I think it's high time the guys in khaki step in once again to correct things. The politicians have failed, the economy in ruins, insecurity on the rise and a host of other socio economic issues. All they care about are themselves, families and cronies. No!

Una never chi chomtim. Tinubu no dey see any tears o

JagabanB:

It's easy to spot all the probIems when u are sitting in pew, when u are brought on stage, that's when u will realize u dón't know anything.
If u feel like a genius knowing that subsidy removal was going to generate probIems, then it clearly shows how dû......mb u are.
The poIiticîàñs saying they were going to remove all taIked about the issues it was going to cause, the àvèragè secondary school kid who knows what "subsidy" means knew it was going to come down hard on the people, so if u knowing makes u feel like a genius, then I see where u beIong.

Lol. So you are as ignorant and dumb at the same time

Maybe you have not been following the propaganda by govt apologists who claimed subsidy removal will bring about much needed investments that will bring down prices. If you knew this level of suffering and misery will be unleashed by subsidy removal and still went ahead to support govt to implement it, then you are nothing but a sadist.
I'm sure even Tinubu never expected it to be this bad. They all brought the Western hogwash that investments will be attracted by subsidy removal. They were wrong.
You are as ignorant as you are dumb.

You are not in Nigeria.
So, you cannot tell the frustrations involved in queueing at a fuel station that refuse to open their gates to customers for hours.
And then buying fuel from the hustler right across the street only to have your vehicle damaged as a result of poor grade gasoline.

If you have experienced this, then you'll agree with most Nigerians that the subsidy has to go.

But not the way it's being implemented
We should look at how to implement ideas (even those sold to us by foreigners) locally.

This admin has failed with the implementation of popular policies that would have endeared it to Nigerians.

And the sad ending of this story is that they are not ready to course correct.

IbeOkehie:


I addressed this in a subtle manner. On what makes nations prosperous, I wrote:



The USA subsidizes a lot of things and those subsidies SUBTRACT from economic prosperity and more importantly, development.

The USA however doesn't subsidize MOST of its economy and those unsubsidized areas CONTRIBUTE most to economic prosperity.

Mathematically,

UNSUBSIDIZED - SUBSIDIZED = PROSPERITY.

When SUBSIDIZED is higher than UNSUBSIDIZED, PROSPERITY becomes negative.

In the 1950s up to the 1970's China was a COMPLETELY 100% SUBSIDIZED and price controlled economy. In that period they suffered FAMINES, people were literally dying in the streets, just would walk out and die in front of their homes from lack of food.

In 1978 Chinese ruler Deng Xiapong introduced the limited market reforms. Those small, limited reforms are what made China into the prosperous economy of today.

Right now before our eyes, China is running into serious economic problems. Go read the news. WHY IS THIS HAPPENING? The SUBSIDIZED parts of the economy is now eating into and damaging the prosperity achieved by the SUBSIDIZED parts. In addition the current leader Xi Jinping or whatever is reversing a lot of those limited reforms from 1978.

Before 1986 Nigeria was a completely government controlled economy. Then IBB introduced limited free market reforms called SAP. After a hiatus under Abacha, the PDP continued to gradually implement SAP. And they achieved sustained economic growth AND development for many years.

Those SAP policies are THE ONLY REASON Nigeria has a functioning economy today.

In Jan 2012 the Nigerian people rebeled against those SAP reforms. Since I'm good at analyzing economic policy, I abandoned Nigeria at that time and moved back to the USA and PREDICTED that economic disaster was coming.

Nigerians elected APC and the Buhari-Tinubu Alliance in 2015. The new government reversed some SAP reforms. For instance, Buhari restored the NNPC monopoly over all fuels in Nigeria AND imposed strong subsidies and regulated pricing for the naira in the forex market. The economic depression in Nigeria is a result of those policies.

Right now in the USA, our country is undergoing economic UNDERDEVELOPMENT due to the spreading popularity of socialist policies championed by the Democrat Party which has many of the same policies as the APC of Nigeria.

If you're still in doubt go look up what Margaret Thatcher did for the UK in the 1980's

Macroeconomic policy matters. Subsidies are evil and the WORST kind of subsidy is FOREX subsidy and price controls.

Good Luck to Nigeria.

This is ridiculous. What exactly do you mean by subsidy-unsubsidized? What formula is that? The US is the biggest debtor in the world and runs the largest govt bureaucracy in the world as well. Not only that, the US runs the most expensive social welfare in the world! China has never run a free market. All this your sophistry is intellectual dishonesty. You are only fishing for fools. China is still the fastest growing economy and the US with its heavily subsidised model is still the largest economy.

