₦airaland Forum

sircrabo:
Keep calm, the money isn't missing. it will be used for election and part of it given to some of us in form or Vote Buying on election day.

don't worry the money will still come back to us

Not just for elections..

Experts have blamed the continuous decline in reserves on three factors: increased dollar supply by the CBN to the foreign exchange market, instability in the nation’s securities and exchange market, and the coming general elections in the country.

Per the course for an oil dependent country.

Kennydoc:
Jonathan 'squandered' the foreign reserves in maintaining our exchange rate, and that's why life was easy for Nigerians. What do you think would have happened to Nigeria by now if Buhari maintained exchange rate where Jonathan left it? Let's not also forget about fuel subsidy and the price at which petrol sold under Jonathan. Those are all contributory factors. Also, remember Buhari has borrowed more in 3 years than PDP's 16 years borrowing.

If Bubu had continued to allow the dollars to flow...we would have been in a situation like Venezuela.

Dollar restrictions under this regime were harsh....but probably saved our country from falling into a worse situaiton.

However, we should have borrowed to build up things like power and transport solely....in my opinion. And saved more money by getting rid of fuel subsidy once and for all...which would have brought in foreign investment...and more jobs.(Like the GSM sector which was deregulated from the word go).

yomi96:
are you not tired of associating and defending failure?
when will this blame game stop?
don't you know that Only thieves, lazy vagabounds, senile idiots and unrepentant dogs lacking decency in every regards support Buhari that has steadily grew poverty while mortgaging the future generations into debt?
do u know that you are owning China money?
why then do u sell your conscience for paltry sum while wallowing in hungry.
please Ponder on this points and your future

Oil has been below $80 dollars all throughout this regime, while it needs to be at $140 for us to be in a position not to borrow from anyone.

Plus...we have been borrowing money from China long before Bubu took over.

We will continue to borrow money until oil goes above $140 or until we become an industrialized nation.

wyt:
oil average what during Buhari? haba! if you can't be sincere, be smarth.
how much has this govt borrowed? let me help u, they have borrowed, in 3 yrs twice what pdp borrowed in 16 yrs.
what project has this govt initiated? let me also help you NON. they have being masturbating on GEJ project since 3 yrs.
on security, hmmmn, they want surpass GEJ in killing. even fulani has barack under Buhari, boko haram could not achieve that in all their reign.

When Buhari took over,oil was at $75. By 2016 .....oil fell to $30. Now it is at $70.

Meanwhile, we need oil to be at $140 per barrel to be at a point where we do not borrow...(see here)

That is why Government was borrowing...and why APC has borrowed so much. Oil prices even now are too low for us to survive. (If we had refused to borrow...we would have been bankrupt by now)

GEJ borrowed too...because oil, despite being above $100...never reached above $130 per barrel(we had to borrow even then to keep above water)...and we were spending billions of that money on wasteful polices like maintaing fuel subsidy.Where I get annoyed with GEJ was that he did not save at all....and meanwhile..Buhari saved.

Where APC fails is that they don't fight corruption...and also keep on wasting money on subsidy. But their borrowing is not a sign of failure...but reality

Gbengaolowe32:
Any Government that want to rule at state or federal level should know that payment of Government workers should be his no 1 priority because through them the market woman, small and large scale business owner will earn their daily need and by the time Government fail to pay the salary or make half payment and increase the rate of poverty and deprived many Nigerians access to right life. I wish senate can wake up in a day in Nigeria and sponsor bill that says that says Not until all Government workers both in states and Federal level get their salaries.....No political office holder will get paid then I know our senators and other legislative arm of Government are working for the sake of Nigerians well being. But they will be sponsoring unnecessary bill that has no positive impact on Nigerians. What a useless and wasted 4 years of Saraki lead 8th senate and Dogara in lower chamber....Saraki lead Senate is The worst senate in the history of Nigeria. God bless me, God bless you, God bless Nigerians, God bless Nigerian.

1. Because oil is at $70. In 2016 it was at $30.Meanwhile we need it at $140 to balance the books, pay salaries and meet all needs without borrowing.

2.Because we are not raising enough money from taxes. Tax rates in Nigeria are at 24% of your salary.....which most people do not pay...including the rich and the poor. And even then, it isn't enough.(As it is, Lagos is the only state that aggresively collects taxes).

