Ibukzy:
City Boy

Roland17:


SAP was a poorly timed policy. The introduction of SAP was like putting the horse before the carriage. A thriving economic era would have benefited immensely from SAP.

Oil prices had dropped significantly, we were witnessing 40% inflation rates, near absence of food, population explosion and huge foreign debts that were stifling the nation and Babangida thought restricting importation, over valuing the Naira by pegging exchange rates (@ Larride, this is one of the reasons I am against the single exchange rate you suggested) would resolve some of these problem. Problem is, when you over value the naira, the foreign market will not be interested because it is not the true reflection of your economic realities.

Another problem was, while poor Nigerians were making adjustments to the suffering, Maradona and the political class were robbing the Nation of whatever that was saved. I stand to be corrected, I am not sure we have witnessed the degree of unaccounted corruption as witnessed during the Babangida regime. It was reckless, wild and a free for all. Our debt profile got worse, the naira at this point was dead, the political instability and killings meant foreign markets avoided us even more and the decline of the manufacturing sector started from here.

Here we are making the same mistakes again. We closed the borders, restricted importation of agricultural produce but that did not reduce the cost of food prices, instead we have witnessed significant jump in prices of food. Outside of oil, we are not exporting anything that generates competitive revenue, we are witnessing another population explosion and the middle class in Nigeria is nearly non-existent. The CBN and Emefiele in a bid to control the foreign exchange market and peg prices have made things even worse because the current Naira is the true reflection of the realities of Nigeria. The manufacturing sector is going under because of our energy crisis while insecurity has ensured foreign investors are moving out.

Different times, same issues, same solutions, same results. Guess the similarity between both presidents from both eras? They are both from the Military.

Amoto94:
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BlueRayDick:
Removing subsidy at any time soon will only lead to greater crisis than the one witnessed after the end SARS protests turned bloody. The people are already close to breaking point.

I go out everyday and see people barely able to keep their mind due to high prices of commodities. Just this current fuel scarcity alone, u see people waiting in bus stops unable to afford ₦100 to ₦200 increment in transportation costs. They wait hours hoping for buses that will call the usual price will come around.( U just need to give them a lift and engage them for u to know what people are going through)

Imagine their are graduates who work for banks and other financial services firms as contract staff and they get paid 80k per month. People like this will pay transport fare daily, feed themselves daily, most likely have parents who sent them to school out of nothing and who now expect them to send them something at the end of the month, they have to save monthly towards their next rent payment, and other sundry expenses.....People like that are barely surviving.

How will such people that are at lesst still underemployed adjust to what will come after subsidy removal? Then the army of unemployed youths are there. I usually shake my head anytime I see people on my whatsapp status and other social media accounts celebrating passing out of NYSC and talk about Wishing themselves luck in the " Favor Market".....Favor market where some organizations are cutting down operating hours be use of diesel price, shey na that organization go come get budget to recruit fresh new graduates?

Removing subsidy might just lead to military coup cos the citizens will surely revolt and we will be close to anarchy.

The problem of subsidy has always been that the government has been unable to monitor and put checks & balances in place to ascertain who gets what. I posted a proposal of Prof. Ndubuisi Ekekwe the Nigerian-American scholar who was proposing a model he drew up to monitor the level of actual fuel we consume and to track it's delivery all across the country. Till date nobody in government has even given it a thought. I think every government just pay lip service to the fact that they wan to tame the subsidy demon but none has made any serious efforts concerning it.

chrisooblog:
other than serving as a means to provide alternative power for generators how much does petrol really contribute to farm produce transportation?

I've seen some analysis as to why foodstuff in markets cost so much and one of the main culprits was the high price of diesel. So in practical terms how will subsidy removal really cause cost of leaving to spiral when it doesn't factor much in transportation of agricultural produce?

BlueRayDick:
Removing subsidy at any time soon will only lead to greater crisis than the one witnessed after the end SARS protests turned bloody. The people are already close to breaking point.

I go out everyday and see people barely able to keep their mind due to high prices of commodities. Just this current fuel scarcity alone, u see people waiting in bus stops unable to afford ₦100 to ₦200 increment in transportation costs. They wait hours hoping for buses that will call the usual price will come around.( U just need to give them a lift and engage them for u to know what people are going through)

Imagine their are graduates who work for banks and other financial services firms as contract staff and they get paid 80k per month. People like this will pay transport fare daily, feed themselves daily, most likely have parents who sent them to school out of nothing and who now expect them to send them something at the end of the month, they have to save monthly towards their next rent payment, and other sundry expenses.....People like that are barely surviving.

