Tianamen1:
Nairalanda1, try to read this post slowly, do a little research so your understanding of recent economic events in Nigeria will improve.

The US dollar is the global reserve currency. US interest rate policies affect the values of currencies globally. When the United States raises interest rates, investors across the world buy US bonds. This lifts the value of the dollar against other currencies. When US interest rates fall the opposite (usually) happens.

Norway has the largest sovereign wealth fund of any country yet its Krone lost value when the US started raising interest rates in 2022.

Now to subsidies. Subsidies in Nigeria exist because of the federal government’s poor management of our macroeconomy which leads to the severe collapse of the Naira when US interest rates are being raised.

As Tinubu started his tenure in mid 2023, he should have borrowed money to fight for a stable Naira until the US stopped raising interest rates. He should have closed the gab between the official and the black market rates but he shouldn’t have allowed the Naira to fall as badly as it has.

Good. Now how do we pay for

1. 17 trillion naira annually, for power fixing

2. 13 trillion naira annually to fix petrol at 200 naira.

I don't disagree with you about subsidies, I also do not disagree with you about the evils of corruption, but the issue is, Nigeria is so broke now that we don't even have the money to pay for any good thing.

But you guys don't get it

SilasGreenback:


The guy didnt even bring an expert on board before taking all those moves!

😁😁😁😁😆😆😆😆😆😆😆😆😆😆😆

Iove your hair. It makes great bedding for my nest

SilasGreenback:


What a shame. What breathtaking cowardice.

Baron, do you love drinking your urine?

SilasGreenback:


What a shame. What breathtaking cowardice.

I'm not here to be loved. The internet is not the place to be loved.

If you don't like my comment, don't let it bother you so much that you have to be so angry and bitter. It would only make me very happy and bring out the darkness in my soul.

( I can be very nauseating sometimes).

I know my views are not popular, so yawn. No matter how much you abuse me, it won't change my views.

I have even explained why I have the views I do, but since you want to be right.....


Better resist the idea that you are right.

But if you continue.....

Good night Comrade Efrimov

nairalanda1:


I'm not here to be loved. The internet is not the place to be loved.

If you don't like my comment, don't let it bother you so much that you have to be so angry and bitter. It would only make me very happy and bring out the darkness in my soul.

( I can be very nauseating sometimes).

I know my views are not popular, so yawn. No matter how much you abuse me, it won't change my views.

I have even explained why I have the views I do, but since you want to be right.....


Better resist the idea that you are right.

But if you continue.....

Good night Comrade Efrimov

Have I ever sounded as though I am seeking love either? As regards the bold, you only repeat statistics. When serious questions are posed you hide in comical ripostes. I pointed you to the very serious point of Treadway. But of course that one pass your capacity by far. So you run.

nairalanda1:


Good. Now how do we pay for

1. 17 trillion naira annually, for power fixing

2. 13 trillion naira annually to fix petrol at 200 naira.

I don't disagree with you about subsidies, I also do not disagree with you about the evils of corruption, but the issue is, Nigeria is so broke now that we don't even have the money to pay for any good thing.

But you guys don't get it

I have no clue about the figures you posted above. My argument has always been simple. The government had a lot of options to reduce its debt to revenue ratio at the start of Tinubu’s tenure.
They could have reduced the cost of governance.
They could have raised taxes on richer Nigerians.
They could have implemented tariffs on imports.
They could have raised the VAT.

The worst policy decision was to allow the Naira to fall indiscriminately. The IMF man rightly said it will take Nigeria 15 years to recover.

I advocated for the removal of subsidies, but I insisted that if other policies were not implemented, prices would rise to infinity which is what has happened.

SilasGreenback:


Have I ever sounded as though I am seeking love either? As regards the bold, you only repeat statistics. When serious questions are posed you hide in comical ripostes. I pointed you to the very serious point of Treadway. But of course that one pass your capacity by far. So you run.

Still upset he is, just because I don't agree with him.

His tears are so delicious.

You should not get angry when people disagree with you. It's part of life

But. I seense that you don't want this tidbit of words, so


Catch the mouse, Baron.

Tianamen1:


I have no clue about the figures you posted above. My argument has always been simple. The government had a lot of options to reduce its debt to revenue ratio at the start of Tinubu’s tenure.
They could have reduced the cost of governance.
They could have raised taxes on richer Nigerians.
They could have implemented tariffs on imports.
They could have raised the VAT.

The worst policy decision was to allow the Naira to fall indiscriminately. The IMF man rightly said it will take Nigeria 15 years to recover.

