The comments on this thread are very revealing.

There's no prison like the prison of the mind - a prison where you grow to love your jailor.

And from that prison there can be no freedom or escape.

soojar:



I must confess, I didn't read the full text before, but when you pointed my attention to it I read it through and it confirmed what I said that one lazy journalist quoted him out of context and other lazy bloggers joined in. These are the 9 things he highlighted like any economist will suggest. Not in any of the explanations he talked about printing of physical naira. You don't get to the level Tinubu got to in corporate world by being as lazy and ignorant as some of these people parading themselves as bloggers. Most of them are 'educated illiterates'

1. MAINTAIN GOVERNMENT EXPENDITURES:
2. GOVERNMENT PROJECTS:
3. TAX REDUCTIONS:
4. FOOD SECURITY
5. LOWER INTEREST RATES:
6. QUANTITATIVE EASING:
7. EXCHANGE RATE:
8. DEBT SUSPENSION
9. INCREASE STIPENDS TO THE POOR:

^^^
No sir.

This has nothing to do with lazy journalists, lazy bloggers or educated illiterates.

I have been following this thing from day one. Tinubu's statement about the federal government's sovereign right of Naira issuance was very clear. Some other posters on this thread and other threads have posted the direct quote (word for word) - you may look it up again to confirm. If sovereign right of Naira issuance isn't printing of physical Naira, then what is? Tinubu also referred again to this right of issuance under the 'quantitative easing' sub-topic you mentioned above. These two references of mine then raise the uncomfortable question: How can a press statement quoted in its entirety be misquoted?

He will be held accountable. Some of us are not taken in by incredible tales of a work history with Deloitte, Mobil, Andersen etc. particularly when we can recall quite clearly the man's University of Chicago/Chicago State University controversy of so many years ago.

He will be held accountable.

Violent, aggressive people.

They should have told the task force people to leave or ignored them altogether. Why assault them?

Some people don't think before they act. If any of those task force men had slumped and died then the aggressors would have had a murder case on their hands. Then what? Live the rest of your life on the run?

https://www.youtube.com/watch?v=DFgkpmuBcxA

After 13 pages of strident, fanatical support by purported Tinubu loyalists on this thread for helicopter money and whatnot, we have a rebuttal by Mr. Tinubu. Almost 15 pages - all gone to waste. It hurts.

Once again - I ask for anyone who has this rebuttal to paste it in full. Perhaps we will then have a new thread with over 20 pages defending the contents of the rebuttal. And fate being the cruel mistress that she is - we might just have a second rebuttal in the next 48 hours discounting the contents of the first.

It will be interesting to watch these 'loyal' men tie themselves in knots trying to defend positions that change like the weather.

Ayoefa:
[[s]quote author=VolvoS60 post=87920690]

^^^


Dead on arrival (DOA).

Nobody is interested in his work history - or what you claim is his work history.

The issue now is his recommendation from a couple of days ago - to open the press and roll out sizzling Naira notes for the federal bazaar to continue.

The blowback from that madcap suggestion has exploded and he is now afraid to claim ownership.

Address the issue at hand and leave AA, Deloitte etc. out of it.
[/s]

^^^
But...I can still read my post - and I assume everyone can.

You need to tell the site designers to enlarge the strikethrough lines - make them so thick and dark that the text is invisible. Tell them!

LegendHero:


Are you a troll?

Maybe you should copy and paste the part here coz I’ve read everything and I can’t see where he said that.

^^^^
No I'm not a troll sir.

On this very thread, a couple of posters have quoted sections of the statement - to be specific, the part where he speaks about sovereign rights of the federal government to issue Naira. This is just one example - and you can scroll back to confirm.

The 6th point in the press statement talks about expanding quantitative easing to purchase listed 'instruments'. This is example number 2.

soojar:


A 100 level economics student in the university will not tell the government to print physical naira note not to talk of someone of Tinubu's calibre who has worked for well known audit and financial firms in the world. A lazy journalist must have ignorantly or mischievously quoted him out of context and many band wagon follow follow too would just take it up like that.

When an economist say 'make more money available in the economy', he is talking of increasing government spending using monetary policies or reducing taxes and interest rates through fiscal policies.

^^^
Read the full press statement issued a couple of days ago.

https://www.nairaland.com/5762036/full-message-tinubu-coronavirus#87921042

LegendHero:


Can you see now? I read the whole statements and there is no where he made mention of government printing money.

Do you accept you are wrong in this instance?

^^^^


Please read it again.

4Play:
Spare a thought for those who spent the last few days defending money printing because they thought Tinubu was in support of it.

