Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! - Politics - Nairaland
Nairaland Forum › Nairaland General › Politics › Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! (935 Views)
| Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by malali(op): 7:59am On Nov 11, 2024 |
The International Monetary Fund, IMF, and the World Bank have long struck a raw nationalistic nerve in Nigerians.[/b] Romantic patriotism drives the strong nationalistic urge to resist any perceived IMF/World Bank ‘interference’. Several years ago, as a magazine publisher, [b]I interviewed Dr Kalu Idika Kalu, then finance minister under General Ibrahim Babangida’s regime, when he stopped over in London on his way to the annual IMF/World Bank meeting in Washington. I asked him why Nigerians detested the multilaterals. “I think in Nigeria we’ve tended to be isolationist,” he said. Nigerians, he implied, were self-referential and insular and loathed foreign nations or institutions telling them what to do, even in the face of a self-inflicted crisis. Now, I brought Dr Kalu into this discussion because the no-love-lost relationship between Nigerians and the IMF/World Bank duo can be traced back to his time as finance minister under the Babangida regime, which introduced the Structural Adjustment Programme, SAP, in 1986. To date, many Nigerians have not forgiven the IMF and the World Bank for “imposing” SAP on Nigeria, thereby “destroying” the country’s economy. But the story is more nuanced, and it is worth retelling. As those familiar with the events of that era will recall, General Muhammadu Buhari, head of state between 1984 and 1985, refused to touch an IMF loan and the attendant conditionalities with a barge pole even though Nigeria faced acute fiscal crisis caused by the drastic fall in world oil prices and Buhari’s own misguided autarkic economic policy. As a result, Nigeria lacked access to international credit and the economy was starved for foreign exchange. When General Babangida took over in August 1985, his instinct was to take an IMF loan and accept the conditionalities. But in line with his professed governing principle of dialogue and consultation, he initiated a national debate, coordinated by a committee, on the question of whether Nigeria should take an IMF loan and agree to its conditionalities. Nigerians overwhelmingly rejected the propositions. As one scholar later put it in the book Voting for Reform, “this groundswell of unanimity was unprecedented in Nigerian politics.” General Babangida accepted the popular wishes of Nigerians and refused to take the IMF loan. However, he interpreted the outcome of the national dialogue to mean that while Nigerians rejected an IMF loan and its conditionalities, they were not opposed to the government introducing necessary reforms to tackle the economic crisis. In other words, the reforms would be designed at home, not imposed from the outside. But it was a sleight of hand because the measures his government introduced were almost the same as what the multilaterals had prescribed: exchange rate flexibility, trade liberalisation, reduction of the petroleum subsidy, reduction of overspending and budget deficits, and privatisation and commercialisation of public enterprises. Those were the kernels of SAP. For most Nigerians, it was the voice of Jacob but the hands of Esau, the latter being the IMF and the World Bank. Since then, most Nigerians have never stopped viewing both institutions with deep suspicion! “For most Nigerians, it was the voice of Jacob but the hands of Esau, the latter being the IMF and the World Bank. Since then, most Nigerians have never stopped viewing both institutions with deep suspicion!” But those measures are the hallmarks of every open and competitive liberal economy; and any economy that has been so badly mismanaged, as Nigeria’s has, needs those self-correcting measures. However, Nigerians rarely hold their government to account for mismanaging the economy through misguided policies and industrial-scale corruption. Rather, they can smell IMF/World Bank ‘interference’ from a distance. Interestingly, while many Nigerians still blame IMF and World Bank for SAP, few credit them for supporting Nigeria’s debt relief, which led to a 60 per cent write-off on Nigeria’s official government (Paris Club) debt, as a result of which, by 2006, Nigeria’s external debt burden fell from $35billion to approximately $5billion. Needless to say, subsequent governments squandered the debt relief by amassing stupendous foreign debt that now stands at nearly $50billion. Yet, Nigerians reserve their most vitriolic attacks for the IMF and the World Bank, not their own malfunctioning government. In 2016, the then managing director of the IMF, Christine Lagarde, paid