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Nairaland Forum / Nairaland / General / Politics / Naira Floating by Tinubu was Ill-advised-Atiku (12547 Views)
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Re: Naira Floating by Tinubu was Ill-advised-Atiku by DeepSight(m): 11:05pm On Feb 18 |
Gajagojo: Cart before horse. Remove subsidy gradually but make sure local refineries work fully first so you don't import petrol tied to the dollar. Float the naira if you must but make sure your are a net exporter first. Floatation of any local currency by an import dependent economy is suicide. Besides, believe you me, even first world economies take measures to defend their currency. If you abandon your currency to the vagaries of the wind when you produce nothing, you are beyond daft. You are suicidal. Cart before the horse. That's what's going on, and that's what you are championing. Tail wagging the dog. Upside down logic. 1 Like 1 Share |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by criuze(m): 11:05pm On Feb 18 |
Ndi Yoruba has feneshed Nigeria intoto |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by Sangoamadioha1: 11:07pm On Feb 18 |
searchlight: Face front, this is above your intellectual capacity 😏 |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by omohayek: 11:13pm On Feb 18 |
stanliwise:Three things can help, namely 1. Cardoso commits to a much lower rate of inflation (say 5%) and shows he means business by hiking interest rates until they are no longer negative in real terms (that's what Russia's central bank governor, Elvira Nabiullina, did when western sanctions were announced). 2. Tinubu publicly commits to a large-scale, rapid program of privatization, showing he means business about bringing down the FG's spending (and giving the unions reason to think twice about demanding wage hikes that will make the problem worse). 3. Instead of wasting effort on chasing "hoarders" and encouraging an impossible "self-sufficiency" in agriculture, existing restrictions on food imports should be lifted (other than for safety reasons), and import duties slashed, so the masses have access to cheaper food. Even in Nigeria, there are many more buyers of food than there are commercial farmers, so it makes no sense to harm the former for the sake of the latter. 3 Likes 2 Shares |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by Gajagojo: 11:18pm On Feb 18 |
DeepSight: Just open your mouth to yarn rubbish Remove subsidy gradually? Which subsidy? There was No money to pay subsidy. As of May 29 2023 The government was OWING subsidy money and servicing debt with over 90%_0f revenue The government had. NOT BEEN ABLE TO PAY subsidy since January 2023 The government was broke . Even the oil being drilled had been sold in advance and the money spent. So any talk of reducing subsidy gradually is unrealistic and childish The only way to do that would be to borrow and those willing to lend Nigeria were non existent except the IMF. The IMF will not lend you money for subsidy When you need to borrow from the IMF you are screwed There was literally no money to pay for subsidy. Even now as we speak the government still owes NNPC subsidy money All the money borrowed from Added in recently $3 billion is conditional NOT FOR SUBSIDY no one will lend you money for that 3 Likes |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by stanliwise(m): 11:24pm On Feb 18 |
omohayek:1. That Cardozo or what is his name can’t pull such stunt. He can’t. 2. FG Spending hasn’t been Much of a problem compared to money laundering. Not matter how Goverment tries to cut cost it can never survive with this rate of money laundering 3.The third will only lead to more chase for dollar and importing more raw material. |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by Gajagojo: 11:27pm On Feb 18 |
omohayek:Commit to lower rate of inflation 5%. HOW will that be achieved exactly?when we are importing over $60 billion? That is wishful thinking. Very unrealistic. The only way to achieve the is to stop importing or reduce importclose to zero How will privatisation affect devaluation? What is the nexus? Devaluation is simply down to demand and supply You either increase the supply or stifle the demand for dollars Stop eating rice Cook with palm oil and NOT imported vegetable oil Stop eating noodles,bread,and flour based products Get your refineries working Try to produce something useful to the World other than crude oil 1 Like |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by ezegenigbonine: 11:29pm On Feb 18 |
Sangoamadioha1: I thought the idiot you support would transform Nigeria like Lagos It seems he is incompetent to handle any of his duties as the president. You guys pushed Nigeria to this destruction out of tribal sentiment from Buhari to an old illiterate that don't even know anything. 1 Like |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by Sangoamadioha1: 11:33pm On Feb 18 |
ezegenigbonine: Please tell me who i supported o because those i supported were not on the ballot. Ode, you think everyone that criticizes your lord and master automatically support Tinubu. Very myopic thinking 😂 |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by agabusta: 11:33pm On Feb 18 |
omohayek: Good bless you |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by Gajagojo: 11:43pm On Feb 18 |