I advocated for the removal of subsidies, but I insisted that if other policies were not implemented, prices would rise to infinity which is what has happened.

Okay , time to go.

You are just wanting to be right so, Comrade Ulbricht, I will do you the honor of saying you are right.

Don't want the stasi to get me.




So let them borrow, since it is what you want

nairalanda1:




Good,.so.where do we find

1. Amounts of at least 13 trillion naira yearly to subsidies petrol to 200 naira per litre

2. Amounts of 17 trillion naira at least per annum to subsidize and fix power


On top of a budget of 30 trillion per annum.

Your boy tinubu tried it for some time but had to give it up because the debt the Stick left for him was ginormous.

Same system we have been doing for generations by the way.


Anyway, I am an evil politician for asking what our government plans to do to make more money.😄


Good afternoon. Beware the goddess Ashtoreth..she is behind you waiting to take your soul.

Do don't know how the government works. Nigeria will be fine by looking inward. Bunkering was serving Nigerians when Refineries failed and politicians destroyed them instead of harnessing them. Mind you we were producing 2.1 million barrels per day before Buhari stopped all oil exploration in the Niger Delta and focused on the North hence we now produce 1.2 million per day.

Government is about the integrity of the heads of government and not income generated or over-bloated expenditures.

You are a bad politician in the making. Politics is a social contract. Don't you ever forget the word "social"

LadyExcellency:


Do don't know how the government works. Nigeria will be fine by looking inward. Bunkering was serving Nigerians when Refineries failed and politicians destroyed them instead of harnessing them. Mind you we were producing 2.1 million barrels per day before Buhari stopped all oil exploration in the Niger Delta and focused on the North hence we now produce 1.2 million per day.

Government is about the integrity of the heads of government and not income generated or over-bloated expenditures.

You are a bad politician in the making. Politics is a social contract. Don't you ever forget the word "social"

So, borrowing is the solution you advocate.

Thank you very much for your solution, Madam

nairalanda1:


Okay , time to go.

You are just wanting to be right so, Comrade Ulbricht, I will do you the honor of saying you are right.

Don't want the stasi to get me.

So let them borrow, since it is what you want

Go back and read every response I have given you. Read my comments slowly. Toss your beliefs and opinions out the window. Read my comments slowly again and then use the internet for research. Confirm or disprove whatever I have written to you. You are not too old to learn.

Tianamen1:


Go back and read every response I have given you. Read my comments slowly. Toss your beliefs and opinions out the window. Read my comments slowly again and then use the internet for research. Confirm or disprove whatever I have written to you. You are not too old to learn.

Comrade Ulbricht, you have drawn up so many strawmen and wrong assumptions about my beliefs , so I don't even bother.

Keep loving your strawmen. They will love you too

nairalanda1:



So, borrowing is the solution you advocate.

Thank you very much for your solution, Madam

Argentina with the highest IMF bailout hasn't borrowed since Javier Gerardo Milei was elected in 2023 and runs on a balanced budget without printing any new currency.

He went against everything suggested by the IMF and World Bank but today those institutions are praising his reforms. He doesn't even control a majority in the parliament.

nairalanda1:


Comrade Ulbricht, you have drawn up so many strawmen and wrong assumptions about my beliefs , so I don't even bother.

Keep loving your strawmen. They will love you too

You argue to win, not to learn or improve society. Your ideas have crumbled Nigeria.

You see everything as black or white and understand issues at a low level.

You feel there are easy solutions to complex matters.

You assume if a person isn’t 100 percent neoliberal the person is a socialist. Everything is simple to you. There are no grey areas.

Have I judged you wrongly?

Tianamen1:


You argue to win, not to learn or improve society. Your ideas have crumbled Nigeria.

You see everything as black or white and understand issues at a low level.

You feel there are easy solutions to complex matters.

You assume if a person isn’t 100 percent neoliberal the person is a socialist. Everything is simple to you. There are no grey areas.

Have I judged you wrongly.

Mirror mirror on the wall

LadyExcellency:


Argentina with the highest IMF bailout hasn't borrowed since Javier Gerardo Milei was elected in 2023 and runs on a balanced budget without printing any new currency.

He went against everything suggested by the IMF and World Bank but today those institutions are praising his reforms. He doesn't even control a majority in the parliament.

Let's keep borrowing then.

Thank you

LadyExcellency:
Economic policies are unique to each country and there is no global formula for finding a solution to them.

