Dollar is not our currency, we don't print in dollar but foreign companies and multinational companies are exiting or closing operations in Nigeria due to economic uncertainties, challenging business, current foreign exchange crunch and devaluation of the naira, resulting in lower earnings for foreign companies in dollar terms, high taxes, etc and since Tinubu announced floating the naira does it yielded any positive result?
When Osinbajo was acting president, he commanded the Apex bank to adjust forex policy and the apex bank came up with an action plan in less than 48 hours (2days), the naira, which was exchanging for about N510 to a dollar crashed to between N400 and N450.
Mr Tinubu for over a year now has been struggling with different policies recovery of the naira up till now no positive result. What he (Tinubu) fails to achieve in a year still counting was achieved by someone within 2days. Had it been such osibanjo is the president what did you think will happen to dollar within a year of his government.
Let's be candid and call a spade a spade, Tinubu doesn't know how to tackle economic crisis but because Osinbajo contested against him, he (tinubu) sees the man as a traitor in which he don't want him in his government whereas Nigerians are feeling the heat of this great economic depression
Mandate1: and who and what is making you think Osinbajo wants to work with Tinubu to start with? A former vice president to become a mere appointee answerable to Tinubu, that's unbefitting. The problem with Nigeria is simple, but first u need a detribalised leader like Osinbajo to solving it.
As a leader you must admit the fact you can't know it all, then gather the best form of nationals who will tell you the honest truth no one is willing to tell you. Fuel subsidy removal without stable electricity is a total mess. From day one I knew the policy will boomerang because we do not have a ready alternative to cheap fuel. Cheaper and stable electricity would have done the magic, unfortunately the govt thinks taxation will do it.
The average pure water company in your street spends over a million monthly on diesel to produce, this is very very wrong. Now ask yourself how much will a bakery which is more energy intensive spend in producing bread. This is the issue.
Few weeks ago, we saw them doing the band A and band whatever with power(electricity) to achieve no aim. Who does this is an economy that has huge energy demand?
I knew this govt is not ready to solve the problem it's facing when I read billions are being invested into pilgrimage adventure. 90bn can ensure every community in Nigeria has a stable electricity transformer, yet such amount is wasted on luxurious voyage. Too sad!
Osibanjo, who was Buhari's choir boy for 8 years, will turn around the Nigerian economy in 2 days. Is this the Tradermoni Osibanjo? Tunubu policies and corruption is the reason Nigeria's economy is in a mess. Why is Tunubu building a new coastal road when there is a need to invest in electricity capacity? Why hasn't Tinubu reform the NNPC ?
Gadafii: How can this type of videos get to the UK govt so that mvmv people like this can be deported home, since UK is not favorable, yet he still there
Nigerians are the only set of people in the entire world that make dvmb videos like this, advising Nigerians not to come to Canada because of hardship or what ever, meanwhile Chinese, Arab, Indians etc make efforts to bring more of their folks over there
Nigerians are suffering in the UK; they are begging in the underground. if you are not well set up, please stay in Nigeria. Kenyans are protesting and forcing their government to stop the painful austerity measures. Nigerians are running when they should be protesting on the street for accountable government and living salary. The government will never improve until they are force by the people.
Konjiboii: Presently there’s no one else trustworthy enough except Peter Obi that can destabilize that structure, they know this and that’s why they fought tooth and nail so that won’t happen.
I am sorry, but a PO who can't convince the SE, North, and South West elites to support him will disrupt an economic structure that benefits a cabal. Why do you think Mele Kyari is still the head of NNPC despite its shocking performance? Under his watch, Nigeria's oil exports dropped to under 1 million barrels per day for the first time in 50 years.
God1000: This is a welcome development, NOUN graduates should be integrated into NYSC scheme as well.
National open university of Nigeria has been around for long, university of south Africa is also an open and distance learning but highly ranked in Africa.
I don't know why some people belittle NOUN, it's a bad mentality
The majority of NOUN students are adults over the age of 32; they are also workers or employers; hence, the NYSC should not apply to NOUN. Does registering for Jamb also require the student to take the exam?
