El-rufai Attacks CBN, Says Bank Destroying Jobs - Politics - Nairaland
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| El-rufai Attacks CBN, Says Bank Destroying Jobs by agwom(m): 9:50pm On Aug 10, 2016 |
The Kaduna State governor, Nasir el-Rufai, on Wednesday decried the Central Bank’s prevailing fiscal regime, saying the bank’s 14 per cent monetary policy rate has led to massive job losses in the country. Mr. El-Rufai said the CBN risked losing its power to set lending rates for commercial banks unless it immediately addressed the situation, adding that only unscrupulous elements could successfully operate under the current fiscal policy atmosphere. “We have a Central Bank that has an MPR at —what?— 14 per cent and banks lending at 20 percent. Only traders and drug dealers can make money at this interest rate. “I have said it before and I will repeat it again, unless the Central Bank and the banking system make a conscious decision to bring interest rate down, one day we would legislate it,” Mr. El-Rufai said. The governor’s comments were delivered at a special edition roundtable organised by Women in Business, a non-profit women advocacy organisation, in Abuja. Mr. El-Rufai dismissed CBN’s perennial reasons for high interest rate, and used the “B” word to express his disgust. “The rate of inflation in the UK is not 2 per cent or 1 per cent. It is 7-8 per cent. But lending rate is at what one percent. I think they cut the interest rate last week. “All these theories that the rate of interest must be above the rate of inflation is economic [expletive],” Mr. El-Rufai said. “We must decide that businesses should be able to borrow at the rate interest that makes sense and politically lower rates to that level.” The Women in Business roundtable attracted professionals from all walks of life and the participants used the platform to share viable ideas and express challenges faced in running a successful enterprise. http://www.premiumtimesng.com/news/top-news/208409-el-rufai-attacks-cbn-says-bank-destroying-jobs.html 14 Likes 1 Share
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| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by Flexherbal(m): 9:58pm On Aug 10, 2016 |
He is right on this one. 13 Likes |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by dockokwus: 10:17pm On Aug 10, 2016 |
This guy cud av been a better choice than pmb. I know that left to him,he wud av long sacked Emefiele,despite his office being a tenured one. PMB wud rather allow u to remain in your post, even if u are fd corrupt and grossly incompetent because he lacks the capacity to remove a corrupt,non performer using the instruments of and loopholes in laws. He is perhaps the only president,apart from GEJ,that Saraki cud make a fool of before his own party men,nigerians and the world,and remain in office. 6 Likes |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by Joel3(m): 11:32pm On Aug 10, 2016 |
 northerners are untrained in matters of economics and leadership of diverse people ( ethnic & religious settling). . go and check their leadership history. the achievement of Gej has been swindled into the ocean in one year.. and they are telling us they are fighting corruption... I disagree that dwelling oil price is what is causing this economy woes. its not as a result of oil price. at the rate the inflation is raising and the stable rate the oil is between 45 to 50$ clearly shows poor economy policy. open the borders immediately to curb inflation. we have to produced in abundant before any strict ban otherwise people suffer. they have succeeded in taking us back to the 80s. and few years from now Muslim countries like Niger, chad. north sudan, Mali will be competing with Nigeria. a government who left state responsibility and enters religious affairs at a time the country is hungry. piss off with this guys. 35 Likes 2 Shares
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| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by Businessideas: 11:46pm On Aug 10, 2016 |
I have complained severally that this Emefiele will kill Buhari presidency and the earlier they sack him the better. Just last week, he committed a blunder of further tightening the repatriation of forex from the diaspora by reducing money transfer agents to 3 when the country is in the middle of its worst history of forex scarcity. Now he wants to sacrifice the whole real sector of the nation!! Buhari should sack this man hired by the ineffective GEJ just because he was recommended by Jim Ovia. 16 Likes 1 Share |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by monkautos(m): 11:58pm On Aug 10, 2016 |
why is el rufia shifting blames.... if the cbn governor is not competent he should be removed....but what will happen to buhari that has refused to listen to sound economic advice 37 Likes 3 Shares |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by MONITZ: 12:29am On Aug 11, 2016 |
dockokwus: Una don come again, and what makes you feel El Ruffy would ve been a better choice?. How is he even handling his Kaduna state?Any positive changes there? This same thing was said about Bubu bt how is it now? Is the difference not clear enough for all to see now? Change has turned to chains!! It's even good that they voted Bubu to see what he has got to offer because if they hadn't voted him and he passes away, they would definitely have regaled us with tales of Bubu being the best person that could have turned things around for the better or of him being the best president Nigeria never had. It's just high time we told ourselves some truth and which is these politicians don't care about you or me, they are there for themselves,their families and a couple of friends. We don't ever learn as a people,we keep on repeating the same error over and over again, anyway a people deserve the kind of leaders they get. 53 Likes 2 Shares |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by chriskosherbal(m): 12:31am On Aug 11, 2016 |
Ok |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by kossyablaze(m): 6:13am On Aug 11, 2016 |
monkautos:sound economic advice? From who?..... Oh yeah.... The so called Mosquito Economic team 12 Likes |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by Volksfuhrer(m): 6:42am On Aug 11, 2016 |
Emefiele: the most clueless CBN governor to date...and a blundering juggernaut. How he came by this position truly amazes me! 9 Likes 2 Shares |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by phlemzy: 6:45am On Aug 11, 2016 |
When nepotism is the order of the day, how are we supposed to have the right set of people at the helm of affairs at the apex bank? 3 Likes |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by Nobody: 6:59am On Aug 11, 2016 |
