Inside life

Nigeria is a shithole

And you people didn't tell him to remove it gradually while using the money to build infrastructures like roads, CNG cars etc? Stupid IMF

Don’t mind them with their ridiculous thinking.

They want “poor people” on government handouts.

The same poor people that could feed and transport themselves before removal of subsidy.

nedu666:
Poor people also benefit from subsidies. If not why are they paying triple the cost of transport. It is not until you own big car before you are a beneficiary of subsidy.

greenermodels:
The funny thing is that the IMF was originally established to provide loans to countries suffering from balance of payments deficits rather than to dictate to sovereign nations on how to run their affairs but they have abandoned their mandate to be a tool of neocolonialism.

IMF does not dictate, it advise.
This is just like a loan seeker accusing a bank
of dictatorship because they asked for collateral.
The loan seeker is of course free to ignore the bank and forfeit the potential loan.

Yes, IMF's collateral for credit worthiness is austerity/ subsidy removal.

grandstar:
The price of petrol needs to be deregulated as done with diesel and kerosene so the subsidy be done away with once and for all.

This will free up an extra 500bn monthly. With 50% going to the states and local gocernments, that would be an extra 250bn for them. This is on average 7bn per state.

The 250bn going to the federal government will reduce its borrowing need.

This one is advocating more money for the government for volume sake.
Government does not drive economic development, people do.

/
So IMF is telling FG what is good for Nigeria and they obliged. The President is not in-charge of the country then.

/

Morbeta11:

https://www.vanguardngr.com/2024/04/imf-why-we-asked-nigeria-to-remove-fuel-subsidy/

We can all see how the poor are all leaving in luxury now after subsidy removal.

Bunch of heartless animals

grandstar:
The price of petrol needs to be deregulated as done with diesel and kerosene so the subsidy be done away with once and for all.

This will free up an extra 500bn monthly. With 50% going to the states and local gocernments, that would be an extra 250bn for them. This is on average 7bn per state.
The 250bn going to the federal government will reduce its borrowing need.

For the likes of Yaya Bello to swallow and be hiding after tenure in office?

Even the removal of fuel subsidy has even worsen the situation of the poor people..
It's has put many nigerians in poverty hunger hardship...the rate of poverty has increased more than before..many bussinesses have been affected some bussinesses, companies have closed down while some are struggling to survive which has increased unemployment ...the poor get poorer while the rich getting richer even with the removal of fuel subsidy

malali:
[b]IMF ASKED YOU TO REMOVE SUBSIDIES WITHOUT ADEQUATE JOB PROVISIONS.
THESE WILL PROMOTE BRAIN DRAIN (JAPA)
THE PEOPLE YOU TRAINED FROM BIRTH TO 20 YEARS
WILL NOW MIGRATE EN-MASSE TO BECOME SLAVES IN WESTERN COUNTRIES.

HUMANS ARE THE NEW COMMODITIES
WHEN ABROAD THEY ARE USED FOR THE MORE MUNDANE MENIAL JOBS

WHILE THEIR OWN CITIZENS ARE FREED TO DO MORE INTELLECTUAL ACTIVITIES THAT WILL LEAD TO NEW DEVELOPMENT IN THEIR COUNTRIES.
NIGERIAN GOVERNMENT IS TAKING ADVISE FROM PEOPLE WHO CAME TO STEAL HUMAN BEINGS FROM AFRICA AS SLAVES (EQUIVALENT OF ENERGY AT THAT TIME) TO BUILD AND DEVELOP THEIR OWN COUNTRIES. NOW THESE PEOPLE ARE ASKING US NOT TO SUBSIDIZE POWER,KNOWING FULLY WELL CHEAP POWER IS DIRECTLY RELATED TO INDUSTRIALIZATION AND DEVELOPMENT.

