Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,153,239 members, 7,818,817 topics. Date: Monday, 06 May 2024 at 05:39 AM

N30b Loan: Presidency Blasts Sanusi - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / N30b Loan: Presidency Blasts Sanusi (2360 Views)

N30b Scandal Rocks NHIS / Presidency Blasts Secondus For Petitioning UN Over Rights Violations / You Are Insane, Nigerians Voted Jonathan Out - Presidency Blasts Reno Omokiri (2) (3) (4)

(1) (2) (Reply) (Go Down)

N30b Loan: Presidency Blasts Sanusi by dipoolowoo: 12:41am On Dec 04, 2016
By Modupe Gbadeyanka

The presidency has replied Emir of Kano, Mr Muhammad Sanusi II, who accused the Central Bank of Nigeria (CBN) of funding the President Muhammadu Buhari’s administration illegally.

It would be recalled that while speaking at a policy monitoring dialogue hosted by Savannah Centre for Diplomacy, Democracy and Development held on Friday at the Transcorp Hilton Hotel in Abuja, the monarch had said CBN’s lending to the government since Mr Buhari came in had spiked from about N1.5 trillion to over N4.5 trillion.

“CBN claims on Federal Government now tops N4.7 trillion, equal to almost 50 percent of the FG’s total domestic debt.

“This is a clear violation of the Central Bank Act of 2007 (Section 38.2) which caps advances to the FG at 5 percent of last year’s revenues. Has CBN become the government’s lender of last or first resort?” he had stated at the occasion.

He had also opposed plans by the Federal Government to seek foreign loan of about $30 billion, advising the Senate never to approve such, stressing that the President Buhari-led administration lacked “the right policies to fix the current economic woes.”

But reacting on Saturday night to the points raised by the Emir via his official Facebook page, spokesman to the President, Mr Garba Shehu, said the former CBN Governor “does not have his facts as far as those issues are concerned.”

Though Mr Shehu confirmed the monarch’s claim that the government has overdrawn its Central Consolidated Account, but maintained that “the overdrawing is within limits.”

“The overdraw does not exceed N1.5 trillion. It is incorrect to say, as he did that the account was overdrawn by N4.5 trillion,” the presidency said.

“But even assuming that he was correct. This is a government that has money in excess the amount he mentioned in the Treasury Single Account, TSA.

“It is just like you, a bank customer operating two accounts, one in the red and the other, well-funded to the point that it can at any time wipe the indebtedness on the other. Would any bank manager lose their sleep over this?

“This, I am told is what the IMF found at the CBN and they said it is perfectly normal,” he explained.

The presidency also said, “As for his opposition to the $30 billion loan, I'm aware that the Minister of Finance is responding to that.

“As a private citizen, I want to read his statement again. I thought that the borrowing is for projects that include the railway development in Kano, his own city.”

http://www.businesspost.ng/2016/12/04/n30b-loan-presidency-blasts-sanusi/

1 Like

Re: N30b Loan: Presidency Blasts Sanusi by agwom(m): 12:45am On Dec 04, 2016
hmmmm
Re: N30b Loan: Presidency Blasts Sanusi by OBAGADAFFI: 12:53am On Dec 04, 2016
Mr Shehu don't know what he is talking about.
He should have allowed CBN Gov And Min of Finance reply Sanusi.

Sanusi knows better than Shehu when it come to Banking and Financ.
It's not everything you rush to reply.

22 Likes

Re: N30b Loan: Presidency Blasts Sanusi by Nobody: 12:55am On Dec 04, 2016
The economy is not growing. Companies are shutting down.Meanwhile,the gambari is seeking for a loan of staggering $30b.How will he repay it?

10 Likes

Re: N30b Loan: Presidency Blasts Sanusi by Mrbigman2: 1:31am On Dec 04, 2016
Fg always selling bonds, always releasing money to stabilize d economy yet the economy keeps getting worst.

I wonder if dose monies wia actually released on paper or some people re hoarding it for personal gains.
Imagine the one Dino malaye said world Bank released, some governors denied.

What's happening?

Re we fighting corruption while it's getting worst?

Or should we just give up on dis country?
Re we not old enough to be sensible?
If sentiments where to be placed aside, every youths should have stepped out to ask buhari to resign.

