₦airaland Forum

In his State of the Nation Address to the Federal Assembly on Tuesday, President Vladimir Putin announced that Russia will be suspending its participation in New START, a strategic arms reduction treaty with the United States. However, he clarified that Russia will not be withdrawing from the treaty. According to him,

"I have to say today that Russia is suspending its participation in New START. I repeat, not withdrawing from the treaty, no, but merely suspending its participation," the president said.

According to the president, Russia needs to understand the intentions of NATO countries such as France and the United Kingdom, and how their strategic arsenals will be taken into account before resuming discussions on continuing work under New START. He emphasized that the overall strike potential of the alliance needs to be considered.

Putin also commented on the recent statements made by these NATO countries, saying that they have made a bid for the process of disarmament. He said-

"what do such NATO countries as France and the United Kingdom vie for and how will their strategic arsenals be taken into account.

"That is to say the overall strike potential of the alliance," Putin explained.

"Now by their statement they have de facto made a bid for this process. Well, thank God. Go ahead, we are not against. But there is no need to again try to lie to all and pretend to be champions of peace and detente."

He welcomed their move and stated that Russia is not against it, but criticized them for trying to deceive others and pretending to be champions of peace.

LocalStandard1:
It is not the Naira change policy that's the problem but the unavailability of the new ones.

I am solidly behind the change of currency, but you see that cashless policy, that is the issue.

🚻The relationship between developing and developed countries is a complex issue that has been the focus of much discussion and debate over the years. In many cases, developing countries are thought to be fundamentally different from their developed counterparts, and this belief is often cited as a significant obstacle to progress.

1️⃣One of the main problems with this line of thinking is that it fails to recognize the historical context in which modern countries have developed. It is true that many developing countries today are plagued by poverty, corruption, and political instability. However, it is also true that just a few hundred years ago, Europe was in a similar position.

↪️In fact, the poorest countries of the third world today are not materially worse off than Europe was in the 18th century. The difference is that Europe was able to build up a wealth of institutions that steadily improved governance and stewardship, while also preserving certain fundamental rights for people. This allowed for continued and rapid improvement to accumulate through the ages.

➡️It is a common misconception that the industrial revolution caused the first world to become wealthy, or that plundering of other states did. While these two actions may have helped to some extent, what really allowed Europe and later the Americas, Japan, Korea, and China to take off was the development of modern statehood.

↔️This idea of modern statehood refers to the development of a government that is able to provide public goods and services, maintain law and order, and promote economic growth. When a country has a functioning government that is able to do these things, it can create an environment in which businesses can thrive and people can prosper.

⬇️What's keeping the third world down, in other words, are their own actions. Many developing countries today are still struggling to develop modern statehood, and this is often due to political instability, corruption, and a lack of investment in public goods and services.

🗣️However, it is important to note that this is not simply a matter of individual choice. In many cases, the powerful leaders of developing countries have a vested interest in keeping things as they are. It is often easier to rule over semi-literate peasants teetering on the edge of hunger than it is to rule over hipster city-dwellers who demand more from their government.

🙆The issue of why many developing countries continue to struggle with political instability, corruption, and a lack of investment in public goods and services is a complex one. While it is true that individual choice plays a role in shaping the development trajectory of a country, it is also important to recognize the role that powerful leaders and elites play in shaping the course of a nation.

♻️In many cases, the elites in developing countries have a vested interest in keeping things as they are. This is because they benefit from the current system, which allows them to maintain their power and wealth at the expense of the broader population. It is often easier to rule over semi-literate peasants who are teetering on the edge of hunger than it is to rule over an educated and empowered population that demands more from their government.

🔄This dynamic is particularly evident in countries where there is a high degree of inequality. When a small group of elites holds a disproportionate amount of wealth and power, they are often able to use this power to maintain the status quo. This can take many forms, such as rigging elections, stifling political dissent, or siphoning off public resources for their own benefit.

🔷Moreover, when a country's elites have a vested interest in maintaining the status quo, they are often resistant to change. This can make it difficult for reform-minded leaders to implement changes that would benefit the broader population. In many cases, elites will use their wealth and power to undermine efforts at reform or to co-opt political opposition.

