₦airaland Forum

Brendaniel:
Shehu Sani is indirectly telling us that Buhari was smarter than Tinubu in governance, because Buhari rejected IMF's advise while Tinubu followed their advise, now Tinubu supporters want us to believe that Tinubu is better than Peter Obi, the question to them: is Buhari better than Peter Obi?

Buhari knew that the entire north would be the worst affected out of all six of Nigeria's geopolitical zones, that's why

He wasn't any brighter and he never planned to do better by Nigeria, it was just his tribalistic orientation at work

Orlandoo:
Only a fool will get an ill advice from someone who don't care about you.

What if the "fool" needs something from the goon giving out advice?

It would be very easy to refute sani, so here goes

The usual disclaimer...1) I dn't support tinubu 2) I am not here to defend him , and 3) I have never voted for him

So, why did subsides go.

Let's go back to why GEJ wanted to remove subsides. IN 2011, subsidy spending was three times that in 2010. Not because of looting, but because high oil prices meant that costs of production were so high, we had to spend more money on subsides.

That is why GEJ had to remove subsidies...partially (and why buhari and tinubu were wrong to oppose him, but hey. they wanted to get into power, and they joined the bandwagon).

By August 2022

1. Debt servicing was eating 90% of our budget
2. Forex was severely scarce.
3.Effective forex reserves were 4 billion dollars, most of the reserve having gone to pay for y'know...debts

Yes, that's how bad subsidy had become....and at the end of the day, we was out of money

(Read this article in the Guardian...Reflections on the fuel subsidy regime ,....from August 2022, for more details.)

As for floating the currency, let's be real. Round tripping was a thing, as people were buying forex at official rate and selling on the black market. And yes, government corurption was a thing too. Add the fact that forex was scarce because since 2014, oil prices had collapsed....and we had not been earning enough forex as a result.

I won't even mention...ok I did...about how, 50 years of subsidy

1. Wrecked our refineries...from 400000 bpd in 1987 to 92000 bpd in 2012, to 6000 bpd in 2019, to zero by 2023 May. Because to afford subsides we started skimping on maintenance costs.

2. Massive losses in smuggling. If any country with subsides has stopped smuggling of fuel, tell me. LIbya, Venezuela, Angola, Iran,even Saudi have been unable to stop smuggling. And we was losing billions and we were at one point having fuel consumption rates of 100 m liters per day, over half of which went to other African countries.

3,Stifling investment in new refineries...and in the sector as a whole. IN 2020, we had 20 licences for refineries issued, down from 60 in 2011...yet only 5 had been taken up, because under subsidy most of them would have not seen any ROI. You cannot refine fuel for say N720...and government makes you sell it below N400 without losing money...






The main culprit is not the world bank and IMF. The main culprit is the fact that we rely too much on oil money. A country of 230 million relying on 1.8m bpd is not going to be prosperous, and is going to struggle to pay for welfare programmes like subsides...without getting into massive debts.


Yes, tinubu should have paid for palliatives to cushion the effect (which was why he was wrong to oppose GEJ subsidy removal...as we had the cash then to do somethings re palliative if subsidy had gone) but see my above 3 points. Even with subsidy removal, our net income has not improved at all (which is why Tinubu is a failure...let's even add he supported Buhari who came to power on diversification mantra...which he failed to implement)....and then we

1. Have a massive debt of 150 trillion naira and growing

2.Have to take more loans because oil prices have not been above our fiscal breakeven.(That's the price we need to have enough revenue from oil to have a budget that makes sense)...As the below AI summary says.

Nigeria's fiscal breakeven oil price is assessed to be above $150 per barrel, though estimates vary by source and over time, with one report citing the IMF's estimate at $156 per barrel. This is significantly higher than the $75 per barrel benchmark assumed in the 2025 budget, which poses fiscal challenges if the global price stays low.

IMF estimate: Approximately $156 per barrel.
Allianz estimate: Above $150 per barrel.
2025 Budget benchmark: $75 per barrel, which is lower than the breakeven price.

