A lot of Nigerians spend time thinking...this is me mildly putting it...in magical thinking. Apparently if we fight corruption and so forth, we are all going to end up having enough money for subsides for everything.

Except that this is impossible. To earn enough for subsides for petrol and electricity alone...remember the government still subsidises health and education...to a point where both would be supplied in full , we need something around the region of 35 trillion naira at least every year.

Add the fact that our budget for this year barely touches 30 trillion naira.

But the subsidy people argue, and have always argued for the past 10-15 years that NIgerians are poor, and we need to spend more on subsidy. SO, the government goes ahead, spends on subsidy.....and takes more loans to pay for the subsidy.....leaving us with a debt that is stone cold high.

Or we have to make more money. Apparently we need to fight stealing. But let's be clear...our budget before stealing is 30 trillion naira. Now 30 trillion naira is not enough to pay for anything for 260 million people (cue denials that we are actually 40 million, not 260 million or something). But how to make more money? Our agric system is going to take ages to modernize, and the mining sector is in a mess . As for industries.....when Nigerians deny that our power sector needs 17 trillion naira, and so forth, what do you expect? We pay for poor power supply yet we expect good power supply. SO all that is left is to tax the over 70% of people who do not pay taxes, but....we are poor, we are poor.

At the end of this, we are left with a connundrum. All the methods we have suggested are wrong because we are poor...but the good things have to be provided...so for decades, NIgerian leaders have borrowed and borrowed. And right now we are seeing the effects of borrowing...forced to remove fuel subsides, forced slowly to remove power subsides, and now education subsidies are going.


Yet, Nigerians shout that anyone supporting this is a government man, or an IMF Man, or is this. Or supports evil, or supports tinubu.

It is even getting so riddiculous that supporting businesses making a profit means you are a tinubu supporter. Some funny reasoning



But it is understandbale. People are poor here. One can understand when people call you t-pain supporter for the nth time, where they come from. Nigerians have suffered for decades, and sane economics requires even more hardship. So, we demand for subsdies that in the long run cost more than our budget , we demand not to pay taxes because we are an oil rich nation, and then we complain when the government inevitably turns to take more loans.


Hell, all this does not mean that one is blind to corruption, it is very obvious from the facts that the government of tinubu is very corrupt. If the National Assembly padding, where a institution of research gets billions to fix a school in some obscure village , not in its catchment area does not convince you, what will? But let's be honest, the stealing is already taking place from a small pot. ANd it is wrong, and it must be stopped.


But then again, NIgerians don';t want more pain.


At the end, we never get sane economic policy. We use the bad economic policy to bash the government in power, and when our side takes over, we then defend...sane economics.


I have been on this site for over 10 years, and never have i met people who think that you can get a ferrari at the cost of a bicycle for kids....as Nigerians.

It's no use.


Well, one day, reality will hit us.


Modified

As expected

Nigerians are incredibly intelligent and industrious folks. We will get there someday.

All the major presidential candidates in the last election promised to remove fuel subsidy.

That you know more than all of them, it's time for you to contest the 2027 presidential election

THE PROBLEM OF NIGERIA IS THE FLOATING OF THE NAIRA

Iamanoited:
THE PROBLEM OF NIGERIA IS THE FLOATING OF THE NAIRA

Is that why we are using our FX to be importing embalmed fish and Turkey?

helinues:
All the major presidential candidates in the last election promised to remove fuel subsidy.

That you know more than all of them, it's time for you to contest the 2027 presidential election

Sharrap
When exactly was subsidy removed? Last week? Last month? Last year? When exactly?
Someone told you that the main problem is floating naira and you are there talking rubbish as usual

Is it a requirement that you must have nothing upstairs before you support tinubu?

Zionmdde:

Sharrap
When exactly was subsidy removed? Last week? Last month? Last year? When exactly?
Someone told you that the main problem is floating naira and you are there talking rubbish as usual

Is it a requirement that you must have nothing upstairs before you support tinubu?

Why is it so hard for some of you to express yourself without throwing tantrums?

What's the bitterness for fcs?

Iamanoited:
THE PROBLEM OF NIGERIA IS THE FLOATING OF THE NAIRA

Well, as Obi put it well, the alternative to floating the naira would be to borrow billions more dollars to buffer the naira.

