need of. Who in their right minds will bring millions of Dollars into a country whose leaders seem hell-bent on adopting such poorly-though through policies?

It's precisely this sort of timid, counterproductive policy-making that I was worried about when I said at the time of Cardoso's appointment that he was the wrong man for the job. The CBN governor needed to be someone with a deep background in economics and a strong independent streak, willing to apply strong medicine to the economy no matter what political leaders might have preferred. Cardoso has neither of these qualities, so now we are stuck in the same ridiculous situation as we were with Buhari and Emefiele, with a President afraid of public displeasure dictating irrational policies to an "independent" CBN governor too subservient to say anything more than "Yes Sir".

Sadly for Nigerians, the end result will be the same in this case as well - horribly slow economic growth borne out of a misplaced desire to minimize hardship for the masses, which turns what might have been a sharp but short period of pain into a drawn-out, slow-moving car crash.

And how does that relieve the masses from the abject poverty they are subjected to?
Until the politicians of Nigeria accept the fact that Nigeria is unmanageable due to the centrifugal forces acting on Nigeria from the different ethnic, cultural and religious groups forced by Oyibo in one country, and sit on a round table to dissolve Nigeria into more manageable countries, nothing is going to improve in Nigeria for the masses in Nigeria.

Until Nigeria's politicians understand that Europeans were not stupid in tactfully dissolving nearly all the multi cultural, multi religious and multi ethnic countries in Europe after the fall of the Berlin Wall, having realised that such countries never thrive, Nigeria's masses will continue to be dehumanised as they are today from abject poverty.

abbey621:
COMEDY

They have to show that they are working. Comedy as usual.

dre11:
https://punchng.com/cbnll-no-longer-give-ways-and-means-to-fg-cardoso/?amp

this people like stories o.

Anytime this CBN governor wan talk, the page go long, just to confuse people.

omohayek:
This is a step in the right direction, but Cardoso can't claim to be serious about tackling inflation while targeting 21.4% inflation for 2024. That is an outrageously high value to tolerate, and it will lead to serious economic distortions that will damage an already struggling economy's growth prospects.

It's absurd the lengths to which Cardoso is going to avoid the obvious, unavoidable remedy, namely to raise interest rates. This is the very first thing he should have done upon being appointed, yet so far there hasn't been a word from him in that direction. Cardoso's refusal to hike rates sends precisely the wrong signal to foreign investors, the very people who are needed to supply the USD his bank is so badly in need of. Who in their right minds will bring millions of Dollars into a country whose leaders seem hell-bent on adopting such poorly-though through policies?

It's precisely this sort of timid, counterproductive policy-making that I was worried about when I said at the time of Cardoso's appointment that he was the wrong man for the job. The CBN governor needed to be someone with a deep background in economics and a strong independent streak, willing to apply strong medicine to the economy no matter what political leaders might have preferred. Cardoso has neither of these qualities, so now we are stuck in the same ridiculous situation as we were with Buhari and Emefiele, with a President afraid of public displeasure dictating irrational policies to an "independent" CBN governor too subservient to say anything more than "Yes Sir".

Sadly for Nigerians, the end result will be the same in this case as well - horribly slow economic growth borne out of a misplaced desire to minimize hardship for the masses, which turns what might have been a sharp but short period of pain into a drawn-out, slow-moving car crash.

They've raised interest rate enough, except you want to kill the economy patapata. The remedy to our inflation is not tied to the interest rate alone. Cardoso is doing his part. The FG also need to do there's, but so far little has been done by them. Shey na interest rate increase go fight the bandits and the bad herdsmen maiming our farmers and disrupting food production, or na e go bring down the price diesel and increase it supply, na e go stop our neighbors from sweeping our food supply, or na e go stop the excessive black taxes our security operatives charge truck drives on our highways.

If 18% interest rate didn't do nada to rein our inflation, more hike won't do anything but kill off the already dying economy.

As usual, like on that conversion of USD remittance to naira thread, children of perdition are already convulsing.

We've got serious economy issues, here's Cardoso announcing another drug to give us a fix. What more do you want? Printing of money out of thin air (with way and means, and other methods) is what Buhari and Ewelele did to plunge our economy into the bottomless pit of hell. I think most of you commenting don't even understand the meaning of W&M but simply became rabid, as it's your default modes whenever there's good news about the country.

Yeah, this is good news because unlike Buhari, Asiwaju is not an illiterate of economics. Someone with the political will and muscle to remove fuel subsidy and unify our exchange rate doesn't look like some who will run his government with illegal and cancerous way and means.

Lol. It seems you all forgot Ewelele at one time went to JP Morgan to secure a loan using our foreign reserve as collateral . And even worse, he cooked the figures (playing that "you are a bad boy" TikTok sound). If we are in a sane society, Buhari should be standing trials like Ewemele at the moment.

This CBN administration is a breath of fresh air all things considered. Cardoso knows what he doing and I'm certain he will turn this economy around.

Story

Lol... See them keep asking "And how does that relieve the masses from the abject poverty they are subjected to?"

It's a gradual process and we are in for a long ride. Tinubu told you all what will do during the election campaigns and he explicitly said it will be hard.

Anyone who understands economics knows there's no two way about salvaging our economy except this painful path. Atiku and Obi weren't truthful about their economy recovery plans during the campaign or maybe there were clueless; every sane mind our recovery won't be on bed of roses.

My present problems with this Tinubu administration are security and boosting local manufacturing and production. Asiwaju needs to work fast on those.

TempUser:
TLDR, they will stop giving FG updates abi wetin you talk?

