brightoinmcs:
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.

Taah, usu
go and sleep

kaboninc:


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.

Yes CBN has many roles of which one of it is to create policies that encourages economic development/growth resulting to job creation, wealth creation etc

So if the CBN had encouraged the financing of industries that do not exist in Nigeria and whose products constitute the largest bulk of our imported goods with the sum of $2billion yearly between 1999-2015=16yrs, by now we would have developed at least a $32billion local industries reducing

1) importation

2) unemployment

3) dollar flight



So my friend

Look at the bigger picture

scribble:
Soludo is a fraud

For your information Soludo is campaigning for the opposition party so that he may be considered for minister of Finance if the table turns around in this election. Wishful brat!

Seun:
It's hard for government to save in times of plenty in a democracy. The opposition will accuse you of not doing anything to help the people.

like this government has ever given a damn about what the opposition has had to say in the past

abegi

OLADD:


Friend, I am not here to launder the image of Mr. president or his party but as a citizen who tries as much as possible to uphold the truth(within the ambit of my human capacity), we owe it as a duty to hit issues on the nail with unambiguity. Sanusi as an astute economist and banker who prior to his appointment as the apex bank boss had held various managerial positions in the financial sector should not be caught in the web of unsubstantiated and ridiculous whistle blowing. It was disgraceful and appaling for a CBN governor( the no.1 banker of the nation) to accuse another government parastatal of unremitted funds without concrete figure and evidence to back up such claim. He did not only disgrace himself, he equally dented the image of the institution he governed. On the other hand, aside the oversight investigation carried out by a Committee of the Senate (made up of APC and PDP members) in which NNPC was exonerated of any financial impropriety, another internationally recognised Audit firm is currently undergoing a scrutiny of NNPC books. So, why not keep our fingers crossed and await the outcome of their audit. Be rest assured that GEJ will not sweep the truth under the carpet.

Doyin Okupe?

BlackTechnology:


Yes CBN has many roles of which one of it is to create policies that encourages economic development/growth resulting to job creation, wealth creation etc

So if the CBN had encouraged the financing of industries that do not exist in Nigeria and whose products constitute the largest bulk of our imported goods with the sum of $2billion yearly, by now we would have developed a $32billion local industries reducing

1) importation

2) unemployment

3) dollar flight



So my friend

Look at the bigger picture

No! You look at your own analysis.

CBN do not create 'economic growth policies'. Like I said, their major responsibility is supporting, stabilising, strengthening the local tender which is the naira.

You are not even seeing my point. The CBN cannot just 'influence' government to spend $2 billion. On what? On businesses that they wouldn't be able to manage?

The Federal Government (or State Government) designs, develop and monitor policies for the overall growth and development of the economy. CBN complements these efforts for example, providing soft loans through banks, fighting inflation and reducing speculative trading on foreign currencies, strengthening banks, etc.

Again, where will the government get this $2 billion from?

Please if in doubt, Google the functions of Central Banks. don't carry this mindset of CBN creating policies for growth.

In fact, how is it CBN's mandate to fight importation?

omonnakoda:

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.

I don't know whether I understand you right..meaning do you suppose that budget deficits cannot lead to growth

http://oilpricefrom1999to2008..co.uk/




This is a graph of oil prices under Obasanjo.

Still he saved $30 billion to pay off debt,maintained excess crude account and grew reserves

When he took over prices were $16 dollars and remained under $65 for most of his tenure
compare that with a man who has grown the debt eroded the reserves and busted the exchange rate

obailala:
[size=13pt]Now it is Soludo. No more SLS[/size]

Isn't it funny how the focus is now on Soludo and no longer Sanusi Lamido Sanusi. I remember vividly when SLS was 'running his mouth' and enlightening Nigerians on the fraud going on in high places. Jonathan and the Jonathanians castigated SLS, called him all sorts of names, pronounced him the worst CBN governor ever who destroyed our banks (built and consolidated by the fine economist, Soludo) and they even proceeded to end his banking career. We all know the end result, SLS was finally exalted to his dream retirement job as the Emir.

Fast forward the clocks by 12 months, Prof Soludo has decided to break his silence on the sham going on in high places and the tables have suddenly turned around. The much praised and celebrated Prof Soludo is now the worst CBN governor who destroyed our banks until God sent SLS to come and rescue the nation.

I dey laugh (in OBJ's voice)!

