FG benefiting from dollar rise against naira, Ndume alleges

[Charles-Tim]

The Chief Whip of the Senate, Senator Ali Ndume said the federal government are gaining from the inflation in the country:

Ndume said rather than losing out from the naira depreciation against the dollar, the Federal Government is gaining more revenue to fund its 2024 budget.

They think we do not know?

Another is the salary they are paying there workers. The minimum wage was ₦30000 when dollar was at ₦365 when people were complaining of high cost of living, not knowing what is still coming. Today dollar is ₦1486 to a dollar, using the same CBN rate but minimum wage stayed at ₦30000.

NLC that said at least minimum wage should be increased are correct. Dollar is increasing, government are gaining more from crude oil but not increasing workers salary.

In the last 7 months, petrol import reduced by 1 billion litres: https://punchng.com/petrol-import-reduced-by-1billion-litres-in-seven-months-report/?amp

Yet, dollar continue to increase.

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[Amphenomenon]

The government have been benefitting from the naira devaluation and acting hypocritical blaming p2p exchanges and the BDC, as if majority of us cannot discern right and wrong now.

Good thing that the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) are not acting weak this time until their needs are met, though the government paid 2 out of 3 months palliatives remaining in the palliatives they promised them earlier this week but that has not stopped them to continue with the strike, which as it stands is inevitable since most of their needs especially the minimum wage has not been met
https://www.google.com/amp/s/www.channelstv.com/2024/02/22/unilateral-decision-tuc-faults-nlcs-planned-strike/amp/

[Churchillvv]

My major problem is that even we know the knowledge is more like a waste because they were going to do whatever they like knowing fully well that we are just common people with no force.
The masses are not in form to attack them, so they play us the youths. using us to pay for their sins while they continue, I wish the military could take a bold step then all this will begin to stop, if the military backs the masses up by not taking orders from the government officials especially when we arise for protest then the incubate government personals and politicians will be so afraid because even their personal body guard will look like a threat to them and they can't do without the security this military provides.

If they finally succeed in puting Nigeria youths out of the crypto world then another crisis against the government will arise which I believe they will not want because of the experience they got from the Endsars protest, where other countries where discriminating them as citizen killers instead of taking care of the people they kill them. that experience is something no president will want to experience.

[Marykeller]

Without been told, our Federal Government d gain from this increase to dollar rate to naira.

It is not up to a year wey our present government enter for seat, you see how naira currency come devalue against dollar.

Bola Tinubu government met naira at a price of N422 against a dollar around May 2023.  As time goes em go the gradually d increase as we take see am now.

Naira against dollar price increment history since Tinubu take over as president

He inherited $1 = N422 (CBN offical rate), as he was sworn in, in May, 2023.

June 24, 2023: $1 = N589
July 6, 2023: $1 = N770
November 14, 2023: $1 = N783
December, 2023: $1 = N951

February 2, 2024: $1 = N1,356
February 3: $1 = N1,413
February 10: $1 = N1,417
February 11: $1 = N1,444
February 14: $1 = N1481
February 15, 2024: $1 = N1,515
February 21, 2024: $1 = N1, 880
#copied from FB

What next na? Will the FG continue to the gain from dollar increase against naira as Sen. Ali Ndume alleges? Time will tell to all this cos the whole Nigeria's are watching as the way the FG wan put their failure on crypto exchange "Binance" for been responsible of manipulators of dollar increments.

[Odohu]

The Chief Whip of the Senate, Senator Ali Ndume said the federal government are gaining from the inflation in the country:

Ndume said rather than losing out from the naira depreciation against the dollar, the Federal Government is gaining more revenue to fund its 2024 budget.

They think we do not know?

Another is the salary they are paying there workers. The minimum wage was ₦30000 when dollar was at ₦365 when people were complaining of high cost of living, not knowing what is still coming. Today dollar is ₦1486 to a dollar, using the same CBN rate but minimum wage stayed at ₦30000.

NLC that said at least minimum wage should be increased are correct. Dollar is increasing, government are gaining more from crude oil but not increasing workers salary.

In the last 7 months, petrol import reduced by 1 billion litres: https://punchng.com/petrol-import-reduced-by-1billion-litres-in-seven-months-report/?amp

Yet, dollar continue to increase.

