Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal - Business - Nairaland
Nairaland Forum / Nairaland / General / Business / Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal (2996 Views)
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| Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by mukina2: 9:04am On Mar 16, 2012 |
he Senate said it will soon drag the Central Bank of Nigeria (CBN) to court for refusing to submit its 2012 budget proposal to the National Assembly for scrutiny. http://www.dailytrust.com.ng/index.php?option=com_content&view=article&id=157308:senate-to-sue-cbn-over-budget&catid=1:news&Itemid=2 1 Like |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by Bawss1(m): 9:06am On Mar 16, 2012 |
Nigerian senate with an axe to grind. Next topic please. 1 Like |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by atasteve: 9:20am On Mar 16, 2012 |
But I am surprised why CBN doesn't want their budget scrutinized. 1 Like |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by scriptwizz: 9:26am On Mar 16, 2012 |
Bawss1: Nigerian senate with an axe to grind. Next topic please. WHICH AXE DO TH WANT TO GRIND YOU DUMB****S. LAMIDO WILL SOON CRASH OUT, HE IS JUST A FINANCIAL MESS. JUST UNWORTHY TO BE IN THAT POSITION. 1 Like |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by Maisuya1: 9:32am On Mar 16, 2012 |
Has the previous cbn budget been scrutinised by senate before, abeg make we hear word they r just on a vendetta mission, o 1 Like |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by bid4rich(m): 9:40am On Mar 16, 2012 |
they want to eat from cbn again? 1 Like |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by LailaIkeji1: 9:41am On Mar 16, 2012 |
Nahh, Samido is the best that has ever happened to us. i respect dat guy, really. (SAnusi laMIDO) 1 Like |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by Seun(m): 9:52am On Mar 16, 2012 |
Can't they just ammend the CBN Act and take away most of his powers? Afterall, they make the laws. 1 Like |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by Tgram(m): 10:15am On Mar 16, 2012 |
Cbn vs National assembly who is winning? 1 Like |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by sevenstone: 10:36am On Mar 16, 2012 |
I beg how will they pay the lawyers that will represent them( Both the senate and CBN)? I hope no be from our money , dem beta deduct am from Sanusi salary and dat of the senators.me don talk 1 Like |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by niddamugu(m): 10:37am On Mar 16, 2012 |
"Dog no dey chop dog" - Urhobo Proverb. 1 Like |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by lonamy: 10:46am On Mar 16, 2012 |
Lamido is just a BIG mess to Nigeria and the banking industry. He came toact the script of those who put him there, the Northern Cabal. He needs to make gross mistakes for him to crash out. A pastor predicted his crash in 2011 in Abuja, when the prophecy comes to pass I will come back to this forum to tell you who the pastor is. SAMIDO (SAnusi laMIDO) has put thousands of bank workers out of job because of the Northern economic script he came to act. Few people's desire has affected thousands of families so I don't expect SAMIDO to go free without being punished for his demonic act. He has runined this economy, because he is still in the office that is why no one can see the extent of damage done by this Devil economist. He doesn't worth it. I pray the outcome of the Senate will drag him in the mud. Stupid Lamido. 1 Like |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by anydek: 10:50am On Mar 16, 2012 |
Sanusi cannot use the Act promulgated by the same National Assembly to defend and hide under it not to presents the CBN budget 2012 to the National Assembly. He should remember that CBN "is a subject of creator and cannot more than a creator." And also remember that is same National Assembly that screened him when he was appointed by Late Umaru Musa Yar'adua before his confirmation.It is like his days in CBN are numbered.Gbam. 3 Likes |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by lonamy: 10:52am On Mar 16, 2012 |
Mai-suya: You this silly mai-suya, you are nothing but suya and that is what you will become. We are talking change in this country, even if no CBN budget has ever been scrutinised before, this is a new dawn, we need transparency at all levels and you are talking about "vendetta mission". Do you know the meaning of vendetta? Please, don't be silly namma. This country is going down we need to lift it up. Sanusi is to Political than economical, he talks too much and delve too deep into political matters that can spark chaos. He is assuming too much power to himself, he is just ordinary CBN governor. It is better that he has shown himself who he is than such a brutal personality to have become Nigeria president in the future. 1 Like |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by yhygajo(m): 10:52am On Mar 16, 2012 |
Sanusi kip doing what you know how to do best, We the reasonable Nigerians will forever have your back and support your loong term macroeconomic policies which will yield favourable results in the near future 1 Like |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by anydek: 10:54am On Mar 16, 2012 |
Sanusi, power corrupt, absolute power, corrupt absolutely.Gbam. 1 Like |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by anydek: 10:55am On Mar 16, 2012 |
Sanusi, power corrupt, absolute power corrupt, absolutely.Gbam. 1 Like |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by anydek: 11:01am On Mar 16, 2012 |
Sanusi, thank God Almighty you have shown your true color to us, I advise you to relocate to Sudan after your tenure elapsed as CBN Governor.This is because you would not be able to stay in Nigeria with your arrogant.Gbam. 1 Like |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by Maisuya1: 11:08am On Mar 16, 2012 |
