I'm no longer responding to mentions. Most of y'all are frustrated APC or PDP supporters who just want to be abusive. And I ain't playing with babies like you no more. Grow up and engage like mature people, or keep up the abuse. Abuse only shows that you are still infantile.

Also, I don't support APC PDP or any party. You want to believe i do...wallow in your delusion. I ain't answering or arguing the point, your mind's made up. Enjoy your delusions

.


The World bank is right, and the government and most Nigerians are wrong.

Landing cost of fuel, as at October , first week, was N720 per liter. Yes...N720 per liter.Yet, we are selling fuel below N700 and lower, and pretending there is no subsidy.

Like where have we seen this before....yes, under Buhari, under GEJ, and under many past admins. The WB is not fooled....it can see through the lies.

The reason why we lost 4 refineries, and why we import ULTRA BAD FUEL...is simple. We spent 40-50 years pretending fuel is cheap, and the resultant loss promoted a culture of looting, sabotage, smuggling, and destroyed refineries. We went from 400000 bpd refining capacity in 1987 to 92000 in 2012, to 6000 in 2022. BPD.

And some people want to come and tell me subsidy was working, that all we needed to do was to fight the corruption, and things will change...meanwhile ....(Sounds like all those communists who kept on telling us true communisim had never been practiced..while the communist ship was crashing everywhere, except in China which embraced capitalism, along with Viet Nam, Laos. and now even Cuba).

We won't listen to this good adivce because as far as we know WB wants to exploit us. Meanwhile,w e allow the telecoms sector, food sector, hotels ector, even airline sector...set their prices. Yes, and the local bus driver and the landlord and hawker. We don;t let government set their prices and pay a subsidy that does not cover the losses...which forces them to engage in stealing to cover for losses.


Oh yes, and by the 1970's USSR was massively importing wheat from Canada and USA...because at the end, all them collectivised farms manned by farmers who could only sell wheat at state run prices, and zero profit, were producing small amounts of wheat...


We better let the petrol that is comming from the refineries being brought up now be sold at market price, otherwise, we would have instant replay.

Jack500:


Is your brain damage or what? Is it only Yoruba people that are in Nigeria?

Yoluba people said they want to teach obi and igbo people lesson. I hope Obi and igbo people are taking the lessons? Hope Obi is suffering and crying 😭😂?

I repeat by the time the okpolor eyes is done with you Yolubas ehh, Una eyes go clear!

Haven't you noticed that it's only Yolubas that have been crying of hardship since Tinubu took over?

You expect world bank that told past leaders to devalue our currency in the 80s when we had no need to, force fed us debts even when we didn't need them in the 80s to tell us to do something in 2023 that will prosper our economy.

nairalanda1:
.


The World bank is right, and the government and most Nigerians are wrong.

Landing cost of fuel, as at October , first week, was N720 per liter. Yes...N720 per liter.Yet, we are selling fuel below N700 and lower, and pretending there is no subsidy.

Like where have we seen this before....yes, under Buhari, under GEJ, and under many past admins. The WB is not fooled....it can see through the lies.

The reason why we lost 4 refineries, and why we import ULTRA BAD FUEL...is simple. We spent 40-50 years pretending fuel is cheap, and the resultant loss promoted a culture of looting, sabotage, smuggling, and destroyed refineries. We went from 400000 bpd refining capacity in 1987 to 92000 in 2012, to 6000 in 2022. BPD.

And some people want to come and tell me subsidy was working, that all we needed to do was to fight the corruption, and things will change...meanwhile ....(Sounds like all those communists who kept on telling us true communisim had never been practiced..while the communist ship was crashing everywhere, except in China which embraced capitalism, along with Viet Nam, Laos. and now even Cuba).

We won't listen to this good adivce because as far as we know WB wants to exploit us. Meanwhile,w e allow the telecoms sector, food sector, hotels ector, even airline sector...set their prices. Yes, and the local bus driver and the landlord and hawker. We don;t let government set their prices and pay a subsidy that does not cover the losses...which forces them to engage in stealing to cover for losses.


Oh yes, and by the 1970's USSR was massively importing wheat from Canada and USA...because at the end, all them collectivised farms manned by farmers who could only sell wheat at state run prices, and zero profit, were producing small amounts of wheat...


We better let the petrol that is comming from the refineries being brought up now be sold at market price, otherwise, we would have instant replay.

I searched this entire thread for you. You are a breath of fresh air and give me hope. If this thread is a true sample of Nigerians, then the next colonialists are at the door, and Nigerians have their hand out uninformed and ready for chains; but you give me a thin sliver of hope.

Racoon:
World Bank dey ment. They are not concerned about how much is minimum wage, how forex question is affecting the economies of the third world countries but only obsessed with constricting them with stringent economic measures.

Fuel subsidy fuel is still ongoing while the cost of petrol is still high. Meanwhile, supply is still inadequate. When it is said these Brent Wood Institutions are only only imperialists ready to be milking through imposition of useless leaders who bent over to their life choking economic policies, some zombies here will be calling people wailers.

