ivolt:

This one has been cajoled.
Forex crisis is a crisis of earnings, not importation.

You are the one who has been cajoled. Maybe you're just a paid influencer deliberately spreading misinformation.

Naira dévaluation is as a result of excess demand (importation) of FX over supply (oil and non oil exports).

A good chunk of our limited FX is spent on fuel imports when as an OPEC member state we should not just be refining but selling the excess to our countries which will boost our foreign reserves. This will insulate our economy from oil price fluctuations on the international market and reduce the demand for FX thus strengthening our Naira and reducing inflation in the country.

Faposky95:
...$800M is how much in #aira......?!

614 billion naira.

And FG is giving each state plus Abuja 5 billion Naira which is 5×37=185 billion naira.

614-185=429 billion naira.

Where is the remaining 429 billion naira ? Tinubu and his criminal gangs in government has looted and steal it!!!

Yet some Foolish Nigerians are celebrating this news. The 5 billion Naira peanut will still be looted by the state governors.

We are still yet to receive the audio palliative 25% reduction in bus fare by Lagos state government.

Proudlyomonna:


Hahahaha You carry yam give goat,ewu,ewure make Him keep for You
Se hope go close the goat,ewu,ewure mouth from doing what He knows to do best

baba it's well o.

Rubbish

WE DONT NEED PALLATIVE, GIVE US ASSURANCE THAT OUR REFINERY WILL WORK AT NO BISTANCT FUTURE AND WORK ON NAIRA/ DOLLAR RATE, WILL ENDURE IT.
PALLIATIVES WILL NOT CIRCULATE, OUR GOVERNORS WILL EMBEZZLE IT .




FIX OUR REFINERIES , DOLLAR / NAIRA RATE.
WE WILL ENDURE IT

americanigga:
Good

you call this good?,nawa ooo this country is gone otilo

They should pause PIT for a year for Civil servants in Ministries

Why cash ?

obi58:


You are the one who has been cajoled. Maybe you're just a paid influencer deliberately spreading misinformation.

Naira dévaluation is as a result of excess demand (importation) of FX over supply (oil and non oil exports).

There is no such thing as excess demand in forex.
It is always a question of limited supply.

A good chunk of our limited FX is spent on fuel imports when as an OPEC member state we should not just be refining but selling the excess to our countries which will boost our foreign reserves. This will insulate our economy from oil price fluctuations on the international market and reduce the demand for FX thus strengthening our Naira and reducing inflation in the country.

OPEC is just a quota fixing cartel!
It has no significant bearing on a country's economic power.

I am not sure you read your own answer.
Why would you blame the problem on "excess" demand and then turnaround to prescribe
a supply solution(earning)?

You are obviously confusing cause and effect.
Again, there is no excess forex demand.

Food don come for our Governors. That money na straight to their pockets

FOR CIVIL SERVANT ALONE ABI....

iLoveYouToo:
FP stuff. OP find source and image to garnish am

Confirmed news why the worry

Ayed44:
What happens to the people who are not civil servants?

Grant, farm seedlings, and grains would be given to non civil servants as palliatives also

Nigerians learn to ask questions it wont kill you ahah are you guys so dumb have yoy asked your leaders

1. which section of the population in each state is the 5bn for?
2. how many residents are yo recieve the 5bn
3. how much are each residents reciving
4. how would the money be recieved
5. how long is this relif meant to last is it 1 year or 8 years ask now o!
6. also tell them to provide a lasting solution like increasing minimum wage rather than a one time payment of 5bn to last for 8 years

BUT WE ALL KNOW YOU GUYS ARE TOO STUPID TO ASK QUESTIONS YOU ARE ALL YES MEN

This is good

Drupzempire:


https://www.thecable.ng/subsidy-removal-fg-announces-n5bn-palliative-for-each-state



https://twitter.com/eonsintelligenc/status/1692221370246050228?t=cGeMOtysCFYVqCUj_5nn8w&s=08

Thunder fire una and una generation. If not that the youths of this generation are cursed, they supposed to have slaughtered with blunt knives every politrician who has and is holding public office in Nigeria. Here they come again with this federal gift for welcome parties to Gandollar governors in their various states and they stylishly labeled it with the name of money for the poor! God bend una neck permanently with incurable disease! An outlandish label that can never be tracked or accounted for or probed! This God bestowed money for the commonwealth of Nigeria is about to go down the bottomless pit of politricians avarice and the lazy dumb ass youths in military and civilian institutions are again watching in a bamboozled hypnotized state of generational curse . WEEP FOR YOUR GENERATION..

