WEBVTT

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Another spaces with me kalu Aja,
that's my name, and of course every

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weekend we try to do talk about
the economy, personal finance and of course

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how it affects your wallets. We
want to make it personal to you.

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Right, we pick a topic,
how does it affect you personal? There

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is no bigger topic this week if
you are living in Nigeria or have business

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in Nigeria, then the announcement by
the President that the substitute has gone.

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So lots of folks have focused around
the issue of subsidy and why what all

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that means? And also during the
week we heard the Central Bank of Nigerent

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was moving towards this should we say
single interest rates or single exchange rates?

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Sorry? So what does all that
mean? What does it mean for your

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wallet? I think it's very important
that we spect well understand what does two

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issues mean. I eat, the
removal of the subsidy and of course a

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translation to a single exchange rate.
So to be very very simplistic, right,

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what is a subsidy? Let's start
from there. When you say you

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are subsidizing a price, that means
the surprise, but the market cannot pay

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that price, or she would say
the consumers cannot pay that price. Hence,

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you subsidize that price so that the
consumers can afford the price, which

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means that it's a regulated price,
a federal or federation regulated price. In

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Nigeria's case, the retail price you
pay at the pumps is regulated. So

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everything station all across Nigeria is mandated
not to sell above that price. They

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can go below, but they cannot
sell above that price. But that price

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is lower than the market price of
petrol if the same filic station had gone

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to buy petrol outside the NNPC system. So wherever you get your PMS,

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the federal government basically says you want
to sell your PMS at this price.

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Now let's call that price one hundred. But if you then get your PMS

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at two hundred, the federal government
would then pay you one hundred. That's

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the subsidy one hundred. The subsidy
has nothing to do with where it is

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refined, or how it is transported, or how it is start. The

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subsidy really has to do with the
regulation of the retail prices. Hence,

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if you're a good retail price,
you don't get a difference between the federal

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government price and the market price,
if you take away the subsidy, what

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you are simply doing is so you're
saying there's no longer a regulated price.

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So once you remove the regulation of
prices, then in essence, there's only

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one price in the market, ie
the market price. That's what subtid remove

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all means. It's the same thing. But the central bank and the exchange

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rate of the naira. If you
fix the exchange rate of the nihra,

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which is what the central bank has
done, which what we call capital controls.

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If you fix the exchanges of the
nihra, to say, one dollar

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is going to give you four sixty
four nira. If you do that right,

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what you're essentially saying is that the
market price, which is a seventh

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fifty, does no longer apply.
That the only price the central bank will

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buy and sell currency to you is
the four fifty four. That's a subsidy,

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so you are subsidizing it from seven
fifty to four fifty. So if

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you say you want to do a
single exchange rate, all the setter back

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is scenes that are going to take
it with the subsidy. They're going to

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take it with the regulated price,
which is that four hundred fifty four orbit

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call then affix price. If they
take it away, then all you have

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left is the market price, no
more regulated price. So essentially the strategy

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of the policy that we're announced is
a removal of regulated prices for dollar for

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pms. And there might be more
that they're going to take away, right,

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They're going to take away a lot
more than just the price for for

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pms and for the for dollar,
But that's essentially what they're saying. So

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whatever name you call it, that's
why you see the argument is the price

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increases, the modulation is a subsidy, pricey, It doesn't matter. Focus

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on that single thing that once you
take it with the regulation or once you

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introduce the regulated prices right or you
take it away, all you have done

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is to simply say that that price
is now market driving. Vote for pms,

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vote for for for dollar. That's
essentially where we are right now.

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So the question now is now,
what's the effect on your wallet? Or

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before let's what's affective the wallet?
Clearly there's going to be an increase in

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your cost of living because when you
say the market price, the market price

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can go up and the market price
can come down. What makes the market

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price go up? And down has
to do with the price, the demand

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and supply. If there is more
supply, prices go down. If there's

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less supply, prices go up.
It's that's simple. So when PMS today

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is five hundred plus, it's simply
because there is no supply, end of

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story. If the supply of PMS
goes up, then the price will come

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down. The supply of PMS is
predicated on the price of crude oil,

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not on the refinery. So again
that the idea that the Danguti refinery is

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going to reduce or it's going to
amminurate the prices of the retail pumps,

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it's not really, it's far fetched. You would remove the shipping, you

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would remove the dumorage. All those
costs are associated with bringing in PMS from

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seeing the Netherlands to Nigeria. That
would go away. But the price of

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PMS is based on the price of
crude oil. It doesn't matter whatever price

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don got it pays. If he
pays in naira or dollars is immaterial.

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What matters is is he paying for
the PMS for the crude oil in a

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subsidy or not, Which means cruel
today is about let's just say eighty dollars.

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Is done going to pay fifty dollars
or is he going to pay eighty

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dollars. That's the question doesn't matter
if he pays in nirah or dollars.

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If you pay make him pay in
naira and he's buying it at the real

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price i e eighty dollars, then
he would refine your PMS at eighty dollars

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plus. But if you give him
a subsidy, then he can refine at

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that subsidy plus. That's the real
determinant of the retail president Nigeria. The

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price that Dante will pay for the
internationally priced crude oil, which means that

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the subs they say it's gone,
it might not be gone depending on what

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price dan Gote pays. Right,
that's the powerway of no player off.

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What price would he pay, not
the currency the price if he pays in

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dollar or nia, but what price
is he going to pay at eighty dollars

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or is you gonna pay at a
subsidized dollar price? That's really will determine

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the final product. Remember we're taking
it with the government price and we're allowing

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the market to the intermined prices.
Market prices go up and down with demand

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and supply. So right now there's
limited supply because only an NPC down the

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road. If more players come in, you might see prices fall down the

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road. Same thing with the dollar. Dollar is seven hundred and fifty Nia

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to one, not because that's the
real exchange rate, but because there's really

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only one supplier, the Central Bank
of Nigeria. And why is the only

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one supplier Because Central Bank of Niger
has said it wants to buy your dollar

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at four hundred and fifty regulated price. Nobody's gonna do that. If you

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get dollars from your cousin in America, you go to the streets and you

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sell it for seven fifty. That's
what's going on. But if the central

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bank says we're removing the regulative price
withness the central bank, I eat,

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the commercial banks will buy your dollars
from you at the market price, which

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is about seven fifty today. What
you would actually see that there will be

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an increase in the supply of dollars
in the system and that will make the

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price of dollars I eat dollars four. So the devaluation really ironically might cause

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the nira to gain value exactly what
the scenson is trying to avoid by fixing.

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So when your job, if you
have a child and you chel your

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child don't talk to TV, what
does the child do the child of the

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television telling Nigerian do not hold dollars. All the Nigerians do the whole dollars.

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But if you make dollars available to
everybody, if you want dollars at

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the market price, go get it. You will say there will be a

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fall in the demand for dollars.
Why would I hold dollars if I'm not

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going to travel, if I'm not
staying in Nigeria. But I know that

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if I want to travel in three
months or six months, I can even

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go to an ATM, put my
card in and get dollars on that ATM

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as long as I am paying the
market price. Then why would I want

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to hold dollars in my domor accounts? It doesn't make any sense to just

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take my Nira converted to dollars and
just keep your domor account any nothing.

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It doesn't make any sense. So
all the domb account folks you see will

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sell their domor account because it's wasting. It's just there, it's wasting.

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There are no interest from it.
It's in the dom account because the Nira

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is not properly prized. Simply buying
dollars and holding it has been the best

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investment rick that I've made in the
last eight years. That's why Pool had

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keep dom accounts. If you buy
a dollar and you have kept it,

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one dollar was one sixteen and you
saw it when dollar was some fifty.

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Look at the rate of return.
No return baits that none And that's why

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you have dom accounts and people holding
dollars. But if you go to America,

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nobody holds pounds or euros in America
because they can easily get it if

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they want to travel. The price
is not fixed, but the FED because

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it's not a peg. They don't
have a peg, so you're not buy

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dollars. You go to your bank, you require giving the price and you

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pay same way. If you go
to the UK, no one holds dollars.

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Why would a hold dollars. They
don't spend dollars, but if they

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want dollars, they can go and
buy at the market price. The reason

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why you don't have n dollars everywhere
in Nigeria is because there's a regulated prize

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for that dollar in the price was
at the market rate, it would be

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available and only the folks that need
dollar would buy or would go get it.

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So with talked about the subsidy.
What it means, we'll set the

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subsidy is really, really, really
a removal of reluited prices. We'll then

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talked about the dollar the same way. It's the removal of regular prices.

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Finally, what does it mean for
your wallet? Your costs are going to

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go up. Guys, sorry,
your costs are going to go up because

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most of your food is important.
Your PMS for now is important. That

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might change. Look at the things
you spend money on. Food is sixty

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eight percent of your budget. It's
important, right, most of it your

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rents to build the homes, your
the iron, the nails, most persons

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are important. Education is local rights. Your teachers are all local here.

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But the tools, those things you
pay for abroad, a sec approachnal stop

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is important. The points I'm making
right, The bulk of Nigeria, Nigeria

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as a whole exports more than she
imports. But if you break down that

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that report were spot more crude oil
and we import a lot of things that

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we shouldn't be important, like sparkling
water. That is feeding local inflation because

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you bring those things in like dst
you guys wat ds, you watch arsenaw

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you pay for that in dollars.
So once you watch ars now you are

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important. That's just the way it
works. So if you don't cut down

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on the import, your costs are
going to go up. This means that

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this is a great opportunity for anyone
that wants to do import substitution. Anything

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you can make locally to avoid the
cost of the dollar, they are going

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to make profit, right, which
means it there's mellow, there's millow abroad,

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there's millow Nigeria. The millow in
Nigeria was going to cost you less

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than the millow abroad because you are
making it here and you are avoiding the

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dollar. So anything at all that
you make locally avoiding you converting to dollars

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or important with dollars, that's going
to make money for you. So big

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opportunity there for everyone in terms of
import substitution. You're costs are going to

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go up, no mistakes about it. We take us to the final point

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so we can all talk, right, you cannot. This is the government

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of Nigeria. You cannot increase the
costs of everybody in Nigeria via the removal

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of PMS prices and the removal of
the dollar exchange rate without giving a safety

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net and a good sitty net is
time. You cannot increase costs by three

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hundred percent in twenty four hours,
even in America. It's not done in

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any economy. Three hundred percent increases
a shock to the system, and no

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one can take that shot to the
system. It's just not possible. So

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you either spread it over time,
or you increase or reduce a shock by

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increasing revenues. I either the incomes
of Nigeria's either you give najeras a tax

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cut or you increase our salaries.
But you simply can't say something is gone.

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Costs go up to hundred percent and
it is what it is. That's

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not going to happen when the economy
will grind to a halt. Why because

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people will have gone to spend all
the money you spend this last week buying

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pmis. It's money you are might
to buy something else. Another thing is

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suffering. So if you don't buy
food, the farmers suffer because you bought

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petrol. So you know it's a
circle, your n only limited amount of

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money. A comma mix is a
subject of choice. So if you don't

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buy food and you buy PMAs,
food suffers. If you don't pay rent

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and buy PMAs, your landlord suffers, and that's basically I might take.

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So let's get the guys in here. I hope guys can hear me.

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So I've got to have bright betore
your bright. What's on your mind?

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Houp, you can speak? Go
ahead, so, hey, I'm very

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well, thank you so much.
Bright. Let me get your order to

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go up a bit? Bright?
Your audience kind of low? Can I

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get your order to go up a
bit? I can hear you, but

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just louder. Yeah, that would
work. I can hear you perfectly,

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just louder. Go ahead. Yes, okay. Um, it's a reality

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we have to leave worth. But
my my, my concern, like you

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said, um, is there any
way that can be relieved as we have

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to cut down on certain things that
we do. We have to put down

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um um, but I think that
the politicians have gone because of course the

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so cities are from fluids. We're
playing for dollars. Your bays obviously on

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dollars you're paying some video on m
as so at the end of today to

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edges. So what I think,
um that if you take out one then

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allowed although more pole so that I
like license only end a piece because according

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to any empty auto importably of what
because you're but then even if they make

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it hard, even if they make
mood import now, I don't think anybody

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will want more now and perhaps they
want to put that got into starts rolling

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00:16:22.600 --> 00:16:33.159
now is prout then before then as
it's just on our with So you're saying

205
00:16:33.200 --> 00:16:37.360
physically, so so what you say
that they should that maybe don't they don't

206
00:16:37.399 --> 00:16:41.720
the fuel want and left the exchange
you want to run in most subsidies on

207
00:16:42.240 --> 00:16:51.080
fuel. But the same time you
understand understand because for me you're taking out

208
00:16:51.080 --> 00:17:00.840
of the dollar is still a r
you understand, correct, I do single

209
00:17:00.240 --> 00:17:06.359
you're gonna have single way you said
you're taking the other one. There's the

210
00:17:06.559 --> 00:17:11.200
room for all these nanigans that we're
doing a year. So I expect that

211
00:17:11.160 --> 00:17:15.920
they stick out the other one so
that you can balance the people who are

212
00:17:15.920 --> 00:17:22.240
scared the black market to buy the
troll to import then come back at them

213
00:17:22.279 --> 00:17:30.720
to sell it on that so they
abso hear that maybe when I go to

214
00:17:30.799 --> 00:17:36.240
buy now before I control our government
with a increasing visual will be on the

215
00:17:36.319 --> 00:17:44.480
av Yeah you said again, Yeah, then again is that where we're talking

216
00:17:44.519 --> 00:17:47.880
about a policy we have not seen. That's the other thing again that it's

217
00:17:47.920 --> 00:17:51.440
difficult for us to talk about right. All we are talking about it is

218
00:17:51.480 --> 00:17:56.240
based on the pronunciation by the present
saying something is gone. The NNPC has

219
00:17:56.279 --> 00:17:59.720
come out. At the end,
I watch the NNPC CEOs interview or in

220
00:18:00.000 --> 00:18:03.359
on our right, what's very detailed. He gave a lot of background that

221
00:18:03.480 --> 00:18:11.839
allows us even talk one The one
he did on channel is okay, is

222
00:18:11.279 --> 00:18:15.000
morful. But if you go to
channels the one he did with channels the

223
00:18:15.079 --> 00:18:18.160
next day, the next day,
or the evening of that same day,

224
00:18:18.599 --> 00:18:22.200
you will use see the different.
Yes, the evening of that same day.

225
00:18:22.079 --> 00:18:25.519
It's a care You know, before
we were saying that Dancle day is

226
00:18:25.559 --> 00:18:29.880
gonna get in Nia. You're gonna
tell it to him in Nia, which

227
00:18:30.000 --> 00:18:34.400
allows the pride not to go from
um to go high. But in that

228
00:18:34.640 --> 00:18:44.480
interview is gonna buy in Dancin buying
crude from like any other. But the

229
00:18:44.559 --> 00:18:48.319
only different here at this time is
that all the other commodities that were allowing

230
00:18:48.400 --> 00:19:03.720
to wait the way they're all gouldn't
be local? Who quiet that the so

231
00:19:03.880 --> 00:19:10.319
so so so so he cut just
because so he contemned that Dangle is gonna

232
00:19:10.319 --> 00:19:17.079
buy at the market price of PMS. Yes, he's gonna buy in donors

233
00:19:17.240 --> 00:19:22.880
in yp does well, he said, because she asking how to buy?

234
00:19:22.720 --> 00:19:26.920
Is getting me? Are gonna think? Said? Of course the same dollar

235
00:19:27.079 --> 00:19:33.559
he's getting. Every other person gets
that the same way he's gonna get.

236
00:19:33.200 --> 00:19:42.279
You know what's gonna be what the
advantage is that there will be many people

237
00:19:42.359 --> 00:19:47.519
doing in the same business. But
the important that time because we're gonna have

238
00:19:47.640 --> 00:19:52.640
a sing good um exchange ready to
do that. When there is more in

239
00:19:52.720 --> 00:19:56.319
the market, a lot of people
will go and buy people that will not

240
00:19:56.440 --> 00:20:00.720
reduce the price. Do not start
working between when price goes and when it

241
00:20:00.880 --> 00:20:04.480
comes down. Gotcha so so so, just to be clear, Just just

242
00:20:04.599 --> 00:20:07.960
to be clear, he's conferring that
Dangles is going to buy at the market

243
00:20:08.079 --> 00:20:15.000
price, no subsidy, yes,
so so so that goes back to the

244
00:20:15.039 --> 00:20:18.960
point I'm making to the last week. I was the guy I was arguing

245
00:20:18.000 --> 00:20:22.839
about it's going to buy nira or
it doesn't matter the currency. He buys

246
00:20:22.920 --> 00:20:29.119
that. Yeah. What what matters
is the price is thing? Yeah,

247
00:20:30.519 --> 00:20:33.720
okay, So if if he's paying
full market price, that means subsidy is

248
00:20:33.759 --> 00:20:36.720
gone. That what it means to
subsidy is gone with me. And what's

249
00:20:36.839 --> 00:20:41.640
what that means is that there's no
regulated price anymore. So you can bring

250
00:20:41.720 --> 00:20:45.160
in your you can bring in your
product and sell at any price you want.

251
00:20:45.480 --> 00:20:48.839
You can go lower, you can
go higher. So look at it

252
00:20:48.920 --> 00:20:49.880
this way. Let me give you
a scenario. Let me put this around

253
00:20:49.920 --> 00:20:56.920
for you. Right, Julius Beggar
gets contracts to build roads in Nigeria right

254
00:20:59.000 --> 00:21:03.279
right now, is being paid in
naira. They want dollars, but they're

255
00:21:03.279 --> 00:21:07.799
paid in naira. So what do
they do? They export cashoe knots from

256
00:21:07.880 --> 00:21:11.839
Nigeria abroad. That how they get
that dollars Angeles Beggar. So they export

257
00:21:11.920 --> 00:21:17.319
cashoe knots. That's just beggar to
get yeah, to get dollars. Good,

258
00:21:17.839 --> 00:21:22.160
what they want. What Beggar can
do now is to go to take

259
00:21:22.240 --> 00:21:29.680
cashoe from Nigeria exported to Vietnam,
then go to Chicago and buy PMS or

260
00:21:29.759 --> 00:21:33.960
whatever in the world and bring it
back to Nigeria. They don't need.

261
00:21:34.720 --> 00:21:40.240
Yeah, they don't need dollars.
Right now, the Indians are buying discounted

262
00:21:40.440 --> 00:21:47.400
Russian diesel and selling back exactly.
This is the point we'll make it because

263
00:21:47.640 --> 00:21:52.000
and Beggar can bring that that PMS
into Nigeria and sell at any price it

264
00:21:52.119 --> 00:21:57.440
wants to get this. Yeah,
so it gets it, gets paid one

265
00:21:57.559 --> 00:22:03.359
hundred million naira, It takes one
hundred and buys cashot of amon Era,

266
00:22:03.839 --> 00:22:08.240
it exports it out, it gets
dollars, uses the same dollars to buy

267
00:22:08.720 --> 00:22:14.200
the diesel, and it imports the
diesel backt to Nigeria and sells for one

268
00:22:14.359 --> 00:22:18.880
fifty million. So it's made fifty
million on that trade, just for example.

269
00:22:19.039 --> 00:22:23.960
Right because right now there's no more
regulative project can sell higher or lower.

270
00:22:25.440 --> 00:22:26.880
So this is the market that we're
going to go to. So long

271
00:22:27.119 --> 00:22:33.680
term, the market price of crude
and trade would determine the price at the

272
00:22:33.759 --> 00:22:37.400
pump, not the regulative price.
Long term, it might be better because

273
00:22:37.440 --> 00:22:45.039
remember is going to sell order condensates
byproduct of the of the pay of crude

274
00:22:45.079 --> 00:22:48.119
oil. That would allow him to
subsidize his own refinance. Even if it

275
00:22:48.160 --> 00:22:53.240
makes a loss on PMS, he
makes a profit on the other Yeah,

276
00:22:53.400 --> 00:22:59.319
and this is this goes back to
the failure of the of the Nigerian Federation

277
00:22:59.440 --> 00:23:03.039
not feder federation. When you have
crude that you say, why can't the

278
00:23:03.160 --> 00:23:10.839
poor nager enjoy cheap petrol? They're
right, as a Nigerian because you live

279
00:23:10.920 --> 00:23:15.119
in this country and God has blessest
country. What a bonus of cloud,

280
00:23:15.119 --> 00:23:18.400
you should get a subsidy, they
said, petrol is no. But if

281
00:23:18.480 --> 00:23:23.200
we had run our refineries properly,
we would have made a loss locally on

282
00:23:23.440 --> 00:23:29.559
PMS but covered it up with other
byproducts. The Dangote refinery, the dango

283
00:23:29.640 --> 00:23:34.559
Tesque fertilizer plant quote and quote should
have been an NPC fasilistics right and I

284
00:23:34.640 --> 00:23:38.400
they had made profits on fertilizer,
then they would have able to afford the

285
00:23:38.480 --> 00:23:45.880
subsidy. The subsidy is because the
federation has failed to expand the value chain

286
00:23:45.960 --> 00:23:49.640
of crude oil. So the subthing
looks looks like a lot. There is

287
00:23:49.720 --> 00:23:56.799
no economy I change anyone show me
any economy that does not subsidize something for

288
00:23:56.960 --> 00:24:02.440
assistance. That's none. If good
that, I've probably give my argument.

