paschu:


Of course, Nigeria said the same thing in 1977. Wealth is fleeting my dear and pride goes before a fall. This is not meant to wish for your down fall though, on the contrary I want you to be bouyant all the way. However, it seems to me that sound unbiased reasoning is critical requisite to STAYING wealthy.

I didn't wanna sound proud way, hence my reference to the GRACE OF GOD (I am not even wealthy, but I am not poor either). I was only replying to the dude who couldn't reason with my line of thought.. How sum1 could oppose TSA is jes beyond me..

plaetton:


From an economic point of view, there are no benefit at all.
But From a propaganda point of view, the benefits are msny.
Firstly, you can always thump your chest that you saved such and such, which, on critical analysis, is a lie.

First of all , taking out 2trillion naira from the banking sector in one swoop is economic stupidity. Banks , and by extension, the economy needs that float ,both as a reserve cushion , as well as a steady lubricant for the creation and expansion of credit, the engine for economic activities and growth.

By taking such monies from banks, where they earned interests for the government, and fees for the banks, the clueless government did the equivalent of turning off the switch in a very busy factory.

In this computer age, harmonizing and monitoring disparate accounts is something that a even an amateur computer science student like kingebukasblog can easily write an algorithm for.

It's not rocket science.

Oh please total BS. When the banks had all that money in their accounts, what did they do with it? Of what use is it to the economy if a bank has all that money in its vault? Money that wasn't used to grow businesses. Most of the money TSA mopped up ended up in government officials and bank executive pockets. The past administration came up with TSA because they knew it was a way to curb corruption, it wasn't implemented because it will curb corruption. If they were so worried about the immediate withdrawal, they had at least 3 years to collect all that money and give banks whatever time they needed to adjust. All that talk of Jonathan saying we'll fight corruption with technology, to fight corruption we need to separate the goat from the yams, what do your think he was talking about? The way money can affect the economy is if it's pumped back in the economy, not because some banks have bulging vaults. Money that would have eventually ended up in private pockets.

Dontbeused:

Oga....Government is different from a Manufacturing industries who does "COST BENEFIT ANALYSIS" of any project b4 embarking on it..'nd sure dey know der ROI(return on investment) after such investment....Pls aw can u borrow your own money at double digit interest rate...Pls wer s d common sense?...Nigerian Banks are fraud.....sme was cabalised...banks uses government funds to re capitalize...aids corruption n kill small business.
Nigeria Banks capital base are fake..'nd TSA has Just revealed dat, most of dis banks were not doing any serious business rather dan keep n share government money wit some corrupt FG officials

I agree with you.

But banks to government is like a fly in your scrotum.
No matter how annoying, you have to treat it with delicate care.

mrmetoo1:


Oh please total BS. When the banks had all that money in their accounts, what did they do with it? Of what use is it to the economy if a bank has all that money in its vault? Money that wasn't used to grow businesses. Most of the money TSA mopped up ended up in government officials and bank executive pockets. The past administration came up with TSA because they knew it was a way to curb corruption, it wasn't implemented because it will curb corruption. All that talk of Jonathan saying we'll fight corruption with technology, to fight corruption we need to separate the goat from the yams, what do your think he was talking about? The way money can affect the economy is if it's pumped back in the economy, not because some banks have bulging vaults. Money that would have eventually ended up in private pockets.

Again, I partially agree with you.
I am by no means holding brief for Nigerian banks.

But, the fact remains that N2tr does more for our economy when spread throughout the banking sector than it does sitting idly in a TSA with the CBN.

rottennaija:


In that case, the banks should take the government to court for betraying their relationship. Then you can come back and we discuss more

You wrote to plaetton as if, it is only the interest of the banks that is at stake . A Government seeking the well being of its constituents do not fight against the banking sector, but instead cooperate with it. It is a win win situation and a convergence of interest.

