alj harem:


Ekt_bear and manny4life, don't let beaf and co be lying to you people. The north contributes at least 45 % of IGR

the argicultural sector of our nation gives 45 % of our IGR of which No oil producing states apart from Edo, Abia, Ondo and cross river are part of

In that argriculture, about 70 % of it is produed in the Northern region while 25 % in the SW and 5% in the east

Our major agricultural export from time memorial and it has not changed are

Cotton
Cocoa
Palm oil
cowpea aka beans

cotton and cowpeas are grown in the northern part of Nigeria is large quantity

When you talk of the north, it extents to kwara of which it now exports Milk, meat and so on thanks to saraki

export is certainly different from food crops of which 60-80% of Nigeria daily food consumsion is gotten from the north

It does not take rocket science to go to major food markets in the south and north to see food products produced from the north.

Don't get me wrong, the north has to further improve on this sector as that is were we have comparative advantage.

Now cocoa, palm oil and rubber grown in the south has certainly taken over cowpeas etc in the north. NOT BECAUSE NORTHERNER ARE LAZY BUT BECAUSE THE DEMAND OF SUCH PRODUCTS IS VERY LOW IN THE WORLD TRADE MARKET.

The uses of cocoa far out weighs the uses of cowpeas

same goes in comparing other food products.

The cotton field in kaduna and co has certainly gone down due to years of mismanagement by some people

Also I would liek to tell you 2 that agriculture and crude oil are not the only exports of Nigeria

we have lead (bauchi), limestone(kogi) etc which are in high demands outside the country if only the FG can develop the sector

The meat industry since it is a perishable good would only be good for Nigerians rather than exporting it.

Tourism aka abuja, sokoto and kano is also there for use to see. and it generate revenue for the nation.

Other home grown food crops like tomatoes etc cannot be exported because we have not large factory to process it for exportation. it is a perishable good as well

It is better to be used in Nigeria

Go to major markets in Nigeria and see if you would not find the common food man eat are food in the north

1. Bread (wheat)
2. Onion
3. Pepper
4. Tomatoes
5. Meat

all of which are basic "Nigerian" needs

don't fall into the trap of beaf calling others parasites. He is grossly mistaking

after this rubbush write up, i just want to ask you did you obtain your masters in Islamic studies as well like Sanusi? Sanusi's own is from sudan, yours is probably somalia, EWU AWUSA,

As if there would have been one Nigeria today if these oil blocks are by chance found in the northern parts, mmsshhewww! Bigots and leaches that will never let civilised people to co-exist with and teach them. Anyway, what manner of reasoning does one expect from a glorified almajeri? When ur people wake up from ur mosques overnight without recourse and immediately start burning shops,malls,churches and houses that others has toiled years in, year out to develope, slaughtering men, infants and (pregnant) mothers, just name it, instead of intergrating with their southern folks and learning the art of trade and financial independence from them. Has this sanusi guy even been to the southern part before to witness the many havocs oil has caused to their land and water as against the highly fertile yet under utilized northern land? All that their almajeri brain can think of is how a soldier that earns N10k per month should focus his strenght more on acquiring 4 wives and unleashing several leaches (sorry human canibals) into the world, next he thinks of how to quickly dash out his under aged daughters to some old tobacco-teeth-stained-he goats and their male counterparts goes straight into d streets for "babi-allah" and the cycle continues, they are waiting fore more oil money in addition to their loots so they can atleast change their marathon mats to good beds fit for laying their many women, what more strenght n brain will be left for them to think straight, cursed species!

pcicero:

Sanusi did not even make any attempt to condemn the actions of Boko Haram. Neither did he deny what was published by FT in his rejoinder. What does that tell us? That the man is part of the Northern elites who believe that they are superior to other components of Nigeria.
All hail Sanusi the Boko Haram spokesman! Try bring your Jihad to the South this time and face your peril. So, every state should take up arms to fight for more resources? It is now clear that the Northern elites are behind the senseless killings using Boko Haram as proxies.

Abeg, where is the rejoinder? I would love to read it in full.

Just imagine if this one become our president the oil money will flow for all equally!

SAI SANUSI for 2015!

@manny

80% of our foreign exports not 80% of all earnings, do you know how much Nigeria makes from VAT and other taxes alone? We are talking of GDP here and not foreign earnings.
The North contributes more than 1/3 as it has more than 70% share of the 45% in agriculture, note that 70% of 45% is already 31.5% of total, abeg let us say the truth when we see it.

Isn't it strange that in Sanusi's rejoinder, he absolutely condemned the Niger Delta militants, but didn't have the slightest word of admonition to boko haram?

Wise people know that it is what wasn't said that counts.

hercules07:

@manny

80% of our foreign exports not 80% of all earnings, do you know how much Nigeria makes from VAT and other taxes alone? We are talking of GDP here and not foreign earnings.
The North contributes more than 1/3 as it has more than 70% share of the 45% in agriculture, note that 70% of 45% is already 31.5% of total, abeg let us say the truth when we see it.

Crap.

Firstly, are the above conjured figures justification for boko haram?
Further, your conjured figures above directly contradict your earlier shallow argument that, lack of access to oil derivation is part of the reason for the existence of boko haram.

So, bruv which is which? Is the North starved off awuf derivation or is it awash with more cash than Lagos, PH, Warri and Onitsha?
The reason for the above question is that the major fraction of the GDP from the South is given to the FG for sharing to all, including the North and its secret 45% that goes untaxed (from your poor arguments) and is therefore wholly pocketted? Any section pocketting 45% of unshared GDP has got to be bloody rich. No?

