₦airaland Forum

oyatz:
The Tea- Pickers should come together and start their own Tea Plantations that will employ them and not have anything to do with machines.

Losing battle.
They won't be able to compete with output thus price.
Then they will urge government to subsidize them and then you know what follows next.... corruption.

TemplarLandry:
Lol. AI (Artificial Intelligence) is about to take most jobs. Watch out.

Yes, most lazy ass desk jobs, not the kind of work we do.
The era of 'the pen is mightier than the sword' is over.

That is why opposition parties must come to the reality that the courts are highly unlikely to rule in their favour. And as long as Nigerians are not united for institutional reforms courtesy of all opposition parties voting in cahoots with the ruling party to employ another rubber stamp to head them then absolutely nothing will be gained from the judicial inquest.

Opposition parties are best served doing their duty of tracking the activities of this government and bringing them to account on all matters that affect the citizens of this country.

But even on this they have remained silent, ambivalent and behind the curve on many Executive canoes that have passed under the bridge while the Judiciary is proving to be of poor help in strengthening this democracy.

Bimpe29:
IPPIS in particular and civil service in general are grossly stinking and corrupt.

The embargo is real but is partially lifted as payments are dropping.

But we were all praising it during the Buhari era and hanging anyone who dared to complain about the system and its operators.
What has suddenly happened?
Has ASUU not been vindicated as to the problems with IPPIS.

seunmsg:
Unfortunately, corruption in the federal public service doesn’t know tribe. When there is corrupt money to be made, Yoruba, Igbo, Hausa, Ijaw, Kanuri etc all come together in unity to milk the system. Once you’re in on the deal, you in and when you’re not in, you’re not in irrespective of ethnicities.

If the names of those involved in the salary padding are released, you will find almost all major ethnicities fully represented.

But just last year in the heat of the ASUU strike when they made this allegation amongst others, folks like you were beating them over the head and singing a different tune as to the outstanding success and veracity of the payment system.

What has suddenly happened nau....
Surely you think all that drama has been forgotten.
Just wishy washy citizenship, extreme fanaticism that cannot stand the test of time.
We must learn to be objective and call what is, what is.

I'm happy a number of Nigerians are getting interested in the way their country is run, cutting through the clutter of propaganda and asking real questions on these reforms. And from what we have discussed so far, we are not yet out of the woods.

Loan repayment failures under this austerity regime is bound to escalate. Result of gross mismanagement over the past 8 years and more. Because Nigerians largely cannot relate their choices to their experiences, we all suffer. If you are in the cash trade business insurance should be your neighbor. Sorry for the man and his family. Such a tragedy.

KingsCity:
Any item that cannot be funded through the official window should be completely banned

That is if you can live without them.

The CBN should not ban any import from access to fore. We must find the true value of the naira. We must find the real bottom of the pit we have dug for ourselves for 60 years. To cure this cancer the surgery must be absolute or it is a waste of time.

nedekid:
Is the above not still blackmarket? As in a willing buyer, willing seller?
What I thought with the devaluation of the naira will be that I can walk into the bank, buy dollars at the bank rate since it now open market. For where? You still have to go to the cbn site to apply for pta etc, get approval etc. Seems nothing has changed so far except that the price at which it will be sold to you had increased.
Abi have you experienced something else?

This is what JP Morgan was implying. The official rate has just been raised not floated. The naira is still tethered to whoever has it. The market is still not free. And as they say, as long as this scenario remains foreign cash inflows will pussy foot.

It is like the fuel subsidy drama. Raising the price is not the same as subsidy removal or free market. The test comes in response to international forces of trade, etc. Same as the naira.

This is wrong.
Anything denied officially will find its way to alternate market sources and will fuel it making the CBN continually chase the black market rate which will destabilize it.

Free exchange of currency aka free market means exactly that.
When you start building road blocks, blocking rivers you build up the kind of pressures seen in a dam with serious consequences if it fails.

This is where the good governance and the right economic policies I have been advocating for to compliment reforms is badly needed. We must begin to produce what we import as an active policy by the right kind of carrots and sticks.

So what they are saying in a nutshell is that devaluation is not actually a silver bullet and until the naira floats for a while we cannot be certain that the ship of state is viable, whether Nigeria will float or sink. Fair enough. So.... what is the real value of the naira..... what is the real cost of gasoline....? What is the real rate of inflation...?

