Ishilove:
I laugh in Ukwuani!

Smh

Kasssandra:
Yeah, we are not earning enough dollars due to

1.Subsidy payments going up, due to higher oil prices, which means higher fuel prices...and more money being spent to keep it low...which eats into our budget

2.Falling oil production due to theft, robbery, and government doing nothing about security.

3.From 2014 till 7-8 months ago, oil prices were too low to sustain us. Now that they are high, we have to still pay off the debt we took on during the lean years...(and yes, we had to borrow, otherwise we would have ended up with salaries not being paid for 2 years .)...and even during those years, we were still paying up debts.

4.Lack of a diversified economy. We did not diversify our economy.

5.Poor tax uptake. Our tax to gdp raito is 8.1%....too low to get us enough revenue. 30% of the economically active populaiton pays income tax to the government at federal and state level. Tax leakages and corruption are a thing.

6.Corruption and stealing. Especially at contracts, subsidy level and so forth. And yes, APC hasn't changed a thing.


That's why we are in this mess.

If we removed subsidies on petrol and power, and raised our tax to gdp ratio, and really focused on fighting corruption....we might get somwhere.

Campaigning begins next week, let's see what the candidates have in the tank. I'm not optimisitic.

datola:
What's the difference between this and the $20 limit before.

Lass lass, make we kuku face local production and our market to strengthen the Naira. My only concern is our useless leaders will still use all the forex left to go flex abroad.

Officialgarri:
This will hurt those in arbitrage business so bad.

May I also inform you that the cards listed as alternatives usually carry subscription charges ?

My access black card costs 84k annually and maybe the price has increased now.


Please don't allow desperation push you into buying virtual dollars from Nairalanders o. Majority are scammers.

Mayeldah:


Same APC and Buhari that were singing since 2015 that oil sold for $100 and GEJ did not nothing with it are now crying that despite price increase subsidy and oil theft has gone up.
There is a saying that a child that blame his father for not owning a car will grew up on day to understand reason it was difficult for his father to own one.

Visionless leaders. PDP even tried small, you see this APC, always blaming everyone else for their woeful performances.

Kasssandra:


Well, I am not in APC or PDP , but both of them made the same mistake of keeping our economy hooked on oil and of not diversifying away from oil.

Buhari's policy is just PDP policy without high oil prices.

The thing is, we need a leader who would raise taxes, and remove subsides for power and petrol...so that we get more investment , and also get both sectors working and earning more...which can be used to fire up our economy.

halaqasa:
Banks sucks

RepoMan007:
Buhari's policy is plain pro-northern Nigeria at the expense of everything else. The man is a nuclear disaster to the economy. If only Putin will deploy him against Ukraine and save us real life nuclear radiation.

Elsueno:
Someone actually predict this on the treasury bills thread

Lmao! and another emi lokan is coming to pick up to continue from dis


Anyways, not thier fault, Nigerians voted for them despite the obvious flaws...then they went ahead to fill up sensitive positions with incompetent party loyalists

Kasssandra:
Yeah, we are not earning enough dollars due to

1.Subsidy payments going up, due to higher oil prices, which means higher fuel prices...and more money being spent to keep it low...which eats into our budget

2.Falling oil production due to theft, robbery, and government doing nothing about security.

3.From 2014 till 7-8 months ago, oil prices were too low to sustain us. Now that they are high, we have to still pay off the debt we took on during the lean years...(and yes, we had to borrow, otherwise we would have ended up with salaries not being paid for 2 years .)...and even during those years, we were still paying up debts.

4.Lack of a diversified economy. We did not diversify our economy.

5.Poor tax uptake. Our tax to gdp raito is 8.1%....too low to get us enough revenue. 30% of the economically active populaiton pays income tax to the government at federal and state level. Tax leakages and corruption are a thing.

6.Corruption and stealing. Especially at contracts, subsidy level and so forth. And yes, APC hasn't changed a thing.


That's why we are in this mess.

If we removed subsidies on petrol and power, and raised our tax to gdp ratio, and really focused on fighting corruption....we might get somwhere.

Campaigning begins next week, let's see what the candidates have in the tank. I'm not optimisitic.

murmee:
Sorry to add another angle to this topic. Can someone please explain to me why it is now difficult to receive money sent from families or associates from abroad. When you go to any bank in Nigeria to process money sent from abroad through Moneygram or Western Union or Ria, the first thing the bank will tell you is that Dollars are not available. Some banks will say they only have smaller denominations like $20 or $10. Why are the banks doing this?

Kasssandra:


Well, I am not in APC or PDP , but both of them made the same mistake of keeping our economy hooked on oil and of not diversifying away from oil.

Buhari's policy is just PDP policy without high oil prices.

The thing is, we need a leader who would raise taxes, and remove subsides for power and petrol...so that we get more investment , and also get both sectors working and earning more...which can be used to fire up our economy.

Reference:


Once again, which planet are you on.
Who does this?

Reference:


Completely out of touch with reality particularly as regarding taxation.
Ask government about their tax receipts and discover that it has fallen due to the great big enemy, inflation. So seeking more taxation from those outside the net is just pie in the sky.
It is not a chicken and egg situation. Government should fix the economy and all other things will be added unto them.
This is the only economy I know where government does nothing about inflation. I mean absolutely nothing.