If by any means Jonathan rules Nigeria till 2019, the Jonathanians would have succeeded in rubbishing every single person left in this world except of course, themselves. Who knows, Jonathan himself may even wake up one day and tell Nigerians that his wife is responsible for our woes; it always has to be others

It is very sad that some Haters don't see anything good about this Govt. Truly when the eyes are blind, you don't see the light where it shines.
Let me give u a single KPI, out of many to show the effort of this Govt: the euro and other major currencies have fallen freely compared to d US dollar, While naira though has fallen but it's weathering the storm. Look at the textile industry and Agriculture, our export index has increased significantly over the last 3 yrs.
Please be objective, else you persimists will only move from fry pan to fire.

2fine2fast:
She should explain to us how our Darling Naira has fared under her misadministration.

$1 = #213
Sabo market, Ibadan.
26-01-2015

World oil prices crashed and you are in an oil dependent economy, what else do you expect?

kmariko:


I don't know whether I understand you right..meaning do you suppose that budget deficits cannot lead to growth

Do I believe getting into debt can
A save lives
B lead to a happy home
C lead to innovation
etc .



What I suppose is not relevant . I really do not know what you mean by "lead to" as in do I suppose travelling on the Sagamu -Benin Road cannot lead to New York. It can even lead to the moon under the right circumstances.


Here I concerned myself with the claim that NOI's fiscal policy has led to growth. I refer you to my post at 622 you can study that carefully to discern what I think
If you go back and read carefully you will see that I asked WHAT this fiscal policy is. To me she did not appear to have a coherent policy but that is my own opinion as outlined earlier. That is the specific scenario which I prefer to concern and restrict myself to. I do not wish to engage in speculation

Heffalump:


It is very sad that some Haters don't see anything good about this Govt. Truly when the eyes are blind, you don't see the light where it shines.
Let me give u a single KPI, out of many to show the effort of this Govt: the euro and other major currencies have fallen freely compared to d US dollar, While naira though has fallen but it's weathering the storm. Look at the textile industry and Agriculture, our export index has increased significantly over the last 3 yrs.
Please be objective, else you persimists will only move from fry pan to fire.

I am sorry but for how much longer can i continue to be an optimist?... for how much longer would I sit back and do nothing and expect a different result?... It might interest you to know that majority of the vocal opponents of Jonathan today even here on nairaland were people who massively promoted his candidacy in 2010. You should ask yourself why these people suddenly turned their backs on GEJ. It is simply because a huge scale fell off our eyes and we now see the grand deceit and failure which GEJ represents. We also appreciate the dangers of letting the current trend continue unabated for another 4 yrs.

You claim the textile industry, agriculture etc have been revived but the message i have for you is that I also believed that lie just like you until the scales fell off my eyes recently. I only agree with you on an improvement in agriculture. Every other advertised achievement is either an outright scam or an insignificant accomplishment is magnified out of proportion by the propaganda machinery and of course, many are deceived and are still being deceived as we speak

kaboninc:


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!

actually am not reasoning sentimentally,ok are you saying no money was missing at all and why has the public not been told about the out come of the so-called inter ministerial investigation.

elohorayodele:


World oil prices crashed and you are in an oil dependent economy, what else do you expect?

You are indirectly emphasizing the obvious incompetence of this administration to make hay while the sun shone.

Norway, Qatar, UAE and e.t.c. did very well for themselves during the 'boom'; our leaders did what exactly?

You're all quick to refer to Russia and Iran, the oil prices aside, do you know the tons of fxcking embargoes and sanctions those 2 countries are under?

That old-thieving senile OBJ and his cohorts met $2b in 1999; grew it to $62b in 2007 (while paying our $36b Paris club debt and keeping the $ at N118 during his 'boom' years), Yar'Adua improved that to $67b, just for GEJ to squander even under the average highest oil prices ever?!

And the dollar was exchanging for N155 for the most part . . .which is ridiculous—well not until you consider it's now over N200+.

Governors demanded for funds from the Excess Crude Account when they discovered that, that account was 'leaking'!

When you sincerely work for the people, your actions speak louder than words, and you DO NOT have to verbally defend a thing.

They tot mediocre projects as 'biggies'. More like when you 'land' a multi-million dollar contract, and you buy yourself Bugattis, Lambos, and (e.t.c.), and buy your wife a '99 model Toyota Sienna, 'cause that's what you promised her when you were still working '9-5', and you call that achievement—very likely, one day you will sleep and not wake up.

