Terrible

"People anywhere in the world, deserve the kind of government they have"

Nigeria is a very toxic and dangerous environment with subhumans. I was once of the opinion that I will never travel out for greener pastures since my pasture here was equally green. However, I eventually realized that Nigeria was a sinking hole that will ultimately swallow everything and everyone regardless of their individual efforts. Then came the 2023 election, I saw a glimmer of hope that somehow, Nigeria could be salvaged. A people's movement propelled Peter Obi. It became evident that he was going to win based on the people's wish. Should that happen, that would be a paradigm shift of the masses determining who rules them and not a few corrupt cabals. The implications was that politicians won't be able to ride on the masses anymore and there would be accountability.

Unfortunately, on election day, the criminal eyeneck, in connivance with a desperate corrupt cabals literally stopped Obi by truncating the use of technology halfway into the election?!

Then I gave up finally and totally on Nigeria. What some people don't understand is that a desperate cabal made up of feudal and corrupt politicians would rather see Nigeria decay than to lose power.

In December, I ignored all their rants and propaganda about how Dangote refinery was going to save Nigeria and make naira to appreciate significantly. I converted some assets and liquid cash into dollars and it amounted to $4200+ @ the rate of 1210. I did that hurriedly because I knew that naira was going to begin a terrible downward slide. Today, rate is around $1410. Multiply the 200 difference by 4200 and you will realize 840,000k😭😭 In just a month!!!

Tell me how an economy can survive such dangerous devaluation?!

I really pity salary earners, investors and virtually everyone in Nigeria because we are all losers. Even buying land or buildings in Nigeria, from abroad is no longer lucrative. Against the popular believe that it's a good investment. Simply because, your $10,000 you converted to buy a property in Nigeria may reduce to $5000 in value, within a short time.

Nigeria's economy is headed for a nasty crash and I doubt anything could be done now to save it. Two options left for Nigerians to survive the impending apocalypse is to do the following:

1. Earn in dollars or
2. Leave now!

Very soon everybody go turn cannibal eating ourselves to survive this economy situation.

If you like call it APC/Yoruba government e go red for everybody.

Elemosho478:


1$ is like 1350 won in korea and they have one of the best stable economy in asia.

I think naira devaluation can benefit Nigeria greatly if we play it well but we just don't have many establishment that can earn us a lot of forex. Dangote refinery is going to take at least 6 months to fully come on board and see its benefit

Hope you know there is difference between exchange rate and inflation? while the south Korea currency doesn't have much value they are not battling with high Inflation

Hoelujohn:

If you like change it next year, it's still the same value of naira you will get cos prices will automatically adjust also.

Okay, sir.

You still dey learn work, obviously.

Go increase the price of properties,, for instance na make you and your property dey look each other.

Thank you for pointing that out as I was about to react to @Elemosho478 comment…. There is indeed a big difference between exchange rate and inflation…. You can not compare Nigeria’s economy and South Korea…. You can imagine a situation were a government literally kept printing money backed by nothing brazenly in the last 8 years over a dying economy….

RawSex:
Hope you know there is difference between exchange rate and inflation? while the south Korea currency doesn't have much value they are not battling with high Inflation

Bebigiby1:
We can’t have strong national institutions because just as you said many Nigerians are hopelessly tribalistic and religious…..

Nigeria's root problem is foundational and not political. Due to the demographics, we are people who uphold our ethnic, tribal and religious affinities above national identity and ideologies. If nothing else proves my assertion I believe the lingering injustice on Nnamdi Kanu, Biafra agitation, Niger delta agitation, and the Fulani herdsmen bloody pogrom validates it. What we need is justice for the country to heal there so much oppression and injustice in Nigeria. I believe we can achieve this through restructuring.

For peace to reign and to keep Nigeria as one prosperous nation, we need a new decentralized system of government. I hope and wish that Nigerians will push for restructuring instead of waiting for 2027 to participate in another rigged election that will bring back our oppressors….. Time is running out for Nigeria…..

