plaetton:


Lol.

This guy doesn't understand the real role of banks in an economy.

Banks leverage deposits to create money and credit , that in turn, stimulate and expand the economic activities.

The amount of deposits the banking system has is directly proportional to the amount of money and credit they create to fuel economic expansion.

Draining 4-5℅ of GDP from the banking system at once , for any reasons whatsoever, is unheard of, talkless of doing it in a monoproduct economy at a time economic contraction.

Jahdeyemi:
all u did was just 2 write trash, why not counter his write up with facts if u have any reasonable one, indeed Nigerians deserve the kind of leaders they get

Jahdeyemi:
all u did was just 2 write trash, why not counter his write up with facts if u have any reasonable one, indeed Nigerians deserve the kind of leaders they get

Standing5:
Those guys can spin cluelessness into heroics. Lol

IVORY2009:


lolzz why should he do dat, knowing fully well who Mr Buhari is, he does not want anyone to criticise his govt, if you do, its either AMCON file would be reopened, efcc/Dss would be sent after him or possibily some tax fraud issue levelled on his coy.

shaddoww:
The more dis guy talks, d less intelligent he appears. So TSA reduced d price of crude oil, it stopped the release of money for capital projects for months due to budget delay, it reduced our foreign reserves too abi. And lastly, was it TSA dat borrowed money from banks in billions n refuse to pay?

todayboy:


The Fulani in the chamber will shut him up Its better he communicates to Nigeria on Twitter

Remember common sense is not common

blueto:
the implementation of the TSA was being done in phases or gradually by the previous govt.

the reason was that the previous govt understood the fact that the Nigerian banking industry & by extension the economy was primarily driven by government spending & while there were concrete plans to make it more private sector driven, it knew that pulling out government funds from the banks in one fell swoop would negatively impact the economy, might lead to a recession, create instability in most banks, restrict the ability of banks to loan money to investors, threaten existing loans and other negative consequences.

hence the gradual implementation, with banks adjusting gradually to the changing times.

But unfortunately for the Nigerian economy, the certificateless cattle rearer who was devoid of economic knowledge and proficiency was voted in and without even considering the repercussions of the swift implementation of TSA, quickly implemented it in full scale and blamed Jonathan for failing to implement it in full scale, of which ultimately submerged the economy into recession.

No wonder Obasanjo had to admit that Buhari is not economically sound despite their current fraternization.

Agimor:
Don't mind that twitter senator of a guy .He is good at ascribing blames and will never proffer solutions.

Khd95:
Senator representing twitter constituency alias mr common sense.


U seems to be very active online,no traces of u when it comes to nation issues,i mean how come u havent iniated or sponsor a bill to at least drive home ur common sense points

AZeD1:

Before the implementation of TSA, did the bank lend out the money?
What was the interest rate then?

This is a lazy man's explanation.

The banks got free government funds, then borrowed to the government at 15% and above... Pure day light robbery.

We are in a recession because we have a flawed economy which was driven by free oil money.

AZeD1:

Before the implementation of TSA, did the bank lend out the money?
What was the interest rate then?

This is a lazy man's explanation.

The banks got free government funds, then borrowed to the government at 15% and above... Pure day light robbery.

We are in a recession because we have a flawed economy which was driven by free oil money.

Lawalemi:
I agree. You don't keep the economy of one nation in a purse all in the name of protecting it

Amya:


You do know that our crude oil only raises about 13% of the country's revenue right? just 13%. So even if the crude oil market collapses, the economy should still survive.

goldman777:
He is very right on dis one even though i detest dis guy and his pdp thugs(tan) guy he understands keynesian economics which is what nigeria needs to do.spend out of recession and scrap tsa

plendil:


Ten GBOsa for you!!

@Bolded, I posed the question to plateon on the other thread, but he couldn't provide an answer.

If one was not an Otedola, Ifenyi Uba or Dangote, you had almost ZERO chance of getting benefiting from bank credit services. How on earth would a SME owner cope ridiculous interest rates of 20% and above??

So with all due respect to the tweeting senator, he lost it on this one.

Amya:


You do know that our crude oil only raises about 13% of the country's revenue right? just 13%. So even if the crude oil market collapses, the economy should still survive.

Let me break it down for you. The other 87% is sourced from FIRS, Customs, and 100s of other government bodies that have charges for every conceivable thing. Now, this 87% amounts to trillions of Naria which before the enactment of the TSA were monies paid to different banks everyday. Though these monies are technically government money, they were liquid and banks used them to transact businesses give out loans and make money circulate in general. Now with the emergence of TSA, these monies are just packed somewhere and therefore does not benefit the economy business wise. And we are talking trillions here.

So yes, the TSA can and did lead the country to recession.

obailala:
Why shouldnt he?... The man has engaged in loads of meaningless criticisms both on and off twitter which can best be classified as 'pointless wailing.' This one on TSA sounds meaningful/constructive; this is the sort of things he should be saying in the floor of the NASS before its implementation, not 1 year after.

Khd95:
Senator representing twitter constituency alias mr common sense.


U seems to be very active online,no traces of u when it comes to nation issues,i mean how come u havent iniated or sponsor a bill to at least drive home ur common sense points

Amya:


You do know that our crude oil only raises about 13% of the country's revenue right? just 13%. So even if the crude oil market collapses, the economy should still survive.

Let me break it down for you. The other 87% is sourced from FIRS, Customs, and 100s of other government bodies that have charges for every conceivable thing. Now, this 87% amounts to trillions of Naria which before the enactment of the TSA were monies paid to different banks everyday. Though these monies are technically government money, they were liquid and banks used them to transact businesses give out loans and make money circulate in general. Now with the emergence of TSA, these monies are just packed somewhere and therefore does not benefit the economy business wise. And we are talking trillions here.

So yes, the TSA can and did lead the country to recession.

majekdom2:
and your explantion is a reason why we have been slow when it comes to development. Nigerian banks need to look else where now.