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Ezekwesili Replies Sanusi On $45bn Reserves - Politics - Nairaland

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Ezekwesili Replies Sanusi On $45bn Reserves by Nobody: 10:06am On Mar 08, 2013


The controversy generated over the alleged mismanagement of the $45 billion and the Excess continued yesterday, with former Minister of Education, Dr. Obiageli Ezekwesili, accusing the Central Bank Governor, Malam Sanusi Lamido Sanusi, of misrepresenting facts.

She also challenged the federal government to meet her at the public hearing proposed by the National Assembly.

The former minister had, at a public lecture early this year, accused the Yar’Adua/Jonathan administrations of depleting the nation’s foreign reserve and ECA.

In a statement yesterday, Ezekwesili said: “The governor of Central Bank of Nigeria, Sanusi Lamido Sanusi, more than anyone knows that my speech stated that the Foreign Reserve was $45b and not the ‘$67b Foreign Reserve’ they have been quoting to paint the picture of ‘false accusation’ and hence manipulate and distract everyone.

“He knows that they are distorting the point of my article by using their ‘straw number’ of $67b which I did not use in my speech. My speech stated $45b Foreign Reserve and $22b ECA and he more than anyone knows that Excess Crude Account is a sub-set of Foreign Reserve!”

While saying that Sanusi had admitted fiscal leakages, she noted that the nation’s foreign reserve was still depleting over a period of at least four years of high oil prices.

“Why won’t the FG agree to the public hearing called by National Assembly?” she further queried.

Source

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Re: Ezekwesili Replies Sanusi On $45bn Reserves by daywatcher: 10:14am On Mar 08, 2013
someone pitching for a juicy position in case APC wins in 2015

oya Sanusi, we are waiting for your response







1st to comment...Glory to Sango

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Re: Ezekwesili Replies Sanusi On $45bn Reserves by Pizzanatty(m): 10:33am On Mar 08, 2013
Sanusi...abeg respond fast oo...
Foriegn reserve or Excesss Crude Account...GEJ 4 2015....


Whts my position and beside ds should head straight 2 front page?
Re: Ezekwesili Replies Sanusi On $45bn Reserves by Stallion77(f): 11:01am On Mar 08, 2013
This public hearing tha she is canvassing for....hmmm...some public officers dread it o especially wen they know their opponent have nothing to loose.

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Re: Ezekwesili Replies Sanusi On $45bn Reserves by jaso1(m): 11:01am On Mar 08, 2013
It's a government of deceit and lies. Those crooks are professional rogue to be jail thereafter for deliberately impoverishing the nation. They think they can steal all our money and subsequently used it to buy freedom for themselves after leaving office!
I pity them; none of them will bag less than 20 years imprisonment.

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Re: Ezekwesili Replies Sanusi On $45bn Reserves by taharqa: 11:15am On Mar 08, 2013
I just dey laugh. So its not $67bn, but $45bn (since d ECA is a SUBSET of d Foreign Reserves as she just admittd). The Govt guys were right aftall.... By d way, what took Ezekwesili this long to mk dis clarification. She shld be careful so that Politics and a quest for Power by sm people, do not destroy whateva reputatn she has of not bn friviolous..... Ova now to those Resident IJIOTS who were arguing with sm of us when dis issue were trending then. @Gbawe, @Demdem, @Omo-koko, @Lacasa, @Seanten1, @Garriman, etc

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Re: Ezekwesili Replies Sanusi On $45bn Reserves by hercules07: 11:32am On Mar 08, 2013
taharqa: I just dey laugh. So its not $67bn, but $45bn (since d ECA is a SUBSET of d Foreign Reserves as she just admittd). The Govt guys were right aftall.... By d way, what took Ezekwesili this long to mk dis clarification. She shld be careful so that Politics and a quest for Power by sm people, do not destroy whateva reputatn she has of not bn friviolous..... Ova now to those Resident IJIOTS who were arguing with sm of us when dis issue were trending then. @Gbawe, @Demdem, @Omo-koko, @Lacasa, @Seanten1, @Garriman, etc

The total still stands at 67 billion sha, anyway, we need to look at why our "reserves" are this low during this boom period.

