Discussion with friends and others about Nigeria's economy and social issues

๐‘ญ๐‘น๐‘ถ๐‘ด ๐‘จ๐‘บ๐‘ผ๐‘ผ ๐‘ป๐‘ถ ๐‘จ๐‘ณ๐‘ณ ๐‘บ๐‘ฌ๐‘ช๐‘ถ๐‘ต๐‘ซ๐‘จ๐‘น๐’€ ๐‘บ๐‘ช๐‘ฏ๐‘ถ๐‘ถ๐‘ณ ๐‘ป๐‘ฌ๐‘จ๐‘ช๐‘ฏ๐‘ฌ๐‘น๐‘บ, ๐‘บ๐‘ช๐‘ฏ๐‘ถ๐‘ถ๐‘ณ ๐‘ท๐‘น๐‘ถ๐‘ท๐‘น๐‘ฐ๐‘ฌ๐‘ป๐‘ถR๐‘บ ๐‘จ๐‘ต๐‘ซ ๐‘ท๐‘จ๐‘น๐‘ฌ๐‘ต๐‘ป๐‘บ*

๐‘ซ๐’†๐’‚๐’“ ๐‘บ๐’†๐’„๐’๐’๐’…๐’‚๐’“๐’š ๐‘บ๐’„๐’‰๐’๐’๐’ ๐‘ป๐’†๐’‚๐’„๐’‰๐’†๐’“๐’”, ๐‘บ๐’„๐’‰๐’๐’๐’ ๐‘ท๐’“๐’๐’‘๐’“๐’Š๐’†๐’•๐’๐’“s ๐’‚๐’๐’… ๐‘ท๐’‚๐’“๐’†๐’๐’•๐’”, ๐’‘๐’๐’†๐’‚๐’”๐’†, ๐’‰๐’†๐’๐’‘ ๐’•๐’‰๐’† ๐’”๐’•๐’–๐’…๐’†๐’๐’•๐’” ๐’‚๐’๐’… ๐’š๐’๐’–๐’“ ๐’„๐’‰๐’Š๐’๐’…๐’“๐’†๐’ ๐’ƒ๐’š ๐’†๐’๐’”๐’–๐’“๐’Š๐’๐’ˆ ๐’•๐’‰๐’‚๐’• ๐’”๐’•๐’–๐’…๐’†๐’๐’•๐’” ๐’Š๐’ ๐’š๐’๐’–๐’“ ๐’”๐’„๐’‰๐’๐’๐’ ๐’˜๐’“๐’Š๐’•๐’† ๐’†๐’™๐’‚๐’Ž๐’Š๐’๐’‚๐’•๐’Š๐’๐’๐’” ๐’ƒ๐’š ๐’•๐’‰๐’†๐’Ž๐’”๐’†๐’๐’—๐’†๐’” ๐’‚๐’๐’… ๐’Ž๐’†๐’“๐’Š๐’• ๐’•๐’‰๐’† ๐’ˆ๐’“๐’‚๐’…๐’†๐’” ๐’•๐’‰๐’†๐’š ๐’ƒ๐’“๐’‚๐’๐’…๐’Š๐’”๐’‰ ๐’๐’ ๐’•๐’‰๐’†๐’Š๐’“ ๐‘บ๐‘บ๐‘ช๐‘ฌ ๐’“๐’†๐’”๐’–๐’๐’•๐’”.

๐‘พ๐’† ๐’‚๐’“๐’† ๐’•๐’Š๐’“๐’†๐’… ๐’๐’‡ ๐’”๐’†๐’†๐’Š๐’๐’ˆ ๐’”๐’•๐’–๐’…๐’†๐’๐’•๐’” ๐’˜๐’Š๐’•๐’‰ ๐‘จ1 ๐’Š๐’ ๐‘ด๐’‚๐’•๐’‰๐’†๐’Ž๐’‚๐’•๐’Š๐’„๐’”, ๐’ƒ๐’–๐’• ๐’„๐’‚๐’๐’๐’๐’• ๐’”๐’๐’๐’—๐’† ๐’•๐’‰๐’† ๐’”๐’Ž๐’‚๐’๐’๐’†๐’”๐’• ๐’๐’‡ ๐’‡๐’“๐’‚๐’„๐’•๐’Š๐’๐’๐’” ๐’Š๐’ ๐‘ด๐’‚๐’•๐’‰๐’†๐’Ž๐’‚๐’•๐’Š๐’„๐’”. 

๐‘พ๐’† ๐’‚๐’“๐’† ๐’•๐’Š๐’“๐’†๐’… ๐’๐’‡ ๐’”๐’†๐’†๐’Š๐’๐’ˆ ๐’‚ ๐’”๐’•๐’–๐’…๐’†๐’๐’• ๐’˜๐’Š๐’•๐’‰ ๐’…๐’Š๐’”๐’•๐’Š๐’๐’„๐’•๐’Š๐’๐’๐’” ๐’Š๐’ ๐‘ท๐’‰๐’š๐’”๐’Š๐’„๐’” ๐’‚๐’๐’… ๐‘ช๐’‰๐’†๐’Ž๐’Š๐’”๐’•๐’“๐’š, ๐’ƒ๐’–๐’• ๐’Œ๐’๐’๐’˜๐’” ๐’๐’๐’•๐’‰๐’Š๐’๐’ˆ ๐’‚๐’ƒ๐’๐’–๐’• ๐’„๐’‰๐’†๐’Ž๐’Š๐’„๐’‚๐’ ๐’“๐’†๐’‚๐’„๐’•๐’Š๐’๐’๐’” ๐’๐’“ ๐’†๐’๐’†๐’“๐’ˆ๐’š ๐’„๐’๐’๐’—๐’†๐’“๐’”๐’Š๐’๐’.

๐‘บ๐’•๐’–๐’…๐’†๐’๐’•๐’” ๐’˜๐’Š๐’•๐’‰ ๐’…๐’Š๐’”๐’•๐’Š๐’๐’„๐’•๐’Š๐’๐’๐’” ๐’Š๐’ ๐‘ณ๐’Š๐’•๐’†๐’“๐’‚๐’•๐’–๐’“๐’†, ๐‘ฎ๐’๐’—๐’†๐’“๐’๐’Ž๐’†๐’๐’• ๐’‚๐’๐’… ๐‘ช๐‘น๐‘บ/ *IRS* , ๐’š๐’†๐’• ๐’ƒ๐’๐’‚๐’๐’Œ ๐’๐’ ๐’•๐’‰๐’† ๐’…๐’Š๐’‡๐’‡๐’†๐’“๐’†๐’๐’„๐’†๐’” ๐’ƒ๐’†๐’•๐’˜๐’†๐’†๐’ ๐‘ซ๐’“๐’‚๐’Ž๐’‚ ๐’‚๐’๐’… ๐‘ท๐’“๐’๐’”๐’† ๐‘ญ๐’Š๐’„๐’•๐’Š๐’๐’, ๐’•๐’‰๐’† ๐’‡๐’๐’“๐’Ž๐’” ๐’๐’‡ ๐‘ฎ๐’๐’—๐’†๐’“๐’๐’Ž๐’†๐’๐’• ๐’‚๐’๐’… ๐’•๐’‰๐’† ๐’”๐’Š๐’ˆ๐’๐’Š๐’‡๐’Š๐’„๐’‚๐’๐’„๐’† ๐’๐’‡ ๐‘น๐’†๐’๐’Š๐’ˆ๐’Š๐’๐’–๐’” ๐’”๐’•๐’๐’“๐’Š๐’†๐’”.

๐‘พ๐’† ๐’‰๐’‚๐’… ๐’•๐’ ๐’‚๐’”๐’Œ ๐’”๐’๐’Ž๐’† ๐’”๐’•๐’–๐’…๐’†๐’๐’•๐’” ๐’”๐’๐’Ž๐’† ๐’š๐’†๐’‚๐’“๐’” ๐’ƒ๐’‚๐’„๐’Œ ๐’•๐’ ๐’๐’๐’๐’Œ ๐’‡๐’๐’“ ๐’‚ ๐’•๐’–๐’•๐’๐’“๐’Š๐’‚๐’ ๐’•๐’†๐’‚๐’„๐’‰๐’†๐’“ ๐’•๐’ ๐’‰๐’†๐’๐’‘ ๐’•๐’‰๐’†๐’Ž ๐’˜๐’Š๐’•๐’‰ ๐‘ฑ๐‘บ3 ๐’‚๐’๐’… ๐‘บ๐‘บ1 ๐‘ด๐’‚๐’•๐’‰๐’†๐’Ž๐’‚๐’•๐’Š๐’„๐’”, ๐’•๐’‰๐’† ๐’˜๐’‰๐’๐’๐’† 16 ๐’๐’‡ ๐’•๐’‰๐’†๐’Ž ๐’Š๐’ ๐‘ฌ๐’๐’ˆ๐’Š๐’๐’†๐’†๐’“๐’Š๐’๐’ˆ ๐’„๐’๐’‚๐’”๐’” ๐’˜๐’Š๐’•๐’‰ ๐’†๐’™๐’„๐’†๐’๐’๐’†๐’๐’• ๐‘บ๐‘บ๐‘ช๐‘ฌ ๐’“๐’†๐’”๐’–๐’๐’•๐’” ๐’‚๐’“๐’† ๐’—๐’Š๐’”๐’Š๐’ƒ๐’๐’š ๐’„๐’๐’๐’‡๐’–๐’”๐’†๐’… ๐’‚๐’• ๐’•๐’‰๐’† ๐’”๐’Š๐’ˆ๐’‰๐’• ๐’๐’‡ ๐’‚๐’๐’š ๐‘จ๐’“๐’Š๐’•๐’‰๐’Ž๐’†๐’•๐’Š๐’„ ๐’˜๐’๐’“๐’Œ.
๐‘ป๐’‰๐’†๐’Š๐’“ ๐’๐’‚๐’”๐’• ๐’”๐’†๐’Ž๐’†๐’”๐’•๐’†๐’“'๐’” ๐’‘๐’†๐’“๐’‡๐’๐’“๐’Ž๐’‚๐’๐’„๐’† ๐’ƒ๐’†๐’•๐’“๐’‚๐’š๐’†๐’… ๐’•๐’‰๐’† ๐’”๐’†๐’—๐’†๐’“๐’‚๐’ ๐‘จ1'๐’” ๐’‚๐’๐’… ๐‘ฉ3'๐’” ๐’๐’ ๐’•๐’‰๐’†๐’Š๐’“ ๐‘พ๐‘จ๐‘ฌ๐‘ช ๐‘น๐’†๐’”๐’–๐’๐’•๐’” ๐’•๐’‰๐’†๐’š ๐’„๐’‚๐’“๐’“๐’š ๐’‚๐’ƒ๐’๐’–๐’• ๐’‡๐’๐’“ ๐’‚๐’…๐’Ž๐’Š๐’”๐’”๐’Š๐’๐’.
๐‘ป๐’‰๐’† ๐’”๐’‚๐’Ž๐’† ๐’‚๐’‘๐’‘๐’๐’Š๐’†๐’” ๐’•๐’ ๐’‚๐’๐’ ๐’…๐’†๐’‘๐’‚๐’“๐’•๐’Ž๐’†๐’๐’•๐’” ๐’Š๐’ ๐‘ผ๐’๐’Š๐’—๐’†๐’“๐’”๐’Š๐’•๐’Š๐’†๐’”.

๐‘ป๐’‰๐’†๐’”๐’† ๐’”๐’•๐’–๐’…๐’†๐’๐’•๐’” ๐’š๐’๐’– ๐’‰๐’†๐’๐’‘ ๐’‚๐’„๐’’๐’–๐’Š๐’“๐’† ๐’ˆ๐’“๐’‚๐’…๐’†๐’” ๐’•๐’‰๐’†๐’š ๐’„๐’‚๐’๐’๐’๐’• ๐’…๐’†๐’‡๐’†๐’๐’…, ๐’‚๐’“๐’† ๐’–๐’”๐’–๐’‚๐’๐’๐’š ๐’‡๐’“๐’–๐’”๐’•๐’“๐’‚๐’•๐’†๐’… ๐’Š๐’ ๐’•๐’‰๐’† ๐‘ฐ๐’—๐’๐’“๐’š ๐‘ป๐’๐’˜๐’†๐’“. 

๐‘บ๐’‚๐’—๐’† ๐’•๐’‰๐’†๐’Ž ๐’‚ ๐’—๐’๐’š๐’‚๐’ˆ๐’† ๐’๐’‡ ๐’‘๐’‚๐’Š๐’ ๐’‚๐’๐’… ๐’“๐’†๐’ˆ๐’“๐’†๐’•๐’” ๐’Š๐’ ๐’•๐’‰๐’† ๐’‡๐’–๐’•๐’–๐’“๐’† ๐’ƒ๐’š ๐’†๐’๐’”๐’–๐’“๐’Š๐’๐’ˆ ๐’•๐’‰๐’†๐’š ๐’‚๐’“๐’† ๐’˜๐’†๐’๐’ ๐’•๐’–๐’•๐’๐’“๐’†๐’… ๐’‚๐’๐’… ๐’‚๐’๐’๐’๐’˜๐’†๐’… ๐’•๐’ ๐’‘๐’“๐’†๐’‘๐’‚๐’“๐’† ๐’‚๐’๐’… ๐’˜๐’“๐’Š๐’•๐’† ๐’•๐’‰๐’†๐’Š๐’“ ๐’†๐’™๐’‚๐’Ž๐’Š๐’๐’‚๐’•๐’Š๐’๐’๐’” ๐’•๐’‰๐’†๐’Ž๐’”๐’†๐’๐’—๐’†๐’” ๐’‚๐’๐’… ๐’–๐’๐’‚๐’Š๐’…๐’†๐’….

๐‘ฏ๐’†๐’๐’‘ ๐’–๐’” ๐’•๐’ ๐’‰๐’†๐’๐’‘ ๐’•๐’‰๐’†๐’”๐’† ๐’”๐’•๐’–๐’…๐’†๐’๐’•๐’”. ๐‘ป๐’‰๐’†๐’š ๐’‚๐’“๐’† ๐’๐’๐’๐’š ๐’–๐’”๐’†๐’… ๐’•๐’ ๐’‘๐’“๐’๐’Ž๐’๐’•๐’† ๐’•๐’‰๐’๐’”๐’† ๐‘บ๐’„๐’‰๐’๐’๐’๐’”. ๐‘ฐ๐’•'๐’” ๐’„๐’‚๐’๐’๐’๐’–๐’”, ๐’˜๐’Š๐’„๐’Œ๐’†๐’…๐’๐’†๐’”๐’”, ๐’”๐’†๐’๐’‡๐’Š๐’”๐’‰๐’๐’†๐’”๐’” ๐’‚๐’๐’… ๐’–๐’๐’‡๐’‚๐’Š๐’“ ๐’•๐’ ๐’•๐’‰๐’† ๐’‡๐’–๐’•๐’–๐’“๐’† ๐’๐’‡ ๐’•๐’‰๐’†๐’”๐’† ๐’”๐’•๐’–๐’…๐’†๐’๐’•๐’”.

