omonnakoda:
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

You are very enthused by sharing, etc. Any surpluses was put in the sovereign wealth fund, and other such schemes. Sadly, you cash these funds to share. Only the notional interest can be drawn down intermittently.

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 always has to be others except Mario Baloteli and I don't know why?

callmenow:


You are very enthused by sharing, etc. Any surpluses was put in the sovereign wealth fund, and other such schemes. Sadly, you cash these funds to share. Only the notional interest can be drawn down intermittently.

Sovereign wealth fund and other such schemes are fictional and imaginary schemes. What are the particulars of these "SCHEMES" How much is in them and where are they. What is the law governing the SWF was there a specific amount or was it open ended. Nigerians are not stupid. So all this bluff and bluster does not fool any any one.

those paid praise singers will still criticize gej after 4years this is nigeria

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.

^^^
No sir. What you have written up there isn't correct. Mr Sanusi claimed that scores of billions of US dollars in government revenues could not be accounted for. The figures were disputed and finally revised downward to $10 billion (still an unfathomably high amount to over 99% of Nigerians). Mrs Okonjo Iweala was a party in the reconciliation of these incredible figures and (if my memory serves me correctly) she promised an investigation and an audit of the NNPC.

In serious countries, the inability of a government to get to the bottom of such an important matter (with elections less than 12 months away) would have meant only one thing for such a government: unavoidable 'death' at the polls. But this is Nigeria. That matter has been kicked to the kerb. Like all the other mind boggling scandals of the last 16 years under the self-styled 'largest party in Africa'.

We are acting out a script. What worries me is what's coming up in the next Act.

tyrone07:


Dunce can't you see the dwindling oil prices globally.

that mumu na fat dunce.

Attack all the way, cant this people be objective and tell us how they can revive the economy rather than attack anyone who see where the problem lies.........WONDER SHALL PERSIST.

Fit2Rule:
....and you seriously expect me to read all this? Haba! Habatically

...typical Nigerian
RTFM!

smsdigito:


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.

I think you should be the one to shut up, put your sentimental attachments to the side and reason objectively. GEJ is not your father and neither is he mine. Put politics aside and think of what would benefit yourself and your children in future.

Soludo raised pertinent concerns which bother on the celebration of absolute failure by the Nigerian FG in handling the economy. He exposed a grand deceit of the FG in which they sugar coat their report cards and then dubiously feed Nigerians (who obviously dont understand the complex jargon) with fake indices of economic growth when indeed there is none. He pointed out facts and figures which can easily be verified (by anyone) and he tried as much as possible to break the figures down to a level which can be interpreted by all.

I am not related to Soludo and neither am I related to GEJ. Therefore as a Nigerian, I am only concerned about where the argument affects my existence, my welfare and the future welfare of my children. I am not concerned about Soludo's motives for his write-up, neither am I concerned about Soludo's performance in the past while he was in office. I would never be found focusing my energy on the character of a messenger when a grave message which affects me is concerned; I am way smarter than that.

Nigeria despite all of its potential has unfortunately become embroiled in an almost eternal game of 'soldier go, soldier come'

Where do they get all these statistics and figures? International guidelines for capturing data have to be customized to fit the situation on ground. So let us not fool ourselves by thinking that figures being quoted is a reflection of what obtains in reality. Statistics and figures can be doctored in such a way as to present a better picture than what obtains in reality. This is call Augmented Reality.

The poverty rate as seen and felt by actual Nigerians (not virtual Nigerians or those in high places) is probably about 70%. Meaning that 70 out of 100 Nigerians live below the poverty line.

Is there no balm to heal Nigeria?

I wonder!

tbaba1234:


You mean glorified secondary schools...

ewu

Mftivi:



that mumu na fat dunce.

ODE!! YOU SAVE FOR THE RAINING DAYS WHAT DID YOUR MENTORS DO WHEN OIL WAS $100? KEEP REASONING WITH YOUR ANUS.........HAVE ANYONE OF YOUR RELATIVE BENEFITTED FROM ALL THIS FALACY OF 1.8MILLION JOB?

