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Nairaland Forum / Nairaland / General / Politics / Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni (1127 Views)
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Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by onochurch(f): 4:32pm On Oct 12 |
Why I Support Floating the Naira: A Response to Peter Obi’s Approach - Prince Nixon Okwara By Naomisophyblog In line with my previous interview in Sun News, where I expressed my firm support for President Bola Tinubu's policies, I would like to address Peter Obi's recent comments on what he would have done differently concerning Nigeria's economic challenges. Obi suggested he would have devalued the Naira and borrowed to defend it. While this might sound appealing to some, history shows that this approach has been tried before and failed. I firmly support the floating of the Naira under Tinubu's administration, a move that I believe will lead to sustainable growth rather than a temporary fix. Several past Nigerian administrations have adopted Peter Obi's strategy of artificially defending the Naira through borrowing. For instance, the administration of Goodluck Jonathan resorted to a similar method, which only depleted foreign reserves and increased national debt without addressing the underlying issues of corruption, poor productivity, and import dependency. The quick fixes of these past governments, including under Sani Abacha's regime, gave the illusion of stability, but they only postponed the inevitable economic crash that came once the resources to defend the Naira were exhausted. President Tinubu’s approach, on the other hand, uproots these deep-rooted problems rather than masking them. Floating the Naira is not a short-term, populist solution but a bold move aimed at addressing fundamental economic distortions. By allowing market forces to determine the value of the Naira, Tinubu’s administration is effectively dismantling the structures that have stifled growth for decades. This move encourages transparency and attracts foreign investment, which is vital for reviving Nigeria’s economy. The floating of the currency forces Nigeria to confront its productivity deficit, encouraging the country to focus on self-reliance, local production, and export growth, all of which are necessary for sustainable development. In contrast, Obi’s suggestion to devalue the currency and borrow money to prop it up would only postpone the country’s financial reckoning. Borrowing more at a time when Nigeria is already overburdened with debt would have been reckless. His approach would have drained Nigeria's reserves further and kept the country locked in a cycle of debt and dependency, romanticizing Nigeria's problems instead of fixing them. If Peter Obi had adopted this policy, his administration would have simply kicked the can down the road, leaving the next government with an even worse financial situation. I also call on Atiku Abubakar to clearly articulate his economic policies, had he won the 2023 election. Nigerians deserve to hear from those who aspire to lead, especially during these challenging times. It is essential to interrogate their ideas and policies, especially when some are attempting to exploit the current hardship to position themselves for the 2027 elections. It is not enough to criticize; Nigerians need to know what tangible solutions these leaders would offer. We must stop falling for populist rhetoric without asking the hard questions. Ultimately, I stand firmly behind the policies of President Tinubu’s administration. His decision to float the Naira, among other reforms, is a decisive and long-overdue move to reset Nigeria's economy. While the transition may be painful in the short term, it is necessary for building a future based on self-sufficiency, innovation, and real economic growth. Unlike Peter Obi’s quick fixes, which would have only postponed our problems, President Tinubu is dismantling the failed structures of the past and reinventing Nigeria for a better tomorrow. This is the kind of leadership we need to move the nation forward. Read more on: https://www.naomisophyblog.com.ng/why-i-support-floating-the-naira-a-response-to-peter-obis-approach-prince-nixon-okwara/ 4 Likes 1 Share
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Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by muykem: 4:39pm On Oct 12 |
Peter Obi doesn't have any economy knowledge. He is only capitalise on his followers ignorance. Borrowed to defend naira is what has been happening in the past that brought the country into his knees. 13 Likes 2 Shares |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by trutharena: 4:48pm On Oct 12 |
Obi and his quick fix approach 10 Likes 2 Shares |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by advanceDNA: 5:34pm On Oct 12 |
China wey big pass Nigeria is not running a free floating currency...... Ur president is just licking the àss of the IMF becos he has no plans for the nation than to borrow money to steal.. Yet y'all are dancing to propaganda of "no pain no gain".....8 years will soon come and go..... We will see the lies clearly with zero gains 2 Likes 1 Share |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by phantom(m): 5:40pm On Oct 12 |