I agree most of your sentiments because I have been hammering on the same.

However, from the way the country is set, coupled with the demographics, tribal and religious affinities, there is simply no way the country can be kept as "one prosperous nation" because as you have already alluded to, impliedly or explicitly, there is just nothing "ONE" about the contraption and the earlier this reality is embraced and acted upon so-with, na the same rigmarole.

For over 6 months, banks have been limiting the amount of cash in circulation yet most people didn't noticed because they are broke.

Most people have spent their salary (in debt) before it is paid.

forgiveness:
A dollar to South Korea won is 1,339 won. Is Korea economy on the brinks of total collapse?

Korean economy experienced the same thing we are going through but they focused on production and citizens welfare. The reason they are very rich.

Besides, Korea focused on patronizing their own products before any other. Can we say the same thing?

Instead, you want to buy Italian shoe instead of Aba and Kano made shoes. You want to buy Ghana adire instead of Abeokuta Adire. You want to drive Japanese cars instead of Innoson and Nord cars and you're expecting your economy to grow.

Going by your analysis, I'm sure the Naira must be exchanging 1 to 1 with South Korean won.

Under GEJ, I use to subscribe to software for $20 to $25. Now, that is unthinkable. That is almost minimum wage.

I keep saying it, China will give an arm and a leg to have an exchange rate like this. Imagine that you were an exporter and were paid USD10,000 that will be 14 million, so while exporters are smiling, importers and being an import dependent nation will be crying.

Let the economy collapse at once so we can rest

E go favour me and my family.

Continue voting along tribal and religious line.

It appears Naira is now N1450 to $1….

Bebigiby1:
Today, it was not surprising to see breaking news regarding exchange rate value of the Naira been over N1400 to $1….. Many people supporting the rapid devaluation of our currency are making the argument about local export benefiting from a free fall of the Naira. These assertion is ill conceived as basic economics entails when compared to today’s realities. The infrastructural deficit as regards high cost of reliable electricity, transportation et al will erode any competitive advantage for local manufacturers.... Naira currency can not appreciate as long as our greedy politicians and cronies continue to loot, allocate huge allowances, travel uncontrollably wasting limited forex in the nation’s treasury, inaugurating duplicate unnecessary ministries, parastatals and public offices with a bloated expensive system of government......

Before the 2023 election, I had appealed to Nigerians on several public forums to boycott the election and agitate for a decentralized system of government by restructuring of our political landscape (See link to my post below). But unfortunately many Nigerians carried away by Peter Obi propaganda didn’t share this view so they decided to participate in the rigged election and here we are with the same evil APC government they vowed to vote out. The truth is that as long as the current crop of corrupt politicians are at the helm of affairs, Nigeria’s elections can never be fair…. So voting is only a waste of time. If truly we want to make a lasting positive change to the situation we face today, Nigeria must be restructured into a decentralized system of governance that protects the interests of each geopolitical regions (See link to my post below). It is only foolish that we continue to do the same thing and expect a different result. Personally I do not believe in advancing society through existence of democratic governments, I am a proponent of anarchism or voluntarism (organization of society on the basis of voluntary cooperation without centralized hierarchical government) but since Nigeria practices democracy there is need for restructuring toward a more decentralized system to restore peace, ensuring prosperity and justice for all.

When the Naira was 700 to a $1, many foolish people on Nairaland forum and within the country were foaming at the mouth, insulting other sensible Nigerians who spoke out against the dangers and criminality that plagued Tinubu's fraudulent presidential ascension and appointments. These people who are mostly of Yoruba descent spread hatred among other Nigerians especially igbos mocking and wishing that they die of pain over Peter Obi's loss at the presidential election, saying it was their turn to rule.... The usual nepotistic sentiments that installed Buhari as president, who led us to the terrible situation we are facing today....

