CodeTemplar:
....u.

Well, it isn't immature to say that things cost money, and a profit must be made.

CodeTemplar:
Before tinubu entered, we paid 0.5 USD official rate per litre and we are paying just around that 0.5 USD right now.

.

0.5 usd now costs more naira than 0.5 usd at the begining of 2023.

Those who do not learn from their own history, are poised to repeat it. That is what has been happening before our eyes these past nine months. Nigeria was a very prosperous country in the 1980's until the IMF stepped in and recommended to the "Evil Genius"(Ibrahim Babangida) the exact same recommendations they gave to Tinubu, near forty years later. When the evil genius implemented the IMF recommendations, float the Naira, let market forces determine the price of products, etc, Nigeria spiralled and never recovered. The Naira went from N0.74/$ (Yes, you needed $1.24 to get just one Naira in 1985) and kept going until it got to about N540/$ when "Bubu the senile" left office last year. That IMF inspired recommendations was where and when the rain started beating us.

Just this week, the older Ghanaian guy who cleans stuff in my apartment building told me about how beautiful and wonderful Nigeria was in the early 1980s. He said the preference of most Africans then was to come live in Nigeria rather than the UK. This week was not the first time a Ghanaian had told me the same thing. Almost a decade ago, another Ghanaian , an elderly friend, told me the exact same thing. He said he came from London to Lagos and then went to Ibadan and settled there in the early eighties. He only came back to the UK when things went awry.

Now, nearly forty years later, the IMF has come calling again and this time, just as the last time, Nigerians are in for a terribly bad ride. It is not going to end in eight years or thirty years. Something is going to give as the common man will hopefully wake up someday and say "enough is enough" regardless of "emilokan" or "mgbati mgbati" or whatever else that is out there. Hunger, starvation and continuous death do not know Emilokan. Have you not seen the pictures of terribly poor men and women being kidnapped in the North and their equally church rat poor families being asked to pay ransom of tens of millions? Families that are eating Potato leaves for breakfast, lunch and dinner, are being asked to cough up such huge sums.

Now to the meat of the matter. Why was it that it was ONLY the "evil genius" and the current pretender to the throne, who the IMF was able to successfully force to do what they themselves knew , will send Nigeria into a spiral. The IMF knows that the only way any society will successfully leave pricing mechanisms to market forces is if that society is a developed one, with long standing institutions platformed on integrity and public accountability and with an adequate electoral systems that are truly and manifestly independent, transparent and with a justice system that is actually worth its name and lawyers who are not men and women with compromised integrity and absent accountability.

They know this and they know what happened to Nigeria the last time round when they made these same recommendations. That was why subsequent Nigerian governments kept the IMF at bay until the pretender arrived. Why did the evil genius and the pretender cave in to the IMF?
One word : "Kompromat" in russian language. Babangida had no credibility because he came to the Presidency by way of a coup. He craved international credibility and recognition, unlike Sani Abacha who didn't give a F. Hence he succumbed. Of course we all know the antecedents of the current pretender to the throne. He had no choice, given the volume of evidence they currently have against him.

Who you elect into office matters. Who you allow to steal your votes or elections matter. They matter to you directly in your pocket. Not just in your pocket, but also in the heart and mind of your wife. Yes your wife, that woman you love so much. she is now being pushed to the wall and will soon start doing what she has to do to survive and put food on the table. Food that you too will share in. Same for your daughter. The pretender to the throne has determined how your daughter, whom you have been raising to be a decent woman, will turn out. Is she going to have to go into runs soon? You think about that. Who you vote for or allow to steal your votes, has far reach into your everyday life and your state of mind and happiness.

Last night, I sent someone a mere hundred pounds and the individual received N194,000 into their naira account in Nigeria. How is that possible? The same £100 that was N25,000 when I first arrived here.

This is just the beginning. Those who are not willing to stand up for what they believe in, do not actually believe in anything. That is the profile of the average Nigerian. How on earth can you allow your fellow men and women, very few in number, to reduce you to such levels and to continue to push you into the ground and all you do is keep watch?

And when your oppressors, those who have bastardised your existence die, when they die, you mourn over them and RIP them as if it was your mother who just died, instead of raining curses on them and their generations unborn. The same bankers who are some of the worst criminals in Nigeria's history.

It is going to be a long goodbye for Nigeria. Where is the person or persons who knows let alone has the capability to effect change?

