₦airaland Forum

IbeOkehie:

The truth is that the 10 years of of fuel subsidy from 2012 to 2022 finally destroyed the financial stability of this country.

Completely false narrative.
Fuel subsidy did not destroy the economy, corruption did.

Here are the avenues of corruption, each of which is more than fuel subsidy.
1. Crude oil theft. The amount of crude oil theft in the high seas per month is more than fuel subsidy per year.

2. The amount of fraud in the fuel subsidy itself is more than the actual amount spent subsidizing the fuel in the first place. The house investigation on the fuel subsidy regime revealed that.

3. The amount stolen in other government ministries and parastatals (apart from NNPC), ie Ministries of humanitarian affairs, Works, Aviation, Transport, power, etc, is more that the money paid for subsidy.

4. The amount stolen by the likes of Elumelu, Ovia, Wigwe, along with their banks through round tripping the naira is more than the amount spent on subsidy.

4. The amount stolen by the CBN governor and his cronies and associates is more than the amount spent on subsidy.

5. Finally, there is the question of if there should be subsidy. Why? Because since the 1980s, we are made aware thar Nigeria entered a crude swap agreement with various refineries overseas, whereby we give them crude and they give us petrol, diesel, kerosene and Aviation fuel, while they keep the remaining products as payment. What happened to the crude swap agreement, was is still operational the last 20 years or it was cancelled?

So the number 1 problem of Nigeria was/is corruption. Kill corruption and everything will start working again.

Trump and his MAGA cult members are confused and suffers cognitive dissonance. Now, if Trump is comparable to Navalny, then Biden should be comparable to Putin? (that's is in their warped minds). So how come Biden is condemned for going after Trump, but Putin is praised or at least tolerated for killing Navalny? Trump and his supporters can never condemn Putin.

Nbote:
At this point, it is very very very very clear that these people are very very very very clueless. This is what you get when you bring in relics as leaders. Is Nigeria the only country using Binance? How can anyone who isn't a slowpoke claim Binance is a sophisticated heist against the economy

Imagine, Kenya is using Binance, Zimbabwe is using binance, even next door Benin Republic is using binance. Its only in Nigeria that Binance is causing problem.
That's what you get when you elect geriatric old men in government, instead of taking advance of the digital economy, all they know is ban this and ban that. They will ban social media soon.

uche393:
what Tinubu should have done was to remove only fuel subsidy and maintain Buhari's exchange rates.
then make measures to tackle the the scams CBN do with the official forex rates and have limits to sell to people like Dangote because he took advantage of the CBN rates

Removal of petroleum subsidy at the time and manner he did was wrong. Why? Because Nigeria generates a measly 6,000 Mw of electricity and have no mass transit transportation system. What this meant was that the over 200 million Nigerians depended on petrol to run their offices and homes, and on transportation to work and business. Petrol was and is still critical to the survival of the average Nigerian - directly or indirectly.
What Tinubu should have done immediately after inauguration was to probe the petrol subsidy regime and probe NNPC in general. Even if he cannot prosecute subsidy and oil thieves due to political expediency, he should at least stop the massive theft. EFCC should be working overtime instead of pursuing Yahoo small boys up and down. We are yet to understand what happened to the crude swap agreement we had been operating since the time of IBB.
Tinubu decided to punish Nigerians to save his friends and political allies.

HellVictorinho6:
can we meet face 2 face?

I am Sorry I try to separate my real life from my online persona. Nigeria is a dangerous place at the moment. My WhatsApp was hacked last Friday, it took me 24 hours to recover my account, before then the hacker had wrecked havoc to my reputation, by contacting everyone on my contact list and pretending to be me begging for loan. Luckily, only one person fell. I am still trying to resolve that one till now.

Drop your email and I will contact you with my alternative email. I will see if I can be of assistance anonymously.

JayTripz:
Ahhhh Omoooo :'

Makes me wanna Cry

God help us in this country

Many people warned us about a Tinubu presidency, but we refused to listen. Emilokan was the only thing that mattered. After Tinubu, whose turn is it? Since Nigeria now operates on a turn by turn basis.

https://www.youtube.com/watch?v=cUN5LUVDHdw?si=QK_fWzyOgHEL-Lig

nairalanda1:
I doubt we are in a position to get a loan sans conditions.

At the end, this government and it's predecessor never ever did diversify. Here we are.

We are. The problem is trust. No one trust any Nigerian government after Obasanjo. Would you give loans to someone, an organization or country to someone you know is profligate.
Nigeria's debt to GDP ratio is not too bad. If the government invest heavily in gas and oil, and increase production of crude to N2million barrels per day, reduce government expenditure, invest more in infrastructure and the productive sector, the loans can be easily offset.

nairalanda1:
Yeah, and replaced by another government that will pay subsides to the max on borrowed money, and then we would be in real trobule and tribulation pretty soon.

