₦airaland Forum

nairalanda1:
You need to realize that everyone who does not share your views supports oppression.

The reason why I oppose subsidy is simple. TO pay for subsidy for petrol for this year, so that it can cost N200....it would have cost our budget something like 17-20 trillion naira.

(And note that it won't stop smuggling. Every country I know that has a subsidy has smuggling...that means millions of losses.)

So, imagine spending 17 trilluion even something like 12 trillion...which was the estimated cost of subsidy for 2023, assuming PIA did not take effect.....that means a huge hole is in our budget...which would be filled with loans.

Add the fact that by August 2022, we were spending 90% of our revenue on loans and more loans payment. Revenue for next year's budget.

So, if we did as you want, we would be a year from now, out of money totally, and the IMF would not borrow us any more. The kind of anarchy that would result eh?

But you, Kukutenla, Lexy2014, LadyExcellency, Kukutente, Deepsight, SIlasGreenback, and a host of others do not see it that way, so, I leave you to your ideas.

This is the internet. Everybody is right after all.

I take my leave.

Good night, and enjoy the borrowing.

Kay17:
The point of removing subsidies was not to create cheap petrol. It was to save the government from sinking further into a situation where it would only be able to afford the military in order to stave off a collapse. Sadly, people should buy petrol at the same price everyone else in the world is paying for it.

Unsurprisingly, these subsidies are forever subsidies. There is no time they were intended to be removed without this public upheaval.

Kay17:
The point of removing subsidies was not to create cheap petrol. It was to save the government from sinking further into a situation where it would only be able to afford the military in order to stave off a collapse. Sadly, people should buy petrol at the same price everyone else in the world is paying for it.

Unsurprisingly, these subsidies are forever subsidies. There is no time they were intended to be removed without this public upheaval.

Kay17:
If I was to make that decision, it will rely entirely on my fiscal position and I would reason as an economic agent. If I cannot afford I would remove it.

There is an opportunity cost for every economic decision. It is a question of what you can live with. If you prefer short term over long term then using deficits, printing naira or borrowing dollars, to prop your fiscal position in order to afford all subsidies will make sense. If you prefer long term, then it would be idiotic.

Kay17:
Ultimately, SilasGreenBack, this is the ground we cannot agree on. Fixing, pegging or valuing your currency are euphemisms for defending the naira with dollars. As long as you see it as a matter of fiat and I see it as a matter of spending scarce dollars to fund a consumption attitude you cannot, as a country, afford, we will be at crossroads. CBN spends over 100 million dollars a week or so, to defend this our precious naira (let me know if I am wrong). I think this is too atrocious a policy.

My response to your position on "unexplored potentials" is that I strongly if this government can maintain a 7 trillion naira petrol subsidy with a 4 trillion naira electricity subsidy, saddled with an enormous public service (with a recently revised wage bill), defend the naira with 100 million dollars per week, and then invest the cash to exploit gas and natural resources reserves without mortgaging the future, I strongly doubt it.

Kay17:
SilasGreenBack, we have more common ground on this issue. More people have dropped below the poverty line and the effect of the present policies are indeed impoverishing. However, the nuance of my position lies on the fiscal capabilities of the federal government. The capability to spend dollars to defend the naira and spend trillions to maintain the petrol price is not present anymore without severe consequences such as borrowing loans or printing naira to maintain status quo.

What the government did was transfer its fiscal burden from itself to the people. At the end of the day, the paramount economic question stands, "how do you allocate your scarce resources to your unlimited wants"?

Kay17:
Corruption arises largely due to brittle institutions. The National Assembly is a mess.. the courts are nothing to write home about.. the press is incompetent and bribed shut... the civil service is outdated and over-bloated... the executive is left unchecked.

To ask any government to purge corruption is like belling a cat. Easier said than done. It can be argued that the consumption subsidies is a symptom of corruption. No economy worth its onions will allow its government to spend on consumption subsidies instead of investing in healthcare, education and infrastructure. If all that wasted money was spent on better alternatives such as a proper metro system and interregional railways, nobody will complain.

grandstar:
God bless you. Goodnight

Kay17:
You are wasting your time employing economic language and theories to the Nigerian short termists. It is clear to the blind that the Nigerian government can only afford the FX, electricity and petrol subsidies by printing more naira. If more naira is printed, the more worthless it becomes and the more the inflation.

I don’t understand how people don’t understand the basic economics.

Maybe Nigeria should print more and more naira and distribute it to the masses.

grandstar:
The petrol subsidy cost 10 trillion

Excess spending and corruption 1.5tr tops. You can only steal from what exist and what does not.

In addition, petrol subsidies drive away investment in refineries. Dangote has only just recently started to produce petrol because it isn't possible to refine it and make a profit. He did not waste time producing diesel and kerosene because their prices are deregulated.

Until the price of petrol is fully liberalized, the country will remain at a fiscal and investment loss. The country by now would be refining at least 3m bpd, but the subsidy discouraged investors.