In the UK once you are over the age of 21 the requirement of A Levels are not required, you can get admission into university via a foundation year before joining. the 100level
Konjiboii: Suppose Peter Obi been become president all this loopholes for every agency for seize , baba for grab them by the balls *pause* . You must surely work for your daily bread and reap your daily worth.
Nigeria's problem is beyond a PO (Cult of Personality); Nigeria is ruled by a state-captured oligarchy and structure that places the country in the hands of a few cabal.
GreatKingg: I really do like this dude as the NNPC GMD, but with this news, I'm starting to imagine if I've been right all along.
Can someone please remind me how long this man has been the NNPC GMD? How come they are just now carrying out a detailed/holistic analysis of assets that revealed that Nigeria could conveniently produce two million barrels of crude oil per day without deploying new rigs?
What other job does he have if that wasn't his priority after all these years?
Wonders they say shall never end. Well, better late than never.
Now that they have the data, know what to fight and have the right tools, we can only HOPE they do the needful to increase our production capacity, thereby increasing government's revenue. Again, hopefully!!
He is there to protect the interest of the cabal. Group Chief Executive Officer of NNPCL, Mele Kyari, is the head of oil theif
Image123: On the other hand, Tinubu has relaxed many tax policies and levies since he came on board. Zero tariffs, excise duties and VAT on imported pharmaceutical inputs. Suspension of a newly introduced 10 percent tax on single-use plastics, suspension of the 5% Excise Tax on telecommunication services, suspension of import duties and VAT on certain goods to tackle food inflation, among others. Nobody forced him to do these, he used his own brain and sympathy. Like i asked, but you were ashamed to answer, what happens to all the jobs lost by the senseless looting in Kenya? What happens to the over 20 lives lost? What happens to all the damaged infrastructure, and the millions of dollars worth of loss? Who do you think will pay? Do you know that the Kenyan government would have to borrow another $7.7 billion because of the decision to drop the finance bill? Watch Ruto listing some of the upcoming punishment for his citizens. Be careful what you wish for. https://vt.tiktok.com/ZSYxvYkSU/
Dummy, what job has been lost? Tinubu has wrecked Nigeria's economy. The idiot (Tinubu) is looking for foreign investment. At the same time, multinational companies that have been in Nigeria since the 1950s and survived the civil war and SAP are now leaving after Tinubu's one year of madness.
The IMF backs Kenya's economic policies will destroy jobs as they have in Nigeria in the 1980s when the IBB implemented IMF-backed SAP and destroyed the Nigeria manufacturing industry; the entire auto assembly industry and textile industry were eradicated.
Kenya has been one of the fund’s biggest debtor countries in recent years. It has suffered from a combination of spiralling debt costs, declining tax revenues and a weakening currency, but, according to Jason Tuvey, deputy chief emerging markets economist at Capital Economics, Ruto “lacks the political capital to push through austerity measures, particularly steps to raise the tax take that the IMF has been pushing for”. Something shown all too clearly by the events of recent days.
The IMF has been here before. The social unrest, led by younger Kenyans, has echoes of a backlash in the 1990s and 2000s, when the Washington-based institution was seen by critics as a conveyor of neoliberal orthodoxy, administering painful structural reforms and austerity on debt-stricken nations. It became a lightning rod for protestors during the Asian financial crisis in 1998, when it demanded sweeping budget cuts and an overturning of local economic models in return for emergency aid. In the 2010s, the IMF was part of the “troika” of lenders to eurozone countries such as Greece, Ireland and Spain that led President Macron of France to claim there was “no place” for the lender in European affairs.
Now Kenya’s plight has refocused attention on the IMF at a time when scores of low and middle-income countries in Africa are suffering from a “brutal financing squeeze”, according to Abebe Aemro Selassie, the fund’s director for the continent.
The fund responded to Kenya’s protests by saying that it was “deeply concerned” about the unrest. “Our main goal in supporting Kenya is to help it to overcome the difficult economic challenges it faces and to improve its economic prospects and the wellbeing of its people,” it said. Meanwhile, the fund’s impending sign-off of another €300 million tranche of aid is likely to be delayed as it works with Kenya’s government to review the terms of its programme. Kenya has been receiving IMF loans since 2021 as part of an emergency credit facility that is due to expire next year.
