omenka:
How can one answer this question without giving you an e-slap??

It is the CBN that manages the foreign exchange reserves and not Okonjo Iweala. If there are reductions in the reserves, you should blame the CBN first before blaming anybody else.

Volksfuhrer:


I agree with that part of your submission. But the idea is not as heinous as it sounds. The idea could still be fine-tuned to hedge against long term disadvantages. We should not just reject the idea without seriously looking at its merits and finding ways to minimize its demerits.

Bros, Nigeria have a history of mismanagement. Do you know how many asset we've sold in this country without proper accountability? What happened if after letting go of about 25% stake in the JV and the money realised isn't use to put infrastructure in place? Do you know the problem that awaits us in the future? It's like a man that sells his House that earns him annual rent, He stand at a risk of facing serious long term problems after he must have exhausted the monies realised from the House that he sold. We should be very careful..

"It's a great idea" "the money will still be wasted" "It makes no difference" please quit that 10th bottle, and hand the waiter your car keys immediately!

Sweetguy25:
Its actually a great idea but I doubt the realizable amount the CBN projected. The problem still lies with our fiscal structures. The 75 billion dollars will be shared by all tiers of government. The FG will retain about 30 billion, 25 billion goes to the states and local governments while the remainder will be given to the CBN to defend the naira. At the end of the day, the money will still be wasted.
So it makes no difference.

stronger:


We have had 60% for years. What have we done with it? Nothing! Politicians loot!

Now that we have a responsible and accountable govt, sell part of it and develop infrastructure. Saudi Aramco has RESERVES that we can't even dream of. There is a future. Our oil will soon finish and the oil price will never get to above $100 again except there is a MAJOR WAR in the ME. Major! best thing, sell off now!

Who told you our oil will soon finish, we have more than 30 billion in reserve, the only thing is that crude value is going down... If you work in an O&G coy u will know that increasing the JV of foreign coys is just to enrich these companies and their countries, bocs what is share(60-40) its profit after operation cost has been removed... if we have accountable gov all they need to kill NNPC and its criminal allies

omenka:
If you can't point out where I said that, then you must be the biggest fool in earth's galaxy.

Take out lies from the universe and watch Jonathanians stop breathing.

Dont insult me.... am not your mate in any way, we can argue but dont go more than that in this so call faceless forum

omenka:
You still do sound very foolish. Get over yourself.

you remind me of Dayokalu...anyway becareful

CHESSBOARD:

Dont insult me.... am not your mate in any way, we can argue but dont go more than that in this so call faceless forum

Illiterate grandpa. Stop lying against your grand children then.

CHESSBOARD:

you remind me of Dayokalu...anyway becareful

Oponu dindinrin.

CHESSBOARD:

Who told you our oil will soon finish, we have more than 30 billion in reserve, the only thing is that crude value is going down... If you work in an O&G coy u will know that increasing the JV of foreign coys is just to enrich these companies and their countries, bocs what is share(60-40) its profit after operation cost has been removed... if we have accountable gov all they need to kill NNPC and its criminal allies

(1) when I say oil will soon finish, I don't mean tomorrow na. Check our reserves and compare to others. 30 years max, unless we start taking renewable seriously! Take that to the bank.

(2) The issue of selling is simple. If we assume that this govt is going to be responsible with the funds then selling some stake off is a wise choice. Why? Simple economic principle: The value of money of the day (MOTD). With the money we can invest in infrastructure that will drive major growth in non-oil sectors! Otherwise, we just keep borrowing and increase our debt profile.

(3) The CBN governor is not selling off everything. Just a part of it. The oil companies will still be paying huge taxes shey you know. And we will even increase the taxes.

(4) if you are worried about enriching the oil companies, forget it. Most of them are divesting anyway and it's mostly LOCAL companies that by these divested assets SO if the NNPC sells off, it'll still get to Local firms, thus providing jobs for Nigerians last last.

Sweetguy25:


It is the CBN that manages the foreign exchange reserves and not Okonjo Iweala. If there are reductions in the reserves, you should blame the CBN first before blaming anybody else.

k.

kendrick9:
who said our oil will soon finish?

Do some research bro. It's the sad reality.

Not only will the oil finish, before then, it will be worthless as the world moves to renewables that are more sustainable and the oil price crashes.