๐‘ป๐’‰๐’Š๐’” ๐’Š๐’” ๐’˜๐’‰๐’š ๐’”๐’๐’Ž๐’† ๐’…๐’†๐’”๐’‘๐’†๐’“๐’‚๐’•๐’† ๐’‘๐’‚๐’“๐’†๐’๐’•๐’” ๐’„๐’‰๐’‚๐’๐’ˆ๐’† ๐’•๐’‰๐’†๐’Š๐’“ ๐’„๐’‰๐’Š๐’๐’…๐’“๐’†๐’'๐’” ๐’”๐’„๐’‰๐’๐’๐’ ๐’•๐’ "๐‘ท๐’–๐’”๐’‰-๐‘ผ๐’‘" ๐‘บ๐’„๐’‰๐’๐’๐’๐’” ๐’˜๐’‰๐’†๐’ ๐’•๐’‰๐’†๐’š ๐’ˆ๐’†๐’• ๐’•๐’ ๐‘บ๐‘บ ๐‘ช๐’๐’‚๐’”๐’”๐’†๐’” ๐’•๐’๐’˜๐’‚๐’“๐’…๐’” ๐‘พ๐‘จ๐‘ฌ๐‘ช/๐‘ต๐‘ฌ๐‘ช๐‘ถ/๐‘ฑ๐‘จ๐‘ด๐‘ฉ, ๐’•๐’‰๐’†๐’”๐’† ๐’‘๐’‚re๐’๐’•๐’” ๐’Œ๐’๐’๐’˜๐’” ๐’‚๐’๐’ ๐’•๐’‰๐’† "๐‘ท๐’–๐’”๐’‰-๐‘ผ๐’‘ ๐‘บ๐’„๐’‰๐’๐’๐’๐’” ๐’˜๐’Š๐’•๐’‰๐’Š๐’ ๐’•๐’‰๐’†๐’Š๐’“ ๐’‚๐’“๐’†๐’‚๐’”, ๐’†๐’—๐’†๐’ ๐’•๐’‰๐’† ๐’‡๐’‚๐’“ ๐’‚๐’˜๐’‚๐’š ๐‘บ๐’„๐’‰๐’๐’๐’๐’”.
๐‘ป๐’‰๐’†๐’š ๐’–๐’”๐’–๐’‚๐’๐’๐’š ๐’„๐’๐’Ž๐’‘๐’๐’‚๐’Š๐’, ๐’ˆ๐’“๐’–๐’Ž๐’ƒ๐’๐’†, ๐’“๐’‚๐’๐’• ๐’๐’“ ๐’˜๐’‚๐’Š๐’ ๐’‚๐’ƒ๐’๐’–๐’• ๐’†๐’—๐’†๐’“๐’š๐’•๐’‰๐’Š๐’๐’ˆ ๐’‚๐’• ๐’•๐’‰๐’†๐’Š๐’“ ๐‘ช๐’‰๐’Š๐’๐’…๐’“๐’†๐’'๐’” ๐’‘๐’“๐’†๐’”๐’†๐’๐’• ๐‘บ๐’„๐’‰๐’๐’๐’ ๐’Š๐’ ๐’‘๐’“๐’†๐’‘๐’‚๐’“๐’†๐’•๐’Š๐’๐’ ๐’•๐’ ๐’„๐’‰๐’‚๐’๐’ˆ๐’† ๐’•๐’‰๐’†๐’Ž ๐’•๐’ ๐’•๐’‰๐’† "๐‘ท๐’–๐’”๐’‰-๐‘ผ๐’‘" ๐‘บ๐’„๐’‰๐’๐’๐’๐’”. 

๐‘พ๐’‰๐’†๐’ ๐’š๐’๐’– ๐’…๐’ ๐’•๐’‰๐’Š๐’” ๐’‡๐’๐’“ ๐’•๐’‰๐’†๐’Ž ๐’‚๐’• ๐‘บ๐’†๐’„๐’๐’๐’…๐’‚๐’“๐’š ๐‘บ๐’„๐’‰๐’๐’๐’ ๐’๐’†๐’—๐’†๐’, ๐’˜๐’Š๐’๐’ ๐’š๐’๐’– ๐’‚๐’๐’”๐’ ๐’‘๐’“๐’๐’„๐’†๐’†๐’… ๐’•๐’ ๐’…๐’ ๐’”๐’‚๐’Ž๐’† ๐’‚๐’• ๐’•๐’‰๐’†๐’Š๐’“ ๐‘ผ๐’๐’Š๐’—๐’†๐’“๐’”๐’Š๐’•๐’š ๐’๐’†๐’—๐’†๐’?

๐‘ป๐’‰๐’†๐’, ๐’Š๐’‡ ๐’Š๐’• ๐’…๐’๐’†๐’” ๐’๐’๐’• ๐’˜๐’๐’“๐’Œ ๐’‚๐’„๐’„๐’๐’“๐’…๐’Š๐’๐’ˆ๐’๐’š, ๐’•๐’‰๐’†๐’š ๐’†๐’‚๐’”๐’Š๐’๐’š ๐’‹๐’๐’Š๐’ ๐’„๐’‚๐’Ž๐’‘๐’–๐’” ๐’€๐’‚๐’‰๐’๐’, *_๐‘ช๐’–๐’๐’•ism group_* ๐‘บ๐’๐’‚๐’š ๐‘ธ๐’–๐’†๐’†๐’๐’”, ๐‘ณ๐’†๐’„๐’•๐’–๐’“๐’†๐’“๐’” ๐‘บ๐’‘๐’†๐’„๐’”, ๐’†๐’•๐’„.

๐‘ฐ๐’๐’…๐’†๐’†๐’…, ๐’€๐’๐’–๐’•๐’‰๐’‡๐’–๐’ ๐’†๐’™๐’–๐’ƒ๐’†๐’“๐’‚๐’๐’•, ๐’Š๐’Ž๐’Ž๐’๐’“๐’‚๐’๐’Š๐’•๐’š ๐’‚๐’๐’… ๐’Š๐’•'๐’” ๐’๐’Š๐’Œ๐’†๐’” ๐’˜๐’Š๐’๐’ ๐’†๐’—๐’†๐’๐’•๐’–๐’‚๐’๐’๐’š ๐’•๐’‚๐’Œ๐’† ๐’๐’—๐’†๐’“ ๐’๐’“ ๐’ƒ๐’†๐’„๐’๐’Ž๐’† ๐’•๐’‰๐’†๐’Š๐’“ ๐’๐’Š๐’‡๐’†๐’”๐’•๐’š๐’๐’†๐’”.
 
๐‘ท๐’‚๐’“๐’†๐’๐’•๐’”, ๐’‘๐’๐’†๐’‚๐’”๐’†, ๐’”๐’๐’˜ ๐’ˆ๐’๐’๐’… ๐’”๐’†๐’†๐’… ๐’Š๐’ ๐’„๐’‰๐’Š๐’๐’…๐’“๐’†๐’ ๐’๐’๐’˜, ๐’”๐’ ๐’‚๐’” ๐’•๐’ ๐’ˆ๐’Š๐’—๐’† ๐’š๐’๐’– ๐’ƒ๐’†๐’•๐’•๐’†๐’“ ๐’‘๐’“๐’๐’…๐’–๐’„๐’•๐’” ๐’‡๐’–๐’๐’ ๐’๐’‡ ๐’‰๐’๐’๐’๐’–๐’“, ๐’‘๐’†๐’‚๐’„๐’†, ๐’‹๐’๐’š ๐’‚๐’๐’… ๐’ƒ๐’๐’†๐’”๐’”๐’Š๐’๐’ˆ๐’” ๐’˜๐’Š๐’•๐’‰ ๐’•๐’‰๐’†๐’Š๐’“ ๐‘ญ๐’–๐’•๐’–๐’“๐’Š๐’”๐’•๐’Š๐’„ ๐’†๐’๐’…๐’†๐’‚๐’—๐’๐’–๐’“๐’” ๐’Š๐’ ๐’๐’Š๐’‡๐’†.

*๐‘ท๐‘ณ๐‘ฌ๐‘จ๐‘บ๐‘ฌ ๐‘ฉ๐‘ฌ ๐‘ฒ๐‘ฐ๐‘ต๐‘ซ ๐‘ป๐‘ถ ๐‘ป๐‘ฏ๐‘ฌ๐‘ฐ๐‘น ๐‘ญ๐‘ผ๐‘ป๐‘ผ๐‘น๐‘ฌ*

*✍️*


HELP SHARE TO ALL RELIGIOUS, CIVIL AND ACADEMIC PLATFORMS.

 *#weadvocate #weeducate*


*WESTERN NIGERIA LIVESTOCK COMPANY*
 
*Initiative of The Western Region Government of Nigeria.* 
• Established in 1956.
• Premier of Western Region - *Chief Obafemi Awolowo.* 
• Minister of Agriculture Western Region - *Chief Gabriel Akin - Deko* later Director/Representative FAO.
• Headquarters and Stock Breeding Centre at Fashola Farm Settlement, Ilora, Oyo State. The Fashola Agric Centre was established by the British Colonial Government in 1946.
• Ranches - Odฤ™da, Imฤ™ko, Iperu/IลŸara(Ogun State), Samonda - Ibadan, OniลŸฤ™ - Ire, Shaki (Oyo State), Oloba - Iwo (Oshun State), Agege, Ikorodu (Lagos State), Akunu Akoko (Ondo), Ikun Ekiti (Ekiti State).

The Breed of the Grandparent Stock - The *NDAMA* was imported from Mali.
• *Ndama Cow- Average Weight/cow on the hoof was 500kg.* Compared that to *Fulani cow - 200/250kg.*
• The cows are raised in paddocks and fed on pasture in the rainy season under a shifting rotation management of pasture acreage. In the dry season the cows are fed on silage prepared from left over stalks after grains must have been harvested. 

The *Western Livestock Company* became moribund due to the arbitrariness during the years of aberrant military rule. All the cows that were grandparent stock were  consumed. The project became unsustainable as the grandparent stock was not replaced. The equipment were dismantled. 

The *Odua Investment Company* tried to resuscitate it and it became Odua Livestock Company. However there was no commitment from the Member States and the Management, and also the erroneous change in narrative that it is only Fulani that can rear cattle. 

The Yoruba leadership and people had no sense of history that the Yoruba had done it before with better results and yields in beef and milk. It was done without hazards to lives and properties as currently is the case with marauding and rampaging Fulani herder hordes.

This is a challenge for this generation of Yoruba. The Employment, Economy, Security and Social life of Yorubaland will be enhanced by the resuscitation of the ranches by SW Governments though PPP and JVs.

*LET US ALL DEMAND THAT THE SW GOVERNORS COOPERATE AND COORDINATE THE RESUSCITATION OF THE PROJECT.*

©️ Wale Ajomale. 2014.

TINUBU AND MACRON. FRANCE AND NIGERIA

With this relationship, hopefully our government will not tie us into a troublesome arrangement that we will have to worry about down the line. France is known for ruthless, clandestine, condescending 'sugarcoated' exploitative strategies in dealing with weak vulnerable and desperate partners, especially who are not rational enough to pursue ultimate advantages that a bilateral relationship may present. Sometimes we clamour for and rejoice over economic elements in prospects that are apparently insignificant or of ultimate disadvantage to us. European partners know exactly what they want from us and how to get it. Are we positioned to get what we really need from them? For example in trade relations! We need to know what agreements are being signed and the details of it. And hopefully we can rely on the National Assembly to vet and act as a check on the activities of the executives on this issue.


*END BAD GOVERNANCE END BAD CITIZENSHIP*

Nigeria is a country where the average citizen is lawless.
He jumps red lights.
He drives against traffic.
He goes to work LATE.
He will NOT go to work if he can help it: but expects full salary on pay day. He cheats his workplace of TIME & MONEY.

But he's very RELIGIOUS...

He's a deacon or elder in a church. He prays 5 times a day & strongly advocates for the implementation of Sharia Law all over the country. He goes on Holy Pilgrimage to Mecca or Jerusalem. But that's where his religiously ends: He lies & swears like Satan Iscariot...

He prints his own receipts to make extra money off his workplace. He bypass the PHCN/NEPA meter to use electricity WITHOUT paying for it.

As a teenager, he cheats in his exams. He's ALWAYS looking for ways to CHEAT the system. He's a BAD PERSON, but he doesn't SEE it.

He CANNOT function in an ORGANISED & CIVIL society where he can't cheat. But he BLAMES the "Leaders" & "Government" for everything wrong in Nigeria.

He doesn't realize that these little things he does contributes to the DECAY in the country. He blame others... But he NEVER sees himself as THE PROBLEM.

He wants to drive from Abuja to Kano or Lagos to Ilorin. He KNOWS his car papers are EXPIRED. But he hits the road anyway: KNOWINGLY he will get to his destination by dropping ₦200 at every checkpoint.

LAWLESSNESS is his REALITY! He mouths "Good Governance" with his mouth, but practically EVERYTHING he does is AGAINST Good Governance.

He sees a straightforward system. The first thing that comes to his mind is how to bend it. Stand on a queue for service?
No: he Jump the queue to get the service faster!

Now, he complains about BAD GOVERNANCE.
"Those who govern us are BAD LEADERS! We DESERVE better Leaders, "he says.

He plans a National Protest against Bad Leadership & gives it #ENDBADGOVERNANCE! He asked me will you join?" I sighed.
He asked again.
I told him, "I am actually planning another Protest & I wish you'd join mine instead!"

He asked, "Which Protest is that?"
I replied, "A protest against Bad Citizens!  #ENDBADCITIZENSHIP!
Will you join me in this protest?"

He laughed! You hace come again o! If the whole world is looking left, you WILL find a reason to look right!"
"I'm glad you KNOW I don't follow the crowd. I'm glad you KNOW I think differently from the MOB..."

He got offended! "You call me part of a mob, "I didn't say that. You did!"
He got into his car & drove off angrily...

I stood there, watching him drive away. About 400 meters ahead, he got to the T-Junction, a One Way Express Road.
All cars turn RIGHT.