stanliwise: What exactly do you mean by money laundering? Government spending is. THE BIGGEST PROBLEM not sure where you took get these ideas Over 20 trillion ways and means enter the market without backing and that is not a problem Government is the largest borrower in the economy not industry. The money supply has grown to unprecedented level thanks to government spending. That is the number one problem and legacy of Buhari Now government has created a situation where interest rates must be close ton30% very soon How can any business thrive in such a situation? |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by ezegenigbonine: 11:43pm On Feb 18 |
ElSudani: Was Agbado voted to be helped? Thought he knew everything. Just look at where tribal sentiment leads us. We know somebody doesn't know anything but we voted for him just because he is from our village. What a shame |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by MT: 11:43pm On Feb 18 |
AllTheWayUp: I applaud Atiku for at least putting it on record what he would have done if elected as President. That woman-sounding man, Obi, is all over the places like headless chicken. Atiku's idea seems funny though. He was against both the fixed and floating exchange rate but he would ask CBN to be intervening on daily basis, while admitting Nigeria has low inflow of dollars. So, by implication, Nigeria will be paying the differential in the true value of dollar to naira. Nigeria will be using our limited income to pay the differential. Really? How will he then achieve his manifestos? Where will the money come from? So, all our limited inflow will be used to defend the naira? Road, education, healthcare etc, where will the money come from to bring them to shape? How will he even pay Federal workers salary consistently? By borrowing at high interest rate? Lastly, Atiku happens to be part of the people who looted the country blind. Some of the dollars that Nigeria realised developed wings to fund all the houses he bought in Dubai and other business enterprises in other countries. This is a classical case of a thief who stole a pot soup turning around to accuse the person he stole from why he does not have soup at home. Sadly hilarious 1 Like |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by MT: 11:50pm On Feb 18 |
Gajagojo: Thank you my brother. Majority of Nigerians are still under the illusion that Nigeria is a "Wealthy" country. A country that has been looted blind. Where is the money that Nigeria will use to pay for subsidy. Nigeria is a broke country as it stands. 1 Like |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by ezegenigbonine: 11:56pm On Feb 18 |
Sangoamadioha1: The Igbos that you guys hate with passion are the ones that will repair this country "mark my word". Time will come when you Hausas and Yorubas will run at the mention of the presidential sit after destroying the country. 1 Like |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by DeepSight(m): 12:05am On Feb 19 |
Gajagojo: Looks like you are accustomed to gutter language. I don't have the time for that. Listen: the only reason we got here is corruption - not subsidies. The said subsidy was bloated and inflated by corruption. Research. The increase in petrol prices by 200% in Nigeria in a single day was a global first. It has never happened in history in any other country before. And no country does that. No country. Only in mad Nigeria does such lunacy happen. I repeat: the issue is corruption - not subsidies. You speak as if the subsidy being paid was a proper amount in the first place and that it simply naturally bled the country dry. That was not the case. Corruption did it. Otherwise there is no way the cost of subsidy would jump from under 300 billion to over 6 trillion in a few years. If that is not black magic, I dont know what else is. You have lost your compass. You have lost your sensitivity. You dont recognize protestable issues anymore. You will be killed by your government and while the knife is going through your throat you will be shouting - like Boxer in Animal Farm - "Napoleon is always right!" 1 Like |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by nedekid: 12:07am On Feb 19 |
APOPTOSIS:Yeah, at this rate, every Nigerian will be a billionaire. When a bag of rice will be 50m, 2003 corolla 1.5b, packet. |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by ezegenigbonine: 12:08am On Feb 19 |
tsdarkside: My brother, Nigeria uses dollars a lot. We are not producing anything, so we virtually import everything. The phone you are using to type whatever you are typing was imported by exchange of naira to the dollar. Likewise almost everything you are using in your house. This country is so useless that we even import toothpick 1 Like |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by MT: 12:11am On Feb 19 |
omohayek: Let me expose the folly in your solution with questions: 1. So at what rate will the importers exchange naira for a dollar to import food? If a dollar is exchanged for 1500naira, plus logistics and profit, will the food still becomes cheaper and affordable? 2. When the borders are opened, wont there be an increase in the number of importers? If yes, what will happen to the dollar-naira exchange rate? Will it come down or go madly up? In those questions lie the folly of your solution, Mr armchair CBN Governor. |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by GeneralDae: 12:15am On Feb 19 |
DeepSight:So when Buhari refused floatation simply because of this same cart before the horse reason, why was he criticized by Obi and most of the analysts in 2022 where they said floatation is the only way? Don't you think Buhari was also waiting for the revamp of refineries and coming on of Dangote refinery?
