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Stats: 1209577 members, 1563534 topics. Date: Thursday, 24 July 2014 at 08:20 PM
|Politics / Re: Ogun Governor, Amosun In Certificates Forgery, Age Falsification. by hercules07: 10:45pm On Jan 10|
What is the job of the Human Rights and Civic Organisations, they need to help vet the credentials of our leaders, if indeed Amosun submitted fake credentials, he should be impeached and prosecuted. We do not need a certificate forger as a leader in the SW.
|Politics / Re: All Norwegians Become Crown Millionaires In Oil Saving Landmark - Reuters by hercules07: 1:18pm On Jan 10|
Let me take you up on the Sovereign wealth fund thing, as far as we know in Nigeria, the state Governors do more for their states than the Federal Government, they need the funds to do this as their services are closer to the people, now if the FG is interested in a sovereign wealth fund, why does it not use part of its 56% of the national wealth to set up a sovereign wealth fund, this way, the Governors will not have any reason to object to it. The country is a federation, the FG can not act on behalf of the states without their consent.
The incumbent government should lead by example and stop expecting Nigerians to change when they themselves are still stuck in the 18th century.
|Politics / Re: New Policy On Importation Of Tokunbo Cars: Big News Page by hercules07: 2:10am On Jan 10|
The first thing the government should have done was to have a sliding scale taxation on imported cars based on the age of the cars, for instance, 10 year old cars or younger could be on 15% with emission standards set, older than 10 years could be on 35% with emission standards, the extra vehicle inspection for emissions and other safety can be done before registering the car, if your car does not meet the standards, you will be forced to either bin it or do the necessary adjustments, what this does is it helps good mechanics make some more money on getting imported cars up to standard, means they get to employ people who at least will do the inspection.
The other area the government should have focused on is the area of parts, we all know that we are buying fake spare parts, if the government can encourage companies to setup parts manufacturing plants in Nigeria, they can ban the importation of used parts and put say 15% tariff on new parts. Used cars that are older can be brought up to fairly good state by using genuine parts.
This policy is just crazy and is defined to help cronies of government.
|Politics / Re: Jonathan Insists Ban On Tokunbo Cars Not To Cause Hardship To Nigerians by hercules07: 10:21am On Jan 04|
taharqa: Maybe cos NO OTHER COUNTRY IN THE WORLD that has a functional AutoIndustry have done what you are suggesting??
Canada does that.
|Politics / Re: LASG Gives N1b To Support 400 Graduate Farmers by hercules07: 10:27pm On Dec 29, 2013|
geeez: Haters repeat after me:
O like wahala o.
|Ethnic, Racial, Or Sectarian Politics / Re: Ibadan Is Still A Dirty Place? by hercules07: 8:36pm On Dec 29, 2013|
Magic Bishop: Ibadan is a slum
You are an idiota, I can show you pictures of the east that is dirtier than any place in the SW.
|Ethnic, Racial, Or Sectarian Politics / Re: Fani-Kayode Blasts CBN Governor, Lamido Sanusi Over Comment On Yorubas by hercules07: 12:42am On Dec 29, 2013|
I am sure this response came at that time, guys are just recycling it for nefarious reasons. Sanusi had some points but he generalised too much in some areas.
|Politics / Re: Tony Elumelu - The Next CBN Governor by hercules07: 12:37am On Dec 29, 2013|
Atedo Peterside and Ben Akabueze are my choices, all these cowboy bankers that nearly killed the sector during Soludo's time should not move near the post.
|Politics / Re: Will Or Can The Yorubas Ever Reclaim The Ilorin Throne? by hercules07: 8:43pm On Dec 28, 2013|
KIRIJI: These flatheads are irredeemably da.ft. So becuase the ilorin monarch assumes are fulani nomenclature automatically means the entire kwara state is under fulani control? The Governor, Deputy governor, Senatotrs, Legislators, Local government chairmen, and Ward councillors are all Yorubas. So where is the fulani subjugation coming from?
