₦airaland Forum

PuZZyNegro:
My people, a family member of mine is about to travel abroad for a business and asked that I help her get some dollars.

I needed just $200 dollars.

Guess what? I gave aboki 324k and aboki handed two 100 dollar notes to me.

I just put the notes inside my wallet like nothing happened.


We’re finished

FOLYKAZE:
What is all these yap about dollar? Are we in a dollar economy? Do we earn or spend dollar in this country? Many who have not earned a dollar or hold $100 in their entire life is all yapping hurling insult on Tinubu.

As for the Op, you have ₦350,000 stashed away in your account. This implies you likely own more than half a million liquidated asset and value more than million naira. That whole lot is earned on this land and only on this land. And I need to ask you... How many folks in USA have $200 saved in their account like you that have the equivalent? According to GOBankingRates, below 35% of total Americans have $100 saved in their deposit bank and that does not cover their monthly bills.

PuZZyNegro:
My people, a family member of mine is about to travel abroad for a business and asked that I help her get some dollars.

I needed just $200 dollars.

Guess what? I gave aboki 324k and aboki handed two 100 dollar notes to me.

I just put the notes inside my wallet like nothing happened.

We’re finished

Blazetrailer:
You know the brainwashed ones when you read their posts....
How exactly is tinubu repairing buharis damage?

By devaluing the currency of a non productive economy??

By increasing inflation through unnecessary discretionary spendings

By clueless and directionless policies?

By changing the national anthem?

By borrowing foreing loans at worse terms than Buhari

IbeOkehie:
This is one of the stark illustrations of the economic depression that has enveloped Nigeria. The thing is almost unbelievable.

$650USD = ₦1 million.

Less than 1%, perhaps less than 0.5%.....of Nigerian adults earn over ₦1 million per month.

And some people come on here to tout the abundant opportunities in Nigeria, the enjoyable standard of living and sublime sweetness of the country. It doesn't make sense. And then high social capital is required to get petrol in the largest producer of crude oil in Africa.

sarcasm

Karleb:
E shock you abi?

Our target at APC is to make $500 = N1m by December 2024. We shall not rest until we achieve this objective.

higgs:
In 2013 or 2014,10k USD was 3.6 million naira,today it is more that 16 million naira.
God help us.

JikSneh:
Anyone who doesn't like the current situation should leave the country, after all none of you or Ipobidients voted Jagaban......we yorubas are here to stay and rule.
It's south western turn, no number of IPOB or ibo dogs can change it.
If northerners protest from now till 2028, Asiwaju will not step down, Yoruba will rule y'all till may 2031, if you don't like it, look for another country.
Ire oo

JikSneh:
Anyone who doesn't like the current situation should leave the country, after all none of you or Ipobidients voted Jagaban......we yorubas are here to stay and rule.
It's south western turn, no number of IPOB or ibo dogs can change it.
If northerners protest from now till 2028, Asiwaju will not step down, Yoruba will rule y'all till may 2031, if you don't like it, look for another country.
Ire oo

higgs:
In 2013 or 2014,10k USD was 3.6 million naira,today it is more that 16 million naira.
God help us.

Angelfrost:
Don't be quick to talk crap when your economy is highly import-dependent!

If your nation didn't practically import everything from raw materials to consumables, who would be talking about Dollars?!!

PuZZyNegro:
My people, a family member of mine is about to travel abroad for a business and asked that I help her get some dollars.

I needed just $200 dollars.

Guess what? I gave aboki 324k and aboki handed two 100 dollar notes to me.

I just put the notes inside my wallet like nothing happened.

We’re finished

Gerrard59:
Within the past few months, the JPY and even South Korean Won have had their values plummeted against the USD, largely because of the high interest rate by the Fed. The Bank of Japan has even raised interest rates, and the Ministry of Finance has defended the yen against further slides against the USD.

You have on several occasions said the NGN government has not devalued the naira freely, pays subsidies and further strengthened the currency. While subsidy payment is bad on its own, I wonder why you castigate the government for dollar decline, and then on the other hand call for further devaluation.