a four-day visit to Nigeria, from January 4 to 7. Judging by most media comments, one would think that an enemy force had invaded Nigeria. One commentator described the IMF boss as “Hurricane Lagarde”; another reckoned she was in Nigeria to institute some form of “deviltry”. I was compelled to write a piece in this column, titled “Love it or hate it, the IMF is a force for good” (BusinessDay, January 18, 2016). It was not a fulsome defence of the IMF, but my point was that the institution, established in 1944, after the Second World War, exists to 1) monitor national economic policies through the Article IV Consultations and caution countries, including developed nations, against bad policies, and 2) provide financing, including access to international credit, to countries in crisis, albeit contingent on reforms. Although a “clean bill of health” from the IMF would earn a country economic credibility and investor confidence, as the international markets take a cue from IMF assessments, no country is forced to take IMF advice or accept its loan and conditionalities. After all, throughout his eight years in power, President Buhari resisted IMF/World Bank pressure to float the naira, remove the fuel subsidy and withdraw the infamous CBN list of 43 products deemed ineligible for foreign exchange. However, because Buhari’s successor, Bola Tinubu, chose to implement those same policies, many are now blaming the IMF and the World Bank as if they instigated and imposed the policies on Nigeria. But think about it. Given that Tinubu introduced those measures on his first day or first week in office, it’s doubtful that he did so under pressure from the IMF and the World Bank unless he was having secret discussions with them before he came to power. Lest we forget, Tinubu did not believe in those measures in opposition; in fact, he strongly opposed the removal of the fuel subsidy and tacitly condoned the pegged currency and the CBN forex-ban list during Buhari’s presidency. Truth be told, Tinubu hastily introduced those “reform” measures to woo the international community, which reacted negatively to his deeply flawed election as evidenced by unfavourable editorials in many prominent Western newspapers. Which brings me to the controversial remarks of Dr Indermit Gill, the World Bank’s Chief Economist, at the 30th meeting of the Nigeria Economic Summit in October. He said the government should “stay the course” on the “reforms”, adding that they would take “at least another ten to fifteen years” to yield dividends. That was certainly insensitive, considering the acute pains that ordinary Nigerians are going through. However, Dr Gill also said: “The government must do everything in its power to protect the most vulnerable citizens against hardship.” Thus, the remarks were balanced. Yet, the media attacks were ferocious. In an editorial titled “World’s Bank’s deadly agenda”, The Punch newspaper referred to the bank’s “deadly stance on Nigeria’s precarious life.” The academic and Tribune columnist Farooq Kperogi wrote a column titled “World Bank’s 15-year death sentence on Nigeria”, describing the institution as “the soulless, blood-sucking economic vampire.” But who is holding Tinubu to account? Yes, the IMF favoured fuel subsidy removal but also called for “adequate compensatory measures for the poor and efficient and transparent use of the saved money.” Has anyone asked about the savings and how they are being spent? No. Tinubu floated the naira, but high inflation, high interest rates and forex scarcity are harming exporters and stopping non-oil exports from compensating for the naira’s steep devaluation. The fault, dear Nigerians, is not in the IMF or World Bank, but in Nigeria! https://businessday.ng/columnist/article/nigerias-economic-woes-are-self-inflicted-stop-blaming-the-imf-world-bank/ 1 Like
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| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by malali(op): 7:59am On Nov 11, 2024 |
Summarized. The article discusses Nigeria’s long-standing resistance to the IMF and World Bank, rooted in nationalistic sentiments and distrust due to the 1986 Structural Adjustment Program (SAP). Although these institutions are often blamed for imposing damaging economic reforms, the article argues that the reforms were necessary for an economy mismanaged by Nigeria’s government. While Nigerians rejected IMF loans, they ended up adopting similar reforms designed at home. The piece highlights how Nigerians criticize the IMF and World Bank for policies like fuel subsidy removal and currency devaluation, but fail to hold their own government accountable for mismanagement and corruption. Key points: 1. Nigerians distrust the IMF and World Bank, especially after the SAP in 1986. 2. General Babangida implemented IMF-like reforms without the IMF’s direct involvement. 3. Despite benefits like debt relief, Nigeria’s government mismanaged the economy, leading to ongoing economic struggles. 4. Recent reforms (e.g., fuel subsidy removal, currency devaluation) are blamed on the IMF/World Bank, though the government initiated them. 5. The article urges Nigerians to hold their government accountable for the nation’s economic woes, rather than blaming international institutions. 2 Likes 2 Shares |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by PrinceOfLagos: 8:06am On Nov 11, 2024 |
