Chelsea is really, really poor. With all the big budget actors on display this is a major let down.

Why not. My four year renewal rule remains sacrosanct. The debate is whether to go hybrid or full electric.

The scarcity of gasoline in Nigeria should tell the other side of the story. That the eta of the ICE automobile is coming to an end and we should be prepared for a life without those cars and parts.

GanagiBeetrus:
In recent times, prices of Goods and Services have been going up almost on daily basis, especially after the onset of Tinubu's administration and subsequent removal of Fuel Subsidy.

My phone I bought last July, I was shocked to discover the current price has increased by over 100k, in just a space of 3months.

Mr President has assured Nigerians that things will soon get better.
Even a notable Man of God prophesied that Naira will soon become stronger than Dollar.

Realistically and in all honesty, do you believe that prices of Goods and Services will return back to at least how it was before Tinubu's regime?

The simple answer is no.

The basic factors that necessitated the devaluation of the naira are fundamental to any progressive economy.

In a nutshell it means the only things that can contract in price are the things MADE in such ABUNDANCE that the forces of demand fall far short of the forced of supply.

Unfortunately your desired mobile phone is not one of them because it is highly unlikely you or anyone else in this country manufactures it.

Nigerians must come to a realization that they can only control the things they make for themselves. And even that is super hard enough.for no local producer has all the factors in check, in total control as to reduce prices in today's economy.

Failure of leadership.
No visionaries.
No patriots.
No statesmen and women.

This ought to be brought to an end in the near future.
Power is far too centralised with the deck firmly stacked in favour of the President.
If INEC as an institution has evolved into a proper unbiased umpire few will bother about how its operatives are hired.
But it simply hasn't inspired confidence.

soccerlite:


You mean everyone should go to bdc to get dollars

Scary

Hmmmm

Where is the BDC getting the dollars the banks and their father the CBN can't.
Solve this quagmire and the mysterious question of the foreign exchange conundrum of forty years is solved.

Anaya4life:


The only problem I have with this is that Nigerians are naturally greedy and wicked people and the BDC's will be in control of setting fx rates. See what they're doing now, imagine what they will do when they're the ones in charge of determining the rate

The BDC (the civilised arm of the black market) is the only TRUE foreign exchange market in Nigeria. That is why it is the largest player, the majority stakeholder. It is the Nigeria equivalent of the global foreign exchange market folks daily trade in.

And the reason it is so is simple.
It is apolitical, it does not consider who is in power, what his policies are, or what his dogma is about.

It is does not consider the background of the customers. You come into it in rags or Rolls-Royce's, with a naira or a billion naira.

It is not sentimental. You want to buy tickets to pilgrimage, to school, to tour, to fix your health, to buy AK-47's to terrorize your fellow citizens, to buy houses in Dubai from public funds theft, anything, the market is at your service at an equitable rate.

How will the CBN beat such a market that is more diverse, less restrictive and more equitable than theirs.

When the CBN was busy offering a hundred different exchange rates at the whim of government for decades, when they were busy providing fx exclusively to government lackeys to round trip at the expense of the citizens, and all sorts of anti free market practices they didn't know they were undermining their credibility and by so doing growing smaller and weaker.

For where else in the progressive, capitalist world does the Central Bank or Reserve Bank hold exclusive rights to foreign exchange or is the defacto market maker.

The government had better wake up to the reality that to float the naira means the rate making has been concede to the so called black market and the CBN has taken a back seat to watch and control the means of access, not the market itself.

In a nutshell. The CBN can do no more than ticketing at the gates of the market not set up shop to trade like it's counterparts the world over.

omolola12345:
I pray it's being implemented on time. There are some unscrupulous beings in Nigeria that don't see anything good for this our nation. They want the naira continue to drop and dollars go up to 3k per naira. Their prayers will not be answered by the grace of God. I love my country and what has been my prayers is for the naira to appreciate and become 1 naira to 1 dollar.
There is no need of japa to other countries if my country is doing great. There is no need of depending on making money in dollars or pounds if my country is doing well.
I pray their plan works out perfectly and the dollar depreciates against the naira.
There will be positive changes in Nigeria in this era of president Tinubu.
God go shame those that want Nigeria to continue to go down by his grace.