When the banking sector gives out credit, it helps entrepreneurship, it sustains the economy, it alleviates the burden on the common nigerian, and in doing so it generates profits. In order to give out that credit, a Bank needs disposable funds, a huge part of that fund was from the government.

The sudden and unplanned removal of those fund is tantamount to the removal of oxygen on planet earth. If it was planned and announced 2, 3 years ahead of time, Banks would have looked for contingency plans.

Cheers.

[..quote author=bankuks post=43086339]Fayose the mouth piece of the gods [/quote]BANKUKS when are you going to stop this fraudulent Data Gigabytes sales ADVERT....THIEF..........OLE....BARAWO BANSA....GO FIND BETTER WORK DO...You have swindled lots of nairalanders including me....na Obatala,Shango,Ahmadihoa God of thunder go fire you and your entire existing generation and generation to come....Oloriburuku

plaetton:


I agree with you, except that the Constitution never mandated the federal government to conduct their banking businesses exclusively with the CBN.
Yes, the CBN is the reserve bank, and as such , is the governments default banker.

Commercial banks, on the other hand, are there, and do serve, in all countries, for the smooth,less bureaucratic and efficient operation of government banking transactions.
By so doing, they enjoy the buoyancy that government funds adds to their credit creating and expansion business; a win win situation for banks, the economy and the government.

Now, by denying banks of that buoyancy, the government has foolishly shot itself in the foot.

The Nigerian economy is too fragile for that kind of foolishness.

Once again you have goofed on the provisions of our constitution. You may also wish to wish to consult the federation alloc. Act. Once again and for the avoidance of doubt: IT IS ILLEGAL FOR GOVT INSTITUTIONS TO PUT GOVT FUNDS IN COMMERCIAL BANKS. Period.

You dont negotiate with or rationalize the constitution. The provisions are clear as crystal. Commercial banks are more than capable of conducting their business by actually providing professional services to customers and not lazily waiting for "free" govt funds. Jeez! This is not rocket science!

blackpanda:


Once again you have goofed on the provisions of our constitution. You may also wish to wish to consult the federation alloc. Act. Once again and for the avoidance of doubt: IT IS ILLEGAL FOR GOVT INSTITUTIONS TO PUT GOVT FUNDS IN COMMERCIAL BANKS. Period.

You dont negotiate with or rationalize the constitution. The provisions are clear as crystal. Commercial banks are more than capable of conducting their business by actually providing professional services to customers and to lazily waiting for "free" govt funds. Jeez! This is not rocket science!

While fighting for legality, you should not kill the economy and nigerians. What is the purpose of a very legal mortuary? The only People who fully abide by the law are the deads.

It is good to observe the Constitution. But the fact and the matter is, it was already a well established practice and it helped the economy and now Nigeria still is the greatest and most buoyant economy in Africa. This is largely due the the huge funds deposited by the government in commercial banks, that help generate credit and expand the economy.

I am not saying efforts should not be made to observe the constition. All I am saying - and it is also my understanding of Plaetton's posts - is that they should have looked for better ways to achieve it.

Another method could have been, to give 3 or 4 years to the Banking sector to prepare for that operation. Then they would plan accordingly and the impact would be less severe. And at the end of the day everyone shall be happy.

Obeying the constitution should be for the Nigerian economy, not against.

plaetton:


Again, I partially agree with you.
I am by no means holding brief for Nigerian banks.

But, the fact remains that N2tr does more for our economy when spread throughout the banking sector than it does sitting idly in a TSA with the CBN.

Of course it's not going to sit idly in CBN permanently. The purpose of TSA is accountability, that's all. The minister of budget and planning, even the finance minister already said the money will be used to fund the 2016 budget. It's money that's going to end back up in circulation. That's the reason this government needs to get their act right and clean up that disgraceful budget.

i wonder, is it possible for a State to run a policy that is contrary to the developmental drive of the FG for the Nation?

We want to be like the rest of the developed nations without changing the way we do things that does not reflect international best practices of transparency and accountability.