lonamy: Ah anh! why the insult now, becoz I stated the obvious, the senate made the law which the cbn is using so they've got nothing on him. As some one rightly said if they really want to be receiving the cbn budget they should repeal or amend that law, and not by legal fiasco which the Nigerian tax payer will be footing the bills of both (cbn and senate) And for your info we know how our house operates, they are probably looking for bribe or on a vendetta for samido accusing them of gulping over 25% of nations expenditure. So abeg make we rest jor. (we say the bribery scandal of the of the capital Market probe yesterday, we are seeing how the plug is being abruptly pulled from the pension probe. So guy go Siddon if u don't understand 9ja politics) 1 Like |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by emmysam2: 11:11am On Mar 16, 2012 |
This so called Mallam Sanusi is always in the news for the wrong reasons. Must he always do things without due recourse to law and order. Is he the first CBN governor? While trying to gain undue popularity for himself, he has continually taken laws into his hands. How about his trying to institute a Religious Bank and force it down on Nigerians,or is it his donating CBN funds(and indeed our money) to his "abokis" without due approval. It is High time the arrogant Mallam is called to Order! |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by Enice(m): 11:50am On Mar 16, 2012 |
The CBN governor is doing the right thing. You cannot bring politic into government Monetary policy. In todays world, the difference between the rich and the poor is information. How can the CBN submit it's budget to politicians? Meaning at every point in time, before the CBN can take timely decisions, it needs to inform the NASS. A case in point is the bankgate saga. If the NASS was privy to such info, they would have inform their friends who would have gone to court to seek an injunction restraining the CBN from sacking them. Also, their friends will withdraw their funds and sell out their shares leaving us the common men to suffer the consequencies. Savanah bank is a good example. |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by jpphilips(m): 12:20pm On Mar 16, 2012 |
[b]One big problem with Nigerians is our inability to scrutinize people’s pedigree. Look at president Jonathan for instance, the man has 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 by 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. The petit imperialist economist Sanusi arrives with his usual "okija" economic theories and political economic barbarism. 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 "ijebu" 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 wouldn’t mind trading a permanent position job for a contract job which was the best his SME’s were offering or rather, our good jobs for underemployment. ignoring basic economic solutions for "mickey" type economics is sardonic and speaks ill of his competence. should Sanusi 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 Hennessy inspired economic formulae. First he said that by withdrawing subsidy they have destroyed corruption and broken the financial bones of the ‘’cabal’’ benefiting 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 drunk 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 drunken 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 servicing 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 Ghanaians and Nigeriens than Nigeria. Some servicing companies will rather relocate to Ghana and leave skeletal operations here in Nigeria just to stay in business exporting our labor else where and our voodoo CBN governor thinks otherwise. I am deeply ashamed and embarrassed at 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 25usd/bbl a pms of 40naira 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 400billion, 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. which crime did we commit that faith has bestowed on us 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. [/b] |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by Nobody: 1:29pm On Mar 16, 2012 |
eNICE, this is a well taught submission about the mistery behind some of our policy championers. Cud it be that Nigeria state complexity marred some well established theoriest of the world? OR We just have to stick to our own rudimentary economy policy. Painfully, nigeria economy is sleeping and u may or not believe it this is enshrined in a purposeful and artificial sickness caused by most of the policy administrators whose biznesses & allies oversea and neighbouring country are protected. One day, what d poor we have left to feed on is d rich. GOD BLESS 9JA. |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by Shuen: 3:02pm On Mar 16, 2012 |
Seun: Can't they just ammend the CBN Act and take away most of his powers? Afterall, they make the laws.Chikena. |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by Gaskia: 7:03am On Mar 17, 2012 |
The guy has somethings to hide or he is inconsistent. He sacked Bank MD's for some reasons only established by him without a 3rd party scrutiny. One of them was 'alleged non transparency'. Now why is he hiding his budget when the president and governors present theirs to the parliament. That the CBN act says CBN should take care of her budget does not preclude a parliamentary scrutiny. The guy shd wake up and learn constitutional matters. It's not all about islamic banking, irrational comments, policy inconsistency and anti-13% derivation stands. Neither is it justification of boko haram or doling out N100M to his kins men. There have been several church attacks after kano mayhem, am still expecting his corporate social responsibility. There are better northerners that can man the post if quota system is a must. Empty vessels make the loudest noise. He uses media noise to cover his inadequacies. Meanwhile is he through with his hotel and poultry projects? The same hypocrite that accused banks of delving into areas outside their core functions. Tribalism has ruined Nigeria. |
| Re: Senate To Sue CBN For Refusing To Submit Its 2012 Budget Proposal by Enice(m): 8:54am On Mar 17, 2012 |
Gaskia: The guy has somethings to hide or he is inconsistent.this is just sentiment |
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