₦airaland Forum

Kukutente23:
Argentina did not float the peso. They devalued it. The rate is still fixed. The subsidy was cut not removed like Tinubu first adviced.

I didn't expect you to respond since it is a direct egg on your face.

lol they fixed it and the value keeps alternating ?

From 719 last December to 932 today?

All this one na even English. From 363 that guy met it, he took it to 932 within 8 month. What if the difference between that and Nigeria?

These days I don’t like responding to any clownery again. Time no dey.

LegendHero:
lol they fixed it and the value keeps alternating ?

From 719 last December to 932 today?

All this one na even English. From 363 that guy met it, he took it to 932 within 8 month. What if the difference between that and Nigeria?

These days I don’t like responding to any clownery again. Time no dey.

That they have same effect doesn't mean they are the same

Kukutente23:
That they have same effect doesn't mean they are the same

Bro I just show you their currency movement. Stop saying nonsense. You said he pegged it, if he pegged it why is it moving?

----He took office in Dec 10 2023, at that point it was 366 to the USD.

----At at now in 2024 July, it is 932 to the USD.

How does that translate to 50% abi you no sabi arithmetic again?

LegendHero:
Bro I just show you their currency movement. Stop saying nonsense. You said he pegged it, if he pegged it why is it moving?

----He took office in Dec 10 2023, at that point it was 366 to the USD.

----At at now in 2024 July, it is 932 to the USD.

How does that translate to 50% abi you no sabi arithmetic again?

Tinubu said he floated the naira. He also said he has removed subsidy. His Minster said they will not be accessing Ways and Means.
By January this year, Cardoso defended the naira and they have been doing so since then though moderately. Subisdy is being paid on fuel today. The Ways and Means is being increased by 100% as we speak.
What I'm pointing out to you is that govt policies are not static. The Argentina guy wanted to devalue peso to increase Argentina exports. That was his avowed plan. He wanted to cut subsidies as well as federal spending and budgets. Today, he is losing control of the currency while his attempt to cut spending is being stifled by the legislature.
Tinubu in 2012 advocated for gradual removal of subsidy, revamping of refinery and increased govt expenditure. How many of those has he lived up to?
I hope you get the gist

LegendHero:
Below is an example in recent times. The rest of your jargons, I don’t have time to respond to.

There's a difference between flotation and devaluation. When you float, currency racketeers or political economic saboteurs, like we have in every country, can gang up and take the currency in this case, naira, from ₦300/$ to ₦3,000/$ within months. When you devalue, you're still in control of the upper and lower bounds of the rate.

RenaissanceGuy:
There's a difference between flotation and devaluation. When you float, currency racketeers or political economic saboteurs, like we have in every country, can gang up and take the currency in this case, naira, from ₦300/$ to ₦3,000/$ within months. When you devalue, you're still in control of the upper and lower bounds of the rate.

You can only devalue for a long time if you have money to defend the local currency. If you don’t have the money, it will be hard to keep up.

That is why I said it’s all English. There are some media that report Nigeria managed float as devaluation while in the real sense it’s like a managed float.

Argentina currency keep moving every month and have no fixed value. How can you say they devalued and pegged to an amount when it’s a failed experiment?

I

Kukutente23:
That they have same effect doesn't mean they are the same

good job pointing out to the first idiot how he/she was derailing a thread that involves initiative, theories and thinking..it's cos these are things that are far above it's mental capacity.

As to the second dolt, good job also clarifying the facts of the case. Also to note is that as the screenshot you put here says, that something is radical doesnt necessarily mean it is necessary, sound, or that it's the right/best course of action. Milei isnt the gold standard for sound leadership, economics or common sense.

Only a zombie who has had his brain fried from untreated syphilis would not recognise how stupid it was and how detrimental it is and will continue to be for years to come to remove subsidy and float the naira in a country like Nigeria at the same time. Remove the subsidy but keep the naira strong and stable to keep the painful effects of the subsidy removal as controlled as possible. All this hyperinflation wouldn't have happened, but when you have a horde of brain dead zombies praising your every wrong move, same way they praised Buhari's every wrong move, shiiiiit is bound to hit the fan far sooner than later

bdon123:
U are ignorant my friend even though u mean well.u cannot force oil companies to pay foreign worker in naira...its not done anywhere in d world.It cant work