You said and I quote, '...there is no need to depend on making money in dollars or pounds if my country is doing well....'

And you have a PVC and vote and cannot understand the basic, the very basic import of a right balance of trade, trade, trade....trade.

Nawaoh. I just don't know what to say.
Better go school yourself. No offence pls, just advice.

How can a country ever prosper without foreign trade, without external earnings. Show me ANY economy that has done so since antiquity.

kettykings:


2015 was a genuine mistake
2019 mindset issues
2023 curse

Hahahaha.....2027 fa?
Na dia shalaye go scatter ground.

emmanuelbrown26:
This is how it started:
Before the election: “Asiwaju built Lagos and will build Nigeria.”

After the election: “this government will benefit me and my family. May Asiwaju succeed.”

Today: “It doesn’t matter who the elected president is, the economy would have failed.”.....

Hmmm.....naso.
Elections indeed have consequences.

A man who is injured and bleeding to death will not ask sentimental questions to survive. Thoughtless of if he was on the streets with a Samaritan at hand amidst familiar passersby.

We will learn the hard way, how things work in progressive societies. It is the lot of the Negro, the heir of Esau .

Spoken about this matter on and on and on.
A capitalist economy operates best in a free market manner.
And there are rules and principles in this, the key principles of which is access, equity and control.

Needless to say the 'free-est' markets will always be the largest market.
The CBN's share of the Nigerian fx-market will remain as limited as its ideals and ideas of a free market are limited.

How can you be as big as a player where an average citizen can walk in trade and leave without fuss.
Whereas yours is meant for bigwigs, government and the politically connected.
A stagnant lake where resources will flow into but cannot flow out without fuss.

My dear CBN.
Disconnect yourselves from politics, from day to day government sentiment and play the true role of the economic referee which is your core mandate. Because all I see here is a David and Goliath fight with David having little protection from the Almighty.

No relations.....?
The Holy Book says, 'it is not good for man to be alone...'
These are the kind of reasons why.

11.35 trillion spent.... wasted..... stolen...... what a country.
We truly deserve to suffer excruciatingly for being this reckless, this utterly useless as a collection of human beings called Nigerians.
For no nation on earth can survive this kind of human disaster we serially bring upon ourselves.
There is no economic forgiveness for this.
We will suffer it for years if not decades to come until this generation is perished from the earth.

CodeTemplar:
Cargoes takes 45 days to arrive and therefore can't change rate of arrival because of dollar in 2 weeks.

It is called projection.
The business world knows where value is and where value will be lost well, well in advance and acts/adjusts accordingly.
Don't worry the present economy will elevate everyone's thinking and hopefully into some sort of competence.

Teenaira:


Every sensible person will know that the exchange rate of $ to Naira can not be N1200 to a dollar. What we have currently is pure speculations and I will sincerely like government to hit these criminals real hard. However, statement like the one coming from government now will be a subtle warning to these speculators creating artificial demand for dollar. There is no project the country is engaged in that requires the kind of dollars we consume daily currently. Government, either through the CBN or minister of finance should continue to let them know that government will use the big stick without any notice. That is likely going to make some of them stop the round tripping while the die hard may be caught in the act.

And I keep on saying that the problem is not the markets, the problem which this government is slow to address are the fundamentals of the economy. Make the right noises to get the productive sectors of the economy going and the pressures on the exchange rate will abate. When people see the concrete moves aimed at reducing the trade deficit, they will begin to sell off their dollarised holdings and assets.

As long as the Central Bank continues in a role not dissimilar to a typical Ministry or Department in all its political glory and grandstanding, pandering to the whims of whoever is in the Executive office and not solely serving the interests of the economy in a just and equitable manner then it will continue to be a minority player in the foreign exchange market it has little leverage over.

The bottomline is simple.
Why will a typical Nigerian sell his hard earned foreign currency in a market he cannot readily buy from.
What has the Central Bank been able to do with all its own foreign currency earnings than dispense it to the privileged in society, for things that are hardly productive.

soberdrunk:



Nice!! I have established that you are an intelligent individual, so how exactly are we supposed to finance our budget? In present day Nigeria let us imagine you are the president how will you run the country without loans?