Shading Tinubu and his useless and foolish supporters The APC always blame people for there failure and uselessness. I remember how buhari government blamed goodluck Jonathan for 8 freaking news till the end of time and now, another dullard in tinubu is blaming IMF for cluelessness and shameful failure Tinubu government failed even before it started , he's just as useless as his predecessor, they have nothing I mean absolutely nothing to offer the country . 4 Likes |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by TJOS(m): 8:11am On Nov 11, 2024 |
What are the specific conditions for obtaining a loan from the IMF? Let’s start from there. |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by DomPerignon: 8:15am On Nov 11, 2024*. Modified: 8:31am On Nov 11, 2024 |
Stopped reading from the first sentence as the OP made a case against Nationalism. The World Bank and IMF are internationalist institutions that have been waging war against Nationalism since WW2. The goal of these international Jewish ursury institutions are to break down nations via debt. By absolving the same Jewish banksters who gave the Bandit government of Buhari unlimited credit lines through their fiat currency knowing fully well that those loans were not in anyway sustainable or beneficial to the nation, the IMF and World Bank knew exactly what they were doing. They are complicit in the heist of our nation in conjunction with the crooks in the Buhari government. Debt is slavery and they dangled that debt line on an irresponsible and corrupt leadership that they put in power in the first place. Can't imagine that there will be idiots making excuses for the IMF and world Bank but when you consider that there were fools lining up to push Covid down our throats , you get to see that there's no limit of traitors and their treachery . 1 Like
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| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by Corrections: 8:17am On Nov 11, 2024 |
 Hmm!! |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by DomPerignon: 8:18am On Nov 11, 2024 |
International jewish ursury is designed to ensure wealth flows back to the hands of the Sanhedrin. It works like this : 1. Impose yourself as unwanted middlemen through enforced fiat currency which you can print to infinity without any redeemable backing. 2. Ensure every nation accepts the fiat currency. 3. By having unlimited control of its volume in circulation and enforcing its use globally, you stem out hyperinflation and kick the can of the Ponzi scheme going on . 4. Use debt with such fiat currency to steal the wealth and resources of nations. 5. Impose corrupt idiots on nations to adhere to the scam and to borrow the future and resources of their nations to get the fiat debt. 6. Ensure that the fiat debt returns back to London and New York via enabling embezzlement, money laundering of funds into Jewish banks, properties and stock markets. This will ensure the banks and Jewish stock markets remain solvent . 7. Ensure corrupt shithole dictators and leaders remain in power via Jewish lobby groups in Washington , their media and US military support. 8. Loot said nations resources via crooked loan agreements. 9. Ensure that nations currencies are devalued from time to time , so as to get Jewish investors to buy nations assets at pennies to the dollar. 10. Create wars, internal strife that require nations deploy scarce resources to buy weapons from Jewish arms dealers. The stakes will be an insurgent group controlling a newly discovered resource rich area. The insurgents are if course Jewish backed and funded. 1 Like 1 Share |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by Racoon(m): 8:21am On Nov 11, 2024 |
Meaning balablu heroin-infested brain cum certificate forger is a confused economic illiterate orphan now acting on the nervy jerky spur of the moment. No wonder his economic policies somersaults and trial and error have compounded the woes of this nation 2 Likes |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by Racoon(m): 8:23am On Nov 11, 2024 |
