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Nairaland Forum / Nairaland / General / Politics / Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation (15389 Views)
Wale Edun: Only 5% Of Nigerians Have Over ₦500k In Their Bank Accounts / Wale Edun Gets World Bank Appointment / CBN Illegally Printing Money For Buhari Government - Moghalu (2) (3) (4)
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Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by Fkmodhi: 1:35am On Mar 07 |
Vinnie2000:It’s this kind of thread the eleribu use to be missing but if it’s against PO Or southeast the ashiere go dey form patriot…. Mannabbq nah one alayebaje somebody 2 Likes |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by nkwoemeka(m): 1:39am On Mar 07 |
I know that Peter Obi did not put these words in his mouth 1 Like |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by Konquest: 1:45am On Mar 07 |
iwaeda:Wale Edun in the article and live sessions with the Senators CLEARLY indicted the past CBN leadership led by Emefiele and NOT the APC led by your former President. 1 Like 1 Share |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by Ilekokonit: 2:06am On Mar 07 |
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has blamed the current inflation in the country on printing of trillions of naira during the administration of President Muhammadu Buhari “without productivity.” I have absolutely no pity for Buhari because he had the intel and opportunity to probe Super corrupt Tinubu but failed to do so and now Tinubu is about to probe his administration. Serves Buhari right since he had a chance to prevent Tinubu from even appearing on the ballot but he refused to do so and now Nigerian fragile treasury is in the hands of a blood sucking thief. |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by Ilekokonit: 2:18am On Mar 07 |
Vinnie2000: I just pray that Buhari himself comes out to expose the intel he must have had about Tinubu's massive looting of Lagos state from 1999 to date (25 years and counting) so that those who have been supporting Tinubu out of ignorance of his stealing will know the level of Tinubus looting of Lagos since 1999 till date. Buhari was CIC for 8 years and so he must have seen a dossier on Tinubu's stealing of Lagos State money but Buhari chose to turn a blind eye to it whilst Tinubu is now exposing Buhari's shortcomings. Let them keep exposing themselves one by one. 1 Like 1 Share |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by Ilekokonit: 2:33am On Mar 07 |
christejames: In a nutshell that's what Tinubu is saying about Buhari although Tinubu himself has looted and still continues to LOOT Lagos state as he has been doing since 1999 (25 years and counting) and that is where Tinubu stole the money he used to rig himself into power whilst bribing the Supreme Court Judges along the way. 1 Like 1 Share |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by Ilekokonit: 2:36am On Mar 07 |
lexy2014: None of our leaders past and present understand SIMPLE economics or are honest and all they know to do is to STEAL or allow their cronies to STEAL. A honest 16 year old with honest olevel grades in maths and english who is honest can rule Nigeria better than these current crop of thieves . 1 Like 1 Share |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by LordBillionz: 2:47am On Mar 07 |
Yarimo, FreeStuffNg, MannaVultureGrill left the chat 1 Like |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by Ilekokonit: 2:50am On Mar 07 |
StarRida: Well noted. A lot of people don't know that the said ways and means that was N23 Trillion under Buhari is now more than N30 Trillion meaning that in just 9 months Tinubu has also printed 7 Trillion Naira and IF we extrapolate this and Tinubu spends 8 years in the saddle (which I think he will given his penchant for bribing PEPT Judges) then the ways and means will have increased by 75 Trillion Naira during Tinubu's 8 years of GRAND THEFT from Nigeria's Treasury. In just 9 months I can bet my bottom dollar that Tinubu is already richer than Nigeria. |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by arantess: 3:22am On Mar 07 |
Validated:ACN is attacking CPC 1 Like |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by steeltrust: 4:16am On Mar 07 |
I thought they Binance caused it Bunch of clueless people 🤣😂 1 Like |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by ArewaNorth: 4:22am On Mar 07 |
markidoo: abobote:[quote author=michlins post=128812334]When many were shouting,folks called them wailers and suffering from effects of loss of the election. Truth is coming out and we don't yet have idea the insane amount of damage APC and Buhari has put Nigeria into. There are some allegations of misconduct by CBN while giving the loans to FG, however, I hope you know the investigation is basically about "Ways and Means loans FG collected from CBN"? "Ways and Means loan that FG borrowed from CBN under last administration" . Ways & Means is a CBN short term loan to FG to meet obligations during revenue shortfalls! COVID-19 pandemic, low oil prices and dip in oil production to as low as around 900k barrel per day out of the 2m barrel per day as per OPEC quota to Nigeria and Russia-Ukraine war which led to lockdown of businesses across the world and forced many businesses at standstill as black sea is the major route of world water