World bank says Nigeria’s 2024 inflation rate will drop to 24.8 per cent

[Agbe]

As it is the former Governor of Kaduna state is accusing the president now that, he is paying fuel subsidy secretly. And fuel is still high. How?

I do not know if the federal government are still paying for fuel subsidy, but it can be true. If you notice that as inflation increase in Nigeria, PMS price did not increase. It is possible that the price has actually increase but the government start paying the subsidy again. But some refineries are working in Nigeria now which may be the reason the price of PMS is not increasing as the local supply increases. According to the news I read last month, marketers said if the refinery in Port Harcourt is fully functional, that it is possible that the price of PMS may reduce. Although, I do not know how true this would be.

PH refinery: Marketers eye fuel price reduction, ready to load

Yes Rufai claims that the FG has spent over 8 billion Naira on fuel subsidy, and that is why we are buying petrol at the price of 670, that if not petrol would have be as expensive as diesel. I am shocked to hear this, because I thought that subsidy on petrol have been removed by the new administration in May 29th.

You can read it here https://www.vanguardngr.com/2024/04/fg-still-subsidising-petrol-in-trillions-of-naira-el-rufai/

[Tribalchief]

I came across a figure that happens to be the new inflation rate, but I can't really remember the value now. Recently, I have seen tweets saying that the Naira has appreciated and the prices of goods are beginning to come down, especially the price of a bag of rice, which fell from 80K to 64K. Though news like this is quite impressive, I can't really feel the effects when I choose to make purchases. The issue with local marketers is really making things more difficult for everyone, making it seem as if the country is making progress.

Yes Rufai claims that the FG has spent over 8 billion Naira on fuel subsidy, and that is why we are buying petrol at the price of 670, that if not petrol would have be as expensive as diesel. I am shocked to hear this, because I thought that subsidy on petrol have been removed by the new administration in May 29th.

You can read it here https://www.vanguardngr.com/2024/04/fg-still-subsidising-petrol-in-trillions-of-naira-el-rufai/

How can they spend 8 billion naira on fuel subsidy when it was removed the moment they came into power? The whole story doesn't even make any sense. Unfortunately, there is no one to hold them accountable for all this bad joke because those who are supposed to represent us (Labour Congress) have become their puppets. Just imagine if the supposed 8 billion naira wasn't spent; then, we would have bought it for 1200 and above.

[Rruchi man]

How can they spend 8 billion naira on fuel subsidy when it was removed the moment they came into power? The whole story doesn't even make any sense. Unfortunately, there is no one to hold them accountable for all this bad joke because those who are supposed to represent us (Labour Congress) have become their puppets. Just imagine if the supposed 8 billion naira wasn't spent; then, we would have bought it for 1200 and above.

It is either the figures that they are giving are figures they spent maybe as outstanding payment before stopping payments completely, we all know that for some kinds of agreement that have been long existing, it takes more than word declaration to stop it, there have to meetings held to end agreements. The president may have declared "no more subsidy payment" on his first day in office, but that was not the day it took effect although we started seeing the effects from that day because we sabi dey wicked to ourselves well well.

[enwi]

How can they spend 8 billion naira on fuel subsidy when it was removed the moment they came into power? The whole story doesn't even make any sense. Unfortunately, there is no one to hold them accountable for all this bad joke because those who are supposed to represent us (Labour Congress) have become their puppets. Just imagine if the supposed 8 billion naira wasn't spent; then, we would have bought it for 1200 and above.

It is either the figures that they are giving are figures they spent maybe as outstanding payment before stopping payments completely, we all know that for some kinds of agreement that have been long existing, it takes more than word declaration to stop it, there have to meetings held to end agreements. The president may have declared "no more subsidy payment" on his first day in office, but that was not the day it took effect although we started seeing the effects from that day because we sabi dey wicked to ourselves well well.

Maybe if the president continues to provide subsidy payments it will cause the state debt to increase. Actually, it is difficult for the president to make a statement like that, but there is no other choice but to declare it so that the state's financial condition remains stable.

[Agbe]

I don't really know if this inflation of a thing will reduce again because garri wey we been dey buy at di rate of NGN2500 last month, but now na NGN5500, and garri nai be the main thing in my region before even rice beans. And for my prediction, inflation will not go down for any time soon. Because African inflation rise with two things which I do tok am before. Fuel and dollar and if those two things are still high then nothing go come down.

[Makus]

I don't really know if this inflation of a thing will reduce again because garri wey we been dey buy at di rate of NGN2500 last month, but now na NGN5500, and garri nai be the main thing in my region before even rice beans. And for my prediction, inflation will not go down for any time soon. Because African inflation rise with two things which I do tok am before. Fuel and dollar and if those two things are still high then nothing go come down.