I was laughing when people were saying once they start refining petrol locally, the price will be so cheap, there won't be need for a subsidy. A litre of crude oil cost at least N750/litre, how will he make a profit selling the end product at N600. i haven't included refining the cost.

grandstar:
It would be appropriate that newspapers employ a competent economist so they won't make such embarrassing articles which exposes a shallow understanding of economics see the light of day.

If truth be told, Tinubu needs to go further in cutting structural wastes such as the fuel and electricity subsidies, and a bloated civil service.

How do people expect the government to run a budget of 27.5 trillion on basically 4 trillion? Buhari would have simply told the central bank to print the difference and lend it to him. That is why debt servicing in 2022, was higher than the entire government revenue!

PwC bulletin: Nigeria's 2024 Budget Highlights
The Federal Government of Nigeria recently presented the 2024 Budget proposal to the National Assembly. The Budget titled "Budget of Renewed Hope" shows a proposed expenditure of NGN27.5 trillion and an estimated revenue of NGN18.32 trillion for the 2024 fiscal year. We have analysed in our infographic a snapshot of the 2024 Budget proposal and its assumptions relative to the 2023 approved and supplementary Budgets.

At least 80% of the revenue will go towards servicing debt. That is why I said the FG only has about 4 trillion to play with.

There's the saying," Borrow borrow make me fine." That was what Buhari was doing. He would have borrowed money to provide the petrol subsidy. Tinubu says the days of such have to end. His refusal to go on a borrowing binge to give you cheap fuel is why the price of petrol is so high.

Buhari wrecked the economy. All these screaming should have been carried out then and not now, but majority were clueless. Buhari scored worse than an F9 in almost all his 8 years as president

naptu2: I haven't been reading this guy's posts, but I'll need to get someone to read it soon to see if he is a candidate for the fish basket.

Verydarkhearted:
Thank God I’m a high demand man and my women are the ones begging me to go see their parents and for marriage.. as a guy if you ever sleep in the night when you don’t have money may God wrath kill you. Cause this fouool is here see how his gripping her hand like a desperate mad dog. See the local rubbish sef o can’t look this one twice talk more of even toast her. Even if them join 30b I go till reject this girl. But see how she embraces a man.

naptu2: After how many weeks?? shocked

Why is this guy, silasgreenback still mentioning me??

They usually face reality after a few days, but this guy is still trying to entertain me.

Doylestown92:
Says an animal who has never crossed the shores of West Africa. That's the only reason I refuse to blame you. You're an animal.

MEEVEET:
That's their business if they want to tax their people to death that's their business

Even with the higher revenue there is absolutely no index of development that Kano can compete with IMO absolutely none

Education, health, HDI, industrialization as shown by GDP, GDP per capita

MEEVEET:
Kano? Lmaooo IMO, rivers, akwa ibom and Delta are very close together

IMO GDP is over twice Kano GDP IMO GDP is bigger than Kano and Kaduna combined

MEEVEET:
IMO is the second largest economy in Nigeria according to world Bank

honestivo:
Then what we have in Nigeria should be Halloween

Melagros:
Why? For trying hard to prevent world war iii?

DesChyko:
This same Trump signed an Executive Order creating a position that is focused solely on human trafficking. Human trafficking is connected to international organ trading which is why there are now thousands of terrorist elements in Nigeria and other African countries kidnapping and harvesting organs at will. This man almost ended it completely during his term in office. Read here:

https://fortune.com/2020/01/31/trump-human-trafficking-bill-executive-order/

Rufai wants Nigerians to support Kamala who stems from the political dynasty of the Clintons and runs on the Obama philosophy. For the records, when Obama was elected, Africans were over the moon. Nigerians carried it on their head with billboards dedicated to Obama in Nigeria, paid for by Nigerians. Guess what? When it was time to visit Africa, Obama ignored Nigeria. I am the only known Nigerian who boldly went on Voice of America TV in Washington D , on a Live show with Shaka Ssali and told Obama off and on that show, I declared to all that Obama was not for Africans or Black people. I was proved right shortly after. This was aired to tens of millions all over the world and was even picked up by ITV Benin at the time.

Even though Obama never visited Nigeria as president, the gift he chose to give Nigeria was APC government which Rufai hates and fights against today. I was in Nigeria when APC was being formed. I knew the guys who came to set up its structures for campaign and propaganda. Axelrod is OBama and Obama is Axelrod. They were in Nigeria to run the campaign that enthroned APC and the plan isn’t for them to ever lose power in Nigeria. See link of their involvement below:

https://www.buzzfeednews.com/article/rosiegray/firm-founded-by-david-axelrod-worked-in-nigerian-election-as

This is why we say APC is the Democratic Party of America’s African sibling. As long as Democrats are in power in America, APC will never loose elections in Nigeria. This is the same party Rufai hates but now he’s rooting for Kamala that’s a member we of the larger family, whose win will ensure APC never leaves power in Nigeria.

