Nigeria In Talks On World Bank Loan To Fund Budget -- Muhtar

Paul Arhewe, Online Editor onlineeditor@independentngonline.com
Nigeria is in early talks with the World Bank on a loan to help finance its budget deficit as plunging oil prices cut government revenue and curb economic growth, Finance Minister Mansur Muhtar said.

The talks are still "exploratory" and there has been no discussion of amounts yet, Muhtar said in an interview in Dakar, Senegal yesterday. The borrowing must be on "concessional terms" to comply with the country's policy to keep debt service costs low, he added.

Revenue from oil, which accounts for 95 percent of government receipts, has slumped after crude prices dropped 58 percent in New York since the beginning of July. Nigeria abandoned a plan last year to sell a global bond of $500 million as international credit markets seized up. The west African nation is now seeking to withdraw $200 million it contributed to the African Development Bank to help plug its funding gap.

"There are continued challenges ahead," Muhtar said. "We have to navigate through these difficulties and look at various ways to generate additional revenues, plug leakages, ensure greater efficiency in spending, and looking forward, how we can diversify our economy."

Muhtar said he will also hold talks with officials from the African Development Bank in Dakar this week during the lender's annual meeting.

On March 24, Muhtar forecast that the budget deficit would reach 3.02 percent of gross domestic product this year. Nigeria's external debt fell to $3.5 billion in 2006 from $36 billion in 2004 after it paid off arrears and the Paris Club of creditor nations wrote off most of their loans.

The economy will probably expand between 5 percent and 6 percent this year, Muhtar said, down from a forecast of 8.9 percent estimated by President Umaru Yar'Adua on Dec. 2. Growth will be supported by the non-oil sector, such as agriculture, Muhtar added.

"There are other estimates that are more cautious, of 3 percent, but we think we can do much better," Muhtar said. "We expect that the non-oil sector will continue to hold up and that has been a major source of growth for the economy."

The African Development Bank expects the economy to expand 4 percent this year, down from an estimated 6.1 percent in 2008.

Standard & Poor's on March 27 cut the outlook on Nigeria's BB-credit rating to 'negative' from 'stable' as oil prices plunged and the government failed to curb spending. Currency controls and a cap on bank deposit and lending rates introduced this year will damage confidence in state institutions and worsen the business environment, S&P said in a report released in Dakar yesterday.

http://www.independentngonline.com/bnew/article01

more money

more thieves

sango awaitin them

mark my word,by the time Yardua completes his 2nd term, Nigeria would be indebted with over $60Billion,,its just at that time we would start appreciating the fact that OBJ should have ran for 3rd term.In the next 5years,the alternative energy been sought after would to a large extent start taking its effect in the USA,then we would see crude oil price crashing like never b4.Right now in the USA,there are Hybrid cars been manufactured by both Toyota,GM and Honda.

waoh!!!

drop that, never wish anybody death, but in that case, he must legwo

these aboki must know, there is no goin back on debt like obj said.

minimize ghana must go bags

efccc must publish the funds they recoverd

etc etc

no need to borrow, or we might as well vacate to mars cuz me gettin sick of the hmm

now this is it!! the god fathers, who are they, loan hmmm??

'Blood oil' dripping from Nigeria 27 7 08

By Andrew Walker
BBC News, Abuja





Oil company employees are suspected of selling their skills to oil bunkerers
Under cover of night dozens of barges queue up to dock at a jetty in a creek somewhere in Nigeria's oil-rich Niger Delta.

Their holds are filled with stolen oil running from valves illegally installed into a pipeline.

Full, they chug downstream to meet around 10 larger ships near the oil export terminal in Bonny, Rivers State, where they disgorge their cargo.

By 0500, in the darkness before dawn, the ships uncouple from the barges and move out in a convoy to sea to rendezvous with a tanker which will spirit away the stolen oil, making it disappear into another cargo, bound for sale on the world market.