Ok

omonnakoda:
Do I believe getting into debt can
A save lives
B lead to a happy home
C lead to innovation
etc .



What I suppose is not relevant . I really do not know what you mean by "lead to" as in do I suppose travelling on the Sagamu -Benin Road cannot lead to New York. It can even lead to the moon under the right circumstances.


Here I concerned myself with the claim that NOI's fiscal policy has led to growth. I refer you to my post at 622 you can study that carefully to discern what I think
If you go back and read carefully you will see that I asked WHAT this fiscal policy is. To me she did not appear to have a coherent policy but that is my own opinion as outlined earlier. That is the specific scenario which I prefer to concern and restrict myself to. I do not wish to engage in speculation

Am not saying that you are speculating all am discerning from the writing ( I might be wrong) is that by running deficits there can not be any appreciable growth. Is that what you meant by incoherent policy.
I know its a personal opinion. Then again there might be slight deviations and kinks in a policy but overall the general direction is seeming obvious one night think.

kmariko:


Am not saying that you are speculating all am discerning from the writing ( I might be wrong) is that by running deficits there can not be any appreciable growth. Is that what you meant by incoherent policy.
I know its a personal opinion. Then again there might be slight deviations and kinks in a policy but overall the general direction is seeming obvious one night think.

I am not sure if there is a point or where you are going with this? I have said what I meant to say perhaps you want to spend a few days studying it if it seems so mysterious

omonnakoda:
I am not sure if there is a point or where you are going with this? I have said what I meant to say perhaps you want to spend a few days studying it if it seems so mysterious

OK get it. Have a great day and be well

Soludo directed no personal attack on NOI, but her response through her PA is laced with personal attacks. Let's discuss GDP in 2007 vs GDP in 2014; Debt profile in 2007 vs 2014; Foreign reserves in 2007 vs 2014; size of national budget in 2007 vs 2014; recurrent and capital budget in 2007 vs 2014. NB: NOI was the minister of finance under OBJ who took credit for all the good economic numbers, so why is she disavowing those same numbers? It's OK to say that OBJ govt, even though not saintly, outperformed GEJ in key economic areas.

lozairio:
actually am not reasoning sentimentally,ok are you saying no money was missing at all and why has the public not been told about the out come of the so-called inter ministerial investigation.

Good morning bro.

Am saying that no money has been 'proven' to be lost yet. They are all 'allegations', yet to be proved.

It is not the public that has not been told but you have not been following up with the meetings of the inter ministerial investigation. Google is our friend.

adconline:
Soludo directed no personal attack on NOI, but her response through her PA is laced with personal attacks. Let's discuss GDP in 2007 vs GDP in 2014; Debt profile in 2007 vs 2014; Foreign reserves in 2007 vs 2014; size of national budget in 2007 vs 2014; recurrent and capital budget in 2007 vs 2014. NB: NOI was the minister of finance under OBJ who took credit for all the good economic numbers, so why is she disavowing those same numbers? It's OK to say that OBJ govt, even though not saintly, outperformed GEJ in key economic areas.

How about World Economic status in 2007 vs 2014. Please provide figures for your comparisons. We can start from there.

And why say Soludo never directed personal attacks on NOI? That piece was simply an indictment on her management of the economy. The truth is that they were laced with wrong facts and figures.

989900:


You are indirectly emphasizing the obvious incompetence of this administration to make hay while the sun shone.

Norway, Qatar, UAE and e.t.c. did very well for themselves during the 'boom'; our leaders did what exactly?

You're all quick to refer to Russia and Iran, the oil prices aside, do you know the tons of fxcking embargoes and sanctions those 2 countries are under?

That old-thieving senile OBJ and his cohorts met $2b in 1999; grew it to $62b in 2007 (while paying our $36b Paris club debt and keeping the $ at N118 during his 'boom' years), Yar'Adua improved that to $67b, just for GEJ to squander even under the average highest oil prices ever?!

And the dollar was exchanging for N155 for the most part . . .which is ridiculous—well not until you consider it's now over N200+.

Governors demanded for funds from the Excess Crude Account when they discovered that, that account was 'leaking'!

When you sincerely work for the people, your actions speak louder than words, and you DO NOT have to verbally defend a thing.