90% of income on debt servicing , 4bn forex. Partly due to decades of subsides.

Borrowing does not put people or countries in trouble, in fact most successful people and countries borrow heavily. Its the use to which the loan is put that can cause trouble. If fuel subsidy can cause an increase in productive capacity and thus increase in economic capacity, then the government would reap the rewards in increased taxes and socio economic stability.

Segzy19:
I still wonder how people still say Tinubu removed subsidy when we all know that Buhari removed it from his 2023 budget but didn't announce it so that it doesn't affect his party's chances at the elections... Tinubu only made the announcement when he was sworn in....

Is it now the person that announced it that removed it?

False narrative. Buhari made provisions for subsidy till the end of his tenure. He left the decision on whether to retain subsidy after his tenure to Tinubu, and Tinubu choose to do away (in theory) with subsidy. If Tinubu wanted to keep subsidy, he would have done it through supplementary budget.

danowena:
All these guys that will just be talking for the sake of talking without adding common sense. How does he think the fuel price has remained some despite the huge changes in exchange rate? Cost price of fuel got cheaper?
Of course they are still subsidizing fuel otherwise it won’t remain relatively stable.
Lets try to contribute with some sense instead of trbal or partisan sentiments.

What are you saying? It seems you are very ignorant if economics, it was the removal of subsidy coupled with the floating of the currency at the same time that was responsible for the huge changes in exchange rate.

They are stabilising fuel prices by paying subsidy, which they claimed to have removed. The subsidy payments are even higher now than before removal.

HellVictorinho6:
Am homeless actually

That building has no bathroom/toilet

Can u believe the person we call mum tried to drag me out of the toilet in the apartment where she stays today?

She allows godwin to use it but she tried to drag me out while i was defecating!

Then dad intervened

I really don't understand what you wrote above, first the building don't has no bathroom/toilet, then the person you call mum tried to drag me out of the toilet. Which toilet are they draging if the building doesn't gave a toilet?

4get all u are saying

Am into teaching

The factory tinz cant solve anything

I need an apartment

Factory/bricklaying cant fetch a way out NOW


Besides

U still dont ask the right questions

Since you are into teaching, it means you have some skills, why not put that teaching skills into use? Why not look for private teaching job? I pay the private teacher of my two boys in secondary school N20,000, he comes to my house to teach them 2 hours, 3 times a week. He has other students he is teaching apart from his school job.

If you are not comfortable living with family, you need to start planning moving out. You can either stay with friends, or get a single room. Depending on location, single room could be anywhere from 3,000 per month to N10,000. You couod even share with a friend to reduce cost.

safarifarms:
But it's okay to bring your anti-God posts on Christian/Church related topics which you know absolutely nothing about.
You believe God doesn't exist, that's fine. Why bother about what doesn't exist?

Me bring anti-God topics here? You must be high on some anointing oil. The OP was sharing his personal experience about a church he was attending. He did not talk about God at all. Other people are sharing their own experiences with Nigerian churches and the pastors. You that equate churches and pastors to God started spamming the thread with anti atheist memes. Just because I countered your stupid memes, you started getting angry and screaming anti-God.

[quote author=safarifarms post=128515275][/quote]Here we go again (where is that face-palm emoji?).
Bringing up unrelated and irrelevant topics on subjects you know absolute nothing about.
The horseshoe crab had not evolved over hundreds of millions of years because it did not need to. It lived in the same habitat eating the same food, with the same threats. Environment, food, threats, are the main driving force of evolution. Just like phones, Nokia 3310 is still available today even though we have 5 G phones.

[quote author=safarifarms post=128514672][/quote] THEISM IS RATIONAL
Given enough time an old bearded Jewish man will magically create himself from nothing and then create the universe.

Jamiubond009:
Everything inside the church is deliberate; from the music to the preaching to the theatrics.All are engineered to put you in a suggestible state so the programming and fleecing can be carried out successfully.Ever wondered why you feel different once you step out of a church premises? Spirituality is different from what obtains in a church.I commune with my Chi in my own unique way and not the template handed down to us by foreigners.Deprogram yourself and you will see things differently.

Pure hypnotism.
I figured this out in my teens. I am surprised that till today matured and highly educated men and women fall for their antics and become willing victims.

HellVictorinho6:
Does it mean u can help me with 3k?



If i find nowhere 2 bathe, i must sleep outside 2day

However, my brother ALSO depends on me thatz not stable 4 feeding

Cuz hes jobless, are we just hopeless?

Don't you have any skill at all? Even if you don't have skill are you or your brother disable in whatever form. You can walk up to a construction site or factory and ask for labourer job. I did all sorts of minial jobs between the ages of 18 and 22 even though I was getting allowance from home, because it was not enough (not in Nigeria though).
You must learn the act of survival. All living creatures must imbibe the survival instincts else you go extinct.

