Sanusi Predicts Increase In Nigeria’s Poverty Level - Politics - Nairaland
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| Sanusi Predicts Increase In Nigeria’s Poverty Level by Sunofgod(m): 7:33pm On Feb 16, 2012 |
LAGOS — The Central Bank of Nigeria, CBN, Governor, Mallam Lamido Sanusi, yesterday, said the level of poverty in Nigeria will continue to rise unless there is a deliberate effort to create other sources of revenue. Speaking at the Murtala Mohammed annual memorial lecture in Lagos, in a paper entitled: “Banking Sector, Financial Reforms, Impact on the Nigerian Economy and Economic Development,” Sanusi cautioned against excessive borrowing from developed countries by Nigeria and its counterparts in the African continent. He said African countries should be able to put in place measures to develop their resources to be able to compete favourably in the international arena. Sanusi said the country, presently, has a dysfunctional economy, emphasizing that there is an urgent need for a clear understanding of economic direction and structural adjustment that would create other avenues for further revenue. According to him, it is an abnormal situation for the economy to grow without impact on the average Nigerian, especially when viewed in the light of the recent report of the Nigeria Bureau of Statistic, NBS, where over 100 million Nigerians are said to be living below poverty level. He stated that the current leadership of the CBN, as parts of its contribution to the development of the economy, was building a new financial system that would play a catalyst role in the productive sector of the economy apart from monetary policies. He said: “We are building a new banking model, the type that will contribute meaningfully to the economy, other than monetary policies.” He expressed optimism that the Nigerian capital market would recover fully in the next three years, noting that the current slow recovery has nothing to do with monetary policies of the apex bank. He regretted that the agriculture sector that contributes 42 per cent to the Gross Domestic, GDP, is being neglected, adding that the CBN and banks are doing all it takes to revive the sector. The CBN Governor further disclosed that the apex bank, in conjunction with the Bankers’ Committee, is working on women empowerment. He said: “Between 2012 and 2014, 40 per cent top management positions in banks are to be held by women. By December 2014, 30 per cent board seats in banks will be held by women. Also, we decided that women-owned businesses are to be supported by credit facilities at a single digit interest.” The banking watchdog boss affirmed that Nigeria was a poor oil producing country, stating that statistics have shown that in Nigeria, it is one barrel of oil to 80 Nigerians, whereas in Saudi Arabia it is one barrel to three persons. On cashless Lagos, he said it was on course, noting that in the next three years, the policy would reduce banks’ operating costs by 30 per cent. http://www.vanguardngr.com/2012/02/sanusi-predicts-increase-in-nigerias-poverty-level/ |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by Sunofgod(m): 7:34pm On Feb 16, 2012 |
Sanusi - You are part of the problem and one of those who's policies are helping to impoverish Nigerians. Dont expect a round of applause from anybody. |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by jamace(m): 7:36pm On Feb 16, 2012 |
Na wa o!  |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by ektbear: 7:46pm On Feb 16, 2012 |
Well, this was discussed in the previous thread. While Nigeria's population growth remains so high and jobs aren't added quickly enough, poverty will increase. So you can either figure out a way to add an enormous number of jobs, or cut down on population growth. Probably both will be necessary. |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by rimzo(m): 11:50am On Feb 17, 2012 |
I guess he (Sanusi) know all this before. He subscribe to fuel subsidy removal then and this are part of the dividend of the removal of the fuel subsidy. |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by Finland(m): 11:51am On Feb 17, 2012 |
Stupid man!  |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by JUO(m): 11:51am On Feb 17, 2012 |
lol time shall tell |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by hustla242: 11:52am On Feb 17, 2012 |
Oh surprise surprise Sanusi, banks can't lend to small businesses to boost employment, even in agriculture you mentioned farmers need small loans. Your monetary policy is where the problem lies, it's all well and good sacking corrupt bank bosses but you need help with your policies, recruiting a solid economist would be good for a start. Sanusi speaks the truth, has enviable passion and honesty but fails woefully in his economic policies. |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by brainpulse: 11:59am On Feb 17, 2012 |
Nigeria is not creating industries and co-operations that will make wealth, but creating material possessions that will waste wealth. Sanusi has not shown Nigerians his ability to increase the spectrum of creating industries and promoting agricultural development instead creating monopolistic might and control of CBN without objectivity. |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by brainpulse: 12:02pm On Feb 17, 2012 |
All his policy has not yielded anything to the common man |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by babaowo: 12:05pm On Feb 17, 2012 |
SLS is Chief of aboki's idiotic. |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by Aladinn(m): 12:06pm On Feb 17, 2012 |
Sanusi is becoming more of a talkative. |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by Atigba: 12:10pm On Feb 17, 2012 |
This idiot should shut up?i wonder why GEJ is still keeping him there in d office? |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by Yinkay: 12:11pm On Feb 17, 2012 |
He should open CBN vaults nation wide to alleviate poverty or he shut up. |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by Wasung: 12:30pm On Feb 17, 2012 |
u talk too much we long time left with uor faith |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by Tinkinguy(m): 12:32pm On Feb 17, 2012 |
Why won't SLS predict increase in poverty level, when his Banking "transformation" only leads to laying off of bank workers. yesterday Access bank sack 1500 workers, today Ecobank is on point sacking another bank workers of similar magnitude, tomorow Mainstrret Bank is warming up to sack yet another bank workers of the same number. All this sack he already knew as such , his prediction is not prediction per say, but stating the obvious. why am I not suprise prediction indeed, please pass me the pop corn jor |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by Ninapha(f): 12:39pm On Feb 17, 2012 |
So whats the solution of CBN Governor? |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by AjanleKoko: 12:45pm On Feb 17, 2012 |
I don't think this guy knows his job. Always going about delivering lectures, while his portfolio is floundering. |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by Abbott(m): 12:49pm On Feb 17, 2012 |
100 million living in poverty(below or at pverty level) should be a shame to our leaders past and present and all government officials. It is terrible. Too terrible. |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by sunkoye: 12:58pm On Feb 17, 2012 |
