DeOTR:
Does anybody have any idea how much we still have left in that reserve or it's empty now?

P Morgan said the $3.7 billion figure is significantly lower than prior estimates, owing to larger-than-expected currency swaps and borrowing against existing reserves.

https://punchng.com/cbn-faults-jp-morgans-3-7-billion-estimation-of-nigerias-foreign-reserves/

Bliss4Lyfe:



U yoruba entitlement mentality actually needs to be studied to be understood.

yoruba call it emi lokan.

Suddenly, because a yoruba is president, we will kill footballers if the match dont produce the desired result.

Iwobi is now Emefiele, that u go to his page to display your illbred and failed home training?

Donedeal1:

Quite so,but getting sent out of the office is the major cause to allowing disasters to take the seat.Just as one former President will say"we don't know who will fill the seat but we surely know those who will can not occupied it".That is saying we shall never made a mistake to let the wrong man taken over.

Donedeal1:
Goodluck Jonathan is even more to be blamed

His weakness led to power being highjacked

From him,leading to a sitting President

Loosing a reelection

Book haram every day

Banditry and kidnapping, etc.

So the genesis is Goodluck.

lexy2014:


how does printing money lead to inflation?

do you have any evidence that Buhari borrowed money just strictly for the purpose of funding subsidies?

If more money is printed, consumers are able to demand more goods, but if firms have still the same amount of goods, they will respond by putting up prices. In a simplified model, printing money will just cause inflation.11 Jul 2022
https://www.economicshelp.org/blog/634/economics/the-problem-with-printing-money/#:~:text=If%20more%20money%20is%20printed,money%20will%20just%20cause%20inflation.

How Buhari spent N8trn on ‘non-existent’ petrol subsidies

https://www.vanguardngr.com/2023/05/how-buhari-spent-n8trn-on-non-existent-petrol-subsidies/

We’ve been borrowing to fund petrol subsidy — Finance Minister

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said yesterday that the Federal Government was borrowing money to fund petrol subsidies, insisting that the subsidy regime had become totally unsustainable.

Ahmed, who disclosed this at the public presentation of details of the 2023 budget in Abuja, stated: “Fuel subsidy cost was a very high one; We have been funding it from borrowing.”

According to her, petrol subsidy will “remain up to mid-2023 based on the 18-month extension announced early 2022. In this regard, only N3.36 trillion has been provided for the PMS subsidy.”

President Muhammadu Buhari’s administration had announced plans to end subsidy from July 2022 but changed its position when faced with threats of nationwide protests by labour.

Party members and some officials of the administration were said to have convinced President Buhari that the decision will negatively affect his public rating and that of the ruling party and this forced the government to later announce an extension of the subsidy regime to lapse in June this year, one month after leaving office.

https://www.vanguardngr.com/2023/01/weve-been-borrowing-to-fund-petrol-subsidy-finance-minister/

abhosts:
So it is Buhari that removed petrol subsidy and devalued official naira rate from N450 to N1450 against dollar? Besides, in the past when I argued that Buhari was bad for Nigeria, the same Emilokan bots maintained that Buhuri was the second coming of Mandela and the greatest leader on earth. Are they now disowning their former Messiah?

BayLord01:
Buhari govt steal in peace without bringing economical hardship on the people, Tinubu govt is stealing and the people can't even afford a meal a day, Buhari was able to maintain dollar from the 280 under Geh to 670 but Tinubu is taking it to 1600 already.

BayLord01:
I'm not expecting anyone to have regret supporting their various candidates because this is politics but don't lose your voice when things are going wrong. So far Tinubu is not getting anything right since he was sworn in, Buhari said we will miss him & there's no lie.

How FG’s reluctance to name and shame oil, solid minerals thieves fuels corruption

https://businessday.ng/news/article/how-fgs-reluctance-to-name-and-shame-oil-solid-minerals-thieves-fuels-corruption/

obesse:

The same West you go cap-in-hand to borrow high-interest loans from, with a promise to pay back with crude oil worth 500% of the original value?

nairalanda1:


Which takes us back to Tinubu and his policies...it is the duty of government to pepper the pirates, millitants, and pipeline vandals.

forgiveness:
“We want to divest our share of SPDC, and we are looking to reshape the portfolio. Fundamentally it’s because producing this oil in the Niger Delta is not in line with our (Health, Security and Environmental) policies, it’s a real difficulty,” Patrick Pouyanne,

See them. They didn't take note of the comment above.

The French are not interested in obeying Nigeria laws. They develop these oil wells without taken consideration of the environment. They destroyed the ecosystem will oil spillage and leave like that.