How will such people that are at lesst still underemployed adjust to what will come after subsidy removal? Then the army of unemployed youths are there. I usually shake my head anytime I see people on my whatsapp status and other social media accounts celebrating passing out of NYSC and talk about Wishing themselves luck in the " Favor Market".....Favor market where some organizations are cutting down operating hours be use of diesel price, shey na that organization go come get budget to recruit fresh new graduates?

Removing subsidy might just lead to military coup cos the citizens will surely revolt and we will be close to anarchy.

The problem of subsidy has always been that the government has been unable to monitor and put checks & balances in place to ascertain who gets what. I posted a proposal of Prof. Ndubuisi Ekekwe the Nigerian-American scholar who was proposing a model he drew up to monitor the level of actual fuel we consume and to track it's delivery all across the country. Till date nobody in government has even given it a thought. I think every government just pay lip service to the fact that they wan to tame the subsidy demon but none has made any serious efforts concerning it.

Roland17:


SAP was a poorly timed policy. The introduction of SAP was like putting the horse before the carriage. A thriving economic era would have benefited immensely from SAP.

Oil prices had dropped significantly, we were witnessing 40% inflation rates, near absence of food, population explosion and huge foreign debts that were stifling the nation and Babangida thought restricting importation, over valuing the Naira by pegging exchange rates (@ Larride, this is one of the reasons I am against the single exchange rate you suggested) would resolve some of these problem. Problem is, when you over value the naira, the foreign market will not be interested because it is not the true reflection of your economic realities.

Another problem was, while poor Nigerians were making adjustments to the suffering, Maradona and the political class were robbing the Nation of whatever that was saved. I stand to be corrected, I am not sure we have witnessed the degree of unaccounted corruption as witnessed during the Babangida regime. It was reckless, wild and a free for all. Our debt profile got worse, the naira at this point was dead, the political instability and killings meant foreign markets avoided us even more and the decline of the manufacturing sector started from here.

Here we are making the same mistakes again. We closed the borders, restricted importation of agricultural produce but that did not reduce the cost of food prices, instead we have witnessed significant jump in prices of food. Outside of oil, we are not exporting anything that generates competitive revenue, we are witnessing another population explosion and the middle class in Nigeria is nearly non-existent. The CBN and Emefiele in a bid to control the foreign exchange market and peg prices have made things even worse because the current Naira is the true reflection of the realities of Nigeria. The manufacturing sector is going under because of our energy crisis while insecurity has ensured foreign investors are moving out.

Different times, same issues, same solutions, same results. Guess the similarity between both presidents from both eras? They are both from the Military.

Griffon:
President Buhari APC government is making Tinubu campaign more difficult

DissTroy:
Omolara A.K.A. Mr. 500K illusionary bet on Tinubu winning the election, it's 24 hours and you still haven't responded.

Of course, you knew I was baiting you to disgrace yourself. I already have all the details about you I need to ruin you. I just want you to set yourself up.

24 hours and you've ran away from a deal to upload all your details as well as me doing same.

That's how you know those who live fantasies on Nairaland. #500K bet when you have no dignified source of income.

It's no surprise you root for Tinubu since you both have dodgy histories.

You signed up for hounding. You brought tbis on yourself. When you get off this, you'd learn to pick your battles next time.

Omolara? Fitting that you have a feminine name. Stûpid cûnt!

larride:


Lmao. Omolara ko, omodehinde ni. Deluded clown.

Dont worry, keep running around when nobody is chasing you, that thing you are looking for, you will find it.

DissTroy:


Omolara, good. Hubris is something to count on to bait a fool to his own demise, virtual or physical.

It's a Saturday morning. The #500k bet is still on, right? I'm good. #500k or #500k equivalent. This is where unbridled bragging gets you - into a corner.

First, you have to upload your details:

Full names;

Social media names and handles;

Sociopolitical influence or engagements (with proof, hard evidence).

Of course, that goes for me too.

You do this, then the bet is on. I gave you 24 hours to decide. See, I can be nice.

There's no roping yourself out. The illusionary maturity card won't count here. Let's do this and give these guys an epic show. Let those you've insulted over the years see us for who we really are off Nairaland.