My friend, i studied in Texas and lectured for 3 years before i was required to come back here due to our lodge yearly programs that needed my presence to function. My younger brother (family last born), who is a web developer works at Tik-tok (a foreign company in the US) and he's required to have a US bank account in order to receive salary also, if you want to receive yours in another currency, the fee and tax cut is almost half of your salary (that's the force). Just in case you don't know, Tik-tok in the US may soon be forced to sell its company to a US company. You can force any foreign company to open a Naira account for all their staff required to work in Nigeria. In the case where you can't force them, they have to pay in Naira and have the ACH convert it to their account at high cost.

nedu666:
Na so. When tinubu was in opposition he knew the solution to nigeria problems. Today tinubu has forgotten to apply all the solutions he was dishing out.

When buhari was in opposition he was acting like the answer to corruption and nigeria problems. After 8 years he achieved nothing rather he failed himself, Nigerians and God

Who remembers Fashola electricity is not rocket science. After 8 years he confirmed it was actually rocket science

It's a pity you've been in Nigeria for decades and you seem not to know your politicians. Tinubu had no solution other than his long time childhood dream to be president. He made it clear that it was his turn to be president after Buhari as a compensation for making Buhari president all by himself and not because he had any solution to anything. He removed subsidy ever before stepping foot into his office in aso rock - NO PLAN. Our politicians are audio men with false promises right from time and they've not change.

Remman:
My friend, i studied in Texas and lectured for 3 years before i was required to come back here due to our lodge yearly programs that needed my presence to function. My younger brother (family last born), who is a web developer works at Tik-tok (a foreign company in the US) and he's required to have a US bank account in order to receive salary also, if you want to receive yours in another currency, the fee and tax cut is almost half of your salary (that's the force). Just in case you don't know, Tik-tok in the US may soon be forced to sell its company to a US company. You can force any foreign company to open a Naira account for all their staff required to work in Nigeria. In the case where you can't force them, they have to pay in Naira and have the ACH convert it to their account at high cost.

Thats for a us company....everyone knows theres some sort of dollarization of d world.bt i too hav worked n still work abroad wit major oil n gas companies n one thing is certain, they will only pay either dollars ,pounds or euros .They dont pay any other currency meaning ur bank account must be able to accept this currency or u forget abt salary.Its a complete diff game in oil n gas.U cannot force a European expertrate to collect naira.In fact there are international labour laws which Nigeria is signatory .infact even wen i make expense claims to my company abroad in naira for expenses carried out in naira... they convert to pounds n pay me,not naira account.
NB:Oil n gas expenses is in USD,for easy account balancing all transactions are made in 3 major currency only

bdon123:
Thats for a us company....everyone knows theres some sort of dollarization of d world.bt i too hav worked n still work abroad wit major oil n gas companies n one thing is certain, they will only pay either dollars ,pounds or euros .They dont pay any other currency meaning ur bank account must be able to accept this currency or u forget abt salary.Its a complete diff game in oil n gas.U cannot force a European expertrate to collect naira.In fact there are international labour laws which Nigeria is signatory .infact even wen i make expense claims to my company abroad in naira for expenses carried out in naira... they convert to pounds n pay me,not naira account.
NB:Oil n gas expenses is in USD,for easy account balancing all transactions are made in 3 major currency only

Ghana did it, china did it, south Africa did it, so Nigeria can do it. It's just to collect 40% cut of salary of any worker that refuse to earn in Naira while working in Nigeria.

Remman:
Ghana did it, china did it, south Africa did it, so Nigeria can do it. It's just to collect 40% cut of salary of any worker that refuse to earn in Naira while working in Nigeria.

U said china did bt i hav friends working in oil n gas in china earning usd .

bdon123:
U said china did bt i hav friends working in oil n gas in china earning usd .

Audio friends...

Remman:
Audio friends...

I understand wat poverty does to d mind.

bdon123:
I understand wat poverty does to d mind.

There;s nothing like poverty
It is you who is writing rubbish
NNPC is an oil company and it pays in naira
Saudi Aramco pays salaries in Saudi riyadh and not dollars
Even rig workers in Shell here in Nigeria are paid in naira
These are two that i'm familiar with so don't argue with me
The reason why you have that anomaly in Nigeria with most IOCs is the weakness and corruption in our system where everything goes
You can go ahead and quote the laws that says oil and gas workers must be paid in dollars

Tinubu knew all these things, just that he's a beneficiary of rotten system and he's still benefitting from it. While changing it as you stated above is Like taking their money and giving it into the hands of masses.

