₦airaland Forum

REBASING OF NIGERIA FINANCIAL INDEXES IS ARTIFICIAL INTELLIGENCE, UNRULY, SLAVERY AND ILLEGAL TO THE PEOPLE AND TO COMMON SENSIBLE JUSTICE.. IT'S LIKE CHANGING THE GOAL POSTS WHILE FOOTBALL MARCH IS IN PROGRESS. IT'S UNFAIR AND VERY FRAUD.ULENT.

Trillions that are useless in the market due to inflation. Even in your house what you can buy with 2 million in 2000 is now over 15 million. A car of 2 million naira that time is how much now. Just a television of 200k that time is millions now. AC that is just 70k that time is how much now almost 1m now. The money is now useless. Even the coastal road that is 15 trillion now could be less than 1 trillion then. So what is the rubbish telling governors that their money has increased. Even civil servants salary that increase did not change anything only made people poorer

lightuplightup:
Here is the part nobody is saying,

The road that cost you 2 Billion naira to construct in 2000 may cost you about 150billion naira to construct in 2025 . So inflation cancels out the gain. Hence the trillions these states are budgeting now will do almost same number of project their previous billions were doing cos projects now cost way more

How many of them have built any roads And also, why didn't they build the road in 2000..if it's Tinubu now all Una mouth go open de vomit insult. Y'all are ever ready to support and protect the very govt that's closest to U. Everybody wants asorock in abuja to do magic in their village.

piriton:
Trillions that are useless in the market due to inflation. Even in your house what you can buy with 2 million in 2000 is now over 15 million. A car of 2 million naira that time is how much now. Just a television of 200k that time is millions now. AC that is just 70k that time is how much now almost 1m now. The money is now useless. Even the coastal road that is 15 trillion now could be less than 1 trillion then. So what is the rubbish telling governors that their money has increased. Even civil servants salary that increase did not change anything only made people poorer

But it did increase. Yet zero projects from the state government.

We can’t just celebrate budget growth. Most states struggle with execution — many fail to spend even half of what they budgeted, and internal revenue remains weak. Where is the transparency and value for money? Nigerians deserve to see breakdowns of what these trillions are being used for

Kemetian:
All the states are construction sites now.

The money is definitely being spent on infrastructure.

I don't think the governors are doing enough, at all.
States have never had it Soo good - reason they're rushing to the ruling party. Every governor is enjoying Tinubu -and they don't want anything to disrupt this new status quo.

Nigerianlion:
We can’t just celebrate budget growth. Most states struggle with execution — many fail to spend even half of what they budgeted, and internal revenue remains weak. Where is the transparency and value for money? Nigerians deserve to see breakdowns of what these trillions are being used for

Why can't the legislature force the executives to be transparent. Fiscal transparency is the only way out of this corruption mess.

Isn't this simply INFLATION and DEVALUATION?

Emtol01:
The real truth we need to tell ourselves is our governors are not doing enough. The revenue they gets is not translating to development in real life.
We need to ask them questions irrespective of party affiliations. The huge revenues they gets from federal allocations where are the corresponding developments?
Our lawmakers are also not doing well, the constituency allowances they gets what are they doing with it? Is there corresponding developments?
@gov. ademola adeleke
@sen. Ajagunla osun central
@sen. fadahunsi osun east
@sen. lere oyewumi osun west
@all our 9 honourable members
Where are the real developments you all promised?

Adeleke is trying when it comes to Road.

lightuplightup:
Here is the part nobody is saying,

The road that cost you 2 Billion naira to construct in 2000 may cost you about 150billion naira to construct in 2025 . So inflation cancels out the gain. Hence the trillions these states are budgeting now will do almost same number of project their previous billions were doing cos projects now cost way more

OMG, so you find it hard to understand that guy analysis? You can be educated and still be dumb. If 2026 budget money can do the number of project of 2000 budget money, then why is there so much suffering unlike 2000 when everything was cheap and accessable. Just ask your governor the right questions that is my advice to you.

FarahAideed:
He didn't state any fact , he is deliberately trying to mislead people..Lagos budget for example is a lot less than what it was 10 years ago if you factor devaluation

To a sane and intelligent mind, the op stated pure fact. Perhaps, you are too blinded by partisanship to see it.

The poster did not just post the figures in Naira, which we all know has suffered from devaluation and inflation over the past 25 years. The poster posted the dollar equivalent of those figures for better context. Myopic people like you make this forum less interesting, mature and engage, because you are not intellectually endowed to analyze data and issues dispassionately without having partisanship at the back of your mind.