Which won't permanently solve the problem and would not stop things like round tripping
..but would also worsen our debt burden.

helinues:


Why is it so hard for some of you to express yourself without throwing tantrums?

What's the bitterness for fcs?

Sharrap and answer the question
When exactly was subsidy removed by ur god tinubu?

Zionmdde:

Sharrap and answer the question
When exactly was subsidy removed by ur god tinubu?

Why should you be expecting response from someone you already told to sharap?

Is sharap not stop talking?

This is purely confusion raised to power 16 oo

helinues:


Why should you be expecting response from someone you already told to sharap?

Is sharap not stop talking?

This is purely confusion raised to power 16 oo

Sharrap and answer the question.
Sharrap here means stop vomiting thrash from your anus

Zionmdde:

Sharrap and answer the question.
Sharrap here means stop vomiting thrash from your anus

Ok. Sharrap your question then and shove it at anywhere conducive for you

You don talk am all.

helinues:


Ok. Sharrap your question then and shove it at anywhere conducive for you

What's this one saying
What is Sharrap your question
Na wa oooo.
Don't be shy, what do you feel is inside your skull. It's definitely not the brain

Economic policies are unique to each country and there is no global formula for finding a solution to them.

Argentina was worse than Nigeria when both Bola Ahmed Tinubu and Javier Gerardo Milei were elected. Argentina shunned, blasted, and repudiated the IMF and World Bank and is doing the opposite of what these agencies suggested and today, Argentina is back on track while Nigeria is the worst of any emerging economy.

Naralanda1 is a potentially wicked politician. You don't pull down a house you were called to amend and leave everyone at the mercy of the weather and illnesses just because you want to build a new house. That's plain wickedness.

nairalanda1:
A lot of Nigerians spend time thinking...this is me mildly putting it...in magical thinking. Apparently if we fight corruption and so forth, we are all going to end up having enough money for subsides for everything.

Except that this is impossible. To earn enough for subsides for petrol and electricity alone...remember the government still subsidises health and education...to a point where both would be supplied in full , we need something around the region of 35 trillion naira at least every year.

Add the fact that our budget for this year barely touches 30 trillion naira.

But the subsidy people argue, and have always argued for the past 10-15 years that NIgerians are poor, and we need to spend more on subsidy. SO, the government goes ahead, spends on subsidy.....and takes more loans to pay for the subsidy.....leaving us with a debt that is stone cold high.

Or we have to make more money. Apparently we need to fight stealing. But let's be clear...our budget before stealing is 30 trillion naira. Now 30 trillion naira is not enough to pay for anything for 260 million people (cue denials that we are actually 40 million, not 260 million or something). But how to make more money? Our agric system is going to take ages to modernize, and the mining sector is in a mess . As for industries.....when Nigerians deny that our power sector needs 17 trillion naira, and so forth, what do you expect? We pay for poor power supply yet we expect good power supply. SO all that is left is to tax the over 70% of people who do not pay taxes, but....we are poor, we are poor.

At the end of this, we are left with a connundrum. All the methods we have suggested are wrong because we are poor...but the good things have to be provided...so for decades, NIgerian leaders have borrowed and borrowed. And right now we are seeing the effects of borrowing...forced to remove fuel subsides, forced slowly to remove power subsides, and now education subsidies are going.


Yet, Nigerians shout that anyone supporting this is a government man, or an IMF Man, or is this. Or supports evil, or supports tinubu.

It is even getting so riddiculous that supporting businesses making a profit means you are a tinubu supporter. Some funny reasoning



But it is understandbale. People are poor here. One can understand when people call you t-pain supporter for the nth time, where they come from. Nigerians have suffered for decades, and sane economics requires even more hardship. So, we demand for subsdies that in the long run cost more than our budget , we demand not to pay taxes because we are an oil rich nation, and then we complain when the government inevitably turns to take more loans.


Hell, all this does not mean that one is blind to corruption, it is very obvious from the facts that the government of tinubu is very corrupt. If the National Assembly padding, where a institution of research gets billions to fix a school in some obscure village , not in its catchment area does not convince you, what will? But let's be honest, the stealing is already taking place from a small pot. ANd it is wrong, and it must be stopped.


