Nine days after the conclusion of the presidential primaries of the Peoples Democratic Party (PDP), the ripple effects of the stiff contest are still dominating public discourse.

Joining the fray is the Minister of Finance, Mr. Olusegun Aganga, who has faulted ex-Vice-President Atiku Abubakar and carpeted a former Governor of the Central Bank of Nigeria, Prof. Chukwuma Soludo over the state of the economy.

Aganga, who spoke on an NTA programme (Finance and Economy) in Abuja, said it was regretful that Atiku had embarked on deliberate misrepresentation.

"Most of the data, information, or statistics or quotes that have been used, if you look at them, there is a lot of misrepresentation. I don’t want to say deliberate, because that will be a little bit rude. But there was distortion of facts.

"So, I take these as examples: He talked about foreign investors/international community losing confidence in our economy. That is wrong. Only in October, at the World Bank annual meetings, the World Bank and IMF openly commended Nigeria and identified Nigeria as one of the top performing economies in the world.

"Only last week, the Research Institute said Nigeria is going to be one of the next economies that will replace the top economies. It was also said that those who do not invest in Nigeria today, in 10 years time, they will look back and ask why they did not invest."

He said there was also "absolutely nothing" new in the criticisms of Atiku

He added: "The points which they identified are points which we have already identified and are working on. So, there is a lot of distortion.

"But it is strange. Strange in the sense that I don’t know why you will deliberately distort, misrepresent and talk down your country and your economy when the international community is saying you are doing extremely well.

"We talk down on our country and economy too much. If you look at some of the things they said, they said the average interest rate of our borrowings is 14 per cent. It is wrong. It is not 14 per cent, it is 7 per cent. 95 per cent of our domestic debt is concessionary."

In apparent reference to Soludo, Aganga said those advising Atiku were the same people who claimed that Nigerian banks had non-performing loans.

He said ordinarily, Atiku’s advisers ought to be banned from the financial services sector or be jailed.

He added: "Most of the things there are wrong. So, it is very unfortunate and it is wrong when we hear that the people advising him are the same people who told us that the Nigerian economy is isolated from other countries.

"They are the same people who told us that our banks are safe, there are no non-performing loans and everything. What happened when the Governor of Central Bank of Nigeria, Sanusi Lamido Sanusi, came on board? The can was opened, everything was completely rotten. These are the people who ran the economy down and they are the same people advising the man. So, it is sad.

"In other countries, in this situation, those people will be banned from the financial services sector, if they are not eventually jailed.

"So, it is sad that people will do the wrong thing and come out to say a different thing. The data lack credibility in so many ways.

"You see that this country is a great country and you see that we talk ourselves down too much. We talk down on our economy too much.

"All we need to do is to get the right people in the right places. By this, we will turn this economy around very quickly. I am optimistic. I was optimistic about the country before I came. Sitting where I sit, with the people I work with and having the information I have, I am far more optimistic about the country.

"Given the chance, once we have stability and continuity, I assure you this country will not be the same in four or five years’ time. It is a great country. We have all the opportunities and our people are the best."

Reacting on behalf of Soludo, Mr. Leo Chiegboka, lawyer and Personal Assistant to the former CBN governor said: "The most important thing is that Soludo does not have any comment to make, and he would not take issues with Aganga over his comments.

"Soludo did his best when he embarked on consolidation of the banking sector and he was adjudged the best central bank governor in the world. I don’t know where Aganga was when Soludo was in charge of the apex bank. Though I do not want to sound nasty, I think that Aganga does not know what he is saying.

"Before Soludo came on board, Nigeria was printing money abroad and he (Soludo) sanitised and repositioned the economy by printing money here in Nigeria, which his successor has been benefiting from. There are monumental problems in Nigeria, such as power failure and lack of good roads, among many others, which those in position of leadership should address rather than heaping blame on people who have done their best while in office.

"Government is a continuum, and so, whosoever is there now should address the problems on ground. But for Soludo, there wouldn’t have been any bank operating in Nigeria now, and that is why he embarked on the consolidation exercise to ensure the stability of the banking sector."

When Atiku’s reaction was sought, his media aide, Mallam Garba Shehu, declined comments.

http://thenationonlineng.net/web3/news/25509.html

gbamm, he should be jail

I think the mumu minister is the one who ought to be fired and jailed right away. . . . . Instead of taking correction from the erudite Prof, he is here talking trash.

He's talking from both sides of his mouth. Nonsense.

Aganga will ruin this economy

Aganga should be Jailed!

He is another Aondoakaa in the making!

Olusegun Aganga is simply making GoldmanSachs look clueless and cheap for hiring him. Is there any concern Atiku or Soludo raised about the economy that Sanusi who is the current CBN Govenor has not subtly raised?

Hear him

"So, I take these as examples: He talked about foreign investors/international community losing confidence in our economy. That is wrong. Only in October, at the World Bank annual meetings, the World Bank and IMF openly commended Nigeria and identified Nigeria as one of the top performing economies in the world.

"Only last week, the Research Institute said Nigeria is going to be one of the next economies that will replace the top economies. It was also said that those who do not invest in Nigeria today, in 10 years time, they will look back and ask why they did not invest."

