Best thing to sell is the NATIONAL ASSEMBLY

Not our precious assets

Ok

proeast:
Chai, see how Charles Soludo is educating these ignorant politicians for free. I knew that Dangote is a shrewd & cunning man but I knew he was this wicked and ambitious, this guy wants to buy Nigeria at scrap value!!!

I swear, this man is a million times more sound in economics when compared to all the members of this useless administration. Buha-recession knows that Soludo won't follow his archaic policies and would love to express himself, that's why Buha-recession choose to appoint only the Yes-sir dead brains into his cabinet...

For the likes of modath that keeps talking trype about amount saved by the previous administration, Soludo has once again bursted y'all. He stated clearly that no amount of money in the reserve will prevent the Naira slip (by extension, recession) if the policies were faulty..

tofolo:
If we want to sell our national assets let start with selling the NATIONAL ASSEMBLY.

That one no be asset o! That na NATIONAL LIABILITY

kahal29:


http://www.thisdaylive.com/index.php/2016/09/27/buhari-not-keen-on-asset-sale-for-soludo-it-will-be-a-historic-mistake/

av neva been a Buhari supporter, but I think I know Buhari is not a private sector dependent kind of person. he believes in public service. it will take serious effort to convince him to sell oil/gas related investment.
My verdict is that general and basic economic principles don't work in Nigeria. Nigeria is ours and we will overcome

I approve Soludo on this one.

No matter how fast u run, GOD will still b the one to choose the winner. Nigeria has come to stay whether you like it or not. Even if 1dollar=1000naira the children of GOD will still survive but the only thing I will tell my leaders is that any wrong policy u make today, if you do not suffer from it direct/indirect, somebody from your generation must suffer from it... thanks

Wow! Soludo the solution provider, the erudite professor of micro economics educating Kemi with his technical technicality to technicalize all the in-technicalities. "Wise men always come from the East"

Is it Soludo or Buhari that is speaking, cause truth be told Buhari lacks the mental capacity to debate intelligently on such issues.

I approve Aikido on this one

orunto27:
The $7billion deposited or loaned to 14 MDBs by Soludo should be released by those Banks for Government use now. The Banks should report on all their activities on the deposit or loan, as Soludo pleases, or pay ROI on the $7billion from the time it was placed till today.

Lolz, they way we reason sef.

Why tamper the fund that is in local banks w that boosts financial confidence of the banks but will not tamper the funds in foreign banks? (foreign banks will use it for businesses, generate interests or profits, then plough it back to their economy and it continues to grow). Here u are wanting and clamouring for shrinking the local banks, shrink the local banks and u have automatically shrinked the economy the more. It is better to pump in more funds in the local banks to boost business activities, borrowing from private investors and all that.

My brother is u remove that $7billion from local banks now that the economy is harsh, now that oil is messing them up, then naija is dead.

How do u think advanced countries bail out their banks? Why do u think they bail banks out? U think it is by loans? Or by deposits?

@ this time, we need enough money in circulation.

The money can be accessed by its depositors, but this is not the time.

Besides, that money is part of our foreign reserve, and currently, the reserve is around 24billion, what do u think the balance of payment will look like once this 7billion is pulled out?
Try such nonsense and see naira sell for 1000 per dollar.

In other countries, what they do is pump money into the system, using the commercial banks, here u are clamouring for withdrawals.

I approve Soludo on this one.

papaejima1:
I read Soludo's piece and I was like what the heck is wrong with our ruling class?
This is more like selling your only piece of land to send one of your seven children to primary school!
What then will you do when he gets to secondary level and other six enter primary school?
Armed robbery?

Militancy

One of the top paying job in Nigeria.

Mezuzah:
Wow! Soludo the solution provider, the erudite professor of micro economics educating Kemi with his technical technicality to technicalize all the in-technicalities. "Wise men always come from the East"

Make Soludo the CBN governor and NOI the finance minister and see what will happen to the economy in six months.

jesse8048:
After all d money recovered from looters, no wonder they refuse to name the looters cos they recovered nothing. APC n media propaganda. Why wud u sell national assets to cushion a short term problem, what plans do u have for the long term.

There looting from looters
That why they refuse to mention there names and amount.... Lol

APC claims to have saved
N2.6trn through TSA
N1.4trn from Subsidy
N3.2trn from recovered loot
N665bn from stamp duty
N1.1trn from custom
N2.6trn from Tax revenue
N2.7trn from crude oil
The list is endless.
According to various reports by FG the total fund generated so far is above N13.2trns.
Remember the 2016 budget is N6.4trn.
How come buhari is still looking for money when he claims to have the above amount already?