You see that the N/D has wasted its "best years" allowing some miscreants "fight for the people" and end up putting money in their pockets instead of demanding for REAL DEVELOPMENT! When the oil finishes, their eyes will be opened and they will be abandoned because they refused to wise up today! Sad reality

Please what's happening to Agriculture?

socialmediaman:
This CBN man is talking like a fresh graduate from the university without seasoned knowledge of administration. He should rather advise the president-elect to curb waste in government and restructure the civil service to gradually shed its idle workforce by introducing policies like shift work while investing heavily in the economy to generate employment and develop infrastructure

You and the CBN governor are right.......you are both proffering ideas which turns to veritable options for the government.

Is these how people were leading GEJ about? A confirmation that my exiting president is a WEAK man.

Buhari, please be careful sir.

stronger:


We have had 60% for years. What have we done with it? Nothing! Politicians loot!

Now that we have a responsible and accountable govt, sell part of it and develop infrastructure. Saudi Aramco has RESERVES that we can't even dream of. There is a future. Our oil will soon finish and the oil price will never get to above $100 again except there is a MAJOR WAR in the ME. Major! best thing, sell off now!

afterall selling off now what next, looting I guess.

PDP knows that they cannot Kill the General Buhari so they are now working HARD to see Nigeria Perish under his regime, BAD Idea from PDP Paid Artist in CBN Cloning

stronger:

This makes sense. Sell part of it off and raise up petroleum tax to make up for the reduction in revenue.

This provides cash to develop badly needed infrastructure (electricity, transportation etc) that will drive growth in non-oil sectors, without having to increase debt profile significantly.

Of course this means a lot of cash in the system and only a responsible govt will be able to handle it well. This is why the CBN governor did not suggest it to GEJ! They would have used it for elections. Good to see that he has more confidence in GMB!

4 these guys in govt everything is sell sell sell. They never talk about accountability,expansion, investment and development. Its all about revenue

mr adviser that refused to see the future.

Akotileta

That is Ako ti ile ta, Advice. I doubt it. Source please

this is not a bad plan but I think we should be looking at the long term goal of this plan and we should not forget how fast half of the money will go Into the pockets of those who didnt work for it #corruption is just the promblem I dont trust or believe in this plan...

See this akotile ta.

Thank God the regime of his master is over, I trust the shoe-less-shoed he would have accepted it hook, line and sinker. That was their plan, win the election and start selling anything sell-able.

I want to believe this is not coming from him sha, else he knows nothing about investments. After spending the proceeds on immediate needs and we still have more to settle what shall we fall back upon.

If it were to be in amphitheater, my boiz would have shouted 'Apa! Apa!! Apa!!!' till he leaves the stage. Oma seeeeeee oooooooo

Trust me, issues like this is not ment for every tom ddick and Harry to debate. it require serious analysis considering the revenue of the country at the moment.

Sell 40%, give the remaining 20% to the local communities, let other regions go into mining their respective resources. Increase petroleum taxes for the FG.

Mbok make the money raised into some kind of intervention fund for the FG alone. DON'T SHARE TO STATES O.

I believe at this junction Tinubu should be the one to advice Nigerians which way to take.

Are they going to sell the 25% stakes to themselves?

More challenges everyday for the incoming Baba. We are watching!

Are der no oda ways of raising money apart from selling some of dis asset?

Though a lot of money for infrastructural development will be available to government if advice is taken but what are the long term effects of relinquishing our majority shareholding?

Keneking:
All this cabinet members of Jonathan sef...
Emefiele wants us to sell-off our collective wealth to capitalists Was he drunk when he made this statement?
A kind of advice you get when your friend is drunk and still wants to drive you home.
The kind of suggestion you get from unqualified people in government.
Nonsense

U may wish to provide an alternative Mr know-it-all.

Mr. Emefiele just submitted his Resignation Letter. Bad ppl. Sell ur car because u wan buy new tyre.

I think this CBN governor needs to be careful. He was appointed after his successor was ousted in an unconstitutional manner. He could face the same fate as there is precedence for it.

This is a policy somersault that is capable of re-defining Nigeria as we know it. If Nigeria is to sell off its 55% Equity in the Oil Sector just to raise N14.9 trillion; Where will the Federal Government raise the Monthly Allocation she shares to the States every 4 weeks ? What if the N14.9 trillion is misused and the country goes broke, then we become another Greece.

May be this is a way of making the States think of how to raise funds to cater for their needs instead of parasitic dependence on the Federal Government, but its a grave idea to have people richer than the Government. This is extreme Capitalism that Nigeria can not afford to buy into. This is NOT USA where Tax regimes and brackets are strong and enforced. This is a single bullet that can destroy Nigeria economically.

Emefielie by this singular suggestion should be made to resign from CBN, because illiterate Buhari might buy into this idea and its going to be the end game for the contraption called One Nigeria.