This is the same woman who said we are better off paying our debt under Obasanjo she made us cough out over 35. Billion dollars in one swoop and in the process her brother cash in 50 million dollars as consultant for the deal.
Now under her watch we are accumulating external debt again. Take her serious at your own peril

If an economy is doing well, there will be no need for grammar to prove it. Nigerians will attest to it.

callmenow:


Surplus? Methinks you are being mischievous. Recurrent expenditures on things like salaries alone swallow up most of the cash. Yet the federal civil and public services are embarking on strike soon if their remuneration is not increased again by the rate of inflation. Does oil subsidy ring a bell, SURE-P, etc? GEJ must raise more money from tax or some thing for his manifesto or it will not be implemented. Put it another was, bankrupt Greece generate more cash than Nigeria. Food for thought. It is right to be oppositional, but lace your criticism with facts.

The FG budgets have always been based on a benchmark and oil has consistently sold above the benchmark. The difference between the two is the SURPLUS .That is simple accounting. All those details are distractions. The Facts of relevance are the Budget benchmarks in terms of price and volume.We are all aware that there have been several episodes of SHARING ECA. The fact is whilst the states are entitled to do so the FG is NOT without passing a supplementary budget. Did this happen

This so-called response is weak joor !
Soludo would have been a saint if not for his hobnobbing with people like Akingbola & Cecilia Ibru that eventually compromised him ...

'Konji ' Iweala to me is an overhyped paper , Brookings -controlled robot , economist !

Your intelligence is widely refered by my humble self. Thank you soo much!

OLADD:


Compatriot, you have every right to like or dislike any government but what should be eschewed in entirety is the attitude of been economical with the truth when issues bothering on such govt are discussed. Nobody in Jonathan's administration has embarked on outright condemnation of Sanusi during and after he left office.When the history of Central Bank adminstration is written in Nigeria, Sanusi:s regime will be remembered for some laudable interventions. However, Sanusi allowed parochial considerations and political adventure to derail and undermine his office, he yielded to anti-Jonathan agents(APC specifically) thereby throwing his personal image and achievement into the mud. It's now in the achirve that the then sitting CBN governor in a desperate move to smear the image of his commander in chief went berserk by throwing up allegations ofsupposed missing NNPC money, fiddling with different figures at different fora, from $48b to $20b and finally to $10b dollars a claim that was eventually dismissed by the Legislative house as a ruse. From the ensuing allegations and counter allegations, it was obvious that Sanusi was playing out a script well written to label Jonathan's adminstration as corrupt while on the other hand project the image of the opposition. So when the downside of Sanusi is been mentioned, it's natural and expedient to also trump up his major highpoints in office.

tbaba1234:
If an economy is doing well, there will be no need for grammar to prove it. Nigerians will attest to it.

Please sir , i suggest you patent this Quote ...it is loaded !

lozairio:
Talking about unproven accusation which is said that was the reason sanusi was sacked what happened to the freedom of speech

Freedom of speech stop where malicious lies rears it's ugly head. Try out this experiment. Go to the nearest market (preferably in Kano or Sokoto )and shout that you are a suicide bomber. Come back to this forum and tell us what the market traders made of your freedom of speech. It is right that the freedom of speech entitles you to offend other Nigerians, but your speech must not be pernicious or hateful. Conceptually, we must respect others, if we expect similar courteous response.

Emodeee:


the word KIRI is derived from yoruba language which means GALLIVANting or moving aimlessly. It also connotes hawking any kind of commodity. The HARA is also derived 4rm yoruba word called ARA, the H mks it distinctly unique to mk it av an english view.
ARA means wonder. From d abv enlightenment, one cn decipher d meaning of HARA-KIRI.
HARA-KIRI is d combination of HARA and KIRI. HARA-KIRI means Gallivanting WONDERfully.
Hp i've been of help though.



P.s: believe d above at ur own peril

Lol,..I know you joke...nice
You need to double check cos I knew this long ago
Harakiri is like honour killing

A kind of suicide that Japanese ?men commit by slicing a sword thru their ? bellies...
To atone for any blight on their family (unsure of personal now) honour
I do not remeber exactly sha , and I am resentful of the internet so will not check
I read this from before Google, when encyclopaediae rocked my word
When I was a knowledge goddess

Now Google has made people aware of things and stolen my thunder!