The man is a tribalist attacking other ethnic groups with no regard. I despise the Tinubu and Buhari governments for what they have done to Nigeria, but Nnamdi KANU can rot in prison. He is poison to Nigeria, and Nigerians
Image123: What did Kenya do to Ruto? Is Ruto the owner of the shops and buildings looted or the cars burned? Was Ruto killed? Is he in the hospital or prison? Did Ruto lose his job or family members? Is Ruto going to get less pay or no pay? Do you think it's Ruto's bank account or money that will be used to rebuild the billions of dollars worth property that was destroyed and stolen? What exactly is your hallucination about Ruto?
They forced Ruto to reverse some tax policies that would impact the majority. When the Kenyan government is prepared to cut wasteful government spending, it can then impose strict economic policies on the masses.
NoFoodToCook: Nigerians abroad, PLEASE kindly help your fellow Nigerians back home. The situation in the country right now is so bad that the majority of Nigerians cannot even afford one square meal. I'm not talking about a proper square meal. I'm talking about anything to hold their stomach, they can't afford.
Parents are becoming suicidal and children are dying already.
If you watch the woman in this video, you will understand what most Nigerians are going through including myself.
Yesterday, I ate food that even the dogs of some people cannot eat. Dogs of the rich now eat better food than some Nigerians.
Please and please again, I know it's not easy anywhere but it's really bad back in Nigeria. Help Nigerians whether you know the person personally or not. We are dying. Hunger is killing us. Families are selling kids to feed others. Most of us didn't vote for Tinubu, but here we find ourselves.
Watch this woman and see the frustration in the land.
God1000: M23 rebel is funded by Rwanda, Paul kagame should stop destabilizing DR Congo
Congo is a country rich in natural resources, but the people are very poor, the country is plagued by armed conflicts funded by foreign powers for their selfish interest, It boasts vast deposits of industrial diamonds, cobalt and copper, Most of the raw mineral deposits remain untapped and are worth an estimated $24 trillion
Congo is by far the richest country in Africa in terms of natural resources, unfortunately it remains underdeveloped
If DR Congo is rich in minerals, why can't they fund an army that can defend their people?DR Congo is just another fake African country that is corrupt and useless. Like Nigeria, a government that cannot protect its people cannot develop its people, let the strongest take the country.
Whenever the North is disaffected with the leadership, terrorism always increases. It seems the politicians are behind the terrorist attacks. It happened under OBJ and GEJ, and now it is in Tinubu. I don't support Tinubu; I would instead prefer a Kenya-style protest to remove this monster
NaijaCowFarm: Okay ooo! Tinubu is a goner anyway! The North should not bother. We Southerners will remove him. He is a bad representation of what Southerners represent.
NB: Since after the APC primary, the Yoruba-organized "Southern Governors" forum did not see a need to meet. Now that the North had decided Tinubu's fate, the Yoruba governors chose to resurrect the useless Southern governor's forum. Interestingly, the useless Igbo and South-South governors are joining them to further their selfish and tribal agenda. TRULY, IGBOS ARE NOT POLITICALLY SMART TO SEE THROUGH THE YORUBA AGENDA IN THE NAME OF "SOUTHERN GOVERNORS"
Why do you always like lying? The Southern governor forum was always organised by the SS and not by the Yoruba's.
Tinubu is finished and out of depth and is now responsible for the Yoruba governors to wake up and replace him ASAP before the country descend into brutal street riots like Kenya.
Kobojunkie: So, Buhari's extension of the National Railway service replaces the need for high-speed rail much like the one in Lagos State today in all of Oyo state itself? WOW... you, the people, are indeed the wicked ones in this system that is Nigeria.
High-speed railways are not needed in Nigeria at this stage of our diaspora.
wpadmin: Nigeria is too big to have only one port. So ports in other regions of the country is welcome.
Lagos will not be gone juts that it's influence will reduce a bit.
When Nigeria's capital was moved to Abuja in 1989, did Lagos lose its value, or did its value diminish?