^^^^

LegendHero:


Maybe you should bring back his previous statement “word for word” and let’s see where he said they should print notes.

Then we can know he is a liar. He came today to say his word was twisted, let’s see if he actually has any integrity.

I’m waiting.

^^^^
https://www.nairaland.com/5762036/full-message-tinubu-coronavirus#87921042

This thread must be kept open.

Erediauwa:
I knew he didn't say it, it's just some useless journalist writing rubbish emanating from their brains.


Even though I don't support His party and whatever they stand for or represent, I know Jagaban wouldn't want to jeopardize his 2023 ambition with that statement and like I rightly predicted, he came out to clear the air.


Nice one Jagaban.

^^^^


Did you actually read the press release?

LegendHero:
One thing you can’t take from Tinubu is his intelligence.

Well someone that worked for American companies like Arthur Andersen, Deloitte, Haskins, & Sells, and GTE Services Corporation will definitely be intelligent to an extent.

To cap it, he rose to the position of an executive at Mobil Oil Nigeria.

^^^


Dead on arrival (DOA).

Nobody is interested in his work history - or what you claim is his work history.

The issue now is his recommendation from a couple of days ago - to open the presses and roll out sizzling Naira notes for the federal bazaar to continue.

The blowback from that madcap suggestion has exploded and he is now afraid to claim ownership.

Address the issue at hand and leave AA, Deloitte etc. out of it.

byinks:
In Nigeria the great tribulation will always start before the rest of the world.
Typical.

^^

Oshigun:


Suwegbe, I am not your intellectual mate and the day I start giving a damn about the opinion of an IPOBians is the day I want failure to enter my life. Mumu.

^^^^


You are tired and running on empty. Broken beyond repair.

Your principal's hare brained and irresponsible suggestions have been met with the derision they deserve. And these suggestions were from a prepared speech!

You know your principal will be damaged irreparably if he has to sell his ideas in a public debate where he has to think on his feet. It will be a bloodbath.

You have your work cut out for you. Ask Sarah Palin's advisers - and you're definitely not in their league.

Oshigun:


Tinubu is suggesting that this is a legitimate option. World class economists happen to agree with him and not you isale Eko experts. Are you talking of inflation when we are discussing a pandemic that could render money worthless and people scavenging in the streets for food if the worst happens?

When all is lost, printing money is an option because it directly puts money, as legal tender , in the hands of people to acquire what they need urgently.

At that stage, protecting the value of money is pointless because if people do not get it to spend then they would simple get into beast mode and take to the streets to violently and forcefully commandeer what they need.

Let us see what will happen if area boys have no food and no money to buy their way out of hunger. We will see what your focus on inflation will be worth then.

^^^^

How high minded and noble.

The real you is on this thread: https://www.nairaland.com/5762680/afenifere-printing-more-naira-notes

biafranation:


You are an afonja and won't understand. Igbo minister of finance can also commit suicide, but Yorubas and Hausa-Fulani will never. Why? An Igbo man spirit and brain is different from you people.

^^^^
This adds nothing to the discussion.

Oshigun:


Indeed. And for jobless and hateful IPOBians too. At this critical time of lockdown when everyone is facing their direct household, local government and State it is sad to see that it is only IPOBians who continue to obsess about Tinubu and the SW without a care about the Corona status of their respective SE states.

This is why their Governors get away with murder to now be acclaimed worst in Nigeria.

^^^^


On the other thread you wrote at length about 'quantitative easing' and 'helicopter money'. . The jargon flowed freely and a newcomer reading that stuff could be forgiven for thinking you understood a little bit about how an economy works - even though your suggestions (in reality) were utter nonsense and way off the mark.

But your true self is being revealed here - for those who didn't know. All that high minded policy stuff from the other thread has been thrown overboard and your race to the bottom has begun. Godspeed!

Emedu:

A MESSAGE FROM TINUBU ON THE CORONAVIRUS

^^^^
Thank you kind Sir, for providing the full press statement. The speculation can end now.

I hereby declare these games open.

Oshigun:


It is just blind and raw hate for Tinubu and nothing else. Many cannot even rise above hatred to try and inspect what Tinubu is saying.


The only reaction they have is to automatically thrash Asiwaju. I pity Nigerians and understand why a lot of leaders have zero regard for ordinary Nigerians.

^^^^

Interesting thread.

For some reason the full press statement itself is not available online - so all we have to work with is this brief extract on increasing money supply. And work with it we will.

The man's online hagiographers have not provided the full press statement - or references to it. And yet they would have us believe his 'suggestion' is this century's most profound idea. Where is the full press statement?

