₦airaland Forum

I just read the post on Nairaland home page titled “Nigeria Must Sustain 15 Years Of Reforms To Ensure Impact — World Bank”

After reading this post, I am forced to conclude that World bank is partly behind the crisis that Nigerians are going through as it will not be surprising if they are the mastermind behind it….

In 2023 when Tinubu forcefully removed fuel subsidy and floated the Naira, World bank made a post on their blog website praising Tinubu, here is an excerpt below:

…. With the petrol subsidy removal, the government is projected to achieve fiscal savings of approximately 2 trillion naira in 2023, equivalent to 0.9% of GDP. These savings are expected to reach over 11 trillion naira by the end of 2025. However, compensating transfers will be essential to help shield the most vulnerable Nigerian households from the initial price impacts of the subsidy reform, as without compensation, many households could be pushed into poverty by higher petrol prices and have to resort to coping mechanisms with long-term adverse consequences. Similarly, the move to harmonize the FX windows will help to improve the efficiency of the FX market, unlock private investment, and reduce inflationary pressures, but it is crucial to complete this important reform by removing FX restrictions, clearly communicating how the new FX regime will operate, and implementing supportive monetary and fiscal policies.

“The current move by the Government to implement long-anticipated reforms such as the removal of costly and opaque petrol subsidy, and efforts to harmonize the multiple FX windows, are timely and crucial to set Nigeria on the path of economic growth. These reforms should be accompanied by compensatory actions to mitigate the short-term impact on the poor,” said Shubham Chaudhuri, World Bank Country Director for Nigeria. “Nigeria should now seize the opportunity to implement a robust, large-scale cash transfer program to provide quick relief to the poor, near poor, as well as low-income households which are most directly affected by higher petrol prices, as part of a broader compact to redirect scarce fiscal resources towards development priorities”…..

World Bank pretends to be ignorant to the kind of corrupt callous people running Nigeria’s government…. Even if these reforms are “good” as they say (Which I doubt), the World Bank executives will not claim that they don’t know that these “economic reforms” they are proposing will fail. Nigerian leaders lack the financial discipline to stick to frugal fiscal practices when it comes to public spending and cutting costs. Demanding for the corrupt government to sustain these draconian policies that has so far plunged the country’s economy into recession, hyperinflation that has skyrocketed food prices and unemployment is an indication that these World Bank executives are callous, heartless and don’t mean well for Nigerians. I will ask again, can any of these World Bank executives push these same harsh policies of subsidies removal and currency devaluation (Free Floating) in their respective countries? The answer is No…. If they were sincere in helping Nigeria’s economy to grow, why are they not condemning the massive corruption, misappropriation and looting going on within Tinubu’s government? Why are they still giving loans to criminals (Nigerian politicians) they know that such funds won’t be judiciously managed or used for what it is meant for?

Nigeria does not possess the critical infrastructural capacity, the enabling environment to encourage massive production and manufacturing which is key. Also, the investors these policies are meant to attract, can not invest due to the fact that the government has failed woefully and continues to fail in tackling Nigeria’s high rate of insecurity. I ask once more, why is World Bank bent on destroying Nigeria’s economy further knowing fully well that all these issues need to be tackled if any country can survive the harsh policies of removing subsidies and currency free floating? It is unfortunate that Tinubu and other callous politicians running the government have turned themselves to puppets in the hands of World Bank because of easy access to foreign loans, they have ganged up to ensure that these policies are maintained to frustrate and impoverish Nigerians…. When the system finally collapses totally and Nigerians are forced to take to the streets in anger, Tinubu should know that he will not be spared, Akpabio and other callous politicians responsible for this mess should also be mindful of the consequences that will consume them as they will not also be spared in the carnage that will erupt over their heartless actions and policies….

The World Bank should also advise the Nigerian about the importance of saving

Joke is on you.
We are tired of complainants and complaints. We seek solution, alternative solutions and implementers.
Not Association of borrowers to keep naira value!

The World Bank is not sincere in helping Nigeria’s economy as they pretend not to know the real issues affecting the country which is bad leadership, bad governance, looting and corruption….

Salewa97:
The World Bank should also advise the Nigerian about the importance of saving

You will eat your words when these policies finally plunge Nigeria into chaos as no one will be spared including you….

Buccalcavity2:
Joke is on you.
We are tired to complainants and complaints. We seek solution, alternative solutions and implementers.
Not Association of borrowers to keep naira value!

Bebigiby1:
You will eat your words when these policies finally plunge Nigeria into chaos as no one will be spared including you….

Mark my words. Nigeria will keep improving!
Prophet of doom! You have been proven to be in the minority.
Yes there's pain, but the enlightened ones are seeing improvement in the economic framework. Nigeria's recent Eurobond was oversubscribed. That's market response not even world bank comment!
Seek the peace of "Nigeria"; those that want it will prosper!