But then again, NIgerians don';t want more pain.


At the end, we never get sane economic policy. We use the bad economic policy to bash the government in power, and when our side takes over, we then defend...sane economics.


I have been on this site for over 10 years, and never have i met people who think that you can get a ferrari at the cost of a bicycle for kids....as Nigerians.

It's no use.


Well, one day, reality will hit us.

Has Tinubu removed subsidy yes or no

Nigeria started dying 38 years ago with the implementation of IMF Structural Adjustment Program. I still see no way out even If oil becomes $300 per barrel and naira becomes at par with dollar. It is just going to be another wasted revenue.

Where is the money Obj kept in the treasury for future use?

Zionmdde:

What's this one saying
What is Sharrap your question
Na wa oooo.
Don't be shy, what do you feel is inside your skull. It's definitely not the brain

The good thing be say the op of this thread have been kinda trying to be advocate of peace even though it's one sided.

I am not sure he has seen this your comments and don't think he can see it. But if it were to be other way round, Kaleidoscope must have been applied for viewing

We have only been defending ourselves, it's you people that always like to start the attacking just like this thread

helinues:


Ok. Sharrap your question then and shove it at anywhere conducive for you

Sharap again and get a job.

The reality don already hit. Na why some people are just too angry for nothing

helinues:


The good thing be say the op of this thread have been kinda trying to be advocate of peace even though it's one sided.

I am not sure he has seen this your comments and don't think he can see it. But if it were to be other way round, Kaleidoscope must have been applied for viewing

We have only been defending ourselves, it's you people that always like to start the attacking just like this thread

Which OP
The OP should rather advocate that you develop some senses

You mean defending rubbish since buhari era
Now simple question of when exactly tinubu removed subsidy you cannot answer

A corny afternoon to the corn hustler.
I intend to make some quick corrections but first let me tell you what corruption which you so easily dismiss in favour of some phantom economic theory has done to Nigeria. According to a research by Chatham House in 2019, $582bn has been stolen from Nigeria since we got independence in 1960. Let that sink in, 2019. Now we know that corruption is an ongoing enterprise in Nigeria so you can imagine what the figures will look like if we update it to September 2024. Now if that 2019 figure was to be invested in a sovereign wealth fund as countries with natural resources and leaders who have love for country usually do, Nigeria will be number 4 on the list of countries with SWFs after Norway, UAE and China as at 2019. Just imagine having a SWF in 2019 that's yielding just 6.5% interest p.a. That will imply that as at 2019, Nigeria will make a cool $3.25bn from the SWF returns which will translate to N1.5trn as at the going official exchange rate then. How much did you say we need for power again? N17trn? That means by now 2024, if we use the present exchange rate, we will have N5.2trn we can invest into our power sector. This means by 2027, we would have completed the 17trn without breaking a sweat or needing any economic grammar!! Let that sink in. That's what corruption has done and is doing to our country Nigeria!!

Now for the corrections,
1. Nigeria is not the only nation that subsidizes health and education. Almost every nation does it. In fact, that's why japa is so alluring. When you become a UK resident, your kids can go to school up to high school without you having to pay a penny for quality education. Same applies in the USA. The UK has the NHS while the US has Obamacare

2. Energy subsidy is a leveler. One factor of production that's never mentioned in Adams Smith's theory but which is very critical is energy. Energy determines how much technological input you can employ in your business and by extension impacts the cost of doing business and output efficency. High energy costs translate to high business costs. A lot of big business have exited the Nigerian scene due to devaluation which led to high input cost for them in the last year. How much more small business? A good number of grocery stores are packing up. Just look around and you'll see. So how is your govt expected to generate more revenue from tax when businesses are folding up? Is it PIT you're banking on? Really?

3. Nigeria based on present statistics is earning a lot more income from non- oil sources than oil. Taxes and other sources have exceeded oil income since 2021. The edge oil income still holds its that it is the main source of dollars. Now if the non-oil income has exceeded oil income, and our exports have exceeded imports since 2022 as well, basic economics tells us that Nigeria should be having a favorable trade balance and an uptick in currency value as well as more money for government to spend on social services. But here in Nigeria, it is shocking that the reverse is the case!! You may ask why? Let me help you. Our first lady donated the sum of N1bn to her alma mater a few weeks back. In a sane country, that should set alarm bells ringing at our IRS. Her tax records should be under the microscope now to see if she has been making filings and returns commensurate to such earnings. Secondly, it was reported that she had spent a whopping 700m to "buy" dollars for her foreign trips. That's just her o. We have not heard about others like governors and senators etc etc. You see how mismanagement of our resources is killing us?

