NewStats: 3,259,273 , 8,169,710 topics. Date: Saturday, 24 May 2025 at 03:46 PM 1w1o5b

Kobojunkie:
Your choice to be a very bad cook has nothing to do with the recipe but you. Yes, it is your choice to be a very bad cook.

I can tell you this because, in the U.S. Army, the cooks who work in the kitchens in their submarines get just 5 weeks of training in how to cook for 1000s of people — just 5 weeks. And many of those who get that training are not people who enjoyed cooking before being assigned to the kitchen. Yet you rarely hear of the cooks on their teams being bad cooks because all that is required to be a cook good is training— discipline. So, your choice to remain a bad cook is exactly that, your f-king choice.

Nigerians too can enjoy many of the same quality of living that people in developed countries have if they can get their government and corruption checked. APC has wrought terrible havoc on the Nigerian economy and the lives of the people. But it remains that the only ones who can stand up to make Nigeria a better place for the people are the people. No external power can do that; not even the World Bank sanctioning Nigeria can make that happen.

Except no country in the world has succeeded with the stupid recipe

StaffofOrayan:
■ Except no country in the world has succeeded with the stupid recipe

Stop fleeting arrogantly in ignorance abeg!

Did you know that for a brief period — 2003 - 2007— Nigeria was on the path to succeeding with this recipe? Yes, Obasanjo finally began working hard on the implementation of a lot of these reforms and Nigeria began reaping dividends even then. Nigeria was able to pay off its debt while the rest was wiped off. The country began the privatization of public sector companies and saved up so much money — $50 Billion in its Excess Crude s — too. Sadly, that all ended when Yar Adua came into office and reversed many of the reforms that had been in place. If Nigeria had continued with those reforms through the Yar Adua and even Jonathan regimes, the APC would not have easily come in to destroy all of it and take Nigerians back to square one again.

Yes, if Obasanjo had also installed the Safety Net plan and removed fuel subsidy at that time too, or even during Yar adua's time, Nigerians would have probably saved over $100 billion in subsidy money. Sadly the success was cut short by the greedy politicians. Now that I think about it. Maybe Nigerians missed a good opportunity when they refused to allow Obasanjo to continue for a third term in office. Maybe that was needed at the time but we were too blinded by propaganda and permission to see it. Compared to the nutjobs that came after him, Obasanjo was a saint.

Kobojunkie:
Stop fleeting arrogantly in ignorance abeg!

Did you know that for a brief period — 2003 - 2007— Nigeria was on the path to succeeding with this recipe? Yes, Obasanjo finally began working hard on the implementation of a lot of these reforms and Nigeria began reaping dividends even then. Nigeria was able to pay off its debt while the rest was wiped off. The country began the privatization of public sector companies and saved up so much money — $50 Billion in its Excess Crude s — too. Sadly, that all ended when Yar Adua came into office and reversed many of the reforms that had been in place. If Nigeria had continued with those reforms through the Yar Adua and even Jonathan regimes, the APC would not have easily come in to destroy all of it and take Nigerians back to square one again.

Yes, if Obasanjo had also installed the Safety Net plan and removed fuel subsidy at that time too, or even during Yar adua's time, Nigerians would have probably saved over $100 billion in subsidy money. Sadly the success was cut short by the greedy politicians. Now that I think about it. Maybe Nigerians missed a good opportunity when they refused to allow Obasanjo to continue for a third term in office. Maybe that was needed at the time but we were too blinded by propaganda and permission to see it. Compared to the nutjobs that came after him, Obasanjo was a saint.

Your answer is why you are not smart.
My first post was about how IMF/World bank are only interested in getting their loan paid back
Now you are telling how the reforms made Nigeria pay it's loan back under Obasanjo,
Can you pique your dumbnessss now

StaffofOrayan:
■ Your answer is why you are not smart. My first post was about how IMF/World bank are only interested in getting their loan paid back Now you are telling how the reforms made Nigeria pay it's loan back under Obasanjo,
Can you pique your dumbnessss now

LOL... I understand you desperately want to seem smart in your ignorance but it still ain't working!