SAP was a disaster. SAP killed our refineries as well as a lot of our local industries such as textiles. In fact, Tinubu is implementing SAP presently and we are seeing the same effect. Industries closing shop, fall in purchasing power and rise in cost of living. PDP never implemented SAP.

PDP was more of pro-private sector than free market. As a matter of fact, a lot of importation was banned during the PDP and OBJ years such as Cement, meat and some dairy products. PDP never devalued the naira neither did they open our borders up for mass importation. Buhari went to the extreme which is controls without having a firm gasp of the mechanisms. That's what led to his mismanagement.

Where is the functioning economy you are talking about cause I can't see any on ground here.

IbeOkehie:


European countries tend to be tribally or religiously homogeneous or at least have a DOMINANT group. For example, the UK has 4 tribes but the English are 85% of the population. So generally what the English want is what will happen.

Nigeria has had no decisively dominant group... the Muslims are gradually getting there by building a RELIGIOUS dominance.

Because of the nascent Islamic dominance, there can be no resistance. What the Muslims want is what will happen. If a General Election is held again today, Tinubu will still win, at least APC will definitely win.

There will be no protests because ALL Nigerians like their country just the way it is.

Good Luck to Nigeria.

...and it will be death for most of Nigeria if the Muslim extremists in Nigeria eventually take over Nigeria.
Europeans have dissolved nearly all the multi religious and multi ethnic countries that once existed in Europe because Europeans got to understand that such countries don't form a true nation and don't succeed at the long run. But Nigeria's political elite get glued to one dysfunctional Nigeria because of cheap cash from crude oil in the Niger delta region.

Agboriotejoye:

This is ridiculous. What exactly do you mean by subsidy-unsubsidized? What formula is that? The US is the biggest debtor in the world and runs the largest govt bureaucracy in the world as well. Not only that, the US runs the most expensive social welfare in the world! China has never run a free market. All this your sophistry is intellectual dishonesty. You are only fishing for fools. China is still the fastest growing economy and the US with its heavily subsidised model is still the largest economy.

SAP was a disaster. SAP killed our refineries as well as a lot of our local industries such as textiles. In fact, Tinubu is implementing SAP presently and we are seeing the same effect. Industries closing shop, fall in purchasing power and rise in cost of living. PDP never implemented SAP.

PDP was more of pro-private sector than free market. As a matter of fact, a lot of importation was banned during the PDP and OBJ years such as Cement, meat and some dairy products. PDP never devalued the naira neither did they open our borders up for mass importation. Buhari went to the extreme which is controls without having a firm gasp of the mechanisms. That's what led to his mismanagement.

Where is the functioning economy you are talking about cause I can't see any on ground here.

Sorry, you're wrong. SAP saved Nigeria.

Yes the USA runs a big government and also welfare and subsidies and has big debt.

However it also runs one of the freest market economies in the world. For example, property rights are about the most well protected in the world. This is what makes the USA so productive and rich and thus able to pay lots of subsidies and welfare and take on debt.

Nigeria can't afford subsidies and welfare because it doesn't have any of the legal and cultural norms that promote productivity and wealth creation. President Tinubu has been forced by circumstances to acknowledge this.

Good Luck to Nigerians.

This kperogi is just a joke.

what concerns atiku and OBI with tinubu's calamity of a government?, you should concentrate on what the present government is doing and stop deceiving people with what you imagine atiku or OBI would have done or not do.

It is cowardice for you to leave the main substance of your narrative on a failed government, and be beating about the bush.

OBI and atiku can only be judged when they get into government and do otherwise.

CharleyBright:
Where is Tinubu?
Tinubu has wrecked the country and he is chilling outside the country and telling Nigerians he is on a private visit. What manner of irresponsibility is that?
Was he elected to take private visits at public expense
Nigerians will never ever learn. They will do same mistakes over and over again simply because they are so engrossed in playing sentimental and crude ethnic Politics in electing their leaders.
They didn't learn from the mistake of electing Buhari, they haven't still learnt from electing Tinubu. Too old grumpy men who should be in retirement homes.
Just as the Hausa/ Fulani northern folks defended Buhari for all his clueless incompetence and bad policies, the Yorubas of the south-west are all out to defend Bola Tinubu with their blood. Same way the Ibos of the South-East would have defended Peter Obi if he was President.
Even if Tinubu's policies sink Nigeria to the deepest gallows, his people will still defend him (though in a more reasonable manner than their northern counter part).
The way things are in the country presently, na Sidon look be my own. Las last, we all will be served.

what did Nigerians do, pls let's stop heaping blame on the innocent nigeria, tinubu did not win at the polls

nairalanda1:


Erm, pardon?