Implications: A global oil price below the breakeven level strains Nigeria's budget, as seen in the concerns surrounding the 2025 budget's feasibility due to recent price drops below $75 per barrel.

The above is why tinubu is taking more and more loans. It also goes to show that his government is...not serious...in diversifying. If they were, the oil price issues would be less of a burden.

Keep in mind that oil prices have been below 70 dollars per barrel.

So, stop blaming the world bank. Get your government to focus on economic diversification. We are here because we refused to face the truth in the 1980's when subsidy removal was first proposed.

TO parapharase Andropov of the USSR In 1983, this is the result of an economy that sells resources, and uses the money to import consumer goods, instead of industrial knowhow we can then manipulate into our advantage. The result of an economy not dependent on manufacturing using our resources, to make goods that the world needs, and that we need.

(If you quote me to abuse me, or call me APC supporter, that shows you don't understand what is at stake here. And the above explains why an Obi victory and atiku victory or even Sowore victory won't have changed anything. Partial removal of subsides too won't have changed much too
Again, tinubu is not a great leader, and in many ways, by supporting buhari, and by not having a clear idea on diversification, or even a plan on industrialization, plus subsides on power are literally killing the sector, and preventing investment...yeah, bad leader).

correctguy101:
What if the "fool" needs something from the goon giving out advice?

Then the fool should accept the remarks from the goon when the advice backfires.

Orlandoo:
Only a fool will get an ill advice from someone who don't care about you.

God bless you for this blunt truth.
This govt is just clueless and grossly incompetent !

The problem is not world bank or IMF,the problem lies corruption bank and Nigeria Monetary Fraud (NMF),ill timed calabar-lagos coastal road is world bank,declaring emergency rule is IMF,bogus salaries and allowances for lawmakers is witches and wizards of Bretton institutions,in Nigeria common senses are rarer to come by,common senseless are common with fraudsters filling the political space.

Somebody should help me translate this to Shehu Sani to proper English
"Nah now day break" ?
It is now obvious that Shehu Sani was only "Reno Omokriing" all along in order to get some of the crumbs.

So, Shehu Sani's Principal, Tinubu has no mind of his own to make his own decisions

Oh, I forgot that before the election, Tinubu went to Chatham house in England and delegated all the questions he was asked to his followers to answer on his behalf.

I also forgot that Tinubu was intentionally absent from ALL Pre-election Presidential debates because he knew then and he still knows now that he has nothing to offer but to loot our treasury dry to boost his bullion vans for election day brigandage.

Shame on Shehu Sani that a once respected Activist who has been jailed severally for standing up to Nigerian dictators will stoop so low as to become a mouthpiece for corrupt Nigerian Politicians.

FitCorper:
Na today I confirm say this man get sense. Funny as it sounds, Nigeria needs a ministry of religious affairs where they will pay watchmen to protect the state.
This news on suffering na hoax, cos as long as u get something doing legit, u will be alright. Dollar induced suffering is just a hoax.

smh. You also donated your brain for charity when you decided to support APc and Tinubu. You ought to be ashamed of yourself. Smh. Tufia.

Tinubu inherited an economy where 97% of government revenue was going towards debt servicing.

Why? Because Buhari had gone on a borrowing binge because he was a populist and didn't want the people to suffer. Have you ever heard of the phrase,"Borrow, borrow, make me fine"?

When Buhari assumed office, 26% of revenue was going towards debt servicing.

It just could not continue. By ending petrol subsidies, that eliminated one of the main reasons for government borrowing.

Next, there was chronic shortage of forex. Only $4bn left in the net foreign reserves. Net foreign reserves refers to the actual amount the central bank has access to and not the gross figure. This was not enough to cover one month worth of imports. The minimum requirement is 4 months. Worse, it was owing purchasers of forex $7bn.

