omohayek:

Where exactly was Tinubu supposed to get the money from to "put in place to cushion the effects"? You already read that the reason Tinubu was forced to (partially) remove the subsidy in the first place was because the FG could no longer afford it! Did you not bother to read where Sanusi said debt servicing was already eating up nearly 100% of government revenues?

The harsh reality is that Nigeria is broke, and international interest rates have skyrocketed since Buhari went on his 8-year borrowing spree. Nobody was going to lend money to Nigeria to squander on a foolish subsidy scheme whose biggest beneficiaries were smugglers and the citizens of other ECOWAS countries. The only other source of funding left without raising taxes is simply to hope you can print more money faster than people can demand higher wages and "palliatives", and this attempt to paper the cracks through printing more money is what is causing the skyrocketing inflation we are seeing right now.

There is no magic wand that could have prevented hard times from befalling Nigerians. If Xi Jinping in China and Joe Biden in the USA can't shield their people from higher interest rates, it isn't the president of a dirt-poor Third-World country who can manage the feat. Nigerians would still be facing hard times right now even if Tinubu and all his cabinet members had Nobel Prizes in economics, and neither Obi nor Atiku could have done any better in providing "palliatives" without accelerating inflation.

If Tinubu is to be faulted, it is for his institution of half-measures that will needlessly prolong this crisis, out of a fear of public backlash. Despite all the moaning and groaning on here, Tinubu has not really abolished the petrol subsidy, he just (temporarily) reduced the amount, and with inflation accelerating, the scale of the subsidy is ballooning once again because petrol prices have not been deregulated. Tinubu has not allowed Cardoso to raise interest rates to a level that will curb inflation and draw foreign investment. Finally, Tinubu has not made any serious effort to reduce the FG's wage bill by launching an ambitious privatization programme. All of these things are vital to restore investor confidence and kickstart growth, and Tinubu knows they are necessary, but he is so paralyzed by fear of even worse public reaction that he has now settled into tinkering here and there instead of giving Nigeria the strong medicine it needs - and yet ignoramuses like you whine endlessly as if he had a magic wand that could painlessly solve all your problems overnight.

Paraman:
I agree with Sanusi. Tinubu will get us out of this mess before the year end

lexy2014:


how does printing money lead to inflation?

do you have any evidence that Buhari borrowed money just strictly for the purpose of funding subsidies?

If more money is printed, consumers are able to demand more goods, but if firms have still the same amount of goods, they will respond by putting up prices. In a simplified model, printing money will just cause inflation.11 Jul 2022
https://www.economicshelp.org/blog/634/economics/the-problem-with-printing-money/#:~:text=If%20more%20money%20is%20printed,money%20will%20just%20cause%20inflation.

How Buhari spent N8trn on ‘non-existent’ petrol subsidies

https://www.vanguardngr.com/2023/05/how-buhari-spent-n8trn-on-non-existent-petrol-subsidies/

We’ve been borrowing to fund petrol subsidy — Finance Minister

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said yesterday that the Federal Government was borrowing money to fund petrol subsidies, insisting that the subsidy regime had become totally unsustainable.

Ahmed, who disclosed this at the public presentation of details of the 2023 budget in Abuja, stated: “Fuel subsidy cost was a very high one; We have been funding it from borrowing.”

According to her, petrol subsidy will “remain up to mid-2023 based on the 18-month extension announced early 2022. In this regard, only N3.36 trillion has been provided for the PMS subsidy.”

President Muhammadu Buhari’s administration had announced plans to end subsidy from July 2022 but changed its position when faced with threats of nationwide protests by labour.

Party members and some officials of the administration were said to have convinced President Buhari that the decision will negatively affect his public rating and that of the ruling party and this forced the government to later announce an extension of the subsidy regime to lapse in June this year, one month after leaving office.

https://www.vanguardngr.com/2023/01/weve-been-borrowing-to-fund-petrol-subsidy-finance-minister/

Paraman:
I agree with Sanusi. Tinubu will get us out of this mess before the year end

Donedeal1:
Goodluck Jonathan is even more to be blamed

His weakness led to power being highjacked

From him,leading to a sitting President

Loosing a reelection

Book haram every day

Banditry and kidnapping, etc.