The Protester turned LEFT, driving against traffic! I smiled... He wanted to go left, but that would require him going right to turn at the roundabout, a kilometre down the road.
But there is another turn to the left, just about 100 meters ahead.
So, typical of the average Nigerian, he'd rather drive 100 meters AGAINST TRAFFIC & cross over...

He doesn't see anything WRONG in that. He will even JUSTIFY it if you bring it to his notice. He can blame it on the "Leaders" & "Government" he wants to protest against. In other words, "I am a BAD CITIZEN because our Leaders & Government are BAD!"                                                                    

*How ironic...*

At the end of the day, I think we Nigerians have the kind of leadership & Governance we DESERVE. We want our leaders to be GOOD, but we are comfortable being BAD CITIZENS! 

We have ACCEPTED being BAD CITIZENS as NORMAL, but we want GOOD LEADERS! We've forgotten that Leaders are recruited from amongst us, so the leaders are products of whom we are, with similar idiosyncrasies.
Don't forget you can not give what you don't have.

*We need a change from top to bottom!*

.....copied & edited .....

That Obsolescence called National Grid

Nigeria is one of the very few countries that operate national grids. Most large countries operate regional and embedded grids. National grids, especially in large countries, are an headache. When all generated power must first be fed into the national grid and transmitted through a single switch board to the rest of the country, it becomes a menace! And it is a means of measuring national stupidity!

Egbin thermal plant with 1250MW, located in Ikorodu, should serve Lagos.

Papalanto power with 225MW in Ogun State should serve Ogun State.

Omotoso power plant should serve Ondo alone.

Sapele & Ughelli should serve Delta and environs.

Azura should serve Edo.

Kainji Dam with 960MW should serve Niger & environs.

Leave Geregu to Kogi!

Calabar power plant with 150MW should serve Calabar. 

...and so on.

You don't have a power plant to serve your region? Then come together as a region to build yours! Don't be lazy, Bozo! The EPSRA of 2013 was enacted for that purpose! NBET should be dissolved!

The Nigerian northeastern region doesn't have a single power plant! They're only interested in religious activities and terrorism! The northwest has none either; and 40% of Kano residents don't even pay electricity bills! Only Jebba and Kainji produce power in the northcentral! No power produced in Benue, Adamawa, Taraba, Bauchi, Gombe, Kwara! Chai! Plateau produces 3MW and it is private! A private Dam constructed in 1903 and powers only Bukuru. No, they ain't connected to the national grid! Lucky them; power is constant!

Eastern Nigeria kwa'nu? Anambra, Enugu, Imo and Ebonyi do NOT produce jack! Abia left that chat room with the advent of Geometrix power plant in Aba. Now, the Aba area is developing at a frenetic pace due to embedded generation...and well, with a governor that has sense.

National grid system is an excuse for laziness! If there must be a national grid, only EXCESS power should be fed in! A power plant must satisfy the load demand in its immediate area before feeding the excess into a national grid!

The Nigerian national grid has a total wheeling capacity of 7000MW. The highest it can wheel at a time is 5000MW. The Base load demand in Nigeria is 22,000MW (for household consumption alone). The Base load demand including for industrial use is 40,000MW!!! Yet, we believe a national grid of 5000MW working capacity would not collapse daily? Seriously?

The city of Houston alone generates 6000MW. The state of Texas generates 70,000MW! Texas has its own regional grid! 

...you may now fill in the blank spaces and attempt the questions below:

1. Why should electricity be generated in Calabar, and transmitted to Kano?
2. Is it not better to have Kano and Calabar generate electricity independent of one another to feed their immediate environment?
3. Do you know that transmission losses due to the national grid are as high as 10% in Nigeria (up to 25% at times) while the global average is 1%?

The USA has 6,900 power plants, all independently owned! No national grid but 4 regional grids. Total daily generation in the USA is 1million MW. China Mainland has 8nos regional grids. They generate 1.7millionMW. These are developed countries with people that have sense! A silly country like Nigeria with just 23 miserable oversized generators,, wants to operate a national grid, with officials with brains smaller than those of cockroaches?

Honestly, we mumu for here, no be small!๐Ÿ˜ญ๐Ÿ˜ญ๐Ÿ˜ญ

Is Nigeria not operating a stupid model and deserves to be in the Guiness Book of World Records for national stupidity?

We play too much in this country, honestly!

#thinkAgain

Baron Roy on Facebook

Reactions to rhetorics and comments made on a WhatsApp chat forum to condone bad governance

By Alaba J. Babalola.

We often underestimate the scope to which our government must work by virtue of their power and position as  representation of the people. We often revert to blaming ourselves, victims of bad governance in the end. The government is responsible and the basis for organizing much of the legal, social and economic life of the people. They better be doing it right or they ought to be getting a lot of criticism. It is not good to point to other areas of the globe where things are getting worse as a kind of justification for why things are in a deplorable state in Nigeria. Nigerians can live better than Europeans and Americans if our system is better managed. Europe, and Britain in particular lack resources, that's their problem. They've always known that, that's why they had to and are still plundering Africa. Our own problem is not lack of resources, but poor management and corruption from incompetent and bad governance. Global trend of economic situation is an issue, but well managed economies are able to cope appreciably. The government is responsible for ensuring that people in general have at least the basic things of life and are well treated in their own country. People who are grossly deprived of their rights and benefits will be corrupt. They will kidnap, steal and do other nasty things we would rather not have. That's the reality of things and we better come to terms with it. It is the government's role to organize the system to make it work for us all. They have the power and the force. Lets not blame the victims as if our moral plea can change them. A hungry person without resources is likely to steal food in order to survive no matter how much we condemn the act. The solution for our well-being is how well we can govern ourselves and treat one another with dignity.



[9/22, 9:42 AM] Tunji Ayoade: The 2024 UNGA Summit of the Future is happening today and tomorrow, September 22-23! This high-level event brings world leaders together to forge a new international consensus on delivering a better present and safeguarding the future ¹. The summit aims to address critical challenges and gaps in global governance, reaffirm commitments to the Sustainable Development Goals (SDGs) and the United Nations Charter, and enhance cooperation to lay the foundations for a reinvigorated multilateral system ².

*Key Objectives:*
- _Reaffirm the UN Charter_
- _Reinvigorate multilateralism_
- _Boost implementation of existing commitments_
- _Agree on solutions to new challenges_
- _Restore trust_ ³

The summit will result in a negotiated Pact for the Future, an action-oriented document aimed at bolstering global cooperation to effectively address current challenges for the benefit of all and future generations ⁴ ². This pact will include a Global Digital Compact and a Declaration on Future Generations as annexes ¹.

*Action Days*
The Secretary-General of the United Nations convened the Summit of the Future Action Days on September 20-21 to generate additional opportunities
[9/22, 9:43 AM] Tunji Ayoade: Is Africa at the table or on the menu
?
[9/22, 1:28 PM] Alaba Babalola: Why don't we have our own vision and agenda for the future?

Why do we always have to key in to what their vision and aspirations are for the future?

Why don't we have a strategy for combating all the clandestine plans and strategies that are sugarcoated, but designed to undermine our existence or progress?

Why are our institutions. - governmental and academic etc so docile and ineffective to the point that they serve no good purpose for the well-being, progress and development of good things concerning us?

Dangote is buying crude oil from the NNPC in naira at the prevailing market driven  RDAS exchange rate 

As at yesterday,  it was N1,617 / $1...

The price of a barrel of the Brent crude today is $72.74 /N117,620.58 per barrel 

A barrel of the crude oil is 159 liters of petrol byproducts. 

Out of a barrel of the crude , we will get about 71.25 liters if pms; 41 liters of gasoil; 15 liters of JET A fuel; LPG -7.5 liters   other products accounts for  26.25 liters 

If you are to divide N117,620.58 by 159 liters per barrel,  it will amount to N740 per liter  average prices of all the byproducts 

Then you add Dangote finance cost, operating cost, administration costs , other cost plus margins 

Then you will add cost of vessels that will move it from Dangote SBM jetty to the depots..

The depots will add their costs and margin 

Then you will add cost of trucking it from the depots to the filling stations across Nigeria 

The station owners will add their coats and margins 

Then the final consumers purchase it and use it to run their cars and generators to make profits 

Jobs and incomes  are created along the whole value chain....

Anyone expecting Dangote Refinery or pms from that Refinery to sell at a  discounted price , lower than what we have now, is a deluded and ignorant person,  and part of the problems we have in  Nigeria


https://x.com/emekabk21/status/1831239208205164953?s=46


*COPIED*

Monday, 19 August 2024 04:45
News analysis: Minimum wage in UK is £1,830.40; N70,000 in Nigeria. Here’s how workers in both countries stand in terms of food affordability

 News analysis: Minimum wage in UK is £1,830.40; N70,000 in Nigeria. Here’s how workers in both countries stand in terms of food affordability

Tesco London prices as at Sunday August 18:

25kg of white rice - £37.50

25kg of brown beans - £60

400g of white bread - £1.20

1 crate of 6 eggs - £1.20

1kg of broiler chicken - £4.00.

 

For a family of 4 living on the monthly minimum wage of £1,830.40 in London earned by one of two adults in the family, let’s assume the following monthly food consumption:

1). 25kg of white rice - £37.50

2). 25kg of brown beans - £60

3). 30 loaves of 400g of white bread @ £1.20 per loaf = £36

4). 10 crates of eggs in units of 6 eggs = £1.20 x 10 = £12

5). 20kg of broiler chicken @ £4.00 per kg = £80

Total = £225.50

This is 12.32 percent of total monthly pay of £1,830.40.

 

Abuja prices as at Sunday August 18:

25kg of white rice - N40,000

25kg of brown beans - N75,000

400g of white bread - N1,500

1 crate of 6 eggs - N1,000

1kg of broiler chicken - N3,500.

 

For a family of 4 living on the newly approved monthly minimum wage of N70,000 in Abuja earned by one of two adults in the family, let’s assume precisely the same monthly food consumption as their counterpart in London:

1). 25kg of white rice - N40,000

2). 25kg of brown beans - N75,000

3). 30 loaves of 400g of white bread @ N1,500 per loaf = N45,000

4). 10 crates of eggs in units of 6 eggs = N1,000 x 10 = N10,000

5). 20kg of broiler chicken @ N3,500 per kg = N70,000

Total = N240,000

This is 343 percent of total monthly pay of N70,000.

 

This data paints a stark picture of the economic challenges faced by wage earners in Nigeria compared to their counterparts in the UK. Let's analyze the implications:

1. Purchasing Power Disparity:

The most glaring observation is the vast difference in purchasing power. While a minimum wage earner in London spends only 12.32% of their monthly income on this basic food basket, a minimum wage earner in Abuja would need to spend 343% of their monthly income to afford the same items. This means the Nigerian worker cannot even afford this basic food basket with their entire monthly salary, let alone cover other essential expenses like housing, transportation, healthcare, and education.

2. Food Insecurity:

The data suggests severe food insecurity for wage earners in Nigeria. If basic staples cost more than three times the monthly minimum wage, it's clear that many families are likely facing malnutrition or hunger, forced to drastically reduce their food intake or quality.

3. Poverty Trap:

This situation illustrates a poverty trap for Nigerian workers. With such a high proportion of income required just for basic nutrition, there's virtually no opportunity for savings, investment in education, or any form of economic advancement.

4. Quality of Life:

The extreme disparity in purchasing power translates directly to a significantly lower quality of life for Nigerian workers. While their London counterparts can afford food with a substantial portion of their income left for other needs, Nigerian workers are struggling for mere survival.

5. Economic Stress and Social Implications:

The financial stress of being unable to afford basic necessities can lead to numerous social problems, including increased crime rates, health issues due to malnutrition, lower educational attainment, and social unrest. The recent #EndBadGovernment protests were a confirmation of this.

6. Inflation and Currency Devaluation:

The high food prices in Nigeria relative to wages also reflect issues of inflation and currency devaluation. This further erodes the purchasing power of Nigerian workers over time.

7. Income Inequality:

This comparison highlights extreme income inequality, not just between countries but within Nigeria as well. If minimum wage earners cannot afford basic necessities, it suggests a wide gap between the lowest earners and those at the top of the economic ladder.

8. Challenge to Economic Growth:

When a significant portion of the population is trapped in such extreme poverty, it presents a major obstacle to overall economic growth and development for the country.

9. Inadequacy of Minimum Wage:

The data clearly shows that the newly approved minimum wage in Nigeria is grossly inadequate to meet even the most basic needs of workers and their families.

In conclusion, this comparison starkly refutes any narrative suggesting that Nigerian workers are getting more value for their pay. Instead, it highlights the extreme hardship and poverty faced by ordinary Nigerians, particularly those earning minimum wage. The data underscores the urgent need for significant economic reforms and social support measures to address the dire situation faced by many

I'm not a fan of getting IMF loans. I believe Nigeria can do without it in the long term if the domestic financial system / markets are properly developed. Then the need for foreign currency loans would be reduced greatly.

The government of the day is under tremendous pressure to fulfill basic obligations to the civil service establishment and other government operations, under a tight ,/ dwindling inflow of revenue. This is why they are looking for ways to increase some tax revenue sources. This is why they autonomously devalued the Naira over the years.

There's no alternative to taking steps through careful economic planning to revamp the Nigerian economy in such a way that it can export goods for more foreign currency, and can produce or manufacture domestically much of what it consumes. 
This or the next government should do this as soon as possible.

Having said all these, it is relevant to point out that this analyst's postulation is rather rigid and gloomy. It assumes that the Nigeria's economy and its management will get worse - exchange rate situation and the level of inflation among other things will get worse

If the economy remains in a doldrum or deteriorates further,  most part of this analyst's predictions in respect of the IMF loan of $2.8 Billion will come true.

When it comes tol the financial well-being of this economy, a good step would be to revitalize and restructure the financial market, not by increasing the capital adequacy requirements of banks, but by making sure that the financial system and markets have institutions that can adequately cater for the financial needs of all players in the economy, including the government.


Copied๐Ÿ‘‡
After fixing the car. I stopped at Conoil Onipanu to buy fuel @ ₦615. Yet attendant said he'll add extra ₦100. Why? Management decision. Others were paying, so I looked stupid for refusing, & asking questions.

Let me be honest with you guys. 

I have lived the first half of my life. I am on the second half, and I have seen the world. I have paid attention to human developments, and societal changes across the world, so I am in a position to say that we are not going to get that type of society most of us are yearning for.

We are not going to get it. It is not going to happen, not in the nearest future. Not with the humans that exist in this space called Nigeria.

The way people were looking at me at the fuel station as if I urinated on myself was shocking, and even some drivers were abusing me to drive off and stop asking useless questions. I looked at the people mocking me, and looked at me. I laughed.

