The lifeblood of Nigeria's economy is oil and fuel, it is an ESTABLISHED FACT that if the price of fuel increases in Nigeria, the price of essential goods and services will also increase e.g farm produce and cost of services like Transportation.

I will try to simplify this so that even the street man can understand.

When you increase Fuel price by 3 times, the price of essential goods and services will also increase by 3times. Example: With increased fuel price from 200naira/litre to 625naira/litre means that the price of essential goods and services has increased 3times i.e
A bucket of tomatoes formerly 200naira is now 650naira. THIS IS THE WHY THERE IS INTENSE SUFFERING IN NIGERIA NOW. The masses have resorted to begging and criminality. Nigeria is currently in a depression because the general feelings of the masses dictates the feeling of the economy. Nigerians are depressed, businesses are shutting down, can't break even.

What is the solution?
There's something called the CBN incharge of these kinds of things. There's also something called the minimum wage usually set by government and cbn.
Increasing the minimum wage by 3 times would have been the fair thing to do.
But Tinubu and his advisers still choose to maintain a depressed economy and watch Nigerians die of hunger.
The secret to economics is that you can not eat your cake and still have it, for every action there is a reaction. The solution to the current spate of hardship in Nigeria is to PRINT MORE NAIRA and use it to increase minimum wage so workers but this will lead to further declines in value of naira against dollar.

Why are you increasing the minimum wage by three times in response to the threefold increase in fuel prices? The real question is, what exactly are you trying to achieve? Why increase fuel prices by three times in the first place? Who send you?

It's like allowing mosquitoes to bite you only to prescribe you a malaria drug. Why allow mosquito bites in the first place when you can prevent it cheaply? Borrowing to pay fuel subsidy that affects at least 150 million Nigerians is cheaper and more sensible than borrowing to increase minimum wage for less than only 2 million civil servants. The latter is not only ins.ane but edi.otic.

The minimum wage argument will only worsen an already battered economy. Rather than save the already battered naira from an imminent collapse, it will make the process faster.

Dead on arrival analysis. The economy is summed up by the welfare of the people and can't be separated from it.

CodeTemplar:
Dead on arrival analysis. The economy is summed up by the welfare of the people and can't be separated from it.

Are the people faring well?

Birdbyrde440:


Are the people faring well?

No. That leaves both low.

Acidosis:
Why are you increasing the minimum wage by three times in response to the threefold increase in fuel prices? The real question is, what exactly are you trying to achieve? Why increase fuel prices by three times in the first place? Who send you?

It's like allowing mosquitoes to bite you only to prescribe you a malaria drug. Why allow mosquito bites in the first place when you can prevent it cheaply? Borrowing to pay fuel subsidy that affects at least 150 million Nigerians is cheaper and more sensible than borrowing to increase minimum wage for less than only 2 million civil servants. The latter is not only ins.ane but edi.otic.

The minimum wage argument will only worsen an already battered economy. Rather than save the already battered naira from an imminent collapse, it will make the process faster.

Nonsense, Na only Federal you talked about, what of state & Local Government contribution to the economy?

Either you are just a one track minded person, or you are playing the Hypocrites Advocate, subsidy is gone, but if you insist on the payment of subsidy, let the states @ retail point of sale, pay for the petrol subsidy consumed in their respective states & free up the center?

After all every month, Na 3 of them they share money from The FAAC.

Burob:
Nonsense, Na only Federal you talked about, what of state & Local Government contribution to the economy?

Either you are just a one track minded person, or you are playing the Hypocrites Advocate, subsidy is gone, but if you insist on the payment of subsidy, let the states @ retail point of sale, pay for the petrol subsidy consumed in their respective states & free up the center?

After all every month, Na 3 of them they share money from The FAAC.

The problem is that Tinubu is an activist not a revolutionist. He is the one that is one track minded, if it means to tax the people more and leave SUBSIDY then so be it. Its better for everyone to pay atleast 10% income tax or more, I see different agencies now enforcing taxes all over the place. LET TINUBU TAX NIGERIANS MORE.

CodeTemplar:
No. That leaves both low.

The people are depressed so is the economy.

Nigeria is in a depression.

Burob:
Nonsense, Na only Federal you talked about, what of state & Local Government contribution to the economy?

Either you are just a one track minded person, or you are playing the Hypocrites Advocate, subsidy is gone, but if you insist on the payment of subsidy, let the states @ retail point of sale, pay for the petrol subsidy consumed in their respective states & free up the center?