289
00:24:03.000 --> 00:24:04.279
And you think this is one other
things. One of the problems I have

290
00:24:04.519 --> 00:24:08.039
was a part of that part of
the world that I am. You see,

291
00:24:08.039 --> 00:24:12.960
we don't want to push the narrative, push that narrative like that's how

292
00:24:14.079 --> 00:24:22.119
it worked in other places. You
remember doing this, Remember that because the

293
00:24:22.240 --> 00:24:26.519
British confort and all of them want
to give him debates on guards, especially

294
00:24:26.640 --> 00:24:32.759
during winter. To give you a
backup focus in America, prove the packs

295
00:24:33.359 --> 00:24:37.519
on the pms and also gas,
isn't it true? True? What do

296
00:24:37.599 --> 00:24:41.440
you call that something? What do
you call that? All? Right?

297
00:24:41.720 --> 00:24:45.599
Good points? Good points? You
see. Another thing I also know that

298
00:24:45.720 --> 00:24:48.559
this is gonna do, is that
we actually need to know the actually that

299
00:24:48.640 --> 00:24:53.039
were consuming at. We need to
know that we don't need so again again

300
00:24:53.119 --> 00:24:56.599
first between, we don't need to
know that. No one cares like do

301
00:24:56.680 --> 00:25:00.920
you want more? How much cook
sails? No? First, first let

302
00:25:00.920 --> 00:25:04.200
me nobody they tells amount of gardian
age, and no one wants to know

303
00:25:04.240 --> 00:25:07.559
how much colors. So the Nigeria, if you can afford it, go

304
00:25:08.079 --> 00:25:11.839
and pay for it. If Camel
Roon can afford to pay for any piece

305
00:25:11.880 --> 00:25:18.000
to come and buy, we don't
care whoever can afford to buy. What

306
00:25:18.119 --> 00:25:22.799
they're trying to do is that none
that the prizes are related that allowed to

307
00:25:22.200 --> 00:25:26.640
the market to determine they want to
go into those countries to build their own

308
00:25:27.240 --> 00:25:33.079
terminal so that they can sell they
can export to that same countries by the

309
00:25:33.160 --> 00:25:37.880
other And he said on the other
two refineries, they one will be ready

310
00:25:37.920 --> 00:25:41.079
by December. He didn't mention which
one, but he said one of them

311
00:25:41.119 --> 00:25:45.519
will be ready by December, the
other already by mid of next year.

312
00:25:45.279 --> 00:25:49.519
So, like I said, it's
the circle that we have to go through.

313
00:25:51.039 --> 00:25:53.839
But I think this plan will be
better one. I will, I

314
00:25:55.000 --> 00:25:57.200
will, we will, we will
that. Okay, that's hopeful. You

315
00:25:57.279 --> 00:26:07.240
remember your um, I'm town in
legals four years between twenty twelve. I'm

316
00:26:07.119 --> 00:26:15.200
that's gonna. I think I lost
first. Okay, first, let first,

317
00:26:15.279 --> 00:26:17.960
let me pause. I think I
lost you all. I meant get

318
00:26:18.039 --> 00:26:21.400
me the media in here to get
this perspective as well, if you can

319
00:26:21.480 --> 00:26:22.160
hear me. First, legal,
I think I lost you. Let me

320
00:26:22.160 --> 00:26:25.839
get me the media here to to
get this perspective. Go ahead, sir,

321
00:26:26.440 --> 00:26:33.680
Yeah, how are you doing?
Okay? Yeah, I would like

322
00:26:33.880 --> 00:26:41.119
to speak to this from three angles. Um, the idealistic angle, that

323
00:26:41.400 --> 00:26:49.240
is from awesome way back and okay, the idealistic angle from use for where

324
00:26:49.279 --> 00:26:56.039
we are now. And the last
angle um the non idealistic, the practical

325
00:26:56.240 --> 00:27:03.400
angle or the practical uh probabilities of
you know, stuffs that can happen.

326
00:27:03.759 --> 00:27:11.559
You know if you will go you
know the memory line. You you know

327
00:27:11.720 --> 00:27:21.640
that as far as seventy eight seventy
neither as a country we will project I

328
00:27:21.839 --> 00:27:27.720
had you know, Okay, we're
going in population, we'll be another refinery.

329
00:27:30.039 --> 00:27:33.519
That's how regarded where we want.
That's how that's how we got the

330
00:27:33.559 --> 00:27:41.200
first protacol one sorry, and later
when Bevana in eighty nine ironicategory did that

331
00:27:41.319 --> 00:27:47.599
one with some of these seven nine
then wine eighty nine Babangida feloking rules,

332
00:27:47.839 --> 00:27:56.079
we're going we need the bigger,
really bigger um refining capacity to meet population.

333
00:27:56.200 --> 00:28:00.160
And we the additional of his one
ten or two because one to much

334
00:28:03.599 --> 00:28:11.640
way for the put second photography refinery
more. You know. So I'm still

335
00:28:11.720 --> 00:28:18.759
talking to idealistically now, So you
will expect that for a country of you

336
00:28:18.880 --> 00:28:23.359
know, challenged people, educative people, people who you know other portulary are

337
00:28:23.640 --> 00:28:29.319
working, traveling and all that.
People will see what happens in other countries.

338
00:28:29.960 --> 00:28:32.599
You know, you can tell people
in the country a single bore that

339
00:28:32.920 --> 00:28:37.079
do you know, like virtually has
no all we're farming a gob from five

340
00:28:37.160 --> 00:28:42.279
million powers per day. Idealistically you
will expect, okay, but who we

341
00:28:42.359 --> 00:28:47.960
have, all these shall move to
share. Everyone will whatever you wander on.

342
00:28:48.039 --> 00:28:52.640
All these people who task improve going
to be people of them to build

343
00:28:52.680 --> 00:28:57.720
refineries. I will say. Ideally
and idealistically or theoretically, you will expect

344
00:28:57.759 --> 00:29:02.599
the country like my dream you were
not a crime scene kind of country.

345
00:29:03.400 --> 00:29:07.480
You will be expect we should be
doing all the two million bowels that are

346
00:29:07.519 --> 00:29:15.400
probably we should approved do you see
should be refined full because you make more

347
00:29:15.480 --> 00:29:22.440
money from exploding refined products and selling
the could products. You know, and

348
00:29:22.799 --> 00:29:30.319
even at this time especially maybe pro
spread the part spread and refined product is

349
00:29:30.839 --> 00:29:36.200
better than is why we will be
making a killing from fine hard So that's

350
00:29:36.279 --> 00:29:48.920
that's idea is because but then as
we were not really yeah, that's why

351
00:29:48.960 --> 00:29:53.240
I thought that the whole idea of
the subsidy iss a tax bad on federation

352
00:29:53.359 --> 00:30:00.359
in afficiency. That's what's going on. Attacks we have we are paying attacks

353
00:30:00.519 --> 00:30:07.519
on the inefficiency of the federation the
federal states. Yeah, look a good

354
00:30:07.559 --> 00:30:11.319
man. That's basically That's why I
had to go They from free back and

355
00:30:11.880 --> 00:30:18.400
talk, you know, like idealistically
theoretically, so we are that's actually just

356
00:30:18.559 --> 00:30:22.759
going to like my online we was
here for. We are paying for the

357
00:30:22.920 --> 00:30:30.279
inner dequoases or the criminal mindset of
our rulers. Yeah, we are meant

358
00:30:30.359 --> 00:30:37.559
to be a bronze now you get
it. We're paying for their own inner

359
00:30:37.680 --> 00:30:49.240
dequaces, inefficiency, or probably their
own ways largely. Yeah, you know,

360
00:30:52.279 --> 00:30:56.920
what do you say? Yeah,
I would say, well, we'll

361
00:30:56.960 --> 00:31:03.079
paying again for the inner dequations that
reas strong and I'm gonna say strong and

362
00:31:03.119 --> 00:31:12.000
contin letters like strong connection between the
Myra, especially for country like Nigeria and

363
00:31:12.400 --> 00:31:18.559
the prom Christ you know, see
take it for example. Or let's stop

364
00:31:18.839 --> 00:31:23.119
idealistically in the middle. You know, let's say zim. You know,

365
00:31:23.599 --> 00:31:27.640
in two twelve, two thousand and
twelve, you know, the dollar exchange

366
00:31:27.799 --> 00:31:34.599
was at one one fourteen one fifteen
one sixty there about. Now, idealistically

367
00:31:34.680 --> 00:31:38.799
we should be produced. Is it
agreed or is it's cool? Oil is

368
00:31:38.799 --> 00:31:44.279
if you find all, you know, whatever, we should be able to

369
00:31:44.440 --> 00:31:52.079
sustain production that will be able to
sustain such exchange rates. Now imagine,

370
00:31:52.480 --> 00:31:56.519
let's assume that we have exchanged and
one hundred and fifteen dollars to a dollar

371
00:31:56.400 --> 00:32:01.960
or two hundred nars to a dollar, and that exchange rate between the official

372
00:32:02.119 --> 00:32:07.839
rate and say like else it used
to be some ten fifteen years ago and

373
00:32:07.920 --> 00:32:13.359
we're doing a passenger and whoever that
Yeah, he spread between the official rate.

374
00:32:13.519 --> 00:32:19.640
As a power market, you shouldn't
be more than that. Let me

375
00:32:19.640 --> 00:32:21.920
ask you a question. Let me
ask you a question. Let me ask

376
00:32:21.960 --> 00:32:25.559
you a question. Why do you
think the black market started? Why do

377
00:32:25.640 --> 00:32:30.000
you think a black markets started?
Ask I'm asking a question, what do

378
00:32:30.079 --> 00:32:38.240
you think whoa largely because of not
really no no, no, no,

379
00:32:38.680 --> 00:32:43.240
no no, not really, not
really. It's very simple. Whenever you

380
00:32:43.359 --> 00:32:49.720
see a black market, that means
there's no supply. That's it. Whenever

381
00:32:49.839 --> 00:32:54.200
you see a black market, there's
no supply. The black market started because

382
00:32:54.240 --> 00:33:00.680
there was no supply of the quote
and quote subsidized dollars Nigeria. I remember

383
00:33:00.759 --> 00:33:06.839
I was in school when my mom
used to travel. I remember this conversation

384
00:33:06.920 --> 00:33:10.160
where you're trying to buy dollars from
someone at seven Nira. I remember in

385
00:33:10.240 --> 00:33:15.119
my head as a child, and
she was complaining better that this guy is

386
00:33:15.119 --> 00:33:19.640
sending into her at seven era to
one dollar. I remember, my head's

387
00:33:19.720 --> 00:33:23.160
just complaining that she bought it for
four era. Now it's seven era.

388
00:33:23.680 --> 00:33:29.839
It was knew, She went on, No, I'm just telling you what

389
00:33:29.920 --> 00:33:34.160
I remember, right, seven nira? Why was she buying it at seven

390
00:33:34.279 --> 00:33:38.720
nira instead of the one nira?
It was one era tenko bo in CBN

391
00:33:39.000 --> 00:33:43.359
one era tenkobs buying at seven yarra. Why was she buying a seven era

392
00:33:44.000 --> 00:33:49.319
Because if you apply at CBN at
one era tenkobo, you don't get it.

393
00:33:50.640 --> 00:33:54.759
That's why there's a black market.
There is no black market for dollar

394
00:33:54.920 --> 00:34:00.319
in America, in South Africa,
in UK, maybe even in Ghana.

395
00:34:00.400 --> 00:34:08.159
There's no black market. Why markets
in countries dollars? You know, No,

396
00:34:08.519 --> 00:34:12.320
you can't. You can't have a
pile market. No no, no,

397
00:34:12.400 --> 00:34:17.159
no need it? Need it?
Let way? Where is the Where

398
00:34:17.239 --> 00:34:21.239
is the pial markets in America?
To tell me where is it? Wasn't

399
00:34:22.920 --> 00:34:25.159
happen. You won't have in the
US. You will have in the US.

400
00:34:25.519 --> 00:34:31.519
You're having for example, you have
it in you No, no,

401
00:34:31.599 --> 00:34:36.719
no, you don't. You don't
have a pile of market where there's no

402
00:34:36.920 --> 00:34:43.320
capital controls. Pile market only comes
when they are capital controls. So when

403
00:34:43.360 --> 00:34:46.400
the central bank says if you want
one thousand, will give you a hundred,

404
00:34:46.800 --> 00:34:52.159
then it black market starts. It's
not just for for dollars, for

405
00:34:52.320 --> 00:34:59.800
anything their own. For example,
now let me think of the country.

406
00:34:59.840 --> 00:35:04.480
Now let's beating for example, if
you go to most of our into the

407
00:35:04.559 --> 00:35:08.920
part, it's a black market.
Why if you buy foreign currencies. But

408
00:35:09.159 --> 00:35:16.199
see the point is they get between
the official rates and the black market or

409
00:35:16.400 --> 00:35:21.960
power market. Okay, for example, let's say to one point two five

410
00:35:22.280 --> 00:35:27.880
or one point three five two dollars
single dollars dollar. The pole market is

411
00:35:28.000 --> 00:35:30.639
every one point three six, one
point three seven. Yes, So the

412
00:35:30.760 --> 00:35:35.039
question is that why is there a
black market? That's the question. The

413
00:35:35.159 --> 00:35:38.519
question is why is there a black
market in that country? Why? Yeah,

414
00:35:38.599 --> 00:35:43.400
because not everybody will come to the
bank to buy dollars exactly from people

415
00:35:43.440 --> 00:35:47.280
are tourists exactly from the bank.
You will happen from the from the part

416
00:35:47.880 --> 00:35:54.480
even like for most countries. Exactly
why is it all black markets in America?

417
00:35:57.000 --> 00:36:00.599
Because American that's where the dollars come
from. No, not because as

418
00:36:00.639 --> 00:36:04.119
it does come because there you can
walk, you can get dollars online,

419
00:36:05.360 --> 00:36:10.760
you don't have to the market is
available to everyone to get in and get

420
00:36:10.840 --> 00:36:15.880
out. No, no, no, it has not do local currency.

421
00:36:15.199 --> 00:36:22.079
The local currency of Ecuador is dollars. It has not do it the currency.

422
00:36:22.440 --> 00:36:24.079
It has to do that. The
fact that there is no control.

423
00:36:24.719 --> 00:36:29.159
If I want to buy dollars today
on my phone from a half year,

424
00:36:29.440 --> 00:36:35.639
I can. Currency markets are international
dollars, euros, pounds or slend dollars.

425
00:36:35.800 --> 00:36:38.920
They are all convertible. They are
all online. If you go to

426
00:36:39.159 --> 00:36:44.400
China today and to do that,
you can't buy dollars online. The ue

427
00:36:44.599 --> 00:36:49.599
is not convertible. It had not
do. The currency is the availability if

428
00:36:49.639 --> 00:36:52.239
you want it. That's why there's
no black market because you can't get it.

429
00:36:52.800 --> 00:36:58.119
There's a black market in Nigeria because
the central bank says, if you

430
00:36:58.239 --> 00:37:01.119
want dollars at four hundred fifty four, we will give you, but if

431
00:37:01.159 --> 00:37:05.920
you actually request, you don't get
Look at the airlines are asking for dollars

432
00:37:06.280 --> 00:37:08.559
at four hundred and fifty four,
not affect it. They don't have it.

433
00:37:10.760 --> 00:37:15.559
We have we have scarcity of dollars. That's the question. Why do

434
00:37:15.599 --> 00:37:22.880
you have scarcity? The question is
why do you have the scarcity? And

435
00:37:23.079 --> 00:37:30.320
there's problem system as well. You
don't have enough Why you don't have a

436
00:37:30.400 --> 00:37:34.440
primaries as well? How do you
get dollars dollars that you're supposed to have

437
00:37:34.519 --> 00:37:38.960
it? You don't have enough.
You don't have enough, you don't have

438
00:37:39.119 --> 00:37:46.320
its place. You don't have enough
dollars in Nigeria because you want to buy

439
00:37:46.960 --> 00:37:53.239
at four hundred and fifty four.
If you divalded nira to eight hundred n

440
00:37:54.400 --> 00:38:00.199
all the guys that have dollars in
bonds in the US will bring those bonds

441
00:38:00.599 --> 00:38:07.280
or those funny portal investments to Nigeria. It's called hot money, it's called

442
00:38:07.559 --> 00:38:13.480
they will transfer to a carry trade. You know why that way? What

443
00:38:13.599 --> 00:38:22.639
do you mean? Want want?
Simple? Right? Is a two thousand

444
00:38:22.760 --> 00:38:27.000
vira two dollar? Now? When
you have corruption, limar system used to

445
00:38:27.079 --> 00:38:32.000
keep saying this corruption, it doesn't
matter, it doesn't you see, the

446
00:38:32.199 --> 00:38:37.039
market doesn't, it doesn't matter.
When Nigeria was in the in the in

447
00:38:37.159 --> 00:38:42.840
the JP Morgan bond index, what
that meant was that if you buy an

448
00:38:42.880 --> 00:38:49.360
imagined bond, you are automatically buying
Nigerian bonds. What was the exchange of

449
00:38:49.400 --> 00:38:52.719
the nira It was very low.
De Niro was very strong. Why because

450
00:38:52.880 --> 00:39:00.679
Nigeria was getting portfolio dollars in flu
into Nigeria by default, you get it.

451
00:39:00.840 --> 00:39:02.800
So as the dollars are coming in. Let me give you a clear

452
00:39:02.960 --> 00:39:07.800
example. In twenty two thousand and
seven, two thousand and eight, the

453
00:39:08.079 --> 00:39:16.559
world experienced a global recession or seven
or eight, the oil prices internationally crashed.

454
00:39:17.599 --> 00:39:24.360
The Nigerian GDP went up, not
down. Why did they go up

455
00:39:24.800 --> 00:39:29.840
because we had reserves? Why did
we have reserves? Because they then se

456
00:39:29.960 --> 00:39:35.400
then governor threatened that if anybody tries
to even attack the nira, he will

457
00:39:35.559 --> 00:39:39.000
flood the system with dollars and you'll
lose money. And he people looked at

458
00:39:39.039 --> 00:39:44.440
his reserves. The guy had fought
something million billion dollars and they backed off.

459
00:39:45.480 --> 00:39:47.239
Why can't a mainflet do the same
thing today? Because people look at

460
00:39:47.280 --> 00:39:52.840
his reserves. It has forty his
own eurobonds, his own China, his

461
00:39:52.079 --> 00:39:57.000
owing every one dollars, so he
can't talk. That's what the dollar is

462
00:39:57.119 --> 00:40:06.199
going up because there's no supply.
You get the points I'm making. Seven

463
00:40:06.920 --> 00:40:16.559
um, remember the exchange rate at
the bar market and what was was?

464
00:40:16.639 --> 00:40:22.719
What was it? What was the
act that's highest today? Was like iron?

465
00:40:23.480 --> 00:40:32.119
But you could get it so again
on your card. Remember it was

466
00:40:32.159 --> 00:40:36.039
timing nine jeria on your card.
On your on your card, you will

467
00:40:36.079 --> 00:40:39.840
traveler brought with your card and spend
dollars of how much on your card.

468
00:40:42.039 --> 00:40:45.360
There was no restriction. You had
a card. You would fly abroad with

469
00:40:45.440 --> 00:40:51.000
your card and spend dollars with your
card. Today it's twenty dollars a day.

470
00:40:54.199 --> 00:40:57.679
Be the let me let let let
me, let me get this.

471
00:40:57.760 --> 00:41:00.480
Guys with you, but just hang
in there, let me get what you

472
00:41:00.599 --> 00:41:07.679
preciently. Don't go anywhere. Media
m cheerful lows, high, cheerful loss.