So the genesis is Goodluck.

omohayek:

Where exactly was Tinubu supposed to get the money from to "put in place to cushion the effects"? You already read that the reason Tinubu was forced to (partially) remove the subsidy in the first place was because the FG could no longer afford it! Did you not bother to read where Sanusi said debt servicing was already eating up nearly 100% of government revenues?

The harsh reality is that Nigeria is broke, and international interest rates have skyrocketed since Buhari went on his 8-year borrowing spree. Nobody was going to lend money to Nigeria to squander on a foolish subsidy scheme whose biggest beneficiaries were smugglers and the citizens of other ECOWAS countries. The only other source of funding left without raising taxes is simply to hope you can print more money faster than people can demand higher wages and "palliatives", and this attempt to paper the cracks through printing more money is what is causing the skyrocketing inflation we are seeing right now.

There is no magic wand that could have prevented hard times from befalling Nigerians. If Xi Jinping in China and Joe Biden in the USA can't shield their people from higher interest rates, it isn't the president of a dirt-poor Third-World country who can manage the feat. Nigerians would still be facing hard times right now even if Tinubu and all his cabinet members had Nobel Prizes in economics, and neither Obi nor Atiku could have done any better in providing "palliatives" without accelerating inflation.

If Tinubu is to be faulted, it is for his institution of half-measures that will needlessly prolong this crisis, out of a fear of public backlash. Despite all the moaning and groaning on here, Tinubu has not really abolished the petrol subsidy, he just (temporarily) reduced the amount, and with inflation accelerating, the scale of the subsidy is ballooning once again because petrol prices have not been deregulated. Tinubu has not allowed Cardoso to raise interest rates to a level that will curb inflation and draw foreign investment. Finally, Tinubu has not made any serious effort to reduce the FG's wage bill by launching an ambitious privatization programme. All of these things are vital to restore investor confidence and kickstart growth, and Tinubu knows they are necessary, but he is so paralyzed by fear of even worse public reaction that he has now settled into tinkering here and there instead of giving Nigeria the strong medicine it needs - and yet ignoramuses like you whine endlessly as if he had a magic wand that could painlessly solve all your problems overnight.

datola:


Subsidy had to go! Paying subsidy with over piling up debts. Do you know the implication

The same thing with exchange rate. Ask any economist. Tinubu took the only reasonable decisions

Even, Okonjo Iwaela was sounding warnings during Jonathan Era that Nigeria was living on borrowed rope.

Tinubu had to stop all that for the greater future.

We just must brace up for now!

Dollar might continue to rise against Naira because we are not earning shishi from our only major earner, crude oil because we had sold all for this year in liue of loan used to pay subsidy and defend Naira that made the likes Tunde Saibu, the former recharge carde seller muliti billionaire.

paskal16:
I dn bookmark am
Till the 1st of January 2025
I go rain curses to you and your family everyday for the next 365 days if he doesn't get us out of the mess he and his cronies created in the first place

Bliztzer:


You dey believe apc chief con man. I no dey hope in tinubu, for we can see with our eyes the things that are unfolding. Is it when dollar hit 3k before we go know that we don enter.

Abagworo:
Sanusi can only fool his fellow fools not me or any other wise Nigerian.

https://pmnewsnigeria.com/2016/04/10/emir-sanusi-blames-jonathans-administration-for-economic-hardship/?amp=1

abhosts:


You paid hacks talk as if Nigeria was founded under APC. Are you aware that Presidents that oversaw booming economic periods like Obasanjo and Yar'Adua were also under pressure to devalue the Naira and remove subsidy? Yar'Adua refused outright while Obasanjo only adopted a gradual and staggered approach to remove fuel subsidy. Why was Tinubu so eager to devalue the official Naira rate by 220 percent and remove subsidy at the same time if he is not evil incarnate? No problem. Since you are doing the work of satan by calling evil good and cool, explain to hungry Nigerians that their suffering is in their best interest.

gratiaeo:

APC supporters are worst human beings i have witness, imagine the audacity telling Nigerians that subsidy have to go, the same subsidy removal they used to campaign against GEJ. The guys are pure evil especially their SW wing

killsmith:
But tinubu said it himself that he installed buhari so Mr Sanusi what are you saying?

killsmith:
But tinubu said it himself that he installed buhari so Mr Sanusi what are you saying?

datola:


Subsidy had to go! Paying subsidy with over piling up debts. Do you know the implication

The same thing with exchange rate. Ask any economist. Tinubu took the only reasonable decisions

Even, Okonjo Iwaela was sounding warnings during Jonathan Era that Nigeria was living on borrowed rope.