Balkan:
Washing of dirty linen thinz. Coming from supposed Roll Models

The models are ROLLING brother, very amoothly

callmenow:


Are we not living witnesses to the disaster that Oceanic bank, inter continental, citizens bank, etc which Soludo oversaw turned into? Are we not aware that despite debt pardon, running to $70 billions by the Paris club, IMF and world Bank, that there was no infrastructure to show for all oil and non oil earnings during OBJ/Soludo years? How could you forget that NOI was the finance minister at the pertinent time? NOI was angry that Soludo was trying to rewrite history. You, like most Nigerians have short memory. Was it not thirty years ago that buhari was killing people by hangings, firing squad, willy Nelly unjustifiably? Yet today he is the messiah who will fix the oil price, fix the petroleum price, pave the streets of ABA, lokoja, suleja and 40 cities across Nigeria in gold? Soludo lied, was rude to NOI, and should apologise for his pernicious lies.

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.

obailala:
I think you should be the one to shut up, put your sentimental attachments to the side and reason objectively. GEJ is not your father and neither is he mine. Put politics aside and think of what would benefit yourself and your children in future.

Soludo raised pertinent concerns which bother on the celebration of absolute failure by the Nigerian FG in handling the economy. He exposed a grand deceit of the FG in which they sugar coat their report cards and then dubiously feed Nigerians (who obviously dont understand the complex jargon) with fake indices of economic growth when indeed there is none. He pointed out facts and figures which can easily be verified (by anyone) and he tried as much as possible to break the figures down to a level which can be interpreted by all.

I am not related to Soludo and neither am I related to GEJ. Therefore as a Nigerian, I am only concerned about where the argument affects my existence, my welfare and the future welfare of my children. I am not concerned about Soludo's motives for his write-up, neither am I concerned about Soludo's performance in the past while he was in office. I would never be found focusing my energy on the character of a messenger when a grave message which affects me is concerned; I am way smarter than that.

So, it doesn't bother you that Charles Soludo used 2011 stats to judge GEJ in 2015? This is the reason why I avoid engaging you guys seriously. I just mock and laugh.

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

The administration's problems with SLS is that he is using his office to play politics and his temperament is not ideal for that position. A CBN governor should mind his words a single statement can tumble the stock market. we are not against his policies.

King Sanusi of Kano vindicated once again. Iweala don blow breeze fowl yansh open gbagada!

mfm04622:
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?

This one is for the purpose of accountability: so u understate the volume and give a range of values to confuse peeps so as to protect the volumes that are stolen by 'stakeholders'

Thus Okonjo-Iweala is the worst Minister of Finance and the worst handler of macro-economy in Nigeria's history!!!!

AlPicapcI:


ODE!! YOU SAVE FOR THE RAINING DAYS WHAT DID YOUR MENTORS DO WHEN OIL WAS $100? KEEP REASONING WITH YOUR ANUS.........HAVE ANYONE OF YOUR RELATIVE BENEFITTED FROM ALL THIS FALACY OF 1.8MILLION JOB?

yes sir, am not a hypocrite like you, I see his achievments. The airports, the train, the schools, the roads are they all lies? I am educated enough to know that president Goodluck has laid solid foundation for the transformation of this country and that transformation doesn't happen over night but built block upon block. As for saving for the raining days direct that to Ameachi and his cohorts.

omonnakoda:
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

Thank you for giving me the opportunity to educate you. Fiscal policy is the way governmental expenditure and income influence the macroeconomics. Now what this means in Oshodi speak is how internally generated revenues (IGR), things like taxation and the capital expenditure affects businesses and even you and your household. you are also wrong about rebasing. In this context, there were economic activities that were excluded, as well as the fact that Nigeria's reference point is not in line with best practices. I personally believe that our economy is worth 1.3 trillion dollars, not the 500 billion that is vaunted. My reason? Most economic activities in Nigeria is unaudited and unheralded. Most beer parlour businesses don't pay tax. Onitsha and ABA does not generate much tax for state or federal revenues boards respectively. Yet in all the progressive countries, taxes forms the bulk of GDP accounting. I pay the full tax while in Europe, yet the people in my tax office in Lagos are always discouraging me from paying proper tax, by advising me to pay only #50000, and give them (settle) #50000 egunje. Yet I should be paying at least one million naira every year. I actually hate the whole business. But they tell me that everyone does the same. I plan to pay PROPER tax this year. Corruption therefore has kept our economy back.