"Nemo Dat quod non Habet". You cannot give what you do not have. Show me one Nigerian you know who is a person of the utmost integrity and about whom you can say "He has not ever stolen despite having been given numerous opportunity to do so". Mtchew.

ogododo:


https://dailytrust.com/imf-confirms-return-of-petrol-subsidy-under-tinubu/#:~:text=The%20IMF%2C%20in%20its%20latest,reversing%20the%20fuel%20subsidy%20removal.%E2%80%9D

Jokerman:
So that means the price of petrol will go back to 200 per litre or 150 per litre now?

laugh wan Kee me die if they didn't pay subsidy by now you should be buying fuet for 1200 they paid subsidy so as the product will not cross 800 naira, tinubu and his agbadorians are handling economy

christistruth01:
Fake News

IMF has no business with FG Economic Policy

you dey mind those enemies of Nigeria?

Why is fuel still being sold for 650 naira per litre?

christistruth01:
Fake News

IMF has no business with FG Economic Policy

Okay dey play oo... Shebi una go soon run go meet them for loan

RhinoChest:
Even if there is still partial subsidy, removing it completely as advised by IMF is unwise because there isn’t a viable substitute.

Let’s say electricity is constant, Nigerians can easily switch to electric vehicles and won’t rely on diesel/petrol powered generators for power.

IMF really want Nigerians to bite Tinubu.

So tinubu did unwise thing by declaring subsidy is gone.?

NinjaMetahuman:
Another fake news and headline from Nigerian media.

Where will the subsidy money that is not in the budget come from? Imf pocket? Or Tinubu's pocket?
When will these fake news merchants write more believable fake news self.

Nnpc usually have plenty petrol stored. They likely got the fuel when the official rate was around 899-1000.

Someone should remind these fake news merchants that naira got devalued more just less than 2 weeks ago and the reality of that won't reflect on the market for at least another month or so.

Besides, fuel is not capped anywhere.
Some are selling at 670, while some are selling at 640 and it's different from state compared to what we used to have when there is subsidy.

You dey call IMF report fake news? Lol ok

You say the money for subsidy no dey budget so how dem dey pay am abi? Make i ask you.. Dem don ever explain to you how money wey dey budget is being spent?

Just dey play u hear... U dey bliv nigerian govt... Na OYO u dey

allenpaul:
Sincerely this Tinubu na just over hype dummy,he thinks to bribe, killed manipulate system to get ur way is intelligence now he's facing the reality he's incompetence is open to all,i wonder where that moniker @IconicR dey make she come see bad product she marketed for Nigerians.

probably Hunger is showing her SHEGE as it's showing me 😂

Johnjustice:

Are you a slave?
Is Nigeria not a sovereign country?
Nothing can happen, stop accepting neocolonialism.

People like you change things...it's easy, it's about political will, South Africa and all the nations on BRICS did it. We have selfish leaders that's why they won't do it.

You have said it all " you have selfish leaders". Moreover you think BRICS will accept Nigeria at this battered state? Brics are not looking for liability man.

Segxydube:


You dey call IMF report fake news? Lol ok

You say the money for subsidy no dey budget so how dem dey pay am abi? Make i ask you.. Dem don ever explain to you how money wey dey budget is being spent?

Just dey play u hear... U dey bliv nigerian govt... Na OYO u dey

it's not about believing Nigerian government.

It's about using common sense. If government is going to spend billions on subsidy, there has to be some sort of provision for it in the budget.

Spending billions on subsidy isn't exactly something you can hide.

CodeTemplar:
are you naturally stupid or you are pretending?/

ogododo:


https://dailytrust.com/imf-confirms-return-of-petrol-subsidy-under-tinubu/#:~:text=The%20IMF%2C%20in%20its%20latest,reversing%20the%20fuel%20subsidy%20removal.%E2%80%9D

What beats my imagination is that some born-to be-slaves Nigerians still believe these World Bank or IMF wants any good for them. These kind of people are the REAL enemies within. They been paid or fooled. IMF and World Bank are meant to keep other countries except the US and Europe as SLAVES!

a4cube:
You have said it all " you have selfish leaders". Moreover you think BRICS will accept Nigeria at this battered state? Brics are not looking for liability man.

Nigeria is not a liability, we have cash crops, we have food crops, we have a huge market...most important of all, that is why you see IMF, and all those American envoys trooping in here, we have the market, and market is king.