advanceDNA: Are you minding them? Floating a currency which has done more damage because YOU DO NOT FLOAT THE CURRENCY OF A NON PRODUCTIVE ECONOMY most especially AFTER REMOVING THE SUBSIDY ON ENERGY.. Dumb president with dumb advisers! 🤦🏾♂️ 1 Like |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by Adblg0610: 9:18pm On Oct 12 |
phantom:As at 29th of May 2023, when Tinubu took over, debt to revenue ratio was 97%, which means that out of every #100 government would use #97 to pay debt, leaving a paltry #3. Does it make sense for Peter Obi to continue to borrow to support the naira, considering the facts that : 1. By your own admission, Nigeria is a non productive economy. 2. It would increase our import dependency 3. Borrowing more would increase our debt profile. 4. Nigeria was already insolvent, during Jonathan administration, according to Ngozi Okonjo Iweala. In my opinion, let’s give these new policies a chance and stop the corruption ridden padding of our currency which has not yielded any meaningful results since 1960 when we got independence. 9 Likes 3 Shares |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by GerogeI(m): 11:03pm On Oct 12 |
Dear OP, There is nothing like floating the Naira. When you learn that, that is when you have started the Journey. No country in the world truly floats their currency. Not the US, not the EU, not Britain. Behind every exchange rate is a beehive of the economic equivalent of international politics. When you come into that arena like a neophyte, then what happened to Naira will happen to you. On the Technical side, if you are not exporting oil in naira, rather CBN still earns the bull of the Foreign exchange entering the country, You cannot say you have free exchange rate or whatever floating naira means to you. Stop deceiving yourselves! 2 Likes |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by tundegan: 11:42pm On Oct 12 |
Peter Obi that is still trying to figure out the meaning of economic terms like devaluation and floating. He will still come and tell us he is the best president Nigeria never had. 8 Likes 2 Shares |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by Salewa97: 11:43pm On Oct 12 |
The writer should have added the word "Propaganda" to the title. It's a mere propaganda 5 Likes |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by MIKOLOWISKA: 1:39am On Oct 13 |
advanceDNA:your guy already did 8 yrs. Nothing to show in his state 6 Likes 2 Shares |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by Kukutenla: 2:22am On Oct 13 |
There's nothing here that we've not heard before What I'm waiting to hear is how floating the exchange rate will benefit us in the long run 2 Likes |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by Godfullsam(m): 4:52am On Oct 13 |
GerogeI: Naira has been floated You are just here speaking unnecessary English. Just tell us you don't understand the meaning of currency floatation. 8 Likes 2 Shares |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by richmond500: 7:31am On Oct 13 |
Kukutenla:It's for stability, they have over-explained this thing more than necessary, I wonder why some people are still asking the same question What u should ask is when will the hardship end, cos we don tire. 5 Likes |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by Kukutenla: 7:47am On Oct 13 |
richmond500:Stability? Does it have another meaning cause the exchange rate is never the same day-to-day Just last two weeks, it jumped by over N200!! Meanwhile, kindly highlight the word "stability" in the Op or give yourself a knock on the head |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by nairalanda1(m): 8:06am On Oct 13 |
Kukutenla: IGNATIUS, who is also called Theophorus, to the church which is at Ephesus in Asia; most deservedly happy; being blessed 1 through the greatness and fulness 2 of God the Father, and predestinated before the world began, that it should be always unto an enduring and unchangeable glory; being united and chosen 3 through his true passion, according to the will of the Father, and Jesus Christ our God; all 4 happiness, by Jesus Christ, and 5 his undefiled grace. 2 I have heard of your name much beloved in God; which ye have 6 very justly attained by a 7 habit of righteousness, according to the faith and love which is in Jesus Christ our Saviour. 3 How that being 8 followers of God, and stirring up yourselves by the blood of Christ ye have perfectly accomplished the work that was con-natural unto you. 4 For hearing that I came bound from Syria, for the common name and 9 hope, trusting through your prayers to fight with beasts at Rome; so that by 10 suffering I may become indeed the disciple of him 11 who gave himself to God, an offering and sacrifice for us; 12 (ye hastened to see me). I received, therefore, in the name of God, your whole multitude in Onesimus. 