We are actually paying off debts.

(I know you want subsidy back, but we are paying too much debt to pay for it. )

If we were not paying debt, there would have been enough for subsides.

I checked again you are right. The problem is which sensible government or individual will agree to use 90 percent of income to pay debt. My question is how is government able to pay salaries and other stuff if they are spending 90 percent of revenue?

I got this 3 items for approximately 10k yesterday. A body spray , Nivea and 400G of Peak Milk. This was something 4K was comfortably getting early last year.

Chiefwandungu:
I think it's high time the guys in khaki step in once again to correct things. The politicians have failed, the economy in ruins, insecurity on the rise and a host of other socio economic issues. All they care about are themselves, families and cronies. No!

What's you guys obsession with the military. Every sensible person saw this coming, Tinubu is not qualified to run Nigeria, and your suggestion is, you get someone (from the military) who's even less qualified than Tinubu to take over Nigeria.

You just have to endure it, there's no quick way out. Next elections, fight for someone else, and if you're someone who voted for Tinubu, then you have no place to talk or even criticize this administration.

Anatolia:


I checked again you are right. The problem is which sensible government or individual will agree to use 90 percent of income to pay debt. My question is how is government able to pay salaries and other stuff if they are spending 90 percent of revenue?

They borrow more.

IbeOkehie:


Sorry, you're wrong. SAP saved Nigeria.

Yes the USA runs a big government and also welfare and subsidies and has big debt.

However it also runs one of the freest market economies in the world. For example, property rights are about the most well protected in the world. This is what makes the USA so productive and rich and thus able to pay lots of subsidies and welfare and take on debt.

Nigeria can't afford subsidies and welfare because it doesn't have any of the legal and cultural norms that promote productivity and wealth creation. President Tinubu has been forced by circumstances to acknowledge this.

Good Luck to Nigerians.

Good. At least you have presented the description in a better way than the funny Subsidized-Unsubsidized=Prosperity equation.

Nigeria is not able to afford subsidies and promote productivity because of two factors.

1. Greed and corruption of its leaders. By 1981, Nigeria had 3 functioning refineries as well as an ongoing Ajaokuta steel complex. We had a multi-modal transport system consisting of roads, rail and internal waterways.

By 2000, all the refineries were dead and Ajaokuta was stillborn while the rails were breathing their last. How could we be so prosperous in the 80s only to become paupers 30 years later?

Simple answer is bad leadership. None other. Do you know how self- sufficient Nigeria was before our leaders took a liking to foreign goods and transmitted it to the citizens? We produced our own textiles, batteries, tyres, plastics and rubber!! Where's all that today?

2. SAP. It killed our economy. As at the time IBB was taking the loan, it wasn't even needed!! Prof Aluko raised alarm then about the IMF and their intents for Nigerian economy but was ignored.

SAP led to Nigeria becoming a dumping ground for cheap, substandard goods and truncated our balance of trade. This is what began the whole dollarisation of our economy.

Do you know that IBB under the guise of SAP made it mandatory for our refineries to obtain presidential approval from Abuja before carrying out maintenance? Just imagine that.

Yet anytime the refineries couldn't meet up with production, same IBB will go and import fuel instead of asking why four refineries couldn't meet our 50m or so population demand.

Bro SAP killed Nigeria's economy. I know just like Tinubu, IBB was eager to run away from Buhari's control measures. But as usual, the whole thing was never well thought out and it killed our economy.

Back to 1999, OBJ brought up a vibrant private sector led economy. Note that OBJ was even more protectionist than free market but he knew that there had to be free market internally but protectionism towards outside. It worked!!

That's not SAP. SAP says let your local economy compete with imports from China. OBJ's plan worked massively. He also refused to take any useless loans but instead got the West to forgive our loans and paid off!

Where we missed it started in 2010 thereabout when some govs started agitating that excess crude account was illegal. That was supposed to be our buffer. As a matter of fact, it saved Nigeria from world economic crisis of 2008.

It was that singular politicisation of economic management that led us to where we are now. APC kuku buried everything by allowing Buhari do whatever he wanted without anyone telling him some home truths.

