₦airaland Forum

Nigerians still haven't realised the damage that dunce called Tinubu has done to their economy...we wait to see it in few years...the multiplier effect.

10mobile:
What do you think about this comparison between President Tinubu of Nigeria and former President Mugabe of Zimbabwe?



As for me, this isn't just social media banter. Instead, I see a big truth here.

Yes, it took Tinubu just ONE DAY to take the Nigerian economy a million rungs down the ladder. If you still don't understand, here's what I mean...

I used to pity those African countries whose currencies exchanged as much as 1000 units per USD, wondering how they're able to survive in international trade. But today, our Naira is way below this.

And you know what? It took just ONE DAY of Tinubu's most insensitive announcement of subsidy removal on the FIRST day of his presidency to start the swift downward spiral that brought us here.

I laugh when I see Nigerians who still hope that Tinubu will somehow get it right before 2027. See why...

1. Do you know what it will take Tinubu to repair what he has damaged first before making his own positive impact? For instance, how much do you think it will take Tinubu to take the Naira back to where he met it before improving on it?

2. How do you think that someone who was so callous as to make that ill-fated announcement on his first day in office, will now be committed to the welfare of Nigerians enough to make such an impact in 3 years or even 7? Do we even think beyond our noses?
3. Do you know how much Tinubu spent to become the President against all odds? Do you know how long it will take him to recoup his investment before paying any serious attention to you and I if at all he cares?

Someone may now come and begin to tell me one or two things that Tinubu may have done well in his/her evaluation. But the truth is that there's nobody who will not do something well to some extent as a president (even if he is a one-year-old). Instead, we are talking of overhauling the country which we are desperately in need of. So I'm saying no one should expect that from Tinubu not even until the year 3,000.

Ofunaofu:
That is not the answer

Did he defeat the Hausa Fulani

they don’t hate him so he didn’t fight them

They worked together

But he defeated the igbos, they hate him n we struggled it out n u people were humiliated

Reality3080:
they don’t hate him so he didn’t fight them

They worked together

But he defeated the igbos, they hate him n we struggled it out n u people were humiliated

The Igbos hate him, where did you learn that

Ofunaofu:
The Igbos hate him, where did you learn that

your igbo hate can’t stop Tinubu

This dim witted fellow still has not realised that the subsidy payment that was gleefully removed has crept back in a bigger fold with Tinubu govt even borrowing to pay for it. So what was achieved??

nairalanda1:
I am not a fan of tinubu, and let us be honest, if PDP Had been united, we would not have been talking of APC In power. APC Lost 10 million votes from 2019 in the last election...the palaver was the opposition was divided.

But on this idea that tinubu destroyed the economy in one day, is bunkum and an exaggeration, and I say this as someone who thinks that Tinubu is a bad leader.

But the Zim example...Zim already was having economic issues. Mugabe in essence wrecked the economy further by destroying the white owned farm system in the name of justice. Good intentions, but at the end, the economy, already crashing, went down

But back to Nigeria

1.By August 2022, our debt was consuming 90% of our revenue. It was so bad, that we had in essence pledged a large chunk of our reserves against our debt.

2.And a large chunk of the debt was due to two things

a) Oil prices being too low from 2014-2021, and 2022-date for us to have enough cash. We have 200 million people, and have enough oil for a nation that is the size of the UAE....with 20 million or less. We need oil to be above 130 DOLLARS per barrel consistently for us to balance the budget. Oil also forms 80% of our revenue. The rest is from taxes.

b) Subsidy costs rising

IN January 2012, when GEJ wisely tried to remove subsidy to make fuel cost N141 from N65 , Landing cost of fuel was N99, while cost of fuel at the pump was N65...MEANING...subsides cost N34. BY 2023, fuel was costing N195, AND Landing costs were over N400.

3. If Tinubu had kept subsidy, by now....landing costs are over N1100, assuming he kept it at N200 per liter, by now, subsidy costs would have been eating somewhere around 18 trillion naira of our budget.

At the end , we would have been borrowing even more to fill the resulting deficit...meaning that by now, debt would have been consuming all our revenue, and a huge part of the loans we take .


There is a reason why OBI and atiku and tinubu, and all the candidates EXCEPT Sowore, said they would remove subsidy (Yes, even the 36 year old prof stated that subsidy would go, as did the SDP candidate). They could see the disaster approaching.

And there is a reasin why GEJ was bloody right in 2012...and yes, I backed him back then on subsidy DESPITE Being his critic, (as I am of this admin, and Buhari, and most of our governments, because we have never had a good government in this country)...because his advisers could see the disaster comming...and because by 2012, we were refining 95000 bpd, down from 400000 bpd in 1986.

As at May 29, 2003, most of our revenue was going to pay for debt. There was no money for subsidy anymore. The tragedy of TInubu';s government is that he brought back subsidy, now at between N400-600 PER LITER....meaning that at the end, we are going to borrow more and more to fill the resulting deficit.

(Also African economies are walking disiasters because they rely on the price of the resource they sell. If cocoa goes down to 1 dollar per ton, Ghana will collapse. If the price of copper crashes, zambia would collapse. Wait, it has happened many times. The only strong african economies are the diversified ones like SA and Egypt...and even Egypt is in a mess, their debt situation makes Nigeria look just as nice, OR countires like Botswana that have a very tiny population. )

Ye can abuse me, and God knows I have been abused on this site for supporting subsidy removal...and even trolled, and called mentally deficient and foolih. Yes, I KNOW...MOST NIGERIANS ARE POOR AND SUFFERING. YES, I KNOW THAT WE CANNOT AFFORD FUEL AT MARKET PRICE, AND GOD KNOWS I WISH THERE WAS A WAY....TO KEEP SUBSIDY. I EFFING KNOW.

But I know that if tinubu kept subsidy so that we could afford fuel at N200 per liter, by now we would be basically run out of money. You want your salary paid in 2 years time? You want us to pay two thirds of our budget this year on subsides....because cheap fuel...and take a loan to cover the hole.


Subsidy should have gone in 2012, or even 1990.


(NO, i DON'T SUPPORT APC, or am I blind. But I had my eyes opened in 2012, and I am not going back)

Blazetrailer:
Nigerians still haven't realised the damage that dunce called Tinubu has done to their economy...we wait to see it in few years...the multiplier effect.

How many Nigerians have enough brain capacity to understand such a thing? My people perish for the abundance ignorance.

Reality3080:
your igbo hate can’t stop Tinubu

Igbos don't hate Tinubu

The Igbos just didn't vote overwhelmingly for him because he got absolutely nothing to offer Nigerians

EmperorCaesar:
They fact that they have been crying in unison since March 2023 is even worrying

How can a whole tribe be crying like they got battered by one man...oh yea, that one man ended the hope of a whole tribe

The tears is worth it

so the way nigeria economy is batherd only one tribe is crying? from ketu Lagos to contain is 800 but before tinubu came to power it was 300 naira

D

Blazetrailer:
This dim witted fellow still has not realised that the subsidy payment that was gleefully removed has crept back in a bigger fold with Tinubu govt even borrowing to pay for it. So what was achieved??

1, I know subsidy is back

2. Why are you so abusive.?