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

Theres nothing to rubbish about you APC gay.......even though the truth is glaring you will still make a way to reverse it, the woman dealt a heavy blow on soludo....it is only in Nigeria that a thief will be the first to point accusing finger on the other no wonder bible say remove planks in your eyes b4 u see dust in ones eye soludos economic policies were failed ones it was sanusi that bail him out...he shouldnt be the one to talk about economy in nigeria today.......what i like the woman is that were they fail she will accept it and where they perform she will also acknowledge it.....russia as big as they are is suffering today from oil drop but naija God is helping us to manage it steadily......blame shud also goes to the governors who initiated the share the money syndrome now that same group of people are the ones becoming saints in APC......God will help us to call a spade a aspade truth is bitter....power belongs to God he sees the heart and man sees the surface thats the difference.....God decides who gets the slot....God can make even GEJ enemy to mistakenly vote for him b4 he realizes thats d kind of God we serve.....Long live Nigeria

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

idiota. Obasanjo Fayose and Tinubu fighting and killing each other because of clueless GEJ and even more clueless GMB

Swiftboy:
Your intelligence is widely refered by my humble self. Thank you soo much!

Please can you translate this to my EVEN HUMBLER SELF. I don't know book what exactly is a WIDE REFEREE as in Overweight

EmoBoy:


Which youths are educated? If our youths were actually educated, the unemployment rate wouldn't be so high. Remember that over 70 percent of nigerian graduates are unemployable.

Bitter truth

eluquenson:
Okonjo-Iweala is a bad luck to Nigeria economy

Your ranting ignores the fact that her stated fiscal policy, allied to CBN's monetary policy has made Nigeria pre-eminent in Africa economically. Has attracted a record $8 billion dollars in foreign direct investment (FDI), etc. Intellectual midgets come here and accuse her of low intelligence and cluelessness, yet they will be hard pushed to walk in a straight line unaided.

milychocs:




Lol,..I know you joke...nice
You need to double check cos I knew this long ago
Harakiri is like honour killing

A kind of suicide that Japanese ?men commit by slicing a sword thru their ? bellies...
To atone for any blight on their family (unsure of personal now) honour
I do not remeber exactly sha , and I am resentful of the internet so will not check
I read this from before Google, when encyclopaediae rocked my word
When I was a knowledge goddess

Now Google has made people aware of things and stolen my thunder!

tnx. I immediately checked for d meaning after posting that.
Thank God for google.

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

abeg shut up, if soludo didnt jump from nowhere to display ignorance forgetting his incompetence he demonstrated which almost sank our banks and the economy by spewing loads of dust, the govt wouldnt have remembered him even after inheriting all the troubles and mess from him which they have being cleaning up.
What you are talking about is just to show your hatred for GEJ and any thing that has to do with him. Carry on, but there will be no gain in all such.

So jonathan government is now claiming responsibility for Nollywood Madam this your desperation na wa o. Please how many Nollywood films did the federal government fund?

- Lying about youwin and other minimalist ventures you people are funding. You and I know that you have over inflated those figures out of desperation. A simple audit will reveal that. We also know of how some programs pro-poor programs (for the disabled) where approved but never implemented, yet reported as implemented. Keep deceiving yourself.
- Did I hear that inflation is 8%? That is my problem with this people, they are so disconnected with reality and rather rely on powerpoint and SPSS. Madam please start going to market by yourself.
- So you agree that under Obasanjo your cleared our debts, so why have your decided to saddle us with untold debts now? are you an IMF saboteur or are you an APC under cover agent?
- This defence is really weak because 3 quarter of it is just insults directed at the person of Soludo. Madam in saner climes, you should be tendering your resignation letter.



http://www.premiumtimesng.com/news/175796-okonjo-iweala-attacks-soludo-says-hes-nigerias-worst-cbn-governor-ever.html[/quote]

Curlieweed:



Sometimes budget deficits may actually be more useful that surpluses to achieve certain policy goals. For example, if the economy is slowing down to the extent of flirting with deflation (opposite of inflation), budget deficits can be used to give a much need boost to the economy.

^^^
Fair point but deflation isn't and has never been this country's problem.

For half a century or more (give or take a few years), Nigerian governments have been running budget deficits. Where deflation is not a problem then what is the justification for 'permanent' deficits? And to drive home the stuupidity of it all, these budget deficits have all been used to finance unproductive recurrent expenditure. Not capital projects (which have a multiplier effect). No. Just wages and salaries for the boys. And girls.

Nigerians have refused to hold their leaders accountable in both politics and economics and for this reason they deserve no sympathy. The beatings will continue until morale improves.

She should simply release data on their achievements , I've seen a lot of brilliant ideas from this woman.

It is getting clearer than ever imagined by Nigerians that this administration has mismanaged our fortune as a government. Needless for Prof Soludo to x-ray the economy, isn't it true that our reserve has dwindled? Is Nigeria not in debt? The fundamental question is; where is the excess from our yearly budget crude oil price benchmark? How can we have surplus yet owe and squander our savings....... Nigerians be wise.. Iweala is not telling us the truth.