Something else to observe is that comparing 2018 budget figures to 2026 budget figures shows an actual increase in $ terms for the federal govt and some states like Lagos. Whereas compared to 2018, our $ revenue as a country has reduced! This shows a whole lot of fiscal irresponsibility on the part of the current administration !!! Cos what this means is we are going to be having more $ debt levels than in the buhari era!!

lightuplightup:
Here is the part nobody is saying,

The road that cost you 2 Billion naira to construct in 2000 may cost you about 150billion naira to construct in 2025 . So inflation cancels out the gain. Hence the trillions these states are budgeting now will do almost same number of project their previous billions were doing cos projects now cost way more

How much be minimum wage for year 2000

Penguin2:
I like this topic. And it’s because you didn’t post it to support anyone but to state facts as they currently are and what we need to next.

I’ve always said I support the removal of subsidy whether rightly or wrongly removed, and I don’t want it back.

But we seem to be failing in demanding accountability for where the saved resources is being channeled to which in this case is the state governments.

One of the reorientation that needs to happen in Nigeria is how to get citizens to take their eyes off Abuja sometimes and question what their governors are doing at state level.

What do the governors have to show for the increase in allocation? Because apart from governors like Otti, Mbah, others are just paying salaries and nothing more.

It’s not about quoting trillions in their budgets, do those funds trickle down to the common man in the streets?

You have spoken well. One of the challenges that I perceive in most Nigerian social commentaries is that many people lack objectivity due to their partisanship. So, inevitably they do not care whether their governor is doing enough or not as long as he or she was the one they supported. But we must be able to hold all elected officials to account regardless of political or tribal affiliations.

DoTheNeedful:
To a sane and intelligent mind, the op stated pure fact. Perhaps, you are too blinded by partisanship to see it.

The poster did not just post the figures in Naira, which we all know has suffered from devaluation and inflation over the past 25 years. The poster posted the dollar equivalent of those figures for better context. Myopic people like you make this forum less interesting, mature and engage, because you are not intellectually endowed to analyze data and issues dispassionately without having partisanship at the back of your mind.

He posted a 30 years comparison to deliberately hide Tinubu failure, why didn't he do a 10 year comparison? Why did he not even do a 3 years comparison? 10 years ago Lagos budget was almost 5 billion dollar today its 2 billion dollars and you crafty 🤡🤡 want us to celebrate?

Kemetian:
All the states are construction sites now.

They are even competing among themselves now.

The money is definitely being spent on infrastructure.

Governors across all the states in the UK Nigeria are mega thieves, past and present. Did you read through when it was reported how much each of them was budgeted for food and government houses last year? The insane amount of money they earmarked for cars each year! And so on

lightuplightup:
Here is the part nobody is saying,

The road that cost you 2 Billion naira to construct in 2000 may cost you about 150billion naira to construct in 2025 . So inflation cancels out the gain. Hence the trillions these states are budgeting now will do almost same number of project their previous billions were doing cos projects now cost way more

Did you read the analysis. The naira figures were converted using the exchange rates of then and now. This significantly removes the exchange rate induced inflation. You can use a project at x dollar amount in 2000 to divide the total budget. That will give how many of such projects that the budget then should fund.

Use a project at x dollar amount in 2025 to divide the total budget. This will give you the total number of projects that such budget should fund.

You can then ask the question: are we getting this number of projects in 2025?

I doubt if the answer will be positive. I have it on good authority that in spite of all the hype about the performance of Oti serious looting is going on. What is making him to shine is heavily increased revenue. The same applies to a lot of governors.

FarahAideed:
He posted a 30 years comparison to deliberately hide Tinubu failure, why didn't he do a 10 year comparison? Why did he not even do a 3 years comparison? 10 years ago Lagos budget was almost 5 billion dollar today its 2 billion dollars and you crafty 🤡🤡 want us to celebrate?

Like I said, you are intellectually shallow and incapable of engaging in an analytical debate.

There is no state government, including Lagos, that has ever budgeted $5bn, in the history of Nigeria. It seems you don't know what $5bn is. In fact, in the no state government has budgeted $3bn.

You lied that Lagos state budgeted $5bn 10 years ago. See: https://www.premiumtimesng.com/regional/ssouth-west/174739-fashola-signs-2015-lagos-appropriation-bill-law.html?tztc=1.

If you can show me a verifiable news source where any state government budgeted $5bn like you claimed in the history of Nigeria, I would send you 100k today.

There are many people like you here on NL, who do not career about any truth. All you see is politics.

