₦airaland Forum

IbeOkehie:
And what should happen to President Buhari In case you don't know, PRINTING MONEY to spend on Nigerians was the OFFICIAL ECONOMIC POSITION of Bola Tinubu during the 2014 Election Campaigns and even long before that. APC policy has ALWAYS been that printing money will solve our economic problems.

Please put the blame where it belongs.

Good Luck to Nigerians.

Kukutente23:
I think this beating on exports is a false gun.
There's no evidence that more exports will strengthen the naira.
When 1 naira=1 dollar in the 70s and 80s, we were not an exporting nation.
China which is the leading export nation in the world has a currency that's weak against the dollar.
We should tell our elites to stop mopping up and stocking dollars and you'll see the naira rise in value

jojothaiv:
We can all agree that the Tinubu led administration is a failure then if they can't take the dollar back to where they met it when he spearheaded the hypocritical grumbling and sustained wailing against GEJ years back.

Honoredeblazac:
Dollars should be about 3000 naira. That’s the number that makes sense. All these borrowing money to defend the naira should be stopped immediately.

Arobaga:
Nobody is expecting Tinubu the certificate forger to bring naira down to N400




All we’re saying is he should return it to where Buhari left it



Like can’t believe a day will come when we will all be wishing to return the economy to Buhari era



Tinubu you’ll crumble



You’ll go down the history of Nigeria as the worst thing that has ever happened to Africa at large

Massiveglory:
It is so shameful to see that in the midst of a collasped economy and very high cost of goods ,services and commodities, What tinubu and his team spend time on is to throw useless propangandas of praising and hailing failures and cluesss entities for 1 dollar to 1400.
Buhari who we thought was the most clueless Nigeria ever had left at 700 to a dollar.
It is about 1400 to a dollar and people who say they are humans donate themselves to be used to promote cluessness and failures.

Tinubu is a disaster.

epainos:
I laugh when I read NL comments and ignorant people in economics and finance matters rush to the front page to hype what is going on. Bayo Onanuga is just playing on your intelligence cos I believe there is something they want to achieve with this hype. I believe the tension is extremely high on them, and they are looking for a way to lessen it. Lol.


Number 1, Emefiele should be shot dead by firing squad cos he killed Nigeria. I went through all his actions and I wept for Nigeria. Honestly, I think Cardoso took this job because of the relationship he has with Jagaban. Who the heck wanna be the CBN governor after what Emwfiele did? Lol. So, I laugh when people insult Cardoso. You guys don't understand. Mowz we have Maghalu who is a former CBN director saying the real truth.


The money they are presently using will soon go low. They also know that it won't last long. Lol. I don't know how he made his arithmetic that we need $billion in foreign reserves, but I know Naija cannot recover easily from Emefiele. I said that man should be shot dead on the spot. And Buhari should be ashamed of himself. He is a real dullard. Listen, Buhari will never be given any international appointment like Jonathan, OBJ, and other past presidents because being the Nigerian president exposed him. No one needs to talk because everything is right clear now. Jagaban is quite smart sha. If Buhari understands what Jagaban and Cardoso have revealed, he will cover his face. But he is a dullard na. Lol.


Yes, the only way out is via internal production, and the reason productivity is low is because of a lack of electricity. Then Jagaban removed the subsidy. I think he also miscalculated. He felt he could get enough dollars as soon as he cancelled it, but little did he know that Buhari has deep future contracts for our oil. Lol. Peter Obi and Atiku should be grateful they did not win that election. Lol. This is the truth. Buhari messed us up big time. It is not an issue of blame game, but the real truth.

Jagaban should focus on Electricity if he loves himself, and I think he made a blunder with El Rufai. Perhaps if that man had become the power minister, things would have picked up, but they used politics to kick him out. Lol. This present power minister should be sacked oooo, else, na another thing we go talk in 1 year from today.

Listen....Naira is going down again soon. It is a gradual process to adjust it.

Another area that is killing us is agriculture. Why? The removal of subsidies created a big vacuum for its domestic needs. Instead of exporting agro products, we are releasing our reserves just for people to stop crying "ebi n pa wa". Lol. So, no forex from it either. And finny cocoa has picked up price lately. How I wished we had enough cocoa to export. Again, Nigeria is not ready to stop bombarding agro products with pesticides. I have stopped eating cereals. Go verify it. ....Nigerian beans have been banned from the EU since 2013 and they have been warning us since 2008. Lol. Why? Pesticide residue is too much. What about our yam? Despite being the highest producer in the world, Audu Ogbe failed to execute it. Our yams were rejected. Lol.