Why was the central bank short of forex and owing purchasers? It was so because the central bank had been selling forex below its true market value. The central bank was printing money in massive amounts to lend to the FG and was also tasked with keeping a pegged exchange rate. This was a disaster waiting to happen.

Tinubu's reforms have reversed things. Less than 50% of government revenue now goes towards debt servicing. The net foreign reserves have risen to over $42bn, which is able to cover 8months worth of imports.

world bank gave their best advice but how u execute it us left to u. How u also stop corruption so the effects of the reforms are visible to the masses is also up to the government not world Bank.

Lanruze:
Senator Shehu Sani had better be circumspect in his utterances against the World Bank.

Nigeria is heavily indebted to the Multilateral lending organisation. The World Bank has one of the most reasonable concessionary long-term rates on loans.

I usually laugh when citizens praise the Tinubu led Government on the "outright" removal of PMS subsidy, FX rates Unification and Tax net expansion.

The [b]three (3) policies above are World Bank dictated policies and never worked in any country.
[/b]
China and the Asian Tigers used home grown industrial revolution policies to advance its fortunes, Brazil modeled a "Bolsa familia" home grown policy, Rwanda used its own home grown model of environment cleanliness and urban renewal initative to attract tourists and the list goes-on.

The best advice for any right thinking middle income Nigerian is to look elsewhere for greener pastures especially countries with a stable currency whilst pumping investments in Nigeria. In Ten (10) Years you will thank your stars you took the plunge.

What you have written is very wrong and makes no sense.

Why does the IMF demand the end of consumer subsidies?

Because these subsidies leave a massive hole in government in the budget and the government is now forced to borrow lots of money to sustain the subsidy. The massive borrowing mounts pressure on the local currency which forces it to depreciate. That was what was happening during Buhari's government.

Why does the IMF demand for unified exchange rates? Imagine the official exchange rate was $1-N500, and the parralel exchange rate is $1-N1,000, and you were sent $200, where will you exchange it?

nairalanda1:
It would be very easy to refute sani, so here goes

The usual disclaimer...1) I dn't support tinubu 2) I am not here to defend him , and 3) I have never voted for him

So, why did subsides go.

Let's go back to why GEJ wanted to remove subsides. IN 2011, subsidy spending was three times that in 2010. Not because of looting, but because high oil prices meant that costs of production were so high, we had to spend more money on subsides.

That is why GEJ had to remove subsidies...partially (and why buhari and tinubu were wrong to oppose him, but hey. they wanted to get into power, and they joined the bandwagon).

By August 2022

1. Debt servicing was eating 90% of our budget
2. Forex was severely scarce.
3.Effective forex reserves were 4 billion dollars, most of the reserve having gone to pay for y'know...debts

Yes, that's how bad subsidy had become....and at the end of the day, we was out of money

(Read this article in the Guardian...Reflections on the fuel subsidy regime ,....from August 2022, for more details.)

As for floating the currency, let's be real. Round tripping was a thing, as people were buying forex at official rate and selling on the black market. And yes, government corurption was a thing too. Add the fact that forex was scarce because since 2014, oil prices had collapsed....and we had not been earning enough forex as a result.

I won't even mention...ok I did...about how, 50 years of subsidy

1. Wrecked our refineries...from 400000 bpd in 1987 to 92000 bpd in 2012, to 6000 bpd in 2019, to zero by 2023 May. Because to afford subsides we started skimping on maintenance costs.

2. Massive losses in smuggling. If any country with subsides has stopped smuggling of fuel, tell me. LIbya, Venezuela, Angola, Iran,even Saudi have been unable to stop smuggling. And we was losing billions and we were at one point having fuel consumption rates of 100 m liters per day, over half of which went to other African countries.

3,Stifling investment in new refineries...and in the sector as a whole. IN 2020, we had 20 licences for refineries issued, down from 60 in 2011...yet only 5 had been taken up, because under subsidy most of them would have not seen any ROI. You cannot refine fuel for say N720...and government makes you sell it below N400 without losing money...