Keep deceiving yourself with phantom numbers and improvements.... This was the same way you guys deceived Nigerians over the last 8 years saying that Buhari's "reforms" will turn Nigeria to heaven.... it will make N1 equal $1.... One of the worst thing any one can do to him or herself is to engage in self-deceit... As long as these criminals in power are sharing Nigeria's wealth among themselves, nothing will change for the better, no policy put in place to help Nigerians will succeed....

Buccalcavity2:
Mark my words. Nigeria will keep improving!
Prophet of doom! You have been proven to be in the minority.
Yes there's pain, but the enlightened ones are seeing improvement in the economic framework. Nigeria's recent Eurobond was oversubscribed. That's market response not even world bank comment!
Seek the peace of "Nigeria"; those that want it will prosper!

Bebigiby1:
Keep deceiving yourself with phantom numbers and improvements.... This was the same way you guys deceived Nigerians over the last 8 years saying that Buhari's "reforms" will turn Nigeria to heaven.... it will make N1 equal $1.... One of the worst thing any one can do to him or herself is to engage in self-deceit... As long as these criminals in power are sharing Nigeria's wealth among themselves, nothing will change for the better, no policy put in place to help Nigerians will succeed....

Let me guess, Nigeria will be better only when PO becomes president? Yeye!

World Bank don tell Tinubu to do the things wey he don already do.

Tinubu is the man.

World bank is working with all the countries in the world. Please look elsewhere for your self induced issues

When you people are done with your wailing which is now becoming generational, una go let us know

I did not support Obi in the last election, if you doubt it, you can read my post before the election here https://www.nairaland.com/7578573/take-tinubu-atiku-obi-sowore

Buccalcavity2:
Let me guess, Nigeria will be better only when PO becomes president? Yeye!

The World Bank is not asking President Tinubu to destroy Nigeria but rather to implement reforms that will help the country and most importantly, the poor Nigerians who will be affected by the subsidy removal.

The policies will not work and they know it.... The same way they are releasing news publications hyping their agenda if they truly care, why don't they put the same effort in criticizing the government over wasteful spending, looting and corruption going on.... they are not sincere in helping Nigeria grow... They know the root problems but pretend not to and instead feed the problem by providing foreign loans for the government to waste, increasing Nigeria's debt....

Anither563:
The World Bank is not asking President Tinubu to destroy Nigeria but rather to implement reforms that will help the country and most importantly, the poor Nigerians who will be affected by the subsidy removal.

World Bank and their usual game of supporting bad policies

Yes but they are part of Nigeria's problems by encouraging these bad policies.... they should stop increasing the national debt by providing easy loans to Nigeria's corrupt leaders....

kettykin:
World bank is working with all the countries in the world. Please look elsewhere for your self induced issues

Predicatably wrong in your assertions as usual.... Based on your activities so far in this website I am covinced that you've a personal disdain (hate) for Nigerians, you cherish the crisis they are going through and wish nothing good for them.... Infact it is glaring that you are not a Nigerian but only a paid foreign agent sponsored with the mandate to defend the callous policies of this government on this platform.... Such a cold hearted fellow.... @helinues the consequences you will face as a result of your cruel utterances in support of unjust oppressive policies of the government against Nigerians will not end here....

helinues:
When you people are done with your wailing which is now becoming generational, una go let us know

This thread is filled with so much misinformation that you wonder why in the information age, Nigerians continue to slurp up propaganda dished out by its very corrupt government to shift blame to third parties whenever possible.

How can the World Bank be responsible for the troubles caused by Tinubu NOT IMPLEMENTING the commonsense reforms it has suggested to date? 18 months on and Tinubu has yet to successfully implement even one of the major reforms listed by the World Bank, yet Nigerians feel the World Bank is definitely to blame for the hardship in the country because their corrupt government and its propaganda machine told them to do so.🤔

When will these people's mumu ever end abeg! 🙄

Bebigiby1:
The World Bank is not sincere in helping Nigeria’s economy as they pretend not to know the real issues affecting the country which is bad leadership, bad governance, looting and corruption….

This was the same method China took and they are now the second biggest economy.
IMF and other agencies warned us that there will be severe inflation. We didn't know it will be this bad.
This is the right step, it's just too much to bear

Kobojunkie:
This thread is filled with so much misinformation that you wonder why in the information age, Nigerians continue to slurp up propaganda dished out by its very corrupt government to shift blame to third parties whenever possible.

How can the World Bank be responsible for the troubles caused by Tinubu NOT IMPLEMENTING the commonsense reforms it has suggested to date? 18 months on and Tinubu has yet to successfully implement even one of the major reforms listed by the World Bank, yet Nigerians feel the World Bank is definitely to blame for the hardship in the country because their corrupt government and its propaganda machine told them to do so.🤔

When will these people's mumu ever end abeg! 🙄

Nigerian govt has implemented everything in that ur picture.