Tend to your corn. Don't let it burn. You can come back and reply later.

Treadway DeepSight lexy2014

helinues:
All the major presidential candidates in the last election promised to remove fuel subsidy.

That you know more than all of them, it's time for you to contest the 2027 presidential election

But you opposed GEJ for removing fuel subsidy. You forgot about that, right?

Is it short memory or Islamic Hypocrisy?

They will keep shouting until they realize they are the minority.

Kukutente23:
A corny afternoon to the corn hustler.
I intend to make some quick corrections but first let me tell you what corruption which you so easily dismiss in favour of some phantom economic theory has done to Nigeria. According to a research by Chatham House in 2019, $582bn has been stolen from Nigeria since we got independence in 1960. Let that sink in, 2019. Now we know that corruption is an ongoing enterprise in Nigeria so you can imagine what the figures will look like if we update it to September 2024. Now if that 2019 figure was to be invested in a sovereign wealth fund as countries with natural resources and leaders who have love for country usually do, Nigeria will be number 4 on the list of countries with SWFs after Norway, UAE and China as at 2019. Just imagine having a SWF in 2019 that's yielding just 6.5% interest p.a. That will imply that as at 2019, Nigeria will make a cool $3.25bn from the SWF returns which will translate to N1.5trn as at the going official exchange rate then. How much did you say we need for power again? N17trn? That means by now 2024, if we use the present exchange rate, we will have N5.2trn we can invest into our power sector. This means by 2027, we would have completed the 17trn without breaking a sweat or needing any economic grammar!! Let that sink in. That's what corruption has done and is doing to our country Nigeria!!

Now for the corrections,
1. Nigeria is not the only nation that subsidizes health and education. Almost every nation does it. In fact, that's why japa is so alluring. When you become a UK resident, your kids can go to school up to high school without you having to pay a penny for quality education. Same applies in the USA. The UK has the NHS while the US has Obamacare

2. Energy subsidy is a leveler. One factor of production that's never mentioned in Adams Smith's theory but which is very critical is energy. Energy determines how much technological input you can employ in your business and by extension impacts the cost of doing business and output efficency. High energy costs translate to high business costs. A lot of big business have exited the Nigerian scene due to devaluation which led to high input cost for them in the last year. How much more small business? A good number of grocery stores are packing up. Just look around and you'll see. So how is your govt expected to generate more revenue from tax when businesses are folding up? Is it PIT you're banking on? Really?

3. Nigeria based on present statistics is earning a lot more income from non- oil sources than oil. Taxes and other sources have exceeded oil income since 2021. The edge oil income still holds its that it is the main source of dollars. Now if the non-oil income has exceeded oil income, and our exports have exceeded imports since 2022 as well, basic economics tells us that Nigeria should be having a favorable trade balance and an uptick in currency value as well as more money for government to spend on social services. But here in Nigeria, it is shocking that the reverse is the case!! You may ask why? Let me help you. Our first lady donated the sum of N1bn to her alma mater a few weeks back. In a sane country, that should set alarm bells ringing at our IRS. Her tax records should be under the microscope now to see if she has been making filings and returns commensurate to such earnings. Secondly, it was reported that she had spent a whopping 700m to "buy" dollars for her foreign trips. That's just her o. We have not heard about others like governors and senators etc etc. You see how mismanagement of our resources is killing us?

Tend to your corn. Don't let it burn. You can come back and reply later.

Treadway DeepSight lexy2014

me I don give up on nairalanda1 tey tey.

If fuel never hit 2k, he no go happy. All the other issues and nuances no matter to the nigga, na sha make fuel cost increase be the Koko. By then sha when the fuel hit 2k, and full tanker na 100million and maybe only 1 station per state na im dey dispense fuel as per say all fuel stations don fold up, we go see whether problem don dey solved or whether dem don create another fresh and worse one. Till then, me jus dey ignore im posts.🚶‍♂️🚶‍♂️🚶‍♂️

As I've always maintained, I don't even mind the removal of subsidy, but devaluing the naira at the same damn time, was just nothing less than a mad decision by a mad man/men.