The main culprit is not the world bank and IMF. The main culprit is the fact that we rely too much on oil money. A country of 230 million relying on 1.8m bpd is not going to be prosperous, and is going to struggle to pay for welfare programmes like subsides...without getting into massive debts.


Yes, tinubu should have paid for palliatives to cushion the effect (which was why he was wrong to oppose GEJ subsidy removal...as we had the cash then to do somethings re palliative if subsidy had gone) but see my above 3 points. Even with subsidy removal, our net income has not improved at all (which is why Tinubu is a failure...let's even add he supported Buhari who came to power on diversification mantra...which he failed to implement)....and then we

1. Have a massive debt of 150 trillion naira and growing

2.Have to take more loans because oil prices have not been above our fiscal breakeven.(That's the price we need to have enough revenue from oil to have a budget that makes sense)...As the below AI summary says.



The above is why tinubu is taking more and more loans. It also goes to show that his government is...not serious...in diversifying. If they were, the oil price issues would be less of a burden.

Keep in mind that oil prices have been below 70 dollars per barrel.

So, stop blaming the world bank. Get your government to focus on economic diversification. We are here because we refused to face the truth in the 1980's when subsidy removal was first proposed.

TO parapharase Andropov of the USSR In 1983, this is the result of an economy that sells resources, and uses the money to import consumer goods, instead of industrial knowhow we can then manipulate into our advantage. The result of an economy not dependent on manufacturing using our resources, to make goods that the world needs, and that we need.

(If you quote me to abuse me, or call me APC supporter, that shows you don't understand what is at stake here. And the above explains why an Obi victory and atiku victory or even Sowore victory won't have changed anything. Partial removal of subsides too won't have changed much too
Again, tinubu is not a great leader, and in many ways, by supporting buhari, and by not having a clear idea on diversification, or even a plan on industrialization, plus subsides on power are literally killing the sector, and preventing investment...yeah, bad leader).

You're wasting your time educating these guys. I was trying and just threw in the towel.

EloquentStudent:
I can't agree less, just want to see Nigeria doing well.

[color=#006600][/color]

How can the country do well when we keep electing funny characters?
Other countries doing well are they being govern by aliens?

IMF is just trying to secure their loans and members interest.

We are not a member of IMF, we are a customer, I wonder why we think their goal is our interest, lol.

Orlandoo:
Only a fool will get an ill advice from someone who don't care about you.

my brother that's how I view the president and I considered it as a result of his lack of proper education, although he is street educated, street wise,such education is for agbero type of job,that's why you see his major backbones are agberos, mc oluomo,oshiomole etc
Reason he is wobbling and fumbling
Presidency requires refinement not agberoism like Tinubu has introduced, reason he is not getting results for the people though getting results for himself, that's what the street teaches and have taught him

FarahAideed:
IMF did not tell Tinubu to move fuel price from 187 to 600 overnight ,

it was his self centered agenda that made him do it ..importers has imported million of litres and made over 300 percent profit because of that announcement

Was it the World Bank and IMF that made the promise to crash petrol price, which Tinubu and Oshiomhole’s Assembly of Past Criminals, APC have failed to deliver since 2015

Deltafirstson:
Although the pump price of fuel was N197 when President Bola Tinubu took over on May 29, 2023, the product now sells for N617 per litre – less than two months after.

In his inaugural address, Tinubu announced that subsidy was gone, fulfilling a promise that all leading presidential candidates made during the campaign.

However, pump price of fuel hit N537 per litre days after Tinubu ended subsidy.

On Tuesday, the price climbed further to N617, a development that the Nigerian National Petroleum Corporation Limited (NNPCL) attributed to “market forces”.

Nigerians have been lamenting the hardship occasioned by fuel price hike. Amid the lamentation, a video where Tinubu campaigned to slash the price of fuel went into circulation.

Checks by Daily Trust affirmed the authenticity of the video uploaded on the YouTube page of Channels Television.