Misinformation? Hmm I will ask you two questions since you are the one with the correct information,

1.Why has World Bank continued to provide foreign loans to corrupt Nigerian leaders while knowing that such funds will be diverted and wasted?

2. What efforts has World Bank made or is making to criticize the endemic corruption, wasteful spending, misappropriation and looting of their loans by the Nigerian government towards raising awareness as regards government transparency and accountability.

Will wait for your fact based reply since you claim I am spreading misinformation....

Kobojunkie:
This thread is filled with so much misinformation that you wonder why in the information age, Nigerians continue to slurp up propaganda dished out by its very corrupt government to shift blame to third parties whenever possible.

richmond500:
■ Nigerian govt has implemented everything in that ur picture.

Stop lying! Nigeria has yet to implement a single thing on that list.

Bebigiby1:
Misinformation? Hmm I will ask you two question since you are the one with correct information,
1.Why has World Bank continued to provide foreign loans to corrupt Nigerian leaders while knowing that such funds will be wasted?
2. What efforts has World Bank made or is making to criticize the endemic corruption, misappropriation and looting of their loans by Nigerian government towards raise awareness as regards government transparency and accountability.
3. Will wait for your fact based reply since you claim I am spreading misinformation..

Are you sheeting me or something? 😏😏😏

1. Nigeria goes to the World Bank asking for loans and its credit rating qualifies it for loans, so what reason would the World Bank have not to give Nigeria the loans it has so long as Nigeria implements reforms that guarantee the loan would be paid back?

2. First of all, the World Bank is a Bank and not a Corruption Monitoring Agency or Nigeria's Nanny that it should engage in criticizing corruption which is seen as acceptable among Nigerians as a whole since they rarely lift their hands to protest or fight against the decay. Why you would go around expecting the World Bank to come in to do the job that Nigerians are meant to do is beyond me... insane thinking on your part.

If the World Bank where to make itself a corruption monitoring and critic now for Nigeria, na people like you to stand up condemn the World Bank still sey dem dey too much. 🙄🙄🙄🙄🙄

3. Stop rambling abeg! Una problem too dey dey deep even when the facts are available at your fingertips and free to access.

---

Na so Babangida take lie to Nigerians say the suffering wey we experience back in the late 80s/early 90s, na SAP wey IMF give cause am. We all bought into the scam hook, line, and sinker, mostly because we did not have any way to access records of Government work at the time. Now we can realize that if SAP had been successfully implemented by Babangida, Nigeria wouldn't be where it is today dealing with fuel Subsidy Scams, deregulation of oil-products pricing issues, fuel subsidy removal, privatization of state-owned businesses, etc. The Nigerian Government has been 419-ing Nigerians for a very long time.

Kobojunkie:
Stop lying! Nigeria has yet to implement a single thing on that list.

fiscal reforms through tax, fx reforms, subsidy remove and other s5uctural bottlenecks.

Which of these has Tinubu not implemented?

richmond500:
fiscal reforms through tax, fx reforms, subsidy remove and other s5uctural bottlenecks.
Which of these has Tinubu not implemented?

Are you joking? 😏
► Tax reforms that are still being discussed?
► Subsidy removal that has yet to happen even after 18 months of the audio announcement that the subsidy has been removed? Subsidy removal was meant to have happened gradually, this is better still after a safety net had been put in place — not before. But the administration not only fraudulently announced its removal but 18 months later Nigeria has yet to save any money in subsidies but instead now pays more than double what it used to pay for subsidies. Yet you have the audacity to lie to us that subsidy was implemented?
► Fx reforms that are yet to take place even after 12 months of the announcement that there have been reforms — Nigeria still has various FX rates offered.
► Structural bottlenecks that Nigerians continue to battle with as we speak today?

Are you high or something? Or do you have absolutely no clue what the word IMPLEMENTED means? 🤔

I asked you for a fact based reply and not your opinion...

The truth is that based on current situation, Nigeria can not pay back these loans, you know this. Your contradictory reponse here "....its credit rating qualifies it for loans, so what reason would the World Bank have not to give Nigeria the loans it has so long as Nigeria implements reforms that guarantee the loan would be paid back?" Leads me to another question, what is Nigeria's World Bank credit ratings? If the bank is transparent then I do believe the Nigerian government's bad policies, wastages, looting and corruption over time should influence such credit ratings that the bank will consider....

Again you did not make your point with fact on your second answer regarding the obligations of World Bank as regards the role they play to monitor the impact of their loans. I do believe you can do better in providing facts in your next reply to my post....

I will maintain that the fuel subsidy removal was done prematurely and the naira devaluation (Free Floating) will destroy the economy and plung this country into chaos if no genuine effort is made to reverse it..... Nigeria's import dependent econony can not survive a free floated currency... It is callous for World bank to continue to encourage the implementation of these policies even after seeing adverse effects it is having on Nigeria's economy....

