₦airaland Forum

nairalanda1:
Allow me to interrupt, but the problem with your supplentary budget idea is quite simply there was no money for it

Debt service was eating 95 % of our income by august 2022. We were financing subsidy then by debts. Which was causing inflation. We were all borrowed up

I am not lying or defending any politicans


See the article ' reflections on the fuel subsidy in Nigeria' which explains better . Guardian, august 14 2022

Tell me, which government will ever tell you there's money somewhere? And whenever there's no money and they need to finance some critical projects, they know where to go to apply for loan. So, why not go there to borrow for palliatives? Tinubu has borrowed since he entered government for whatever reasons and had also embarked on unnecessary spending, including the purchase of an aircraft which received express approval of the senate and is even planning to borrow more now.

It's never a sin for any administration to borrow, if its truly for the stability of the economy and alleviating the suffering of the masses so, get that. After all, they keep telling us that our credit rating is good and so, there's nothing bad if we borrow as a nation. Had he done this, believe me,some of the SMEs would have remained and they'd be able to refund the loan in part, via remittances made by them. Not only that, the employees they're feeding by way of monthly salary would have remained. You can imagine how many Nigerians have been thrown out of jobs cos their employers have ceased to exist. What of the artisans like bricklayers, electricians, carpenters, plumbers, name it, who are out of jobs cos people dont have the capacity to build houses anymore? Traders and farmers have also got their own share of the effect of Tinubu's poor economic policy.

Recently,they said fuel consumption had reduced greatly. Don't tell me it's because of the paltry qty of the CNG vehicles on the road. Its because less number of vehicles now plies our roads. That's not progress. Its the effect of his poor policy.

These are the facts staring us all in the face

Didijiji:
hahaha subsidy is removed

I laugh anytime I watch that video

Awon Lagos builder😂😂😂😂😂

Continue laughing

AMINDA:
Two years and counting, they are still campaigning with removal of subsidy and "bold reforms" even with nothing to show. All they crave for and keep chasing after are mundane "endorsements" from equally culpable elites while the populace continue to suffer.

How many times will Gbajabiamila organise a meeting of former legislators solely for them to "endorse" Tinubu?

let Atiku organize his own

Eriokanmi:
Tell me, which government will ever tell you there's money somewhere? And whenever there's no money and they need to finance some critical projects, they know where to go to apply for loan. So, why not go there to borrow for palliatives? Tinubu has borrowed since he entered government for whatever reasons and had also embarked on unnecessary spending, including the purchase of an aircraft which received express approval of the senate and is even planning to borrow more now.

It's never a sin for any administration to borrow, if its truly for the stability of the economy and alleviating the suffering of the masses so, get that. After all, they keep telling us that our credit rating is good and so, there's nothing bad if we borrow as a nation. Had he done this, believe me,some of the SMEs would have remained and they'd be able to refund the loan in part, via remittances made by them. Not only that, the employees they're feeding by way of monthly salary would have remained. You can imagine how many Nigerians have been thrown out of jobs cos their employers have ceased to exist. What of the artisans like bricklayers, electricians, carpenters, plumbers, name it, who are out of jobs cos people dont have the capacity to build houses anymore? Traders and farmers have also got their own share of the effect of Tinubu's poor economic policy.

Recently,they said fuel consumption had reduced greatly. Don't tell me it's because of the paltry qty of the CNG vehicles on the road. Its because less number of vehicles now plies our roads. That's not progress. Its the effect of his poor policy.

These are the facts staring us all in the face

The problem with borrowing at that moment is that it would have made things infiently worse.

Debts always have to be paid back.

Remember that 95% of our income was going towards debt servicing.

wirinet:
What of all the billions of dollars President Tinubu has borrowed from world Bank and China, since assuming office? Will the debts not be serviced?

What about it?

It's basically showing that we are a resource dependent economy, which tinubu has done nothing to change.

Removing subsidy did improve credit, which enabled the borrowing.

But to do the hard work of diversifying the economy and industrialize, tinubu knows not.