I have totally had a wasted year and if care is not taking, 2017 might make it 2. My career lfe will be 2 yrs backward.

Someone said it's a lesson for us, but can't we rather be progressives and learn along?

7 Likes

Re: N30b Loan: Presidency Blasts Sanusi by Samlapa: 1:45am On Dec 04, 2016
just observing
Re: N30b Loan: Presidency Blasts Sanusi by mykeljosef: 2:23am On Dec 04, 2016
abeg bring me kunu....yeye presidency

6 Likes

Re: N30b Loan: Presidency Blasts Sanusi by rose54321: 2:27am On Dec 04, 2016
He had to reply, he's paid to do that.
Now whether his reply is true or not is another matter.

1 Like

Re: N30b Loan: Presidency Blasts Sanusi by Atiku2019: 2:41am On Dec 04, 2016
I Stand With Tinubu smiley smiley smiley smiley smiley smiley smiley smiley






#Atiku2019

Re: N30b Loan: Presidency Blasts Sanusi by FakoMaybach1: 3:33am On Dec 04, 2016
like Obagadaffi and some others opined garba shehu should have kept his mouth shut...yes he is being paid to be Elenu Akpere meaning basket mouth, but no be everything basket dey leak.

Though i am not 100% sure of what HRH emir Sanusi is saying; but i am calling on the senate to investigate this irregularity by the executive and if what the emir is saying is true; this aberration should be stopped. The CBN seems to be under buhari's aged armpit


I am getting this vibe that madam Kemi Adeosun does not know how to generate funds for the govt. the woman keeps coming up with stupid ideas, and even people that try to help are bringing in useless ideas....the govt of the day are so into borrowing forgetting that "He who goes a borrowing goes a sorrowing" ...if they want to borrow let it be worth the stress, i personally will never approve any borrowing to pay for recurrent expenditure. To me borrowing should be 85% capital expenditure and 15% recurrent expenditure, anything more than that is a no no for me
.even if salaries are owed, they will still be paid cus that is constant..infrastructural deficit should be cleared up Naija shud get its priorities right

5 Likes 1 Share

Re: N30b Loan: Presidency Blasts Sanusi by Nobody: 3:45am On Dec 04, 2016
Lols
Re: N30b Loan: Presidency Blasts Sanusi by naijaking1: 4:39am On Dec 04, 2016
This is a response for the big boys or the big girls of this government, say the finance minister or a well educated economic adviser. This is not a job for Shehu.
Re: N30b Loan: Presidency Blasts Sanusi by Mynd44: 4:52am On Dec 04, 2016
Re: N30b Loan: Presidency Blasts Sanusi by agbangam: 5:00am On Dec 04, 2016
Me no even understand d reply

PMB shud discuss wit Sanusi, seek his help where needed. PMB shudn't make the same mistake dat Otueoke Clueless IB made by not listening to Sanusi. Wished GEJ had properly utilized all d money made from oil boom to transform dis nation, we might not have found ourselves in dis biting recession. The price of everything has sky rocketed.
Re: N30b Loan: Presidency Blasts Sanusi by tdayof(m): 5:01am On Dec 04, 2016
Hmm.


Someone already said we should use 2017 budget and do MMM for three months.

1 Like

Re: N30b Loan: Presidency Blasts Sanusi by agbangam: 5:08am On Dec 04, 2016
FakoMaybach1:
like Obagadaffi and some others opined garba shehu should have kept his mouth shut...yes he is being paid to be Elenu Akpere meaning basket mouth, but no be everything basket dey leak.