This inflation of a thing is getting out of hand oo, this garri own Naim pain me pass any other thing wey don dey sup because Na my weak point be that, as you take garri commot for my diet r go just be like say make I faint because I no dey fit dey without swallow. Actually when the Naira to dollar price been dey 1500, garri been no cost like this, so Wattin come dey constitute this increase in price. Sometimes I dey feel like say this producers and market people sef dey over hype the inflation for the price of things.

[Agbe]

World Bank dey tok all these things dey hide their main agendas in the country. Dem no dey ever support do development of African. They were di colonial masters and they are still in the Neo-colonialism in Africa. Since when dem tok say Nigeria inflation go down till now weti don happened, nothing and instead the inflation dey go up so more every month. And they are behind for all these things. As we dey tok now Nigeria firms dey use dollar dey buy things dey sell even within Nigeria not only in the international market but in the country. Example. Dangote buys crude oil with dollar from NNPC and in return NNPC.buys Fuel with dollar and it is only the customers buys Fuel with the local currency. Who brought those money dollars to the country for the exchange, World Bank so they know what they are doing.

[Axcel777]

The world bank is one of the institutions that is part of the problem of Nigeria so we can't be believing in what they are saying as we should be careful with the so called world bank speculation because when ever the world bank see Nigeria as wanting to move forward they will come up with one story to distract our attention from moving forward. Because word bank is saying that inflation rate is dropping by24.8 but still yet the price of goods and services is on the high we should not take the world bank serious as the report are deceptive

The notion of economic growth has to encompass trust and recognition of actual local circumstances. In case the information coming from outside contradicts the actual situation, we have to rely more on ourselves and work out the corresponding strategies and options that correspond to the people’s requirements. That is why by aiming at the usage of experience and immediate observation of the existing processes, it is possible to create more suitable and effective economic policies in order to increase welfare within the country.

[bitebits]

The world bank is one of the institutions that is part of the problem of Nigeria so we can't be believing in what they are saying as we should be careful with the so called world bank speculation because when ever the world bank see Nigeria as wanting to move forward they will come up with one story to distract our attention from moving forward. Because word bank is saying that inflation rate is dropping by24.8 but still yet the price of goods and services is on the high we should not take the world bank serious as the report are deceptive

The notion of economic growth has to encompass trust and recognition of actual local circumstances. In case the information coming from outside contradicts the actual situation, we have to rely more on ourselves and work out the corresponding strategies and options that correspond to the people’s requirements. That is why by aiming at the usage of experience and immediate observation of the existing processes, it is possible to create more suitable and effective economic policies in order to increase welfare within the country.

I believe in knowledge about our own states and especially stress the primary data as the main guidelines for further development of the economy. Thus, the points in question should be treated investigatively with an attempt to promote community priorities for constructing more suitable and efficient steps for the general beneficent. Such a change of this policy not only contributes to a fast and solid establishment of such an economic system, but can also help foster people’s confidence about what is being done at home so as to realize domestic affluent and healthy live in the fastest way possible.

[Axcel777]

The world bank is one of the institutions that is part of the problem of Nigeria so we can't be believing in what they are saying as we should be careful with the so called world bank speculation because when ever the world bank see Nigeria as wanting to move forward they will come up with one story to distract our attention from moving forward. Because word bank is saying that inflation rate is dropping by24.8 but still yet the price of goods and services is on the high we should not take the world bank serious as the report are deceptive

The notion of economic growth has to encompass trust and recognition of actual local circumstances. In case the information coming from outside contradicts the actual situation, we have to rely more on ourselves and work out the corresponding strategies and options that correspond to the people’s requirements. That is why by aiming at the usage of experience and immediate observation of the existing processes, it is possible to create more suitable and effective economic policies in order to increase welfare within the country.

I believe in knowledge about our own states and especially stress the primary data as the main guidelines for further development of the economy. Thus, the points in question should be treated investigatively with an attempt to promote community priorities for constructing more suitable and efficient steps for the general beneficent. Such a change of this policy not only contributes to a fast and solid establishment of such an economic system, but can also help foster people’s confidence about what is being done at home so as to realize domestic affluent and healthy live in the fastest way possible.

Economic development could be further enhanced by increasing the reliance on primary data so that decision making process is more targeted. When researching community needs, an investigative approach is useful in enabling formulation of sound policies in relation to the needs and effective donor aid. They can also enhance national stability of the economy, and ensure that citizens believe in the countries development strategies. All these steps will create a better life and help the achievement of the shared prosperity that is needed for all of us.