" Big car for nothing, they bellowed." "Sell it and buy Corolla if you can't fuel it", said one Keke driver.

That is why they will never get it when we say that elections have consequences. How can you rely on such minds to make such weighty decisions? That was the argument against universal adult suffrage in the early development of democracy.

You cant expect such humans to understand such simple things. Such ideas are far beyond them.

It was a situation of  “ Ndi m’ka mma akแปla mu แปnแปฅ.”

I looked at them, looked at their faces. These are the people who go home, eating breads of sorrow for dinner, and gnashing their teeth at midnight. These are the real victims, but unfortunately they do not know.

Not knowing that you're a victim does not absolve you from the pains of the victimhood. You just don't know where the cain that's flogging you is coming from. Its like an invincible masquerade having a go at you.

I looked at their faces. I know what I saw. I felt for them.  “All a dem.” They know not, neither do they understand, they walk on in darkness….but I cannot blame them. Ignorance is infectious. Ignorance is debilitating. It is dehumanizing. 

Poverty and ignorance are Siamese twins.

There is no way this society will grow. Civilization is far from us because we are an unevolved society. Arrested development at the human evolutionary levels is our lot. People who rush across a six lane highway right under a pedestrian bridge. 

People who throw stuff out of windows of cars that cost over N80 million. People who truly believe that gutters are made for throwing garbage in, even the very educated are yet to escape such mundanity. 

We are a different breed.

I have started thinking that it is to the benefit of humanity and civilization that we remain so stuck in this state, or even devolving mentally from the Homo Sapiens level to the Homo Erectus level to enable nature have a ‘control’ or placebo so as to be able to calibrate the strides other societies are making by observing our stagnancy and backward evolution.

Study history. Study human evolution. Study sociology and anthropology. 

Not every society evolves. Some devolve,  and lose the essence that makes them human. And some would be left behind at the nadir of human existence.

Having iPhone 15 promax, driving the latest Rolls Royce, and bathing in golden jacuzzi wont change anything for a society that sliding down the slope.

Unfortunately, many Nigerians would live and kpai never knowing what a working human society feels like. Maybe it is in their interest because what the eye does not see, the mind does not worry about.

Ignorance is bliss...

Victims!


SUNDRY OPINION
  
Nigeria is not working: One year of Tinubu is a cocktail of trial-and-error economic policies. 

On May 29, 2023, President Bola Tinubu raised the hopes of Nigerians with his pledge to “remodel our economy to bring about growth and development through job creation, food security and an end of extreme poverty.”  Since then, Tinubu has also spoken about growing the economy at double-digit rates to US$1 trillion in six years, ending misery, and bringing immediate relief to Nigeria’s cost-of-living crisis. On listening to this, Nigerians must have breathed a sigh of relief after their experience with ex-President Buhari’s 8 years of economic misadventure.

Tinubu laid out no plans for the ‘remodeling’ of the economy but soon embarked on a cocktail of policies to achieve it. In May 2023, he eliminated PMS subsidies, and a month later, the CBN implemented a new foreign exchange policy that unified the multiple official FX windows into a single official market. More policies followed in rapid succession: the tightening of monetary policy to reduce Naira liquidity, a hike in monetary policy rates, the introduction of cost-reflective electricity tariff, and a cybersecurity tax.

Predictably, 12 months on, Tinubu’s pledge of growing the economy and ending misery remains unfulfilled. His actions or inactions have significantly worsened Nigeria’s macroeconomic stability. Nigeria remains a struggling economy and is more fragile today than it was a year ago. Indeed, all the economic ills - joblessness, poverty, and misery - which defined the Buhari-led administration have only exacerbated. Africa’s leading economy has slipped to the 4th position lagging behind Algeria, Egypt, and South Africa. Citizens’ hopes have been dashed (and not renewed contrary to the propaganda of the administration) as Nigeria’s economic woes have multiplied.

How and why did we get here?

In my press statement on the state of our economy, earlier this year, I expressed my concerns about the downside risks of unleashing reforms without sequencing; without any ideas on how to implement them; and without any regards to their potential and real devastating consequences. Implementing policies without proper planning and a clear destination is nothing other than trial-and-error economics.

My concerns have not diminished. I will focus on just four areas to underscore those downside risks associated with Tinubu’s reform measures and their dire consequences on Nigeria’s medium to long-term growth and development.

First, President Tinubu’s policies do not create prosperity. Instead, they pauperize the poor and bankrupt the rich. They spare no one. Nigerian citizens, the majority of whom are poor, are going through the worst cost-of-living crisis since the infamous structural adjustment programme of the 1980s. The annual inflation rate at 33.69% is the highest in nearly 3 decades. Food prices are unbearably higher than what ordinary citizens can afford as food inflation soared to 40.53% in April, the highest in more than 15 years.

Nigerian citizens have to pay 114% more for a bag of rice, 107% more for a bag of flour, and 150% more in transport fares relative to May 2023. Today, in some locations, motorists are paying 305% more for a litre of fuel. Yet, on a minimum wage of the equivalent of US$23 per month, Nigerian workers are among the lowest wage earners in the world. Tinubu had the ‘courage’ to remove subsidy on PMS and impose additional taxes on his people but lacks the compassion to raise the minimum wage or implement a social investment programme that would reduce the levels of vulnerability, and deprivation of workers and their families.

Second, President Tinubu’s policies create a hostile environment for businesses, big or small. The private sector is overwhelmed by Tinubu’s dismal policies and overburdened by his failure to address the policy fallouts. The manufacturing sector, which holds the key to higher incomes, jobs, and economic growth, has been bogged down by rising input prices, higher energy and borrowing costs, and exchange rate complexities. For example, since 2023, the average price of diesel has doubled to N1,600 per litre. Electricity tariff has recently been increased by 250% from N68/Kwh to N206/Kwh. As reported by the Guardian (13 May 2024), in Q1 of 2024, energy prices were up by 70%, costing manufacturers N290 billion.

Since May 2023, corporate Nigeria has lost more than a dozen enterprises to other countries. Unilever, GlaxoSmithKline (GSK), Procter & Gamble (P&G), Sanofi-Aventi Nigeria, Bolt Food, Equinor, among others had exited Nigeria citing reasons including foreign exchange complexities, security concerns, and high operational costs. According to the Nigeria Employers’ Consultative Association (NECA), nearly 20,000 jobs may have been lost due to the departure of 15 multinational companies from Nigeria.

Those enterprises that remain are struggling to survive. Vanguard Newspaper (20 May, 2024) reported a significant rise - to nearly 30% - in unsold goods in the warehouses of manufacturers of fast-moving consumer goods, occasioned by the rising cost of living and declining purchasing power of the citizens. According to the Guardian, manufacturers reported in Q1 a 10% drop in capacity utilization, a 10% drop in production, a 5% drop in investment, and more than 7% drop in sales. The Daily Trust (1 May, 2024) quoted Dangote lamenting that nearly 97% of manufacturing concerns in Nigeria will be unable to pay dividends this year.

In an economy with high rates of unemployment, a declining manufacturing sector cannot be an option.

Third, President Tinubu’s foreign exchange policies have not had any positive impact on Nigeria’s foreign trade balance, contrary to policy expectations. In particular, the free-float and the resulting devaluation of the Naira has not resulted in an appreciable improvement in Nigeria’s trade balance.  Devaluation has not enhanced the competitiveness of local producers and has had no positive impact on exports of goods, primary or manufactured. In Q4 of 2023, for example, while imports surged 163.1%, exports rose at a slower 99.6%, indicating a huge foreign trade deficit.  Similarly, in Q1 of 2024, Nigeria recorded a trade deficit of $7.5 billion, with exports value of $12.7 billion and import value of US$14 billion.  Overall, the trade deficit as a percentage of GDP increased by 0.83% from 0.05% in May 2023 to 0.88% in May 2024.

Fourth, President Tinubu’s policies have failed to attract foreign investments into the country despite all the posturing and media hype by the President’s men. Exchange rate unification and free float of the Naira have not led to higher capital inflows (whether Foreign Direct Investment or Foreign Portfolio Investments), again contrary to policy expectations. Indeed, FDI inflows declined by 26.8%, from US5.33 billion in May 2023 to US$3.9 billion in May 2024. It is not difficult to understand why: FDI is about TRUST. It is about the investing world trusting the leadership of a country to act and deliver on promises made. Investors come when the right policies are designed and delivered timely and efficiently by public institutions.

Finally, despite deploying various monetary policy tools, inflationary pressure persists, and so does exchange rate volatility. No thanks to Tinubu’s misguided policy, the Naira’s value plummeted against the dollar and has since become the worst performing currency in the world.  

It is clear from the foregoing that President Tinubu has an exaggerated understanding of the efficacy of his policies and was not ready for the potential fallouts. Tinubu and his team are not exactly sure of where the reform process is and what the next steps are. Has Nigeria reinstated fuel subsidy? Is the Naira on a free or managed float? These trial-and-error policies raise questions about the readiness of the administration and their capacity to restore the economy to a path of sustainable growth.

Time is running out for the government, and Tinubu must act fast to save the economy.

Here are six things he must do.

First, pause and reflect. It is important that the government understands what reforms must be undertaken and in what sequence. A framework is needed with clearly stated reform objectives and strategies.

Second, undertake a comprehensive review of the 2024 budget within the new reform framework. The 2024 FGN Budget, the exact size of which remains a mystery, is not designed to address the structural defects of the Nigerian economy or the cost-of-living crisis. It will neither create prosperity nor promote opportunities for our young people to lead a productive life.

The review must prioritise fiscal measures to deal with an unprecedented rise in commodity prices. Higher commodity prices have created more misery for the poor in our towns and villages and have pushed millions of people below the poverty line. One of such measures for immediate implementation will be to ease the existing restrictions on selected food imports.

Third, undertake a comprehensive review of the Social Investment Programme (SIP) to mitigate some of the impact of these policies on the most vulnerable households. The SIP must go beyond Conditional Cash Transfers to include programmes that prioritize support to MSEs across all the economic sectors, as they offer the greatest opportunities for achieving inclusive growth. In addition, a holistic programme to support medium and large-scale enterprises to navigate the stormy seas in the aftermath of the withdrawal of subsidy on PMS is also needed.

Fourth, Tinubu must be cautioned against any attempt to further pauperize the poor by introducing new taxes or increasing tax rates. We are aware of the behind-the-scenes attempts to increase VAT rate from 7.5% to 10%, re-introduce excise on telecommunication, and increase excise rates on a range of goods. It needs to be restated that we cannot tax our way out of this situation. Instead, Tinubu must see the need for expenditure rationalization and restraint - by having the budget more in sync with Nigeria’s fiscal reality, by improving efficiency in revenue utilization, improving procurement processes and trimming the size of government - and therefore reducing the cost of governance.

Fifth, provide clarity on the fuel subsidy regime, including the fiscal commitments and benefits from the fuel subsidy reform and the impact of this on the Federation Accounts.  It is curious that since April 2024, fuel queues had mounted at many filling stations across Nigeria, and the infamous ‘black market’ has sprouted in several states. How much PMS is being imported and distributed, and at what cost? What is the implicit subsidy?

Sixth, tackle security headlong. President Tinubu, as a matter of priority, needs to rejig the nation's security architecture as what is currently in place is not serving the needs of the people. The state of pervasive insecurity continues to adversely impact agricultural production and the value it brings to the economy, especially in the Northern parts of the country. Insecurity resulting from terrorism, banditry, kidnapping, and cattle rustling has compelled many crop farmers and pastoralists to abandon their lands and relocate to the neighbouring countries of Niger, Chad, and Cameroun. This has drastically caused a reduction in the production of food and skyrocketed prices of foodstuffs. Food scarcity in Nigeria is so dire that a report by Cadre Harmonize warns that between June and August this year, about 31.5 million Nigerians may face severe food shortages and scarcity 

I have always been a reform advocate. The Nigerian economy certainly requires a large dose of reform measures to accelerate its transformation after many years of lacklustre growth.

The difference is that I understand the appropriate reforms to undertake and what steps to take per time to mitigate their negative impact. In my Policy Document, I had anticipated that the withdrawal of subsidy and unification of exchange rates could, in the absence of fundamental interventions, impact negatively on micro and small enterprises in the informal sector and on the medium to large enterprises in the formal sector. I had also anticipated that such policies could elevate the levels of vulnerability and deprivation of poor families, including the youth and adults with no incomes. With this understanding, I had designed robust mitigation interventions that will be implemented alongside our reforms.

I was prepared for reform fallouts. Tinubu wasn’t. However, it is not too late for him to change course and do what is right for the good of our people and our nation. -AA

[5/19, 5:22 AM] Ibitayo Oguntayo: *Please, take a listen to this Bitter truth* ❗Lobatan! Fashola don scatter the legs of the table ๐Ÿ˜‚๐Ÿ˜‚๐Ÿ˜‚
[5/19, 7:12 AM] ISMAILA DELUPE 2: Hypocritical person:while in power, why did he not sponsor a bill to curb that practice. A pretender telling us the right thing he ought to have corrected when he had the political power to do so.
[5/19, 7:42 AM] Alaba Babalola: You can not legislate a thing like that. It is at best a moral issue that he expects legislators / representatives of the people to practice.
[5/19, 7:56 AM] ISMAILA DELUPE 2: Why talk like this. You represent a people of particular area where you reside before a mandate is given to you. You now left the place after the mandate,you called that a moral issue. You must be joking. This kind of belief, help our politicians get away with stupid things. Same with PDP  mandate which they are attempting to use in APC in Rivers House Of Assembly.
[5/19, 1:44 PM] Ibitayo Oguntayo: Fortunately for all of us. We are aware that no man is perfect. That SAN, you called hypocrite happen to be my own second best Governor of Lagos state (After Lateef Jakande).
So, to me he has done something. I don't expect him to score 100%  I will clap for him if he scores 70% ( maybe it is because I rarely score up to that).

 Let's not be too quick to call them names, most of these leaders are doing there best in the circumstances they found themselves.
[5/19, 2:04 PM] Alaba Babalola: If a legislator decides to do what Fashola is recommending, he can be seen as a hero or someone of high moral standard who considers it important to live in his old neighborhood - amongst the people he's representing.

On the other hand, if a legislator decides to move house away from his constituency, he may have a good reason for doing so. To start with, though he must have an office there, where he may be contacted, he is not obliged to live there. It is not against the law, as far as I know, for a legislator to live outside his constituency.

If we may get a bit practical on this, let's say you are elected to represent your area in your state assembly. If you're sure that your life and property would be in real danger living in your local constituency, especially if you know that adequate security is not provided for you by the government against mob violence and arson, will you still warm up to the idea of living there in the name of morality? You will not. You will find the nearest neighbourhood where it is likely that they won't burn your house if they disagree with a series of "progressive" legislation you are hellbent on promoting, which the opposition would not have. 

