Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal

Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele - Politics (3) - Nairaland

Nairaland Forum › Nairaland General › Politics › Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele (6286 Views)

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Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by sulaak(m): 12:56pm On Jan 21, 2025

Ojuntana:
Where did you get the figure of $10bn borrowing annually for subsidy from? Add to that $18bn annually for forex? Are you sure? Where is Nigeria able to borrow $28bn annually from? I expect you're the lender not so?

Nigeria's lack of financial muscle is due to the corruption of the elites not the unproductivity of the average Nigerian. A study by Chatham House in 2019 found that $582bn has been lost to corruption and mismanagement of Nigeria since indpendence. If that amount alone was saved in a Sovereing Wealth Fund like other resource rich nations do, at 10% returns per annum will easily yield $50bn for us.

Having fewer offspring is not a cure for economic and social malaise. The reason why most Western countries became immigration friendly is due to declining birth rates. It also affects productivity and economic growth in the long run when you have a massive ageing population. You need to put your population to work. That's what countries like China and India are doing not whining about them.

Subsidies was a sure way Nigerians elites exploited the subsidy program and increased corruption. The country imported 77 million barrels when the real number was less than 35 million. The gap between the exchange rate of N450 and N850 benefitted the well connected elites that were virtually printing money.

Nigeria's NNPC spent $10 billion on fuel subsidy in 2022
By Camillus Eboh
January 20, 20236:26 PM GMTUpdated 2 years ago
https://www.reuters.com/business/energy/nigerias-nnpc-spent-10-billion-fuel-subsidy-2022-2023-01-20/

Like oil, the exchange rate was also being subsidized by the government, with an estimated $1.5 billion spent monthly by the CBN to ‘defend’ the currency against the unquenchable demand for the dollar by the country’s import-dependent economy.

https://nairametrics.com/2024/06/17/nigeria-was-spending-1-5-billion-monthly-to-defend-the-naira-before-tinubus-fx-reforms-presidency/#:~:text=%E2%80%9CLike%20oil%2C%20the%20exchange%20rate,the%20country's%20import%2Ddependent%20economy.

Nigeria lost N13tn to forex subsidy in three years — World Bank

Oluwatosin Ogunjuyigbe

October 22, 2024
https://businessday.ng/business-economy/article/nigeria-lost-n13tn-to-forex-subsidy-in-three-years-world-bank/

1 Like

Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by SalamRushdie: 12:56pm On Jan 21, 2025

People that say this need to end up in jail ..this new line Tnubu bots want to peddle after destroying the economy and inflicting 1000 percent inflation is what will eventually destroy them , instead of accepting that they have messed up badly they want to spin narratives that Nigerian who were already of of the people poorest people on earth were living fake life .

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Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by sulaak(m): 1:05pm On Jan 21, 2025

kettykin:
The same people who fought against subsidy removal have now woken up to realistically understand that Goodluck Jonathan economic team led by Ngozi Okonjo iweala was farsighted and right in their decision to remove subsidy 12 years ago.

Why didn't GEJ back his economic team led by Ngozi Okonjo Iweala as Tinubu has backed his economic team?

Notice how Tinubu has supported Oyedele tax reform despite vociferous opposition from the Northern elites.

Leadership is about having a plan and vision; Tinubu has many flaws, such as a bloated government, lack of transparency and recurring expenditures. However, the tax reform policy and removal of subsidies are some of his successes.

2 Likes

Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by nairalanda1(m): 1:09pm On Jan 21, 2025

Ojuntana:
First of all, it is deeply concerning the change in rhetoric that occurs when the teeth of otherwise intelligent and resourceful professional are set on corn. The kind of gibberish that starts to flow is a sign that the corn being offered on a platter is indeed of the fermented stock. It intoxicates the gobbler with a resultant effect that's comparable with that of the famed 40 year whiskey.

That said, I find it insulting to Nigerians and their hardwork and intelligence when people make this silly narratives of fake life or window-dressed realities. This is more so when the people who make these kind of condescending statements are those who have benefited maximally from the society and have not ploughed back what can be said to be commensurate with what they've accrued for themselves from the proverbial cake.

Imagine a situation where a man who after enjoying the benefits of the high office of governor, and while leaving office makes a law that enables him to continue to enjoy the perks of that same office perpetually as if he were still an occupant.

Not only that, choice properties are allocated to him by him. He then turns around to accuse others of living a fake life.

Ditto this particular case as well. A man who was called to rewrite tax laws which will ensure more money goes to the political elites to fund their excesses and lifestyle both in and out of office turns round to accuse others of window dressing their realities.

I make bold to say Nigerians are among the most deprived yet hopeful and hardworking on the surface of the earth.