SAUDI,IRAN,IRAQ,RUSSIA,VENEZUELA AND UAE ALL SUBSIDIZE PETROL/LNG.
EVEN THE USA ! BIDEN RELEASED THE SPR TO SUBSIDIZE/CRASH PETROL PRICE 2 YEARS AGO, SEE LIST OF AMERICAN SUBSIDIES BELOW !!

TELL IMF OUR PROBLEM IS CORRUPTION.[/b]

This is the new slavery or slave trade. You promote policies that impoverish the people and thus lead to instability, then you encourage the valuable manpower and the rich elites along with their capital to emigrate and develop the economies of the west. Finally due to instability you exploit the natural resources of these countries without paying the appropriate costs or ethics, thereby destroying the environment.

No one pays the poor more subsidies than the west, from food subsidies, to agricultural subsidies, to housing subsidies.

Did you read the article...if poor people benefit 25% and rich 75%, you will increasingly create more poor people and few super rich. Removing subsidy and targeting it to poorest of the poor is the key. That is how it's done in the West...even though the super Rich still know how to game the system using loopholes created by their politician friends that pass laws on taxation to benefit the Rich.

nedu666:
Poor people also benefit from subsidies. If not why are they paying triple the cost of transport. It is not until you own big car before you are a beneficiary of subsidy.

Americans too enjoy subisdy just that you have to be come a debtor or slave to debt.

Slavery still occurs in america but its debt slavery.

thats why every one has to have a credit score or debt slavery index

Asking the feg govt to remove subsidy without asking them to have a functional refinery before doing so, shows how wicked these IMF rats are.

You never meant well for Africa, it's a pity we have dullards and selfish people as leaders and those who are competent refused to humble themselves to the people

Rubbish. Now it has been removed the poor are now better off right? Crazy people everywhere.

IMF why don't you control UK and America government like you control Nigeria?

America is over 20trillion in debts, yet still paying it's citizens free salaries, still subsidizing education, healthcare, transportation and food for it's people.

You people don't love Nigeria, you are all about your interests on your loans.

I don't blame you imf I blame our political actors, who are lazy, we have an economic team, why listen to imperialist IMF?

Lavor234:
But the West has a strong social welfare system. It has unemployment benefits, welfare checks, subsided housing like the projects and council houses, Norway and Finland pays its citizens well. Are we less human that the highly educated, less populated western societies, that have safety nets which ensure society does not descend into anarchy

Only a foolish president and financial and economic minister listen to IMF.

When I heard IMF two years ago or so say that subsidy was robbing the poor for the rich, I was quick to see that they were saying nonsense.

The poor benefited from subsidy. Fullstop.

You have the theory you don't understand. We have the experience we live through.

InvertedHammer:
/
So IMF is telling FG what is good for Nigeria and they obliged. The President is not in-charge of the country then.

/

if you can loan Nigeria $20bn today, you can decide if we should change the national flag to your preferred colours and the national anthem, you can choose to add your name

And tinubu was fast to remove the subsidy.. without any consultation.. the idiot. Made the announcement even before he entered office. No wonder his hands were shaking.. he just wanted to be president, remove fuel subsidy and loot money.. he dint promise Nigerians anything. He only said he will continue from were buhari stopped... And inec chairman mamood yakubu gave him the mandate... After paying huge amount for it . God will punish all who is making life difficult for the masses. Amen

InvertedHammer:
/
So IMF is telling FG what is good for Nigeria and they obliged. The President is not in-charge of the country then.

/

He who pays the piper calls the tune

greenermodels:
I don't blame the evil minded guys at IMF rather I blame the foolish president that removed subsidy without thinking of the effects on the people he's leading, Western countries enjoy all forms of subsidy, from free education to subsidized housing, subsidized healthcare, subsidized food and agriculture to subsidized energy yet they told him to remove all subsidy and he acted without thinking because he wants to look smart. What a failure, worse than Buhari.

Most Western governments actualize a redistribution of wealth through subsidies and taxes. Taxes are collected to fund free healthcare and education. In a way, it is an indirect payment for the subsided services.