And things like that they will never do

Hmm 🤔

Kukutente23:
There;s nothing like poverty
It is you who is writing rubbish
NNPC is an oil company and it pays in naira
Saudi Aramco pays salaries in Saudi riyadh and not dollars
Even rig workers in Shell here in Nigeria are paid in naira
These are two that i'm familiar with so don't argue with me
The reason why you have that anomaly in Nigeria with most IOCs is the weakness and corruption in our system where everything goes
You can go ahead and quote the laws that says oil and gas workers must be paid in dollars

Oga u are ignorant.I hav friends wit saudi aramco earning USD.keep quiet already.I hav worked wit over 4 international oil and gas companies outside Nigeria.

bdon123:
Oga u are ignorant.I hav friends wit saudi aramco earning USD.keep quiet already.I hav worked wit over 4 international oil and gas companies outside Nigeria.

Earning USD as what? Expatriates or Core staff?
Lies will not kill you
You have even worked in white House only that you don't remember yet
I'm still waiting for the law that says oil workers must be paid in dollars

Kukutente23:
Earning USD as what? Expatriates or Core staff?
Lies will not kill you
You have even worked in white House only that you don't remember yet
I'm still waiting for the law that says oil workers must be paid in dollars

Expatriate sir.U are really ignorant.I understand it baffles ur little mind that a. Nigerian can get employment in 4 different international oil company while u are here hiding behine a faceless forum claiming knowledge u dnt hav.

bdon123:
Expatriate sir.U are really ignorant.I understand it baffles ur little mind that a. Nigerian can get employment in 4 different international oil company while u are here hiding behine a faceless forum claiming knowledge u dnt hav.

I don't get. Do you mean you're the first Nigerian to be offered employment in 4 different international oil company? What's your name so we can inform Guinness book of records.
If you're talking of expatriates, you can have a point cause I don't know about that. But there's no law that says expatriates must be paid in dollars. That na lie

Kukutente23:

I don't get. Do you mean you're the first Nigerian to be offered employment in 4 different international oil company? What's your name so we can inform Guinness book of records.
If you're talking of expatriates, you can have a point cause I don't know about that. But there's no law that says expatriates must be paid in dollars. That na lie

I giv up.It makes completely no sense for me to waste time arguing with some jobless Nigerian full of envy on a faceless forum.i clearly stated expatriate,if u are Nigerian working in a foreign company as a technical inclined personel wit no citizenship or permanent residency that makes u expatriate in ur field.
And yes,i hav achieved some tins that clearly ranks me as d first nigerian to achieve that bt then...i need no recognition frm jobless youths who dont understand how d world works.

bdon123:
I understand wat poverty does to d mind.

True, it's great how you quickly realise your status.

bdon123:
I giv up.It makes completely no sense for me to waste time arguing with some jobless Nigerian full of envy on a faceless forum.i clearly stated expatriate,if u are Nigerian working in a foreign company as a technical inclined personel wit no citizenship or permanent residency that makes u expatriate in ur field.
And yes,i hav achieved some tins that clearly ranks me as d first nigerian to achieve that bt then...i need no recognition frm jobless youths who dont understand how d world works.

Oh. You're an Expatriate for four different oil companies. Wow!! That's massive 👏
When did you start work as an Expatriate?