The chief culprit here is the current president Tinubu. They knew the massive heist that was going on under the guise of control and protectionism but refused to speak up because of selfish ambition.

I pity Nigerians sometimes. They are so ignorant and play along with their killers. 2019, any serious country would have kicked Buhari out. It was too obvious man was so out of his depth. But not Nigerians who are easily swayed by ethnic and religious sentiments especially the northern part.

Nigeria needs to develop its local economy and stop all these western policies. No nation grows by embracing IMF/WB policies. As a matter of fact, WB have now criticised subsidy removal twice since it was done last year! Can you imagine that? Same IMF that's been preaching subsidy removal since 1991. Any country that follows IMF prescription is doomed to fail!!

RepoMan007:
Because of this tiny comment you quote the whole article? Use your brain oga.

Buttton phone effect

nairalanda1:


They borrow more.

Borrow more indeed. From where?

BOKOHARAM; BOKOISWA: BMFBOKOISWA.
THEY STARTED LIKE THIS IN 2015.
THEY HAVE THREATENED TO CONTINUE RIFA-RUGA ISLAMISATION FULANISATION AND ADVANCED BUHARINOMICS IN NIGERIA UNTIL DOOMSDAY.COM


SOLUTION:
TAA-TINUBU AKPABIO AND ARIWOOLA MUST ADOPT FULL AUTONOMOUS POLICING RESOURCING AND ELECTIONEERING STATUSES FOR OUR 36 CONSTITUTIONAL AUTHORITIES NOW.

Agboriotejoye:

Good. At least you have presented the description in a better way than the funny Subsidized-Unsubsidized=Prosperity equation.

Nigeria is not able to afford subsidies and promote productivity because of two factors.

1. Greed and corruption of its leaders. By 1981, Nigeria had 3 functioning refineries as well as an ongoing Ajaokuta steel complex. We had a multi-modal transport system consisting of roads, rail and internal waterways.

By 2000, all the refineries were dead and Ajaokuta was stillborn while the rails were breathing their last. How could we be so prosperous in the 80s only to become paupers 30 years later?

Simple answer is bad leadership. None other. Do you know how self- sufficient Nigeria was before our leaders took a liking to foreign goods and transmitted it to the citizens? We produced our own textiles, batteries, tyres, plastics and rubber!! Where's all that today?

2. SAP. It killed our economy. As at the time IBB was taking the loan, it wasn't even needed!! Prof Aluko raised alarm then about the IMF and their intents for Nigerian economy but was ignored.

SAP led to Nigeria becoming a dumping ground for cheap, substandard goods and truncated our balance of trade. This is what began the whole dollarisation of our economy.

Do you know that IBB under the guise of SAP made it mandatory for our refineries to obtain presidential approval from Abuja before carrying out maintenance? Just imagine that.

Yet anytime the refineries couldn't meet up with production, same IBB will go and import fuel instead of asking why four refineries couldn't meet our 50m or so population demand.

Bro SAP killed Nigeria's economy. I know just like Tinubu, IBB was eager to run away from Buhari's control measures. But as usual, the whole thing was never well thought out and it killed our economy.

Back to 1999, OBJ brought up a vibrant private sector led economy. Note that OBJ was even more protectionist than free market but he knew that there had to be free market internally but protectionism towards outside. It worked!!

That's not SAP. SAP says let your local economy compete with imports from China. OBJ's plan worked massively. He also refused to take any useless loans but instead got the West to forgive our loans and paid off!

Where we missed it started in 2010 thereabout when some govs started agitating that excess crude account was illegal. That was supposed to be our buffer. As a matter of fact, it saved Nigeria from world economic crisis of 2008.

It was that singular politicisation of economic management that led us to where we are now. APC kuku buried everything by allowing Buhari do whatever he wanted without anyone telling him some home truths.

The chief culprit here is the current president Tinubu. They knew the massive heist that was going on under the guise of control and protectionism but refused to speak up because of selfish ambition.

I pity Nigerians sometimes. They are so ignorant and play along with their killers. 2019, any serious country would have kicked Buhari out. It was too obvious man was so out of his depth. But not Nigerians who are easily swayed by ethnic and religious sentiments especially the northern part.

Nigeria needs to develop its local economy and stop all these western policies. No nation grows by embracing IMF/WB policies. As a matter of fact, WB have now criticised subsidy removal twice since it was done last year! Can you imagine that? Same IMF that's been preaching subsidy removal since 1991. Any country that follows IMF prescription is doomed to fail!!

