₦airaland Forum

Chukzyfcb:
all I am saying bro, buhar will be faulted for the way the economy is. in the first quarter we experienced a trade deficit of about 180billion. yea we can't export as we use to due to vandalism, but then that's the fault of the president for creating tension through his utterances in the media.
ask yourself this, if nigeria gets about 20billion dollars annually from foreign remittances which translate to an average of $5bn dollars per quarter, why hasn't the remittances be used to cushion the effect of the trade deficit of just 180billion in the first quarter, hence making the exchange rate stable? something is very wrong with this govt.

Dollar subsidy is worse than oil subsidy. In dollar subsidy the exporters get less income in Naira because the govt is surpressing dollar exchange rate. For this reason govt can't keep subsidizing $ while it tries to encourage alternative export commodities outside oil. Get it?

signz:
Historians will record that PMB's action or lack of it is to be blamed for the naira slump.

No doubt 'our' appetite for oyibo goods is to be blamed for the slump, but surely its not the sole/main cause of naira going down by 200 naira in 1 year.

FG won't subsidise my appetite for oyibo things but will subsidise people going to Jerusalem and Mecca to worship their God. Does this sound like we're serious in this country?

Jerusalam and Saudi trip subsidy is indefensible and I won't even try to do that but Buhari's action or inaction has nothing to do with dollar hike. The N165 the govt maintained for so long was artificial in the sense that govt was busy selling excess oil dollars at low rate in order to keep price of imported goods low. Once the govt couldn't subsidize $ as a result of low oil prices, it is normal that the forces of demand and supply that had hitherto been surpressed kicks in. It has since kicked in and sent $ rate up as expected. Get it?

Onegai:
You know nothing! I flew in several of my baby's things but decided to be patriotic and I bought a product for my baby to use, the locally made one. She began itching after application and crying to the point of scratching her skin off and slight bleeding. I checked online, several other mothers were seeing the same issue with the same product and complaining. Where the f**k was NAFDAC to do their job and make sure it was safe? They had collected their egunje and allowed these people to slap NAFDAC number on the product and sell off. Where was NAFDAC and other regulatory bodies when people were putting up pictures of commercial bottled water being filled with ordinary untreated water? Do you know any politicians? I know several and they will tell you that only drink a certain company's water. But are allowing any Tom, Dick or Harry produce water for the masses. I know some of their families and they don't patronize Nigerian goods. So who is going to make Nigerian products "international quality"?? Is it my child's health they will use as testing ground until someone in government decides to do their job?? Please swerve.

Your arguments are circumstantial, unverified and easily negated by the millions of Nigeria who consume local products. If you want import water as long the as you export enough to import your goods no problem. The problem here is that people always look up to govt to give them cheap(subsidize) dollars. The govt can't do that any longer as oil sales is low and they have no quick alternative but to discourage foreign goods(41 items banned) and diversify.

Chukzyfcb:
let's discuss this in plain terms, are you aware that the federal govt gets about 20billion dollars in oil revenue , we also get about 20billion dollars in remittances. now if about 40billion dollars is coming into the country, have you asked yourself how come it's still not sufficient enough to fuel our demand for dollars, or will you say that Nigerians demand for over 40billion dollars annually just to import?

are you aware it cost use average of $28.99 process a barrel of crude for export? Multiply that by the no of barrel that yeilded the $40B revenve and deduct it.

signz:

Sometime last year CBN governor Emefiele advised that the FG should sell just 25% of our oil equity to make over 14 trillion naira for infrastructural development, we laughed at him (me inclusive) but see now the man knew what he was saying. Now i am advising the FG sell 75% ASAP and spend it on railways, roads, power,seaports, etc. FG must spend us out of recession. I heard this may also attract FPI's and FDI's back into Nigeria

I was forced to mention you twice in order to make my argument clear.
I support the call to sell state asset but no the call to use its proceeds in building general infrastructure. I suggest they be used to build project that will serve industries mainly. We 've place emphasis on consumption and comfort for too long. Its time to priotize production activities that will employ people and earn forex. Since we 've nice crude I suggest the govt priotize refineries above all other projects.

signz:
No doubt PMB has over 80% of the blame.

No time to blame anymore. Someone has already predicted that dollar will rise to 610 in no distant future.

PIB must be passed as soon as possible so as to attract investors and pacify the oil communities.

NNPC JV and other assets sold and NNPC privatised, Saudis are about doing it to their state oil company so why shouldn't we do it.