🔛While there are many examples of this dynamic playing out in developing countries around the world, it is important to note that it is not unique to the developing world. Even in developed countries, there are powerful interests that are resistant to change and that work to maintain the status quo. However, in developing countries, this dynamic is often more pronounced, as the power and wealth of elites is often more concentrated and less accountable to the broader population.

📝In order to address this issue, it is important to focus on building institutions that promote transparency, accountability, and the rule of law. This can help to limit the power of elites and to create a more level playing field for political actors. It is also important to work to empower civil society groups and other organizations that can push for change and hold leaders accountable.

⚖️Ultimately, addressing the issue of powerful elites in developing countries is a long-term project that will require sustained effort and commitment. However, by recognizing the role that elites play in shaping the course of a nation and working to build institutions that promote accountability and transparency, it is possible to create a more just and equitable society.

⛓️This is the real problem that the third world faces, and it is a difficult one to solve. Fortunately, there are signs of progress taking hold in many developing countries. With investment in public goods and services, improved governance and stewardship, and a commitment to modern statehood, these countries can begin to build a brighter future for themselves and their citizens.

🔜It is likely that this will take time, perhaps another century or two, but it is a goal worth striving for. By recognizing the historical context in which modern countries have developed and working to build a more just and prosperous world, we can help to create a brighter future for Africa.

➡️This Article was written by:
⬛Oha Michael Odinaka, Esq🔹
🔷Udomich Partners & Associates🔹
⚫Director at St. Joseph Comprehensive Schools🔹
🔄Editor at Uptownerd Publications↕️

🔵The Last Dance: Buhari's Economic Warfare on Tinubu🔵

In Nigeria, pain is a mass identification mark amongst a major percentage of citizens especially if convinced to think they're inflicting damages on "corrupt" politicians by their suffering.

It's like there is this mass euphoria of brotherhood in shared national economic afflictions. Maybe this is why politicians rate the populace so low. People whose lifestyle and economic power have been taken away from them still believes they're inflicting heavy damages on Tinubu by not vocally demanding an end to the ludicrous money redesign policy implementation of Buhari's government that has grounded the economy.

Elections will come and go, and we are assured that the suffering will continue. This is because, a bad policy smells. The idea that the new money redesign is going to curtail vote buying during election and make Nigeria El Dorado is nothing but a mirage to divert attention of citizens from the real issues.

The real issues at hand is that after Buhari's trial and error ridden economy management has caused massive amounts of inflation, insecurity and unemployment, they want to engineer a calculated recession to withdraw most of the fake money they printed between 2020 - 2022.

Remember that most governments around the world embarked on printing spree after the Covid-19 devastation. Now what happens is when you print money out of thin air (with no real value benchmarks like Gold, oil, silver or other minerals), the inflation levels in the country must rise. It is estimated that between 2020-2022, the Nigerian Federal Government printed an estimated 1.4trillion Naira and infused it into the economy.

The resultant effect today in 2023 is an inflation rate at 21.82%. Nigeria's inflation rate for 2019 was 11.40%. In three years (2020-2023), Nigeria's inflation rate jumped by 10.42%. This is the highest in Nigeria's history and highly unprecedented. In contrast, Buhari's government met Nigeria's inflation rate at 9.1% in 2015.

However, by comparison Nigeria's inflation rate for 2019 was 11.40%, a 0.7% decline from 2018. Nigeria inflation rate for 2018 was 12.09%, a 4.43% decline from 2017 inflation rate
which was 16.52%.

From the figures above, you would have noticed that prices of goods and services were cheaper in 2019 than they were in the years that followed. According to the figures, Nigeria's inflation rate was on a downward spiral until the epidemic hit.

The Covid-19 pandemic hit the global economy hard, and Nigeria was not spared. The government's response to the pandemic was to inject more money into the economy, which, as we have seen, resulted in higher inflation. Inflation is like a hidden tax on the people, as it reduces the purchasing power of their money.

