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Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation (46147 Views)

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Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by igbokwesampson(m): 8:31am On Feb 28, 2016
The Vice President, Yemi Osinbajo, on Saturday reaffirmed the position of the Federal Government that the country’s currency would not be devalued in spite of pressures to act otherwise.
But the former Central Bank of Nigeria (CBN) Governor, Joseph Sanusi, replied that delaying the devaluation was akin to postponing the evil day.
The positions were taken at a town hall meeting that the Vice President held with his co-tenants in the Victoria Garden City (VGC) on the Lekki-Epe axis of Lagos.

At the widely attended and thought provoking event, Mr. Osinbajo insisted that devaluation was not on the table, adding “that is the position of government’’.
According to him, the CBN will operate in line with the speech delivered by President Muhammadu Buhari, after he was elected to come up with flexible exchange rate to be supported by strong monetary policies.

He said that the foreign exchange policy of government was to stop unnecessary consumption of imported goods and promote local manufacturing.
However, former CBN Governor, Mr. Sanusi, a VGC resident, advised the government to either devalue the currency or stop the confusion between the official and parallel market exchange rates.

He said allowing an official rate at N97 per dollar while the parallel market sold for over N300 was “distractive’’.

“Naira is already devalued and government not accepting it is postponing the evil day,’’ Mr. Sanusi said.

Mr. Osinbajo had also said government met a falling revenue profile in May 2015, which was down by about 70 per cent compared to the same period of the preceding year.

He aid that in spite of the high cost of about $22 to produce a barrel of crude oil now selling at about $33 dollars, no fewer than 38 per cent of the foreign reserve was spent on importing petroleum products.
He also said the previous administration was spending about N20 billion on food importations annually, which reduced the nation’s foreign reserve drastically from about $40 billion to about $25 billion.
As a result, he said, the present administration was bent on diversification of the economy from crude oil to agriculture and solid minerals production.
Mr. Osinbajo said the focus on agriculture was to make Nigeria self-sufficient in rice, poultry and palm oil production as well as develop the entire agriculture value chain to create wealth and jobs for the teeming youth.
The vice president further said the administration was targeting 2018 for complete reliance on refined petroleum products, adding that the petrochemical industry, railway infrastructure and provision of other infrastructure were top on the priority of the federal government.
He told the VGC community that the major areas of focus of the Mr. Buhari administration were security, governance, anti-corruption and economic rejuvenation.
According to him, Boko Haram insurgency had been degraded as a “military might’’ although pockets of suicide bombings still take place.
“This is a challenge we must tackle going forward but the other challenge is the over two million people displaced by insurgency who need resettlement,’’ he added.
He said the idea was to re-settle the people back to their farming occupation first, but that would be after the entire North East land had been de-mined.
He said government was mindful also of the agitation by the Indigenous People of Biafra (IPOB), pipeline vandalism in the South-South and the Fulani- farmers clash in some communities, all which pose security threats.
Mr. Osinbajo said in governance, corruption was a critical issue because “the whole system, both public and private, is replete with corruption which has become the rule rather than the exception.
He recalled the arms purchase scandal “where a huge amount of money was spent but unfortunately it went into private pockets’’.
He recounted that fake Armoured Personnel Carriers and fake bullet proof vests were purchased for soldiers thus endangering the lives of anti- terrorism combatants.


“Unless we seriously fight corruption through a systematic rebirth of our public system, the future of the country is in grave danger,’’ Mr. Osinbajo said.
He said the administration had a robust plan to uplift education standards through the recruitment of 500,000 additional graduate teachers to serve in the rural areas, development of materials for teacher education and focus on science, engineering, technology and mathematics education.
He said President Buhari had put together an asset recovery team, adding that looted assets and funds recovered would be returned to the federation account.
The vice president also announced that all idle mining licences issued by the past administrations were being mopped up, while the government was reviewing the contract signed between the CBN and Systemspec on remittances made into the Treasury Single Account.
The Chairman of the VGC Residents Association, Olusegun Ladega, requested Mr. Osinbajo to intervene in the flooding of the estate caused by the non-provision of ancillary drainage on the Lekki-Epe Expressway by the Lagos State Government.
Also, another resident, Tochi Okwor, raised concerns about the high rate of communicable diseases, such as TB and HIV and AIDS, which she said might reach unacceptable proportion if nothing was done.
She also advised the federal government to remove the Nigeria Centre for Disease Control (NCDC) from the Health Ministry and make it an independent organisation to enable the NCDC play its role effectively. (NAN)