navigation between continents which forced FG to rely heavily on the "Ways and Means loans from CBN" to finance its budget deficits to keep the country working for the people. FG had to borrow from CBN to sustain economic activities and the monies received by the FG were actually used for funding of critical projects across the country, some parts of the money was given as loans or grant to states, companies and individuals. Due to the serious shortfall in Government Revenue, the FG in order for the economy not to collapse, was compelled to borrow repeatedly from the CBN, exceeding the 5% threshold of the prior year’s revenue as stipulated by the CBN Act, 2007.” Ways and Means balance was initially N19,326,745,239,660.20 as of 30th June, 2022 but later grew to N22,719,704,774,306.90 as of 19th December 2022 as a result of financial obligations to ongoing capital projects and additional expenditures which includes domestic debt service gaps and interest rate. Buhari got Senate’s nod before restructuring N22.7trn CBN loans. See the link: https://businessday.ng/news/article/buhari-gets-senates-nod-to-restructure-n22-7trn-cbn-loans/ As the COVID-19 pandemic continued to wreak havoc globally, central banks have opted to print money to finance government spendings — in a policy known as “helicopter money". On March 17, 2020, the Nigerian Government inaugurated the Presidential Task Force (PTF) on COVID-19 to coordinate the country's multisectoral intergovernmental response. [/b]The PTF developed the National COVID-19 Multisectoral Pandemic Response Plan as the blueprint for implementing the response plans. [b]Some of the beneficiaries of the money printing and other borrowings from CBN to save the economy under the last administration include: 1. Commerical Banks 2. Farmers through NIRSAL Anchor borrowers program 3. Youth Empowerment Fund, YEF 4. Manufacturing sector through BOI 5. Suspension of electricity bill to some extent which affected DisCos and Gencos and Govt had to support NESI to continue operation during the period of the pandemic 6. State Govts got trillions of Naira grant support and loans 7. Critical infrastructure projects with huge deficits where financed by the same ways and means and other borrowings 8. COVID-19 Stimulus program in which all registered private schools, companies among others sent the names and information of their staffs where they were paid N30k for 3 consecutive months to cushion the effects of their companies inability to pay their salaries due to the effects of COVID-19 lockdown 9. FG spent billions of Naira building thousands of COVID-19 emergency centres across the 36 states 10. FG spent billions of Naira building advanced health facilities across 6 geopolitical zones. 11. FG gave palliatives worth billions to cushion the lockdown effects. 12. FG fly back thousands of Nigerians from other places in the events of the pandemic. 13. [b]COVID-19 Rapid Response Facility (CRF); Federal Republic of Nigeria set aside in the amount of USD $288.5m (more than ₦400b) resources under the COVID-19 Rapid [/b]Response Facility (CRF) to finance the COVID-19 Response Support Program (C19 RSP), designed as a Crisis Response Budget Support (CRBS) Operation. The program results from a request of the Federal Government of Nigeria. 14. The COVID-19 health response teams, committees set up across the Nation, feeding of patients among many other cost billions of Naira among many programs all in an effort not to allow the economy to collapse. 15. The Central Bank of Nigeria has set out a number of measures to tackle the impact of the coronavirus, including establishing a fund to support the country's economy (of 50 billion naira; i.e. EUR 121 million), targeted at households and micro and small enterprises. The interest rate has also been cut, a moratorium has been announced on principal repayments for CBN intervention facilities and tax measures are being taken. 17. Monetary Policy measures On 16 March, the Central Bank of Nigeria announced new measures: A 1 year extension of a moratorium on principal repayments for CBN intervention facilities; The reduction of the interest rate on intervention loans from 9% to 5%; Strengthening of the Loan to Deposit ratio policy (i.e. stepped up enforcement of directive to extend more credit to the private sector) Creation of NGN50 billion target credit facility for affected households and small and medium enterprises. Granting regulatory forbearance to banks to restructure terms of facilities in affected sectors Improving FX supply to the CBN by directing oil companies and oil servicing companies to sell FX to the CBN rather than the Nigerian National Petroleum Corporation Additional NGN100 billion intervention fund in healthcare loans to pharmaceutical companies and healthcare practitioners intending to expand/build capacity Identification of few key local pharmaceutical companies that will be granted funding facilities to support the procurement of raw materials and equipment required to boost local drug production. N1trillion in loans to boost local manufacturing and production across critical sectors. The CBN has adopted a unified exchange rate system for Inter-Bank and parallel market rates to ease pressure on FOREX earnings as oil prices continues to plummet- Naira support subsidy. CBN adopted the official rate of NGN360 to a dollar for International Money Transfer