₦airaland Forum

HedgesTV:

https://www.youtube.com/watch?v=5GBNjnINAG0

Peter Obi had an interview with Arise news and he shared his thoughts on the nation and also gave his opinion on what he would’ve done to defend the Naira after devaluation.

This clip had mixed reactions from people as some agreed with him and some people didn’t think it is a wise move.

Full video above !

As a stop gap measure, I can see that but that is not a long term solution. Even as a stop gap measure it is still dubious.

mrvitalis:
Obviously you don't understand economics

Obi has been clear borrowing is never the issue what you do with it is the issue

He said he will borrow to defend the naira

He stated the purpose. Do you know what it means to borrow to defend the naira?

Stop being emotional. We've been through borrowing to defend the naira in Nigeria.

Stop being ignorant.

richiemcgold:
.. 🤔
Buhari borrowed and we condemned him for that.

Tinubu is currently borrowing and we're also condemning him for it.

.. now Obi says he too would've borrowed.

This simply means that Nigeria is a VERY POOR COUNTRY.

Reno keep saying it, that Nigeria is a poor country.
Even with the current exchange rate, I still believe Cardi B is defending naira with forex reserve.

NgeneUkwenu:
Peter speaks English like someone who didn't attend primary school. The man is very dull, very slow, barely literate and deficient in honesty.

I keep having this feeling that Obi couldn't have done better.

On one on one, Obi doesn't seem to understand the Nigeria economy even though he claims to be a player. Obi doesn't know economics.

Why would Obi be thinking of borrowing from outside to defend the Naira?

I think our opposition parties, PDP and LP are as daft as the government they're expected to criticize constructively.

Oppositions parties are supposed to be vibrant of articulated ideas and policies to convince Nigeria and Nigerians, and put the ruling party on its toes.

See what Obi is saying.

LordReed:
As a stop gap measure, I can see that but that is not a long term solution. Even as a stop gap measure it is still dubious.

Don't mind them. They see everything the man says as the gospel truth.

How can any knowledgeable person be talking about borrowing to defend the naira? And some people are hailing him

Tareq1105:
I keep having this feeling that Obi couldn't have done better.

On one on one, Obi doesn't seem to understand the Nigeria economy even though he claims to be a player. Obi doesn't know economics.

Why would Obi be thinking of borrowing from outside to defend the Naira?

I think our opposition parties, PDP and LP are as daft as the government they're expected to criticize constructively.

Oppositions parties are supposed to be vibrant of articulated ideas and policies to convince Nigeria and Nigerians, and put the ruling party on its toes.

See what Obi is saying.

Exactly 💯

Globad:
He said he will borrow to defend the naira

He stated the purpose. Do you know what it means to borrow to defend the naira?

Stop being emotional. We've been through borrowing to defend the naira in Nigeria.

Stop being ignorant.

Then I Expentiated on the statement defend the naira...

The method of defending the naira is what is different obi has been clear

richiemcgold:
.. 🤔
Buhari borrowed and we condemned him for that.

Tinubu is currently borrowing and we're also condemning him for it.

.. now Obi says he too would've borrowed.

This simply means that Nigeria is a VERY POOR COUNTRY.

Borrow and use it for something that will benefit the nation,and possibly make repayment easy.. Not borrowing and buying Yatch,new jet, cars and looting in billions of dollars,then telling citizens to sacrifice

mrvitalis:
Everyone knows that's the only solution
Obi said he would borrow 12 billion dollars that he had the connections

The Koko is what you use the borrowed money to do

APC from Buhari to Tinubu now keep borrowing to build infrastructure with the hope that the infrastructure would kick start development

Not only are the infrastructure over inflated they are sighted wrongly so can't even breakeven

So they just increase our debt service, increase recurrent expenditure and have absolutely no increase in revenue

Obi solution is to borrow money

Give it to the people, support business especially in export potential business and import substitutes

1) you create employment
2) you boost revenue, as this businesses come for the needed loan you capture them into the tax net
3) you don't increase debt service per say as the people would pay back the loan

This can kick start a chain of events that kick start the economy

OBi and Tinubu are not the same

Is that how he gave Anambra money to his family beer business, then hid money in Pandora papers and properties as well?
Obi is just an intelligent SOUNDING clown that excites those who can't recall every relevant detail about him.
A bloody scammer and 419er is who he is.

SATANICALLY:
In a 2018 interview, Peter Obi said he invested $20 million in International Breweries on behalf of Anambra state as a governor.

Obi’s claim was in response to questions on economic development, Anambra politics and his presidential ambition.

“… Anambra state is the single-highest shareholder in that facility. I invested in it, over $20 million,” Obi had said.

“It is worth almost $100 [million] today. That’s what government should do.”

TheCable had previously fact-checked some of the claims.