The average Nigerian has no social infrastructure or welfare system to fall back on in time of crisis save for a strong family structure.

The average Nigerian farmer works with the least of tools. Yet he's been asked to produce crops to feed the populace and export as well.

The average mechanic works with the basic of tools.
Yet he's expected to drive innovation in technology.

Same for the average carpenter bricklayer, tailor etc. No program to empower such hardworking Nigerians exist.

Rather, they are dumped on the lowest rung of the ladder and left alone to climb or drown while getting talked down on if they ask for a reprieve.

The UK spends 25% of its budget on social welfare and infrastructure. In countries like Saudi which are oil producing like Nigeria, home ownership is a right.

Shall we speak of countries like Norway where unemployment benefits sometimes exceed employment income for the citizens.

Nigerian leaders and elites are among the most corrupt and wasteful in the world. Yet, they hardly take responsibility for how the country has turned out on their watch. They are a bunch of greedy taskmasters who believe in being unquestionable and unquestioned.

One day na one day sha

So, let us keep borrowing.

grin

You are like the people in 2012 who opposed subsidy removal

1 Like

Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by nairalanda1(m): 1:12pm On Jan 21, 2025

sulaak:
Why didn't GEJ back his economic team led by Ngozi Okonjo Iweala as Tinubu has backed his economic team?

Notice how Tinubu has supported Oyedele tax reform despite vociferous opposition from the Northern elites.

Leadership is about having a plan and vision; Tinubu has many flaws, such as a bloated government, lack of transparency and recurring expenditures. However, the tax reform policy and removal of subsidies are some of his successes.

Good argument you make

But the problem with this site is that people who argued against GEJ subsidy removal are notw.supporting it while people who argued for the subsidy removal on 2012 are.now.against all subsidy removal.

The minute you realize that people are not interested in real economic argument but are interested in defending their side is the day you won't take this politics site serious.

Anyway,thanks for the sane arguments. Me I just dey laff at the agbado and the umbrella people..

1 Like

Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by Ojuntana(op): 1:12pm On Jan 21, 2025

sulaak:
Subsidies was a sure way Nigerians elites exploited the subsidy program and increased corruption. The country imported 77 million barrels when the real number was less than 35 million. The gap between the exchange rate of N450 and N850 benefitted the well connected elites that were virtually printing money.

At least you've corrected your initial claim of Nigeria borrowing $10bn annually. That was propaganda and wrong. Unfortunately, no one audited NNPC accounts to confirm if they indeed spent such amount on subsidy or not. That is the corruption we are talking about and which you alluded to now. Corruption exists in every sphere of Nigeria's public life. If we are going to shut down everything that is corrupt about Nigeria no matter its utility, then even our govt needs to be shutdown.

Nigeria is not the only country that defends its currency. It is irresponsible leadership that makes it become a conduit for corruption in our case.

Any country that wants to develop at a macro-scale must have two basic ingredients. Cheap and available energy and low inflation. I've not seen a country that has high energy costs coupled with high cost of doing business and still developed. A simple way to tackle this if those in govt were sincere would have been to plough at least 50% of the gains of subsidy removal into wage review, social welfare and subvention for critical industries. But how can they do that when they cannot even tell us how much they presumptuously saved from subsidy?

As an aside, if you read your third link, you will see that the money lost on Fx world bank was referring to was on the differentials. If you compute that and the present exchange rate, you will realise that Nigeria is still not better off in terms of revenue. It is simply the devaluation that is the window dressing.

“This situation emerged because FX revenue inflows—such as oil and customs revenues, as well as a portion of domestic VAT and CIT which are paid in FX—were transferred to the treasury at the official exchange rate.”

“However, due to the significant difference between the official and parallel market rates, the amount of naira-denominated revenue received by the Federation from FX-linked revenues was significantly reduced.”

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Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by nairalanda1(m): 1:14pm On Jan 21, 2025

Ojuntana:
At least you've corrected your initial claim of Nigeria borrowing $10bn annually. That was propaganda and wrong. Unfortunately, no one audited NNPC accounts to confirm if they indeed spent such amount on subsidy or not. That is the corruption we are talking about and which you alluded to now. Corruption exists in every sphere of Nigeria's public life. If we are going to shut down everything that is corrupt about Nigeria no matter its utility, then even our govt needs to be shutdown.

Nigeria is not the only country that defends its currency. It is irresponsible leadership that makes it become a conduit for corruption in our case.

Any country that wants to develop at a macro-scale must have two basic ingredients. Cheap and available energy and low inflation. I've not seen a country that has high energy costs coupled with high cost of doing business and still developed. A simple way to tackle this if those in govt were sincere would have been to plough at least 50% of the gains of subsidy removal into wage review, social welfare and subvention for critical industries. But how can they do that when they cannot even tell us how much they presumptuously saved from subsidy?

