₦airaland Forum

Tayorshd87:
Alk the federal roads u and ur motor dey pass na ur pápá build am ??

The running water on ur area when last did u pay?

The electricity cheap bills u are paying can u pay such token when u are in overseas??

Ask urself when last did u pay for tax 🤔

Yet u abuse Nigerian government

JagabanBorgu:
If you have no idea about a subject matter, try to avoid it.
It is only among Obidents that fuel prices must drop for a refinery to be useful.
Employment (directly and indirectly) went AWOL.
Economic boost went AWOL.
Reduced pressure on forex is non existent.

JagabanBorgu:
So you know you have no idea what the benefits are before talking?

JagabanBorgu:
Someone who doesn't know the benefit of functioning refineries is commenting on national affairs.
U were singing the praises of a messiah that wanted to remove subsidy "immediately", were you expecting the pump price to drop or remain thesame when it is removed or you are pained?

Ijaya123:
If you don’t understand the dynamics of fuel price from subsidy regime to subsidy removal, you might need to go back to elementary school.

Bytheway, do you know that you can now import fuel and sell at N100 per litre if you so desire.





Anybody forcing you to buy the blended product?

idahme:
Since INEC doesn't want to conduct fresh elections this is what we have. Pathetic

CodeTemplarr:
So aubsidy should resume? Not a bad idea but it has consequences.

RedScorpion:
Because the FG headed by your god, saviour and benefactor is a total failure...

How many times did the National Grid collapsed this year ?

Remind yourself

Bade007:
With the way things are going tinubu might no need to campaign for 2027

TheNiceGuy:
Why are you supporting impunity because it happens to whom you like?

Will you say the same thing if Fubara were to be APC Governor?.

Fear God at least if you can't respect the constitution

JASONjnr:
One person said Elrufai was quiet during Buhari..... That's a fat lie...

Another tweeter said Reno started supporting Tinubu when Tinubu won.... Another fat lie...

I remember when Reno went to Tinubu's school to verify his degree certificate. Tinubu was still campaigning that period.

Also, the two people involved changed their perspective of their support for Tinubu respectively.

My interest here is that, the North is really fighting to dethrone Tinubu and they've succeeded to pull Elrufai to their camp.

The All Progressives Congress, APC, Lagos State chapter has affirmed that the forthcoming council polls will take place in 20 Local Government Councils and 37 Local Council Development Areas in 2025.


Chairman APC Lagos State, Pastor Cornelius Ojelabi stated this on Sunday following reports making the rounds that polls will only hold in 20 LGAs.

Ojelabi, in a statement read: “In recent times, the leadership of APC in Lagos State has been inundated by the media, party members and other stakeholders on information about the conduct of the forthcoming Local Government elections , most especially if elections will hold in the 37 Local Council Development Areas – LCDAs.

“It has become expedient to clear the air on the needless and distractive speculation.

“We wish to inform all and sundry that the Local Government elections will be held across the state in the 20 Local Government Councils and the 37 Local Council Development Areas in the year 2025.

“Since their creation, the Local Council Development Areas have been the closest to the grassroots and brought the desired developments across the state.


“We observed with keen interest the recent debates on the desirability of the existence of the LCDAs and the need to hold elections in their political offices.

“Our position as a progressive party is that we cannot discountenance the contributions of the LCDAs to the overall political and socio-economic development of the state.

“Our landscape is dotted by several infrastructural projects by the LCDAs which include: road, drainage and market construction, school and housing projects, primary education and health facilities and various social service interventions, among others.

“The various collaborative efforts with the state government on refuse disposal, drain clearing and security are also pointers to their continuous relevance.


“We hope this release will put paid to further speculations as regards the local government elections in order not to unnecessarily heat up the polity.


“Meanwhile, we implore our members and all Lagosians to continue to coexist peacefully as we all strive to maintain the leading position of our state in the federation.”

Recall that Chief of Staff to the President, Femi Gbajabiamila, announced at the weekend while addressing the general assembly of Surulere APC, during the weekend, held at the Indoor Hall of the Teslim Balogun Stadium, Surulere area of the state, saying elections will only be held at 20 LGAs.
The event was part of his several engagements with political and community leaders during the festive season on the efforts of the President Bola Tinubu administration to alleviate the sufferings of the masses.

