The world bank has inadvertently created an avenue for more borrowing of forex by the Buhari-led FG.
It's quite unfortunate that we didn't learn from history. Though the countries financial status has not been damaged beyond repairs, but we fast and brilliant measures to curb this menace of inflation.
Measures such as Strict price control.

Nigeria inflation is the highest in African

The FG is to blame for all our woes. It has always been like that.

chigator2:
The World Bank is yet to Understand that the Nigerian populace / politicians are economic babies that can't tolerate and withstand tough policy decisions.

Cutting Inflation requires cutting money supply using higher lending rates as a tool.
Reduced Government borrowing and likewise reduced Government expenditure.

Can Nigerians tolerate that without wailing, shouting as it is beneficial to the Economic health of the nation.
Fuel Subsidy has been sucking this nation dry for over a decade yet any attempt to put an end to the wastage is met with public outcry.

World Bank, we don't deserve your Pity. We deserve more of your burdening Loans.

D fuel subsidy dat has been removed over d years, what have they done with d money if not looting.

blackpanda:


Your are not asking to know, you are merely asking out of hate. Even if I run down a list, you will still look for what to complain about. So rest. Shallom

Don't abuse the word "hate"! No one can hate the obvious Facts.

Upon all these facts, people are still talking about voting for APC again.

JAMO84:
Off topic

your brain is off egbon

The Nightmare from Daura has destroyed this country.

Meffy don't care about that

Well, an easy way to cut inflation is by removing subsides on petrol and power.

In return for high prices, we get more money coming in by way of investment, and more jobs even, since profit making becomes possible in both sectors.

Also, we can end up by increasing our revenue from taxes, by getting tax from the 70% of taxable Nigerians who do not pay income tax at state and federal level, as well as improve VAT collection.

But since it means high prices for everything in the short term, people don't want to agree...so we keep on spending above our means to provide welfare and keep on taking more and more loans.

Fun thing is that the opposition wants more of the same as the government.

We not ok.

Zombies should come and defend their leaders.

What Buhari is after is building railway line for his herdsmen brother from Niger ��

blackpanda:
Smh

The real problem is that we always listen to what these big liars say. Are they not the ones that encourage deregulation, removal of subsidy and devaluation of naira. Still the same people that blame govt for following their advise. Useless scammers!

Well the succeed in their lies because most Nigerians are too dumb to critically think for themselves. Most of us are just simple minded and empty skull

Well, if we removed subsidy, we would have more money in government coffers to spend.

Let's be honest. You won't like it if you were selling maize in the market, and government was the one setting your price, not you , and they were telling you to sell it at a price that would enable the poor to afford it.

At the end you would be losing a lot of money, and the subsidy government pays you won't be enough to cover losses.

So, you lose money, and the farmer loses money, the transporter and wholesaler lose money as well.

So, why do you want us to keep doing it for the oil sector? ESPECIALLY since years of chronic losses are why NNPC does not have refineries (the corruption and sabotage that damaged the refinereis is a byproduct of the losses).

Stop blaming the World Bank. It's time we removed subsidy. We are spending an increased amount this year on subsidy, because rising oil prices means that we don't have enough money to pay for other things...since all our money is going on subsidy and on debt servicng since oil prices until revently have been low.

tunjilana:


Fuel subsidy isn't what is sucking this country dry but the corruption around it which makes it easily for people to bloat the figures and for custom to lookaway when our subsidised fuel is being smuggled all over west Africa.

It is this same corruption that made our refinery to work thus leading us to importation of fuel even as a major producer of crude, thus leading to the subsidy mess...

Now removal of subsidy without a local refining option is just like pushing the problem to the common man...let govt fix refineries and run it without corruption first and see if subsidy will not naturally dissappear

Government running a business breads inefficiency and wastage.
Let the subsidy be removed and you will see how attractive that sector will become and the speed modular refineries will spring up.
Imagine we stop importing fuel, the impact on our forex will be much and I expect Dollar to sell for like 250 or so and that reduces the inflation and hardship.

blackpanda:
Smh

The real problem is that we always listen to what these big liars say. Are they not the ones that encourage deregulation, removal of subsidy and devaluation of naira. Still the same people that blame govt for following their advise. Useless scammers!

Well the succeed in their lies because most Nigerians are too dumb to critically think for themselves. Most of us are just simple minded and empty skull

this one will blame every opinion against Buhari government, but will never see him disagree with any of the government policies that have landed us in this mess we are in today.

nzeobi:


Government running a business breads inefficiency and wastage.
Let the subsidy be removed and you will see how attractive that sector will become and the speed modular refineries will spring up.
Imagine we stop importing fuel, the impact on our forex will be much and I expect Dollar to sell for like 250 or so and that reduces the inflation and hardship.

Someone gets it!

