By MICHAEL EBOH
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.”

Capital market recovery

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.

Women empowerment

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/

Was he not part of the same set of people including GEJ, Iweal, Allison that removal of subsidy = good economy

does a good economy increases poverty level or decreases it ?

Source of revenue  walihi I am disliking this government day by day, hour by hour

when they were about to remove subsidy which was expected to increase the poverty level as predicted by many of us but GEJ goons said it would not, did they not think of the sources of revenue for us ?

The stu.pid SURE program was going to share the bulk of the money to state governor and even more daf.t a state governor in this case rivers said he was going to provide 3-4 naira subsidy.

Now before the removal of subsidy I predicted this to happen and now we are seeing it (for those that read my post and understood it)

I clamour for the building of "necessary infrastructures" to adsorb the effect of the removal and also to generate or save the government some money.

This necessary infrastructures included building a refinery for revenue and job creation, kick starting companies like Innoson for job creation and revenue generation, revisit the gas industry etc

But what did the bigoted GEJ goons say ? "there is no need for that, you are not smarter than the government" etc and all other silly statements to justify their stu.pidity and tribalistic reason which has beclouded their judgement.


Now the FG is planning to borrow a total of 8.4 billion dollars =  1.5 trillion naira far grater than subsidy money

1. for erosion http://www.vanguardngr.com/2012/02/fg-to-use-500m-world-bank-loan-on-erosion-control/

2. second http://www.1976ad.com/2012/02/15/federal-government-of-nigeria-concludes-plans-to-borrow-7-9billion-n1-89trillion-from-the-world-bank/

the Nigeria reserves has decreased from an excess 60 billion dollars to 30 or so within 5 years

while senator are still paid billions in a year just for talking and laughing at us

smh

According to this people, they said 1.3-1.8 trillion naira (since they keep changing the figures to suit their needs) from subsidy money would provide good road, world class hospital etc

Ok now they are paying subsidy money of 880 billion naira which means, the government has extra 420- 900 billion naira which is not far off the intial subsidy money of 1.3 trillion asuming the 900 billion is the case.

What are they planning to do with the money ? SURE ? for those that have read the SURE program would see that about 30-50 % of the money is to be shared to the local government chairmen and governors right ?

Now

1. The governor, what are they going to do with the money when they already collect 106 million dollars which is about 17 billion naira as the case of awka Ibom, ?

2. What is the FG going to do with the money ?

they increased minimum wage to 18,000 naira and then removed subsidy without no form of infrastructure to absorb the effect of the removal ? ? ? ? ?

what sort of government is this in Nigeria.

@alj harem
Add the thousands of bankers who just lost their jobs to Sanusi's voodoo economics.

Why is this man so stupid?

Nigeria has never been so depressing!

First of all what sort of a policy is this?

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

He said: “We are building a new banking model, the type that will contribute meaningfully to the economy, other than monetary policies.”

Wow! What a genius

pcicero:

@alj harem
Add the thousands of bankers who just lost their jobs to Sanusi's voodoo economics.

chei:

First of all what sort of a policy is this?

I use to love Sanusi and infact I was a close follower of Sanusi but with the recent involvement in politics and some policies which he knows is wrong but chose to do it make me very sad.

He knew from the start that removal of subsidy without the infrastructures = Increase in poverty and during the channels debate he predicted to be double figures and according to his own words, he said he wishes for it not be double figure. He said poverty level to rise be 15 % (if I remember quite correctly). Now he is speaking another dark side of the removal which he knew about be chose to ignore it.

Reason i do not know, maybe he is under pressure from GEJ and co  or  maybe he just choose to follow this path but I can say it is not the right path.

Moreover when did an intellectual like Sanusi become a politician ? Why is he getting involve with money allocation for the justification of Boko haram that has killed thousands ?

Does he not know that there is poverty in the North just like in the South. Poverty is poverty, does not give anybody to go on a killing spree. (That aside)

Why did he not tell GEJ and co that poverty would increase and the people that you are just paying 18,000 Naira or those even earning less would suffer the untold hardship and according to him, More boko haram members.

Lets face the face here and lets be real and speak the truth, THIS IS NOT THE SANUSI I USE TO KNOW.

Sanusi that I knew before speaks the truth regardless of ethic, political or personal alliance or affair with anybody or person.

My advice for him is to say clear of that path, those are for politicians who have lost the conciousness and continue in the path of righteousness so he may benefit from the next election.

pcicero:

Nigeria has never been so depressing!

very very depressing indeed. Imagine the government giving kudos to OBJ for the aviation industry when it is clear that it was during OBJ era many airplane crashed and also Nigeria airways the only National air carrier got liquidated.

Is this the government that would lead Nigeria followed ?

http://www.vanguardngr.com/2012/02/obasanjo-receives-kudos-for-reforms-in-aviation-sector/

He's just a pain in the a.r.se, in what way has he contributed to the growth of the economy not with the increase in unemployment in the banking sector.

Everyday dis Mallam comes out with a new statistics, and keeps calculating and calculating, he does nothing to salvage the economic situation of d country that is falling by d day, Failed mathematician.