And I will tell you also.
What are the DETAILS of such expenses the loans are sought for.
Because in these loans is where they will hide all their frivolities and theft.
That is where they hide their armoured cars and lavish foreign trips...
They take loans for capital projects that are highly inflated, filled with all sorts of pork for the boys.

Tell me. What do you see on ground in Nigeria for the 17 billion dollars borrowed by the immediate past regime, not to talk of the billions more by governments before that.
What are these 'investments' yielding today to repay or at least create economic value?

Details my friend..... it is what makes for success.
Nigerians have to begin to be the economic mechanics of their own country.... because we can no longer afford to hire help.
The era of, 'just work it and bring me the bill' is over.
The people HAVE TO QUESTION more borrowing and be absolutely SURE there are no alternatives THEY THEMSELVES can offer.

It is now that the true test of leadership, of capacity to govern will be exposed.
If the ideas, the ways and means of this economic journey are similar to that of the past administration(s), won't the outcome, the result be the same?
Don't we think we ought to be doing something radical, something completely different to obtain a different result and a clean break from the past?

For example. Can we bond (real bond, not cash bonds) out our needs to the citizens of this country, that is the things we presently employ cash credit for. So that the options lie ahead whether government will be willing to let go of those assets if they cannot pay back.

Another example. I was listening to the airwaves this morning about the proposed PWC intervention in the mining sector geared towards restructuring it and with a view to 'attracting foreign investment'.

Foreign investment to do what exactly? To turn Nigeria mining to another cut and run enterprise?, to expand the saying that Africa is just a raw material supplier??.

For I cannot understand what investment is needed in mining as an industrial practice that is beyond our present capacity and my suspicion is that they intend to issue licenses to large multinationals who will come in, strip these minerals, export them on a cheap and leave the communities and the vast majority of the citizens in penury and conflict while creating cartels and enriching the very government officials who issue the permits; just like we have seen for 60 years in the oil and gas industry.

My own idea of a mining industry (which is a key sector in job creation and the fight against poverty) is to get individual citizens (trained and tooled into licensed cooperatives) and small businesses doing the physical activity of extracting these minerals and the role of government will be to regulate access, establish a financial market, that is an commodity exchange of sorts where stable prices and a ready market is guaranteed.

The role of foreign investment should then be limited to THE PROCESSING, the upper tier of the value chain, to turn these ores and minerals into tradeable goods and articles.

NO foreign enterprise should be permitted exclusively to dig or drill the ground in Nigeria anymore and we should begin to move away from the export of raw materials to the processing of same and the manufacture of articles thereof.

For an economy CAN NEVER develop by its citizens OUTSOURCING their means of livelihood. And the three core, mass employment and wealth creating sectors, Nigeria is opportuned to have at the moment are CONSTRUCTION, MINING AND AGRICULTURE.

We have done enough damage to our construction sector for example by constantly outsourcing key projects, mass projects to foreign concerns and that is why we have not developed onshore capacity, technologies, competencies, standards, values, sustainable jobs and wealth out of it despite the trillions of dollars spent of construction of all kinds since independence. We have NO local construction industry.

jackmrandy:
Dapo Abiodun is the worst. Go the state capital and you will see for yourself. Very any how State. No development, no infrastructures, all they do is collect ekuje from motorist and tax from companies. The man forced him way in yet the citizens are silent over the issue and his lackadaisical attitude of governance.

This is the problem.
Unguided leadership is the hallmark of our democracy and like I said earlier this is as a result of citizen self censorship.
People these days attacking one another in defence of leadership.
Not that leadership doesn't deserve support (even bad leadership will)
But it should not be at the expense of reason if not democracy will never develop a society it is meant to.

successmatters:


They are setting up propaganda threads so that if Soludo decides to run for president tomorrow, they will pull out these threads and use against him.

This is just a propaganda bait to be used many years from now. They did same against an excellent Peter Obi. Very hateful things.

Why do you folks always resent criticism.
In a democracy no one can adequately describe the elephant and in agreement for that matter and the reason is simple.
In an unstructured society such as ours where there are no universal values, expectations are bound to fifer.
What you call progress is another man's stagnation.
In a lighter mood, what you call Dubai is another man's dumpster.