We need such vibrant opposition to mould our democracy.u might not like fayose but sometimes his word are really making sense

mrmetoo1:


Of course it's not going to sit idly in CBN permanently. The purpose of TSA is accountability, that's all.

The money is idle because it does not generate profit. Was that money in a commercial bank, loans would have been given to nigerians from that money. The loan will generate profits and help entrepreneurship in the meantime.

Accountability? There exist tons of software that help you trace and monitor thousands of bank account in real time. Even if none existed, it should not be difficult to create one. Any good nigerian developper can do that. Placing all your eggs in the same basket is not the only way to garantee better accountability.

Money nowaday is no longer printed. 90% of "money" is in a non printed form. A good software does all the job. And the money being put to use by commercial banks creates wealth.

Cheers.

[s]

LoJ:


While fighting for legality, you should not kill the economy and nigerians. What is the purpose of a very legal mortuary? The only People who fully abide by the law are the deads.

It is good to observe the Constitution. But the fact and the matter is, it was already a well established practice and it helped the economy and now Nigeria still is the greatest and most buoyant economy in Africa. This is largely due the the huge funds deposited by the government in commercial banks, that help generate credit and expand the economy.

I am not saying efforts should not be made to observe the constition. All I am saying - and it is also my understanding of Plaetton's posts - is that they should have looked for better ways to achieve it.

Another method could have been, to give 3 or 4 years to the Banking sector to prepare for that operation. Then they would plan accordingly and the impact would be less severe. And at the end of the day everyone shall be happy.

Obeying the constitution should be for the Nigerian economy, not against.

[/s]

You just dont get it, do you? Obeying the constitution is NOT up for debate. Its NOT up for rationalizing. Its sacrosanct and compulsory. There is no soft landing for anybody. Period! Your long epistle goes to no issue

Btw commercial banks dont need all what you are advocating. They are private entities established to run their business and make their profit. It is not the business of govt to waste funds on private entities that turn around to charge ridiculous interest rates both on the government and its citizens. The era of impunity and greed is over!

plaetton:


Again, I partially agree with you.
I am by no means holding brief for Nigerian banks.

But, the fact remains that N2tr does more for our economy when spread throughout the banking sector than it does sitting idly in a TSA with the CBN.

But its not sitting idly in CBN account. Last I recalled banks dont build schools or construct roads or provide accessible water or fight boko haram. On the contrary commercial banks rather keep the money idly in their fat bank vaults only lending to "selected customers" at exorbitant rates.
Commercial banks are established solely to make profit, CBN is established to finance public projects and infrastructure.

LoJ:


You wrote to plaetton as if, it is only the interest of the banks that is at stake . A Government seeking the well being of its constituents do not fight against the banking sector, but instead cooperate with it. It is a win win situation and a convergence of interest.

When the banking sector gives out credit, it helps entrepreneurship, it sustains the economy, it alleviates the burden on the common nigerian, and in doing so it generates profits. In order to give out that credit, a Bank needs disposable funds, a huge part of that fund was from the government.

The sudden and unplanned removal of those fund is tantamount to the removal of oxygen on planet earth. If it was planned and announced 2, 3 years ahead of time, Banks would have looked for contingency plans.

Cheers.

Ahhhh!
Common sense is so refreshing.

LoJ:


You wrote to plaetton as if, it is only the interest of the banks that is at stake . A Government seeking the well being of its constituents do not fight against the banking sector, but instead cooperate with it. It is a win win situation and a convergence of interest.

When the banking sector gives out credit, it helps entrepreneurship, it sustains the economy, it alleviates the burden on the common nigerian, and in doing so it generates profits. In order to give out that credit, a Bank needs disposable funds, a huge part of that fund was from the government.

The sudden and unplanned removal of those fund is tantamount to the removal of oxygen on planet earth. If it was planned and announced 2, 3 years ahead of time, Banks would have looked for contingency plans.

Cheers.