Fadelex:
it doesn't take an Harvard degree to know that our economy is in crisis, okonjo iweala is overrated. she can't stand any iota of criticism, she can only intimidate her critics without addressing the issues raised. how on earth do you place your benchmark 25% above the current crude oil price? she might be learned but her application is very poor, she's far from reality and she's one of the major reason the president is underperforming. no matter they say about soludo, it is evident that he's a well respected economist who brings various transformations ti our banking sector. soludo is not just a banker, he's a world class economist, and only time will tell before all the lapses of okonjo iweala is exposed.

throughout last year what was the lowest price oil was sold in the market. Check other OPEC countries and see their own bench mark. When you predict, you do so with the available data you have, and hope different uncertainty don't go against you. So i totally disagree with your statement.

callmenow:


Thank you for giving me the opportunity to educate you. Fiscal policy is the way governmental expenditure and income influence the macroeconomics. Now what this means in Oshodi speak is how internally generated revenues (IGR), things like taxation and the capital expenditure affects businesses and even you and your household. you are also wrong about rebasing. In this context, there were economic activities that were excluded, as well as the fact that Nigeria's reference point is not in line with best practices. I personally believe that our economy is worth 1.3 trillion dollars, not the 500 billion that is vaunted. My reason? Most economic activities in Nigeria is unaudited and unheralded. Most beer parlour businesses don't pay tax. Onitsha and ABA does not generate much tax for state or federal revenues boards respectively. Yet in all the progressive countries, taxes forms the bulk of GDP accounting. I pay the full tax while in Europe, yet the people in my tax office in Lagos are always discouraging me from paying proper tax, by advising me to pay only #50000, and give them (settle) #50000 egunje. Yet I should be paying at least one million naira every year. I actually hate the whole business. But they tell me that everyone does the same. I plan to pay PROPER tax this year. Corruption therefore has kept our economy back.

Educating APC since 1806

dvee2:


From your comment should we now deduce that SLS is a genius for turning the tide and putting the banks right without loosing depositors money and profitable?
Should you and the presidency apologise to SLS for calling him names?
You are a pathetic liar, you called sanusi incompetent, you said he got his degree from Sudan Islamic study, and you said he was only CBN governor because of quota system. Now you claim sanusi was a genius cleaning up soludus mess.
Choose one, you can't eat your cake and have it

The SLS saga is a political one. He was inconsistent in the amount said to be missing. And was seeming more like an agent of the opposition. No govt would tolerate an appointee soiling the image of the govt. But the govt shud have gone ahead to investigate the allegations of SLS. The National assembly investigated and said no money is missing. I want to believe it is impossible for 50 billlion dollars to be missing yet states got there allocation. That money is more than our yearly budget. But truth be told, SLS saga is a political one

Anyone who does not sing songs of praise for GEJ automatically becomes a bad person..

Curlieweed:


So, it doesn't bother you that Charles Soludo used 2011 stats to judge GEJ in 2015? This is the reason why I avoid engaging you guys seriously. I just mock and laugh.

Are you insinuating that every single analysis made by Soludo, i.e. 100% of it is wrong?

obailala:
I think you should be the one to shut up, put your sentimental attachments to the side and reason objectively. GEJ is not your father and neither is he mine. Put politics aside and think of what would benefit yourself and your children in future.