3.Because most states are not ready or willing to develop themselves. They exist to collect oil money and share it. That is why I am not into true federalism...because we have to deal with the idea that there is a national cake for sharing.

4.Because anytime new taxes are propsed...people pretend it would all be eaten by the rich man on top...when it won't. (Corruption exists...but the corrupt cannot eat all the money...it means there won't be anothing left.).
As an example, a few years ago....FCT was rasing revenue via parking tickets in the city. Some Nigerian went to court and got them to stop it. So...how is the FCTA going to raise revenue to make things better in the city.? (By magic apparently)

5.Because we seem to think that we are sitting on a bottomless pit of money. We are not. The money we have is not enough to meet our needs.

6.Yes, because some governors are corrupt. And many are bad financial managers.

7. Because there are too many civil servants...and anytime there is an effort made to sack excess workers...the governor loses his ob (Ask Bisi Akande of Osun why he lost his job after one term.)So, government finds it difficult to pay too many people. And then, we keepon creating jobs after jobs.

8.Because our economy is so oil dependent....and because we refuse to be an industrial nation. We think that people like Dangote and Innoson are too diffiuclt to be like.(and we want to enjoy money now...rather than work for it).

8.

5.

FrankFrenzy:
The Federal university sited in Otueke was one o the several Federal universities created by the former adminstration spread across the 6 geopolitical zones. So please be careful while trying to compare it with this glaring anomaly the present adminstration is trying to venture into. Note. 'Another one MIGHT be sited in Rivers state' I'm sure the transport minister added that preempting the reactions Well meaning Nigerians will accord this news.

And the transport university is.... A federal university.

Note that I don't think we need the University. I just think it is weird that we can bash Bubu for siting a university in his hometown while others like GEJ get off Scott free.

And Bubu too is setting up other universities as well.the laws establishing them were passed earlier

Anyways, my ultimate point is we don't need these new universities, especially as we are still having finding money issues for the older ones

NotAZombie:
Oga shut your mouth. Buhari has spent more than that. You are an APC member and can fool others like you.
The parking fee he paid when he stayed in London for 6 months is more than a billion.

And one billion won't adequately fund LUTH for a year.

And why should I support a party that spends billions on a worthless fuel subsidy...and billions on grasscutting.

Sorry...I am not into your lord and saviuours Bubu and GEJ. Take your abuse elsewhere.

And sorry...you don't get my point too.

Sharpshooota:
How much has Buhari spent in London for his routine check up so far?

Since we need money

What Bubu has spent abroad (about N500million) cannot adequately fund one teaching hospital for the year. (OAUTH budget a few years ago was N10billion).

Now, I want all our leaders to stay at home ad get treated....but the truth is, if we want good facilites....like they have in the UK or US ....we either pay heavy taxes, or hope oil goes above $140 PER BARREL...and increase hospital fees into the bargain.

Lord knows I was no PDP fan, and I am not an APC fan....but the reality is, Nigeria is not a rich country...which is why Bubu should have taken more measures to actively diversify our economy.

Sharpshooota:
Hold Buhari responsible
He ran the health sector to the ground

Only because he can use tax payers money to travel abroad for medical treatment

Nope....the issue is we need at least 2 trillion naira if not more to fund the health care sector properly.

We also need to increase taxes, ESPECIALLY since oil is not as high as we need it.

It is not a defence of Bubu...it is the sad cold fact.

The truth is....you want good health care, you have to pay for it. The UK spends billions of pounds on health care...far more than Nigeria's budget for the year. And much of that cash comes from high taxes.

I won't mind if we vote out APC...but the thing is....health care is very very expensive. Workers are poorly paid. And there isn't enough cash for facilities.

christejames:
Clannishness and misplaced priority is written all over that project. What stops the govt from establishing a school of transport study to be affiliated or incorporated to one of our major public universities instead of wasting scarce fiscal funds on building such school from the scratch.

You See why I loath this anachronistic regime so much. The world is going beyond nepotism and clannishness but this administration that is bereft of modern ideas is trying to drag us back.


what insolence!


Well, we shall not see such affliction a second time cause they are all going #B2D come 2019.

OK....jusdt tell the PDP when they take over to close down Federal University Otuoeke when they take over in 2019....fair is fair.

Nbote:
Transportation University in Daura?? Heheheheheh I swear we are gradually going mad in dis country

Did you complain too...when GEJ sited university in Otuoeke?

