₦airaland Forum

Okay, let's blame God.

CodeTemplar:
Before tinubu entered, we paid 0.5 USD official rate per litre and we are paying just around that 0.5 USD right now.

The only real policy change as it stands now is floating of Naira which we virtually all agreed on.

The complains and focus on Tinubu are largely inspired by political fortune of those rigged out.

What are you saying fella? Must you parade your ignorance publicly?

PoliteActivist:
*Politeness*
It will bring in people and investments.
Don't you see US always accusing China of intentionally devaluing their currency?
Example, if Togo devalues their currency you'd be going there to buy stuff and vacations, but if they inflate their currency you won't go

So, investors are now flooding SW?
Tinubu is a Buffonish President

forgiveness:
Tinubu should have kept borrowing 1.5b dollars to strengthen the dollar. The fake life should have continued until the country is mortgaged and sold patapata.

We should have continued to borrow billions of dollars to pay subsidy thieves and also use our oil revenue to service debts.

No wonder Buhari mortgaged crude oil and used the money to pay debts. Chaiiiiiiiiiiiii!!!!!

Where is the Trillions he has saved from subsidy removal Yet, they cannot pay January salary by the middle of February.

Time For Tinubu to resign. This disgrace is too much.

89green:

Start with 500 million first

Do you mind the dimwits up there?
Tinubu destroyed the economy with the twin of Naira devaluation and fuel subsidy removal.
Why did he wait for 9 months to tell us he is pregnant. Even a woman that is taped would know if she is pregnant after 3 months.

Tinubu is s Buffoonish President

gaby:
Hello, Zimbabwe.

Hi, Venezuela...

Thank you jarè

On March 31, 1971, the then Head of State, General Yakubu Gowon announced the decision of then Supreme Military Council to change Nigeria currency from Pounds to Naira. A Naira was equivalent to 10 shillings. He also announced that smaller units of the Naira would be the Kobo.
Then 100 kobo was to be 1 Naira.

On January 1, 1973, the new currency came into effect. Then N20 bank note was the highest denomination. At that time N1 was equivalent to $1.52. So if you had you had N1000, your value was $1520.

51 years after, the Naira is about to find its grave, no thanks to the APC led Federal Government that have destroyed everything thing and lagacies that Nigerians mistakenly handed over to them.

Though the Naira has faltered and been resilient over time inspite of several bashing here and there. In 50 years the currency lost 450% of its value. To depreciate to N450/$1. That means that the Nsura was losing average if N9 per year.

Then came the Lagos whizkid, Bola Ahmed Tinubu. A renown Accountant and Auditor and a first class graduate of Chicago State University. One of the brightest minds of his generation, who single-handedly built Lagos from nothing to become the 5th Lagest economy in Africa. The Jagaban Borgu as he is fondly called came and has successfully drowned the Naira in a space of just 9 months. His record breaking streak is so fundamental that it is only comparable to those of late Robert Mugabi of Zimbabwe and Nicolas Maduro of Venezuela, who unenviable destroyed their country's currencies.

Tinubu has now devalued the Naira to a whopping 333% in 9 months. This means that in about 0.75 year, the whizkid from Lagos drowned the Naira at the rate of N1400 per year compared to other leaders who managed to keep average devaluation at N9 per year. What an achievement.
No Nigerian could have achieved this feat than a first class graduate, who has neither First School, nor high school diploma.

For nine months, Nigerians have been groaning under the effect of this resounding failure that they now whimper in fear and distress. Every economic policies of the Jagaban has implemented have so far failed. He appears to have lost steam as the economy nove-dives like a plane destined to crash land. The unfortunate thing here is that Tinubu is piloting this plane carrying 200 million passengers.

All hail the Jagaban, the destroyer of Nigeria economy. Those who called Jonathan "Clueless" are not worse than "Blockhead".

Hopium:
As usual, they don't read (won't read) but always quick to comment.

Fyi, no election observer requested payment. Ewelele forged a document to steal from the nation's coffers.

You go explain taya... no evidence

The only person Tinubu has not settled "bribed" is Peter Obi

Emefiele did not steal any body's money. Tinubu and his hordes will be totally disgraced in court.
One big count evaporates just like that

The APC would have posted headlines like:

"Tinubu Restoring Nigeria Lost Glory"
"The Master strategist has done it again"
"Tinubu is God sent, let's give him time. He will fix Niger like he fixed Lagos"
Etc.