The Emir is more yoruba than fulani, infact it has been that way for a long time but our friends from the east do not know this. Ilorin is a yoruba town and the state is led by a yoruba man.
|Politics / Re: Aliko Dangote Set To Spend $9 Billion On Refinery Project In Lagos by hercules07: 8:39pm On Dec 28, 2013|
I think there is a need to hope that the development spreads all over the country, SE, SS, NW and NC and even NE when they are through with killing themselves. Lagos state is too crowded, we need to depopulate the state by spreading development. I am happy with Dangote's investments in the SW.
|Politics / Re: 2015 Elections: Nigerians Are Not Stupiid by hercules07: 8:36pm On Dec 28, 2013|
Segeggs: can you provide a source to the above cajole tactics?
Fasehun OPC is behind GEJ (contract things), Afenifere is also behind him because Tinubu has made them redundant, they will do anything to see Tinubu's downfall even to the detriment of Yoruba land.
|Politics / Re: Tony Elumelu - The Next CBN Governor by hercules07: 8:34pm On Dec 28, 2013|
Erastus ko, Erasmus ni, someone who could not run a bank successfully, please how much is intercontinental shares right now? Confirmed round tripper and money launderer.
|Politics / Re: Tony Elumelu - The Next CBN Governor by hercules07: 8:30pm On Dec 28, 2013|
I will prefer Ben Akabueze as the CBN governor, he was a banker and has served meritoriously in the LASG.
|Politics / Re: Tony Elumelu - The Next CBN Governor by hercules07: 5:09pm On Dec 28, 2013|
Why are you wasting your time arguing with these guys, they are die hard Sanusi haters, someone who shouted when money was missing in the coffers is their enemy, it has been so for them in the last four years, nothing the guy did has been good, meanwhile their messiah Soludo messed up the banking industry and with the Stock Exchange woman "stole" people's investment.
|Politics / Re: The Real Reason PDP Members Are Defecting? by hercules07: 2:30pm On Dec 28, 2013|
They have outperformed the government they replaced in all of the states (Ekiti I do not know much about).
|Politics / Re: The Population Density Of Igbo Land by hercules07: 1:38am On Dec 28, 2013|
We need to modernise, if the buildings are strong we can just change the roofs and move on, else, we might need to build a new city in the future.
|Politics / Re: The Population Density Of Igbo Land by hercules07: 1:37am On Dec 28, 2013|
customized13: good idea or maybe u can jst demolish all those houses, I bet ibadan will be unclothed, we demolish such houses in the east to avoid accident.I believe some of those houses will be demolished as soon as the ancients that live there die off, some of them are ancestral homes and the politics is something else, beyond that, there is a need for Ibadan people that live in lagos to build more houses in ibadan, I think the problem is that of rent, it is so low that it is not attractive to build for commercial purposes.
|Politics / Re: PARASITES: 35 States Can’t Pay Salaries Without Federal funds by hercules07: 1:26am On Dec 28, 2013|
No it does not, Lagos is part of SW so you need to add that of Lagos as well.
|Politics / Re: The Population Density Of Igbo Land by hercules07: 1:23am On Dec 28, 2013|
What we need to do in Ibadan is change those roofs, plaster those buildings and paint them shikena and our brothers from the East will not have anything to say. It is pertinent to point out though that we have been unlucky with governments in Oyo state, that city was more beautiful in the 60s than it is now, I hope Ajimobi will bring better development.
|Politics / Re: The Population Density Of Igbo Land by hercules07: 1:08am On Dec 28, 2013|
customized13: that isn't ib, ib doesn't have as much vegetation as I see in that pix.
You want to contest ibadan with me, where do you think IITA is?
|Politics / Re: The Population Density Of Igbo Land by hercules07: 12:57am On Dec 28, 2013|
|Politics / Re: The Population Density Of Igbo Land by hercules07: 10:21pm On Dec 27, 2013|
I do not know the slums that he is talking about that is not in the SE.
|Politics / Re: The Population Density Of Igbo Land by hercules07: 10:19pm On Dec 27, 2013|
It actually has more mansions than in Onitsha, have you been to the GRA areas in Ibadan? You will be shocked at what is there.
|Politics / Re: The Population Density Of Igbo Land by hercules07: 10:07pm On Dec 27, 2013|
You do know that your people are sizable in the SW, if they can run away to live in slums, what do you think is the condition of the SE?
