justmondris:
IMF did not see looting as the major problem of this country because most of the funds were deposited in Western banks. IMF should list all the foreign accounts of our politicians and their current balance if they truly care about Nigeria.

You’ve said it all!

Useless lots

Didijiji:
The guy na dunce

Agbadorian olodo

With a forex reserve of 4 billion and debt servicing eating 90% of our revenue, where is the money for subsides going to come from?

Shey you want another loan.?

Be there calling me dunce. Instead of facing your useless government that caused the above problem

IMF is the greatest enemy of developing nations worldwide, and any of them that follows their Satanic policies will never cease having a river of crippling economic problems.
Look at Zimbabwe in Southern Africa and the crippling economic problems it's facing,as a result of foolishly following IMF policies,step for step.

nairalanda1:


Yeah, and replaced by another government that will pay subsides to the max on borrowed money, and then we would be in real trobule and tribulation pretty soon.

90% of income on debt servicing , 4bn forex. Partly due to decades of subsides.

Borrowing does not put people or countries in trouble, in fact most successful people and countries borrow heavily. Its the use to which the loan is put that can cause trouble. If fuel subsidy can cause an increase in productive capacity and thus increase in economic capacity, then the government would reap the rewards in increased taxes and socio economic stability.

nairalanda1:


Yeah, and replaced by another government that will pay subsides to the max on borrowed money, and then we would be in real trobule and tribulation pretty soon.

90% of income on debt servicing , 4bn forex. Partly due to decades of subsides.

Are we not already in trouble? The Venezuela you guys used to threaten us, their currency has more value than its likely ours now.
Your subsidy removal has made the country worse. At least be honest enough with yourself to admit that

nairalanda1:


Yeah, and replaced by another government that will pay subsides to the max on borrowed money, and then we would be in real trobule and tribulation pretty soon.

90% of income on debt servicing , 4bn forex. Partly due to decades of subsides.

No money for subsidy but we never lack money for extreme luxury.

nairalanda1:


Yeah, and replaced by another government that will pay subsides to the max on borrowed money, and then we would be in real trobule and tribulation pretty soon.

90% of income on debt servicing , 4bn forex. Partly due to decades of subsides.

Who incurred the debts? Useless APC. All of you were applauding the fool when he was getting loans to construct non functional railways and sold yet to be explored crude oil.

Instead of the unfortunate one to invest in human development and tackle insecurity, he was sharing money to corrupt APC and many hungry fools were here defending failure, including this mistake of a president.

We are here today because many Nigerians don't think. They just support with emotion and sentiments. They choose ethnicity and religion and party affiliation over people's antecedents and qualities.

Until Nigerians can have independent and clear thinking and stand where they ought to, nothing will work.

Peace

Agbegbaorogboye:

Are we not already in trouble? The Venezuela you guys used to threaten us, their currency has more value than its likely ours now.
Your subsidy removal has made the country worse. At least be honest enough with yourself to admit that

Never did deny we are in trouble. Infact we have been in trouble ever since we made oil our sole earner decades ago.

Infact what differentiates us from Venezuela is that we don't import or subsidise as much as they do

Any resource dependent country is basically in trobule.

That has always been my ultimate point. You cannot have 80 percent of government income from a commodity whose price is volatile. Especially one like oil which one former Venezuelan oil minister called 'the devil's excrement,'

If Nigeria does not take steps to become industrialized, forget about economic stability

cornelman:


Who incurred the debts? Useless APC. All of you were applauding the fool when he was getting loans to construct non functional railways and sold yet to be explored crude oil.

Instead of the unfortunate one to invest in human development and tackle insecurity, he was sharing money to corrupt APC and many hungry fools were here defending failure, including this mistake of a president.

We are here today because many Nigerians don't think. They just support with emotion and sentiments. They choose ethnicity and religion and party affiliation over people's antecedents and qualities.

Until Nigerians can have independent and clear thinking and stand where they ought to, nothing will work.

Peace

You might want to read the rest of my comments on this thread, good sir.

malali:
If the government removes anymore subsidy at this current point.

They will be kicked out before next elections.

so bold of you to assume.

RepoMan007:

No money for subsidy but we never lack money for extreme luxury.