Nigeria merely pays out subsidies but barely receives taxes. Thus, it has to finance its subsidies with borrowings. The petrol subsidy is not productive. Since it has been instituted in the 1970s, the people are as worse off. All the subsidies on petrol have not boosted productivity to the point it can stand on its own.

Growing:
When I heard IMF two years ago or so say that subsidy was robbing the poor for the rich, I was quick to see that they were saying nonsense.

The poor benefited from subsidy. Fullstop.

You have the theory you don't understand. We have the experience we live through.

One of the key questions to be answered is - what is the cost of these subsides?

grandstar:
The price of petrol needs to be deregulated as done with diesel and kerosene so the subsidy be done away with once and for all.

This will free up an extra 500bn monthly. With 50% going to the states and local gocernments, that would be an extra 250bn for them. This is on average 7bn per state.

The 250bn going to the federal government will reduce its borrowing need.

Are you saying subsidy didn’t go as announced by the president, despite people paying multiple times more?

IMF exists to serve the interests of the European Union not Africa. They tell you things that will help them obtain cheap raw materials and cheap expatriate labour from Africa. Why are our leaders so foolish? Or rather let us be more precise and recognize that our leaders are actually their agents. Thats just the simple truth.

Kind of funny that at the end tinubu isn't listening to IMF

But in a way, IMF is right. Keeping subsidy in the petrol and power sector has brought about massive problems in both sectors

Removing it would make things much better ie free market

But no, we want cheap things.

If something is cheap, someone is paying for it somewhere

Johnjustice:
IMF why don't you control UK and America government like you control Nigeria?

America is over 20trillion in debts, yet still paying it's citizens free salaries, still subsidizing education, healthcare, transportation and food for it's people.

You people don't love Nigeria, you are all about your interests on your loans.

I don't blame you imf I blame our political actors, who are lazy, we have an economic team, why listen to imperialist IMF?

USA does not subsidise healthcare for all it's people. Instead, you pay health insurance companies premiums to do so, and even then the copay can leave an American in debt. Yes there is something called medicare, but it is for means tested poor people , not everyone, and you can be dropped by your hospital if you carry it as it does not pay much

Education at primary and secondary level is paid for via taxes. Which everyone pays. Unlike Nigeria where we pay for everything via oil money which ain't sufficient. University is paid for via loans . That have to be paid back. Noting like subsidies . Maybe you may pay less of you choose to attend your state college. Maybe.

Food is not free for Americans. Unless you are very very poor, meaning you receive some assistance. Ie food stamps. Food costs money there.

Transport? Not that subsided. Public transport is good in some major cities, in other places it is so bad that if you do not have a car , wahala dey

USA does not subsidise fuel at all. Infact prices of fuel have tax added on top in some states self. Maybe the government may pay some money to the refineries there to help with costs.

Free salaries? Lol. Maybe welfare which isn't available to all, and is heavily funded by taxes.

Better take IMF advice serious.

socialmediaman:


Are you saying subsidy didn’t go as announced by the president, despite people paying multiple times more?

What tinubu did is an old trick done by Nigerian leaders over the years when subsidy costs become unbearable. They announce subsidy has gone, raise the price above the landing cost of fuel and wait until the cost of production of fuel has passed their new price and then back comes the subsidy.

That is why fuel doesn't cost as low as 15 kobo, as it did in 1981, 75 kobo as it did in 1991 and 65 naira in 2011.

Gej raised prices to 97 naira because in 2011 subsidy costs.were triple what he spent in 2010.

Buhari raised prices for the same reason

That is what tinubu has done too.