Good, so.keep on borrowing as you say.

Like tinubu, like pdp like you.

😁😁😁😁😁😁😁😁😁😁

Nigeria go pay for subsidy with budget of 49 trillion and debt of 120 trillion.

1 Like

Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by Ojuntana(op): 1:17pm On Jan 21, 2025

nairalanda1:
So, let us keep borrowing.

You are like the people in 2012 who opposed subsidy removal

I have always opposed subsidy removal without social safety nets and substitution and I still stand by it

You can see the distortion and disconnect it has brought

The poor got poorer

The rich and connected got richer

Those in govt are touting more revenue to loot. How has it impacted positively on the life of the people?

So the question is who should enjoy govt money? The political elites or the ordinary people?

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Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by nairalanda1(m): 1:18pm On Jan 21, 2025

For Mr Oyedele

In 2012 we were living in window dressed reality.

Yet people like your boss and his master Buhari were leading crowds at lagos and Abuja to march against ending the window dressed reality

And so it was maintanned until your boss came to power, and suddenly it was right.

Hypocritical hypocrite.

1 Like

Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by Ojuntana(op): 1:19pm On Jan 21, 2025

nairalanda1:
Good, so.keep on borrowing as you say.

Like tinubu, like pdp like you.

😁😁😁😁😁😁😁😁😁😁

Nigeria go pay for subsidy with budget of 49 trillion and debt of 120 trillion.

If you had read, you would have seen that the man has accepted that his initial claim of borrowing $10bn every year was a lie. The NNPC made the claim in 2022 and it was not even backed up with evidence.

2 Likes

Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by nairalanda1(m): 1:20pm On Jan 21, 2025

Ojuntana:
I have always opposed subsidy removal without social safety nets and substitution and I still stand by it

You can see the distortion and disconnect it has brought

The poor got poorer

The rich and connected got richer

Those in govt are touting more revenue to loot. How has it impacted positively on the life of the people?

So the question is who should enjoy govt money? The political elites or the ordinary people?

So it is now that we are completely broke that we will pay for subsidy removal and safety net.

With which money?

I have told you jokers on both sides for years
We are a broke nation. We need to change our ways of thinking. We need to end resource dependent economy

But you guys want to chop money.

Even that tinubu. He is removing subsidy because the law of karma caught up with him.

Better wake up, agbado man
.😃😃😃😃😂

Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by nairalanda1(m): 1:22pm On Jan 21, 2025

Ojuntana:
If you had read, you would have seen that the man has accepted that his initial claim of borrowing $10bn every year was a lie. The NNPC made the claim in 2022 and it was not even backed up with evidence.

No, you want us to keep borrowing to pay for subsidies.

In other words,, you are saying buhari was right.

Well , at the end , both apc and pdp are wrong.

Anyway, you are wise. Let us borrow to pay for subsidies

grin

Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by Ojuntana(op): 1:28pm On Jan 21, 2025

nairalanda1:
No, you want us to keep borrowing to pay for subsidies.

In other words,, you are saying buhari was right.

Well , at the end , both apc and pdp are wrong.

Anyway, you are wise. Let us borrow to pay for subsidies

Can you show where we borrowed to pay for subsidies and how much we borrowed

You enjoy lies too much

Must be the corn

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Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by nairalanda1(m): 1:29pm On Jan 21, 2025

Ojuntana:
Can you show where we borrowed to pay for subsidies and how much we borrowed

You enjoy lies too much

Must be the corn

Remain blind to realities then.

And keep abusing me with playground insults.

Good afternoon.

grin

Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by Ojuntana(op): 1:30pm On Jan 21, 2025

nairalanda1:
So it is now that we are completely broke that we will pay for subsidy removal and safety net.

With which money?

I have told you jokers on both sides for years
We are a broke nation. We need to change our ways of thinking. We need to end resource dependent economy

But you guys want to chop money.

Even that tinubu. He is removing subsidy because the law of karma caught up with him.

Better wake up, agbado man
.😃😃😃😃😂

Completely broke?!!! Is that what you are fed in your agbado Whatsapp group? Yet we got our President a new jet, his VP a new resideence, our senators high-end cars and our govs more money to loot.

This kind brokeness seems to favour some people and their family

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Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by DrWokili: 1:35pm On Jan 21, 2025

The Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has described the period before the removal of the petrol subsidy in Nigeria as one characterized by “window-dressed realities.”

Speaking at The Platform, an annual event organized by Covenant Nation in Lagos, Oyedele outlined how previous subsidy regimes perpetuated economic distortions that gave Nigerians a false sense of financial stability.

