₦airaland Forum

kayfra:
We are a victim of a mono product commodity export based economy and when prices tank, then so is our fortune and currency. We had a boat load of opportunity under the last government to structurally change our economy by building infrastructure and diversifying our exports. But we blew away the days of oil at $140 a barrel. That was lost on private jets and ridiculous properties.

Anyway, accepting our reality let's look at what will alleviate the pain.

Monetary policy - CBN (Emefiele)
1. Devalue the naira and stop wasting reserves on our ego. Naira is not worth the official rate and let's be done with that reality. Of course, inflation will rise, which is inevitable.
2. Lower interest rates. This is to make the cost of borrowing cheaper, so more naira is available to spend to keep a buoyant economy. The banks won't enjoy runaway profits but they can make up for that in fees.
3. Stress test the banks and based on the results, recapitalizate the banks. We can't afford to have weak banks that'll collapse anytime soon. If the banks are not strong enough to do real banking, then consolidate them.
4. Formulate policies for banks to increase retail lending which will grow the economy when money is available to individuals to invest in businesses and other entrepreneurial activities such as farming. We have 160 million people and can run a growth based economy internally.
5. Put more import tariffs on frivolous goods to encourage local production.
6. Prioritize the issuance of forex to companies importing industrial or agricultural machines. Anything that will foster local production should be encouraged. This will get us from being a net exporter of raw goods to a net exporter of processed or semi processed goods.


Fiscal policy (Adeosun)
Kemi is already doing most of my recommendation

1. Look for ways to seal all the leakages in parastatals.
2. Retrieve every single kobo of revenue made by government agencies which will include customs, ports, waec, jamb etc etc
3. Review the cost of governance with the aim of drastically lowering recurrent expenditure. This may involve firing redundant people.
4. Review our VAT. We have a low tax rate and we need to tax consumption of foreign goods to discourage our dependence on them.
5. Broaden the tax base with targeted taxation across the economy. Anybody with a stall or farm has to pay taxes. No exceptions.
6. Automate governance using technology. We need an ERP solution and data warehouse. This will give easy access to information and reports so we can plan and make better policy decisions.
7. Review fee structure across the board. This will include police tickets, traffic tickets, tolls, road tax etc etc


Buhari
1. Communicate a vision and hire an economic adviser that can articulate the vision as concrete plans with milestones.
2. Go after trade agreements with African countries. We have a lot to sell the less developed African countries and can effectively replace a lot of their foreign partners. This will increase dollar repatriation from the revenue we make in those countries.
3. Stop speaking so negatively about Nigeria. You kill consumer and investor confidence when the head of state sounds so negative.
4. Fight corruption but don't let it take center stage of your government. It just shows you're not capable of managing a complex country with varying priorities.
5. Strengthen our defense. It's your #1 priority as commander in chief.
6. Go get a communication coach to teach you the art leadership using verbal and non verbal cues.


NASS
1. Pass PIB bill as a matter of urgency.
2. Pass any bill that will clear roadblocks and speed up the incubation of businesses. Example. Why does it take a year to get mining license? There are other examples.
3. Do real work and pass laws that will help the common man and big business. They go hand in hand


The People
1. Work hard, pray hard and party hard.

Good thinking!!! Good Product!!!

Bevista:
You see, the Body Language of the president is completely irrelevant when market forces are at play. He needs to stop having a DEFINITIVE position on what the exchange rate should be. There are so many variables and moving pieces outside his control.
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On inflation, what do you think is going to happen when 70% of the market sources dollars at N300 to import? Are those importers not going to pass on the interest rate differential to consumers by virtue of price increase? Sooner or latter, HEADLINE inflation will increase. They may try to subdue CORE inflation for a while due to the steady nature of price of PMS.
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Devaluing the Naira will naturally curb demand and create a new equilibrium. The key will be choosing an appropriate price where supply can clear demand. That way, the bank will not have to worry about depleting Reserves. But yes, I agree, Core inflation will shoot up.

You are certainly correct. Sometime I wonder whether the ego of Mr. President is at play here on the expense of the economy. But it is not the president alone, most politicians are like that. I think the president is unwilling to take the advise of the IMF and it will hurt the nation.

Bevista:
Blaming the CBN Governor is like blaming the management of Chevron for sacking 7,000 employees and reporting a 40% reduction in earnings - all due to record low oil prices.
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Our senators need to understand the interwoven nature of economic variables. The currency of every major oil exporting country is depreciating like hell. Even heavyweights like Saudi Arabia, Canada, Russia, Norway, etc with huge FX Reserves (in excess of $500bn) are suffering currency devaluation.
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My only grouse with the CBN Governor is that he should converge the prices at the parallel and official market by officially devaluing the Naira. The current over N100 divergence is providing banks with arbitrage opportunities for exploiting their customers. An exchange rate in the region of N240 - N260 might be appropriate for now.
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What Nigeria needs right now are real & clear Import Substitution policies to reverse our craze for foreign goods. This will reduce the pressure on the Naira. That is not the job of Monetary authorities but that of Fiscal authorities. They should be summoning Kemi and the guy in charge of Trade & Investments.

