alj harem: [size=13pt]Shebi una talk say you no go learn, You go learn by thunder by fire.

Sanusi is just following the economy so stop blaming Sanusi

If you increase price of fuel in a mono economy like Nigeria, every commodity inflates, thus devaluing the Naira. eg what 10 can buy before would be less now

SO STOP BLAMING SANUSI !!!!!![/size]

thoth: Nigerians are really strange , the IMF/World Bank gave this directive a long time ago , your president agreed on it even before if was made president. I wrote about it last year but many people were saying it is not possible and yelling farce. I hope they are here to witness it , people should relax because more hardship is coming your way. When you people have actually suffered really well maybe you should change the habit of calling informed individuals conspiratory theorists. More hardship more suffering means more premature deaths , it keeps working for the enemies of the black man in gis own lines. The only edge nigeria has on security is our population and we would be loosing that edge soon.

alj harem: [size=13pt]Shebi una talk say you no go learn, You go learn by thunder by fire.

Sanusi is just following the economy so stop blaming Sanusi

If you increase price of fuel in a mono economy like Nigeria, every commodity inflates, thus devaluing the Naira. eg what 10 can buy before would be less now

SO STOP BLAMING SANUSI !!!!!![/size]

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, militant siege in the Niger delta, 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 economics 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.

[b]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? [/b]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 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.

teecuzy: CBN to introduce N5,000 note; converting N5, N10, N20 note to coins! Even a mashmellow brain knows this will cause devaluation and inflation! Pure water will turn N50, just give it time