|Politics / Re: The Population Density Of Igbo Land by hercules07: 10:06pm On Dec 27, 2013|
Let us debunk their lies in a clean way, those ladies are victims of circumstances, I have posted some pictures of Ibadan skyline and defended the google search.
|Politics / Re: The Population Density Of Igbo Land by hercules07: 10:04pm On Dec 27, 2013|
ketoprofen:There is a need to do more in our SW states, infrastructure is good, we also need the people to have money in their pockets, inasmuch as one east is being tribalistic, we also need to look at the message and do something about the ills that plague our region.
|Politics / Re: The Population Density Of Igbo Land by hercules07: 9:59pm On Dec 27, 2013|
Guys lets be cool, those ladies in the picture do not deserve to be portrayed like that, lets keep this clean.
|Politics / Re: The Population Density Of Igbo Land by hercules07: 9:56pm On Dec 27, 2013|
As you can see in the picture, all of the google results are from nairaland, please engage your brain nau.
|Politics / Re: The Population Density Of Igbo Land by hercules07: 9:51pm On Dec 27, 2013|
one.east1:The ones I can find apart from the ones you have posted.
|Politics / Re: The Population Density Of Igbo Land by hercules07: 9:39pm On Dec 27, 2013|
I am from Ibadan so I should defend it, you keep showing us the old part of Ibadan, the owners will not bulldoze those buildings because they take pride in the structure, those buildings belong to the whole family and nobody can do anything about it. There are more modern areas in Ibadan like the CBD and the GRA areas. I have travelled the length and breadth of alaigbo and I can tell you the same thing exists, is it Okigwe, Uturu, Mbaise, Onitsha or Aba. Enugu city is okay but what of Emene, even Enugu sef is a very small city compared to Ibadan.
|Politics / Re: 2015: Buhari for President!!! by hercules07: 12:51pm On Dec 27, 2013|
If Buhari gets a nomination he will have my vote. I will vote for him not, like some have averred, because he is a northerner and a Muslim or because I think his candidacy is good for the north and Islam; I will vote for him not because I think he will make a good democrat or that he was not a dictator. I will vote for Buhari as a Nigerian for a leader who restored my pride and dignity and my belief in the motherland. I will vote for the man who made it undesirable for the “Andrews” to “check out” instead of staying to change Nigeria. – Sanusi Lamido Sanusi
BUHARISM: Economic Theory and Political Economy By Sanusi Lamido Sanusi [LAGOS]
I have followed with more than a little interest the many contributions of commentators on the surprising decision of General Muhammadu Buhari to jump into the murky waters of Nigerian politics. Most of the regular writers in the Trust stable have had something to say on this. The political adviser to a late general has transferred his services to a living one. My dear friend and prolific veterinary doctor, who like me is allegedly an ideologue of Fulani supremacy, has taken a leading emir to the cleaners based on information of suspect authenticity. Another friend has contributed an articulate piece, which for those in the know gives a bird’s eye view into the thinking within the IBB camp. A young northern Turk has made several interventions and given novel expressions to what I call the PTF connection. Some readers and writers alike have done Buhari incalculable damage by viewing his politics through the narrow prism of ethnicity and religion, risking the alienation of whole sections of the Nigerian polity without whose votes their candidate cannot succeed.
With one or two notable exceptions, the various positions for or against Buhari have focused on his personality and continued to reveal a certain aversion or disdain for deeper and more thorough analysis of his regime. The reality, as noted by Tolstoy, is that too often history is erroneously reduced to single individuals. By losing sight of the multiplicity of individuals, events, actions and inactions (deliberate or otherwise) that combine to produce a set of historical circumstances, the historian is able to create a mythical figure and turn him into an everlasting hero (like Lincoln) or a villain (like Hitler). The same is true of Buhari. There seems to be a dangerous trend of competition between two opposing camps aimed at glorifying him beyond his wildest dreams or demonizing him beyond all justifiable limits, through a selective reading of history and opportunistic attribution and misattribution of responsibility.