I didn't say the reforms made Nigeria pay back its loans. Rather, what I said is that Nigeria — formerly struggling under the debts it had to pay off debt— by reducing waste in the system, beginning the selling of government assets— as suggested— was able to obtain money enough to not only pay off its debts but also get in the good graces of the World Bank resulting in the debt cancellation deal Nigeria enjoyed under the Obasanjo regime. If you don't know these things at least do some honest investigation of your own to obtain the facts rather than continue to desperately search for ways to twist the narrative to instead suit the false propaganda you have been fed by the same politicians who are currently corruptly ruling over you and your ilk today.

Brace up brethren.

World Bank on depopulation campaign ft T-Pain.

World Bank said the track will be a hot banger track for the next 15 years

I will suggest that a census be conducted after the 15 years, I want to check something

Tianamen1:

Nigeria, between 2004 and 2007. in fact, through to 2009.

Did we remove subsidies on fuel and float the Naira?

abu99err:
■ Did we remove subsidies on fuel and float the Naira?

Removed what subsidies on fuel?

Nigeria's fuel subsidy in September 2023 was estimated to be as high as N1.68 trillion. This was due to the naira's fall against the dollar and the rise in crude prices

https://www.bloomberg.com/news/articles/2024-09-23/dangote-says-time-for-nigeria-to-end-fuel-subsidy-boost-naira

According to CBN, the reason the Naira was devalued was to collapse multiple Fx windows into one. But to this day, Nigeria still operates multiple Fx Windows.

@kobojunkie and @Tianamen1 I will agree with you that it is not smart to blame these organisation for our stupidity and falling for Thier tricks, we should blame ourselves for whatever happens......... But we should be able to acknowledge that these organisations don't really expect us as a country to pull this off, no country in this world has been able to implement their policies fully and I honestly doubt that Nigeria will succeed in doing it, everything been equal a new Government will probably reverse some of the policies because the suffering will be too much for the people

Kobojunkie:
Removed what subsidies on fuel?
https://www.bloomberg.com/news/articles/2024-09-23/dangote-says-time-for-nigeria-to-end-fuel-subsidy-boost-naira

According to CBN, the reason the Naira was devalued was to collapse multiple Fx windows into one. But to this day, Nigeria still operates multiple Fx Windows.

So which policies does the World Bank want us to sustain for the next 15 years?

abu99err:
■ I will agree with you that it is not smart to blame these organisation for our stupidity and falling for Thier tricks, we should blame ourselves for whatever happens......... But we should be able to acknowledge that these organisations don't really expect us as a country to pull this off, no country in this world has been able to implement their policies fully and I honestly doubt that Nigeria will succeed in doing it, everything been equal a new Government will probably reverse some of the policies because the suffering will be too much for the people

Stop lying in a desperately bid to hold on to ideas that defy common-sense itself!

Singapore is a notable example of a country that implemented and succeeded in many of the same reforms that the IMF is still today suggesting to Nigeria.

abu99err:
■ So which policies does the World Bank want us to sustain for the next 15 years?

I hate the way you people think it makes sense for you to argue from a point of complete ignorance.

Kobojunkie:
Stop lying in a desperately bid to hold on to ideas that defy common-sense itself!

Singapore is a notable example of a country that implemented and succeeded in many of the same reforms that the IMF is still today suggesting to Nigeria.

kindly share any verifiable links to back up your claim please

Kobojunkie:
I hate the way you people think it makes sense for you to argue from a point of complete ignorance.

please kindly help clarify it for me, this thread is about what exactly?

abu99err:
■ kindly share any verifiable links to back up your claim please

Dude, the fact that you have been ignorantly arguing all of this while without clear understanding of the reforms we are talking of up until now is more than enough reason not to even respond to you anymore. I would rather go argue with a wall at this point, abeg!

Even China which many of you love to love implemented many of the exact same reforms, by the way.

abu99err:
please kindly help clarify it for me, this thread is about what exactly?

Rubbish! You expect me to spoonfed you information that has been right at your fingertips since about the year 2000 — the document regarding what IBB did wrong was published in 1997 and has been available online since about the year 2000 for every Nigerian truly interested in knowing fact from fiction to realize what in fact happened and how IBB was able to make away with so billions of Nigerian dollars all while telling Nigerians that SAP was responsible for their suffering.