No wonder we are dying like fowls. People are dying, but we only cry when famous people die. Una go die more.

Go buy a plot of land and start growing your food organically cos poison is what is out these days.

Good luck to everyone.

VinnyBaba:
Very Funny m0rons.😏😌😌

If the Dollars exchange gets to N1000, APC Agbad0rians will call it an Achievement of Tinibu. 😕

jacoik:
I have tried to understand what I read but each time I read I get more confuse. Anyone with good English understanding should please tell me what muoghalu said

Arobaga:
Nobody is expecting Tinubu the certificate forger to bring naira down to N400




All we’re saying is he should return it to where Buhari left it



Like can’t believe a day will come when we will all be wishing to return the economy to Buhari era



Tinubu you’ll crumble



You’ll go down the history of Nigeria as the worst thing that has ever happened to Africa at large

grandstar:
The petrol subsidy waa one of the policies that crippled the economy and saddled it with massive debts and you condemn its removal? Tinubu should have gone deeper and completely deregulated the price as done with diesel, kerosene and cooking gas.

What you said is a contradicting.

epainos:
I laugh when I read NL comments and ignorant people in economics and finance matters rush to the front page to hype what is going on. Bayo Onanuga is just playing on your intelligence cos I believe there is something they want to achieve with this hype. I believe the tension is extremely high on them, and they are looking for a way to lessen it. Lol.


Number 1, Emefiele should be shot dead by firing squad cos he killed Nigeria. I went through all his actions and I wept for Nigeria. Honestly, I think Cardoso took this job because of the relationship he has with Jagaban. Who the heck wanna be the CBN governor after what Emwfiele did? Lol. So, I laugh when people insult Cardoso. You guys don't understand. Mowz we have Maghalu who is a former CBN director saying the real truth.


The money they are presently using will soon go low. They also know that it won't last long. Lol. I don't know how he made his arithmetic that we need $billion in foreign reserves, but I know Naija cannot recover easily from Emefiele. I said that man should be shot dead on the spot. And Buhari should be ashamed of himself. He is a real dullard. Listen, Buhari will never be given any international appointment like Jonathan, OBJ, and other past presidents because being the Nigerian president exposed him. No one needs to talk because everything is right clear now. Jagaban is quite smart sha. If Buhari understands what Jagaban and Cardoso have revealed, he will cover his face. But he is a dullard na. Lol.


Yes, the only way out is via internal production, and the reason productivity is low is because of a lack of electricity. Then Jagaban removed the subsidy. I think he also miscalculated. He felt he could get enough dollars as soon as he cancelled it, but little did he know that Buhari has deep future contracts for our oil. Lol. Peter Obi and Atiku should be grateful they did not win that election. Lol. This is the truth. Buhari messed us up big time. It is not an issue of blame game, but the real truth.

Jagaban should focus on Electricity if he loves himself, and I think he made a blunder with El Rufai. Perhaps if that man had become the power minister, things would have picked up, but they used politics to kick him out. Lol. This present power minister should be sacked oooo, else, na another thing we go talk in 1 year from today.

Listen....Naira is going down again soon. It is a gradual process to adjust it.

Another area that is killing us is agriculture. Why? The removal of subsidies created a big vacuum for its domestic needs. Instead of exporting agro products, we are releasing our reserves just for people to stop crying "ebi n pa wa". Lol. So, no forex from it either. And finny cocoa has picked up price lately. How I wished we had enough cocoa to export. Again, Nigeria is not ready to stop bombarding agro products with pesticides. I have stopped eating cereals. Go verify it. ....Nigerian beans have been banned from the EU since 2013 and they have been warning us since 2008. Lol. Why? Pesticide residue is too much. What about our yam? Despite being the highest producer in the world, Audu Ogbe failed to execute it. Our yams were rejected. Lol.

No wonder we are dying like fowls. People are dying, but we only cry when famous people die. Una go die more.

Go buy a plot of land and start growing your food organically cos poison is what is out these days.

Good luck to everyone.

epainos:
I am not a fan of Tinubu, but he came put boldly to say he did not advise Buhari to print any money. Emefiele and Buhari solely did it. Stop spreading false rubbish everywhere. If he did, i am sure Buhari's boys would have countered him. Buhari is a dullard. The only blame sp far on Tinubu is not using wisdom to remove subsidies. He thought removing them would solve almost everything. That was his biggest error.