This is very smart reasoning, but you see the implication of directly devaluing the Naira will create an increase in inflation and high cost of goods and services. From the ''Body Language'' of Mr President, he seems to enjoy a socialist kind of economy which is one of the high points of his campaign promises. Going by this, the devaluation may not be approved by the president. The continual drop in the value of the naira will also mean that our foreign reserves will be depleted in time.
So what then is the way out, to me it will start with a sincere approach to a new policy aimed at first reducing cost of running government with a honest example and not a propaganda and selfish approach as we are currently seeing.
For example, I heard that couple of BMWs will be purchased by the presidency this year as highlighted in the 2016 Appropriation Bill sent to the National Assembly. I see no reason why locally made vehicles like Innoson and others should not be used instead.
This is why I am saying that it will start with a honest example by the presidency to turn around events in the nation.

I think the problem of the economy has nothing to do with the leadership, but I believed it was as a result of the the drop in the prices of oil coupled with our lack of productivity. We as a nation must learn to patronize the made in Nigeria products. That is the only way we can go out of this problem.

I am a Wailer, however, I know deep within me it is not the fault of either PMB or Emefiele but our glut for foreign made products that can be obtained locally.
I also feel that government should take the responsibility of showing the example of what it means to patronize locally made goods. But I do not see that happening now with the level of greed and vanity among our political office holders I do not see that coming to pass in the nearest future. So I think we should all brace up for very rough times.


God Bless Nigeria.
God Bless me

I wonder how people still eat rat these days

ozoigbondu:
Rats

As in RAT

The Benue State Government has directed its citizens to stop the eating of rats in the meantime in order to curtail the spread of Lassa Fever.

The state governor, Samuel Ortom, disclosed this to State House correspondents shortly after meeting Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

Ortom said the decision was taken because the state had recorded a case of the fever.

Rat is a delicacy popular among the people of the state.
The governor said, “Benue is affected; we have one case of Lassa Fever right now that is under control.

“We have advised our people, rat which is a major carrier, is a delicacy; I am finding it difficult but I have told them to suspend eating rats now until further notice.”

Ortom said he decided to make agriculture a priority programme of his administration because he suspected early enough that a time would come when the nation would face revenue generation challenges.


http://www.punchng.com/benue-suspends-eating-of-rats-over-lassa-fever-2/

I really do not believe it anyway. But am wondering how one can steal a budget that is yet to be passed into Law by the National Assembly. But in Nigeria though, anything is possible sha.! In a country where people are constantly struggling to outsmart each other.

It could be the one who stole it had the mind of smuggling in a few amount of cash into the budget. Even if this is possible I wonder how the person will defend it when the National Assembly will ask for the defense.

So mamy babies are in Nairaland now.

Alcatel popstar is N17k plus and not N15k. Thanks

How good is the phone? Am thinking between innjoo halo and Alcatel Popstar which one is better.?

MzPecs:
Silence is the best answer for FOOLS!!!

My GEJ is wise.

You've said it all!

I want to know between innjoo halo and this phone which is better?

I bought my wife the Alcatel pixie 3(4) I have not seen any thing wrong with it. I love it very much. So I need to compare between innjoo halo which is about 14k and this phone which is about 16k.

Fight corruption! Corruption will fight you back!!

Am thinking of getting the phone. Am not camera and game freak kind of person so will it be OK for me?

This government sef!!
Gate every where.
Very soon you will hear saintopus gate!! Where the gate lead to sef no body know.

Clergy20:
My friend, the variables aren't the same in both states. Lagos has never had a sitting governor decamp to the opposition to fight APC. When Amaechi left PDP, he left with 2 senators, about 8 Reps and 27 Assembly members to APC. You can't just compare that with Lagos that has always been United. APC is more formidable in Rivers than any other state in the South south. That was why Wike wouldn't allow a free and fair election hold in March and April

APC more formidable in Rivers State? Well, am not aware of that as a Rivers man who lives all my entire life in the state I don't see APC having a say in Rivers, Bayelsa, Delta and Aqwa Ibom state.

For Lagos state if you check the difference in votes cast for the APC gubernatorial candidate that led to the victory of the APC you will notice that the gap was not up to 3000 votes. Now compared this with previous election of Tinubu and Fashola which the gap was very glaring.