Sanusi is one of the boko harams in GEJ govt. He is their spokeman in govt with grievance. Is he happy with the spate of instability, insecurity and killings that has ravaged the country from the hands the so calld boko haram. Where was he when his northern brothers were power and cldnt do anything to salvage the situation of his people. Though they try everything possible to give their people a beta life to the detriment of the southerners

@Bobajo
Here is it

That ThisDay Story By CBN Governor Lamido Sanusi | Sahara Reporters
By Lamido Sanusi Lamido

My attention has been drawn to a story in ThisDay today which suggests I justified BH activities because of uneven distribution of resources and derivation funds to the Niger Delta. I haven't read the story (as I am just on way back from Davos) but would like to issue this clarification to this network:

1. The story was published by the FT of Friday 27th yesterday and can be read by anyone. It is straightforward and clearly there is some mischief here

2. The interview was done long before these bombings indeed part of it had been used in the FT review of Nigeria late last year

3. I have long held the view that ethnic and religious violence in Nigeria has its roots in poverty and deprivation and perceived marginalization. I always said this about the militancy in the delta while fully condemning it, the truth remains that militants tapped into a groundswell of frustration. In addressing that problem we have gone to an extreme now where the levels of poverty in the north are recreating the same conditions and results we saw in the delta

4. I made more or less the same points in interview with David Frost shown on Al Jazeera yesterday and today and I think to be repeated today and sunday.

I hope this clarifies the position and urge anyone interested to read the FT piece which in my view was harmless enough and reflected the substance of my thoughts on the matter-that poverty and marginalization create conditions of the possibility of radicalization.

SLS
------------------------

http://mobile.saharareporters.com/press-release/thisday-story-cbn-governor-lamido-sanusi

hercules07:

@manny

80% of our foreign exports not 80% of all earnings, do you know how much Nigeria makes from VAT and other taxes alone? We are talking of GDP here and not foreign earnings.
The North contributes more than 1/3 as it has more than 70% share of the 45% in agriculture, note that 70% of 45% is already 31.5% of total, abeg let us say the truth when we see it.

Who told you that the North has more than a 70% share in agric?

The most valuable crop Nigeria produces is cocoa: http://www.bloomberg.com/news/2011-06-02/nigeria-s-cocoa-bean-exports-climbed-by-47-last-year-akingbola-says.html

That is ~$800 million in exports alone, not to mention whatever is consumed locally and the economic impact.

Which high value, profitable crop does the North produce for you to have gotten this 70% figure?

Pcicero: His rejoinder is not particularly effective. The quotes from him in the FT article were damning.

Reason behind his islamic banking fights now revealed. He is a confirmed BH. But wait a minute,CBN governor is a political appointment, why is he still there?? He tried all his best to tarnish the name of our renound Prof. Chukwuma Soludo but failed, now he has turned to President.

alj harem:


Ekt_bear and manny4life, don't let beaf and co be lying to you people. The north contributes at least 45 % of IGR

the argicultural sector of our nation gives 45 % of our IGR of which No oil producing states apart from Edo, Abia, Ondo and cross river are part of

In that argriculture, about 70 % of it is produed in the Northern region while 25 % in the SW and 5% in the east

Our major agricultural export from time memorial and it has not changed are

Cotton
Cocoa
Palm oil
cowpea aka beans

cotton and cowpeas are grown in the northern part of Nigeria is large quantity

When you talk of the north, it extents to kwara of which it now exports Milk, meat and so on thanks to saraki

export is certainly different from food crops of which 60-80% of Nigeria daily food consumsion is gotten from the north

It does not take rocket science to go to major food markets in the south and north to see food products produced from the north.

Don't get me wrong, the north has to further improve on this sector as that is were we have comparative advantage.

Now cocoa, palm oil and rubber grown in the south has certainly taken over cowpeas etc in the north. NOT BECAUSE NORTHERNER ARE LAZY BUT BECAUSE THE DEMAND OF SUCH PRODUCTS IS VERY LOW IN THE WORLD TRADE MARKET.

The uses of cocoa far out weighs the uses of cowpeas

same goes in comparing other food products.

The cotton field in kaduna and co has certainly gone down due to years of mismanagement by some people

Also I would liek to tell you 2 that agriculture and crude oil are not the only exports of Nigeria

we have lead (bauchi), limestone(kogi) etc which are in high demands outside the country if only the FG can develop the sector

The meat industry since it is a perishable good would only be good for Nigerians rather than exporting it.

Tourism aka abuja, sokoto and kano is also there for use to see. and it generate revenue for the nation.

Other home grown food crops like tomatoes etc cannot be exported because we have not large factory to process it for exportation. it is a perishable good as well

It is better to be used in Nigeria

Go to major markets in Nigeria and see if you would not find the common food man eat are food in the north

1. Bread (wheat)
2. Onion
3. Pepper
4. Tomatoes
5. Meat

all of which are basic "Nigerian" needs

don't fall into the trap of beaf calling others parasites. He is grossly mistaking

Palm oil in the North? Na wa o

pcicero:

@Bobajo
Here is it

That ThisDay Story By CBN Governor Lamido Sanusi | Sahara Reporters
By Lamido Sanusi Lamido

My attention has been drawn to a story in ThisDay today which suggests I justified BH activities because of uneven distribution of resources and derivation funds to the Niger Delta. I haven't read the story (as I am just on way back from Davos) but would like to issue this clarification to this network:

1. The story was published by the FT of Friday 27th yesterday and can be read by anyone. It is straightforward and clearly there is some mischief here

2. The interview was done long before these bombings indeed part of it had been used in the FT review of Nigeria late last year

3. I have long held the view that ethnic and religious violence in Nigeria has its roots in poverty and deprivation and perceived marginalization. I always said this about the militancy in the delta while fully condemning it, the truth remains that militants tapped into a groundswell of frustration. In addressing that problem we have gone to an extreme now where the levels of poverty in the north are recreating the same conditions and results we saw in the delta

4. I made more or less the same points in interview with David Frost shown on Al Jazeera yesterday and today and I think to be repeated today and sunday.