Oyedele argued that while subsidies made fuel, electricity, and other essentials appear affordable, they masked the unsustainable fiscal realities underpinning the Nigerian economy.
“Removing subsidies is the best decision we made as a country. And we can now say that for once, the subsidy is gone,” Oyedele stated.

“We were living in window-dressed realities. If you look back to about two years ago, the naira exchange rate was N450 depending on who you asked. But was our exchange rate really N450? If you wanted to buy petrol, it was under N200 per litre, but was it really under N200 per litre?”

MY THOUGHTS:

TAIWO TYPIFIES THE CHARACTER AND QUALITY OF MOST OF TINUBU'S HENCHMEN GOVERNING NIGERIA. WHAT A PITY! EITHER HE DELIBRATELY TWISTS FACTS OR HE IS COMPLETELY IGNORANT OF WHAT GOVERNANCE IS ALL ABOUT RELATIVE TO THE WELFARE OF THE PEOPLE. WHAT IS THE ESSENCE OF GOVERNANCE IF IT AFFLICTS PEOPLE WITH POVERTY AND PROMOTES SOCIETAL INEQUALITY? WHERE IS THE LEGITIMACY OF GOVERNANCE IF POLICIES ARE NOT DRIVEN BY PEOPLE'S INTERESTS?

GOVERNANCE IS TO PROMOTE THE WELFARE AND WELBEING OF THE PEOPLE BY IMPLEMENTING POLICIES THAT REWARD AND PROMOTE CREATIVITY THAT LEADS TO INDIVIDUAL AND CORPORATE GROWTH IN WEALTH, HEALTH, AND SECURITY. THESE OUTCOMES ARE ONLY REALISED IF GOVERNANCE IS CENTERED ON PEOPLE'S INTERESTS. BUT TO TINUBU'S LACKIES, PEOPLE SHOULD BE SACRIFICED AS LAMBS ON THE ALTAR OF GOVERNANCE. WHAT A PITY!

DO THEY KNOW THE SO-CALLED SUBSIDY IS THE OUTCOME OF INEFFICIENCY AND CORRUPTION IN THE SYSTEM? THEY WANT NGERIANS TO CONTINUE TO BEAR THE BRUNT OF THE THIEVERY EVEN IF THEY ARE DYING! WHAT STUFF ARE THESE LEADERS MADE OF? MAY GOD ALMIGHTY ILLUMINATE THE HEART OF TINUBU FOR HIM TO TAKE THESE REDEMPTIVE ACTIONS: (a) REJIG HIS POLITICAL APPOINTMENT TO BRING ONBOARD PEOPLE OF INTEGRITY AND KNOWLEDGE. (b) CRACK DOWN ON CORRUPTION WITH HEAVY DETERRENCE STARTING WITH THE SO-CALLED UNTOUCHABLES (c) RESOLVE THE ISSUES OF TERRORISM AND VIOLENCE THROUGH THE COMBINED USE OF DIPLOMACY IN MEDIATION AND FORCE. (c) INVEST HEAVILY IN INFRASTRUCTURE LIKE GOOD ROADS, RAILWAYS, WATERWAYS, AND ELECTRICITY TO ENCOURAGE INVESTMENTS AND INDUSTRIALISATION (d) ASSIST THE ORGANISED REAL FARMERS WITH SOFT LOANS, SUBSIDISED TRACTOR SERVICES, AND FERTILISERS FOR MASS FOOD PRODUCTION. ENCOURAGE BUSINESSES TO SET-UP AGRO COTTAGES INDUSTRIES WITHIN THE VICINITIES (e) REHABILITATE THE HEALTH FACILITIES TO PROVIDE AFFORDABLE AND QUALITY HEALTHCARE SERVICES TO THE PEOPLE (f) RE-DESIGN THE EDUCATIONAL CURRICULUM TO ENHANCE GRADUATES' EMPLOYABILITY AND INDEPENDENCE.

IF THE ABOVE GUIDELINES ARE IMPLEMENTED, THE NAIRA VALUE WILL UPGRADE AND PEOPLE WILL LIVE WELL IN PEACEFUL COEXISTENCE. INSTEAD OF THE LEADERS LISTENING TO THE CRY OF THE PEOPLE AND IMPLEMENTING REMEDIES, THEY ARE BUSY TRADING BLAME AND ABUSING THE SENSIBILITIES OF THE CHEATED NIGERIANS. IT IS INSULTING TO TELL VICTIMS OF CORRUPTION THAT THEY ARE LIVING IN ''WINDOW-DRESSING REALITIES''. THAT IS GROSS DISPLAY OF THOUGHTLESSNESS AND CRASS IGNORANCE BY TAIWO.