I'm deliberately not going ballistic on you so you don't make this about insults. Don't run.

izzou:
If Sanwo-Olu won't unban Okada in his next tenure, I am not voting for him

Infact, that should be his only plan for 2023; To unban okada.

Today trekking inside dirty water no be here

GloriousGbola:


LASG oju kokoro made them score an own goal. All they needed was to sort gokada and we would be fine.

Okadas are out of control. So many of them don't even have license plates. That's how bad it is

Amoto94:

Oga there are individuals who are bigger than the figureheads (Executives) you will be surprised as to what these people will do NNPC tried to that in the gas sector it was protest from the big masquerades that thwarted their effort., they employed the services of gas trucks to deliver and monitor gas supply but they were pushed back by those men and order from above sabotaged the initiative.

Itsrm:


I actually think people graduating now are quite lucky. Organizations will be forced to employ with the the way people are resigning these days.

First bank for instance has lost a lot of their IT staff that they had to do a special salary review for them with the hope of keeping the ones still there and prevent mass resignation of the ones coming.

As of now, they are massively recruiting IT staff.

Most companies are expecting mass resignation in September when schools resume outside the country. Its actually a good time to be a job seeker fresh from NYSC.

Someone has to fill the gap and do the job

DissTroy:


Omolara, good. Hubris is something to count on to bait a fool to his own demise, virtual or physical.

It's a Saturday morning. The #500k bet is still on, right? I'm good. #500k or #500k equivalent. This is where unbridled bragging gets you - into a corner.

First, you have to upload your details:

Full names;

Social media names and handles;

Sociopolitical influence or engagements (with proof, hard evidence).

Of course, that goes for me too.

You do this, then the bet is on. I gave you 24 hours to decide. See, I can be nice.

There's no roping yourself out. The illusionary maturity card won't count here. Let's do this and give these guys an epic show. Let those you've insulted over the years see us for who we really are off Nairaland.

I'm deliberately not going ballistic on you so you don't make this about insults. Don't run.

seankafor:
but bro, there is a reason this is called a faceless forum.. so that folks here can maintain certain fraction of anonymity even thoor we aren't 100% anonymous..

coming to your bet, there are many reputable monikers here who are willing to act as onbudsman to this betting if both of you are serious about it

All you 2 have to do is lay the terms and conditions, transfer the said amount to the reffere and wait for results..

It's not that hard to do

Roland17:

Oil prices had dropped significantly, we were witnessing 40% inflation rates, near absence of food, population explosion and huge foreign debts that were stifling the nation and Babangida thought restricting importation, over valuing the Naira by pegging exchange rates (@ Larride, this is one of the reasons I am against the single exchange rate you suggested) would resolve some of these problem. Problem is, when you over value the naira, the foreign market will not be interested because it is not the true reflection of your economic realities.

Ibime:


I think this is the opposite of what SAP is. Sap is letting the market decide the value of the currency and allowing free trade, and abolishing subsidiea

larride:


YES. The same thing IMF advised Buhari during 2015 recession.

Ibime:


I think this is the opposite of what SAP is. Sap is letting the market decide the value of the currency and allowing free trade, and abolishing subsidiea

Ibime:


Which Buhari more or less did

larride:


He did the opposite. At least when Kemi Adeosun was still the finance minister. I can't forget that video where Kemi Adeosun says we will find solutions to our problems locally.

For one I think Buhari shouldn't have reappoint Emefiele as CBN Gov when his tenure elapsed. That man and his team are just playing tombo tombo with our monetary policy. Their inconsistent exchange rate policy has caused alot of harm to the economy. No investor will invest in an economy where the CBN keeps changing policy as they wish. Looks as if he is doing experiment.

Ibime:


Buhari let the Naira float for the sweet juicy IMF loan, leave story

Ibime:


I think this is the opposite of what SAP is. Sap is letting the market decide the value of the currency and allowing free trade, and abolishing subsidiea

afrodoc2:


I am pretty certain that SAP involved REMOVING the administrative pegging of exchange rates leading to devaluation of the naira NOT imposition of restriction or overvaluing the naira.
SAP also loosened the restrictions on prices, interests rates, and imports.

I think it is the austerity measures of the Shagari and Buhari/Idiagbon regimes that you are referring to. They were the ones who restricted imports and imposed controls on interest rates and the exchange rate (artificially overvaluing the Naira).