I hope this clarifies the position and urge anyone interested to read the FT piece which in my view was harmless enough and reflected the substance of my thoughts on the matter-that poverty and marginalization create conditions of the possibility of radicalization.

SLS
------------------------

http://mobile.saharareporters.com/press-release/thisday-story-cbn-governor-lamido-sanusi

Absolute trash. GEJ should relieve this man off his duties and investigate him thoroughly

@ekt

cocoa, palm oil, yams, cassava, sorghum, millet, corn, rice, livestock, groundnuts, cotton and vegetables combine to give us 45% of GDP, bulk of that comes from the North (apart from cocoa, palm oil and maybe cassava). I believe cocoa is mostly export, what of those consumed here, how much do we spend on food compared to cocoa that is exported, I believe GDP takes that into consideration.

@manny
Oil contributes 95% of foreign exchange earnings, do you guys in the Niger delta see all of that? The north is poor because of its leaders, revenue allocation formula and corruption, poverty causes social problems.
You guys have never hidden your dislike for Sanusi anyway so I can not expect you guys to be objective, if you are asked to write a paper on BH, you will look at all angles not just the ones that Southerners like to hear, by the way I am a southerner and I definitely I am not marrying more than a wife, I find it funny that people who have never been to the north sit in their homes in the US and other places calling people who are far more hardworking than their rent seeking peopel parasites.

@ekt

http://www.fews.net/livelihood/ng/Zone.pdf shows all the food crops grown in the northern part of the country.

I see nothing wrong in what Sanusi said. Nigerians LOVE to quote people out of context. This herd mentality of condemnation is foolish and retrogressive.

Like it or not, the man is right in many ways. Extreme poverty is the main driver behind the ready source of suicide bombers and killers in the North.

DanKan0:

The bit I dont agree with is that this Boko Haram is due to 'poverty'. Every sane person knows there are sponsors sponsoring the violence.

'sponsors' are 'sponsoring' suicide bombers?! Are you on crack?

People who still believe the 'Northern politicians who want to frustrate GEJ' line need to get their heads examined. While people chase after red herrings, Boko Haram members are busy getting training, logistics and materiel from Somalia and Al Qaeda in the Maghreb.

So you don't plan on giving any evidence for this 70% figure.

Just state it as your own private speculation then, rather than anything fact based or measured.

alj harem:


Ekt_bear and manny4life, don't let beaf and co be lying to you people. The north contributes at least 45 % of IGR

the argicultural sector of our nation gives 45 % of our IGR of which No oil producing states apart from Edo, Abia, Ondo and cross river are part of

In that argriculture, about 70 % of it is produed in the Northern region while 25 % in the SW and 5% in the east

Our major agricultural export from time memorial and it has not changed are

Cotton
Cocoa
Palm oil
cowpea aka beans

cotton and cowpeas are grown in the northern part of Nigeria is large quantity

When you talk of the north, it extents to kwara of which it now exports Milk, meat and so on thanks to saraki

export is certainly different from food crops of which 60-80% of Nigeria daily food consumsion is gotten from the north

It does not take rocket science to go to major food markets in the south and north to see food products produced from the north.

Don't get me wrong, the north has to further improve on this sector as that is were we have comparative advantage.

Now cocoa, palm oil and rubber grown in the south has certainly taken over cowpeas etc in the north. NOT BECAUSE NORTHERNER ARE LAZY BUT BECAUSE THE DEMAND OF SUCH PRODUCTS IS VERY LOW IN THE WORLD TRADE MARKET.

The uses of cocoa far out weighs the uses of cowpeas

same goes in comparing other food products.

The cotton field in kaduna and co has certainly gone down due to years of mismanagement by some people

Also I would liek to tell you 2 that agriculture and crude oil are not the only exports of Nigeria

we have lead (bauchi), limestone(kogi) etc which are in high demands outside the country if only the FG can develop the sector

The meat industry since it is a perishable good would only be good for Nigerians rather than exporting it.

Tourism aka abuja, sokoto and kano is also there for use to see. and it generate revenue for the nation.

Other home grown food crops like tomatoes etc cannot be exported because we have not large factory to process it for exportation. it is a perishable good as well

It is better to be used in Nigeria

Go to major markets in Nigeria and see if you would not find the common food man eat are food in the north

1. Bread (wheat)
2. Onion
3. Pepper
4. Tomatoes
5. Meat

all of which are basic "Nigerian" needs

don't fall into the trap of beaf calling others parasites. He is grossly mistaking

based on your analysis above, it is safe to say that the north does not need the monthly alocations of oil monies?

texazzpete:

I see nothing wrong in what Sanusi said. Nigerians LOVE to quote people out of context. This herd mentality of condemnation is foolish and retrogressive.

Like it or not, the man is right in many ways. Extreme poverty is the main driver behind the ready source of suicide bombers and killers in the North.