1 Like

Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by BreconHills(m): 1:36pm On Jan 21, 2025

Ojuntana:
First of all, it is deeply concerning the change in rhetoric that occurs when the teeth of otherwise intelligent and resourceful professional are set on corn. The kind of gibberish that starts to flow is a sign that the corn being offered on a platter is indeed of the fermented stock. It intoxicates the gobbler with a resultant effect that's comparable with that of the famed 40 year whiskey.

That said, I find it insulting to Nigerians and their hardwork and intelligence when people make this silly narratives of fake life or window-dressed realities. This is more so when the people who make these kind of condescending statements are those who have benefited maximally from the society and have not ploughed back what can be said to be commensurate with what they've accrued for themselves from the proverbial cake.

Imagine a situation where a man who after enjoying the benefits of the high office of governor, and while leaving office makes a law that enables him to continue to enjoy the perks of that same office perpetually as if he were still an occupant.

Not only that, choice properties are allocated to him by him. He then turns around to accuse others of living a fake life.

Ditto this particular case as well. A man who was called to rewrite tax laws which will ensure more money goes to the political elites to fund their excesses and lifestyle both in and out of office turns round to accuse others of window dressing their realities.

I make bold to say Nigerians are among the most deprived yet hopeful and hardworking on the surface of the earth.

The average Nigerian has no social infrastructure or welfare system to fall back on in time of crisis save for a strong family structure.

The average Nigerian farmer works with the least of tools. Yet he's been asked to produce crops to feed the populace and export as well.

The average mechanic works with the basic of tools.
Yet he's expected to drive innovation in technology.

Same for the average carpenter bricklayer, tailor etc. No program to empower such hardworking Nigerians exist.

Rather, they are dumped on the lowest rung of the ladder and left alone to climb or drown while getting talked down on if they ask for a reprieve.

The UK spends 25% of its budget on social welfare and infrastructure. In countries like Saudi which are oil producing like Nigeria, home ownership is a right.

Shall we speak of countries like Norway where unemployment benefits sometimes exceed employment income for the citizens.

Nigerian leaders and elites are among the most corrupt and wasteful in the world. Yet, they hardly take responsibility for how the country has turned out on their watch. They are a bunch of greedy taskmasters who believe in being unquestionable and unquestioned.

One day na one day sha

You actually are just being emotional. You should be blaming past generations that " enjoyed" the fake life. I am among them and so are your parents.

You mention Saudi Arabia. What is Saudi Arabia oil production per day vs its population? What is its cost of extraction compared to Nigeria? How much excess crude oil sales was available for its sovereign wealth fund? Similar questions for Norway. Norway set aside nearly 80% of its oil revenue for its sovereign wealth fund Nigeria imported $3.2bn of stockfish from Norway in 2022. Paid for by subsidies. Stockfish o not spare parts. In 2022 we imported $313million worth of wigs from China alone. I haven't counted India, Philippines. That's where your subsidies are going. Fake lifestyles.

Meanwhile subsidies meant that there was no new investment going into this same golden goose of oil. Why would an oil company invest when it's margins are squeezed by state enforced subsidies? Same thing is going on now in telecoms where call quality is dropping, banking transaction failure rates are rising - why? Because price freezes over the last 2 years have created effective subsidies.

And the subsidies are still there. The cost of educating a home student in the UK is £9,600 per annum. The cost of educating a doctor in the US is not less than $100,000. How much is school fees at LUTH. These are the same doctors the world is grabbing off us because their education is GOOD and CHEAP.

Get it into your head. Nigeria is not a rich country. It has never been. It is a potential high medium income country. Stop feeling entitled to what does not exist.

You cannot use the 1% to calculate the size of NGN true GDP. You are all going to work your *** to get out of this. Nobody is coming to save you.

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Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by codemaniacs: 1:41pm On Jan 21, 2025

sulaak:
The UK has a productive economy with an annual budget of $700 billion for a population of 67 million.

Nigeria cannot even feed people, resulting in food imports.

The country's budget of $30 billion for 220 million is shocking. Yet, you want the government to continue borrowing from Eurobond at 8% to fund fuel imports of over $10 billion annually and protect the Naira by spending $1.5 per month.

Nigeria must face the reality that 25 years of democracy have failed due to consecutive governments' failure to outline an industrial strategy. Removing Fuel Subsidies and FX is the right decision; now, Nigeria must leverage its oil and gas resources to build a petrochemical and energy industry and increase food production.

The average Nigerian can start having fewer offspring, which places a strain on the social infrastructure, educating their children and using the street to protest instead of being priasing as corrupt politicians.

the major cause of Nigeria's poverty and under-development is the Western institutions that don't want to see any black nation prosper..