Some want to move fast and rightly so, while others are willing to sit to watch grass grow.
Some have feudal tendencies due to our socio-cultural backgrounds and so they believe when you 'praise' and acknowledge leadership they perform more/better. While other take democracy in the raw form of a whip to the ass of a donkey to get it moving.

We are all different, starting from different points is the journey to making this democracy a success and it will be foolhardy and outright dangerous to discountenance the views of your fellow citizen no matter your suspicions about his objectivity.

PS: And to the example of Peter Obi, how has all the so called propaganda as you call it affected him. He did remarkably well for a first time candidate from a politically disadvantaged region meeting unprecedented establishment headwinds. So it really doesn't matter when the big picture appears.

chimexdnice1:
two tiny countries won't allow the whole world hear word again. stale news!

Just another proof that God is real and His Word is sure whether the disbelieving world accepts it or not.

China is America's kitchen. America is China's dining room. There is little chance of any disagreement without hunger resulting.

FreeStuffsNG:
Yinmu. Twitter 'called' Buhari far worse despicable words and criminally defamed him but today all those cyberbullies and criminal defamers have been sacked from Twitter and the former name of the compromised loss-making platform itself changed to X. Even Uber itself, like Twitter, is a perpetual loss making company until last quarter.

You can't build anything on lies, hate , crime and bigotry and think it will stand. Ex-President Buhari completed his tenure and now enjoying his retirement yet all his cyberbullies , criminal defamers, bigots and those who enabled them lost.
This one too shall pass.

Mr Bayo Onanuga is now the Special Assistant to the President on Strategy and Information. Remember this his tweet. The FG has promised to see to this kind of cyberbullying and criminal defamations since there can not be two justice system, one offline and another online where people commit crimes and walk away without being prosecuted. Check my signature for free stuffs!

But you can see how messed up he left the country.
So bad a state that it affects EVERYONE and will threaten the success of the present administration even if they remain in power.

You see Mister. The reaches of bad administrations and poor leadership goes far beyond sentiment and in this case justifies everyone that stood against the past one no matter how ridiculous their ways and means of pulling it down were.

I am sure somewhere within you and most of your kind, you just wished they succeeded just as most citizens will have the hands of time reset. Public, social media postulations are one thing but the stark reality of Nigeria today tells everyone including Mr. Tinubu himself, that the majority is ALWAYS right and the voices of the many is important.

The Buhari led government WAS A BIG MISTAKE, period.

Akpacha:
Vini Jr is taking much of his time in this, he should concentrate on his game and forget them.

Just like political court cases.
Just like strikes for better working conditions.
Just like all other civil rights matters....
I will never stand against anyone demanding his rights be respected.
For I am not in his shoes and cannot replace what he feels he is being denied.

AareGaa:


It depends on the type of car you ride.
If you acquire a car with small engine , you have no problem.

Most of the people telling stories here don't even own a car.

Ostrich talk, and a vain attempt to hide sentiment.
The government has done zero, absolutely NOTHING to contain the inflation triggered by subsidy removals, period.
It simply cannot recognize the danger and does not know HOW to tackle inflation.
It is a question of intellect and competence.

I warned it would spread from energy and transport to engulf the entire economy if not swiftly tackled after the removals.
Businesses of diverse kinds, even those that have no direct relation to fuel consumption are engulfed in inflation because any economy is interrelated.

In sane climes this is more feared that war.
In sane climes governments rise and fall on this fear.
In sane climes the fear now will be that of mass revolt.
So you folks can continue to play the fiddle and comfort yourselves that all it well, then when you least expect it....

Another proof that democracy simply is not working.
Most of the time power is sought for personal aggrandizement, not for the transformation of society.
Ask those lawmakers what makes for development and they will tell you it is either flyovers or palliatives.
They cannot found the king of ideologies that develop societies, that is, to root a value system that prospers whosoever or whatsoever is planted on it.

I am truly sorry for this country and sorry to say that my faith in Nigeria is almost gone.
There is no light whatsoever at the end of this tunnel.
No level of suffering to elevate the thinking of the Nigerian Negro.

It is almost time to call it quits.

Omooba77:


https://dailytrust.com/industries-battle-for-survival-as-dollar-hits-n1155/

I disagree with Mr. Oyerinde.
The interventions should not be in the market but against the factors that make market rates, prices or whatever.
I have said it right from time that we operate an unguided economy where government has little information not to talk of influence on the various factors of production in almost every sector.