It carries on fuelling inflation, putting vested interests well ahead of the economy.
Have you seen next years budget proposal set before the N/A.... full of inflationary spending.
Abeg this economy is going nowhere.

Kasssandra:
Yeah, we are not earning enough dollars due to

1.Subsidy payments going up, due to higher oil prices, which means higher fuel prices...and more money being spent to keep it low...which eats into our budget

2.Falling oil production due to theft, robbery, and government doing nothing about security.

3.From 2014 till 7-8 months ago, oil prices were too low to sustain us. Now that they are high, we have to still pay off the debt we took on during the lean years...(and yes, we had to borrow, otherwise we would have ended up with salaries not being paid for 2 years .)...and even during those years, we were still paying up debts.

4.Lack of a diversified economy. We did not diversify our economy.

5.Poor tax uptake. Our tax to gdp raito is 8.1%....too low to get us enough revenue. 30% of the economically active populaiton pays income tax to the government at federal and state level. Tax leakages and corruption are a thing.

6.Corruption and stealing. Especially at contracts, subsidy level and so forth. And yes, APC hasn't changed a thing.


That's why we are in this mess.

If we removed subsidies on petrol and power, and raised our tax to gdp ratio, and really focused on fighting corruption....we might get somwhere.

Campaigning begins next week, let's see what the candidates have in the tank. I'm not optimisitic.

Officialgarri:
This will hurt those in arbitrage business so bad.

May I also inform you that the cards listed as alternatives usually carry subscription charges ?

My access black card costs 84k annually and maybe the price has increased now.


Please don't allow desperation push you into buying virtual dollars from Nairalanders o. Majority are scammers.

Reference:


Completely out of touch with reality particularly as regarding taxation.
Ask government about their tax receipts and discover that it has fallen due to the great big enemy, inflation. So seeking more taxation from those outside the net is just pie in the sky.
It is not a chicken and egg situation. Government should fix the economy and all other things will be added unto them.
This is the only economy I know where government does nothing about inflation. I mean absolutely nothing.

It carries on fuelling inflation, putting vested interests well ahead of the economy.
Have you seen next years budget proposal set before the N/A.... full of inflationary spending.
Abeg this economy is going nowhere.

justBreathe:
As received from my bank just now:

"Due to current market realities on foreign exchange, you will no longer be able to use the Naira Mastercard, Naira Credit Card, our Virtual card and Visa Prepaid Naira card for international transactions. This will take effect on 30 September 2022.

Please use your Visa Debit Multicurrency Card, Visa Prepaid (USD) Card and Visa Gold Credit Card to continue transacting abroad with limits of up to $10,000."

What does this connote?

No more AliExpress?
How far does this go please?

Kasssandra:
Yeah, we are not earning enough dollars due to

1.Subsidy payments going up, due to higher oil prices, which means higher fuel prices...and more money being spent to keep it low...which eats into our budget

2.Falling oil production due to theft, robbery, and government doing nothing about security.

3.From 2014 till 7-8 months ago, oil prices were too low to sustain us. Now that they are high, we have to still pay off the debt we took on during the lean years...(and yes, we had to borrow, otherwise we would have ended up with salaries not being paid for 2 years .)...and even during those years, we were still paying up debts.

4.Lack of a diversified economy. We did not diversify our economy.

5.Poor tax uptake. Our tax to gdp raito is 8.1%....too low to get us enough revenue. 30% of the economically active populaiton pays income tax to the government at federal and state level. Tax leakages and corruption are a thing.

6.Corruption and stealing. Especially at contracts, subsidy level and so forth. And yes, APC hasn't changed a thing.


That's why we are in this mess.

If we removed subsidies on petrol and power, and raised our tax to gdp ratio, and really focused on fighting corruption....we might get somwhere.

Campaigning begins next week, let's see what the candidates have in the tank. I'm not optimisitic.

lereinter:


Who's stealing the oil please

Your number 2 point

Kasssandra:


Well, it ain't helping the North much...insecurity is bad, and the poverty is growing, and the harvest is under threat.

The problem with Nigeria is, we think that what satisifes a nation of 10 million can be made to saitisfy a nation of 210 million . It is not possible, and it can not be possible.

Which is why I think that we have never had a good leader. If we had one, the first thing he or she would have done would have been to prioritise industrial development, and also make sure the engine room of the economy is allowed to make a profit...and crucially...keep away from subsides (except in education and possibly health), and make sure that everyone pays tax and that tax money does not miss.

Instead, we sell raw materials and share the money. Like most African countries. And small wonder, we are all broke.

RepoMan007:
It is helping their elites and the elites know Buhari directly. What about OPLs secretly shares out?

Officialgarri:
This will hurt those in arbitrage business so bad.

May I also inform you that the cards listed as alternatives usually carry subscription charges ?

My access black card costs 84k annually and maybe the price has increased now.


Please don't allow desperation push you into buying virtual dollars from Nairalanders o. Majority are scammers.

GRACEGLORY:
Chipper solves it