Chukwuma Soludo, governor of Anambra, also debunked a recent statement ascribed to him regarding the investment.

International Breweries (IB) Plc is a subsidiary of the world’s largest brewer, Anheuser-Busch InBev (AB InBev) — a multinational drink and brewing giant based in Leuven, Belgium.

In its 2021 audited financial statement, the company said it holds 43 percent economic interest in International Breweries Plc, a publicly listed company in Nigeria.

According to a report by The Nation, AB InBev merged its Nigerian operations under a single corporate entity in 2017. It had three indirect Nigerian subsidiaries — International Breweries Plc, Intafact Beverages Limited and Pabod Breweries Limited. SABMiller Nigeria Holdings BV — another subsidiary of AB InBev — was also a major stakeholder in Intafact and Pabod.

ANAMBRA’S INVESTMENT

In a statement made available to TheCable on Tuesday, Ifeatu Onejeme, Anambra’s commissioner of finance, confirmed that Peter Obi’s administration invested the sum of N1,955,535,247.00 (an equivalent of approximately $12,616,356.43 at the then average CBN exchange rate of N155.00/$1) in Intafact Beverages Limited, a green-field brewery set up in Onitsha by SABMiller Breweries of South Africa in 2012.

Onejeme added that the state government still holds 407,321,264 ordinary shares of International Breweries Plc in exchange for the Intafact Beverages Limited investment.

“Based on the NGX closing price of N5.50 as of 20/6/22, these shares were valued at N2,240,266,952 on that date,” the statement reads in part.

“Based on the Central Bank of Nigeria I&E exchange rate of N415.75/US$1.00 on same June 20, 2022, this investment was valued at an equivalent of approximately US$5,388,495.37 (and at N604/$1.00 parallel market rate, only US$3,709,051.24).”

https://www.thecable.ng/revealed-peter-obi-administrations-12-24m-investment-in-international-breweries-now-worth-5-38m/

Kobojunkie:
Peter Obi would have devalued the Naira as Cardoso had done and then borrowed money -- taking even from the foreign reserves --to shore it up like Cardoso had also done?

So technically you are saying tinubu and obi think or obi and cardoso think alike which one?

PO said this severally before election, that was why we said T-Pain is copying his programs except that PO will be financially disciplined. PO will reduce cost of governance & will not delve in criminal enterprise, he'll move from consumption to production with export.
Same policies, but difference in optics & aura.

Kobojunkie:
Peter Obi would have devalued the Naira as Cardoso had done and then borrowed money -- taking even from the foreign reserves --to shore it up like Cardoso had also done?

Slave, people that brought English to you cannot speak your language. With Peter Obi Poor english he was able to create massive wealth for himself but you have only created poverty with your grammer. Think again

NgeneUkwenu:
Peter speaks English like someone who didn't attend primary school. The man is very dull, very slow, barely literate and deficient in honesty.

mrvitalis:
Everyone knows that's the only solution
Obi said he would borrow 12 billion dollars that he had the connections

The Koko is what you use the borrowed money to do

APC from Buhari to Tinubu now keep borrowing to build infrastructure with the hope that the infrastructure would kick start development

Not only are the infrastructure over inflated they are sighted wrongly so can't even breakeven

So they just increase our debt service, increase recurrent expenditure and have absolutely no increase in revenue

Obi solution is to borrow money

Give it to the people, support business especially in export potential business and import substitutes

1) you create employment
2) you boost revenue, as this businesses come for the needed loan you capture them into the tax net
3) you don't increase debt service per say as the people would pay back the loan

This can kick start a chain of events that kick start the economy

OBi and Tinubu are not the same

The thing wrong with the Yoruba is obvious. they do not like truth. They are focused and tribalism and anti progressive. They are our collective problem. Check history

BigYash:
Borrow and use it for something that will benefit the nation,and possibly make repayment easy.. Not borrowing and buying Yatch,new jet, cars and looting in billions of dollars,then telling citizens to sacrifice

Talk is cheap.
Pandora Bitter Obi is a fraud!!!

NLCreator:
Peter Obi, presidential candidate of the Labour Party (LP) in the 2023 elections, has defended the purchase of sports utility vehicles (SUVs) for members of the national assembly.

There have been reports that the leadership of the 10th national assembly has bought SUVs for all lawmakers.

Each SUV is said to be valued at N160 million.

The LP had asked members of the party in the national assembly to kick against “wastage”.

While responding to questions during a press conference in Abuja on Monday, the former governor of Anambra said the SUVs are not personal cars of the lawmakers, noting that they are for official use.

“Let me start with the issue of Labour Party members in the house. I have actually discussed this issue with them,” Obi said.

“Surprisingly, I can tell you I heard that these vehicles are official cars. They have to use it. It is meant for office.

