. . .To save the country from the effects of Sanusi.
I just saw Remi Babalola make the announcement about the injection on AIT,  his reason is that the banks are not lending.

Nigeria to pump $2 bln oil money into economy: minister
(AFP) – 8 hours ago

ABUJA — Nigeria plans to draw two billion dollars (1,4 billion euros) from its oil savings to boost liquidity in the economy, the junior finance minister said Tuesday.

Remi Babalola said the country's national economic council -- a body comprising the presidency, the 36 provincial governors and heads of federal economic units -- had cleared the stimulus package.

The funds will come from the country's excess crude account, a fund into which windfalls from oil are stored.

"We are just taking money from the savings and pushing it into the system to make sure that the system runs well," he told AFP.

"That is what has just been ratified by the National Economic Council right now," Babalola told AFP.

The money is to be distributed to all the three tiers of government -- federal, state and local governments -- to provide "additional liquidity into the system to re-energize" it, he said.

Local media on reported Tuesday that the money will be used to cushion the effects of the global economic crisis, stimulate manufacturing, create employment, improve power and road sectors.

Nigeria, the world's eight largest oil exporter, has seen its output drop by around a third due to violent militant attacks on oil facilities and workers in its oil hub, the Niger Delta.

An offer for amnesty by government saw most of the known and dreaded militant leaders lay down arms by the Sunday deadline, but the umbrella rebel group the Movement for the Emancipation of the Niger Delta vowed to resume fighting.

http://www.google.com/hostednews/afp/article/ALeqM5gv_AOh6Pc855xPWplSFZQlJYslPg

Roflmao!!!!

Babalola Wants Confidence Restored in Financial System
From Kunle Aderinokun in Abuja, 10.05.2009

Minister of State for Finance, Mr. Remi Babalola, at the weekend , sought the restoration of confidence in the Nigerian financial system so that the sector could play its critical role in the economy.
In a statement signed by his Special Assistant on Communications, Mr. Oluyinka Akintunde, Babalola also called for the sustenance of the ongoing reforms in the financial system in the interest of the Nigerian economy.
“We need to restore confidence back into the system and energise the financial institutions to play a pivotal role in economic transformation,” he said.
Babalola explained that the ongoing reforms in the financial sector were necessary in order to address inherent gaps in the system and make the banks compete successfully in the global financial market.
The financial system, he stated, had in recent times been faced with a number of challenges ranging from the banking operations risk to stiff competition among banks, as well as stakeholders’ expectations, including the desire of insured financial institutions for the adoption of risk-based premium assessment system.
He therefore advised the financial institutions to adopt sound corporate governance, probity, accountability, transparency, integrity and stringent financial reporting standards.
“The Board of Directors, Management and Staff of our financial institutions must adopt sound governance practices and exemplary conduct to cope with the day-to-day challenges of the global financial markets, and for them to excel.
“We must realise that although technology and management skills are important, the basis for our financial market competitiveness may have more to do with sound corporate governance principles, than mere possession of advanced technology or even management skills,” Babalola said

http://www.thisdayonline.com/nview.php?id=156235

Na wa!
On AIT, Babalola actually said that the injection was necessary to prevent the country slipping into recession.

Are we not in recession at the moment now?

Useless people. They are looking for another way to steal.

already stealing

All these people will never know peace jare.
How could they inject money so that the banks could be loaning, have they ever loan to the people that needed the money? have they ever given to people with ideas, i guess now some of their friends needs more money and yet has no collaterals.
Freaking mad people.

Even if they inject 200Bn nothing's going to improve with the kind of human beings in those three tiers we have waiting for for that fund.

Serious change needed in this country.

Naija for show. As far as I know Nigeria has been in recession since 1960 so what are they talking about. Naira go fall the common man go suffer

dey want to tell us another story againiooooo!!!!!

How can banks lend when they are crucifying them here and there, Now I know there intension of pursing banks over night, because they want to pump money into theirr pocket sorry economy.

God will surely deliver Us from your hands, it will not tarry.

What is the purpose of a stimulus if not to pass money from government to market through purchase of labour and raw materials?

Will the $2bn proposed ever touch the common man or will it be eaten by councillors, Governors and Ministers?

How about their budgetary allocation which the respective tiers of Govt receive every month? Have they ever used it to stimulate liquidity or do they stash it in Swiss banks?

The only stimulus Nigeria needs is the forced appropriation of assets of all former and serving politicians and leaders. Put that back into the economy and the economy will be buoyant overnight.

Bloody thieves!

This is money to be use for 2011 elections.

thieving goons wanting to inject money so their counterpacts in the private sector can go on further zero collateral loan bender.
Only in naija

back2back:

This is money to be use for 2011 elections.

Exactly what I thought!

I earnestly wait for 2011 by then I will know if most of you here on NL got balls or you are just bucnh of maximus loud mouth, talk talk talk talk, no action  

the money will be used in bailing out some private pockets.

ekitikan:

I earnestly wait for 2011 by then I will know if most of you here on NL got balls or you are just bucnh of maximus loud mouth, talk talk talk talk, no action

wake up my guy,are u from ghana? from when did your vote start to count in naija?
maybe you want us to stage a coup abi

Dav.eEven if they inject 200Bn nothing's going to improve with the kind of human beings in those three tiers we have waiting for for that fund.

exactly. i even heard that the price of fuel is going to increase by next month

I saw this in the papers this morning, in one hand Credit Crunch $2Billion for FG, State and LGs and in the other hand FG prepares for 2010 Spending plans LMAO

When will this ever end!!! where are our economists who cannot tell them that in a recession, a fiscal policy is the better evil than a monetary policy, what are those inflation figures again??

They want to steal again!
na no dey tire sef?
God dey see unaoooooo

hbrednic:

wake up my guy,are u from ghana? from when did your vote start to count in naija?
maybe you want us to stage a coup abi

And you would rather sit down or suffer in silence,good for you then go ahead and blow big grammar and big talk when someone steal from you continuosly and he intends to rip you of all human dignity,all you prepare to do is go out to talk and talk, abeg its time for action

Nigeria has ever been in recession, nothing ever works here.

ekitikan:

And you would rather sit down or suffer in silence,good for you then go ahead and blow big grammar and big talk when someone steal from you continuosly and he intends to rip you of all human dignity,all you prepare to do is go out to talk and talk, abeg its time for action

yes it is time for action,no more big grammar oyah fall in line and start the revolution

hbrednic:

yes it is time for action,no more big grammar oyah fall in line and start the revolution

Betcha I will be the first in line, the probs is so many liverless people, go ask who started kiriji war and you would know what am talking about, my ancestors are warriors and war aint new to them.

OvieE:

Useless people. They are looking for another way to still.

Steal what

Yeeeeeeeeeeeeepa! Won tun ti fe jale

But whether or not they steal it, it would impact the economy so its not about the stealing but how it is stolen. If they end up repatraiting the funds through private pockets then we would be worse off economically but if it remains in private pockets here, then it could impact the economy.

We cant pray they dont steal because its certain they would. We can only hope the funds are kept here.

Heh. Idiocy. And I'm not talking about politicians,
I'm talking about the reporters who report propaganga as news.

i think the minister meant save the country from depression and not recession

Seun:

Heh. Idiocy. And I'm not talking about politicians,
I'm talking about the reporters who report propaganga as news.

Are you saying this story is a fib?

Liquidity my ass? We are liquidated even before independence. Wetin this man dey talk self. Another reason to waste money