At his campaign rally in Abeokuta, Ogun State capital, on January 25, 2023, Tinubu spoke on a number of issues, but those of fuel scarcity and naira redesign made the headlines.

However, Tinubu who spoke in Yoruba language, also assured the crowd that though people were saying petrol price would hit N200, it would be reviewed downward under him.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200 per litre. Go and relax, we will bring it down,” he had said in the 7th minute of the video.

King Wasiu Ayinde Marshall, a Fuji musician who performed at the rally, interrupted the president’s speech with chants as the crowd cheered.

On the campaign podium with the president were Vice-President Kashim Shettima; Pa Bisi Akande, interim National Chairman of the APC; Femi Gbajabiamila, Chief of Staff to the President; Senator Gbenga Daniel; among other bigwigs of the ruling party.

Tinubu went further to say Nigerians would defy the acute fuel scarcity at the time and trek to cast their votes.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200/N500 per litre. Go and relax, we will crash the prices,” he had said.

https://dailytrust.com/breaking-video-of-tinubu-campaigning-to-crash-fuel-

he had said in the 7th minute of the video.



https://www.youtube.com/watch?v=4JH8CC_JdUA

Petrol should never cost more than N70 per litre, says APC

January 19, 2015

The All Progressives Congress (APC) has described as mere tokenism the reduction of petrol price from N97 to N87 per litre, saying the petroleum product ordinarily should sell for N70.

On Sunday, the federal government announced the reduction of petrol price, citing the fall of global crude oil price.

But the APC through Lai Mohammed, its spokesman, on Monday accused the government of making a show out of deceit, saying “a 10.3 per cent slash in the price of petrol was a mere tokenism at a time the price of crude oil has crashed by about 60 per cent”.

It argued that the pump price of a litre of petrol should not be more than 70 Naira, alleging that at N87 per litre, the government was forcing Nigerians to subsidise the massive corruption in the oil sector by N17 for every litre of fuel.

https://www.thecable.ng/petrol-never-cost-n70-per-litre-says-apc/

Buhari’ll reduce petrol to N40/L —David-West

FORMER Minister of Petroleum and Energy, Prof. Tamunoemi David-West, said that Nigerians should expect sharp drop in petrol price from the current N87 to about N40 per litre, saying, “the president-elect, Gen. Mohammed Buhari, will reduce the fuel pump price to N40 per litre.”

https://www.vanguardngr.com/2015/04/buharill-reduce-petrol-to-n40l-david-west/

Brendaniel:
Shehu Sani is indirectly telling us that Buhari was smarter than Tinubu in governance, because Buhari rejected IMF's advise while Tinubu followed their advise, now Tinubu supporters want us to believe that Tinubu is better than Peter Obi, the question to them: is Buhari better than Peter Obi?

But Peter obi said he will do the same if elected,it means they are in the same boat ,Peter obi is also dumb for saying he will implement this ideas Tinubu has implemented now
He is only lucky that he was not elected, he would have been the one facing the heat now

Best reason countries with sensible leadership don't approach them for anything let alone of requesting for loan.

grandstar:
What you have written is very wrong and makes no sense.

Why does the IMF demand the end of consumer subsidies?

Because these subsidies leave a massive hole in government in the budget and the government is now forced to borrow lots of money to sustain the subsidy. The massive borrowing mounts pressure on the local currency which forces it to depreciate. That was what was happening during Buhari's government.

Why does the IMF demand for unified exchange rates? Imagine the official exchange rate was $1-N500, and the parralel exchange rate is $1-N1,000, and you were sent $200, where will you exchange it?

Why is Tinubu and his APC predecessor borrowing more than PDP presidents borrowed when they didn’t remove subsidy and petrol as well as dollars were cheaper, making life easier for 200 million Nigerians?

What happened to the billions of dollars and trillions of naira saved from subsidy removal by Tinubu and Buhari APC administrations?

Kiss the truth!