So, I wonder, what exactly do you want the government to do: defend the strong naira you have criticised or further devalue the currency but stop complaining about whether $650 = N1M?

yewit37486:
Where are those 3 bots that repeat themselves? They will soon be here to defend this else no food for them this night (food that will choke them one day).

PuZZyNegro:
My people, a family member of mine is about to travel abroad for a business and asked that I help her get some dollars.

I needed just $200 dollars.

Guess what? I gave aboki 324k and aboki handed two 100 dollar notes to me.

I just put the notes inside my wallet like nothing happened.

We’re finished

yewit37486:
Where are those 3 bots that repeat themselves? They will soon be here to defend this else no food for them this night (food that will choke them one day).

IbeOkehie:
This is one of the stark illustrations of the economic depression that has enveloped Nigeria. The thing is almost unbelievable.

$650USD = ₦1 million.

Less than 1%, perhaps less than 0.5%.....of Nigerian adults earn over ₦1 million per month.

And some people come on here to tout the abundant opportunities in Nigeria, the enjoyable standard of living and sublime sweetness of the country. It doesn't make sense. And then high social capital is required to get petrol in the largest producer of crude oil in Africa.



APC will rule Nigeria for the next 20 years at the very least and there's NOTHING anyone can do about it.





Good Luck to Nigeria.

samomoli:
If care is not taken, we will be pushing a wheel barrow of Naira to buy a loaf of bread 🍞

JikSneh:
Anyone who doesn't like the current situation should leave the country, after all none of you or Ipobidients voted Jagaban......we yorubas are here to stay and rule.
It's south western turn, no number of IPOB or ibo dogs can change it.
If northerners protest from now till 2028, Asiwaju will not step down, Yoruba will rule y'all till may 2031, if you don't like it, look for another country.
Ire oo

humilitypays:
What do you think or suggest as the solution?

What can Nigerians do to change the situation for better? Thanks in anticipation

IbeOkehie:
The politicians that govern the USA are no more honest or corrupt than Nigerian politicians. They have exactly the same morals, they are human. The difference is the BASIC LAWS and the evolved CULTURE of each nation.

Read about this USA kleptomaniac, do a deep dive and see real corruption that no Nigerian politician can dream of fomenting....

https://www.google.com/search?q=speaker+madigan&rlz=1C1CHBF_enUS1037US1037&oq=speaker+madigan&gs_lcrp=EgZjaHJvbWUqCggAEAAY4wIYgAQyCggAEAAY4wIYgAQyBwgBEC4YgAQyCAgCEAAYFhgeMggIAxAAGBYYHjIICAQQABgWGB4yCAgFEAAYFhgeMggIBhAAGBYYHjINCAcQABiGAxiABBiKBTIKCAgQABiiBBiJBTIKCAkQABiABBiiBNIBCDI4NDhqMGo0qAIAsAIB&sourceid=chrome&ie=UTF-8

I've repeatedly mentioned how Nigeria was dependent on CEMENT importation how cement was scarce DESPITE the presence of so many government owned cement factories.

Around 2003 or 2005, the government of Olusegun Obasanjo implemented a policy of privatization & deregulation prices The result is crystal clear, to use your own descriptor....Nigeria is self sufficient in cement and even has become an EXPORTER of the commodity.

This is too simple, that it's so hard for most university educated Nigerians to accept explains a lot of the Nigeria Crisis.

Let me make it clear -

GOVERNMENT OWNERSHIP DESTROYS PRODUCTIVITY, GOVERNMENT REGULATION OF PRICES DESTROYS INCENTIVES TO INVEST & OPERATE.

PRIVATE OWNERSHIP PROMOTES PRODUCTIVITY, FREE MARKET PRICING ENCOURAGES INVESTMENT AND OPERATIONAL EFFICIENCY.