There is a subsidy, otherwise fuel would be over 1000 naira by now. Nnpc is being forced to take on the costs, as much as kyari denies it

The problem is , no government can do nada about the cost of production. Trying to deny fuel is expensive cost us four refineries

nairalanda1:


USA does not subsidise healthcare for all it's people. Instead, you pay health insurance companies premiums to do so, and even then the copay can leave an American in debt. Yes there is something called medicare, but it is for means tested poor people , not everyone, and you can be dropped by your hospital if you carry it as it does not pay much

Education at primary and secondary level is paid for via taxes. Which everyone pays. Unlike Nigeria where we pay for everything via oil money which ain't sufficient. University is paid for via loans . That have to be paid back. Noting like subsidies . Maybe you may pay less of you choose to attend your state college. Maybe.

Food is not free for Americans. Unless you are very very poor, meaning you receive some assistance. Ie food stamps. Food costs money there.

Transport? Not that subsided. Public transport is good in some major cities, in other places it is so bad that if you do not have a car , wahala dey

USA does not subsidise fuel at all. Infact prices of fuel have tax added on top in some states self. Maybe the government may pay some money to the refineries there to help with costs.

Free salaries? Lol. Maybe welfare which isn't available to all, and is heavily funded by taxes.

Better take IMF advice serious.

Now I see you are an educated slowpoke, and blatant liar, America pays unemployment and welfare checks till tomorrow to its citizens, born Americans that are either disabled, unemployed or too old to work...stop sounding like an ignorant. Subsidy doesn't mean free, it means government is investing some part of public revenue, either in form of concessions, tax waivers, investment etc, to make products and services cheaper(this is the work of government, or you want the politicians to keep all the revenue to themselves...only a politician or one of their stooge like that type of arrangement, because more money goes to their pocket)

I don't like engaging people that are not intelligent about what they are saying, but on a second thought, for the sake of enlightening the public....i will give a little lesson.

Tell me what benefit Nigeria has had since we started collecting IMF loans, with it's bunch of conditionalities.

IMF trade conditions is about trade liberalization and open borders, this means once you sign up with them, you will allow EUROPEAN imports into your country, without restrictions... knowing fully well that this model favors their advanced economies in Europe...they have more factories, equipments, produce more at a cheaper rate(economies of scale).

I suggest you read up on IMF conditionalities...Do you know what open borders agreement is, that was what turned Nigeria to an import dumping ground, IMF will insist you open your borders for imports, knowing the Europeans already have the advantages of production in large scale, hence we become the buyers, and consumers, from then till now, we became lazy and as our population grows, it gets harder to bridge the gap between our production and consumption, hence our imports volume keeps going up from then till now. If we didn't sign up for this, we would have been serious about production when we had a smaller population, our economy would have grown, people more prosperous. IMF is not a blessing to us, IMF represents the European world powers, it is a lenders club, Paris club, their aim is their interest. We need home grown solutions to home grown economic issues.

Johnjustice:

Now I see you are an educated slowpoke...

I don't recall abusing you, young man.

Tell me what benefit Nigeria has had since we started collecting IMF loans, with it's bunch of conditionalities.

Probably the difference between us being so broke, we cannot pay much for anything.

Plus, many of those loans are induced by subsides and price setting. That's what many eastern european countries did. They did subsides, ended up in debt, and at the end of the day, they were in big trobule....so IMF.

Romania and the old USSR are good examples.

Countries that do not do subsides rarely end up in IMF bondage.

IMF trade conditions is about trade liberalization and open borders, this means once you sign up with them, you will allow EUROPEAN imports into your country, without restrictions... knowing fully well that this model favors their advanced economies in Europe...they have more factories, equipments, produce more at a cheaper rate(economies of scale).

You also allow free investment in local production, and things like more money for power supply, which long term would improve local production, and eventually, make you like an exporter.

As seen in South Korea, China and Japan, and many European countries.