This shows the poor thinking of the people we elect to lead us. How can a serving government official be bold enough to say these shameful things? Where is the humanity in them? They know that inflation has diminished the buying power of our currency, make the government to earn more from subsidy removal and export of crude oil as well as reduced importation of finished products, yet they have not deemed it necessary to increase the pay and inject more money into programs to increases the earning of the citizens instead they share the money among the politicians and governors and the money will be stashed in foreign banks.

A government that have compassion will nit cripple the economy with no plans for the citizens and still boast of making more money. To what end is the money made when it did not translate to the economy being better for the citizens? I wish there is hope anywhere but its unfortunate that there is now. Now they blame everything and everyone except themselves for the collapse of everything that make Nigeria a nation.

[Coyster]

Maybe dem dey gain from all the money wey dem been steal, come convert am to dollars and kept it in foreign banks and other places, maybe na wetin Ndume dey talk, because if he is trying to say the government they make money wey dem go use make country better from this inflation, then that one na big lie.

Having said that, our government no ready, wetin dem like to do na to go after temporary solutions and continue to dey make bad policies. If dem no begin look into the real cause of this economic crisis, then things go just continue to dey get worst.

[EL MOHA]

In the last 7 months, petrol import reduced by 1 billion litres: https://punchng.com/petrol-import-reduced-by-1billion-litres-in-seven-months-report/?amp

Yet, dollar continue to increase.

You see this boss there is no lies about it that the current strategy of actual floating the naira will help the nation gain from there trades, other develop nations do this most especially the exporting nations but it wouldn’t be beneficial to Nigeria because of two things.
1. Is the exporting strength of Nigeria is very weak when compared to countries that actually use this strategy, aside the exportation of crude oil what else do they export again nothing but they import almost all other things. Even the exportation of crude oil is done a one side way because we still go back to buy the finished products like PMS again spending the dollars we had again.

2. Secondly this is related to this post, where does the money earned from crude oil exportation go to, the CBN since the day Sanusi Lamido said that the CBN doesn’t receives this money that ndume is saying is helping us which means our only source of revenue is not seeing. Which leaves the country on just little taxes collected. This strategy by IMF is to help us gain more by floating the naira but as long as there is no reason to make Naira attractive (exportation) then it wouldn’t work. And even if we increased the salary of workers (which should be around 200% currently) problems like this will persist

[nelson4lov]

Maybe dem dey gain from all the money wey dem been steal, come convert am to dollars and kept it in foreign banks and other places, maybe na wetin Ndume dey talk, because if he is trying to say the government they make money wey dem go use make country better from this inflation, then that one na big lie.

Having said that, our government no ready, wetin dem like to do na to go after temporary solutions and continue to dey make bad policies. If dem no begin look into the real cause of this economic crisis, then things go just continue to dey get worst.

I don hear this talk before and this was before Dollar go touch 1000 per $. Them been don dey convert stolen funds to USD long before the epic fall even started and make we no forget say FG in itself has $ reserves which is technically worth more $. The people wey dey on the losing end of this dollar rise and naira fall na minimum wage people and that is bad given the overly increased costs of living in this economy.  Them dey simply blame am on Binance and crypto because people don begin dey ask questions of the administration and them dey find where to push blame to.

Buhari blamed Jonathan. Soon Tinibu go begin blame Buhari given how poorly both of them don handle the economy.

[Benedictare]

   Dem wan say Binance for Naija no dey pay tax?, aside from dat we no dey collect dollars for hand now ,na digital currency crypto dey operate,even if we buy and sell na online we no de go keep money for house dey spend small small,so make dem leave us alone,we know everything wey dey happen fo this country.

[Jaycoinz]

Wahala no too much for this country? How can the government be having joy seeing their citizens suffer just because of the little profits that are benefiting for their own selfish interest. Nigerians are suffering everyday and all the government cares is the way to actually get profits off our own poverty where's there were meant to actually serve us well with their full intentions at that too but for now it's even the number one man which is supposed to be the president is also a failure to Nigerians as a president.