It is western influence that made t:inuboooo to devalue the naira which spoilt the purchasing power of every Nigerian.

you guys don't understand their hatred for black people globally especially those in Africa..

india annual budget is ₹48 trillion which is equal to $560 billion ( with a population over 1.4billion people

while Nigeria annual budget is ₦49 trillion which is equal to $30 billion ( with a population of 200million people )..

my point is Western powers claim Nigeria's population is the reason for ₦ Naira's bad currency conversion to the dollar..

but India with a population 7 seven times Nigeria's own is not affected by the same policy that causes Nigeria's bad currency conversion to the dollar..

if you reduce india annual budget to ₹28 trillion similar to Nigeria ₦28 trillion..

india's ₹28 trillion is still equal to $326 billion...

the Naira is a weapon fashioned against Nigeria and Nigerians by the Western powers.

Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by Ojuntana(op): 1:44pm On Jan 21, 2025

nairalanda1:
Remain blind to realities then.

And keep abusing me with playground insults.

Good afternoon.

Tend to the boiling pot

Corn must not burn

1 Like

Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by nairalanda1(m): 1:48pm On Jan 21, 2025

Ojuntana:
Tend to the boiling pot

Corn must not burn

1 Like

Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by codemaniacs: 1:48pm On Jan 21, 2025

Rilwayne001:
Now compare Nigeria population and GdP to the population and GDP of the countries you mentioned.

Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by Standing5(m): 2:00pm On Jan 21, 2025

CountinBlessins:
EXACTLY!!!!

LET ME GO ONE FURTHER AND BE BOLD, the Yoruba HAVE RUINED THIS COUNTRY. check HISTORY, ONE TRIBE , i mean just one tribe has ever always supported every corrupt, draconian dictator!! From Abacha to Shagari etc they all had Yoruba henchmen. Every corrupt and evil leader Nigeria has ever had has always had Yoruba backers, assistants and Yoruba advisors.

The one tribe that if Nigeria must progress should be removed are the Yoruba. Do this and watch Nigeria get better. i would have said the akpu munchers too but we can manage those ones easily but not the Yoruba.

If Nigeria must progress the Yoruba must be removed from Nigeria. Until we all unite and face this reality we will not make progress. They fought against GEJ, they fought against Yar Adua, they fought against Geringory Obi.

Yoruba support only bad leaders who loot us. No more time to be politically correct! Yoruba tribe are the cause of all Nigeria's probs

So yoruba supportes Abacha? Fermented corn is your portion obviously.

1 Like

Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by Digmygold: 2:10pm On Jan 21, 2025

updatedws:
U guys should have allowed us to continue living in our window dressed reality...

Because the current reality is worse
...

Don't mind them yet the embezzlers and looters are still roaming free leaving the masses to bear the brunt of their actions. Which single embezzler has been convicted under this administration?

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Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by codemaniacs: 2:13pm On Jan 21, 2025

BreconHills:
You actually are just being emotional. You should be blaming past generations that " enjoyed" the fake life. I am among them and so are your parents.

You mention Saudi Arabia. What is Saudi Arabia oil production per day vs its population? What is its cost of extraction compared to Nigeria? How much excess crude oil sales was available for its sovereign wealth fund? Similar questions for Norway. Norway set aside nearly 80% of its oil revenue for its sovereign wealth fund Nigeria imported $3.2bn of stockfish from Norway in 2022. Paid for by subsidies. Stockfish o not spare parts. In 2022 we imported $313million worth of wigs from China alone. I haven't counted India, Philippines. That's where your subsidies are going. Fake lifestyles.

Meanwhile subsidies meant that there was no new investment going into this same golden goose of oil. Why would an oil company invest when it's margins are squeezed by state enforced subsidies? Same thing is going on now in telecoms where call quality is dropping, banking transaction failure rates are rising - why? Because price freezes over the last 2 years have created effective subsidies.

And the subsidies are still there. The cost of educating a home student in the UK is £9,600 per annum. The cost of educating a doctor in the US is not less than $100,000. How much is school fees at LUTH. These are the same doctors the world is grabbing off us because their education is GOOD and CHEAP.

Get it into your head. Nigeria is not a rich country. It has never been. It is a potential high medium income country. Stop feeling entitled to what does not exist.

You cannot use the 1% to calculate the size of NGN true GDP. You are all going to work your *** to get out of this. Nobody is coming to save you.

The major cause of Nigeria's poverty and under-development is the Western institutions that don't want to see any black nation prosper..