Oil is a curse

gulfer:
The current Nigerian population can only be sustained by the natural resources we have in abundance and that's our hydrocarbon resources...... Yet, while developed nations still subsidize their citizens, the one subsidy that truly helped every Nigerian has been eliminated. This decision, sold as a reform, seems to benefit only a select few who continue to create self-serving laws and policies. These guys are completely insulated from the hardships the rest of the population endure. I feel for those who defend this government—I just hope you guys see the truth of the situation before it's too late and I am just so sorry for most of you defenders of this government that by the time this veil falls off your eyes it won't be too late.......go and ask Onokpasa.

No, we need to use our resources to make stuff that the world needs. That's how china went from being behind Sierra Leone in 1974 to lending to them today. That's how south Korea went from being behind Senegal in 1960 to being a industrial nation today.

The problem relying on resources is simple. We don't control their prices..we cannot increase them to make more money because buyers will go to cheaper alternative. And when the price is too low , we get broke and take loans.


There is a reason why tinubu is useless. It is because he thinks oyel is enough and then there is the borrowing when it isn't


God bless and prosper you

gulfer:
The current Nigerian population can only be sustained by the natural resources we have in abundance and that's our hydrocarbon resources...... Yet, while developed nations still subsidize their citizens, the one subsidy that truly helped every Nigerian has been eliminated. This decision, sold as a reform, seems to benefit only a select few who continue to create self-serving laws and policies. These guys are completely insulated from the hardships the rest of the population endure. I feel for those who defend this government—I just hope you guys see the truth of the situation before it's too late and I am just so sorry for most of you defenders of this government that by the time this veil falls off your eyes it won't be too late.......go and ask Onokpasa.

Also, saying tinubu is useless because he won't industrialize Nigeria means i am defending him in your mind?

Sometimes you guys need to read what your writing and reframe how you think

Tinubu is not someone i have voted for and won't defend

MeaslesMumpsRub:
It is not all about food. We cannot be using all our money to be eating food. We have to make some sacrifices for the generations to come.

Which food are you talking about? Everything has skyrocketed. Transportation, Utilities, health care, school fees, clothing e.t.c

Please, tell me the sacrifices this present government is doing for Nigerians? Building Lagos-Calabar coastal road, Sokoto- Badagry road, buying SUVs, yatch, Jets, e.t.c

You removed subsidies in all most all the things Nigerians are enjoying but nothing to show for. Only to be subsidizing the governors with huge monthly allocations.

It seems you're a beneficiary of this present government and you're not left from anything. Congratulations to you.

So far so good, what have this govt achieved from the subsidy removal. The suffering is 100x worst. This action is the worst a govt can do

Yes he was right to remove it, but he didn’t of the next election or the suffering masses of this country who felt the deep impact of his decision.

But instead of subsidies of fuel, why can’t the government give local refiners (only) huge incentives and tax cuts so as to reduce their prices. This is transparent and traceable. It will reduce the fraud involved by 95%

In 2027 this is how Nigerians are going to be eating

Didijiji:
we no Dey shame oooo

Na the state of Nigerian economy under him Dey make us shame

Is he the best your region can give Nigeria 🤣🤣🤣🤣🤣

Yes o, he’s the best my region could produce and unfortunately for you, he will be the one dictating how you live your life. His utterances and policies will be the things that will shape your life and those of your entire family till 2031😂
At least, we are better than the region whose brightest and most brilliant person is one spare parts seller who once said “the biggest drain to our foreign which is affecting our foreign exchange is foreign exchange”😂
This same lettered man also once said: “the root cause of corruption in Nigeria is that there are too many toll gates”
How he was able to convince over 6 million equally unlettered persons in 2023 should be added to the wonders of the world. You are being ignored now 🤝

But still reamins the only president to start campaign before due time

Yes I agree Tinubu bold tax, LG auto,subsidy isn't a first tenure easy decision. But it changed nothing of corruption intent. Soo much money available to govt ,yet Soo much borrow and loot . More like Rob Peter take all

y shud i borrow to study

Newsmills:
Every Nigerian child today is guaranteed a tertiary education courtesy of the Nigerian Education Loan Fund (NELFUND) With the signing into law of the tax reforms, President Bola Tinubu has ushered in a new era of economic justice, built on fairness, accountability, and national purpose.