Argentina was worse than Nigeria when both Bola Ahmed Tinubu and Javier Gerardo Milei were elected. Argentina shunned, blasted, and repudiated the IMF and World Bank and is doing the opposite of what these agencies suggested and today, Argentina is back on track while Nigeria is the worst of any emerging economy.

Naralanda1 is a potentially wicked politician. You don't pull down a house you were called to amend and leave everyone at the mercy of the weather and illnesses just because you want to build a new house. That's plain wickedness.

nairalanda1:


Let's keep borrowing then.

Thank you

Leave her to keep deceiving herself that Argentina is doing well

LadyExcellency:


Argentina with the highest IMF bailout hasn't borrowed since Javier Gerardo Milei was elected in 2023 and runs on a balanced budget without printing any new currency.

He went against everything suggested by the IMF and World Bank but today those institutions are praising his reforms. He doesn't even control a majority in the parliament.

Madam Argentinians are suffering now, I am beginning to dislike the Internet because of ignorant individuals who go about talking about things they know absolutely nothing about with certainty.

Tianamen1:


I have no clue about the figures you posted above. My argument has always been simple. The government had a lot of options to reduce its debt to revenue ratio at the start of Tinubu’s tenure.
They could have reduced the cost of governance.
They could have raised taxes on richer Nigerians.
They could have implemented tariffs on imports.
They could have raised the VAT.

The worst policy decision was to allow the Naira to fall indiscriminately. The IMF man rightly said it will take Nigeria 15 years to recover.

I advocated for the removal of subsidies, but I insisted that if other policies were not implemented, prices would rise to infinity which is what has happened.

Oga do Nigerians pay tax? The FG is about to increase VAT and personal income tax on 100M monthly earnings, Nigerians are already grumbling and speaking against the policy. You think Governance is easy? You think its about writing turenchi and impracticable gobbledygook on the Internet? I followed the Presidential debates keenly the leading presidential candidates agreed to remove subsidy and eliminate the parallel exchange rate(I.e Floating the naira), Its on record, now that policy has been enacted, people are now coming out to say they would have borrowed to defend the naira? How do you expect the government to earn enough to service previous and existing debts assuming the government had borrowed to defend the naira? Amongst it other responsibilities? Are you aware that only civil service salary for 1.2m federal workers gulps 4trillion annualy?

All of you know what to do on the Internet because you are not the President, Tinubu is this and that yet all 36 state governors irrespective of their party affiliation all ride in a convoy of luxury cars, they fly private jet and eat into public funds, is that also Tinubus fault?

Anither563:
Nigerians are incredibly intelligent and industrious folks. We will get there someday.

Stop lying! Nigerians are among the dumbest people in the entire world. They tell themselves they are intelligent and industrious but refuse to visit reality which instead reveals they are the exact opposite of all which they claim.

Zionmdde:

Sharrap and answer the question.
Sharrap here means stop vomiting thrash from your anus

He is Hell-Anus (for a reason) for crying out loud

nairalanda1:
■ Well, as Obi put it well, the alternative to floating the naira would be to borrow billions more dollars to buffer the naira. Which won't permanently solve the problem and would not stop things like round tripping ..but would also worsen our debt burden.

According to your government the Naira was not floated but instead devalued which explains the fact that the Naira is still being propped up with millions of dollars by the Government even as we speak. However, the claim that it was devalued to collapse a multiple Fx Window system into a unified one has yet to be realized as even the CBN itself continues to operate a special window for its select clients.

SilasGreenback:


GBAM.
Thank you so very very very much for this.

The problem with these fellas is they just dont understand what corruption in Nigeria is. Neither do they appreciate that one hundred years of IMF policies will not move the needle an inch and that any so called saving will be converted into a goal in the pockets of politicians with the dexterity with which Zidane did his bicycle kick goal against Leverkusen in the Champions League Final.

[PS/ This is DeepSight]

Which politician Is not corrupt in Nigeria? I bet you're a GEJ, OBI and OBJ supporter, the aforementioned all benefited from the rot in this country yet to you guys they are saints and priest, Obasanjo built a university, Conered Oil Wells, Government farm and allegedly looted $16b power funds, GEJ enriched his brothers, cousins and associates, I am from his part of the country and believe me ordinary individuals in GEJ government who never had portfolios were empowered to the tune of hundreds of millions of dollars, I have relatives who benefited, Obi was fingered in the Pandora paper leaks, Before the 2023 elections, Obi lobbied wike and others to help with funds to sponsor his campaigns, yes he is a wealthy man but he had been out of power for a while and you don't expect him to spend his personal funds on politics, wike and other governors allegedly provided 'Logistics' for Obi, what do you think Logistics means?