Operators rate to banks. For on-lending facilities financial institutions have been directed to engage International development partners and negotiate concessions to ease the pains of the borrowers. Provision of credit assistance for the health industry to meet the potential increase in demand for health services and products "by facilitating borrowing conditions for pharmaceutical companies, hospitals and practitioners". Fiscal Policy The crude oil benchmark price was also reduced from USD 57 to USD 30. The Central Bank pledged to pump NGN 1.1 trillion (USD 3 billion) into critical sectors of the economy. Commencement of a three month repayment moratorium for all TraderMoni, MarketMoni and FarmerMoni loans Similar moratorium to be given to all Federal Government funded loans issued by the Bank of Industry, Bank of Agriculture and the Nigeria Export-Import Bank. 18. Customs Measures Export of mask Some restrictions on exportation of masks have been implemented. Other measures Authorities are considering a wide range of COVID-19 support measures, including reductions of customs duty and customs audits but such measures are not officially announced No changes to Customs requirements as at 31 March 2020. Payment facilities Extension of filing due date for Value Added Tax (VAT) from the 21st day to the last working day of the month, following the month of deduction. 19. Other measures and sources Fiscal Policy The Federal Government revises planned spending in the 2020 budget with an increase of about ₦0.23 trillion in expenditure and a 31% decrease in revenue. Suspension of new electricity tariffs: On April 1st, the Nigerian Electricity Regulatory Commission (NERC) suspended the payment of the new electricity tariffs scheduled to commence on 2 April, citing poor electricity supply, wide metering gap and the impact of the COVID-19 pandemic. The National Assembly recently postponed the effective date of the new tariff to the first quarter of 2021. On October 11, NERC suspended the Multi Year Tariff Order (MYTO) 2020 for the Electricity Distribution Licensees for 2 weeks. NIS payment waiver for visitors affected by travel ban. On 16 April, Nigeria Immigration Service (NIS) announced the grant of payment waiver to visitors / migrants affected by the travel ban and the closure of international airports. Affected persons are expected to reschedule their flights and travel within a week of the suspension of the restriction. Lagos State Government reverts annual land use charges to pre-2018 rates. Taxpayers in Nigeria need to consider the impact of the coronavirus (COVID-19) pandemic on their businesses and in particular the expected increase in debt default rates, cancellations of contracts or “no-shows”. OVERVIEW OF THE RECOVERY PLAN Recovery plan: Nigeria Economic Sustainability Plan (Bouncing Back) Budget : ₦2.3 Trillion Announcement: Approved by the Federal Executive Council on 24 June 2020 Main orientations: Fiscal & Monetary, Real Sector and Implementation. General Objectives 1. Prevent business collapse and ensure liquidity 2 Use of labour intensive methods to retain or create jobs in key economic areas 3. undertake jobs that enhance growth and create infrastructural investments in roads, bridges, solar power, and communications technologies 4. Promote manufacturing and local productions at all levels and curb unnecessary demand for foreign exchange to stem the pressure on exchange rate Protect the very poor and most vulnerable through pro-poor spending. Key measures – Real sector 1. ₦634.98bn for the creation of 5 million jobs in the agricultural sector while boosting agricultural production and guaranteeing food security. 2. ₦317.29bn for mass housing strategy divided into two tracks. Track 1 will involves building of 300,000 homes across the country while Track 2 will leverage existing institutions to build additional 25,515 affordable homes across the country in 12 months. 3. ₦240bn to create 250,000 jobs in the energy sector while providing solar power to 5 million households by 2023. 4. ₦50bn for direct labour in National Infrastructure Projects to create jobs for youths in relevant priority sectors. Launch of programme to create jobs in digital outsourcing. ₦90bn for the launch a national programme to promote domestic use of CNG and support the creation of 1 million jobs. 5. ₦23.4bn to support the creation of 1 million jobs through the conversion of 30 million homes from dirty fuels (kerosene, charcoal and diesel) to LPG and achieve emissions reduction in greenhouses gases while also applying LPG in other sectors such as agriculture, power generation, transport, industry and technology. 6. ₦15bn to sustain 300,000 jobs in 100,000 MSMEs by guaranteeing off-take of identified priority products. 7. ₦260bn to establish the SME Survival Fund to sustain at least 500,000 jobs in 50,000 SMEs for 3 months. 8. ₦350bn to support the creation jobs in priority sectors using BOI, NEXIM and other national development banks as fulcrums. 9. ₦60bn to create 296,000 jobs in the construction and rehabilitation of roads in the 6 geo-political zones of the country through to use of local resources. 10. ₦198.94bn to develop a robust health system with the capacity to withstand shocks. 11. ₦10.29bn to fast-track the implementation of the National Water Supply, Sanitation and Hygiene programme. 