BlackTechnology:


The mistake Nigeria made during those years was to completely defend the naira without making provision to spend some of our foreign reserve to finance the establishment of industries whose products we import.


If we had done so, the demand for dollar in order to import foreign goods would have declined due to the fact that we now produced them locally.

And that's what Goodluck's doing! Lets start producing and exporting our thing rather than defending Naira so we can be importing more. Its a blessing in disguise because latter our Naira will surely be stronger once our economy is self sufficient! (8

cooljude:
He insulted her (his boss) in his write up by calling her a mere trader. Fine i agree his positive was giving the banks alot of independence but he made a mistake in the regulation of those banks. The ripple effect can still be felt today.

I totally disagree wit you...regardless of less supervision by SOLUDO,Sanusi went about it wrongly by creating a "storm in a tea cup"

Sanusi created unnecessary panic in the industry 1.first,the shareholders of those banks were more than capable of injecting enof fund through "right-issue" an as am typing this ,the mata is still in court,so another topic for next time.
If SOLUDO did not embark on consolidation,we won't even have banks let alone supervision...sanusi cud have done wt he did without making so much noise about it an that was wt led to the choas we found ourselves in

omonnakoda:
Guy if you have something to say please say it you said BOUGHT not GET. What is your point> Fela was jailed for a foreign currency offence and you say he BOUGHT it legally. What do you mean?. If you want to change story say so

Honestly I just used another word, I wasn't trying to change anything. How can someone get forex with money exchanging hands? I don't play funny games bro.

alaoeri:
Yeebos fighting yeebos because of a clueless Ijaw man thats non of my business.

Bigoted olodo!

Are yorubas not fighting yorubas because of one unlettered Fulani?

omonnakoda:


A fiscal policy that leads to growth means government has been spending a lot to boost the economy.
Has that been NOI's policy

What kind of spending results in growth Recurrent or Capital or both and in what proportion

However this kind of expansion alone is NOT the policy per se after all the money has to come from somewhere .
So policy would entail a decision to spend MORE and the steps to raise that money .Or a decision to Spend less and

So if you say she has raised government revenue we can say she has a policy but how could she possibly do that..
1) Raising taxes
2) Collecting taxes more efficiently
3) Increasing revenues from other sources
4) Borrowing

Finally another component of fiscal policy is whether she balances the books

Like I said when I first quoted you she has been running a Budgetary deficit

In short her fisacal policy is to fund the budget at a time of record oil revenues by borrowing both locally and internationally.
Locally the government paper has a 91 day coupon of 13% THAT IS HER FISCAL POLICY
Some people may remember Sanusi's public response to attempts to discredit him in which he stated how the CBN had to deplete reserves to back the government's deficit, how he had to make specific payments for projects that were extra budgetary

What we see is a CONFUSED fiscal policy , on the one hand she is RUNNING A DEFICIT budget borrowing at 13% and on the other hand talking about saving in a Sovereign Wealth Fund SWF.

Does this SWF give returns of 13%
I laugh at you juvenile remarks that you want to educate me. I did not ask you what fiscal policy is .Specifically I asked you what is NOI's fiscal policy which YOU CLAIMED has produced this record breaking growth. What you have posted is just absolute rubbish. You have no understanding of economics and should stay SILENT

A key dimension to fiscal policy is DISCIPLINE .So a deficit may be built into a budget but it is budgeted. What is different is when government exceeds budget regularly one of the key causes of inflation and overheating

Its quite interesting reading your thesis quote"when a government exceeds budget regularly " do you mean beyond the budgeted deficits or as a result of supplementary budget or illegally using unbudgeted deficits.. Pray am really curious which is it.

BlackTechnology:


The mistake Nigeria made during those years was to completely defend the naira without making provision to spend some of our foreign reserve to finance the establishment of industries whose products we import.


If we had done so, the demand for dollar in order to import foreign goods would have declined due to the fact that we now produced them locally.