Back to today, mention one governor in Nigeria today that doesn't ride in a fleet of luxury cars and fly Private jets, just one? Senators and political office holders spend a lot of money to get elected and deep down in your mind, you think when they are eventually elected, they wouldn't recoup funds invested in the course of the campaigns? Even up till this moment, as bad as you guys paint all politicians to be, in their various constituencies, they get bogged down with demands, because they are politicians, people just expect them to foot their bills and you think when they are elected , they wouldn't make money to cater for the demands, expectations and needs of those individuals?

LadyExcellency:
■ Economic policies are unique to each country and there is no global formula for finding a solution to them.
■ Argentina was worse than Nigeria when both Bola Ahmed Tinubu and Javier Gerardo Milei were elected. Argentina shunned, blasted, and repudiated the IMF and World Bank and is doing the opposite of what these agencies suggested and today, Argentina is back on track while Nigeria is the worst of any emerging economy.

1. That is not entirely true. There are tried and tested formulas that have been shown to work in almost all cases. The degree to which those formulas solve economic problems is what should vary.

2. 🤣🤣🤣🤣🤣 Argentina has been implementing the exact same reforms that the IMF/SAP & WorldBank offered to Nigeria — the same set during the IBB period, Obasanjo, and then Tinubu. See the images below to compare the World Bank/IMF ideas to those embarked on by Argentina.
https://www.mayerbrown.com/en/insights/publications/2024/07/argentina-passes-sweeping-economic-reforms-deregulation-privatizations-and-promotion-of-private-investments-in-large-projects

The difference between Argentina and Tinubu by the way is that Argentina has been working on implementation and sustaining the implementations, while Tinubu has instead been spreading audio news to Nigerians — the same scam that IBB used against them back in the 80s/90s.

tommy589:
■ Nigeria started dying 38 years ago with the implementation of IMF Structural Adjustment Program. I still see no way out even If oil becomes $300 per barrel and naira becomes at par with dollar. It is just going to be another wasted revenue.
■ Where is the money Obj kept in the treasury for future use?

Nigeria did not in fact implement IMF/SAP back in the 80s/90s.

2. Obasanjo is the one who implemented IMF/SAP — his NEEDS program implementation was exactly that. That was how Obasanjo was able to save up that money that you say he kept in the treasury for future use. https://www.imf.org/external/pubs/ft/scr/2005/cr05433.pdf

About the money Obj kept, corruption don swallow am.

vanitybutiwanti:
Which politician Is not corrupt in Nigeria? I bet you're a GEJ, OBI and OBJ supporter, the aforementioned all benefited from the rot in this country yet to you guys they are saints and priest, Obasanjo built a university, Conered Oil Wells, Government farm and allegedly looted $16b power funds, GEJ enriched his brothers, cousins and associates, I am from his part of the country and believe me ordinary individuals in GEJ government who never had portfolios were empowered to the tune of hundreds of millions of dollars, I have relatives who benefited, Obi was fingered in the Pandora paper leaks, Before the 2023 elections, Obi lobbied wike and others to help with funds to sponsor his campaigns, yes he is a wealthy man but he had been out of power for a while and you don't expect him to spend his personal funds on politics, wike and other governors allegedly provided 'Logistics' for Obi, what do you think Logistics means?

Back to today, mention one governor in Nigeria today that doesn't ride in a fleet of luxury cars and fly Private jets, just one? Senators and political office holders spend a lot of money to get elected and deep down in your mind, you think when they are eventually elected, they wouldn't recoup funds invested in the course of the campaigns? Even up till this moment, as bad as you guys paint all politicians to be, in their various constituencies, they get bogged down with demands, because they are politicians, people just expect them to foot their bills and you think when they are elected , they wouldn't make money to cater for the demands, expectations and needs of those individuals?

I dont disagree with a single word you have said.

vanitybutiwanti:
Which politician Is not corrupt in Nigeria? I bet you're a GEJ, OBI and OBJ supporter, the aforementioned all benefited from the rot in this country yet to you guys they are saints and priest, Obasanjo built a university, Conered Oil Wells, Government farm and allegedly looted $16b power funds, GEJ enriched his brothers, cousins and associates, I am from his part of the country and believe me ordinary individuals in GEJ government who never had portfolios were empowered to the tune of hundreds of millions of dollars, I have relatives who benefited, Obi was fingered in the Pandora paper leaks, Before the 2023 elections, Obi lobbied wike and others to help with funds to sponsor his campaigns, yes he is a wealthy man but he had been out of power for a while and you don't expect him to spend his personal funds on politics, wike and other governors allegedly provided 'Logistics' for Obi, what do you think Logistics means?