Sanusi Lamido Sanusi has already made a pitch to Mr. Tinubu on this situation apparently in favour of Miyetti Allah.
This is pitching the socio-cultural group against the State in this farmer/herdsmen tragedy.
This will be one of the top challenges that will define this administration.

And just throw away how many billions again..... na waoh.
Is there any penalty for this kind of thing in sane societies.

Inflation!, inflation!!, inflation!!!
Deal with it.
There is no other job you people have.
Ignore it and more jobs will be lost, more poverty and more crime....and of course social unrest.

konvicted77:
My brother no need wasting ur time to explain this to anybody, someone who produces nothing wants dollar to come down just because the government floats it.
no wahala, in few days time we shall see.
yesterday dollars traded @#753/$, today it's @#754/$ and i saw one thread were they're deceiving themselves that it closed @#664/$ yesterday.
I earn in $ any direction it goes am satisfied.

No matter what currency you earn inflation is inflation, it will erode it.
And as long as you live in a society the accelerated poverty caused by inflation will reach everyone through insecurity.
We must fight the scourge collectively.
We must cease from 'its not my business mentality'.
It will be sooner than later.

tiamiyukunle69:
It's normal. When energy cost increased in Europe...there was massive inflation

I don't like attitude like this.
Inflation is not normal. It is not acceptable. It is a problem that every government fights because it destroys economies and fuels poverty.
We want to see the Nigerian government like its counterparts the world over fight the noble fight against inflation.
I think we should begin to outgrow this helplessness, buck passing, 'whatever will be' mentality.
We can do something about our situation and we should.

This is where the good governance that I have constantly mentioned that comes together with reforms to make for meaningful progress kicks in. Reforms are tough no doubt but the courage to do them must be supported with the intellect to direct them effectively.

There are four primary ingredients of success across board. Effort, skill, risk and time management. They have done the risk, now the dexterity, the skill to manage the economy is what is critical now and inflation is the new, primary challenge. It is a challenge yardstick all economic managers are measured by round the world at the moment for various reasons from wars to the environment to reforms as in Nigeria's case.

The Tinubu led government must make haste the deliberate fight against the scourge of inflation to catch up to its devastating effects as it spreads from the epicentre of reforms, namely petroleum prices and transport and naira devaluation and imports and before it hits the durable goods sector and impacts productivity.

We need policy statements now.

Rubby1:
In case you don't know what floating the Naira means, it means that the government will no longer determine the Naira rate. There will be only one rate. And that is the rate determined by market forces. This means that the more you buy foreign goods, like the ones you see in Peter Obi's Next Cash and Carry, the more the Naira will collapse. And the more you buy made in Nigeria goods and services, like Innoson Motors, and Globacom telecommunications products, the more the Naira will rise.

The immediate impact of this will be that our foreign and local reserves will rise, since the Central Bank of Nigeria will not have to defend the Naira by unnecessarily injecting Dollars into the forex market. Another consequence is that exporters and importers, as well as students, pilgrims, tourists and health tourists will no longer have to approach the CBN for allocations, since the CBN rate no longer exists. What will exist is the single exchange rate.

Also, you will be able to travel with Naira and change it for Dollars, Pounds, Euro, Yuan, etc., abroad, as it was during the 70s and early 80s before Buhari's coup against President Shagari's government.

You will be surprised that these folks have a serious foreign exchange footprint because all they sell is essentially foreign sourced.

Etisoul:
Unclear to a layman. Please could someone help break it down?

Nigeria had lived since independence like a unemployed man who dresses shiny corporate, bids his wife goodbye and leaves the house to roam round the town with an expensive but empty briefcase and a false notion that he is going somewhere..... but returns home to face racking poverty at dusk. The result is that he does not attract real help of any kind because his position is misleading.

Now his wife is sick of the whole charade and decides to dress according to her status, wearing tatty clothes and sitting at the gate with a begging bowl. Now, what will happen is that she will attract folks who pass by. Three kinds if folks.

Some will place a few coins in her begging bowl out of pity.
Others will offer her a job to come do laundry or mow the lawn.
Some will hold her hand and say come spend time with me in the other room for a morsel.