Where do I start? You have it all wrong. I'll touch on some big ones.

CORRUPTION - is not the primary reason for Nigerian economic stagnation. I could explain but I'll leave it at this - could you tell us what causes corruption?

You wrote that IBB took IMF loan. This is a BIG LIE and a persistent myth among those who criticize SAP. Please 🙏 go and read history. Not only didn't IBB take any IMF loan, no other Nigerian government took any loan from IMF until at least 2015. All loans up to that time were owed to Paris Club and other entities. Definitely NOT IMF.

OBJ came to office and revived SAP. That's fact, privatization was a critical part of SAP and OBJ sold a lot of government companies or dismantled market monopolies held by government. The most famous is telecoms but guess which President wrote the FIRST regulations that ALLOWED it to happen? It was IBB using SAP.

It was IBB that changed the laws to allow for private banking, telecoms, airlines and fuel marketing. It was IBB that abolished the agric commodity boards which led to revival of cocoa production in Nigeria. Take or leave it, IBB saved Nigeria, without him this country would be a basket case on the level of Sierra Leone and Venezuela.

And of course SAP hasn't been perfectly implemented and in my opinion hasn't gone far enough. You praise OBJ for putting up protectionist barriers for local producers. A good example is cement. Those barriers against imports are a big reason why Nigerians pay the highest prices for cement in the world. Simple - no competition. Same thing for rice and it will also be the case for petrol. Watch and see.

Your whole essay is just WRONG, sorry 😞, where it gets close to correct it's superficial. You have a whole lot of conventional myths. You talk about the demise of Nigerian manufacturing. You know what killed Nigerian manufacturing AND in fact is the most important root cause of ALL Nigerian economic problems? THE OVERVALUED and government regulated price of the naira!!!!

Another thing, you talk about moribund Nigerian refineries and Ajaokuta. Now ask yourself why NLNG wasn't also moribund all this time. That's all you need to know about that. By the way, it was IBB that made NLNG into the most profitable single corporate entity in Nigeria until this very day. And he achieved it with a very simple policy move.

By the way, you wrote that Nigerians should have kicked Buhari out in 2019. Nice thought but impossible.... because the country lacks basic consensus.

Again your writing is so full of erroneous analysis that it's difficult for me to handle it all.
I'll end on this -

There's well done research that has found out the basic foundations of national happiness and high HDI. It discovered that the presence of the following factors are necessary, but don't guarantee, economic prosperity and general happiness...

1. Democracy 2. Free Markets 3. Property Rights and 4. Ethnic or religious homogeneity OR dominance by one ethnic or religious group.

The more a country has of these factors, the more likely it is to be happy, stable and prosperous. That's what I was trying to get across with the UNSUBSIDIZED - SUBSIDIZED = PROSPERITY. Basically, there's lots of things involved, but the more of the good stuff in the the mix, the better the outcomes.

Unfortunately our Nigeria only has a small semblance of democracy and NONE of the other ingredients. And the people of Nigeria are totally unwilling to address this lacuna, for understandable reasons.

The USA has a lot of the needed factors but is slowly losing them. The most glaring example is the loss of White Anglo-Saxon dominance, basically the USA is getting too diverse. This 2024 election is the USA equivalent of the Nigerian 2015 elections. This year will determine whether the USA remains a generally prosperous and stable nation.

You mentioned the ECA case brought by state governors. Nigeria couldn't agree on saving some national funds, but Saudi Arabia and Norway have done that for decades and built up huge financial reserves. I'm sure you can figure out why. Anyway...Happy Sunday to you and yeah.....

Good Luck to Nigeria.

abhosts:
Imagine a country whose monthly minimum wage is N30,000($21) feeling cool when their president removed fuel subsidy. The major problem we have in Nigeria is the fake and complicit intellectual class that deceive the poorly educated masses. If you see how some monkeys attacked me when I advocated for subsidy to remain, you would understand why the Nigerian masses do not deserve any pity. They blindly believed subsidy was evil because Obi, Tinubu and Atiku were against it. Stupid dummies.

Subsidy is not good, rest.

Agboriotejoye:

Lol. So you are as ignorant and dumb at the same time

Maybe you have not been following the propaganda by govt apologists who claimed subsidy removal will bring about much needed investments that will bring down prices. If you knew this level of suffering and misery will be unleashed by subsidy removal and still went ahead to support govt to implement it, then you are nothing but a sadist.
I'm sure even Tinubu never expected it to be this bad. They all brought the Western hogwash that investments will be attracted by subsidy removal. They were wrong.
You are as ignorant as you are dumb.