It is likely the tanker arrived partly loaded with guns, cocaine to be trafficked into Europe and cash, which they will use to pay for the oil.

Bogus shipping documents make their load - possibly tens of thousands of tons of crude oil - disappear into legitimate markets in Eastern Europe or America.

This is an industry that makes £30m ($60m) a day, they'd kill you, me, anyone, in order to protect it

Analyst close to former government of Olusegun Obasanjo
This, according to activists and former Nigerian government advisers, is the process by which Nigeria is losing billions of dollars every year to oil smuggling.

The illegal "bunkering", as it is known, makes a huge profit for Nigerian syndicates and rogue international traders.

It leaves in its wake chaos and misery for the people of the Niger Delta.

'Godfathers'

According to Nigeria's President Umaru Yar'Adua this is "blood oil", akin to the trade in "blood diamonds" that fuelled bloody civil wars in West African neighbours Liberia and Sierra Leone.


Gordon Brown promised to help Nigeria tackle the unrest in the Delta
He is calling on the international community to help Nigeria end the trade.

Britain has promised military training to improve the Nigerian military Joint Task Force's ability to police the Delta region.

But a source close to the former government of President Olusegun Obasanjo says the problem is not about quashing militants in boats.

Some of the people who run the cartels are among Nigeria's top political "godfathers", who wield massive political influence.

"If the president goes after them, they could destabilise the country, cause a coup, a civil war. They are that powerful, they could bring the state down," said the source, who did not want to be identified.

He says that attempts in the past to bring the trade under control were stopped for that reason.

"This is an industry that makes £30m ($60m) a day, they'd kill you, me, anyone, in order to protect it," he said.

The militant connection

In order to get away with the theft, the bunkering syndicates operate under the cloak of the conflict between militants and oil companies in the Niger Delta.

They need "security" - gangs of armed heavies to protect their cargos - and threaten anyone who tries to interfere.
Barges like this one are filled with crude and then take it to larger ships

They don't have to look far to find large groups of unemployed youths willing to do what they are told for a little money.

State governments in the Delta armed militias to carry out widespread rigging during the 2003 elections.

But the militiamen say they were abandoned, so they turned to oil theft to fund their activities.

Although they are referred to in the media as "militants" there are few coherent groups.

Most are gangs, led by commanders who are perpetually at war with each other.

These youths protect bunkering ships, force local community leaders to let bunkerers pass and bribe the Nigerian military.

The thieves may also need "the boys" to blow up pipelines, forcing the oil company to shut down the flow, allowing them to install a tap in the pipe.

"Hot-tapping", as it is known, requires considerable expertise, usually supplied by a former oil company employee.

These militants don't see the process of oil theft as stealing, observers say.

They believe they are taking what is legitimately theirs from the companies and the government.

They organise themselves in "bunkering turfs", but outbreaks of violence between them have been frequent and bloody.

'Legal theft'

But militant-assisted theft is not the only way oil is stolen.

According to a source close to the government of former President Olusegun Obasanjo, the heavy military presence in the Delta has led oil bunkerers to find other ways to extract more oil.

ILLEGAL BUNKERING
Oil theft costs Nigeria an estimated $5bn (£2.5bn) every year
Estimates of how many barrels of oil are stolen range from 70,000 to 500,000
Official estimates are made by subtracting the amount of oil delivered from the amount expected from a well head
Nigeria has proven reserves of over 31bn barrels
Its production capacity is 3.2m barrels per day
Its current production rate is 1.9m bpd
Source: Legaloil.com

Simply put, they just load more onto a ship than they are allowed to.

With the connivance of officials from international oil companies, national oil parastatal officials and ships' captains, oil can be stolen through the legitimate process of lifting oil from the dock to the ship.

One oil company employee told the BBC that his company had discovered a vessel they were using had a secret compartment behind the bridge, where tens of thousands of barrels could be redirected at the flick of a switch while the hold was being filled.