Lie lie government

Scam meet with scam
Darkness fighting darkness
We need intelligent economy team and president.

proeast:
Chai, see how Charles Soludo is educating these ignorant politicians for free. I knew that Dangote is a shrewd & cunning man but I never knew he was this wicked and ambitious, this guy wants to buy Nigeria at scrap value!!!

It was after He said that crap abi speech that I got to know that he doesn't give a damn about the people of Nigeria.

Na to boycott anything Dangote dey my mind now.

The more reason it should be sold off.

enigma2007:


That one no be asset o! That na NATIONAL LIABILITY

The argument for not selling the national assets is the loss of future of cash flow but the alternative proposed - external borrowing - entails the transfer of government revenue to foreign lenders (i.e., the loss of future cash flow).

If the government is not selling, it should not borrow either.

2odd:
Well said , this politicians should stop thinking with their butt, but i disagrees with soludo that it will take two years to sell any asset ,those politicians don already steal the money they will use to buy those assets , they will hide under proxy companies to buy those assets afterwards they will share the money again.

he said if due process were to be followed but you and I know that can not happen when it comes to our politicians.

HOW can you say PMB do not have the sell of national assets at heart?somebody that seeked emergency rule to sell asset without opposition frm the senate.

This guy makes sense in a way sha. It's not the size of the reserve that is the problem, it's poor policies, simple!

This statement in that write-up is pretty much outstanding...

"Part of the legacy of the oil resource curse on matters of public finance is a mindset that resorts to easy, albeit a lazy approach to ‘quick fixes’ — with a gaze on the short-term even when the issues are structurally long-term"

It's quite unfortunate that Nigeria does not have critical thinkers at the helm of affairs.

DOLLARTEX:
HOW can you say PMB do not have the sell of national assets at heart?somebody that seeked emergency rule to sell asset without opposition frm the senate.

Exactly! Won't be surprised if they have already sold some part of it sef.

Something Wey Bubu didn't know how it got there you wan sell am. It's like a man that passed on and hia son is hungry.. The next thing is to start selling his father's house to eat. After eating all the funds he will sell car, the TV.. When Nothing is left to sell what will he do.. Instead of thinking of how to create wealth, the lazy brains want to sell and put toothpick for mouth

So i Read an article on the "Sale of National Asset" written by former governor of Central Bank Professor Sulodo and i was more than impressed at his common sense and critical reasoning...

what is the problem with Nigeria?..

In the Yoruba Palace, selling the "Ogun" (Inheritance, Assets) inherited by the Child of a Wealthy Deceased Man is usually referred to as being abominable.. That is even pure culture and nothing to do with Economics.

Any Child that sells Inheritance or assets is usually referred to as "Apa" or Akotileta"..

i was shocked to my bones when this issue of selling of Public assets took center stage and became a front burner having the senate talking in terms that seems to me like tacit endorsement of selling National Assets for a short term fix to a problem that seems long-term called Nigeria..

I mean, to me, Recession isn't the problem but looking for a short cut out of a recession we opened our eyes to willing fall into is where i fault..

it is the height of gross irresponsibility for a government to think of selling National Assets for a quick fix to a recession.

i keep saying it and i maintain my stands, Corruption stems from Irresponsibility and Selling National Assets just goes to prove our collectively irresponsiblility as a people we are to the country Nigeria..

Nigeria is structured such that Not The Hausa's nor Igbo's nor Yoruba's are responsible for the country as a whole, every group is infested with that sinister Ethnic agenda.

i'l think instead of selling National Assets, the burning issues for now to be front burner discuss should be "Re-Structuring" the country as a whole..

Selling National assets is just kicking the can down the road and post-poning evil days.

on this Burning National Issue, i beg to disagree with anybody that seems to toe the part of selling our collective heritage and taking us back to the dark days before Independence. Gradually Nigerians are silently saying to the world " we cant be responsible for ourselves and to ourselves and we need other people to be responsible for us" we need China to come build and maintain our rail systems because the Nigerian engineers are incompetent and the consortium are corrupt and irresponsible, cos after bidding for and being awarded a contract, the next thing is to flee with the money allotted for the contract with nothing shown for work done..

it is sad and pathetic..

Selling National Assets to me is gross irresponsibility and abuse of office and laziness of the whole Executive and Legislature. People just want quick easy money to siphon without doing any work whatsoever.. its really so sad.

i would seek to get a little from the text of Professor sulodo that really nailed the issue on the head.

Professor Soludo, who is the founder of the African Heritage Institution, expressed his opposition to the assets sale yesterday in an article titled: “Nigeria: Sale of Assets as Dangerous Policy Myopia”, stressing that if the president endorsed the proposal, it would be a historic mistake made by the country and i agree with the Professor Hook line and sinker.