Technically sound argument but not workable in the Nigerian system. Who exactly have the banks been giving credit to? SMEs? Startups? The manufacturing industry? Farmers? Aka the real people who have the potential to diversify and grow the Nigerian economy? No, The banks have basically being either giving credit right back to the government or to people in the oil sector (aka the sector that's currently running the entire country aground due to dwindling oil sales and prices). If that solvency the banks have enjoyed so far by having several government accounts domiciled with them have not been of any benefit to the average Nigerian business, then taking it away won't make that much difference to them either.

Besides, the banks need to start looking for alternate sources of income to maintain solvency, instead of just looking for taxpayers money.

blackpanda:
You just dont get it, do you? Obeying the constitution is NOT up for debate. Its NOT up for rationalizing. Its sacrosanct and compulsory. There is no soft landing for anybody. Period! Your long epistle goes to no issue

There is no need for anger, shouting and self righteousness. It does not make a point more or less valid.

Obeying the constitution is good, but should be done in a way that is not harmful to the people. After all a constitution is meant for the well being of the people, not just for the sake of writing a document.

It is very simple and in our daily lives we all apply such principles. If a law says a building should be destroyed (for any valid reason), law enforcement will make sure that before the building is destroyed, there be no one inside who could be harmed by the operation.

So shouting obedience to the constitution makes no point at all. No one is against obeying the constitution. We simply remind the leaders that it should (have been) be done in a way that preserves the interest of the nation.

Btw commercial banks dont need all what you are advocating. They are private entities established to run their business and make their profit. It is not the business of govt to waste funds on private entities that turn around to charge ridiculous interest rates both on the government and its citizens. The era of impunity and greed is over!

You seem not to understand how the Banking sector operates. It is not a sin, we are all learners in one domain or another. However to fall for the communists rationale that seeks to oppose the interest of the general public to those of private banks or companies, is probably not the best economic approach. History is there for all. Those who do not learn from history are doomed to repeat its mistakes.

Cheers.

LoJ:

The money is idle because it does not generate profit. Was that money in a commercial bank, loans would have been given to nigerians from that money. The loan will generate profits and help entrepreneurship in the meantime.

Accountability? There exist tons of software that help you trace and monitor thousands of bank account in real time. Even if none existed, it should not be difficult to create one. Any good nigerian developper can do that. Placing all your eggs in the same basket is not the only way to garantee better accountability.

Money nowaday is no longer printed. 90% of "money" is in a non printed form. A good software does all the job. And the money being put to use by commercial banks creates wealth.

Cheers.

Please what's the point of having tons of account?? Why?? The military itself had about 75 accounts, NNPC had about 43. What was the point of that please?? 17,000 accounts were consolidated into this one TSA. The multiple accounts were used to perpetrate fraud and nothing else, please let no one come here and say it was to boost any economy. When you say it doesn't generate profit, you remember it's government money right?? The money is going to make the government borrow N2TR less than what they intended to, isn't there a gain there already? Then a lot of the money ended up in private pockets, isn't that profit already to the government and Nigerian people. Jonathan himself said the way to fight corruption is to separate the goats from the yams, this is exactly what they're doing.

Then you guys talk about loans like it's a breeze. Have you ever tried getting a loan?? I run a construction company. This company has been in existence for over 20 years. The CEO is well known in the industry. When I came in, I was interested in diversification as far as getting into property development instead of just executing awarded contracts. I went as far as making deals to get land in a place that I know will sellout if we're able to build what we have planned. I have the architectural drawing, the quantities everything. We invited banks to talk about funding, the conditions are ridiculous, almost impossible. Meanwhile a senator can walk into a bank easily secure a loan to build a mansion because they know they'll get "chop" money back. I had to go through a politician's daughter, one of our former president's child, to get some headway recently because she's trying to hook me up with someone in a bank they partly own. Even with that I'm worried about the money that'll still have to come out of my pocket and even the interest rate. With all I've said, a bank's buoyancy doesn't mean anything to me. This story is the same story for most small medium business owners. Those that succeeded in securing loans have horror stories. If somehow I'm able to get a loan through that girl's bank, how about the average Nigerian that doesn't know anyone? How's does all that money help them please?? A bank's vault isn't what helps the economy, let's get that straight.

plaetton:


From an economic point of view, there are no benefit at all.
But From a propaganda point of view, the benefits are msny.
Firstly, you can always thump your chest that you saved such and such, which, on critical analysis, is a lie.