Addressing the large crowd, Gbajabiamila seized the opportunity to inform the Lagos APC members that “President Bola Tinubu alongside the GAC has banned the regrouping of the defunct Mandate and Justice Forum groups in Lagos APC as members are directed to remain unified under the united mainstream APC under the President’s leadership.”

Gbajabiamila also declared that the GAC resolved to conduct the forthcoming local government elections in the 20 Local Governments only, while the 37 Local Council Development Areas, LCDAs, will co-exist under a new arrangement to be released by the party.

helinues:
Reno, nobody sent you this dirty job.

You see why you need to slow your attacking others unnecessarily down.

You are on your own in this

PsaIm:
Now it's time to hold your Local government chairman responsible for you village underdevelopment

Slurity:
It's take a great heart to see value and vision in mist of hardship. We that see beyond hunger knows that Tinubu is on the right path with painful experience to accompany it.

The World Bank has fully disbursed a $1.5bn loan to Nigeria following the Federal Government’s implementation of key reforms, including removing fuel subsidies and introducing comprehensive tax policies, The PUNCH reports.

The loan, part of the Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing initiative, is among the fastest disbursements Nigeria has received with both tranches released in less than six months.

According to a World Bank document obtained by The PUNCH on Sunday, the loan was approved on June 13, 2024, with the first tranche of $750m disbursed on July 2, 2024.

The second tranche, tied to the fulfilment of specific economic reform conditions, was disbursed in November 2024.

This rapid disbursement contrasts with other loan programmes, which typically experience delays due to slow or partial implementation of conditions.

For more context, another loan of $750m was approved on the same day (June 13, 2024) for the Accelerating Resource Mobilisation Reforms Programme for Results project in Nigeria.

The PUNCH observed that the World Bank has only disbursed about $1.88m to Nigeria at the time of filing this story, which is less than one per cent of the total approved $750m for the ARMOR project.

The PUNCH further observed that the $1.5bn loan disbursed to Nigeria was structured in two tranches with different maturity periods.

The first tranche was a $750m credit from the International Development Association, featuring a 12-year maturity and a six-year grace period.

The second tranche, a $750m loan from the International Bank for Reconstruction and Development, has a 24-year repayment period with an 11-year grace period.

The World Bank document read, “This document summarises the progress made under the Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing for the Federal Republic of Nigeria (Borrower or Recipient), which was approved by the Executive Directors on June 13, 2024.

“The DPF is a standalone operation comprised of two tranches: (1) first tranche comprising $750m credit from the International Development Association (Association) (Shorter Maturity Loan terms with 12-year maturity and grace period of 6 years, Credit No. 7567-NG); and (2) second tranche comprising $750m loan from the International Bank for Reconstruction and Development (Bank) (US dollar-denominated, commitment-linked loan with 24-year maturity and grace period of 11 years, Loan No.9683-NG).

“The Financing Agreement and Loan Agreement were signed and declared effective on June 19, 2024 and June 26, 2024, respectively. The first tranche was released on July 2, 2024.”

While the document itself did not clearly state when the disbursement for the second tranche was made, further findings by The PUNCH showed that Nigeria got a $750m disbursement from the World Bank in November.


According to the document seen by The PUNCH, a critical reform that unlocked the second tranche was the removal of fuel subsidies.

The World Bank commended the government for not only meeting the condition but exceeding expectations by fully deregulating the fuel market.

The document noted, “In terms of implementation, while the TRC [Tranche Release Conditions] formulation required introducing the change over a specified time-bound implementation period, the Borrower has moved ahead and made the change immediately, thereby overachieving the TRC in this respect.

“Effective October 2024, the price of PMS has been determined by the international market and the exchange rate set by the Central Bank of Nigeria.”

This move has allowed petrol prices to align with international market rates and exchange rates, effectively ending the implicit subsidies that had burdened public finances.

Fuel prices have increased more than fivefold since the reform process began in mid-2023, a change that has drawn both praise for its fiscal prudence and criticism for its impact on living costs.

