₦airaland Forum

The World Bank has urged the federal government not to reverse the ongoing economic reforms, warning that it may have negative implications for the country.

Removal of fuel subsidy and abolishing multiple foreign exchange systems were policies introduced by the current administration on day one in office.

While the federal government has consistently defended the policies, many Nigerians have complained about their implications on the masses.


Pump price of fuel which was N198 at the time the government of President Bola Tinubu removed subsidy, now sells above N1,000, while naira which traded below N600 for one dollar is now above N1,700 in the parallel market.

Speaking at the launch of the Nigeria Development Update (NDU) report in Abuja on Thursday, the World Bank Country Director for Nigeria, Dr. Ndiame Diop, said while the reforms may bring hardship, they were necessary for the nation’s long-term stability.

Diop warned that, “Reversing these reforms would be detrimental and would spell doom for Nigeria.”

In the same vein, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized the commitment of the federal government to sustain its reforms.

“Any effort that is not sustained will be a waste. Together with the Governor of the Central Bank of Nigeria and the Minister of Budget and National Planning, we’ve been discussing how to stay on course, tackle inflation and ensure we move in the right direction.”

Edun further explained that the government’s focus is on reducing inflation while ensuring investments flow into critical sectors such as industry, where jobs can be created as the country is expecting huge investments in the coming days.

This is not the first time that World Bank would take such stance on Nigeria.

At the 30th Nigerian Economic Summit (NES30) in Abuja last week, the World Bank Senior Vice President and Chief Economist, Mr. Indermit Gill, urged the Tinubu administration to sustain ongoing reforms despite the hardship.

He said Nigeria requires the next 10 to 15 years to establish itself as a leading economic power, in sub-Saharan Africa and the global stage.

But Country Director of ActionAid Nigeria, Andrew Mamedu, rejected this, saying the World Bank chief’s comment was insulting to the millions of Nigerians living through unprecedented economic hardship.

Source: https://dailytrust.com/Dont-reverse-current-reforms-world-bank-tells-fg

The World Bank must be so concerned about Nigeria.

So , if the reforms is sending people to their early graves, the government should be happy?
Impoverishing the innocent masses you promised heaven on earth for, is a total sign of neglect and bad policies.
This government needs to go back to the drawing board and urgently restrategize.

World Bank is not helping Africa. They are interested in making Africa poor for selfish interest of developed world.

To keep borrowing them money and sucking their resources. Is only foolish Reno Ofuckery and co will be deceived

I don’t trust world bank

We will not reverse the reforms. We will keep on engaging Nigerians on the need to embrace the reforms for our collective good.

You can't tell us what to do

Una advise is for una own interests

adenigga:
The World Bank has urged the federal government not to reverse the ongoing economic reforms, warning that it may have negative implications for the country.

Removal of fuel subsidy and abolishing multiple foreign exchange systems were policies introduced by the current administration on day one in office.

While the federal government has consistently defended the policies, many Nigerians have complained about their implications on the masses.


Pump price of fuel which was N198 at the time the government of President Bola Tinubu removed subsidy, now sells above N1,000, while naira which traded below N600 for one dollar is now above N1,700 in the parallel market.

Speaking at the launch of the Nigeria Development Update (NDU) report in Abuja on Thursday, the World Bank Country Director for Nigeria, Dr. Ndiame Diop, said while the reforms may bring hardship, they were necessary for the nation’s long-term stability.

Diop warned that, “Reversing these reforms would be detrimental and would spell doom for Nigeria.”

In the same vein, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized the commitment of the federal government to sustain its reforms.

“Any effort that is not sustained will be a waste. Together with the Governor of the Central Bank of Nigeria and the Minister of Budget and National Planning, we’ve been discussing how to stay on course, tackle inflation and ensure we move in the right direction.”

Edun further explained that the government’s focus is on reducing inflation while ensuring investments flow into critical sectors such as industry, where jobs can be created as the country is expecting huge investments in the coming days.

This is not the first time that World Bank would take such stance on Nigeria.

At the 30th Nigerian Economic Summit (NES30) in Abuja last week, the World Bank Senior Vice President and Chief Economist, Mr. Indermit Gill, urged the Tinubu administration to sustain ongoing reforms despite the hardship.

He said Nigeria requires the next 10 to 15 years to establish itself as a leading economic power, in sub-Saharan Africa and the global stage.

But Country Director of ActionAid Nigeria, Andrew Mamedu, rejected this, saying the World Bank chief’s comment was insulting to the millions of Nigerians living through unprecedented economic hardship.

Source: https://dailytrust.com/Dont-reverse-current-reforms-world-bank-tells-fg

These reforms are actually from world bank as guarantees for loans, you will not see any reforms from world Bank to stop politicians from stealing,but the one to make the people suffer they Will dance around naked to achieve that, our problem is world bank and our greedy politicians

What concerns The World Bank in this purely NIGERIA AFFAIRS?

Anither563:
We will not reverse the reforms. We will keep on engaging Nigerians on the need to embrace the reforms for our collective good.

abeg drop location because we dey arrange one better thunder for you

Shey na una go tell the govt how to run the economy ni?🙄🙄: The world bank is the real enemy of Nigerians.