Lagos is more than a port or city. It is the epicentre of 22 million Nigerians and the gateway to the Southwest and Northwest.
A new port in Akwa Ibom, Escravos, Calaber, and PH will not diminish Lagos's relevance; it will boost Nigeria's GDP and economy and help Lagos become more productive and efficient.
BTW 90% of shipping into Lagos leaves empty because Nigeria imports and doesn't export.
And trust me Tinubu will do everything to frustrate existence of another seaport in Nigeria so he can be inflicting his greedy taxes
What has Lagos got to do with the project?
The project will struggle if it is too large and ambitious and beyond the ability of Nigerian organisations. Lagos built the FTZ; the Dangote built the Dangote petroleum complex, and the Toleram built the Lagos deep sea port. All these projects were built over 15 years.
The Escravos Seaport Project will work if it prioritises the deep sea port and then attracts investment to build other facilities.
Kobojunkie: 1. Where is the information on this completed Lagos to Ibadan railway that is a modern SGR? How come my cousins in Ibadan don't even know where it is or how to use it? Kindly inform us.
2. What you just said does not compute at all. The question makes no sense to any of what I have said.
3. Storyland!
Please come back with your rebuttal and update your cousin. that there is an SGR that connects Ibadan to Lagos.
I will not waste my time responding to 2 and 3 as it seem that the logic is beyond your ability.
The line opened in 2021. The new service will reduce congestion at Apapa Port. FREIGHT trains have finally begun operating on the 157km Lagos - Ibadan Standard Gauge Railway (SGR), which was completed in 2021. The first service departed Apapa Port in Lagos on September 12 following several setbacks.26 Sept 2023
mrvitalis: Electricity for what exactly... I have a factory and we run a gen 100% power doesn't make up 5% of my production cost
Has any company left Nigeria for lack of power?
Why not ask the industry player what they really want and I can assure you power and water from government won't get top 10
Chief, I don't know what you produce in your factory. Still, if Nigeria intends to industrialize, create jobs, and build an industrial value chain, it can't make steel, aluminium plants, or automobiles using diesel generators.
The majority of those companies that are leaving Nigeria are glorified importers and offer nothing to Nigeria.
Western multinationals fleeing Nigeria are being replaced by Asian and Turkish firms.
The naira has swung wildly in recent months and is 56% down against the dollar over the past year, the most of any African currency. That’s made it difficult for companies that import goods and service foreign debts to make a profit as they struggle to pass the necessary price increases to consumers. And while the central bank has now cleared a $7 billion backlog that companies were seeking to repatriate the difficulty in doing so in recent years made many businesses unsustainable. The gaps in the market left by the departing multinationals present an opportunity for domestic companies and foreign firms that focus on sourcing raw materials in Nigeria and manufacturing locally, thereby avoiding the currency risk that has hounded some foreign companies out.
mrvitalis: Any airport that has less than 100,000 passengers yearly is what we want to waste money on now
Seems Nigerians and APC lead leadership don't know how bad our finances are
Sometimes I blame those giving us loans
Why does Ibadan, a city of 4 million, have an airport traffic of less than 100000 per annum?
Ibadan now has a modern expressway and SGR railway that connect the town to Lagos state and a modern SGR railway under construction that will connect Ibadan to Illorin, Abuja and Kano. The upgrade is to the Airport and will be the responsibility of Oyo state.
I understand your concerns about the wastefulness of APC, spending billions on the Lagos-Calabar coastal road when the Markudi, Mambilla and Dasin Hausa Dam are a priority project for irrigation, electricity, and to prevent floods in the case of the Adamawa Dasin Hausa Dam
3,649,000 Ibadan is the capital and most populous city of Oyo State, in Nigeria. It is the third-largest city by population in Nigeria after Lagos and Kano, with a total population of 3,649,000 as of 2021, and over 6 million people within its metropolitan area. It is the country's largest city by geographical area.
sulaak: ■ It will relieve the pressure on Lagos Airport. ■ Ibadan has a modern rail and road network connecting Ibadan to Lagos. Makinde should now replicate the Lagos Red line in Ibadan.
