₦airaland Forum

IfnobeGod20:
Let me ask you some salient questions please.


2. The consumption figure reduced because the purchasing power of the people reduced. People now preferred to walk or trek than going out with their cars. Some even parked their cars for months now and only warming it. Where is that money to buy the fuel at over #1,000. The reduction in fuel consumption is due to bad policy and not because people

Lithiumite:
What do you mean by hoping to be independent.....it's in the policy statement if Nelfund and that's the logical thing to do,many people were procrastinating about pension fund when it started and looks where we are today despite it being that's it's a fraction of the population that are benefitting from it.

The tax net in Nigeria as it is needs to be broadened and if you are following the tax reform policy,it seeks to capture loose funds in the hands of the rich while leaving out those down the ladder earning less.

Income taxes now have to be better streamlined and also vat to be removed from some essential goods....we can't get it all within a short period but we need to start from somewhere.....china didn't get to where is is today by driving rolls royces and range rovers with a GDP of less than $500bn,they had to roll up their sleeves and work to get where they are today.

Even if it's less than 10% of our petrol that goes out the border that's no problem but govt is saying they aren't subsidising that,if you want to use petrol pay for it simple,we aren't subsidising you anymore,i don't see anything wrong with that.

Lithiumite:
And what is the harm in borrowing if used for the right purposes ..even almighty USA is having a deficit of about 1.4% this year.

What was our debt to GDP ratio before now,the debt servicing to revenue ratio as gone down to about 64% where do you think all the money to pay off already incurred debt would come from.

Ways and means from CBN that was ballooning under previous govts leading to more debt as been reduced drastically,Forex back log of about $7b cleared,where did you think all that money came from.....how about the foreign reserves moving up to $39bn, are all those lies as well?

You can choose to belief which ever narrative to soothe your political narrative but I choose the positives over the negatives and I know things are looking on the bright side.

Lithiumite:
. [/b]Let them be deceiving you. Many known figures have challenged Tinubu's government that they are still paying subsidy and till date they have not rebuffed the claim. The subsidy regime is still eating deep into our common patrimony but they are telling you lie that you wish to hear. Hope you read about two days ago where marketers are complaining that they are resuming fuel importation because Dangote fuel is not enough for them. Let us continue deceiving ourselves and still expect the country to launch forward. Kolewerk.[b]

With Dangote refinery coming online we do not see any need for subsidies anymore.....if govt is paying subsidy as you claim,isn't it to alleviate the same suffering of the masses you are here complaining about....subsidy or not,i dont deal on conjectures but hard facts,which you or anyone hasn't proven.

sunnyprof:
Here are the gains Nigeria has been able to actualize from the removal of Fuel Subsidy which:
..Reduced Fiscal Burden: Subsidy removal freed trillions of Naira enabling investment in critical sectors.
..Reduced Corruption: Subsidy removal eliminated opportunities for corruption and rent-seeking importers
,,Reduced Smuggling: Subsidy removal decreased fuel smuggling, reducing environmental pollution.

Overall GAINS down the line:

1. Monthly allocations to many states and local governments have increased significantly, with some getting up to 40% increase. Lies! While allocation increased,value diminished greatly. The projects 500m would execute in 2014, 5 billion won't execute it now

2. Nigeria has successfully paid billions of inherited debts from several administrations Lies. According to reports, ebola has increased debts by 45trn and around $20b since assuming power despite removing electricity, education, and fuel subsidies
https://www.vanguardngr.com/2024/10/nigerias-n121-67-trillion-debt-worrisome/

3. Billions have been allocated to the revolutionary Students Loan and Consumer Credit Schemes. True, but only time will tell just how much money will be pilfered here

4. Nigeria’s foreign reserves has increased from $34bn in 2023 to $39bn in October 2024. not entire true. Yes it increased, but debts has increased by around $20b, meaning we likely have a negative net reserve now

6.⁠The debt to revenue ratio has dropped drastically from 97% in 2023 to around 64%. Lies! We have racked up more foreign and domestic debt, with nothing to show for it, worse still