5 Who by inexpressible love is ours, but according to the flesh is your bishop; whom I beseech you, by Jesus Christ, to love; and that you would all strive to be like unto him. And blessed be God, who has granted unto you, who are so worthy of him, to 13 enjoy such an excellent bishop. 6 For what concerns my fellow servant Burrhus, and your 14 most blessed deacon in things pertaining to God; I entreat you that he may tarry longer, both for yours, and your bishop's honour. p. 167 7 And Crocus also worthy both our God and you, whom I have received as the pattern of your love, has in all things refreshed me, as the Father of our Lord Jesus Christ shall also refresh him; together with Onesimus, and Burrhus, and Euclus, and Fronto, 1 in whom I have, as to your charity, seen all of you. And may I always, 2 have joy of you, if I shall be worthy of it. 8 It is therefore fitting that you should 3 by all means glorify Jesus Christ who hath glorified you: that 4 by a uniform obedience 5 ye may be perfectly joined together, in the same mind, and in the same judgment: and may all speak the same things concerning everything. 9 And that being subject to 6 your bishop, and the presbytery, ye may be wholly and thoroughly sanctified. 10 These things I 7 prescribe to you, not as if I were somebody extraordinary: for though I am bound 8 for his name, I am not yet perfect in Christ Jesus. 9 But now I begin to learn, and I speak to you as fellow disciples together with me. 11 For I ought to have been stirred up by you, in faith, in admonition, in patience, in long-suffering; but forasmuch as charity suffers me not to be silent 10 towards you, I have first taken upon me to exhort you, that ye would all run together according to the will of God. 12 For even Jesus Christ, our inseparable life, is sent by the 11 will of the Father; as the bishops, appointed unto the utmost bounds of the earth, are by the will of Jesus Christ. 13 12 Wherefore it will become you to run together according to the will of your bishop, as also ye do. 14 For your 13 famous presbytery, worthy of God, is fitted as exactly to the bishop, as the strings are to the harp. 15 Therefore in your concord and agreeing charity, Jesus Christ is sung; and every single person among you makes up the chorus: 16 That so being all consonant in 14 love, and taking up the song of God, ye may in a perfect unity with one voice, sing to the Father by Jesus Christ; to the end that he may both hear you, and perceive by your works, that ye are indeed the members of his son. 17 Wherefore it is profitable for you to live in an unblameable unity, that so ye may always 15 have a fellowship with God. 3 Likes |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by nairalanda1(m): 8:07am On Oct 13 |
Kukutenla: 1 Against filthy and proud thoughts, 20 also the neglect of Hermas in chastising his children. HE who had bred me up sold a certain young maid at Rome; whom when I saw many years after, I remembered her, and began to love her as a sister. It happened some time afterwards, that I saw her washing in the river Tyber; and I reached out my hand unto her, and brought her out of the river. 2 And when I saw her I thought with myself, saying, How happy should I be if I had such a wife, both for beauty and manners. This I thought with myself; nor did I think any more. But not long after, as I was walking and musing on these thoughts, I began to honour this creature of God, thinking with myself; how noble and beautiful she was. 3 And when I had walked a little, I fell asleep. And the spirit caught me away, and carried me through a certain place toward the right-hand, through which no man could pass. It was a place among rocks, very steep, and unpassable for water. 4 When I was past this place, I came into a plain; and there falling down upon my knees, I began to pray unto the Lord, and to confess my sins. 5 And as I was praying, the heaven was opened, and I saw the woman which I had coveted, saluting me from heaven, and saying, Hermas, hail! and I looking upon her, answered, Lady, what dost thou do here? She answered me, 1 I am taken up hither to accuse thee of sin before the Lord. 6 Lady, said I, wilt thou 2 convince me? No, said she: but hear the words which I am about to speak unto thee. God who dwelleth in heaven, and hath made all things out of nothing, and hath multiplied them for his holy church's sake, is angry with thee p. 198 because thou hast sinned against me. 7 And I answering said unto her, Lady, if I have sinned against thee, tell me where, or in what place, or when did I ever speak an unseemly or dishonest word unto thee? 8 Have I not always esteemed thee as a lady? Have I not always reverenced thee as a sister? Why then dost thou imagine these wicked things against me? 9 Then she, smiling upon me, said: the desire of naughtiness has risen up in thy heart. Does it not seem to thee to be an ill thing for a righteous man to have an evil desire rise up in his heart? 10 It is indeed a sin, and that a very great one, to such a one; for a righteous man thinketh that which is righteous. And whilst he does so, and walketh uprightly, he shall have the Lord in heaven favorable unto him in all his business. 