12. ₦87.06bn to Increase support to vulnerable individuals and households in the context of COVID-19. 13. ₦27bn to save existing aviation industry organisations and jobs, through a targeted stimulus package and fast track the establishment of a private sector driven national carrier. 14. ₦144.12bn for the establishment of an economically viable Science and Innovation ecosystem in Nigeria. 15. ₦2.39bn to strengthen the national capacity to manage immigration, correctional facilities and public safety post-COVID-19. 16. ₦6bn to establish a programme to organise artisanal miners and develop the mineral value-chain in 6 geo-political zones. 17. ₦15bn to fast-track the implementation of the National Digital Switch Over Programme. Note: despite the above master plan many set objectives were achieved while others failed to materialise. Sectors/Industries/Areas affected Agriculture, Housing, Energy, Youth & Women Development, Technology, Infrastructure/ Construction, MSMEs, Health, Aviation, Science and Technology, Immigration, Mining, Sanitation and Utility, Security and Digital. Key Measures – Fiscal & Monetary Sector Mobilise resources to stimulate the economy and fund projects in the Economic Sustainability Plan. Fiscal measures to safeguard oil revenues Fiscal measures to mobilise and preserve non-oil revenue by maximizing government revenues and optimising expenditures Fiscal measures to reduce non-essential spending by streamlining all government expenditure and eliminating non-essential items Support the economy using monetary measures. Mobilise external funding and seek debt relief. Support financial viability of States. Secure appropriate legislative basis for actions to achieve economic sustainability. Sectors/Industries/Areas affected All Sectors of the Nigerian economy, Government. Key Measures – Implementation Establishment of clear priorities Articulation of detailed action plans in each sector Clarity in time-frame of projects Stipulation of desired results and outcomes A deliberate strategy to source materials locally Use of private sector agents with track record of delivery or meeting project requirements Collaboration between public and private sector to measure results Adoption of clear accountability framework and monitoring mechanism Active oversight by Economic Sustainability Committee https://kpmg.com/xx/en/home/insights/2020/04/nigeria-government-and-institution-measures-in-response-to-covid.html NOTE: While FG was spending these monies running in trillions we basically had very low income due to travel bans, many all taxes by FIRS were suspended as a result of the pandemic, oil sells stalled to some extent and Govts across the globe were forced to print monies to survive and this is part of the money in discussion. The investigation into how the "ways and means" was spent is a welcome development and will ascertain if there are fraud somewhere. One of the challenges which prompted the investigation is lack of transparency in the side if CBN and how Govt spent the money. For instance, NIRSAL loans is declared unrecoverable and this is suspicious. CBN must come clean by giving the actual number of beneficiaries and the reason for defaulting the loans. So, such frauds have to be uncovered! If u could remember, Nigeria became a subject of discussion in the world on how we were able to survive COVID-19's economic and health effect. Nigeria survived the pandemic through huge loans from CBN'S ways and means, IMF credit support, Africa Development Bank and World Bank. It was never easy, the hit was huge in all countries across the globe and many are still struggling to recover from the economic hit. Just recently UK and Japan entered recession while struggling from the repercussions of those afforementioned challenges. Buhari government has done a tremendous job in keeping this country afloat because before the pandemic our borrowing wasn't close to this bad and remember we entered 2 recessions which were eminent as former Jonathan's finance minister, Ngozi was quoted to have said Nigeria was in the verge of entering recession in 2014. In 2012, former CBN Governor, Sunusi Lamido was quoted saying whoever inherit the liability of Jonathan's govt can't do anything in a panel theme "removal of fuel subsidy on whose interest"? I think only civil war was as disastrous as COVID-19 pandemic in our history as a Nation. The question every sane nigerian should ask is why there was no this inflation under Buhari and is it not obvious that the inflation was caused by subsidy removal and Naira devaluation disguised as floating? 2 Likes 3 Shares |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by Ouchbabe(f): 4:27am On Mar 07 |
If you see me in your area with cutlass abeg no fear na firewood I dey find. Abeg where are the Good Samaritans, you people should locate me. Any amount will be so appreciated. Tankio 0029625775 GTB |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by NOGRUDGES(m): 5:21am On Mar 07 |
justking: |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by Ibile77(m): 5:24am On Mar 07 |
enough of bombastic vocabulary !!! philosophizing is not the way forward, theory of blame game is understandable rather solve the economic problem first and come back to tell us the story . we will be happy to lick ice cream and have bowlful of pop corn watching documentaries on how you saved the sinking ship , for now get to work and saved us the story. you all were aware of the job at stakes before coming on board. stories are blocking our ears while solution will gradually open the blockade. 1 Like |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by walozanga(m): 5:31am On Mar 07 |
