NewStats: 3,263,722 , 8,181,157 topics. Date: Saturday, 07 June 2025 at 02:36 PM 39ua

At a meeting called at his instance on Thursday to address the foreign exchange crisis and the problem of economic downturn, among others, Bola Tinubu failed, yet again, to showcase any concrete policy steps that his istration is taking to contain the crises of currency fluctuation and poverty that face the country.

Rather, he told the country and experts who have been offering ideas on how to resolve the crisis that he and his team should not be distracted and allowed time to continue cooking their cocktail that has brought untold hardship to the people of Nigeria.

I don’t agree with that.
The wrong policies of the Tinubu istration continue to cause untold pain and distress on the economy and the rest of us cannot keep quiet when, clearly, the government has demonstrated sufficient poverty of ideas to redeem the situation.

If the government will not hold on to their usual hubris, there are ways that the country can walk out of the current crisis.

After a careful assessment of the state of our economy at the twilights of the last istration, I knew full well that the economy of the country was heading for the ditch and came up with a number of policy prescriptions that would rescue the country from getting into the mess that we are currently in.

Those ideas, encapsulated in my policy document titled: My Covenant With Nigerians made the following prescriptions:

1. I had signed on to a commitment to reform the operation of the foreign exchange market. Specifically, there was a commitment to eliminate multiple exchange rate windows. The system only served to enrich opportunists, rent-seekers, middlemen, arbitrageurs, and fraudsters.

2. A fixed exchange rate system would be out of the question. First, it would not be in line with our philosophy of running an open, private sector friendly economy. Secondly, operating a successful fixed-exchange rate system would require sufficient FX reserves to defend the domestic currency at all times. But as is well known, Nigeria’s major challenge is the persistent FX illiquidity occasioned by limited foreign exchange inflows to the country. Without sufficient FX reserves, confidence in the Nigerian economy will remain low, and Naira will remain under pressure. The economy will have no firepower to its currency. Besides, a fixed-exchange rate system is akin to running a subsidy regime!

3. On the other hand, given Nigeria’s underlying economic conditions, adopting a floating exchange rate system would be an overkill. We would have encouraged the Central Bank of Nigeria to adopt a gradualist approach to FX management. A managed-floating system would have been a preferred option. In simple , in such a system, the Naira may fluctuate daily, but the CBN will step in to control and stabilize its value. Such control will be exercised judiciously and responsibly, especially to curve speculative activities.

4. Why control, you may ask.

(i). Nigeria has insufficient, unstable, and precarious foreign reserves to a free-floating rate regime. Nigeria’s reserves did not have enough foreign exchange that can be sold freely at fair market prices during crises.

(ii). Nigeria is not earning enough US$ from its sales of crude oil because its production of oil has been declining. And,

(iii). Nigeria is not attracting foreign investment in appreciable quantities.

These are enough reasons for Nigeria to seek to have a greater control of the market, at least in the short to medium term when convergence is expected to be achieved.

Tinubu’s new policy FX management policy was hurriedly put together without proper plans and consultations with stakeholders. The government failed to anticipate or downplayed the potential and real negative consequences of its actions.

The Government did not allow the CBN the independence to design and implement a sound FX Management Policy that would have dealt with such issues as increasing liquidity, curtailing/regulating demand, dealing with FX backlogs and rate convergence.

I firmly believe that if and when the Government is ready to open itself to sound counsels, as well as control internal bleedings occasioned by corruption and poorly negotiated foreign loans, the Nigerian economy would begin to find a footing again. -AA

https://www.facebook.com/share/p/SWA5JsocUsPKyARE/?mibextid=Nif5oz

Now that is opposition. Atiku try for this one, not like that one that just whips up sentiments with useless mantra like 'consumption economy to production economy 😏

At a meeting called at his instance on Thursday to address the foreign exchange crisis and the problem of economic downturn, among others, Bola Tinubu failed, yet again, to showcase any concrete policy steps that his istration is taking to contain the crises of currency fluctuation and poverty that face the country.

Rather, Tinubu told the country and experts who have been offering ideas on how to resolve the crisis that he and his team should not be distracted and allowed time to continue cooking their cocktail that has brought untold hardship to the people of Nigeria.

Tinubu is a monumental disaster and a stubborn demon hatched out of the darkest place of hell fire to cause havoc, hunger, destruction and sorrow on Nigeria...End of Discussion

Sangoamadioha1:
Now that is opposition. Atiku try for this one, not like that one that just whips up sentiments with useless mantra like 'consumption economy to production economy 😏

Muslim _ Muslim...

At least he came up with something. The Agulu messiah offers only empty rhetorics, no substance.