What a relief to see a sane post on nairaland about this subsidy thing.

That's what most people don't get about subsidy. Low prices means losses potentially for anyone wishing to set up a modular or big refinery.

Even Dangote is taking a risk (though the guy has said he is selling at international prices ONLY).

shortIGBOman:
Godwin Emefele's incompetence caused this.

Buhari smartness brought Emefele.

Shikini:


Oga, but your beloved presido did not remove the subsidy na ... so, why did inflation suddenly jump from 9% he inherited from GEJ to a whopping 15%?

Most Buhari's supporters are as dump as the man himself.
.

The inflation rate got to a double digit in 2014

Buhari handling of the economy is a disaster though

owagbeba:


I think those in charge of this country don’t like the people of this country.
Inflation is high yet government raised the bench mark import duty to 3 million naira for an import dependent nation, coupled with the unstable “naira” edging toward 600.

I wonder how they want to curb inflation. Foreign shipping lines have raised freight by 300%.

Nah wah o

If Nigeria is a sane country, the National Assembly would have impeach Buhari.

blackpanda:
Smh

The real problem is that we always listen to what these big liars say. Are they not the ones that encourage deregulation, removal of subsidy and devaluation of naira. Still the same people that blame govt for following their advise. Useless scammers!

Well the succeed in their lies because most Nigerians are too dumb to critically think for themselves. Most of us are just simple minded and empty skulls

Are you any different from Nigerians that can't critically think? With all your critical thinking, you supported Buhari as president and still support him even with his abysmal failure and lack of leadership? Worse still, same Buhari was one of the key players who got us to this point since independence and you still offer blind tacit support for his govt!

Antoeni:
Choose

March, May, June, August and September.

This is never a suprise for us considering that this is the most useless government in the history of Nigeria. Imagine a president reacting to facts as "well.... I dont know where you get your data from...... but as far as I am concern...." It means nothing in the government is done with facts and logic. So we are not suprised that no concerted effort was made to curb the rising inflation in the country.

Lovenorth:
Useless world bank that is out to milk the Nigerian state to force the federal government remove the subsidy, now that our lovely president rejected the idea it turned to blackmail

they are IPOB

175:
BMC will now say PDP paid world bank for this negative report on their darling daddy led FG.



Lost souls!!!!

or they will call world Bank IPOB.

Ogbodavies:
trust apc n buhari to shift d blame to Jonathan,naija youth,kanu,sunday,mummy GO n super eagles

Zombies will soon come here and call world Bank IPOB

Enyimbamercedes:
The best administration Nigeria has had in the last 23 years?

A team of technocrats in ministerial positions and the World bank can utter such nonsense!

Didn’t they see our pyramids of rice we built as a testament to our agricultural production prowess?

Didn’t they see the economic sense in us transporting the rice paddy to Abuja, building pyramids, commissioning it and now transporting it back to processing mills all around the country? Don’t they know this action will crash the price of rice!?

This administration has a great economic team and knows what it’s doing

World bank is PDP!

It's a deliberate act on it citizens

Shikini:


Oga, but your beloved presido did not remove the subsidy na ... so, why did inflation suddenly jump from 9% he inherited from GEJ to a whopping 15%?

Most Buhari's supporters are as dump as the man himself.
.

Low oil prices.

Between 2010-14,crude was at $91-130.

April 2014, the Americans and Saudis decided to 'play chicken' over oil prices, and the drop began. By 2015, oil was at 75 dollars, and has remained at a low state, sometimes dipping below 30 dollars, largely below 70 dollars till this month

Less revenue means less money means inflation rises.

It does not mean Buhari is a good leader, it means he is a bad leader because he should have devised means of responding to the drop in revenue by getting other sources of revenue....and by removing subsides, and rasing tax revenues.

Racoon:
The world Bank encourage poor third world countries to take stupid loans they don't need with constricting conditions attached to them, asked them to devalue their currencies especially when their GDPs are nothing to write home about.

But when shit hit the fan, then they begin look for who to blame. I blame the useless cap-in-hand beggey beggey leaders that always rush to these western imperialists thinking the meant them good when all they do is to choke then up with debts. Nonsense!

All your analysis these "beggy-beggy" leaders know! But like the average Nigerian they are, it is all about what's in it for themselves and their own... They actually don't care about the welfare of the masses. This cycle continues because the masses have a worse beggy-beggy mentality - they prefer to be sycophants and eat the crumbs that fall from the table of the corrupt politicians than to stand up against them and demand their rights!

Lovenorth:
Useless world bank that is out to milk the Nigerian state to force the federal government remove the subsidy, now that our lovely president rejected the idea it turned to blackmail

Rejected the idea or postponed the idea?

stonemasonn:
Brodaly!...is like God should fast forward to 2023

And what exactly would happen? Corruption would disappear?