“Our thesis is that in extreme, exceptional circumstances, the sale of certain assets could be a last resort option but that Nigeria is currently not near that threshold and the institutional framework for its effective use is also not in place.

“Furthermore, we argue that any sale of assets now amounts to chasing pennies when by acts of omission or commission, we are losing pounds.

“Such a hasty auction of national assets can only benefit a privileged few with cash and access while jeopardising Nigeria’s long-term economic interest. It will be a historic mistake for the reasons stated below.”

Soludo went on to express concern over the proposal to sell some valuable national assets “in order to build reserves and provide funds for immediate spending” and thus ensure that this recession will be the “shortest” ever.

He acknowledged that some people had bandied the same suggestion in the past but he largely dismissed it as a joke.

“But when the Senate and NEC joined the convenient but flawed call for the asset sale, I have a citizen duty to join others in letting our voice be heard.

“Part of the legacy of the oil resource curse on matters of public finance is a mindset that resorts to easy, albeit a lazy approach to ‘quick fixes’ — with a gaze on the short-term even when the issues are structurally long-term.

“So, I understand the mental framework that drives such a proposal, especially given the pressure to show immediate results,” he added.
He noted that the objective of the policy was mistakenly identified in terms of getting the economy out of recession.

According to Soludo, recession is short-term, adding that “with good rains and bumper agricultural harvest, Nigeria’s Gross Domestic Product (GDP) growth can easily recover and the economy would be out of the recession”.

Specifically, he pointed out that a GDP growth rate of even 0.01 per cent next quarter would be enough to take the economy out of the recession.

“With the current policy regime, it will be a miracle if the current government can, after eight years in office by 2023, succeed in returning Nigerian economy just to the size of GDP (in US dollars) it met it in 2015.

“To be fair, the wheels of the economy were already falling off by the time this government took over plus other complications of the oil sector and I sympathise with it.

“But it is also fair to note that some of its policy choices have made matters worse. Now that the government is showing seriousness in tackling the crisis, focusing on short-term next quarter GDP growth misses the key point and has the danger of understating the serious work required,” he argued.

Furthermore, Soludo said there was little basis for the $10-15 billion being bandied around as likely income to be generated from the proposed asset sales.

He stressed that there was no basis for the expectation that shoring up reserves by this amount would magically restore investor confidence and stop speculation on the naira.

“There is more to investor confidence than a temporary boost in stock of reserves when everyone knows that the underlying political environment as well as the policy regime and its credibility make the flow of reserves unsustainable.

“The IMF calculates reserve adequacy in terms of the amount to finance at least three months of imports especially for countries with flexible exchange rates (which we claim to have), and of course also enough to cover short-term forex liabilities for countries with open capital accounts.

“Nigeria currently has much more reserves to cover even six months of imports (size of imports also depends on exchange rate). So, what is the problem?

“No amount of reserves can stop currency speculation in a poor policy environment. There is much more to confidence than absolute or relative size of reserves.

“Look around our West African neighbours that are doing far better in economic terms and check out the size of their reserves (even as a percentage of GDP).

“Until 2004, Nigeria never had more than $10 billion in reserves, and we have survived oil prices below $10 without selling Nigeria. The British pound has been down for months against major currencies since the Brexit vote in June, while China (with trillions of dollars in reserves) experienced major stock market and currency attacks recently and the Yuan had to be devalued.

“Before the 2008/2009 crisis, Russia had robust reserves but it lost tens of billions struggling to defend the local currency and eventually yielded to the market,” he added.

Continuing, Soludo noted that the argument that the sale of assets remained the only way to reflate the economy out of recession was troubling, and “suffers what economists might call policy myopia or time inconsistency problem”.

He added: “First, imagine if previous governments used asset sales as a strategy to ‘reflate the economy’ during previous periods of economic recession or crisis.

“Alternatively, if we auction away some valued national assets for the short-term goal of reflating the economy out of recession, what will happen during future cycles of recessions and economic crises?

“The global economic system is inherently and cyclically crisis-prone. Prudently managed economies are preparing for the next cycles of global crisis, and the IMF has already warned of persisting vulnerabilities. What shall we sell then?

“Besides, a hasty auction of the assets will short change Nigeria. Privatisation of national assets is not an ideological matter for me. It is plain pragmatism. Reasonable people can have a good debate about the composition of public assets for sale at any time.

“Although government is yet to be definitive about the assets being proposed for sale, it is reasonable to object to any scheme that will hurriedly sell performing public assets that guarantee future flows of revenue and forex to future generations such as the NLNG, AFC shares, JVs in oil and gas sector, etc.

“Even for non-performing assets, when privatisation is forced and assets auctioned on an emergency basis to meet short-term needs, the danger signs are there for all to see. Nigeria will never get value for money under the circumstance.