Sangoamadioha1:
Now that is opposition. Atiku try for this one, not like that one that just whips up sentiments with useless mantra like 'consumption economy to production economy 😏

Was surprised at the sound argument canvassed .
AA really serious this time around unlike in the past when he will just run to Dubai

Interesting take
But Tinubu's govt have actually shifted to managed float. They are just not saying it.
I said it before the election that if not for trust Issue and ethnic bigotry of it's the south's turn, Atiku had the best manifesto of the contestants in the last elections.
But politics is more about sentiments and not logic or best man winning

Well articulated to a knowledgeable and God fearing Government but sadly we don't have such in my dear Nation. Tuale Baba Atiku🙌🙌🙌

I firmly believe that if and when the Government is ready to open itself to sound counsels, as well as control internal bleedings occasioned by corruption and poorly negotiated foreign loans, the Nigerian economy would begin to find a footing again. -AA

It will be easy for a camel to through the eye of a needle than for tinubu to fight the bolded.
Most of his backers and praise singers are swimming in it and this is where the problem lies today.

There will have less effect on common man. Its easy to say. They refused to build modular refineries to encourage local productions... everyone always confused when they get there. Same AA that always spend millions of dollars on deligates every election time, he should go and sit down. All of them have 10s of different bureau d change that they control.

Since the day of Bubu, borrowing money to pay salaries, since then you should have known the country is heading to financial crises, accumulating billions of dollars of those that did businesses genuinely and unable them to repatriate their profits, allowing his brothers to run over the villages and farms without doing anything serious to fight them out. Every able men have been chased away from the farms and allow to run to towns and cities to ride okadas. No one wants to farm again.
Borrowed money, looted it, and still continue under emilokan... politicians looting and hoarding dollars without mercy. They turned nigeria to dollar spending countries.

What happen to each senatorial destrict through their senators and house of rep, declaring the state of emergencies on agriculture, and go seriously in to mechanized farming per each senatorial zones in the next raining seasons, at least there is a unique crop that can be produced in each area, at least and continue like that every few months, it might help all these food shortages temporarily but they prefer spending billions to buy bread and small cup of rice to get praised, they dont think well. What is happening now is elie vs masses. Let the goveror too have their own agricultural revolution too, and partner with each state to exchange goods and services just like how lagos did to LAKE rice.
Empower youths to operate green house farming no matter how small it might be.

Well, may be state police will be in the right direction now temporarily, at least, if it is well structured, people can go back to farms easily without being intimidated.
But seems tinubu too is very cueless and has lost his head, especially CBN policies he is ing, he can do better. But with the way things are going, hope he will finish this first time well if things refused to change in the next few months.

May be its even God setting up nigeria for her freedom from all these jackals called leaders.

I'm highly elated he floated it.
He should Float more.
Sometimes, some things are just blessing in disguise waiting to be tapped. He's fast creating more Billionaires

atiku has been presenting credible economic plans for the nation for the past 15 years, but the fake stories obj peddled about him won't even allow people to hear him out or listen to him,
when he made mention of selling the refineries, many people APC started shouting that Atiku is a thief, balabu. Now Tinubu has spent about 3b repairing the refineries and they are still not working, now fg is contemplating selling the refineries, what a waste of public funds.

Sangoamadioha1:
Now that is opposition. Atiku try for this one, not like that one that just whips up sentiments with useless mantra like 'consumption economy to production economy 😏

Difrent:


Was surprised at the sound argument canvassed .
AA really serious this time around unlike in the past when he will just run to Dubai

Unfortunately, the 3 of them; Atiku, obi and balablu have nothing to offer.

First class graduate and Lagos whizkid has sunk Nigeria's economy such that many Nigerians are now in purgatory.

magoo10:
I firmly believe that if and when the Government is ready to open itself to sound counsels, as well as control internal bleedings occasioned by corruption and poorly negotiated foreign loans, the Nigerian economy would begin to find a footing again. -AA

It will be easy for a camel to through the eye of a needle than for tinubu to fight the bolded.
Most of his backers and praise singers are swimming in it and this is where the problem lies today.

Corruption can not fight corruption. Until we have a leader who can fight corruption head-on, we will just be beating around the bush.

The root cause of all our problems can be traced to corruption.

Sangoamadioha1:
Now that is opposition. Atiku try for this one, not like that one that just whips up sentiments with useless mantra like 'consumption economy to production economy 😏

You Are being funny

Without. ing Tinubu Atiku is being clever by half

A MANAGED FLOATING SYSTEM is exactly what Emefiele was operating

https://www.bloomberg.com/news/articles/2021-03-23/nigeria-using-managed-foreign-exhange-regime-central-bank-says

It is clear that Atiku has nothing new to offer
He is contradicting himself

With regard to opposition. He is deceiving himself and desperately trying to stay relevant
He is finished in PDP

Godfullsam:


Corruption can not fight corruption. Until we have a leader who can fight corruption head-on, we will just be beating around the bush.

The root cause of all our problems can be traced to corruption.

unfortunately Nigerians seem to be looking the other way expecting miracles.