CorperKola:
A good example is MTN
What was mtn's service quality like last year and what was their revenue
Compared to this year,their revenue went up but quality went dramatically down

The people who put subsidies there in the first place are not stupid,they know thats the only direct way for individuals to benefit from government
So why did you remove them
Government sgould have one its damn job and administwr those subsidies properly not removing them wholesale

Should i go and arrest my governor
And you also excluded dollar inflation on its own

The states are also like mtn , what is the value of their budgets last 5 years compared to now
That 2000 is far too long, the value from 5 yeats is down thats why they are all still borrowing including even the federal government

How can any government remove the most meaningful subsidies within 3 nonths of each other and claim to care about its citizens
Definitely not !
Almost a murderous government

If you have knowledge of what happened in fx market then you will appreciate PBAT. It required a lot of guts. Do you know that people were earning fx abroad, brought them in and exchanged at black market and used the naira to buy CBN lower rate fx and take out. By this operation those that are connected can bring in £1,000 and take out say £1,400. This was how your foreign reserves
were drained.

Vision101:
If you have knowledge of what happened in fx market then you will appreciate PBAT. It required a lot of guts. Do you know that people were earning fx abroad, brought them in and exchanged at black market and used the naira to buy CBN lower rate fx and take out. By this operation those that are connected can bring in £1,000 and take out say £1,400. This was how your foreign reserves
were drained.

Whose fault is that
There could be a targeted production based dollar subsidiy ,to local producers who have to import foreign inputs
Even china does that
Total removal is just wickedness,pure and simple
More money to loot foe politicians

This is true...

Nicklee:
This topic surfaced briefly but didn’t get the attention it deserved. I’d like to bring it back to the forefront.

Using Lagos State as a reference:
Budget in 2000: ₦40B
NGN/USD exchange rate: ₦105/$
Budget in USD: ~$380M

Budget in 2026: ₦4.237T
NGN/USD exchange rate: ₦1,450/$
Budget in USD: ~$2.93B

In USD terms (excluding US CPI inflation), Lagos State’s budget has structurally grown by nearly 8× from 2000 to 2026.

Now let’s look at Enugu State:
Budget in 2000: ₦13B
NGN/USD exchange rate: ₦105/$
Budget in USD: ~$125M

Budget in 2026: ₦1.62T
NGN/USD exchange rate: ₦1,450/$
Budget in USD: ~$1.12B

Again, in USD terms (excluding US CPI inflation), Enugu State’s budget has grown by roughly 9× between 2000 and 2026.

A significant portion of this growth has occurred from 2023 to now, driven largely by:

1. FX unification and a more market-reflective exchange rate
2. Increased allocations to states following fuel subsidy removal
3. An expanded federal revenue base, with higher downstream transfers to states

Questions for Nigerians (You and I)

1) Governors now control materially more resources on a structural basis. Where is the corresponding accountability? It is time to more aggressively demand results at the state level.

2) There has clearly been a rotation of resources, away from federal subsidies (fuel, electricity, FX defense) toward direct fiscal capacity at the federal and state levels.
a) Do we want these resources returned to citizens via subsidies?
b) Or routed through states and governors, ultimately returning to citizens through infrastructure, services, and long-term development?

Either path has implications, but pretending nothing has changed is no longer intellectually honest. Until we answer these questions and enforce real accountability at the state level, the sheer growth in budgets will not automatically translate into better living conditions.

Let’s discuss

CorperKola:
Whose fault is that
There could be a targeted production based dollar subsidiy ,to local producers who have to import foreign inputs
Even china does that
Total removal is just wickedness,pure and simple
More money to loot foe politicians

Whose fault? Nigerians and their leaders faults. This has been in operation for years. Many became millionaires without adding any value to the economy. Merging the rates closed permanently a major chapter of corruption.

Subsidy on inputs for industries? Anything subsidy in Nigeria is abused and exploited. What happened to petroleum products subsidy? What happened to petroleum equalization fund?

Nigeria is not China. What worked in China may not work in Nigeria. Copy and paste economic policies doesn't solve real life problems. Take decisions based on your peculiarity.

teepain:
You have spoken well. One of the challenges that I perceive in most Nigerian social commentaries is that many people lack objectivity due to their partisanship. So, inevitably they do not care whether their governor is doing enough or not as long as he or she was the one they supported. But we must be able to hold all elected officials to account regardless of political or tribal affiliations.

You are right.

And this is not me being tribalistic but I think the Igbos are better when it comes to holding their governors accountable.

Everyday you see insults be hurled at Uzodimma or Soludo for not performing well enough which puts them on their toes to do better.

But I don’t see similar energy from Yorubas nor Northerners.

For the Yorubas, once the governor is supporting Tinubu, then he’s doing well.

We need to change that culture.