'sponsors' are 'sponsoring' suicide bombers?! Are you on crack?

People who still believe the 'Northern politicians who want to frustrate GEJ' line need to get their heads examined. While people chase after red herrings, Boko Haram members are busy getting training, logistics and materiel from Somalia and Al Qaeda in the Maghreb.

heres what i see wrong, he should be insisting that states find intelligent ways of utilising their abundant human resources to generate wealth, not artibuting increased derivation as an indirect cause of the present mayhem.

hercules07:

@ekt

cocoa, palm oil, yams, cassava, sorghum, millet, corn, rice, livestock, groundnuts, cotton and vegetables combine to give us 45% of GDP, bulk of that comes from the North (apart from cocoa, palm oil and maybe cassava). I believe cocoa is mostly export, what of those consumed here, how much do we spend on food compared to cocoa that is exported, I believe GDP takes that into consideration.

Of all those crops you mentioned, the only ones that are exported (probably) are cocoa and cotton. The rest are transported and sold to the southerners, and they are livestock, vegetables, yam and groundnut.
The south has more oil palm and cassava than the north.
Most nigerians dont patronise locally made rice, they prefer foreign rice.
I really dont think all that contributes up to 45 percent

One big problem of Nigerians is our inability to scrutinize people’s pedigree.
Look at president Jonathan for instance, this is a man with zero success story as both deputy and Gov. of bayelsa state, zero success story as both vice and acting president yet Nigerians delude themselves he is the messiah even when it was clear that unscrupulous people were donating to his campaign, we still believed he will take us to the promised land on luck.
Let us talk about this mystic economic team Jonathan put together, who are these people?
I for one have no bias against any public official in which ever capacity but I have zero tolerance for incompetence.
Has sanusi’s economic model ever worked in this country? Which economic school of thought does he belong to and what is his mission in this country?
I asked this because I am an ardent follower of events in our economic sphere and have never been shy to put Sanusi’s parlance and pragmatism of economic solutions to a test, but as I speak, sanusi’s economic agenda eludes me.
This is a man who inherited a banking sector which according to Business day 2006 edition averred that “for every five Nigerians with a good job, three are bankers”.
Today, we have a Sanusi who in his usual voodoo economic jingoism has created more unemployment and inefficiency in the banking sector than the military junta.
Who is this man Sanusi?
In the words of his predecessor who consolidated these banks, “the banks were more financially robust” and doing bigger business but along the line something happened.
There was partial deregulation and the cost of diesel went all time high and very scarce, some of those companies who took loans from the banks were running high over head cost and couldn’t survive the tsunami of events that followed,
Job cuts, and eventual closure was the case. During the last days of chukwuma soludo, the businesses were already down so no way to repay the bank loans.
The banks were stranded but soludo applied wisdom, in his words ‘’ decision making in the banking system must carry the instrument of perception along’’ and that was exactly what he did, he quickly created an EDW whereby the near distressed banks could quietly access Govt. loans to revive their institutions hoping to keep people’s confidence in tact while the banks gradually recover.
Here comes our Sanusi with his usual economic parlance and political jingoism.
Destroyed the first instrument of perception which soludo fought so hard to preserve by coming on National television to announce that those banks are not healthy. Till date, we lost one of the most viable sectors of this economy; we lost meaningful employments and international confidence in our banking institutions in its entity, thanks to Sanusi’s voodoo economic theories and mystic economic solutions.
I ask again; who is this Man Sanusi and his mission in this country?
I leave you to be the judge of preceding events from Sanusi’s actions. After consulting his economic oracle, he boldly told Nigerians that the way forward is to bail out the banks (which he destroyed) and SME’s (small and medium scale enterprise) hoping that they will bounce back in business to repay the bank loans.
Till date, Sanusi has not given Nigerians the progress report of those bailed out banks and SME’s especially those in the textile business.
Today, by throwing his weight behind full deregulation in the downstream sector simply tells me that Sanusi’s witch doctor did not tell him exactly which economic formula destroyed his banks. Perhaps he thought that his SME ‘’palliative’’ was good enough for miserable Nigerians who don’t mind trading a permanent position job for a contract job which was what his SME’s were offering or rather, our employments for underemployment.
This is a man that ignores the basic on ground economic theories that work in the country for some mystic economic solutions.
That begs the question; should you deregulate fully the downstream sector, what becomes of those SME’s and how do they repay the loans you gave to them considering that energy cost and inflation will triple their over head cost? Or has his voodoo economic solution already categorized them as mere collateral damage in his economic reform agenda?
Let us analyze some of sanusi’s Hennessey inspired economic formulae.
First he said that by withdrawing subsidy they have destroyed corruption and broken the financial bones of the ‘’cabal’’ benefitting from this subsidy regime, is this really true?
If the landing cost of PMS is about 110naira and government’s inefficiency bloats it to 141naira (ofcourse, storage,transportation,deumurrage etc as enshrined into the subsidy are all Govts ineptitude).
“Citeris paribus” under the subsidy program, a marketer earns 110-65 (ie if ideally Govt clean their mess)
And without subsidy, a marketer makes 220,180,165-110 who exactly did this economic magician break their finances? Because what I see in my economics kwashiorkor is Govt transferring the burden of import deficit to the people not the marketers losing money like sanusi claims.
Secondly, his liquor economics made him believe that he will save money in the face of spiral inflation, and went ahead to justify the inflation saying it is by a little fraction not more than 10% increase, lol. What indices did this acclaimed “pundit” use in measuring this?