473
00:41:07.719 --> 00:41:10.679
How you do it? I've kept
you with cheers. What you've got

474
00:41:10.760 --> 00:41:15.119
the floor Menday is still here all
right, but made it so. I

475
00:41:15.239 --> 00:41:21.199
want to just make the point again
to recollect everyone what has happened Nigeria.

476
00:41:21.280 --> 00:41:27.599
What Tenable wants to do is to
remove the regulator price on pms and on

477
00:41:27.960 --> 00:41:31.039
the currency. If you take away
the price, that means there's only one

478
00:41:31.119 --> 00:41:37.360
price. There is now only the
market price. What drives market price,

479
00:41:37.639 --> 00:41:42.480
demand and supply. So on a
policy level, I completely agree with to

480
00:41:42.559 --> 00:41:46.320
noble take away the regulator price,
let free market on the competition affect the

481
00:41:46.360 --> 00:41:51.559
prices. But this is where I
think he might be getting it very wrong.

482
00:41:52.119 --> 00:41:57.519
You cannot shock the system with high
prices and an economy like Nigeria where

483
00:41:57.599 --> 00:42:04.239
people and still earn eighty thousand naira
a month. That's still the official minimum

484
00:42:04.320 --> 00:42:07.840
wage. I know most people have
paid themselves more, but the official minimum

485
00:42:07.920 --> 00:42:15.440
wage in Nigeria it's still thirty thousand
nira. So NLC, the Nigeriable Congress,

486
00:42:15.079 --> 00:42:20.119
yeah it's thirty is still still I
mean I did two weeks ago,

487
00:42:20.280 --> 00:42:25.920
I did a trend on bank salaries. I was getting screenshots. This is

488
00:42:25.960 --> 00:42:30.280
actual screenshots from folks that are working
in a bank. These are guys that

489
00:42:30.320 --> 00:42:35.079
are the contract staff. So what
happens in the banks is that the banks

490
00:42:35.079 --> 00:42:38.760
without source, say a teller to
a ted party, then the tired party

491
00:42:38.800 --> 00:42:43.800
who would hire the teller back to
the bank. You have people working in

492
00:42:43.920 --> 00:42:51.719
Nigerian banks ending forty six thousand nira
net. That's three dollars a day.

493
00:42:52.239 --> 00:42:57.280
The property rate across the world is
two dollars a day. Would wear tie

494
00:42:57.760 --> 00:43:00.679
go to a bank, big bank? This bank is on Forbes. Yeah,

495
00:43:00.840 --> 00:43:06.599
this guy is this bad is on
Forbes. But they're paying their tellers

496
00:43:07.400 --> 00:43:10.159
three dollars a day. Now that
guy an in three dollars a day,

497
00:43:10.679 --> 00:43:17.199
how will he afford a three hundred
percent increase in petroleum prices? He can't.

498
00:43:19.679 --> 00:43:23.480
He can't. So what you're gonna
find is, how would the policeman

499
00:43:23.719 --> 00:43:30.239
afford m a three percent The policeman
would have gone, how would he afford

500
00:43:30.480 --> 00:43:34.159
three percent increase? And what are
they would do that he's gonna take his

501
00:43:34.519 --> 00:43:37.079
dollars, his gone and demand more
from you when he stops, he's gonna

502
00:43:37.079 --> 00:43:40.639
take to pay him money. He's
going to extort money from you because he

503
00:43:40.760 --> 00:43:46.480
can't afford it. So it's not
we're not being anti. We don't hit

504
00:43:46.519 --> 00:43:50.559
the point giving the present good advice. You have to do two things.

505
00:43:50.960 --> 00:43:53.960
Either you give a tax cuts to
Nigerias or you increase your incomes, or

506
00:43:54.039 --> 00:44:02.360
you do both. Your policy to
well, there are many ways can do

507
00:44:02.440 --> 00:44:06.760
a tax cut. There are many
ways to do it. If you increase,

508
00:44:06.880 --> 00:44:09.440
if you reduce the price of food, that's a tax cut. So

509
00:44:09.639 --> 00:44:15.920
if you say you reduce, you
eliminate importances on food for the next sixty

510
00:44:16.280 --> 00:44:22.239
ninety or one to two days.
Because the average Nigeria spends sixty eight percent

511
00:44:22.440 --> 00:44:27.000
of his budget on food. So
if you say you can bring in food

512
00:44:27.039 --> 00:44:30.800
into Nigeria for the next thirty ninety
days at zero percent, the price of

513
00:44:30.880 --> 00:44:37.639
food will crash. Food is fifty
one percent of Nigeria's consumer price. Indequit

514
00:44:37.760 --> 00:44:42.800
means that the inflation you say today
at twenty two percent is based on food

515
00:44:43.320 --> 00:44:47.960
being expensive. So why is food
expensive Because the bandits and the terrorists that

516
00:44:49.239 --> 00:44:53.079
around in the Middle Belt don't allow
farmers to farm. Also, there's no

517
00:44:53.760 --> 00:44:58.119
infrastructure right to get the food to
the cities. So what you need to

518
00:44:58.199 --> 00:45:00.239
do is to have a plan.
In the plan is going to be dropped

519
00:45:00.280 --> 00:45:05.800
food prices by importation meet templates it. When you destroy the bandits, we

520
00:45:05.880 --> 00:45:10.480
then start to build the infrastructure to
reduce cost of locally generated food. So

521
00:45:10.639 --> 00:45:15.960
it taxs cod for that just going
to be lower lower food prices. If

522
00:45:15.079 --> 00:45:22.280
that guy walking the bank in quote
is ending his m sixty four thousand nairah

523
00:45:22.440 --> 00:45:28.039
a month, can buy a bag
of rice at five thousand naira. That's

524
00:45:28.079 --> 00:45:31.159
a subsidy right there. But there
is no way if you allow that bank

525
00:45:31.239 --> 00:45:36.559
a boy to walk in a bank
to end his sixty four k, he

526
00:45:36.639 --> 00:45:39.599
will steal the money and when he's
in front of God. If he would

527
00:45:39.599 --> 00:45:43.840
tell God God, I was hungry
and I stole money, how would you

528
00:45:43.960 --> 00:45:46.920
jail that boy? He did still
going to buy cow? He said,

529
00:45:46.960 --> 00:45:51.159
I was hungry and I stole money. How do you jail him? He

530
00:45:51.800 --> 00:45:57.119
hasn't let me not talk for them
social media while my brother hireding, sir,

531
00:46:00.440 --> 00:46:08.239
what's happening? Yeah, I used
what we have seen one. Yeah.

532
00:46:09.599 --> 00:46:15.519
You know, so you made a
point just now about the government,

533
00:46:15.760 --> 00:46:20.320
you know, giving allowances for people
to bring you food. You know you

534
00:46:20.440 --> 00:46:23.039
also go to me that look,
that's all of policy. Call those where's

535
00:46:23.079 --> 00:46:28.320
the dollars? I ever, they
will have dollars one people have dollars,

536
00:46:29.000 --> 00:46:31.519
Cian dollars. People have dollars.
There's a dozen domar account and that you

537
00:46:31.599 --> 00:46:36.440
are twenty billion or so. It's
not on but the Cibian. There's dollars

538
00:46:36.440 --> 00:46:39.519
abroad. My brother, my Brozon, is in Canada. I'll ask him

539
00:46:39.719 --> 00:46:44.480
to lend me one thousand dollars.
It's not Cybian money, so he will

540
00:46:44.519 --> 00:46:47.480
give me one thousand dollars. Are
we import? Are we imported? Online?

541
00:46:47.480 --> 00:46:52.800
Import? Are we import frozen frozen
turkey and frozen fish? One thousand

542
00:46:52.800 --> 00:47:00.559
dollars from Walmart be you know for
me of all those things that are temporary

543
00:47:00.679 --> 00:47:06.039
measures, correct, correct, you
know, because they're not things that you

544
00:47:06.119 --> 00:47:08.440
know, into the longer term that
you can use to sustain We try this

545
00:47:08.559 --> 00:47:14.280
thing before where all, you know, the whole thing was propom for everybody

546
00:47:14.360 --> 00:47:17.880
to bring itself and then at some
point it becomes a majority incentive to Actually

547
00:47:20.920 --> 00:47:25.559
I think for me, you know, and I mean proponent of something first,

548
00:47:27.000 --> 00:47:31.000
this was subside we keep on talking
about as an example. You don't

549
00:47:31.079 --> 00:47:38.119
think he's one of the smaller things
that were subsidizing as a country. I

550
00:47:38.239 --> 00:47:45.679
think the subsidy in Nigerias was the
big men. Listen to um. This

551
00:47:45.840 --> 00:47:51.840
guy's you know talking a few days
ago. You made very valid point,

552
00:47:53.199 --> 00:48:00.599
you know about the government subsidising everybody
that has so many things, and this

553
00:48:00.039 --> 00:48:09.039
that boddictment for me. Honest an
honest government, I WoT be honest about

554
00:48:09.079 --> 00:48:15.519
this. What they need to do, you need listening the Culture's forum punted,

555
00:48:16.239 --> 00:48:22.719
but where you can attract that forum
counting as ex PI was a bit

556
00:48:22.800 --> 00:48:25.920
of research and I actually wrote an
article about this where between twenty sixteen and

557
00:48:27.119 --> 00:48:32.480
nineteen sixteen, seventeen eighteen nineteen four
years, sixty eight billion US dollars came

558
00:48:32.480 --> 00:48:37.760
in to Nigeria. Yeah, and
this was this, this is in former

559
00:48:37.920 --> 00:48:39.840
kind of money. Who I'm Brooks. I mean people, my favorite,

560
00:48:40.880 --> 00:48:45.480
my brother is successible. Nothing to
really do with you know, company as

561
00:48:45.639 --> 00:48:55.119
all structured money. Billion. Yeah, we have a government that is intentional

562
00:48:55.559 --> 00:49:01.519
and China easier. People wonder when
it's gonna saying, wonder the people you

563
00:49:01.679 --> 00:49:07.519
see ruanties of young They put a
certain percentage of the salary and decided who

564
00:49:07.880 --> 00:49:12.480
every pleasant moment. So what am
I say? You know, the forty

565
00:49:12.599 --> 00:49:20.800
language of every government tends to dictate
how people reflect and see them. All

566
00:49:20.880 --> 00:49:25.960
of the sudden, I'm seeing a
current speaker of House of reads the boxer.

567
00:49:27.760 --> 00:49:32.559
I'm saying regard to his regard recycled
in cover, you know, until

568
00:49:32.760 --> 00:49:37.599
we are able to change all that
forty language, all those wordy languages.

569
00:49:37.599 --> 00:49:44.440
And you're just bringing it a sample
samble. You know, even though the

570
00:49:44.679 --> 00:49:49.599
government that has coming given with thirty
five piece, I mean the lowest se

571
00:49:49.719 --> 00:49:54.199
suicidist democracy, the lowest votes regarded
by any incumbent. So let's people say

572
00:49:54.239 --> 00:50:00.400
that. Look for some reason,
you know, he's there go now,

573
00:50:00.280 --> 00:50:05.280
and he says that too. I'm
ready to do the right thing. If

574
00:50:05.719 --> 00:50:08.880
that would you be entirely peferent from
what we're seeing. Probably one. If

575
00:50:08.920 --> 00:50:13.000
if I look at the subcity that
you guys talked about, probably one.

576
00:50:13.519 --> 00:50:19.079
You don't remo subsities without plans.
There's only things you don't do. It

577
00:50:19.159 --> 00:50:22.800
doesn't make any sense. You know. You also say you want to unify

578
00:50:22.880 --> 00:50:28.000
your foreign next days you can't.
We don't have money. I always says

579
00:50:28.039 --> 00:50:32.599
something that I'm a very big person
when it comes to prastructure. If you

580
00:50:32.719 --> 00:50:38.559
look at that document I've talked about, and I that document says we need

581
00:50:38.719 --> 00:50:45.199
to point night trailer West dollars over
a thirty year period every year, every

582
00:50:45.280 --> 00:50:52.719
year, every year, I prostructure
every year to aplate to constructure for the

583
00:50:52.800 --> 00:50:55.679
United States years now. This is
a country that all are known, all

584
00:50:57.039 --> 00:51:07.039
work currently generalities in deal, and
we're still wasting it sensical things. So

585
00:51:07.519 --> 00:51:10.639
this is where minel problem lize.
When your prop you don't have enough money

586
00:51:10.679 --> 00:51:16.239
to develop your infrastructure. Therefore all
this we get putting. Can they give

587
00:51:16.320 --> 00:51:22.159
a way? You know? Sometimes
they can't and you want because that hope,

588
00:51:22.360 --> 00:51:27.119
Now, why don't you as a
government, which is why there's certain

589
00:51:27.239 --> 00:51:30.400
people that fait certain conferents. If
you're a manager, you don't how to

590
00:51:30.519 --> 00:51:35.159
go revenue. This is the kind
of the comment you will be learning to

591
00:51:35.320 --> 00:51:39.239
lead. Why don't we look for
ways that we can get moneies in easy,

592
00:51:39.559 --> 00:51:45.920
easy way and start to focus infrastructure
that can turn around food for us,

593
00:51:45.320 --> 00:51:50.760
like and you said, you know
our CPI could inflation. This is

594
00:51:51.199 --> 00:51:54.079
crazy. Why don't we look for
things that can help us to those things

595
00:51:54.119 --> 00:51:58.400
that are very good? Therefore,
he brings you back to that process that

596
00:52:00.039 --> 00:52:06.159
recorder that that's for returns conversation.
If we can attack that that's for a

597
00:52:06.239 --> 00:52:10.599
return conversation in a very scruptured manner. You know they're doing it then you

598
00:52:10.719 --> 00:52:15.840
know sort of process that people that's
where I don't transscover. So nobody's ready

599
00:52:15.880 --> 00:52:19.519
to put their money is where they
mean? I mean, I would rather

600
00:52:19.719 --> 00:52:24.360
that's where I wanted. But so
h why don't we find your way to

601
00:52:24.440 --> 00:52:30.679
attract six we can do what were
the well you know, you know we

602
00:52:30.760 --> 00:52:34.039
said it's in all the time.
When I say put on Twitter, there

603
00:52:34.159 --> 00:52:37.159
can't be posting things don't know.
But I've told people before you can fix

604
00:52:37.320 --> 00:52:42.800
exchange rate in day one. I've
said it before, right, the markets

605
00:52:42.920 --> 00:52:46.360
react to the future. To the
future, the markets react to what's going

606
00:52:46.440 --> 00:52:50.960
to happen, not what today to
do. What's going to happen and what

607
00:52:51.119 --> 00:52:54.679
has happened is that I'm I think
to noble was brief that we are broke.

608
00:52:55.000 --> 00:53:00.800
We were broke since twenty fifteen.
But Harry simply paid the subsidy by

609
00:53:00.920 --> 00:53:06.679
printing money from the CBN and as
it was leaving government, he then made

610
00:53:06.719 --> 00:53:13.000
the National Assembly past that illegal printing
as law. So Tunubo knows he might

611
00:53:13.079 --> 00:53:15.000
not be able to go there and
do it again because everybody's eyes now on

612
00:53:15.079 --> 00:53:19.320
ways and means. People's eyes want
a ways and means, so he knows

613
00:53:19.360 --> 00:53:22.880
he's broke. So I think he
made that statement on purpose, right to

614
00:53:22.039 --> 00:53:27.039
see what will happen, and what
will happen was what happened. People ran

615
00:53:27.119 --> 00:53:31.000
to the fuel pumps to bipure at
the thousand nira. Then NNPACE then introduced

616
00:53:31.039 --> 00:53:36.679
prices at five hundred nira to also
see what to happen. All these things

617
00:53:36.760 --> 00:53:40.639
have been done without any legislation.
Remember what I said, there is a

618
00:53:40.840 --> 00:53:47.039
regulated price. Has the regulated price
been removed. Wasis a circular show?

619
00:53:47.199 --> 00:53:52.239
To me, there has to be
a removal of whatever to say that.

620
00:53:52.840 --> 00:53:57.719
Is there a statements saying that in
Nigeria today you can sell fuel at any

621
00:53:57.880 --> 00:54:01.440
price? Is there any statements saying
that if anybody has it, please sent

622
00:54:01.559 --> 00:54:06.159
to us. So if you don't
do that that I think there is plausible

623
00:54:06.199 --> 00:54:10.559
deniability to say we haven't removed subsidy
yet. To see what will happen?

624
00:54:10.679 --> 00:54:15.800
I O look, go back to
the CYBN. De Litrous published that Cibian

625
00:54:15.880 --> 00:54:20.679
has developed Nia to about six hundred
and eighteen or so see Santra mckima and

626
00:54:20.760 --> 00:54:22.000
said they have not. I thought
I was an era about the CYBAN.

627
00:54:22.280 --> 00:54:27.360
Allow the story to play out and
see what will happen. See what to

628
00:54:27.480 --> 00:54:30.280
happen? What are dollars who flow
into Nigeria? Because like I said,

629
00:54:30.320 --> 00:54:34.719
wallet, whether I like Nigeria or
I don't like Nigeria, if I take

630
00:54:34.760 --> 00:54:38.000
a dollar today, let me let
me carveet before we had all this Ukraine

631
00:54:38.079 --> 00:54:42.719
war thing. If you take a
dollar to an American bank, they're paying

632
00:54:42.760 --> 00:54:47.440
you zero point two five to zero
percent on your savings, So zero to

633
00:54:47.760 --> 00:54:51.800
zero point two fives what the American
bank would pay you on your savings.

634
00:54:52.239 --> 00:54:54.519
Then Ukraine war has happened. Personal
happened that they are paying you as high

635
00:54:54.599 --> 00:55:01.239
as four five percent in America to
attract an American to date for him to

636
00:55:01.360 --> 00:55:06.039
take his money from Apple, Apple
is paying four point five percent on your

637
00:55:06.079 --> 00:55:10.639
phone to Nigeria. Niger has to
pay that guy at least ten percent in

638
00:55:10.840 --> 00:55:15.400
dollar. The problem that Nigeria can
pay that ten percent and still make a

639
00:55:15.480 --> 00:55:21.480
profit for you. And there's patriotism
as well. It is possible to issue

640
00:55:21.480 --> 00:55:27.480
actually issue alone alone at one percent, call it the ASPRA bond. And

641
00:55:27.719 --> 00:55:30.440
Nigeria's are brought to still by because
to them is development. Like you said,

642
00:55:30.599 --> 00:55:35.800
we're sending money back for welfare,
welfare. So if you go to

643
00:55:35.920 --> 00:55:38.239
let me give an example. I
don't want to be a tribal. Most

644
00:55:38.280 --> 00:55:43.000
of these guys on the southeast,
they build their roads, they build their

645
00:55:43.119 --> 00:55:46.639
power from their town unions and their
contributions. That's what they do right now.

646
00:55:46.719 --> 00:55:51.599
Currently, if you pass a law
you say any money you influ from

647
00:55:51.639 --> 00:55:55.079
abroad, any dollar you eat from
abroad, number one, the goth nager

648
00:55:55.159 --> 00:56:00.360
will pay the transfer fears of their
money. So if you influen one dollar

649
00:56:00.559 --> 00:56:06.719
you get one dollar to your home
state, that home state must you no

650
00:56:07.199 --> 00:56:13.719
who bonus what that home state transfer
fees. That's to see the and I'm

651
00:56:13.760 --> 00:56:15.880
saying you won't you pay to Westernion. Won't you pay the American bank?

652
00:56:16.400 --> 00:56:21.679
You pay an American bank. Now
number two, that money must be useful,

653
00:56:21.840 --> 00:56:27.000
distill the areas the way, the
roads or power or irrigation, say

654
00:56:27.079 --> 00:56:30.119
where it will be used. So
the state's comment today will go and pass

655
00:56:30.119 --> 00:56:34.920
every state. When you say these
are my opportunity projects, these are my

656
00:56:34.960 --> 00:56:37.440
projects, opportunity project that I want
to have in my state, those projects

657
00:56:37.480 --> 00:56:43.039
will be assessed. The fund will
not go to the state government. It

658
00:56:43.119 --> 00:56:46.719
will go to an SPV. You
abroad will summon to the SPV. The

659
00:56:47.159 --> 00:56:52.039
SPV will build that project on behalf
of the state the same way. Pf

660
00:56:52.079 --> 00:56:54.840
phase or the Feller government manage for
the government money the same way. So

661
00:56:55.000 --> 00:56:59.639
you build a road in a half
year, you build power in all half

662
00:56:59.719 --> 00:57:04.719
year at one percent return. I
would do it because I am from Nigeria.