We are now almost a year into Tinubu's presidency and Nigeria's economy may finally collapse as Naira continues its free fall (Now N1400 to $1) and outrageous surge continues in prices of goods and services. A hopeless situation where unemployment is on the rise, insecurity is on the rise, corruption and looting is on the rise, kidnapping is on the rise, terrorism is on the rise..... everything bad seem to be on the rise while Tinubu is busy cooking up propaganda, making nepotistic appointments, traveling and approving reckless foreign loans borrowing policies that will be looted (Continuing from where Buhari stopped).... Nigerians have never had it this bad since the creation of this country, there is no doubt that this APC government is bent on destroying what is left of Nigeria’s economy.

In 2012, when Jonathan's government removed subsidy, many Nigerians including Tinubu marched in protest and demanded an immediate reversal of the policy even though Jonathan's administration had a better plan for the country and naira was N180 to $1, today with the terrible state of the economy and existence of an incompetent, reckless and evil government, why have Nigerians decided not to hold this government accountable? Why have we decided to be docile and insensitive even to our own detriment?

As it stands, Nigeria’s economy may collapse totally before the end of this year if nothing is done to stop the astronomical rise in our currency value against dollar..... Since last year we were told by the government that Dangote and PH refineries are operational but till now no refined products from these refineries are available and petrol is still been imported with subsidy paid to the oil cabal…. The situation is now critical and all well-meaning Nigerians and patriots must rise and save this nation before it is too late.... We have no other country but Nigeria.... by the time dollar hits N2000, it is only a matter of time before total break down of law and order with criminals looting shops and killing people everywhere..... Nigerians must rise above tribal and religious sentiments..... we must demand for a restructuring of our political landscape before it is too late..... The criminal APC government filled with greedy politicians is incompetent and lacks any moral authority to provide economic reforms needed to salvage Nigeria’s economy. For Nairaland tribal champions who after reading my post and may want to attack, ask yourself Are you enjoying the fact that Naira is now N1400 to $1 and heading towards N2000? Are you enjoying the high cost of food and services? Fuel price will soon be increased again, are you okay with it? It is a shame that many of you are willing to destroy your country over tribal hatred and sentiments…. If you don’t learn from history then you will suffer the consequences when Tinubu and his gang of looters destroy what is left of our economy….. Your tribal hateful propaganda against Igbos and IPOB will not save you from the effects of the bad government….

Nigeria is doomed if we can’t unit against our political oppressors…. Nigeria is doomed if we can’t see beyond tribal and religious sentiments…..


When all is said and done, it will be Nigerians that will bear the consequences of APC evil government....

https://www.nairaland.com/7578573/take-tinubu-atiku-obi-sowore

https://www.nairaland.com/7591199/2023-election-why-nigeria-must

The economy is not on the brink of collapse
Dollar exchange rate is not what determines our economy

The dollar exchanged for 75 kobo when Buhari took over in 1983 in 1998 when the military left it was 80 Naira

That is the equivalent of moving from 500 to 1 to 50000 to 1 in 16 years
So all you kids With your catastrophization talk should remember we have seen worse
a lot worse under Babangida and his so called structural adjustment programme.
Yes in 1984 a bottle of coke was 30 kobo and a loaf of bread 10 kobo what did it cost when they left in 1999?

We have seen he'll in this country . Imagine what was happening every single year under the military for the Naira dollar exchange rate to shift from 75 kobo to 80:Naira in 16 years

It moved from that 75 kobo in 1983 to Four Naira in 1985 when Babangida took over in less than two years
At some point Babangida was quoted as saying he did not understand why the economy had not collapsed

Was the military printing trillions of Naira backed by nothing? Yes exchange rose over this period but what was the inflation rate? As a nation we did not experience the kind of inflation we are experiencing now back then. Buhari’s eight year rule was a disaster….. Is like you’re trying to justify incompetence of the current government by telling Nigerians is okay when it is not…. There are indications that Naira is now N1450 to $1 this evening…. The economy is on brink of collapse….