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Re: Naira Floating by Tinubu was Ill-advised-Atiku by MT: 12:15am On Feb 19 |
DeepSight: I quote you - The increase in petrol prices [color=#990000]by 200% in Nigeria [u]in a single day It wont happen in other countries because these countries have been selling at the international market benchmark while Ngeria has been enjoying susidy. We have never bought at the real cost of petrol as obtainable in other parts of the world. So, there had to be a jump. |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by nedekid: 12:15am On Feb 19 |
ezegenigbonine:Are you minding those charlatans? The few of them I know that had the means have all taken off to Canada, before see finish enter. The remaining unfortunate ones are soaking garri daily, disturbing our peace with phone calls, pleading for assistance. Infact I blocked one number 2 days ago. They have brought misery and poverty on a grand scale. They were warned about buhari, further warned about the current fellow, warned that nothing good could come out of anything apc. See where they have led us to. Anyway, as I always say, the righteous will survive. 1 Like |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by chopnaira: 12:18am On Feb 19 |
Sangoamadioha1:Gbam. |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by DeepSight(m): 12:18am On Feb 19 |
MT: There is subsidy in many forms in most of the countries you have in your imagination. And there have also been efforts to remove such subsidy in many such countries. Believe me, I have researched the matter carefully. In no country, except Nigeria, has it ever been done the way it was done here. No country . So, there had to be a jump. In other countries, the worst you had was about 30 - 35 % increase over a period of about a year or two years. Only mad people do a 200% increase in one day. Mad, irresponsible, illiterate and suicidal people. |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by DeepSight(m): 12:22am On Feb 19 |
GeneralDae: It is a pity tht a day has come when we can possibly miss one of the worst and most illiterate presidents in the history of the world. But here we are. We have been gifted with a thoughtless insensitive demon straight from hell who is an errand boy for the IMF. |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by MT: 12:22am On Feb 19 |
DeepSight: I challenge you to mention if either the US, UK or Canada - the topmost countries you always rush to mention - subsidise fuel ? You still dont get it, Nigeria will have that "jump" because there was no money for any form of subsidy, and while other countries were making incremental jump based on international market price, Nigeria was paying subsidy on her own fuel, and selling below the international market price So it was reasonable that when Nigeria wanted to be at par with the rest of the world, selling at the international benchmark, there would be a signifcant "jump" as catch up. Buhari knew Nigeria was broke and he did not make provision in the budget for subsidy. This was the budget passed on to Tinubu. You think Nigeria is still a wealthy nation? Don't be delusional, that was then. |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by DeepSight(m): 12:24am On Feb 19 |
ezegenigbonine: Gbam! |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by Gajagojo: 12:26am On Feb 19 |
DeepSight: Whether or not the increase of petrol price by 200% in a single day is a global.first is not relevant to the post you quoted or the issue under discussion so the highlight in red is just childish theatrics However it IS NOT TRUE There have been worse shocks in Zimbabwe and across the world in 1973 following the You Kippur war However it is NOT RELEVANT You call it corruption not subsidy that is a pedantic argument Others may call it incompetent. We are no able to control our borders which means by default any petrol subsidy subsidizes. Neighbouring countries Whatever the case that is irrlevant We are not able to pay for subsidy. We cannot afford it. Even if there was no corruption we still have not got money for it. So again that is an academic point . We would have to borrow to pay any subsidy even if it was operated by angels. No one will lend us money for that now. 1 Like |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by Masterito(m): 12:26am On Feb 19 |
Keep playingtribal politics, the real mess is yet to smell. Sangoamadioha1: |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by GeneralDae: 12:26am On Feb 19 |
DeepSight:You didn't answer the question. |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by GeneralDae: 12:28am On Feb 19 |
Gajagojo:But Govt has circled back to paying subsidy though due to the exchange rate difference from that time. |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by ezegenigbonine: 12:28am On Feb 19 |
nedekid: True 1 Like |
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