₦airaland Forum

I was reading his previous release, and I was like wtf. This man wants Nigeria to continue importing all sorts of rubbish into the country. Well, he is one of the biggest importer of finished products produced in other countries into Nigeria.

chopnaira:
I was reading his previous release, and I was like wtf. This man wants Nigeria to continue importing all sorts of rubbish into the country. Well, he is one of the biggest importer of finished products produced in other countries into Nigeria.

Peter Obi is not an importer and he's saying it for the sake of the masses because importers will simply pass down high cost of goods to the people as import duty keeps increasing.

See it these way, each time there's increase of price of products, it's because of increased import duty.

It's simple like ABC ....

No sir, it is you and PO that do not get it. The ideal thing is to have a stabilized currency which will in turn affect the custom rate. But if the exchange rate moves from 1500 to 1600, the 'consumption to production' man is suggesting that custom should deliberating keep their rate low so that he and his fellow importers can benefit. If you as a common Nigerian says this, I will okay with it as it will help make life easy for us since we are an import nation, but for a 'consumption to production' man to make this kind of suggestion shows that he was all about rhetorics with his 'consumption to production' mantra.

BlueRayDick:
You still don't get it ? 🤦‍♂️

Omo!

For 4ck sake! Nothing concerns CBN in this matter ! He's talking about customs duties ; as in the fee u pay to the government when u import any item into the country .

Customs duties also affects manufacturers cos they need to pay duties on raw materials they bring into the country before they produce anything with it. Don't u get ?

Let me break it down for u once more with example . Let's say animal care that produces animal feed locally needs to import chemicals they need to use in their factory .

When they already benchmark they will pay duties at N1000/1$ and within 3 weeks customs increased the exchange rate for paying duties to N1250/1$. That will lead to an increase in their costs. When they eventually clear it , process the chemicals and make animal feed ; poultry farmers will buy it at a higher than normal price .

The poultry farmer too will sell his eggs and live chicken at a higher price and then u will start wondering why there is increase in the price of egg and chicken we produce here in Naija.

I know u and APC minions think Peter Obi is speaking as an importer of foreign goods; but whether u like it or not the constant arbitrary increase in customs duty is definitely not favoring u and ur family

No sir, it is you and PO that do not get it. The ideal thing is to have a stabilized currency which will in turn affect the custom rate. But if the exchange rate moves from 1500 to 1600, the 'consumption to production' man is suggesting that custom should deliberating keep their rate low so that he and his fellow importers can benefit. If you as a common Nigerian says this, I will okay with it as it will help make life easy for us since we are an import nation, but for a 'consumption to production' man to make this kind of suggestion shows that he was all about rhetorics with his 'consumption to production' mantra.

Will what you are trying to explain also work for exporters? would you also agree that CBN should give you 1500 when by the time your vendor pays you and the exchange rate is now 2000?

BlueRayDick:
You still don't get it ? 🤦‍♂️

Omo!

For 4ck sake! Nothing concerns CBN in this matter ! He's talking about customs duties ; as in the fee u pay to the government when u import any item into the country .

Customs duties also affects manufacturers cos they need to pay duties on raw materials they bring into the country before they produce anything with it. Don't u get ?

Let me break it down for u once more with example . Let's say animal care that produces animal feed locally needs to import chemicals they need to use in their factory .

When they already benchmark they will pay duties at N1000/1$ and within 3 weeks customs increased the exchange rate for paying duties to N1250/1$. That will lead to an increase in their costs. When they eventually clear it , process the chemicals and make animal feed ; poultry farmers will buy it at a higher than normal price .

The poultry farmer too will sell his eggs and live chicken at a higher price and then u will start wondering why there is increase in the price of egg and chicken we produce here in Naija.

I know u and APC minions think Peter Obi is speaking as an importer of foreign goods; but whether u like it or not the constant arbitrary increase in customs duty is definitely not favoring u and ur family

9jatriot:
No sir, it is you and PO that do not get it. The ideal thing is to have a stabilized currency which will in turn affect the custom rate. But if the exchange rate moves from 1500 to 1600, the 'consumption to production' man is suggesting that custom should deliberating keep their rate low so that he and his fellow importers can benefit. If you as a common Nigerian says this, I will okay with it as it will help make life easy for us since we are an import nation, but for a 'consumption to production' man to make this kind of suggestion shows that he was all about rhetorics with his 'consumption to production' mantra.

Will what you are trying to explain also work for exporters? would you also agree that CBN should give you 1500 when by the time your vendor pays you and the exchange rate is now 2000?

I see u have closed ur mind to learning and deliberately set ur mind to missing the point.

I wish u Goodluck in ur propagandist agenda

BlueRayDick:
I see u have closed ur mind to learning and deliberately set ur mind to missing the point.

I wish u Goodluck in ur propagandist agenda

You get strength o


People that defended Buhari here 8 years ya arguing with smh

BrodaBenad:
you're suprised?


People that voted Buhari twice and defended every policy he made here in nairaland


They've voted a failure sophisticated intellectuals gbajue people


You don't know how low life they're


More protests loading

😂😂😂

BeninRefugees:
You get strength o


People that defended Buhari here 8 years ya arguing with smh

Aswer those APC supporters are lost in world of oblivion, nothing can change them again.