663
00:57:04.840 --> 00:57:07.360
I'm not looking for the for me. It's a welfare bond. It's

664
00:57:07.360 --> 00:57:10.119
not the bond for me to make
money. You will get the money.

665
00:57:10.639 --> 00:57:15.559
But again you said, it's trust
and competence. I don't have to like

666
00:57:15.800 --> 00:57:20.079
Nigeria to invest in Nigeria, but
I would do it if you give me

667
00:57:20.159 --> 00:57:22.599
a pathway, verybody. Their banks
are broad. You can go and buy

668
00:57:22.679 --> 00:57:27.400
one Chip County Bank in Atlanta.
But you want Chip County Bank how much?

669
00:57:27.880 --> 00:57:30.760
Then tell my enginiers in Atlanta,
put your dollars in that comet back

670
00:57:30.800 --> 00:57:35.679
in Atlanta were not transparent dollars.
Put your dollars in that bank in Atlanta.

671
00:57:36.119 --> 00:57:39.159
In Nigeria will print the Nira based
on what that bank in Atlanta has.

672
00:57:39.559 --> 00:57:44.480
You now have a miranda for in
exchange in Atlanta. Then when you

673
00:57:44.559 --> 00:57:47.679
want to you want to input,
you will sell them from that bank in

674
00:57:47.719 --> 00:57:52.920
Atlanta. Very easy solutions. They
make everything look difficult. Oh you get

675
00:57:52.960 --> 00:57:57.280
LIKEE says, money's not moving.
The money stays where it is and there

676
00:57:57.320 --> 00:58:00.840
are lots of ways you can do
a wall lay sing. But again it's

677
00:58:00.880 --> 00:58:05.679
back. This will is trust back
to trust. Yeah, trust all they

678
00:58:05.719 --> 00:58:08.679
wants to get in here. Let's
heart. What's up? Yeah? Thanks,

679
00:58:09.119 --> 00:58:19.079
just a conversation the post speakers and
I wanted to alight, but I

680
00:58:19.119 --> 00:58:23.039
think somebody is aquin. I think
we have to Mike. Yeah. So

681
00:58:23.280 --> 00:58:29.639
first, first of all, if
you understand unification of the extery system,

682
00:58:29.760 --> 00:58:35.400
it's not to maybe not a struggle
week, maybe market efficient, good good

683
00:58:35.719 --> 00:58:45.199
good points, good points about the
CBS official challenges that big boys and those

684
00:58:45.280 --> 00:58:51.679
that have pure for me, the
have assets that have really created its functional

685
00:58:52.960 --> 00:59:00.800
effects market and have put many in
in Jupanty. So first of all,

686
00:59:00.960 --> 00:59:07.000
I think it's a good to.
Secondly, I have a problem with relics

687
00:59:07.559 --> 00:59:10.039
many of us who always talk about
years now you have and now you're a

688
00:59:10.119 --> 00:59:15.400
prison. Now you're just prob breasing
teenty systems to be done to every year

689
00:59:15.480 --> 00:59:25.679
if you look at numbers that because
for foreign education medical authority, for I

690
00:59:25.760 --> 00:59:31.199
don't have a compact. That what
I recorded the amount your place on foreign

691
00:59:31.280 --> 00:59:37.320
education in the UK through the e
Big Bank who form basic education in Nigeria.

692
00:59:37.679 --> 00:59:44.880
So the person is the person is
are we subsiding for the minority at

693
00:59:45.199 --> 00:59:51.760
the advantage of the rejoice because which
country subservices for their prostitisens to a new

694
00:59:51.840 --> 00:59:55.760
pool the system greater after the opportunity. But in Nager, I think all

695
00:59:55.840 --> 01:00:02.360
the substitut programs are pop for the
upper musical as totally. I'm also want

696
01:00:02.360 --> 01:00:07.559
to open on that seat, UH
the present it on the move of the

697
01:00:08.880 --> 01:00:15.119
SOO, on the speech that he
spoke about the education of multiple activistem it

698
01:00:15.239 --> 01:00:22.639
was spot on because what the message
is sent market has really spawned investment curiosity

699
01:00:22.719 --> 01:00:27.400
and that's why I've been seen so
much engagement. Of course that he has

700
01:00:27.599 --> 01:00:34.280
from your bonds to look out for. The continuation is what does he have

701
01:00:34.400 --> 01:00:40.000
to lose right now to UH to
stop to press the grace? I think

702
01:00:40.079 --> 01:00:49.719
for me what what what you focus
modes and its shuring that UM monetary policy

703
01:00:51.039 --> 01:00:55.400
rules. I led with scal policies
in the sense that you have to quote

704
01:00:55.760 --> 01:01:04.239
ecagestems attitude that's on that problem.
Strength of that depends. Would you want

705
01:01:04.440 --> 01:01:14.039
on the export so well? Well, well little and again just make the

706
01:01:14.079 --> 01:01:19.840
point again you're you're emphasizing the subsidy
that we have in Nigeria is enjoyed by

707
01:01:20.280 --> 01:01:22.760
the rich, not just individuals.
Let me paint a picture for you.

708
01:01:23.480 --> 01:01:30.519
How do we pay subsidy? When
n NPC sales crude oil, the money

709
01:01:30.639 --> 01:01:36.239
is paid to JP Morgan. Then
JP Morgan will then credit the bank account

710
01:01:36.360 --> 01:01:42.480
of CBN slash NNPC. Then the
Central Bank NAGER will then go to that

711
01:01:42.559 --> 01:01:49.199
account converted account from dollars to NIA
and will then credit an NPC, who

712
01:01:49.280 --> 01:01:53.679
then who then credits the national d
FAC. Let's us call it a FAC

713
01:01:53.760 --> 01:02:02.559
for now right, which means subsidy
is paid by the Federation, federal states,

714
01:02:04.119 --> 01:02:09.480
and local What does that mean?
That means that the cars illegal state

715
01:02:10.599 --> 01:02:17.719
are being paid for by states like
Chigawa, a boring abber that don't have

716
01:02:17.920 --> 01:02:23.000
cars. So if you drive a
car in legals, your subsidy is being

717
01:02:23.079 --> 01:02:30.920
paid for by every other residents in
every other state, irrespect of the fact

718
01:02:30.199 --> 01:02:35.039
I they have a car or not. That's the funny thing. So the

719
01:02:35.199 --> 01:02:38.880
poorer states are subsidi, doesn't the
richer states that have cars. Because the

720
01:02:39.000 --> 01:02:45.199
Federation is basically the debuting across the
board. All the states are local government

721
01:02:45.360 --> 01:02:52.840
areas in Nigeria to pay for the
subsidy, So it's an anti progressive tax.

722
01:02:52.920 --> 01:02:57.840
It's a tax on inefficiency. We
are paying for the inefficiency of the

723
01:02:57.960 --> 01:03:00.920
federation, so we're paying hye feel
prices. So it is good that the

724
01:03:01.000 --> 01:03:07.480
subsidy goes. The point is this, no economy can sustain a two hundred

725
01:03:08.039 --> 01:03:15.440
three hundred percent price increase it's unsustainable. I've given the example bankers are ending

726
01:03:15.679 --> 01:03:21.119
sixty four thousand narra a month.
How will they get to work on Monday

727
01:03:21.679 --> 01:03:25.199
if your chat fees have gone two
times three times of Explain to me like

728
01:03:25.360 --> 01:03:29.360
a five year old, give me
one bullet point, two bullet points.

729
01:03:29.440 --> 01:03:34.800
How that guy will pay for transport
and still buy food. So if you

730
01:03:34.840 --> 01:03:36.960
work in a bank and they cannot
buy food, what would he do?

731
01:03:37.000 --> 01:03:40.639
It's gonna steal. And as across
the board, you're gonna have crime corruption

732
01:03:40.800 --> 01:03:45.400
because you wanted to move subsidy,
so you don't. You don't kill one

733
01:03:45.519 --> 01:03:50.519
problem to have another problem. So
take away the subsidy. But you must

734
01:03:50.639 --> 01:03:55.519
put in a policy, not I
don't want to hear a PMS palliative.

735
01:03:57.039 --> 01:04:00.440
There has to be a social safety
net done for the injurience. If you

736
01:04:00.519 --> 01:04:05.000
are below us as an amount of
money, you must have something that the

737
01:04:05.079 --> 01:04:10.079
government pays for. If it's to
give everyone believes at the income class a

738
01:04:10.320 --> 01:04:13.719
card that they can enter boss for
free, do it. If it's a

739
01:04:14.039 --> 01:04:16.360
give them innier to enter busses for
free, do it. So are the

740
01:04:16.559 --> 01:04:21.119
rich guys that have the jeeps pay
the real price for petroleum but those guys

741
01:04:21.159 --> 01:04:25.840
are walking the bank that are ending
seventy thousand nine a month. They have

742
01:04:25.960 --> 01:04:30.159
a card that they can tap and
pay for bus or barty or whatever.

743
01:04:30.639 --> 01:04:34.360
But you simply can't say, because
subsidy is corruption, which it is,

744
01:04:35.079 --> 01:04:39.840
we're going to take it off.
If you have cancer today, cancer is

745
01:04:39.880 --> 01:04:43.159
going to kill you. Would you
just go to your doctor and doctor says

746
01:04:43.320 --> 01:04:45.239
you have cancer? So as I'm
looking at you, are going to cut

747
01:04:45.280 --> 01:04:47.159
you open. Take no. They
will prep you. They will tend to

748
01:04:47.159 --> 01:04:49.239
go and change your diet. They
two are going to give you the special

749
01:04:49.360 --> 01:04:53.480
food to eat and then come back
in next week or six months for your

750
01:04:53.519 --> 01:04:57.039
operation. Why do they prep you
because if you're simply just go into the

751
01:04:57.119 --> 01:05:00.719
body immediately, you might actually harm
the patient or than the cancer. So

752
01:05:00.880 --> 01:05:05.280
we've got to have a policy.
We've got to have advisors and ministers and

753
01:05:05.400 --> 01:05:11.079
Nigerians can listen to and ask questions
and the policy can be from lated.

754
01:05:11.360 --> 01:05:16.800
We cannot build or increase prices because
the president says subsidy is gone, whether

755
01:05:16.920 --> 01:05:20.239
he meant it or not. That's
the way that that's why you're run the

756
01:05:20.440 --> 01:05:26.159
largest economy in Africa. Nine Hi
don't name I've kept you waiting, So

757
01:05:26.280 --> 01:05:33.400
how do sir? You've got the
floor? Nasim can hear me? El

758
01:05:33.719 --> 01:05:41.039
Nassim, Nasa Olim the question for
you Oli, have a question for you

759
01:05:41.280 --> 01:05:46.039
Olim and if you can hear me. When the last week I was talking

760
01:05:46.079 --> 01:05:49.599
to a broker, big Man,
he was then that the market is reacting

761
01:05:49.719 --> 01:05:57.840
to the announcements by President to Noble
that we're going to equalize interest rates and

762
01:05:57.960 --> 01:06:00.880
we're going to remove this idea of
WoT pay. So the market prices went

763
01:06:01.119 --> 01:06:04.039
up. Of course, the empty
uncle went up because they know they're going

764
01:06:04.119 --> 01:06:12.360
to get their money back. Is
that reaction the fact that dividend holders are

765
01:06:12.480 --> 01:06:17.679
anticipating the payment of the dividend or
one of them asking this, Why should

766
01:06:17.760 --> 01:06:23.679
I ask a retail Nigerian like what
the President said? Break it down from

767
01:06:23.719 --> 01:06:28.000
me. What indus statement makes the
price of the shares go up? If

768
01:06:28.039 --> 01:06:30.440
South African would love it because it
means that I'm getting the mone out of

769
01:06:30.559 --> 01:06:36.079
Nigeria. But if I'm an investor, I bought Cadbris, what INDUS statement

770
01:06:36.400 --> 01:06:51.719
is making the market go up?
So qu Africa and have them you look

771
01:06:51.760 --> 01:06:57.079
at the price right now, exacting
correction. I explain it at all,

772
01:06:57.320 --> 01:07:03.440
al certified you're gonna love the most
expressive stock that's planning because in investors used

773
01:07:03.559 --> 01:07:08.519
to use it to move forwards agay
from the convuntry. You know it has

774
01:07:08.559 --> 01:07:16.639
do listing instead because even the natural
stock exchange that also in London. So

775
01:07:16.719 --> 01:07:25.360
what point investors do usualize that buy
and descend in long term book usual from

776
01:07:25.400 --> 01:07:30.840
the presidents, which I think what
a lot of people as saw from the

777
01:07:30.000 --> 01:07:35.159
agent talking betwe that and some real
investors that you are anticipating the fact that

778
01:07:35.559 --> 01:07:42.599
your chi will have to be valued
and definitely the big point you need me

779
01:07:42.719 --> 01:07:50.079
Tom were buying institut of side said
that buy in Q one so there was

780
01:07:50.159 --> 01:07:59.280
already a prepal that might likely be
a Polish run. So um presidents announcements

781
01:07:59.360 --> 01:08:04.599
that was clouds means that competition in
the energy sector coming and that was what

782
01:08:04.920 --> 01:08:11.159
stocks that can bring it out money
gains and for that descent. So yes,

783
01:08:11.280 --> 01:08:15.880
it's it's a price that see that
setting. Companies make a love of

784
01:08:15.920 --> 01:08:20.760
money from this policy and that's what
investors are looking at. Both for the

785
01:08:20.840 --> 01:08:27.840
entification that definitely to definitely give banks
more of psyche. You know, first

786
01:08:27.880 --> 01:08:31.399
of all from equity side below vests
that me complaining the fact that from pets

787
01:08:31.439 --> 01:08:36.319
pasions that trecorded, so that we
definitely attract for investors coming in. It's

788
01:08:36.319 --> 01:08:46.640
definitely mental. Knew that that has
also this commu uh afflicts looms getting the

789
01:08:47.279 --> 01:08:53.119
cost of bringing deputy opened us interest
rates, but that also played the rule

790
01:08:53.159 --> 01:08:58.279
to vessels that look at the market
dere to define banks can make more an

791
01:08:58.359 --> 01:09:02.520
apple mont too. So I think
everything investors that poison themselves any manergic stalks

792
01:09:02.560 --> 01:09:09.119
the spar about problems. Also we've
seen black s obserdative and feeling bigger tran

793
01:09:09.199 --> 01:09:14.279
to present the monkey in me.
I think the value will sustain except the

794
01:09:14.439 --> 01:09:18.039
fact that we see our rest coming
week. NFC said that the boole to

795
01:09:18.079 --> 01:09:24.680
strike uh it's proberly could give the
blue some resource of perpetiking on Friday,

796
01:09:25.119 --> 01:09:30.279
but it starts accumentional that carprey.
I think it's very tricky because Capria at

797
01:09:30.359 --> 01:09:34.600
some point feel as well as twelve
there and Qman. But right now is

798
01:09:34.640 --> 01:09:40.439
running those to something that so one
investors are looking at right now is that

799
01:09:41.560 --> 01:09:47.039
value stalks we might really careful cettain
websites. The fact that people spend more

800
01:09:47.520 --> 01:09:54.600
on core items like this. But
I think for me, emptying is already

801
01:09:54.640 --> 01:10:00.079
at record that valuable stock on the
n g X and the problems that I

802
01:10:00.119 --> 01:10:02.760
will be banks. I think the
president who try to sort that you know,

803
01:10:03.800 --> 01:10:12.960
the banks are wings about one people
that want to humanity. Uh deal

804
01:10:13.319 --> 01:10:18.039
so that you know, can you
your master and stop packet so you get

805
01:10:18.239 --> 01:10:23.880
you know what happenst the lot of
critics that that moth of you often times

806
01:10:24.119 --> 01:10:28.640
is when the stock market those bad
you know, data shoes that last four

807
01:10:28.760 --> 01:10:33.520
years despite the packet bringing out positive
bet the month of June has been very

808
01:10:33.920 --> 01:10:40.560
perished, you know, so investors
have to be question. But all lives

809
01:10:40.640 --> 01:10:47.279
on the president or now you please
have started Steve with the labor union hands

810
01:10:48.319 --> 01:10:54.640
that Laborton is dead. That Laborton
is dead. I heard the nothing guys

811
01:10:54.760 --> 01:10:59.640
and the soups guys have pulled out
so that Laborton is dead. I labor

812
01:10:59.760 --> 01:11:03.560
guys to me and my opinions are
like they are published the seeking Kim Kardashians.

813
01:11:03.680 --> 01:11:06.560
That's what they are, Nita.
They don't do anything. They wait

814
01:11:06.680 --> 01:11:11.079
for like a policy that would make
that will give them publicity, and then

815
01:11:11.079 --> 01:11:13.720
they go to the streets. That's
what they are. You don't see have

816
01:11:13.840 --> 01:11:20.479
you seen labor emays going to piket
banks about paying an adult walker sixty four

817
01:11:20.600 --> 01:11:24.800
thousand ears a month? They don't
do that. You see them picketing banks

818
01:11:24.840 --> 01:11:28.119
to say hey, why can't women
have maybe one year, but tend to

819
01:11:28.239 --> 01:11:32.640
leave. They don't pick real labor
issues. They pick all the fewer subsidient

820
01:11:32.720 --> 01:11:36.680
thing because they know every every nina
wants lower prices. So it helped them

821
01:11:36.720 --> 01:11:41.159
to boost their street cred. But
what have they done. My earliest memory

822
01:11:41.239 --> 01:11:46.079
of labor is Adam to show Molly
fighting or Bassenger because of Bassenger is going

823
01:11:46.119 --> 01:11:49.560
to increase fuel price. But if
your price is still up, Adam summits

824
01:11:49.600 --> 01:11:53.479
the governor. He's now the one
has known to increase fuel prices. The

825
01:11:53.600 --> 01:11:57.560
more so, it's just they don't
do anything label guys. They just look

826
01:11:57.600 --> 01:12:00.039
for oh now I feel prices gone
up? People don't life price. Let's

827
01:12:00.079 --> 01:12:04.199
do a strike. Where were they
for eight years when thirty one tree was

828
01:12:04.279 --> 01:12:08.640
printed? Wait? Wait, wait, wait were they when billions were borrowed

829
01:12:08.760 --> 01:12:12.359
that that the workers are going to
pay back with higher taxes? Ware?

830
01:12:12.479 --> 01:12:15.319
So that lable thing to me is
it to fizzle out and to go up

831
01:12:15.319 --> 01:12:16.560
to bid. But let me let
me ask you, hum, let's come

832
01:12:16.600 --> 01:12:23.159
to the The title says, subsidize
the evaluation and your wallet. If I

833
01:12:23.359 --> 01:12:29.399
subsidize, I EI removed in the
legal price prices of PMS and dollar,

834
01:12:29.520 --> 01:12:34.159
which is substant version go up.
It affects my wallet negatively. So I

835
01:12:34.319 --> 01:12:41.079
pay more for petrol, I pay
more for anything important, So my wallet

836
01:12:41.159 --> 01:12:48.159
suffers. Are bea So this is
my question. So if my wallet is

837
01:12:48.199 --> 01:12:56.039
suffering, I wonder what the stock
market was rallying for because there's no I

838
01:12:57.159 --> 01:13:00.239
you makee poisive points about the banks
rolling because they are going to have epex

839
01:13:00.319 --> 01:13:04.039
conversions, oil and gas ruling because
it's going to be more competition. I

840
01:13:04.159 --> 01:13:11.039
get that. I want to man
cart breamente boring everyday retail stock that nest

841
01:13:11.119 --> 01:13:16.439
leave card breedles everyday stocks ABC transport. So I'm wondering if the economy is

842
01:13:16.479 --> 01:13:21.760
not set up for a massive shock
because timbo is enheriting it a brooke for

843
01:13:21.920 --> 01:13:27.680
the government. The government is broke. There's no more ways that means it

844
01:13:27.920 --> 01:13:31.560
is broke. Ye good point,
But you need to also understand the fact

845
01:13:31.640 --> 01:13:39.960
that the stock market is highly ucalized. And one of the reasons why UM's

846
01:13:40.039 --> 01:13:45.880
running right now is that investors give
that utification of actuary system with definitive bringing

847
01:13:45.119 --> 01:13:51.079
FBI. Also, you also to
look at that many back stocks Nigia are

848
01:13:51.600 --> 01:13:59.720
largely won't buy view unities like example, if you look at next different example,

849
01:14:00.399 --> 01:14:03.600
uh, it's major alone by emotion
national if you can discerning for example,

850
01:14:03.760 --> 01:14:10.920
the movie has more than the the
the right is that Nagia has.