It really is a difficult problem and one that needs visionary leadership but not one whose solution I can pretend to have. THe problem with setting up industries is that governments worldwide are notoriously poor at running them.It would be naive to expect the Nigerian government to run an industry successfully.What are the alternatives to that? I think we need a short term and longer term approach.The long term focussing on human development - entrepreneurship and technology. All we need to do is look at all those businesses Indians and Chinese come to set up and that will give us an idea how far we have to go. Our human development deficit is quite profound generally and much worse when you factor in much of Northern Nigeria. f you look at the traders in Nigeria like Ibos all they do is buy and sell and so their approach to business makes us VERY dependent on imports In fact what they think is missing is an inland port at Onitsha without thinking where the dollars will come from .That is a road to nowhere. On the other hand they make very good shoes in Aba and that should be encouraged What is not so clear is HOW to channel government money into that without raising the usual tribal dust.Look at the SW they produce cocoa but sell it without adding value again that needs to change. In reality the government has earned enough money to make a significant impact on our infrastructure deficit but much of it has been stolen

One thing that government should have done by now is solve the Power problem and that is rPDP has failed and there is no excuse. Just to be clear I am not an APC fan either
We need more Dangotes producing those things we consume.Government needs to find a way to force Dangote to crash cement prices and embark on a massive Housing construction scheme.That is one thing to do if they don't know what to do with money

kaboninc:


The problem isn't about the missing money per-se. But which of them is actually missing - $50 billion, $20 billion, $12 billion or $10 billion. As a high ranking public official who is well versed with the figures and in fact is an authority on government's actual expenditures and income, you do not go around making careless statement. There's not manager (or employer) who know his salts will tolerate such behaviour including Sanusi himself.

are you trying to justify the missing money,for example if dangote' manger report to him that money is missing in his company what will be his reaction,I suppose you know what should have been jonathan's reaction other than sacking sanusi.

omonnakoda:
It really is a difficult problem and one that needs visionary leadership but not one whose solution I can pretend to have. THe problem with setting up industries is that governments worldwide are notoriously poor at running them.It would be naive to expect the Nigerian government to run an industry successfully.What are the alternatives to that? I think we need a short term and longer term approach.The long term focussing on human development - entrepreneurship and technology. All we need to do is look at all those businesses Indians and Chinese come to set up and that will give us an idea how far we have to go. Our human development deficit is quite profound generally and much worse when you factor in much of Northern Nigeria. f you look at the traders in Nigeria like Ibos all they do is buy and sell and so their approach to business makes us VERY dependent on imports In fact what they think is missing is an inland port at Onitsha without thinking where the dollars will come from .That is a road to nowhere. On the other hand they make very good shoes in Aba and that should be encouraged What is not so clear is HOW to channel government money into that without raising the usual tribal dust.Look at the SW they produce cocoa but sell it without adding value again that needs to change. In reality the government has earned enough money to make a significant impact on our infrastructure deficit but much of it has been stolen

One thing that government should have done by now is solve the Power problem and that is rPDP has failed and there is no excuse. Just to be clear I am not an APC fan either
We need more Dangotes producing those things we consume.Government needs to find a way to force Dangote to crash cement prices and embark on a massive Housing construction scheme.That is one thing to do if they don't know what to do with money

You are mentioning people who are being empowered by the government you fight against. If Buhari used the money at his disposal to create billionaires like Dangote, innoson, we won't be where we are today. See what blacktechnology said. Youwin is one super programme of the present government.

kmariko:


Its quite interesting reading your thesis quote"when a government exceeds budget regularly " do you mean beyond the budgeted deficits or as a result of supplementary budget or illegally using unbudgeted deficits.. Pray am really curious which is it.

You seem to be manufacturing some theoretical dichotomy.The specific instance we are talking about here is a 4 year period where government has regularly recorded deficits cumulatively borrowing at 13% to fund them and we are being told that that policy is responsible for uncommon growth in the economy.That is the thrust of my "thesis" as you call it.

agabaI23:
You are mentioning people who are being empowered by the government you fight against. If Buhari used the money at his disposal to create billionaires like Dangote, innoson, we won't be where we are today. See what blacktechnology said. Youwin is one super programme of the present government.

What government am I fighting against? What really is your point?

omonnakoda:
You seem to be manufacturing some theoretical dichotomy.The specific instance we are talking about here is a 4 year period where government has regularly recorded deficits cumulatively borrowing at 13% to fund them and we are being told that that policy is responsible for uncommon growth in the economy.That is the thrust of my "thesis" as you call it.

Just trying to understand you. Are you inferring that by running a deficit in itself is a policy or that using a deficit to fund programs is against economic principles.

kmariko:


Just trying to understand you. Are you inferring that by running a deficit in itself is a policy or that using a deficit to fund programs is against economic principles.