Who dey believe dis imf... shameless folks

You answered! None of the three Presidential candidates could have rescued Nigeria. Obidients and Atiku followers are fraudulent as Tinubu.

NemoDatQuod:
Those who do not learn from their own history, are poised to repeat it. That is what has been happening before our eyes these past nine months. Nigeria was a very prosperous country in the 1980's until the IMF stepped in and recommended to the "Evil Genius"(Ibrahim Babangida) the exact same

"Nemo Dat quod non Habet". You cannot give what you do not have. Show me one Nigerian you know who is a person of the utmost integrity and about whom you can say "He has not ever stolen despite having been given numerous opportunity to do so". Mtchew.

If Tinubu doesn't have sense, he should continue listening to IMF; has the IMF ever governed a country? Do they know the dynamics of running one? Have they ever practiced the theories they recommend to countries? A country cannot run without some form of subsidies in some critical sectors, and the Nigerian economy is not a regular one where normal economic policies work, there has to be meticulous planning and replanning before a policy works right here because there are a lot of "hoodlums" who profit off the failures of the country and these people have immense power and have their home in the corridors of power

ogododo:


https://dailytrust.com/imf-confirms-return-of-petrol-subsidy-under-tinubu/#:~:text=The%20IMF%2C%20in%20its%20latest,reversing%20the%20fuel%20subsidy%20removal.%E2%80%9D

ogododo:


https://dailytrust.com/imf-confirms-return-of-petrol-subsidy-under-tinubu/#:~:text=The%20IMF%2C%20in%20its%20latest,reversing%20the%20fuel%20subsidy%20removal.%E2%80%9D

. The fuel price should be returned to it previous price.
If a policy somrsaults it should be revised.
The hardship is much.

ogododo:


https://dailytrust.com/imf-confirms-return-of-petrol-subsidy-under-tinubu/#:~:text=The%20IMF%2C%20in%20its%20latest,reversing%20the%20fuel%20subsidy%20removal.%E2%80%9D

IMF go sit down una contribute to the problems in the country

NemoDatQuod:
Those who do not learn from their own history, are poised to repeat it. That is what has been happening before our eyes these past nine months. Nigeria was a very prosperous country in the 1980's until the IMF stepped in and recommended to the "Evil Genius"(Ibrahim Babangida) the exact same recommendations they gave to Tinubu, near forty years later. When the evil genius implemented the IMF recommendations, float the Naira, let market forces determine the price of products, etc, Nigeria spiralled and never recovered. The Naira went from N0.74/$ (Yes, you needed $1.24 to get just one Naira in 1985) and kept going until it got to about N540/$ when "Bubu the senile" left office last year. That IMF inspired recommendations was where and when the rain started beating us.

Imma going to respectfully disagree with you here.

NIgeria was not a prosperous nation until IMF spoke to IBB. The fact is, the reason why the IMF spoke to IBB was because NIgeria was actually in economic trobule.

IN 1982, oil prices were sky high for the times. They had been high since the Yom Kippur war of 1973. However in October 1982, oil prices crashed. BY 1983...every oil country was in trobule.

(Keep in mind that one of the reasons why Saddam invaded Kuwait was not just for nationalistic reasons. By 1989, a long war with Iran and sustained low oil prices meant that Iraq was broke, and Saddam needed the money. Invasion of Kuwait was the answer.

Also, Venezuela was in serious economic crisis in the 1980's that people were eating out of the dustbin. And the man in charge was...a pro-US Leader by the way.

DIgression over)

That was why Bubu overthrew the civillian governent...corruption and economic crisis. And the Shagari government in their last year was promoting economic tightening. But oil prices kept falling, so Bubu was forced to end subsides on food, and do things like swapping crude for parts for our car industry for example. Worked, but the economy kept crashing. IBB took over, and the crash continued.

BY 1986, Nigeria was in tough times, and we had to go to the IMF. IMF Offered us a loan, we said no, so we did the next thing...SAP. That's why our naira fell then....we did not have enough dollars to buffer the naira, and we had to do SAP otherwise we would have been in soup.

(IBB was a bad leader by the way, so am not defending him).


Here is this quote from this article that explains it better...it was written in 2004 by the way. Managing the dutch disease in Nigeria. Below explains what happened in 1980-90 and even right now.

