₦airaland Forum

Kukutente23:
The reserves have always risen with oil price in the past so there's no magic happening here
What is left to be seen is how this translates to something tangible for the citizens

Btruth:
Hummm.......my only fear is that next government after this will come and spend the whole savings lavishly. 😞.

So was for Obasanjo.....one idiot that drinks ogogoro like water came and spent everything with one frog eye woman from the East. And that useless Bohari finished everything by the time he left office May 2023.

Kudos to this new government, but alas some aalimajiri will come to power next and dip their dirty hands into the billions of USD saved and spend it like a prodigal son.

What do we do now? 🤔

Pesbest:
Very insightful....

In the bolded above,, does it require the investor to have prior knowledge of the business


Are there other hidden charges attached to the 177k?? (is it in CAD or USD..)))

What is the process like?

Can you provide a link as well to read up more on this??


Thanks for this update.

CodeTemplarr:
Though a good news, it has to increase in order to satisfy our lenders who like to use foreign reserves growth as a criteria for more loans in tight situations aa ours.

One of the problem with our bad currency is the misplaced focus on CBN as the one responsibl for currency strength. That has led to politicization of economic performance. The man is busy acting as if it is down to good management on his part. A quick look at loan terms will reveal the most recent loans arent due for immediate repayment in the short or medium term. It buys the govt some time to grow reserves while the loans they have taken in forex is being exhausted. This analysis by Cardoso is a wrong way to interpret the data coming out

Tianamen1:
The cable news you just posted shows that the highest the excess crude account reached was $22 billion. The chart starts at 2010 rather than 2004 when the excess crude account was created. This invalidates the chart.


Why I focus on GEJ is because resource rich countries that are poorly managed go through the cycle Nigeria is passing through and the remedy is maintaining an excess crude account (sovereign wealth fund).

Nigeria has passed through this cycle twice now in the last 50 years. The next time we have an opportunity to break out of the cycle, would we make the same mistakes of our past?

These are the facts.
GEJ was fortunate to lead Nigeria at a time when crude oil prices were at their highest in recent history.
The money saved by his predecessor was consumed.
No money was saved by him.
Nigeria had one of the fastest growing economies as a result of his spending.
Such spendings created a problem once oil prices fell.
Buhari inherited a country with much lower revenues than its expenses and met no savings.
Buhari had few options. Raise taxes, cut government spending or borrow money.
Buhari borrowed money both from the CBN(ways and means) and from foreign institutions.
Tinubu inherited a highly indebted country with debt to revenue approaching 100 percent.
Tinubu had few options too. Raise taxes, cut spending or borrow money.
Tell me who I should blame amongst these three.

As regards your comments in fuel subsidies, as hard as it may be for you to understand this, your government is lying to you. You have to understand the relationship between the value of the Naira and crude oil prices to understand the duplicity of the government. There are other factors such as increased population but that is still part of the responsibility of the government. The Naira fell from N120 to N160 when Nigeria was earning the highest amount from crude oil. This is a misnomer. When you talk about subsidy payments you have to account for changes in the exchange rate.

Obasanjo and Yaradua were able to increase the value of the Naira from N140 to N116. Both leaders faced rising crude oil prices and Obasanjo adjusted the price of petrol from N22 to N75. Both leaders held down government spending. However, GEJ increased government spending forcing tough decisions on Buhari and Tinubu.

Tianamen1:
It’s interesting to see that UK also messed up as we did. We are in agreement on the issue. I just personally feel that since GEJ earned the highest income from crude oil sales and also completely depleted the 25 billion he inherited from the excess. Crude account, he is the most responsible for this crisis. Put yourself in GEJ’s, BUHARI’s, and Tinubu’s shoes and say what would I have done differently. This is the most appropriate way to apportion blame.

Tianamen1:
It’s interesting to see that UK also messed up as we did. We are in agreement on the issue. I just personally feel that since GEJ earned the highest income from crude oil sales and also completely depleted the 25 billion he inherited from the excess. Crude account, he is the most responsible for this crisis. Put yourself in GEJ’s, BUHARI’s, and Tinubu’s shoes and say what would I have done differently. This is the most appropriate way to apportion blame.

grandstar:
You said you schooled me? I laugh in Yoruba.

Have you heard of the phrase, "Square pegs in round holes?" That is what you are. You are not an economist. Period.