Though i am not 100% sure of what HRH emir Sanusi is saying; but i am calling on the senate to investigate this irregularity by the executive and if what the emir is saying is true; this aberration should be stopped. The CBN seems to be under buhari's aged armpit


I am getting this vibe that madam Kemi Adeosun does not know how to generate funds for the govt. the woman keeps coming up with stupid ideas, and even people that try to help are bringing in useless ideas....the govt of the day are so into borrowing forgetting that "He who goes a borrowing goes a sorrowing" ...if they want to borrow let it be worth the stress, i personally will never approve any borrowing to pay for recurrent expenditure. To me borrowing should be 85% capital expenditure and 15% recurrent expenditure, anything more than that is a no no for me
.even if salaries are owed, they will still be paid cus that is constant..infrastructural deficit should be cleared up Naija shud get its priorities right



My guy borrowing is not a crime rather it is a thing of Joy to have where to borrow from wen one is handicapped. d issue shud be IMPLEMENTATION and plans to pay back. Proper use of dat fund cud help us out of dis evil recession. As for Kemi she is trying, she can't turn hersef to dollars. Wen we had oil boom and wit madam harvard/IMF as d minister of finance, we all saw d recklessness n her full supervision of d massive looting dat took place under her. Kemi is trying her best.

1 Like

Re: N30b Loan: Presidency Blasts Sanusi by Nobody: 5:52am On Dec 04, 2016
Annoyed undecided undecided undecided
Re: N30b Loan: Presidency Blasts Sanusi by blackpanda: 5:58am On Dec 04, 2016
[s]
OBAGADAFFI:
Mr Shehu don't know what he is talking about.
He should have allowed CBN Gov And Min of Finance reply Sanusi.

Sanusi knows better than Shehu when it come to Banking and Financ.
It's not everything you rush to reply.
[/s]

I think u shld have followed ur own advise. Don't comment what u don't know. Does Sanusi sit at FEC?

1 Like

Re: N30b Loan: Presidency Blasts Sanusi by Sibrah: 6:39am On Dec 04, 2016
dipoolowoo:
By Modupe Gbadeyanka


“But even assuming that he was correct. This is a government that has money in excess the amount he mentioned in the Treasury Single Account, TSA.

“It is just like you, a bank customer operating two accounts, one in the red and the other, well-funded to the point that it can at any time wipe the indebtedness on the other. Would any bank manager lose their sleep over this?

“This, I am told is what the IMF found at the CBN and they said it is perfectly normal,” he explained.


http://www.businesspost.ng/2016/12/04/n30b-loan-presidency-blasts-sanusi/
Re: N30b Loan: Presidency Blasts Sanusi by OZAOEKPE(f): 6:46am On Dec 04, 2016
abuayman:
Who are does idiots in the presidency that cannot accept criticism? Most the be right always?
see ya
Re: N30b Loan: Presidency Blasts Sanusi by Sibrah: 6:55am On Dec 04, 2016
Mrbigman2:

Fg always selling bonds, always releasing money to stabilize d economy yet the economy keeps getting worst.

. . .

If sentiments where to be placed aside, every youths should have stepped out to ask buhari to resign
Oga lamenter, we sold average of $16bn/annum between 2002 and 2014 in a bid to stabilize the exchange rate yet it still went up steadily, so I wonder how you expect Buhari to stabilize the rates with far less funds available to him and improve the economy that's getting worse

1 Like

Re: N30b Loan: Presidency Blasts Sanusi by richidinho(m): 6:56am On Dec 04, 2016
A common propagandist arguing with a former central bank governor

4 Likes 1 Share

Re: N30b Loan: Presidency Blasts Sanusi by Mrbigman2: 7:07am On Dec 04, 2016
Sibrah:
Oga lamenter, we sold average of $16bn/annum between 2002 and 2014 in a bid to stabilize the exchange rate yet it still went up steadily, so I wonder how you expect Buhari to stabilize the rates with far less funds available to him and improve the economy that's getting worse

Did u called me 'lamenter' I believe u re old enough to choose words rightfully.

In 2009-11, we spent far less and our economy soaring when even America was sinking.

Let him keep borrowing dangote all the dollar available to build a refinery while the country sinks further. Some sets have easy access to forex while when u wanna pay school fees, cbn can't even give u dollar.

2 Likes

Re: N30b Loan: Presidency Blasts Sanusi by FakoMaybach1: 7:22am On Dec 04, 2016
[quote author=agbangam post=51616321]

My guy borrowing is not a crime rather it is a thing of Joy to have where to borrow from wen one is handicapped. d issue shud be IMPLEMENTATION and plans to pay back. Proper use of dat fund cud help us out of dis evil recession. As for Kemi she is trying, she can't turn hersef to dollars. Wen we had oil boom and wit madam harvard/IMF as d minister of finance, we all saw d recklessness n her full supervision of d massive looting dat took place under her. Kemi is trying her best.[/quot


We are saying the same thing u just used a big grammar "Implementation" ...Let the implementation be on capital projects not on recurrent expenses that brings little or no succor.