“So it is not as if it is their vehicle. They said it is official cars and you are meant to use it while you are in the senate.”

Obi also hinted at contesting for the country’s number one position in 2027, adding that Nigeria deserves dedicated and visionary leaders who will lead the country towards a brighter future.

https://www.thecable.ng/theyre-for-official-use-obi-defends-purchase-of-n160m-suv-for-lawmakers/amp

Journalist: how do you intend to engage members of your party who are members of the house, so that they can stand different.......?

PO: Let me start with the issue of labour party members in the house, have actually discussed this issue with them, surprisingly, I can tell you ,… pic.twitter.com/svybrcY4t3

— Beyond (@chigozie0102) November 7, 2023

author=aduboy post=16297598]Anambra distributes 177 vehicles to traditional rulers
Posted by NAN
Governor Peter Obi of Anambra State, on Monday in Awka, distributed one SUV each to the traditional rulers of the 177 communities in the state.

Obi handed over one of the vehicles’ key to the state Chairman of the Traditional Rulers’ Council, Igwe Alfred Achebe, Obi of Onitsha.

He said that the gesture was aimed at helping them run and build better communities, adding that the vehicles would also help the traditional rulers to function effectively.

“If you have better communities, you will have a better Anambra, Anambra today is changing for better and I want this sustained,” the governor said.

“In doing that, the state government and the local government will do what it can to support the building of a better Anambra.”

Achebe said that he was overjoyed because the governor cared about the well-being and welfare of the traditional rulers.

“It is completely unprecedented in Anambra and probably elsewhere in Nigeria,” he said.

“It is a mighty gesture from the governor and for the government of the state to make a distinct impact on the well-being of the traditional rulers in the state.”

According to him, it was one of the several measures the present administration in the state had taken to improve the wellbeing of the traditional rulers.

“We pray that God will give us a successor that will continue from where Obi has left and lift Anambra to the next level.”

http://telegraphng.com/2013/06/anambra-distributes-177-vehicles-to-traditional-rulers/

phantom:
The difference? Obi actually has a plan! Tinubu is clueless as fuk. I would be surprised if Tinubu actually wipes his ass himself.

Obi is sure as a frugal money manager that he could have borrowed 15 billion dollars, for instance to DEFEND THE NAIRA , KNOWING FULLY WELL, that the resultant currency appreciation, IF CHANNELLED TO THE APPROPRIATE SECTORS could give the economy the much needed "bolus of glucose" it needs to return 150 billion dollars back.

It's all about having a plan! Obi has always been about BORROW TO CHANNEL TO THE REAL PRODUCTIVE SECTORS AND NOT TO CONSUME BY spending recklessly on cars, yachts and private jets..

If I have a business that I know if I put in $2 will return $6.. why won't I borrow to put into it if I don't have the initial funding for it?

Don't forget! Obi is a business man! He is a billionaire from wholesale and retail... you think he doesn't know a thing or two about money management? You call him container economist but THAT IS EXACTLY WHAT WE NEED TO DIG US OUT OF THIS MESS.

We knew that anything Peter Obi says you people will agree and support it irrespective of illogicality involved. Borrowing money is what every govt has been doing but remember borrowing money to defend naira is what Buhari govt planned to do before his govt expired. They planned to secure $3 billion through nnpcl then.

Trying to deflect Tinubu failure by calling Peter Obi won't change a thing......

Obi is not our president at the moment. Let Tinubu deliver on his promise of making Nigeria better

Atiku, Obi and Tinubu can NEVER offer Nigeria and Nigerians anything. Anyone marketing any of them is never a lover of the masses. They are all failures in advance.

mrvitalis:
Then I Expentiated on the statement defend the naira...

The method of defending the naira is what is different obi has been clear

I can now see that you're innocently making a mistake.

Borrowing to defend the naira means that the naira will trade at a lower rate and the differential will be paid from the foreign exchange loan. It's like subsidising the naira. Nigeria has done it many times before now. The subsidy went to connected people and the beneficiaries didn't transfer the cost savings.

It was the main reason the black market rate was usually far higher than the official rate..

Obi hasn't said anything new or novel

Salewa97:
Peter Obi is just being petty with his statements.

How can you be borrowing money to pay another debt?

That's a reckless statement from him

Don't mind him, he's just talking rubbish!

Tareq1105:
I keep having this feeling that Obi couldn't have done better.

On one on one, Obi doesn't seem to understand the Nigeria economy even though he claims to be a player. Obi doesn't know economics.

Why would Obi be thinking of borrowing from outside to defend the Naira?

I think our opposition parties, PDP and LP are as daft as the government they're expected to criticize constructively.

Oppositions parties are supposed to be vibrant of articulated ideas and policies to convince Nigeria and Nigerians, and put the ruling party on its toes.

See what Obi is saying.