I listen to the Okonjo-Iwealas, Charles Soludo, and the Pat Utomi's of this world. Under a World Bank high-up, Okonjo-Iweala managed to pay off $30bn of the coiuntry's debt, and left $20bn in the Excess Crude Account. Yet, you guy's are critical of the World Bank.

In Ivory Coast, the country's economy is growing fast under the hands of a former IMF official, Quattara. Yet, many of you blindly criticise the institution.

Brush your economics. When you stop being a "square peg in a round hole," I will start taking you seriously.

"Too much suffering"

Lithiumite:
You dim witted whelp,tinubu has been able to get production up from the abysmal 1.2m bpd Buhari left it and still targeting 1.7 by Q1 2025.....how would a reasonable person with a functional brain within his skull compare someone's 18 months to the others 8 years.....you and your ilk are downright hate filled empty heads who turn facts upside down to push your neo fascist narrative...... Nigeria has moved on and you can choose to still keep crying about high cost of rice.

Lithiumite:
What bloody average you fool....we got to the lowest point in oil production under Buhari since 1999. And are already getting back to 1.5 within a year of his departure.....is it that you are being blind to seeing progress and would clandestinely dwell on negatives.....same Buhari met production at about 2m bpd and never matched that figure till he left........you can fool your likes not the sane ones.

Lithiumite:
Bigger dumbos like u were probably living under a rock when we were doing 1.2m bpd under Buhari.

diamond68:
So I try to check my balance everyday because you cannot trust these banks. This one that zenith has refused to send alerts for over one month.

Yesterday I come check am 150k Dey miss from my money between two days ago and yesterday. The account doesn’t have app or any debit card access to it for safety because this is where I keep my trillions of Naira.

Anyway I was fuming yesterday and very angry and was determined to go raise hell in the bank because I was told the bank always deny wrongdoing. Na hin this morning I come vex enter the bank come naked myself come Dey roll on top their table naked Dey scream.

This Yoruba fellow come approach me say kilonshele now to kon gbe ekpon si ori table ibishe wa bayi? What is wrong with you now ? I come explain my dilemma. He come pull up my account in the system pull up mini statement peruse am for 5 minutes come finally tell me say we are very sorry the glitch in the system pulled up your account balance 3 weeks prior as your recent balance but your current balance is what you thought you should have.

Shame catch me , I quickly wear cloth run comot for the bank. Zenith bank have finally made me disgrace my fathers name in Lagos. I Dey move go osun state

gforce5:
I would recommend Grenadian citizenship by investment. The reasons are as follows:

1. It is cheaper than most Caribbean citizenship by investment schemes. With the current high exchange rate, that is a very important factor to consider.

2. It grants you visa-free access to China which most of the other Island countries bar Dominica can't.

3. It has the E visa which enables you to migrate to the U.S. and establish a business there. You can't beat that.

4. Grenada is one of the least affected countries in the Caribbean in regards to natural disasters.

These are my reasons for choosing the Grenadian passport over other Caribbean passports. St. Kitts has more visa-free access countries but it does have access to the Chinese market nor does it give you the option of migrating to the U.S.

Ozone007:
This is one topic I have not be able to find in nairaland so I decide to create it.

Which would you advise?

Note that the following countries have golden visa:

Portugal (€500,000 investment)
Hungary (€250,000 investment)
Greece (€250,000 investment)

You will be issue 3 to 5 years Residence permit which is renewable on expiration or apply for permanent residence which can lead to citizenship

Citizenship by investment

The following countries offer it:

St Kitts and Nevis ($280,000 idonation and haves access to 157 countries including US,UK and Canada)

Antigua and Barbuda ($220,000 donation and access to 151 countries)

Dominical ($200,000 donation and have access to 147 countries)

St Lucia ($200,000 donation and have access to 150 countries)

Grenada ($210 donation and have access to 149 countries)

Which would you recommend and why?

IfnobeGod20:
The amount budgeted for the students' loan in the 2024 appropriation bill was #60b but the amount released so far is #2.9b to a total number of students, 22,120. See the posters below.

By records there are over 88m Nigeria on extreme poverty line and 133m on poverty line. Now, look at the number of students that have accessed the loan (22,120) and look at the number of people living in an extreme poverty (88m) and juxtapose. You will discover that it's just a drop in the ocean.