They tot mediocre projects as 'biggies'. More like when you 'land' a multi-million dollar contract, and you buy yourself Bugattis, Lambos, and (e.t.c.), and buy your wife a '99 model Toyota Sienna, 'cause that's what you promised her when you were still working '9-5', and you call that achievement—very likely, one day you will sleep and not wake up.

You are funny.

For the record, OBJ did not leave behind anything close to $62 billion in any reserve. Facts are sacred.

Secondly, since you claim to know much about U.A.E, Dubai and co, you should know that in 2010, there was a 53% increase in labour wages across Federal Civil Servants - remember one of ASUU's demands? And the government had to borrow to meet that obligation?

Thirdly, you should also know that we pay subsidy for products which we have in abundance. If the removal and subsequent liberalisation of the oil sector had been allowed to sail through when OBJ sold the refineries, we wouldn't be in this subsidy mess. Ironically, the same people who were against the removal of subsidy in 2012 are now championing its removal because there is a decrease in allocations to states.

You say we paid up $36 billion debt owed by us to creditors. That's a fat lie. Do your research again and find the truth.

Lastly you should ask these State Governors, what they did with their own share of the Excess Savings. That savings wasn't 'leaking'. Do a proper research and avoid beer parlour politics.

obailala:

I am sorry but for how much longer can i continue to be an optimist?... for how much longer would I sit back and do nothing and expect a different result?... It might interest you to know that majority of the vocal opponents of Jonathan today even here on nairaland were people who massively promoted his candidacy in 2010. You should ask yourself why these people suddenly turned their backs on GEJ. It is simply because a huge scale fell off our eyes and we now see the grand deceit and failure which GEJ represents. We also appreciate the dangers of letting the current trend continue unabated for another 4 yrs.

You claim the textile industry, agriculture etc have been revived but the message i have for you is that I also believed that lie just like you until the scales fell off my eyes recently. I only agree with you on an improvement in agriculture. Every other advertised achievement is either an outright scam or an insignificant accomplishment is magnified out of proportion by the propaganda machinery and of course, many are deceived and are still being deceived as we speak

You even agree that there is indeed an improvement in the Agricultural sector. That's a good start. That improvements means increased mechanised farming, improve seedlings, access to fertilisers, access to soft loans, enhanced capacity to produce good output and most important, increased income for our hitherto 'poor' farmers.

VolvoS60:


^^^
How do the Norwegians do it then?

Norway has warehoused its revenues from oil exports, buying up assets across several countries. All this done in boom periods.

Its just common sense. Which of course, raises the question: why can't we do it?

It happened by mistake. A Iraqi economist created the structure at a time when politicians and voters did not appreciate the value of the oil:
http://www.ft.com/cms/s/2/99680a04-92a0-11de-b63b-00144feabdc0.html also it's easier to save when your citizens are not very poor.

Opposition is true friendship.The man who tells you that you have a stinking rear is your friend.He is only drawing attention to your bodily filth and asking you to do something about it.He is better than a sycophant who says you can always come out of the sewage tank and smell of roses!

kaboninc:


Good morning bro.

Am saying that no money has been 'proven' to be lost yet. They are all 'allegations', yet to be proved.

It is not the public that has not been told but you have not been following up with the meetings of the inter ministerial investigation. Google is our friend.

bros why has it taken so long for the issue to be solved

elohorayodele:


World oil prices crashed and you are in an oil dependent economy, what else do you expect?

Please what happened to the value of the Naira when the price of crude oil was climbing up? Please kindly state when the Naira appreciated. Our governments never have reasons For Things Not Getting Better but have Tons of reasons to excuse their failures.

agabaI23:
Let me add that
1. He signed the the memorandum of understanding with Brazil that permitted the export of crude to be refined outside before importation for local consumption(March, 1984)
2. When he came into power, the exchange rate was 76k to $1 and when he left just 20 months after, it was 89k to $1 which represents 17% depreciation. The rapid depreciation was due to the decree that prohibited the bringing in of forex into the country so that their was scarcity of forex and a large volume of naira wAS CHASING AFTER THE UNAVIALABLE DOLLAR
3. He forced many businesses to close shop by insisting that they sell at loss, the famous price control measure. Soldiers were sent to monitor sales and force compliance
4. Over 70,000 graduates were without job. That sounds like almost the entire graduates in the country as at then because we do not have many Universities like today and such low number of graduate turn out.
If he cannot provide job for 70,000 graduates as a military dictator who had over all power to do so, how can he provide jobs to the millions of youths now? Remember the naira was superior to the dollar as at then even though it is artificial superiority because, a net importing country has no back up for its currency.
5. Buhari sacked 30,000 soldiers because he wanted to cut cost.
6. Buhari proscribed NANS and imprisoned the leaders
I can go on.