In an economy without a functional price regulatory agency and a comatose standard organization with shabby police officers? In an economy where everybody is his own LGA and can fix rates with impunity? What drives this man’s economic sagacity? Witch craft?
Thirdly,
Sanusi is consistently lying to Nigerians that an increase in pump price will attract investors to build refineries; this is the verge where I think sanusi should go back to school.
SLS is not enlightened enough to understand why there was an exodus of indigenous American companies between 1998 to 2008 to Asia and Africa, reason; COST OF DOING BUISNESS or better put, UNFAVOURABLE BUISNESS CLIMATE.
With unfavorable tax laws, incessant labor wage reviews and land acquisition challenges, most companies couldn’t survive and they left US en masse conversely, land grab in Africa and cheap labor in Asia became viable alternatives.
Today, a drunk CBN governor in his usual rhetoric, capitalizing on the chasm of academic deficiency of average Nigerians is proposing that increase in pump price which will directly translate to high energy cost (in a generator driven economy), spiral inflation and high cost of labor will attract foreign investors to build refineries. Is it not ridiculous?
What kind of voodoo economic theory is that?
sanusi quickly forgot to tell Nigerians that their existing refineries even at a disappointing output is subsidized.
Mr Sanusi should have asked himself, when we deregulated diesel, did we attract heavy duty companies, diesel refineries and why?
According to his business model, I was expecting that after the deregulation of diesel, we would have had companies like CAT,Ingersollrand,Volvo,Ebara,bosh,Groove,Capco etc even refineries enhanced to produce more of Diesel with limited petroleum by products relocating their plants to Nigeria to benefit from our diesel profitable market. But in reality, that wasn’t the case and i will explain why;
Take shell for example, the presence of SPDC in portharcourt has given rise to a plethora of servicing companies rendering one or two services to shell and that is how it works. These servicing companies are equally employers of labor.
Does sanusi think that the refining companies will be servicing themselves? Is that possible? When you destroy the business environment for these smaller servicing companies to thrive, how exactly do you want the refining companies to thrive? For the few that will survive, at what cost will they render their services? Shouldn’t the investors consider these in their feasibility studies?
How will they cope? If at all it works, most components and services are definitely going to be outsourced to neighboring countries creating jobs for Ghanaians and Nigerians than Nigeria.
Some servicing companies will rather relocate to nearby countries and leave skeletal operations here in Nigeria just to stay in business; sanusi will end up exporting services elsewhere.
I am deeply ashamed and embarrassed at the caliber of people that take decisions for this nation.
I say it for the umpteenth time; we don’t need to create problems to solve problems, what we need is to ensure that Nigeria has cheaper oil on ground, that will attract investors as against sanusi’s high pump price economic theory which will breed inflation and closure of smaller companies.
The IOC’s (international oil companies) operating in Nigeria has told us that it takes less than 12 usd to extract 1bbl of our crude oil.
Why is sanusi not thinking of creating a solution from that angle? if NPDC can guarantee us just 150,000bbl/d of this cheap crude at less than 12usd, the market will be attractive, add refining cost and other cost to push it to about 22usd/bbl a pms of 30naira per litre will be achievable from these refineries and inflation will reduce by over 40%.leaving us with a plethora of servicing companies which will translate to more jobs.
Is this too much for Madueke and Sanusi to sit and figure out? Other than their inflation marred solution.
Lastly
Sanusi lied that the subsidy reinjection fund will be used to build refineries; I can’t help but pity his unrealistic mystic economic solutions.
How much is the FG’s cut in the SURE fund? Less than 600billion, what kind of refinery will that build? I hope sanusi is not confusing refineries for fuel dispensing stations or are we heading for another IMF/world bank debt burden? I don’t just get it.
Where will this SURE funding appear from? I didn’t see it in the 2012 budget proposal, is it right to increase the suffering of the Nigerian people and go back and implement your constitutional annual budget?
Where is sanusi going to get the crude oil to supply these refineries? From the little we make from our JV? I hope this man is not taking us for a ride?
This same crude we use to implement our budget? Which sells at international price? This man is cynical.
How did we end up with two monsters sanusi lamido sanusi and Allison Madueke at the same time?
I can see a pattern in Sanusi’s line of thought;
if a bank is performing poorly, CLOSE IT DOWN
If the subsidy regime is performing poorly; SCRAP IT.
Can Nigerians please help me ask Sanusi if it is a crime to proffer real economic solutions to economic challenges other than throwing away the child with the bath water?
Should we fold our hands and watch our Economic magician Sanusi scrap the economic foundation of our survival?
Sanusi and Allison madueke are doing a great disservice to this nation though I don’t expect Mr. President to fire them because he is too incompetent to read the hand writings on the wall.

hercules07:

@manny

80% of our foreign exports not 80% of all earnings, do you know how much Nigeria makes from VAT and other taxes alone? We are talking of GDP here and not foreign earnings.
The North contributes more than 1/3 as it has more than 70% share of the 45% in agriculture, note that 70% of 45% is already 31.5% of total, abeg let us say the truth when we see it.

Seriously, I really do not know where you guys pull these numbers, like really, do you pull these numbers out of your ars/e? Who was talking about forein exports?  Again, I believe I know my argument, Nigeria's earnings (revenue) is what's reflected in our annual budget and 70% of that amount is what's reflected as the amount of "OIL SALE" revenue. I attached you the link for you to view, there's a table there, I think on pg 22, it gives you the amount. You're talking about GDP here and not foreign earning, again who's talking about foreign earnings?

