NEWSLETTER.
A Publication of the Zion Faith Bible-Believing Church Kpeyegyi Abuja Nigeria. {Vol. 13. NO 574. 20th October 2024} “…ONLY The Truth, Will Set You Free! (John.8:32). PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!
NIGERIA ON THE VERGE OF ECONOMIC SUICIDE THROUGH ONE MAN'S DISOBEDIENCE!
"For as through the one man's disobedience the many were made sinners, even so through the obedience of the one shall the many be made righteous. Clearly, through one person's disobedience humanity became sinful, and through one person's obedience humanity will receive God's approval."(Romans, 5:19). PETROLEUM SUBSIDY was not a CURSE to Nigeria’s economy but a BLESSING to the critical mass of its citizens who lived in abject POVERTY!
Subsidies had been in place since the 1970s, when the government sold petrol to Nigerians at a price below cost – though most consumers weren't aware of this. The 1977 Price Control Act made it illegal for some products (including petrol) to be sold above the regulated price. Consecutive military juntas which were in power for almost 30 years did not remove subsidy because petroleum products especially PMS, were the only dividends enjoyed by the masses whose liberty and freedom had been abrogated with the suspension of the Nigerian Constitution!
AND from 1999 until 28th May 2023, Petroleum Subsidy regime subsisted in spite of obnoxious/incessant pump price increases.
BY ONE MAN'S DISOBEDIENCE HELL WAS LET LOOSE ON; NIGERIA’S ECONOMY!
ON THE MORNING OF 29th May 2023, the "INVESTITURE DAY OF ONE MAN - PRESIDENT BOLA TINUBU" NIGERIA'S ECONOMIC LANDSCAPE TURNED FROM SUBLIME TRANQUILITY TO CHAOS AND TREPIDATION ACROSS THE LENGTH & BREATH OF THE NATION THROUGH THE ARBITRARY REMOVAL OF PETROL SUBSIDY!
While Tinubu continued His ECONOMIC DESTABILIZATION SPEECH at the Eagle Square Venue of the swearing-in-ceremony, Petroleum Marketers immediately adjusted pump price which plummeted from N195 naira per litre to N617 and presently in October 2024 sells at between N1, 080 - N1, 200 naira across the entire federation!
BUT THE GOOD NEWS IS THAT THROUGH THE UNICAMERAL (ONE HOUSE) PARLIAMENTARY SYSTEM OF GOVERNMENT THAT WOULD DEBUT VERY SOON THROUGH DIVINE INTERVENTION, A CHOSEN MAN'S OBEDIENCE WILL RESTORE SANITY INTO THE ECONOMIC ARCHITECTURE!
THE DISCOVERY OF CRUDE IN NIGERIA!
Oil was reportedly first discovered in Bayelsa State, in the Niger Delta, in 1956. According to the Organization of the Petroleum Export Countries (OPEC), Nigeria currently has the world's tenth largest crude oil reserves and is the world's thirteenth-largest producer of crude oil.
A MISNOMER IN GOVERNMENT!
Bola Tinubu like US Donald Trump is a multi- billionaire adventurist businessman who believed he could gamble to add political power at the highest level of government to his laurels and actually "succeeded" through a corrupt/manipulated system!
He has no business in government and that is why he failed woefully from the onset by putting the WRONG FOOT FORWARD THROUGH AN UNCEREBRAL SPONTANEOUS POLICY DECISION OF REMOVAL OF PETROL SUBSIDY WITH NEITHER CABINET MINISTERS NOR AN ECONOMIC ADVISORY TEAM WHICH WOULD HAVE PREVENTED THE DISASTROUS AND CATASTROPHIC EFFECTS CURRENTLY RAVAGING THE VERY POOR MASSES!
And Whereas Mr.Tinubu had been Leader of the APC Ruling Party's from 2015 and was aware of the fact that his predecessor in office rtd Major General Muhammadu Buhari was the Military leader who supervised over a very corrupt system which earned Nigeria the worst of negative international indexes because monies were borrowed to satiate the reckless and luxurious lifestyles of the politicians while the very poor masses wallow in squalor!
129 MILLION NIGERIAN CITIZENS ARE TRAPPED IN POVERTY SAYS WORLD BANK!
The World Bank, a major lender to Nigeria has confirmed in a recent 2024 Report that 129 million Nigerians are trapped in poverty to confirm a previous report in November 2022 by the National Bureau of Statistics (NBS), that 133 million Nigerians faced MULTI-DIMENSIONAL POVERTY in spite of the avalanche of borrowed monies in circulation and that the nation's official currency (NAIRA), was among the worst performing in the world!
*Debt owed to World Bank in 2024 is USD$16.5bn dollars!
According to the World Bank's latest financial statements, Nigeria's exposure to the IDA surged by 14.4 per cent, rising from $14.3bn in fiscal year 2023 to $16.5bn in fiscal year 2024, thus becoming World Bank's IDA third-largest debtor!