For example. If you have no data of inventory how do you regulate production and if you cannot regulate production how can you handle inflation.

I said it a while ago that until refineries are operational independent marketers should not be licensed to import fuel. They earn zero foreign exchange unlike NNPC and this will trigger a run against the naira.

I also said that when the foreign exchange market is liberalised government should sit with the heaviest users of the window to agree a schedule of trade whereby unnecessary inventories are avoided. Whereby these enterprises are not stockpiling or speculating and in turn government gives them guarantees of stable rates.

Government needs to be up, close and personally involved in the running of the top 500 enterprises or the top 500 foreign exchange users for it to have a handle on demand and supply.

I also believe that there is heavy speculation going on at this time, heavy stockpiling of foreign currency by both state and non state actors that neither use it or generate it. This is clearly economic sabotage and though it is near impossible to detect these outside official channels, government should deploy its agencies to monitor the movement of government finances at all levels to ensure they are not being diverted to speculation.

Jallotti:
But no problem bribing judges and buying multi-million dollar cars for legislaTHIEVES?

See face of a 71 year old?

They will always find money for they things they want.
As long as they have teeming, ignorant followers to cheer them on.
What we have in this regime once again is a lack of capacity.
Just like the last regime, there is a clear intellectual deficit, clear moral deficit and clear visionary deficit.
Everyday is looks like the last electoral exercise was in futility.
Just a change of government for change sake.
Very little has changed in reality.

Westchester:
I went to this local restaurant to eat and was told this food costs a whopping sum of two thousand, two hundred naira
Do you think it’s worth it

Elections have.....very....serious consequences.

Mr. Wike. This is not how to govern in a democracy.
You are placed there to find solutions by dialogue and dialogue is tenure long. That is the job.
Polarising the situation will only cause the industry to deteriorate from within.
You will win the battles but like most things misgoverned in Nigeria, you will lose the war.
Doctors, and the best of them will simply leave as they have been doing in frightening numbers recently, leaving the hospitals as mere 'Consulting Clinics'

Just heard today that an experienced cardiologist has left one of the tertiary government institutions and there is no immediate replacement.
One can only imagine what will happen to his patients in the coming days and weeks.
This is not the way to live.

Even if the resources are not there, just talk, create understanding and find solidarity.
That is leadership.

nairalanda1:
Okay, want to know how sane countries pay for good buildings for their schools

1.TAXES

2.TAXES

5.TAXES

10.HIGH SCHOOL FEES.

Back in the day, I went to a private school. Fees were high, and my parents were not rich (they both had side hustles, and my dad had to take a second job even...how he did not develop hypertension under the strain is a miracle)...whose fees were quantillion times higher than the nearby LEA school, and another government school.

Guesss what....my private school had better housing,better classrooms, better chairs, etc..plus we got new exercise books whenever we needed them (I can only recall buying two exercise books in six years...and that was because the supplier was late with supplies, not because of the school running out of kudi)...because we PAID FEES that made sense.

Edo state budget is 420 million dollars. The University of New Hamshirre, the state uni of the New Hampshire state, spends 100million dollars on its university alone.The state budget is 16 billion dollars.

And you Nigerians would want schools to look 'decent' like they do in 'sane countries'...with WHICH MONEY?


Either Edo finds billions more naira, or Edo taxes everyone at a rate of 40-50% or Edo state...takes LOANS.

And this is the situation whoever is in charge. Whether APC, PDP, etc. Nigeria is not making enough money, because our leaders do not want to make the hard changes. AND THAT INCLUDES APC....Apc is very lazy.

When we ask who should be taxed then the idea falls flat.
Industries...? Already struggling with multiple taxation on top of bearing most of the burdens of State.
The working population....?, that basically shares its income with the rest of the unemployed population and on top of that bears a lot of the burdens of State.
Who exactly are these secret sector of people, this fertile but untapped class of citizens that are ripe for taxation.
Who are they?

Again. Surely this is becoming counter productive.
At some point that bridge will have to be rebuilt.
For it cannot be making a profit if it were an enterprise or operated as such.