My brother, students' loan cannot ease poverty as it is not encompassing as the number of people living in poverty line are huge and require an holistic approach than the surface dressing the FG is doing.

ReesheesuKnack:
My dear (Adult) sisters and brothers on this street who have children.

Please, recommend to your children to stop when the UK police tells (orders) them to stop.

Recommend to your children to obey laws, and if (for any reason) they run foul of the law, let them work with the police. It will save us (Black community) a lot of pain & anguish.

Background: Chris Kaba would have been alive today had he stopped when asked to stop by the police.

Thank you.

Lithiumite:
You posted a diagram and what has that got to do with Nigeria's peculiar situation.....nobody is saying Nigeria is where it should be but every unbiased and honest mind knows there has been improvements on the macro level at least.

The debt servicing to revenue ratio has gone down to about 64% from over 90% audio

Foreign reserves is up to about $39b up from 36, kai..una no get any shame..net reserve likely negative due to fresh humongous foreign loans of ard $20b plus existing debt obligations

Oil production is up from the paltry 1.2m bpd to about 1.5m currently we were doing during
Buhari. Clap for yasef 1.2 to 1.5 wow what great growth. I wonder what adjective would describe a growth from 1.2 to 5

Forex backlog of about $7b cleared all in one year so what? Onigb3se must pay before na, you wouldn't pay the airlines for example or what? We should clap for you for paying people their money😁. Ment.

Heavy reliance on govt ways and means have been reduced to less than 5% of revenue....lol. This one is just laughable
.
Nigerian Forex market is currently very stable with sufficient liquidity as against doomsday prophecies. Stable? Ok I'll allow it

Exports are ramping up and we have had a surplus this year already. Clap for yasef

Minimum wage is up. Jokes on you! Minimum wage is worthless, most sensible people will gladly take 18k minimum wage of 2014, and the economic conditions of 2014

Foreign remittances are up from what we had YOY last year. Omo see achievement. Of course, your naira is worthless, so just about any Tom dick and Harry abroad can and are buying up your ancestral lands and houses🤣

Increased investment in our oil and gas sectors after some years of drought. Even maalu Buhari didn't have these investments abi, both the real and audio

Lithiumite:
You posted a diagram and what has that got to do with Nigeria's peculiar situation.....nobody is saying Nigeria is where it should be but every unbiased and honest mind knows there has been improvements on the macro level at least.

The debt servicing to revenue ratio has gone down to about 64% from over 90%

Foreign reserves is up to about $39b

Oil production is up from the paltry 1.2m bpd to about 1.5m currently we were doing during
Buhari.

Forex backlog of about $7b cleared all in one year.

Heavy reliance on govt ways and means have been reduced to less than 5% of revenue.

Nigerian Forex market is currently very stable with sufficient liquidity as against doomsday prophecies.

Exports are ramping up and we have had a surplus this year already.

Minimum wage is up.

Foreign remittances are up from what we had YOY last year.

Increased investment in our oil and gas sectors after some years of drought.

sunnyprof:
Here are the gains Nigeria has been able to actualize from the removal of Fuel Subsidy which:
..Reduced Fiscal Burden: Subsidy removal freed trillions of Naira enabling investment in critical sectors.
..Reduced Corruption: Subsidy removal eliminated opportunities for corruption and rent-seeking importers
,,Reduced Smuggling: Subsidy removal decreased fuel smuggling, reducing environmental pollution.

Overall GAINS down the line:

1. Monthly allocations to many states and local governments have increased significantly, with some getting up to 40% increase. Lies! While allocation increased,value diminished greatly. The projects 500m would execute in 2014, 5 billion won't execute it now

2. Nigeria has successfully paid billions of inherited debts from several administrations Lies. According to reports, ebola has increased debts by 45trn and around $20b since assuming power despite removing electricity, education, and fuel subsidies
https://www.vanguardngr.com/2024/10/nigerias-n121-67-trillion-debt-worrisome/

3. Billions have been allocated to the revolutionary Students Loan and Consumer Credit Schemes. True, but only time will tell just how much money will be pilfered here

4. Nigeria’s foreign reserves has increased from $34bn in 2023 to $39bn in October 2024. not entire true. Yes it increased, but debts has increased by around $20b, meaning we likely have a negative net reserve now