Lest we forget, Tinubu did not believe in those measures in opposition; in fact, he strongly opposed the removal of the fuel subsidy and tacitly condoned the pegged currency and the CBN forex-ban list during Buhari’s presidency. 2 Likes |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by malali(op): 8:35am On Nov 11, 2024 |
DomPerignon:Well Said. Thanks for a nationalistic input !! Buhari refused IMF loan the 2 times he was in power, he also refused to float the Naira and remove oil subsidy. They mounted a lot of pressure on him. Tinubu did it even before spending one day in office. |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by DomPerignon: 8:36am On Nov 11, 2024 |
TJOS:Good question. 1. Have a corrupt inept leadership imposed on the nation. 2. Get the corrupt inept leadership to sign dubious loan agreements backed by the nation's real wealth (naturally resources, etc) 3. Ensure whatever loan being disbursed has little or no single impact in improving the economic or well being of the nation. 4. Faccilitate a conduit line to help repartraite most of the borrowed funds find their way back to Jewish banks through enabling money laundering or turning a blind eye to embezzlement by country's corrupt leaders. Jewish ursury is a religious creed as contained in Leviticus . It is a path to perpetual debt and slavery and nothing good can come out of that. 1 Like |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by malali(op): 8:39am On Nov 11, 2024 |
DomPerignon:I think the world is unto their antics, everybody knows, they are printing paper cash (dollars) without limit and using it to obtain our natural resources (Oil) then they will turn around and borrow us the same paper money back for more oil......putting us in an endless loop. While they give us the dollar but the devalue our currency aggressively. Its even better we sell our oil for a rare commodity as well, like Gold. Gold has appreciated steadily, while the naira has fallen 400% in the same time interval. Thats why BRICS was formed, all the other countries are finally waking up. I think phase 2 is selling us bitcoin as "solve it all" but i dont trust them we should all trade in commodities. You want oil you give me gold !! I want tractor from china, i give them gold. These paper currency is a scam !!! 1 Like |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by TJOS(m): 8:47am On Nov 11, 2024 |
DomPerignon:I firmly believe that no developed country would take on these loans. They are designed for developing nations that remain stuck in a perpetual "developing" status quo. |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by malali(op): 8:53am On Nov 11, 2024 |
TJOS:USA/UK, All have these modus operandi, even these JAPA people, they just give you loans you can never finish paying, mortgage,car loan,student loan.......Its wild out there. I really don't know how some people sleep at night with so much loans. These models are now replicated in countries Like Nigeria.......We have more arable land than some of the countries we borrow money from. Let that sink in....Thats akin to a billionaire going to borrow money from a millionaire. 1 Like |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by DomPerignon: 8:54am On Nov 11, 2024 |
malali:Go and read what I posted again. Buhari's bandit government laid the foundation for slavery you are facing today via debt. No other government indebted Nigeria more than that of the Buhari adminstration who on assumption of office met a total debt portfolio of $12bn only to amass it to $74bn on leaving office. Have you been living under a rock to miss this aspect of Buhari's govt that was run purely on unlimited credit lines from the world Bank and other Jewish international institutions ?. Also the lie about Buhari being removed via coup because he refused to take an IMF/World Bank loan is pure lies used by those who were repackaging him as civilian HoS. Buhari was installed on December 31, 1983 by the Thatcher government to ensure Nigeria repay all her civil war debt to Britain in one fell swoop. If in doubt , go and check our FX reserves between December 1983 and January 1984. There was a significant dip. The Shagari govt was about to activate a default clause on Nigeria's debt incurred mostly from the civil war and during the corrupt Obasanjo regime. Shagari govt was facing low revenue brought about by a slump in oil prices coupled with being saddled to pay off crooked loans taken by the Obasanjo military junta. At this time , Britain was reeling from a major recession. There were coal miners and railway strikes in Britain and Britain had yet fulfilled its own war debt in the form of WW2 Lend -lease agreement to the US and was sure to default. Nigeria owed the British significant debt from purchasing excess WW2 antiquated equipment and weapons to fight