Other ways include almost filling the ship with legitimate oil, then topping it up with oil that hasn't been paid for legitimately, according to government sources.

Or a whole ship can be filled with stolen crude using fake documents.

Estimates on how much oil is stolen in this manner vary, but according to the International Maritime Organisation last year it amounted to 80,000 barrels every day.

Part of the problem is that no one can be sure how much oil is being taken out of the ground.

Shipping documents can be forged.

Also ownership of a shipment can be transferred while the vessel is on the high seas, making cargo tracking incredibly difficult.

Possible solution?

The only way to shut down the oil cartels, observers say, is a tighter regulatory framework.

This would involve electronic bills of how much oil a ship has loaded, which would record if they had been tampered with.


The environmental effects of oil bunkering are disastrous
Oil can also be "fingerprinted".

The technology to distinguish between different types of oil exists already, says Patrick Dele Cole, a former adviser to Mr Obasanjo.

Oil companies do this routinely already, sources say. All that would be needed is a database of all the different types of Nigerian crude.

The UK has offered to train the military, and President Yar'Adua wants to form a "maritime academy" naval installation in the Delta.

But activists in the Delta say that increasing the military presence would be counterproductive.

It would increase resentment and militants' numbers - the level of violence would rise, they say.

And the Nigerian military is part of that violence, observers say.

Soldiers have indiscriminately burned whole towns and killed civilians, according to activists.

The high price of oil today is partly a result of Nigeria's complex and shadowy world of corruption and violence.

It is into this chaotic shadow world that the UK is about to commit itself.

Oil theft costs Nigeria an estimated $5bn (£2.5bn) every year

Estimates of how many barrels of oil are stolen range from 70,000 to 500,000

Official estimates are made by subtracting the amount of oil delivered from the amount expected from a well head

Nigeria has proven reserves of over 31bn barrels
I
ts production capacity is 3.2m barrels per day
Source: Legaloil.com

I thought Soludo said that one of the gains of consolidation was that the budget deficit would be financed by the Nigerian banks. What happened to that option?

biina:

I thought Soludo said that one of the gains of consolidation was that the budget deficit would be financed by the Nigerian banks. What happened to that option?

their books aren't real

bawomolo:

their books aren't real 

Of course that is one of the core problems of the banking sector and it stems from poor supervision on the part of the CBN.
But don't say that in the ears of the Soludo supporters. In their eyes, banking consolidation in Nigeria is the best thing since sliced bread

biina:

I thought Soludo said that one of the gains of consolidation was that the budget deficit would be financed by the Nigerian banks. What happened to that option?

Nigerian Banks finance federal Government Budget

do u honestly believe that the cbn regardless of who its governor is, is responsible for the corruption and waste that has meant we can't even finance our budget anymore.

if u were the ceo of first bank or uba, will u fund such a corrupt government who actually have some element of control over ur business and policies. these banks are private businesses and do not have the capacity to fund 1tr naira budget.

Leave Soludo alone. If NNPC is made to be accountable we will not need to borrow any money for budget.

Leave Soludo alone.

REAL TRUTH:

mark my word,by the time Yardua completes his 2nd term, Nigeria would be indebted with over $60Billion,,its just at that time we would start appreciating the fact that OBJ should have ran for 3rd term.In the next 5years,the alternative energy been sought after would to a large extent start taking its effect in the USA,then we would see crude oil price crashing like never b4.Right now in the USA,there are Hybrid cars been manufactured by both Toyota,GM and Honda.

The day 3rd term died in NASS I said to myself, I hope Ken Nnamani does not look back 5years from then and regret the role he played in defeating 3rd term. But you know what? OBJ failed in the most important decision of his life time and he is very selfish. Why did he not hand Nigeria over to El-Rufai if power must go to the North or Donald Duke if  to stay in the South. On the most important decision about Nigeria OBJ allowed selfishness to guide his decisions and he should bury his face in shame forever.

