I have had occassions to question the CBN Gov. Sanusi in the past, but here he is making more than just sense -

Quote:"Very often you look at the problems of the country and you look at the powerful vested interest that are benefitting from these problems and you think that the problems cannot be resolved. Let me tell you one thing; stand up to them, face them, the country belongs to you and we must claim it. And the only way Nigeria will change is if we stop complaining about these people and do something about them.

A country like Ethiopia, which came out of war just yesterday, is growing at 11 per cent annually and by 2012, Ethiopia will be generating 4,000 megawatt of electricity, which is more than what Nigeria is generating today. It is one thing to complain about Nigeria’s problem, the situation is heightened when you see pockets of success around Africa."

Money that should be going to Agriculture, Electricity, Health, etc is being spent on a bunch of "eggheads" whose only concerns in life are to be called "Honorable" & "Senator" and of course to have enough "change" in their pockets to do as they wish.

These people are earning more than their American counterpants in an economy that is 100 times smaller - 25% of government revenue. This cannot continue for too long - we need cheaper ways of administering a democracy!

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Written by Our Reporters
Monday, 29 November 2010

THE governor of the Central Bank of Nigeria (CBN), Mallam Lamido Sanusi, has warned that the nation's economy would not develop if the Federal Government does not reduce cuts in its expenditure.

Mallam Sanusi said it was not good enough that 25 per cent of the federal spending was being consumed by the National Assembly instead of using it to bring real development to the country, adding that Nigeria needed to focus on policies that would bring real development to the country.

“If you look at the budget, the bulk of government spending is revenue; revenue expenditure.

That is a big problem; 25 per cent of overhead of Federal Government goes to the National Assembly. We need power, we need infrastructure, so we need to start looking at the structure of expenditure and make it more consistent with the development initiative of the country,” he stressed.

Speaking at the eighth convocation ceremony of Igbinedion University Okada, Edo State, on the topic: Growth prospects for the Nigerian economy, at the weekend, the CBN governor  said Nigeria’s greatest problem was the importation of what it produced and exportation of what it did not produce.

“The solution to Nigeria’s problem is not in the interest  of a very few group of people who have held the country to ransom. The answer lies in every Nigerian simply standing up to this group that enough is enough.

“Very often you look at the problems of the country and you look at the powerful vested interest that are benefitting from these problems and you think that the problems cannot be resolved. Let me tell you one thing; stand up to them, face them, the country belongs to you and we must claim it. And the only way Nigeria will change is if we stop complaining about these people and do something about them.

“A country like Ethiopia, which came out of war just yesterday, is growing at 11 per cent annually and by 2012, Ethiopia will be generating 4,000 megawatt of electricity, which is more than what Nigeria is generating today. It is one thing to complain about Nigeria’s problem, the situation is heightened when you see pockets of success around Africa.

“In 10 years, if we do not adopt the right policies, the Ghanaian economy could overtake our economy on per capita basis. Look at Angola, we helped Angola solve a civil war and today, Angola is exporting more oil than us and Angola has gone further on diversification. There is a big problem and the problem is a policy problem, so the answer is the pursuit of the right policies in the short to medium terms.

“The military government of General Sani Abacha conducted a free and fair election in Liberia, we exported democracy and we have not been able to conduct one in this country and anytime there are elections in African countries, Nigerian former leaders will go there as election observers and these were the very people that could not conduct election in their own country.

“Nigeria could get it right and achieve its vision 20:2020 if the balance of trade is persistently positive, as it has been in the last five years,” Sanusi stated.

He said “if the banking sector reforms and efforts to resolve liquidity challenges are sustained to channel credit massively to the real sector of the economy and if the government sustains the current reforms in the various sectors of the economy, Nigeria will achieve rapid growth and development.”

http://tribune.com.ng/index.php/front-page-news/14061-our-economy-in-danger-cbn-gov-warns-fg-to-reduce-expenditure-on-nassembly

And 10 more states with 30 more senators is about being added.

Abagworo:

And 10 more states with 30 more senators is about being added.

When has the Nigerian economy NEVER been in danger from lootocracy?
Abeg any correct gist from the Atiku-OBJ feuding camps?
Where are the jamming stories please?
Stop wasting my precious diesel.

Of what benefit is the National Assembly to this country?

These people are only there for their pockets that's all.

Lol the same guy that called Soludo an alarmist!

Sanusi knows power is about to shift, needs to be seen as a progressive

National Assembly are bunch of rascals, we need to make that office unattractive, so we can have serious people there, unlike the clowns we have

Very soon they will say they want to make sure we sing the national anthem right. . . RUBBISH!

Both Soludo & Sanusi have genuine concerns about the economy.

In Soludo's case the same economy was collapsing under him but he refused to acknowledge that the banks were not doing well. A lot of people lampooned his banking reforms as responsible for the collapse, which is untrue. The collapse resulted from the global recession which led to a massive capital flight out of the Nigerian financial system, but that was just the symptom. The real underlying problem were the bank directors who put bank funds into quick cash schemes and personal businesses. There is only so much the CBN could do as long as they were making healthy profits and keeping to the minimum requirements of the CBN. Soludo's main problem was an unwillingness, perhaps because he was being blamed, to acknowledge there was a problem. However, the same Soludo was quick to raise alarm based on potential political jobs, while Sanusi was still cleaning up the mess.

In this case, Sanusi not really being alarmist. This is a problem that has being creeping up on us since 1999. It is not only unproductive, but dangerous to put a quarter of all government revenues in the pocket of people whose role in the system is completely consumptive in nature.  The worst part of it is that most of these funds are not really their salaries, but grabbed under various pretenses. Plus, they spend most of that money outside our shores - a double jeopardy. It is just crazy.

Again, this NASS is a curse on democracy. Something must be done about our government's excessive share of national resources at all levels!

ladi02:

Lol the same guy that called Soludo an alarmist!
Sanusi knows power is about to shift, needs to be seen as a progressive
National Assembly are bunch of rascals, we need to make that office unattractive, so we can have serious people there, unlike the clowns we have
Very soon they will say they want to make sure we sing the national anthem right. . . RUBBISH!

ladi02:

Lol the same guy that called Soludo an alarmist!

Sanusi knows power is about to shift, needs to be seen as a progressive

National Assembly are bunch of rascals, we need to make that office unattractive, so we can have serious people there, unlike the clowns we have

Very soon they will say they want to make sure we sing the national anthem right. . . RUBBISH!

^^^^
if madam rebranding can say it's bad to say 9ja,then d bolded can n will soon happen

The CBN is talking to us, the people of Naija, to do something to save the nation, or at the worst, our land (village, kindred, town, region).

Those legislators and state assembly men have shown they are incompetent, lazy, selfish, and fools at 40. As a poster has already said, they are plotting on adding 10 more states with 30 more sinators to match.