Many people begged my dad to build and invest in Ibadan instead of our hometown. Turning down that advice it turned out that all our three houses and petrol station and GB Ollivant stores were all burnt down in that place in 1967 during the riots. 

Unfortunately, in 2024, we are still in a situation where you have to guarantee your own security by taking sensible personal actions that protects you.

And please don't confuse this with cross-carpeting, though that too remains a moral issue in so far as the law has not substantively outlawed the practice of politicians arbitrarily jumping from one party to another. 

But there are great rationale based on legislative practice supported by judicial precedence in respect of which certain legislators who 'crosscarpetted', lost their seats in the legislature. However, it is still a matter of how much clout you have and how lawyers can get you the judgment you want from the judiciary. 

I wish the law can come up with a test of frivolity in some of those cases, to actually see who is just messing around or simply jumping from one party to another solely for self interest, instead of attending to the will of the people he represents. 

I always laugh hysterically when I think about this. I always say I wonder where they will jump to, if all we have, like China, is only one party๐Ÿ˜„. I have thought much deeper about this political BS,  I think we might do much better with a one party system. There is a great sense there if you consider everything you need to consider. Yeah, also,  let all the shenanigans happen  under one roof! Let all the sense of lack of political ideology take place under one roof! That's sure easier to manage. We're bound to end up somewhere good, but it is a complex consideration, I would agree with anyone who says so.

I see how much I have digressed (deliberately) from the discussion with Your Worship Delupe, so I'm quitting to get some breakfast!๐Ÿ˜„

Sorry for all the lose talk!๐Ÿ˜„. I watched Dave Chappelle all night.๐Ÿ˜„

But really, I'm dead serious about all the  political comments. We need to get our ---- together.๐Ÿคฃ

Peace✋
[5/21, 11:12 AM] Alaba Babalola: The struggles that the government is going through should teach all of us a lesson about Legitimacy of Government. Our choice of leaders should not always be determined by how close we are to them or how many contracts they can award to us. This talk is not about the government, but how we choose leaders. And it is not just for now or in favour of a particular political party. It is for the future and how we all think in it.
[5/21, 11:18 AM] Tunji Ayoade: SORO'SOKE๐Ÿ‘๐Ÿ‘Š๐Ÿ‘๐Ÿป๐Ÿ‘๐Ÿป
[5/21, 11:26 AM] Alaba Babalola: Yeah, thanks. We criticize, but we don't do cynicism because it is depressing and unproductive. The whole system is messed up. We all have a responsibility to clean things up as much as possible. That's what I say.๐Ÿช˜
[5/22, 12:31 PM] Tunji Ayoade: A prophet has no business in ruling: that was egbon's mistake...pour pepper into their eyes eternally so they will never outgrow the people they rule
[5/22, 1:39 PM] Alaba Babalola: No, he took the risk that most cynics take - The risk that they may not perform better than the people  they are criticizing. He also probably overrated his achievement. He was a good man. He was not selfish. He was altruistic. He cared about the people. He did his bit.But, he also probably learned the lesson about how much of God's grace he/we needed for the project (People's Bank venture) he embarked upon. 
On the practical level he could have used seasoned advice from real banking professionals and credit experts who could have saved the situation.
[5/22, 1:42 PM] Tunji Ayoade: You don't step into the system.
[5/22, 2:49 PM] Alaba Babalola: ๐Ÿคฃ So, Tunji, if we decide to make you the Director General of the Down Stream sector of NNPC, you will not take the appointment?๐Ÿ˜„
[5/22, 3:14 PM] Ibitayo Oguntayo: Enu dun rofo.
=
It is sweet when describing (verbally) how to cook vegetable soup.
[5/22, 3:25 PM] Alaba Babalola: ๐Ÿคฃ๐Ÿคฃ๐Ÿคฃ๐Ÿคฃ๐Ÿคฃ
[5/22, 4:10 PM] Alaba Babalola: There's plenty money there o! More cars, more trips abroad, more effizi! More of us will visit you more regularly in the weekends, anywhere you decide to move to. Will you give all these up and remain a   prophet crying in the Gidi wilderness?๐Ÿ˜„
[5/22, 5:37 PM] Bisiriyu Giwa Perpendicular: Late Tai Solarin was not the MD of People's Bank and couldn't be blamed for the day to day running of the bank. He exposed the financial malpractices in the bank to public and resigned as the Chairman of the Board of Directors to avoid his name being tarnished. That's exactly what happened at that time.
[5/22, 9:41 PM] Alaba Babalola: What you are doing is trying to exonorate "our hero" from guilt. From the story that this discussion started, there is the indication that, the man, like a conscientious statesman, took responsibility for the failure of the People's Bank venture.  Good corporate governance principles dictates that the Chairman of a corporate outfit is ultimately more responsible for the prospect of the venture than its Managing Director/ CEO. As the Chairman and progenitor of the People's Bank, he, along with other directors must have hired the MD and the other key staff.
Now, anyone could fail in respect of one thing or another. I'm happy he took responsibility for that failure. We should not be making excuse for him or attempt to falsely exonorate him from that failure. Also, I wish he took other responsibility in government when offered after the People's Banks debacle. It would have been a good opportunity for him to smoothen out the stigma of that earlier failure. It is called failing forward.
If you followed the discussion from the beginning,  Mr Giwa, someone said Nigerians are ingrates, because they ruined the bank floated by someone who had been fiercely antagonizing the government of IBB and fighting for their well-being. But as usual, Tunji and I changed the direction of the discussion. As usual, Tunji took the lead by saying that Elder Tai Solarin should not have offered to serve his country in that way. He said "prophets" don't get into government, if I understood him correctly๐Ÿ˜„. My position on that is that, it is/was optional. It was proper for him to get involved. It doesn't matter to me if he failed. But I would have been happy if he succeeded. The good thing is that he/we learned something from that failure. The truth is he failed in that venture, and he could have made something from it but he didn't. He was shaken terribly by that failure because he was a cynic. Not just a crytic, but a cynic. Constructive criticism with humility is good, but never cynicism. If he did not offer himself for the PB project (like Tunji opined), people would have thought,after all the impression about knowing how to get things right in society, he was a mere idealist and a coward. So, I think he did well taking the job. Mr. Mohammed Yunus, who in my own books manifested as a prophet eventually, joined the struggle early enough for economic emancipation of rural agricultural women in Bangladesh. He was a real prophet that nobody knew anything about until his ingenious engineering of the community financing organization of those women in the mid 70s, I think. His success gave us the rudiments of the microfinancing venture model recognized for its effectiveness around the world. If he was a reserved prophet and didn't join the fray, we wouldn't be talking about his laudable legacy today.
[5/23, 2:32 AM] Bisiriyu Giwa Perpendicular: Ore, People's Bank was a government venture and appointments of MD and Directors were purely government's appointments not Chairman's appointments. He was just an appointee like the other directors including the MD. He can't hire or fire, so he was helpless in the appointments of the the MD and other Directors. There was nothing he could do than leaving honourably.
[5/23, 8:18 AM] Alaba Babalola: Baabeji, thanks for staying up late to write this comment. I will respond to it as soon as I take care of my chores this morning. I'm glad that little by little, we are getting you to join our association of people who work in the middle of the night.๐Ÿ˜„
[5/23, 10:53 AM] Bisiriyu Giwa Perpendicular: ๐Ÿ˜„๐Ÿ˜„๐Ÿ˜„
[5/23, 5:31 PM] Alaba Babalola: And if you hang out with us long enough, maybe I can take you to see the Angels, the Prophets and the Saints on some nights when they have an open day for aliens.๐Ÿ˜„
[5/23, 5:32 PM] Alaba Babalola: Thanks for your patience in waiting for my response. It's been a hectic day for me.
What you have done with your comment is, you have changed the fact of the story, which was the basis of our discussion/ argument. This means that your account of the story and its conclusion are different from how it is told in the video which brought about the discussion. Therefore to ascertain the truth, we have to investigate the story further. But I'm sure none of us has time for that. If we use your own account, we would reach a different conclusion, of course, but it may not tally with what is generally known about how the whole thing started. It may be that the story which we built our discussion on has been passed around for so long that most people tend to believe it. I remember that IBB deliberately targeted public intellectuals, particularly those who frequently criticized his government, as if to say, well, you say we don't know how to govern, now come and let's see what magic you can do! I remember Wole Soyinka too was convinced to take up the leadership or coordinator of FRSC. He quit the job after a while. I can't remember for what reason. 
In the case of Baba Tai Solarin, the weight of the PB's prospect was very much upon him. As the Chairman of the Bank, He had the ultimate responsibility  for its success. It doesn't matter much if all the other officials of the Bank were appointed by the government. And in fact there is no doubt that Baba would have had overwhelming influence on the bank somehow.
Now, the bone of contention is whether or not Baba Solarin was remorseful or ashamed of the Bank's eventual failure  in respect of his relationship with IBB. That would depend on which story is true, as I explained earlier. We can adjust our conclusions as more facts about the issue are revealed, and we can learn the lessons we need to learn. 
I just don't think what we need to know is to hold public officers accountable as much as possible and not to  prop them up and condone / cover up their shortcomings, just because they are our hero or we like them. We can never improve on the performance and competence of public officers that way.
[5/23, 6:29 PM] Tunji Ayoade: Why are you focused on trying to ascribe blame on Tai Solarin?

The darkness of the night sky is bigger than the stars. But the stars will shine forever. 

Tai Solarin will always be a star.

In the story
[5/23, 7:40 PM] Alaba Babalola: Read my closing comment on my last response to Bisiriyu, you will see why. And if you take the entire position, you would know that this is not just about Tai Solarin. It is about how we try not to hold public officers accountable, just because of the soft spot we have for them, or for some other reasons. On the whole, no one can dispute that Tai Solarin had a meritorious life and achievements, and in fact a role model for a person like me, particularly, but that does not mean we should not point it out when they fail. Anybody can fail. The purpose will always be for them and for us to learn from it. Awo too, as great as he was, made some errors, and we have learned from them. I think not being objective when we evaluate leaders/ potential /aspiring leaders is the bane of our progress and development. We evaluate our leaders the wrong way and for the wrong reasons.

Also, don't forget the premise of the argument - that cynicism always put you in the wrong corner in the end. Constructive criticism with humility is always the best. It means you are genuinely trying to help, and that you know  you too can fail, despite all your effort or intelligence.
[5/23, 7:54 PM] Tunji Ayoade: We are slightly on different pages.
In your discourse, you didn't say much about IBB.
Although you mentioned that he did the same antic  with WS.
You have just repeated the word cynic. That is a stone I think you keep tripping over. 
A man with blinders is sitting in the driver seat. Tai cannot drive but this is the best time to be cynical
[5/23, 9:17 PM] Dapo Bammeke: I love this Platform
[5/23, 9:31 PM] Alaba Babalola: I didn't say much about IBB because we were talking about Elder Tai Solarin RIP. The video that ignited the discourse was about Tai Solarin.

A progressive tends to focus on how present situation can get better. He knows he can not do it by being a cynic. A cynic, unknown to himself works to dissipate the energy of others who may be earnestly working hard at solutions, to the detriment of all. 
A progressive builds bridges, sets up teams committed to getting solutions by consensus. 
If there is any time to be cynical, it must be before the election. With all our might,  we can fight against anyone that is not worthy of being in the driver's seat. After the election, it should be in our interest to aid the "blinded driver" that we collectively chose, so that he does not make a headlong collision with the oncoming traffic. Why? , because we are in the bus the "blinded driver" is driving.
One principle of real democracy is that the electorate/citizens who have been  "worst enemies" before  and during the election, tends to find a common ground for agreement for good governance to take place. You can't be negatively cynical of your government everyday and all year round and expect them to succeed. To do that is counterproductive.

This is the time to criticize the government constructively and guide them ideologically towards success. This is the time to offer solutions if we have any. This is the time to offer ourselves for service if there are any openings.
[5/23, 9:33 PM] Alaba Babalola: ๐Ÿ‘๐Ÿ‘๐Ÿ‘๐Ÿ‘
Baba Oloye! I love the platform dai๐Ÿ˜„
[5/23, 9:40 PM] Alaba Babalola: On a day like this, I tend to miss Toks Adebayo. He would have joined the fray, and he would have given Tunji and I a run for our money. ๐Ÿ˜„
[5/23, 9:47 PM] Tunji Ayoade: *You are the Oxbridge man*

Africa hot, I like am so
I know what to wear, but my friends don't know
Him put him socks, him put him shoe
Him put him pant, him put him singlet
Him put him trouser, him put him shirt
Him put him tie, him put him coat
Him come cover all with him hat
Him be gentleman, him go sweat, all over
Him go faint right down, him go smell like shit
Him go piss for body, him no go know
Me I no be gentleman like that
[5/23, 10:03 PM] Alaba Babalola: You know how to get an afro beat out of a soul.
But you're oversimplifying my position. I don't fit that narrative nah. One thing is for sure. I won't be part of any struggle that shows no way forward.


National pride: Nigeria's problem

After 64 years running its affairs,there are many things Nigeria has proven incapable of doing.

In the past it was thought that the government was the only problem,but private NIGERIAN sector has proven to be worse. This is due to our culture of corruption and poor corporate governance. The colonial masters didn't train us well enough to look after our affairs because they left prematurely. 

Let me compress the problems because Facebook page cannot accommodate all of them in full details. I probably have to publish a book about it.

Security

It is glaring that we cannot secure Nigeria and Nigerians. Terrorists kidnappers, bandits and armed robbers have made Nigeria a dangerous place to live. The police, DSS, military and paramilitray have all failed to secure the country. We also lose our national wealth to oil thieves and foreign illegal miners. We are sharing NIGERIA's income on 70/30 basis with thieves. But national pride is preventing us from seeking outside help. Tell me what is national pride in security when we don't make the weapons and all military hard and soft wares we use?

Petroleum refining

It is a national shame to a country of our proven oil potential to be importing refined petrol. National pride in the garb of corruption will not allow us invite experts to run NNPC since we have failed to manage it for 63 years now. But we have handed over LNG and oil production to experts leaving another critical area that concerns our national life to die. When we don't refine it means we have to use our hard  earnings to import fuel with the attendant corruption and shame that go with the process.

Port management

No country develops without efficient port administration. But we have the most corrupt and chaotic port system in the world,at least for a country of our economic potentials. Benin republic has better port system than ours. Saudi Arabia and UAE are ranked the best in the world in port clearing system,the reason why they are doing well. Since we cannot manage the ports we should allow experts to do it for us.  We have already seen how Intels in Onne Rivers state is managing FOT and FLT terminals. Intels is managed by Italians.