Soludo raised pertinent concerns which bother on the celebration of absolute failure by the Nigerian FG in handling the economy. He exposed a grand deceit of the FG in which they sugar coat their report cards and then dubiously feed Nigerians (who obviously dont understand the complex jargon) with fake indices of economic growth when indeed there is none. He pointed out facts and figures which can easily be verified (by anyone) and he tried as much as possible to break the figures down to a level which can be interpreted by all.

I am not related to Soludo and neither am I related to GEJ. Therefore as a Nigerian, I am only concerned about where the argument affects my existence, my welfare and the future welfare of my children. I am not concerned about Soludo's motives for his write-up, neither am I concerned about Soludo's performance in the past while he was in office. I would never be found focusing my energy on the character of a messenger when a grave message which affects me is concerned; I am way smarter than that.

And me that am talking who told you am GEJ's brother or am enemy of Soludo?
Let me tell you why, some times the pedigree of the messenger affects the quality of the message or the integrity of the message passed.
Let me give an instance, assuming somebody like shekau (the Boko Haram leader) brings you a message one day that he has changed his mind about violence in Nigeria and has repented of his sins so civilians should enter sambisa forest to go and recover the chibok girls and other kidnapped citizens by themselves and promises that they wont be hurt, will you welcome it?
If you wont welcome it, what are your reasons?

Look, what you fail to understand in this country is that very few people come out to say their mind on such issues without being bias. Why is it that some people working with any govt in this country never see anything wrong about what the govt is doing, yet those who are not with the govt always dont see anything good about what the govt is doing? ask yourself this question.
If you read through soludos's memo, you will discover he never saw even one thing good about what this admin has done. Is that possible? these are simple indices that he is bias in his criticism.
He lost elections in PDP twice and he was aggrieved that GEJ didnt support him and quickly he switched camp to atiku, and lost along with atiku. He is still disgruntled, who doesnt know that? read through okojo-iweala's response and stop pretending you dont know about all govt is doing to develop the economy and the country as a whole.

omonnakoda:
Sovereign wealth fund and other such schemes are fictional and imaginary schemes. What are the particulars of these "SCHEMES" How much is in them and where are they. What is the law governing the SWF was there a specific amount or was it open ended. Nigerians are not stupid. So all this bluff and bluster does not fool any any one.

The information about some of these schemes, approved by NASS can be found here. www.nsia.gov.ng

The bean counters, tell me that billions of dollars was invested for real. However you have to dig deep to unravel the inner workings of the schemes. Apparently, the money was invested in dollars denominated instruments. Therefore the value should be intact.

VolvoS60:


^^^
No sir. What you have written up there isn't correct. Mr Sanusi claimed that scores of billions of US dollars in government revenues could not be accounted for. The figures were disputed and finally revised downward to $10 billion (still an unfathomably high amount to over 99% of Nigerians). Mrs Okonjo Iweala was a party in the reconciliation of these incredible figures and (if my memory serves me correctly) she promised an investigation and an audit of the NNPC.

In serious countries, the inability of a government to get to the bottom of such an important matter (with elections less than 12 months away) would have meant only one thing for such a government: unavoidable 'death' at the polls. But this is Nigeria. That matter has been kicked to the kerb. Like all the other mind boggling scandals of the last 16 years under the self-styled 'largest party in Africa'.

We are acting out a script. What worries me is what's coming up in the next Act.

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.

trillville:


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.

Nice points raised
No.1 Is very correct but
No.2 isn't entirely correct because there is a big difference between Enhanced Oil Recovery (EOR) which is sort of what you explained and Shale Oil - Shale has space to store oil and we've always known that but it wasn't economically viable bear in mind the Technology of hydraulic fracturing is over 50 years old.

senatorbayor:
No matter the defense madam N.O.I put up, let her back it up with the K.P.M.G report on the missing $20b that was released to the govt in NOV 2014.
The report of the KPMG has been sat on by the GEJ govt as findings will be too alarming for Nigerians to swallow.
#release KPMG report now#

Baba, they didn't hire any KPMG to do any sh*t... it was jst to pacify us for a while and keep us on a long thing