Chief,
You talk as though the country has the luxury to complain.

It is like a man who gives his wife 1,500 to make a pot of egusi filled with meat for a family of 6. Do you think the money is enough? Do you think the man hates his children? After giving her the money, he is trekking to work as he has no transport money.

If the man actually expects the wife to provide a full pot of egusi with that money, will he not be delusional? If his wife complains it isn't enough, does the man have the money to givge her extra? The wife says, " what you pay for is what you will get. I am not ready to borrow to add to you."

You guys have to be reasonable. Buhari bankrupted the economy because he refused to apply strict economic policies, one of which was the continuous waste of money subsidizing petrol.

There is no money again to subsidize petrol unless you want the CBN to print money to finance it as Emefiele was doing. 96% of the budget was used to service debt, where is the money to continue the subsidy? 4% of the budget is too small to finance the subsidy. The subsidy requires at least 20% of the budget.

Supply of petrol will remain in short supply because only the government can import and sell it at the present price as there is no profit to be made from importing it. Even Dangote will start first producing diesel and jet fuel. He will produce petrol later. As long as the price of petrol is not market reflective or better still for the price to be fully deregulated as done with petrol, kerosene and gas, there will also be the shadow of scarcity surrounding it.

ThePolemicist:
The sooner we realize these westerners and their institutions have no good intentions for us the better. They have systematically allowed us to be governed by abominable person who have destroyed our countries causing the best Brian’s to leave the country and go develop their countries.
Neo-colonialism has rendered Africa useless and until we are ready to delink from these white people and go with the suggestion of Ghadaffi for a United States of Africa… it will only get worse.

Because of the World Bank tells you 1 + 1 = 2 is what you're calling neo-colonialism.

Actually, countries that go further than what the World Bank or even IMF recommend, do best.

It is best you ask why is a subsidy on petrol bad rather than tear away at the World Bank.

Subsidies are bad because they encourage more than the usual amount of consumption. It is also discourages investment into producing what is subsidized as that would mean it is sold below the market price. That is one reason why Nigerians shied away from refining oil due to the fact it was subsidized.

It can be extremely costly to subsidize a product or service. Most third world countries addicted to subsidies run high budget deficits. Most want to end these subsidies but are terrified of the masses. The high budget deficit in turns leads to high inflation and in turn, to high cost of borrowing which is disadvantageous to the private sector as it means they can't invest as much as they should which means the economy won't grow much.

If you want to assist the poor in Nigeria, there are much better ways. Conditional Cash Transfers where you ameliorate poor families with a monthly cash stipend if they meet a number of conditions have been found to do wonders for poor families if the money is handed to mothers and not fathers .

Government should lift the ban on the importation of poultry for instance. This will crash the price. The same should also be done for rice. Nigerians are hungry. Same with second hand clothes. It will not only reduce the cost of these products in the markets, but will create business opportunities for millions of poor Nigerians.

NOETHNICITY:
Elements of Igbos without any proper understanding of this will still blame the FG

Stop being foolish.... Ipob has no business with the federal government cluelessness. Son of perdition

grandstar:


Because of the World Bank tells you 1 + 1 = 2 is what you're calling neo-colonialism.

Actually, countries that go further than what the World Bank or even IMF recommend, do best.

It is best you ask why is a subsidy on petrol bad rather than tear away at the World Bank.

Subsidies are bad because they encourage more than the usual amount of consumption. It is also discourages investment into producing what is subsidized as that would mean it is sold below the market price. That is one reason why Nigerians shied away from refining oil due to the fact it was subsidized.

It can be extremely costly to subsidize a product or service. Most third world countries addicted to subsidies run high budget deficits. Most want to end these subsidies but are terrified of the masses. The high budget deficit in turns leads to high inflation and in turn, to high cost of borrowing which is disadvantageous to the private sector as it means they can't invest as much as they should which means the economy won't grow much.

If you want to assist the poor in Nigeria, there are much better ways. Conditional Cash Transfers where you ameliorate poor families with a monthly cash stipend if they meet a number of conditions have been found to do wonders for poor families if the money is handed to mothers and not fathers .

Government should lift the ban on the importation of poultry for instance. This will crash the price. The same should also be done for rice. Nigerians are hungry. Same with second hand clothes. It will not only reduce the cost of these products in the markets, but will create business opportunities for millions of poor Nigerians.

Why did APC and Agbadorians stop Jonathan from removing subsidy when it would have been far easier on the citizens than it's now. They lied to everyone saying it was a scam, Today subsidy exist and must be removed

Israel07:


Why did APC and Agbadorians stop Jonathan from removing subsidy when it would have been far easier on the citizens than it's now. They lied to everyone saying it was a scam, Today subsidy exist and must be removed

Fayemi said as much that it was pure hypocrisy that made those who defended the subsidy go out on the streets that day.

From Fayemis words, not all in ACN members supported the double standard. The country today is paying a huge price.

Una fada

Thunder fire world bank

Racoon:
World Bank dey ment. They are not concerned about how much is minimum wage, how forex question is affecting the economies of the third world countries but only obsessed with constricting them with stringent economic measures.

