Topic: Using the fuel subsidy money to invest in bitcoin for the country economy (Read 122 times)

I understand your point sha, the people in power no go fit get enough patience as bitcoin investment dey take time to bring profit. Them no go want make another person come seat after their tenure don expire come chop the investment profit. It's just a pity that our leaders are not always planning for the future of the country, rather they are just after what they will benefit now.

I don't really know how true this is, because my account with GTB has been restricted because they said that the account was used for cryptocurrency trading. My money has been trapped in that account for close to two years now. So if it's true that they have lifted  the ban as you said why is my bank account still restricted?

OP, I appreciate you for putting up this piece l idea here for us to give our personal views, the truth must be told I don't think any country has ever used a fund formerly used for the payment to subsidize a product to invest in what their economic team has not briefed the president about, Bitcoin is a good investment no doubt, no country, for now, has ever used such huge some of the public fund to invest in bitcoin, even though Bitcoin becomes a legal tender today I don't the government will consider that as a better option, with what I know about this country, there is no restriction to Bitcoin, people do their transactions freely, if you walk through billboards you will see exchanges advertising themselves for you to trade with them if there is restriction will you see such stuff, Nigeria as a country always experience leader that is clueless, if you say investing in our refineries, rehabilitating them, making them work in full capacity, this will in the long run reduce the price of our petroleum products which practically controls the price of other commodities. 

This thing wey you talk no be so, you made reference of our leader wey be elderly man that one no mean because every leader needs to consider the choice of the masses I think putting the citizens choice first should be considered by all leader no be this nonsense our leaders dey do before coming out for an election to rule citizens abi na the citizens vote na so na our choice na suppose come first, even if he decide to invest in bitcoin no be him go do am na he will assign a bitcoin expect to do that. I no see anything wey wrong for this thing regardless of what people will say, even people wey no like crypto(bitcoin) definitely no be everybody go like am but people wey no like am go just adapt to am for example make we see how the fuel sudsidy removal dey affect everybody but government no even care them no mind ohh this fuel subsidy was removed to increase workers salary but still yet no salery increased still yet na government them dey thief the money e for better make them invest this money for bitcoin, bear market no dey stay for ever definitely bull market go still come

Is it really necessary going to be a national achievement of the government Invests in Bitcoin considering the selfish interests of the presidencies?
I will prioritized a rapport with the government about Bitcoin specifically on unbanning the banned of crypto so that all willing individual would have its license to verge into the crypto trading as other public labor marketing sectors.

The realized fund from the fuel subsidy removal is better of being massively productive if the federal government could invest it on infrastructures that is termed to offer employments or on the sector of skillful amenities.

Op, this thing wey you suggest like this, for make sense for Naija and helps our Naira get straight against the dollar, but you know the country wey you dey. Naija government no go fit make Bitcoin legal because if they do, they will not get much power over us because they know say most Naija citizens go dey save their money for Bitcoin and they will not get full control over us again. They dey fully aware of why Satoshi created Bitcoin and as our leaders no think good for us they don't want us to gain that freedom. Our leaders fit wake up one morning and tell us say the Bitcoin wey they used the fuel subsidy money buy say they done lost access to the bitcoin wallet or hackers done hack the Bitcoin.

That is going to be a very huge declaration if it was made in the day of the inaugural lecture. This cannot even be possible, how can you make declaration to invest public funds into bitcoin when they know nothing about it, it doesn’t make no sense and it will cause a lot of mayhem in the society if such is done. It is a good idea to we bitcoin enthusiasts, but do you think that other people that have say in the economy, I mean the house of assembly members can easily be convinced to allow this pass through when we complain everyday of them be corrupt leaders.

Bitcoin is a very volatile currency and you can’t tell the next move of the currency. In a country that the economy situation is not stable, can this money be putting into an investment that will benefit the public in the long run and not immediately. There is a lot to consider before such is done, I just hope the fuel subsidy money removal will go a long way to help the citizens and make the country better for all in the long run.


Expectations are too high which is not a good mindset to have when hoping for a change from a new government. Not all political promises will be fulfilled and we just have ti live by the little that is done. Those people going to do evil cannot be said they are doing it because of the economic crisis of the country. It is by their own will and we won’t blame the government for that. If everyone is feeling devastated by the economic situation, then everyone will become evil in the nation, does that makes sense to you? Change does not happen overnight and I hope and pray that we have a better country and good economy in the next four years. I haven’t lost hope yet because Rome was not built in a day, so Nigeria cannot get better overnight.