Thing is, politicans HAVE always sited prestige projects in their hometown.

Now, I don't like the idea, and I also think we don't need new universites....but that is always how it has been. And that is how it would conmtinue to be, unless your governors and LG chairmen get serious and start developing every nook and cranny of their locality.

DEHVEHLOP:
I know it would be Igbo!







Crimes begin and end in Igboland

So in your fevered imagination, IME UBONG is an Igbo name?

You have failed as an NCAN member. you are hereby fined 2 goats, three cows, and four sheep, plus N1 million naira payable within 4 market days.

For once, CYRIACUS IZEKUWE is not the one reporting...

vanbonattel:
this is how it always happens, as soon as year end approaches, Nupeng, pengassa, nnpc, NLC and all other bodies start shaking things, cumulating in a strike or work stoppage. all aimed at the target, make fuel scarce at year end when igbos need to travel or do end of year business.

this is an artificial means of creating a scarcity which they will all benefit from higher fuel prices that will come down again in april 2019

as usual, buharri government will be watching in gross incompetence, with that short man lawyer pastor sitting there like a houseboy.

And the solution is simple.

Allow marketers sell fuel at the price they want to sell.

Keeping fuel prices low is one of the reasons why oil companies cannot make enough money to retain staff, which is why they get sacked.

You want low price for fuel marketers, yet if you were a businessman you won't like it if government forces you to sell at low prices, and you cannot make enough to replenish stock, and pay your workers adequately.

Better back deregulation. Worked for GSM, and it will work for petroleum sector.

And NUPENG won't go on strike, and fuel flows at Xmas.

Here is the honest fact....as long as the price of fuel stays at N145 per liter...and does not go up...strikes will continue, workers will get sacked.

The petrol sector is the only sector where government determines how much money the marketer makes in the name of 'subsidy'.

Remove the subsidy, allow markteters to charge whatever price they want for fuel...AND watch as foreign investment flows in, money flows in, obs gwet created, and revenue increases.

GSM companies were allowed to set the prices they wanted. And for a time we paid N10000 for sim. And the GSM companies took all that money...and invested in building infrastructure and facilties. And creating jobs.

So, either the downstream sector is deregulated...so that the revnues earned flow up to companies like the ones mentioned sacking workers....and so that they have enough money to pay workers generously.

Or we keep on pretneding we are making enough money from oil...while we take loans from IMF and China....

I have spoken my own.

Yobo looks ten years younger than his age!

So how much for BRAND NEW VOLVO sedan/SUV type car?

They are joking, right?

We need an annual budget of at least 2trillion naira to maintain and fund the universites that we had before GEJ established new ones.

Nigeria does not have the money. Simples.

If they must establish new unis...then they better be prepared to raise fees in all federal universites to at least N500000 and above, or keep on taking IMF loans to keep the universites well funded.

Abeg...APC, new unis is not a priority.

Problem get name....and it is lack of investment in power supply.

Nigerians are not ready to pay their power bills, plus the bills are very very very low....N2000 for ahouse on meter.

DISCOS dont have money to pay GENCOS....

Matters are made worse by the fact that government controls the price...thanks to the laws setting up the whole DISCO/GENCO thing..which means DISCOS cannot earn enough to pay GENCOS for gas...and GENCOS too have no funds for upgrades, etc.

We need power to be at least 40000MW...to get light 24/7. Either we increase bills...or take loans from the IMF to pay for the thing.

Ghana get light 24/7....and also pay higher bills.! Are we ready toface facts...or keep pretending we have money we don't have. And forget...this is no APC or PDP thing.

Well....with the middle belt at risk...PDP could win.

The same reasons that drove middle belt states like Nassarawa, Plateau and Benue to APC in 2015...security, etc, have not been solved....so they could go back to PDP....(Nass and Benue went for Buhari in 2015). Kwara and Kogi too are also uncertain, as is Taraba and Adamawa.

He who wins the Middle Belt wins the presidency. Forget other parts of the country...the Middle Belt is where it is at.

Ironlion1:
This is the change we have all been waiting.
Those clamouring for him to continue to 2023 be prepared to repay debt until you die.

Whoever won in 2015....we were going to keep on taking loans once oil prices kept on dropping.

Even under GEJ...your saviour and master...we borrowed money....BECAUSE we needed oil to be at $140 per barrel to be at a point where we could tell china and the IMF 'We don't need your money!"