Atiku a clown
What was Emefiele doing?

https://www.bloomberg.com/news/articles/2021-03-23/nigeria-using-managed-foreign-exhange-regime-central-bank-says

The truth is bitter and painful.
Nigeria and Nigerians have a lot more pain ahead and no one can tell them the truth

We must curb our appetite for imported stuff
Otherwise we will see dollar at 5000
No matter who is in charge . Tinubu should see this through even if it costs him the next election and the rest of his damaged reputation.
We have to start feeding ourselves. Imagine Nigeria spending tens of billions of dollars importing food. How Do We pay for that? Bitter and painful truth.
We have to take this very bitter medicine. I see dollar at 3000 this year before it starts to stabilise. I do not blame Tinubu because it is the right thing to do and whoever does it will.incur Nigerians anger and that is why past leaders have avoided it. Now we have no choice
The only thing that will change the exchange rate is inflow of dollars on a major level
Not going to.happen.

Learn to stop eating rice . If you don't produce rice start eating cassava and cocoyam


The one thing I will criticise Tinubu for is he and his government as well as the National Assembly. Have to be seen to visibly make sacrifices too
But if the exchange rate reaches 10000 is all good
We don't need dollars to plant yam and cassava. Nigeria must curb this addiction to rice

APOPTOSIS:
I'm highly elated he floated it.
He should Float more.
Sometimes, some things are just blessing in disguise waiting to be tapped. He's fast creating more Billionaires

How??

onatisi:
atiku has been presenting credible economic plans for the nation for the past 15 years, but the fake stories obj peddled about him won't even allow people to hear him out or listen to him,
when he made mention of selling the refineries, many people APC started shouting that Atiku is a thief, balabu. Now Tinubu has spent about 3b repairing the refineries and they are still not working, now fg is contemplating selling the refineries, what a waste of public funds.

If you don't repair the refineries, how do you get good price for them when you want to sell them?

Sangoamadioha1:
Now that is opposition. Atiku try for this one, not like that one that just whips up sentiments with useless mantra like 'consumption economy to production economy 😏

U don't know what moving from consumption to productions means, that is why u will keep hating Obi.

How can u vote for a man who said he never believed in Nigeria?

A man who said,he will ensure he shrink the purchasing power of the people, and he never stopped there.

He equally promised that,he would widen the tax net to further impoverish the People.

Here u are comparing Obi with Atiku.

I've always known him s a sound ,unlike one regional lord who knows less about Nigeria politics,now see where we are

Any leader that does not include restructuring, constitutional revenue and state policing in his agenda should not be taken serious.

All Atiku said is very good on paper but he will turn around and do the direct opposite once he comes to power.

Even buhari and the current balablu were talking like people with functioning brains but look at where they have brought us.

If you listed to obi's interview, you will think he is the next Messiah. All na wash!
They don't have genuine plan for you and me.

Nice2023:



U don't know what moving from consumption to productions means, that is why u will keep hating Obi.

How can u vote for a man who said he never believed in Nigeria?

A man who said,he will ensure he shrink the purchasing power of the people, and he never stopped there.

He equally promised that,he would widen the tax net to further impoverish the People.

Here u are comparing Obi with Atiku.

The bolded are just lies. You can criticize without pushing propaganda.

I laugh each time ignorant fools claimed Thiefņubu built Lagos.

See, Lagos was fortunate to have a Fashola & Ambode as governor.

Those are the two governors that made efforts to repair Lagos

GeneralDae:

The bolded are just lies. You can criticize without pushing propaganda.

I am not a foolish follower,the video are all there to see. He said and I quote,we will reduce the purchasing power of the people,and we can further slow down the economy and let us widen the tax net so and if its inclusive of Bola Tinubu and we shall take bigger and bigger taxes.

Culled from 11th Bola Tinubu colloquium.
Below is where he he said he does not believe in Nigeria.


In economics,when u reduce the purchasing power of the peoppe,what does it mean?

In the same economics,if u widen the tax net especially in a country that pays the lowest wage on the continent of Africa and the world at large,it means more poverty,hence the problem we are currently at now.

And to crown it all,coming from a man who told us in 1999 that he does not believe in Nigeria.

Oti kpari.

Tinubu puts on a cap that has ears itself but covers the ears of Tinubu. This is the irony of things.

nigeria doesnt use dollars but nairas....

why concentrate on something that is not official currency of nigeria....
what is this guy talkin about....??

nigeria has no business defendin dollars in nigeria....

GeneralDae:

If you don't repair the refineries, how do you get good price for it when you want to sell it?

Sometimes you just recognise that it is scrap and sell it as scrap
There is no guarantee you will even get what you spent on repairs when you sell
No good business man will pay good money but will seek.a bargain
Those refineries are old and will still have to be scrapped and rebuilt.sooner or later

Sangoamadioha1:
Now that is opposition. Atiku try for this one, not like that one that just whips up sentiments with useless mantra like 'consumption economy to production economy 😏

You will be fine.