This family is Nigeria that has come to her senses and is beginning to live according to her realities. The re calibration of the economy will attract more aid (help) because those who give will not need to hand over as much as before since the naira is much further away from their dollar.

The devaluation of life here will also attract investment since amongst many things pride is stripped away and labour costs should be rock bottom theoretically making productivity more competitive.

However devaluation will also attract all sorts of foreign predators capitalizing on vulnerabilities of citizens, local businesses and the government as a whole because let us be frank, a hungry man will sell anything including himself to survive so brace up for a lot of lurid international, cross border stories.

But like I have said many times since the first chapter of this government, the quality of governance will define if the sacrifice of the average Nigerian in giving up all the privileges the various subsidies afforded him will not be in vain. If government abandons him midway and does not associate with his pain but conduct themselves in the typical recklessness we associate with them then it is curtains for this country.

Just like the principles of the wife will decide whether she will take the job or take the easy way out.

masseratti:
how many masses has access to government rate dollars in the bank?.
What this simply means is that no need to fill any form anything.. Same price you buy dollars from aboki is same you will buy from the bank.. Cash and carry.. No more Government rate but market rate, simply as ABC.. Some people with connections are the one benefiting from the CBN govt rates and selling it in the black markets.

Lets have a level playing field and the true business men do real business.. Things will be much more stable, next round for the government to go to to improve our production level... Involve a large number of working men in public construction.. Not Chinese.. Not necessarily giving out contracts.. There are a lot of government agencies that can handle this and get people working. That will boost the economy.

The most brilliant post here, not all these empty rhetoric, needless arguments or daft praise singing.
After waste is removed, good governance MUST replace it or there will be no gain.
And good governance must also involve putting Nigeria(ns) to work by exposing the entire population to the means, the bolts and nuts of productivity in public works, the extractive industry, mechanised agriculture, small scale manufacturing, etc.

The seeding or spurring of these production centres is what the savings of subsidy removals should be spent on. We must do away with meaningless, heavily inflated white elephant projects that favour fat cat government contractors at the expense of the state and only lead to more capital flight and currency depreciation.

Finally government must trim its overheads. The administration of this country is far too high and is another subsidy we just cannot afford.

Another good move, removal of subsidies on higher education will sift the wheat from the chaff in terms of parents, students and staff of universities. Higher education is a serious business and so cannot be by all and for all.

muzically:
What's happening nah
What's d obsession with breaking Guinness world records

Told you folks the whole drama will degenerate into a farce.
Nigerians are too light headed, too sentimental.

Before we get too excited, the markets are anticipating a devaluation that has not quite happened.

So the degree to which the black market and official rates will ultimately merge will determine if this rally will be sustained.

This will be the hardest meat to swallow for Nigerians, even harder than the fuel subsidy issue since it will mean all earnings in Naira moves further away due to our over dependence on imports. Devaluation will mean practically everything will increase in price on top of the fuel supply induced austerity.

But the stock market is betting that with a weaker naira foreign money is coming into it. Good news for them, not immediately good news for the average man IF ALL THESE SACRIFICES ARE NOT REWARDED WITH GOOD GOVERNANCE.

Italian football has been insular for too long that is why. Just like German soccer they have been slow to globalize and so this season it was like Italy versus the rest of the world in those competitions.

Until recently there was hardly foreign ownership of Italian clubs. With foreign ownership comes exposure to global commercial deals including tv rights and with more cash a club is able to buy better players, hire better coaches and pay all the crew better wages to motivate them.

And not just any specific club but across the league because better players across a league means the top teams will have better form due to better competition week in week out.

What has brought the resurgence of the Milan clubs has been their recent Chinese and American ownerships but until the whole league opens up and they remove the limitations of salary caps (due to lean purses) that repel the best talents they will not return to be Europe's soccer powerhouse. We are in the age of a global world. There is no way a striker earning 300,000 pounds a week will agree to move Italy and earn 150,000 pounds for the same number of goals he delivers all things being equal.

Word for the German soccer federation. Your clubs will not win anything ever again without globalization. Open up the Bundesliga.

Procashtips:
Who's protecting a serving CBN governor at that time?

Which law enforcement agency would have arrested a serving CBN governor when the law court didn't ask them to?

Was any case brought to court against him that warranted law enforcement agencies going after him as at then or aren't you reading what you're typing?