Remman:
What Tinubu should have done before floating the naira and removing subsidy.
1. Scrap domiciliary accounts and link Nigeria (using CBN) directly to International Automated Clearing House (ACH) without going through a third-party (ECOWAS) so that our currency will reflect directly on the international market. This move would make it possible for any individual via the local banks to receive foreign currencies directly converted into the Naira into his/her account. This means anyone anywhere in the world can send you money and you will receive it in Naira directly without going to your domiciliary account that would need an exchanger in order to convert to Naira.
2. Force all foreign companies both in the oil sector and the ones handling any government project like housing and road projects to pay all their workers (especially the foreign workers) in Naira. For instance Korean, Italian, Chinese, and others licenced to operate in Nigeria with their CAC number don't pay their foreign workers and some high ranking positions occupied by Nigerians in Naira. With a strong order that all business transactions in Nigeria must happen in Naira will boost the currency's value against any foreign currencies. Also, this will stop all politicians from transacting in dollars during elections to further weaken the Naira.
3. There is enough land in the North (Sambisa for instance) that can be taken by the government for business purposes. How to do this, build military barracks comprising Army, Air force, Navy including police barracks in Sambisa forest, then secure a large part of the forest for farm purposes by leasing or loaning it to real estate agents specialised in farming to farm on the land with instructions to produce rice, beans, yams, tomatoes, etc. (all other essential foods in Nigeria) and flood the Nigerian market with excessive food products since Sambisa forest alone is larger than 2 southern geopolitical zones combined in landmass. This means we can feed ourselves and the entire West Africa if we actually want to, our problem is that a tribe can claim this some day but if it is taking as a national property just as in crude oil, there won't be any problem at all, secondly, the government can through the media enlighten Nigerians that we're one.
4. Ensure that Nigeria has at least 2 working refinery that can actually refine crude oil.
5. Give large grants or high long term loans amounting to over N10million minimum capital to any individual or agents who is willing to start a manufacturing business in any field (technology, electronics, web development, poultry, etc.) in Nigeria, then the government own a 20% stake in it as part of the agreement for the individual or agents to acquire the loan or grant (China did this and their products are all over the world, there's nothing wrong if we adopt this).
6. (This one is not too late) Force all social media and search engine algorithms to prioritise business, artistic, and scientific related models on their sites within Nigeria just like China did. For instance, if this is implemented, it means that when you open Tik-tok or do some search online, instead of seeing girls twerking their butts, you would see stuffs like "how to grow crops as a farmer", "how to generate electricity from permanent magnets", "how to create a host a website by self", etc. kind of contents especially for all youths at and below 25 years old online.
After the above, then floating the Naira and removal of subsidy would be very helpful than just pulling it off without any single plan.

Niger state is better, sambisa forest will discouraged farmers.
Niger state is the largest in Nigeria.
It took me 7 hrs to cross from jebba in ilorin to suleja, Niger

Legendguy:
Niger state is better, sambisa forest will discouraged farmers.
Niger state is the largest in Nigeria.
It took me 7 hrs to cross from jebba in ilorin to suleja, Niger

With all fully armed military plus police barracks presence in Sambisa, farmers will be encouraged and it will be large enough since Sambisa cut across several states and neigbhoring countries. Niger state too is a good site.

Salewa97:
It's quite interesting how people are quick to point fingers without considering the broader implications of these economic decisions. Floating the Naira and removing subsidies are bold moves aimed at long-term sustainability, even if they come with short-term challenges. The president is trying to steer Nigeria towards a more self-reliant economy, and that's commendable. We need to support these efforts rather than just criticize. Change is never easy, but sometimes it's necessary for growth. Let's keep pushing forward!

when Jonathan tried to implement these measures when things were a bit easier did you remember to preach all you wrote up there? Now you guys are now asking for time let the same policies you guys criticized didn't work because your preferred president Tinubu is in power. Honestly there's nothing Tinubu would do now that would make sense to Nigerians he claimed he's a Magician and a master strategist so he should fix the economy ASAP and stop asking for more time

