Sunday, August 31, 2025
  • Who’sWho Africa AWARDS
  • About Time Africa Magazine
  • Contact Us
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
No Result
View All Result
  • Home
  • WHO’SWHO AWARDS
  • News
  • Magazine
  • World News

Home » Column » Floating stone on water

Floating stone on water

February 24, 2024
in Column, Featured
0
543
SHARES
4.5k
VIEWS
Share on FacebookShare on Twitter

ReadAlso

Passenger train derails in Nigeria, 6 passengers injured

Tinubu’s Minister, Uche Nnaji Faces Fire Over Alleged Non-Performance In Science, Technology Sector Amid Defection Plan

Without a doubt, the pain and misery in Nigeria today, is majorly attributable to the ‘farce’ called exchange rate management that we adopted – attempting to float a huge stone on water! The resulting pain across Nigeria is worse that that during the civil war.

Floating the naira or any other currency should not be embarked on without sound preparation as surgeons do before any invasive surgery. And in the case of floating the Naira, preparation is not about wait time for miracle to happen but is about what you do, well thought out steps taken by smart people in government ahead of any so called-floatation. What the Tinubu government did and which we see today in Nigeria is not Naira floatation but, “Naira sinking.” Nothing is floating here. Certainly not the Naira. In simple terms, the Naira was sunk, and we know who to hold responsible. We were taken into war by leaders or perhaps jokers, people who were ill-prepared and without the weapons – loads lots of dollars – which Nigeria required to embark on the sensible floating of the Naira.

It was good for Tinubu to have first removed the subsidy in May when he said “subsidy gone.” After that, there should have been a pause to work out how to transmit the excess Naira from subsidy removal and which was accruing to the tiers of government into good use via a credible, jointly-agreed economic infrastructure plan to create thousands of jobs for jobless Nigerians and to open up local communities especially farm belts with the view to cut the over 40% post-harvest waste associated with our perennial inability to get the food from the farm to the market. This should ease the current food insecurity crisis. Doing this also would have bought Nigeria the time to negotiate with financial institutions and Nigerians who are the owners of the over $30bn now idle in domiciliary accounts in banks, AfDB, Afrexim bank, IMF and World bank so as to have in place up to $50bn-$100bn support fund needed to float the naira. Instead we went into war like drunken sailors and the bloodbath awaits.

Today the fuel subsidy burden at N1trn a month is more than double what it was on May 29, 2023 and Nigerians have seen absolutely no gain from the ballooning FAAC resulting from subsidy removal that was attempted in May. Whichever way you look at it, what we now have is a monumental and calamitous collapse of the Nigerian economy and of lives and businesses of Nigerians.

ADVERTISEMENT
Tags: economyFloating StoneNairaNigeria
ADVERTISEMENT
Previous Post

Senegal’s President Sall agrees to step down in April but sets no poll date

Next Post

Crisis echoes, fears grow in Amechi Awkunanaw in Enugu State

You MayAlso Like

Column

Congo Has Astronomical Rates of Sexual Violence. Now Victims Have Lost Access to Care

August 25, 2025
Column

Canada’s Redefinition of Terrorism

August 22, 2025
Column

Opinion | Okonjo-Iweala: Saleswoman Of Bad Products

August 19, 2025
Column

The Resilience of World Trade | Ngozi Okonjo-Iweala

August 18, 2025
Column

When Nudity Attracts Fortune And Excellence Attracts Silence —The Collapse Of Our Values

August 19, 2025
Featured

‘Don’t Delude Yourselves’: Why The Trump-Putin Summit Can’t End the War in Ukraine

August 18, 2025
Next Post
Community wants Governor Mbah to prevail on Jim Nwobodo to retrace his footsteps to avert anarchy

Crisis echoes, fears grow in Amechi Awkunanaw in Enugu State

Nigeria's President, Bola Ahmed Tinubu, third from left, first row, poses for a group photo with other West African leaders, prior to the start of the ECOWAS meeting, in Abuja   - 
Copyright © africanews
Gbemiga Olamikan/Copyright 2024 The AP. All rights reserved

ECOWAS lifts coup sanctions on Niger in a new push for dialogue

Discussion about this post

Inside the Battle for Ownership of Madonna University

Stolen Soil, Land Grabbing: Mburubu Community Sends SOS to Enugu Govt

Kemi Badenoch reveals ‘hysterical’ level of personal attacks faced as a black woman

NYSC Member Shares Harrowing Experience with Anambra Vigilantes

Six beers that are good for your gut health – and the ones to avoid

Africa’s largest refugee-hosting country is facing backlash over US migrant deal

  • British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

    1240 shares
    Share 496 Tweet 310
  • Maids trafficked and sold to wealthy Saudis on black market

    1066 shares
    Share 426 Tweet 267
  • Flight Attendant Sees Late Husband On Plane

    972 shares
    Share 389 Tweet 243
  • ‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

    904 shares
    Share 361 Tweet 226
  • Crisis echoes, fears grow in Amechi Awkunanaw in Enugu State

    735 shares
    Share 294 Tweet 184
  • Trending
  • Comments
  • Latest

British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

April 13, 2023

Maids trafficked and sold to wealthy Saudis on black market

December 27, 2022
Flight Attendant Sees Late Husband On Plane

Flight Attendant Sees Late Husband On Plane

September 22, 2023
‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

March 21, 2023
Chief Mrs Ebelechukwu, wife of Willie Obiano, former governor of Anambra state

NIGERIA: No, wife of Biafran warlord, Bianca Ojukwu lied – Ebele Obiano:

0

SOUTH AFRICA: TO LEAVE OR NOT TO LEAVE?

0
kelechi iheanacho

TOP SCORER: IHEANACHA

0
Goodluck Ebele Jonathan

WHAT CAN’TBE TAKEN AWAY FROM JONATHAN

0

Prince Harry ‘to meet with King Charles’ when he returns to UK for anniversary of Queen Elizabeth II’s death

August 29, 2025

Relics From an Ancient Egyptian ‘Party Town’ Are Pulled Out of the Sea

August 29, 2025

Get your children the chickenpox jab to stop the anti-vaxxers, minister tells parents

August 29, 2025

Africa’s largest refugee-hosting country is facing backlash over US migrant deal

August 28, 2025

ABOUT US

Time Africa Magazine

TIME AFRICA MAGAZINE is an African Magazine with a culture of excellence; a magazine without peer. Nearly a third of its readers hold advanced degrees and include novelists, … READ MORE >>

SECTIONS

  • Aviation
  • Column
  • Crime
  • Europe
  • Featured
  • Gallery
  • Health
  • Interviews
  • Israel-Hamas
  • Lifestyle
  • Magazine
  • Middle-East
  • News
  • Politics
  • Press Release
  • Russia-Ukraine
  • Science
  • Special Report
  • Sports
  • TV/Radio
  • UAE
  • UK
  • US
  • World News

Useful Links

  • AllAfrica
  • Channel Africa
  • El Khabar
  • The Guardian
  • Cairo Live
  • Le Republicain
  • Magazine: 9771144975608
  • Subscribe to TIME AFRICA biweekly news magazine

    Enjoy handpicked stories from around African continent,
    delivered anywhere in the world

    Subscribe

    • About Time Africa Magazine
    • Privacy Policy
    • Contact Us
    • WHO’SWHO AWARDS

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    No Result
    View All Result
    • WHO’SWHO AWARDS
    • Politics
    • Column
    • Interviews
    • Gallery
    • Lifestyle
    • Special Report
    • Sports
    • TV/Radio
    • Aviation
    • Health
    • Science
    • World News

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.