TimeManager:
The Federal Government has revealed that the elimination of the petrol subsidy under President Bola Tinubu has resulted in savings of over $84 billion, which are now being channelled into the construction and rehabilitation of 40 key road projects across the country over the past two years.

This was disclosed in a policy brief released by the National Orientation Agency (NOA), titled “Two Years Later: Key Benefits of Subsidy Removal,” and made available to journalists over the weekend in Abuja.

The report, which reviewed the outcomes of the subsidy removal since May 29, 2023, noted that the policy averted a looming economic crisis.

It also enabled the Tinubu administration to clear long-standing financial liabilities, increase capital investments, and support the financial stability of state governments.

https://businessday.ng/news/article/84bn-saved-from-petrol-subsidy-now-financing-40-key-roads-report/?amp

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ManirBK:
Aug 28, 2023

The Federal Government says it has no intention to borrow from any local or foreign organisation with its removal of subsidy on petrol and exchange rate harmonisation.

The Minister of Finance and Coordinating Minister for the Economy, Chief Wale Edun, revealed this at the end of the inaugural Federal Executive Council meeting on Monday in Abuja.

He said that the benefit of the subsidy removal would be ploughed back into various sectors aimed at boosting government revenue and improving the business environment for local and foreign investment.

Edun said that with the increased revenue from subsidy removal, various palliatives have been made available to cushion its effect on a short, medium and long-term basis.

He reiterated the President Bola Tinubu-led administration’s desire to bring back the economy from the wood it has found itself over time.

https://www.vanguardngr.com/2023/08/fg-ends-borrowing-finance-minister/amp/

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gabydaniels:
The Vice President, Professor Yemi Osinbajo, has disclosed that the federal government has so far saved the sum of N1.4 trillion for not paying oil subsidy.

He also assured Nigerians that very soon, the foreign exchange market would stabilise going by some radical policies already introduced by the Central Bank of Nigeria (CBN).

The vice president who spoke in Kano yesterday during the third day of the 15th Joint Planning Board and National Council on Development meeting, urged Nigerians to restore confidence in President Muhammadu Buhari’s administration, insisting that soonest, the current economic problems would become a thing of the past.

“With the deregulation of the downstream petroleum sector, there has been a significant increase in the availability of petrol throughout the country for the savings of N1.4 trillion on subsidy payments alone,” he said.

“Also, a more flexible exchange rate regime, we will have to decrease the pressure on the external reserve. In the short run of course, there should be consequences for inflation. We expect that with greater priority we have seen in the implementation of the policy by the CBN, the foreign exchange market will stabilise and confidence will be restored.

http://www.thisdaylive.com/index.php/2016/08/26/osinbajo-we-have-saved-n1-4tn-by-not-paying-fuel-subsidy/

surgical:
But Peter obi said he will do the same if elected,it means they are in the same boat ,Peter obi is also dumb for saying he will implement this ideas Tinubu has implemented now

He is only lucky that he was not elected, he would have been the one facing the heat now

Peter Obi would have done worse than Tinubu in the mismanagement of the country.
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NLCreator:
Peter Obi, presidential candidate of the Labour Party (LP) in the 2023 elections, has defended the purchase of sports utility vehicles (SUVs) for members of the national assembly.

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

Each SUV is said to be valued at N160 million.

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

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

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

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

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

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

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

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

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

— Beyond (@chigozie0102) November 7, 2023

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[quote author=chisomkachy post=126761621]Nigerian President Bola Tinubu’s first supplementary budget includes a fleet of SUVs for himself and his wife, a presidential yacht and the renovation of his villa amid a cost-of-living crisis for some of the poorest people in the world.

The proposal — which seeks additional funding beyond the annual budget approved by Tinubu’s predecessor — comes as the government asks Nigerians to persevere through pain caused in part by a raft of economic reforms ushered in by the new president. Africa’s most populous country faces rampant unemployment, soaring food prices and a plummeting currency.

