Monumental waste. Very shameful that APC could disappoint ardent followers. Shame on Buhari.

Religious bias would always hold sway to common sense or just reasoning, thus since it was done for the xtians it must be done for the muslims. No need to put the economic climate at these differing time periods into perpective. We will all foam in the mouth and they will do wat they want. So no point throwing exxpensive spittle here, cos I bought a bag of pure water for 150 to make that spittle

Rather than condemn the wastefulness,
many "progressives" are busy reframing
it as "religious freedom and fairness", since christian
got , muslim also has the same right.

Then I asked again , what business does
the government have in sponsoring people
for religious tourism ?

How does this improve our economy ?

Nicur:
The Central Bank of Nigeria has issued a circular instructing commercial banks to sell dollars to Pilgrims going to the Hajj at an exchange rate of N197.

The Central Bank explains that the sale of the forex will be funneled through commercial banks who are then mandated to sell to pilgrims at N197. Pilgrims are expected to purchase a minimum of $750 and a maximum of $1000 per pilgrim.



The circular also reveals there are a total of 65,197 Pilgrims, thus the CBN will sell as much as $65,197,000 assuming every Pilgrim buys as much as $1000 each.


Nigeria’s official exchange rate closed at about N315 which suggest that this sale could cost Nigerian tax payers about N7, 693, 246,000 in exchange rate loss (based on 315 -197=118).

This is not the first time the Central Bank is selling dollars to Pilgrims at a subsidized rate. Last August it also sold dollars at N160 at a time when the official exchange rate was about N197. Only that this time, the disparity is wider.

The implication for Nigerian tax payers is that the government is now incurring this sort of expense at a time when the economy is likely in a recession and millions are finding it hard to feed themselves. It is also at a time where the Nigerian government is running cap in hand begging foreign investors to invest in Nigeria so that we can boost our external reserves.

It also calls to question suspicions that government officials may be getting travel allowances at a different exchange rate from what is obtainable at the official interbank market.

The Central Bank of Nigeria floated the Naira on the 20th of June 2016 following a year-long policy of holding the exchange rate at a fixed rate of about N197/$1. Since floating the naira, the exchange rate has depreciated by as much 60% at the interbank and over 100% at the parallel market. The dollar closed at about N400 at the parallel market on Thursday.


http://nairametrics.com/cbn-to-lose-n7-6-billion-in-tax-payers-money-for-selling-dollars-to-hajj-pilgrims-n197/

but only 2billion was needed for a successful Olympics but that one no dey important.

A government that cannot stick to its plan. I thought naira has been floated?

gists:
First, it is hypocritical to lament about the amount of money being lost because of the subsidy for Hajj pilgrims even though you kept quiet when the Christian pilgrims were also subsidised by the same government last year.

But having said that, this government campaigned that they will stop wastages. What better/bigger example of wastage can you think of than subsidizing pilgrimage - be it muslims or christians. The money being used for this purpose will go a long way in solving some of our pressing needs.

We should always talk and speak out when the government does something wrong. It is very silly and childish (to say the least) when you speak only when it favour you or while trying to pull down the other. It reminds me of Jibrin and Dogara.

So as them do am for Muslims and Christians last year, justify the fact say make them do am this year.

Una never suffer reach for that country e just dey start

fiercehillz:
This is unfair to importers...what have we gained from this pilgrimage?

Buhari is a despicable fhool with zero economic sense. A reasonable human being would have subsidized import charges and duty of importers at least to cushion the effect of the current harsh economic situation dealing with nigerians.

Nigeria being an import dependent country would need it badly considering the very austere economic situation of the moment, but No! the incompetent doofus will rather use his fellow ab0ki in customs to stifle importers and make them cough out exorbitant charges all in name of duty/tariff charge which they jacked up recently. And in his shallow mind he thinks he is doing Igbo people who are majority in importation, forgetting that the law of economics will suffice in such situation, importers will push the burden to end users/final consumers. At the end, the poor masses will continue to suffer further impoverishment.

So much for a leader who promised to make life better for nigerians. It shall never end well for buhari.

As it's Muslim Na, why won't the whole nation as federal government loss? If it were opposite the will raise constitutional standard.

Iska kowai

Buhari whyyyyyyy I thought I voted for change but with what you are doing i might end up losing faith in you

Nigeria govt will never learn, wasting scarce state money on something which is personal to the individuals concerned.

Abeg, gurus in research, help me list how many countries in the world sponsor their citizens with state fund for pilgrimages?

izzou:
2019



How long will you take before you get here?

Like as if you don't know how gullible Nigerians are...

come 2019, then still be rooting for him. They would all forget whatever it is they are passing through at the moment. I don't know if its a curse or something...

Nicur:
The Central Bank of Nigeria has issued a circular instructing commercial banks to sell dollars to Pilgrims going to the Hajj at an exchange rate of N197.

The Central Bank explains that the sale of the forex will be funneled through commercial banks who are then mandated to sell to pilgrims at N197. Pilgrims are expected to purchase a minimum of $750 and a maximum of $1000 per pilgrim.



The circular also reveals there are a total of 65,197 Pilgrims, thus the CBN will sell as much as $65,197,000 assuming every Pilgrim buys as much as $1000 each.


Nigeria’s official exchange rate closed at about N315 which suggest that this sale could cost Nigerian tax payers about N7, 693, 246,000 in exchange rate loss (based on 315 -197=118).