an avoidable civil war that was instigated by Rothschild's Royal Dutch Shell Company. Royal Dutch Shell company ended up owning all our oil reserves and transformed to Shell BP - a joint venture between Rothschild and British public company. Buhari was brought in in 1983 to fast track all monies owed Britain to save her from imminent collapse. This is the only time Buhari's sychopants will tell the truth by saying Buhari priotised debt repayment instead of debt accumulation. That debt repayment led to the first recession we faced as there was no longer any FX to meet our import demands. Buhari's second coming was to do the opposite by returning Nigeria into severe debt which he achieved . Tinubu is saddled now to do what the IMF and World Bank dictate to Nigerians and that's how you are in this mess and the genesis of all this can be traced back to the Nigerian civil war were greed drove some idiots to do the unthinkable on behest of Baron Victor Rothschild. 1 Like |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by malali(op): 9:00am On Nov 11, 2024 |
DomPerignon:Hmmmm so much to digest. 2 Likes |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by TJOS(m): 9:02am On Nov 11, 2024 |
malali:It’s undeniable that loans can bind individuals to the system. To truly overcome this challenge, it’s wise to take a loan for a degree that offers a significant return on investment. Once that loan is paid off, any further education should be primarily for personal enrichment. Moreover, the current tax policies being implemented by the Tinubu administration are poised for failure. In just a few years, Nigerians will feel the repercussions of this system, leading to a decline in our diaspora influence. It’s becoming increasingly evident that many people can no longer afford even a one-way ticket out of the country. |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by DomPerignon: 9:06am On Nov 11, 2024 |
malali:We started off as a promising nation . Zero debt , surplus budget, a fast pace growing economy and by and large with very cerebral leaders other than a few turncoat zikists. Then they got their thugs I'm uniform to seize power and ever since then we have never got back to where we started from. 1 Like |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by TJOS(m): 9:07am On Nov 11, 2024 |
malali:Anything that retains its value is a strong asset. I provide oil, and in return, I receive your uranium. I harness that uranium to create something of greater worth, which I then sell back to you for something substantial. This dynamic transaction among major players will significantly influence the economy. We possess a substantial advantage due to these invaluable resources. 1 Like |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by malali(op): 9:07am On Nov 11, 2024 |
TJOS:I think Tinubu is adopting the same approach used abroad, by the time you are done with basic living expenses, you wont have disposable income to go to London/America. |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by DomPerignon: 9:10am On Nov 11, 2024 |
malali:We have been stumbling and fumbling away in the dark since that dreadful day of Jan 15, 1966. Do you know that Baron Victor Rothschild sent his thug enforcer Ronnie Kray to meet with Zikist elements at Enugu in 1965? 1 Like |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by TJOS(m): 9:12am On Nov 11, 2024 |
malali:If things continue this way, the system will hit its breaking point, leaving us dependent on non-Nigerians to invest in our economy and generate employment. What this government fails to grasp is that the key investors are Nigerians in the diaspora who succeed abroad and return home after accumulating wealth. |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by nedu666: 9:18am On Nov 11, 2024 |
DomPerignon:Don't you get tired of blaming jews for every problem. Na so craze dey start |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by hegelian: 9:19am On Nov 11, 2024 |
DomPerignon:and did they forced you to collect the loan?? if you dont like the terms and condition, why then did you take it  shine the light to where it should and stop defending stupidity, oppressors and mosnters in the name of leaders..take responsibilty and be accountable |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by nedu666: 9:19am On Nov 11, 2024 |
DomPerignon:Pls visit a shrink. You are a lost cause. Baron ko, ponmo ni |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by DomPerignon: 9:20am On Nov 11, 2024 |