Now that laws are in place to check them, they don't want to continue because they were never interested in keeping the environment in good shape.

Mandate1:
Nigerians are hungry, you dey speak grammar.

malali:
[b]The Past Nigerian administration lack revenue generating ideas, they have been running the pocket money economy system. Instead of taking revenue generated from the oil boom since late 70's till date. They have just looted the money and used the rest to subsidize lifestyle of Nigerians (fuel subsidy). Now they can barely afford the subsidy and also pay salaries, pension and also politicians. So they are transferring the subsidy to the common man, this will free up cash for them to loot, and run the government. Eventually even without paying subsidy there still wont be enough cash to run the government (We are already in this stage, thats why they keep borrowing money up and down, which devalues our currency). See some countries that have also used the same oil to prosper their nation as a whole.

Norway: Norway has built a sovereign wealth fund, known as the Government Pension Fund Global, which invests proceeds from oil and gas production. The fund is one of the largest in the world and has investments in various sectors globally, providing a stable source of income for the country.

United Arab Emirates (UAE): The UAE, particularly Dubai and Abu Dhabi, has diversified its economy beyond oil by investing heavily in sectors such as tourism, real estate, finance, and technology. Dubai, in particular, has become a global hub for trade, finance, and tourism.

Qatar: Qatar has leveraged its natural gas reserves to become one of the world's leading exporters of liquefied natural gas (LNG). Additionally, Qatar has invested in various sectors, including finance, real estate, and sports, to diversify its economy.

Singapore: Although Singapore does not produce oil itself, it has established itself as a major trading and refining hub for oil and petroleum products in the Asia-Pacific region. Singapore has also diversified its economy into sectors such as finance, shipping, biotechnology, and tourism.

Malaysia: Malaysia has developed a diverse economy, with thriving manufacturing, services, and tourism sectors alongside its oil and gas industry. The country has also invested in infrastructure projects and technology to support economic growth.

Netherlands: The Netherlands, home to one of Europe's largest natural gas reserves, has invested oil and gas revenues into developing a highly advanced economy with strong industries in agriculture, manufacturing, trade, and services.

These countries serve as examples of how strategic planning, prudent investment, and diversification efforts can help mitigate the economic risks associated with dependence on oil revenues. By investing in other sectors and fostering innovation, these nations have been able to thrive beyond their oil wealth.[/b]

Ttalk:
Good for the economy.

A government that is bold enough to remove subsidies should not be afraid of any backslash that may arise from any measure to save the naira.

Let all remittances be converted to the naira equivalent so the government can have enough dollars for people doing genuine business in need of dollars.

All domiciliary accounts with idle dollars should be taxed.

Bobloco:
He knows that immediately he plays the tribal card, he will no longer be attacked.

Honestly, the northerners knows how to deceive the south west

emkz:
EFCC Raises Special Task Force against Dollarization of Economy & Mutilation of Currency


https://www.efcc.gov.ng/efcc/news-and-information/news-release/9743-efcc-raises-special-task-force-against-dollarization-of-economy-mutilation-of-currency

agaliboy:
They want South Africa to win. CAF president is from South Africa. But God pass them

Copycat Chinese Lithium Firms Back Nigerian Processing Plant
Ganfeng, Tianqi and CATL doppelgangers back Nigerian project
Chinese companies have ‘no formal affiliation’ with firms
By William Clowes and Annie Lee
27 October 2023 at 01:05 BST
Updated on 27 October 2023 at 09:39 BST

Nigeria’s first lithium-processing plant launched to great fanfare this month with the backing of three companies that, at first glance, look a lot like heavyweights of China’s battery-metals industry.

But the trio of firms behind the planned $250 million investment — Ganfeng Lithium Industry Ltd., Tianqi Lithium Industrial Ltd. and Ningde Era Industrial Ltd. — have nothing to do with three nearly identically-named behemoths listed on the Shenzhen and Hong Kong stock exchanges. Instead, the West African country’s corporate register shows they are wholly local ventures controlled by Chinese nationals that were founded last year at an address in a medium-sized southwestern Nigerian town.

“We are independent companies,” Kelvin Dai, managing director of the Nigerian Ganfeng, said by text message. “Please don’t make any confusion,” he said, without answering questions on how and why the firm and its shareholders selected such recognizable names.

The project is a response to the Nigerian government’s efforts to diversify the economy away from oil and tap into a predicted explosion in electric-vehicle sales that has transformed lithium, a vital component in rechargeable batteries, into one of the world’s most important commodities.