Nigeria is not better for it, he OBJ has not even succeeded in controlling Nigeria through the back door.

For Ken Nnamani, he can look himself in the mirror and say "I stood for democracy and did what was right" even though it has not turned out great.

mikeansy:

Nigerian Banks finance federal Government Budget

do u honestly believe that the cbn regardless of who its governor is, is responsible for the corruption and waste that has meant we can't even finance our budget anymore.

if u were the ceo of first bank or uba, will u fund such a corrupt government who do actually has some element of over ur business and policies. these banks are private businesses and do not have the capacity to fund 1tr naira budget.

Leave Soludo alone. If NNPC is made to be accountable we will not need to borrow any money for budget.

Leave Soludo alone.

While I don't see the logic behind such statements, I cannot leave Soludo alone, as he made the comments himself as one of the benefits of the consolidation exercise (which as far as I am concerned is an exercise on a financial treadmill). Some less informed people on NL will have us believe otherwise.

biina:

While I don't see the logic behind such statements, I cannot leave Soludo alone, as he made the comments himself as one of the benefits of the consolidation exercise (which as far as I am concerned is an exercise on a financial treadmill). Some less informed people on NL will have us believe otherwise.

The problem with soludo is that he speaks from both sides of his mouth,,he just wants to be relevant at all cost.He is working so hard to starch enough money from Nigerias loose system to protect his children yet unborn

Soludo said Nigerian Banks will fund Federal Government Budget?

Can you produce any proof?

A youtube video will do.

mikeansy:

Soludo said Nigerian Banks will fund Federal Government Budget?

Can you produce any proof?

A youtube video will do.

Hope this is enough proof.
The part of interest is from 3:11-3:45 (specifically 3:30)

[flash=480,385]
https://www.youtube.com/watch?v=WxsNl3xRhf4[/flash]

please am I missing something

Financing the economy and private sector is not equal to sponsoring Federal Government Budget

he meant loans given to small businesses to support the economy at a time when their is an economic meltdown and the federal and states Governments are hurting.

To finance Budget means banks will be funding everything including defence (Military), all Government institutions and ministries. No Bank in the world has the capacity fund its country's budget anywhere in the world.

People should stop taking what others say out of context.

He even went further to say some of the challenges he is facing include poor identity system. He gave example using Cyril Stober and the dificulties he will have accessing small loans and why its necessary to carry out these reforms.

He meant bottom up funding of the economy and not financing Federal Government Budget.

Listening to this guy actually makes me proud of Nigeria. He is very smart, very articulate in his thinking and expression, confident, vision oriented, very educated and commands a good presence. These are the caliber people we should vote for to represent the face of Nigeria in the presidency and international affairs. I am not saying this because i am IGBO but because i have seen leaders In the US and UK answer questions and express themselves their vision, and the aura they command is nothing compared to what this guy does. He has done well. Though he is not perfect, we should give him good credits for what he has done for the country already.Hope Nigerians(Well, the politicians) make the right choice in 2011.

mikeansy:

please am I missing something

Financing the economy and private sector is not equal to sponsoring Federal Government Budget

he meant loans given to small businesses to support the economy at a time when their is an economic meltdown and the federal and states Governments are hurting.

To finance Budget means banks will be funding everything including defence (Military), all Government institutions and ministries. No Bank in the world has the capacity fund its country's budget anywhere in the world.

People should stop taking what others say out of context.

He even went further to say some of the challenges he is facing include poor identity system. He gave example using Cyril Stober and the dificulties he will have accessing small loans and why its necessary to carry out these reforms.

He meant bottom up funding of the economy and not financing Federal Government Budget. 

Firstly, please check my original post. You do not finance an entire budget on credit (else what are taxes, duties etc for?), rather you use the credit to finance the budget deficit. When discussing financing a budget from a credit source, it implicitly refers to the deficit. You don't borrow money that you have.