Anything can be a policy that is for the owner of the policy to determine what they wish to call a "POLICY".I think you misuse the word "INFER"

There is no Economic Moses who climbed an Economic version of Mount Sinai and came down with "Economic Principles" on a Tablet of stone so I do not know what you mean by Economic Principles perhaps you can explain what you mean by "ECONOMIC PRINCIPLES".

Like I said I responded to a specific context ie a claim that NOI's FISCAL POLICY IS RESPONSIBLE FOR UNCOMMON GROWTH in the Nigeria economy over the last 4 years. That is what I concerned myself with and so it was necessary to outline the fiscal environment in which she operated and examine the link of that to growth.

Mehn, life is too short to read looooong write ups like dis . I think Soludo was right in his article & dis woman is trying to cover up d loots of dis admin. God help us.

agabusta:
It is getting more interesting.

I am surprised NOI can be praising Sanusi. After they have stampeded Sanusi out of office they can now acknowledge his contributions. yeye people.

Well, lets keep watching, Aunty Ngozi may finally commend him in his effort of reporting the $20B stolen money after they are kicked out in February and GMB is sworn in in May 29th.

The hallmark of this administration still shows in the response. Before they address issues, they first attack the person that tables the issues. Anybody that talks against this administration will be attacked personally even before addressing the issues raised.

U are ignorant about the then reliationship b/w sanusi and Gej. Sanusi were suspended bcs of his ungaurded allegation, he was suspended for investigation to be taken. And mind u They worked together for years b/4 that ill development.

x

natureblack:
Mrs Okonji Iweala,apparently livid, described the former CBN governor as "an embittered loser in the Nigerian political space" who is "so derailed" to "commit intellectual harakiri by deliberately misquoting economic facts and maliciously turning statistics on their head to justify a hatchet job"................this is coming from the worst minister of finance to the best mind to stir the demanding affairs of our money-house.



......it's obvious that our minister of finance is squeamish.

Nonsense

lozairio:
are you trying to justify the missing money,for example if dangote' manger report to him that money is missing in his company what will be his reaction,I suppose you know what should have been jonathan's reaction other than sacking sanusi.

Was the money missing?

The manager dare not make that kind of report because he'll be SACKED!

Before you come to a conclusion that money is missing, you must have done your due checks. Did Sanusi did his when he first came up with $50 billion? After ANOTHER investigation, he came up with $20 billion then another figure. If you were the one, will you keep that kind of government?

Before we continue sef, which of the amounts were missing?

May God continue to sow discord among the enemies of naija. So it took this falling out for NOI to realise that Soludo was a disaster as CBN governor and to recognise the great work SLS did in cleaning up the mess? Not even when SLS was being hounded back to Kano did she hint that he might have been of value to the nation or anything different from the 'clueless cow' that his enemies painted him. And she thinks herself a principled professional?

scribble:
Soludo is a fraud

Most Nigerians are ignorant, Soludo had case against him concerned POLYMER money he introduced in the country after been bribed by a southafrican company .
Soludo a pure fraud, even the Anambrarians mocked him for saying during his 2010 Gov. campaign in the state that he Will Anambrarian State to DUBAI-TAIWAN within 4yrs.
What a character? very shameful.

scribble:
Soludo is a fraud

Most Nigerians are ignorant, Soludo had case against him concerned POLYMER money he introduced in the country after been bribed by a southafrican company .
Soludo a pure fraud, even the Anambrarians mocked him for saying during his 2010 Gov. campaign in the state that he Will turn Anambra State to DUBAI-TAIWAN within 4yrs.
What a character? very shameful.

omonnakoda:
It really is a difficult problem and one that needs visionary leadership but not one whose solution I can pretend to have. THe problem with setting up industries is that governments worldwide are notoriously poor at running them.It would be naive to expect the Nigerian government to run an industry successfully.What are the alternatives to that? I think we need a short term and longer term approach.The long term focussing on human development - entrepreneurship and technology. All we need to do is look at all those businesses Indians and Chinese come to set up and that will give us an idea how far we have to go. Our human development deficit is quite profound generally and much worse when you factor in much of Northern Nigeria. f you look at the traders in Nigeria like Ibos all they do is buy and sell and so their approach to business makes us VERY dependent on imports In fact what they think is missing is an inland port at Onitsha without thinking where the dollars will come from .That is a road to nowhere. On the other hand they make very good shoes in Aba and that should be encouraged What is not so clear is HOW to channel government money into that without raising the usual tribal dust.Look at the SW they produce cocoa but sell it without adding value again that needs to change. In reality the government has earned enough money to make a significant impact on our infrastructure deficit but much of it has been stolen