Are you reading your own comments?

Then why is he arrested now. What is happening now that could not be done before. This is the answer to your question. The only thing that has changed since then is a new President.

And what we are saying is that if it takes only the President to check institutions of government then we are in big trouble.

It clearly shows that Emefiele was protected by the former President(cy), for whatever reason.

What are you doing to ensure the next CBN governor can be checked. That is your problem, not me.

Procashtips:
Stop excusing rubbish.

Did Emefiele tell you Buhari forced him to do anything?
At least Sanusi spoke when he was being forced.

Has Emefiele ever said he was been made to do what he shouldn't be doing?

Stop passing assumptions off as truth.

Dasuki was dealt with by the Buhari govt even when he kept saying Jonathan instructed him to carry out all that he was accused of, did you see Jonathan being even questioned or called to court for once?

Same with Metu.

Did anyone blame Jonathan for their woes or asked Jonathan to be arrested for the crimes these fellows committed?

I'm very sure majority of the decisions taken by Emefiele were not influenced by Buhari knowing the kind of personality he is.

He gives you job and gives you free hand to do the job, everyone knows him for that.

So Emefiele was bigger than the police, the EFCC and the DSS. The questions you should be asking is who was protecting him and why were they bigger than ALL the institutions of law enforcement.

And what are Nigerians doing right now to ensure the next CBN governor does not become bigger than Nigeria.

I am not your problem. I have always stood out for the honest, average citizen.

drlateef:
Imagine this stupid logic? Buhari also ordered Emefiele to contest for presidency. Buhari who has no knowledge of economics and finance ordered Emefiele to do cashless policy. Buhari borrowed Emefiele brain to kill people. And Emefiele could not resist orders or resign? He should sing that to DSS while they pushing 6 inch nail into his balls. 😂😂😂

So where was the DSS last year, who told them to hang on 'till a new government' came about.

Listening to the NDIC man this morning. He had all this information about the CBN and Emefiele but could not do anything perhaps for years. Is this the right way to run a government, to run a country whereby you can only talk when the 'big dog's is chained up.

Impunity does not jump on a country. It is sowed by the people when they fail to do their job of vigilance from the outset. When they idolize and give unilateral suport to these so called leaders no matter what they 'start' to do.

Today the impunity has started, the Executive openly influencing the election of leaders of an institution that is supposed to supervise it. Nobody is saying anything. Don't complain tomorrow.

Procashtips:
People keep saying it was Buhari that gave him order?

So did Buhari stop him from speaking out or resigning or did Sanusi not speak out when Jonathan and Okonjo were running the economy upside down?

That is because Jonathan did far less to undermine the rule of law. Jonathan's government may have been massively corrupt but one thing he was far better in was that he seldom openly and actively undermined the rule of law.

And the foundations of that started with the fact that he was not idolized. So the people did not have any reason to excuse his excesses.

But whatever Buhari did was wholeheartedly supported up till the point of the elections where the hypocrisy in a section of the county began to emerge which is resulting in all these.

We cannot afford to have a country where people only react after the fact. Nigerians must be honest and bold to fight for what is right from the day they elect their leaders till their tenure is over.

But when they clearly see wrongdoing but keep quiet because of sentimental support only to cry out when the damage is done the deed will be done.

The question you and I should be asking is where were you and I when Mr Emefiele started his journey of ignominy.

Once again it is clear that the problem is the lack of independent and credible institutions not the individuals that railroad them.

Nigerians can see where the fight is and what the real issues are. That is when the citizens collectively insist that institutions of government work to check the activities of one another then we will not be constantly playing catch up with criminality.

But when we constantly elevate and idol worship individuals without the courage to call them out when they undermine institutions this is the result.

The CBN governor did what he did because he and his principal were unilaterally supported despite their serial disregard of the rule of law.

Maobichek:
Good morning, not as you think oh! I watched the match, Rivers United outplayed Enyimba both in ball possession, corner kick and goal attempt but the Paschal guy (Enyimba defender) showed his class, Chibuike also did well.

Enyimba won because they were wholly committed in defense, God bless Enyimba, the people's elephant.

Attacks win matches, defences win trophies and titles.
A truism that has held since the round leather game was invented and one key secret to successful punters.