Tinubu had to stop all that for the greater future.

We just must brace up for now!

Dollar might continue to rise against Naira because we are not earning shishi from our only major earner, crude oil because we had sold all for this year in liue of loan used to pay subsidy and defend Naira that made the likes Tunde Saibu, the former recharge carde seller muliti billionaire.

Chikpat:
Sanusi is not Buhari's friend. He is Tinubu's friend. He is subtly attacking Buhari for allowing Ganduje remove him as the then Emir of Kano. Lol. No joy, no forgiveness.

This is the same Tinubu that knew it all, saw it all and claimed he would fix it all.

He built Lagos. He tamed the Atlantic Ocean. He is an accounting gwuru or abi na gworo from Chicago State University. And yet, Nigeria has become the worst from it's Independence in 1960, just under 8 months of his misgovernance.

In transportation, fuel is 1250 per liter. Cost of transportation has quadrippled. Cost of servicing vehicles has increased too.

In accomodation, the cost of a 3-bed room flat can only get a few selfcons now. The annual rent of a duplex then, can at best, now get a 2 bedroom flat. The cost of a developed land then, can only price an undeveloped land in the hintherland now. The cost of a tanker of water now, would have paid for all the water used by a household in a year then. A bag of cement today, would have paid a mason and 4 laborers for a day.

In Education, the annual cost of sending kids to Creches now, trained graduates for 4yrs in the universities. The salary of a government, private teacher today cannot but a bag of rice at 75k per bag.

In economy, a dollar is now N1800. Chicago State University can train nonsense. Many Nigerians today, believe that doing menial jobs abroad is way better than doing a white collar job here.

Should i talk about insecurity?

I can go on and on.

Clearly, elections are over. But idiots don't understand the grave mistakes INEC, Tribunal, Apeeal Court and the Supreme court made. There are still campaigning for and against candidates.

Tinubu is now the President but he is not good for Nigeria. He should resign and allow Nigerians take their destiny into their hands.

The best his senseless supporters, in the midst of these hard realities can do is to live in a fool's paradise, wear blinders and clutch at straws.

Super Eagles will hopefully win AFCON 2024. A president and his vice who have been misgoverning, misleading Nigeria are already posturing to be in Ivory Coast to take credit for doing nothing really, while nothing is working at home. Senseless supporters would at the end, come praising the sun for the work of the moon. We have bad government in Nigeria. We deserve better. We need good governance much more than winning AFCON 2024. Who AFCON help?


The man who built Lagos is unable to build Nigeria. He is incapable of maintaining the economy he inherited from past presidents. He is unable to tame insecurity. He is unable to solve any tangible problem in the land. Lies can be told during campaigns. But they surely can't last long enough. He is clueless, visionless, missionless, incompetent, egoistic and his team is clearly all brawns and no brains.

Well, Sanusi can continue to fool himself and a bunch of his senseless followers.

Anybody who quotes me to defend nonsense in this failed presidency is as thick as two short planks, a few cards short of a full deck.

sulaak:



. Or Ask Zimbabwe or the German Weimar Republic .

Slurity:
There is nothing like the word installed a person into a post under democracy, Tinubu can only say, he supported Buhari and not installed him. Tinubu has no fault supporting Buhari as alternative for Jonathan era of total crash of insecurity, corruption and employment scam from government. Nigerians want total chance from Jonathan not knowing Buhari has no plan or good vision, I even voted Buhari then.

datola:


The hardship was expected to correct the errors of the past.

We will come out of it in the long run.

But for now, let's brace up the more