Stats: 3,184,606 members, 7,924,048 topics. Date: Saturday, 17 August 2024 at 09:13 PM |
Nairaland Forum / Nairaland / General / Politics / Fuel Subsidy Is Unsustainable – World Bank (749 Views)
Nigeria's Reliance On Gas For Power Is Unsustainable / Fuel Subsidy Is A Lie – Prof David West (MATHEMATICAL ANALYSIS) / Nigeria’s Debt Is Unsustainable ! (2) (3) (4)
Fuel Subsidy Is Unsustainable – World Bank by kunzel(m): 7:37am On Apr 26, 2012 |
The World Bank on Wednesday warned that subsidy on petroleum products in Nigeria and other oil-producing African countries would be unsustainable in the medium term. It also predicted that lower oil prices would hurt Nigeria and other African oil- producing countries, noting that a repeat of the 2008/2009 financial crisis in Europe would curtail fiscal growth in many African countries. On the flip side, it said Nigeria was the sixth fastest growing economy in Africa in 2011, standing behind Ghana, Rwanda, Eritrea, Ethiopia and Mozambique ahead of Congo Republic, Zambia, Tanzania and Botswana. These warnings were contained in the April edition of the “Africa’s Pulse” magazine, an in-house publication of the World Bank’s Africa region. It was prepared by a 10-man team headed by the Chief Economist for the Africa region, Shanta Devarajan. It stated, “In 2010-11, over half of all African countries had some subsidy in place for fuel products, and these subsidies consumed, on average, 1.4 per cent of GDP in public resources. Of the 25 countries with fuel subsidies, the fiscal cost of subsidies in six countries — primarily oil exporters — was at or above two per cent of GDP in 2011. “The fiscal cost in oil exporters was almost two-and-a-half times the levels observed for oil importers. These costs have grown sharply in some countries in recent years. In countries facing substantial fiscal deficits and rising public debt levels, the fiscal space to subsidise fuel costs is constrained.” http://www.punchng.com/business/money/fuel-subsidy-is-unsustainable-world-bank/ |
Re: Fuel Subsidy Is Unsustainable – World Bank by Demdem(m): 7:46am On Apr 26, 2012 |
kunzel: The World Bank on Wednesday warned that subsidy on petroleum products in Nigeria and other oil-producing African countries would be unsustainable in the medium term. It also predicted that lower oil prices would hurt Nigeria and other African oil- producing countries, noting that a repeat of the 2008/2009 financial crisis in Europe would curtail fiscal growth in many African countries. On the flip side, it said Nigeria was the sixth fastest growing economy in Africa in 2011, standing behind Ghana, Rwanda, Eritrea, Ethiopia and Mozambique ahead of Congo Republic, Zambia, Tanzania and Botswana. These warnings were contained in the April edition of the “Africa’s Pulse” magazine, an in-house publication of the World Bank’s Africa region. It was prepared by a 10-man team headed by the Chief Economist for the Africa region, Shanta Devarajan. It stated, “In 2010-11, over half of all African countries had some subsidy in place for fuel products, and these subsidies consumed, on average, 1.4 per cent of GDP in public resources. Of the 25 countries with fuel subsidies, the fiscal cost of subsidies in six countries — primarily oil exporters — was at or above two per cent of GDP in 2011. “The fiscal cost in oil exporters was almost two-and-a-half times the levels observed for oil importers. These costs have grown sharply in some countries in recent years. In countries facing substantial fiscal deficits and rising public debt levels, the fiscal space to subsidise fuel costs is constrained.” This reminds me of the various lies Ngozi and Madueke were peddling late last year / very early this year. World bank / IMF, Kiss my asss. as far as i am concerned, the only indication that will suggest that my country is indeed growing economically is what i see on the ground and not what voodoo economist who probably hasnt even stayed in Nigeria for a week says. |
Re: Fuel Subsidy Is Unsustainable – World Bank by Nobody: 8:27am On Apr 26, 2012 |
This people never tire! |
Re: Fuel Subsidy Is Unsustainable – World Bank by Kobojunkie: 9:45am On Apr 26, 2012 |
Of course, as is, it is unsustainable. We are being bilked billions of dollars each year, more than we spend on infrastructural development. That is unsustainable. |
Re: Fuel Subsidy Is Unsustainable – World Bank by wirinet(m): 10:52am On Apr 26, 2012 |
What of agricultural and health care subsidies in Europe and the US, is it sustainable? |
Re: Fuel Subsidy Is Unsustainable – World Bank by Nobody: 12:34pm On Apr 26, 2012 |
[quote author=Kobojunkie]Of course, as is, it is unsustainable. We are being bilked billions of dollars each year, more than we spend on infrastructural development. That is unsustainable. [/quote Just look at you again,always writing bullshit |
(1) (Reply)
Too Late To Cry For Nigeria / Why Others Don't Invest In Igbo States? / No Crisis In APGA –obi
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 13 |