The discourse has been thus impoverished through personalization and we are no closer at the end of it than at the beginning to a divination of the exact locus or nexus of his administration in the flow of Nigerian history. This is what I seek to achieve in this intervention through an exposition of the theoretical underpinnings of the economic policy of Buharism and the necessary correlation between the economic decisions made and the concomitant legal and political superstructure.
Let me begin by stating up front the principal thesis that I will propound. Within the schema of discourses on Nigerian history, the most accurate problematization of the Buhari government is one that views it strictly as a regime founded on the ideology of Bourgeois Nationalism. In this sense it was a true off-shoot of the regime of Murtala Mohammed. Buharism was a stage the logical outcome of whose machinations would have been a transcendence of what Marx called the stage of Primitive Accumulation in his Theories of Surplus Value. It was radical, not in the sense of being socialist or left wing, but in the sense of being a progressive move away from a political economy dominated by a parasitic and subservient elite to one in which a nationalist and productive class gains ascendancy. Buharism represented a two-way struggle: with Global capitalism (externally) and with its parasitic and unpatriotic agents and spokespersons (internally).
The struggle against global capital as represented by the unholy trinity of the IMF, the World Bank and multilateral “trade” organizations as well that against the entrenched domestic class of contractors, commission agents and corrupt public officers were vicious and thus required extreme measures. Draconian policies were a necessary component of this struggle for transformation and this has been the case with all such epochs in history. The Meiji restoration in Japan was not conducted in a liberal environment. The Industrial Revolution in Europe and the great economic progress of the empires were not attained in the same liberal atmosphere of the 21st Century. The “tiger economies” of Asia such as Taiwan, South Korea, Indonesia and Thailand are not exactly models of democratic freedom. To this extent Buharism was a despotic regime but its despotism was historically determined, necessitated by the historical task of dismantling the structures of dependency and launching the nation on to a path beyond primitive accumulation. At his best Buhari may have been a Bonaparte or a Bismarck. At his worst he may have been a Hitler or a Mussolini. In either case Buharism drawn to its logical conclusion would have provided the bedrock for a new society and its overthrow marked a relapse, a step backward into that era from which we sought escape and in which, sadly for all of us we remain embedded and enslaved. I will now proceed with an elaboration of Buharism as a manifestation of bourgeois economics and political economy.
The Economic Theory of Buharism
One of the greatest myths spun around Buharism was that it lacked a sound basis in economic theory. As evidence of this, the regime that succeeded Buhari employed the services of economic “gurus” of “international standard” as the architects of fiscal and monetary policy. These were IMF and World Bank economists like Dr. Chu Okongwu and Dr Kalu Idika Kalu, as well as Mr SAP himself, Chief Olu Falae (an economist trained at Yale). At the time Buhari’s Finance Minister, Dr Onaolapo Soleye (who was not a trained economist) was debating with the pro-IMF lobby and explaining why the naira would not be devalued I was teaching economics at the Ahmadu Bello University. I had no doubt in my mind that the position of Buharism was based on a sound understanding of neo-classical economics and that those who were pushing for devaluation either did not understand their subject or were acting deliberately as agents of international capital in its rampage against all barriers set up by sovereign states to protect the integrity of the domestic economy. I still believe some of the key economic policy experts of the IBB administration were economic saboteurs who should be tried for treason.
When the IMF recently owned up to “mistakes” in its policy prescriptions all patriotic economists saw it for what it was: A hypocritical statement of remorse after attaining set objectives. Let me explain, briefly, the economic theory underlying Buhari’s refusal to devalue the naira and then show how the policy merely served the interest of global capitalism and its domestic agents. This will be the principal building block of our taxonomy.
In brief, neo-classical theory holds that a country can, under certain conditions, expect to improve its Balance of Payments through devaluation of its currency. The IMF believed that given the pressure on the country’s foreign reserves and its adverse balance of payments situation Nigeria must devalue its currency. Buharism held otherwise and insisted that the conditions for improving Balance of Payments through devaluation did not exist and that there were alternate and superior approaches to the problem. Let me explain.