iwaeda: Don't mind the coconut head |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by HNICEARTH: 5:43am On Mar 07 |
iwaeda: We are in for a long ride because Tinubu is also printing money like his predecessor. First off, in the cause of investigating CBN, Jim obazee found N7t ways and means approved by the buhari led government but not printed. He advised against printing. But Tinubu instructed CBN to print the 7t. Money has been printed, and just like buhari, no accountability for the N7t printed. 2ndly, the Tinubu led government are making effort to increase the percentage of ways and means (borrowing from CBN/printing). The bill has just passed 2nd reading. So we will have another 4years of money printing CBN. Afterall, tinubu once advised buhari to print money. Man is also about to embark on his own money printing scheme. Another 4years of hyper inflation 1 Like |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by Charly68: 6:04am On Mar 07 |
We know the negative impact of Covid 19 almost destroy world economy . Other nations ran into problems but managed the crisis very well even gave monetary palliatives to to companies and private individuals to avoid loss of Job . In our own case then what did we see ? All we saw was payment of billions to feed school children that were at home during lock down yet the president and his team did not say anything because they were the one sharing the money . God will judge everyone at his own time .. we are watching |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by Tzar(m): 6:07am On Mar 07 |
Buhari was the worst thing to happen to Nigeria in recent history. How that man and his entire team are still not in jail baffles me. |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by Willed042(m): 6:18am On Mar 07 |
naija4life247:Another angle to the blame as if Emefiele single handedly took tye decision to print money for the government. Buhari only followed the footstep of his mentor, Abacha, who printed money all through his time. This is not about Emefiele dunce, it is about the administration of your hero. |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by Willed042(m): 6:25am On Mar 07 |
Morphinne:This is bout Buhri administration, you will always find away to bring jn tribal sentiment to suite your life. |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by Judolisco(m): 6:27am On Mar 07 |
iwaeda:if u dey apc and u dey find post... U go talk say buhari no do well arbi? |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by OKORONKWOBRIGHT(m): 6:34am On Mar 07 |
Mumu man |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by drlateef: 6:36am On Mar 07 |
iwaeda: He has to say the truth. Praising Buhari was a way to ease him out of office. Otherwise he will cause complications for those coming in by preventing them to win in all ways possible. |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by drlateef: 6:37am On Mar 07 |
michlins: Emefiele did this, not APC, not Buhari. Emefiele is an IPOB/EluuP member. |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by Elidrisy20: 6:44am On Mar 07 |
See head like coconut Just call name jare |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by erospecial: 7:01am On Mar 07 |
I've always known that the Yorubas education is pseudo because they are very dark minded. Yorubas acclaimed Buhari as a living deity only next to God Almighty as a president and as an access to a Yoruba presidency again. Yorubas and hausa_fulanis were the core players in the Buhari's govt. The Yorubas heroworshipped and eulogized the rare competency of Buhari and his govt. Wale Edu like every other Yoruba entity is a crude and an illiterate pig!!! 1 Like |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by TollinsN: 7:06am On Mar 07 |
Validated:Whenever you have someone giving you the exact truth of what is causing hardship. You just have to keep quiet and pray that more shall be revealed, so that we can learn as a nation. They could have kept the truth like Obasanjo used to call it PDP AFFAIRS. JUST STOP CRITICISING ERRATICALLY. I believe government is government. No human president can do it alone. His success always depends on sincerity of the team raised to work with him and cooperation of the career officers across the MDA's |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by michlins(m): 7:10am On Mar 07 |
When APC controlled senate was approving loans back to back,it wasn't Buhari who was writing the letters requesting for the loans drlateef: |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by TollinsN: 7:10am On Mar 07 |
Ilekokonit:You might be summoned to explain better and present your facts on what you know about this issue. Especially about the JUDGES. Your comments showed you knew so much about it. |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by poiu44: 7:19am On Mar 07 |
Re: Wale Edun: 8 Years Of Printing Money Without Productivity Caused Inflation by abidem4real: 7:39am On Mar 07 |
iwaeda:This unarguably clueless government does not even know what to say again to defend their ineptitude. Radarada |
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