Yeah which is why I never have voted for apc .

It's the same show, whoever is in charge.

wirinet:

Borrowing does not put people or countries in trouble, in fact most successful people and countries borrow heavily. Its the use to which the loan is put that can cause trouble. If fuel subsidy can cause an increase in productive capacity and thus increase in economic capacity, then the government would reap the rewards in increased taxes and socio economic stability.

I doubt we are in a position to get a loan sans conditions.

At the end, this government and it's predecessor never ever did diversify. Here we are.

Me, I don't pity Nigerians again, I only pity Nigeria.

From my experience, Nigerians are always in bed with their oppressors.

Even in the heat of this nail biting hunger and starvation in Nigeria, if another election is conducted, the insufferable 'fuuls' will still vote with their hearts, instaed of voting with their heads.

On a good day, the APC shouldn't even win a councillor seat anywhere, going by the damage Mr Buhary did to Nigeria.

Let's ride with it.

Titi Baba, on your mandate Baba

nairalanda1:


Never did deny we are in trouble. Infact we have been in trouble ever since we made oil our sole earner decades ago.

Infact what differentiates us from Venezuela is that we don't import or subsidise as much as they do

Any resource dependent country is basically in trobule.

So how do you stop being resource dependent if you don't supply the basic necessities?

There are several resource dependent countries that are doing well. Saudi is one. Qatar is another, so is UAE and Singapore.
Again, if the govt can't make living and doing business easier within its domain, what exactly is it useful for?
Give me your idea of an ideal govt

nairalanda1:


Yeah, and replaced by another government that will pay subsides to the max on borrowed money, and then we would be in real trobule and tribulation pretty soon.

90% of income on debt servicing , 4bn forex. Partly due to decades of subsides.

The money from subsidy removal how has it being used?

nairalanda1:


Best time was 2012, that is to remove subsidy

Like I said , I hold this government and the buhari government responsible for zero policies on diversification

We are here because buhari and tinubu thought it would be wise to borrow our way out of recession

How do we diversify? Let's assume a cyclone kicks Tinubu out of the presidential seat and puts you there. Which would you do first?

Agbegbaorogboye:

So how do you stop being resource dependent if you don't supply the basic necessities?

There are several resource dependent countries that are doing well. Saudi is one. Qatar is another, so is UAE and Singapore.
Again, if the govt can't make living and doing business easier within its domain, what exactly is it useful for?
Give me your idea of an ideal govt

How do you supply the basic necessities with us being at 4 billion in the reserves , and debt servicing eating 90 percent of our revenue, a corrupt government and a corrupt opposition and a budget that is going to fail.?


Best we listen to the IMF now. Because we are at their mercy. The milk has been spilt and yes it is all apc fault, but it don't change the fact the milk has been spilt

Spray:


The money from subsidy removal how has it being used?

Ask your government

Agbegbaorogboye:

How do we diversify? Let's assume a cyclone kicks Tinubu out of the presidential seat and puts you there. Which would you do first?

Am about to log off as my time is limited, but there are two articles that can be read

1. Pass the books, hold the oil

2. Field ruwe's. African intellectual scum.

Imagine IMP dictating economic policies to Nigeria just for the sake of accessing loan. This enslavement of our economy. I wonder IMP know more about what need to be done more than the FG. For any economic process or policy to succeed data is the key. But in Nigeria we don't know how many we are, that less of age categorization information or accurate unemployment record. Number of Nigerians who own what. Or even birth or death rate. No accurate data of any kind is a available. But still IMP will Nigeria what to do or not to do.

These devils really got a docile guy in Tinubu.

nairalanda1:


Am about to log off as my time is limited, but there are two articles that can be read

1. Pass the books, hold the oil

2. Field ruwe's. African intellectual scum.

Quit the crap. Tell us your ideas about how to achieve diversification
It's easy to mouth manufacturing, industrialised etc
Tell us how to get there

They dealt with us during slave trade, during colonialism, through the current self-transportation of slaves i.e Japa, still they want to finish our purchasing power again

nairalanda1:


How do you supply the basic necessities with us being at 4 billion in the reserves , and debt servicing eating 90 percent of our revenue, a corrupt government and a corrupt opposition and a budget that is going to fail.?


