₦airaland Forum

Gboss247:
Yet Tinubu is borrowing crude collateralized dollar loans to subsidize dollars

Gotocourt:
I love the US. The united states subsidized food right from farms, car manufacturers, aviation industry etc.
Use your head

dederocs:
Are you in government or among the people?

It's citizens rights to enjoy the benefit of their national cake and common wealth. It is a right not a previledge, like I said, either you are a sycophant or ignorant of what a democracy is and who the people are in a democracy, you people worshipping politicians are either ignorant or sycophants, because politicians are the workers, the nation belongs to the people!

Where does your interest lies?

So you want politicians alone to enjoy the wealth of the state and the people groan and suffer?

If you are not in government you must be a sycophant, because a reasonable man or human being will stick with the people's benefit, as we all know Nigerian politicians are living large off the national wealth already.

Subsidies, welfare or whatever name you want to call it, national revenue must be redistributed to the people, after all costs of government have been met.

Gboss247:
Those countries are producing and exporting massively to earn forex while Nigerian is borrowing massively with crude as collateral to import, common sense should bee common!

Enice:
Oga, you should try to understand the difference between right and privilege before using the word.
Right is a "must" and cannot be bargained while privilege is "not a must" and can be bargained

Alliswell248:
Always talking blindly.
Who is stopping the audio billionaires from doing the same?

Sore losers.

Splashme:
The first civilian governor of Lagos State, Alhaji Lateef Jakande, on Tuesday, said that the cancellation of the Lagos metroline project in 1985 was a major mistake and disservice to many Nigerians.

Jakande spoke in Lagos during the launch of a book which chronicled his life in politics and journalism.

The book, entitled, ‘Jakande: Leadership in Action’ is written by Dr. Bola Olaosebikan, who told the audience at the event that the All Progressives Congress presidential candidate, Maj. Gen. Muhammadu Buhari (retd.), was not responsible for the cancellation of the project.

Jakande said, “Reflecting on the metroline project, I think it is a major disservice to many Nigerians. Imagine how many people would have benefitted. It would have made life easier and changed the face of transport in Lagos. Whoever cancelled it or gave the advice towards its cancellation didn’t do right.”

The former governor asked Nigerians not to vote for unserious leaders in the coming polls, saying the elections presented Nigerians with a good opportunity that should not be squandered.

Expressing the hope that Nigeria would soon overcome its developmental challenges, Jakande said hope would be actualised faster if credible people emerged as leaders in the next dispensation.

He said, “This book comes at a very auspicious time in Nigeria’s history as we need leaders who can act. We need leaders who would not compromise the standards of good governance. God has blessed this nation the most in Africa, although we have not reached where we should be; with the right leaders, Nigeria would overcome its challenges.”


http://www.punchng.com/news/cancelling-metroline-a-major-mistake-jakande/

eluquenson:
REVISITING SOME OF THE LATEEF JAKANDE'S GOVERNMENT ACHIEVEMENTS FROM OCTOBER 1979 TO DECEMBER 1983 (FOUR YEARS AND 3 MONTHS) IN LAGOS STATE

* His government built the current Lagos State Secretariat which houses all the state ministries as well as the popular round house hitherto occupied by all subsequent governors of the state.

* His government built the Lagos State House of Assembly complex.

* His government built the Lagos State Television

* His government built the Lagos Radio

* His government built Lagos State University

* His government established General Hospital in zones all over the state with assurance of free health care.

* His government established Teacher Training College and the College of Education.

* His government built low cost houses in Ijaiye, Dolphin, Oke-Afa, Ije, Abesan, Iponri, Ipaja, Abule Nla, Epe, Amuwo-Odofin, Anikantamo, Surulere, Iba, Ikorodu, Badagry, Isheri/Olowu, Orisigun etc.

* His government established the Water Management Board and Waste Disposal Board on the 18th of August, 1980.

* His government constructed the Adiyan Water Works to increase water supply in the state to 18.16 million litres per day.

* His government modernized and expanded the Iju Water Works which was first commissioned in 1915. This increased daily capacity from 159 million to 204 million litres per day.

* His government purchased and commissioned the giant car crusher equipment. The equipment was designed specifically to crush derelict vehicles in Lagos State. It had the capacity to crush 45 vehicles per day.

* His government constructed, rehabilitated and resurfaced Epe/Ijebu-Ode Road, Oba Akran Avenue, Toyin Street, Town Planning Way, Alimosho-Idimu-Egbe Road, Idimu-Iba-LASU Road, the new secretariat road and several others.

* His government constructed Victoria Island/Epe Road and thereby creating an ‘oil rig’ for Lagos State.

* His government established Asphalt Plant for the Department of Public Works.

* His government established Electricity Board for Rural Electrification with provision of street lights.

* His government modernized, expanded and commissioned Onikan Stadium in 1982.

* His government established a singular school system and ensured genuine free education in Lagos State and the beneficiaries of this policy are in different positions of eminence in the country and around the world.

* His government raised the primary schools in Lagos State to 812 with 533,001 pupils (against 605 primary schools with 434,545 pupils he met in 1979) and secondary schools to 223 with 167,629 students (against 105 schools with 107,835 students in 1979).

* His government constructed 11, 729 classrooms with the maximum of 40 children per class between March and August 1980, by 1983, he had constructed over 22,000 classrooms.

* In July 1983, two commercial passenger boats christened "Baba Kekere and Itafaji" to run the Mile 2 - Marina (CMS) route via the lagoons were inaugurated by his government to mark the official launch of the Lagos State ferry services.