Even in this I still give Lagos to APC any day.

I will say it is a win win case for him. Because Rivers state is for PDP any day just like Lagos will be for APC any day.

AkinDavid2:
Are you still on this same page. Even with the revelations!

If you think otherwise then I will say that maybe there will be a PDP governor in Lagos in very short time.

Don't forget to like my comment.

Obas101:
guy, my sincere advice to you dont buy the phone.. the specs are good alright but d components seems like they are cheaply made. for example the camera is 13mp but its not sharp and its blurry, the battery is also bad doesnt last long and finally i had a small crack on my magnum 7 screen and my touch stopped responding i tried repairing it but they only have two centres in nigeria which is lagos and onitsha. bottom line i went to onitsha and the guy fixed it for me i had to spend 7k for dat.. he later told me that the screen and the flex are together and if there is a crack they will have to change the screen totally. a week after dat my screen got cracked again and vowed not to repair it anymore, i abandon it and i'm thinking of buyin the infinix note 2. seriously dont buy it cos u wont enjoy it for long.
also sorry for not replyin you soon enough.. been busy but if you have bought it already i advice u to b careful

Thanks very much I made the order on JUMIA on black Friday but JUMIA sent a message that they can't deliver cause the manufacturer refused to ship the order. So I have made up my mind to get innjoo halo instead or any infinix product.

Thanks very much

Well, they should organize another election I know Rivers state, Bayelsa state, Aqwa Ibom state, Delta state are for PDP for a very long time to come.
Just like Lagos will be for APC in a very long time to come.

Demdem:
Actually, no sane man think this way in a democratic setting. Only nonentities, IPOB touts and jonah-daft cocck suckers think such.

My brother you are very correct! Just like some Buhari Zombies believed that $980 billion was disbursed to Dasuki and others.

But we are fed with many news of how over $980 billion was disbursed. Could be that they were not the people saying all these?

In fact social media court had found them guilty.

They said that they have been singing since they were remanded in EFCC Custody. One would have thought that they will just walk to prison like sheep's led by a Shepherd.



This government sef!

Change we can rely on!

I love social media court more than the real court of law because it makes some people very important.!!!

OP!!! You too talk sef!

Didn't we say that Chibok girls was a scam.
It's aim had been achieved.

An average Hausa family are not concerned if a thousand girls was abducted so long as their preferred candidate PMB is in power.
So OP shift this thread comot here jor!

byrron:
@OP are you ready for another OBJ's letter?

Asking Efcc to investigate Ben's stewardship as NTA's DG simply means you want to probe OBJ's tennure which will only end up opening up loads of corrupt rotten cans of frauds and Illegalities nurtured and executed under OBJ's watch thereby implicating saint OBJ.

His beloved late wife Stella was very instrumental in making his former lover boy Bruce the DG then as well as insuring that NTA was heavily funded then and most of the equipments supplied to NTA then had Stella's name all over it and OBJ gave his consent.

Have you ever heard OBJ say anything negative about Ben before? Hell No

Good thinking! Good product!!

When the EFCC start the probe all he needs do is simple.


1. Tell the world that OBJ gave him $300 million which was approved by the wife

This singular statement has the power to shut PMB, Oshomole, EFCC and APC

kahal29:
Op add this as your source:

http://www.premiumtimesng.com/news/top-news/194858-prof-eskor-toyo-dies-at-86.html

That was my lecturer back in the days in the Dept of Econs Unical.

Ex malabite! I hail o!

Me I be ex malabite too!

Well, nothing would have happened if he had decided to hold on to power.

Maybe at most few individuals would have lost their lives as usual in the northern part of the country. Which is normal, to me I feel the man GEJ does not want to stay any more longer.
This is shown by his refusal to contest the outcome of the elections in court.
He had all the tools available to make sure the outcome of the election go in his favour but decided to allow the process run to its natural end.
'My ambition does not worth the blood of any Nigerian'_GEJ
Many are still in the illusion that their votes oust the President. Well, it is good to feel important sometime because it helps in bolstering our ego.
PMB was wise to have in many occasion thanked the ex President for that single act of good will.
To this end I will say a big thank you to GEJ

What does he mean by major BH attack?
What number of causality constitute a major attack?
Let's assume an attack resulting into 40persons losing their lives could we describe that as a major attack?
If a single American is killed in an insurgent attack it means a lot to an American.
But the case is different in Nigeria where we just hoping that an attack would not result into hundreds of causality.
It is very pathetic how people reason.

Let me stop here before someone tag me a wailing wailer.

You are where you are because it is the best place to stay and learn about love. You would have learnt nothing if you are a Finn.
So love rules all.
You are here on earth to gain very important spiritual lessons you may not have learnt in any other way.

So enjoy!