First of all , taking out 2trillion naira from the banking sector in one swoop is economic stupidity. Banks , and by extension, the economy needs that float ,both as a reserve cushion , as well as a steady lubricant for the creation and expansion of credit, the engine for economic activities and growth.

By taking such monies from banks, where they earned interests for the government, and fees for the banks, the clueless government did the equivalent of turning off the switch in a very busy factory.

In this computer age, harmonizing and monitoring disparate accounts is something that a even an amateur computer science student like kingebukasblog can easily write an algorithm for.

It's not rocket science.

You making sense. The TSA done in one fell swoop was economic arakiri (hope i got the term right sef). the banking sector is very sensitive in our clime. After Oil, na bank or agric. So the sensitivity of such a decision should have been seriously considered. All thos screaming the banks should do real banking, the government should have eased the process so the banks ease themselves into new ways of thinking. i don't think he should have done it without a strong economic team in place. Buhari is not an economist. He wants to fight corruption and kills everything in his part to do it. The economy is more importnt than corruption. We have lost more money from this mess than they will ever recover fighting corruption. I am not saying he should not fight corruption but if an economic team had advised the benefit of a stable economy over corruption/TSA, then i will let the corruption fight slow down and save the bigger economy. Na cost benefit analysis. The economy is too complex for one man's passion and stubbornness. As a leader of a country, he needs to start LISTENING. He is not an economist.

peacengine:


General clueless - nice one bro

APC una del hear an , the General has become clueless in less than a year. make him no become Dundee united in at the clock of 1year in office.

plaetton:


I agree with you.

But banks to government is like a fly in your scrotum.
No matter how annoying, you have to treat it with delicate care.

A typical example is the present backdoor manipulation of forex access partly by banks which created high disparity between official and black market rates to make-up for shortfall of their revenue as a result of TSA implementation.

However the banks hadn't done enough to develop necessary sectors of the economy but rather fed fat on government and depositor's funds. They should concentrate more on their traditional banking activities to stimulate the economy whilst the FG ought to have holistically approached the TSA vis-à-vis its effect on the economy.

senbonzakurakageyoshi:
Besides, the banks need to start looking for alternate sources of income to maintain solvency, instead of just looking for taxpayers money.

You don't start to look for alternate sources when you are under pressure and already short of funds !!! You know how much time it takes to evaluate analyse and make wise investments in order to diversify your sources of income don't you?

That's why I said, if the government wanted to adopt the TSA policy in a way that is not harmful to the economy, it should have announced it 4 or 5 years ahead of time. It is enough Time for Banks to plan, think, analyze, diversify and eventually downsize ahead of time.

When Banks are going to declare Bankruptcy, you will see here all sort of complains on how the capitalists are exploiting the people. And the Same rhetoric will be used by the government to further justify blind and unsound economic policies. Meanwhile, the real problem was the very government!

It is high time in Africa, we NEVER elect a President who is not young and in touch with the changing modern world and who does not have a deep understanding of how economy and Technology operates (or is not surrounded by people who do).

Cheers.

LoJ:

There is no need for anger, shouting and self righteousness. It does not make a point more or less valid.

Obeying the constitution is good, but should be done in a way that is not harmful to the people. After all a constitution is meant for the well being of the people, not just for the sake of writing a document.

It is very simple and in our daily lives we all apply such principles. If a law says a building should be destroyed (for any valid reason), law enforcement will make sure that before the building is destroyed, there be no one inside who could be harmed by the operation.

