₦airaland Forum

Wickedfacts:
By the time she gets into your house, you will see the reason why the father of her kids ran away.

Japa

bellosulaiman:
Can Tinubu resign?

Can you resign from your own position?

Dreal1247:
Tinubu supporters are busy attacking Mr Peter Obi for visiting the IDP. camp to celebrate the new year. They never see anything wrong that the Lagosians being impoverished by Tinubu are lining up like almajiri at Tinubu's gate on Christmas day. Tinubu is already treating his people as IDP's abandoning those at the IDPs to their fate. The message is simple when Tinubu is through with Nigerians, they will understand that the national interests outweigh tribal and religious sentiments. The Tinubu supporters are online enemies of Nigeria. Unfortunately many of them by their activities have already mortgaged their destinies and are already doomed for life.

You're from which state please?

Can I get January 2024 date?
Whatsapp zero70656116nine2

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.

https://punchng.com/nigeria-gets-wbank-1-5bn-for-subsidy-removal-tax-bills/

Tohsynetita1:
But there are some other things that can give you millions in a year now.

Like what please?

xpressionx:
If Nigerians no complain,after that he will invest in bourdelon.

His brain dead as.slickers will still not see anything wrong in it.

After they will call Lagos built with federal money over 70yrs a first class failure's pet project

That dead brain is working than that of your past generation successfuls. This is not an insult but the truth.

We are al mortals and human

doggedfighter:
This sounds like a lie.




Anyway Oyo residents over to you .

I stay in Ibadan, there was power supply at 12.30 a.m and off at 1.36 a.m.
We're presently with no power supply

The president that has what it takes to be one.
Not lilly minded nor afraid to take decisions.

HOW MUCH WAS FUEL LAST MONTH, HOW MUCH IS IT TODAY?

CyrusVI:


Now, we can boldly say theres light at the end of the Tunnel

We went from using 95% of our annual budget for debt servicing, to sparingly dumbing just less than 30% of our budget on debt servicing in just 18months of his reign

Now, we can spend 70% of our actual budget on its intended sector of the Economy

PBAT has a plan, and if you cant see it, then your mind eyes have been blind from birth

God bless Nigeria

What's the plan?
Open it up if it is feasible.

I give that to nature.
Nature gave her the resources unharmfully to be better than any other state.
With Tinubu or not, Lasgidi is endowed with what is needed to be a forward thinking state.
Jakande did impactful and affordable wonders alongside a shorter time before the military took over again.

EmperorCaesar:


This state is 1000 steps ahead of others

It is the USA/Man City of all the states in Nigeria

IFECHIGCON:
Cursed be upon any household that vote this disaster into government

He who lived with the cursed is blessed abi?

villionz:
Afcon?
Afcon is substandard until we invest more in African soccer leagues, afcon will remain undermined.

Have you started the investment in your own way?
Talk is cheaper to action in Africa

Interprete:
please guys please don't just scroll pass. please I beg you in the name of almighty GOD pls someone should please help me, my little sister and I we are starving. Please help us the last time we ate a good food was from our neighbor on Thursday last week. Since then we have surviving on drinking garri since on Wednesday and the garri we use to have hope has finished. the little money I have I used it to pay for house rent so that we can at least have roof over our head. am pleading for help please, not for my sake but for kid sis please am a primary school teacher and a house painter, our mom is late and my dad has retired. No matter how little it will go a long way to help us. May GOD in heaven come to your aid as you have come to ours. Amen

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Opay M.A

Same story on every postings.

chatinent:
I bought today for ₦1300/litre.

What about you?

BOVAS 900
MOBIL 890

PMS AND OTHER CRUDEOIL PRODUCTS WILL STAY IN THE RANGE OF 1 DOLLAR/QTY IN NAIJA... THAT'S THE MANDATE BEING HIDDEN FROM ALL.

Who ECOWAS help?

helinues:
Toilet cleaner is now a proud job

Jesu, may we not come into this life to serve others

Not all will rule or lead some are destined to serve and follow.
Even if Nigeria works, we will have the unskilled labor as well. If my destiny is to serve let me do it with a peace of mind having the necessity of my life than to pretend leading like African leaders having affluence with no impact on who they lead.
Oyinbo get plans, we no get plan...God is a PLANNER!

At what age did he join APC to become Rascal?
He had been an object of rascality since he bears Adams...his name had questioned and insulted Almighty before.
Politics and APC were just a medium of revelation to his true identity.

Melagros:
COMRADES, since when Oshiomhole joined the APC, he became a rascal

saddler:
Northerners are not like you who is suffering terribly under this Bulaba government yet still ass-licking Tinubu because of a 10 kobo per post job on nairaland everyday.

But can endure Buhari 8 years of insecurities.

Redman44:
How did you produce the cassava flour? Thanks.

That's the secret that makes his products valuable.

You're looking good but but sounding moronic.

1nice:
Mandate thieve wife.
Ashawo first lady.

Tribalistic first lady, just wait a little and your mental disorder licking microphone husband will be impeached and both of you will be disgrace out of aso rock villa Abuja, very soon.


https://www.youtube.com/watch?v=Ny0p0p7cxko

Love/hate it, Lagos is the commercial centre of Nigeria.
In five years there's no bank robbery, give it to the administration.
I pray Lagos will continue to prosper.

Bulldozer90:
I pity those investing in Lagos. They're doing that in their own peril.

zeyt:
This secessionist tendency lately doesn't bode well for the country. From the onset Tunibu never believes in the unity of this country. This democratic dispensation will ultimately pave the way for disintegration of this country.

AMEN!!!

The link please

richidinho:


Is this not the same Wike?...Man lacks integrity

As for the road, a new govt wld reverse that,, he doesn't deserve it

nNo wonder he has been keeping quiet even when the govt is a calamity

OboOlora:
If she like make she go Harvard go do MSc in Public Health and discover the cure for Cancer, her life is forever ruined.

Internet never forgets!

Forever ruined?
It was a mutual consent. I bet it, if she japa to Harvard, she'll become your oga in the office or your governor/president wife.

3rd

jaxxy:
The million dollar question is what is the reason? any crimes commited? There should be a reason.

The Emefieles were just giving unsecured loans to the CBN staffs.

No southerner state banned the sales of cow but said no to OPEN GRAZING.
come to my state, get a land and put your cows there for ranching. The northern part of Nigeria is a parasite to the country Called Nigerian.

Nwaokunkpara:
NIGERIA

We should all sit down and figure out the system of government that will resolve all these disparities

What about the VAT generated from the sale of cows?

We need a referendum and not an election to determine where we're going to

Knowledgeable people don't call others liars.

I have an haulage contract with Redstar Logistics an affiliate of Fedex.
My bottleneck is availability of trucks for the execution.
Intended investors are needed.

tensazangetsu20:
UK is just an overrated country. Aside the presence of electricity I dont even see the difference between Nigeria and the UK. I have friends in the UK with the same experience level as I am and they cant even get a job interview despite being there for more than a year o. They will be saying UK experience. As if the javascript written in the UK is different from the one written in Nigeria. Canada is a much better place but an extremely difficult place to survive if you arent well loaded. Australia has made great changes to its post study scheme. I am so glad I followed an uncommon route and I like it so far.

The bold, kindly give an hint.
I have been denied 6X for japa cruise