Remove the subsidy, and defend the naira at least till one or more expected refineries come on stream. That is what a sensible human being that isn't CORNfused and has dung for brains would have done, given our circumstances. No be textbook theory apply in this case, na common sense apply.

To be net exporter of finished products isn't a day thing, infact in our case, it isn't even a decade thing.

Yes, the responses are to be expected

Kind of why I don't see any future for our economy

Let is continue to borrow to fund subsides

We need am.


Good night

P.s

All the commenters here have not answered the question of how we would find money for subsides worth 40 trillion per annum at least..na adhomienn and abuse and long treatiese they Dem write.


But none of them can answer the vital question


The apc supporters too have not told me how their lord and master tinubu would bring in more money for Nigeria .


Anyway, it was a fun exercise.



Pax vobiscum

The subsidies cost the so called 40 trillion cos they abandoned common sense and devalued the naira. First maalu Buhari and now this clown.

Obasanjo paid subsidy
Jonathan paid subsidy
Yaradua paid subsidy

Nigeria didn't collapse.

Jonathan left debt that the so called subsidy removers have multiplied x4.

Tinubu supposedly removed subsidy and in one year has increased the domestic debt by over 45trillion naira and the foreign debt by around $20b.. my explanation for that is simple. CORRUPTION, but OP no feel say corruption na front burner issue, na only subsidy removal be the Koko... paragraphs upon paragraph on one message and that message only.

We dey here dey watch😁

LadyExcellency:
Economic policies are unique to each country and there is no global formula for finding a solution to them.

Argentina was worse than Nigeria when both Bola Ahmed Tinubu and Javier Gerardo Milei were elected. Argentina shunned, blasted, and repudiated the IMF and World Bank and is doing the opposite of what these agencies suggested and today, Argentina is back on track while Nigeria is the worst of any emerging economy.

Naralanda1 is a potentially wicked politician. You don't pull down a house you were called to amend and leave everyone at the mercy of the weather and illnesses just because you want to build a new house. That's plain wickedness.

Good,.so.where do we find

1. Amounts of at least 13 trillion naira yearly to subsidies petrol to 200 naira per liter

2. Amounts of 17 trillion naira at least per annum to subsidize and fix power


On top of a budget of 30 trillion per annum.

Your boy tinubu tried it for some time but had to give it up because the debt the Stick left for him was ginromous.

Same system we have been doing for generations by the way.


Anyway, I am an evil politician for asking what our government plans to do to make more money.😄


Good afternoon. Beware the goddess Ashtoreth..she is behind you waiting to take your soul.

mrvitalis:

Has Tinubu removed subsidy yes or no

No
There is still some price setting by government.

Until it is set by the market, there is a subsidy

Treadway:
me I don give up on nairalanda1 tey tey.

If fuel never hit 2k, he no go happy. All the other issues and nuances no matter to the nigga, na sha make fuel cost increase be the Koko. By then sha when the fuel hit 2k, and full tanker na 100million and maybe only 1 station per state na im dey dispense fuel as per say all fuel stations don fold up, we go see whether problem don dey solved or whether dem don create another fresh and worse one. Till then, me jus dey ignore im posts.🚶‍♂️🚶‍♂️🚶‍♂️

As I've always maintained, I don't even mind the removal of subsidy, but devaluing the naira at the same damn time, was just nothing less than a mad decision by a mad man/men.

Remove the subsidy, and defend the naira at least till one or more expected refineries come on stream. That is what a sensible human being that isn't CORNfused and has dung for brains would have done, given our circumstances. No be textbook theory apply in this case, na common sense apply.

To be net exporter of finished products isn't a day thing, infact in our case, it isn't even a decade thing.

So keep borrowing to.defend the naira.

In other words, tinubu and buhari were right to keep taking loans.

Me I think they were wrong. And are still wrong.

Our politicians should stop lying to us

Treadway:
me I don give up on nairalanda1 tey tey.