So shouting obedience to the constitution makes no point at all. No one is against obeying the constitution. We simply remind the leaders that it should (have been) be done in a way that preserves the interest of the nation.


You seem not to understand how the Banking sector operates. It is not a sin, we are all learners in one domain or another. However to fall for the communists rationale that seeks to oppose the interest of the general public to those of private banks or companies, is probably not the best economic approach. History is there for all. Those who do not learn from history are doomed to repeat its mistakes.

Cheers.

History of what How many small businesses did the banks fund when they had all that idle wealth sitting in their vaults And at what rates There is no basis for your argument, at all

Dont be offended, but commercial banks do not deserve any "free money". They make more than enough from their ridiculously exorbitant interest rates. Even when CBN reduces rates, they never comply. We have better things to do with our scarce resources than lodging it idly in commercial bank vaults!

ademega:
fayose would never support such policy. he is single handedly controlling, directing and embezzling ekiti money. he would always complain no money. workers in the state now gets salary once in 4 months. this year ekiti workers are expected to receive just four months salary. they may likely receive January salary by August.

people are just praying in ekiti that something should happen so that this man could just cease to be their gov.
if u need the definition of one chance come to ekiti

Stop lying boy, no b only 4months salaries dem go receive this year, na 1month, eranko osi. Peter Ayodele Fayose is our Governor and there is nothing you "I PITY EKITI or EKITI DÖN ENTER ØNE CHANCE" morons can do about it.

Quote me and let me give you the address to your burial ground.

blackpanda:


But its not sitting idly in CBN account. Last I recalled banks dont build schools or construct roads or provide accessible water or fight boko haram. On the contrary commercial banks rather keep the money idly in their fat bank vaults only lending to "selected customers" at exorbitant rates.
Commercial banks are established solely to make profit, CBN is established to finance public projects and infrastructure.

20 thumbs up. People talk like these banks fund those that are able to boost the economy. A bank's fat account doesn't mean anything to anyone apart from executives and the government official they share the money with.

yipata:
CHAI ITS NOW SO GLARING THAT FAYOSE AND HIS PDP COHORTS REALLY ARE READY TO STILL PUT NIGERIA IN SHAMBLES, TSA WILL NEVER ALLOW THEM STEAL AND MANIPULATE THE MONEY THATS MEANT FOR GOVERNANCE, WHICH IS A SHOW SPOILER FOR SOME GOVERNORS, COS THEY WANNA RAKE IN AS MUCH AS THEY CAN.... IF ANYONE IS LISTENING TO FAYOSE,S RANT THEN THEY ARE SATISFIED WITH REMAINING STAGNANT... FAYOSE WE KNOW WHY YOU ARE RANTING BUT THE TRUTY IS UR FALL IS IMMINENT, U CANT RUN OR SHOUT FOREVER, U ARE THE EMPTY BARREL MAKING THE LOUDEST NOISE. LEARN FROM THE PROGRESSIVE,S THEY TALK LESS AND ACT MORE. WAKE UP MAN AND DO YOUR BEST BEFORE THEY,LL COME FOR U, COS YHAT ONE IS SURE TOO.. SEE YOU IN COURT AND BLACK MARIA SOON. #NIGERIAISCHANGING

This TSA thing is beginnng to sound old school and lacks innovation. I don't think there is anything to brag about keeping 2trillion somewhere doing absolutely nothing. I won't be surprised if somewhere along the line it even played a role in this forex madness. the economy is so interwoven, anything is just possible. it made more sense that the money was with the banks and in circulation to stimulate economy growth. Right now, it is just paper until it is utilized. They should have looked at ways of harmonizing those accounts effectively without pulling them out. Let's call it a virtual TSA. Is CBN paying Government interest on those monies now? The banks used to, which means they were utilizing it in various ways thereby even creating jobs. Doing the TSA as done to fight corruption was too lazy and not well thought through. At the time of implementation, did we even have ministers to deliberate on the overall implication? This man single-handedly implemented a very sensitive economic issue. Right now, i am scared. If you are not, you must be out of Naija.

omooba969:


@bolded,

Please can you buttress what you meant by that word 'CHOKE' the banking sector & economy?