851
01:14:11.359 --> 01:14:16.439
Nagia has a country's perspicion in the
stock market is very cool. So I

852
01:14:16.680 --> 01:14:20.880
think what the will that be looking
at it? The guys from the other

853
01:14:21.039 --> 01:14:28.399
side coming in U also very good
point you said, But I think also

854
01:14:28.479 --> 01:14:33.600
investions are betting that the governments to
this the economy equipments the economy left may

855
01:14:33.640 --> 01:14:38.319
people will be more at the colt. You go what the market really wants

856
01:14:38.359 --> 01:14:42.920
to posters and complains that players can
come right now. That's about your concerns,

857
01:14:43.800 --> 01:14:46.159
okay. So and again if we
go back to the the whole Nadern

858
01:14:46.239 --> 01:14:50.079
picture, the president sits down and
he's given the briefing of his balance set

859
01:14:50.520 --> 01:14:55.239
on his assets side, he has
lots of opportunities, he has l L

860
01:14:55.319 --> 01:14:59.840
N G he has an NPC he
has that's throughout. Taxes are like teen

861
01:15:00.079 --> 01:15:02.319
he can do. But the reality
on his liability said is that he's owning

862
01:15:02.319 --> 01:15:05.600
a lot of money. He's he
can head. They can't even pay June.

863
01:15:05.680 --> 01:15:10.119
They're gonna delay June salaries for further
comment, I headed the report about

864
01:15:10.159 --> 01:15:14.479
that. So he's owned a lot
in his In his manifesto, he says

865
01:15:14.520 --> 01:15:18.159
he was going to do to the
couple the price and wallet you can hop

866
01:15:18.239 --> 01:15:21.600
in if you have the answer.
He says, gonna the couple the crude

867
01:15:21.680 --> 01:15:28.840
oil price from the budget, which
means that his budget speeches is not gonna

868
01:15:28.880 --> 01:15:32.119
have benchmark. If he doesn't have
a benchmark, that means if we sell

869
01:15:32.239 --> 01:15:38.199
oil for eighteen n eighty dollars,
we're gonna spend eighty dollars. There's no

870
01:15:38.439 --> 01:15:43.399
excess crude again that's gonna go.
Then a're gonna spend more and borrow more.

871
01:15:43.520 --> 01:15:46.039
And he also said are going to
print more. He also said in

872
01:15:46.159 --> 01:15:49.239
that manifesto, you know we did
it here. People didn't listen with we

873
01:15:49.359 --> 01:15:53.279
analyzing man the first of the three
guys. Here, he says he's going

874
01:15:53.319 --> 01:15:56.560
to fix the price, which is
in contact what I'm seeing now he said

875
01:15:56.600 --> 01:16:00.439
I was going to fix the prices
of agricultural product, which I heard him

876
01:16:00.479 --> 01:16:06.880
say, and also for petrol and
the currency. So in his manifesto he

877
01:16:06.960 --> 01:16:13.159
says on about fixing the price for
the currency for cultural prose. But now

878
01:16:13.319 --> 01:16:17.359
I'm hearing him say there's gonna be
a full decen' saidy yet. But I'm

879
01:16:17.399 --> 01:16:21.960
here there's gonna be a devaluation.
So for me, this is why I

880
01:16:23.039 --> 01:16:27.279
want the cabinet to be announced.
I want the advisors or the economic team

881
01:16:27.319 --> 01:16:31.439
to be announced very very early.
The Nigeria needs a mist of finance or

882
01:16:32.199 --> 01:16:36.239
that it's going to be like and
Ungs your coundre weller. Plus they share

883
01:16:36.279 --> 01:16:44.880
they I'll do put together confidence smart
that people can follow and say, even

884
01:16:44.960 --> 01:16:47.600
though they work for the president,
we can believe what they're saying. I

885
01:16:47.720 --> 01:16:51.119
mean, Wall has made the point
if you bring in the same cast of

886
01:16:51.279 --> 01:16:57.680
characters that we had National Assembly,
the guide that is your house, your

887
01:16:57.960 --> 01:17:01.159
your your guide, that's your secretary, is the one that Robert stamped the

888
01:17:01.800 --> 01:17:08.159
printing of thirty one trillion. That
guy, the one that's your head of

889
01:17:08.279 --> 01:17:15.079
service, signed off on the massive
borrowing of the past administration. That's the

890
01:17:15.159 --> 01:17:20.279
guy that's not going to run your
office. So well, it was your

891
01:17:20.319 --> 01:17:33.760
take, because you know, the
person I always see an ideal should always

892
01:17:33.840 --> 01:17:40.560
think about the two hundred medium plus
people that the meant to govern over.

893
01:17:40.640 --> 01:17:45.479
And you see when I get thought
of all of these spark issues, you

894
01:17:45.600 --> 01:17:50.840
know, the the current players,
all of these guys in my views in

895
01:17:50.960 --> 01:17:57.960
the past, minority of what we're
talking about. You know, we have

896
01:17:58.279 --> 01:18:04.000
data that says he hondered a twenty
hundred and thirty million Nigerians you know,

897
01:18:04.399 --> 01:18:12.640
live on some what's it called down
thirty thousand, thirty five thousand narra you

898
01:18:12.760 --> 01:18:19.159
know, per month. That's a
data also says very very clearly that only

899
01:18:19.239 --> 01:18:26.800
three point seven percent of Nigerians can
spend a hundred and fifty thousand ran above.

900
01:18:27.840 --> 01:18:31.039
Listen, gentlemen, well Le said
that the game will they say it

901
01:18:31.079 --> 01:18:36.600
again putting in here at the back
see that how much they can spend says

902
01:18:38.000 --> 01:18:42.119
you know, this was done by
the World band. It says that only

903
01:18:42.199 --> 01:18:48.640
three point seven percent of Nigerians can
spend above hundred and fifty thousand era and

904
01:18:48.800 --> 01:18:57.039
above per month. Three point seven
percent can spend that amount permount. It

905
01:18:57.239 --> 01:19:01.560
is ridiculous. Now, if you
want to govern that kind of system,

906
01:19:02.079 --> 01:19:08.479
my brother, which is why I
keep on happening about infrastructure, the first

907
01:19:08.520 --> 01:19:12.880
thing you need to do is cover
up all the excess. Fact. You

908
01:19:13.000 --> 01:19:15.479
know, there's so much you'll say, I saw all govern you know,

909
01:19:17.600 --> 01:19:26.239
twenty boys, lexus, lexus,
all this nonsense, paramandelia, you know

910
01:19:26.479 --> 01:19:31.439
that or whatever it is says exit
package that you know, I see all

911
01:19:31.520 --> 01:19:38.560
sorts of lone sense, waste,
waste, you know these things just me

912
01:19:39.039 --> 01:19:45.199
and in my mind, the reality
that I know is that these guys are

913
01:19:45.279 --> 01:19:51.159
not ready to do anything about the
current state of Nigeria. I can be

914
01:19:51.359 --> 01:19:56.680
with that for in my bottom dollar, if if, if, if you

915
01:19:56.800 --> 01:19:59.640
want to do something, if you're
in that kind of I mean, look

916
01:19:59.680 --> 01:20:03.039
at this repeated, we're a very
poor country. If you want to do

917
01:20:03.199 --> 01:20:08.760
anything in that kind of system,
the first people that you should give report

918
01:20:08.880 --> 01:20:13.720
to and those one hundred and twenty
hundred and thirty million people, how are

919
01:20:13.800 --> 01:20:17.039
they meant to survive? You know, which is why a lot of us

920
01:20:17.079 --> 01:20:20.479
are saying, you will take out
subsidy, don't you will do it in

921
01:20:20.560 --> 01:20:26.960
a calculated manner? True, I
think I need to encourage guys Google and

922
01:20:27.239 --> 01:20:32.920
I imp that document is online.
It was not in twenty thirteen. We

923
01:20:33.000 --> 01:20:39.279
went to the We weren't represented into
journal that in twenty four and I think

924
01:20:39.720 --> 01:20:44.600
it was sited to love because um
this there's this ministry that will houses it.

925
01:20:44.720 --> 01:20:48.920
Now if you copulate, will see
that the things online is there until

926
01:20:49.119 --> 01:20:54.239
we face that documents because all of
this monechy policy we talk about the in

927
01:20:54.319 --> 01:20:59.640
their monety policies will never ever get
us out of the doors in most balancing

928
01:20:59.680 --> 01:21:03.840
with the fiscal Now, my challenge
is over the last forty fifty years we

929
01:21:04.039 --> 01:21:08.920
have been not that fiscal side of
things. That's why whenever it raised,

930
01:21:09.720 --> 01:21:15.039
we see all all sorts of dams
you're going and everything bosting which which which

931
01:21:15.079 --> 01:21:19.560
also affects agriculture. We see,
you know, family produce all of those

932
01:21:19.600 --> 01:21:24.000
things. People don't understand that wants
you too much. You look at the

933
01:21:24.079 --> 01:21:30.880
bigger picture. Bigger picture says be
most invest in a fiscal side. They

934
01:21:30.920 --> 01:21:34.039
have been people to do that.
So if you look look that like you

935
01:21:34.199 --> 01:21:41.359
has budgeting over the years, you
will always see you don't recurrent expect very

936
01:21:41.439 --> 01:21:46.800
high. You will see captain expectiture
small and laundry. How can you build

937
01:21:46.840 --> 01:21:51.560
a nation on this kind of love
fided budgeting. We've twenty for years in

938
01:21:53.079 --> 01:21:56.720
Jersey said, you know, last
few years, We've been doing this thing

939
01:21:56.840 --> 01:22:03.680
for years and Litten has lost as
this is the time. And that's why

940
01:22:03.960 --> 01:22:10.560
I go back and ACTEP saying where
are the easy ways to get some amount

941
01:22:10.640 --> 01:22:15.960
of money invested in new prastructor that
can almost turn around things like carry You

942
01:22:16.000 --> 01:22:20.560
always say something if if I be
your people have been saying that if you

943
01:22:20.800 --> 01:22:25.760
take food out of the man's problem, you solve the bulk of the problem.

944
01:22:26.520 --> 01:22:30.960
The challenge is that Nigerians are hungry. You know, all the budget

945
01:22:31.039 --> 01:22:35.800
talk that we do on Twitter is
all faith. The bulk of Nigerians are

946
01:22:36.039 --> 01:22:41.479
hungry, very hungry at that.
So I always say, as a government,

947
01:22:42.319 --> 01:22:46.039
why don't you address this issue first? You know, how can we

948
01:22:46.159 --> 01:22:51.319
get in the lot of money compics
into that turn around. You will employ

949
01:22:51.399 --> 01:22:57.960
you not one that's the optics,
right kind of talkability, you will create

950
01:22:58.039 --> 01:23:05.680
the right kind of cameraight citizens.
Well, it goes also it goes back

951
01:23:05.720 --> 01:23:11.359
to the optics, the optics of
government, right, you know, And

952
01:23:11.439 --> 01:23:13.840
I don't want to get political,
but we have to talk a bit.

953
01:23:13.960 --> 01:23:18.039
You know, when you get elected
with the lowest number of votes ever.

954
01:23:18.720 --> 01:23:23.520
I had this start that more.
I didn't want to go there. You

955
01:23:23.720 --> 01:23:28.319
have to do quick things. There
have to be the optics that you are

956
01:23:28.840 --> 01:23:31.800
working for the man on the street. You know all I've seen in last

957
01:23:31.840 --> 01:23:34.800
week. I saw the guy going
to walk in them, these new bands,

958
01:23:35.239 --> 01:23:40.439
I saw them having their meeting.
I don't feel the urgency on Twitter.

959
01:23:40.640 --> 01:23:43.640
I saw the silly arguments. One
was seeing that you have to wait

960
01:23:43.720 --> 01:23:47.800
for National Assembly to be in session
before you can appoint ministers. Jesus hit

961
01:23:47.920 --> 01:23:51.760
Christ listen. You can appoint.
You can announce who you want to be

962
01:23:51.840 --> 01:23:57.520
an economic team at any time.
There are confirmations a different matter. Entirely

963
01:23:58.039 --> 01:24:01.880
announce the team with We just left
a present that didn't announce a team.

964
01:24:01.920 --> 01:24:06.680
I will so how that went.
Announce your team. The media guys,

965
01:24:06.920 --> 01:24:11.680
the petrolum guys. Let them be
the ones to drive policy. Then you

966
01:24:11.760 --> 01:24:17.279
know you're asking people to cut down
and order wallets to pay for for expensive

967
01:24:17.359 --> 01:24:24.520
payments. But your official car is
this massive, important Mercedes Benz. Please,

968
01:24:24.920 --> 01:24:28.880
I'm not asking him to enter innocing
or to enter a care I'm just

969
01:24:29.039 --> 01:24:33.000
saying the optics when you do policy, think about the optics or will They

970
01:24:33.239 --> 01:24:39.840
said that only three percent of Nigerians
can afford to spend more than one hundred

971
01:24:39.880 --> 01:24:45.439
and seventy five thousand nina a month
convert or sent antonna a month to dollars.

972
01:24:45.600 --> 01:24:49.159
That's how much only three percent can
spend. Yet pure parents have gone

973
01:24:49.199 --> 01:24:54.279
up three times. How are they
going to pay? All the folks on

974
01:24:54.359 --> 01:24:57.000
Twitter are saying is a good call. I agree, I've told you some

975
01:24:57.159 --> 01:25:00.000
tooday was good. But you cannot
take a cancer patience. Let me put

976
01:25:00.000 --> 01:25:04.079
it better away. If you have
malaria, they give you tablets. They'll

977
01:25:04.119 --> 01:25:09.319
tell you to take four now,
take four tomorrow, take for the next

978
01:25:09.439 --> 01:25:15.079
day. There you can fa define
maliia Messin and says take everything at the

979
01:25:15.239 --> 01:25:17.680
same time. Just take all the
whole twenty tablets, put in your mouth

980
01:25:18.000 --> 01:25:23.239
and drink water. Because you've got
malaria. You've got to have a plan.

981
01:25:23.920 --> 01:25:27.960
You've got to and time is a
plan. If you announced and you

982
01:25:28.039 --> 01:25:30.359
say we are going to take away
from your subsidy, and we're gonna do

983
01:25:30.479 --> 01:25:34.640
it over four years, it's gonna
be twenty percent every year that go.

984
01:25:34.760 --> 01:25:39.399
They will come on stream that will
reduce the pressure. Other guys are going

985
01:25:39.479 --> 01:25:42.680
to come on stream and that will
reduce the pressure as well. We're going

986
01:25:42.760 --> 01:25:45.359
to increase in the mum wages.
We're gonna do it infrastructure so people start

987
01:25:45.399 --> 01:25:50.159
to see, Okay, I'm gonna
suffer in quote for three months and hopefully

988
01:25:50.439 --> 01:25:56.119
it's gonna get better. But if
you said, please say it's gone,

989
01:25:56.880 --> 01:26:00.680
you might run into turbulence that you
didn't plan for. And her bless is

990
01:26:00.720 --> 01:26:03.239
a big, big, big,
big problem, right media, what's your

991
01:26:03.680 --> 01:26:23.720
what's your take on this? Yeah? Go for it? Even uh uh

992
01:26:24.880 --> 01:26:28.600
spoking to most things I would want
to say. You talk about if you're

993
01:26:28.640 --> 01:26:34.039
telling me to say, you're telling
me start or probably fast. So you

994
01:26:34.279 --> 01:26:39.560
are eating fast, you know you
can't be eating fact while you're telling fast,

995
01:26:39.960 --> 01:26:44.600
it's not gonna work like that.
You mentioned what cuts like you also

996
01:26:44.680 --> 01:26:55.560
mentioned what cuts is the government making
both the exactive legislative at making you just

997
01:26:55.760 --> 01:27:02.000
then portemra to really furnished the fournished
asso and you're asking people that you are

998
01:27:02.079 --> 01:27:04.760
giving. How do you talk a
man on the street that you don't have

999
01:27:04.920 --> 01:27:09.159
money? I mean, we have
to say because we don't have many.

1000
01:27:09.560 --> 01:27:15.520
But then you can stand fort on
furniture over there, well, other dad.

1001
01:27:15.920 --> 01:27:18.479
Every year you have to buy new
furniture and you have to buy you

1002
01:27:19.079 --> 01:27:26.279
into little kitchen retail, so you
spend over twenty one brewing amra for as

1003
01:27:26.760 --> 01:27:32.119
clinic alone. When people can give
with the access primarily of care. So

1004
01:27:32.319 --> 01:27:35.840
in their defense, in their defense
media that that's that's the old government right

1005
01:27:35.880 --> 01:27:41.279
in that defenders the old government that's
leaving. Right. So there's a new

1006
01:27:41.359 --> 01:27:45.840
government. It's a it's any government
on an economic side will do better than

1007
01:27:45.880 --> 01:27:49.760
people. Hardy administration. Any if
you put a stone frog as the president,

1008
01:27:49.880 --> 01:27:55.000
it will do better economically than the
harder administration. Any government will do

1009
01:27:55.119 --> 01:27:57.640
better. So these guys are going
to be better than what we're hand in

1010
01:27:57.680 --> 01:28:00.720
the past, and they're going to
have, you know, better, because

1011
01:28:00.920 --> 01:28:06.039
they're a bit more. We don't
even though we like to be very hardest.

1012
01:28:06.520 --> 01:28:19.159
We know that's again and that don't
know how much true we conceive like

1013
01:28:19.199 --> 01:28:23.359
I've said, like I said,
it doesn't matter. We don't know in

1014
01:28:23.439 --> 01:28:27.119
the past and going forward we should. It should really matter. That's my

1015
01:28:27.319 --> 01:28:31.520
take on that. Let me get
this the past what it doesn't matter,

1016
01:28:32.319 --> 01:28:47.239
prob yeah matter. People examples,
you know, and we subside matters.

1017
01:28:48.880 --> 01:28:55.640
Thus it doesn't matter, you know, even if a contem hundred million liters

1018
01:28:55.720 --> 01:29:03.359
every day, you know, so
the numbers we would be mine. Is

1019
01:29:03.399 --> 01:29:11.239
this so? And again exchange just
just supposed to be claire as long as

1020
01:29:11.359 --> 01:29:15.880
we are paying full price for the
crude oil. Subsidy has gone. If

1021
01:29:15.920 --> 01:29:18.720
we are subsidizing the subsidy and it's
still there, I want to get I

1022
01:29:18.960 --> 01:29:23.720
want to get them in here.
And am Nasa? Mister Nasa, how

1023
01:29:23.720 --> 01:29:30.840
are you doing? Hi? Yeah? What's what's happening? Where? Where

1024
01:29:30.840 --> 01:29:42.319
are you calling from? Sir um
from how is kada? You guys have

1025
01:29:42.439 --> 01:30:01.039
fuel? We are It's called the
free market? Wow, you can what's

1026
01:30:01.039 --> 01:30:12.840
in your mindset? Well? Um
on vision that of all that believe mister

1027
01:30:14.680 --> 01:30:21.399
Alway, exclusion for harpitale on the
side of the market, while we're almost

1028
01:30:23.279 --> 01:30:30.960
calling for so challenge towards doing and
this a kind of itself as in democratcy,

1029
01:30:30.039 --> 01:30:41.239
but olgation that this government of on
that on the economic Sorry to his

1030
01:30:41.359 --> 01:30:46.119
demord we used to do a kind
of shallow understanding on the side of our

1031
01:30:46.279 --> 01:30:54.720
leaders regarding what sort of about you
know, after the Great depression went arguing

1032
01:30:54.840 --> 01:31:00.920
that government really needs to come for
regulatory majors again classical, that we should

1033
01:31:00.960 --> 01:31:09.680
have a full free much on my
forces of demand and sulf And you begin

1034
01:31:09.760 --> 01:31:15.279
to under to realize one thing,
one of the most brillonaries what sifty demands

1035
01:31:17.119 --> 01:31:31.039
you know, propriating and we prom
company agree to push the understanding of major

1036
01:31:31.119 --> 01:31:38.680
economics to me that what's more like
the program have you applicated? That's the

1037
01:31:39.399 --> 01:31:45.960
programing and the bottom line I'm paying
shock about one when you see you are

1038
01:31:46.000 --> 01:31:55.319
subsidizing anything in the country, but
on the side of publico where you can't

1039
01:31:55.359 --> 01:32:00.359
discriminate. And for a country like
Nigeria, we are not supposed to adopt

1040
01:32:00.399 --> 01:32:08.640
that kind of shadow understanding of what
has been right use for a new leader

1041
01:32:08.800 --> 01:32:15.159
community of action. I expected that
where I should have been a from after

1042
01:32:15.279 --> 01:32:21.760
him, not on aligned thing with
the idea of yes, main idea of

1043
01:32:21.840 --> 01:32:30.760
removing it is what is that not
mister Darley? He and I had a

1044
01:32:30.800 --> 01:32:33.399
lot of people here agree with you. Look at but why is it that

1045
01:32:33.520 --> 01:32:41.680
company is not thinking about making the
cost of governance? So this portrait is

1046
01:32:41.720 --> 01:32:46.399
the point that we are tied.
We are we are practicing social fortunity and

1047
01:32:46.680 --> 01:32:53.560
capital for the four that demands just
go whatever the mater completely. Want to

1048
01:32:54.960 --> 01:33:00.640
look at the dell out take it
from two tavern at seven, look at

1049
01:33:00.720 --> 01:33:09.159
the devisions that I think there is
the economic argument that when we're also here,

1050
01:33:09.920 --> 01:33:16.319
when prices right, when we happen, you begin to understand that we

1051
01:33:16.520 --> 01:33:20.600
have a sense of the charge,
all other understanding of how the issue properly

1052
01:33:20.680 --> 01:33:29.359
people. And this is what stops
me in the country that haply on imports.