IbeOkehie:
I keep asking you - HOW does a country increase economic diversity? It's not enough to point out problems.

Predictions? Let me do you one better, especially for you and your blanket blame for all governments.

President Tinubu was also a staunch advocate for a massive increase in money supply. Read him here, published in various newspapers at the time. This was written just before the 2015 elections, on Tuesday, November 18, 2014. The Finance Minister Ms Iweala even felt compelled to issue a rebuttal, warning that such policy would cause inflation.

READ and learn! Massive money printing is official APC policy!!!!

https://thenewsnigeria.com.ng/2014/11/18/way-out-of-nigerias-economic-crisis-bola-tinubu/2/

Their way calls for us to forget growth and for government to preoccupy itself with allocating economic misery among those segments of the population too poor and weak to contest the immiserable actions of government against them.

“In the face of recessionary headwinds, government should run countercyclical fiscal policy by using its Naira sovereignty to fund fiscal deficits. The deficit is not simply for the sake of running a deficit; the funds cannot be spent on nonproductive matters. It must be used to fuel infrastructural and other projects that not only employ great numbers of people but enhance the overall productivity of the economy. The funds must be used to backstop state governments in a nonpartisan manner so that each state government may continue to pay salaries and pursue projects essential to that state’s economic critical path.

“To accomplish this, the federal government needs to reverse the inimical “dollarization” of the national economy in two ways. First and most importantly, it must abandon the outdated peg of fiscal policy and expenditures to the dollar intake. The one actually has no correspondent nexus to the other. Any commanding connection we give it is an artifice not an economic necessity. Related to this, we must reverse a trend that has gained momentum under this government. Among government-aligned elites, the fad has been to conduct domestic business transactions in dollars. Policy must “nairasize” the economy by requiring all domestic transactions occur in our legal tender. As this is done, the government’s infinite ability to issue Naira will come to outweigh the limitations inherent in the overuse of the finite supply of another nation’s currency for transactions wholly internal to our domestic economy.”

Arobaga:
Nobody is expecting Tinubu the certificate forger to bring naira down to N400




All we’re saying is he should return it to where Buhari left it


Like can’t believe a day will come when we will all be wishing to return the economy to Buhari era



Tinubu you’ll crumble



You’ll go down the history of Nigeria as the worst thing that has ever happened to Africa at large

PHAYOL81:
And of course, it's safe to say PDP leaders （including Jonathan) were worse failures too for failing to return to NAIRA to the rate they met it in 1999 which was N22 against a dollar. Leaving it at N216 against a dollar was almost around 950% inflation/hike, a worse ratio as against the 650% currently experiencing from todays government. Do the maths, it's not that hard. Thinking objectively is not hard too except if you only want to be mischievous.

grandstar:
The petrol subsidy waa one of the policies that crippled the economy and saddled it with massive debts and you condemn its removal? Tinubu should have gone deeper and completely deregulated the price as done with diesel, kerosene and cooking gas.

What you said is a contradicting.

Arobaga:
Nobody is expecting Tinubu the certificate forger to bring naira down to N400




All we’re saying is he should return it to where Buhari left it
I think you are one of those economic guru he mentioned that emefiele was trying to please



Like can’t believe a day will come when we will all be wishing to return the economy to Buhari era



Tinubu you’ll crumble



You’ll go down the history of Nigeria as the worst thing that has ever happened to Africa at large

IbeOkehie:
Dude are you serious? You do know that Tinubu wrote at least TWO long economic policy statements advocating for a massive increase in printing of naira?

I already posted about it. Here you go...
_________________________
I keep asking you - HOW does a country increase economic diversity? It's not enough to point out problems.

Predictions? Let me do you one better, especially for you and your blanket blame for all governments.

President Tinubu was also a staunch advocate for a massive increase in money supply. Read him here, published in various newspapers at the time. This was written just before the 2015 elections, on Tuesday, November 18, 2014. The Finance Minister Ms Iweala even felt compelled to issue a rebuttal, warning that such policy would cause inflation.

READ and learn! Massive money printing is official APC policy!!!!

https://thenewsnigeria.com.ng/2014/11/18/way-out-of-nigerias-economic-crisis-bola-tinubu/2/

Their way calls for us to forget growth and for government to preoccupy itself with allocating economic misery among those segments of the population too poor and weak to contest the immiserable actions of government against them.

