Dalek:

when did you bastards approve the budget??

BLINGZ88:
they will but not with the aim of increasing naira's value. the market is so uncertain that foreigners(with dollar) don't want to do buisness in nigeria because the risk is too high without much benefit. float the naira, withdraw regulation on forex and let's see what happens, they are just playing politics with the economy. Let the naira find its place in the world.

Truth234:
The Senate on Tuesday said the sum of $9 billion had been spent by the federal government to defend the naira.

It expressed worry that only 10 per cent of the N7.4 trillion 2017 budget has so far been implemented barely three months to the end of the year.

Senator Yahaya Abdullahi (APC, Kebbi) who sponsored a motion on stabilising and sustaining post recession growth of the economy, argued that the level of harmony between the fiscal and monetary policies of government remained “very low.”

He expressed frustration over the inadequate funding of the 2017 budget by the executive, fearing it could pull the country back into a recession.

Consequently, the Minister of Budget and National Planning, Senator Udoma Udo Udoma and the Minister of Finance, Mrs. Kemi Adeosun were both summoned to appear in plenary to explain the failure to fund the budget.

The motion was unanimously passed by the upper legislature chamber.

Abdullahi tasked the national economy managers to remain focused and ensure that the current weak growth of a mere 0.55 percent is built upon and increased substantially in the months and years to come.

The Senate however, urged both the fiscal and monetary authorities to come together and harmonise policies with a view to drastically reducing the high interest rate that has adversely affected borrowing for investment by the real sector of the economy.

It called on fiscal authorities to drastically reduce the accumulation of domestic debt in order to free the market for better access by the private sector.

Senator Barau Jibril (APC, Kano State) who seconded the motion asked that the managers of the nation’s economy be put on their toes so that they would not be complacent.

He argued that the failure to release money to fund the budget had become a serious threat to the economy.

Senator Dino Melaye (APC, Kogi West) claimed that “our economic managers are just joggling the economy using ways and means to manipulate it.”

According to him: “If it is true that the foreign reserve has grown from $25 billion to $34 billion, why are we incapacitated in funding the 2017 budget? We must say the truth. We must go back to the drawing board and take key decisions. We must engage in massive production and we must engage in massive spending too. What we have done is not a geniune approach to addressing the problem of the economy and getting outbof recession.”

Senator Biodun Olujumi of the Peoples Democratic Party (PDP) from Ekiti State while noting that Nigeria is only technically out of recession but still languishing in economic quagmire, lamented that barely three months to the end of the year, the 2017 budget had not recorded 10 per cent implementation.

She said the major problem is that the economic managers were yet to develop a viable economic blue print.

http://investorsking.com/9bn-used-fg-defend-naira-says-senate/

9japrof:


What I mean by true value, is the value the naira would become without government interference, the value it becomes just when the market forces determines the price

0m0nnakoda:
Where on planet earth does that happen?

alt3r3g0:


Very good question. Will the next budget start 1st January 2018? Thieves looking for what to loot. Instead of them to call it "being prudent" they are complaining, not that anything will change self if all has been released.

Tonyberries30:
The problem with Nigeria economy still boils down to monopolize economy. Economy where only one sector is booming and other sectors looking moo. I will tell you that once this economy is diversified and the upper stream sector of petroleum industries deregulated. The FOREX will improve and out of recession will be sustained and economic growth will be enshrued

Myde4naija:
you really make me laff at that point, why can't you mobilize your fellow wailers to vote him out.

SBG04:

I this idea of market forces is just a romantic kumbaya economic model that doesn't hold water. [i]Even the Chinese rig their yuan to be competitive against the dollar. [/i]The naira has been living off dollar handouts since the oil boom years of the 70's. More than 2 generations of Nigerians have been raised on imported goods. You can't wake up In 2017 and suddenly remove the dollar life support from the economy in the name of market forces and in a regime of low oil prices.[b] The naira will crumble to more the N2000 to the dollar [/b]because, let's face it, there is no other source of forex supply to the economy than oil. And we certainly can't use our entire petrol dollars to fund imports. So this CBN intervention will continue till we're able to create sufficient supply to match the demand for dollars. Then we can let market forces determine price. But doing that now is like going for a war you haven't prepared for. You will be outwitted on all fronts and decimated.

0m0nnakoda:
So if the naira floats won't the CBN sell dollars? They still have to sell. The truth is the Naira is just a CBN debt to those who have naira in their pocket.If the CBN cannot defend its debt it becomes valueless and people will even ask to be paid with goats and rice rather than in Naira. In short the foreign reserves belongs to those carrying naira in their account.Your share of the foreign reserves relates to your share of the total naira in circulation. If you cannot get it when you want it the Naira has no meaning
Peole fail to grasp that concept: Naira is a CBN debt or promise. People belive that promise based on the size of foreign reserves

Alexrayz:





Stupidity is wen u be buying gala for 1000 naira though it a band aid and not the permanent solution but still we should not just pass judgment like dat trust Nigerian let dem hear the dollar is high it will affect the price of water dat they selling from bore hole

9japrof:



You see with the bolded you have raised the bar to 2000 naira. Listen am not entirely against the pumping of dollars into the market, cos to me that remains a cosmetic approach to ameliorating the situation, but on the long run it remains a wasteful way of pegging the naira.