7. ⁠Fuel consumption has dropped drastically from 66 million litres daily to 25 million liters, signifying a massive reduction in smuggling to nearby countries. [/color]Lies, there is no evidence nor does it make common sense that the hugebdifference accounts for smuggled amounts. The neighboring countries have refineries and are not useless like Nigeria in that regard. The drop is due to scarcity and high cost of the product

8. ⁠Payment of debts owed to gas companies has resulted in massive improvements in electricity generation from 4300MW to 5500MW. Negligible improvements. Nothing significantly diff from maalu buhari or other administrations. Even back then there was band A)


10. The minimum wage has been increased from N30,000 to N70,000 What a Joke! yes and it cannot buy a bag of rice, as the value has been completely eroded. A better administrator called Jonathan had a minimum wage that could buy 2 and half bags at his time. So this is not an increase in real terms, but a major decrease in real rerms

These gains may eventually openly show positive impact of subsidy removal

It has been a challenging year so far, but it must be said that so much to be done in the bid to reposition the economy for a sustainable future.

IfnobeGod20:
Let me ask you some salient questions please.

1. What is the ratio of those that were given the said students' loan?

Remember only #2.9b was allocated for the said students' loan and to capture 22,120 students. What is this number in a population of over 100m people living in an extreme poverty in Nigeria? Nkan kekere njo yin loju sa.

2. The consumption figure reduced because the purchasing power of the people reduced. People now preferred to walk or trek than going out with their cars. Some even parked their cars for months now and only warming it. Where is that money to buy the fuel at over #1,000. The reduction in fuel consumption is due to bad policy and not because people doesn't want to use fuel to power their cars and household gadgets.

3. Let them be deceiving you. Many known figures have challenged Tinubu's government that they are still paying subsidy and till date they have not rebuffed the claim. The subsidy regime is still eating deep into our common patrimony but they are telling you lie that you wish to hear. Hope you read about two days ago where marketers are complaining that they are resuming fuel importation because Dangote fuel is not enough for them. Let us continue deceiving ourselves and still expect the country to launch forward. Kolewerk.

4. The government is paying debt and at the same time incurring more to it. It's on record that in the last 18 months the money Tinubu has borrowed is over half of what Buhari borrowed in his 8 years regime.
https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.nairaland.com/8136450/tinubus-borrowing-one-year-surpasses&ved=2ahUKEwiMzp6FvqGJAxWIWkEAHe-wDU4QFnoECBgQAQ&usg=AOvVaw13_0SNcBOnFyjiZP5pLc3x
They are servicing debt and at the same time borrowing with reckless abandon.

5. The macro economy is more stable but the poverty level of the citizens is increasing every day. The impact of macro economy increase suppose to be felt by the citizens. Having record on paper some time is fallacy and that has been the problem of Nigeria. We have beautiful records on paper but physical attestation is saying otherwise. You know the number of companies that have packed up because of this harsh economy and none has come to replace them?

6. Please how many people are making the money? Are those people making the money not also lamenting bitterly? Lest we talk about the downtrodden.
Joe Igbokwe recently lamented on how much he is spending on powering his office and complained bitterly about it and even begging Tinubu to try and reverse the electricity tariff on the premise that it would cause many companies to fold up.

You can defend whoever you want but do it with sense because life does not start and end with the people at the highest echelon of life, there are people that are at the lowest ladder of life and there are average ladder of life, always think about those people because they are part of the society. Yes, some people may be making it but what is their fraction to the whole population?

IfnobeGod20:
Let me ask you some salient questions please.

1. What is the ratio of those that were given the said students' loan?

Remember only #2.9b was allocated for the said students' loan and to capture 22,120 students. What is this number in a population of over 100m people living in an extreme poverty in Nigeria? Nkan kekere njo yin loju sa.

2. The consumption figure reduced because the purchasing power of the people reduced. People now preferred to walk or trek than going out with their cars. Some even parked their cars for months now and only warming it. Where is that money to buy the fuel at over #1,000. The reduction in fuel consumption is due to bad policy and not because people doesn't want to use fuel to power their cars and household gadgets.

3. Let them be deceiving you. Many known figures have challenged Tinubu's government that they are still paying subsidy and till date they have not rebuffed the claim. The subsidy regime is still eating deep into our common patrimony but they are telling you lie that you wish to hear. Hope you read about two days ago where marketers are complaining that they are resuming fuel importation because Dangote fuel is not enough for them. Let us continue deceiving ourselves and still expect the country to launch forward. Kolewerk.