Now to an issue i want to address, Ngozi could not do anything about the looting going on in her govt and to those saying she should have resigned or complained, HAS KEMI RESIGNED OR COMPLAINED WHEN 270 MILLION OR SO WAS USED TO CUT GRASS IN AN IDP CAMP?, DID KEMI RESIGN WHEN THE NASS PADDED THE BUDGET (which she supervised and helped to draft) WITH BILLIONS?
These two women are just appointees, but the difference between the two is that while NOI and sanusi worked together to keep interest rate at 12%, inflation rate at 8%, real GDP at 7% etc, kemi is not working well with emefiele and what do we get:- finance ministry will say we need to spend while CBN will increase interest rate to 14% (quite contradictory), inflation rate is 18% ( that is on paper in reality its about 200%)
real GDP is negative, i can go on till my laptop battery dies.

i agree she is trying her best and i wish her well cus if she succeeds we as a nation too will succeed, i hope her media team can see this criticism and advice her so she can do massive consultations and invariably sit up.

1 Like

Re: N30b Loan: Presidency Blasts Sanusi by austinsmat(m): 7:25am On Dec 04, 2016
I Will destroy the ..... with the truth and and Somalia will be a child place compare with it. It seem It is happining now everybody is confuse
Re: N30b Loan: Presidency Blasts Sanusi by tolexy007(m): 7:34am On Dec 04, 2016
Atiku2019:
I Stand With Tinubu smiley smiley smiley smiley smiley smiley smiley smiley






#Atiku2019


Shift small bro make I stand beside you....#Atiku2019
Re: N30b Loan: Presidency Blasts Sanusi by gurunlocker: 7:36am On Dec 04, 2016
The dullard they gave us... Season 2 episode 19
Re: N30b Loan: Presidency Blasts Sanusi by luvinhubby(m): 7:42am On Dec 04, 2016
Buhari is an incompetent president with an incompetent cabinet.
Shame!

1 Like

Re: N30b Loan: Presidency Blasts Sanusi by Sibrah: 10:19am On Dec 04, 2016
Mrbigman2:


Did u called me 'lamenter' I believe u re old enough to choose words rightfully.

In 2009-11, we spent far less and our economy soaring when even America was sinking.

Let him keep borrowing dangote all the dollar available to build a refinery while the country sinks further. Some sets have easy access to forex while when u wanna pay school fees, cbn can't even give u dollar.

In 2009 was the FG servicing 12 extra university, was oil selling for $45pb or was cost of production of oil up to $29pb, was foreign reserver less than $30bn, was ECA less than $2bn? Stop comparing apples to oranges bros.
Re: N30b Loan: Presidency Blasts Sanusi by OLADD: 11:09am On Dec 04, 2016
Though I don't usually take Sanusi serious having been confirmed as a serial alarmist, the APC and Buhari must pay for taking the Emir's words on the so-called $20b 'missing NNPC money" hook, line and sinker, without confirming its veracity, and using same to rubbish Jonathan. People in this government are just shameless.
Re: N30b Loan: Presidency Blasts Sanusi by usmanktg2(m): 11:31am On Dec 04, 2016
1.5 trillion abi 4.5 trillion to me are all the same. Let me see it on top of my table. I don't care.
Re: N30b Loan: Presidency Blasts Sanusi by OnichaIgbo(m): 11:35am On Dec 04, 2016
Just one of the reason why I always refer to Buhari as an idiot!
so, anyone that doesn't share same Ideology with him is Ignorants.

Between Buhari( the El- Dullardin*nho) and Garba Shehu( the programmed Zombie) who is more dull?

(1) (2) (Reply)

Revealed: 5 Top Politicians Sponsoring Tuface Mega Rally / Southeast/southsouth Governors Vote For Nigeria’s Unity, Greatness / Fact-checking GEJ On His Electoral Promises Then In 2011

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 45
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.