Kobojunkie: Ibadan airport is at least 42 years old. How many people from Lagos and the rest of the south west have connected flights from Ibadan rather than Lagos in all of those 4 decades?!
2. Modern rail network?
The recently completed Lagos to Ibadan railway is a modern SGR that will be extended to Kano. If Ibadan has an international Airport, it will serve as a conduit in the wilder SW for international travel, considering that the state now has better transport links.
Why would you want to fly from a domestic airport to Ibadan domestic airport to connect to Lagos? It makes more sense to fly internationally from London to Ibdan and then take a train to Lagos.
I grew up in Lagos but studied in UI; it took me less than 2 hours to get to Ibadan, and the majority of the time was wasted getting a bus from Suru-Lere to Oshodi (this wast the 1980s)
Nigeria's problem is a lack of imagination; Nigeria is very poor today because the leaders and people are structured to survive and exploit their environment. However, if the country were developing, modern facilities would be required. t
mrvitalis: U mean Lagos red line that is operating at a massive loss?
Abuja hasn't reduced pressure on Lagos, port Harcourt hasn't, Enugu hasn't but Ibadan would?
Can Oyo afford this upgrade or would they borrow money ?
The question is not whether Oyo State can afford the upgrade but whether it will benefit from it. The majority of railways around the world operate at a loss and are subsidised by the government for the services they support.
A state like Oyo can benefit from Lagos's congestion and overpopulation if it invests more in logistics, electricity, transportation, security, and hospitality.
The Lagos Redline has not been completed. Redline will only be viable if it connects the Agege/ Ikeja axis to Lagos Island. Nobody will pay for a railway that ends in Oyingbo, and the Redline has to be subsidised to relieve congestion on Lagos roads and improve economic activities and employment. Don't read the nonsense from the IMF/World Bank playbook; subsidies are necessary to support economic development.
mrvitalis: Any airport that has less than 100,000 passengers yearly is what we want to waste money on now
Seems Nigerians and APC lead leadership don't know how bad our finances are
Sometimes I blame those giving us loans
It will relieve the pressure on Lagos Airport. Ibadan has a modern rail and road network connecting Ibadan to Lagos. Makinde should now replicate the Lagos Red line in Ibadan.
mrvitalis: How do upi build infrastructure when you are broke
In the West, you get a degree when you are broke. When you are out of work, you invest in training and skilled development to return to work. Unlike Sowere, i would focus on electricity and water development
mrvitalis: Exactly... I have always known the guy had nothing
Anyone who thinks building infrastructure right now is a good thing is a fool
Its funny how people attacked my for my statement above... Nigeria has a long way to go
Nigeria debt to GDP is right now over 50% Nigeria revenue to GDP is about 7% Nigeria revenue to debt servicing+recurrent expenditure is 300% minimum
And a normal human would think building infrastructure right now is what we need ?
Buhari built infrastructure what was the results ? Increased recurrent expenditure without any net increase in revenue
Who really swear for Nigeria
The best time to build infrastructure is now.
Please study Roosevelt's New Deal policies based on Keynes's economics of government spending to enhance development and growth. Investment in construction projects will support jobs and development. Road, housing and rail construction projects are medium-skill labour that will benefit the problem and local industry.
Buhari didn't build enough infrastructure; he started the Lagos to Ibadan railway and stopped; he spent the next 4 years seeking funding for the Kano -Niger Republic Railway and upgrading the PH to Maiduguri Railway.
If you visit countries similar to Nigeria you will nocie that they have substantial infrastructures that can support industrial development.
The New Deal was a series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States between 1933 and 1938 to rescue the U.S. from the Great Depression. It was widely believed that the depression was caused by the inherent market instability and that government intervention was necessary to rationalize and stabilize the economy.
Unless you're of the school of thought of "na statistics we go chop?", the stats are clear that GEJ did relatively well on some key metrics like inflation, GDP growth, unemployment rates, etc.
So no, you cannot lump OBJ, Yaradua and GEJ with a complete failure and disaster like Buhari. Tinubu we cannot really say until his tenure has elapsed but the early signs are looking really bad.