He had succeeded in recouping whatever he invested in the elections in 2023,trillions of naira pumped into superhighways were the calculations,so stop deceiving the people,buying of Agip oil company is part so stop needless discussions.Since there’s food eat do not generalize blessings others have not received.

nairalanda1:
The problem with borrowing at that moment is that it would have made things infiently worse.

Debts always have to be paid back.

Remember that 95% of our income was going towards debt servicing.

It was Buhari's administration that put Nigeria in the debt hole to start with!

Nairalanda1 throws yet another hissy fit.

But you will be called out yesterday, tomorrow and the week after.

Any so called ideologue who throws a tantrum at the slightest hint of a robust challenge to his views - is simply not yet ready.

Dear 'likita', you should stick to reading old (or new) editions of the Lancet if there is any truth to your claims about your vocation...and stay away from political economy. You just don't have the bandwith for the serious stuff.

Rather than rebut my challenge, you chose the easy way out. Typical.

By now, he must’ve regretted his action and inaction. If only he knew the consequences attached to fuel subsidy removal and proffered solutions before making a pronouncement maybe we wouldn’t have found ourselves in this mess we are today as a nation.

nairalanda1:
The problem with borrowing at that moment is that it would have made things infiently worse.

Debts always have to be paid back.

Remember that 95% of our income was going towards debt servicing.

Borrowing doesn't have to be only from external sources bros. Government borrows internally, they raise bonds too and do borrow from the apex bank.

Didijiji:
subsidy is gone on the first day

Without understudying anything…. Just to sound woke

😂😂😂😂😂😂😂

I don't think the president just made that comment out of the blue/without thinking, in disagreement to what many people thought.

I think/believe he and his campaign team had already decided the decision from day 1.

Someone said if the president had delayed from not implementing the subsidy removal from day one, political forces would've fought him to delay it.. Just as they did to previous presidents.. Can't you see what's happening to Dangote?

That statement was planned and took the subsidy mafia unawares. I believe this.

commoditiesnig:
I don't think the president just made that comment out of the blue/without thinking, in disagreement to what many people thought.

I think/believe he and his campaign team had already decided the decision from day 1.

Someone said if the president had delayed from not implementing the subsidy removal from day one, political forces would've fought him to delay it.. Just as they did to previous presidents.. Can't you see what's happening to Dangote?

That statement was planned and took the subsidy mafia unawares. I believe this.

which mumu subsidy mafia? Now he has created governors mafia by taking the money from subsidy payments and handing over same in the name of allocation to rogue governors

Subsidy mafia= rogue governors

The only difference is life was good under the so called subsidy mafias.

Heavensake1:
Continue laughing

hahahahahhhhahhh

🤣🤣🤣🤣🤣🤣🤣😂😂😂😂😂😂😂

Uchesis:
My friend willl you keep quiet jooh!

Only a fool believes Nigeria has no money


Where did the money for yacht, presidential jets, VP lodge renovation etc come from?

Where did the largese to governors come from?

Abegi shift jare

Oga stop talking like an illiterate and be humble enough to process the information given to you free of charge.

The revenue from oil can't sustain population of 200m out of which we are still servicing debt and defending naira.

That's why Tinubu removed those two items that was about to bankrupt the nation. Today the money is being channeled to infrastructures and we are gradually changing the narrative for better.

If you can't understand this then I can't help you

nairalanda1:
1.Partial removal is what all our past leaders did, and what buhari did several times. Notthing special about it.

2. At the end whoever led the protests, GEJ should have still removed subsidy. WE WERE EFFING LOOSING MONEY.

3. Yes, he incurred debt and wasted our forex from the oil boom...to feed oil subsdy and a host of other palliative projects...which is what all our leaders, tpain included do. Which is why I don't like any of them , including this government.

4. GEJ lacked courage to totally remove fuel subsidy.



You Nigerians , should realize, that the reason why our leaders, gej and tinubu INCLUDED, are bad, is because resource dependency, and not because subsidy or debt. RESOURCE DEPENDENCY.

Now that Tinubu has removed subsidy, can you tell what he's using the money for? He's borrowing from IMF and Word bank.

Richie6:
Now that Tinubu has removed subsidy, can you tell what he's using the money for? He's borrowing from IMF and Word bank.

The problem with Nigeria economy is that it depends too much on oil.