Sometime last year CBN governor Emefiele advised that the FG should sell just 25% of our oil equity to make over 14 trillion naira for infrastructural development, we laughed at him (me inclusive) but see now the man knew what he was saying. Now i am advising the FG sell 75% ASAP and spend it on railways, roads, power,seaports, etc. FG must spend us out of recession. I heard this may also attract FPI's and FDI's back into Nigeria

For a longer lasting solution, We must restructure. FG must be willing to relinquish some powers to the states.

PMB must find a way to restructure Nigeria.

Again No time to waste time

Stop mixing politics with economics that affects you. Buhari isn't the cause of any dollar problem. Your appetite for foreign good is. The government has been subsidizing $ with the excess of what it earned from crude sales all these years. It is time for govt to stop keeping the dollar rate down and encourage export of goods that can earn $ in place of oil.

SmartChoices:
Shut up! Buhari is responsible for this mess.... Better for a leader to do foolish things than to utter foolish words!
We don't want a restructured fx utilization! We need a restructured Nigeria!

It's only in Nigeria that the FG acts like a local government

I was compelled to pity you and try and cure your ignorance. Buhari's policy has nothing to do with high dollar rates, short of dollar supply is the cause. The govt can't subsidize dollar if it doesn't earn enough of it. It is either "Nigeria" sit up and earn more dollar via export to keep susbidizing it for exporters or wait for the price of oil(our main export) to improve.

Onegai:
You are the 2nd person saying this in my hearing in less than 4 days. And the way person had documentation to back it up. He said the IMF and World Bank are allowing our government to make as many mistakes as possible in order to sweep in and mop up assets at a cheap price. He had so much evidence but I thought it was a conspiracy. And that they were in competition with Asian countries to own as much of African assets as possible (in order to shore up their own economies). That by the time they are done, everything in Nigeria will be run by foreign companies with Nigerian figureheads and they will always have a market to dump and sell their goods on to repartriate funds back to their economy. He called it the "2nd Great Colonisation". And last year, people who have families in government (not small names o) quietly started moving their families and assets out of Nigeria. I have even mentioned this on NL before.

I'm now terrified.

Stop being terrified and terrorized by 'Ignorance'. Your appetite for foreign goods and service is the real cause of dollar rate skyrocketting. As long as you earn less dollar(via oil and other export) and consume the available ones faster it will keep creating a supply deficit of $ and send its rates high. The era of subsiding dollar at the detriment of exporters is over. Wake up and up your service and product game to intl standard to stand a better chance of making dollar on a personal level.

Lifestone:
Some will blame PMB for this but I won't.
So long our appetite for foreign goods consumption is high, Naira will continue to fall. I heard the story of a Nigerian family that buys their vegetables from stores in the UK.
Buhari must stand firm with steady hands and force a change of taste from Nigerians.This is our time to finally restructure how our FX are utilised.
We must eat Nigerian Rice, buy Nigeria made cars etc.

God bless you for this. Until the govt stops subsidizing dollar and let Nigerians realize their taste for foreign goods is the cause of rising dollar rate no hope.
Everyone asking that govt keep subsidizing dollar forgets that exporters suffer when govt subsidizes dollar the way the it has been doing.

Sijo01:
Glorified secondary school.

Stop being petty man. How does banning of smart phone make the uni a glorified secondary school.

ephi123:
How is this a consolation? I don't get it..

It is a consolation because with proper farming next planting season the trend can be reversed but if it was a result of $ or forex then we know Naira free fall would barely allow a reversal.

Flexherbal:
Everything in Nigeria has increased, times two.

The consolation here is that increase in feed prices is a result of farming in Nigeria and not dollar.

Quakertellicus1:
No.

The problem is that we used high oil prices to live a false life. Now the money is gone, and we have to tighten our belts.

The only issue now is whether the government is willing to tighten their belts too...and whether we are ready to do the hard work to become an industrial nation.....which is our only guaranteed path to prosperity.

This is not an excuse for APC.....but a call to action.

God bless you.

Quakertellicus1:
I guess if oil prices go up, the taxes will go,and you would be singing PMB praises.

The simple fact is, we are an oil dependent nation. So long as the oil prices were high, we could afford not to tax everyone extra. We wasted the money we could have saved on corruption, and on deceiving Nigerians that we were prosperous. In reality, the basis of our wealth was false.

And the sooner we wake up to that fact and realize that there is no such thing as free lunch, the better.

We are going to have to walk a hard and arduous path to self reliance. I hope APC is interested in that path, beyond raising taxes...they have to fix the lights and end corruption.

If 20% of moròns parading this forum have the understanding of this post of yours and live with it Nigerians would be thanking Buhari now.
The govt has been subsidizing everything from oil, labour to dollar. Govt was the one sustaining the exchange rate of dollar at N165 by offering to sell dollar earned through oil at that rate for a long time. The govt could do that because there was excess earnings from oil benchmark. Nigerian will have to learn the hard way. We have beem sheilded by the school of "soft knocks" for too long it is tine for School of hardknocks to takeover.