1 Like

Re: Ezekwesili Replies Sanusi On $45bn Reserves by Yeske2(m): 11:35am On Mar 08, 2013
hercules07:

The total still stands at 67 billion sha, anyway, we need to look at why our "reserves" are this low during this boom period.
Exactly, don't know Why the FG is so scared about the debate.
Re: Ezekwesili Replies Sanusi On $45bn Reserves by jaso1(m): 11:46am On Mar 08, 2013
taharqa: I just dey laugh. So its not $67bn, but $45bn (since d ECA is a SUBSET of d Foreign Reserves as she just admittd). The Govt guys were right aftall.... By d way, what took Ezekwesili this long to mk dis clarification. She shld be careful so that Politics and a quest for Power by sm people, do not destroy whateva reputatn she has of not bn friviolous..... Ova now to those Resident IJIOTS who were arguing with sm of us when dis issue were trending then. @Gbawe, @Demdem, @Omo-koko, @Lacasa, @Seanten1, @Garriman, etc

She's preserve and well intelligent than those you speak in their support.
Tell your economy voodoo team to come forward to the parliament and defend the allegation, that’s where Nigeria can know who’s lying among them all.
Ezekwesili is bold, and confident in her facts so let your mentors come and defend themselves on why they are making life difficult for you.

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Re: Ezekwesili Replies Sanusi On $45bn Reserves by Demdem(m): 12:07pm On Mar 08, 2013
taharqa: I just dey laugh. So its not $67bn, but $45bn (since d ECA is a SUBSET of d Foreign Reserves as she just admittd). The Govt guys were right aftall.... By d way, what took Ezekwesili this long to mk dis clarification. She shld be careful so that Politics and a quest for Power by sm people, do not destroy whateva reputatn she has of not bn friviolous..... Ova now to those Resident IJIOTS who were arguing with sm of us when dis issue were trending then. @Gbawe, @Demdem, @Omo-koko, @Lacasa, @Seanten1, @Garriman, etc

Fool, has the govt agreed to the public debate? That is the crux of the matter. When this is done, we will compare comments. Ode.
Oby has been steadfast and consistent so far. I wonder why that liar called ngozi hasn't said anything about it. Instead she sent the dogs.
Re: Ezekwesili Replies Sanusi On $45bn Reserves by taharqa: 2:41pm On Mar 08, 2013
hercules07:

The total still stands at 67 billion sha, anyway, we need to look at why our "reserves" are this low during this boom period.
NO. Plz read tru d article again. The ECA is a SUBSET of Foreign Reserves. She admittd that much in dis article. If we say that today that the Reserves is $48bn, we also mean that that is INCLUSIVE of almost $11bn in d ECA- you dont add d $11bn to $48bn and say d Reserves is $59bn. This was exactly d point sm of us hv bn trying to get across to FRUSTRATED 'SUBHUMANS' like @Demdem.... There was NEVER $67bn Reserves at any time. OBJ left a little above $45bn (ECA inclusives)

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Re: Ezekwesili Replies Sanusi On $45bn Reserves by hercules07: 2:51pm On Mar 08, 2013
taharqa: NO. Plz read tru d article again. The ECA is a SUBSET of Foreign Reserves. She admittd that much in dis article. If we say that today that the Reserves is $48bn, we also mean that that is INCLUSIVE of almost $11bn in d ECA- you dont add d $11bn to $48bn and say d Reserves is $59bn. This was exactly d point sm of us hv bn trying to get across to FRUSTRATED 'SUBHUMANS' like @Demdem.... There was NEVER $67bn Reserves at any time. OBJ left a little above $45bn (ECA inclusives)

Okay I get you now, set theory never interested me that much smiley

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Re: Ezekwesili Replies Sanusi On $45bn Reserves by crackhaus: 3:29pm On Mar 08, 2013
Oya aboki Sanusi, do defend yourself ooo...mr. I am the only intelligent nigerian, come out and debate
Re: Ezekwesili Replies Sanusi On $45bn Reserves by Nobody: 3:31pm On Mar 08, 2013
taharqa: I just dey laugh. So its not $67bn, but $45bn (since d ECA is a SUBSET of d Foreign Reserves as she just admittd). The Govt guys were right aftall.... By d way, what took Ezekwesili this long to mk dis clarification. She shld be careful so that Politics and a quest for Power by sm people, do not destroy whateva reputatn she has of not bn friviolous..... Ova now to those Resident IJIOTS who were arguing with sm of us when dis issue were trending then. @Gbawe, @Demdem, @Omo-koko, @Lacasa, @Seanten1, @Garriman, etc
Dude, please learn how to write your words in full. How could you be writing words in short form? Am so ashamed that a graduate like you, that is if you are one, writes like a University drop out.If you are trying to make your points understandable, write your comments well. smh