1053
01:33:30.279 --> 01:33:34.680
You just come without comunity in wag
of con ground, without proper plans.

1054
01:33:35.359 --> 01:33:41.840
How are we really do is how
are we going through this on Nigerians

1055
01:33:42.359 --> 01:33:45.720
on the distance and ground and the
other time you're talking about we we don't

1056
01:33:45.760 --> 01:33:53.439
even to have a union that because
they only come to make noise and and

1057
01:33:53.680 --> 01:33:58.439
does for what what we're talking about? What happened in cost of VI of

1058
01:33:58.560 --> 01:34:04.319
mygia. I what we are having
a mostly have been has always trying to

1059
01:34:04.479 --> 01:34:13.840
survive having reactuvenaries I do proactive.
It is a general principle that beli of

1060
01:34:14.600 --> 01:34:19.560
dard of living of the count extend
only about of bush At. So in

1061
01:34:19.760 --> 01:34:27.079
essense, now even where are you
taking the point? Are you trying to

1062
01:34:27.239 --> 01:34:33.000
push economic aplings are we trying in
production so that at the end of it,

1063
01:34:34.399 --> 01:34:44.199
the price AIS pros less right from
domestic levels, it is a point

1064
01:34:44.359 --> 01:34:53.720
key less because you leavels keeping people
are sending more on m he's going to

1065
01:34:53.840 --> 01:35:02.560
the kind of less because he has
gotten more onto So yeah, I mean

1066
01:35:03.119 --> 01:35:05.640
again, you see that's the point. That's the point we're talking about subting

1067
01:35:05.720 --> 01:35:10.079
nature because we don't have any pulse
in front of us. The only policy

1068
01:35:10.119 --> 01:35:14.479
we're have in front of us is
the is the president's statements at inauguration and

1069
01:35:14.760 --> 01:35:17.479
the NNPC guys clarification. But we
don't have a policy to go buy.

1070
01:35:17.800 --> 01:35:21.439
We don't know either removed the regation. We don't really know. Maybe I

1071
01:35:21.600 --> 01:35:26.399
wish we got a bit more context, but what we know is our prices

1072
01:35:26.439 --> 01:35:30.159
have gone up. Price have gone
up, So that's what we know.

1073
01:35:30.279 --> 01:35:33.279
So and it's like you said,
it's very interesting what you said that these

1074
01:35:33.479 --> 01:35:42.399
stations have got product, but because
it's expensive, nobody's buying. So who

1075
01:35:42.439 --> 01:35:45.640
will blink first? Will the consumers
be forced to buy? They cannot they

1076
01:35:45.680 --> 01:35:48.159
have no money. The consumers don't
have any money. Wilayer I said that

1077
01:35:48.279 --> 01:35:54.760
only three percent and above Holland seventy
five thousand a month with music. Guy

1078
01:35:54.800 --> 01:36:00.119
with with the SUVs are going to
buy petrol. But nobody's gonna buy is

1079
01:36:00.159 --> 01:36:01.680
what I said. The economy will
grind to a halt. Not because the

1080
01:36:01.760 --> 01:36:05.439
economy is going to go through ry
or two, but because there's no money.

1081
01:36:05.520 --> 01:36:11.720
Nobody can afford the goods and services. The economy is many small wheels

1082
01:36:11.800 --> 01:36:16.359
turning. People in Carduna are not
buying petrol. You bet yourself that people

1083
01:36:16.439 --> 01:36:21.279
in Abia in their buying in joys
in oil. I'm not buying as well.

1084
01:36:23.319 --> 01:36:26.920
So there's gonna be a problem.
You've got to stimulate consumption. If

1085
01:36:26.960 --> 01:36:30.640
there's no consumption, there's no economy. If you take away the money you

1086
01:36:30.680 --> 01:36:34.640
will use to buy food to buy
fuel, the work kind of economy and

1087
01:36:34.680 --> 01:36:40.680
you're building is an interesting dilemmoa are
gonna have to sort out going forward.

1088
01:36:40.840 --> 01:36:47.279
That's what's all happened. Mister billyam
No, I've got by, mister Yakubu,

1089
01:36:47.760 --> 01:37:18.319
you've got the floors down. Hey
are you doing? Kay? Let's

1090
01:37:18.359 --> 01:37:24.840
do cancer. Let's do cancer.
If somebody has cancer and walks into the

1091
01:37:25.039 --> 01:38:06.800
cancer station, what happens? I'm
saying you. Maybe maybe I don't because

1092
01:38:12.720 --> 01:38:58.720
I honestly um, you can't spend, they can't spend I have. What

1093
01:38:58.960 --> 01:39:01.199
he's saying is that the don't any
enough to spend. It's not I it's

1094
01:39:01.279 --> 01:39:10.560
it's it's ignely research. It's it's
documentary research. It's not it's what I'm

1095
01:39:12.720 --> 01:39:32.520
like. I our it's one project
and I lewhere bro, bro. This

1096
01:39:32.800 --> 01:39:36.760
data is from nigeram Breal Statistics.
It's not fake data. I can send

1097
01:39:36.800 --> 01:39:41.439
it to you. There are lots
of other data like that support this one.

1098
01:39:41.800 --> 01:39:46.479
For instance, no, no,
let me don't. Don't they do?

1099
01:39:46.520 --> 01:39:48.720
You know how many jams have more
than one hundred thousand in their bank

1100
01:39:48.720 --> 01:39:53.560
account or five routs on the bank
account. There are many that have support

1101
01:39:53.640 --> 01:39:57.199
this one. This is just one
part of many data we do. We

1102
01:39:57.279 --> 01:40:01.359
don't have consuble captain Nigeria with owns. So let's leave the lord and make

1103
01:40:01.399 --> 01:40:12.640
your point. The data is factual. The data is factual that many Nigerians

1104
01:40:12.800 --> 01:40:17.000
cannot afford to spend more than a
horders some five thousand era a month because

1105
01:40:17.039 --> 01:40:21.000
they don't end as much. I'm
sure the bank employees and need some four

1106
01:40:21.079 --> 01:40:36.560
thousand. His factual of data.
I would anybody that when I want anybody

1107
01:40:36.600 --> 01:40:59.000
that I like, but you need
me? You people that people back.

1108
01:41:00.079 --> 01:41:06.079
It doesn't mean anything. You are
making conjecture without that. It doesn't if

1109
01:41:06.119 --> 01:41:11.640
I go to a Balanday there are
rules first, no balanda would I didn't

1110
01:41:11.640 --> 01:41:15.680
say a Bandai and guys can afford
rules? Royce, it doesn't make any

1111
01:41:15.920 --> 01:41:42.239
sense what you're saying, sir,
the data from I and I my brother.

1112
01:41:42.720 --> 01:41:46.359
Why do you think rice is sold
in five kg? Why do you

1113
01:41:46.399 --> 01:41:50.439
think oil is sold in in in
sashes? Why do you think all that

1114
01:41:50.560 --> 01:42:00.680
is happening in the economy? Why
do you think so? Do you have

1115
01:42:01.000 --> 01:42:06.800
friends? Do you have any friend
you do you have any friend that has

1116
01:42:06.880 --> 01:42:13.279
bought a brand new car that was
not bought by his company or by his

1117
01:42:13.439 --> 01:42:18.159
employer, that took his own revenues
and bought a brand new car in Nigeria

1118
01:42:18.880 --> 01:42:25.880
the last eight years? Do you
know anybody not company car? How many

1119
01:42:25.920 --> 01:42:34.640
do you know? I love them? I did say financing, That's what

1120
01:42:34.920 --> 01:42:38.600
I'm asking you. Do you know
Nigila dost have financing? Do you know

1121
01:42:38.640 --> 01:42:45.159
any Nigeria that bought a car in
the last eight years? Nobody? But

1122
01:42:47.880 --> 01:42:53.840
bro, We're gonna move on,
man, we gotta move on. I

1123
01:42:55.720 --> 01:43:15.079
love people. Take that people.
People have been No, no, I

1124
01:43:15.199 --> 01:43:30.319
said, I I'm on some of
these things. Like I said, honestly,

1125
01:43:30.520 --> 01:43:44.239
I don't that I don't because this
thing has actually okay, I think.

1126
01:43:44.720 --> 01:43:45.680
Let me just make this point.
I hear you. I hear you.

1127
01:43:45.800 --> 01:43:47.920
Get the point of making. You're
saying that you agree with the subthing

1128
01:43:48.000 --> 01:43:51.920
to move out punch not the stage
I see. The point I'm making is

1129
01:43:53.000 --> 01:43:56.640
this. There's no one you would
find here that doesn't want something to go

1130
01:43:56.720 --> 01:44:00.399
away. No one. But the
point you must understand is that Nigerians do

1131
01:44:00.560 --> 01:44:04.600
not end the average weighting Nigeria.
Officially, it states NA a month.

1132
01:44:05.520 --> 01:44:14.039
There are tons of data to show
that Nigerians do cannot afford is three hundred

1133
01:44:14.159 --> 01:44:18.600
percent shock. There is no financial
person you can speak to that will tell

1134
01:44:18.600 --> 01:44:23.800
you. In any economy, forget
Nigeria. In any economy, you can

1135
01:44:23.880 --> 01:44:30.359
increase prices by one hundred percent overnight, and that makes sense in any economy,

1136
01:44:30.760 --> 01:44:35.760
even credit economies. Nigerians do not
have credit. They averaging. Nigerians

1137
01:44:35.880 --> 01:44:42.640
spend cash, which means if they
earn ten nira, they have to spend

1138
01:44:43.000 --> 01:44:46.199
ten nira. If you increase fuel
by a one hundred percent. All you

1139
01:44:46.319 --> 01:44:53.720
are doing is telling that I to
do a choice between food and fuel.

1140
01:44:54.279 --> 01:44:58.760
That's all we are saying. We're
not arguing with you. The reality go

1141
01:44:58.960 --> 01:45:01.800
out of the streets. If there
was money Nigeria, you will see sachet

1142
01:45:02.199 --> 01:45:06.159
rice, you will see sachet toothpaste. You will see sasha. That nonsense.

1143
01:45:06.479 --> 01:45:11.159
There is sashi because people can't afford
it. That's why it's there.

1144
01:45:11.760 --> 01:45:15.439
How much is a narrow money paying
the pedroal going to painful? How much

1145
01:45:15.520 --> 01:45:19.399
the paying narrow money? Why do
not paying one million nini money? What's

1146
01:45:19.479 --> 01:45:25.279
the salary of a police sergeant that
has an a K for the seven on

1147
01:45:25.399 --> 01:45:30.439
the street? What is salary is
at the nara? Convert to nara two

1148
01:45:30.479 --> 01:45:33.600
dollars and tell me what that is. So let's not make arguments because we

1149
01:45:33.720 --> 01:45:38.199
want to defend the government. I
don't want to make a politicular. I

1150
01:45:38.239 --> 01:45:44.319
don't see whether you. I'll let
you speak, whether you support tinable or

1151
01:45:44.359 --> 01:45:49.119
those portulable econom mix does not care. Economics will happen to everybody. If

1152
01:45:49.159 --> 01:45:54.239
you go to that police john today, you are going to pay five hundred

1153
01:45:54.479 --> 01:45:59.359
nara plus irrespect of the politicular sticker
you have on your car. If you

1154
01:45:59.439 --> 01:46:02.239
have that money, God bless you. Let's let's get cheating here, che

1155
01:46:02.960 --> 01:46:11.279
diego V taking her name right,
cheat gov. Hey, go ahead,

1156
01:46:11.319 --> 01:46:29.800
sir, what's up? I'm so
sorry I don't have and it's not much

1157
01:46:29.920 --> 01:46:39.079
because about the very small practice I
can't see, okay, in the fact

1158
01:46:40.279 --> 01:46:47.920
they are people. Maybe the naked
um is that impopulate population that sup side.

1159
01:46:48.159 --> 01:46:56.800
No talk about what the rest of
the we need this question of the

1160
01:46:57.039 --> 01:47:01.159
form body order their species that have
there's the path. Yes, you want

1161
01:47:01.159 --> 01:47:08.000
to take out the first for you
about taking across the borders to some other

1162
01:47:08.079 --> 01:47:15.279
countries and are founding know that column
which is actually very true happening who we

1163
01:47:15.399 --> 01:47:18.760
have been seeing the effect you know
that countries now that the subsidies are being

1164
01:47:19.840 --> 01:47:27.279
but then you coming to see take
it off immediately it will be good fine,

1165
01:47:29.319 --> 01:47:36.359
end hundred thousand even spending forty thousand
on month on transported or night and

1166
01:47:36.720 --> 01:47:42.560
any less hundred exactly. Yeah,
you don't have the maths wizard to know

1167
01:47:42.680 --> 01:47:47.680
that. Man. Yeah, but
but are we are we really having a

1168
01:47:47.720 --> 01:47:50.520
discussion If Nijas can't afford it to
come on, that's not discussion. To

1169
01:47:50.600 --> 01:47:56.079
have everybody on this space, everybody
on this space knows this. I want

1170
01:47:56.119 --> 01:47:58.119
to ask you, how much do
you pay your cook? I said,

1171
01:47:58.119 --> 01:48:00.359
don't answer. Just tell me how
much you pay your cook or your driver

1172
01:48:00.479 --> 01:48:04.359
or your housemaid. Do you pay
them less than two dolls a day?

1173
01:48:04.520 --> 01:48:09.600
And don't answer. Just ask yourself
that question. Do you pay your cook,

1174
01:48:09.720 --> 01:48:12.119
your driver, your men more than
that two does a day? In

1175
01:48:12.239 --> 01:48:15.039
this Nigeria, we know the answer
to this. That why we This is

1176
01:48:15.079 --> 01:48:17.800
not an argument to have. Now, this country has got the richest black

1177
01:48:17.880 --> 01:48:21.239
man on earth, Dangote in this
country. Does it mean that in Canal?

1178
01:48:21.279 --> 01:48:25.039
They're not pourple in canal? That's
his argument. So if we go

1179
01:48:25.119 --> 01:48:27.640
to if we look at Dangotes,
will say, oh, because Dangote is

1180
01:48:27.680 --> 01:48:31.279
a billionaire, then we should increase
the price of fuel because Dangota can afford

1181
01:48:31.319 --> 01:48:35.399
it. No, the lowest common
multiples, where the society goes to the

1182
01:48:35.640 --> 01:48:41.520
government exists for those that cannot exist
in a fair market. That's what the

1183
01:48:41.560 --> 01:48:45.119
government does. That's what they have. Obama Care. America has the best

1184
01:48:45.199 --> 01:48:47.760
care in the world, but they
have Obama Care because if you can't avoid

1185
01:48:47.960 --> 01:48:53.399
medical care, then you get health
insurance. Support in this same America,

1186
01:48:53.720 --> 01:48:58.359
this subsidize diesel for farmers. Farmers
have their own diesel different color. The

1187
01:48:58.560 --> 01:49:03.680
color it differently is only farmers.
But yeah, and we're here arguing that

1188
01:49:03.720 --> 01:49:10.520
we should remove we should remove the
prices. You can't whatever policy want to

1189
01:49:10.560 --> 01:49:14.720
do. The point I'm making is
that there is no economy on Earth or

1190
01:49:14.800 --> 01:49:23.399
any business on and two hundred percent
price increase immediately, forget Nigeria, forget

1191
01:49:23.479 --> 01:49:30.960
whatever. The two hundred percent increase
immediately is not sustainable. It's not sally.

1192
01:49:31.199 --> 01:49:43.760
What's up man? I did sal
you, I did what's happened and

1193
01:49:45.680 --> 01:49:54.520
put the light and at the end
of the in front of for example.

1194
01:49:57.520 --> 01:50:05.520
And and nobody can say categorically that
disiness and that are the advantages or disadvantages

1195
01:50:05.640 --> 01:50:11.840
that or the thing that government is
going to do to actually mitigate the effect

1196
01:50:11.920 --> 01:50:16.520
of to city removal. I'm wanting
about pete comment denominator. Petrol doesn't just

1197
01:50:16.760 --> 01:50:23.479
affects cards because mustiper tho'to thing that
that who people have pol have discussed.

1198
01:50:23.880 --> 01:50:30.279
Petrol affects almost everything the market we
know at astronomically. So as much as

1199
01:50:30.520 --> 01:50:34.439
we are support of or I am
in support of something but then I believe

1200
01:50:34.439 --> 01:50:39.279
that should be win with SUBSIDI,
should be removed and should be done in

1201
01:50:39.319 --> 01:50:43.239
the right. By now partic should
start ruling. The engineers should be able

1202
01:50:43.279 --> 01:50:45.760
to should be sure of the things
that they're goings were enjoyed. So let

1203
01:50:45.800 --> 01:50:50.199
the lights that they plan to bring, let us bring their light. Let

1204
01:50:50.359 --> 01:50:56.600
us so the light the light to
come to the beginning of the tunnel.

1205
01:50:59.800 --> 01:51:03.439
I'm going I'm going to use that
that line. So you want the Sally

1206
01:51:03.439 --> 01:51:08.479
wants the lights at the beginning of
the tunnel, not at the end of

1207
01:51:08.520 --> 01:51:12.159
the tunnel. Very interesting, and
you see your point is valid. I

1208
01:51:12.239 --> 01:51:16.640
mean where I've not hitting anyone in
the last week say they are against subsident

1209
01:51:17.000 --> 01:51:20.720
only analysis again subsident removal. So
subject that has got to go. But

1210
01:51:20.880 --> 01:51:26.399
it has to go in a plan
manner with pallities. And I don't want

1211
01:51:26.600 --> 01:51:30.680
few well subsidient pallties. I want
a social safety nets to say if you

1212
01:51:30.760 --> 01:51:33.920
do not end money, if you
are young, if you are in firm,

1213
01:51:34.199 --> 01:51:39.239
then the state will protect you.
Not just a very very cost a

1214
01:51:39.359 --> 01:51:43.079
still low. So you can afford
to pay people certain amount of money based

1215
01:51:43.159 --> 01:51:45.560
on where they live, based on
how they spend and they can get by,

1216
01:51:45.680 --> 01:51:47.800
but you just can't. If you
go to my avilagtion and you say

1217
01:51:47.840 --> 01:51:50.800
we're going to increase your price by
one hundred percent, how are they going

1218
01:51:50.840 --> 01:51:55.560
to afford it? Where do they
end? Who would they charge one hundred

1219
01:51:55.600 --> 01:51:59.600
percent to cover that increasing fuel price
hundred percent? And my avilace is like

1220
01:51:59.640 --> 01:52:01.520
you, so think about the guy
in your place. How would the guy

1221
01:52:01.600 --> 01:52:05.439
in your village be able to afford
it? Uh? I do, I've

1222
01:52:05.479 --> 01:52:15.119
got you? What's up? Yeah? Hey, what's up? Yeah?

1223
01:52:15.239 --> 01:52:20.279
So, um, this space is
really important for for everyone because it's it's

1224
01:52:20.319 --> 01:52:24.840
for us to look at all the
sides of the argument, you know,

1225
01:52:25.000 --> 01:52:29.680
trying to dispel the propagandas and people
that are trying to cast light Nigeria.

1226
01:52:29.840 --> 01:52:35.680
So this is really important for those
purposes. Um, my own ancle is

1227
01:52:35.840 --> 01:52:43.479
I think the majority of us basis
I agree that uh, subsidies is a

1228
01:52:43.600 --> 01:52:48.520
waste in the manner in which it's
been revented, so that that's that's fine.