Quoting the transcript of the interview:

. . . .Indeed the banking system credit to the economy, financing the economy, is bigger than the totality of  federal government expenditure.
is, is the system today, that when all the states are going to be running deficits, at about  eight hundred and something  billion, the federal government is going to be running deficit, who is going to finance all of these? It is the banking system . . . . .

In the first part he claims that the banking sectors credit capacity is greater than the totality of the federal government expenditure (i.e. budget cost) which means they could finance the entire government expenditure.
In the second part,  he claims that the banking sector can finance the budget deficit of both the states and federal government.

So Soludo did indeed claim both that they can finance  the entire budget, and that they can finance the budget deficit. The latter being the only part relevant to the discussion.

My brother you heard what you want to hear

you are simply producing a snap shot of the text so you could take it out of context. Produce the text of everything he said and re-analyse it and tell yourself the truth.

What he said is at a time when their is lack of liquidity and capital flow arround the world their is credit available in Nigeria. The comparison of the credit available with the Federal Government budget cost was just to show how enourmous the credit available is.

When he talked about the amount of FG budget deficit and State Gov budget deficit, he was pointing out how much difficulties the Government will face going forward and why the economy needs funding from somewhere else.

Remember the so called credit availability Soludo is talking about is the sum of credit available in all the Banks put together, some of which are International Banks.

The idea that South African banks operating in Nigeria will take part in funding FG Budget is unthinkable and even unthinkable that the CBN Governor will suggest that.

This guy was talking about loan availability to the Private sector and small businesses at a time when their is a deep in FG revenue.

What will lead Nigeria into borrowing is the waste and corruption in NNPC; and the fact that we have refused to diversify.

If you want to blame the CBN Governor for mismanagement of revenue in the petroleum industry then by all means make yourself feel good and do just that.

mikeansy:

My brother you heard what you want to hear

you are simply producing a snap shot of the text so you could take it out of context. Produce the text of everything he said and re-analyse it and tell yourself the truth.

What he said is at a time when their is lack of liquidity and capital flow arround the world their is credit available in Nigeria. The comparison of the credit available with the Federal Government budget cost was just to show how enourmous the credit available is.

When he talked about the amount of FG budget deficit and State Gov budget deficit, he was pointing out how much difficulties the Government will face going forward and why the economy needs funding from somewhere else.

Remember the so called credit availability Soludo is talking about is the sum of credit available in all the Banks put together, some of which are International Banks.

The idea that South African banks operating in Nigeria will take part in funding FG Budget is unthinkable and even unthinkable that the CBN Governor will suggest that.

This guy was talking about loan availability to the Private sector and small businesses at a time when their is a deep in FG revenue.

What will lead Nigeria into borrowing is the waste and corruption in NNPC; and the fact that we have refused to diversify.

If you want to blame the CBN Governor for mismanagement of revenue in the petroleum industry then by all means make yourself feel good and do just that.

I heard what he said. The interview is there for anyone who cares to watch.

I have not taken him out of context. I provided a link to the video and went as far as giving an excerpt from the transcript, both info buttressing my point.

You, on the other hand, seem to be willing to excuse him at any cost. You have not questioned the veracity of the quote, but rather made baseless statements of it being quoted out of context.  If you are so convinced of your argument, please produce the full or part text (in verbatim) that proves your point, instead of paraphrasing in dubious terms.

Soludo was talking about the gains of the consolidation of the Nigerian banking sector. He listed the increase in number of depositors, credit facilities to the economy, credit capacity, SME funding etc. At no point was he referring to the international banking community. You can argue that he might have gotten carried away, but to deny the statement does little for your credibility.

I have never said that the CBN governor was responsible for the budget deficit. I only said that why go to the world bank when he said we could source the funds locally.

All you are doing is grasping at straws and introducing extraneous factors so as to lead the discussion astray from the original issue.The guy said it and it is there for all to see/hear. I am not interested if your  are deluded into thinking otherwise.