I have been saying it for months. Finally a zombie governor has woken up. Volksfuhrer: Emiefelle ain't the problem but bubu. When has buhari ever followed advice?... a president who came on international TV to tell the world that he has not been convinced about the need to devalue when we all could see that the stupidity of his actions was chasing away investors. No investor wants his cash imprisoned by a government policy. Thousands of foreigners pulled out their funds as soon as he relaxed the policy and they are not coming back anytime soon dockokwus: Buharism is a strong disease. If Emiefele is the problem what about the so called economic team?, a team that your lord and master took months off his tenure to handpick and your ilk praised them like they were the best ever?, why has buhari not reversed emiefele's policies If he didn't endorse it? Or is buhari also blind to see that they are not working? ... all the appointments he did, which of the ministers has made a remarkable difference since they assumed office?, so why do you think a buhari appointee CBN givernor won't be as dull as the present one? Please earn your pay and come up with a more formidable excuse for buhari. 30 Likes 4 Shares |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by Nobody: 7:51am On Aug 11, 2016 |
Joel3: 1 Like |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by Nobody: 7:51am On Aug 11, 2016 |
Volksfuhrer: And Kemi Adeosun the most useless Finance Minister of any Nigerian generation since Lord Luggard. How she came by this position bewilders me. Yoruba and Hypocrisy! 43 Likes 5 Shares
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| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by kingvectorv(m): 7:52am On Aug 11, 2016 |
OK we have heard u |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by seguno2: 7:53am On Aug 11, 2016 |
Confusion don dey scatter dem APC federal government be that oh. 4 Likes 2 Shares |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by ichidodo: 7:54am On Aug 11, 2016 |
Oh f**k off, you. 1 Like |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by kaen1317: 7:55am On Aug 11, 2016 |
Now u are blaming cbn governor . You would have blaming GEJ calling him clueless and all sorts of names if u was president now. It's cbn governor that u see.story for the gods 13 Likes |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by kaen1317: 7:55am On Aug 11, 2016 |
Now u are blaming cbn governor . You would have blaming GEJ calling him clueless and all sorts of names if he was president now. It's cbn governor that u see.story for the gods 6 Likes |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by 8686(m): 7:55am On Aug 11, 2016 |
Can't the president seek out people like them Pat Utomi and others to figure out a way to move the nation forward. If we're not pro-active and fix power then start producing and exporting, before our very eyes usd will be traded for 500 n more. 6 Likes |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by Nobody: 7:55am On Aug 11, 2016 |
Clinton9000: May God bless you in abundance...Iseeeee  21 Likes 1 Share |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by Zico5(m): 7:58am On Aug 11, 2016 |
Those who blamed Emefiele are just as clueless as Gej. Do u think something good can easily come out of this predicament we are in now. Gej destroyed lots of things that will take years to restore back. The deeds have been done and there is nothing anyone can do about it. All we need now is God mercy. |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by Nbote(m): 7:58am On Aug 11, 2016 |
So APC governors too don begin wail? So it's not d govt's fault but d CBN abi? Isn't d economic team suppose to review some of these things? 6 Likes |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by Nobody: 8:02am On Aug 11, 2016 |
dockokwus:political jobber,he is a tyrant with napoleon tendencies, don't let his social justice fool you,he is the king of double speak,ask amis how many jobs he created in the FCT or in kaduna,na nigeria dey hungry am to lead 11 Likes |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by Nobody: 8:04am On Aug 11, 2016 |
Clinton9000:maybe na tinubu gf 6 Likes |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by Nobody: 8:06am On Aug 11, 2016 |
I still don't understand why PMB is retaining Godwin Emeifele as CBN Governor. What the CBN and his cohorts are doing to Nigeria economy is worst than coup. They are deliberately reeling out policies that will further impoverished Nigerians so that PMB will eventually become unpopular. The irony of the matter is that PMB does not know his true friends. His true friends are the so call wailers who are lamenting the fact that things are getting worst under his regime. How do you explain the fact that CBN increased MPR to 14% when what we are presently experiencing is cost pushed inflation and not demand push inflation? The increase in MPR will further push up the cost of production and this will lead to increase in Inflation and lending rate. It is quite obvious that the people PMB surrounded himself with are deliberately misadvising him. I will recommend that the president update his knowledge of Economics before it is too late! 3 Likes |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by Nobody: 8:10am On Aug 11, 2016 |
Suprnov3r: All these armchair economists sef! So the next thing Nigeria needs now is the devaluation of the naira?  Chai!!! The mind boggles.2 Likes |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by Nobody: 8:11am On Aug 11, 2016 |
Flexherbal:he is talking nonsense! like an ignoramus! 2 Likes |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by 5starmilitant: 8:12am On Aug 11, 2016 |
Now the bigot certified midget is blaming cbn. But during the last adminstration, he was consistently attacking only Gej. Some zombies are already calling for Emiefele's head, as if they don't know their olodo messiah doesn't take advices. 5 Likes |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by sunkoye: 8:13am On Aug 11, 2016 |
8686:people like Pat Utomi will tell the govt the truth but they dont want that!!! i believe he was deliberately left out. 8 Likes |
| Re: El-rufai Attacks CBN, Says Bank Destroying Jobs by ArcFresky(m): 8:15am On Aug 11, 2016 |
Although, this present economic fiasco has been long due, GEJ did a terrible job, It now seems PMB is confused and bent on doing a worse job. Cant seem to wrap my head around govt sponsoring hajj with hard earned dollars, recruiting their own children to jobs, selective corruption fight, e.t.c These Old people are only destroying our future, I think we need a young, rational, professional based party, that are not in debt to any political Godfather, who are ready to sacrifice for the goood of this country. 2 Likes |
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