Like seriously, you are so confusing yourself that you have no clue what your talking about. Besides, is Imports and Exports of oil not part of GDP with respect to revenue and expenditure?  Dude, PLEASE, STOP CONFUSING YOURSELF,  This is certainly NOT helping your case.

Let me reiterate AGAIN ---- About 70% of our Revenues is OIL SALE which is kindly enough reflects that amount to our GDP. The simple math is there, Crude Oil Products represents about 13% or thereabout, 

http://www.budgetoffice.gov.ng/2011%20-%20Combined%20Q1%20&%20Q2%20BIR%20Report.pdf



70%, is that amazing how the North controls 70% of all agriculture, without any modernization YET they cry foul about money. I laugh in Swahili, I guess other regions are sleeping if ONLY the North controls 70%. The link is a 2011 Revenue inflows, I used that as a sample, the changes to the 2012 Revenue inflows isn't that significant.

manny4life:


Seriously, I really do not know where you guys pull these numbers, like really, do you pull these numbers out of your ars/e? Who was talking about forein exports?  Again, I believe I know my argument, Nigeria's earnings (revenue) is what's reflected in our annual budget and 70% of that amount is what's reflected as the amount of "OIL SALE" revenue. I attached you the link for you to view, there's a table there, I think on pg 22, it gives you the amount. You're talking about GDP here and not foreign earning, again who's talking about foreign earnings?

Like seriously, you are so confusing yourself that you have no clue what your talking about. Besides, is Imports and Exports of oil not part of GDP with respect to revenue and expenditure?  Dude, PLEASE, STOP CONFUSING YOURSELF,  This is certainly NOT helping your case.

Let me reiterate AGAIN ---- About 70% of our Revenues is OIL SALE which is kindly enough reflects that amount to our GDP. The simple math is there, Crude Oil Products represents about 13% or thereabout, 

http://www.budgetoffice.gov.ng/2011%20-%20Combined%20Q1%20&%20Q2%20BIR%20Report.pdf



70%, is that amazing how the North controls 70% of all agriculture, without any modernization YET they cry foul about money. I laugh in Swahili, I guess other regions are sleeping if ONLY the North controls 70%. The link is a 2011 Revenue inflows, I used that as a sample, the changes to the 2012 Revenue inflows isn't that significant.

Funny isn't it? These guys really dont know what they're saying

This is a man who supposed to be the governor of the national central bank spewing nonsense with his almajiri mouth,  to me this man just confirm that the Northern elite are using boko haram to fight what they considered to be marginalization by the south, here in the U.S states control their resource so its never a crime if southern oil producing states receive more money than the Northern States that has nothing to offer this country but cause havoc in the society  . Sanusi time is up.

Kai Sanusi you just fell into a big hole, even if you felt that the North needed more funding to help it out of its misery, you should never have spewed it out at this time. Any other person (a Non-northerner) would have gotten away with these comments, with no notice. But with the vultures in the South waiting for the slightest slip, to further desecrate the North, you made a big time mistake.
Although, I disagree I think every state is getting enough, but their government is not doing enough. And it is the same for South-South and other Southern states. The only reason we are better of is the better education we have. That is just it. The North needs to wake up from her deep sleep and realise the urgent need to educate her people. Even artisans of northern extraction are scarce. Something drastic needs to be done. Lastly, enough of all these hate, the north is not the evil we make of it.

@Manny

You brought foreign exports and earnings in, I have been talking about GDP, I even mentioned somewhere oil makes up bulk of our foreign earnings but it is not the bulk of our GDP, we are talking GDP, agriculture is the biggest and the bulk of it is from the North, that is what my argument is all about, do not twist my words please. Oil is just about 17% of GDP. If you want to talk about budgets, you can open another thread on that, the argument I have had with ekt is about agriculture, percentage to GDP and percentage of that from the north.

jp philips:

In the words of his predecessor who consolidated these banks, “the banks were more financially robust” and doing bigger business but along the line something happened.
There was partial deregulation and the cost of diesel went all time high and very scarce, some of those companies who took loans from the banks were running high over head cost and couldn’t survive the tsunami of events that followed,
Job cuts, and eventual closure was the case. During the last days of chukwuma soludo, the businesses were already down so no way to repay the bank loans.
The banks were stranded but soludo applied wisdom, in his words ‘’ decision making in the banking system must carry the instrument of perception along’’ and that was exactly what he did, he quickly created an EDW whereby the near distressed banks could quietly access Govt. loans to revive their institutions hoping to keep people’s confidence in tact while the banks gradually recover.
Here comes our Sanusi with his usual economic parlance and political jingoism.
Destroyed the first instrument of perception which soludo fought so hard to preserve by coming on National television to announce that those banks are not healthy. Till date, we lost one of the most viable sectors of this economy; we lost meaningful employments and international confidence in our banking institutions in its entity, thanks to Sanusi’s voodoo economic theories and mystic economic solutions.
I ask again; who is this Man Sanusi and his mission in this country?
I leave you to be the judge of preceding events from Sanusi’s actions. After consulting his economic oracle, he boldly told Nigerians that the way forward is to bail out the banks (which he destroyed) and SME’s (small and medium scale enterprise) hoping that they will bounce back in business to repay the bank loans.
Till date, Sanusi has not given Nigerians the progress report of those bailed out banks and SME’s especially those in the textile business.
Today, by throwing his weight behind full deregulation in the downstream sector simply tells me that Sanusi’s witch doctor did not tell him exactly which economic formula destroyed his banks. Perhaps he thought that his SME ‘’palliative’’ was good enough for miserable Nigerians who don’t mind trading a permanent position job for a contract job which was what his SME’s were offering or rather, our employments for underemployment.
This is a man that ignores the basic on ground economic theories that work in the country for some mystic economic solutions.
That begs the question; should you deregulate fully the downstream sector, what becomes of those SME’s and how do they repay the loans you gave to them considering that energy cost and inflation will triple their over head cost? Or has his voodoo economic solution already categorized them as mere collateral damage in his economic reform agenda?
Let us analyze some of sanusi’s Hennessey inspired economic formulae.
First he said that by withdrawing subsidy they have destroyed corruption and broken the financial bones of the ‘’cabal’’ benefitting from this subsidy regime, is this really true?
If the landing cost of PMS is about 110naira and government’s inefficiency bloats it to 141naira (ofcourse, storage,transportation,deumurrage etc as enshrined into the subsidy are all Govts ineptitude).
“Citeris paribus” under the subsidy program, a marketer earns 110-65 (ie if ideally Govt clean their mess)
And without subsidy, a marketer makes 220,180,165-110 who exactly did this economic magician break their finances? Because what I see in my economics kwashiorkor is Govt transferring the burden of import deficit to the people not the marketers losing money like sanusi claims.
Secondly, his liquor economics made him believe that he will save money in the face of spiral inflation, and went ahead to justify the inflation saying it is by a little fraction not more than 10% increase, lol. What indices did this acclaimed “pundit” use in measuring this?
In an economy without a functional price regulatory agency and a comatose standard organization with shabby police officers? In an economy where everybody is his own LGA and can fix rates with impunity? What drives this man’s economic sagacity? Witch craft?
Thirdly,
Sanusi is consistently lying to Nigerians that an increase in pump price will attract investors to build refineries; this is the verge where I think sanusi should go back to school.
SLS is not enlightened enough to understand why there was an exodus of indigenous American companies between 1998 to 2008 to Asia and Africa, reason; COST OF DOING BUISNESS or better put, UNFAVOURABLE BUISNESS CLIMATE.
With unfavorable tax laws, incessant labor wage reviews and land acquisition challenges, most companies couldn’t survive and they left US en masse conversely, land grab in Africa and cheap labor in Asia became viable alternatives.
Today, a drunk CBN governor in his usual rhetoric, capitalizing on the chasm of academic deficiency of average Nigerians is proposing that increase in pump price which will directly translate to high energy cost (in a generator driven economy), spiral inflation and high cost of labor will attract foreign investors to build refineries. Is it not ridiculous?
What kind of voodoo economic theory is that?
sanusi quickly forgot to tell Nigerians that their existing refineries even at a disappointing output is subsidized.
Mr Sanusi should have asked himself, when we deregulated diesel, did we attract heavy duty companies, diesel refineries and why?
According to his business model, I was expecting that after the deregulation of diesel, we would have had companies like CAT,Ingersollrand,Volvo,Ebara,bosh,Groove,Capco etc even refineries enhanced to produce more of Diesel with limited petroleum by products relocating their plants to Nigeria to benefit from our diesel profitable market. But in reality, that wasn’t the case and i will explain why;
Take shell for example, the presence of SPDC in portharcourt has given rise to a plethora of servicing companies rendering one or two services to shell and that is how it works. These servicing companies are equally employers of labor.
Does sanusi think that the refining companies will be servicing themselves? Is that possible? When you destroy the business environment for these smaller servicing companies to thrive, how exactly do you want the refining companies to thrive? For the few that will survive, at what cost will they render their services? Shouldn’t the investors consider these in their feasibility studies?
How will they cope? If at all it works, most components and services are definitely going to be outsourced to neighboring countries creating jobs for Ghanaians and Nigerians than Nigeria.
Some servicing companies will rather relocate to nearby countries and leave skeletal operations here in Nigeria just to stay in business; sanusi will end up exporting services elsewhere.
I am deeply ashamed and embarrassed at the caliber of people that take decisions for this nation.
I say it for the umpteenth time; we don’t need to create problems to solve problems, what we need is to ensure that Nigeria has cheaper oil on ground, that will attract investors as against sanusi’s high pump price economic theory which will breed inflation and closure of smaller companies.
The IOC’s (international oil companies) operating in Nigeria has told us that it takes less than 12 usd to extract 1bbl of our crude oil.
Why is sanusi not thinking of creating a solution from that angle? if NPDC can guarantee us just 150,000bbl/d of this cheap crude at less than 12usd, the market will be attractive, add refining cost and other cost to push it to about 22usd/bbl a pms of 30naira per litre will be achievable from these refineries and inflation will reduce by over 40%.leaving us with a plethora of servicing companies which will translate to more jobs.
Is this too much for Madueke and Sanusi to sit and figure out? Other than their inflation marred solution.
Lastly
Sanusi lied that the subsidy reinjection fund will be used to build refineries; I can’t help but pity his unrealistic mystic economic solutions.
How much is the FG’s cut in the SURE fund? Less than 600billion, what kind of refinery will that build? I hope sanusi is not confusing refineries for fuel dispensing stations or are we heading for another IMF/world bank debt burden? I don’t just get it.
Where will this SURE funding appear from? I didn’t see it in the 2012 budget proposal, is it right to increase the suffering of the Nigerian people and go back and implement your constitutional annual budget?
Where is sanusi going to get the crude oil to supply these refineries? From the little we make from our JV? I hope this man is not taking us for a ride?
This same crude we use to implement our budget? Which sells at international price? This man is cynical.
How did we end up with two monsters sanusi lamido sanusi and Allison Madueke at the same time?
I can see a pattern in Sanusi’s line of thought;
if a bank is performing poorly, CLOSE IT DOWN
If the subsidy regime is performing poorly; SCRAP IT.
Can Nigerians please help me ask Sanusi if it is a crime to proffer real economic solutions to economic challenges other than throwing away the child with the bath water?
Should we fold our hands and watch our Economic magician Sanusi scrap the economic foundation of our survival?
Sanusi and Allison madueke are doing a great disservice to this nation though I don’t expect Mr. President to fire them because he is too incompetent to read the hand writings on the wall.