Unless you provide concrete evidence (like quotes from said interview) to support your position or counter mine, this discussion is pointless as I do not have the time to humor your fanboy tendency.

the video is there for all to see

He did not say local banks will fund FG budget

local banks can not fund FG budget

at a time when most banks in most countries are suffering from economic meltdown and most countries are turning to their federal reserve bank for help it is shocking that anyone will think or believe that the FG will rely on ordinary banks to fund our National budget. To suggest that a CBN Governor will say that is even more shocking.

A situation where the Central Bank of Nigeria relies on local Banks to fund National Budget is not an economic meltdown, its an economic collapse and I doubt Nigeria is in such a situation yet.

mikeansy:

the video is there for all to see

He did not say local banks will fund FG budget

local banks can not fund FG budget

at a time when most banks in most countries are suffering from economic meltdown and most countries are turning to their federal reserve bank for help it is shocking that anyone will think or believe that the FG will rely on ordinary banks to fund our National budget. To suggest that a CBN Governor will say that is even more shocking.

A situation where the Central Bank of Nigeria relies on local Banks to fund National Budget is not an economic meltdown, its an economic collapse and I doubt Nigeria is in such a situation yet.

As usual, you couldn't provide a single quote  in support of your statements, and keep trying to broaden the discussion. Typical of a fan boy.

The discussion was never about the feasibility of the proposed financing, but rather if soludo made the statement or not. Telling me why local banks cannot finance the budget deficit is irrelevant to the issue

Issue: Did soludo say that the Nigerian banking system could finance the federal budget deficit? Yes/No

Binna: Yes, Evidence in Soludo's own words is "Indeed the banking system's credit to the economy, financing the economy, is bigger than the totality of  federal government expenditure. Is, is the system today, that when all the states are going to be running deficits, at about  eight hundred and something  billion, the federal government is going to be running deficit, who is going to finance all of these? It is the banking system"

Mikeansy: No, but I have no evidence

Like I said earlier, provide a quote from the interview to support your position or stop wasting posts.

hmmm they are stil diggin on solodu

i think the u-tube has elucidated things for yall that understand simple enlirish

yes u will never leave him alone cuz he was once obj advisor and then what?

these morons can be amusing u know

you are so funny  

do u know how ridiculous your demands are

A video is there from the man's mouth and you are telling me to provide text. Well if you dont understand spoken English most guys on Nairaland do which is why I wont bother to product any text.

The reason I asked you to produce the full text initially was because you went to type the bit that interest you and took it out of context. I wont bother because the video is there for all to see.

What you and I say here will not change Soludo's future. If he will get a second term he will get. Honest Economists in the country know that he did well.

What you want to make of the interview is entirely up to you.

mikeansy:

you are so funny  

do u know how ridiculous your demands are

A video is there from the man's mouth and you are telling me to provide text. Well if you dont understand spoken English most guys on Nairaland do which is why I wont bother to product any text.

The reason I asked you to produce the full text initially was because you went to type the bit that interest you and took it out of context. I wont bother because the video is there for all to see.

What you and I say here will not change Soludo's future. If he will get a second term he will get. Honest Economists in the country know that he did well.

What you want to make of the interview is entirely up to you.

Saying my demands are ridiculous is very rich, coming from a guy who made a demand for a full text of the transcript  (that he now tries to justify) while making baseless fanboy statements. Typical of the average Nigerian who prefers to use different measures as it suits him.

Stop trying to make the discussion into what it is not. I said Soludo made a statement, you claimed otherwise. You said I quoted him out of context, and yet you have failed to provide an iota of data to put it in the 'full context'. Rather, you delighted in bringing in extraneous issues into the discussion. You have made no meaningful contribution to the exchange.

The OT was about the financing of the budget deficit, and was not about Soludo's second term in office. In all fairness to Soludo, the fact that he said the deficit could be financed locally, does not (in any way) make it the compulsory choice for the FG (though one can argue against foreign sourcing)

The fact that in four posts you have provided no evidence speaks volumes to your fanboism.