Tell me what Buhari achieved? Tell me what he is bringing to the table.

please go on. Tell us like 10 more with evidence

kaboninc:


You are funny.

For the record, OBJ did not leave behind anything close to $62 billion in any reserve. Facts are sacred.

Secondly, since you claim to know much about U.A.E, Dubai and co, you should know that in 2010, there was a 53% increase in labour wages across Federal Civil Servants - remember one of ASUU's demands? And the government had to borrow to meet that obligation?

Thirdly, you should also know that we pay subsidy for products which we have in abundance. If the removal and subsequent liberalisation of the oil sector had been allowed to sail through when OBJ sold the refineries, we wouldn't be in this subsidy mess. Ironically, the same people who were against the removal of subsidy in 2012 are now championing its removal because there is a decrease in allocations to states.

You say we paid up $36 billion debt owed by us to creditors. That's a fat lie. Do your research again and find the truth.

Lastly you should ask these State Governors, what they did with their own share of the Excess Savings. That savings wasn't 'leaking'. Do a proper research and avoid beer parlour politics.

1. You keep referring to facts without stating nor referencing any. So how much did he (OBJ) leave (external reserve and excess crude)? How much did Yar'Adua grow it to? How much do we have now? I mean facts.

2. If you can't differentiate between U.A.E and Dubai (a country and a city within it) . . . then I'll pass.

3. If we didn't clear $36b debt owed, then how much did we pay, and how much were we pardoned? And how much debt do we owe now? I agree you are entitled to your opinions . . . by all means, but then facts are facts, and you can't just say they ain't so 'cause you feel so.

4. About subsidy; I think the first question you should be asking is, how did we go from N300b (which is still some fraud) from OBJ, to N1.3t in a year under GEJ's watch (lol, I remember NOI and co. at that 'town hall meeting' trying to justify that with we bought more cars --really?!) ?! And how many refineries has this administration built so far? What happened to those indicted and those indicting them? Apparently, "birds of the same feather . . ."; well stealing is not corruption.

5. I think you meant the President should ask the governors what they did with the monies he gave them ('cause that would be the proper line of reasoning any half-sane individual would tow) -- well unless he is not fit to ask.

P.S. Try to be objective, 'cause so far all I see is a mystified individual, who is mesmerized by NOI's subterfuge and sophism.

Help yourself:

http://www.ft.com/cms/s/0/6c4aea72-93cd-11e3-a0e1-00144feab7de.html#axzz3QCheb200
http://en.wikipedia.org/wiki/Occupy_Nigeria
http://www.vanguardngr.com/2015/01/jonathan-squandered-55bn-oil-money-obj/
http://www.vanguardngr.com/2015/01/55bn-got-wrong-fg-replies-obasanjo/
http://en.wikipedia.org/wiki/Olusegun_Obasanjo
http://www.premiumtimesng.com/news/headlines/174294-obasanjo-attacks-jonathan-accuses-president-squandering-oil-savings.html
http://www.premiumtimesng.com/news/153777-cbn-warns-nigerian-government-depletion-excess-crude-account-foreign-reserves.html
http://www.vanguardngr.com/2013/05/external-reserves-now-50b-says-okonjo-iweala/
http://www.vanguardngr.com/2014/08/nigeria-sinks-deeper-external-debt/
http://www.cgdev.org/initiative/nigerian-debt-relief

sammyj:
Don't mind that woman, economist indeed. Always prompt in pointing fingers. Time will tell by the end of May 2015 bet me, she will run back to her pay master at the world bank after we send her clueless OTUOKE boss parking from ASO Rock. Chikena!!!Vote wise, vote SAI BUHARI for President.

I hope Buhari will come and stabilize OPEC or oil price....Wake up!

MuhdG:
please go on. Tell us like 10 more with evidence

I have all the evidence in my later posts, scroll down sir

methodyk:
I hope Buhari will come and stabilize OPEC or oil price....Wake up!