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I'm honestly tired of @StanbicIBTC
This is the third time they'd be asking me for references on a corporate account I've been operating for over six years
@cenbank I think these guys need to be called to order
The explanation is pretty simple….
The graph shows the number of undocumented migrants that were encountered each day by the authorities and could have repatriated but were not
The negative figure shows that there are more reparations happening than those that were encountered. Meaning all those encountered were repatriated and a deliberate manhunt for illegal immigrants is on course and producing results.
Q.E.D
I’ve thought hard about the twin policies that have caused hardship among Nigerians being
1.Subsidy Removal
2.Floating of the Naira
I’ve asked myself several times if one could have been implemented leaving the other. I’ve also thought about phasing the implementation, but I’ve come to realize that it would have been tough doing one without the and I’ll explain.
Scenario 1: Removing only PMS subsidy
If this was done and the Naira was still pegged, it means the window for round tripping FOREX will still be open. The price of PMS would definitely have gone up like it did in the first few months, and then it means you will need more USD to import PMS. This means all the FOREX you make will be spent importing PMS and the Naira will be on an uncontrollable free fall. It could have exchanged at N3,200/USD last year and PMS price could have been as high as N2,500/L
Scenario 2: Only Floating the Naira
If the fuel subsidy was retained, corruption along the value chain would have stayed with it. PMS consumption dropped by 92% one year! This means if only the Naira was floated, we would still have seen massive imports with smuggling to neighboring countries, which would lead to higher subsidy payments and the economic consequences can only be imagined
Scenario 3: Phasing Either
What we have done at times we had marginally increased PMS prices or devalued the Naira have been phasing and the big elephants in the room had remained.
What Could Have Been Done Better
In my opinion, the policies were in order, but the two major challenges that came with it (food insecurity & high transportation costs) should have been critically addressed especially at the sub national level. This has always been my position.
States should have invested massively in storage and processing, compared to growing more food. 39.7m tons of food goes to waste every year. because we do not store and process them. The amount of food we waste each year can feed 80m people annually, without increasing food production. I’m not against growing more food, but storage and processing are more critical.
The states should also have adopted the CNG initiative for transportation, and launched high capacity buses (like the Lagos BRT buses) and subsidized the cost using electronic payment cards. The system can be supported by trackers on the buses and a blockchain backend for payment tracking, to prevent fraud
If the prices of food and transportation were lower, inflation would not have been as high, and Nigerians won’t have been this impacted
A lot of the work is still at the sub national level.
Oladapo O.I
@zubidavies@Morris_Monye Is his uncle who is governor of Osun not married to an Igbo woman? 😒
Is Seyi Makinde of Oyo State not married to a Kalabari woman?
Was the Late Gov. Rotimi Akeredolu of Ondo State not married to an Igbo woman?
That’s three out of six SW governors
Stop capping nonsense 😞
I thought Gov @DapoAbiodunCON of @OGSG_Official launched BRT buses in the state
I was in Abeokuta for 3 days and drove around from Park Inn where I stayed to a number of places around town and I didn’t see a single one of the buses
Not a single one
This #OjudeOba carnival was ten tons of steeze 🔥
Every image was picture perfect like the photographers said “pose for the camera”
That stadium is the biggest photography studio I’ve seen 💯
Kudos to everyone that was a part of this
Kudos to the Ijebu people for growing this
I grew up knowing Ikoyi and Victoria Island as largely residential neighborhoods
It's interesting that 20yrs ago (apart from the 1004 Towers in the background), not a single one of the towers in this picture standing above five floors existed... And I mean not a single one
Recently, a famous Nigerian comedian's house was completely razed as the fire service arrived too late 😥
Every motorist should learn to make way or create a passage for emergency vehicles.
https://t.co/ivgMZhUgdO
I was twice with two women who were ill and I sacrificed my time, money and slept in uncomfortable hospital beds or sofas till they got better but those were the two women that have showed me the most shege ever 🤣