National air carrier.

Ethiopia is a poor country even by subregional standard. But it has the best airline in Africa, clipping South Africa and Egypt, why? Because the government owns the airline but gave it to foreign experts to manage without interference.

We are among the few countries in the world without a national carrier and the reason is we simply don't have the discipline and culture to manage an airline. Having national airline comes with lots of perks. It boosts tourism,provides employment,saves foreign currency and makes traveling easy and cheaper with sense of national pride. With a robust national carrier the president does not even need presidential fleet. That will save billions of Dollars for the country. We already know that most foreign leaders travel with their national airlines.

Railways

British and Indians once managed our railways and that time was the golden period of railways in Nigeria. Today Indians manage railway traffic in London. It was because the UK leadership felt Indians could do better. Ironically it was Britain that introduced railway to India. It is the Indians that own and manage British steel. Today Chinese are managing the Lagos Ibadan and Abuja Kaduna trains. The reason why the trains run efficiently and profitably. Compare it with the local train run by Nigeria where children defecate at the ticket queues with trains never reaching their destination. Without railway Nigeria will never develop.

Electricity

The entire electricity supply chain from generation to transmission and distribution is a failure. We can't develop without electricity. We can't even enjoy normal life without electricity. With our natural gas resources we should take 24/7 electricity availability for granted. We don't even need dams for electricity generation. A country with our natural gas endowment does not need to waste money building hydro plants. China is building dams at very high cost because it is not in the world map of natural gas producers. Electricity should also be cheap and affordable for industries to grow. The recent band A hike in electricity will destroy Nigeria's industrial sector.

The new government is supposed to put national pride aside and invite experts to manage these sectors and teach us how to do things ourselves. There is no national pride when all we use and eat are mostly made by others. Even Abuja is designed and built by foreigners including the place where the president lives. We also we clothes and eat food made by others. So tell me what is left in our national pride.

Aliyu Nuhu.
Kaduna.
May 18th, 2024. (C)


[5/13, 7:18 AM] Tunji Ayoade: MAY NIGERIA SUCCEED 

Allen Oyema's foray into airline business is very commendable, even if it remains to be disclosed how he sources the funds. No ill will. Just a genuine desire to inform my ignorance.

One worrying point is that these businesses still rely too heavily on outside industries. All the bolts and nuts of our industries from Oyema's  airplanes to Innoson's cars are made in foreign factories. We do not produce steel tools and equipment.

 Even where we want to effect a simple repair, we are reliant on outside help.
That should be unacceptable. It's dangerous to our security. 

We have no chemical factories. Etc

Real development has to be from the ground up. One very important ingredient for our development is getting right the relationship between the three tiers of government (it could even be four or five)
The federal government still holds all the aces right now.

 The states are like children who go to Abuja every month for handouts. Because the handouts do not solve the problem, the peoples of Nigeria have become illegal miners where they have minerals in their own backyards.
 Restrictions that call the peoples illegal miners  are some of the greatest obstacles to development, in my opinion. 

Here is where to talk of late Shubomi Balogun's experience when he wanted to set up a bank. The Nigerian leaders did not give him a licence because up until that time it was only oyibo that did banking in Nigeria. It was unheard of that a black Nigerian wanted to own a bank in Nigeria. 

Back to the question of illegal miners, in some countries, individuals do own mines. All they have to do is pay the right taxes. I hear you. You say it's so too in Nigeria. The question is to what extent? 

Democratisation down into mining and other fields has to happen in Nigeria. Do we have a local government corporation that produces gold bullion bars to sell to the Central Bank of Nigeria or to the African Development Bank, for example?

How long will the story of gold mining in Nigeria be captured in the video footages of half naked school age children scooping sand in Zamfara's open mining sites.

Without serious focus on mining, electricity production, chemical manufacturing how will Air Peace, Innoson, Dangote, etc be sustained? How?

If we don't want to return to the laughing stock we were, we must back up all the victories of Oyema, Dangote etc with a working government, working electricity industry and every other necessary link in these production/manufacturering ecosystems.

These problems started from a mistake before greed set in. That's my opinion. 

In my opinion, the 1966 coup was a mistake (even if there are claims that coups in Africa were instigated by neocolonial forces).
It was a mistake by overzealous boys. The mistake broke up the winning trajectory of the regions that were under Awo, Sadauna and Co. 

Then the mistake metamorphosed into greed. Into the twelve states, and thirty-six states. Thirty-six ineffective states that are chained to Abuja like babies chained  to a monthly feeding bottle regime.

The question about the local government is still unanswered.

The federal government wants to act as the father of his grandchildren. In my opinion, the state government should be allowed to decide how to organise governance in each state. But I do agree that it has been very problematic to watch state governments leave the people wallowing in poverty while wasting resources. Overall, I do not think the FG can pretend to love the people more than the state governments. It is important to solve the question of hierarchy between FG, state and the LG.
It is important to get the tax structure right, resource control, etc.

If we have the structure right, industries like electricity will really stand and become a place that can assure 24/7 light. Without 24/7 power, how do we assure the future of an Allen Oyema Air Peace. All this rightful and justified euphoria of celebrating our own airline will disappear because oyibo are out there planning to come back into Air Peace's space to take over and return us back to where we were before.

 Did you know that WEAC has a syllabus and exam for O'level Mining?

 There is a part where the syllabus says underwater mining,  moon mining. Whenever I  read the syllabus, I shake my head. You know why I shook my head, naa, why ask?

 Chinese dropouts, agents of our big boys and bigger officials, are the ones you'll find controlling stuff at the illegal mines that are polluting water bodies up and down our country, Ghana, etc.

Yet waec has O'level mining since 2014.

We deceive ourselves  superlatively.

But our day in the sun arises.

Big up, Allen, Dangote and all our heroes. 

May Nigeria succeed.
[5/16, 2:36 PM] Alaba Babalola: ```AJELE (DEVELOPMENT OFFICERS) BACK IN KWARA STATE, A JOURNEY BACK TO THE DARK AGES.``` 

A few days ago, we woke up to the shocking news that Ajeles (Development Officers) are back in our dear Kwara State. The Development Officers, also known as District Officers (DOs), were previously in charge of districts and responsible for overseeing a catchment area such as a local government. Now that the DOs have been appointed, this means we have two authorities overseeing a local government, leading to duplication of duties.

I would like to remind His Excellency, the Governor, that the local government is the third tier of government in Nigeria and was designed to be independent and free from interference. According to the Constitution of the Federal Republic of Nigeria, the Governor has no right over the local government except for organizing its elections, releasing 10% of the state's Internally Generated Revenue (IGR), and joint meetings to discuss economic policies. Moreover, the Constitution empowers the State Assembly to monitor the local government and make laws to govern them, not the Governor. However, the state government's creation of District Officers, which is not recognized by law, is usurping the powers of the local government elected chairmen.

Successive governments have organized local government elections, but this administration has refused to do so in the last five years. This singular act shows that this administration has not read the Constitution, which states in Section 7(1) that the system of local government by democratically elected local government councils is guaranteed under this Constitution. Accordingly, the government of every state shall, subject to Section 8 of this Constitution, ensure their existence under the law, which provides for the establishment, structure, composition, finance, and functions of such councils. This paragraph is clear enough, and I suggest we adhere to it as patriotic citizens.

We still have three years left in this administration, so elections into the local government are still possible instead of creating Ajeles, which we abandoned during independence. Kwara State is one of the original twelve states in Nigeria, so we should be progressive rather than retrogressive.

#Because I care

✍๐ŸฝLateef Adelani Oladipo 
President, Concerned Minds
[5/17, 12:52 AM] Abiola Adegoke: *For the wishful optimists of  a  better Nigeria, who are ever-ready to admonish the pessimists, does this narrative elicit the*widely touted*confidence that Nigeria is redeemable? Is this not one of  the pointers to a misplaced and exaggerated sense of optimism?*  


Dailytrust

Destroy This Temple

By

Sonala Olumhense

Sun, 12 May 2024 

If you have ever used a Nigerian road, you are familiar with the experience of the motor vehicle breakdown requiring the intervention of a mechanic. 

If you are lucky, there is one nearby.  If your luck happens to be somewhere else, it may take hours—and a succession of mechanics, or days—to get that engine fixed, or the battery running again.

 *Why is there no such facility for Nigerians to turn to when it comes to governance?  Even the blind knows, or ought to know, that we have* *reached the point of no return.* 

 *Governance, for all practical purposes, is now simply a hoax.  Nigeria is in the hands of people who pay, or* *are paid to pretend that achievement is possible or is in process: people who make, model, or manipulate* *hope for the public.* 

Last week, the House of Representatives again signed into the hoax, claiming that it will institute “a comprehensive investigation into the controversial Lagos-Calabar Coastal highway project,” a project I have called “fiction” in this column, an enterprise which is simply audacious for its violations of law, ethics and practice.

The House of Representatives is a real institution.  It is a powerful, legitimate body clearly described in Chapter Five of the constitution.

But the House, the business premises of which are in the Abuja Central District of the Federal Capital Territory, is a House of Mis-Representatives.  As an institution, it is an irresponsible, uncommitted trading outfit that I have often denounced, along with the Senate, on this page.

The powers and responsibilities of the National Assembly are specified in the constitution.  Its history and work are sadly not recorded, as Nigeria’s legislative bodies shamelessly take great care to maintain no archives.


For instance: to both the Senate and the House is granted the power to receive and consider the report of the Auditor-General of the Federation, every year: at least 22 such reports since 1999.

But there is no such record of receiving, by either House, let alone considering.  In other words, there is no evidence that the Senators or the Representatives read the Auditor-General’s reports.  The occasional outrage emerges only when they read media reports of the audit reports.

Even when the legislators loudly proclaim themselves to be busy on something, assignments are rarely completed or reports issued and archived.

Where, for example, is the House report of the Ad-hoc Committee of the House set up in 2017 to investigate the disappearance of the N11.1 billion budgeted for the State House Clinic under the administrations of Goodluck Jonathan and Muhammadu Buhari?

Where is the House report of the committee it said in 2020 would investigate the North-East Development Commission (NEDC) where over “N100 billion vanished in one year”?

Where is the report of the House ad hoc committee which investigated “the purchase, use, and control of arms, ammunition, and related hardware by Military, Paramilitary, and other Law Enforcement Agencies in Nigeria,” (alias looted arms funds)?

Where is the House report of the 2021 investigation of the N200bn Lokoja-Benin-City highway?

Where is the report of the Ad hoc Committee Probe of Recovered Looted Funds and Assets of Government (2002-2020), which included revelations of how the Nigerian National Petroleum Corporation allegedly stashed $60 billion of public funds in the United States?

These few examples refer to work that the House claimed to have been doing.  What about matters in which it looked in the other direction, such as the 2020 Buhari order to his Attorney-General, Abubakar Malami, to get rid of all assets that had been forfeited to the government.

I choose the term, “get rid off” as opposed to the “sell-off” which Buhari had used, because Nigerians were never informed as to whether anything was sold, let alone to whom or for how much.  If anyone has any proof that privileged government officials did not simply distribute the assets among themselves, their families and cronies, they have told nobody.

The question is: why did the House never investigate Malami’s “Inter-Ministerial Committee on the Disposal of Federal Government of Nigeria’s Forfeited Assets,” to give Nigerians the confidence that Buhari’s patently corrupt government did not distribute the nation’s wealth among themselves on Abuja streets?  In the end, were the assets really forfeited to Nigeria, or to the well-connected?   Did the forfeiters become the “forfeitees”?

What did the House do when a newspaper revealed in 2019 that, according to the Auditor General of the Federation, a whopping N10.4 billion was paid in judgement debts in 2017 by the Ministry of Justice without due process?

This, then, is the House which says it will now investigate Nigeria’s most expensive and controversial public project in 64 years: the Lagos-Calabar Coastal highway.

But I can predict the future: if the House ever commences this endeavor, it will not complete it.  If it completes it, it will not publish the report; and should it publish the report, it will not be archived.

To archive public information is to be a servant of history.  The reason our officials maintain no records is that they consider themselves to be superior to history.  As important as Buhari thought he was, for instance, there is no archive of his presidency now available in Aso Rock.

Why is history important?  Consider that only last week, Minister of Works Dave Umahi announced that the Bola Tinubu government will start the Abuja-Kano Road (AKR) soon, and complete it next year.

The Tinubu government is wrong: AKR is not a new road, and there is no question of its being “started.”  It is part of the troubled A2 highway, and to the South, includes the Lokoja-Benin City stretch that Mr. Umahi recently said he would complete in six months.

The Buhari government laboured weakly on it for eight years, and I covered some of the story in January 2021, affirming that contrary to that government’s claims, it would not be completed until 2025.   A lot of money, including part of the $308m Sani Abacha loot that was repatriated to Nigeria in 2020 by the US and the Island of Jersey, has been spent on it, those countries having Nigeria swear to it.

There is therefore no need for a new directive from Tinubu: In Fashola’s Town Hall in Kaduna in November 2020, as the Buhari government attempted to give the impression that 2023 was somehow possible, Julius Berger Managing Director Lars Richer put it simply: “The new deadline is now 2025.”

Remember: President Olusegun Obasanjo started the East-West Road in 2006.  In late 2014, Mr. Jonathan signed the Lagos-Calabar rail project, which was renegotiated then approved by the Buhari government in 2021.

Also in 2015, Mr. Jonathan announced the National Integrated Infrastructure Master Plan, involving $2.9 trillion over 30 years; the road projects included Section V of the East-West, worth $1.07 billion, which was awarded to CCECC.

The Lagos-Calabar rail has now been abandoned by Mr. Tinubu in favour of a phantom Lagos-Calabar Road.  That project is currently called ‘controversial,’ ahead of being called ‘abandoned.’

The Nigerian problem is not projects, it is people: those who people its governance, and those who cheer them on.

Where is that mechanic?