“We all know what happens when someone urgently needs to sell his or her property to meet an emergency. What happens to the valuation/pricing? If we price them properly and wish to go through proper due process, the deal might take several years to conclude thereby defeating the advertised purpose of immediate spending".

The Professor Made a whole lot of sense and where he was coming from made all the sense in the world and was suggesting the Senate Just Needed quick and Fast money like the culture had always been.

i would be very dissappointed with president Buhari should this issue not be swept under the carpet and allowed to blossom and materialize or even see the light of day..

To me it is supposed to be considered a forbidden topic and one not to be tinkered with, it should be a sacrosanct idea never to be toyed with..

Sale of National Assets to me is the same as selling the country, and if that be the case, why not have us split the country into its constituent units and see where we get from there rather than have us sell the whole country..

this is just born out of serious concern for this country as a whole..

I rest my case.

The silence of PMB could mean an anonymous support for the supposed venture. "Sale it off at scraped price to Northern moguls, and their cronies, using proxy corporation".

Nothing is new. If he succeeds, then it will be right to say that this government is ant-Nigeria. Grazing Reserve Bill and this scheme nails it.

CSTR2:
And tomorrow, his kith and kin would inundate us with useless stories on how dangote is the richest man in Africa because he is so good with business.
yeye.

Dangote is not in anyway smarter or more business savvy than the average Igbo businessman, the only difference is that right from the time of Obasanjo, he was giving massive waivers, monopoly to import certain goods for a country of 180 million, tax holidays etc. Lately, they have added cheap forex & frantic behind the scenes plans to sell critical national assets at scrap value to this same shylock!! After dashing all the prolific oil wells to their fellow northerners like Danjuma, Mai Deribe etc. Disproportionately allocating national patrimony to themselves in the guise of more states, fictitious population, landmass LGA's, more constituencies/NASS members & now this. They think we in the South are fools & slaves!!!! God bless Nnadi Kanu!! We must leave this zoo by all means!!!

For some past months now av learnt so so much from Nigerian politics....
1. Power, fame and riches dant guarantee intellect.
2. Nice to fight till u get what u want but then prepare your self to fit well
3.Is good to fight your enemies but watch the tools u employ in fighting them( the monster u once used may turn against you)
4. Talk is cheap but bringing what u say to reality can be costly.
5. Forceful confrontation can a times do more harm than good.
6. Desperate people often live in denial.
7. Stubbornness and adamance are bad qualities of a leader.
8.Be careful when fighting an enemy cos u maybe fighting urself unknowingly.
9. Maximise any opportunity that comes your way...next time may nat work...GEJ
10. The stone you threw into a market place may hit one of your own.
11. Dant be in a hase to ridicule others u may need them tomorrow.
12. Always Work with the best hands and never mediocres.
13. Make plans and implement with utmost care and nat hasty.
15.Dant feel relaxed cos u have achieved a certain lofty target. Quickly do away with the joy and work harder.
14.Promise what you can fulfil or u become a joke..



MANY MORE BUT IF ONLY THIS GOVERNMENT TAKE SOME OF THESE INTO CONSIDERATIONCONSIDERATION NIGERIA WOULDN'T HAVE BEEN HURT THIS WAY....AS SHE NOW WEEPS INTO RECESSION...

The youth of this country need to wake up!

I am not a youth, I have enjoyed some things from Nigeria in my own small way, but for the youth(30 and under) you guys 'n gals have been robbed blind by the older generation and they still want to continue robbing you. Who do you think is going to buy these assets when the sale them? I can tell you it's the very same senators, ex generals , 'Captains of Industry'...These people will never be satisfied until they own the whole country. What will then be left for you the youth?

Nigeria does not need to see A SINGLE ASSET. We simply need to adjust our coat accordingly to fit our cloth. Starting with the National assembly of thieves, all their illegal allowances should be stopped with immediate effect. If they resist PMB should surround the place with soldiers and call out the Nigerian youth onto the streets. That is who a LEADER acts. This is not the time for being timid. The national assembly consumes over 75% of our recurrent expenditure, this MUST STOP.

Next a rigorous and progressive taxation policy must be rolled out urgently. The rich in our society must be made to pay much more in tax. There should be property taxes, consumption tax, land tax, if you be big man, then you must pay your tax. It's not by spraying in Owambe that you show you are a big man

Just doing these 2 things alone will go a long way to shoring up govts, revenue. There are many other things that can be done along the lines of of cutting waste, shrinking the size of govt and raising revenue. Selling our assets is not one of them. They belong to all of us and our kids unborn. We must defend them

Don't mess with a thorough-bred professor of economics in the mold of the Anambra born Soludo..