4. The government is paying debt and at the same time incurring more to it. It's on record that in the last 18 months the money Tinubu has borrowed is over half of what Buhari borrowed in his 8 years regime.
https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.nairaland.com/8136450/tinubus-borrowing-one-year-surpasses&ved=2ahUKEwiMzp6FvqGJAxWIWkEAHe-wDU4QFnoECBgQAQ&usg=AOvVaw13_0SNcBOnFyjiZP5pLc3x
They are servicing debt and at the same time borrowing with reckless abandon.

5. The macro economy is more stable but the poverty level of the citizens is increasing every day. The impact of macro economy increase suppose to be felt by the citizens. Having record on paper some time is fallacy and that has been the problem of Nigeria. We have beautiful records on paper but physical attestation is saying otherwise. You know the number of companies that have packed up because of this harsh economy and none has come to replace them?

6. Please how many people are making the money? Are those people making the money not also lamenting bitterly? Lest we talk about the downtrodden.
Joe Igbokwe recently lamented on how much he is spending on powering his office and complained bitterly about it and even begging Tinubu to try and reverse the electricity tariff on the premise that it would cause many companies to fold up.

You can defend whoever you want but do it with sense because life does not start and end with the people at the highest echelon of life, there are people that are at the lowest ladder of life and there are average ladder of life, always think about those people because they are part of the society. Yes, some people may be making it but what is their fraction to the whole population?

IfnobeGod20:
Let me ask you some salient questions please.

1. What is the ratio of those that were given the said students' loan?

Remember only #2.9b was allocated for the said students' loan and to capture 22,120 students. What is this number in a population of over 100m people living in an extreme poverty in Nigeria? Nkan kekere njo yin loju sa.

2. The consumption figure reduced because the purchasing power of the people reduced. People now preferred to walk or trek than going out with their cars. Some even parked their cars for months now and only warming it. Where is that money to buy the fuel at over #1,000. The reduction in fuel consumption is due to bad policy and not because people doesn't want to use fuel to power their cars and household gadgets.

3. Let them be deceiving you. Many known figures have challenged Tinubu's government that they are still paying subsidy and till date they have not rebuffed the claim. The subsidy regime is still eating deep into our common patrimony but they are telling you lie that you wish to hear. Hope you read about two days ago where marketers are complaining that they are resuming fuel importation because Dangote fuel is not enough for them. Let us continue deceiving ourselves and still expect the country to launch forward. Kolewerk.

4. The government is paying debt and at the same time incurring more to it. It's on record that in the last 18 months the money Tinubu has borrowed is over half of what Buhari borrowed in his 8 years regime.
https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.nairaland.com/8136450/tinubus-borrowing-one-year-surpasses&ved=2ahUKEwiMzp6FvqGJAxWIWkEAHe-wDU4QFnoECBgQAQ&usg=AOvVaw13_0SNcBOnFyjiZP5pLc3x
They are servicing debt and at the same time borrowing with reckless abandon.

5. The macro economy is more stable but the poverty level of the citizens is increasing every day. The impact of macro economy increase suppose to be felt by the citizens. Having record on paper some time is fallacy and that has been the problem of Nigeria. We have beautiful records on paper but physical attestation is saying otherwise. You know the number of companies that have packed up because of this harsh economy and none has come to replace them?

6. Please how many people are making the money? Are those people making the money not also lamenting bitterly? Lest we talk about the downtrodden.
Joe Igbokwe recently lamented on how much he is spending on powering his office and complained bitterly about it and even begging Tinubu to try and reverse the electricity tariff on the premise that it would cause many companies to fold up.

You can defend whoever you want but do it with sense because life does not start and end with the people at the highest echelon of life, there are people that are at the lowest ladder of life and there are average ladder of life, always think about those people because they are part of the society. Yes, some people may be making it but what is their fraction to the whole population?

Lithiumite:
The economy of any country or the country itself is made up of different subsystems that all work in synergy,all parts are inter connected and an abeyance on one side will inherently affect the others.