World Bank’s International Development Association (IDA) works with a large network of global, regional and local partners to reach poorest people and deliver sustainable result.
NIGERIA'S NAIRA IS AMONG THE MOST WORTHLESS IN THE WORLD! Says World Bank.
An October heart-rending media report by Africa's Pulse states that the NAIRA was prominent on the list of worst-performing currencies in Sub-Saharan Africa in 2024, according to the World's Apex Bank,!
The official currency which exchanges between N1,637.96 - N1, 684.640 to 1 US Dollar, further depreciated late August 2024, by approximately 43 per cent year-to-date, making it one of the region’s weakest currencies alongside the Ethiopian birr and South Sudanese pound.
According to analysts, several factors, including surging demand for US dollars in the parallel market, limited dollar inflows, and delays in foreign exchange disbursements by Nigeria’s Central Bank.
The World Bank’s report further highlighted that demand for dollars, driven by financial institutions, non-financial end-users, and money managers, has exacerbated the pressure on the naira.
“By August 2024, the Ethiopian birr, Nigerian naira, and South Sudanese pound were among the worst performers in the region. The Nigerian naira continued losing value, with a year-to-date depreciation of about 43 per cent as of end-August.
“Surges in demand for US dollars in the parallel market, driven by financial institutions, money managers, and non-financial end-users, combined with limited dollar inflows and slow foreign exchange disbursements to currency exchange bureaus by the central bank explain the weakening of the naira", the report further expatiated.
NIGERIA IS ALSO INDEBTED TO THE INTERNATIONAL MONETARY FUND! (IMF).
In 1986 under General Ibrahim Babangida's rule, Nigeria initiated its first IMF loan request under the conditions of a Structural Adjustment Program (SAP). SAP refers to the conditionality attached to an IMF loan given to a country, implemented to ensure that the country will establish institutional changes and economic reforms that will facilitate timely repayment.
In July 1986, the structural adjustment program was established under several conditions:
* First, reduce Nigeria's dependence on the oil sector;
* Second, maintain a medium term balance of payment;
* Third, construct a minimal non-inflationary economic growth structure;
* And lastly, aim to reduce unproductive investments.
These stipulations were attempts to promote domestic production, decrease dependency on the oil market, and lessen import needs.
Since 1987, Nigeria has participated in IMF loan arrangements on February 3, 1989, January 9, 1991, August 4, 2000, and most recently, in 2020 a $3.4 billion IMF loan, reaching 100 percent of its national quota. Ultimately, in 1986, Nigeria decided against supporting the $2.4 billion loan from the IMF due to political tensions and the domestic resistance against the IMF's conditions to eliminate the petroleum subsidy and to devalue the naira.
Nigeria has received a loan of $3.4billion from the International Monetary Fund (IMF). The loan was given to support the country's efforts to address the adverse economic impact of the coronavirus and the fall in the price of oil, Nigeria's major export commodity.
WORLD BANK ALSO SAYS IT WOULD TAKE NIGERIA NOT LESS THAN 15 YEARS TO GET OUT OF THE WOODS!
PRESIDENT TINUBU MUST REVERSE ALL UNWORKABLE ECONOMIC POLICIES, YIELD TO THE PATRIOTS/CITIZENS DEMANDS FOR A PARLIAMENTARY SYSTEM THROUGH REFERENDUM WITHOUT FURTHER DELAY!
"A Word Is Sufficient For The Wise"!
[EXPECT A PRIME MINISTER IN NIGERIA NOW!]
Please look forward to more divine revelation in the next edition of Zion B-BC Newsletter as you share this with friends and remain blessed in the Lord. [For weekly access, to this newsletter, log on to: facebook.com/zionfaithbible.believingchurch or http://www.zfbbc1.blogspot.com,
Please look forward to divine revelations in The Sure Word Gospel Tracts, Our divinely inspired books on the Amazon KINDLE Store Namely: The Unbroken Chain of Grace, Nigeria’s Pot Pourri (Volumes 1-5), Godly Politicking For World Peace, and The Wedding Mascot Died
If you have not accepted the Lord Jesus Christ as your personal Lord and Saviour, don’t miss this great opportunity as you pray this prayer: Lord Jesus; I confess that I am a sinner who needs to be saved through the grace of the New Testament in your Blood, shed on the Cross at Calvary; I renounce every sin in my life and accept you as my Lord and personal Saviour. Please forgive me and write my name in the Book of Life. Amen. If you prayed this prayer, you have been admitted into the family of sons and daughters of God, who are born-again. Congratulations!
I am yours sincerely, THE WATCHMAN Dr. David B.A. Olufon, Resident Pastor and Editor. 08130669886, 08058436756. g-mail-dvdolufon@gmail.
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