* His government took over the ownership and financing of Lagos State Printing Corporation in July 1980

* His government established the first State Traffic Management Authority (Road Marshals).

* His government established small scale Industries Credit Scheme which preceded the EKO bank.

*His government established LASACO Insurance.

*His government expanded existing market and built new ones.

*His government established Traditional Medicine Board.

WHO SAYS 4 YEARS IN OFFICE IS NOT ENOUGH FOR MEANINGFUL ACHIEVEMENTS?

IT'S A FACT THAT 90% OF GOVERNORS IN NIGERIA SINCE 1999 WITH REVENUES AT THEIR DISPOSAL CANNOT BOAST OF A QUARTER OF THESE ACHIEVEMENTS EVEN WITHIN THEIR EIGHT YEARS IN OFFICE.

grandstar:
I am glad that you can see first hand the problem of poverty alleviation schemes in Nigeria. They are a waste of time.

The best policies that will work would be to pursue sound economic policies that are populist such as lifting protectionist barriers on food for instance to bring the prices down.

grandstar:
Subsidize dollar at 1,500? The Naira isn't subsidized. The purpose of floating the Naira was to end the dollar subsidy.

Yes, dollars was borrowed using collaterized crude oil to offset unremitted dollars to buyers. The CBN was owing buyers of forex under Emefiele $7bn. There was only $3bn in the net foriegn reserves- that is the actual the central bank has access to. That was how bad things were under Emefiele. The CBN needed to clear the backlog it was owing before trust in the forex market could be revived.

The backlog has since been cleared. The net foreign reserves has risen to over $30bn.

Gboss247:
Naira isn't subsidized but billion of dollars are borrowing from multilateral organizations to defend at N1,500/$, APC supporter well done!

dederocs:
Citizens have a right to subsidies, welfare or whatever you call it, the national wealth does not belong to politicians, you sycophants are a problem to Nigeria.

Countries all over the world redistribute national wealth to their people through healthcare, affordable food and housing, disability and unemployment payment etc. democracy is not about the people paying taxes and dying while politicians live like kings, democracy is about using national wealth to cater for the wellbeing of the people.

Gotocourt:
I love the US. The united states subsidized food right from farms, car manufacturers, aviation industry etc.
Use your head

Enice:
Oga! Stop spewing your ignorance on the net. Subsidy is a privilege not a right. It depends on what the government wants to achieve at that particular time. When it is achieved, it can be discontinued.

grandstar:
What you're saying is so inaccurate.

Why not blame Emefiele? There was only $3bn in the net foreign when he left office and the CBN was owing buyers $7bn.

In other to restore faith in the forex market, the CBN needed to offset the backlog. Companies were exiting Nigeria because of the chronic foreign exchange crunch. Emirates and Shoprite were 2 good examples.

Foreign banks and countries were unwilling to lend to the country. By then, the Nigerian government was spending 97% of its revenue on debt servicing. Buhari left a gargantuam mess.

The government had to turn to collaterized crude oil sales to raise the money and pay off the backlog.

[b]So, the Nigerian government never borrowed massively to fund imports but primarily to pay off the backlog owed FX buyers.
[/b]When you are done deceiving yourself.
Another billion dollar loans have been approved by senate to defend naira (subsidize), subsidize substandard expensive petrol from Europe, provide liquidity for importation and loot the rest.

Now, things have changed since then. There is over $30bn in the net foreign reserves, more than enough to cover 6 months worth of imports, unlike the dreadly less than one month during those dark days.

At an exchange rate of $1-1,500, imports will be discouraged. That's why the foreign reserves have grown so fast. In addition, exports seems to have picked up, but to expect an explosion in exports in barely two years coming from an abyss is expecting too much, and unrealistic.

grandstar:
What you're saying is so inaccurate.

Why not blame Emefiele? There was only $3bn in the net foreign when he left office and the CBN was owing buyers $7bn.

In other to restore faith in the forex market, the CBN needed to offset the backlog. Companies were exiting Nigeria because of the chronic foreign exchange crunch. Emirates and Shoprite were 2 good examples.

Foreign banks and countries were unwilling to lend to the country. By then, the Nigerian government was spending 97% of its revenue on debt servicing. Buhari left a gargantuam mess.

The government had to turn to collaterized crude oil sales to raise the money and pay off the backlog.

[b]So, the Nigerian government never borrowed massively to fund imports but primarily to pay off the backlog owed FX buyers.
Now, things have changed since then. There is over $30bn in the net foreign reserves, more than enough to cover 6 months worth of imports, unlike the dreadly less than one month during those dark days.

At an exchange rate of $1-1,500, imports will be discouraged. That's why the foreign reserves have grown so fast. In addition, exports seems to have picked up, but to expect an explosion in exports in barely two years coming from an abyss is expecting too much, and unrealistic.
When you are done deceiving yourself.
Another billion dollar loans have been approved by senate to defend naira (subsidize), subsidize substandard expensive petrol from Europe, provide liquidity for importation and loot the rest.

Gboss247:
When you are done deceiving yourself.
Another billion dollar loan have been approved by senate to defend naira (subsidize), subsidize substandard expensive petrol from Europe, provide liquidity for importation and loot the rest.

Gboss247:
When you are done deceiving yourself.
Another billion dollar loan have been approved by senate to defend naira (subsidize), subsidize substandard expensive petrol from Europe, provide liquidity for importation and loot the rest.