There is nowhere to hide now. It would have been better for him to concentrate on the NURTW and its affairs - that is his turf and his qualifications and experience in that sordid sub-culture are not in doubt. But macroeconomic policy? Definitely not. High level monetary policy and other demand management tools are not his forte - he clearly has nothing to contribute to that world. His inadequacies will be fully exposed if he attempts to start a policy debate he is woefully ill-equipped for.

This thread must not die. It is worth keeping alive.

grandstar:

A teenage girl suddenly starts dressing skimpily and the father says he hasn't seen any concrete signs that his daughter has any interest in men. You asking me to show you proof of a subsidy is similar. The evidence around is so profound that it need not be brought up.

^^^^
This is the first time I have seen anyone draw an analogy between the sexuality of teenage girls and oil subsidy. Quite interesting but unfortunately it is highly inaccurate. No parallels between the two. None whatsoever.

grandstar:

Dangote has already said he isn't selling his petrol at government determined price. That it will be based on the international price. Anybody who wants to sell at the government price can buy from him and do so. Please read this article https://www.theafricareport.com/418/nigeria-the-cost-of-cheaper-petrol/

^^^^
Dangote is a free agent. I would assume Nigerians do not have any problem with his private enterprise. I would wait until the refinery is operational before saying much more. My views on this are covered in an older thread. By the way, what market structure will the industry have once the refinery is up and running?

grandstar:

The problem I see here is that you want very low petrol prices. That seems to be your prime objective. It is the wrong objective. It is incompatible with a vibrant oil industry as Nigeria has witnessed. Your love for state-owned enterprises isn't realistic. Nigeria has proven to suck at it. Why hunger at what the country sucks at?

^^^^


I don't have any love for SOEs per se. All I'm doing is calling out mismanagement, full stop. My real objective is holding government accountable!

Nigerian governments according to you, 'suck' at managing SOEs. But why would you then trust them to competently run a federal bureaucracy, public healthcare infrastructure, a public education system and a standing army? Are the management skill sets that dissimilar? Let me ask you a question: what are your views on privatizing the military - after all, doesn't the government suck at managing that too?

grandstar:

ARAMCO and GAZPROM aren't the paragons they claim to be. Their accounts are opaque. GAZPROM is notoriously corrupt. ARAMCO's only claim to fame is that it is the sole manager of the country's 100billion or so oil reserves.

^^^^
I notice you conveniently omitted Statoil. Why?

grandstar:

It is extremely rare these days for State Owned Oil companies in OECD countries. Most have been privatised. America and Britain have none for instance. The ideal is for the fuel price to be market-determined, which means deregulated. That has happened with diesel already and petrol's turn will come one day.

^^^^
This is a whole new topic that deserves its own thread.

grandstar:

I will be brief

You asked how much does it cost to refine oil. I don't know if there is a magic number here. There might be.

Why do I say a magic number? Cost of refining based on what variable? Is it when the price per barrel is $10? $20? $25? $50? $100? $150 per barrel? It might have helped if you added this.

The reason why I asked the above to highlight to you some unreasonableness in your question. The price of oil is never static. It goes up and down every minute, how much more every month or year!

Again you ask me to prove if there's a fuel subsidy. Fuel subsidy based on what variable? Is it when the price of oil is $55 or when it is $25?

^^^^
I will be brief too.

Having said the same thing over and over again I am exhausted. It is strange that you seem not to understand my very clearly explained points. But I'll do it one more time.

First of all, I am not just asking you for how much it costs to refine oil. I am asking you how much it costs to produce and refine a litre of petrol in Nigeria from Nigerian crude. There is a difference between the two. This information will let us know if there is a subsidy on locally refined petrol. Why is it so hard for you or Kachikwu or whoever to provide proof of this?

You have cleverly avoided the distinction between locally refined fuel and imported fuel because you know your argument falls apart once you acknowledge that the two are not the same. Nearly every Nigerian knows there is a subsidy on imported petrol - this information is in the public domain and there is nothing to argue about there. Every week or so the NNPC/PPMC website has data on the landing costs of every litre of PMS imported into this country. Every single week we get to know if this landing cost (plus distribution costs and any other associated costs) is greater than the controlled pumphead price of 145 Naira - and it usually is. But there is absolutely zero publicly available information on the cost per litre of PMS refined locally in Warri, Kaduna and Port Harcourt - be it today, last week, last year or the year before. Why?

