From ISAAC ANUMIHE, Abuja
International Monetary Fund (IMF), yesterday disclosed that 80 per cent of petroleum products consumed in Benin Republic are smuggled from Nigeria. The fund, however, warned Nigeria against expansionary fiscal policies, in view of the uncertainty in the global economic scene, Presenting the Regional Economic Outlook for Sub-saharan Africa, IMF’s Senior Resident Representative, Nigeria, Mr Scott Rogers, said Nigeria must take advantage of the current growth to strengthen her fiscal position by saving for the rainy day. He was of the view that early world economic recovery is not yet in sight. “The global economic outlook remains uncertain.
The context has continued to witness slowing growth, mostly marked in the advanced economies. The US housing prices remain depressed, and the nation’s weak economy is impacting negatively on many other countries of the world because the US is an export destination of many countries of the world.
“The US economy is recovering but the recovery is still weak. If the world economy remains weak, it will continue to affect countries of the world especially those with strong ties with the US and the Euro area which could actually go into recession.
Export growth in Sub-Sahara Africa has remained weak due to the weakening economies of the advanced countries,” he said. IMF further noted that the situation could be worse if by January, American President Barak Obama fails to reach a deal with the Congress to raise the deficit ceiling, as according to him.
“That will mean rise in tax rates and cut in government expenditure across board, which could further weaken the growth or even throw the economy into recession,” he said, while urging the Federal Government to come up with policies through which to save as much funds as possible, to avoid undue increase in government spending, and avoid a burst if oil prices crash.
For him, Nigerian economy stands the risk of being faced with lower crude oil prices due to weak global economy and that a high oil price benchmark, as being proposed by the National Assembly, could be detrimental to the economy. Rogers advised that the nation should generate fiscal surplus while oil prices are high and use it to build the nation’s reserves, instead of depleting the Excess Crude Account.
That was why the president wanted to remove fuel subsidy in the first place, but those who had access to the media misled the people
True.
then what is the escence of having Nigeria immigrations,Nigeria customs,on the borders. these security outfit is of no use to this country.thank God for the Nigerian army at least.
The problem we have in Nigeria today is that the government runs its affairs like a cabal. A place where governmental policies and programmes are still shrowdered in secrecy inspite of the existence of FOI Act is bound to generate ill-will and suspicion between the so-called political class and the estranged masses.Only massive political enlightenment to the citizenry can cure this malady. All hands must therefore be on deck. This is our country, we have no other one and we cannot afford to abandon it to a regime of political adventurists.
Scrap the custom. Simple!
Same old story by ngozi’s mentors d world bank national assembly carry go wt ur $80 benchmark nothing go happened jare what of d cabal and bunkers PDP members over 180,000 barels are stole daily by this members Ngozi is aware
if u don’t like someone, nothing he/she will do to please you. there is no old story by ngozi’s mentor. lets face the fact, what are all the custom men and all the road blocks along the boarder doing?
Thank you my brother! Let me ask Nigerians: Do fuel-tankers fly through the air? If not for the God-damn corruption being perpetrated by the Nigerian Customs and their Police acomplices, all these smugglings can’t happen. I think time has come when Nigerians should begin to place a curse on the heads of all corrupt Nigeians who collude with evil minded foreigners to make life difficult for innocent Nigerian children and their future. Enough is enough.
The businesses run by Govt are the engines fuelling corruption, that why subsidy must go, as painful as it is that the way to go, if nigerians start complain about a minister Like Ngozi,you know that the old and unproductive way of doing things are being reformed and they will resist it,but we all want to live a better life without breaking a sweat.
subsidy must go.
Mr President why waiting to sack ngozi and others. You are wasting time Mr President, punish who ever go against the law.
A naton dat cannot tackle her security challenges, fight corruption, checkmate smuggling and has about 70% of her population living below poverty level. Yet prides her useless self as d giant of Africa, d 7th largest oil producer and shouts am 52years old as far as am concerned is a failed state.
Nigerian Immigration and costum should be brought to book, then serious check should be on to get the offender
Gowon you forget that it was your rejection of ABURI ACCORD that lead to the secession. This mean that ICC will not spare you if you go there. Stop deceiving Christians in the name of prayers. How can you said that you have no regret over the killing of the Biafran people yet you claim to be a prayerful Christian. In fact you are doomed in hell. Woe to you Gowon
Let no body speak ill of another. The fact remains that we are all same if being placed on the same platform. If you are not an economist by the way of reasoning, you will nt understand what Ngozi is doing. The customs officers at the boarder shouldn’t be called to order. If you n I will stop the quest to get wealth n answer big names in the bid to create a history dis country will be a better place. I love you all
Go to Maradi Nigeria border with Niger you will ask what is going on there and then till 12midnight you will be surprise to count as many as 200 Tankers crossing the border with fuel. the duty of costom there is to count how many tankers that cross the border so as to get complete return for there bribe Cash
the customs should be blame for that.
We want glory without paying the price. We want to ‘eat’ oil subsidy and still want it.
We want glory without paying the price. We want to ‘eat’ oil subsidy and still have it.
where is the right direction? the president and ministers are all confused, it is the truth.
We are in a country of extra-ordinary happenings.Security challenges,extreem poverty,stagflation,corruption,electoral malpractices,census manipulation,communal clashes,religious intolerance and irresponsive government policies are recuring events in nigerian politics and government.
If subsidy were removed completely, by now some of the issues would ve addressed itself. The price we wuld ve paid for once we now pay twice. If we had accepted subsidy removal by now we wuld ve been on d road of recovery from the short term harsh effect
This is reasons that Mr president want to stop subsidize of fuel, but co-called Labour chairman collect bribe for marketers and went for protest now there is fuel scarcity can they move for protest NO, the problem of Nigerians is hence he/she is not favoured it should be stoped even if it will help 90%of citizens they dont care. Befor this news i knew this.
We r nw suffer 2 buy alitre of fuel but orda country enjoy our labour why r we sufferin Nigerian leader’s can’t we do somtin about this present situation so dat put next generation ill never see wat we pass through nw sir madam stand up let bluid Nigeria is our nation pls
This is other way of closing the lapses ,wake up Nigerian ,we have just a particular set of people eating the Nigeria money why …,till now nothing has don .Nigeria economics is falling day and night ,we are God of Africa by Nigerians but lets prove yourself by doing the right thing,allot of people on the street looking for work ,when you don`t have a name that mean no work for you.this is cost by high level of illiteracy in the society ,who claim then know it all . misleading people Nigeria today . is time we learn by our self, please build your think your reasoning .God help us