WORLD BANK raises heat on economy   

Aug 11 (Lagos) - At a virtual summit, A specialist working at the The World Bank has stated that Nigeria's fuel subsidy is an existential threat to the Country. The statement was enough to cause various financial reporters to print articles that seemed to suggest that something major will happen regarding the fuel subsidy or Nigeria will cease of exist. Rather what they should have discussed was if the subsidy is bad or is the corruption in subsidy the real problem facing Nigerians?  

It is a well known fact that Nigeria spends most of its revenue of debt servicing and paying salaries of ministers, senators and house of representatives which are among the highest in the world. Also it is well known that the current government has borrowed like there is no tomorrow and this debt burden is likely to push generations of Nigerians into debt slavery. 

However there is a way out of this downward spiral if a leader can emerge who is honest and serious about tacking corruption and theft of Nigeria's resources. Situation is still under control as long as Nigerians can elect someone who is capable of understanding economics and fiscal balance. Nigeria is the biggest hope of Africa and with that kind of population, a consumption based model can pull Nigeria out of recessions towards high growth that it should be delivering. 

Nigeria should take hope from India, which has seen a dramatic turnaround in its economy since Prime Minister Narendra Modi won elections in 2014. The Country came out of an era of institutional corruption to turn into the fastest growing major economy of the world today.  India does not have oil like Nigeria but it is able to manufacture products that the world needs and as a result currently has forex reserves approaching $500 billion mark and  its stock exchange has more than tripled in the last 8 years. 

So Nigerians can still turn the economy around. There is no point delving over such remarks by people working at World Bank because such institutions can point fingers are weak countries of the World that they can push around. They would never call out the west for any of their economic policies because they are their pay masters. The whole agenda is to control small countries by lending them unsustainable amounts of funds and then control their weak financial systems, especially if those countries are full of natural resources like Nigeria and eventually make sure that their pay masters in the west benefit from those natural resources in such countries. After all nobody is forcing World Bank to lend money  to Nigeria and it can choose to stop lending if it thinks that we are facing existential threat from a fuel subsidy. 

Yes we have been pushed into this situation by current government by reckless borrowing and situation is dire but times do change and day comes after night. 

reporting for on  Thursday, Aug 11 2022 from Lagos, Nigeria
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