Ngozi's idea of proper handling of the economy is that which advice us to prepare for the worst in 2015,.....#smh.... she should just as well as come out to recount the good work of the present administration and tell us how miserable prof is. Because the prof. Seem to be more convincing with all his statistical figure, and doesn't seem to have taken side with any of the political party, but to think the minister of finance will reduce accusation of inadequate handling of the economy to a rain of insult, carefully present a counter attack statistically.......you can see how unrepentant this national treasury loothers are.

Swiftboy:
Your intelligence is widely refered by my humble self. Thank you soo much!

God bless you. God bless our country, Nigeria.

callmenow:


Your ranting ignores the fact that her stated fiscal policy, allied to CBN's monetary policy has made Nigeria pre-eminent in Africa economically. Has attracted a record $8 billion dollars in foreign direct investment (FDI), etc. Intellectual midgets come here and accuse her of low intelligence and cluelessness, yet they will be hard pushed to walk in a straight line unaided.

What is her fiscal policy please? Let us not just throw words around. Her fiscal policy has been a deficit policy over the last 4 years ? Are we talking about the same thing

Also I do not see what Fiscal policy has to do with Size of economy in this case. To attribute growthto fscal policy would make sense if there was some kind of expansionary policy with huge capital outtlays. All that has happened is REBASING in other words someone comes and tells us the old car in the yard is worth 600 and not 300 as the owner always believed . Good news? Maybe but when you sell that car yo cannot use the proceeds to buy two of the same type of car. We started measuring what has always been there but not measured like Nollywood and Mobile phone companies. Nothing new was added. We are talking an economy where interest rates are over 15% what kind of business can you do to make that?

Some of us know economics so please do not come here throwing words about

Which do we believe? In a campaign video, they claimed the nation now produce the highest crude oil in Nigeria's history! Due to the hard work of Jonathan. In this write up, they claim crude production under OBJ was higher! Which is which?

Don't mind those people. It is well documented that oil production dropped during Obasanjo's regime as a result of Niger delta militancy. Are they now telling us that all the billions they have been giving to Tompolo and his boys to safeguard our pipelines are wasted?

franciskaine:
"Contrary to what Soludo said, oil
production under President Obasanjo was
higher than current levels.
Quantities produced averaged 2.4 million
barrels per day, bpd; 2.22 million bpd,
and 2.21 million bpd in 2005, 2006, and
2007 respectively, but has declined now
to between 1.95 and 2.21 million bpd due
to vandalism of the pipelines and the
resulting “shut-ins” to fix the problem.
It is true that had production been at
the previous levels and had there been
willingness to save, we would have had
more money in the ECA and also in the
reserves."


lies from the pit of hell. Within the past few years Nigeria's oil production per barrel surpassed 2million barrels and also the price has remained at an all time high of over $100 per barrel within the past few years as against Obasanjo's average of $35 pb. The question remains what happened to the excess accrued to the Federal government within these yrs, yet its continued borrowing despite the oil boom?

Chai! A whole mama Peace is now a demon of misfortune

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

Undiluted truth.

Compare these:

Soludo's piece:
Mr. Soludo praised President Jonathan for refusing to sign the Economic Partnership Agreement with the European Union, calling the decision the president’s most important initiative of his government to secure the future of the economy, and wondered why that achievement is not being celebrated.

NOI's piece:
Soludo mentioned the issue of the Economic Partnership Agreement with the EU, noting that this Administration has not been vocal or clear on its direction with this agreement. On the contrary, the Administration, particularly the Ministry of Industry, Trade, and Investment, has been clear on this issue but since Soludo has been in the air he probably has not been aware of this. Just recently, the Minister of Industry, Trade and Investment reiterated again to the corporate sector that Nigeria has not signed and does not propose to sign the EPA in its present form.
The point is that this government has been pursuing the right economic policies, and its efforts have been acknowledged nationally and internationally. Let me say that there are objective ways to measure performance. There are international institutions globally accepted to do this. They have acknowledged this Administration’s good economic management up to the recent crisis and even now.

Flets:
The key things that didn't makes sense to me on Soludo’s write up are

1. If it wasn't for political gains, why wait till election period for such write up
2. Why referencing Peter Obi in a write up that should never have involved him?
3. He declared Obj a saint
4. He lied about povert rate. Check www.unctad.com

You are right, Soludo's writeup had its good points and it's bad points. But the key issue in his writeup is that nigeria is in a really messed up situation, regardless of who becomes elected as president.

Soludo was actually very gentle with his prognosis about nigeria's current economic fortune. The fall in the price of oil affecting nigeria, can be described allegorically to a man getting his leg chopped off with an axe. The man starts to bleed and continues to bleed until medication is applied to stop the bleeding.
The naira is in a continuous free fall and will continue to fall in value versus the dollar until surgery is conducted on our economy. What Soludo is asking both PDP and APC for is the type of surgery they are going to perform and how they are going to go about performing the surgery. Do you understand what I am saying?