Now we lost, they are mum
Please add more

OlaitanGanew19:
"In Ojuelegba, there is no petrol in many filling stations but there's overflowing of petrol in many kegs."

Nigeria like Ojuelegba, is where you will see banks with several Automated Teller Machines but with empty cash. You'll now be wondering how and where the POS vendors are getting millionaires of Naira they trade to the public with exorbitant charges.

Could it be that Emefiele still operating from Kuje prison?

The answer is no. But the truth is that there are many Elemiemere or Elefiewere (greedy individuals) among Nigerians -- public officials, politicians, private workers and common citizens.

Even though, Emefiele was alleged to have indulged in the violation of the apex bank’s Act, extra budgetary spending and forgery, the former CBN governor should not be facing his predicament alone. His cabals including top politicians, bankers and fraudulent POS vendors who are profiting from his over N26.6 trillion scheme, should join him in jail.

This morning, after trying different ATMs -- trekking from Ojuelegba to Tejuosho Market -- with no cash loaded. I was left with no option but to patronise the street bankers popularly as POS operators.

I got a young lady standing with a POS machine under the Ojuelegba bridge.

To be honest with you, her service was quick and easy. She charged N200 for N5,000 cash. After I pocket my card and money, the story of how some POS agents steal from their customers flashes through my mind.

They could hack your bank details, and wait for days, weeks or months before they carry out their dirty operations. It happened most during Ember months. They want dirty money for Detty December.

So, I decided to make u-return to the POS lady, "Fine girl, do you received transfer?"

"Yes," she answered.

"Good. Let have your account number"

She started calling the numbers. "What's the name on it?" I followed up.
"Adejoke Fashanu," she replied. "Gtb."

"Gibiti," I jokingly said to her. Then she smiles.

"I will send 20k to you in the next one hour but you'll reduce your charges for me ooo."

"Nooo!" she yelled. "My boss won't accept that, please."

"No problem. Lemme have your phone number. I'll call you when I transfer the money."

"08034xxxxx8."

That's when I relax my mind. At least if she cloned my ATM card, I would be able to track her with either her phone number or account name.
Forget all the news that there is enough cash in the bank, 'Emefiele Season 2' is real.

Stop blaming Emefiele when Tinubj was moving bullion vans, you did not see it.

In 2015, some people taunted us that they will vote NEPA bill. In 2024, they are blaming NEPA bill certificate holder for destruction of Nigeria economy. What do you call such people?

Madness!

Blaming Buhari for Tinubu's incompetence will be Tinubu's undoing

They want to tell us another story oooo! Thieves!

Was it Buhari that floated the Naira such that our currency now compete with Zimbabwe dollars?
Was it Buhari that jumped onto the podium to announce that "subsidy is gone", without putting in place basics like fixing a single refinery?
Was it Buhari that mortgaged our crude oil for 5 years (2024-2028)?
Is it Buhari that has as much as make Abuja and Lagos new kidnappers den?

In any case, which party was Buhari? APC
Which party is Tinubu? APC
Why has Tinubu not arrested Buhari?

Bunch of FAILURES. They were busy cursing GEJ for 6 years forgetting that the economy was dieing.

By the way, where is that lunatic numbskull that use to post "our darling daddy"

Tinubu and his supporters are playing with the sensibilities of Nigerians. The suffering will soon push people to fight back soon.

Tinubu is a monumental and disastrous failure.

Time to resign

The Ivorians outplayed us.

CNG is a death trap. Tinubu and APC are the greatest scammers of Nigeia history.

Parachoko:
On Bola Ahmed Tinubu Mandate I Stand Gidigba

Where is Parachoko sef

Dear Igbo brothers, note this please.
Do not sell in dollars to avoid troubles, when you want to sell your wares check how much is $ equivalent because when you return to the market, the price would have changed.

OP subsidy is NOT gone. How do you think that a litre of petrol sells at about $1.00 yet you that is not refining is buying at N580?

It is like you see Fendi shirt online for $10 but in Nigeria it is selling for N5800 when $1 is N1470 Either the trader is mad or he is selling you a fake or better still he want to fold up.

Sunijacks:
Will this policy help the naira?

Capital NO. It will worsen the situation in that the liquidity will be reduced. Only Western Union, Money Gram, etc will benefit from it. How? They collect $ from abroad and pay Naira, hence BDC gets nothing. It means that for BDC to get money, the individual will have to send cash to relative, which is very risky.

Cardozo is incompetent all-round!

VeryWickedMan:
You must lack respect to be correcting your elders in public.