By refusing to acknowledge that this country actually has refineries that refine fuel locally (however inefficient they may be) you devalue your argument significantly and blow your claims out of the water with your own hands. You forcefully state that there is a subsidy but you cannot quantify it. You don't have the numbers and yet you argue fervently that a subsidy exists. Who's the magician here? Who's being unreasonable here?

festacman:

Far from "childlike faith", in any country and at any particular time, a set of people are trusted with making vital policy decisions in the best interest of that country. No matter how you throw tantrums about multiple exchange rates, the current appointed policy makers will have their ways. You can only trust their judgement and hold them responsible if things go wrong.

^^^
Throw tantrums?

I took the time and trouble to point out clear policy mistakes made by this administration and you have taken refuge in vague generalizations about policy makers "having their way". I am doing exactly what you say: holding them responsible - because things are going wrong. Your government has blown a hole (not the first time and not likely to be the last) through its foreign reserves in a vain attempt to defend a floundering currency. Take the medicine and move on!

festacman:

For Buhari's accomplishments, I take it that no president anywhere lacks a fair share of unrepentant critics like you. It is your right to hold your opinion just I am in the clear to hold mine. That's beauty of democracy.

^^^
We can agree to disagree - as you have said.

But you still haven't listed the administrations achievements.

grandstar:

Are you on drugs?

^^^
This is a serious discussion. Let's keep it that way - there's no room for this.

grandstar:

All that you said here is a contradiction

You want the government to fix the refineries?? That has been done by this government. Kachikwu said its cheaper to import fuel than to use those refineries that they are not old and uncompetitive.

Best is to privatise them.

^^^
"Kachikwu said".

I vaguely remember sparring with you in the past on this issue. My questions to you then went unanswered. Maybe you can answer them now. How much does it cost to produce and refine locally a litre of PMS here in Nigeria? We know the cost profile of a litre of imported fuel - we know the landing costs, distribution costs etc. and that's why we know without a shadow of a doubt that imported fuel is subsidized. But we do not have the same information about locally refined fuel. Why? Why hasn't your hero Kachikwu answered that question?

Doctors talk about evidence based medical diagnosis. It is time for us to have evidence based arguments.

grandstar:

By you suggesting government repair them, it shows you will repeat the very mistakes that plunged the oil industry into its present doom. The solution is to privatize the refineries, end fuel subsidies and deregulate fuel prices.

^^^
Your recommendations above turn on the key question of whether a subsidy on locally refined petrol actually exists. It is the first question that should be answered.

grandstar:

Why are you looking at Statoil or ARAMCO? Why are you looking at Norwegian solution to a Nigerian problem? Are Nigerians naturally law-abiding citizens?

^^^

And why shouldn't we look at Statoil and ARAMCO? When it comes to production, you believe the Norwegians and Saudis are from another planet. But when it comes to consumption - I'm sure you have no problem with German luxury cars and high end French wines/cuisine for those who manage your country's affairs. Make up your mind and hold them accountable.

grandstar:

The solution here is simple again: deregulate the price of fuel. Dangote's refinery is bigger than all government's 4 refineries put together. The private sector should take over.

^^^
I have no problem with private refineries. None whatsoever. SOEs running alongside private enterprise is nothing new - this is what exists among the Norwegians whose industry model you so casually dismissed as unworkable in our environment. Again I beg you Sir, make up your mind. You can't have it both ways.

festacman:

On the exchange rate strategy, the fact is that there is no almighty formular in Economics. CBN team, Finance ministry and other economic advisors are no dunces to wilfully lead the country into a 'ditch' by choosing the multiple exchange rates option for now as opposed to outright devaluation. I am sure they must have weighed all options.

^^^^


Your almost childlike faith in the sincerity of purpose and the competence of Nigerian policy makers is touching. Unfortunately, I live in the real world where hard nosed pragmatism, doubt and scepticism are far more useful and effective in holding these people accountable.

There is no room for wishful thinking here. The Buhari administration got things terribly wrong. And it continues to do so. It has stubbornly insisted on multiple exchange rates for years - a policy that simply encourages rent seeking and has made some people very rich through currency round tripping. The administration also stubbornly insists on defending the Naira - even when it is clear that the reserves to do this successfully do not exist. If the Russians and other big oil exporters took their bitter medicine during the last oil price shock - and devalued their currencies, did you really think Nigeria would escape?

We are back there again.

festacman:

There is no short cut when we have less export and more import regimes. It is a lot more difficult situation than you are making it seem because some impact could deal a mortal blow on the economy if care is not taken.

^^^

Ok.

festacman:

On the accomplishments of Buhari presidency since 2015, if you are insisting that he has done nothing then none of what I will say would change your mind. And I don't have energy for argument.

^^^
No sir.