1229
01:52:49.279 --> 01:52:58.640
So subsidies, then how do we
address that wist? Because that then

1230
01:52:58.800 --> 01:53:03.039
means that subsidies is not the problem
for the manner in which the subsidy has

1231
01:53:03.079 --> 01:53:10.840
been implemented that the problem. So
some of the arguments that subsidies benefating a

1232
01:53:10.960 --> 01:53:16.039
few rich Nigerians. First of all, the only people complaining so far had

1233
01:53:16.199 --> 01:53:21.399
had a break Nigerians. I don't
see any rich Nigeria fighting at the first

1234
01:53:21.479 --> 01:53:27.399
lation. They still the abread nigerent. So Secondly, if we're saying that,

1235
01:53:28.000 --> 01:53:34.800
um, this subsidy now should be
taken off because there is vistage and

1236
01:53:34.960 --> 01:53:41.319
it's benefiting a few, does that
then mean that now that we are taking

1237
01:53:41.439 --> 01:53:49.560
this subsidies away, does that mean
that automatically there are no more avenues in

1238
01:53:49.640 --> 01:53:55.840
the government that benefits a few rich
And does that then mean that automatically in

1239
01:53:55.960 --> 01:54:00.239
all the vistages in the government has
automatically stopped. This is the angle and

1240
01:54:00.399 --> 01:54:06.560
want naturals to come from. We
shouldn't see subsidy as impacting. We are

1241
01:54:06.680 --> 01:54:12.880
blessed with oil. Why shouldn't we
enjoy? Why should we go broke trying

1242
01:54:12.920 --> 01:54:18.840
to pay for something we're blessed with? Doesn't make any sense that are blessed

1243
01:54:18.880 --> 01:54:26.640
with oiled worldwide, they're subsidized that
the economy. Most recently, UK had

1244
01:54:26.680 --> 01:54:33.199
to subsidize their citizens when they and
enterprises went up Russia also subsidizes that the

1245
01:54:33.920 --> 01:54:42.000
citizens in terms of a petrolum product. And even when they're talking about phasing

1246
01:54:42.079 --> 01:54:46.840
out subs due to the ongoing crisis
in Ukraine, they're doing it gradually.

1247
01:54:47.800 --> 01:54:53.239
No, you know, so they're
telling that the major oil marketers that look,

1248
01:54:53.680 --> 01:54:59.159
we may eventually phase out the subscide
by more than fifty percent. They

1249
01:54:59.239 --> 01:55:01.840
didn't just come and said, you
know what, subsidi has gone and taxing.

1250
01:55:02.640 --> 01:55:06.439
So this is what my dreams are
saying, well saying, let the

1251
01:55:06.600 --> 01:55:12.640
government talk to us, let the
government carry us along, Let the government

1252
01:55:12.800 --> 01:55:17.039
show that we're in all this together. It shouldn't be like, oh,

1253
01:55:19.000 --> 01:55:23.800
because the way I'm looking at the
subsidy now, I can't wrap around.

1254
01:55:23.920 --> 01:55:27.960
I can't wrap my head around the
fact that I'm thinking it's more or less

1255
01:55:28.119 --> 01:55:32.880
like a tax now. And the
way I look at it is this is

1256
01:55:32.920 --> 01:55:38.439
the AFR gals that are going to
be responsible for paying the tax. And

1257
01:55:38.680 --> 01:55:44.960
mostly because the god that the death
to GDP ratio is so high now that

1258
01:55:45.520 --> 01:55:50.279
we can continue borrowing to subsidize the
foe. So if that is the case,

1259
01:55:50.520 --> 01:55:58.359
then how can we look for other
sources of cutting governments? Ending subsidies

1260
01:55:58.399 --> 01:56:02.520
should not be this the sole skateboard, and I think that the handful we

1261
01:56:02.560 --> 01:56:06.239
should be looking at it from.
I'm willing to give this new government the

1262
01:56:06.319 --> 01:56:13.039
benefit of the doubt because this policy
was not made by them. The policy

1263
01:56:13.239 --> 01:56:21.279
was made by previous administration through the
the i A and also mute lack of

1264
01:56:21.439 --> 01:56:30.199
provision for subsidy beyond true. So
essentially what these governments did is to announce

1265
01:56:30.319 --> 01:56:36.039
it and to continue to Yeah,
I think I like completely agree with all

1266
01:56:36.119 --> 01:56:40.000
you said. Just the last problem
do addressed. I agree with you that.

1267
01:56:40.399 --> 01:56:42.720
Let me make it. You've if
you've taught a few things, you

1268
01:56:42.800 --> 01:56:46.199
know you are touching right. Number
one, the subsident removal is a tax.

1269
01:56:47.159 --> 01:56:51.159
It's a tax on government in a
patiency because the government cannot get you

1270
01:56:51.920 --> 01:57:00.399
cheap, or should we say cannot
get cannot make any MPC provide PMS without

1271
01:57:00.439 --> 01:57:06.560
going bankrupt. That's number one.
Number two, this government right the policy

1272
01:57:06.640 --> 01:57:11.199
of subside removal. That's why I
define the terms at the very beginning.

1273
01:57:11.560 --> 01:57:15.800
When you say subsidie removal, then
we're putting into this box and we're not

1274
01:57:15.880 --> 01:57:19.399
getting the real intent of what's going
on. What they are doing is removing

1275
01:57:19.720 --> 01:57:26.880
the regulated price. They are removing
the regulated price. The policy was not

1276
01:57:27.039 --> 01:57:30.920
done but the last administration, nor
was it done by the one before then.

1277
01:57:30.319 --> 01:57:33.119
It wasn't a long time ago in
Nigeria. In Nigeria, a long

1278
01:57:33.159 --> 01:57:38.800
time ago, we regulated everything.
The price of air travel, the price

1279
01:57:38.920 --> 01:57:43.600
of water, the price of everything
was regulated and petrol has stayed. So

1280
01:57:43.800 --> 01:57:47.039
when the refineries went bad a long
time ago, not eighty years or sixty

1281
01:57:47.079 --> 01:57:50.840
years ago, they went bad in
the Military region because the price of PMS

1282
01:57:51.119 --> 01:57:56.600
was reculated, then there had to
be a subsidy for the import. So

1283
01:57:56.880 --> 01:58:00.000
right now, fast forward to today, when people say that there's no provision

1284
01:58:00.279 --> 01:58:06.039
in the budget for subsidy, there
has never been a provision for subsidy in

1285
01:58:06.199 --> 01:58:14.079
any budget. I challenge anyone to
show me in the last budgets where there's

1286
01:58:14.119 --> 01:58:19.359
been a provision for subsidy, how
has subsidy been paid for. The NNPC

1287
01:58:20.359 --> 01:58:27.760
pays for the subsidy. You only
saw it in the budget because they passed

1288
01:58:27.800 --> 01:58:34.479
the PIA and NNPC was then saying
that they were going they were own the

1289
01:58:34.640 --> 01:58:41.600
federal government. This differential between what
they were paying over charging the government for

1290
01:58:41.720 --> 01:58:48.399
subsidy. The NNPC pays for subsidy
NNPC is not in the federal budget.

1291
01:58:49.560 --> 01:58:55.920
The NNPC is not in the federal
budget. So people say there's no provision.

1292
01:58:56.680 --> 01:59:00.479
You put a provision there, then
you take of it wasn't there before

1293
01:59:00.600 --> 01:59:05.600
now, So I'm challenging piece on
go back to the budget and show me

1294
01:59:05.760 --> 01:59:13.199
in say twenty fifteen where they says
fuel subsidy. It's never there. So

1295
01:59:13.640 --> 01:59:15.680
when we now say it was not
put in the budget, it was never

1296
01:59:15.880 --> 01:59:21.600
in the budget. What the government
simply said was that the past PIA which

1297
01:59:21.680 --> 01:59:27.479
made an NNPC Limited, is now
a quote unquote private company, and it

1298
01:59:27.600 --> 01:59:30.399
was a private company, then the
Balanchiet is going to be separate from the

1299
01:59:30.520 --> 01:59:38.079
federal government. Right Hence the npisade
said in twenty nineteen or so sally in

1300
01:59:38.159 --> 01:59:42.359
twenty twenty one subsidy will go,
but they allowed us for one more year,

1301
01:59:42.920 --> 01:59:45.199
which was twenty twenty two. So
in this year twent twenty twenty said

1302
01:59:45.199 --> 01:59:48.319
I are only going to pay for
subsidy for six months, that they're going

1303
01:59:48.359 --> 01:59:54.279
to support the NNPAC for six months. But subsidy has not been in the

1304
01:59:54.439 --> 02:00:00.039
budget in the past. It's paid
for by the NNPC. So if you

1305
02:00:00.159 --> 02:00:04.399
want to pay for subsidy going forward. You can, you can, and

1306
02:00:04.560 --> 02:00:09.279
like your brightly said sir, it
has got to be a graduated thing.

1307
02:00:10.359 --> 02:00:14.920
You advise the country. We're going
to move subsidy payments or over remove the

1308
02:00:15.000 --> 02:00:17.800
regulative price. Hey, this is
a subsidy. It will go out over

1309
02:00:17.960 --> 02:00:21.960
four years and is how we're going
to fund it. That's how we should

1310
02:00:23.000 --> 02:00:26.600
do it. But it shouldn't get
an excuse to say there's no money in

1311
02:00:26.640 --> 02:00:30.039
the budget. There was never money
in the budget at all to pay for

1312
02:00:30.159 --> 02:00:40.560
subsidy. N NPC is not individual
budget. Are we are we thanks for

1313
02:00:40.720 --> 02:00:45.800
that clarification, just the roundom so
that I don't hold So. One thing

1314
02:00:45.880 --> 02:00:51.439
I noticed from the previous administration is
that there were very liberal in terms of

1315
02:00:53.760 --> 02:00:58.840
um you know, wildfare programs.
We know about the creation of the humanitarian

1316
02:00:59.000 --> 02:01:03.159
ministry, you know, and programs. We know about the l power,

1317
02:01:03.479 --> 02:01:12.000
you know about the mc boras program. So essentially one these programs exist at

1318
02:01:12.079 --> 02:01:15.079
the moment, right, So do
you think these programs have a role to

1319
02:01:15.239 --> 02:01:21.079
play in terms of these quotem quote
palliatives that we're talking about, you know,

1320
02:01:21.199 --> 02:01:27.079
trying to question the part of this
subsidy that is now gone. Do

1321
02:01:27.279 --> 02:01:30.560
you think they have any key role
to play because the person has made it.

1322
02:01:30.680 --> 02:01:35.359
Claire that obviously there's need to increase
the minimum which but we know what

1323
02:01:35.560 --> 02:01:42.439
a goot when the briss many people
will still not INERTI int this minimum which

1324
02:01:42.960 --> 02:01:48.399
so that minimum which it itself is
not really uh something that is going to

1325
02:01:48.479 --> 02:01:54.279
benefit majority may the government workers,
because of course the government will implement it

1326
02:01:54.359 --> 02:01:59.720
some policy, but what about the
private sector, what about the informal sector?

1327
02:02:00.000 --> 02:02:05.000
Are there going to keep to this
minimum wage? Thinking about yeah,

1328
02:02:05.520 --> 02:02:09.960
two questions, two great, two
great questions. So number one, the

1329
02:02:10.399 --> 02:02:16.159
the the the social the Ministry of
Humanitarian was charged with this social um security

1330
02:02:16.279 --> 02:02:20.359
payments and all that they did not
do a good job, and that was

1331
02:02:20.399 --> 02:02:27.840
a lost opportunity, right, Many
people believe that that ministry is very arbitrary,

1332
02:02:28.479 --> 02:02:30.800
that they just announced money, but
the money does only get to a

1333
02:02:30.920 --> 02:02:34.000
lot of the of the quote unquote
poor people. That nothing wrong with the

1334
02:02:34.079 --> 02:02:39.199
idea we're trying to copy or we're
trying to do the social security scheme or

1335
02:02:39.279 --> 02:02:43.840
social welfare scheme. But I just
think it's not that transparent, and I

1336
02:02:43.920 --> 02:02:47.039
think they lost the opportunity of the
good will of the population. And it's

1337
02:02:47.079 --> 02:02:51.840
not hard to do this right to
have a social registrar. We have NI

1338
02:02:53.079 --> 02:02:57.439
and we have biometry support and see
where the money is going to. So

1339
02:02:57.600 --> 02:03:00.680
that's one part there. If this
god men can go back to that scheme,

1340
02:03:01.039 --> 02:03:05.079
you know, clean it up a
point on that's very very trusted,

1341
02:03:05.399 --> 02:03:09.000
and roll it out and say,
okay, if you earn, you have

1342
02:03:09.119 --> 02:03:13.159
to file taxes. If you file
taxes and you say you end this income

1343
02:03:13.239 --> 02:03:20.680
below this median benchmark, then you
qualify to receive social Security benefits unfunded social

1344
02:03:21.039 --> 02:03:25.840
circuited benefits or funded from payerial taxes. We can do that, and we

1345
02:03:25.920 --> 02:03:29.840
can have that scheme or Parron and
even if it's to start with one million

1346
02:03:29.920 --> 02:03:34.640
people, start there, then build
it up. We cannot say everybody must

1347
02:03:34.720 --> 02:03:39.800
pay market prices in capitalistic society.
It's not going to work for everyone.

1348
02:03:39.920 --> 02:03:45.800
That's number one. Minimum wage that
you talk about economist or so you say

1349
02:03:45.960 --> 02:03:49.600
capitalist, don't like it because when
you're pricing, if you price wage,

1350
02:03:50.119 --> 02:03:55.159
you are then saying that when you
price minimum wage, are actually going to

1351
02:03:55.239 --> 02:04:00.359
reduce employment because some coupitalists will say, oh I can't afford to pay this,

1352
02:04:00.520 --> 02:04:03.279
so I will pay less. I
personally think you should have a minimum

1353
02:04:03.399 --> 02:04:09.800
way to say, below this level, you cannot employ anybody if you're not

1354
02:04:09.840 --> 02:04:14.159
going to pay employees level just for
not just for social contract. You can't

1355
02:04:14.199 --> 02:04:16.800
have people anything less than a dollar
a day because you have the right to

1356
02:04:16.880 --> 02:04:21.000
payiment doll already. So the minimum
wage clearly has got to go up.

1357
02:04:21.359 --> 02:04:27.079
The question is always how do you
pay for this? And the answer is

1358
02:04:27.119 --> 02:04:30.760
writ in front of us. You
can pay for the minimum wage by cutting

1359
02:04:30.800 --> 02:04:34.640
back the fat and the waste that
is currently in the federal government. Look

1360
02:04:34.640 --> 02:04:39.680
at National Assembly. I saw that, but it was the last year National

1361
02:04:39.720 --> 02:04:45.800
assemblies allocation is more than the Universal
Basic educations allotment. How doesn't make any

1362
02:04:45.880 --> 02:04:53.119
sense. The National Assembly ends more
or is allocated more than the universal basic

1363
02:04:53.319 --> 02:04:57.920
education. So cut all that fat
a way, sell all those presidential if

1364
02:04:57.960 --> 02:05:00.199
you took a keep one or two, sell those things, cut down the

1365
02:05:00.319 --> 02:05:04.880
cost of being business and plow it
back into paying minimum which increase for the

1366
02:05:05.039 --> 02:05:10.000
junior workers. So you can see
level zero to level twelve. Maybe they're

1367
02:05:10.039 --> 02:05:14.000
going to increase their wages for now, and the economy improves, then we're

1368
02:05:14.000 --> 02:05:17.079
going to increasing wides for the upper
or said workers but there has got to

1369
02:05:17.159 --> 02:05:21.880
be something to done with me.
Mort which inflicition is twenty two percent twenty

1370
02:05:21.880 --> 02:05:28.319
two percent and minimum which has not
moved since went to us announced off era.

1371
02:05:28.800 --> 02:05:30.439
So you don't have to be a
math wizard to see that. We

1372
02:05:30.560 --> 02:05:34.319
have got to pay people more is
you don't have to be a math twizard,

1373
02:05:34.560 --> 02:05:39.760
right, And we have to do
this by asking ourselves where can we

1374
02:05:39.880 --> 02:05:43.920
get the money from to pay people? There's money in Nigeria. People don't

1375
02:05:43.960 --> 02:05:47.239
pay taxes, so tax them.
You know you have homes and Abuja do

1376
02:05:47.399 --> 02:05:50.279
tournament rate? You can. You
can't hide your house, it's right there.

1377
02:05:50.840 --> 02:05:55.479
Who owns this house? Tax the
house and pay. There are many

1378
02:05:55.520 --> 02:05:59.760
ways to raise revenues. Cut down
the waste, tax the rich and transports

1379
02:05:59.840 --> 02:06:03.640
of moneys so the poor people in
Ninetia to survive. We can't build an

1380
02:06:03.680 --> 02:06:10.640
economy where the poor cannot feed.
That's you can't build the society that way

1381
02:06:10.720 --> 02:06:14.279
where the poor cannot feel. You
how this guy say there's petrolling Carena,

1382
02:06:14.560 --> 02:06:17.199
but nobody's buying. So if there's
no money buying because they don't have money,

1383
02:06:17.359 --> 02:06:20.359
yes they don't. They don't have
money. So when you come in

1384
02:06:20.439 --> 02:06:23.520
and say they will have money,
but they're not showing it. If they

1385
02:06:23.600 --> 02:06:26.720
have the money, they will buy
the five hundred fewer, but they don't

1386
02:06:26.720 --> 02:06:29.760
have the money. That's what you're
not buying. Yake. I've got you,

1387
02:06:29.840 --> 02:06:32.640
sir, mister, I k I
k I. What's up now?

1388
02:06:33.479 --> 02:06:38.119
So am I going to shut down
the space? Maybe electant and spitter because

1389
02:06:38.439 --> 02:06:41.680
the technical issues on the space today
is a bit low. We might have

1390
02:06:41.720 --> 02:06:44.920
to do the exact same topic next
week. Yeah, but they tech issues

1391
02:06:45.000 --> 02:06:47.520
today all do is very very poor. I can add a lot of people,

1392
02:06:47.600 --> 02:06:50.119
it's just a space. I know
what's going on with them, right,

1393
02:06:50.520 --> 02:06:53.840
So I CA, you've got the
floor. You can go ahead and

1394
02:06:53.880 --> 02:06:57.560
speak when you're saying, which hasn't
win day down and maybe next week will

1395
02:06:57.600 --> 02:07:00.760
do on that take on the same
topic because I'm sure this week would have

1396
02:07:00.960 --> 02:07:03.840
more information that we can then speak
on. So I can go to flossor

1397
02:07:10.920 --> 02:07:21.399
okay um, because I as I
think move plus removed towards was bad.

1398
02:07:24.000 --> 02:07:29.960
Yes, it was bad, and
I will keep still because the subsequent move

1399
02:07:30.720 --> 02:07:38.760
Um Majors of the Jena wants it. I feel that that is not the

1400
02:07:38.840 --> 02:07:47.800
only place for I whist the morning
we want to fast. Okay, national

1401
02:07:48.000 --> 02:08:16.079
segment think about people's lives, realize
anymore when you talk about art, doesn't

1402
02:08:16.079 --> 02:08:20.239
know that it's notting compared to what
they can mean. Eve, they should

1403
02:08:20.279 --> 02:08:24.119
change the name for minimum ridge the
minimal living rich to maybe two let thousand.

1404
02:08:26.039 --> 02:08:30.159
Let's be a living ridge, minimal
living roo. People can understand.

1405
02:08:30.279 --> 02:08:33.840
Go it's to pour, it's to
pour. I don't know if the county

1406
02:08:33.960 --> 02:08:41.680
just keeps making people poor and only
the rich keep going high. They employed

1407
02:08:41.720 --> 02:08:46.760
people all over the police session,
the UN forces, the military, and

1408
02:08:46.960 --> 02:08:52.039
they're about what is the salary skilled? How its increased? Every remote for

1409
02:08:52.760 --> 02:08:58.039
everything should not suffecting for everything.
The price is changing and nobody can talk

1410
02:08:58.079 --> 02:09:07.239
follow us. Where are yourself or
whatever? Imain'stay I was complaining to or

1411
02:09:11.039 --> 02:09:24.600
just beautiful something you looking drive,
not just oppin. You should be complatively

1412
02:09:24.680 --> 02:09:33.520
removing this thing. I mean,
I think so bad. Yeah, yeah,

1413
02:09:33.640 --> 02:09:35.119
And I don't want to put to
give this excuse of of of of

1414
02:09:35.640 --> 02:09:39.640
I don't yeah, I don't want
put to give the excuse of fog or

1415
02:09:39.800 --> 02:09:43.800
knock or budget. I'm just saying, in any in any eco system,

1416
02:09:45.039 --> 02:09:50.920
in any ecosystem, you can't increase
prices by two hundred percent immediately in any

1417
02:09:50.000 --> 02:09:56.000
eco system, government, private sector
charge masks. Even in your own house.