Back to today, mention one governor in Nigeria today that doesn't ride in a fleet of luxury cars and fly Private jets, just one? Senators and political office holders spend a lot of money to get elected and deep down in your mind, you think when they are eventually elected, they wouldn't recoup funds invested in the course of the campaigns? Even up till this moment, as bad as you guys paint all politicians to be, in their various constituencies, they get bogged down with demands, because they are politicians, people just expect them to foot their bills and you think when they are elected , they wouldn't make money to cater for the demands, expectations and needs of those individuals?

Summary of what you just wrote is:

I elected the wrong candidate out of tribalism but I will never take responsibility and admit it so I’ll just double down and continue making excuses

Kobojunkie:
According to your government the Naira was not floated but instead devalued which explains the fact that the Naira is still being propped up with millions of dollars by the Government even as we speak. However, the claim that it was devalued to collapse a multiple Fx Window system into a unified one has yet to be realized as even the CBN itself continues to operate a special window for its select clients.

Thanks for the point.

Ultimately, the naira has always been weak, because at the end of the day, it is too reliant on the price of oil.

givedemwotowoto:


Summary of what you just wrote is:

I elected the wrong candidate out of tribalism but I will never take respon and admit it so I’ll just double down and continue making excuses

Which Tribalism? What part of Nigeria do you think I hail from Mr IPOB?

givedemwotowoto:
Summary of what you just wrote is:
I elected the wrong candidate out of tribalism but I will never take respon and admit it so I’ll just double down and continue making excuses

🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣

vanitybutiwanti:
Oga do Nigerians pay tax? The FG is about to increase VAT and personal income tax on 100M monthly earnings, Nigerians are already grumbling and speaking against the policy. You think Governance is easy? You think its about writing turenchi and impracticable gobbledygook on the Internet? I followed the Presidential debates keenly the leading presidential candidates agreed to remove subsidy and eliminate the parallel exchange rate(I.e Floating the naira), Its on record, now that policy has been enacted, people are now coming out to say they would have borrowed to defend the naira? How do you expect the government to earn enough to service previous and existing debts assuming the government had borrowed to defend the naira? Amongst it other responsibilities? Are you aware that only civil service salary for 1.2m federal workers gulps 4trillion annualy?

All of you know what to do on the Internet because you are not the President, Tinubu is this and that yet all 36 state governors irrespective of their party affiliation all ride in a convoy of luxury cars, they fly private jet and eat into public funds, is that also Tinubus fault?

Whether governance is easy or not isn’t important now. What should be clear to all Nigerians is the mindset of our leaders when they are making decisions.

Nigeria has a population of 220 million people and an unproductive civil service of 1.2 million people. That is about .5 percent of Nigerians are federal civil servants, most who got their jobs through connections (myself included). What would it have cost the government to implement the Oronsanye report, merge MDAs to reduce the cost of governance. Should .5 percent of connected individuals matter more than 90 percent.

Obasanjo faced a worse situation than Tinubu, why didn’t Tinubu copy and paste Obasanjo’s policies.

Tinubu should have prosecuted the people who got Nigeria in this mess. The people who wasted our best years of earnings and our excess crude account. But he chose to fraternize with them, to purchase property at a discount from them. To be shameless and avarice. The best way to know a foolish president is to see if Reno is his supporter.

Kobojunkie:
Nigeria did not in fact implement IMF/SAP back in the 80s/90s.

2. Obasanjo is the one who implemented IMF/SAP — his NEEDS program implementation was exactly that. That was how Obasanjo was able to save up that money that you say he kept in the treasury for future use. https://www.imf.org/external/pubs/ft/scr/2005/cr05433.pdf

About the money Obj kept, corruption don swallow am.

Nigeria adopted most of IMF condionalities in the implementation of SAP without taking the loan.

Official devaluation of Naira started with SFEM

Yes, the Second-Tier Foreign Exchange Market (SFEM) was an alternative strategy to meet IMF conditionalities. The SFEM was a second official foreign exchange market in Nigeria that was open from September 1986 to the middle of 1987. The market was open to both Nigerians and foreigners, and the initial plan was to find a market rate for the naira.

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