This is not the first time the Central Bank is selling dollars to Pilgrims at a subsidized rate. Last August it also sold dollars at N160 at a time when the official exchange rate was about N197. Only that this time, the disparity is wider.

The implication for Nigerian tax payers is that the government is now incurring this sort of expense at a time when the economy is likely in a recession and millions are finding it hard to feed themselves. It is also at a time where the Nigerian government is running cap in hand begging foreign investors to invest in Nigeria so that we can boost our external reserves.

It also calls to question suspicions that government officials may be getting travel allowances at a different exchange rate from what is obtainable at the official interbank market.

The Central Bank of Nigeria floated the Naira on the 20th of June 2016 following a year-long policy of holding the exchange rate at a fixed rate of about N197/$1. Since floating the naira, the exchange rate has depreciated by as much 60% at the interbank and over 100% at the parallel market. The dollar closed at about N400 at the parallel market on Thursday.


http://nairametrics.com/cbn-to-lose-n7-6-billion-in-tax-payers-money-for-selling-dollars-to-hajj-pilgrims-n197/

MISPLACEMENT OF PRIORITIES.

izzou:
2019



How long will you take before you get here?

Like as if you don't know how gullible Nigerians are...

come 2019, they'd still be rooting for him. They would all forget whatever it is they are passing through at the moment. I don't know if its a curse or something...

magnetik:
If the same was done for Christian pilgrimage.. so what's wrong to do the same for Muslims...?

I hear you, but it's wrong in both cases!!!

izzou:
2019



How long will you take before you get here?

2019 What?

Nigeria's political structure created by Arewa soldiers ensures that even if Buhari misleads Nigeria to hell, he must win second term.

Were they asleep in 2015 when they consigned Nigeria back to the conservative military block that represents only northern Nigeria's interests?

Honestly, I regret voting Buhari...but what were we to do? It was either an expired visionless General or an extremely corrupt incumbent President.

gists:
First, it is hypocritical to lament about the amount of money being lost because of the subsidy for Hajj pilgrims even though you kept quiet when the Christian pilgrims were also subsidised by the same government last year.

But having said that, this government campaigned that they will stop wastages. What better/bigger example of wastage can you think of than subsidizing pilgrimage - be it muslims or christians. The money being used for this purpose will go a long way in solving some of our pressing needs.

We should always talk and speak out when the government does something wrong. It is very silly and childish (to say the least) when you speak only when it favour you or while trying to pull down the other. It reminds me of Jibrin and Dogara.

No Nigerian pilgrims should be sponsored or subsidized.

Anyone stupid enough to buy into the idiotic myths that cause them to waste their time and money in the Middle East should go on their own dime.

That is a lie.

The max they claimed is 1,000 dollars.

It is a shame and the dollar subsidy is useless no doubt.

May God serve Nigeria

izzou:
2019

How long will you take before you get here?

Less than three years.

Some smart guys will make silly money from this loophole. They will get the exchange in the name of pilgrimage and resell to abo.kis at floating rate. Good business.

The earlier our govt realised that most people use religion to gain advantage over the masses, the better for the country.

Tell me what benefit has this country gotten from these pilgrimages? Nothing! Some politicians just use them to boost their ego and acquire titles (Alhaji, Jerusalem Pilgrim)

Just mention the name of any looter of Nigeria resources that is not an Alhaji or a Jerusalem Pilgrim. Then why is the govt wasrting our resources to sponsor criminals for a jamboree?

I tire for this country jare.

@ N197 to $1 no subsidy or gestures of any kind was ever given to the pilgrims
what you shoulder understand is that this pilgrims (over 80% of them) paid their money to the government pause months ago (some even paid in 2015) before the devaluation of the naira. Therefore you will agree with me that it will be unfair for thesame government to charge the same pilgrims (or provide its service) at the current rate (300+) when however the transaction was agreed and paid for at the old rate (197).

This country sickens me greatly.

Katyusha:
Honestly, I regret voting Buhari...but what were we to do? It was either an expired visionless General or an extremely corrupt incumbent President.

Choose 1.

An expired visionless general vs 'extremely' corrupt president.

Bear in mind that

1. with the latter, life was bearable, basic needs were affordable, and you could cope with your meager income.

2. But with the former, life has become frustrating as cost of living has skyrocketed whereas standard of living has dropped as Nigerians go through untold hardship and suffering

izmercy:

senior, pls grow up!
Nobody is concerned about religion here. we are all disturbed about the current mess this country is in. what about the president promise of prudent spending? we earn less, we should spend less and plan more.
take a stroll to market and check the price of commodities.f

Yes the economy is not on the good side but this is not too much of privilege to pilgrims. What alternative would you have suggested to ease the pilgrim's trip.

Stop all this needless arguements and accusations.

Going to Mecca is a sucide mision on its own.


Buhari and CBN are encouraging some folks to their '' holy grave'' in ''holy land''

Go through the previous statistics before quoting me.

ayoolanr:

I hear you, but it's wrong in both cases!!!

They are Nigerians bro.. there should be some privileges in such case

IPOB

Moneyyy:
This Buhari is the worst thing to happen to Nigeria since the civil war.

The internally generated revenue of the whole northern states cannot sum up to 13B naira in a fiscal year

Even the zombies can see that buhari and his team of idiots are working overtime to surpass every other person in the cluelessness department