1418
02:09:56.560 --> 02:09:58.640
You can't just tell you your child, I used to give you Tony

1419
02:09:58.880 --> 02:10:01.479
before I'm going to give you want
Era. There's no way it's done.

1420
02:10:03.000 --> 02:10:07.680
In any eco system. You can
simply say, we know subsidy is corruption.

1421
02:10:09.039 --> 02:10:11.560
We know, but let me put
us saying immediately, don't we know

1422
02:10:11.760 --> 02:10:16.479
the pots are corrupt? Don't we
know the police are corrupt? Okay,

1423
02:10:16.560 --> 02:10:20.159
let's crap the entire police force tonight
and let's build a new police force.

1424
02:10:20.760 --> 02:10:26.199
Since we know police are corrupt,
let's crap the entire police today, and

1425
02:10:26.319 --> 02:10:28.680
let's start building your brand new police
form tomorrow with anyone thing that's a smart

1426
02:10:28.720 --> 02:10:33.000
idea. No, because who police
is treating in the country. So you

1427
02:10:33.119 --> 02:10:37.000
do it gradually. You say we're
going to recruit new work and new police

1428
02:10:37.039 --> 02:10:39.560
people that are going to replace and
phase out. It's in police force over

1429
02:10:39.760 --> 02:10:45.880
time in any ecosystem or so the
argument of it has to go. No

1430
02:10:46.800 --> 02:10:50.079
budget argument. It was not in
the budget before. I'm looking at the

1431
02:10:50.079 --> 02:10:52.399
budgets now right now, show me
your budgets, your fagile budget where you

1432
02:10:52.439 --> 02:10:56.000
saw subsidy before Pia show it to
me. And if you say, okay,

1433
02:10:56.239 --> 02:11:00.800
there's now Pia. Okay, there's
say Pia, why do you still

1434
02:11:00.880 --> 02:11:05.119
have regulated prices? Is the PA
being implemented. It's not been suspended.

1435
02:11:05.159 --> 02:11:11.960
It's been suspended, right, So
what is your I mean, I can't.

1436
02:11:13.199 --> 02:11:16.479
I can't find his name. One
can can DeFore, one can DeFore

1437
02:11:18.079 --> 02:11:22.680
you've got the flows because if you
go at, you're having simple to the

1438
02:11:22.800 --> 02:11:28.720
name. So how are you doing, sir good? Yeah, soct something.

1439
02:11:30.159 --> 02:11:37.720
UM talked about relatives and reading minimum
wags, which doesn't mean and I'll

1440
02:11:37.760 --> 02:11:45.279
see why a reason minimum wage.
Everything that follows is always situation and private

1441
02:11:45.399 --> 02:11:48.079
goes up. So when you can
talk about natives, I always he have

1442
02:11:48.239 --> 02:11:52.159
minimum wage, minimum wage. That's
so, But nobody talks about the long

1443
02:11:52.319 --> 02:11:58.960
term effect of reading minimum wag.
Nobody talks about um benefits for minimum wakes.

1444
02:11:58.079 --> 02:12:03.880
Race, I will following your lind
We talked about fans not saying people

1445
02:12:03.039 --> 02:12:05.800
enough money. If you read the
minimum wag, we know the banks not

1446
02:12:07.199 --> 02:12:09.920
raia salary. We know that things, pride of things are going to go

1447
02:12:11.159 --> 02:12:20.279
up. So yeah, up among
them. Because at the end of the

1448
02:12:20.439 --> 02:12:26.239
day, price was still go up
and you still have to raise animum wage

1449
02:12:26.279 --> 02:12:28.640
and it follows each other back to
back to back, So it's not really

1450
02:12:28.720 --> 02:12:33.159
solving the problem I had. The
politics are saying, oh, I would

1451
02:12:33.159 --> 02:12:37.800
have done it gradually, and I
would have putting politives. Everyone keeps saying

1452
02:12:37.800 --> 02:12:43.039
politives are minimum ways, but that
is not the solution. Yes, we

1453
02:12:43.119 --> 02:12:46.079
need to take out the subsidence,
but no minimum which won't solve the problem.

1454
02:12:46.479 --> 02:12:48.960
Okay, So a question for you, which which one has come personate

1455
02:12:50.119 --> 02:12:56.239
you that inflational minimum ways increased?
Um, it's like we're following back to

1456
02:12:56.279 --> 02:13:01.399
back, but that's the question.
Was like, okay, so okay,

1457
02:13:01.439 --> 02:13:05.680
So have we increased the minimum wage
in Nigeria? Saince was in twenty sixteen?

1458
02:13:05.720 --> 02:13:13.880
Have we increased since twenty sixteen?
Has intention gone up? Okay?

1459
02:13:13.239 --> 02:13:18.159
So the answer is that I'm not. I'm not. I'm not saying it

1460
02:13:18.239 --> 02:13:24.079
will I'm saying inflation has gone up
on an annual basis, It's gone up

1461
02:13:24.119 --> 02:13:28.880
by twenty percent annual. Business.
That means that the salary you earned in

1462
02:13:28.039 --> 02:13:37.000
twenty fifteen has been cut down to
say half today. But the minimum wage,

1463
02:13:37.039 --> 02:13:41.720
the official waging Nigeria, has not
gone up. So even before we

1464
02:13:41.800 --> 02:13:46.520
even argue should we increase the minimum
wage, you're not the point that your

1465
02:13:46.600 --> 02:13:52.000
wage has been eating by inflation.
Before we even argue how much has been

1466
02:13:52.079 --> 02:13:56.039
eating, it has been eating already, So we have to try to match

1467
02:13:56.319 --> 02:14:03.039
prices. Fuel has gone from what
seven narra to what to forget? This

1468
02:14:03.159 --> 02:14:09.399
new increase to your wage has stayed
the same. So what should the workers

1469
02:14:09.479 --> 02:14:15.319
do? What tell me what the
worker should do? I said, it's

1470
02:14:15.359 --> 02:14:20.000
a very very complicated thing. It's
not just by reading minimum wagelone would not

1471
02:14:20.199 --> 02:14:24.880
solve the problem. Like I said, it's goodstlation. Yeah, but no

1472
02:14:24.960 --> 02:14:30.680
one, no one has no,
no one has said something. Times we

1473
02:14:30.800 --> 02:14:35.359
can actually take out the subsidies and
take subsidies. When the boil price crash

1474
02:14:37.960 --> 02:14:41.680
twenty sixteen, those are the best
time to take our subside. Then let

1475
02:14:41.760 --> 02:14:45.920
the price go up at the same
time poil price that No, this is

1476
02:14:46.359 --> 02:14:52.520
times when the house because very soon
channel will start coming for us. I

1477
02:14:52.600 --> 02:15:00.319
start taking about wots and airports and
the seaports and everything. Oh trying to

1478
02:15:00.399 --> 02:15:05.119
say everyone, I keep saying,
um brace with more way, race with

1479
02:15:05.239 --> 02:15:07.960
more witch. It's not going to
solve the problem. Ever. Keep silies

1480
02:15:09.600 --> 02:15:16.399
company the sect of these things.
It's not a ship like Accusa moment that

1481
02:15:16.520 --> 02:15:22.399
everything is sold nothing. We are
in broke country. We are not like

1482
02:15:22.640 --> 02:15:26.279
the southeast. You are not like
you buying heavy rings all producing company but

1483
02:15:26.640 --> 02:15:31.359
country. Sorry, but we have
brooke and we should realize that we should

1484
02:15:31.359 --> 02:15:35.600
stopped looking at mother country. I
realize that we are poor and put a

1485
02:15:35.840 --> 02:15:39.760
put accordy to our side that I
have to say this idea of oh let's

1486
02:15:39.840 --> 02:15:45.159
keep this thing that keep going back
and fought on grazes in the more wage

1487
02:15:45.239 --> 02:15:48.720
and we should. But the topsy
or not comes up to it. It

1488
02:15:48.840 --> 02:15:52.760
doesn't matter. We are not the
rich country. We are cover two hundred

1489
02:15:52.800 --> 02:16:05.079
abion Nigerians and we are producing violence
for this side of the country alias the

1490
02:16:07.399 --> 02:16:13.680
same amount of will with most same
amount of oil body. But still they're

1491
02:16:13.720 --> 02:16:20.119
not that rich. I've expected to
like sounding yeah yeah, But the question

1492
02:16:20.239 --> 02:16:26.600
is I think let's I've let you. You've made your point, but I'm

1493
02:16:26.600 --> 02:16:31.399
asking you simple questions. Right if
inflation. No one has said that increasing

1494
02:16:31.920 --> 02:16:37.959
the minimum wage is going to solve
any problem. We are saying increasing the

1495
02:16:37.040 --> 02:16:43.879
minimum wage it takes your wage to
where it was before any problem will started

1496
02:16:43.959 --> 02:16:50.440
from do you agree with that?
That's what we're saying. Inflation may minimum

1497
02:16:50.479 --> 02:16:56.399
wage does not cause inflation if you
increase the minimum wage. Inflation occurs if

1498
02:16:56.440 --> 02:17:03.319
there's no productivity. So when you
wonder would Dogi? Okay, but I

1499
02:17:03.360 --> 02:17:07.399
can give you a history, wonder
would DOGI would Dogi? Awards? Nigeria

1500
02:17:07.600 --> 02:17:11.200
increased, not only increasing memo,
way they paid a lot of money.

1501
02:17:11.399 --> 02:17:16.280
What happened there was inflation? Why
because there was noting to buy. There's

1502
02:17:16.280 --> 02:17:20.079
a lot of money and order to
buy. That's when you have the art

1503
02:17:20.200 --> 02:17:22.959
murder of cement ships in legals.
I had a guy told me. The

1504
02:17:24.000 --> 02:17:28.479
guy used to work for the air
conditioning factory in Niger. When you sell

1505
02:17:28.600 --> 02:17:31.680
a concer, you told me that
right, people will come to their shop

1506
02:17:33.639 --> 02:17:39.639
and bribe these salespeople to keep air
conditioners or fridge for them. There was

1507
02:17:39.760 --> 02:17:43.840
so much money in Niger that you
couldn't buy a fridge. No, it

1508
02:17:43.959 --> 02:17:46.920
wasn't available anyone the important was sold. So people will come to the store

1509
02:17:48.440 --> 02:17:52.959
and bribe the shop attendant. Please
keep off for me. That's why there

1510
02:17:52.040 --> 02:17:56.840
was inflation because of the productivity.
Now let me give you an example.

1511
02:17:56.920 --> 02:18:01.360
If you go to the onion market
in Jigawa. It does not matter the

1512
02:18:01.479 --> 02:18:07.639
minimum wage or the Montrey policy or
whatever you do, the price of onions

1513
02:18:07.680 --> 02:18:13.440
will not go up. Why they
are onions in Jigawa. There are no

1514
02:18:13.680 --> 02:18:18.440
onions in Legos. That's why there's
inflation of food in Legos. There's no

1515
02:18:18.600 --> 02:18:26.559
supply of onions in Legos. Inflation
occurs when you have cash moving in the

1516
02:18:26.639 --> 02:18:33.360
velocity in the economy and there's no
productivity. Today in Nigeria, the essames

1517
02:18:33.440 --> 02:18:39.040
are not producing, so rice is
not available. That's why food prices are

1518
02:18:39.079 --> 02:18:43.959
going up. Not because of the
cash in your pocket chasing the rise.

1519
02:18:43.200 --> 02:18:48.360
There's just no rice to buy.
You heard the guy sell you today there's

1520
02:18:48.479 --> 02:18:56.719
petrol in Karna. Nobody's buying,
Okay, So say something about inflation.

1521
02:18:56.399 --> 02:19:01.440
Go ahead, good. So when
you read the minimum with what happens.

1522
02:19:01.760 --> 02:19:05.040
Give a lot of money around and
a lot of moneys around. That's what

1523
02:19:05.159 --> 02:19:09.879
happens. People have money to sponge
on more things. That's what happens.

1524
02:19:11.959 --> 02:19:18.040
But that is not true. That
is what they teach us. That that

1525
02:19:18.239 --> 02:19:24.479
is no, that is what a
teachers. No, that's what it is.

1526
02:19:24.799 --> 02:19:31.159
That is what it's taught. Yes, now, Jesus Christ, and

1527
02:19:31.319 --> 02:19:46.399
the US printed trillions, trillions of
dollars money, money to use, and

1528
02:19:46.479 --> 02:19:52.399
that will happen to us went up
at might be said, at some point

1529
02:19:52.000 --> 02:20:01.639
the US printed two trillions of dollars
under quantitative easing from two thousand and seven

1530
02:20:03.200 --> 02:20:09.920
interest rates in America, where zero
percent trillions were printed. There was no

1531
02:20:11.159 --> 02:20:20.120
inflation in America. Go and pull
up the data. Quantitative easing printed trillions

1532
02:20:20.200 --> 02:20:26.559
was introduced into the American economy,
and there was no inflation. Why because

1533
02:20:26.600 --> 02:20:35.280
America is able to import cheaper and
that sucks up the excess capital. Inflation

1534
02:20:35.600 --> 02:20:43.799
is simply not the increase in cash. It is when that cash has nowhere

1535
02:20:43.959 --> 02:20:50.079
to go, moving with velocity in
the economy. Then it causes what you

1536
02:20:50.200 --> 02:20:58.319
then call cost push or demand push
inflation. If you give everybody in Nigeria

1537
02:20:58.719 --> 02:21:07.040
and increase double increase in salary,
and you increase the production of goods and

1538
02:21:07.280 --> 02:21:13.959
services in Nigeria, they will take
their cash and buy the goods and you

1539
02:21:15.040 --> 02:21:22.479
will not have inflation. Inflation or
cause when there are no goods and services,

1540
02:21:22.760 --> 02:21:28.479
when there is no productivity to soak
up that cash. America printed dollars,

1541
02:21:30.040 --> 02:21:37.120
Zimbabwe printed dollars. Zimbabwe has inflation. America has no inflation. Pull

1542
02:21:37.239 --> 02:21:41.760
up the data. It's not to
say I might expert, pull up the

1543
02:21:41.920 --> 02:21:48.280
data. If you go to any
look food state in Nigeria where food is

1544
02:21:48.399 --> 02:21:56.120
produced, it does not matter the
amount of currency in that state because the

1545
02:21:56.399 --> 02:22:01.159
supply of that food product is surplus
in that state. There is no food

1546
02:22:01.239 --> 02:22:07.719
inflation in that state. Go to
Benui, yam is available. Go to

1547
02:22:07.879 --> 02:22:16.360
a half year cassava is available.
The problem is taking it from Benui or

1548
02:22:16.559 --> 02:22:22.840
appear to the market in legals.
It's not a currency printing problem. It's

1549
02:22:22.879 --> 02:22:31.479
a supply problem. What the conny's
called cost push inflation. Two taglets inflation?

1550
02:22:33.319 --> 02:22:35.879
All right, sir, who we
got here? All right, so

1551
02:22:37.000 --> 02:22:39.799
I think we'll start to wind it
down. Since the audience a bit low,

1552
02:22:41.159 --> 02:22:45.040
let's do this again, I guess
let's start to wind down. And

1553
02:22:45.120 --> 02:22:48.440
our thirteen minutes of being here about
th thirteen minutes. So the point I'm

1554
02:22:48.479 --> 02:22:52.479
making, guys, it's let's summarize. Let's sort of summarize what we've talked

1555
02:22:52.479 --> 02:22:58.799
about. Let's summarized all talking about
today. Number one, the subsidy itself

1556
02:22:58.079 --> 02:23:03.840
is inefficient. It's a waste and
it's a drag on government revenues. No

1557
02:23:05.159 --> 02:23:09.360
argument. So the subsidy is a
waste and a drug. The government is

1558
02:23:09.520 --> 02:23:13.120
broke, so the government says they
can no longer pay subsidy. That's fine.

1559
02:23:13.920 --> 02:23:20.000
The only issue I believe Nigerias have
today is that it's taken off immediately.

1560
02:23:20.520 --> 02:23:24.600
So it has made prices or to
we say, the cost of living

1561
02:23:24.600 --> 02:23:31.040
in Nigeria go up significantly. This
has then reduced the purchasing power of their

1562
02:23:31.319 --> 02:23:37.360
fixed income because they have a fixed
income, but they are able to spend

1563
02:23:37.440 --> 02:23:41.239
that same fixed income on the same
goods and services. So yes, there's

1564
02:23:41.319 --> 02:23:48.959
patrol now, but nobody is buying
because we have to choose between food and

1565
02:23:48.200 --> 02:23:54.600
school fees and patrol. So what
do we do with default to honor scale

1566
02:23:54.639 --> 02:24:00.600
of preference to what is or important
towards food and school fees. If this

1567
02:24:00.879 --> 02:24:05.479
continues and then no one is spending
because we cannot afford it, then the

1568
02:24:05.600 --> 02:24:09.680
economy starts to contract and starts to
shrink. Who can get the economy out

1569
02:24:09.719 --> 02:24:13.719
of a contraction? The same government, The same government has got to come

1570
02:24:13.760 --> 02:24:20.440
back in and expand the economy by
spending or by giving a tax cut to

1571
02:24:20.680 --> 02:24:26.000
spenders. It can give an expansion
of incomes to the lower class employee and

1572
02:24:26.040 --> 02:24:30.280
my jury say we're going to increase
the salary, and it can give a

1573
02:24:30.399 --> 02:24:33.600
tax cuts to the DAN got to
say, we want you guys to spend

1574
02:24:33.680 --> 02:24:39.000
more money on capital investments with this
tax cut. So if you simply increase

1575
02:24:39.159 --> 02:24:45.319
costs without providing a palliative, I
eat and talk to the government. Now

1576
02:24:45.840 --> 02:24:50.719
you are going to contract the same
economy you want to tax in future to

1577
02:24:50.920 --> 02:24:54.079
pay for your growth. So it
might not make sense to do that.

1578
02:24:54.680 --> 02:25:01.200
You might want to consider removing the
subsidy. But given what the cognition,

1579
02:25:01.239 --> 02:25:07.399
are palliatives to ensure that folks can
still consume. If I end a one

1580
02:25:07.479 --> 02:25:11.239
hundred thousand, how do I go
to work? If you will it is

1581
02:25:11.440 --> 02:25:18.159
five hundred nina? And later,
how explain it to me? So this

1582
02:25:18.399 --> 02:25:22.280
is I think the impact on your
wallet. The government has a repair to

1583
02:25:22.440 --> 02:25:26.680
play in reflating the economy. If
the economy contracts, they will spend more

1584
02:25:28.600 --> 02:25:33.639
to replace the economy than doing a
proper plan to phase this in, and

1585
02:25:33.760 --> 02:25:41.159
how to phase the palliatives in.
You can't in any ecosystem increase income or

1586
02:25:41.280 --> 02:25:46.079
cost by twenty it just can't take
it, or I guess. On that

1587
02:25:46.239 --> 02:25:48.600
note, let me thank you all
for journing us. You have a lot

1588
02:25:48.639 --> 02:25:52.760
of issues with the audio today because
I don't know what's happening with spaces today.

1589
02:25:54.120 --> 02:25:58.520
But will definitely definitely try to do
this again. I premier next week,

1590
02:25:58.719 --> 02:26:03.520
same to big but I hope,
but then would have had a lot

1591
02:26:03.600 --> 02:26:07.680
more, should we say, more
information from the governments, maybe one or

1592
02:26:07.680 --> 02:26:11.360
two guys that are appointed, and
we'll listen to the NNPC guy a bit

1593
02:26:11.520 --> 02:26:16.479
more to get more a better sense
of what they're talking about, to allow

1594
02:26:16.600 --> 02:26:20.559
us to reach a more information.
But as it stands, if you will

1595
02:26:20.600 --> 02:26:28.719
allow just this price inquase to stay
without the corresponding income support, the economy

1596
02:26:28.959 --> 02:26:33.879
is going to contract. Its maths, it's just pure maths or I guess.

1597
02:26:33.920 --> 02:26:37.079
Thank you so much you guys,
have a wonderful rest of your evening

1598
02:26:37.479 --> 02:26:39.159
and bye to you.