“In the face of recessionary headwinds, government should run countercyclical fiscal policy by using its Naira sovereignty to fund fiscal deficits. The deficit is not simply for the sake of running a deficit; the funds cannot be spent on nonproductive matters. It must be used to fuel infrastructural and other projects that not only employ great numbers of people but enhance the overall productivity of the economy. The funds must be used to backstop state governments in a nonpartisan manner so that each state government may continue to pay salaries and pursue projects essential to that state’s economic critical path.

“To accomplish this, the federal government needs to reverse the inimical “dollarization” of the national economy in two ways. First and most importantly, it must abandon the outdated peg of fiscal policy and expenditures to the dollar intake. The one actually has no correspondent nexus to the other. Any commanding connection we give it is an artifice not an economic necessity. Related to this, we must reverse a trend that has gained momentum under this government. Among government-aligned elites, the fad has been to conduct domestic business transactions in dollars. Policy must “nairasize” the economy by requiring all domestic transactions occur in our legal tender. As this is done, the government’s infinite ability to issue Naira will come to outweigh the limitations inherent in the overuse of the finite supply of another nation’s currency for transactions wholly internal to our domestic economy.”
_____________


Now that it's all gone so wrong, he's back tracking to a more fiscally responsible position. The President Tinubu of today is doing the right things, he's got good policy, it's just that the damage to Nigeria since Jan 2012 is too deep and investor confidence is too far gone.

The formatting isn't working well but just use the link. This is HISTORY, thank goodness for the internet!

Good Luck to Nigerians!

Arobaga:
Nobody is expecting Tinubu the certificate forger to bring naira down to N400




All we’re saying is he should return it to where Buhari left it



Like can’t believe a day will come when we will all be wishing to return the economy to Buhari era



Tinubu you’ll crumble



You’ll go down the history of Nigeria as the worst thing that has ever happened to Africa at large

nlfpmod:
Kingsley Moghalu OON

nlfpmod:
Kingsley Moghalu OON

Arobaga:
Nobody is expecting Tinubu the certificate forger to bring naira down to N400




All we’re saying is he should return it to where Buhari left it



Like can’t believe a day will come when we will all be wishing to return the economy to Buhari era



Tinubu you’ll crumble



You’ll go down the history of Nigeria as the worst thing that has ever happened to Africa at large

Arobaga:
Nobody is expecting Tinubu the certificate forger to bring naira down to N400




All we’re saying is he should return it to where Buhari left it



Like can’t believe a day will come when we will all be wishing to return the economy to Buhari era



Tinubu you’ll crumble



You’ll go down the history of Nigeria as the worst thing that has ever happened to Africa at large

Arobaga:
Nobody is expecting Tinubu the certificate forger to bring naira down to N400




All we’re saying is he should return it to where Buhari left it



Like can’t believe a day will come when we will all be wishing to return the economy to Buhari era



Tinubu you’ll crumble



You’ll go down the history of Nigeria as the worst thing that has ever happened to Africa at large

Arobaga:
Nobody is expecting Tinubu the certificate forger to bring naira down to N400




All we’re saying is he should return it to where Buhari left it



Like can’t believe a day will come when we will all be wishing to return the economy to Buhari era



Tinubu you’ll crumble



You’ll go down the history of Nigeria as the worst thing that has ever happened to Africa at large

epainos:
Even Tinubu himself has realised that hecwas too aggressive removing subsidies, so what is your point. Still arguing on what has been confirmed that almost collapsed the economy? Subsidies are deadly when used wrongly, and thats the case of Naija. He was supposed to remice them gradually after providing a strong back up for each case. Its what we are dealing with in this thread. If he had not floated naira, food will not be crazily expensive. Inflation skyrocketed with it. Did you read this article i responded to? Electricity should be his priority first. But he rushed to cancel subsidies.

The president we need now is the one thag can fix electricity. Shikena.

grandstar:
Do you know how much the country is spending monthly subsidizing petrol? 907bn. That is almost N11trillion. What was the federal budget this year? 28.7tr. That is almost 40% of the budget!

You said subsidies are deadly when used wrongly!

Subsidies are generally frowned upon by economists. As Hamilton said, "The existence of subsidies can not be divorced from abuse."

Countries that have no subsidies have faired much better than those who have have.

Singapore, a tiny island state with very little resources and Malaysia, a resource rich one were the same country in 1965 when they split.