DeepSight:
As true as what you have written is in terms of dollar profiteering, one cannot say these folk destroyed the naira. They didn't float the naira for heaven's sake. You know who did.

The case of the naira is same with fuel subsidy. Since the government feels powerless against the banking and oil business elites, they decided to take the easiest option - take it out on the poor masses. The government took the option of "removing subsidy" from the dollar because
of serious corruption in the CBN dollar auction policy.

Jogs1900:
The truth is top bankers in Nigeria made their money from dollar racketeering...The likes of Wigwe, Tony Elumelu, etc.

During Abacha's time, he jailed many bank executives and withdrew their banking licenses because of dollar racketeering.

This is the absolute truth and nothing but the truth. Nigerian bankers are the main cause of the dollar crisis we have in Nigeria. They are all criminals pretending to be bankers. Have you ever wondered why Nigerian bankers are the richest bankers in the world. How many actual banking do they do that the likes of Wigwe, Elumelu, Ovia are richer than US, UK, Chinese and even Swiss bankers. Banking business is supposed to be collecting money from customers and lending to other customers and profiting from the difference. Nigerian bankers business model is all about round tripping - they collect money from government at official rates and sell to Nigerians at blackmarket rates through bureau de change and mallam. They are singlehandedly responsible for the destruction of the Naira.

This was why Abacha jailed them all, they are all criminals. When Abacha liberalised the Banking industry, these criminals duped ordinary Nigerians billions of naira with wonder banks. They were the ones that destroyed that noble policy.

ecolime:
Say No to Cyberbullying.

The law has adequate provisions for cyber bullying. You are free to sue anyone who bullies or libel you, online or offline.

sketching:
IGP orders police cybercrime unit to clamp down on persons spreading fake news



SOURCE: TheCable

IG did not order clam down on Bandits, no clam down on Boko Haram, no clam down on herdsmen, no clam down on kidnappers, its fake news and cyber bullying that they are forming rambo over.
Nigerian police loves going after soft targets but are too incompetent and simply scared of going after serious crimesband criminals.

itsene:
So many idiots writing rubbish about Nigeria and the president today.. They should cry their way back to the farm and start producing.

Cry their way back to farm in this era of Boko Haram Fulani Herdsmen, Bandits and kidnappers? Then let's not start talking about other mitigating issues like the Land Use Act of 1978 and terrible infrastructure like road, water and power, and then finance and interest rates.

flokii:
I still feel ECOWAS troops should have marched into Niger republic to restore constitutional order not minding the cost.

The negative effects of having a dictatorship close to our border are enormous.. now they have banned flights from Nigeria, next they'll disrupt our gas pipeline activities to Europe and many more.

That would amount to an invasion of a sovereign country. The coup is the internal affairs of Niger, so unless the Nigerien people themselves ask for help, it's non of our business. Did you see the Nigeriens themselves protest the change of government? In fact many celebrated. You cannot cry more than the bereaved.

Niger Republic coup is not the first, and would not be the last. The military took over in Myanmar a few years ago and the defacto head of government, aung san suu kyi is still in prison as we speak, no one threatened yo invade Myanmar. China, US, Russia and its neighbours are continuing life as normal.

Macphenson:
Nnaaa mehn, I thought Tinubu is a master strategist, I never knew he is a trial and error strategist.

On this issue of dollars scarcity, stop corruption and looting by our politicians and civil servants and trust me we will have enough dollars in circulation.

When they loot in Naira, they use their loots and by up the dollars in circulation and store in either their bank accounts, or their vaults at homes.

Most of these estates in high brow areas in Lagos and Abuja with tight securities have so many vaults in them.

This is the elephant in the room that Cardoso cannot see. Nigerians remit more than $20 billion into the country yearly, but corrupt politicians sweep up all the dollars and store in banks abroad or invest in properties abroad.

The CBN is attacking ordinary Nigerians remitting dollars home instead of preventing politicians from taking the dollars abroad.

dejavubobo1:
No reasonable or should I formal organisation ll pay in cryoto

False. My friends son who does graphic work for a Canadian company is paid is crypto (USDT).
Many brick and mortar shops accept crypto payments. There are even ATMs that transact in bitcoin.
Digital currency is the future of money, and we are just in the seeding phase.

dejavubobo1:
I'm a data analyst. Got a little weekly pay job from an academy in Europe. Surprisingly after 3months of work and weekly payment, My name was flagged by western union on suspicion of fraud (with my pay for February second week cancelled after many hours seating infront of the computer).

It's very appalling and morale draining to be profiled in one's own country. I really wish I could push for a law suit and make them understand not all Nigerians are criminals and seeing us/considering us as one will have consequences.

Has anyone had such terrible experience, how did you handle?