[4/25, 9:34 AM] Tunji Ayoade: China -people and history-
needs to be studied. A guy did a Ted Talk about how you cannot lead a local government without leading a ward on and on to governor, I'm still looking for that TT.
Culturally, the Chinese have age/familial hierarchy too ...looking for these studies
[4/25, 9:35 AM] Tunji Ayoade: The people cooperated with Awo, Jakande, Opara etc
[4/25, 11:32 AM] Alaba Babalola: Despite the dictatorship or autocratic label put on China's system of government, in many ways, the Chinese are more democratic in their approach to governance than most countries of the western hemisphere. For example, it can be said that every politically matured Chinese citizen contributes to national decision making in the most direct form. This is possible because the system of political organization ensures citizens, either living in the rural area or urban center, get a chance to express their opinions and views at the points where they have interface with elected officials of the single party. Citizens don't only vote, they can participate in decision making in a way that government activities affect their local environment and people. That's a real aspect of democracy. In Nigeria, we are made to participate in elections, but never in decision making. Selfish leaders take the decisions, often to their own advantage or in satisfaction of their avarice. Even  U.S.A that is supposed to be the bastion of democracy, one can not say for sure, in many situations, that the government does the will of the people. The Bush administration went to Iraq to destroy that country, under false pretexts, without consulting the American people or heeding the warning of many citizens, via the congress or private individuals, in that respect. In a situation where the government would not listen to the citizens who elected them, where would you say lie the democracy?
[4/25, 11:47 AM] Tunji Ayoade: I understand that the American media popularised the notion that Bush Junior is a stupid person (Tayo, come hear oo, lol)
One definitely needs to study China for such phenomenon as the Wechat app that the average Chinese use as digital money for 90% of their purchases and other societal phenomenons which testify that the society works despite the repression we know goes on.
For US and other European countries in which things seem to be the downward slide, I think it is the age old hypocrisy and savagery that Europeans visited on the world that has cycled back into their society. The dishonesty and sharp practice of colonising exploitation has cycled back to them so that they are feeding on themselves from the greed which has become second nature. They need a rebirth.

[4/19, 10:57 PM] Tunji Ayoade: I respect yo a brilliant banker, but don't you think these mostly smack of propaganda. 

Binance has been around for 4 years and cannot, reasonably, be responsible for naira moving from  600 to 1900 in a couple of months.
Even "idiots' know you can't float the Naira without some fallout. 
It's the same way every idiot knows that allowing NNPC to change old stock fuel from 185 to 444 naira in one day will skyrocket inflation. 
What insincerity!!!
Instead of recovering looted funds to perform whatever magic...
Here we here....
[4/19, 11:16 PM] Alaba Babalola: The article was posted into mainstream SM at the thick of the FX crisis.

Speculative manipulation of markets can result in abnormal price determination. That's what happened with Binance and the crypto terrain in Nigeria.

I have always known that things would happen that way. It happens when financial regulators don't understand a new form of financial asset / instrument enough to regulate it. 

And there will always be enthusiastic dealers in the market who are constantly looking for arbitrage opportunities or regulative loopholes, just to make quick hot money. Over time other people flock to the site of the loophole until the market is distorted beyond normalcy, and the authorities have to take drastic action - like the CBN did recently.

It is not usually a case of concerted sabotage, as some people tend to think. It is a case of o r'แบนsแบน were oo bu แนฃoogun. แปŒlแปgbแปn wo lo maa gbe tie ilแบน. Speculators simply go to where it is possible to make money , and where they are given easy and free access. Emefiele was romancing with them, not knowing much of what they stood for.


[3/5, 10:38 AM] Alaba Babalola: Constructive criticism is a necessary element of any truly progressive political system, but in my opinion, this๐Ÿ‘‡ is a wrong way to criticize a person. To start with, if you are going to condemn or denounce an effort, you should have an intelligible and earnest solutions of your own,and not bring some outlandish, frivolous and shallow comments to an important societal discussion. This writer apparently displays naivety in his own writing. He obviously  has a limited understanding of economic issues - especially if he thinks inflation can only be caused by "too much money chasing too few goods". 
Our economy has troubles from the Supply Side / Production side of the system - inability of the economy to produce what the people need at a good price they can afford.
Our high propensity to import and the inability to manage foreign currency exchange situation has been the bane of our problems over the years. 
To compound the problem,economic management is all hard to do now because the deep rooted corruption in our system has dissipated our resources beyond  the reasonable threshold.

One is not holding brief for Edun or Cardoso here.  But, someone has to be on  those seats. They just need to have a good heart,  learn what they need to learn quickly , do their best for the people of Nigeria and move on when they have to, 
Some unserious diatribes, on social media makes me sick to my stomach.
[3/5, 11:40 AM] Alaba Babalola: ikoyi blindness, na shallow shallow, dem go fall ooo, fela anikulapo kuti
*EDUN AND CARDOSO - A CASE OF IKOYI-BRED ECONOMISTS TRYING TO OPERATE A FADEYI ECONOMY?*
==================
The more I watch Cardoso and Edun struggle to come to grips with the abnormal situation, the more I am convinced they are not the right men for this season.

Firstly, I personally give them their due for at least hustling to find solutions. 

They are not just staying in their offices, crying or looking T the ceiling to divine answers from the silent ceiling. They are moving and throwing everything they can at the abnormality known as the Nigerian economy. 

They have issued over dozens of new policies in less than a year, dropping one Ikoyi-minded policy one after the other at a dizzying pace, and sometimes the new moves contradict the previous ones. They never looked at their surroundings to know they are actually operating in a Fadeyi environment

Still, they keep moving and You have to respect them for that even you who grew up in Fadeyi can see that they are trying to operate with an Ikoyi mindset in the jungles of Fadeyi or the old Ajegunle

I like the economic Siamese Twins of Edun and Cardoso, but with their latest move of raising interest rates—the highest one-time raise Nigeria has ever seen (they raised rates by over 400 basis points!) —it is clear they are out of their depth and have not yet understood that they are dealing with a kind of animal nobody taught them about in the Ivy League schools they attended. This is not the economics they were taught in their Kings College days. Nigerian economy is a class in Fadeyi economy now . 

Nobody when I was growing up has too much money to chase any few goods. So when prices of Mama Ngozi’s Bournivita starts going up anyhow, people handle the situation very differently. Instead of talking theory the elders of the street will have a meeting with people like “Brother Dada” as we call him ,who is like the wholesale supplier to Mama Ngozi and Mama Ramota and they will want to know what the hell is going on and why he is increasing prices anyhow. 

If he cannot explain how his cost increased from yesterday to today to make him increase the wholesale price to Mama Ngozi the retailer, anyhow, they burn down his shop or threaten to deal with his junior brother unless he reverses the price… and more often than not, he will 

Someone should tell our economic czars they are not in Ikoyi anymore . They have entered the thickest parts of the fadeyi jungle and need to wake up and recognize that their comfortable and predictable rules will not work here . Fact is APART FROK OTHER FUNDAMENTAL CAUSES I am not going into on this post, it’s also obvious some big players are holding all of us to ransom and instead of increasing interest rates, he needs to be getting his big boys with big muscles to go bring them to come and explain to Baba WhatsApp  or  ‘burn down their houses’ if they are not calming down 

Sure, these nice ajebota cultured guys are making moves, but they are all geared towards a NORMAL economist's approach to normal economic activities. They see rising prices, so their ajebota brains identify inflation, and according to economic books, they think you cool down inflation by raising interest rates so it can stimulate savings,  and reduce spending in the hopes that lesser demand or spending will bring down prices. Bla bla bla 

In fadeyi you don’t see inflation when prices just start rising anyhow, you see a seller about to make you and your children go hungry and you go on the attack against him or start shouting for the whole neighborhood to come and see the nonsense that Mama Ngozi is doing o before you burn down her shop . Everyone then puts mouth and threaten to burn down her shop once it’s clear it’s profiteering going on , until she reduces prices. Problems solved 

The posture of the fadeyi economist is different from the ikoyi one. They live in different realities. 

Edun and Cardoso must flex their minds to the reality of our system where a few are holding us and the govt hostage or leave the govt for baba to activate native-minded uncultured economists from the Fadeyi school of economics. Baba has them plenty too.

So far, All their moves are classic responses for an economy behaving in a normal way. they did not even see that we do not have normal inflation in Nigeria (i.e., too much money chasing too few goods). 

In Nigeria, right now, what we have is too little money chasing too few goods and sometimes too little money chasing too much goods๐Ÿคท๐Ÿฟ‍♂️. I cannot say it is inflation, and I cannot say it is deflation. It has no name or definition in Harvard economic schools or in Ikoyi club discussions .

The Nigerian economy is sui generis, and it is time our economic leaders threw away their books and looked this thing in the eye and made some out-of-the-box moves to get it under control, or Zimbabwe here we come (sure, tell me that can never happen in Nigeria, you hear?).

How can anyone say we have normal inflation (that is a case of too much money chasing few goods) when salaries have been stagnant for years? Where the money people have to spend today, is LESS than what they had to spend last year. Even youth corpers used to be paid N33k, but most are now being paid N31k, if at all, according to my very recent research. So where is the ‘too much money’ chasing ‘few goods’ coming from for Cardoso to think it’s reducing purchasing power of the people is what will solve it? 

In fact, in some cases, we are having a weird situation of less money chasing MORE goods, but the prices of those goods are not going down according to normal economic imperatives. Instead, the prices keep going up!

My senior brother, Ola, an architect, keeps telling me there is plenty of rice in some place called Ogere or something, and he also mentions a few other places… and insists rice is not scarce. Yet, the price of rice kept going through the roof. 

Someone just also said the same thing here, and some of us are jumping on them, but have you gone out to buy rice and didn’t see a bag to buy? So rice is not scarce. Yet the price keeps going up. Totally making nonsense of all the economic books we know.

We witnessed it live a few weeks ago where the CBN ordered ALL banks to sell their dollar reserves in the normal economist expectation that when they dump billions of dollars into the market, it will crash the exchange rate. Yet what happened? Exchange rates actually went up as more dollars entered it! And on The same day too! That is when I started having a headache. 

This is not the economy people like Lord Keynes or Lord Malthus have ever seen before writing their economy books that Cardoso is still flipping to find solutions. This is a Fadeyi economy being manipulate by ‘Brother Dada’ and his paddies . It’s time the elders visit them or burn down their shops! 

As crazy as it sounds, right before our eyes, our economy is totally defying economic logic. There IS rice everywhere, but the price of rice is rising instead of dropping, even when purchasing power has declined or not increased for most people.

So, a man stands at a store to buy a bag of rice with his N65k that he had that same morning for N64k. Without leaving the place, and without having more money in hand, the market owner answers the phone, then turns to him, and says, ‘the price is now N75k’.

How do you solve that kind of ‘inflation’ problem by increasing interest rates?

Seriously?

How can raising the interest rate even affect the spending power of people who never got bank loans or saved their money in the bank, to begin with? We all know our banks do not lend anyone money unless you know the MD or are a big conglomerate like Dangote, who saves nothing but borrows all. How will an interest rate increase affect his spending?

It is a totally crazy scenario, and all these Harvard approaches or normal textbook responses are only going to make things worse. Mark my words unless these guys go native and start doing something really mad.

I do not have the answers myself, but I am sure the traditional approach will not work. There is nothing normal or traditional about what we are seeing.

My name is Ope Banwo . I am not an economist but I did grow up in Fadeyi

[2/14, 3:49 PM] Abiola Adegoke: newdawnngr.com
Re: $26b Diaspora remittances: Where are the dollars? - New Dawn Nigeria
By Charles Okogene

By Chief Anthony Ani

The above question was posed in an article in The PUNCH newspaper edition of September 9, 2019, by columnist Henry Boyo.

I have been a daily reader of The PUNCH for the past 10 years and I have not yet, read any comments from anyone on this question.

There is a need to discuss this issue, as it appears that there is massive foreign exchange laundering going on in our banks.

As the architect of the Diaspora remittances in 1996, I am naturally concerned at the abuses disclosed by Boyo.

When in 1995, we at the Ministry of Finance reviewed the country’s sources of foreign revenues, we found out that nothing was coming in from Nigerians in the Diaspora, whereas India and Jamaica were living on foreign exchange from their citizens abroad.

When I enquired why Western Union and MoneyGram could not receive money from Nigerians abroad, I was told that it was due to our tax laws.

As a Chartered Accountant student in 1962, I studied Comparative Commonwealth Taxation in Nigeria, Jamaica and the UK, and I found out that the tax laws of these countries had the same wordings on imposition of tax (“tax is imposed on income accruing in, derived from or brought into”).

The question then to me was why income “brought into” India was not taxed in India? On enquiry, I found that India had modified its tax laws to accommodate its citizens living abroad who wanted to send money in foreign exchange to India.

In 1996, I had proposed (and it was accepted by the Federal Executive Council) in a new law, regarding Nigerians repatriating remuneration from abroad, Nigerians repatriating dividends, royalties, fees, commissions from foreign countries receipts by authors, sportsmen/women, musicians, play writers, artist, etc.

Such income repatriated into Nigeria in foreign currency was 100 per cent exempted from tax, provided the foreign currency was repatriated through a domiciliary account with a Nigerian bank!

With the promulgation of this law, First Bank Nigeria Ltd brought in Western Union in August 1996 while the USA brought in MoneyGram a few weeks later.

In 1996, Nigerians abroad repatriated about $4.5bn (about 50 per cent of our gross revenue from oil) and we ensured that these amounts were brought into Nigeria, intact, in foreign exchange.

The receipts increased exponentially in 1997 and 1998 and we also made sure that they were received in Nigeria, in foreign currency.

The receipts helped to stabilise our exchange rate mechanism at N82 to a dollar, throughout my tenure as the Minister of Finance, to the extent that the naira was internally convertible currency.

Some years ago, on my visit to London, I went to Western Union office, at Marble Arch, to test by remitting £500 to my son in Nigeria.

I first had to convert the money to dollars and to my surprise, Western Union gave me a quote in naira to be claimed by my son.

I refused their naira equivalent and insisted that my son must be paid in dollars.

It was obvious to me that there was an arrangement between our Nigerian banks and Western Union/MoneyGram, whereby the former pays from their excess naira liquidity while the later retains the dollars abroad.

In other words, the dollar remittance is retained abroad and is laundered by the Nigerian banks. This is definitely against the law which provides that all remittances must be brought into Nigeria in foreign currency via domiciliary account.

If by chance, as in my case, the dollar is remitted into Nigeria, the Central Bank of Nigeria on August 14, 2014, introduced the Outward Money Transfer Service and authorised the same MoneyGram and Western Union to re-export, in tranches of $5,000 per transaction, to Nigerians abroad, on payment of the naira equivalent at the CBN rate of exchange.

Thus, Nigeria is the only country in the world re-exporting its remittances.

It is relevant to note that the naira is not a convertible currency but remittances which are meant to stabilise our exchange rates are re-exported!

There is something wrong at our Central Bank.

It could be that we have imported the mentality of commercial banking into the CBN. We now need real central bankers to govern our Central Bank.

We have central bankers amongst those in the CBN, and we also have central bankers amongst the members of the Nigerian Economic Society or, alternatively, indeed, we can even go outside Nigeria to employ central bankers.