They are like that because the alternative...which includes high taxes, and total removal of all subsides, and taxing everyone in sight...does not win votes.

Everytime a NIgerian government takes office, they always borrow to hide the cracks, manage the revenue that we have, and at the end, the same old, same old.

stuffs2002:
So you just jumped into the defence of Obi without even listening to what he said. Even Rufai Oseni didn't agree with Obi Pandora

Go back to the video and listen to what the mentally challenged Obi Pandora was saying

I've always known that Obi wasn't an option and no regret for not voting him.

From the interview, did Obi demonstrate outstanding capacity? Not at all. Even Rufai Oseni was disappointed. He kept saying he would consult economic team.

Obi is a pretender, he doesn't understand the economy.

Just wait, Atiku would soon grant his own interview. I know he's consulting now.

The truth is, our opposition parties are weak. They're bereaved of ideas and policies to move us forward. They're as daft as the government they're expected to criticize.

The only thing that's counting for Obi in the eyes of the youths is the belief that he's not corrupt. Not the understanding of the economy and solving it. They just believe he's not corrupt.

I don't share this sentiment bcoz as far as I'm concerned Obi hasn't been tested with money. I mean money.

The budget size of Anambra state where he was Gov wasn't up to half of the budget size of Federal Ministry of Works. That's one out of about 32 ministries. More money more corruption.

You don't have to insult, just Google it. So, no regret for dodging Obi, though I expected Tinubu to have done better than this.

Globad:
I can now see that you're innocently making a mistake.

Borrowing to defend the naira means that the naira will trade at a lower rate and the differential will be paid from the foreign exchange loan. It's like subsidising the naira. Nigeria has done it many times before now. The subsidy went to connected people and the beneficiaries didn't transfer the cost savings.

It was the main reason the black market rate was usually far higher than the official rate..

Obi hasn't said anything new or novel

That's not the only way it can be done when though that's the only way APC has done it

You can also defend naira by reducing demand from the start... Solving the problem from the root cause which is what I stated as an example pharmaceuticals

Sincerely Obi is just too dull Even Rufai was tired of Obi during the interview.

Borrowing is not a sustainable economic solution!
As long as we import more than we export, there is no real hope for the Naira. As simple as that.

yoruboid:
Nigeria dodged a bullet

This man is d@ft and bereft of ideas

Nigeria dodged a bullet but AA gun bullets dey faya us now shey?

mrvitalis:
Everyone knows that's the only solution
Obi said he would borrow 12 billion dollars that he had the connections

The Koko is what you use the borrowed money to do

APC from Buhari to Tinubu now keep borrowing to build infrastructure with the hope that the infrastructure would kick start development

Not only are the infrastructure over inflated they are sighted wrongly so can't even breakeven

So they just increase our debt service, increase recurrent expenditure and have absolutely no increase in revenue

Obi solution is to borrow money

Give it to the people, support business especially in export potential business and import substitutes

1) you create employment
2) you boost revenue, as this businesses come for the needed loan you capture them into the tax net
3) you don't increase debt service per say as the people would pay back the loan

This can kick start a chain of events that kick start the economy

OBi and Tinubu are not the same

ABSOLUTE NONSENSE THIS WILL ONLY HELP THE IMPORTERS MORE AND MAJORITIES ARE IGBOS.. So where is the production bla bla bla ? RUBBISH

Why not fight corruption, the recover the stolen money of the past administration and use it to defend Naira? This is where I live Sowore.
I'm disappointed with Peter Obi's statement here.
Though I know he's prudent with money and good I'm saving.

I said it this man OBI is senseless can you imagine?

LordIsaac:
They all have nothing to offer. All of them!

All of them. I am not surprised at all, they are all birds of a feather.

mrvitalis:
Everyone knows that's the only solution
Obi said he would borrow 12 billion dollars that he had the connections

The Koko is what you use the borrowed money to do

APC from Buhari to Tinubu now keep borrowing to build infrastructure with the hope that the infrastructure would kick start development

Not only are the infrastructure over inflated they are sighted wrongly so can't even breakeven

So they just increase our debt service, increase recurrent expenditure and have absolutely no increase in revenue

Obi solution is to borrow money

Give it to the people, support business especially in export potential business and import substitutes

1) you create employment
2) you boost revenue, as this businesses come for the needed loan you capture them into the tax net
3) you don't increase debt service per say as the people would pay back the loan

This can kick start a chain of events that kick start the economy

OBi and Tinubu are not the same

oga na obi go use em hand share the money...see his measure wont work still not until nigerians are ready to change, give out loan they default in payment or the funds are even embezzled. the main problem is us

Salewa97:
Peter Obi is just being petty with his statements.

How can you be borrowing money to pay another debt?

That's a reckless statement from him

just admit you don't know anything about economics. Because Peter Obi said it.