The guy in your picture must be the black version of mark zuckerberg.

omohayek:
This is a step in the right direction, but Cardoso can't claim to be serious about tackling inflation while targeting 21.4% inflation for 2024. That is an outrageously high value to tolerate, and it will lead to serious economic distortions that will damage an already struggling economy's growth prospects.

It's absurd the lengths to which Cardoso is going to avoid the obvious, unavoidable remedy, namely to raise interest rates. This is the very first thing he should have done upon being appointed, yet so far there hasn't been a word from him in that direction. Cardoso's refusal to hike rates sends precisely the wrong signal to foreign investors, the very people who are needed to supply the USD his bank is so badly in need of. Who in their right minds will bring millions of Dollars into a country whose leaders seem hell-bent on adopting such poorly-though through policies?

It's precisely this sort of timid, counterproductive policy-making that I was worried about when I said at the time of Cardoso's appointment that he was the wrong man for the job. The CBN governor needed to be someone with a deep background in economics and a strong independent streak, willing to apply strong medicine to the economy no matter what political leaders might have preferred. Cardoso has neither of these qualities, so now we are stuck in the same ridiculous situation as we were with Buhari and Emefiele, with a President afraid of public displeasure dictating irrational policies to an "independent" CBN governor too subservient to say anything more than "Yes Sir".

Sadly for Nigerians, the end result will be the same in this case as well - horribly slow economic growth borne out of a misplaced desire to minimize hardship for the masses, which turns what might have been a sharp but short period of pain into a drawn-out, slow-moving car crash.

Useless textbook jargons. Absorb at your own risk!

Who interest rates help?

This government is trying to FasTrack the country back to order from the evil buhari and his thiefing. Bastard plug Nigeria into.

dre11:
https://punchng.com/cbnll-no-longer-give-ways-and-means-to-fg-cardoso/?amp

This is just funny... Oga till u give, u sef no go know...lol

omowolewa:
The last time ways and means was used, nobody was consulted so its under the table deal

That's why I don't this long n too much talk. Let see the results of action. They will talk one thing and do many things without the public knowing.

Who appointed the CBN gov ? Don't deceive Nigerians those you collected the looting money are alive, so reduce your statement on economy matters in Nigeria. We want actions but all this statement will cause more hardship and bitterness to poor Nigerians . We want solution not media speech

Like the last ways and means was publicized when the deal happened. When push comes to shove and money is needed with elevated interest environment, CBN would do what they have always done.

dre11:
https://punchng.com/cbnll-no-longer-give-ways-and-means-to-fg-cardoso/?amp

Small yansh dey shake ooo

Till 2032 this argument will still be going on. Next story okease.

This news is so funny.
The govt appoints a CBN gov who then pretends he is independent and can actually curb the excesses of the govt.

Please summarise for me bikonu

Ways and Means is another way of saying Printing money for the Govt to spend. When a country prints its currency and spend. Zimbabwe's experience: Hyperinflation, will happen to such country.

absoluteSuccess:
The guy in your picture must be the black version of mark zuckerberg.

Yeah that's Dark Zuckerberg

omohayek:
This is a step in the right direction, but Cardoso can't claim to be serious about tackling inflation while targeting 21.4% inflation for 2024. That is an outrageously high value to tolerate, and it will lead to serious economic distortions that will damage an already struggling economy's growth prospects.

It's absurd the lengths to which Cardoso is going to avoid the obvious, unavoidable remedy, namely to raise interest rates. This is the very first thing he should have done upon being appointed, yet so far there hasn't been a word from him in that direction. Cardoso's refusal to hike rates sends precisely the wrong signal to foreign investors, the very people who are needed to supply the USD his bank is so badly in need of. Who in their right minds will bring millions of Dollars into a country whose leaders seem hell-bent on adopting such poorly-though through policies?

It's precisely this sort of timid, counterproductive policy-making that I was worried about when I said at the time of Cardoso's appointment that he was the wrong man for the job. The CBN governor needed to be someone with a deep background in economics and a strong independent streak, willing to apply strong medicine to the economy no matter what political leaders might have preferred. Cardoso has neither of these qualities, so now we are stuck in the same ridiculous situation as we were with Buhari and Emefiele, with a President afraid of public displeasure dictating irrational policies to an "independent" CBN governor too subservient to say anything more than "Yes Sir".

Sadly for Nigerians, the end result will be the same in this case as well - horribly slow economic growth borne out of a misplaced desire to minimize hardship for the masses, which turns what might have been a sharp but short period of pain into a drawn-out, slow-moving car crash.

Tinubu on the economic front has truly disappointed.

I suspect the central bank has already resorted to ways and means which partially explains the rapid fall of the Naira. The other is the inflation fruendly low interest rates.

Tinubu's statement that subsidy remains removed would one day not only come to haunt him but the country and private refineries. He should have deregulated the price and not just end the subsidy.

Nigerians feel entitled to cheap petrol and Tinubus words will only fuel that entitlement.. Private refineries owners who want to sell at market determined prices will be considered as economic saboteurs and greedy. My worry is that people might unleash their anger by attacking their facilities such as their oil pipelines. Dangote I am sure will spend gazillions protecting his investment.

In terms of other policies, there's no other that fascinates me.

Yes, you were correct about the government should announce a huge selloff of government owned companies from airports to its stake in NNPC. The markets will quickly reward it.

Frankly speaking, I don't think Wale Edun is the man for finance minister. He might be good at the state level but not federal.

I expected to see a cut in taxes, something Atiku's economic plan included (It would have been the lowest on the continent). This government treats import duty as a means of generating income and therefore is unfriendly to business

The Naira is still falling. I thought it had stopped. Thank God Tinubu did not travel to Ivory Coast. There is simply too much anger in the streets.