On the Italized, where u mentioned the Chinese rig their yuan, looks like you are misinformed. The Chinese yuan with their booming economy should have had higher value in currency than the dollar, buh they deliberately fix the yuan to be lesser than the dollar to enable them to be export marketable, so that China remains an attractive place to buy goods than the US and Europe. With this economic move, african Businesses prefer sourcing goods in China than other areas.

Peace...

Joejonah:


Well said senator. No problem can be solved with lies. APC kept telling lies, the situation of the country keep going worse. Lets stop propaganda and go back to the drawing board. Mismanagement is as worse as corruption.

9japrof:


Brotherly lest tell ourselves the truth, if they allow the true value of naira, guy it would be nothing less than 800 naira, would it be better then?

989900:


It's tiring replying people who don't have a clue, these days I just ignore them.

In addition to your explanation up there, most countries defend their currency anyway.
Save for a very, very few, most countries do not practice a 'clean' float'; it's either a 'dirty float' or 'managed float' at best -- requiring interventions . . . not to mention a limited-Forex-earning-import dependent-country of 180 million!

Ironically, these same savages benefited more from the CBN's and the banks Forex rackets.

The useless senators complain about budget implementation when they are actually the problem, from taking 6 months to pass the padded budget, to wanting to takeover the duties of the executive, how many weeks did they spend acting 'Tom and Jerry' with Fashola?


The reserves are swelling and their throats are salivating once again.

9japrof:



You see with the bolded you have raised the bar to 2000 naira. Listen am not entirely against the pumping of dollars into the market, cos to me that remains a cosmetic approach to ameliorating the situation, but on the long run it remains a wasteful way of pegging the naira.

On the Italized, where u mentioned the Chinese rig their yuan, looks like you are misinformed. The Chinese yuan with their booming economy should have had higher value in currency than the dollar, buh they deliberately fix the yuan to be lesser than the dollar to enable them to be export marketable, so that China remains an attractive place to buy goods than the US and Europe. With this economic move, african Businesses prefer sourcing goods in China than other areas.

Peace...

YourWife:


Oga please learn to use punctuations... I didn't understand anything u wrote! Damn!!!

Alexrayz:




Sorry it was written in a native tongue u have to be a native to understand

Duru009:
Only 10% out of 90% of the budget. APC has finished Nigeria!. We only hav 3yrs to the end of the year!

Dreamword24:
Why exactly are they defending the naira? The should leave the market force to determine it.

0m0nnakoda:
So if the naira floats won't the CBN sell dollars? They still have to sell. The truth is the Naira is just a CBN debt to those who have naira in their pocket.If the CBN cannot defend its debt it becomes valueless and people will even ask to be paid with goats and rice rather than in Naira. In short the foreign reserves belongs to those carrying naira in their account.Your share of the foreign reserves relates to your share of the total naira in circulation. If you cannot get it when you want it the Naira has no meaning
Peole fail to grasp that concept: Naira is a CBN debt or promise. People belive that promise based on the size of foreign reserves

abescom:
APC never promised parity with the dollar. If you think they did, provide a link pointing to that. It is the handiwork of mischief makers.

SBG04:

I this idea of market forces is just a romantic kumbaya economic model that doesn't hold water. Even the Chinese rig their yuan to be competitive against the dollar. The naira has been living off dollar handouts since the oil boom years of the 70's. More than 2 generations of Nigerians have been raised on imported goods. You can't wake up In 2017 and suddenly remove the dollar life support from the economy in the name of market forces and in a regime of low oil prices. The naira will crumble to more the N2000 to the dollar because, let's face it, there is no other source of forex supply to the economy than oil. And we certainly can't use our entire petrol dollars to fund imports. So this CBN intervention will continue till we're able to create sufficient supply to match the demand for dollars. Then we can let market forces determine price. But doing that now is like going for a war you haven't prepared for. You will be outwitted on all fronts and decimated.

ITbomb:
I was surprised when people were applauding the government when they say TSA has saved trillions of Naira.

What is TSA generating to add to the economy? Nothing
You just mop up money in circulation, tight them up in Abuja and expect the economy to be robust. Herdsmen economy thinking

And the other news, CBN is being accused of printing more Naira notes to fund government directly outside the budget.

We are going nowhere

BLINGZ88:
not to get political but I did see a poster where they said is that $1 to #208 naira is not ok.