World Bank, like some person's in sensitive Nigerian positions are mere tools in the hands of the puppeteer. They have bigger problems than hunger and unemployment to solve, with Nigerian leaders being willing tools in the goal.

Until we are broken into a state where we can be exploited without as much as a whimper, they won't stop. At this time, the economy is so bad that our best brains are being harvested off the Nigerian soil. People are being harvested!

It won't stop there. When the masses' back finally hit the wall and all we can do is fight back at the crippling leadership, they'd be just around to corner to sell us weapons in exchange for our tomorrow. 😎

Anti population or depopulation strategy

I wonder if the world bank gives America this kind of advice too knowing that America is the world's largest debtor to the world bank...

World Bank's major agendum is to impoverish nations and her people. Very evil contraption, that world bank.

World bank will advise USA to improve subsidy on power, health, fuel, cut their inflation, pay cheque to unemployed, even health insurance to illegal migrants whom Biden HKamala tagged undocumented immigrants.


They will advise our foolish leaders to cut subsidy, increase tax and interest rates, ban importation when we can't even produce.


The revenue Tinubu is generating at d expence of our country growth and development is looted into private pocket. No infrastructure ,bad roads, insecurity, ..... Very terrible

It does not make any sense to reverse the policy at this point. Nigerians are with Tinubu, he should just do more on the price of foodstuffs

Toh

FG should continue with the good work

When will this man stop rulling us


Oh till 2031

U can tell ur enemies by the stupid, foolish n useless advices they give..
Useless world bank..
can u advise USA like this.. what a shame.
Tinibu sef na better olodo.

To our President and all his loyalists and possibly the APC members, Nigeria 🇳🇬 is working perfectly well! The results of their failed economic policies is there for all to see.
They should continue to justify failure and manipulations for which the APC is well known for.

World Bank like the United Nations,both are toothless bull dogs.Why don't they place a ban on lending to corrupt politicians or enhance your financial monitoring to ensure that funds collected for projects are duly executed.

These devilish organizations like the World Bank and their sidekick IMf do not care if all Nigerians drop dead so long as their own agenda is fulfilled. Their policies which all of our foolish African leaders follow dogmatically are what ensures the continent remains a Shithole of the entire world.
I was watching an interview where a French policymaker said it is in the interest of Europe and the West that Africa is not allowed to develop as the Asian tigers did. He said if this happens then who will buy their finished products? And also, if Africa is allowed to develop and tap their own resources and use them, then where will Europe get its raw materials from? So you see how and why these devilish globalists keep dishing out repressive policies that our eternally daft and greedy leaders follow.
Do you think if the Chinese had followed their recommendations, they would be where they are today? No, the Chinese do what is best for themselves and not what these entities created to perpetually entrench Western hegemony want.
If the World Bank and IMF tell you you are doing well, trust me, you are heading down a destructive path.

World book never had Nigerian interests in mind


They want Nigerians to die of hunger and keep living on debt

What do think would happen to their jobs if these guys don't succeed in punching one economy down to the benefit of their masters who are well developed but continue to drain the poorer ones.. imagine Nigeria owing 124 trillion, that would be rated as AA performance by the world bank leaders on those who were employed or elected like Ngozi to bring in trade deals.. They succeeded in advising us to devalue, now they buy twice what they buy during Buhari as single because of floating.. Their country have more happiness than ours..


Why would they want us to reverse it and not have anything to prove they are working..

God help us

ewedunamala:
World Bank is not helping Africa. They are interested in making Africa poor for selfish interest of developed world.

To keep borrowing them money and sucking their resources. Is only foolish Reno Ofuckery and co will be deceived

Confirmed.........

Ikaeniyan0:
It does not make any sense to reverse the policy at this point. Nigerians are with Tinubu, he should just do more on the price of foodstuffs

Are you sure you are okay with this comment of yours. These reforms are generally a disaster. Did World Bank give the same terms they gave Nigeria to Italy when they had crisis in early 2010?

Reforms orchestrated by useless world bank to subject citizens to abject poverty.
When the cornTree finally disintegrate, we go see how una go take recover una useless loans.
Awon money laundererslenders

True world bank really have economical hitman just look at what happened to Nigeria . I read one interview when OBJ told former CBN governor Soludo that you can’t say NO to their money but don’t do they bidding, when Soludo begged him not to take any loan from world bank , because if you don’t take they loan to trap you for life they will sponsor your Political opponent to win you that why he said you can’t say No to their money . Soludo know everything he used to work there as Chief Economist Advisory Council (CEAC) of the World Bank, Washington, DC.

Ikaeniyan0:
It does not make any sense to reverse the policy at this point. Nigerians are with Tinubu, he should just do more on the price of foodstuffs

Speak for yourself. Nigerians are not with Tinubu. If you are courageous enough, say this nonsense at any Lagos bus stop and see if they won't beat you like how Tinker beats an Iron pan.

The EVIL in the world

Can't wait for Trump to win so this one world order is destroyed

Just keeping Africa behind in order to keep our resources cheaper for the producing developed countries that controls the UN, World Bank, etc

IMF and world Bank were created to leave some countries in perpetual poverty....


https://www.youtube.com/watch?v=e94H22AGwDM