Nigeria's macro economic output is very stable and that's why lenders would still advance loans,the govt has done well to arrest the drift we would have been suffering.however,you need to ask what the sub nationals are doing to boost the economies of their individual states.... there is hardly any real development going on except for a few.

GboyegaD:
The writer should keep lying to himself and those like him.

Faposky95:
gave Peter yam only to rob all his goats.....where are the busaries....you gave them out as loans.....and did nothing about developing education.

Chekwume16:
What is really your point. So that is the achievement of the government compared to this hardship. How much was Allocated to students loan. If you don't have anything to defend just shut up. There is no single benefit of this subsidy removal apart from more funds to loot.

Lithiumite:
I don't understand the data you are giving,are you telling me we have 100m students in Nigeria? Where are you getting Ur 2.9b from....nelfund just announced another fresh disbursement of 92bn for fresh set of students.

That number of students you are mentioning comes from households that hitherto would have spent their scarce resources on sending their kids to university but now would have those funds freed up for other immediate purposes.....consider the ripple effects on those households,little things like this is what is needed to help reinflate the economy....you are complaining you don't have money and i am telling you to come borrow money to help send your children to school and you are still complaining.

Treadway:
ifnobegod20, watch as this agbado go run oo
liars will go to Hell!
The problem is you lots think people on Nairaland are uneducated such as your lying, deluded selves.

Oya point out the macro-economic improvement na. Those are the indices, that make for good and stable macro-economic conditions. Kindly point out how our case at present is anything like this. Unfortunately many people indeed are uneducated and ignorant is why you guys can still lie so shamelessly and unrestrained, but once in a while, I'll keep doing the Lord's work here.

Oya agbado,show us the stability and improvements 😁

Smh

Lithiumite:
You posted a diagram and what has that got to do with Nigeria's peculiar situation.....nobody is saying Nigeria is where it should be but every unbiased and honest mind knows there has been improvements on the macro level at least.

The debt servicing to revenue ratio has gone down to about 64% from over 90%

Foreign reserves is up to about $39b

Oil production is up from the paltry 1.2m bpd to about 1.5m currently we were doing during
Buhari.

Forex backlog of about $7b cleared all in one year.

Heavy reliance on govt ways and means have been reduced to less than 5% of revenue.

Nigerian Forex market is currently very stable with sufficient liquidity as against doomsday prophecies.

Exports are ramping up and we have had a surplus this year already.

Minimum wage is up.

Foreign remittances are up from what we had YOY last year.

Increased investment in our oil and gas sectors after some years of drought.

sunnyprof:
Here are the gains Nigeria has been able to actualize from the removal of Fuel Subsidy which:
..Reduced Fiscal Burden: Subsidy removal freed trillions of Naira enabling investment in critical sectors.
..Reduced Corruption: Subsidy removal eliminated opportunities for corruption and rent-seeking importers
,,Reduced Smuggling: Subsidy removal decreased fuel smuggling, reducing environmental pollution.

Overall GAINS down the line:

1. Monthly allocations to many states and local governments have increased significantly, with some getting up to 40% increase. Lies! While allocation increased,value diminished greatly. The projects 500m would execute in 2014, 5 billion won't execute it now

2. Nigeria has successfully paid billions of inherited debts from several administrations Lies. According to reports, ebola has increased debts by 45trn and around $20b since assuming power despite removing electricity, education, and fuel subsidies
https://www.vanguardngr.com/2024/10/nigerias-n121-67-trillion-debt-worrisome/

3. Billions have been allocated to the revolutionary Students Loan and Consumer Credit Schemes. True, but only time will tell just how much money will be pilfered here

4. Nigeria’s foreign reserves has increased from $34bn in 2023 to $39bn in October 2024. not entire true. Yes it increased, but debts has increased by around $20b, meaning we likely have a negative net reserve now

6.⁠The debt to revenue ratio has dropped drastically from 97% in 2023 to around 64%. Lies! We have racked up more foreign and domestic debt, with nothing to show for it, worse still