I am not stirring up arguments for their own sake. I am keeping an open mind - and I am performing my civic duty by holding the administration accountable. I am simply asking that the administration be held to its word - to what extent have its campaign promises of 2015 and 2019 been kept?

These are fair and legitimate questions, don't you think?

festacman:


You crave for 'defence of my position' but here you are unable to see the defence you seek. My hands are tied.

^^^


Speak plainly.

I genuinely wish to learn.

I have pointed out just one of the ways in which the Buhari administration is getting it wrong - with multiple exchange rates - rates set by administrative fiat. With the fall in forex earnings and our low forex reserves, a devaluation is inevitable. And you know what that means.

This is your opportunity to set the record straight - if you can. Say here and now what campaign promises this administration and the ruling party have actually fulfilled after 5 years.

festacman:


If you can't tell or deliberately refuse to recognize where the rain started beating you, how do you rationally tell if the efforts to contain the rain and attendant flooding are yielding result.

^^^
No sir.

This isn't the time for speaking in parables or tongues about rainfall and "attendant flooding" (whatever that means ).

Defend your position if you can...

festacman:
It is certainly not looking good but we did neglect diversification of our economy inspite warnings over years. We had wrong priorities.We played BAD politics, fought avoidable civil war and destroyed spirit of true federalism.We spent HEAVILY fightIng APARHEID in South Africa than developing our economy. Badly conceived programmes like OFN, Green Revolution, DFFRI, NDE, etc. were created, billions budgeted but got siphoned away. Leaders' appetite for stealing public money ballooned.

Government after government paid lip service to diversification inspite of hiring ELITE economists to manage our economy: Onalapo Soleye, P. Chu Okongwu, Kalu Idika Kalu, Anthony Ani, Abubakar A. Abubakar, Ngozi Okonjo-Iweala, etc. We crafted periodic National Development Plans but neglected it. At a point, we abandoned the concept altogether and operated on knee-jerk basis. All geopolitical zones neglected good old AGRICULTURE and ran after OIL revenue allocations.

The populace preferred political leaders who would talk smoothly, make money 'flow' and allowed us import everything. We loathe the leaders that would make HARD DECISIONS. We became too comfortable and laidback to interrogate our leaders. We goofed. We could have done better but we didn't. We brought this BURDEN upon ourselves.

Difficult days are ahead but Nigeria will emerge STRONGER because what is written has been written.

^^^
No Sir.

You have not hidden your support for key players in this administration and the ruling party that produced it. After 5 years, there is very little to be said in their favour. What major policy achievement can we speak of? Is it the multiple exchange rates that encourage round tripping? What?

I asked a couple of questions in my previous post. Can you answer them?

bigfrancis21:

Most especially I miss the general freedom that every day to day life in Nigeria offers. If you’ve never left the country before you won’t understand. There’s more freedom sort of in Nigeria vs obodo oyibo where there are damn too many laws that, in many ways, you are restricted in what you could freely do. They often say that very soon the government would release laws on how human beings should sleep in their own bedroom.

^^^
I know we discussed this before on this thread but events of the last 2 weeks have reinforced what I was trying to say about private actions having high public (or social) costs.

On at least 3 continents, governments in a number of countries have imposed considerable restrictions on individual liberty and freedom of movement or association. Why?

I'll tell you why, sir. These restrictions have been imposed because there will be very high public costs if individuals take certain private actions. If individuals congregate freely and indiscriminately at this time there is a significantly higher risk of transmission of the covid 19 virus. This could lead to a very real collapse of public health infrastructure.

Some of the governments that have imposed these restrictions have also put in place severe penalties for non-compliance. Those who fail to heed the stay at home warning at this time will pay a 1,000 Euro fine and face possible jail time in either Spain or Italy (I forget which). This is what I meant when I spoke about paying a high price in some societies if your private actions have high social/public costs.

The current situation sums up quite well what I was trying to say.

meavox:

Despite being oil rich, the West African nation imports almost 100% of its gasoline due to mismanagement of its domestic refineries. The fuel is then sold at subsidized prices to Nigerians.

^^^^
We've been told the refineries can't be fixed because there's no money. But somehow there's always enough money, year after year - to sustain a multi-million dollar fuel importation racket.

We've been told that the federal government cannot successfully manage state owned oil enterprises because "government has no business in business". Fair point. But again somehow, the Norwegians, the Saudis, the Russians etc. have been able to successfully run their own state owned oil enterprises and turn a healthy profit, year after year. Do the Norwegians have two heads each? I am asking for a friend.

Truth dressed in rags and nobody recognized her.