Though long, your post is filled with intelligence,
What pains me the most in this country is that we think in phases and don't look at the BIG PICTURE. Sanusi has done more harm to this country than good. No one has asked him for a score card on the bailed out banks and how the moneys paid to them will be recovered in the light of other banks taking over them.
I believe the time is ripe for Nigerians to start asking all the right questions and not just sit back and close our eyes hoping that things 'd just work out, It is high time we fought the VAMPIRES and WOLVES that have bedevilled us

hercules07:

@Manny

You brought foreign exports and earnings in, I have been talking about GDP, I even mentioned somewhere oil makes up bulk of our foreign earnings but it is not the bulk of our GDP, we are talking GDP, agriculture is the biggest and the bulk of it is from the North, that is what my argument is all about, do not twist my words please. Oil is just about 17% of GDP. If you want to talk about budgets, you can open another thread on that, the argument I have had with ekt is about agriculture, percentage to GDP and percentage of that from the north.

I brought in foreign export and earning?  Please re-quote me where I brought in export and earnings? You sound much more confused than you write,  The bottom line of my argument has been simple---  the North does not contribute no more than 1/3rd of our GDP. Oh btw, I talked about revenues with relevance to our budget in reply to alj_harem post. Again, read properly before you conclude, therefore, I still insist that the north is far from contributing 1/3rd of our GDP.

JaaizTech:

Kai Sanusi you just fell into a big hole, even if you felt that the North needed more funding to help it out of its misery, you should never have spewed it out at this time. Any other person (a Non-northerner) would have gotten away with these comments, with no notice. But with the vultures in the South waiting for the slightest slip, to further desecrate the North, you made a big time mistake.
Although, I disagree I think every state is getting enough, but their government is not doing enough. And it is the same for South-South and other Southern states. The only reason we are better of is the better education we have. That is just it. The North needs to wake up from her deep sleep and realise the urgent need to educate her people. Even artisans of northern extraction are scarce. Something drastic needs to be done. Lastly, enough of all these hate, the north is not the evil we make of it.

Sanusi is a disgrace to the hardworking Kanawa. People survived in the North for hundreds of years without oil revenue and lack of oil revenue is not a justification of killing and maiming people. His psychology of Nigerian problem is distorted. He clearly do not understand what is our problem.

My understanding is that the OP's comment is from an article from a year ago and while boko haram was not as much of an issue as it currently is, it is still wrong that derivation should be seen as a justification for their plight.

Nigerian politicians and leaders have failed the nation in the pursuit of political power by continuing to create states when it is clear that there is not enough resources to pay to maintain the structures required to run a viable state. Also, aside from the resources from the centre, they have shown a lack of foresight in investing in industry to be able to self generate any means of self sustainance or create an environment to encourage such investment. I am sorry to say this but it is a reflection and extention of the personal lifes of a major part of the populace in that, they will continue to maintain large harems and children without any means of providing a decent (I am talking basic existential even) living for their family. While there is no suggestion that government should legislate responsibility and morality for individuals, I do believe that where children have problems with being looked after their first point of question should be directed at their parents and not the state.

The FG needs to assist states in regeneration but traditionally they get involved in major projects that is too big for the states eg inter state roads, large bridges and the like.

The states needs the right leaders who have the balls to be able to find solutions within their boundaries so that they can begin to control their own destiny instead of forever having to go to the centre with a beggin bowl. Lagos had to do it and so can a lot of other states. Where a state is not able to get a major part of its funding from within its own boundaries then it is not a viable state and consideration needs to be given to either pooling resources with other states to streamline the size of government or in extreme situation amalgamating.

There is no bottonless pit of money and as a Nigerian I am well aware of the adage God go provide and if that is the basis on which people that are not able to take responsibility expect their provision then they need to wait to receive their manner from above.

Tsiya:

Sanusi is a disgrace to the hardworking Kanawa. People survived in the North for hundreds of years without oil revenue and lack of oil revenue is not a justification of killing and maiming people. His psychology of Nigerian problem is distorted. He clearly do not understand what is our problem.

I am glad Northerners know what the real problem is - their so called "elite" who believe in the "Al Majiri" system where a few hundred are so rich, they wipe their a$$es with $100 bills, while the rest are just as dirty poor. And the poor line up in front of the mansions of the "elite" and get hand-outs as they shout "ranka de de". This same "Al Majiri" system was also adopted by the Federal Government as the governors of the state make monthly trips to Abuja for the hand-outs. We reject the "Al Majiri" system as all hardworking people would. As you reject it, you validate the position that you are hardworking. Only a lazy baboon will rely on or make reference to oil revenue share.

So actually he understands the problem; he just will not bring himself to admit he's part of the problem.