6.⁠The debt to revenue ratio has dropped drastically from 97% in 2023 to around 64%. Lies! We have racked up more foreign and domestic debt, with nothing to show for it, worse still

7. ⁠Fuel consumption has dropped drastically from 66 million litres daily to 25 million liters, signifying a massive reduction in smuggling to nearby countries. [/color]Lies, there is no evidence nor does it make common sense that the hugebdifference accounts for smuggled amounts. The neighboring countries have refineries and are not useless like Nigeria in that regard. The drop is due to scarcity and high cost of the product

8. ⁠Payment of debts owed to gas companies has resulted in massive improvements in electricity generation from 4300MW to 5500MW. Negligible improvements. Nothing significantly diff from maalu buhari or other administrations. Even back then there was band A)


10. The minimum wage has been increased from N30,000 to N70,000 What a Joke! yes and it cannot buy a bag of rice, as the value has been completely eroded. A better administrator called Jonathan had a minimum wage that could buy 2 and half bags at his time. So this is not an increase in real terms, but a major decrease in real rerms

These gains may eventually openly show positive impact of subsidy removal

It has been a challenging year so far, but it must be said that so much to be done in the bid to reposition the economy for a sustainable future.

IfnobeGod20:
Let me ask you some salient questions please.

1. What is the ratio of those that were given the said students' loan?

Remember only #2.9b was allocated for the said students' loan and to capture 22,120 students. What is this number in a population of over 100m people living in an extreme poverty in Nigeria? Nkan kekere njo yin loju sa.

2. The consumption figure reduced because the purchasing power of the people reduced. People now preferred to walk or trek than going out with their cars. Some even parked their cars for months now and only warming it. Where is that money to buy the fuel at over #1,000. The reduction in fuel consumption is due to bad policy and not because people doesn't want to use fuel to power their cars and household gadgets.

3. Let them be deceiving you. Many known figures have challenged Tinubu's government that they are still paying subsidy and till date they have not rebuffed the claim. The subsidy regime is still eating deep into our common patrimony but they are telling you lie that you wish to hear. Hope you read about two days ago where marketers are complaining that they are resuming fuel importation because Dangote fuel is not enough for them. Let us continue deceiving ourselves and still expect the country to launch forward. Kolewerk.

4. The government is paying debt and at the same time incurring more to it. It's on record that in the last 18 months the money Tinubu has borrowed is over half of what Buhari borrowed in his 8 years regime.
https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.nairaland.com/8136450/tinubus-borrowing-one-year-surpasses&ved=2ahUKEwiMzp6FvqGJAxWIWkEAHe-wDU4QFnoECBgQAQ&usg=AOvVaw13_0SNcBOnFyjiZP5pLc3x
They are servicing debt and at the same time borrowing with reckless abandon.

5. The macro economy is more stable but the poverty level of the citizens is increasing every day. The impact of macro economy increase suppose to be felt by the citizens. Having record on paper some time is fallacy and that has been the problem of Nigeria. We have beautiful records on paper but physical attestation is saying otherwise. You know the number of companies that have packed up because of this harsh economy and none has come to replace them?

6. Please how many people are making the money? Are those people making the money not also lamenting bitterly? Lest we talk about the downtrodden.
Joe Igbokwe recently lamented on how much he is spending on powering his office and complained bitterly about it and even begging Tinubu to try and reverse the electricity tariff on the premise that it would cause many companies to fold up.

You can defend whoever you want but do it with sense because life does not start and end with the people at the highest echelon of life, there are people that are at the lowest ladder of life and there are average ladder of life, always think about those people because they are part of the society. Yes, some people may be making it but what is their fraction to the whole population?

Lithiumite:
The economy of any country or the country itself is made up of different subsystems that all work in synergy,all parts are inter connected and an abeyance on one side will inherently affect the others.

Nigeria's macro economic output is very stable and that's why lenders would still advance loans,the govt has done well to arrest the drift we would have been suffering.however,you need to ask what the sub nationals are doing to boost the economies of their individual states.... there is hardly any real development going on except for a few.

sunnyprof:
Here are the gains Nigeria has been able to actualize from the removal of Fuel Subsidy which:
..Reduced Fiscal Burden: Subsidy removal freed trillions of Naira enabling investment in critical sectors.
..Reduced Corruption: Subsidy removal eliminated opportunities for corruption and rent-seeking importers
,,Reduced Smuggling: Subsidy removal decreased fuel smuggling, reducing environmental pollution.