. [b]This can happen when the oil revenue windfall increases domestic demand for non-tradable goods and pushes up domestic prices leading to an appreciation of the real exchange rate which in turn reduces the competitiveness of the non-oil export sector. This will in turn lead to a reduction in non-oil exports in both quantum and value terms. The oil windfall may also lead to movement of the factors of production in the economy. For instance, capital and labor (and land) may shift from the non-oil export sector to the oil sector (in order to maintain or increase reserves and production) and the non-tradable goods sector (to take advantage of the growing domestic demand).

[b]This explains why the increase in oil prices and the subsequent oil revenue windfall in many oil-exporting countries have tended to depress their non-oil export sector while at the same time generating a boom in both the oil and the non-tradable goods sectors. With capital and labor shifting from the non-oil export sector to the oil-sector and non-traded goods sector, firms in the non-oil export sector are forced to either close down or reduce their scale of operation. The boom in the oil and non-traded goods sector increases the demand for imported goods. This may not be a problem in the short-term so long as the country has enough foreign exchange to pay for the imports. The depression in the non-oil export sector and the boom in the other two sectors have medium to long term implications for the econ[b]omy because the oil windfall will not be permanent given the volatility, unpredictability and exhaustibility of crude oil. For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty[/b]

In an extreme case, the Dutch Disease can lead to "Immiserising Growth" syndrome - a situation where increase in the output of exported commodity by a country leads to a deterioration of the country's welfare (Bhagwati, 1958). This happens when the effect of export-led growth on a country's terms of trade is strong enough to more than offset the direct benefits of growth. It is an extreme case of self-defeating growth. Although the theory of Immiserising Growth was not originally developed for oil-exporting countries, its tenets apply to many oil-exporting countries in the sense that despite the substantial increase in their export revenue, they have suffered significant decline in general welfare due largely to mismanagement of their oil revenue. Thus, the Dutch Disease syndrome confirms the assertion by a Spanish writer in the 16th Century that "the gratification of wealth is not found in mere possession or in lavish expenditure but in its wise application". Although the main manifestation of the Dutch disease syndrome in an oil exporting country is the decline or depression in the non-oil export sector, other "collateral" manifestations include appreciation of the real exchange rate at the onset, increase in corruption, increase in external debt and increase in poverty. However, an oil-exporting country must not suffer from the Dutch Disease. Furthermore, not all oil-exporting countries suffering from the disease have all "collateral" manifestations at the same time. Country experiences vary considerably depending on their political economy.

SAUCE

See the problem. Had nothing to do with IMF, but everything to do with our dependency on one income source..oil. That is why IBB and our current leaders and many of our leaders were bad.

CodeTemplar:
the subsidy was already programmed to stop a month into tinubu's reign. He merely backdated it by declaring on May 29 that it is "gone for good".

He could have cancelled the programmed ending of the subsidy.... he's the president..he had and still has the powers... legitimately.
If he desires to...!
So yo excuse does not cut it for me

fx45:
She operates as EreluRoz now

. shame no allowed her show face again

Wait oo is it IMF that will determine Nigeria economy for us what's this.

Anyone following my comments will notice that I made it clear from onset that devaluation of Naira cancelled the subsidy removal so what was dine was general price increase without increasing income of civil servants by same 300%

CodeTemplar:
Before tinubu entered, we paid 0.5 USD official rate per litre and we are paying just around that 0.5 USD right now.

The only real policy change as it stands now is floating of Naira which we virtually all agreed on.

The complains and focus on Tinubu are largely inspired by political fortune of those rigged out.

We ?

Your father and your compound people are the "we".…

CodeTemplar:
Before tinubu entered, we paid 0.5 USD official rate per litre and we are paying just around that 0.5 USD right now.

The only real policy change as it stands now is floating of Naira which we virtually all agreed on.

The complains and focus on Tinubu are largely inspired by political fortune of those rigged out.

What are you saying fella? Must you parade your ignorance publicly?

ogododo:


https://dailytrust.com/imf-confirms-return-of-petrol-subsidy-under-tinubu/#:~:text=The%20IMF%2C%20in%20its%20latest,reversing%20the%20fuel%20subsidy%20removal.%E2%80%9D

IMF should go to hell

christistruth01:
Fake News

IMF has no business with FG Economic Policy

For saying it the way it is

Government of trial and error