To your statement about not choosing leaders based on ethnicity or religion, while that is objectively ideal, in a country with multiple ethnic groups numbering 10s of millions, the diversity has to be carefully managed.
Things like rotation of power, shared government, etc are viable ways of managing that diversity so as to ease certain primal fears and apprehensions, whether real or imagined.
As for the solution, the truth is that the oppressors WILL NOT willingly relinquish all their power and privileges for whatever ideal the citizenry hope for.
So you know what this means - it can only be taken by force by a true People's revolution.
Will Nigerians ever unite to make it happen? That's the million dollar question.
As always, time will tell.
GEJ did relatively well when you compared his government with Buhari and Tinubu, but that is comparing your government with failures. In the context of resources allocated to the GEJ government, he was a failure; he failed to deal with the corruption in the oil industry, electricity was neglected, and not one single refinery was repaired or built.
Instead, he persisted with the crazy TAM and fuel subsidies that were basic corruption. GEJ was bullied into giving the fuel reserve to corrupt governors (Rotimi, Fashola to waste). Nigeria's foreign reserve failed to $27 billion, and external debt increased to $63 billion.
Nigeria desperately require regional restructuring so that the next president will have limited power to defrauded Nigerians and Nigeria
TheRealestGuy: But APC won in all of the Yoruba states barring Lagos so your assertion is false.
Meanwhile, nothing in my post suggests what you're saying so I wonder where it's coming from?
I know for a fact that a significant number of Yorubas did not vote for the kleptomaniac and drug bag man called Tinubu, and that's good enough for me.
What you should be more worried about is why any normal human being would vote for APC in the 2023 presidential elections after the disaster Buhari brought upon the country, especially knowing fully well that Tinubu orchestrated his emergence.
You should be really worried that despite the current overwhelming hardship, some folks will still be swayed by ethnic and religious sentiments when another presidential election comes around.
Igbos have always mostly voted for a president who is objectively the best candidate in elections, at least in the current democratic dispensation but when the rain falls, we are not spared too.
So, no, Dele is not trying to say that Igbos are immune to evil govt, just that we are used to being schemed out in everything govt in Nigeria, hence, we have learnt and now excel at being self sufficient.
Same cannot be objectively said about other major ethnic groups, and this is with all due respect.
If you must apply interpretation, make sure you have full understanding and grasp of the issue.
Cheers.
Dele believes it's now the Igbo turn for the presidency. I don't believe that tribe or religion should be used as a criterion for leadership. Tinubu, Buhari, and GEJ are all good examples of how using ethnicity to select the presidency will always lead to failure.
I am in the opinion that Nigeria can never succeed under the current constitution and structure. The country should return to the regional political and parliamentary structure,
TheRealestGuy: Lol, zero thinking, just regurgitating the same tripe.
We're used to it so no shaking.
Meanwhile, those that have enjoyed political power and are enjoying power, how has it helped their people?
By your logic, we can excuse the SE for the issues ravaging our society today, but what's the excuse of the North and SW who have so far benefited from the unjust and inequitable country called Nigeria?
The north is being ravaged by extreme poverty while the SW isn't faring much better (oya retort with Lagos in a typical zombified manner ).
Keep gloating over your false sense of power while the criminals and evil men you call your leaders continue to loot your common wealth.
By the time you come to your senses, it would have been too late, and you'll be gnashing your teeth in regret.
Until then keep gloating on social media, throwing vitriol at Igbos that have done nothing but love Nigeria (oya tell me about Nzeogwu at this juncture like the rambunctious loon you are).
I will not bother replying whatever trash you quote me further with.
So, in your crazy mind, do you think Buhari cares about the Hausa North or Tinubu cares about the long-suffering Yoruba? When Tinubu was destroying Landmark Resort, he wasn't doing it on behalf of the Yoruba people but to support his Lebanese business partners.
You and Dele can continue living in hate with the notion that one ethnic group is better than the other while we all equally suffer as Nigerians.
Dele is confused and ignorant of Nigeria's state of affairs. If he thinks anyone is safe in today's Nigeria, he should look at Sudan. How many Nigerians work for the government in Nigeria,