Kobojunkie:
Dude, the fact that you have been ignorantly arguing all of this while without clear understanding of the reforms we are talking of up until now is more than enough reason not to even respond to you anymore. I would rather go argue with a wall at this point, abeg!

Even China which many of you love to love implemented many of the exact same reforms, by the way.

Fine you win........ But do you in all honesty see Nigeria pulling this off

https://en.m.wikipedia.org/wiki/Confessions_of_an_Economic_Hit_Man

Have you read about the confession of the Economic Hitman before??

abu99err:

Did we remove subsidies on fuel and float the Naira?

In 1999, Obasanjo increased the price of fuel from about N12 to about 22 Naira. Throughout his presidency, he adjusted the price of petrol as the price of crude oil increased. The cost of a litre of petrol in 2007 was about N75.

Obasanjo also removed the gap between the official exchange and black market rates. He devalued the Naira from N80 to about N140. The Naira appreciated to about N120 in 2007 and reached a maximum value of N116 in 2008.

Both policies helped stabilize Nigeria's macroeconomy.

Obasanjo also reduced government spending by privatizing MDAs through the BPE, which was led by Mallam Nasir El Rufai.

Obasanjo monetized the housing and vehicle allowances civil servants received, saving the nation lots of money.

Obasanjo 7X workers' salaries, so the civil servants did not suffer like what is happening now.

Obasanjo created the IC and the EFCC to reduce corruption in Nigeria

Obasanjo created the excess crude to prevent Nigeria from collapsing economically, as it has just occurred.

Obasanjo’s failings

Obasanjo once said his parents named him Matthew, but he was not a tax collector. This action encouraged Nigerians to import anything they wanted.

Mr Atiku Abubakar said that his and Obasanjo's UBEC policies failed to deliver quality education to Nigerians.

The late Chief Tony Momoh blamed Obasanjo for changing the official government vehicle from the 504 Obasanjo introduced in the 1970s to SUVs in the 2000s.

Political transition selecting the sickly Yaradua and the highly incompetent Goodluck Ebelechukwu Jonathan.

I hope I have satisfactorily answered your question.

abu99err:
■ Fine you win........ But do you in all honesty see Nigeria pulling this off

The only reason why the Nigerian government REFUSES to implement and sustain these reforms is one thing and one thing only... corruption.

► Implementing transparency from top to bottom as suggested would greatly expose the corruption in the system and these criminals you have in government are not going to allow that. They do not want that and so it is in their best interest to keep gullible Nigerians blindly believing the World Bank and IMF does not want anything good for them.
► Putting in place Safety Net programs like what is found out in Western countries, will greatly reduce the share of the loot that your criminal politicians are used to making away with. They would rather send you news of sharing rice to keep Nigerians chasing after shadows than have a fully functional welfare system that caters to the poor and sick in society.
►Fully privatizing state-owned companies will greatly reduce avenues for looting in the system and these politicians would rather have a hold on companies than completely release them to the hands of those in the private sector who have been proven better able to handle and run them.
► Removing fuel subsidies and diverting the funds to the Safety Net Programs and maybe also ing local industries is another reform suggested. But these people are thieves. Nigeria claims to have removed fuel subsidy yet there is nothing to show for the claim since the announcement was made back in May 2023. Instead, even with the reduced buying power of the average Nigerian, the country claims that the average daily consumption of PMS has increased right after the announcement, and the amount paid for subsidy ballooned to over 3 times the cost before this istration. ...

The list goes on. But see... why your criminal politicians are responsible for all — not some— of the hardship in that country and should be removed and punished to the very last?

abu99err:
https://en.m.wikipedia.org/wiki/Confessions_of_an_Economic_Hit_Man

Have you read about the confession of the Economic Hitman before??

The author made a lot of money off that book.

abu99err:
■ https://en.m.wikipedia.org/wiki/Confessions_of_an_Economic_Hit_Man
Have you read about the confession of the Economic Hitman before??

Never... I don't read crap when reality is right in front of me to judge for myself. 😒

I lived through the IBB years. I saw how most of the reforms that were promised never happened. Lots of people in my community would have benefitted but the government never did any of what it promised. We knew Babangida was corrupt back then only we had no real way of knowing how corrupt it was because the government was opaque in most all it did. Now we know that IBB had not just been stealing but looting Nigerians blind while blaming their sufferings on IMF SAP.