Like Obama, when Kamala was set to make her first trip to Africa as Vice President, she also ignored Nigeria. And for the African countries she visited, do you know the demands she made from them? She was there to demand that gay people be given right to marry legally or the countries will lose US foreign aid. See below:

https://www.advocate.com/world/kamala-harris-ghana-lgbtq

https://www.reuters.com/article/world/biden-says-he-would-withhold-foreign-aid-if-countries-discriminate-against-lgbtq-idUSKBN1WP1XZ/

They’re threatening African countries - sovereign nations that are so called independent, telling them to legalize gay marriage and allow LGBTQ to reign supreme in their nations or America will withdraw aid. Did you not see what they did to Uganda. I don’t need to post a link. Look it up.

In the same way that Trump used US Taxpayer money to Promote religious liberty abroad, Biden and Harris are using even more money to promoted LGBTQ rights around the world, especially in Africa. In fact, it’s become like an attack on the sovereignty of the nations they target.

So, the President that Rufai hates and wants everybody to hate said, “Americans at US embassies abroad must be educated on religious liberty and our money will be committed to fighting religious violence” AND the Kamala that Rufai is rooting for is saying, “scrap that, we would fight for LGBTQ rights instead.” And you still want people to see Trump as the enemy?

I can go on and on and on. But the question is, what has happened to humanity? Like I said, I don’t know Rufai well. But I believe he could be a Christian. But even if he’s a Muslim, at what point exactly do his values cross paths with the values that Kamala is espousing and promoting? To the point that at the Democratic National Convention, Planned Parenthood which co sponsors the Democrat party was at the scene of the convention with a mobile abortion clinic. Mobile abortion clinic - so abortion clinic on wheels! Staying in the buildings not enough - they had to bring it out there. Not sure Americans had seen anything like that. And these are the guys who advocate for late term abortions - what they call partial birth abortions, where a fully developed child almost at the point of birth is dismembered in its mother’s womb and the body parts traded illegally, in some cases. Please do me a favor and google “planned parenthood undercover video.”

Less than two years of becoming president, Biden and Harris have now overseen wars in almost all the regions of our world, after a complete four years of peace in our world under Trump. Is that what you hate him for? Or the fact that he stopped members of the LGBtQ from disgracing America in the military and bringing shame to American institutions with their madness and he decided to leave strict rules on how they must conduct themselves? You prefer now that men are allowed to share the same bathroom with girls and children at schools in California could go through sex change without having to inform their parents? These are the madness you’ll get with Harris for sure because they’re already happening right now in the U.S.

PLUS the fact that if care is not taken, we could end up with WW3. Maybe then. People like my brother Rufai will understand that international politics is played on a far more sophisticated and higher pedestal, beyond the boundaries of parochial sentimentalism.

Regardless of how we feel, we should never wear clothes on the truth. Leave it naked.

https://x.com/jcokechukwu/status/1834184482007437499?t=521zk8hnR0LVlhJRSNVldg&s=19[/quote]Trump is an animal, whether you like it or not.

AntiMarxist:
You see those returnees?

The Saros.

Most Yorubas who returned back to these shores decided to change their slave names back to their original African names.

The only well known individual who did not change his name was the Oyo Prince , Ajayi Crowther. Ajayi who had converted to Christianity and become a full fledged Christian missionary. Ajayi returned to his father's land but refused to return as a Prince of Oyo land. Ajayi retained the name Crowther in honour of the Christian missionary who converted him to Christianity.

Majority of the Saro families of today did retain their slave names because they were not Yoruba in the first place but originally Ibo slaves. These Saros refused to return back to Alaigbo just as there is no single record of an Ibo slave returning back to his homeland. This was because Ibo land was a terrible place.

The Saros , thou claiming to be indigenous to Lagos, which they are not, have always insisted on not being classified as Yorubas. My question to these people is why do they remain in Yoruba land and claim to be indigenous to it when they are not and why did they never seek a return back to their ancestral home ?


Now this isn't true for all Creole families. Most are proud Lagosians and identify as Yorubas but there is a minority of snobbish creoles especially those with mullato blood that assume they are better than the indegenes of Lagos and openly deny being Yoruba but claim Creole as an identity. How can one claim a slave identity complete with slave name and still act as if they are better? To find out this, just trace their real origins and it will land you in Alaigbo.

WeddingParol:
It is interesting to state that though the capital of Nigeria is Abuja but Lagos state being a former capital of the country generate about sixty percent of the Federal government revenue as it housed headquarters of several indigenous and multinational organisations operating in diverse sectors of the economy. I

naptu2: silasgreenback is still mentioning me and trying to get my attention. Can you imagine that? Isn't that funny?

naptu2: This guy silasgreenback doesn't know anything! I have said it many times that right and left does not work in Nigeria, he is busy telling me about Bretton Woods nonsense.

Use you head! Can't you think for yourself? Why must you wait for someone else to tell you what to think??

Does it actually make sense to you to borrow money to pay subsidy?? Think for once! Use your brain!