Malaysia has a lot of populist subsidies such as for food or oil while Singapore has only for investment.

Today, Singapore is 5 times richer than Malaysia

Refined oil subsidies have been a big bane to economies that have them because they are simply too costly to implement and the only thing stopping their removal is that their governments are petrified of mass protests or even regime change.

Food subsidies are just as bad. They are common in Arab countries. These subsidies have always been a curse to the Egyptian Pound which seems to take a pounding (lol) every couple of years. Populist subsidies such as for food and oil are simply there to make the people happy.

If you want productive subsidies, perhaps supplying subsidized power to companies in an Export Processing Zone, even then, it should be for a time period

Oil and food subsidies are a completely no-no.

If I want to know a country that would not do well, I just have to take a look at the number of subsidies it has.

The 11tr for petrol subsidies just isn't there. The government will have to borrow every dime of it, leading to more malign inflation and currency.

I am certain that the petrol subsidy was the primary cause of the ballooning debts, that is now so expensive to service. In 2023, debt servicing was to gulp 96% of government revenue. This was simply insane. That was why Tinubu was determined to end petrol subsidies. Unfortunately, he did not go far enough by fully deregulating its price. The price of petrol is never stable internationally and the Naira is a currency prone to depreciation.

Due to the depreciation issue, the gradual removal of the subsidy on petrol is a non-starter, especially with this government which has shown a depressing tolerance of high inflation.

If the market price of petrol is $1 per litre and the exchange rate is $1- 600, and petrol sells for N600 per litre, there's no subsidy.

If the Naira depreciates to N700 and the market price for petrol still remains at $1, and petrol is still fixed at N600, that means there's now a subsidy. Why? Because the price should now be 700 per litre. There's a subsidy of N100 per litre.

In addition to why gradual subsidy removal isn't tenable is that with every new price increase, there's a new demand for a wage increase. This new wage increase further compromises the value of the naira further.

What I'm advocating is shock therapy. Removal of all subsidies once and for all and fully deregulate the price for both petrol and electricity. Countries that have gone the shock therapy route have always faired better than those who dragged their feet.

Price deregulation changed the telecoms industry forever. The GSM operators were allowed to charge whatever price they wanted and MTN and Econet(now Airtel) both charged 50 per minute while Mtel charged 22 per litre.

This enabled MTN and Econet to invest billions of dollars to roll out millions of lines. Mtel meanwhile faded into oblivion. Today, there are over 100m phone lines compared to the 400,000 available in the Year 2000.

Imagine if the operators were compelled to charge only 22 per minute like Mtel, I doubt the nation would have more than 10m lines and it would be most likely for the rich and Middle class and with phone call operators everywhere catering to the poor.

Petrol deregulation would also lead to massive investment in the downstream sector of the oil industry. If price deregulation had been carried out in 1980s, I am certain by now the country would be refining as much as 3m barrels per day.

If investors are not allowed to charge a cost reflective price for their products, they would be discouraged from investing.

Dangote seems to only want to start production with diesel and kerosene. He is forgoing petrol for now. It is a pointer to what I said.

epainos:
Oga, stop analysing beyond the real practical. Nigeria's case has a result we are presently experiencing, and the result shows that gradual removal is the right way and not a sharp removal. If you don't understand everything I wrote, this summary should get into your brain. Tinubu himself understands it now. Subsidy return to forex is why it is crashing. So, please.....stop showing your ignorance further.

If you still don't get it, economics and finance aren't for you. Maybe carpentry or plumbing.

Good luck!

grandstar:
You make me laugh.

There are economists who agree with what I wrote.

How good is your economics:

1. What is a tight monetary policy?

2. What is a loose fiscal policy?

3. What was the primary cause of inflation during the Babangida years?

4. What is "NAIRU"?

5. What are zero coupon bonds?

6. What are junk bonds?

7. What is the general name given when the resources a country has rather than become a burden has become the very opposite?

8. Why does Norway with a population of 5m, producing 1.7mbpd of crude oil have $1.65 trillion in its sovereign fund, while Abu Dhabi, with a population of 1.45m people, and producing 2.5m bpd have only $993bn in it's Sovereign fund.

9. Why does a principality like Hong Kong have a massive current account surplus, rather the opposite, despite having virtually zero percent import duty on goods and services?

10. Why is the UK economy suffering now that it has left the EU?

Your time starts now!