Speaking in the United States last Sunday, Vice-President Yemi Osinbajo queried how Nigerian leaders since Ibrahim Babangida squandered $982.8bn they received in oil revenues.
He gave the following breakdown of the revenues as obtained from the Organisation of Petroleum Exporting Countries:
► Ibrahim Babangida/Sani Abacha, $199.8bn;
► Olusegun Obasanjo/Umaru Yar’Adua, $401.1bn;
► Goodluck Jonathan, $381.9bn.
Although IBB ruled Nigeria from 1985, the figures given cover 1990-2014. According to Laolu Akande, the Vice-President’s spokesman, Mr. Osinbajo lamented that there is no infrastructure to show for the vast revenues.
https://punchng.com/how-we-squandered-982-8bn/

Where did most of that disappear to since there was nothing else going on during the IBB years except maybe the third mainland bridge?

Anyway, read this instead on the implementation plan during Obasanjo's own run. https://www.imf.org/external/pubs/ft/scr/2005/cr05433.pdf

MadPolitician:
15 years of this? We are finished

Nope


On ya mandate 😂

Kobojunkie:
The only reason why the Nigerian government REFUSES to implement and sustain these reforms is one thing and one thing only... corruption.

► Implementing transparency from top to bottom as suggested would greatly expose the corruption in the system and these criminals you have in government are not going to allow that. They do not want that and so it is in their best interest to keep gullible Nigerians blindly believing the World Bank and IMF does not want anything good for them.
► Putting in place Safety Net programs like what is found out in Western countries, will greatly reduce the share of the loot that your criminal politicians are used to making away with. They would rather send you news of sharing rice to keep Nigerians chasing after shadows than have a fully functional welfare system that caters to the poor and sick in society.
►Fully privatizing state-owned companies will greatly reduce avenues for looting in the system and these politicians would rather have a hold on companies than completely release them to the hands of those in the private sector who have been proven better able to handle and run them.
► Removing fuel subsidies and diverting the funds to the Safety Net Programs and maybe also ing local industries is another reform suggested. But these people are thieves. Nigeria claims to have removed fuel subsidy yet there is nothing to show for the claim since the announcement was made back in May 2023. Instead, even with the reduced buying power of the average Nigerian, the country claims that the average daily consumption of PMS has increased right after the announcement, and the amount paid for subsidy ballooned to over 3 times the cost before this istration. ...

The list goes on. But see... why your criminal politicians are responsible for all — not some— of the hardship in that country and should be removed and punished to the very last?

You seem not to understand me, I am not making excuses for the Government and I am not putting the blame of our current disaster on the IMF or World Bank, I am just pointing out that I believe they are taking advantage of our situation to put us into even more Debt-Trap.

Ask yourself this, if you and I with the limited knowledge that we have can deduce the likely outcome of these so called Reforms by this Government and that whatever benefits that comes out from the Reforms will likely not be properly managed because of our endemic Corruption then what excuse does these Organisations have?

They are recently acting as if they have so much faith in this Government saying that we should sustain the the Reforms for the next 15 years, when we all know the likely outcome that Corruption is endemic and it's not going away anytime soon.

The International Monetary Fund (IMF) and the World Bank have faced criticism for their lending practices, particularly when it comes to countries plagued by corruption. Some argue that these institutions are aware of the potential outcomes when lending to such countries and that their actions may even be driven by a desire to trap these nations in debt.

The IMF's primary goal is to promote global macroeconomic and financial stability, while the World Bank focuses on long-term economic development and poverty reduction ¹. However, their methods have been questioned, especially when dealing with countries struggling with corruption.

*Lending Practices Under Scrutiny*

Critics point out that the IMF and World Bank's lending practices can sometimes exacerbate the debt burden of already vulnerable countries. This can lead to a cycle of debt dependency, making it challenging for these nations to achieve economic stability and independence.

*Collaboration and ability*

It's essential to note that the IMF and World Bank have mechanisms in place to ensure ability and cooperation. For instance, they collaborate on country assistance and policy issues, and their staff work together to identify potential development projects or reforms ¹. However, the effectiveness of these measures in preventing debt traps is still debated.