Best we listen to the IMF now. Because we are at their mercy. The milk has been spilt and yes it is all apc fault, but it don't change the fact the milk has been spilt

You supply basic necessities by investing in your people
IMF does not believe that. IMF thinks the people must be punished for failure of govt

Agbegbaorogboye:

Quit the crap. Tell us your ideas about how to achieve diversification
It's easy to mouth manufacturing, industrialised etc
Tell us how to get there

Remove subsides to attract investment in the power and petroleum sector

Incentivise manufacturing with tax breaks and preferential treatment for forex

Incentivise large scale commercial farming

Fight corruption. Aggressively fight corruption

Increased funding for vocational and technical education

CBN to raise interest rates

Security.

Agbegbaorogboye:

You supply basic necessities by investing in your people
IMF does not believe that. IMF thinks the people must be punished for failure of govt

With an almost empty foreign reserve and with debt servicing eating too much of your revenue

Okay, take another loan it is.

Like I said, we are in deep deep shit..IMF right now is basically our master and mistress.

All in all, rely on oil, this is how it ends

nairalanda1:


With an almost empty foreign reserve and with debt servicing eating too much of your revenue

Okay, take another loan it is.

Like I said, we are in deep deep shit..IMF right now is basically our master and mistress.

All in all, rely on oil, this is how it ends

If your foreign reserve is empty, how do you get it back up?
How did OBJ take the reserve from less than 5bn to 28bn and extra 5bn in excess crude acct?

Agbegbaorogboye:

If your foreign reserve is empty, how do you get it back up?
How did OBJ take the reserve from less than 5bn to 28bn and extra 5bn in excess crude acct?

Oil price increases. Plus some debt relief

We don't have those advantages now, so we have to improve tax to GDP ratio ( at 10 percent it is too low for a nation out size), and also find alternative sources of income. Diversification.

And even then eventually we do what the strong nations do. Industrialized and export manufactured goods and services

nairalanda1:


Remove subsides to attract investment in the power and petroleum sector

Incentivise manufacturing with tax breaks and preferential treatment for forex

Incentivise large scale commercial farming

Fight corruption. Aggressively fight corruption

Increased funding for vocational and technical education

CBN to raise interest rates

Security.

Subsidy was removed in petroleum sector at least for six months last year. Can you show me the investments that attracted?

Tax breaks for manufacturing that does not exist? How will tax break reduce the cost of doing business? Forex preference was tried under Buhari but led to round-tripping

Oh good one on mechanised farming. But how will a poor farmer afford those expensive machines and the cost of running them with subsidy removed.

Fight corruption. Good one. I thought you're of the opinion it changes nothing

Another good one on education. Though I remember you advocate for jacking up fees to American colleges level

If you raise interest rates and you give tax breaks, you have done nothing 28% interest rates does not make for good business environment and it will lead to further illiquidity

Ah. Security! But when you pauperise more people with subsidy removal, insecurity will increase

U09ce:


https://dailytrust.com/fg-resist-imfs-deadly-pills/

The IMF is not wrong. But they missed the fact that we have looters as leaders. What we have as a problem is the fact that every savings to be made from such policies will be looted

Agbegbaorogboye:

Subsidy was removed in petroleum sector at least for six months last year. Can you show me the investments that attracted?

Tax breaks for manufacturing that does not exist? How will tax break reduce the cost of doing business? Forex preference was tried under Buhari but led to round-tripping

Oh good one on mechanised farming. But how will a poor farmer afford those expensive machines and the cost of running them with subsidy removed.

Fight corruption. Good one. I thought you're of the opinion it changes nothing

Another good one on education. Though I remember you advocate for jacking up fees to American colleges level

If you raise interest rates and you give tax breaks, you have done nothing 28% interest rates does not make for good business environment and it will lead to further illiquidity

Ah. Security! But when you pauperise more people with subsidy removal, insecurity will increase

Subsidy has not gone. Never did go. And it is still there on power.

Deregulation is the answer. Other African countries like us have light 24/7 because they pay far higher than we do, and yes I checked.

Obasanjo you admire did not control prices of GSM. See how his wise decision has made it grow. And yes back then they told him he was making poor Nigerians suffer