From life experiences, i have realized that people who are quick to call others "dûmb and îgñorant" are actually dûmb so they are quick to accûsè others with their dèfects.
U probably didn't follow the subsidy talk, every politician who had the chance of winning said they were scrapping it.
If u are so smart, I advocate u get into politics and transform ur immediate society, ur smartness on Nairaland won't help anybody.

Anatolia:


I checked again you are right. The problem is which sensible government or individual will agree to use 90 percent of income to pay debt. My question is how is government able to pay salaries and other stuff if they are spending 90 percent of revenue?

I've been reading your convo with the guy @nairalander and indeed you were wrong. Thanks for at least acknowledging it. It's so difficult discussing anything with Nigerians because they simply don't care or bother to do basic enquiries about simple stuff. I can't stop mentioning this.

Definitely 99% of Nigerians don't understand or believe that government owns all land in Nigeria. I've discussed this in real life with PROMINENT Nigerian lawyers and it just leaves me flummoxed.

In 2012 I had an almost violent argument with an Oando engineer who works in their fuel trading department, his work was to deal with purchases of fuel from the USA. This fellow was telling me "there is no subsidy"!!!

I even pulled up Oando's annual report and printed it and showed him where the company stated how much they got paid as fuel subsidy, still he refused to acknowledge it.

There's a fellow on this very thread writing how IBB took loans from IMF. Newsflash- IBB never took any IMF loan. Why can't people just OPEN their phone and check facts?

Anyway thanks, much respect to you.

Good Luck to Nigeria.

Anatolia:


I checked again you are right. The problem is which sensible government or individual will agree to use 90 percent of income to pay debt. My question is how is government able to pay salaries and other stuff if they are spending 90 percent of revenue?

it is by choice, they can refine at home and all this subsidy noise will not be there,

IbeOkehie:


European countries tend to be tribally or religiously homogeneous or at least have a DOMINANT group. For example, the UK has 4 tribes but the English are 85% of the population. So generally what the English want is what will happen.

Nigeria has had no decisively dominant group... the Muslims are gradually getting there by building a RELIGIOUS dominance.

Because of the nascent Islamic dominance, there can be no resistance. What the Muslims want is what will happen. If a General Election is held again today, Tinubu will still win, at least APC will definitely win.

Good Luck to Nigeria.

While ethnical or religious or racial dominance is a factor, another aspect is the characteristics of that dominant group. Not all groups are equal, some are more equal than others. The dominant group has to be pragmatic, egalitarian, enterprising, preference for the rule of law, secular and hold people to integrity without fear or favour. It also helps if the dominant group is less belligerent, but this can appear as cowardice in the eyes of enemy groups.

Some groups have all of them, while some have few. No ethnic group in Nigeria has all.

JagabanB:

From life experiences, i have realized that people who are quick to call others "dûmb and îgñorant" are actually dûmb so they are quick to accûsè others with their dèfects.
U probably didn't follow the subsidy talk, every politician who had the chance of winning said they were scrapping it.
If u are so smart, I advocate u get into politics and transform ur immediate society, ur smartness on Nairaland won't help anybody.

I am sorry sir, u were actually the one who didn't follow the subsidy talk. Yes, all the frontline presidential candidates advocated scrapping subsidy but they didn't end there. They all had a plan towards its implementation and where the proceeds will be channelled to cushion the effects of its removal on the masses. A good policy can look bad if poorly implemented. Policy implementation is where the difference lies. When GEJ spoke about subsidy removal, there was something called SURE-P.

That being said, never u get bothered about any insults being thrown around here. Some of these guys cannot even stand in your presence to utter rubbish if they meet you in person.

JagabanB:

From life experiences, i have realized that people who are quick to call others "dûmb and îgñorant" are actually dûmb so they are quick to accûsè others with their dèfects.
U probably didn't follow the subsidy talk, every politician who had the chance of winning said they were scrapping it.
If u are so smart, I advocate u get into politics and transform ur immediate society, ur smartness on Nairaland won't help anybody.