It is western influence that made t:inuboooo to devalue the naira which spoilt the purchasing power of every Nigerian.

you guys don't understand their hatred for black people globally especially those in Africa..

india annual budget is ₹48 trillion which is equal to $560 billion ( with a population over 1.4billion people

while Nigeria annual budget is ₦49 trillion which is equal to $30 billion ( with a population of 200million people )..

my point is Western powers claim Nigeria's population is the reason for ₦ Naira's bad currency conversion to the dollar..

but India with a population 7 seven times Nigeria's own is not affected by the same policy that causes Nigeria's bad currency conversion to the dollar..

if you reduce india annual budget to ₹28 trillion similar to Nigeria ₦28 trillion..

india's ₹28 trillion is still equal to $326 billion...

the Naira is a weapon fashioned against Nigeria and Nigerians by the Western powers.

Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by Ojuntana(op): 3:04pm On Jan 21, 2025

BreconHills:
You actually are just being emotional. You should be blaming past generations that " enjoyed" the fake life. I am among them and so are your parents.

You mention Saudi Arabia. What is Saudi Arabia oil production per day vs its population? What is its cost of extraction compared to Nigeria? How much excess crude oil sales was available for its sovereign wealth fund? Similar questions for Norway. Norway set aside nearly 80% of its oil revenue for its sovereign wealth fund Nigeria imported $3.2bn of stockfish from Norway in 2022. Paid for by subsidies. Stockfish o not spare parts. In 2022 we imported $313million worth of wigs from China alone. I haven't counted India, Philippines. That's where your subsidies are going. Fake lifestyles.

Meanwhile subsidies meant that there was no new investment going into this same golden goose of oil. Why would an oil company invest when it's margins are squeezed by state enforced subsidies? Same thing is going on now in telecoms where call quality is dropping, banking transaction failure rates are rising - why? Because price freezes over the last 2 years have created effective subsidies.

And the subsidies are still there. The cost of educating a home student in the UK is £9,600 per annum. The cost of educating a doctor in the US is not less than $100,000. How much is school fees at LUTH. These are the same doctors the world is grabbing off us because their education is GOOD and CHEAP.

Get it into your head. Nigeria is not a rich country. It has never been. It is a potential high medium income country. Stop feeling entitled to what does not exist.

You cannot use the 1% to calculate the size of NGN true GDP. You are all going to work your *** to get out of this. Nobody is coming to save you.

I respectfully request that you speak for yourself Sir. My parents have never worked in govt or gotten free money or contract from any govt enterprise so it will be deeply insulting of you to lump them in the self-confession of your active participation in the ruining of our country.

As for Saudi Arabia's oil wealth, if Saudi Arabia had ruinous political elites like our leaders who play politics with every matter of governance, their oil production or GDP will not save them from ruin. Saudi today has a SWF of about 700bn. Chatham House reported that Nigeria's wealth that has been stolen since independence was in the region of $582bn in 2019. If that money was in a SWF, Nigeria will have the largest SWF all over the world as at then.

If my memory serves me well, stuffs like stockfish and wigs were on the export prohibition list in the last administration. This administration brought them back and devalued the naira in a bid to accommodate such things. Has the naira been better for it? Has access to forex improved because of the devaluation? Do the political elites feel the pinch of devaluation? The first lady was reputed to have gotten billions of naira for her foreign travels when she is not an agent of the state. Her office is unknown to the law yet it appears in every budget. The president's son was reputed to wear a watch that costs millions of dollars and was recently fingered in a house purchase worth millions of pounds. All this without any publicly known or acknowledged business. So who is being subsidised here? The present chair of the ruling party has a dollar stuffing video. The head of the legislature has over a 100bn corruption case on his neck. One of the chief ministers of this govt was a bagman for late dictator who was known to wreck the CBN in hard cash. I'm sure these folks are not living fake lifestyles according to you.

There is no nexus between subsidy in the downstream sector and oil production in the upstream. You seem to be confused sir. Neither the telecoms nor banking industries have been recipients of subsidies.

It is disingenuous to compare LUTH with universities in the UK and the US when they do not offer same standards of teaching and research environments nor opportunities and renumerations. Students in the US just had their loans wiped off. The UK offers grants and subsidies to University students at a scale Nigeria can only dream of. Again, it is dishonest to compare both in terms of fees when they do not offer same prestige and value.

When you say Nigeria is not rich, what exactly do you mean? Is it in terms of human, material and natural resources or in terms of exploitation, management and deployment of resources. It is confusing to first lay the blame at past generation, then switch to stockfish and wig, and then arrive at the lack of wealth of the Nigerian state.

You can't seem to get your story straight.

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Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by Mathewrichard99: 3:04pm On Jan 21, 2025

BreconHills:
You actually are just being emotional. You should be blaming past generations that " enjoyed" the fake life. I am among them and so are your parents.