If they really want to, it can be done even if it will take time to put things in place before finally pronouncing it. Public funds is not money for any political appointee, if the money for their office is already allocated to them, they shouldn’t be looking at what they will stand to get in the public funds already invested. Remember, any investment in bitcoin to reap a good profit has to be for a long term and not short, so they can’t be waiting forever for the money to have been profitable before they will do their work if funds are provided to them as well. Money invested in bitcoin are not money that should be needed soon, take example of El Salvador and see what investing public funds into bitcoin is all about.

Op you don talk well, if to say na wattin our president do, at least our currency for get value pass like this, and our economy for still balance small. Because no be small thing wey dem do by restricting crypto exchange for we country, the economy still dey struggle for ground. Shabi ona observe say as the CBN government don start to act by first removing FX restriction the currency con start to dey get value small small, so just imaging say as you talk am na so em come do am, our currency for don get chest to fit dey boost for where dollar dey. Though after naira get value for where dollar dey we for still dey suffer high price of fuel oo, but at least majority of some kind things price for come down.

It look like our leaders are still playing games with Naija citizens destiny because, how can someone came out public and declared fuel subsidy removal for the benefits of our economy but the economy is getting worst everyday and is causing people to do any evils things just to survive in the country.  Now that many people are regretting for hailing the president for his inauguration speech because, they thought the man will rescue Nigeria the way he rescued Lagos state economy when he was a governor for 8 years, and he did well by making Lagos state the most highest state that has population of industries in the country.

You know, there are many people in the country that hate decentralized currency which they will never support president to make some pronouncement to invest such amount of money in BTC because they will not have access to it to withdraw the coin the way they use to have access to fiat money by saying snake has swallow the millions or billions and get away with it easily.

Bro, I dey sure say me and you already know say this fuel subsidy removal matter nah one of the major thing way this our government them take dey disarm money the way wey be say almost everybody know go know say them dey do stealing work.
So my brother this your thread make sense sha but this no go fit dey possible any time soon because Bitcoin investment they take time and this our government them no get that kind of time to wait for Bitcoin to rise unless them go won hold the BTC for short time.

I am a Bitcoin enthusiast but I believe if the president on his inauguration speech make a statement of removing subsidy and using the money to invest in Bitcoin would spark lots of controversy especially from those who aren't crypto-currency enthusiast, we have to understand that the country is ran by an elderly man and many people still running the country are elder citizens so they aren't familiar with Crypto-currency that aside if he goes on with it and there be a bear market the country would come for him, I think that move is a good one but would create lots of backlash.

The question we sopoz ask ourselves nah the government go gree do am? You never wonder why this issue of fuel subsidy dey the agenda of every government wey enter seat? E dey costly to maintain and according to wetin I read for Here, naija no be contri wey go fit maintain such since those in power no sabi how to plan on how to balance the resources so that them no go incur debt while them dey do the subsidy.
 Also, another thing wey I feel go make this your suggestion get k-leg nah be say govt, not only in naija no so dey in support of Bitcoin unto say agreement to allow am free rein go give them less control and e go hard for them to falsify records when ever them tiff money.

They have lifted all bans placed on cryptocurrency and crypto related businesses. Nigeria is a crypto friendly country now even though Bitcoin have not been made a legal tender.

On the issue of fuel subsidy removal, it will be difficult for the government to invest the money for subsidy on Bitcoin because most of those monies were borrowed, not that we had excess money in out treasury. You will agree with me that Nigerian government does not gave a culture of investment, most of the borrowed funds are injected into infrastructure and servicing of old debts. So, we can talk investment when we have a leader that understands the importance of saving for the next generation... only then can we expect diversification to Bitcoin and other profitable investment instruments.

With the way things are going with the fuel subsidy of a thing, everything is already turning to scam itself because the government are just playing on the people's intelligence, fuel subsidy or not, there's nothing to show forth at the cause, inflation is looming every aspects of the economy, there's nothing to point out for as a recent success through the fuel subsidy removal over the years, instead of things getting better, they are rather going more worst, my best advice for everyone is not to rely on the government or their fiat currency, hold your asset Investment in bitcoin and be independent.

My people shey una see how the fuel subsidy removal has affected our economy. I keep asking my self what would have been the situation of the country economy if the president on his inaugural speech had said we are ending fuel subsidy and now we are using that same amount of money paid for subsidy and investing it on Bitcoin. And also made a bold declaration that the country has lifted all the ban placed on financial institutions facilitating cryptocurrency transactions and asked the central bank to unblock all accounts that has been blocked due to cryptocurrency transactions.
I think this would have strengthened our Naira against the USD.