In the USA that you cite as an ideal, the government doesn't own any factories, it's a rarity. Even NUCLEAR POWER PLANTS are privately owned. That's the real reason for USA prosperity - private capitalism & free markets. That's all and if Nigeria implements such a system the results will be the same. The problem is the majority of Nigerians are exactly like YOU, you're all ideologically opposed to capitalism, private property and free markets. You like to PRETEND you like free markets but cite every excuse NOT to adopt such an economic system

Here's some news that is real and predictable - so long as Nigeria continues to operate the present socialist system, it will continue to be poor.

On the other hand, the USA is adopting more socialist policies and culture and is becoming poorer. Very predictable, no surprise to me.

IbeOkehie:
Your position is not valid. The USA became an economic giant by operating a classical free market economy. After the USA became rich, it started engaging in socialist spending such as subsidies. Even then, the CONSTITUTION of the United States still provides for and protects PROPERTY RIGHTS, an essential element of economics that encourages investment. Nigeria has zero property rights so most productive investors avoid investing in Nigeria, which explains Nigeria's low productivity.

The USA is the producer of USD, the dollar currency. Yet the US government does not set prices or regulate the price of the dollar. It's Nigeria that actually tries to set the price of a currency it doesn't produce, Nigeria actually subsidizes the availability of dollars in Nigeria by fixing naira value for dollar. Absolutely stupid policy. Meaning, Nigeria regulates the price of capital. Another major reason Nigeria isn't productive.

On tax, I asked HOW MANY Nigerians pay income tax!!!! That's the issue, how MANY, the PREVALENCE of tax compliance. FIRS runs adverts begging Nigerians to pay tax, I've seen those adverts.

Next, how much do Nigerians earn? The last reputable survey I've seen, extrapolated to current conditions likely means that less than 0.5% of Nigerians earn over ₦500K per month. How much is that...to wit, there's not even a lot of income available to tax. Do you earn over ₦500K per month? You're one of a very few lucky Nigerians.

THE SOLUTION to the Nigerian Crisis lies in adopting free market principles, which will increase income and create wealth for the government to tax. Then the government can use the revenue to start playing socialist politics.

I already gave the major solutions -

1.) sell off all government companies to private investors

2.) Privatize ownership of land.

3.) Deregulate ALL prices including forex, labour, education and healthcare.

4) Allow States to become more autonomous, delegate more power from the federal government to the states and LGAs. States should even have power over residency, voting rights and police.

5) Abolish all tariffs and controls on imports and exports of legal products

6)Abolish ALL income and property tax and replace with flat VAT or sales tax capped at 10%. If there must be an income tax let it be 1% on the top 1% of earners.

7) Constitutional Amendments that make goverment jobs & political offices unattractive. One I hit on is to make it illegal for the family anyone who serves in government in any capacity to live or own property outside their native state. I'm sure there can be many others.

Make new laws and even Constitutional Amendment to impose all the above basic conditions. It doesn't have to the exact outline above but the intent is clear - FREEDOM for the people of Nigeria.

This is the solution. The problem is Nigerians will never support any government that tries to make it happen. So they will continue to suffer this artificial poverty.

Most Nigerians have no idea of economic principles. Vast majority of Nigerian graduates have the intellect of a cement block. That's why the country is the Poverty Capital of the World, it's logical. Go open an economics text, peruse the internet and get educated on economics.

IbeOkehie:
For whatever reasons in Mar 2015, Nigerians voted for the wrong policies that were advocated by APC. To its credit, APC implemented exactly what it promised....strong naira, free school feeding for children, Anchor Borrowers Scheme for farmers, continued fuel subsidy among others. Nigerians are living the results today.

When PDP came into government in 1999, cement was scarce. Nigeria was a major importer of cement. All cement factories were 100% owned or majority owned by government....Nkalagu, CCNN, Benue Cement and so on.

PDP under Obasanjo launched the Cement Reverse Integration Program I think in 2003. The programme implemented

1) the SALE of all cement factories to private investors like Dangote and BUA, others like Lafarge also built new cement plants.

2) the DEREGULATION of cement prices.

3) Unfortunately, it also imposed barriers to importation.

By 2011 or maybe 2015, Nigeria had become self sufficient in cement and even an EXPORTER of the commodity.