You mention Saudi Arabia. What is Saudi Arabia oil production per day vs its population? What is its cost of extraction compared to Nigeria? How much excess crude oil sales was available for its sovereign wealth fund? Similar questions for Norway. Norway set aside nearly 80% of its oil revenue for its sovereign wealth fund Nigeria imported $3.2bn of stockfish from Norway in 2022. Paid for by subsidies. Stockfish o not spare parts. In 2022 we imported $313million worth of wigs from China alone. I haven't counted India, Philippines. That's where your subsidies are going. Fake lifestyles.

Meanwhile subsidies meant that there was no new investment going into this same golden goose of oil. Why would an oil company invest when it's margins are squeezed by state enforced subsidies? Same thing is going on now in telecoms where call quality is dropping, banking transaction failure rates are rising - why? Because price freezes over the last 2 years have created effective subsidies.

And the subsidies are still there. The cost of educating a home student in the UK is £9,600 per annum. The cost of educating a doctor in the US is not less than $100,000. How much is school fees at LUTH. These are the same doctors the world is grabbing off us because their education is GOOD and CHEAP.

Get it into your head. Nigeria is not a rich country. It has never been. It is a potential high medium income country. Stop feeling entitled to what does not exist.

You cannot use the 1% to calculate the size of NGN true GDP. You are all going to work your *** to get out of this. Nobody is coming to save you.

Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by DMerciful(m): 3:08pm On Jan 21, 2025

He is Yoruba. Only Yorubas defend Tinubu due to tribalism

EmperorCaesar:
Thats not the point. This is 2025,not 2012

Hes spoken well

PBAT sure surrounds himself with brilliant mind , why wouldnt he succeed?

A new Nigeria is born under Tinubu

Wailers are allowed to gnash their teeth. Its a fundamental human right

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Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by DMerciful(m): 3:08pm On Jan 21, 2025

Yorubas!

darezeezleke:
Well spoken !

Kudos to Mr. Oyedele for doing the hard job.

To those thinking otherwise, are you sure that y'all are okay with our future
being mortgaged for subsidy sake?

It's a hard road, but we gotta do it

1 Like

Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by Pawa100: 3:11pm On Jan 21, 2025

Ojuntana:
https://nairametrics.com/2025/01/19/nigerians-lived-in-window-dressed-realities-before-subsidy-removal-oyedele/

Thunder go fire 🔥🔥🔥 you and your entire family generations

1 Like

Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by membranus: 3:33pm On Jan 21, 2025

CountinBlessins:
EXACTLY!!!!

LET ME GO ONE FURTHER AND BE BOLD, the Yoruba HAVE RUINED THIS COUNTRY. check HISTORY, ONE TRIBE , i mean just one tribe has ever always supported every corrupt, draconian dictator!! From Abacha to Shagari etc they all had Yoruba henchmen. Every corrupt and evil leader Nigeria has ever had has always had Yoruba backers, assistants and Yoruba advisors.

The one tribe that if Nigeria must progress should be removed are the Yoruba. Do this and watch Nigeria get better. i would have said the akpu munchers too but we can manage those ones easily but not the Yoruba.

If Nigeria must progress the Yoruba must be removed from Nigeria. Until we all unite and face this reality we will not make progress. They fought against GEJ, they fought against Yar Adua, they fought against Geringory Obi.

Yoruba support only bad leaders who loot us. No more time to be politically correct! Yoruba tribe are the cause of all Nigeria's probs

So according to you, all Yoruba heads must be decapitated to save this country, because we are the problems of the country since 1914 when your uncle Lugard unceremoniously lumped us together?

Okay o, we Yorubas are waiting for you and your head hackers to come and do your job. You will meet us gidigba at our border posts. Just state the date and the time.

Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by Tianamen1: 3:39pm On Jan 21, 2025

Has any money been accrued in Nigeria's excess crude account?

The Naira seems to be headed for its destination of N6000 to a dollar as none of Tinubu's policies has led to any accretion of funds in Nigeria's ECA.

The Naira, like most currencies, is not backed by a lot of savings, so it tends to lose value when international (external) events occur.

These events include:

-things that lead to the fall in crude oil prices.
-rising U.S. interest rates.
-increases in national debt-to-revenue ratios.
etc.

My point is Oyedele is celebrating too early. nothing has been achieved. The removal of subsidies only reduced the pressure on Nigeria's economy, giving the government time to restructure, the benefit of which would be the accretion of funds in the ECA.

Tinubu has only made the Nigerian masses poorer. He has protected the rich and the Naira is still extremely vulnerable to collapse.

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Re: Nigerians Lived In “Window-Dressed Realities” Before Subsidy Removal – Oyedele by porthouse7(f): 3:50pm On Jan 21, 2025

lonelydora:
They keep giving excuses to justify their failures.

no failure here, govt is doing the needful

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