malali:And that's the end goal of Jewish ursury life - you will own nothing and be happy. The whole japa thing to Canada is to get more tax and debt slaves. The citizens there are debt maxed out and can't borrow anymore. Judas needs more debt slaves and that's why Jews are behind open borders and unhindered global migration. The Jews now own every industry and means of production and they have set the cost of average necessities beyond reach of a salary earner in the west. Consider this scenario, in the 70s an average sedan car cost about $1500-$2000. The average wage earner made about $18,000 -$27,000 a year after taxes that were very low . Today the average car cost more than the average annual wages. Homes are now beyond the cost of the middle class. Cost of groceries are higher than ever. Health care can put you in bankruptcy. Couples must work unlike in the 70s. It's all deliberate to ensure every one must take a loan for what was the bare necessities. The west is a debt based society and you can never aspire anymore above your assigned status in society. The American dream has become a Jewish hell hole nightmare since Jews took over America from the old European money that died out in the 70s. With Jews you always lose. 1 Like |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by malali(op): 9:20am On Nov 11, 2024 |
TJOS:I beg to differ, there are so many systems abroad that will give you atleast 10% passively, all from your computer, in terms of stocks and bonds etc. Any smart Nigerian in diaspora will invest in these financial instruments and then move back home, if they so desire. These systems have been tested and trusted for over 50 years, generating passive income. In Nigeria, investment is risky, the fiscal policies are authoritarian and existential...The way Tinubu removed oil subsidy and Forex subsidy in 24hours would scare any investor, things like these usually get eased in slowly with debates in the senate and house of representatives and the government saying what they have set in place to alleviate the expected sufferings. Imagine bring your 1 million dollars from diaspora,to invest, you change it to Naira and start your investment. Lets say you want to set up a poultry. You wake up the next day and the dollar is now 1750naira after you changed it for 400naira 2 weeks ago. That will never happen in a developed country. Tinubu should have had a senate debate at least before making that move? why do we have democracy when one person can stand up and make rules without consulting the citizens ? |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by malali(op): 9:24am On Nov 11, 2024 |
DomPerignon: Damn....who are you !! Finally someone gets it 100% You sound well traveled or you live abroad ? Or you studied this up to postgraduate Anyway kudos.....I am happy we still have intelligent minds like this or Nigerian background. You are definitely not a Gen Z !! 3 Likes |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by DomPerignon: 9:28am On Nov 11, 2024 |
nedu666:0koro, Enugu was facing the dilemma of seeing the oil rich coastal areas finally leave the old yeast - a dreadful scenario that you guys did everything to forestall at the regional house in Enugu were you held the super majority . The minorities took their plight to the federal parliament and had gotten solid agreements from the Northern, western and Midwestern MPs to push the cause for the creation of the Calabar-Ogoja-Rivers region. This didn't seat well with Enugu and that is when you entered a pact with the devil Baron Victor Rothschild who sent his thug Ronnie Kray to negotiate how you can prevent this and ensure you control all the oil wealth from the centre . This was the motive for the Jan 15 coup and not the lie that your Ibo officers took action over the political crisis in the old western region. You staged that coup out of greed to control the newly discovered oil wells that were now slipping out if your control via the COR movement agitation. To buttress this fact, Ojukwu declared Biafra because Gowon created states from this minority areas out of your yeast. The greed to control oil in the Niger Delta was what motivated both your Enugu zikists and ojukwu's Biafra. So rest. 1 Like |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by DomPerignon: 9:31am On Nov 11, 2024 |
malali:Gen Xer who does not subscribe to the Geneva convention. A nice guy you don't want to fck with. 1 Like |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by Mindlog: 9:33am On Nov 11, 2024 |
TJOS:Why would you go obtain loan from a Shylock, in the first place? Worst still, the loan will be hugely mismanaged despite the conditions attached to it. |
| Re: Nigeria’s Economic Woes Are Self-inflicted; Stop Blaming The IMF, World Bank! by DomPerignon: 9:34am On Nov 11, 2024 |
nedu666:0koro, you are not a Jew. Will never be a Jew . Will always be an 0koro and not the Jew wannabe that you are. Let that sink. 2 Likes |
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