One thing that government should have done by now is solve the Power problem and that is rPDP has failed and there is no excuse. Just to be clear I am not an APC fan either
We need more Dangotes producing those things we consume.Government needs to find a way to force Dangote to crash cement prices and embark on a massive Housing construction scheme.That is one thing to do if they don't know what to do with money

I disagree with you on the issue of government not venturing into industrialization

My reason being that

Government can speed up industrialization with the plan to privatize the industries within 10years especially industries that have not taken root or deep root in our economy eg electronics mechanical chemical etc industries

BlackTechnology:



I disagree with you on the issue of government not venturing into industrialization

My reason being that

Government can speed up industrialization with the plan to privatize the industries within 10years especially industries that have not taken root or deep root in our economy eg electronics mechanical chemical etc industries

OK.

BlackTechnology:


If Soludo and Sanusi had spent $2 billion yearly to establish businesses whose products constitute the bulk of our imported goods, the demand for dollars in order to import foreign goods would have declined or remain constant at pre 2007 demand.

Now this is funny. Don't you think so?

Spent which money? Is it CBN's?

kaboninc:


Now this is funny. Don't you think so?

Spent which money? Is it CBN's?

Yes its not CBN's money but the CBN can convince the government to take such approach to reduce the flight of dollars due to importation

cooljude:
why can't you just read it and find out for yourself what she would say. No wonder some people said, if you want to hide something from a b**** man put it inside a book.

O boy, did I say I didn't read? I said I "lost interest"
Se you get it now boy.

Is there another Nigeria?!

Further reason why you need to go to Ivy League schools—so you can distort facts.

This indeed shows the low level of our leaders. How can an official response by a sitting government appointee be this crass? Despite all the education and exposure she just proved that she is no better than the average market woman or aigbero. #CrassOkonjIweala.

kaboninc:


Was the money missing?

The manager dare not make that kind of report because he'll be SACKED!

Before you come to a conclusion that money is missing, you must have done your due checks. Did Sanusi did his when he first came up with $50 billion? After ANOTHER investigation, he came up with $20 billion then another figure. If you were the one, will you keep that kind of government?

Before we continue sef, which of the amounts were missing?

sanusi discovered that within certain period of time money was not paid to the central bank when he wanted to investigate himself jonathan said senate should do that but because they have all been bribed they said no money is missing even without convincing the public jonathan sacked sanusi

Rule #1: when money is missing in Nigeria, just multiply the said amount by 2 (minimum). Argue for all you like, deep inside we all know that is the truth.

BlackTechnology:


Yes its not CBN's money but the CBN can convince the government to take such approach to reduce the flight of dollars due to importation

Lol.

CBN's mandate is far more important than that. Government itself has a policy for say stimulating growth and development. They can use the CBN to achieve that purpose.

On the flight of dollars...I do not understand you.

But let me say that our local tender is the naira. CBN's mandate is to support it and defend it by any means possible. So we shouldn't even see the dollar here in our economy.

lozairio:
sanusi discovered that within certain period of time money was not paid to the central bank when he wanted to investigate himself jonathan said senate should do that but because they have all been bribed they said no money is missing even without convincing the public jonathan sacked sanusi

Don't be dragged into sentimental reasoning.

Sanusi 'alleged' that these monies were not paid by NNPC into the Federation Account as maintained by the CBN. So it was said that he wrote a letter to the president which was eventually leaked. As a president, the first thing you should do is set up an enquiry board which was what he did via the inter-ministerial committee. Sanusi was a member then.

In that same meeting on two occasions, Sanusi reduced it to $20 billion and later $10 billion. And he keeps making such public statements. A manager or employer who knows his salt won't accept that kind of action from his employee. That was one of the reasons he was suspended.

Mind you, Central Bank governors are known worldwide to be conservatives and not activist!

tbaba1234:


You mean glorified secondary schools...

For malam buhari,