Nigeria would be a better place if people can reason based on facts, and not take positions based on sentiments of one form or the other.

For your information the thread "Soludo in his own words" was started by me

There videos of all what Soludo said and his views on where to take the economy to was made available.

I dont know what proof you need, even the video you posted here, I posted 2 weeks ago and I am glad you have taken time to watch that video it is only unfortunate that you chose to spin what Soludo said into something else.

No where in that video did the CBN Governor say local banks will finance the FG Budget . . . .  you said otherwise.
Why anything else other than what Soludo actually said in the video will prove anything to you beyond what is available in the video is strange to me.

I wish you good luck, but certainly those whose opinion matter know that the man has done his bit.

This is how somebody came to tell us Shamsudeen Usman was responsible for Soludo's success at CBN even though Usman was replaced as Finance minister withing 18months for lack of performance. Usman has not even achieved anything as planning minster.

How many threads have you opened to question Usman's performance? Nada. . . . . .

When Current Finance Minister Dr Muhktar said the CBN Governor has done well you claimed the Finance Minister could not possibly mean what he said. How did you know that? Only you will know.  . . . . .  . . Probably David Mark did not also mean what he said too.

Your likes are why Nigeria may not see civilization in the next 50 years.

Instead of viewing things objectively and sticking by the truth you view everything through a ridiculous prism which only folks who think like you can understand.

The reason I respect Soludo is not even about Economics, its because in the face of so much fire and malice from your type he has kept his cool stayed above board, remained professional and sticking to what he knows how to do best which is doing that which is of the greater good for our country Nigeria.

mikeansy:

For your information the thread "Soludo in his own words" was started by me

There videos of all what Soludo said and his views on where to take the economy to was made available.

I dont know what proof you need, even the video you posted here, I posted 2 weeks ago and I am glad you have taken time to watch that video it is only unfortunate that you chose to spin what Soludo said into something else.

No where in that video did the CBN Governor say local banks will finance the FG Budget . . . .  you said otherwise.
Why anything else other than what Soludo actually said in the video will prove anything to you beyond what is available in the video is strange to me.

I wish you good luck, but certainly those who opinion matter know that the man has done his bit.

This is how somebody came to tell us Shamsudeen Usman was responsible for Soludo's success at CBN even though Usman was replaced as Finance minister withing 18months for lack of performance. Usman has not even achieved anything as planning minster.

How many threads have you opened to question Usman's performance? Nada. . . . . .

Your likes are why Nigeria may not see civilization in the next 50 years.

Instead of viewing things objectively and sticking by the truth you view everything through a ridiculous prism which only folks who think like you can understand.

The reason I respect Soludo is not even about Economics, its because in the face of so much fire and malice from your type he has kept his cool stayed above board, remained professional and sticking to what he knows how to do best which is doing that which is for the greater good of our country Nigeria.

<facepalm>
It is simply hopeless

Another loan Debt ? S O S Paris Club !

nigeria at the mess of abokis

yara hmmm

we are watchin

u are gettin it really wrong

even saddam can do better

Strength10:

Listening to this guy actually makes me proud of Nigeria. He is very smart, very articulate in his thinking and expression, confident, vision oriented, very educated and commands a good presence. These are the caliber people we should vote for to represent the face of Nigeria in the presidency and international affairs. I am not saying this because i am IGBO but because i have seen leaders In the US and UK answer questions and express themselves their vision, and the aura they command is nothing compared to what this guy does. He has done well. Though he is not perfect, we should give him good credits for what he has done for the country already.Hope Nigerians(Well, the politicians) make the right choice in 2011.

Did we watch the same YouTube video? lol

Kobojunkie:

Did we watch the same YouTube video? lol

Yes We did. And whats your point??

biina

please how did u attach that youtube video to appear as a window in your post.