*Addressing Corruption Concerns*

To address concerns around corruption, the IMF and World Bank have implemented various initiatives. These include the Financial Sector Assessment Program (FSAP) and the Heavily Indebted Poor Countries (HIPC) Initiative ¹. While these efforts aim to promote financial stability and reduce debt burdens, critics argue that more needs to be done to address the root causes of corruption.

Ultimately, the IMF and World Bank's lending practices and their impact on corruption-ridden countries are complex issues requiring nuanced solutions.

abu99err:
The International Monetary Fund (IMF) and the World Bank have faced criticism for their lending practices, particularly in countries plagued by corruption. Some argue that these institutions are aware of the potential outcomes when lending to such countries and that their actions may even be driven by a desire to trap these nations in debt.

The IMF's primary goal is to promote global macroeconomic and financial stability, while the World Bank focuses on long-term economic development and poverty reduction ¹. However, their methods have been questioned, especially when dealing with countries struggling with corruption.

*Lending Practices Under Scrutiny*

Critics point out that the IMF and the World Bank lending practices can sometimes exacerbate the debt burden of already vulnerable countries. This can lead to a cycle of debt dependency, making it challenging for these nations to achieve economic stability and independence.

*Collaboration and ability*

It's essential to note that the IMF and World Bank have mechanisms to ensure ability and cooperation. For instance, they collaborate on country assistance and policy issues, and their staff work together to identify potential development projects or reforms ¹. However, the effectiveness of these measures in preventing debt traps is still debated.

*Addressing Corruption Concerns*

The IMF and World Bank have implemented various initiatives to address concerns about corruption. These include the Financial Sector Assessment Program (FSAP) and the Heavily Indebted Poor Countries (HIPC) Initiative ¹. While these efforts aim to promote financial stability and reduce debt burdens, critics argue that more needs to be done to address the root causes of corruption.

Ultimately, the IMF and World Bank's lending practices and their impact on corruption-ridden countries are complex issues requiring nuanced solutions.

I understand the point you are trying to make. The IMF and the World Bank were set up after WW2 to prevent further world wars. When countries get desperate, they attack other countries to take their resources. The World Bank and the IMF removed the desire for war by lending to desperate countries.

Obasanjo implemented reforms so that they would not adversely affect Nigerians. On the other hand, Tinubu does not give a damn about Nigerians. Unfortunately, Nigerians are left to protest against the government. This is the most logical way out.

Goodluck Jonathan is the creator of this disaster. His spending money in the excess crude and his failure to save money created this mess.

Buhari should have carried out these reforms, but he felt oil prices would return to their previous highs, so he borrowed money to maintain Nigerians' lifestyles.

Tinubu is now implementing the reforms in a heartless manner, yet Nigerians are focused on the IMF and World Bank rather than calling for Jonathan's prosecution and Tinubu's removal.

My prediction
Fifty years from now, Nigeria will be worse than it is today because our people refuse to face the truth and deal with our problems. We will rather blame external forces for our failures.

abu99err:
■You seem not to understand me, I am not making excuses for the Government and I am not putting the blame of our current disaster on the IMF or World Bank, I am just pointing out that I believe they are taking advantage of our situation to put us into even more Debt-Trap.
■ Ask yourself this, if you and I with the limited knowledge that we have can deduce the likely outcome of these so called Reforms by this Government and that whatever benefits that comes out from the Reforms will likely not be properly managed because of our endemic Corruption then what excuse does these Organisations have?
■ They are recently acting as if they have so much faith in this Government saying that we should sustain the the Reforms for the next 15 years,
■ when we all know the likely outcome that Corruption is endemic and it's not going away anytime soon.

I am telling you that you are wrong because what you believe is birthed from ignorance which you probably picked up listening to players who actually don't mean well for Africa, Nigeria included.

2. These reforms— many of the same reforms the IMF/World Bank have pushed for over 30 years— worked for Nigeria during the last 4 years of Obasanjo's time in office. Obasanjo embarked on wholly implementing them and we all witnessed the benefits — every Nigerian you ask will tell you this. At this point, they are, in my opinion, the best-fit solution — in addition to overhauling corruption itself of course— that Nigeria has and knows. Yes, if we had a serious idea about ridding Nigeria of corruption at this point, I would say that overhauling the system would be the best path forward, right before implementing the IMF/World Bank reforms. However, Nigerians did not elect for themselves a government serious about overhauling corruption, and Nigerians don't seem the least bit interested in impeaching & recalling the many parasites that plague the system. But Nigeria can continue implementing the reforms as is. So that when Nigeria eventually gets to a place where it is ready to destroy corruption, it will at least have in place some of the benefits — fingers crossed — from the sustained implementation of these reforms to build on even then.