no body listen to him again, NEXT!  |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by Nobody: 1:05pm On Feb 17, 2012 |
The man is a genius! how could he make such a prediction He knows poverty would increase, yet he supported raising fuel price, and he also knows that prices of almost everything would double, after the planned 100% devaluation of the Naira. Well seems most Nigerians don't mind being further impoverished because they are not coming out to protest against corruption  |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by lynxnoon(m): 1:17pm On Feb 17, 2012 |
tscheeww!!! btw whats govt or anybody doing about the N100Mil cbn gave out? |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by Nobody: 1:28pm On Feb 17, 2012 |
Why has GEJ not grown enough balls to sack this man? |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by executinal(m): 1:29pm On Feb 17, 2012 |
When will this silly man tenure going to expire. SLS all talk and no action makes you a dullard. How many bankers loose their Job since you became CBN poweful man on earth |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by flexdee(m): 1:42pm On Feb 17, 2012 |
The man (Sanusi) should shut his dirty and stinking mouth up for once. He's part of the problem that we are having in this country with his stupid policies, can you imagine what's going on in the banking industry now? So absurd.  |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by Nobody: 1:49pm On Feb 17, 2012 |
Sanusi my Dog is on heat period needs you asap foolish Aboki Bokoharam product |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by ak47mann(m): 2:07pm On Feb 17, 2012 |
Look soon you will start seeing people with malnutrition in Nigeria, as some one said either cutting down the population or create thousands of jobs  |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by prettyboi1(m): 2:15pm On Feb 17, 2012 |
This Sanusi man is a NaughtyWoman,a BIATCHHH, a real dog. He was among the fore-runners of those suggesting the removal of fuel subsidy,he kept advocating that government's decision to remove fuel subsidy was d best for the country & yet a man of economic knowledge like him particularly that he is the governor of the cbn didn't realize how the removal of fuel subsidy was going to make people poorer. He didn't realize that the poor would become far poorer & even the rich are now about 40%-50% poorer than they were worth last year. He didn't think about how inflation was going to damage our economy (just like 1 kobo,2kobo,25kobo,50kobo,N1,N2 disappeared,N5 is almost extinct & the least note we would have in this country would soon be N10 all thanks to the inflation of prices that came with the removal of fuel subsidy). In Zimbabwe,they have 1million Zimbawean dollar in note & gradually people like this goat called Sanusi are leading us there (God forbid it tho. Amen). They would advocate bad policies without thinking about the consequences,&when things start falling apart,they'd come back around & be preaching jaggers. SANUSI LAMIDO SANUSI, MAY GOD PUNISH YOUR MOUTH FOR THESE DIRTY STATEMENTS OF YOURS. F'N DOG. We need visionary people to take over running the affairs of this country otherwise,our children & the future generation of our beloved country would be doomed. God Bless Nigeria. Amen. |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by Tyche(m): 2:19pm On Feb 17, 2012 |
Aladinn: He will be more effective as the P.R.O of CBN. Yinkay:  |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by jpphilips(m): 2:34pm On Feb 17, 2012 |
Sanusi The economic magician 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 elements 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 agenda ever worked in this country? Which 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 the economic parlance and the pragmatism of 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, he consolidated these banks, the banks were more financially robust, 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, 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 recovers. Here comes our Sanusi with his usual voodoo economic theories and political economic jingoism. Destroyed the first instrument of perception which soludo fought so hard to preserve by coming on National television to announce that most banks are not healthy. You know the end of the story. Till date we lost one of the most viable sectors of this economy, we lost meaningful employments and international confidence in our banking industry 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 (he destroyed) and give loans to 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 SME’s especially those in the textile business. 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 good jobs 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 your 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 120naira 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. 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 fraction of 10% increase, lol This is an economy without a functional price regulatory agency and a comatose standard organization with bribe drunken police officers. 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 from united states between 1998 to 2008 to Asia and Africa, reason; COST OF DOING BUISNESS or better put, unfavorable business climate. With unfavorable tax laws, incessant labor wage reviews and land acquisition challenges, most companies couldn’t survive and they left US en masse. Today, a drunk CBN governor 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. 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. Does sanusi think that the refining companies will be servicing themselves? Is that possible? When you destroy the business environment for these smaller sergvicing companies to thrive, how exactly do you want the refining companies to thrive? How do they cope? If at all it works, most components and services are definitely going to be outsourced to neighboring countries creating jobs for ghananians and Niger than Nigeria. Some servicing companies will rather relocate to Ghana and leave skeletal operations here in Nigeria just to stay in business exporting our labour else where and our voodoo CBN governor thinks otherwise. I am deeply ashamed and embarrassed for the caliber of m0rons that rule this nation. I say it for the umpteenth time that 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%. 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? Hope sanusi is not confusing refineries with fuel dispensing stations or we are going for another IMF/world bank debt burden? I don’t just get it. Where is sanusi gonna 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 crude price? This man is cynical. How did we end up with two monsters sanusi lamido sanusi and Allison Madueke at the same time? I don’t know if our prayers are really working. 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. |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by Mobinga: 3:24pm On Feb 17, 2012 |
This guy should just stop talking and work. |
| Re: Sanusi Predicts Increase In Nigeria’s Poverty Level by bigsean(m): 3:35pm On Feb 17, 2012 |
I usually dont read anything SLS has to say, cos he's policies have grossly failed the nation economically. |
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