The first condition that must exist is that the price of every country’s export is denominated in its currency. If Nigeria’s exports are priced in naira and its imports from the US in dollars then, ceteris paribus, a devaluation of the naira makes imports dearer to Nigerians and makes Nigerian goods cheaper to Americans. This would then lead to an increase in the quantum of exports to the US and a reduction in the quantum of imports from there per unit of time. But while this is a necessary condition, it is not a sufficient one. For a positive change in the balance of payments the increase in the quantum of exports must be substantial enough to outweigh the revenue lost through a reduction in price. In other words the quantity exported must increase at a rate faster than the rate of decrease in its price. Similarly imports must fall faster than their price is increasing. Otherwise the nation may be devoting more of its wealth to importing less and receiving less of the wealth of foreigners for exporting more! In consequence, devaluation by a country whose exports and imports are not price elastic leads to the continued impoverishment of the nation vis a vis its trading partners. The second, and sufficient, condition is therefore that the combined price elasticity of demand for exports and imports must exceed unity.
The argument of Buharism, for which it was castigated by global capital and its domestic agents, was that these conditions did not exist clearly enough for Nigeria to take the gamble. First our major export, oil, was priced in dollars and the volume exported was determined ab initio by the quota set by OPEC, a cartel to which we belonged. Neither the price nor the volume of our exports would be affected by a devaluation of the naira. As for imports, indeed they would become dearer. However the manufacturing base depended on imported raw materials. Also many essential food items were imported. The demand for imports was therefore inelastic. We would end up spending more of our national income to import less, in the process fuelling inflation, creating excess capacity and unemployment, wiping out the production base of the real sector and causing hardship to the consumer through the erosion of real disposable incomes. Given the structural dislocations in income distribution in Nigeria the only groups who would benefit from devaluation were the rich parasites who had enough liquidity to continue with their conspicuous consumption, the large multi-national corporations with an unlimited access to loanable funds and the foreign “investor” who can now purchase our grossly cheapened and undervalued domestic assets.
In one stroke we would wipe out the middle class, destroy indigenous manufacturing, undervalue the national wealth and create inflation and unemployment. This is standard economic theory and it is exactly what happened to Nigeria after it went through the hands of our IMF economists under IBB. The decision not to devalue set Buharism on a collision course with those who wanted devaluation and would profit from it-namely global capitalism, the so-called “captains of industry” (an acronym for the errand boys of multinational corporations), the nouveaux-riches parasites who had naira and dollars waiting to be spent, the rump elements of feudalism and so on. Buharism therefore was a crisis in the dominant class, a fracturing of its members into a patriotic, nationalist group and a dependent, parasitic and corrupt one. It was not a struggle between classes but within the same class. A victory for Buharism would be a victory for the more progressive elements of the national bourgeoisie. Unfortunately the fifth columnists within the military establishment were allied to the backward and retrogressive elements and succeeded in defeating Buharism before it took firm root. But I digress.
Having decided not to devalue or to rush into privatization and liberalization Buharism still faced an economic crisis it must address. There was pressure on foreign reserves, mounting foreign debt and a Balance of Payments crisis. Clearly the demand for foreign exchange outstripped its supply. The government therefore adopted demand management measures. The basic principle was that we did not really need all that we imported and if we could ensure that our scarce foreign exchange was only allocated to what we really needed we would be able to pay our debts and lay the foundations for economic stability. But this line of action also has its drawbacks.
First, there are political costs to be borne in terms of opposition from those who feel unfairly excluded from the allocation process and who do not share the government’s sense of priorities. Muslims for example cursed Buhari’s government for restricting the number of pilgrims in order to conserve foreign exchange.
Second, in all attempts to manage demand through quotas and quantitative restrictions there is room for abuse because there is always the incentive of a premium to be earned through circumvention of due process. Import licenses become “hot cake” and the black market for foreign exchange highly lucrative. This policy can only succeed if backed by strong deterrent laws and strict and enforcible exchange rules. Again it is trite micro-economic theory that where price is fixed below equilibrium the market is only cleared through quotas and the potential exists for round tripping as there will be a minority willing and able to offer a very high price for the “artificially scarce” product. So again we see that the harsh exchange control and economic sabotage laws of Buharism were a necessary and logical fallout of its economic theory.