aribisala0:


The economy is not on the brink of collapse
Dollar exchange rate is not what determines our economy

The dollar exchanged for 75 kobo when Buhari took over in 1983 in 1998 when the military left it was 80 Naira

That is the equivalent of moving from 500 to 1 to 50000 to 1 in 16 years
So all you kids With your catastrophization talk should remember we have seen worse
a lot worse under Babangida and his so called structural adjustment programme.
Yes in 1984 a bottle of coke was 30 kobo and a loaf of bread 10 kobo what did it cost when they left in 1999?

We have seen he'll in this country . Imagine what was happening every single year under the military for the Naira dollar exchange rate to shift from 75 kobo to 80:Naira in 16 years

It moved from that 75 kobo in 1983 to Four Naira in 1985 when Babangida took over in less than two years
At some point Babangida was quoted as saying he did not understand why the economy had not collapsed

Bebigiby1:
Was the military printing trillions of Naira backed by nothing? Yes exchange exchange rose over this period but what was the inflation rate? As a nation we did not experience the kind of inflation we are experiencing now back then. Buhari’s eight year rule was a disaster….. Is like you’re trying to justify incompetence of the government by telling Nigerians is okay when it is not…. There are indications that Naira is now N1450 to $1 this evening…. The economy is on brink of collapse….

No the military was not printing trillions
The word trillion was not in our vocabulary during the military era
You are just taking ignorant nonsense and obviously you are a child

Inflation was crazy
When Babangida took over . The largest denomination note was twenty Naira and we were still spending kobo.
It was 10 Naira for a luxury bus ride from Aba to Lagos and attachment seat was Five Naira
Long before June 12 in 1993 we had stopped spending kobo
That was the worst period of inflation in our history

Petrol was 20 kobo a litre when Buhari came to power and when the military left it was 20 Naira.

One hundred times the price in 16 years

So by their standard it should be 2000 naira

You keep inserting am a child just to amplify your opinion when I am not…. Nigeria’s national debt currently stands at $113 billion this is roughly N54 trillion…. Since you know history so well… What was Nigeria’s total national debt under military rule…..? Things are far worse now than then and it is obvious you’re trying to deflect from reality….

aribisala0:

No the military was not printing trillions
The word trillion was not in our vocabulary during the military era
You are just taking ignorant nonsense and obviously you are a child

Inflation was crazy
When Babangida took over . The largest denomination note was twenty Naira and we were still spending kobo.
It was 10 Naira for a luxury bus ride from Aba to Lagos and attachment seat was Five Naira
Long before June 12 in 1993 we had stopped spending kobo
That was the worst period of inflation in our history

Petrol was 20 kobo a litre when Buhari came to power and when the military left it was 11 Naira

Bebigiby1:
You keep inserting am child just to amplify your opinion when I am not…. Nigeria’s national debt stands at $113 billion this is roughly N54 trillion…. Since you know history so well… What was Nigeria’s total national debt under the military rule…..? Things are far worse now than then and it is obvious you’re trying to deflect from reality….

Stupid questions
You really are a child and not knowledgeable on this issue
The economy is not any worse than What we saw under Babangida.

That was the worst decline ever. We started with 20 kobo petrol and finished with 11 Naira
The population has more than doubled and people have mobile phones and the internationals when you would travel kilometres to make a phone call.

You resort to name calling again…. Yes population has increased but I asked a simple question, what was Nigeria’s national debt under military rule as compared to current civilian rule…..?

aribisala0:

Stupid questions
You really are a child and not knowledgeable on this issue
The economy is not any worse than What we saw under Babangida.
The population has more than doubled and people have mobile phones and the internationals when you would travel kilometres to make a phone call.

Bebigiby1:
You resort to name calling again…. Yes population has increased but I asked a simple question, what was Nigeria’s national debt under military rule as compared to current civilian rule…..?