In addition to removing fuel subsidies, the Federal Government introduced sweeping tax reforms aimed at improving revenue mobilisation.

The Nigeria Tax Bill 2024, submitted to the National Assembly, proposes a gradual increase in the Value Added Tax rate to 10 per cent by 2025, alongside measures to simplify tax compliance and expand input tax credits for businesses.

The document read, “The Borrower has successfully carried out the programme as outlined in the Letter of Development Policy, with progress along all areas supported by the DPF. Following the implementation of the reforms that constituted prior actions for the first tranche of the RESET DPF (disbursed on June 28, 2024), the Borrower continues to carry out the program as planned.

“The borrower has prepared and submitted to the National Assembly on October 3, 2024, a comprehensive package of tax reforms, which not only reform the VAT regime but also simplify tax policy laws and tax administration.

“Reforms have also been implemented to fully deregulate the fuel market, ensuring that retail prices are determined by market conditions and opening the sector to competition. The authorities are following through on their commitment to cease deficit monetization, relying instead on standard debt instruments to finance the deficit.”

There were three key conditions noted in the document, with the first being increasing net oil revenues.

For the first condition, the World Bank noted that there was a Presidential Executive Order that mandated that all fiscal transfers, including crude oil sales and gasoline imports, be executed at the prevailing market exchange rate, with Naira-based transactions starting in October 2024, effectively addressing implicit subsidies.

The second condition was to increase non-oil revenue, and in this regard, the government submitted a draft bill to the National Assembly proposing a VAT rate increase to 10 per cent in 2025, while also allowing input tax credits for capital and services.


The third condition is to ensure social protection delivery was strengthened, and the document noted the submission of an amendment bill mandating the use of the National Social Registry as the primary targeting tool for social investment programs.

The World Bank described the reforms as necessary for diversifying Nigeria’s revenue sources, given the country’s historically low tax-to-GDP ratio.

However, the tax bills have sparked controversy, with northern leaders arguing that the reforms could widen economic disparities between the north and the south.

The disbursement of the $1.5bn loan comes amidst widespread public dissent over the effects of the reforms.

The removal of fuel subsidies has led to soaring petrol prices, significantly increasing transportation and living costs.

Protests erupted in cities like Abuja, Kano, and Lagos, with citizens expressing frustration over rising economic hardships.

President Bola Tinubu and members of his cabinet defended the reforms, describing them as essential for Nigeria’s economic stability and growth.

Tinubu emphasised that the funds saved from the removal of subsidies would be redirected toward infrastructure development, social welfare, and economic diversification.

To mitigate the immediate impact of the reforms, the government has introduced relief measures, including direct cash transfers of N25,000 to 15 million vulnerable households.

However, only about four million households have benefited from this cash transfer programme, which is far below the target.

Also, efforts are underway to promote compressed natural gas as a cheaper alternative to petrol, with a target of converting over one million vehicles in three years to reduce transportation costs.

The World Bank praised the government’s swift and decisive actions, noting that Nigeria’s ability to meet the conditions for both tranches in record time reflects a strong commitment to economic transformation.

The global lender also acknowledged the government’s efforts in addressing structural inefficiencies, such as the high fiscal burden from subsidies and the challenges of revenue mobilisation, calling for sustained reforms.

Amid concerns over rising external debt and the debt service burden, the Federal Government, under the leadership of President Bola Tinubu, has secured loans worth $6.95bn from the World Bank in about 18 months.


The PUNCH earlier reported that the World Bank will decide on three major loan projects for Nigeria in 2025, totalling $1.65bn, as part of efforts to address critical developmental challenges in the country.

The loans, currently in the pipeline, will focus on internally displaced persons, education, and nutrition enhancement.

According to data from the external debt report released by the Debt Management Office, the World Bank’s share of Nigeria’s debt totals $16.32bn, with the majority owed to the International Development Association, which accounts for $16.32bn, which represents 38 per cent of Nigeria’s total external debt.

The International Bank for Reconstruction and Development, another arm of the World Bank, is owed $484.0m, or 1.13 per cent.