[Hewlet]

The Chief Whip of the Senate, Senator Ali Ndume said the federal government are gaining from the inflation in the country:

sometimes I think that the said federal government might be as confused as most citizens regarding the solution to the current drop in the value of our currency and they are actually doing absolutely nothing reasonable to solving these economic crisis.

You mean to say that someone can be this relaxed after all this suffering that the masses are passing through and  just because they are benefiting from this failed system? They will still feel comfortable with it? Its a shame.

Another is the salary they are paying there workers. The minimum wage was ₦30000 when dollar was at ₦365 when people were complaining of high cost of living, not knowing what is still coming. Today dollar is ₦1486 to a dollar, using the same CBN rate but minimum wage stayed at ₦30000.

this quote is just like that woman that sang that things was really falling apart when the price of fuel was sold at 500 naira. Look at the difenece in the month you created this thread and the price of dollar then and what we currently have now.

I went to check the price of phone last month and it was at 115,000 naira but went back yesterday it's now at 166,000 naira. It's funny that every seconds that goes by things because worse off than it was a minute ago.

[EluguHcman]

The Chief Whip of the Senate, Senator Ali Ndume said the federal government are gaining from the inflation in the country:

Obviously that is just right. We should ask ourselves that what sector of resources do we usually generates our revenues which tends to be depreciating in value rates from a serving government to another serving government times after times which as a caused of being responsible for the devaluing of our currency and our economy downfall resulting to the inflations and the hard way of survival in the country.
Meanwhile we were supposed to be advancing in economy growth and development including in our human resources as time goes instead reverse is always the case just on one reason that the governments are feeding fat their pockets with the public funds.

Even if there is seemed increasements in values of our resources yet the government would fail to review the necessary objectives that was to bring forth increments to the human resources. What a country. But once there is a devalues... Boom, all sections of the social and information networks would spread it along tactically so that the masses would be aware that if any inconveniences is released in the country then it is as the results of the occurance.

Nigeria governance system is such a monopolous whereas the terms and the conditions including the laws abidments within the societies are situated to the favours of a particular caucus of the said government who are in charge of giving authorities.
Nigeria is a place of abusing and hijacking power of governance constituted for the wellness of individuals.

[Briankimp1]

Nigerian is way too deep in this mess the only country where you steal huge amounts of tax payers money and flaunt it in there faces as a free man, We need accountability people should be held responsible for their actions till we can achieve this there can be no bright future for this nation.

[Miles2006]

The government are really benefit from the situation no doubt and they can really look into this matter in a way that the citizens will not suffer cause if the government are benefit from this drama then they should look into this matter, the price of things keep increasing each day. If the government want to really help, my first suggestion will be job creation, increasing salaries to the normal standard of the economy just like what you said cause na the major thing. In times like this when the government are benefiting from the high rate of dollar they're suppose to take the country along but our governments are just too selfish and they keep blaming something different.

[Gormicsta]

The Chief Whip of the Senate, Senator Ali Ndume said the federal government are gaining from the inflation in the country:

Ndume said rather than losing out from the naira depreciation against the dollar, the Federal Government is gaining more revenue to fund its 2024 budget.

They think we do not know?

Another is the salary they are paying there workers. The minimum wage was ₦30000 when dollar was at ₦365 when people were complaining of high cost of living, not knowing what is still coming. Today dollar is ₦1486 to a dollar, using the same CBN rate but minimum wage stayed at ₦30000.

NLC that said at least minimum wage should be increased are correct. Dollar is increasing, government are gaining more from crude oil but not increasing workers salary.

In the last 7 months, petrol import reduced by 1 billion litres: https://punchng.com/petrol-import-reduced-by-1billion-litres-in-seven-months-report/?amp

Yet, dollar continue to increase.

It's indeed very preposterous how our leaders are feeding off our sufferings. What's even more preposterous is the fact that they do not even let the citizens choose their own leaders no more, they choose who becomes president and all our votes are nullified, how then can we the citizens make the change we crave for when we can't even choose who should lead us anymore, it's as if no one has any choice anymore, not a single choice, we're all like passengers in a canoe without a paddle, wherever the tide takes us, there we go. God should really help us

[Uhwuchukwu53]

This is just clear that the government is the more you look expecting good thing they less and worst you see. It's what a man have in his brain it can generate and give but where their is nothing expect nothing. The blame game is the order of the day how can a government be proud with the fall if it's currency as source of gaining, I remove my mind from this out leaders since to avoid BP all the billions shared to state governors where is it circulating, I do say it until the right thing is done cutting corners can't help. I know this opinion can't work since they have rejected our currency and starching in dollars they should pass a bill that will make dollar our currency instead of naira.