Remman:
What Tinubu should have done before floating the naira and removing subsidy.
1. Scrap domiciliary accounts and link Nigeria (using CBN) directly to International Automated Clearing House (ACH) without going through a third-party (ECOWAS) so that our currency will reflect directly on the international market. This move would make it possible for any individual via the local banks to receive foreign currencies directly converted into the Naira into his/her account. This means anyone anywhere in the world can send you money and you will receive it in Naira directly without going to your domiciliary account that would need an exchanger in order to convert to Naira.
2. Force all foreign companies both in the oil sector and the ones handling any government project like housing and road projects to pay all their workers (especially the foreign workers) in Naira. For instance Korean, Italian, Chinese, and others licenced to operate in Nigeria with their CAC number don't pay their foreign workers and some high ranking positions occupied by Nigerians in Naira. With a strong order that all business transactions in Nigeria must happen in Naira will boost the currency's value against any foreign currencies. Also, this will stop all politicians from transacting in dollars during elections to further weaken the Naira.
3. There is enough land in the North (Sambisa for instance) that can be taken by the government for business purposes. How to do this, build military barracks comprising Army, Air force, Navy including police barracks in Sambisa forest, then secure a large part of the forest for farm purposes by leasing or loaning it to real estate agents specialised in farming to farm on the land with instructions to produce rice, beans, yams, tomatoes, etc. (all other essential foods in Nigeria) and flood the Nigerian market with excessive food products since Sambisa forest alone is larger than 2 southern geopolitical zones combined in landmass. This means we can feed ourselves and the entire West Africa if we actually want to, our problem is that a tribe can claim this some day but if it is taking as a national property just as in crude oil, there won't be any problem at all, secondly, the government can through the media enlighten Nigerians that we're one.
4. Ensure that Nigeria has at least 2 working refinery that can actually refine crude oil.
5. Give large grants or high long term loans amounting to over N10million minimum capital to any individual or agents who is willing to start a manufacturing business in any field (technology, electronics, web development, poultry, etc.) in Nigeria, then the government own a 20% stake in it as part of the agreement for the individual or agents to acquire the loan or grant (China did this and their products are all over the world, there's nothing wrong if we adopt this).
6. (This one is not too late) Force all social media and search engine algorithms to prioritise business, artistic, and scientific related models on their sites within Nigeria just like China did. For instance, if this is implemented, it means that when you open Tik-tok or do some search online, instead of seeing girls twerking their butts, you would see stuffs like "how to grow crops as a farmer", "how to generate electricity from permanent magnets", "how to create a host a website by self", etc. kind of contents especially for all youths at and below 25 years old online.
After the above, then floating the Naira and removal of subsidy would be very helpful than just pulling it off without any single plan.

All you wrote up there is a great idea but it's easier said than done and won't work for now in Nigeria for the following reasons.
1 Nigeria is owing Billions in foreign debt and most of those debts Nigeria owes are bonds, meaning that before you start implementing those polices you need to liquidate those loans and unfortunately we are forced to devalue our currency.
2. Some of the loans collected weren't used for the purpose it was meant for, now we are repaying heavily on deficit worse off is that we are borrowing to pay all thanks to clueless Buhari and APC.
3. We are not a manufacturing hub, our economy is not export oriented we only depend on importation. The only major commodity we export is crude and to make value of fx.
4. Our borders are too porous we don't have a strong border force so smuggling is the order of the day.
5. It's ridiculous forcing companies especially foreign ones to pay their foreign staffs in Naira, the inflation rate would not allow it. Tinubu took over when Naira/dollar was trading in the fx market around 700.

Here's what the President Tinubu would have done instead.

1. Allowed that new currency policy CBN under emefiele introduced to continue, by encouraging cashless transaction and making 200 naira the highest denomination in circulation. This would have helped our naira gain more strength and helped checked money laundering, but unfortunately a lot of corrupt politicians had stacks of these cash in their possession including your President Tinubu. That's why they were quick to abolish it.

2. Tinubu should have known that our economy revolves mainly on the price of fuel and it affects everything so he should have waited for at least 6 months before considering removing subsidy completely, he should have investigated the fraud associated with subsidy payment ( although I feel it's a waste of time).

3. We run a primitive economy meaning that everyone takes advantage of season and policies, for instant during towards festive seasons instead of prices going down like in the western world were they do seasonal sales, like summer, or winter sales, it skyrockets. So a regulation should be introduced in the non formal sector of businesses to prevent business owners from taking advantage of their customers.

4. Tinubu with the help of federal ministry of commerce and ICT should have built departmental stores nationwide where goods can be sold at government regulated prices. In order to check for those that would take advantage of those prices, a credit system would be introduced that would link directly to your NIN and BVN such that you can only buy one item instead of buying multiple times what I mean is that for instance this government departmental stores selling a bag of rice for 20k, instead of people buying 10bags and reselling them at higher prices you can only buy one, with that credit system that links your NIN and BVN. So it would be impossible for one individual to buy more than one. And that system is time operated. Meaning that if you buy one bag of rice you can't buy again till after a certain time maybe 3 months or more. And it can be done to other commodities. This is better than distributing palliatives that would never reach or get to the to the intended beneficiaries.
5. Open our borders and allow limited importation of goods in the same strengthening our border force security.
6. Encouraging our local production and companies by giving struggling businesses bailout funding.

If Tinubu implements some of those measures I don't think people will hit the streets as they're doing now