The questions are stupid
I did not call YOU names
If you are illiterate that is your problem

Our debt was close to its lowest level in 1970 when the civil war ended. That does not mean the economy was great then.
Who are you to ask me questions

National debt is not a measure of the health of the economy . Debt is not a sin or evil so that is a stupid question. Debt level is no basis for comparing economic performance
If you want the information you can research by yourself

You seem offended but if I call you a child severally ….. will you like that? I guess you won’t…. In the case of Nigeria…. National debt is a measure of the health of the economy because of the looting culture of politicians in each successive civilian government…. There is always no proper way to check what the money borrowed was used for…. There is also no proper plan in place on how to pay back the loans…. This is part of the reason why things are worse now because these loans will keep going up and add to our economic woes…

aribisala0:

The questions are stupid
I did not call YOU names
If you are illiterate that is your problem

Our debt was close to its lowest level in 1970 when the civil war ended. That does not mean the economy was great then.
Who are you to ask me questions

National debt is not a measure of the health of the economy . Debt is not a sin or evil so that is a stupid question. Debt level is no basis for comparing economic performance
If you want the information you can research by yourself

Also these are foreign loans which adds more pressure on the Naira…. Because loans are not judiciously used but looted…. The Government is actually borrowing dollar to pay off loans…

aribisala0:

The questions are stupid
I did not call YOU names
If you are illiterate that is your problem

Our debt was close to its lowest level in 1970 when the civil war ended. That does not mean the economy was great then.
Who are you to ask me questions

National debt is not a measure of the health of the economy . Debt is not a sin or evil so that is a stupid question. Debt level is no basis for comparing economic performance
If you want the information you can research by yourself

Bebigiby1:
Also these are foreign loans which adds more pressure on the Naira…. Because loans are not judiciously used but looted…. The Government is actually borrowing dollar to pay off loans…

But I already showed that in moving from 75 kobo for one one dollar to 80 Naira in 16 years The Naira underwent the most devaluation in our History and therefore the most pressure from 1983 to 1999.
So you are not being rational or logical
Why we're we getting debt forgiveness under Obasanjo from.Paris Club?
By whatever measure that was the worst period the only difference being there was no transparency as it was a military era
Babangida asked the country to be debating for months about whether to take IMF loans and people were debating foolishly about loans they had already taken
Stop talking ignorantly

Your attempt to superimpose your opinion by accusing me of ignorance when I am only stating the obvious shows how sentimental you’re regarding the issue…. What I’ve been trying to point out is that Nigeria experiencing massive devaluation under the military does not negate the terrible state of our situation today…. We moved from military to civilian rule to correct the wrongs you’re pointing out…. Did it get better? The answer is No…. Are Nigerians supposed to be worried…. The answer is yes…. Whatever happened during military era is history…. what matters is now…. Successive civil governments failed Nigerians and made it worse…. The Naira is now on free fall losing value per day…. Massive surge in prices of food and services with no increase in salaries…. Insecurity is now worse and it was not this bad during the military era…. As I said your attempt at trying downplay the situation or absolve current government by blaming military while calling me ignorant and a child shows you’re only sentimental and economical with the truth which is that Nigeria’s economy is on the brink of total collapse….

aribisala0:

But I already showed that in moving from 75 kobo for one one dollar to 80 Naira in 16 years The Naira underwent the most devaluation in our History and therefore the most pressure from 1983 to 1999.
So you are not being rational or logical
Why we're we getting debt forgiveness under Obasanjo from.Paris Club?
By whatever measure that was the worst period the only difference being there was no transparency as it was a military era
Babangida asked the country to be debating for months about whether to take IMF loans and people were debating foolishly about loans they had already taken
Stop talking ignorantly

Bebigiby1:
You seem offended but if I call you a child severally ….. will you like that? I guess you won’t…. In the case of Nigeria…. National debt is a measure of the health of the economy because of the looting culture of politicians in each successive civilian government…. There is always no proper way to check what the money borrowed was used for…. There is also no proper plan in place on how to pay back the loans…. This is part of the reason why things are worse now because these loans will keep going up and add to our economic woes…