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Re: Ezekwesili Replies Sanusi On $45bn Reserves by Symphony007: 3:38pm On Mar 08, 2013
I don't just know what this woman's problem is..she is just setting herself up for a monumental embarrasment of her currently respected image. She is going around saying all these things and non of her former cabinet ministers like ninadi usman who was the former finance minister or charles soludo are supporting her or producing facts. If this government takes her on squarely and she is left dangling with no support or proof, she's gonna be sorry!!

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Re: Ezekwesili Replies Sanusi On $45bn Reserves by Gennyz(m): 3:41pm On Mar 08, 2013
Jonathan is not helping our economy,pls let vote him out come 2015.Imagine him buyin more private jets making us have 11 private jets while England doesnt even have one,our 2013 has a budget 1.4 billion for chopper.People had to protest for them to start earnin 18,000 minimum wage,feeding for Jonathan na 1.4billion wetin dis man dey eat,na "Manna frm Heaven"

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Re: Ezekwesili Replies Sanusi On $45bn Reserves by Gennyz(m): 3:42pm On Mar 08, 2013
Jonathan is not helping our economy,pls let vote him out come 2015.Imagine him buyin more private jets making us have 11 private jets while England doesnt even have one,our 2013 has a budget 1.4 billion for chopper.People had to protest for them to start earnin 18,000 minimum wage,feeding for Jonathan na 1.4billion wetin dis man dey eat,na "Manna frm Heaven"[b][/b]
Re: Ezekwesili Replies Sanusi On $45bn Reserves by elampiro(m): 3:43pm On Mar 08, 2013
Headache!!!

Reading how the big shots toss issues up and down is common man's dividend of democracy. At the end of all these plenty talk, corruption news here and there, things remain stagnant.
Re: Ezekwesili Replies Sanusi On $45bn Reserves by Dee60: 3:44pm On Mar 08, 2013
The summary of the expose is that this administration has been very wasteful at a time when other nations are prudent on spendings. Let us not razzmatazz over figures. About time FG re-orders its priorities. We ought to appreciate the madam for speaking up and calling for caution. FG is screaming 'we are not broke' anytime they have the opportunity but the fact remains that they are owing a lot. There are hundreds of billions unpaid to oil marketers.

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Re: Ezekwesili Replies Sanusi On $45bn Reserves by eggheaders(m): 3:45pm On Mar 08, 2013
taharqa: I just dey laugh. So its not $67bn, but $45bn (since d ECA is a SUBSET of d Foreign Reserves as she just admittd). The Govt guys were right aftall.... By d way, what took Ezekwesili this long to mk dis clarification. She shld be careful so that Politics and a quest for Power by sm people, do not destroy whateva reputatn she has of not bn friviolous..... Ova now to those Resident IJIOTS who were arguing with sm of us when dis issue were trending then. @Gbawe, @Demdem, @Omo-koko, @Lacasa, @Seanten1, @Garriman, etc

hey,dumbskull it will make loads of sense for you and your brainless comrades to stfu.until your dumb boss or any of his a55 licking surrogates. accept a public debate with aunty oby anything you lots says prior to that is irrelevant. you sound so brainless a transplant might be of help.cause the present one in your skull is as faulty as grandpa's cupboard TV.just my two cents tho.

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Re: Ezekwesili Replies Sanusi On $45bn Reserves by Smooyis(m): 3:49pm On Mar 08, 2013
FG: Debate ke, I dey run o
Re: Ezekwesili Replies Sanusi On $45bn Reserves by Willy7(m): 3:52pm On Mar 08, 2013
Sanusi strikes me as one that loves public display of intelligence,so can we have the debate nowwwwwww?Since maku has dodged gauntlet,its sanusi now and i bet this makes better sense.