Federal lawmakers approved the president’s request for extra spending on Thursday, but eliminated the provision of 5 billion naira ($6.01 million) to buy a presidential yacht. Instead, they doubled the allocation to a student loan fund to 10 billion naira, according Abubakar Bichi, chairman of an appropriations committee in the House of Representatives.

The lawmakers approved 1.5 billion-naira proposed to purchase SUVs for the office of First Lady Oluremi Tinubu — an amount larger than that allocated to many individual federal colleges. The supplementary budget also proposes almost 6 billion naira to purchase SUVs for the presidency — more than the amount initially allocated to fund a student loan program for poor families.


https://www.bloomberg.com/news/articles/2023-11-02/nigeria-budgets-for-suvs-and-yachts-amid-economic-hardship

When you run to them for loans and grants, they give these conditions! Remove subsidies, float the currency but did they tell you to do it at once? Were the previous administration stupid when they gradually increased prices.

Face the fact, master strategist had a plan to enrich his people fast and needed money fast! So removed all subsidies on day 1 of his tenure, bought a jet, an SUV and awarded the largest infrastructural project to his sideman

So what do you call your man Peter Obi who takes advise from a mad man and still openly brags about it?

Orlandoo:
Only a fool will get an ill advice from someone who don't care about you.

surgical:
But Peter obi said he will do the same if elected,it means they are in the same boat ,Peter obi is also dumb for saying he will implement this ideas Tinubu has implemented now
He is only lucky that he was not elected, he would have been the one facing the heat now

Did Peter Obi say he will start taking loans like a bet addict or start taxing Nigerians like a tax addict?

IbnB:
Buhari knew that the entire north would be the worst affected out of all six of Nigeria's geopolitical zones, that's why

He want any brighter and he never planned to do better by Nigeria, it was just his tribalistic orientation at work

So Tinubu does not care about the north he got his major votes from?

AMINDA:
Buhari’s Chinese loans went toward visible roads, airports, seaports ,rails and bridges. What is Tinubu using the Worldbank loans for? All we see are obscure projects, like "Building the Resilience of Rural Women".

Bitter person. Grow up.

grandstar:
Tinubu inherited an economy where 97% of government revenue was going towards debt servicing.

Why? Because Buhari had gone on a borrowing binge because he was a populist and didn't want the people to suffer. Have you ever heard of the phrase,"Borrow, borrow, make me fine"?

When Buhari assumed office, 26% of revenue was going towards debt servicing.

It just could not continue. By ending petrol subsidies, that eliminated one of the main reasons for government borrowing.

Next, there was chronic shortage of forex. Only $4bn left in the net foreign reserves. Net foreign reserves refers to the actual amount the central bank has access to and not the gross figure. This was not enough to cover one month worth of imports. The minimum requirement is 4 months. Worse, it was owing purchasers of forex $7bn.

Why was the central bank short of forex and owing purchasers? It was so because the central bank had been selling forex below its true market value. The central bank was printing money in massive amounts to lend to the FG and was also tasked with keeping a pegged exchange rate. This was a disaster waiting to happen.

Tinubu's reforms have reversed things. Less than 50% of government revenue now goes towards debt servicing. The net foreign reserves have risen to over $42bn, which is able to cover 8months worth of imports.