11 But as for those who think wickedly in their hearts, they take to themselves death and captivity; and especially those who love this present world, and glory in their riches, and regard not the good things that are to come; their souls wander up and down, and know not where to fix. 12 Now this is the case of such as are double-minded, who trust not in the Lord, and despise and neglect their own life. 13 But do thou pray unto the Lord, and he will heal thy sins, and the sins of thy whole house, and of all his saints. 14 ¶ As soon as she had spoken these words the heavens were shut, and I remained utterly swallowed up with sadness and fear; and said within myself, if this be laid against me for sin, how can I be saved? 15 Or how shall I ever be able to entreat the Lord for my many and great sins? With what words shall I beseech him to be merciful unto me? 16 As I was thinking over these things, and meditating in myself upon them, behold a chair was set over against me of the whitest wool, as bright as snow. 17 And there came an old woman in a bright garment, having a book in her hand, and sat alone, and saluted me, saying, 1 Hermas, hail! and I being full of sorrow, and weeping, answered, Hail, Lady! 18 And she said unto me, Why art thou sad, Hermas, who wert wont to be patient, and modest, and always cheerful? I answered, and said to her, Lady, a reproach has been laid to my charge by an excellent woman, who tells me, that I have sinned against her. 19 She replied, Far be any such thing from the servant of God. But it may be the desire of her has risen up in thy heart. For indeed such a thought maketh the servants of God guilty of sin. 20 Nor ought such a detestable thought to be in the servant of God: nor should he who is approved by the Spirit desire that which is evil; but especially Hermas, who contains himself from all wicked lusts, and is full of all simplicity, and of great innocence. 21 ¶ Nevertheless the Lord is not so much angry with thee for thine own sake, as upon the account of thy house, which has committed wickedness against the Lord, and against their parents. 22 And for that out of thy p. 199 fondness towards thy sons, thou hast not admonished thy house, but hast permitted them to live wickedly; for this cause the Lord is angry with thee: but he will heal all the evils that are done in thy house. For through their sins and iniquities, thou art wholly consumed in secular affairs. 3 Likes |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by richmond500: 9:46am On Oct 13 |
Kukutenla:not stability of the currency but stability of the economy. Guy abeg get more knowledge on this issue before u type cos e get somethings weh deh tiring to explain to a grown adult. 6 Likes 1 Share |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by Kukutenla: 9:51am On Oct 13 |
richmond500:So how has the economy stabilised since the floating? It seems to have been on a free call instead I'm seeking for knowledge that's why I'm asking what I don't know I believe you quoted me because you saw a gap in my knowledge 1 Like |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by Max24: 10:43am On Oct 13 |
We have told them multiple times that Obi does not have any economic sense. The only investment he has left in Anambra is currently next to nothing according to Soludo. What else do you want to hear. He is just a successful trader, nothing more. A mediocre at best. He would have totally messed up the economy worse than Somalia if he had won the presidency. Thank God we can now hear his ideas he wanted to rule with. Only Mumus we're carried away with his consumption to production charade. 2 Likes |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by richmond500: 10:51am On Oct 13 |
Kukutenla:What the govt is doing is forceful stability which has caused devaluation thereby leading to lower purchasing power and currency depreciation. Now when a currency is floating, it can adjust to shock from external influence. What this means is that, our economy will grow when world economy is growing and we will not fall if there is a global catastrophe in world economy. If our currency was floated all these while, COVID-19 wouldn't have affected us that much cos the economy would naturally adjust to the pressure. 5 Likes |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by Okoroawusa: 10:59am On Oct 13 |
See how you wasted a thread. You had the chance to reply to Obi that had never built an economy before? Before you tell me what you can do let me see what you have done and clearly Peter Obi has never done anything in the past that will warrant support from a sensible person unless people like mrvitalis that is supporting him because he is his "brother" even after calling him denigrating names few years ago. Well, Obi is my brother too but I refuse to be that stupid. 3 Likes |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by phantom(m): 11:04am On Oct 13 |