Overall GAINS down the line:

1. Monthly allocations to many states and local governments have increased significantly, with some getting up to 40% increase. Lies! While allocation increased,value diminished greatly. The projects 500m would execute in 2014, 5 billion won't execute it now

2. Nigeria has successfully paid billions of inherited debts from several administrations Lies. According to reports, ebola has increased debts by 45trn and around $20b since assuming power despite removing electricity, education, and fuel subsidies
https://www.vanguardngr.com/2024/10/nigerias-n121-67-trillion-debt-worrisome/

3. Billions have been allocated to the revolutionary Students Loan and Consumer Credit Schemes. True, but only time will tell just how much money will be pilfered here

4. Nigeria’s foreign reserves has increased from $34bn in 2023 to $39bn in October 2024. not entire true. Yes it increased, but debts has increased by around $20b, meaning we likely have a negative net reserve now

6.⁠The debt to revenue ratio has dropped drastically from 97% in 2023 to around 64%. Lies! We have racked up more foreign and domestic debt, with nothing to show for it, worse still

7. ⁠Fuel consumption has dropped drastically from 66 million litres daily to 25 million liters, signifying a massive reduction in smuggling to nearby countries. [/color]Lies, there is no evidence nor does it make common sense that the hugebdifference accounts for smuggled amounts. The neighboring countries have refineries and are not useless like Nigeria in that regard. The drop is due to scarcity and high cost of the product

8. ⁠Payment of debts owed to gas companies has resulted in massive improvements in electricity generation from 4300MW to 5500MW. Negligible improvements. Nothing significantly diff from maalu buhari or other administrations. Even back then there was band A)


10. The minimum wage has been increased from N30,000 to N70,000 What a Joke! yes and it cannot buy a bag of rice, as the value has been completely eroded. A better administrator called Jonathan had a minimum wage that could buy 2 and half bags at his time. So this is not an increase in real terms, but a major decrease in real rerms

These gains may eventually openly show positive impact of subsidy removal

It has been a challenging year so far, but it must be said that so much to be done in the bid to reposition the economy for a sustainable future.

Lithiumite:
. [/b]Let them be deceiving you. Many known figures have challenged Tinubu's government that they are still paying subsidy and till date they have not rebuffed the claim. The subsidy regime is still eating deep into our common patrimony but they are telling you lie that you wish to hear. Hope you read about two days ago where marketers are complaining that they are resuming fuel importation because Dangote fuel is not enough for them. Let us continue deceiving ourselves and still expect the country to launch forward. Kolewerk.[b]

With Dangote refinery coming online we do not see any need for subsidies anymore.....if govt is paying subsidy as you claim,isn't it to alleviate the same suffering of the masses you are here complaining about....subsidy or not,i dont deal on conjectures but hard facts,which you or anyone hasn't proven.

Lithiumite:
And what is the harm in borrowing if used for the right purposes ..even almighty USA is having a deficit of about 1.4% this year.

What was our debt to GDP ratio before now,the debt servicing to revenue ratio as gone down to about 64% where do you think all the money to pay off already incurred debt would come from.

Ways and means from CBN that was ballooning under previous govts leading to more debt as been reduced drastically,Forex back log of about $7b cleared,where did you think all that money came from.....how about the foreign reserves moving up to $39bn, are all those lies as well?

You can choose to belief which ever narrative to soothe your political narrative but I choose the positives over the negatives and I know things are looking on the bright side.

Lithiumite:
Says an uninformed arm chair critic like yourself.

Aren't student loans now available?

Hasn't the bogus fuel consumption figures reduced?

Hasn't the corruption on subsidy been eradicated?

Hasn't the debt servicing ratio reduced?

Isn't Nigerian economy far more stable at the macro level?

Aren't people living their lives and many still making money despite your alarmist innuendos on the economy?

If you wish hunger and suffering on yourself so be it.....as for me,the subsidy removal is a great feat.

grandstar:
https://dailypost.ng/2012/01/12/ekiti-labour-leaders-protesters-blast-oshiomhole-over-subsidy-removal/

https://thenationonlineng.net/fuel-price-hike-support-fed-govt-oshiomhole/

https://www.vanguardngr.com/2012/01/oshiomhole-and-the-subsidy-crisis/

He came out to show his support. His support was never hidden.