Oil under Bubu has been oscillating between $75 and $30. And we need oil at $140. And our loans from china did not start 4 years ago.

With the way oil was...anyone thinking we were going to make it without loans...was on a long thing.

That is why we must diversify. Not this economics where we see things like national cake where there is none.

dukie25:
Under Buhari, we have borrowed more money than any other administration.
We now owe every major country even though the IMF says we can't repay it.

Oil price when Bubu tookover : $75
Oil price in 2016 february: $30
Oil price now : $70

And Nigeria needs oil at $140 to balance the books/have enough to meet needs without borrowing.

Well, this is not a defence of bad governance....but anyone assuming we were going to make it through the low oil price period without borrowing is either dreaming....or just joking.

Better accommodation for FCT Corpers.

So how do we solve this problem?

1.Diversify our economy
2.Increase fuel prices, so that we can have more jobs as a result of foreign investment.
3.Churches and mosques could build housing for poor families that cannot afford it.
4.Social housing from the government.
5.Churches could provide credit for poor people at no interest
6.Technical education
7.fight corruption

Most Nigerians want Buhari out...but the opposition is so disorganised,they might as well handover the victory to APC next year.

Disunited opposition = lost election

hopefulLandlord:
Read my post again bro. I said they got better when they stopped taking religion seriously. I didn't say they got better when they stopped being religious.

How can you be 'religious' and not take religion seriously?

Okay....

kolnel:
lol
What will Christ do for China
It will only take them back
Religion is outdated
What has modern day Christianity done for Nigeria apart from enriching the pastors
China is doing well without religion confusions

America is doing well...and they have a lot of religious people.

The reason why China, America and others do well,and Nigeria does not is that Nigeria is blessed with so much resources, we only use them as a means of export revenue.

We don't think that we can use our resuorces to make goods the world needs. Instead,we sell and sell....and use the money to import and import....at a cost far more than we earned from exporting.

We can all become atheist tomorrow...and if we still have the above mentality....nothing will change.

EvilMetahuman:
So China can turn to another nigeria

China won't turn to another Nigeria for the simple reason that China does not see its economy as a cake to be shared.

hopefulLandlord:
Nope, Europe got better when they stopped taking religion seriously

Europe's industrial revolution happened from 1750...and even before then, there were scientific discoveries when Europe was very religious.
Europe was still religious till the early 20th century.

Donald95:
But when will the zoo start producing pencil they promised 3 years ago. 2018 is far gone

When people like you stop seeing the economy as a cake to be shared.

By the way....Dubai too relies on oil money. That tech they are launching was not built in Dubai...it was imported.

The problem with you Nigerians...and Biafrans is that you want to share money. Build things you no wan do. You dey hail Innoson,but to be like him,you say 'Impossible'.

Stop all these zoo jokes by the way.....we have moved beyond such parochialism.

oderinde151:
sir, am 19 and I play football well. am in 300level and I will love to be a footballer in the future. am not in any football academy at the moment due to schooling.. I need your advice sir

Sorry, I'm not in the football business.

Hmmm

The fact is the only way I'll take Saraki serious is if these are in his 'plans'

1.Removal of fuel subsidy and deregulation of the downstream sector.

Nigerians love cheap fuel.Problem is, fuel subsidy means government sets prices, and also determines how much profit an independent marketer makes. This does two things....drives out the foreign investor, and forces marketers to engage in sharp practices like diversion of fuel.

If Saraki is ready to take the bull by the horns and deregulate, good. Deregulaiton works. The GSM industry showed the way.


2.Deregulate the electricty subsector.



Ghana has 24 hours light. They also pay far more than we do for power.

If we want to be serious about power in Nigeria,we have to be willing to pay more....and the truth is, we cannot subsidise power because the amount of kudi we earn from oil is not enough. So, we have to remove price controls on power.Let the DISCOS charge what they want to charge, and let DISCOS compete across borders....so that Nigerians can choose which DISCOS to patronise...and in return let us also all get prepaid meters.

We cannot expect much from power at N2000 per month on meter.

3.Take some loans for power, rail

Right now,power and rail are very importante. If we can get loans just for those sectors to improve generation and other infrastructure...then we are going forward.

4.Nigeria has to get off the oil.

Oil is at $70. But here is a truth....we need it at $140 to balance the books properly. So, we actually have to diversify. Short term agric, long term....INDUSTRIES.