Well you used the word dumb first do I guess you're experience means you're actually dumb.
It does not matter whether the sultan joined in the chorus of subsidy removal.
What I'm saying and I stand by is that I've been proven right that subsidy removal is not good for the economy and your dumb politicians have flunked once again as they usually do.
Don't beg me to join politics. Beg your dumb politicians to stop being dumb.
Simple Dumbo

Gerrard59:


While ethnical or religious or racial dominance is a factor, another aspect is the characteristics of that dominant group. Not all groups are equal, some are more equal than others. The dominant group has to be pragmatic, egalitarian, enterprising, preference for the rule of law, secular and hold people to integrity without fear or favour. It also helps if the dominant group is less belligerent, but this can appear as cowardice in the eyes of enemy groups.

Some groups have all of them, while some have few. No ethnic group in Nigeria has all.

The Anglos have it !!!! They just do.

God Bless the King biko!!!

IbeOkehie:


The Anglos have it !!!! They just do.

God Bless the King biko!!!

Does that include the Germans abi dem be Saxons too? I would have mentioned the Iberian folks, but they love socialism too much.

To me, next to the Anglos would be East Asians. In fact, going forward, I prefer them to the West because they don't promote truancy and disorderliness in society. I hate it when elites condone criminality in the society.

Gerrard59:


Does that include the Germans abi dem be Saxons too? I would have mentioned the Iberian folks, but they love socialism too much.

To me, next to the Anglos would be East Asians. In fact, going forward, I prefer them to the West because they don't promote truancy and disorderliness in society. I hate it when elites condone criminality in the society.

As I understand it, Anglo-Saxon is a group under White European, and then Anglo is a group under Anglo-Saxon.

Like Bantu is a group under Black African. Youruba and Igbo are both Bantu, English and German are both Anglo-Saxon. I think, I might not have it exactly right.

Yeah I think North Asians have the highest IQ. Make sure you marry a Japanese woman and introduce me to her sister. Please 😆

And it's not the ELITES that are promoting disorder in the West and USA in particular. <sigh>. I wish we could talk. You're a good one.

Good Luck to Gerrard!!!

IbeOkehie:


As I understand it, Anglo-Saxon is a group under White European, and then Anglo is a group under Anglo-Saxon.

Like Bantu is a group under Black African. Youruba and Igbo are both Bantu, English and German are both Anglo-Saxon. I think, I might not have it exactly right.

Yeah I think North Asians have the highest IQ. Make sure you marry a Japanese woman and introduce me to her sister. Please 😆
Good Luck to Gerrard!!!

Cultural differences, and I like to suck breasts. Although, I am very open-minded.

Gerrard59:


Cultural differences, and I like to suck breasts. Although, I am very open-minded.

Some of the Japanese ladies can be well endowed though. There's also some advantage to small bones and lower fat or adipose tissue accumulation.

Seriously if you're single I hope you marry Japanese. That would be REAL Japa. Very interesting that would be 😆

And I wrote a bit earlier...it's not the ELITES here that are promoting disorder in the West and USA in particular. <sigh>. I wish we could talk. You're a good one.

Good Luck to Nigerians.

Kperogi, stop running round the circles. You have tactically mentioned in your write up that even if PO or Atiku had won, the result would be the same. This is lies from the pit of hell, you know it and I know it but because you supported bulaba in the last election, you are trying to exonerate yourself from the calamity you foisted on Nigeria.

What has Tinubu done to reduce cost of governance? What has Tinubu done to increase our oil production? What has Tinubu done in employing the best hands to run key ministries? What has Tinubu done to unite the country? What has Tinubu done to improve insecurity? The man you supported is enjoying himself in France with a high level of "I don't care". This is who you are comparing to PO and Atiku lmao

Our GDP per Capita is projected to be 1000$ by 2025 (in comparison Vietnam is projected at 4000$). The implications is that an average Vietnamese will be 4 times more productive than a Nigerian, all thanks to intentional and effective leadership.

According to renewed economist, Paul Alaje, who predicted this naira at 1500N/$ by April '24 last year, he has come up with another prediction that if Bulaba doesn't sit up the country is going under.

My own is this is Emilokan and Awa lokan and we have 7 years and 4months to go. Ciao

CC: JagabanB

IbeOkehie:


Where do I start? You have it all wrong. I'll touch on some big ones.

CORRUPTION - is not the primary reason for Nigerian economic stagnation. I could explain but I'll leave it at this - could you tell us what causes corruption?

You wrote that IBB took IMF loan. This is a BIG LIE and a persistent myth among those who criticize SAP. Please 🙏 go and read history. Not only didn't IBB take any IMF loan, no other Nigerian government took any loan from IMF until at least 2015. All loans up to that time were owed to Paris Club and other entities. Definitely NOT IMF.