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Re: Ezekwesili Replies Sanusi On $45bn Reserves by jt2010: 3:53pm On Mar 08, 2013
taharqa: NO. Plz read tru d article again. The ECA is a SUBSET of Foreign Reserves. She admittd that much in dis article. If we say that today that the Reserves is $48bn, we also mean that that is INCLUSIVE of almost $11bn in d ECA- you dont add d $11bn to $48bn and say d Reserves is $59bn. This was exactly d point sm of us hv bn trying to get across to FRUSTRATED 'SUBHUMANS' like @Demdem.... There was NEVER $67bn Reserves at any time. OBJ left a little above $45bn (ECA inclusives)

You want manufacture your own fact abi... She said $45b Foreign Reserve and $22b ECA total $67B.

“He knows that they are distorting the point of my article by using their ‘straw number’ of $67b which I did not use in my speech. My speech stated $45b Foreign Reserve and $22b ECA and he more than anyone knows that Excess Crude Account is a sub-set of Foreign Reserve!”

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Re: Ezekwesili Replies Sanusi On $45bn Reserves by sol2galay: 3:56pm On Mar 08, 2013
Demdem:

Fool, has the govt agreed to the public debate? That is the crux of the matter. When this is done, we will compare comments. Ode.
Oby has been steadfast and consistent so far. I wonder why that liar called ngozi hasn't said anything about it. Instead she sent the dogs.


Ngozi get sense na,she doesn't want to disgrace herself

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Re: Ezekwesili Replies Sanusi On $45bn Reserves by sayso: 3:58pm On Mar 08, 2013
whether foreign reserve or ECA, what does that change in Nigeria? Will it stop the looting?Will it stop the 2015 killings?Please let the Govt continue in its wake about the re-construction of our economy.At least let the be peace instead of generating another endless debate.

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Re: Ezekwesili Replies Sanusi On $45bn Reserves by 2rutalk1: 3:59pm On Mar 08, 2013
Symphony007: I don't just know what this woman's problem is..she is just setting herself up for a monumental embarrasment of her currently respected image. She is going around saying all these things and non of her former cabinet ministers like ninadi usman who was the former finance minister or charles soludo are supporting her or producing facts. If this government takes her on squarely and she is left dangling with no support or proof, she's gonna be sorry!!

Coward! So the woman should keep quiet because others refuse to talk. This is real African Man's mentality. little wonder our leaders are treating us this way and everybody is dying in silence waiting for the next person to act. My dear, "evil triumph because good people do nothing".

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Re: Ezekwesili Replies Sanusi On $45bn Reserves by barrybanbi: 4:11pm On Mar 08, 2013
berem: Dude, please learn how to write your words in full. How could you be writing words in short form? Am so ashamed that a graduate like you, that is if you are one, writes like a University drop out.If you are trying to make your points understandable, write your comments well. smh
I guess ur brain must b working on Pentium 2, is writing in short form peculiar 2 university drop out? D point is clear enough.

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Re: Ezekwesili Replies Sanusi On $45bn Reserves by naijaguy77: 4:14pm On Mar 08, 2013
This is Economic Illiteracy at the highest level. I used hold Madam Ezekwesili in high regard until this issue.

The foreign reserve is the foreign currency we get when we export our goods or services. Since we cannot spend dollars in Nigeria, we print the Naira equivalent of the dollar and spend i.e. If Mr Okoro exports cassava to USA, he earns $$s, he can't pay his farmers in $$s, nor can he buy other goods and services, so he takes his dollars to the bank (cbn), they print the naira equivalent and give to him, cbn collects the dollars and keeps in the Forex Reserve. 2 weeks later, Mr Okoro wants to import machinery for his business, he has naira but needs $$s, he takes his naira to cbn, who then exchange it and give him $$ equivalent taken from our Forex Reserve.

Anytime you pop champagne in a club, invite Kim Kardashian, or buy a car, you are contributing to the depletion of our Forex Reserve. Anytime you consume imported goods or services that have to ultimately be paid for using forex, you are contributing to the depletion of the Forex Reserve. It is that simple.

The Forex Reserve is not such a big deal, it is just a mechanism/tool used by the CBN for stabilising the local currency. So is it correct to accuse the FG of squandering the Forex Reserve? NO. Anyone who makes such an accusation is more or less an economic illiterate. The following can easily lead to the depletion of Forex Reserve:

1) Increase in consumption of Foreign Goods and Services. E.g. Cars, Food, Foreign Education, Machinery, Expatriate worker demand, or Kim Kadashian.