http://www.premiumtimesng.com/news/headlines/199188-vp-osinbajo-ex-cbn-governor-clash-lagos-naira-devaluation.html

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Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by ENDTIMEISNEAR: 8:36am On Feb 28, 2016
Corrupt govt suffering Nigerians . story for the gods grin shocked shocked shocked cheesy cheesy

9 Likes

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by Nobody: 8:39am On Feb 28, 2016
Someone please educate me; is there any country in a monolith economy that got better after currency devaluation

127 Likes 9 Shares

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by drss(m): 8:43am On Feb 28, 2016
wetin una expect from mere commissioner d fact dat him dey head buari's economic team is a testament dat buari's govt is a huge joke.

40 Likes 5 Shares

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by SUPERPACK: 8:51am On Feb 28, 2016
dj
Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by Orjioorji(m): 8:53am On Feb 28, 2016
APC have changed osibanjo to devil incarnate .

50 Likes 8 Shares

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by greatiyk4u(m): 9:05am On Feb 28, 2016
Devaluation should be entirely suspended for now, too many distractions aimed at compounding the confusion of this already confused government,,,Buhari is the last hope of common Nigerian and so should be allowed to deliver.

54 Likes 4 Shares

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by pendusky(m): 9:09am On Feb 28, 2016
I started seeing different Osibanjo when he said GEJ and Yar'adua didn't build a single road!!!


Take it or leave it!


This country is in economy mess!


Its affecting Everyone...

heard Buhari form Its Economic Team and SAN is the head, I am wondering if its the same Federal Economic Council that is headed by VP then I must say we are joking!

I am watching ooh!

71 Likes 5 Shares

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by rusher14: 9:09am On Feb 28, 2016
drss:
wetin una expect from mere commissioner d fact dat him dey head buari's economic agenda is a testamment dat buari's govt is a joke.

Osibanjo > Sambo

Buhari > Jonathan

76 Likes 6 Shares

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by Clone2020(m): 4:04pm On Feb 28, 2016
My father always tell me stories of how he used to travel to the U.S in the 80s and the Naira was stronger than the dollar. I used to think it was one of the fairy tales parents tell e.g like how they always came first in class but the one day they came 2nd, they almost committed suicide cuz their parents would've killed them. Anyway, he went on to say back then, Nigerians only traveled to the US to do business, school or vacation. My father said the white man used to beg Nigerians to come to America cuz our currency was so powerful and they needed the tourism money. Nigerians never really liked travelling abroad, for what? Our economy was booming, our currency was very strong, the middle class was thriving. There was still that belief that children will grow up to surpass their parents in wealth and achievements. It's sad to see that once beautiful country with so much potential going down the drain fast while the rest of the world is excelling. $1 is now over N300. My Ghanaian friends sometimes tease me that it's cheaper to burn a pile of naira notes than buy firewood. Is this what we have become? A laughing stock? A country that produces nothing? I don't know about you but I miss the Nigeria of the 60s-80s and I certainly miss a stronger Naira.

44 Likes 6 Shares

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by Nobody: 4:06pm On Feb 28, 2016
Clash of the titans undecided

1 Like 1 Share

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by Drabeey(m): 4:06pm On Feb 28, 2016
These guys are just playing poltics with Nigerian lives and standard of living.


Anyways....






DrbeeyWasHere

3 Likes

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by thefakestan: 4:06pm On Feb 28, 2016
Clash of the Titans or Chicken?