I have tried to show in this intervention what I consider to be the principal building blocks of the military government of Muhammadu Buhari and the logical connection between its ideology, its economic theory and the legal and political superstructure that characterized it. My objective is to raise the intellectual profile of discourse beyond its present focus on personalities by letting readers see the intricate links between disparate and seemingly unrelated aspects of that government, thus contextualizing the actions of Buharism in its specific historical and ideological milieu. I have tried to review its treatment of politicians as part of a general struggle against primitive accumulation and its harsh laws on exchange and economic crimes as a necessary fallout of economic policy options. Similarly its treatment of drug pushers reflected the patriotic zeal of a bourgeois nationalist establishment.
As happens in all such cases a number of innocent people become victims of draconian laws, such as a few honest leaders like Shehu Shagari and Balarabe Musa who were improperly detained. The reality however is that many of those claiming to be victims today were looters who deserved to go to jail but who would like to hide under the cover of a few glaring errors. The failure of key members of the Buhari administration to tender public and unreserved apology to those who may have been improperly detained has not helped matters in this regard.
This raises a question I have often been asked. Do I support Buhari’s decision to contest for the presidency of Nigeria? My answer is no. And I will explain.
First, I believe Buhari played a creditable role in a particular historical epoch but like Tolstoy and Marx I do not believe he can re-enact that role at will. Men do not make history exactly as they please but, as Marx wrote in the 18th Brumaire, “in circumstances directly encountered, given and transmitted from the past.” Muhammadu Buhari as a military general had more room for manoevre than he can ever hope for in Nigerian Politics.
Second, I am convinced that the situation of Nigeria and its elite today is worse than it was in 1983.Compared to the politicians who populate the PDP, ANPP and AD today, second republic politicians were angels. Buhari waged a battle against second republic politicians, but he is joining this generation. Anyone who rides a tiger ends up in its belly and one man cannot change the system from within. A number of those Buhari jailed for theft later became ministers and many of those who hold key offices in all tiers of government and the legislature were made by the very system he sought to destroy. My view is that Nigeria needs people like Buhari in politics but not to contest elections. Buhari should be in politics to develop Civil Society and strengthen the conscience of the nation. He should try to develop many Buharis who will continue to challenge the elements that have hijacked the nation.
Third, I do not think Nigerians today are ready for Buhari. Everywhere you turn you see thieves who have amassed wealth in the last four years, be they legislators, Local Government chairmen and councilors, or governors and ministers. But these are the heroes in their societies. They are the religious leaders and ethnic champions and Nigerians, especially northerners, will castigate and discredit anyone who challenges them. Unless we start by educating our people and changing their value system, people like Buhari will remain the victims of their own love for Nigeria.
Fourth, and on a lighter note, I am opposed to recycled material. In a nation of 120million people we can do better than restrict our leadership to a small group. I think Buhari, Babangida and yes Obasanjo should simply allow others try their hand instead of believing they have the monopoly of wisdom.
Having said all this let me conclude by saying that if Buhari gets a nomination he will have my vote (for what it is worth). I will vote for him not, like some have averred, because he is a northerner and a Muslim or because I think his candidacy is good for the north and Islam; I will vote for him not because I think he will make a good democrat or that he was not a dictator. I will vote for Buhari as a Nigerian for a leader who restored my pride and dignity and my belief in the motherland. I will vote for the man who made it undesirable for the “Andrews” to “check out” instead of staying to change Nigeria. I will vote for Buhari to say thank you for the world view of Buharism, a truly nationalist ideology for all Nigerians. I do not know if Buhari is still a nationalist or a closet bigot and fanatic, or if he was the spirit and not just the face of Buharism. My vote for him is not based on a divination of what he is or may be, but a celebration of what his government was and what it gave to the nation.
|Politics / Re: 2015: Buhari for President!!! by hercules07: 12:48pm On Dec 27, 2013|
He must have lived in a different time, maybe he is talking about the Shagari regime, what I witnessed in Buhari's time was law and order, you guys are known PDP apologists anyway, so Buhari can never do good in your eyes.
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