@originalproflle@officialABAT Se na so una camp dull reach ni? Upon say una used subsidy return as campaign to una gullible supporters, una still de fear to go election with the president. lol 🤣. Anyways, we heard more than this prior to the 2023 presidential election.
President Tinubu can decide to punish those Nigerians wey Japa for 600 years. 😂
It’s simple.
We currently have about $55 billion in reserves.
Tinubu can wake up tomorrow and say:
$1 = ₦300
£1 = ₦340
Boom! FX subsidy is back.
Someone earning £1,000 in the UK will now get ₦340,000 instead of ₦1.7 million.
Someone earning $1,000 in America will get ₦300,000 instead of ₦1.7 million.
All those “abroadian” people wey think say dem don escape Nigeria go suddenly discover that their foreign salary no longer carry weight when converted to naira. 😂
But there is a small problem.
That exchange rate cannot survive on vibes.
Government would have to keep defending an artificially cheap naira with scarce foreign exchange. When the reserves start disappearing, the next brilliant idea would be to print more money.
And then inflation goes into overdrive.
The naira gets weaker.
FX becomes scarcer.
International companies struggle to repatriate money.
Airlines start reconsidering operations.
Private refineries face pressure.
States start begging for bailouts.
Federal projects slow down or stop.
Lagos-Calabar Coastal Road? Problem.
Sokoto-Badagry Super Highway? Problem.
Hundreds of other projects? Problem.
Eventually, the same people celebrating the “strong naira” will discover that a ₦300/$ exchange rate means nothing if you cannot actually buy dollars at ₦300.
That is how you turn an FX policy into economic abracadabra.
And when the whole thing finally blows up, Kachalla can simply enter plane, travel to France and leave the rest of us to explain to our children why $1 became ₦3,000 after we spent years pretending it was ₦300.
Especially those of us wey no get passport, not to talk of visa.
Since we no want get sense. 😂
@_ayhassandambo@IU_Wakilii Oh, didn’t Atiku came out to apologize for how he mismanaged the privatization of Nigeria assets? Didn’t Atiku sold some to his friends? Atiku is one of the persons that has made your northern region worse.
@bgnphotography@Emmanuel_Tips But Obi is intelligent when he called IPOb terrorist his brothers and also said he lives with them? Can you see how hypocritical you are?
🤣🤣🤣🤣
@donfelix1@beckley4u@yabaleftonline Everything about you guys is loot, scam etc. Have you ever think about how the future will be? Have you for once asked your state governors what they are doing?
@sammyjagaban@Drexelhella@yetundebirisowo Are you for real? Do you know how Nigeria’s arms of government works? Omo use your smartphone smartly to see the president’s functions. As long as he never stopped the monthly allocations of every Nigerian states, he is on his constitutional right.
@Adedamola_0007@yetundebirisowo My brother, no matter how you try to explained to these people, they can’t understand how government works. Just imagine these people putting all blames on the president, whereas their state governors are busy building hotels instead of building basic amenities.