3. So much faith? Are you kidding? They are doing the exact opposite of what you assume. Here, have a listen to what Jaime Dimon of JP Morgan Chase — one of the investors that supplies the funds for the loans Nigeria gets from the World Bank — had to say about how investors invest their money. Listen between 1:37:07 — 1:39:07 of the video.
https://www.youtube.com/live/YibCmv8g3kU?si=_Y_Jd_94KSDwYnaK

4. The only people that can rid Nigeria of corruption are Nigerians. And right now the country called Nigeria needs loans to fund its government since corruption has been allowed by the people to drain much of its funds. World Bank is a Bank, financial institution, whose primary focus is on reducing poverty and increasing shared prosperity. The World Bank's main tasks include providing financial and technical to governments and helping countries implement specific projects.

If Nigerians wish to rid their government of the corruption that continues to suck at their lifeblood, then the Nigerian people will do just that. Nigerians can't and shouldn't continue to shift the blame on entities that are external to it to keep themselves pacified in their stewpidity!

Tianamen1:
■ Goodluck Jonathan is the creator of this disaster. His spending money in the excess crude and his failure to save money, created this mess.

I disagree!

The APC is equally behind the depletion of the ECA. Investigate what Fashola, Rotimi Amaechi, and Saraki did during the time when Jonathan was in office to ensure the money was pillaged.

https://www.vanguardngr.com/2012/05/why-govs-oppose-sovereign-wealth-fund-fashola/
https://www.timesng.com/regional/ssouth-west/178664-okonjo-iweala-blocks-banks-from-funding-states-fashola.html
https://www.thecable.ng/amaechi-govs-asked-jonathan-to-share-oil-savings-because-he-was-mismanaging-it/

Tianamen1:
■ Buhari should have carried out this reforms, but he felt oil prices will return to their previous highs, so he borrowed money to maintain the lifestyle of Nigerians. Tinubu is now implementing the reforms in a heartless manner, yet Nigerians are focused on the IMF and World Bank rather than calling for the prosecution of Jonathan and the removal of Tinubu.
■ My prediction. 50 years from now, Nigeria will be worse than it is today because our people refuse to face the truth and deal with our problems. We will rather blame external forces for our failures.

2. That's if anything is in fact being implemented as all I continue to see is looting and more waste everywhere I look.

3. I hope that the generation of Nigerians available at that time will at least be loads smarter and more intelligent than the people Nigeria has now in of education and separating fact from fiction.

@Tianamen1, have you by any chance come across an actual policy document released by the current istration detailing the actual policies and maybe an implementation plan in your research? Can you please share anything you may have on the topic?

Kobojunkie:
I disagree!

The APC is equally behind the depletion of the ECA. Investigate what Fashola, Rotimi Amaechi, and Saraki did while Jonathan was in office to ensure the money was pillaged.

https://www.vanguardngr.com/2012/05/why-govs-oppose-sovereign-wealth-fund-fashola/
https://www.timesng.com/regional/ssouth-west/178664-okonjo-iweala-blocks-banks-from-funding-states-fashola.html
https://www.thecable.ng/amaechi-govs-asked-jonathan-to-share-oil-savings-because-he-was-mismanaging-it/
2. That's if anything is, in fact, being implemented, as all I continue to see is looting and more waste everywhere I look.

3. I hope that the generation of Nigerians available at that time will at least be loads smarter and more intelligent than the people Nigeria has now regarding education and separating fact from fiction.

How are you doing today?
I read the articles you posted. The first and last were about the ECA. In the first and previous articles, Fashola and Amaechi blamed the federal government for mismanaging the ECA, respectively.

The speaker from the World Bank spoke on the need for total transparency in the management of oil revenues.

I do not have any Government documents on the Economy. Things in Nigeria are highly opaque.