2) Decrease in value of export. E.g. Fall in oil prices.

3) Increase in the value of the Naira against the Forex Reserve currency.

4) A combination of some or all of the above.

The following points above mean that, NO matter how PRUDENT the FG is, the forex reserve can still be depleted by the lack of productivity of the economy, or the profligacy and foreign taste of the citizens. It is therefore very silly to accuse the FG of squandering the Forex Reserve.

Does FG also contribute to depletion of FR? YES, but nothing on the scale of other consumers in the economy. The FG would need forex just like other stakeholders in the economy, and their need, relatively speaking, is certainly not huge as the rest of the country combined. Ironically, it is the FG, through oil export earnings by NNPC and Oil companies, that is the largest contributor to the Forex Reserve.

Economic Illiteracy can make you look stupid, it certain has done so the Madam Ezekwesili.

Stay tuned for part 2 - Excess Crude Account (ECA)

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Re: Ezekwesili Replies Sanusi On $45bn Reserves by ochukoccna: 4:26pm On Mar 08, 2013
Dee60: The summary of the expose is that this administration has been very wasteful at a time when other nations are prudent on spendings. Let us not razzmatazz over figures. About time FG re-orders its priorities. We ought to appreciate the madam for speaking up and calling for caution. FG is screaming 'we are not broke' anytime they have the opportunity but the fact remains that they are owing a lot. There are hundreds of billions unpaid to oil marketers.
Exactly
Since facts speak for themselves let the FG economic technocrats take up her debate offer and expose her 'economic illiteracy' once for all

Note if caution:Dumb economic illiterates dont get to work for the World Bank.

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Re: Ezekwesili Replies Sanusi On $45bn Reserves by Joeadamu86: 4:26pm On Mar 08, 2013
Abeg something should be given to this woman to keep her busy,i suspect its idleness that is making her talk too much...
Re: Ezekwesili Replies Sanusi On $45bn Reserves by yommys01(m): 4:26pm On Mar 08, 2013
Symphony007: I don't just know what this woman's problem is..she is just setting herself up for a monumental embarrasment of her currently respected image. She is going around saying all these things and non of her former cabinet ministers like ninadi usman who was the former finance minister or charles soludo are supporting her or producing facts. If this government takes her on squarely and she is left dangling with no support or proof, she's gonna be sorry!!
Are you suggesting she should allow herself to be compromised like others you mentioned have? How come the government have never come out to properly defend themselves instead of going for cheap blackmail like they have always done?

Any reason why they don't want the public debate?

Ride on Oby.
Re: Ezekwesili Replies Sanusi On $45bn Reserves by mikeapollo: 4:42pm On Mar 08, 2013
Symphony007: I don't just know what this woman's problem is..she is just setting herself up for a monumental embarrasment of her currently respected image. She is going around saying all these things and non of her former cabinet ministers like ninadi usman who was the former finance minister or charles soludo are supporting her or producing facts. If this government takes her on squarely and she is left dangling with no support or proof, she's gonna be sorry!!

Dont mind this attention-seeking woman. She was the head of the so-called 'Due Process Office' under Obasanjo when over $16Billion was spent on power projects with nothing to show for it. Some of the money was even paid to fictitious and non-existing companies.

She belongs to the Obasanjo camp....together with Fani-Kayode, Soludo, El-Rufai and Ribadu etc. They are making noise to seek attention because they are no longer favoured by the government.

During the power-probe, she rushed down from US to come and defend Obasanjo.

A few weeks ago, she was at a PDP event to celebrate Obasanjo, and she was eulogising Obasanjo to high heavens, despite all the corruption in his govt.

I am not a fan of GEJ or PDP, but I dont like hypocrites. When they were in govt, they were telling us that all was well....but all of a sudden, they have turned into 'emergency activists' because they are out of favour. HYPOCRITES!

Any good follower of International Economics knows that Nigeria was able to save much because the price of Oil went to as high as $140/barrel during the economic boom of 2003-2007. It is common sense that the external reserves would be negatively affected when the price of oil fell to below $40/barrel for about 2 years.

Ezekwesili will be embarrased if Okonjo-Iweala comes out to debunk her claims.....afterall, Okonjo was the Finance Minister and the person who allegedly helped her to get the WB job, and invariably her senior too

The FG should ignore her. She cant even face Sanusi

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