Like I always say Agbados didn't put Tinubu in power ,it was the Obidients that singlehandedly installed Tinubu in power !!!!!!;if there was no Obidient movt no amount of miracle could have made Tinubu win

May 29, 2024

On ALL the aforementioned points, I have been vindicated.

Nlfpmod

Treadway:
May 29, 2024

On ALL the aforementioned points, I have been vindicated.

June 29, 2024😁😎

grandstar:


APC was never the problem. Buhari was.

He was grossly incompetent and many in his party knew that. I'm sure Tinubu realized so within 30 days of him assuming office.

However, the party had to put up with him as that was the only way they could hold on to piwer.

Though Buhari meant well, his poor intellectual background held him back. Many in his party called him an illiterate behind his back.

Tinubu is trying hard to undo the huge mess he left behind.

2. Buhari had no time ever attempted to float the Naira. There were 2 official rates from 2017 down to 2023. Where there's a float, there's only one official rate.

There was nothing wrong with floating the Naira. Tinubu wanted to wipe off the disparity between the official rate and black market rate which had been uses to siphon billions of dollars.

Since the floating, the disparity has closed. Yes, the floating was badly handled.

Also, one reason for the high inflation was the use of Ways and Means to finance the budget.

Ways and means is CBN printing of money to lend to the federal government. It is very inflationary. There's much more Naira chasing the same amount of Dollars and goods.

In addition, the CBN was and is still running a loose monetary policy. Economics dictates that the CBN interest rates must be above that of inflation, especially if inflation is high.

Inflation is 29% thereabouts while the CBN rates are circa 23%. If increased to around 30%, banks would buy up treasury bonds taking money out of the system. This would greatly reduce inflation.

However, Tinubu has said he wants interest rates low. The price we pay is therefore high inflation.

There was nothing wrong in removing subsidy and floating the Naira at the same time.

The truth is, he did not go far enough. Rather than just remove the subsidy on petrol, he should have fully deregulated the price of petrol as done alreasy with diesel, gas and kerosene. Government no longer fixes the price but it's left to market forces.

The benefit of full price deregulation of petrol would be massive. If anyone tells you the price would go down, he is deceiving you. It would only go down and up based on the price of crude oil and the value of the Naira. You can't expect the price of petrol to be the same at $50/barrel and $80/barrel. You can't expect the price of petrol to be the same when $1-800 and $1-1,200. You're an importer, so you will naturally understand these things.

The real benefit of petrol price deregulation is that it would lead to massive investment in the downstream sector of the economy There would be massive investments in the building of refineries.

When GSM started, there was deregulated pricing. GSM operators were free to charge their desired prices. MTN and AIRTEL charged N50/minute, while MTEL choose a masses friendly price of N22. The first two were able to invest billions of dollars because they charged prices that made them profitable. Mtel meanwhile is as dead as a dodo today..

Today, due to deregulated pricing, there are over 100m cell phone users, from 400,000 in year 2000.

Government should also have deregulated the price of electricity. Electricity is sold at subsidized prices. The federal government isvto make up the difference but it hasn't been faithful. Presently, it owes the Gencos $1.3bn and the Discos N1.3tr naira. With the fall of the Naira, the price of supplying electricity has gone further up, while the price of electricity has remained static since May last year. That is why hardly any power is being supplied.

3. Yemi Cardoso

The primary reason Tinubu appointed Cardoso was because he was probably his "boy." Many economists here criticized his appointment as he was unqualified to head the CBN ,especially at this critical moment in the nation's economy.

Tinubu wanted someone he could control. This is sad as the central bank has autonomy and it was to prevent such an unholy alliance the president now has with the sitting head.

It was also Buhari's interference with the CBNs duties that dealt the economy a heavy blow during his inglorious 8 years in office.

Well, it seems now the Naira is appreciating. It does not however change the need for a more competent head to be appointed for the central banks post.

4. I have to be honest with you, I am apolitical. I have no obsession with politics.

The biggest problem creeping up now is cronyism, nepotism and corruption.

You have the railway contract awarded to a suspicious company. You have the OPL 245 oil well awarded to Tinubu of OANDO. Tinubu's son in law was placed in charged of the Federal Mortgage Bank.

I doubt any privatization or commercialization carried under this government would be free and fair. For the free market to work properly, transparency is key. That is why the GSM auction in the early 2000s was met with praise and the country has benefitted greatly from it.

5. Nigeria never had an import problem. Nigerias problem has always been an export problem. The country is too reliant on crude oil exports for dollar inflows and when the oil price crashes, the Naira takes a beating. Since it was a reduction in dollars that brought about the problem, Nigeria needs to start exporting more non-oil products.

You said you're a car dealer. You probably import cars. Are you a liability to the nation? With your profits, don't you pay rent, build house, pay school fees, feed your family and so on? Don't you deposit some into the bank?

Imports are actually extremely good for the economy and is a recognized driver of growth.

That is why import substitution policies are counterproductive. In addition, countries do best when they pour into areas they have competitive and comparative advantage. Import substitution encourages the pouring of resources where you don't do well.

Look at cement. All what the cement ban did was to make two Nigerians dollar billionaires. Everyone knows that Nigerians are overcharged for cement. The profit margins these guys make is unheard in the industry. It is the kind of margins online game makers make, who store no physical inventory.

The building industry suffers because of the ban. It wasn't Tinubu that banned the importation but Obj.

If companies are packing out, it is due to the severity of the mess Buhari left behind. There was $7bn uncleared forex contracts while there was barely $3bn left in the foreign reserves. It was the shortage of foreign reserves that made many of these companies quit the country.

The proper thing for Nigeria to have done would have been to contact the IMF for balance of payment support in the form of a loan. The IMF would lend Nigeria $20bn for it to build its reserves. When Nigeria has rebuilt its reserves, the country will repay it. Tinubu knew Nigerians wouldn't welcome that and would blame any painful economic policy on the IMF, without seeing why.

Nice rebuttal

Difrent:


Nice rebuttal

was it? If anything even the person you quoted was made to see and admit that most of those positions were in some cases false, and in some cases wrong.

At the end of the day, it is one thing for Buhari who is largely uneducated to make grievous mistakes, it is another for a supposed maestro and 'educated first class accountant' to make the exact mistakes on a far more disastrous scale...


But to each his own😎

Treadway:
was it? If anything even the person you quoted was made to see and admit that most of those positions were in some cases false, and in some cases wrong.

At the end of the day, it is one thing for Buhari who is largely uneducated to make grievous mistakes, it is another for a supposed maestro and 'educated first class accountant' to make the exact mistakes on a far more disastrous scale...


But to each his own😎

I didn't wholly disagree with you
And I didn't wholly agree with him
I just said it was a nice rebuttal
And I have a right to that just like you have to your thoughts

Difrent:


I didn't wholly disagree with you
And I didn't wholly agree with him
I just said it was a nice rebuttal
And I have a right to that just like you have to your thoughts

true that.

Na why I end am with, 'To each his own'