Sorry ooo, elder

Znic:
Gradually we shall get there

Where una dey go pls? More tribulation

This book of Tinubulation:

CHAPTER 1 vs 9: Thou shalt bear it in peace because the time thy suffering has just begun
Chapter 1 vs 12, Hunger, high level hunger shall reset thy brains
.
.
.
Fast forward to:

Chapter 4 vs 10, Thou shall not vote anyone without sense again, if thou chose to hunger will ravage your land
Chapter 4 vs 11, Woe, woe, woe to thou that voted by tribe and by religion for greater hunger shall visit you and your offsprings.
Chapter 4 vs 12, Tribulation shall not come a second time.

worksmart:
Reinstate Emefiele

Not possible. Let's move forward

For Tinubu and his team of economists and jaundiced financial experts to have floated the Naira shows they are NOT smart. No nation survives such especially with galloping inflation. Here is where Tinubu differs from the duo of Peter Obi and Atiku Abubakar.
For me, fuel subsidies removal is not the issue. The truth is that the fuel subsidy was actually impact of exchange differentials between purchase and sale.

SOLUTIONS
I am just a critic without answer. However, Tinubu and his team may be too proud to retrace their steps now. No matter how far you have gone on a wrong route, your only solution is to reverse and follow the correct one.
My suggestions are as followd:

1. Restore the currency change by Emefiele:
We all know Emefiele sin against Tinubu was the Naira change before elections. However, Tinubu and his team reversed it. The impact is that the stolen Trillions that Emefiele tried to render useless have now increased Naira flow. These trillions are now being used to mop up available Dollars. You have a situation where too much Naira is chasing few $
Tinubu should swallow his pride and revert back to only new currency printed by Emefiele. CBN should mop up the excess liquidity. The scarcity of Naira would mean two things. Only online $ purchases would be made which are TRACEABLE and such monetary policy would reduce inflation in the short to medium terms.

2. Decide and peg exchange rate at about N1000/$. Be systematic about it.
Criminalize any speculation and sanction to any institution violating the new rate. Review this rate quarterly.
Everyone agrees that Naira has become undervalued. No nation leaves its currency to float. Even Russia that is at war with the "West" did not allow the Rubbles to float.

3. Leave pride and tribalism, appoint a new economic team. The ones there are only paper qualified persons, some parading Phds from some "fake" universities in Caribbeans. Get sound economists and accountants not those who become qualified through exchanges. If you know, you know.

4. Increase interest rates to curb excessive borrowing to fund luxury goods.

5. Reinstate the list of import items Buhari banned. Also increase import duties on all imports that have local substitutes to force the acceptance of local production or products. Subsidize diesel and not gasoline to reduce cost of production and distribution. We lack electricity, so most companies rely on diesel.

6. Impose 15% capital transfer tax (or capital flight) on all profits remitted outside the shores of Nigeria.
Make such entities to reinvest equivalence to offset taxes (tax credits) imposed year on year.

7. Reduce ministries and merge parastatals. We cannot afford more than 30 ministries. 48 ministers is insane for a dieing economy.


8. Renegotiate all borrowing and performed post-project audits for all projects "financed" with borrowed funds. Where not viable, toll the projects or sale and lease back from the creditors.

9. In the long-term, review revenue sharing formula. Make 60% of federal allocation to be shared as it is currently, then 40% based on productivity. Let states sell their products to federal government or other entities to participate in the 40% pool. Jettison 13% derivation, rather let it be based off oil exports from each state. That way, states that encourage bunkering would bear the cost. States that encourage farming would earn, while those who encourage banditry will go hungry.

God bless my country.

Salewa97:
Nigeria is a weird country.

—Before the last election, every academician and economic analysts were on Buhari neck to remove subsidy because it is a scam. Infact that is the campaign point of many presidential candidate.

People said Buhari na thief, they are embezzling Nigeria money through subsidy and etc.

—Suddenly Tinubu removed subsidy which is what economic analysts have been shouting for decades, even Nigeria suddenly remembered that Subsidy is actually good and now NLC want Tinubu to retract.

I’m sure the next election, the campaign point will be “I will restore Subsidy”.

Either you missed the point or you are being unscrupulously mischievous. The current situation is not because of fuel subsidy removal. Afterall, between May to Sep 2023, people did not die.
Tinubu's error was FLOATING the Naira, a very senseless thing to do.
Russia that is at war with the West DID NOT float her Rubble

The exposè is first class.