The Tinubu Reforms and Many of Us:
You have sense and a clean heart of undiluted history on the situations in Nigeria.
Talk is Cheap,you know and all you do is to come to Social Media and cajole the gaulible audiences with your idiocy even from those who cannot govern a local govt affairs!
The Following Are Facts:
-Since GEJ era, Nigeria-was borrowing right and centre to pay Salaries - is that sustainable anywhere in the World 🌎? NO.
2. So you have a Emefiele -CBN then-grounded to below the Red sign that NTrillions have disappeared through the Ways and Means of the Bank and many have think ' you just Print Money '. NO,you don't just Print-Money - for you must back it up with PRODUCTIVITY IN YOUR COUNTRY!
You don't just Print Money but you must Match your Money to Productivity including how many EXPORTS- Products generating FOREX ( foreign exchange earnings) you are making.
For example - if we are making Exports-on our Goods and Services( which must be Competitive) - to earn FOREX - then the Naira Value can still comes down to N900,800,700- per a Dollar 💰.
-But how Could NIGERIA achieve that:
When the Light 🕯️🚨 is not 24/7 - to earn more Production? SO,Govt MUST FIX ISSUES OF LIGHT WITHOUT DELAYS.
3- What is our BALANCE of PAYMENTS Situation NOW- Compared to 4- yrs and 6-yrs and 12yrs before now?
What were we Producing - Was the Light 🕯️ issues Fixed then?
How Was the Employment of the Youths then and Now?
People think Playing Politics with Mouth 😺 is How A Nation Grows 🪴 Economically?
4.The Problems of Govt- is that- they only thinks that other Nigerians ideas - outside their Own Political Circles ⭕ should be ignored - for example - I suggested yrs back that:
*You don't Embark on A Great Reform that has to do with:
,•FOREX,
•Naira Floatation,
•Subsidies Removal,
•Controlling INFLATION,
•While Maintaining HIGH- Interest Rates of Banks- at 27% and above:
- Without Allowing Huge Importations of Basic Food Stuffs Into Your Country - for the People Will Feel It ,as The NAIRA-Value will greatly Diminished because your Country Cannot -March the above with Local Productions, especially when you have Low Production Capacity, Security Challenges or threat in some States, Including Farms,etc.
•For example,there is no reason why Rice 🌾- now a Staple Food - should Not be allowed into the Country because we are not Producing Enough and Wheat Imports is diminished because of Russia/ Ukraine Wars!
It has a serious threat - As the Price of Bread-will remains High!

Brendaniel:
Shehu Sani is indirectly telling us that Buhari was smarter than Tinubu in governance, because Buhari rejected IMF's advise while Tinubu followed their advise, now Tinubu supporters want us to believe that Tinubu is better than Peter Obi, the question to them: is Buhari better than Peter Obi?

Buhari that rejected the imf and world bank advise, how did he leave the economy?… some of you just talk out of hatred, and not because you know anything.

Hammylawali:
Buhari that rejected the imf and world bank advise, how did he leave the economy?… some of you just talk out of hatred, and not because you know anything.

And Tinubu that followed their advise, how is the economy?

Brendaniel:
And Tinubu that followed their advise, how is the economy?

If had stayed on buhari’s economic policies (subsidies, printing of naira and almost zero oil production), you would have been living like Venezuela by now. We will have money but can’t afford commodities, because inflation will be super high. The best time to reset Nigeria is was in 2023 and the restroom that opportunity to do so. We can’t keep living on subsidies and keep sending all our revenues servicing debt, yet the borrowing will be increasing yearly. That’s not life but a collapse of the economy. A country can’t work like that.

Hammylawali:
If had stayed on buhari’s economic policies (subsidies, printing of naira and almost zero oil production), you would have been living like Venezuela by now. We will have money but can’t afford commodities, because inflation will be super high. The best time to reset Nigeria is was in 2023 and the restroom that opportunity to do so. We can’t keep living on subsidies and keep sending all our revenues servicing debt, yet the borrowing will be increasing yearly. That’s not life but a collapse of the economy. A country can’t work like that.

And with the things Tinubu did, has the borrowing reduced or increase? did the inflation reduce or increase? revenue you are claiming increased only increased in number not value, in some cases even decreased in value due to devaluation of naira, so what exactly has Tinubu achieved?

surgical:
my brother that's how I view the president and I considered it as a result of his lack of proper education, although he is street educated, street wise,such education is for agbero type of job,that's why you see his major backbones are agberos, mc oluomo,oshiomole etc
Reason he is wobbling and fumbling
Presidency requires refinement not agberoism like Tinubu has introduced, reason he is not getting results for the people though getting results for himself, that's what the street teaches and have taught him

You've said it all.