Fuel subsidy fuel is still ongoing while the cost of petrol is still high. Meanwhile, supply is still inadequate. When it is said these Brent Wood Institutions are only only imperialists ready to be milking through imposition of useless leaders who bent over to their life choking economic policies, some zombies here will be calling people wailers.

Well no one ever liked the medicine the doctor recommends but it is necessary.
Everyday we talk about killing import dependence and becoming a productive nation.
How will these things be without the 'stick' of right sizing, right calibrating our economy.
If petrol sold for 80, 90, 100, 200 naira per litre who will think of building any refinery for instance.

As long as there is a way out of work the typical Nigerian will simply not work.
As long as the typical Nigerian can buy, he will never 'make'.

tollyboy5:

"Nigeria has no business with climate change.."
Mumu talk

Qualities of intellectually challenged people like you. Their only defense in a discussion is insults. No superior argument, no idea about the topic, zero content, just insult. You will be fine Amen.

Wicked people everywhere. The suffering never do abi?

Wicked people

GO0DHardDick:


Yoluba people said they want to teach obi and igbo people lesson. I hope Obi and igbo people are taking the lessons? Hope Obi is suffering and crying 😭😂?

I repeat by the time the okpolor eyes is done with you Yolubas ehh, Una eyes go clear!

Haven't you noticed that it's only Yolubas that have been crying of hardship since Tinubu took over?

Only Yoruba? You urgently need brain, so you can stop embarrassing your self, all ibos are enjoying na. Mûmu

These are the institutions they used to hold our development down.

Racoon:

https://punchng.com/petrol-price-should-be-n750-per-litre-says-world-bank/#:~:text=The%20World%20Bank%20has%20stated,currently%20being%20paid%20by%20Nigerians

Awon Oloriburuku!!

No wonder Our Dear General Abacha Shut Down it alusi sister demonic organization office called I.M.F in Abuja during His regime.

May RUSSIA fall in WORLD BANK!!!

Truth they say is bitter.

Jack500:


Only Yoruba? You urgently need brain, so you can stop embarrassing your self, all ibos are enjoying na. Mûmu

Have you seen any Igbo crying and weeping like Yolubbba people do on a Steady? First it was one old youlba woman complaining bitterly about the price of fìsh 😂 secondly one elderly yoluuba man started complaining.

Dude have you seen the recent one where the guy was cursing Tinubu because he made his wife left him? 😂 The Yolubbba guy said he was rich last year but he is now poor this year and he became a conductor 😂 he even spooke everything in Yolubbba language 😂

Yolubbba people have been feeling the heat back to back. Una never see anything! We warned u guys about Tinubu but Una refused, Una wan teach Obi and Igbo people lesson 😂

By the time the drug lord is done with you Yolubas ehh una go dey wish for obi to become president without election. This is just the beginning of the shege

GO0DHardDick:


Have you seen any Igbo crying and weeping like Yolubbba people do on a Steady? First it was one old youlba woman complaining bitterly about the price of fìsh 😂 secondly one elderly yoluuba man started complaining.

Dude have you seen the recent one where the guy was cursing Tinubu because he made his wife left him? 😂 The Yolubbba guy said he was rich last year but he is now poor this year and he became a conductor 😂 he even spooke everything in Yolubbba language 😂

Yolubbba people have been feeling the heat back to back. Una never see anything! We warned u guys about Tinubu but Una refused, Una wan teach Obi and Igbo people lesson 😂

By the time the drug lord is done with you Yolubas ehh una go dey wish for obi to become president without election. This is just the beginning of the shege

Just shut your mouth, I have a lot of ibo people crying of the hardship here, physical evidence o, no be social media, my babe is presently serving in Anambra and the poverty is literalily walking on the street there.

No be Yoruba Alone they suffer, get that into your f1at head.

GO0DHardDick:


Ur Babe that's being eaten by another dude in Akure? Dey play!

You can believe whatever, If that make you sleep well at night

Stupid people. At this rate Tinubu will be out of government before he clocks one year.

Say that to non oil counties abeg..

Jorussia:
That is why I agreed with Senator Oshiomhole when said that whenever international institutions applaud policies of govt,he is always suspicious. Once Dangote and other refineries start operation next year,we can sell PMS at #150 if the govt is serious about bringing down the price.the govt can decide to sell crude for local consumption in naira to Dangote and give him extra crude to refine sell overseas.

IMF is merely subscribing to common economic sense. The price of petrol in Nigeria is not reflective of the international price and it implies that your government is mismanaging its resources by subsidizing petrol. Whenever government subsidizes petrol, it cannot use that money for anything more productive.

Simple economics.

Whenever a country is on the radar of the world bank for destabilization,obnoxious stuff will be cooked up by world bank.This will aggravate myriads of problems of which world bank will offer more loans to continuing the control of third world countries.

Friendly reminder to Racoon and other sane Nigerians: The world bank is after repayment of the loan buhari borrowed. They don't want to hear any excuses.