ngcompass:

The Central Bank of Nigeria (CBN) might raise interest rates again this year, if the government fails to rein in spending.

Governor of the Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi, said yesterday at the Royal Institute of International Affairs, London (Chatham House), that the apex bank was ready to tighten monetary policy to curb inflation, if a much-needed fiscal contraction doesn’t materialise.

“I believe that, in an environment where there are still lots of concerns about sovereign debt, the government will have to face up to the fact that the markets are jittery about debt,” Sanusi said

Sanusi said the apex bank “wishes to see the new government (Goodluck Jonathan administration) not only reduce overall spending but also cut its overhead costs, in favour of a greater proportion of capital spending”.

“It is not so much the size of the deficit but the very low levels of investment and capital. Lots of the money is being spent on salaries and overheads, and that is inflationary.”

http://www.compassnewspaper.com/index.php?option=com_content&view=article&id=5868:-sanusi-cbn-may-raise-interest-rate-&catid=308:headlines&Itemid=600

Lagosboy:

Sanusi has been singing and screaming this statement for the last 5 months but the FG together with the over hyped Aganga and our legislooters keep ignoring the message.

GEJ has up to 100 Special advisers, another 100 Senior special advisers, then another 100 Special assistants topping it up with Senior special assistants. All these people have at least 5 different aides wich easily brings it to between 1500 and 2000 people benefiting from useless portfolios.

Dimeji Bankoles office of the speaker alone has 52 staff and below is my source if you want further info

http://www.speakersoffice.gov.ng/office.htm

How can we move foward when the speaker alone has about 4 photographers on the govt payroll. Each Legislator i believe employs another 4-8 staff under the payroll of the govt.

Maurice Ekpenyong
Chief of Staff

Peter Omolayo
Principal Staff officer

Eugene Ojogwu
S.A. Legislative Matters

Fanta Baba-Shehu
S.A. Members Affairs

Kayode Odunaro
S.A. Communications

Adenekan Gbadebo
S.A. Policy Coordination

Jerry Galadima
S.A. Speech

Abimbola Akintola
Principal Staff officer II

Motunlolu Onabolu
S.A. Legal

Samuel Onuigbo
S.A. Public Affairs

Afolabi Afuape
S.A. Politics

Musa Ebomhiana
S.A. Media

Nurudeen Abatemi-Usman
Principal Political Secretary

Idowu Bakare
Chief Press Secretary

Yusuf Shinkafi
Political Secretary

Victor Karunwi
S.A. Domestic

Ado Tundunwada
S.A. Party Affairs

Ebenezer Omodu
Political Secretary (Youths and Civil Societies)

Yinka Sosinde
Political Secretary

Kehinde Olaosebikan
Chief Photographer

Ifeoluwapo Adenigbagbe
Admin. Officer

Oladapo Sauban
P.A. Domestic

Haruna Jibrin
Admin. Officer

Babangida Abubakar
Protocol Officer

Shehu Somoye
Political Secretary

Emmanuel Oni
P.A. Protocol

Rashidat Osuolale
Secretary

Akintola Oladimeji
P.A. Political Secretaries

Kelvin Ogburie
Secretary

Irabor Ehis
Data Processing Officer

Kalambe Bukar
Head, Protocol Unit

Lawrence Uwak
Protocol Officer

Afolabi Gbadebo
Protocol Officer

Sadiq Abubakar
Protocol Officer

Gloria Ameh
Protocol Officer

Christy Olanrewaju
Protocol Officer

Hassana Abubakar
Protocol Officer

Ismaila Uba
Information Officer

Baba Abdullahi
Photographer

Abubakar Mohammed
Cameraman

Atiku Ibrahim
Chief Accountant

Bala Abdullahi
Account Officer

Nana Asein
Assistant Chief Confidential Secretary

Dorothy Nwakonobi
Principal Confidential Secretary

Nelly Foga
Secretary

Gregory Limbeabe
Senior Legislative Assistant

Patience Enemoh
Legislative Assistant

Paschal Anokwu
Admin Officer II

Ben Chukwuocha
Admin Officer II

Silas Ebenezer
Admin Officer II

Nuhu Dambaki
Clerical Officer

Anifowose Ajiboye
Clerical Officer

J12:

What is the current interest rate?

J12:

What is the current interest rate?

blink182:

It hovers between 22-28%, rarely comes down to 22% and sometimes it shoots to 32%. Where USA, UK, Japan etc have interest rates of below 2%

Fhemmmy:

I dont think the CBN rate is that high, i think you are talking about the bank rate . . . so what is the CBN current rate

blink182:

Yes, talking about bank rates, do not know cbn present rate, its usually in papers though

Fhemmmy:

Imagine such bank rate . . . and they talking about some people defaulting on loans, how many people would be able to pay back such rate back with principal ?

blink182:

Honestly, I wonder why people even go to the bank to borrow. Nigerians should be borrowing from coperatives, where they pay 10% at most

Fhemmmy:

How effective are those cooperatives and has things changed in a nation where it is always only about who you know and how many palms you could rubbed.
A nation where you want a loan of 1M Naira, but have to give a bribe of 500K to secure the loan and yet the interest rate is 22%, what a nonsense

olas2u:

The politicians dont care,we need prodcutions in the economy,rent collecting is not helping our country,production needs to take place.

blink182:

The coperatives function well, the one I belong to is ready to borrow me whatever amount provided my salary can pay it up in 12 months. 10% interest is deducted b4 u get the money so you only have to worry about returning the capital. The draw down is that you have access to very little money N1m at most.

olas2u:

The politicians dont care,we need prodcutions in the economy,rent collecting is not helping our country,production needs to take place.

olas2u:

You need electricity,there is still double taxation in lagos,people steal what they produce for you,as you are sloving one problem you are seing another one.Exchange rate increase the cost of even chinese machines
How do you expect me to live long.The most profitable is to become a politican,when you see your mates making money without stress and nobody is aksing any question,you will be socially affected and change line,join them.

blink182:

Stop complaining and start, you are not the first to do it in Lagos, btw you are in a very good market, pick the area you are interested in and start your research. Ask your mentors how they did it. Work my friend, solve problems and you will start seeing nigeria from another perspective when the cash starts flowing in.

olas2u:

But he will makes so much enemies trying to reduce the size of govt.

Lagosboy:

Which translates to Nigeria remaining underdeveloped for the next 8 years. is a bunch of 2000 parasites in govt worth more than than the future of 150 million Nigerians?

olas2u:

How will he win second term,El rufia sacked people to reduce and create efficiency in BPE,the person that came after gave jobs to his kinsmen.How do you think his kinsmen will view El-rufai who did the right thing.

Lagosboy:

Buddie, Sentiments has no place in good governance , good governance is all about doing the right thing. It is the same paddy paddy culture that has left Nigeria behind in the committee of nations. Albert Einsteen said " you cannot keep doing the same thing and expect a different result" .

A Budget of 60 % recurrent expenditure and 40% capital expenditure is a budget doomed from the start in terms of economic development.