Fake change everywhere

If Buhari won't allow goats eat Yams then the goat will eat his posters

MusaIbrahim1996:
You Yorubas and Igbos have sent those goats again, when we send our Cows with a package for you like the one in Enugu and Ekiti don't complain oh

See your quote from another thread. Your mission on Nairaland to relegate burning issues like religious killing to the ground is well noted.

MusaIbrahim1996:
Jonathan left a lot of debts. what sense is this Soludo saying. Thats what you get for allowing infidels control us, all these yorubads and Yeebos

MusaIbrahim1996:
Jonathan left a lot of debts. what sense is this Soludo saying. Thats what you get for allowing infidels control us, all these yorubads and Yeebos

Stop bringing almajiri talk to this forum aboki.

It isn't hard to see why Fela's fame grew under Buhari govt.

Even though Ekiti governor isn't my favorite man I love this new. It should be replicated across all state.

[b]
4That agriculture might not be a sustainable option for Nigeria’s economy given the disastrous level of poverty and illiteracy in the country.

5That there is urgent need to Identify and break ‘dynasties of poverty’ as the surest path to sustainable growth and inclusiveness.


7That APC must stop the blame game and focus on the challenges confronting Nigeria at the moment.

8That APC government has not much time left having spent 35 per cent of its working days with no major milestones.

9That he wondered if APC has any sustainable agenda at the moment, as a collection of any five APC leaders might just be source of comic relief.

11That APC should come clean with Nigerians, providing a measurable agenda with specific timelines for execution.

12That APC should be the change it professes to be, if it must be taken seriously by Nigerians.

13That APC must create an agenda for industrialisation and give form and content to change.

14That APC must change from a coalition to grab power to a governing team.

16That not providing qualitative education for the poor masses is building a time bomb that will affect everybody sooner or later.

And that he has belief, faith and hope that Nigeria would be great if its leaders do the right things.
[/b]

All the points stated above are simply impossible without funding. It takes money to make money and the APC govt met serious debt and huge bills which must be serviced, coupled with the fact that it needs more money to even meet infrastructural and much cravedeconomic expansion targets.
What we are asking is like telling Aregbesola to start new schemes to diversify the economy of Osun state when in reality the state is battling with heavy debt repayment obligations and can hardly run. The difference with Buhari government at the Federal level is that he is serious about clocking leakages and stopping corruption which he has done very well so far.

fanyogoforever:
Another thrash from a buhari zombie.

Please read comments carefully and objectively. Government around the world don't do most of what Soludo highlighted.

Ganiyat72:
Though I am a yoruba, but I wholy admit that igbo tribe is quite unigue and is a special breed in the whole of african continent.

How I which one can jettison and change her tribal affiliation, I wouldin't mind becoming one

Stop lying n causing tribal war.

The allure of corruption is damn strong. Even a professor drop his integrity to involve in corruption.

Chai . . . Sleeponomics. God dey sha. Buhari is trying sha.

Ok

True talk OP. Until the constitution and its defenders rise up against malicious interest being chanelled religion there will injustice.

Angelparadise:
Is only a fool zombify person will blame his past government for his conscious predicament after one year in office.

The past admin is to blame. Only foóls won't realize this. If with record earning they couldn't diversify the economy how do you expect the current admin to do that with a system of deficit in earning? Even in individual endeavour one needs money to start and run anything.

This man is unstable in his ways. It is impossible not to blame the past govt.
They ensured all the savings from older govt were depleted and sustained a debt run system before handing over.
For those shouting Buhari and political parties, In reality govt does not force the masses to buy foreign made good or get foreign services. The masses make their choices, either consiously or subconciously. In economics it is called "inelastic demand" becos the govt can't control it. As people continue to ask for more foreign goods they pass on part of the wealth in our system to foreigners who are far less likely to pass it back because we hardly produce what they use and we do, it can't competes with their own local options. The key to economic transformation lies largely with the masses' choice of consumption and production attitude or mentality. Where the past govt failed was in the area of providing suitable environment for production.

It is impossible not to blame the past govt.
They ensured all the savings from older govt were depleted and sustained a debt run system before handing over. In reality govt does not force the masses to buy foreign made good or get foreign services. The masses make their choices, either consiously or subconciously. In economics it is called "inelastic demand" becos the govt can't control it. As people continue to ask for more foreign goods they pass on part of the wealth in our system to foreigners who are far less likely to pass it back because we hardly produce what they use and we do, it can't competes with their own local options. The key to economic transformation lies largely with the masses' choice of consumption and production attitude or mentality.