Meaning unless oil prices are at least 100 dollars we can't have a sane budget and have to borrow

People like me yell at apc governments to change that, but they don't listen . Tinubu is still doing the good old spending sans overreaching plan

Eriokanmi:
Borrowing doesn't have to be only from external sources bros. Government borrows internally, they raise bonds too and do borrow from the apex bank.

Which buhari overdid via ways and means from central bank which led to the awful situation of 95 percent of our revenue going to debt service

And it was going to pay the interest of our debt. Not the actual debt

Also, any loan taken means more debt. Which as at August 2022 we effing could not afford.

Forget politics. Replacement of tinubu with obi or atiku same result. Or something else goes.

Kobicove:
It was Buhari's administration that put Nigeria in the debt hole to start with!

With help.from.past.admins.

But then again, oil prices were chronically low during his regime, so borrowing ensued at a very higher rate

That's why buhari not diversifying is why he was a bad leader.

Tinubu is not also urgently diversifying the economy. That makes thing even worse

nairalanda1:
Which buhari overdid via ways and means from central bank which led to the awful situation of 95 percent of our revenue going to debt service

And it was going to pay the interest of our debt. Not the actual debt

Also, any loan taken means more debt. Which as at August 2022 we effing could not afford.

Forget politics. Replacement of tinubu with obi or atiku same result. Or something else goes.

You're taking it too far. There shouldn't be any derailment from this topic. Do you remember despite the so called huge inherited debt, tinubu still borrowed? Do you know how many times he had borrowed since he became president and he's still borrowing more? If truly according to them,despite the huge debt incurred by the past administration theyre telling us our credit performance was good and we could borrow more( I remember when they posted the number of countries we're better than, in terms of credit performance in africa here, to justify the claim), why not also borrow for palliatives either from within or outside since our credit performance was so good? If truly they had the love of the masses at heart, this would have been their focus.
Are you aware Tinubu's administration borrowed almost 800m usd to finance the lagos-calabar coastal road project that is a long term in view? A lot is just wrong with this administration and I think theyre acting deliberately this way

What's more important...palliatives to save the poor masses from further despair and keep the economy going or the elephant project of that calibre? The existing roads are death traps and I always use ekiti road as an example here.
Im not saying you shouldn't defend your party, its ok. But when doing this, think of what your conscience will tell you first.

Atiku wouid have sold the refineries which Tinubu is planning to borrow another money to fix and he said this many times. Obi would have done same. Both candidates had agreed on the removal of subsidy too. But Obi said he will not remove it once cos the impact would be too much on the masses....and he's right as seen today. I cited the Angola model to you, which is why they're not crying like us today. Angola did like Jonathan. Before subsidy was removed, enough palliatives were already in place and it was removed in phases, not once like Tinubu had done. but tinubu didn't just bother.

helinues:
Honestly, considering some policies and reforms by this government, it takes mind to initiate them in first term.

Why didn't he use this same strong mind you alluded to him here to prosecute or probe all the lapses that existed in the fuel subsidy programs that motivated him to have removed it in the first place.


Therefore on one hand he has mind to do remove the subsidy and majority of the sufferers of this are the struggling masses.

But on the other hand, he doesn't have mind to prove all the malpractices that were enjoyed by the contractors, nnpc-bigwigs and importers who are probably in the richer class.

commoditiesnig:
I don't think the president just made that comment out of the blue/without thinking, in disagreement to what many people thought.

I think/believe he and his campaign team had already decided the decision from day 1.

Someone said if the president had delayed from not implementing the subsidy removal from day one, political forces would've fought him to delay it.. Just as they did to previous presidents.. Can't you see what's happening to Dangote?

That statement was planned and took the subsidy mafia unawares. I believe this.

Are the subsidy mafias above the law or stronger than the president?
He should have probed their past activisties that motivated the removal of the subsidy itself. And perhaps tried to sanitize the entire program by removing every corruption in it to the nearest minimum.

You can cut off your head from the neck becos you have a headache and say to your self that "if you had left your neck, the pain would have spread to your entire body".

Please don't use Dangote as an example of a victim of cabals.
Dangote is a victim of a failing system of which the same Tinubu is the head of.
Therefore, Dangote is a victim of Tinubu's Government.