The fact is that the Diaspora remittances are not retained in Nigeria and there is a collaboration between the CBN, Nigerian banks and Western Union/MoneyGram; in such an event, government must investigate the infraction, punish the money launders, and recover all past Diaspora remittances retained abroad!

The Outbound Money Transfer Services must be stopped and all our remittances retained for naira stability and the nation’s development.

*Etubom Ani is a former Minister of Finance 1993-1998*”. This is for Mr. Financially.
[2/14, 4:49 PM] Alaba Babalola: We read and debated this article about 5 years ago. I said at that time, that, contrary to what Mr Michael Ani wanted - for his son to receive his remittance from abroad in foreign currency in Nigeria, it is advisable for Nigerian banks to pay such remittances in Naira at the current market rate (assuming the rate is real and not too divergent from the parallel market rate)

In that way, the CBN can track all FX inflows and use its stock for the management of exchange rate system.

With individual holding foreign currency cash outside of their domiciliary accounts (like Mr. Ani wanted for his son) will create leakages from the system and would develop into a situation where the parallel market operators will amass the currency, hoard it and play arbitrage/ speculative game with it. That is how they (parallel market people) became almost more powerful than the CBN in this realm, in the periods before the new CBN Governor came on.

That is how the country almost became dollarized. Many institutions and sellers wanted to be paid in dollars. 

Politicians and government officials are more comfortable to pay bribes in dollars.

- all of these happened because the dollar was being used generally in the space where Naira should reign supreme

- The professional rule and the most sensible thing is that, while dollar balances can be held in domiciliary accounts, and funds within it exchangeable to Naira at any time at current market rate, the use of dollar in mundane transaction should be outlawed or discouraged. If you can not buy stuff in Naira in New York City, why should you be able to use the dollar freely in Lagos?

Foreign currency retained abroad - according to Mr. Ani - should have been regulated by the CBN. The CBN should have continuously bought the foreign currency proceeds from foreign remittances to boost our external reserve, and can be used further for managing the exchange rate system.

Outbound money transfer in foreign currency should not be carried out by commercial banks, except as facilitators. All currency transfers abroad should be handled and processed by the CBN, with commercial banks as facilitators. This would help to control and manage FX stock.

[2/11, 7:22 AM] Alaba Babalola: This looks more like Tapioca to me, not Garri as other narratives have it in respect of this video.

At this time in our economy, it is not advisable to have mechanized Garri production. For one thing, thousands of people in the value chain (including all those Ijebu women) would lose their jobs and livelihood. Also we would have to deal with the complexity of technical equipment used in mechanized production. If a big company can not produce Garri because its big machine has spoilt, the price of Garri would rice due to reduced supply. You may also have a cartel  build-up around the production of such life-saving commodity. A cartel would control the level of production and price of the product. Let's not copy seemingly fancy stuff from other countries without checking how appropriate it is for our country and systems. This is a Bolivian factory. To what extent and in what sense has the mechanized production of Tapioca impacted the level of employment in Bolivia? This is a question we should ask ourselves. Bolivia is a small and relatively poor South American country.
[2/11, 7:38 AM] ISMAILA DELUPE 2: Local man
[2/11, 8:44 AM] Tunji Ayoade: Our engineers can design versions of this that farming households can afford. Or get a bank loan for.
I think somehow we have convinced ourselves that government money is not for developing ourselves. And where the government makes investment   in these projects it somehow gets moribund. The banks will rather give loans for some high profit business. And government oversight is lacking. 
We are comfortable the way we are, but colonialists are always on the border waiting to come back if we do not see the importance of building up ourselves. That is the price to pay.
[2/11, 10:42 AM] Hakeem Adeleke God Is Enough: Very, very correct. Apart from that, where is the power to run this type of industry
[2/11, 11:53 AM] Adejare kembi: Generator nau
[2/11, 11:55 AM] Hakeem Adeleke God Is Enough: Apart from that, there are not enough cassava
[2/11, 3:47 PM] Alaba Babalola: Mechanization is good for mass production, but you have to look at the advantage vis-a-vis a vast number of people remaining employed in specific circumstances. Mechanization is particularly good for certain industries like manufacturing of various kinds of goods, but the overall challenge for Nigeria in our present situation is the sustainability of most mechanized ventures. With mechanization, you almost certainly have to import machines and maintain them (We can't make machines yet). To import, you need dollars. When the dollar becomes too expensive, the relevant industry gets crippled. Mechanization is appropriate for many aspects of farming, but it is not appropriate for some of the reasons given above. When the secondary sectors of economy are able to suck up languishing workforce, and we are somehow able to substitute many of the things we import by using domestic resources, mechanized industrialization can become very useful. Some goods, by modern production design, must be mechanized e.g cars. It is most appropriate for now to allow cottage industries for the production of traditional food stuff to thrive, and their implements and equipment can be improved or modified for ease of operation without unnecessary complexities. Many electric based food processors have already been built by Nigerian technicians (see IITA), but NEPA wahala make them relatively less attractive. The Chinese people have for some time been experimenting with Garri in Nigeria. Many of what they produce (with many additives), are of far less quality by traditional standard than what those Ijebu women make. The traditional cottage industries should be protected.in the future, they will spontaneously apply the necessary and appropriate sophistication
[2/11, 4:04 PM] Alaba Babalola: I am dreaming of watching AFCON 2024 live, and I enquired about flights to Abidjan to watch our Super Eagles play in the finals. I believed that Ivory Coast being so close (an hour and 35 minutes) wouldn't cost me too much. However, my travel agent of over twenty years sent me a price quotation of N2,183,000.00 (two million, one hundred and eighty-three thousand Naira), which was a huge shock. I did the math and realized I would need to save my five months' salary as a Professor of Law on the last professional step to buy one return ticket to a West African country. This is a sad reflection of our current economic realities.

Please refrain from attempting to convert to US dollars- it's extremely depressing and demystifying of a full professor position. This will push the resolve of brilliant young ones we're training and mentoring to take over from us farther away from the classrooms to becoming political aspirants/election delegates. 
My alternative plan is to cut down on expenses. I have recharged my DSTV for N19,800, and I plan to buy twenty litres of fuel to generate power because we didn't have electricity during the Semifinals. The match is a must-watch for me as it will be a breath of fresh air and a chance for me to forget about Nigeria's many woes. 

I want to make a public notice for those asking for help that I have been posting that we haven't been paid. Kindly note that my salary, which I received yesterday, has been mortgaged in arrears. Please be patient, and let's hope we get the 8-month arrears from the ASUU strike or that NLC and FGN reach a new deal that will increase my wage. The struggle continues! 

Good luck to our Super Eagles! You're in my thoughts and prayers!
[2/11, 4:10 PM] Tunji Ayoade: Well written as expected of an economist ๐Ÿ‘๐Ÿป
[2/11, 4:13 PM] Hakeem Adeleke God Is Enough: We don't need to run before we walk all we need is honesty 
There are 2 types of high yielding cassava that can be grown developed  (by IITA) abundantly by the small farmers with the scaling of population  this roots can be harvested and CHOPPED into what is called cassava flakes after sun drying for a period of time  this flakes can be exported to various  countries  all over the world it's quite labour  intensive and return on invest is great with this we get the scarce dollars and a lot of the lay abouts will be employed  but nobody wants to venture into it because of the so called naija factor 
It's a pity
[2/11, 4:17 PM] Alaba Babalola: ๐Ÿ‘๐Ÿ‘๐Ÿ‘๐Ÿ‘๐Ÿ‘
[2/11, 4:21 PM] Tunji Ayoade: Another well written piece from an entrepreneur.
Seemingly we are stuck in the past and lots don't want a change. That's why we have not profited from massive breakthroughs from Fiiro etc. 
This our lifestyle
[2/11, 4:25 PM] Alaba Babalola: I would say, with any sustainable approach, we should first make sure that we produce enough for domestic /diaspora consumption. Then we can look at export. And with export, we really don't have to concentrate on Garri. Cassava can be processed into many international / exportable things like starch, adhesive gum and some other edible   stuff like Tapioca and animal feedstock. Much dollar / foreign currency can come from there
[2/11, 4:25 PM] Tunji Ayoade: Cerelac was born in fiiro. Nestle was able to make massive profit from that. But somehow these successes fade out. Or not?
[2/11, 4:28 PM] Tunji Ayoade: Obasanjo really, really promoted this. At that time we felt goosepimples about it. But what happened
[2/11, 4:32 PM] Hakeem Adeleke God Is Enough: Bros me de sorry I  no sabi too much English  but the fact according to verified data is that we produce the largest volume  of cassava and yams in the world  and its also confirmed by data that 60 to 70 percent of this yield goes into waste  so I can comfortably tell u that we have more than enough  to consume locally  and export  all we need  is do the right  thing
[2/11, 5:08 PM] Alaba Babalola: I'm not doubting or disagreeing with you. We are basically saying the same thing. I'm aware we have that great capability, but in addition, I'm saying that ensuring that domestic requirement should be catered for as a priority is best. Then export can be embarked on in whatever form. But preferably our export should be in some semi processed form, but that would need some industrial organizing.
Where there is export market, Nigerians are likely to export the cassava in raw form beyond what is necessary, and to the extent that domestic consumption can be jeopardized. If people can not find Garri in Nigeria because all of it has been exported or the price is too high for the same reason, the common man will fight o.
[2/11, 5:18 PM] Tunji Ayoade: Bro, you are going round. It's the will or whatever that we lack.
We have been eating garri for centuries. Now that we need to come to the international market, we are giving excuses.
The Chinese are here oo and can fill the vacuum of planting, processing, and exportation.
We need the iron discipline of what happened in China. 
JJ Rawlings did same in Ghana with the list of those paiid. 
The Saudi Prince locked up the 400 troublers of Ssudi Arabia in a hotel etc.
Don't quote me on the above, but frankly, we have our heads in the sand waiting for godot
[2/11, 5:20 PM] Hakeem Adeleke God Is Enough: Yes, the exportation  will be semi processed. we have abundant lay about  that can be employed as labour  to  chop and sun dry the cassava  to the required size to be used in all form of industries all over the world u don't need any sophisticated equipment for this 
All that is needed  is football size concrete, smooth  ground  rakes, flex or tarpaulin  for cover in case of rain and sharp  chopping knives or cutlass, 
with this, u are good to go
[2/11, 5:30 PM] Alaba Babalola: You are talking about what we need - including extraneous factors. I'm talking about the reality from the economic perspective. Our overall system is terribly messed up. The government needs to do the right things, so they don't mess things up further. The CBN people are smart, they know the best thing for this economy is to stabilize, but not much is happening in the fiscal side of things. That's where human beings live and feel the pain. To export Cassava the right way, the country has to be better organized to swing it, and to confront the evil international forces that confines African countries to exporters of primary products. Don't you wonder why we only export raw cocoa and nothing is processed here!
[2/11, 7:26 PM] Alaba Babalola: This is a message from a Nigerian living in the US, it's worth sharing!

DON'T EVER CURSE YOUR COUNTRY

1. If you don't know how you are blessed, you will think your father's farm is worse than your friend father's farm.
 
2. $1 is ₦1.500 and so what?

3. Let me elucidate from my little experience. Can anyone in the US use $1 for breakfast? No!

4. But in Nigeria, ₦1.500 will give you breakfast and lunch.

5.Majority of people's monthly house rent (self contained apartment) in the USA is $1,000 and above... and that is your own 2 year's rent!

6. Have you ever paid for insurance before? Insurance in the US is $280 and that is almost ₦100,000 monthly.

7. When last did you pay monthly phone bills? I pay almost ₦40,000 monthly and if I don't, they are going to block my SIM. Your own MTN can be there for months without recharge.

8. When last did you work on Saturday and Sunday?

9. This I do compulsorily and on regular basis.

10. Don't get me wrong, the US is better than Nigeria, depending on which angle you are viewing it.

11. Do you want to hear the truth?

12. Many people in Nigeria live a more fulfilling life compared to their counterparts abroad.

13. Forget about all the packaging on social media and give credit to the good life you are living.

14. Do you know why Nigerians living in the US always rush back quickly whenever they come home visiting?

15. Because bills are counting and elongated absence (freedom) will put their lives in jeopardy.

16. If you, as a black person, attempt to emulate the whites, they will kneel on your neck.

17. Apart from Congo, no citizens in the entire universe enjoy life to the fullest than Nigerians.

18. You are abundantly blessed but you don't know until you get visa and relocate abroad, that is when you will know that your 8-hour job in Nigeria with free weekend is awoof.

19. With 11-hour job abroad, you can only pay bills, you need other 6 to 8 hours jobs to save for the future and plan your life.

20. The truth is that the grass is green everywhere, it's lack of vision greed of our leaders/politicians and the skewed religious practices (which placed emphasis on miracles) that ascended Nigeria onto a myopic tentacle of complete standstill.

21. Always thank God wherever you may find yourself. Nigeria is good and will be better.

22. God bless Federal Republic of Nigeria
[2/11, 8:43 PM] Alaba Babalola: It is educative for most people in Nigeria, for many reasons. For one thing it expresses what economists call comparative purchasing power parity, which in the context of the relevant article means your money can do better for you in Nigeria, and what you earn in the US is usually made after much hard work. That one US dollar is exchanging for N1,000 or more is another discussion entirely. A true Nigerian would not be happy about his currency losing value, but the current unmanaged rate today, say N1,450 is a reflection of how the Nigerian economy has been badly managed over time ( economically and financially). By virtue of gross economic resources, our currency should exchange far far better. 

The crux of the article is that, even at such a seemingly bad exchange rate, the purchasing power parity is still not bad, which means for example that what you can buy for N1450 ($1) in Nigeria , Say pepper for soup, would probably cost you up to $4 at the market in the US. I hope you understand. This does not mean that we should allow the naira to deteriorate further though, because the more that happens the less claim we would have on international goods. Let's assume exchange rate remain the way it was in early 80s, say about $1.00 to N1.00, you would only need 'say N350,000 ( Three hundred and fifty thousand NAIRA) to buy one medium sized beautiful terraced house with swimming pool in Dallas, Texas. But the Gringos would not have that. That is why they would do anything to make sure we devalue our currency, either by force or by persuasion, because "we don't seem to know what it means for our economy"., though it is justifiable because of the tremendous value they have worked into their economy. Nevertheless, we should be fighting for our own well-being, instead of being knocked about like ping pong. ๐Ÿ˜„ I hope you get the trick behind the economics now. Tell nobody.
[2/11, 11:04 PM] +234 803 306 9760: Who's uncle is this? Please help to monitor him against a heart attack during this coming final match oo ๐Ÿคฃ๐Ÿ˜…๐Ÿ˜๐Ÿคฃ๐Ÿ™

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