It's like pouring water on a rock

Not just that, the "consumption to production" man is tactfully asking for a special exchange rate for importers

chopnaira:
I was reading his previous release, and I was like wtf. This man wants Nigeria to continue importing all sorts of rubbish into the country. Well, he is one of the biggest importer of finished products produced in other countries into Nigeria.

yarimo:
I pity anyone that think peter obi knows anything about good governernce, OBI can only fool his illiterate supporters

I pity you yarimo

Now that CBN has reduced the custom rate, going by your argument, as an importer, which of these amounts would you rather pay? Going your argument and that of Obi, it means custom has a right to charge N1,630.159/$ from those who have already opened their Form M at that rate.

Obi made that argument hoping that the dollar will continue to increase so as to be seen as supporting his fellow importers, I wonder if he is going to insist on this line of argument now that naira seems to be appreciating.

CBN slashes import duty FX rate – The Sun

The Central Bank of Nigeria (CBN) has further reviewed downward the Customs Foreign Exchange duty rate from N1,630.159/$ to N1,544.081/$ on Monday, March 04, 2024, The slash which represents 5.3 percent follows the stability in the exchange rate of naira to the dollar. According to information on the official trade portal of the Nigeria Customs Service, the Customs Foreign Exchange duty rate was reviewed downward from N1,630.159/$ to N1,544.081/$ on Monday, March 04, 2024, This represents a 5.3 percent reduction when compared to the old rate of N1630.159/$ used as of Friday, March 2, 2024, and a decrease of N86.078 on a dollar needed to clear goods from the port.

BlueRayDick:
You still don't get it ? 🤦‍♂️

Omo!

For 4ck sake! Nothing concerns CBN in this matter ! He's talking about customs duties ; as in the fee u pay to the government when u import any item into the country .

Customs duties also affects manufacturers cos they need to pay duties on raw materials they bring into the country before they produce anything with it. Don't u get ?

Let me break it down for u once more with example . Let's say animal care that produces animal feed locally needs to import chemicals they need to use in their factory .

When they already benchmark they will pay duties at N1000/1$ and within 3 weeks customs increased the exchange rate for paying duties to N1250/1$. That will lead to an increase in their costs. When they eventually clear it , process the chemicals and make animal feed ; poultry farmers will buy it at a higher than normal price .

The poultry farmer too will sell his eggs and live chicken at a higher price and then u will start wondering why there is increase in the price of egg and chicken we produce here in Naija.

I know u and APC minions think Peter Obi is speaking as an importer of foreign goods; but whether u like it or not the constant arbitrary increase in customs duty is definitely not favoring u and ur family

9jatriot:
Now that CBN has reduced the custom rate, going by your argument, as an importer, which of these amounts would you rather pay? Going your argument and that of Obi, it means custom has a right to charge N1,630.159/$ from those who have already opened their Form M at that rate.

Obi made that argument hoping that the dollar will continue to increase so as to be seen as supporting his fellow importers, I wonder if he is going to insist on this line of argument now that naira seems to be appreciating.

Just look at u struggling to still understand a simple concept almost 3 weeks after.

Obi argued against the indiscriminate increase in the customs duty rate. Now FG has listened and reduced the rate. Instead of u to just take the L that Obi actually made sense with his complaint & FG acted on it u are here trying to further confuse urself by claiming hoped exchange rate will continue to increase.

Who do u like this ?

The reduction in import duty FX rate favours every importer whether Dangote , Otedola, Elizade motors, Coscharis Motors, The animal feed manufacturer, traders and even u that buys finished products.

First of all answer what I asked you and not try to change your goal post. In the message I quoted, you clearly said that Obi was advocating that what ever amount used to open the Form M should be what the importer is charged when the goods arrive. So if form M is raised at 1500 and CBN later increases it to 1600, the importer should still pay the 1500.... Now the counter argument is that if the CBN or custom reduces it to 1400, do you still agree that the importer should pay 1500 or the new 1400? That is the question/

And no, they did not reduce it because of Obi, rates were increased according to prevailing rates and have also been reduced close to the prevailing market rate.

A low import rate favors all importers including the names you called and the populace because of price reduction, but exporters will wish it goes higher, so that is not the argument at all.

BlueRayDick:


Just look at u struggling to still understand a simple concept almost 3 weeks after.

Obi argued against the indiscriminate increase in the customs duty rate. Now FG has listened and reduced the rate. Instead of u to just take the L that Obi actually made sense with his complaint & FG acted on it u are here trying to further confuse urself by claiming hoped exchange rate will continue to increase.

Who do u like this ?

The reduction in import duty FX rate favours every importer whether Dangote , Otedola, Elizade motors, Coscharis Motors, The animal feed manufacturer, traders and even u that buys finished products.

9jatriot:
First of all answer what I asked you and not try to change your goal post. In the message I quoted, you clearly said that Obi was advocating that what ever amount used to open the Form M should be what the importer is charged when the goods arrive. So if form M is raised at 1500 and CBN later increases it to 1600, the importer should still pay the 1500.... Now the counter argument is that if the CBN or custom reduces it to 1400, do you still agree that the importer should pay 1500 or the new 1400? That is the question/

And no, they did not reduce it because of Obi, rates were increased according to prevailing rates and have also been reduced close to the prevailing market rate.

A low import rate favors all importers including the names you called and the populace because of price reduction, but exporters will wish it goes higher, so that is not the argument at all.

If after almost 3 weeks u still don't understand the point Obi made ; I don't think I should be wasting my time trying to explain it over and over again.

My advise to u; share what Obi posted with a serious 100level or 200 level student in any Nigerian university and let him break it down for u.

Person advocate for an end to constant increase in import duty rate ; u drag am. FG knowing the implication of the continued increase have acceded to the plea and have reduced the rate . Now u are here wanting to drag him again.

Smh 😂

U don't even know how confused u appear right now