WhizdomXX:
Good observation. I also did. Development needs to be faster now. Thank goodness we are becoming more productive.

where is the productive?

Nicklee:
This topic surfaced briefly but didn’t get the attention it deserved. I’d like to bring it back to the forefront.

Using Lagos State as a reference:
Budget in 2000: ₦40B
NGN/USD exchange rate: ₦105/$
Budget in USD: ~$380M

Budget in 2026: ₦4.237T
NGN/USD exchange rate: ₦1,450/$
Budget in USD: ~$2.93B

In USD terms (excluding US CPI inflation), Lagos State’s budget has structurally grown by nearly 8× from 2000 to 2026.

Now let’s look at Enugu State:
Budget in 2000: ₦13B
NGN/USD exchange rate: ₦105/$
Budget in USD: ~$125M

Budget in 2026: ₦1.62T
NGN/USD exchange rate: ₦1,450/$
Budget in USD: ~$1.12B

Again, in USD terms (excluding US CPI inflation), Enugu State’s budget has grown by roughly 9× between 2000 and 2026.

A significant portion of this growth has occurred from 2023 to now, driven largely by:

1. FX unification and a more market-reflective exchange rate
2. Increased allocations to states following fuel subsidy removal
3. An expanded federal revenue base, with higher downstream transfers to states

Questions for Nigerians (You and I)

1) Governors now control materially more resources on a structural basis. Where is the corresponding accountability? It is time to more aggressively demand results at the state level.

Go hold account na

2) There has clearly been a rotation of resources, away from federal subsidies (fuel, electricity, FX defense) toward direct fiscal capacity at the federal and state levels.
a) Do we want these resources returned to citizens via subsidies?
b) Or routed through states and governors, ultimately returning to citizens through infrastructure, services, and long-term development?

Does it matter if either will be stolen laslas

Either path has implications, but pretending nothing has changed is no longer intellectually honest. Until we answer these questions and enforce real accountability at the state level, the sheer growth in budgets will not automatically translate into better living conditions.

Let’s discuss

Why do you want another man to do for you
Socialism never works

Emtol01:
The real truth we need to tell ourselves is our governors are not doing enough. The revenue they gets is not translating to development in real life.
We need to ask them questions irrespective of party affiliations. The huge revenues they gets from federal allocations where are the corresponding developments?
Our lawmakers are also not doing well, the constituency allowances they gets what are they doing with it? Is there corresponding developments?
@gov. ademola adeleke
@sen. Ajagunla osun central
@sen. fadahunsi osun east
@sen. lere oyewumi osun west
@all our 9 honourable members
Where are the real developments you all promised?

who is holding you from asking na

lightuplightup:
Here is the part nobody is saying,

The road that cost you 2 Billion naira to construct in 2000 may cost you about 150billion naira to construct in 2025 . So inflation cancels out the gain. Hence the trillions these states are budgeting now will do almost same number of project their previous billions were doing cos projects now cost way more

[/quote][quote]Why will 2 billion road cost 150 billion

ozo13:
I took my time to do that sir.
In 2020 , Lagos state budget was 902billion naira. The exchange rate was 356-380naira to a dollar so we can use midway figure which will be around 365 naira to a dollar.
Dividing 902 billion naira by 365 exchange rate will be around 2.5Billion dollars budget by Lagos in 2020.
Our Budget no really too make sense Sha comparing it to our Southern brother ( South Africa) Our national Budget in 2014 was 4.9 trillion naira (27.7 billion dollars) while that of 2025 was 54 trillion naira(37billion dollars) compare it to south Africa 172billion Dollars in 2025.Their expected revenue to be generated was 148billion dollars .
We have a long way to go my chief.
So we shouldn't expect what countries like South Africa will enjoy as regards social investment programs and infrastructure.And our political class and the pen thieves in office will still steal from that meager 37billion dollars ooo meant for 200M people
That

compare it to NYC of 89 billion
NYCity o not NY state, that Wan was like 112billion usd

Cromagnon:
where is the productive?

More budget, means more money, means more revenue sources and this more production.

Reference:
Exactly.
The cancer called 'contracting' and lately 'consultancy' will forever lead to deficit budgeting because it feeds an endless cycle of corruption and an insatiable need for more white elephant projects.

It is a culture that has to change for this country to make it out of the economic doldrums.

socialism never works

happney65:
You dey mind them with their yeye talk

Yesterday "the ball stops at the table of GEJ and he is the cause of all the problem in Nigeria".

Get held the sissified money so buck stopped at his table

Today in the face of hyper inflation it is "Hold your govornors accountable"

Shior it

tinubu had shared subsidy to all governors do hold them accountable