[Asiska02]

If a system does not benefits the government, they’ll groan and that system will not last for up to a month. But the rise in dollar have been on increase since last year and till date they haven’t done anything to counter it. It is very obvious that they’re enjoying from the rise of dollar against Naira and makes it looks to us as thought they’re trying to make things work out for us all. The example of the minimum wage is just a perfect example to me amongst others to see a true reason that the government is benefiting from the rise in dollar against Naira.

Every time the dollar rises, price of goods and services follow suit and when it falls, the prices remains stagnant and won’t follow suit again. This has made business owners and company producers to also leverage on this not to reduce their prices again. If the government is not showing good example to solve this issue, its citizens will continue to leverage on that and milk their fellow citizens.

[Mate2237]

The Chief Whip of the Senate, Senator Ali Ndume said the federal government are gaining from the inflation in the country:

Ndume said rather than losing out from the naira depreciation against the dollar, the Federal Government is gaining more revenue to fund its 2024 budget.

They think we do not know?

Another is the salary they are paying there workers. The minimum wage was ₦30000 when dollar was at ₦365 when people were complaining of high cost of living, not knowing what is still coming. Today dollar is ₦1486 to a dollar, using the same CBN rate but minimum wage stayed at ₦30000.

NLC that said at least minimum wage should be increased are correct. Dollar is increasing, government are gaining more from crude oil but not increasing workers salary.

In the last 7 months, petrol import reduced by 1 billion litres: https://punchng.com/petrol-import-reduced-by-1billion-litres-in-seven-months-report/?amp

Yet, dollar continue to increase.

What Ali said is not far from the truth. And that is why Tinubu can't do anything to douse the situation on ground. I was even hearing that he called the business owners in the country to discuss the way forward of the country economy and after the discussion nothing come and yet he is threatening NLC that if they protest and anything happens they should be the responsible. And foe that NLC is also afraid to come out.

I think ASUU president said if the cost of living is still high then they would go for strike and the FG should increase the minimum wage to 1 million naira.

[Doan9269]

They will definitely benefits from it and one of the reasons to show and proof on this more is from the way they manage to manipulate the exchange rate to drop down for just two days and the next thing for it is to reach another all time high of naira devaluation against dollars, another thing to think of is the way they have failed to increase the workers salaries and minimum wages as the whole price of the market has been sporadically inflated, all subsidy removed, no increase in salary or minimum wages as well, they are earning but not giving back to the people to make live affordable for them.

[7juju]

The Chief Whip of the Senate, Senator Ali Ndume said the federal government are gaining from the inflation in the country:

Ndume said rather than losing out from the naira depreciation against the dollar, the Federal Government is gaining more revenue to fund its 2024 budget.

They think we do not know?

Another is the salary they are paying there workers. The minimum wage was ₦30000 when dollar was at ₦365 when people were complaining of high cost of living, not knowing what is still coming. Today dollar is ₦1486 to a dollar, using the same CBN rate but minimum wage stayed at ₦30000.

NLC that said at least minimum wage should be increased are correct. Dollar is increasing, government are gaining more from crude oil but not increasing workers salary.

In the last 7 months, petrol import reduced by 1 billion litres: https://punchng.com/petrol-import-reduced-by-1billion-litres-in-seven-months-report/?amp

Yet, dollar continue to increase.

It's so unfortunate that we have a clueless government, who doesn't care about the welfare of its citizenry. They are selling the crude in dollars and paying salary in naira with current exchange rate. This has shown that the government is wicked, you won't ever hear them talking about this or think of ways to better the life of their labour force. For me the workers should speak out and call out their employer and tell them without salary increase nobody is coming to work. They should occupy the government house and working environment, shut down economic activities until they attract the government attention. Until they see something meaningful they should not go back to work. Nigeria government doesn't act until there is industral action.