Adblg0610: Very good! So in effect, we are left with 2 options 1. Raise our revenue 2. Reduce or debt Abi? Respond so I know we can take this further. 2 Likes 1 Share |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by phantom(m): 11:07am On Oct 13 |
Kukutenla: Dont bother yourself! When you probe him further you'll find out he knows nothing. Just throws around words he reads in the newspapers. 😂 3 Likes |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by phantom(m): 11:18am On Oct 13 |
richmond500: Drawbacks of Free-Floating Exchange Rates: Exchange Rate Volatility: One of the most significant drawbacks of a free-floating system is the potential for exchange rate volatility. Currencies can experience rapid and unpredictable fluctuations, which can introduce uncertainty for businesses engaged in international trade and investment. Currency Risk: The volatility of exchange rates introduces currency risk for businesses and investors. Inflation Pass-Through: Exchange rate fluctuations can lead to changes in import prices, which can impact domestic inflation. A significant depreciation of the currency can contribute to imported inflation and erode real purchasing power. Loss of Exchange Rate as a Policy Tool: While countries gain monetary policy autonomy, they lose the ability to manage the exchange rate as a deliberate policy tool. This can limit the direct influence of exchange rates on trade and competitiveness. Ogbeni Richmond... please look at number 1 above ... Read it and digest it. Look... FLOATING A CURRENCY is a very dangerous economic policy that should be undertaken by very strong economies.. even at that such strong economies are always careful about floating their currency. You think the US and UK , most especially the latter have not adopted very tight reforms to manage their currencies You are talking about stability.. which stability? 😂..if not for anything, currency floatation renders your economy very UNSTABLE, PARTICULARLY for weak, non productive economies like ours. 1 Like |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by richmond500: 11:26am On Oct 13 |
phantom:Did u read what I wrote or u just felt like to counter my point? Go back and read, na new week be this, I no get strength to argue. Bye bye 1 Like |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by phantom(m): 11:32am On Oct 13 |
richmond500: 😂 😂... kai.. 🤦🏾♂️ |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by richmond500: 11:33am On Oct 13 |
phantom:Guy rest. You thinking I know too much at first is ur fault and has nothing to do with me. We talked yesterday, while u are busy asking me useless questions and avoiding the main topic of discussion, my stance was on the main topic before we derail, you guys had no interest in the main topic yet couldn't accept the truth, you beat around the bush, saying I know nothing? Create another thread and ask me that question, I will answer it. 2 Likes |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by phantom(m): 11:37am On Oct 13 |
richmond500: Create another thread for you? Because of what? Big waste of time. It's like trying to fetch water with a basket. We were both ready to engage you yesterday, and still are, BUT you were being evasive. We knew INSTANTLY that you had nothing to say. You suppose even give us thumbs up for our patience wey you drag like tiger generator 😂... we really tried that yesterday.. 😪 |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by richmond500: 11:44am On Oct 13 |
phantom:no, I was ready to stick to the thread, u are ready to derail. That is a waste of engagement, u know the truth but because of ur blind love for a politician, y'all are not ready to admit that ur messiah was wrong, u stylishly deviated from the main topic and conclude I know nothing. Delusion can be so amusing when it comes from die hard supporters of a politician. 2 Likes |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by richmond500: 11:46am On Oct 13 |
phantom:All I said was, u guys should admit to the truth which was flashed on u like energy bulb, but instead of admitting, u ignore it and stylishly derail and expected me to derail with u. Whose patience was really dragged yesterday? 1 Like |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by phantom(m): 11:50am On Oct 13 |
richmond500: Ogbeni, which one is derail? We both agreed for your benefit that Obi was stupid. We then asked you to explain "economic diversification ". Till now, we've not read anything sensible from you. Just being evasve and running from pillar to post. Look at this thread! I countered you with facts only for you to tell me to read what you wrote again as if I dey blind 😂. Abi, na me no know definition of STABILITY again? 😂 To be honest, you are really draining . Make I rest abeg, you obviously have nothing with which to push a proper discourse. Die the matter! |
Re: Why I Support Floating The Naira: A Response To Peter Obi’s Approach - Prince Ni by richmond500: 11:52am On Oct 13 |
phantom:I am going to talk about this thread in my next comment with facts. But can u bring proof to claim that u both agreed? 1 Like |
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