The truth is that Jonathan should have saved money in our excess crude account and should have also created policies to increase our external reserves. He failed to do this and nigerians are probably going to suffer a kind of suffering the country has never seen irrespective of who becomes president.

There are two strong fundamental "economic" reasons for the fall in the price of oil.

1. There is a more supply of oil than the current levels of demand. This can be corrected by countries supplying less crude to the international market, and the bigger issue
2. The discovery of shale oil and gas has multiplied the amount of oil everywhere on earth. Consider oloibiri in bayelsa state, the dried up wells there probably have a considerable amount of shale oil and gas. What this implies is that oil prices can remain lower than 70 dollars per barrel for many years to come irrespective of what OPEC and oil producers do. Do you understand what I am typing?

Back to nigeria, we cannot borrow because our naira is falling so borrowing will put us in a debt trap. As the naira falls, hyper inflation in bound to set in increasing the price of everything imported into the country further pauperizing our unfortunate citizens. Private companies will be wise to stop investments in manufacturing and switch back to importation because of the growing cost of equipment purchased using money earned in naira. Companies such as dangote, innoson, the banks are all at risk for failure. I read that dangote has started investing in gold (smart man).

The good news is that this is a good time to be an upstart. As the saying goes, the bigger they are, the harder they fall. Other than this, there really isn't any silver lining in this horrible mess nigeria currently finds itself in.

Pray for our country.

Just watch, the next thing this people will be doing is sharing with us how they don't sleep with their wives in bed, and how they use such position in bed. Just watch.

Now, for once let's not look at this issue from a political point of view.

No APC or PDP thing. Ok.

First, Sanusi raised alarm over the management of the economy and what did the Jonathan govt do?

They shouted him down and sacked him.

Now, another one time CBN governor is raising alarm over the mangement of the economy and what's the Jonathan govt doing?

They're shouting him down.

Madam Okonjo, you may be an intellectual but I think, there's something you're not oing right.

Those TWO PROFS can't be wrong over this issue.

A CHANGE won't be a bad if something isn't going right.

VolvoS60:


^^^
Fair point but deflation isn't and has never been this country's problem.

For half a century or more (give or take a few years), Nigerian governments have been running budget deficits. Where deflation is not a problem then what is the justification? And to drive home the stuupidity of it all, these budget deficits have all been used to finance unproductive recurrent expenditure. Not capital projects which have a multiplier effect. No. Just wages and salaries for the boys. And girls.

Nigerians have refused to hold their leaders accountable in both politics and economics and for this reason they deserve no sympathy. The beatings will continue until morale improves.

The question of recurrent expenditure is a very interesting one. It's a bit like the fuel subsidy issue where you know the right thing intellectually to do but may not find the political capital to achieve the solution.

Two key issues drive the high recurrent expenditure levels; high personnel costs and the huge number of Ministeries and Parastatals. Regarding the high personnel costs, an obvious solution would be massive retrenchment of civil servants. I doubt if any civilian President can embark on that objective for clear reasons. The other side of the equation is the large number of Ministeries and parastatals, which are protected by law. This puts the obvious solution of rationalizing the numbers of government units (Oronsaye, I think, attempted to work on this) beyond the realm of what the executive can achieve unilaterally.

I believe that Ngozi's team is attempting to tackle this issue by increasing efficiency ( a more transparent payroll) and by diversifying funding ( non-oil revenue).

/
After reading the whole epistle, it appears plagiarised. But on further analysis, I found out that my confusion came from hearing the same storyline which has rather become stale from GEJ co-looters.

Okonjo Iweala is in lala land. It is appalling to watch what Nigeria has finally reduced NOI to.
She is still basing her arguments on fictitious Economic indices that do not stand test of time. \

FindOut:
So this mor.o.n gave us the average oil production in barrels per day for 3 years under OBJ and two years under Goodluck (difference of approximately 200,000+ bpd) . Why didn't the dummy also give us the average price of crude oil per barrel within those periods?

You know what? GEJ and NOI are base crooks that have presided over our commonwealth. It was convenvenient to give us average daily production figures for periods pre-Jonathan, but a range of values for the Jonathan locust years so as to pool wool over our eyes. What is the difficulty in telling us the average daily crude production since 2009 and the average price per bbl?
How is it likely that more production was recorded in Obj's tenure when there was much production shut-in due to Force Majeure?
No doubts, it would serve their interests go peddle a range of values so they can conceal the volumes they ferry away even after contracting ex-militants to be both our navy and civil defense.