If fuel never hit 2k, he no go happy. All the other issues and nuances no matter to the nigga, na sha make fuel cost increase be the Koko. By then sha when the fuel hit 2k, and full tanker na 100million and maybe only 1 station per state na im dey dispense fuel as per say all fuel stations don fold up, we go see whether problem don dey solved or whether dem don create another fresh and worse one. Till then, me jus dey ignore im posts.🚶‍♂️🚶‍♂️🚶‍♂️

As I've always maintained, I don't even mind the removal of subsidy, but devaluing the naira at the same damn time, was just nothing less than a mad decision by a mad man/men.

Remove the subsidy, and defend the naira at least till one or more expected refineries come on stream. That is what a sensible human being that isn't CORNfused and has dung for brains would have done, given our circumstances. No be textbook theory apply in this case, na common sense apply.

To be net exporter of finished products isn't a day thing, infact in our case, it isn't even a decade thing.

Don't mind the stealth agbadorian
Imagine excusing corruption in a country like Nigeria!!
Even the devaluation, na corruption dey the base

Kukutente23:
A corny afternoon to the corn hustler.
I intend to make some quick corrections but first let me tell you what corruption which you so easily dismiss in favour of some phantom economic theory has done to Nigeria. According to a research by Chatham House in 2019, $582bn has been stolen from Nigeria since we got independence in 1960. Let that sink in, 2019. Now we know that corruption is an ongoing enterprise in Nigeria so you can imagine what the figures will look like if we update it to September 2024. Now if that 2019 figure was to be invested in a sovereign wealth fund as countries with natural resources and leaders who have love for country usually do, Nigeria will be number 4 on the list of countries with SWFs after Norway, UAE and China as at 2019. Just imagine having a SWF in 2019 that's yielding just 6.5% interest p.a. That will imply that as at 2019, Nigeria will make a cool $3.25bn from the SWF returns which will translate to N1.5trn as at the going official exchange rate then. How much did you say we need for power again? N17trn? That means by now 2024, if we use the present exchange rate, we will have N5.2trn we can invest into our power sector. This means by 2027, we would have completed the 17trn without breaking a sweat or needing any economic grammar!! Let that sink in. That's what corruption has done and is doing to our country Nigeria!!

Now for the corrections,
1. Nigeria is not the only nation that subsidizes health and education. Almost every nation does it. In fact, that's why japa is so alluring. When you become a UK resident, your kids can go to school up to high school without you having to pay a penny for quality education. Same applies in the USA. The UK has the NHS while the US has Obamacare

2. Energy subsidy is a leveler. One factor of production that's never mentioned in Adams Smith's theory but which is very critical is energy. Energy determines how much technological input you can employ in your business and by extension impacts the cost of doing business and output efficency. High energy costs translate to high business costs. A lot of big business have exited the Nigerian scene due to devaluation which led to high input cost for them in the last year. How much more small business? A good number of grocery stores are packing up. Just look around and you'll see. So how is your govt expected to generate more revenue from tax when businesses are folding up? Is it PIT you're banking on? Really?

3. Nigeria based on present statistics is earning a lot more income from non- oil sources than oil. Taxes and other sources have exceeded oil income since 2021. The edge oil income still holds its that it is the main source of dollars. Now if the non-oil income has exceeded oil income, and our exports have exceeded imports since 2022 as well, basic economics tells us that Nigeria should be having a favorable trade balance and an uptick in currency value as well as more money for government to spend on social services. But here in Nigeria, it is shocking that the reverse is the case!! You may ask why? Let me help you. Our first lady donated the sum of N1bn to her alma mater a few weeks back. In a sane country, that should set alarm bells ringing at our IRS. Her tax records should be under the microscope now to see if she has been making filings and returns commensurate to such earnings. Secondly, it was reported that she had spent a whopping 700m to "buy" dollars for her foreign trips. That's just her o. We have not heard about others like governors and senators etc etc. You see how mismanagement of our resources is killing us?

Tend to your corn. Don't let it burn. You can come back and reply later.

Treadway DeepSight lexy2014

So we should borrow more money?

Thanks. You have done well, Lord Vader. And now I await your report on the Death star. We shall soon test it on the Nigerian economy in line with Darth tinubu and High Lord Biharis plans...hahahahah