This is an affirmation on my earlier comment that Nigeria is not ready to go out of woods in the nearest future. Multiply 5bn by 36 states with FCT and tell me if 185bn cannot go a long way in revamping our refineries.

ivolt:

There is no such thing as excess demand in forex.
It is always a question of limited supply.

OPEC is just a quota fixing cartel!
It has no significant bearing on a country's economic power.

I am not sure you read your own answer.
Why would you blame the problem on "excess" demand and then turnaround to prescribe
a supply solution(earning)?

It is not an earnings effect when FX that could be used by thein meeting other commercial imports

You are obviously confusing cause and effect.
Again, there is no excess forex demand.

There is no commodity that has an infinite supply. The price of every commodity is an interaction between its availability (supply) and it's demand. Both forces work together to determine the prevailing rate of the commodity. Saying there is no excess demand of FX is too one dimensional to say the least.

Now to the issue of FX.

The quantity of fx made available by CBN for fuel marketers and importers to purchase on the official market is limited due to our hamstrung oil earnings and loan obligations yes. However, there are fx demand components like that of oil imports which if addressed will reduce the pressure on our reserves not just because there will be increased earnings but because the existing scarce resources can be saved or better utilized on more deserving sectors of the economy. This importation component is part of the excess demand I refer to.

It's crystal clear that this government does not have d intentions to make alternatives to d removal of fuel subsidy at all.... What's d criteria to distribute this fund?... What's d purpose of this palliatives??...Lots of explanations need to be made to Nigerians....Has anything like this really worked before in this country...This is definitely Not d best way to readdress this subject at all...He who fails to plan,plans to fail....

5billion naira to 36states, and FCT as palliatives to subsidy removal,what a complete rubbish,5 billion that only one corrupt criminal or politician will loot or steal,for God sake ,wetin 5 billion wan ameliorate in the current naija economic situation?

State governors? Otilo oOoOO

Can't dey use the money for refineries, state governors wi loot the money jare

obi58:


There is no commodity that has an infinite supply. The price of every commodity is an interaction between its availability (supply) and it's demand. Both forces work together to determine the prevailing rate of the commodity. Saying there is no excess demand of FX is too one dimensional to say the least.

Now to the issue of FX.

The quantity of fx made available by CBN for fuel marketers and importers to purchase on the official market is limited due to our hamstrung oil earnings and loan obligations yes. However, there are fx demand components like that of oil imports which if addressed will reduce the pressure on our reserves not just because there will be increased earnings but because the existing scarce resources can be saved or better utilized on more deserving sectors of the economy. This importation component is part of the excess demand I refer to.

Forex is not a commodity.
It serves a specific purpose and there is a point at which it sufficiently meets all demands.

You don't need an infinite supply to meets the demand for forex or any other resource.
A condition of glut is commonly met without infinite supply.

What is it with palliatives?


Use the damn money and repair our refineries.
Wtf

Congratulations to state governors, una go rich tire

stanluiz:
614 billion naira.

And FG is giving each state plus Abuja 5 billion Naira which is 5×37=185 billion naira.

614-185=429 billion naira.

Where is the remaining 429 billion naira ? Tinubu and his criminal gangs in government has looted and steal it!!!

Yet some Foolish Nigerians are celebrating this news. The 5 billion Naira peanut will still be looted by the state governors.

Needed the maths

Drupzempire:


https://www.thecable.ng/subsidy-removal-fg-announces-n5bn-palliative-for-each-state



https://twitter.com/eonsintelligenc/status/1692221370246050228?t=cGeMOtysCFYVqCUj_5nn8w&s=08

Thieves, Money to build a small sub station

commoditiesnig:

Good initiative

How is that a good initiative.


You prefer to be giving fish rather than showing you how to fish.

Drupzempire:


https://www.thecable.ng/subsidy-removal-fg-announces-n5bn-palliative-for-each-state



https://twitter.com/eonsintelligenc/status/1692221370246050228?t=cGeMOtysCFYVqCUj_5nn8w&s=08

Simple English that wants to cost us our democracy.


…AND THE FCT.

Simple English.

It is rubbish.
Why FG can't use such amount for rehabilitation of refinaries

Steal.ing galore for our state executives and politicians.