APOSTLECHUMA:
Bunch of idiots and descendants of Satan that will not advise the fed govt to build refineries to stop
fuel importation.

^^^


I don't know about the descendants of Satan bit...but I can assure you they are not idiots. They are many things but they are most certainly not fools and idiots as they have been described on this thread.

tnerro1:
These idiots should also state what the minimum wage should be also, mudafvcker white witches

^^^


So many on this thread have called the World Bank 'idiots'.

They are not idiots. They are many things but they are not idiots.

Blacktruth:
U dey mind those idiots, i don dey call thunder since , him phone number never go, make e kon help me fire dem

^^^


Again?

The World Bank isn't full of idiots - unless the meaning of idiocy has changed significantly.

This very minute, there are people in that bank who are building scenarios, creating algorithms, running regressions, creating complex models etc. All that work will decide how millions of people will work, live, earn, defecate, breathe, eat, sleep, think, procreate etc. years from now. Village idiots don't usually engage in this kind of high level stuff.

I don't know any idiots who can hold hundreds of millions of a country's people captive through the poor choices of both leaders and the led. The World Bank country rep (or director or whatever he is called) isn't usually a household name in any given country...but he should be. He doesn't usually interact with regular folk except for carefully crafted, occasional photo ops. More often, he does business at the highest level of decision making of the host country - and when he speaks, the leaders of that country had better listen and listen attentively.

There are people in that bank who have built plausible scenarios of events in this very country in the next 10 years and well beyond. Of course, nothing is certain - and that's why scenarios are what they are - but long, long ago the bank's modelling moved away from mere possibilities into real, high probabilities.

If this is idiocy, please sign me up.

Fujiyama:


^^^


Again?

The World Bank isn't full of idiots - unless the meaning of idiocy has changed significantly.

This very minute, there are people in that bank who are building scenarios, creating algorithms, running regressions, creating complex models etc. All that work will decide how millions of people will work, live, earn, defecate, breathe, eat, sleep, think, procreate etc. years from now. Village idiots don't usually engage in this kind of high level stuff.

I don't know any idiots who can hold hundreds of millions of people captive through the poor choices of both leaders and the led. The World Bank country rep (or whatever he is called) isn't usually a household name in any given country...but he should be. He doesn't usually interact with regular folk except for carefully crafted, occasional photo ops. More often, he does business at the highest level of decision making of the host country - and when he speaks, the leaders of that country had better listen and listen attentively.

There are people in that bank who have built plausible scenarios of events in this very country in the next 10 years and well beyond. Of course, nothing is certain - and that's why scenarios are what they are - but the bank's modelling has moved from mere possibilities into real, high probabilities.

If this is idiocy, please sign me up.

The battery wey dey my microphone don spoil , if not i for tell u something 😇🤣😂😅

grandstar:


Chief,
You talk as though the country has the luxury to complain.

It is like a man who gives his wife 1,500 to make a pot of egusi filled with meat for a family of 6. Do you think the money is enough? Do you think the man hates his children? After giving her the money, he is trekking to work as he has no transport money.

If the man actually expects the wife to provide a full pot of egusi with that money, will he not be delusional? If his wife complains it isn't enough, does the man have the money to givge her extra? The wife says, " what you pay for is what you will get. I am not ready to borrow to add to you."

You guys have to be reasonable. Buhari bankrupted the economy because he refused to apply strict economic policies, one of which was the continuous waste of money subsidizing petrol.

There is no money again to subsidize petrol unless you want the CBN to print money to finance it as Emefiele was doing. 96% of the budget was used to service debt, where is the money to continue the subsidy? 4% of the budget is too small to finance the subsidy. The subsidy requires at least 20% of the budget.

Supply of petrol will remain in short supply because only the government can import and sell it at the present price as there is no profit to be made from importing it. Even Dangote will start first producing diesel and jet fuel. He will produce petrol later. As long as the price of petrol is not market reflective or better still for the price to be fully deregulated as done with petrol, kerosene and gas, there will also be the shadow of scarcity surrounding it.

We all know subsidy wasn't sustainable and nobody is blaming Tinubu for removing it. All candidates already said they will remove subsidy including the Godlike Peter Obi.
But Tinubu went ahead to float the naira at the same time. That was a disaster as we can all see now.
Float the naira yes but why rush to do it at a time he was removing subsidy. 60% of out import is petroleum products. What was he expecting to happen to our naira?
The fact that the refinery was about to finish should have given Tinubu some breathing space to postpone the floating until dangote could replace imported fuel with domestic ones.

World bank don't care about the Nigerian economy. All they want is how Nigeria can service her debt to global financial institutions.
U won't believe they are already putting pressure on Tinubu to raise interest rate to curb inflation.

CBN has been raising interest rate for yrs, how has it curb inflation in this country.

Guy we need pragmatic and street wise economic guru to successfully run the economy of an African state.
This world bank model don't work for us.

Now look how the naira will refuse to come down even when domestic production of fuel commence. Just wait.

Racoon:
The World Bank has stated that the Federal Government may still be paying for fuel subsidy, considering that fuel prices are currently not cost-reflective in the country. It said the price of petrol should be around N750 per litre more than the N650 per litre currently being paid by Nigerians.

He said, “It does seem like petrol prices are not fully adjusting to market conditions so that hints at the partial return of the subsidy, if we estimate what is the cost reflective of retail PMS price of the would-be and assuming that importation is done at the official FX rate.

These are just estimates to give you a sense of what cost-reflective pricing most likely looks like. We think the price of petrol should be around N750 per litre more than the N650 per litre currently paid by Nigerians.”

^^^
Interesting that the World Bank rep has framed the discussion around cost-reflective pricing.

For years, some of us have consistently asked for the true cost of local refining of petroleum products in Nigeria. We aren't asking for too much - just a breakdown of the cost of locally refining a litre of fuel in the last decade, last year, last month or last week. We just wanted to know if the price of locally refined fuel (when the refineries were still working) was cost reflective. However, nobody seemed to have this information.

Some oil subsidy 'experts' and super 'economists' berated us for asking this question. They even said it didn't matter. But of course it does. Here we have a World Bank representative pointedly focusing on an unsustainable situation: the pump price of fuel in Nigeria today is lower than the landing cost. If the cost of production is central to the World Bank rep's discussion of pricing imported fuel, why isn't it equally central in a discussion on the pricing of locally refined fuel?

We will come back to this question eventually, whether we like it or not.