Now does Aganga honestly believe that the best way to counter an argument of Investors loosing confidence in our economy is to present diplomatic oral commendation by IMF and Worldbank? What happened to telling us how many Foreign Direct Investment he has attracted since coming to office?

I am really ashamed for this man called Aganga.

Aganga!

Always making political statements to please his boss, but when its time to make tough statements, he's always chickening out.

Aganga and Soludo can both go and phuck themselves.

Both Soludo and Aganga are supposed to be jailed one after the other.
Soludo now and Aganga after GEJ's government.

Ibime:

Aganga!

Always making political statements to please his boss, but when its time to make tough statements, he's always chickening out.

Aganga and Soludo can both go and phuck themselves.

This Aganga is a real shame.

mikeansy:

Olusegun Aganga is simply making GoldmanSachs look clueless and cheap for hiring him. Is there any concern Atiku or Soludo raised about the economy that Sanusi who is the current CBN Govenor has not subtly raised?

Hear him


Now does Aganga honestly believe that the best way to counter an argument of Investors loosing confidence in our economy is to present diplomatic oral commendation by IMF and Worldbank?  What happened to telling us how many Foreign Direct Investment  he has attracted since coming to office?

I am really ashamed for this man called Aganga.

"So, I take these as examples: He talked about foreign investors/international community losing confidence in our economy. That is wrong. Only in October, at the World Bank annual meetings, the World Bank and IMF openly commended Nigeria and identified Nigeria as one of the top performing economies in the world.

"Only last week, the Research Institute said Nigeria is going to be one of the next economies that will replace the top economies. It was also said that those who do not invest in Nigeria today, in 10 years time, they will look back and ask why they did not invest."

you beat me to it

we all know about nigeria's wasted potential and how we are always 'going to be' the next world power

Aganga and Soludo can both go and phuck themselves.

"Before Soludo came on board, Nigeria was printing money abroad and he (Soludo) sanitised and repositioned the economy by printing money here in Nigeria, which his successor has been benefiting from. T

here are monumental problems in Nigeria, such as power failure and lack of good roads, among many others, which those in position of leadership should address rather than heaping blame on people who have done their best while in office.

beaf

this is where i think ur oga need to work on!!! no long thing

I AM JUST LAUGHING IN NAIJA.

olusegun slowpoke shld shut those gutters of his and do the weak jobs of his.
if soludo goes to jail, where will ur name sake(olusegun) be?
it is a shame that pdp has refused to leave us alone.
pdp is boring and they are just a gang of criminals.

When will our office holders especially those in sensitive offices like the finance minister and CBN governor learn not to politisise or personalise things ?
The concerns raised by Soludo are valid and got nothing to do with is person.

The Economy is Going Down, Soludo Warns – Thisday
Former governor of the Central Bank of Nigeria (CBN), Professor Chukwuma Soludo, has warned that if pre-emptive measures are not taken now, Nigeria’s economy is “doomed” to a worse form of structural adjustment programme (SAP) and “something will have to give”.
In an exclusive essay published in THISDAY today, Soludo, who also ran for governorship election in Anambra State in March, challenged presidential aspirants to debate economic issues before the general election.
Soludo expressed concern that the government had been piling up domestic and foreign debts with no improvement in the economy.
He wrote: “In spite of the heavy external debt of $34 billion and oil prices ranging between $25- $50 during the (ex-President Olusegun) Obasanjo’s second term, we managed to grow the economy at about 6-7 per cent per annum (from average of 2.8 per cent in the 1990s). We started saving for the rainy day when oil prices reached $35 and by 2007, despite paying $12 billion to write off the Paris Club debt in 2006, we had saved about $22 billion as ‘Excess Crude’.
“In the last few years, oil prices have averaged $70 to $85 per barrel. What has happened? We have spent the $22 billion saved under Obasanjo, and now massively borrowing at an alarming rate (domestically and externally) during a period of unprecedented oil price boom, and yet the economy remains static at 6-7% growth rate. Recurrent expenditure of the public sector has more than doubled since 2004, leaving very little for investment.”

Refering to the highlighted questions raised by Soludo, I personally would prefer answers to these questions, rather than resorting to personal attacks and assasinations.

"Most of the data, information, or statistics or quotes that have been used, if you look at them, there is a lot of misrepresentation. I don’t want [size=23pt]to say deliberate, because that will be a little bit rude[/size]. But there was distortion of facts.

"Soludo did his best when he embarked on consolidation of the banking sector and he was adjudged the best central bank governor in the world. I don’t know where Aganga was when Soludo was in charge of the apex bank. [size=24pt]Though I do not want to sound nasty[/size], I think that Aganga does not know what he is saying.

^
this is it haaaaaaaaaaaaa

nasty b astards

Soludo should be in Jail.
Let Sanusi dig out evidence to jail him then.
For a guy openly and fearlessly attacking an administration in power, i'm begining to beleive that this guy has got no question to answer.
Let them get him arrested, he is in Nigeria.

Attacking Soludo is just ignorance and professional envy.


Soludo's contributions cannot be overlooked.


He's an economist, not a police man, and that he helped to build up the economy from subterranean depths is just a fact. If people around him and in the banking sector were extremely corrupt while he was doing so, that doesn't change his contributions.



This Aganga guy doesn't seem all that intelligent, to be lashing out so desperately like this.