Kobojunkie:
Are you sheeting me or something? 😏😏😏

1. Nigeria goes to the World Bank asking for loans and its credit rating qualifies it for loans, so what reason would the World Bank have not to give Nigeria the loans it has so long as Nigeria implements reforms that guarantee the loan would be paid back?

2. First of all, the World Bank is a Bank and not a Corruption Monitoring Agency or Nigeria's Nanny that it should engage in criticizing corruption which is seen as acceptable among Nigerians as a whole since they rarely lift their hands to protest or fight against the decay. Why you would go around expecting the World Bank to come in to do the job that Nigerians are meant to do is beyond me... insane thinking on your part.

If the World Bank where to make itself a corruption monitoring and critic now for Nigeria, na people like you to stand up condemn the World Bank still sey dem dey too much. 🙄🙄🙄🙄🙄

3. Stop rambling abeg! Una problem too dey dey deep even when the facts are available at your fingertips and free to access.

If truly SAP failed because of IBB's action and several other Nigerian governments overtime have been exposed to be dubious, reckless and corrupt, why will World Bank continue to give them loans.... Does it make sense to you? If you are the owner of World Bank will you continue to waste depositors funds on a customer that you know is a thief and won't pay back? Will you ask such customer to implement and sustain reforms that will encourage them to keep stealing....?

Kobojunkie:
Are you sheeting me or something? 😏😏😏

Na so Babangida take lie to Nigerians say the suffering wey we experience back in the late 80s/early 90s, na SAP wey IMF give cause am. We all bought into the scam hook, line, and sinker, mostly because we did not have any way to access records of Government work at the time. Now we can realize that if SAP had been successfully implemented by Babangida, Nigeria wouldn't be where it is today dealing with fuel Subsidy Scams, deregulation of oil-products pricing issues, fuel subsidy removal, privatization of state-owned businesses, etc. The Nigerian Government has been 419-ing Nigerians for a very long time.

Buccalcavity2:
Mark my words. Nigeria will keep improving!
Prophet of doom! You have been proven to be in the minority.
Yes there's pain, but the enlightened ones are seeing improvement in the economic framework. Nigeria's recent Eurobond was oversubscribed. That's market response not even world bank comment!
Seek the peace of "Nigeria"; those that want it will prosper!

Is it that You guys are very unintelligent or have low reasoning capacity. Show me the indices that the current economic policies are bringing serious economic reform and I will apologize to You publicly.

richmond500:
This was the same method China took and they are now the second biggest economy.
IMF and other agencies warned us that there will be severe inflation. We didn't know it will be this bad.
This is the right step, it's just too much to bear

But you forgot to add that China had to place death penalty for government officials and public shaming for families of corrupt government officials before achieving this....

You think they were stupid to do that before embarking on such reforms?

Sometimes I'm almost convinced either you guys are smart people acting to be stupid or stupid people acting to be smart...

That was how you guys supported Buhari for 8 years while people like us were busy pointing out all the wrong decisions he was taking you guys kept fighting us and insisting he was taking the right decisions including Tinubu who gave him support all through the 8 years...

Only for all of you including Tinubu to turn around to start blaming him and I'm like but were we not telling you people then?

And till now none of you have come out to apologize and accept that you guys were wrong and seek forgiveness from Nigerians..


Isn't it clear both you guys and Tinubu all used Buhari's government and Nigerians to play politics?

How are we not sure you guys including Tinubu are not still playing politics with all these you guys are doing like you did for Buhari?

Or you think that was how China became world power today?

When I read comment like yours it gives more reason why Nigeria should break up into different countries.

Like I said earlier, I'm almost convinced you guys are either smart people acting to be stupid or stupid people acting to be smart...

Bebigiby1:
✓ If truly SAP failed because of IBB's action and several other Nigerian governments overtime have been shown to dubious, reckless and corrupt, why will World Bank continue to give them loans....
✓ Does it make sense to you? If you are the owner of World Bank will you continue to waste depositors funds on a customer that you know is a thief and won't pay back?

Why are you hell bent on putting the responsibility to check your government on the World Bank? Did the World Bank ever give you the impression that it can never lend money to corrupt Governments? Did the World Bank ever suggest that it only sends money to countries with pristine records - countries without corruption, human rights violations, etc?

I am really curious to know where you get off holding the World Bank responsible for such things that World Bank was never set up to take responsibility for?!

2. To you, Nigeria may be a thief but to the World Bank, Nigeria is a customer that endeavors to service its loan debt even if with 98% of what its revenue. So what makes no sense here is your insistence that Nigeria, a country with a decent enough creditworthiness should not be given loans it qualifies for.

I just kproooor when i see am


Second sch economist go tell u dat na set up