President Bola Tinubu followed his word by launching into action immediately after his inaugural address, just as he pledged during his campaign for the 2023 general election.

Governments in the past have spoken about the threat and danger of gasoline subsidies to Nigeria’s economy, but have been unable to eliminate them because marketers are fast to raise the price of the commodity while also making it scarce, which usually results in citizen demonstrations.

With this approach, Tinubu’s administration appeared to be committed to remove the fuel subsidy and ensure that it never emerges in the Nigerian economic story again.

As a result, if Tinubu is successful in eliminating the subsidy regime, the new government’s next target may be the Bureau de Change, another system that benefited only a few while negatively affecting the country’s exchange rate.

The Bureau de Change is a group of powerful Nigerians who trade dollars on the “black market.” These individuals obtain significant amounts of dollars from the Central Bank of Nigeria (CBN) through influence and lobbyists and resell them at higher prices on the black market.

The official exchange rate of N1 to $1 is 461.5 as of Wednesday, May 31, however it is exchanged on the black market for N 745.

On his first day in office, Vice President Kashim Shettima told journalists at the state house on Tuesday, May 30, that they expected significant opposition to the new policy, but that the new government is determined to break the record. Fuel subsidies, according to Shettima, must be eliminated, as well as various exchange rates. He went on to say that if Nigeria didn’t withdraw the subsidy, the subsidy will end Nigeria.

Will Tinubu win the fight against subsidy and Bureau De Change?
Either Tinubu will win the struggle he set for himself, or his administration will fall victim to the passage of time.

This is because the Bureau de Change system is as ancient as the subsidies, if not earlier, and it has grown so established that opposing it would appear to be de-employing a certain segment of society.

SOURCE: https://gist247.com/next-powerful-nigerians-tinubu-may-fight-if-fuel-subsidy-is-successfully-removed-and-why

That is very easy.

What is required is the will, and Tinubu has it in abundance.

To start with, he has directed CBN to close the gap between official and parallel markets rate. (Unifying forex)

Once the gap is closed, you don't need to visit abokki for your forex. that's all.

But the other effect is that Petroleum importers can't get rebate forex and this will jerk up the prices of the products upward again.

Those are the next target

Asiwaju Bola Ahmed Tinubu Jagaban the Eze-Chukwu of Igbo land is Mr talk and do, he never mince words or claim to be a saint or God like azu river daddy tribal and religious bigot, Peter girigory Peter Obi

pandoragirigory:
Asiwaju Bola Ahmed Tinubu Jagaban the Eze-Chukwu of Igbo land is Mr talk and do, he never mince words or claim to be a saint or God like azu river daddy tribal and religious bigot, Peter girigory Peter Obi

God will bless you and yours for saying it exactly the way it is.

LeoDeKing:

God will bless you and yours for saying it exactly the way it is.

Cheap patronage

YouandiAllofus:
Cheap patronage

Why the Pain?

Is it your cheap patronage?

pandoragirigory:
Asiwaju Bola Ahmed Tinubu Jagaban the Eze-Chukwu of Igbo land is Mr talk and do, he never mince words or claim to be a saint or God like azu river daddy tribal and religious bigot, Peter girigory Peter Obi

Don't just rush for your comment to become the first set to be seen and read. Instead, make sense. Many non-Nigerians visit Nairaland; stop disgracing this country.

LeoDeKing:

Why the Pain?

Is it your cheap patronage?

Although they can try and ya'll can keep hoping... I have no expectations whatsoever from this gov. But i hope they don't start playing the blame card when they fail to keep-up the tempo and meet-up to their own expectations.

YouandiAllofus:
Although they can try and ya'll can keep hoping... I have no expectations whatsoever from this gov. But i hope they don't start playing the blame card when they fail to keep-up the tempo and meet-up to their own expections.

Then keep shut.

sonature1:


Don't just rush for your comment to become the first set to be seen and read. Instead, make sense. Many non-Nigerians visit Nairaland; stop disgracing this country.

Which country is he disgracing? Certainly not Nigeria my beloved country and we Nigerians are okay with him.

I don't know if you mean the online country though.

Wish I know how all this can benefit the masses…

sonature1:


Don't just rush for your comment to become the first set to be seen and read. Instead, make sense. Many non-Nigerians visit Nairaland; stop disgracing this country.

By Non-Nigerians, do you mean the Biafrans ??

LeoDeKing:

Which country is he disgracing? Certainly not Nigeria my beloved country and we Nigerians are okay with him.

I don't know if you mean the online country though.

A nuisance will always be comfortable with him fellow nuisance.

Pls engage yourself with something meaningful, aside from nairaland.

LeoDeKing:

Then keep shut.

Your uninformed choices imposed on the majority, through the help of compromised eyeneck and affairmed by the enveloped judishary, brought the country into this present state of predicament.

If you were sane, you and your types should be folding your tails inbetween your legs in shame and mute.

But at 40, you can never learn

Mufasa27:

By Non-Nigerians, do you mean the Biafrans ??

No!!!!!! He mean those nonentity above my comment, constituting nuisance here on a daily basis like that yeye that called himself Leodeteen and co.

It's not by removing subsidy it's how to deal with the after effects

I love this...

pandoragirigory:
Asiwaju Bola Ahmed Tinubu Jagaban the Eze-Chukwu of Igbo land is Mr talk and do, he never mince words or claim to be a saint or God like azu river daddy tribal and religious bigot, Peter girigory Peter Obi

LeoDeKing:


To start with, he has directed CBN to close the gap between official and parallel markets rate. (Unifying forex)

Once the gap is closed, you don't need to visit abokki for your forex. that's all.

Your statements are incorrect.

The CBN has no direct control over black market rates, so even if it makes the official rate N750 today, the black market rate will simply move to maybe N850. Will the CBN then move the official rate to N850 and perpetually chase black market rates? No.

What the CBN will unify is the two official rates operated by the government. Many don't know that under Mr Buhari, the govt operated two official rates. What the new government plans to do is unify the two official rates into one, and I think they will devalue the naira to between N650 to N700 to $1 without making too much noise about it.

Black market rate is completely different. CBN cannot do anything about it.

Official and black market rates will only unify and black market will cease to exist when the CBN is able to provide all the USD, Pounds, Euro etc that people and businesses need. Even in a best case scenario, that is unlikely to happen in the next 10 years unless there is a major geopolitical event somewhere in the world that sends crude oil price to $200 per barrel at a time Nigeria is producing about 3m barrels per day - a level of production the country has never achieved in its history.

As you can see, there are no easy ways out for Nigeria and the Naira.

There is going to be a tough period of payback for all the corruption and excesses of the last 20 years.

In the midst of it all, the black market will continue to exist.

Rubbish¡ he has Dangote refinery to thank, if not the ripple effect will destroy the country. Still dangote can't help much. Watch the economy in the next 2yrs.

What’s all this I’m hearing about NLC and strike?

Fuel Subsidy; NLC Declares Indefinite Strike? Truth Comes Up

https://thegisthouse.com/fuel-subsidy-nlc-declares-indefinite-strike-truth-comes-up/

GOD BLESS NIGERIA 🇳🇬