7. ⁠Fuel consumption has dropped drastically from 66 million litres daily to 25 million liters, signifying a massive reduction in smuggling to nearby countries. [/color]Lies, there is no evidence nor does it make common sense that the hugebdifference accounts for smuggled amounts. The neighboring countries have refineries and are not useless like Nigeria in that regard. The drop is due to scarcity and high cost of the product

8. ⁠Payment of debts owed to gas companies has resulted in massive improvements in electricity generation from 4300MW to 5500MW. Negligible improvements. Nothing significantly diff from maalu buhari or other administrations. Even back then there was band A)


10. The minimum wage has been increased from N30,000 to N70,000 What a Joke! yes and it cannot buy a bag of rice, as the value has been completely eroded. A better administrator called Jonathan had a minimum wage that could buy 2 and half bags at his time. So this is not an increase in real terms, but a major decrease in real rerms

These gains may eventually openly show positive impact of subsidy removal

It has been a challenging year so far, but it must be said that so much to be done in the bid to reposition the economy for a sustainable future.

Vision101:
No bursaries. For many years you've gotten used to free this free that. They give majorly loans abroad and not bursary. Education is being developed. The damage of 50 years can't be turned around in one year. Be reasonable in criticism.

Lithiumite:
You posted a diagram and what has that got to do with Nigeria's peculiar situation.....nobody is saying Nigeria is where it should be but every unbiased and honest mind knows there has been improvements on the macro level at least.

The debt servicing to revenue ratio has gone down to about 64% from over 90% audio

Foreign reserves is up to about $39b up from 36, kai..una no get any shame..net reserve likely negative due to fresh humongous foreign loans of ard $20b plus existing debt obligations

Oil production is up from the paltry 1.2m bpd to about 1.5m currently we were doing during
Buhari. Clap for yasef 1.2 to 1.5 wow what great growth. I wonder what adjective would describe a growth from 1.2 to 5

Forex backlog of about $7b cleared all in one year so what? Onigb3se must pay before na, you wouldn't pay the airlines for example or what? We should clap for you for paying people their money😁. Ment.

Heavy reliance on govt ways and means have been reduced to less than 5% of revenue....lol. This one is just laughable
.
Nigerian Forex market is currently very stable with sufficient liquidity as against doomsday prophecies. Stable? Ok I'll allow it

Exports are ramping up and we have had a surplus this year already. Clap for yasef

Minimum wage is up. Jokes on you! Minimum wage is worthless, most sensible people will gladly take 18k minimum wage of 2014, and the economic conditions of 2014

Foreign remittances are up from what we had YOY last year. Omo see achievement. Of course, your naira is worthless, so just about any Tom dick and Harry abroad can and are buying up your ancestral lands and houses🤣

Increased investment in our oil and gas sectors after some years of drought. Even maalu Buhari didn't have these investments abi, both the real and audio

Blazetrailer:
Let them go to wuse market or any market in Nigeria and read those out to them

phemray:
Lolz, they didn't need to go to any market in Nigeria because the market people know that they too hike the prices of food beyond imagination due to the policies being implemented. I love the gbas gbos being given to us by jagaban to reset our over entitlement mentality. Oya let anyone go buy 3 cars with a salary of 300k monthly and be forming big boy in the community. Lolzz

IfnobeGod20:
The amount budgeted for the students' loan in the 2024 appropriation bill was #60b but the amount released so far is #2.9b to a total number of students, 22,120. See the posters below.

By records there are over 88m Nigeria on extreme poverty line and 133m on poverty line. Now, look at the number of students that have accessed the loan (22,120) and look at the number of people living in an extreme poverty (88m) and juxtapose. You will discover that it's just a drop in the ocean.

My brother, students' loan cannot ease poverty as it is not encompassing as the number of people living in poverty line are huge and require an holistic approach than the surface dressing the FG is doing.

Treadway:
what is even more annoying is that these guys actually want us to bring out the drums for an estimated $35,000,000 earmarked for students of the most populous black country on earth. Kai! Too much suffering does make the brain rot o. These guys have lost it! He bought a jet that costs more than 6 times as much. His thieving corrupt wife sef donate 1bn recently onto how the naira don useless. These cretins want us to applaud $35m student loans for the whole country. Funny thing is the money as small as it is will still be pilfered.

Is this a spell?? Aye le oo!