Keep quiet and stop talking nonsense
The military borrowed so much that Obasanj o had to plead for debt forgiveness along with Iweala and still had to pay in excess of 20 billion IS $ TO PARIS CLUB
The military were not transparent and information about borrowing was not Waterville nonsense in an inter net age
It was after they had gone we realised the extent of damage

I’ve addressed your submission in my earlier post…

aribisala0:


Keep quiet and stop talking nonsense
The military borrowed so much that Obasanj o had to plead for debt forgiveness along with Iweala and still had Finlayson excess of 20 billion IS $ TO PARIS CLUB
The military were not transparent and information about borrowing was not Waterville nonsense in an inter net age
It was after they had gone we realised the extent of damage

Bebigiby1:
Your attempt to superimpose your opinion by accusing me of ignorance when I am only stating the obvious shows how sentimental you’re regarding the issue…. What I’ve been trying to point out is that Nigeria experiencing massive devaluation under the military does negate the terrible state of our situation today…. We moved from military to civilian rule to correct the wrongs you’re pointing out…. Did it get better? The answer is No…. Are Nigerians supposed to be worried…. The answer is yes…. Whatever happened during military era is history…. what matters is now…. Successive civil governments failed Nigerians and made it worse…. The Naira is now on free fall losing value per day…. Massive surge in prices of food and services with no increase in salaries…. Insecurity is now worse and it was not this bad during the military era…. As I said you attempt at trying downplay the situation or absolve current government by blaming military while calling me ignorant and a child shows you’re only sentimental and economical with the truth which is that Nigeria’s economy is on the brink of total collapse….

No opinions
Facts
The exchange rate changed from 75 kobo to 80Naira from 1983 to 1999
And petrol changed from 20 kobo to 20 Naira

Not my opinion but FACTS

Do you dispute them?

aribisala0:


The economy is not on the brink of collapse
Dollar exchange rate is not what determines our economy

The dollar exchanged for 75 kobo when Buhari took over in 1983 in 1998 when the military left it was 80 Naira

That is the equivalent of moving from 500 to 1 to 50000 to 1 in 16 years
So all you kids With your catastrophization talk should remember we have seen worse
a lot worse under Babangida and his so called structural adjustment programme.
Yes in 1984 a bottle of coke was 30 kobo and a loaf of bread 10 kobo what did it cost when they left in 1999?

We have seen he'll in this country . Imagine what was happening every single year under the military for the Naira dollar exchange rate to shift from 75 kobo to 80:Naira in 16 years

It moved from that 75 kobo in 1983 to Four Naira in 1985 when Babangida took over in less than two years
At some point Babangida was quoted as saying he did not understand why the economy had not collapsed

-When Buhari, the illiterate Jihadist, and his gang ceased power in 1983, 20 Naira was exchanging for $17.65. But I get your point; Tinubu, the fraudulent druggie, is aiming to outdo Babangida, the big thief.

-Last last Somalia will be better than Nigeria.

Currently I can’t verify the numbers you are posting… you may be right. But just as I said we moved from military to civilian rule to make things better…. It got worse….

aribisala0:


No opinions
Facts
The exchange rate changed from 75 kobo to 80Naira from 1983 to 1999
And petrol changed from 20 kobo to 20 Naira

Not my opinion but FACTS

Do you dispute them?

Bebigiby1:
I’ve addressed your submission in my earlier post…

Do you dispute that in sixteen years in from 1983 to 1999
The dollar went from 75 kobo to 80 Naira a change of over 10000% And that that has never happened before or after?
Do you dispute that petrol change from 20 kobo to 20 Naira in the same period
A change of over 9900% that has never happened before or after that military era of 1983-1999
These are my facts do you admit or dispute these facts