Simply put 'Naira in some accounts with CBN have no economic value because it is not exchanging hands to create opportunities for new business or consolidate existing business of bank customers'

The funds mopped as a result of TSA is not being traded for anything except when govt needs it.

Hope this is a bit simpler? Nice weekend

What other prove do u want,,,dont u see tht the economy is harsh,,,
The fg. took all money away from circulating thru banks to TSA & now banks cannot give loan so easily like they use to..
. Infact,interest rate from commercial banks have now sky rocketted since the introduction of TSA...
so only TSA nw enjoys 25billion of 5trillion or so,,,abeg dis apc are just clueless set of ppl

mrmetoo1:
Please what's the point of having tons of account?? Why?? The military itself had about 75 accounts, NNPC had about 43. What was the point of that please?? 17,000 accounts were consolidated into this one TSA. The multiple accounts were used to perpetrate fraud and nothing else, please let no one come here and say it was to boost any economy.

We never claimed that it was the intended effect. Indeed, it could have been that, those who did so, aimed at stealing the money. But that's no longer the issue right now.

All I'm saying, is that if The TSA was to be done effectively and efficiently in a way that does not harm the economy, it could have been well planned ahead of time, in order to give time to the Banks to diversify, adjust and adapt.

This story is the same story for most small medium business owners. Those that succeeded in securing loans have horror stories. If somehow I'm able to get a loan through that girl's bank, how about the average Nigerian that doesn't know anyone? How's does all that money help them please?? A bank's vault isn't what helps the economy, let's get that straight.

The fact that Banks are not giving out loans easily to SME and entrepreneurs is a different problem which has its causes. it is in the interest of the Bank to give out a loans, and if Banks are not doing so, they are not happy about that. Every loan that a Bank does not give, is a lot of money they are loosing. So if they don't, look for the reason and correct it instead of blaming them, for they surely do not do such gladly.

So it is up to a competent government to identify Why a Bank would not give out loan and tackle the issue, instead of blaming them. Do you believe a Bakery would be glad not to sell bread?

Look my brother, What we are trying to make the general public understand is, no nation ever develops when there is no strategic partnership between the Banking sector and the government. When both are fighting against each other, they may score cheap short term points, but in the long run, it shall not bear fruits.

Cheers.

mrmetoo1:


Oh please total BS. When the banks had all that money in their accounts, what did they do with it? Of what use is it to the economy if a bank has all that money in its vault? Money that wasn't used to grow businesses. Most of the money TSA mopped up ended up in government officials and bank executive pockets. The past administration came up with TSA because they knew it was a way to curb corruption, it wasn't implemented because it will curb corruption. If they were so worried about the immediate withdrawal, they had at least 3 years to collect all that money and give banks whatever time they needed to adjust. All that talk of Jonathan saying we'll fight corruption with technology, to fight corruption we need to separate the goat from the yams, what do your think he was talking about? The way money can affect the economy is if it's pumped back in the economy, not because some banks have bulging vaults. Money that would have eventually ended up in private pockets.

When we had the funds, we traded with it, made more money, opened new branches, employed more graduates, provide business opportunity for other businesses - ATM suppliers, Bricklayers, Cash movement companies, Security outfits etc.

As it stands today, any major fund required by any of the production giants will likely not see the light except Federal Govt go the way of Stimulus plan for such companies/sectors.

We are worse off as a nation with moniess sitting in CBN without putting them to work.

politricks:
But Gej started TSA buhari only implemented it. So can we also call it GEJ poison?

Goodluck did not make noise about it, neither did he tell state to follow suit! Must you guys always find a way to mention GEJ in every discuss?