When I was a little boy, there was always scarcity of cement, I remember my father and his friends looking and running all over the country looking for cement. There were at least TWO MAJOR CEMENT SUBSIDY SCANDALS, called the cement armada scandals under Presidents Gowon in the 1970s and Shagari in the 1980s, where government paid billions of dollars for phantom cement. Maybe young people need to go look up these things. Read your history. That's why you have internet, it's not just for watching comedy skits and pornography.

So we can say at least PDP made cement available. There was even a period when BUA and Dangote were engaged in competitive pricing and the price of cement went down for months. In real dollar terms, I bet the prices have still gone down.

So GOOD POLICY MATTERS and the good policy we need is SAP....massive privatization of enterprises and resources & deregulation of prices.

Privatization and deregulation improved cement, telecoms, broadcasting and banking some universities and air transport. It's undeniable, it took over 10 years to do in each case. If Nigerians want a better economy in the next 10 years, the time to re-start SAP is now. It requires some BRAVERY, some willingness to endure hardship. That's just what it takes.

Look at the EVIDENCE, forget feelings, observe and do some research.

IbeOkehie:
The real futility is fighting corruption INSTEAD of taking simple steps that will NATURALLY eliminate corruption.

It's better to sell NNPC to Dangote for $1, sell Ajaokuta Steel and associated iron ore mines for to Peter Obi for $2, and sell Lagos MM Airport to Seyi Tinubu for zero, than continue pushing an unwinnable war against human nature. All these powerful people are still enjoying now so what's the difference?

NIPOST has been in government hands for decades, how much profits and jobs has it produced? The same politicians that you will object to them buying it, they're getting corrupt benefits in NIPOST today. What is ANYBODY doing about that? NOTHING!!!

JUST SELL OFF EVERYTHING!

In the kind of completely free market economy I recommend, the new owners of these companies will either produce or lose lots of money. New enterprises will emerge to compete with them. The ultimate beneficiaries will be the Nigerian people who will have increased availability of cheaper, higher quality and sustainable goods and services.

There will NEVER be equality in any country in this world. Someone will ALWAYS have an advantage, the objective is to put systems in place for a competitive market.

IbeOkehie:
😆 🤣 😆

Oga that's the simplest thing to prove. Right now as I type this, the world price of petrol is $2.22 per gallon which is $0.54 per liter.

Source - any live market quote.

https://www.investing.com/commodities/gasoline-rbob

$0.54 = 792₦

The first thing Buhari & APC did on assuming power in 2015 was to make NNPC the sole importer of petrol in Nigeria. Other businesses were banned from importing.

So right now NNPC buys petrol at ₦792. This is the FREE MARKET PRICE. Go on the internet, call the marketing department of any refinery in the world and tell them you want to buy a tanker load of petrol. That is the price you will get and that's what NNPC pays too. Like I keep saying when people shout PROVE IT....this is NOT a secret 🙄

If the price of fuel in Nigeria is less than ₦792, that means the Federal Government is paying subsidy.

I suspect the main method of paying this subsidy is via the regulated forex market.

SOLUTIONS -
1) for right now, open the fuel market. Allow anyone that wants to import fuel to do it.

2) Float the naira. I mean complete unfettered free float. As done in prosperous nations
https://www.investing.com/currencies/aud-usd

Subsidies don't work. They create all sorts of distortions and incentives for corruption. Price regulation suppresses productivity and creates scarcity.

For the record, any domestic refineries in Nigeria, public or privately owned, MUST sell at or near the prevailing world market price in order to sustain their business. So even if Dangote starts producing today he must sell at the free market price in order to keep the refinery operating efficiently. To sell at a lower price he must be paid a subsidy.

Manculated:
And $10,000 was N150,000 in the year 2005.

I still remember vividly then.

JikSneh:
Anyone who doesn't like the current situation should leave the country, after all none of you or Ipobidients voted Jagaban......we yorubas are here to stay and rule.
It's south western turn, no number of IPOB or ibo dogs can change it.
If northerners protest from now till 2028, Asiwaju will not step down, Yoruba will rule y'all till may 2031, if you don't like it, look for another country.
Ire oo