ThefakeStan

2 Likes

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by domopps(m): 4:06pm On Feb 28, 2016
Titans




Cheeeers

1 Like

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by Importguru(m): 4:07pm On Feb 28, 2016
For this Osinbajo not to accept the fact that they are not yet productive is a beginning of their total failure

You all need to check this list - #Sanusi
EXCULSIVE: 5 Nigerians Who RECENTLY Made History

1 Like

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by Motherfucker2: 4:07pm On Feb 28, 2016
I wish $1 would exchange for 9000 naira.
With the devaluation of naira we can't achieve this.

Don't devalue naira, please


www.oceanview2016.WordPress.Com

5 Likes

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by ChappyChase(m): 4:07pm On Feb 28, 2016
ENDTIMEISNEAR:
Corrupt govt suffering Nigerians . story for the gods grin shocked shocked shocked cheesy cheesy
They are all confused undecided

3 Likes

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by kennyman2000(m): 4:07pm On Feb 28, 2016
Hmmmm

1 Like 1 Share

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by Ajusshi: 4:07pm On Feb 28, 2016
Osibande

2 Likes 1 Share

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by bolt000(m): 4:07pm On Feb 28, 2016
this doesnt seem tactical coming from the VP

2 Likes 1 Share

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by philtex(m): 4:07pm On Feb 28, 2016
Commisioner. grin + lying liar!

3 Likes 1 Share

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by LEGALAide(m): 4:09pm On Feb 28, 2016
"He said the idea was to re-settle the people back to their farming occupation first, BUT THAT WOULD BE AFTER THE ENTIRE NORTH EAST LAND HAD BEEN DE-MINED".

More like till the conversion of the Jews!
The whole thing appears to be a campaign speech for BUBU's second tenure.

I don't really understand this one:
"Also, another resident, Tochi Okwor, raised concerns about the high rate of communicable diseases, such as TB Joshua and HIV and AIDS, which she said might reach unacceptable proportion if nothing was done".

3 Likes 2 Shares

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by Progressive01(m): 4:09pm On Feb 28, 2016
Frankly, the headline is sensational.

Where is the "clash"?? How has divergent opinions become a "clash"??

Baba has said it several times that he's not going to devalue the naira and the Veep is just echoing what Baba had said. So I ask, why didn't anyone talk about Baba clashing with SLS??

24 Likes 2 Shares

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by Sanchase: 4:09pm On Feb 28, 2016
SAnusi, sanusi, sanusi. How many times did i call you?

You are no longer the CBN governor so get that into your brain dead skull.

Take your devaluation to Kano, ur village precisely.

Sanusi and his team of embezzlers have stacked up huge amount of foreign currency, they are now pushing the government to devalue Naira so

they can cash in, ur plan go no work boy.

5 Likes 1 Share

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by brunofarad(m): 4:10pm On Feb 28, 2016
U mean osibande

grin

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by blazetitov: 4:11pm On Feb 28, 2016
Devaluation is not the answer. We should instead diversify the economy and consume more of locally produced goods.

11 Likes

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by McMayowa: 4:12pm On Feb 28, 2016
Clash of the Titans

1 Like

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by Progressive01(m): 4:13pm On Feb 28, 2016
Orjioorji:
APC have changed osibanjo to devil incarnate .
Because he doesn't support devaluation shocked

Jonathan's loss has turned some people into mad men with internet access. cheesy

Some crooks that benefited immensely from the criminal regime of the Ineffectual Baboon, and hoarding their dollar loot, are trying desperately to blackmail the government into devaluing the naira so they can turn gazilionaires overnight.

Una plans no go work.




#Rashford is the man jor.

26 Likes

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by HIGHESTPOPORI(m): 4:13pm On Feb 28, 2016
Apc and Stories

2 Likes

Re: Osibanjo 'Clashes' With Ex-CBN Governor Sanusi Over Naira Devaluation by emerged01(m): 4:14pm On Feb 28, 2016
No to devaluation!

3 Likes

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