It’s also the latest example of how the surging demand for lithium is prompting a frenzy of activity to secure fresh supplies by a range of new players like the recently established Nigerian companies — but also major automakers and specialist miners — looking to cash in on the boom.


No Formal Affiliation’
The Nigerian Ganfeng, which is owned by the Nigeria-based Tianqi and Ningde Era, hosted Solid Minerals Minister Dele Alake at a ceremony in the northern Nasarawa state on Oct. 12 to start building a facility the company says will take two years to complete and be able to refine 18,000 tons of lithium ore per day.

“My presence will provide moral support to deliver this project as fast as possible,” said Alake.

A week later, the Nigerian firm released a statement to the local media describing itself as a “renowned and reputable Chinese mining firm” that has “no formal affiliation whatsoever” with its much larger namesake. The company has “never relied on or utilized any resources or influence” of the more established group, it said. The statement didn’t refer to the names of its two shareholder firms.

A spokesperson for Jiangxi-based Ganfeng Lithium Group. Co. Ltd., which is one of the world’s largest suppliers of lithium chemicals, said in an email that the Nigeria-registered company is not one of its subsidiaries. Tianqi Lithium Corp. — one of China’s top producers of the metal — and Contemporary Amperex Technology Co. Ltd. — the world’s biggest manufacturer of EV batteries — also said they aren’t involved with the Nigerian firms. Ningde Era is the literal English translation from the Chinese characters of CATL, which is how the giant battery maker is known.

Alake didn’t respond to questions from Bloomberg about whether the Nigerian government was aware of the similarity of the names between the investors and the Chinese giants.

China Leading Race
Mines across Africa are forecast to increase lithium output more than 70-fold by 2030, compared with last year’s volume, according to BloombergNEF — which would grow Africa’s share of global supply to 14% from 1%.

https://www.bloomberg.com/news/articles/2024-02-05/vodafone-sales-beat-estimates-on-cloud-enterprise-growth

santaclaws:
I remember Sanwo Olu going to Oshodi to speak to the traders and he warned them of the safety repercussions and why they had to evacuate...

Perhaps LASG needs to send a task force there.

naptu2:
Red and Blue line routes.

Fuckingmallam45:
Zaidu is the most useless player in this tournament. Very stupid boy.

fearlessfang:
Imagine a country filled with 60% youth population but is led by a senile old geriatric residents whose identity is still a misery. I wonder how on earth any sensible human being would expend development or economic growth from a druggie, a certificate forger and highly corrupt kleptocrat whose Chief of Staff is a convicted thief.

Your Senate president is Godswill Akpabio, you can see how criminals surround the country's treasury.

Continue to toll the path of cowardice. You the suffering that is hovering around you, when it finally makes a fall, Somalians will be better a much more better place.

EreluRoz:
Others wouldn't have done better, this is the bitter truth. We are not ready for the true change, you can't go and repackage a renowned thief and turn him to an overnight messiah and expect Nigerians to support him. Like I said we are all not ready for a true change.

EXCLUSIVE: Tinubu screws Nigeria over in Paris, returns OPL 245 ownership to Shell-Eni after cornering lucrative onshore assets to nephew Wale’s Oando
A seething senior administration official criticised the president as spending every day trying to “validate his worst inclinations as a dyed-in-the-wool con man.”

https://gazettengr.com/exclusive-tinubu-screws-nigeria-over-in-paris-returns-opl-245-ownership-to-shell-eni-after-cornering-lucrative-onshore-assets-to-nephew-wales-oando/

EXCLUSIVE: Tinubu screws Nigeria over in Paris, returns OPL 245 ownership to Shell-Eni after cornering lucrative onshore assets to nephew Wale’s Oando
A seething senior administration official criticised the president as spending every day trying to “validate his worst inclinations as a dyed-in-the-wool con man.”
https://gazettengr.com/exclusive-tinubu-screws-nigeria-over-in-paris-returns-opl-245-ownership-to-shell-eni-after-cornering-lucrative-onshore-assets-to-nephew-wales-oando/

Never4getU:


I just hope president Tinubu understand the implication of his action

ogododo:

Tinubu is playing fiddle while Nigeria is drowning in the ocean of insecurity. To imagine that the Commander-in-Chief is on a so-called private visit while kidnappers kill a nursing mother and grandmother in Abuja for failing to pay N90m ransom and two monarchs in Ekiti, among other regular tragedies besetting Nigerians. If the shoes are too big for Emilokan, he should step aside. Nigeria does not need another Tourist-in-Chief. The country needs 24/7 leadership to confront the pervasive insecurity and collapsing economy. -AA
Atiku Abubakar