Western Union kwa? Who still dey use western union in this fintech and crypto age. There are numerous ways to receive payments from abroad directly. There are payoneer, Wise, Skrill, grey, etc., then there are the ubiquitous bitcoin and USDT.

Me, i get all of the above.

Western Union ko, moneygram ni.

Raynald:
Am not American but i think convicting a Former President on a crime he commited when he was the President is actually not the way forward.Or will this crimes be classified into convictable and non-convictable.
Cause they are about to initiate political witch hunt of opposing party.I think Obama and all former Presidents still alive should buckle up for what's coming

So you agree with Trump that a former president can send seal 6 team to assassinate his political opponents and he should not be prosecuted and punished because a president enjoys absolute immunity. In that case, Joe Biden should just order the assassination of Donald Trump, Mike Johnson, and Mitch McConnell, while at it, he should bomb fox news headquarters to the ground making sure Sean Hanity, Tucker Carlson and judge jeanine is inside.

ProudNigerian01:
But really if you don't have the power to give life, why should you take it?

But every cell, organism or creature on earth has life. That mosquito you are killing, that asun you are consuming, even that mango you are eating, all has life. To make matters worse, your sperm which you waste in tens of million each time you release is the smallest unit (half)of human life. The egg which the woman shed each month is the other half of human life.
Life is a cycle of life and death. In fact everything in the universe is a cycle of life and death. The death of one person, one specie, one planet, one solar system or even one galaxy has no noticeable effect on the universe.

Stay away from fornication, the number 1 cause of unwanted pregnancy.

Fornication and unwanted pregnancy is the evolutionary mechanism with which species ensures their survival. If a specie leave sex purely to the issue of choice and will instead of instinct, that specie will soon become extinct.

Imagine committing two great sins before God (Fornication and murder) and then expecting things to be well for you.

Una God no get work. He is either a pervert or a narcissist.

God loves you but hates your sin. Your sin creates a barrier between you and the Holy One of Israel.

Abortion is legal (well regulated in Israel). Pregnancies from incest, rape, teens or where the womans health is at risk are aborted.

CheedyJ:
Western world indeed, almost a zero ounce of morality all in the name of 'Rights'.

So what have been the gains of your morality - poverty, wickedness and corruption? Its only in your 100 ton morality world that children are raped, people killed for money ritual and kidnapping is the most lucrative business venture.

Meanwhile it's these places with zero ounce of morality that most of us are willing to japa to.

This is why Buhari refused to float the Naira even with IMF pressure. Tinubu caved for power.
Listen to Buhari here in his interview with Aljazeera. He explained why he was going against the IMF and their call for him to float the Naira. He even got visibly angry in this video when cautioned against opposing the IMF.

His successor who needed power and International validation so he had to go with the IMF instruction. That's why the Subsidy removal and the floating of the Naira were done before he had a cabinet or economic team.
This is SAP (Structural Adjustment Programme) II. Buhari knew Nigeria wouldn't survive another SAP.

https://www.youtube.com/watch?v=0gQtp9PlzfE?si=reC-sY1szEbW1X3c

Realtruth2023:
When they use crude oil for repayment of loans the future contract for crude oil sale wasn't considered ooooo. This your comment is not smart, OPEC quota is for production to ensure that the price is controlled due to controlled demand so that the cartel members reap maximum benefits from the sale, even as we speak Nigeria has not met its quota in 3 or 4 years now due to oil theft. The question is what are the details of a future oil sales contract that Nigeria made and at what price? What was the price of crude oil then? The reason why I am asking this is because we only saw a sharp rise in crude oil price from the start of the Ukraine war, and so if all these years a future contract was taken at what price was it taken because oil prices have been low for sometime before the Ukraine war, so a future contract would have been disadvantageous to Nigeria.
We should not believe the BS this Reno guy is spewing.

OPEC quota is for EXPORTS, not for local production of refined products. OPEC quota also does not include stolen crude sold at the high season, which is quite substantial.

cjfavour:
Dangote is different from other Nigerians.
He's govt pickin, he can do as he likes. Immunity covers him. Lol!!!! Nigeria is really an animal farm where some are more equal than others.

This is off point and irrelevant to our present predicament. Are you happy fuelling your vehiclea and generators with N600 petrol and buying dollars at N1500 at the same time?
Dangote refinery was meant to relieve some pressure on the Naira by sourcing crude locally
Does it make sense to use dollars to be importing crude from US again?

loswhite:
Stupidity is when you are so obsessed with a candidate that has moved on. The dollar to naira is 1500 and your Stupidity is making you focus on a candidate that has moved on. A country that was doing crude oil swap just to import refined products due to none functional refinery...lol now has a functional refinery and now they no longer have crude to supply the refinery so they have to import...smh. Your level of foolishness knows no bounds.

This is the question we should be asking, what happened to the crude used for the crude oil swap agreement?