OBJ came to office and revived SAP. That's fact, privatization was a critical part of SAP and OBJ sold a lot of government companies or dismantled market monopolies held by government. The most famous is telecoms but guess which President wrote the FIRST regulations that ALLOWED it to happen? It was IBB using SAP.

It was IBB that changed the laws to allow for private banking, telecoms, airlines and fuel marketing. It was IBB that abolished the agric commodity boards which led to revival of cocoa production in Nigeria. Take or leave it, IBB saved Nigeria, without him this country would be a basket case on the level of Sierra Leone and Venezuela.

And of course SAP hasn't been perfectly implemented and in my opinion hasn't gone far enough. You praise OBJ for putting up protectionist barriers for local producers. A good example is cement. Those barriers against imports are a big reason why Nigerians pay the highest prices for cement in the world. Simple - no competition. Same thing for rice and it will also be the case for petrol. Watch and see.

Your whole essay is just WRONG, sorry 😞, where it gets close to correct it's superficial. You have a whole lot of conventional myths. You talk about the demise of Nigerian manufacturing. You know what killed Nigerian manufacturing AND in fact is the most important root cause of ALL Nigerian economic problems? THE OVERVALUED and government regulated price of the naira!!!!

Another thing, you talk about moribund Nigerian refineries and Ajaokuta. Now ask yourself why NLNG wasn't also moribund all this time. That's all you need to know about that. By the way, it was IBB that made NLNG into the most profitable single corporate entity in Nigeria until this very day. And he achieved it with a very simple policy move.

By the way, you wrote that Nigerians should have kicked Buhari out in 2019. Nice thought but impossible.... because the country lacks basic consensus.

Again your writing is so full of erroneous analysis that it's difficult for me to handle it all.
I'll end on this -

There's well done research that has found out the basic foundations of national happiness and high HDI. It discovered that the presence of the following factors are necessary, but don't guarantee, economic prosperity and general happiness...

1. Democracy 2. Free Markets 3. Property Rights and 4. Ethnic or religious homogeneity OR dominance by one ethnic or religious group.

The more a country has of these factors, the more likely it is to be happy, stable and prosperous. That's what I was trying to get across with the UNSUBSIDIZED - SUBSIDIZED = PROSPERITY. Basically, there's lots of things involved, but the more of the good stuff in the the mix, the better the outcomes.

Unfortunately our Nigeria only has a small semblance of democracy and NONE of the other ingredients. And the people of Nigeria are totally unwilling to address this lacuna, for understandable reasons.

The USA has a lot of the needed factors but is slowly losing them. The most glaring example is the loss of White Anglo-Saxon dominance, basically the USA is getting too diverse. This 2024 election is the USA equivalent of the Nigerian 2015 elections. This year will determine whether the USA remains a generally prosperous and stable nation.

You mentioned the ECA case brought by state governors. Nigeria couldn't agree on saving some national funds, but Saudi Arabia and Norway have done that for decades and built up huge financial reserves. I'm sure you can figure out why. Anyway...Happy Sunday to you and yeah.....

Good Luck to Nigeria.

1. You're the first dude posing as a public intellectual who is saying IBB never took loans. Below is a link showing that Nigeria has not even finished paying off world bank loans taken by IBB during SAP. SAP is not IMF alone. It is a concept that's implemented by both IMF and world bank and IBB took world bank loans after announcing the rejection of IMF loan as the Maradona that he is.
2. OBJ never revived SAP. That's an outright lie. OBJ never opened up Nigeria for imports, devalue the naira or take loans from IMF or world bank. You want to steal OBJ's achievements for SAP while making excuses for IBB's SAP failure which he himself alluded to in contradiction to your claim. Since you claim IBB started telecoms revolution in Nigeria, can you tell me the telcos he brought into the country? OBJ believed in private sector led economy and he gave preference for growth of local industries. That's why Glo was given the SNO license cheaper than the relatively narrow license given to MTN.
3. I totally disagree with your claim that democracy and free Markets leads to prosperity. A very simple example is China that's not democratic neither operates a free market yet is prosperous. Russia is also another example.

The question of what causes corruption is a philosophical one rather than an economic one. It's like asking what causes bad behaviour. The bottom line is the effect and I'm telling you it is the single greatest inhibitor to our economic development. IBB’s regime is generally viewed as the most corrupt in our history. Any reason for that other than failure?