I suggest you read up on IMF conditionalities...Do you know what open borders agreement is- that was what turn Nigeria to a dumping ground, IMF will insist you open your borders for imports, knowing the Europeans already have the advantages of production in large scale, hence we become the buyers, and consumers, from then till now, we became lazy and as our population grows, it gets harder to bridge the gap between our production and consumption, hence our imports volume keeps going up from then till now. If we didn't sign up for this, we would have been serious about production when we had a smaller population, our economy would have grown, people more prosperous. IMF is not a blessing to us, IMF represents the European world powers, it is a lenders club, Paris club, their aim is their interest. We need home grown solutions to home grown economic issues.

[

ON the other hand, over 50 years of subsidy are why we are not self sufficent in fuel and in power supply.

Sadly things cost money. Removing subsidy would enable domestic companies pay for stuff to make services better...which is good for Nigeria in the long run, and gasp...makes us less dependent , if not free from IMF.

IMF WANTS Us not to be in a place where we take loans. Foreign countries who contribute to IMF Budgets do not like giving free money to third world nations.

nairalanda1:


I don't recall abusing you, young man.




Probably the difference between us being so broke, we cannot pay much for anything.

Plus, many of those loans are induced by subsides and price setting. That's what many eastern european countries did. They did subsides, ended up in debt, and at the end of the day, they were in big trobule....so IMF.

Romania and the old USSR are good examples.

Countries that do not do subsides rarely end up in IMF bondage.




You also allow free investment in local production, and things like more money for power supply, which long term would improve local production, and eventually, make you like an exporter.

As seen in South Korea, China and Japan, and many European countries.


[

ON the other hand, over 50 years of subsidy are why we are not self sufficent in fuel and in power supply.

Sadly things cost money. Removing subsidy would enable domestic companies pay for stuff to make services better...which is good for Nigeria in the long run, and gasp...makes us less dependent , if not free from IMF.

IMF WANTS Us not to be in a place where we take loans. Foreign countries who contribute to IMF Budgets do not like giving free money to third world nations.

We are not sufficient because we depend on imports, which PMS and diesel are part of, this is the part that your small enslaved brain can't understand...we are importing that is why we have no functional refinery until Dangote came on board...the IMF used a strategy, they knew if we get used to importing, it will be hard for us to imbibe a culture of production, because we will become lazy. If you are a gen z ask your father before IMF gave us loans, Nigeria was producing most of what we consume, Volkswagen had a plant here so did pegeout churning out cars in Nigeria, dollar to naira was equal, naira to pounds was equal, in late 1970s, because we didn't need dollars and pounds for imports, we were self sufficient, because there was no conditionalities forcing us to open our borders, we should have continued on that path...but IMF lured us with their loans, and dragged us into this path of waste, no production, just a consuming people. This is my point, go into history do your research, because you are contradicting yourself...IMF loans is the problem, we never needed it, it was because the politicians were corrupt so they accepted the loan.

IMF has never told our government, we will pay for supply and installation of factory equipment, train your engineers across the geopolitical zones, how to maintain the factories, that will be producing everyday necessities, never.

All IMF advice us to do is to, remove subsidy, so you earn more revenue to service your loans and pay the principal sum.

By removing subsidy you kill small businesses which are the backbone of Nigeria economy, what are they doing with the excess money now that they stopped fuel subsidy, giving more money to governors, and we know how governors are...it is better we have subsidies, grow the economy...and with subsidies government can give companies tax waivers, free lands, and other incentives, so the companies sell their goods at lower rates to the Nigerian consumer, so the average Nigerian have more disposable income, so we demand more from each other, as long as we are building production capacity alongside... We need smart people, not people without ideas, to rule this country.

Sadly most youths like you are half baked, soaked in their indoctrination of the West, you can never decipher their deceit with a shallow mind, even though history has clearly showed you, that the white man only works for his interest.

IMF is protecting the interest of Europeans, those are the people who formed it, and that of their investors, foreign bodies can give loans to IMF, IMF doesn't give free money Nigeria is just a customer to them(this is why I said you seem ignorant of what IMF is, it is a loan company, Paris club). We should not listen to IMF.