The government's decision to introduce a new currency design has been met with criticism and suspicion by many Nigerians. The government claims that the new currency design is to curtail vote-buying during elections, but many believe it is a ploy to withdraw most of the fake money printed between 2020-2022.

It is not uncommon for governments to manipulate their currencies to serve their interests. In fact, the ability to control the currency is one of the powers of the state. However, when a government loses the trust of its citizens, the value of its currency also drops. This is because people lose confidence in the ability of the government to manage the economy.

The total currency in circulation in Nigeria was estimated at 3.2 trillion Naira at the end of 2022. According to the Central Bank of Nigeria, 2.1 trillion Naira has been withdrawn as at early February, 2023. The CBN claimed that N700bn is the amount of cash needed for their functioning vision of a “cash-less” Nigerian economy. If Kaduna State Governor El Rufai is to be believed, the Chief Economic Adviser to the President, Dr. Doyin Salami notably disagreed with this estimate. According to Dr. Doyin, at least 2 trillion Naira of currency needs to be in circulation for Nigeria's economic sustainability. Other experts variously estimate the number to be between N1.2 trillion and above.

By its own admission, only N400bn worth of new notes had been printed by the CBN as at early February. The current cash shortage was therefore designed from the beginning to cause the hardship it created.

The so called N700bn that was to be printed would have been grossly inadequate anyway. Despite this, only N400bn was printed in the new currency and most of it unavailable to the banks. To quote Kaduna State Governor, El Rufai, "How can the CBN collect N2.1 trillion from citizens and print only N400bn? Is this not a clear case of economic sabotage?"

Nigeria has a long history of corruption, mismanagement, and a lack of transparency in government. This has eroded the trust of its citizens in the government. It is, therefore, not surprising that many Nigerians are suspicious of the government's motives for the new currency design.

The Nigerian government needs to address the root causes of the country's economic problems. This includes corruption, poor infrastructure, and a lack of economic diversification. The government also needs to be more transparent in its economic policies and decisions. Buhari had eight ( years to fix Nigeria's most important assets - our four refineries. What happened?

Nigerians must also take responsibility for their economic future by holding their leaders accountable and demanding more from them. This includes asking the right questions and making informed decisions during elections.

In conclusion, the new currency design by the Nigerian government is just one of the many symptoms of a deeper economic problem. The government must address the root causes of the problem, and Nigerians must take responsibility for their economic future.

muykem:
CBN governor is parochial in his thinking. It's not only politician that made use of cash. It's a medium of exchange upon which economy depends. They don't want election to be conducted as planned. I don't have problem with naira redesign but let me get new naira in the Bank.

PrinceOfLagos:
Is she the Pendrop signature I always see in Peter Obi pictures

Masterviolence:
It's time to start a casket business in Ukraine.

I have not pity for them.
For 8years they were busy killing innocent Russia speaking populace and also the separatist. For good 8years.

Knowing fully well that diplomacy was an option but they decide to silence them.

The only people I pity are those who have no hands on what is going on.

citygarden:
They are running a promo on humans life. I don't know how people think at times. Before war you can negotiate and after war you will still negotiate. Why can't you negotiate before war to save death and destruction. The country you know that will defeat you, no matter your alliance.

chiefolododo

chiefolododo

chiefolododo:
Maybe you should buy Messi one Rolls Royce too if you like him.Don't just post his picture

angelEmade:
Offer is still valid

Mateu Lahoz has been sent home and will no longer referee at the World Cup.

Mateu Lahoz has been officially relieved of his duties in Qatar. The Spanish referee, Antonio Lahoz will not be taking part in the remaining games at the World Cup as he ‘heads home from Qatar to Spain.

Korean fans have given Antonio Mateu Lahoz, the referee for #WorldCup Argentina vs Netherlands, a new nickname: "Twisted Fate" for the record number of yellow cards (15) he gave away in the hotly contested Quarter Final fixture.

Steep:
He is an antichrist just as mohammed was an anti christ and many more but not the anti christ.

Anybody who deny that Jesus is come in the flesh or that Jesus is the Christ is an antichrist.