After all every month, Na 3 of them they share money from The FAAC.

There is nothing we will not hear from you Tinubu supporters. Hope you did not remember this your wonderful advice during PDP

Unfortunately he didnt chose the economy because the economy right now is in ruins

Birdbyrde440:


The problem is that Tinubu is an activist not a revolutionist. He is the one that is one track minded, if it means to tax the people more and leave SUBSIDY then so be it. Its better for everyone to pay atleast 10% income tax or more, I see different agencies now enforcing taxes all over the place. LET TINUBU TAX NIGERIANS MORE.

There's practically no commodity in the Nigerian markets that's without a VAT charge, down to recharge cards and consumables. We have been paying that tax as a people everyday for about 20years (I stand corrected) to the FG coffers. Yet the very essence as to why the citizenry of any nation pays taxes, remains elusive to the ordinary masses. All the accumulated trillions of naira have been pilfered by Nigerian politicians at all levels, but a Nigerian can wake up on the morning of October 22nd 2023, to suggest that the same government should tax the impoverished people even more.

It is you and your village people who'll pay those taxes for me because I refuse to be a beast of burden in my own country.

SalamRushdie:
Unfortunately he didnt chose the economy because the economy right now is in ruins

That's the point. He chose to control inflation and exchange rate over the welfare of Nigerians but still the economy is in ruins and tatters. They should PRINT more money, increase minimum wage but then we will have to deal with exchange rates problems and inflation.

$1=N5000
Bread might sell for N10,000.

Birdbyrde440:


That's the point. He chose to control inflation and exchange rate over the welfare of Nigerians but still the economy is in ruins and tatters. They should PRINT more money, increase minimum wage but then we will have to deal with exchange rates problems and inflation.

$1=N5000
Bread might sell for N10,000.

He has trapped himself in a catch 22 and he doesn't seem to have credible ideas of how to get himself out

SalamRushdie:


He has trapped himself in a catch 22 and he doesn't seem to have credible ideas of how to get himself out

Very true. On point.

Wisereborn:
Selfish economy, economy of lies, over 100 pages of wasted manifesto of deceits

Economy of borrowing to continue the bribery of you know who

In summary, you are saying that Nigerians shouldn't expect anything good from Tinubu

And you know what You guys deserve him, I only pity innocent Nigerians but one day go be one day

No paid agents, planted moles will be able to stop what is coming, this you can take to the bank

SMH

Just save yourself and those you love. Nigeria economy is on the verge of collapse. Buy Gold.

BoldBrainz:


There's practically no commodity in the Nigerian markets that's without a VAT charge, down to recharge cards and consumables. We have been paying that tax as a people everyday for about 20years (I stand corrected) to the FG coffers. Yet the very essence as to why the citizenry of any nation pays taxes, remains elusive to the ordinary masses. All the accumulated trillions of naira have been pilfered by Nigerian politicians at all levels, but a Nigerian can wake up on the morning of October 22nd 2023, to suggest that the same government should tax the impoverished people even more.

It is you and your village people who'll pay those taxes for me because I refuse to be a beast of burden in my own country.

BoldBrainz:


There's practically no commodity in the Nigerian markets that's without a VAT charge, down to recharge cards and consumables. We have been paying that tax as a people everyday for about 20years (I stand corrected) to the FG coffers. Yet the very essence as to why the citizenry of any nation pays taxes, remains elusive to the ordinary masses. All the accumulated trillions of naira have been pilfered by Nigerian politicians at all levels, but a Nigerian can wake up on the morning of October 22nd 2023, to suggest that the same government should tax the impoverished people even more.

It is you and your village people who'll pay those taxes for me because I refuse to be a beast of burden in my own country.

Well the first of all is that there are too many drug Addicts in leadership and the political space in Nigeria, your money is being used to buy cocaine and luxurious goods for the elites.

Secondly, more than 120m people don't pay tax in Nigeria. I understand your point but Nigerians are really not paying anything meaningful as tax.

A revolution like Niger is needed but the people are bewitched.

Birdbyrde440:


Well the first of all is that there are too many drug Addicts in leadership and the political space in Nigeria, your money is being used to buy cocaine and luxurious goods for the elites.

Secondly, more than 120m people don't pay tax in Nigeria. I understand your point but Nigerians are really not paying anything meaningful as tax.

A revolution like Niger is needed but the people are bewitched.

The people are indeed bewitched