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CBN Illegally Printing Money For Buhari Government - Moghalu - Politics - Nairaland

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CBN Illegally Printing Money For Buhari Government - Moghalu by dynicks(m): 2:55pm On Aug 05
Nigerian Central Bank Illegally Printing Money For Buhari Government While Pretending To Be Fighting Inflation – Ex-Central Bank Deputy Governor, Moghalu

The former Deputy Governor of the Central Bank of Nigeria (CBN), Professor Kingsley Moghalu has blamed the nation's worsening economy on the Minister of Finance, Zainab Ahmed, describing her fiscal mismanagement of Nigeria as a 'calamity'.

Moghalu, who contested to be Nigerian President in 2019 under the platform of the Young Progressives Party (YPP) and lost to President Muhammadu Buhari, regretted that the nation's apex bank which is supposed to check the excesses of the ministry of finance and the political elite has compromised under the leadership of Godwin Emefiele.

The Anambra-born political economist, who took to his Twitter handle @MoghaluKingsley, accused the current leadership of the CBN as an appendage of the government rather than being independent. "It sees itself as a quasi-fiscal agent, using its ability to print money, for the government of the day," Moghalu said.

He said the wheels have come off the Nigerian economy, which he described as a victim of a mismanaged fiscal space and a deeply compromised central bank that has sold its soul to politicians and private sector profiteers.

Moghalu stated in the tweet, "It’s not often I agree with Nigeria’s Minister of Finance Zainab Ahmed. Not because of anything but because I fundamentally disagree with what I consider her fiscal mismanagement of Nigeria. But at least she recently gave an honest assessment of how broke-assed Nigeria is now.

"As for my dear beloved @cenbank and its Governor, the less said the better. For that, I believe, is the ultimate calamity. Why? Normally, the Finance Minister directly answers to the President. Where a federal government is not reform-oriented as in the President Obasanjo era the Minister can be subjected to negative political pressure if he/she is not a strong, respected and accomplished personality like @NOIweala, of whom politicians were wary because she wasn’t exactly into one-chance bus travel masquerading as “fiscal management”.

"Moreover, President Obasanjo protected her and her reforms. President @GEJonathan strongly backed her, even if “parallel” other activities that were kept beyond her remit, eg in the petroleum sector, went on. But where a @cenbank is truly independent, as we were in our time, it can serve as a check, in the national interest, on the worst excesses of profligate politicians that often dot Nigeria’s landscape of high-level public appointments.

"In the current scenario, the leadership of the Bank evidently does not believe in the concept of central bank independence in its operations. Rather, the Bank asks “how high?” once the Presidency says “jump”. It sees itself as a quasi-fiscal agent, using its ability to print money, for the government of the day. This is what the rent-seekers and parasites that benefit from this situation justify as “unorthodox” central banking (as in, of course, central banking in Zimbabwe and Venezuela).

"Well, what’s the result today? Between a mismanaged fiscal space and a deeply compromised central bank that has sold its soul to politicians and private sector profiteers, the wheels have come off the Nigerian economy. If the CBN is busy printing money for the government through illegal Ways and Means lending, and then pretends to be fighting inflation by belated raises of the Monetary Policy Rate and what one commentator aptly termed a “dubious” cash reserve ratio policy on commercial banks, how can we fight inflation successfully?

"Please don’t tell me that “inflation is a global phenomenon” just as some will mischievously or ignorantly refer to the levels of debt to GDP ratios of advanced, productive economies. There is a difference between real global challenges and us fundamentally killing our own economy with our own hands in the service of corruption, vested interests, and incompetent political leaders.

"The combined fiscal, monetary and forex calamity superintended by the Federal Ministry of Finance, Budget and Planning, on the one hand, and the leadership of the CBN of the past 7 years, on the other, is a tragedy for Nigeria that could have been avoided. The effects on the lives of the average Nigerian are truly sad to see. This is a cautionary tale for the next President of Nigeria.

"If we want to renew and revive Nigeria’s economy, the right politics will be to do the the RIGHT thing. Let institutions that are statutorily independent be so. Let competence govern critical aspects of our national life.

"After all, when the positive results come eventually, the political leader will take the credit too! This is why I have argued that the problem is not an absence of competence in economic management in Nigeria. The problem is an absence of competent political leadership.

"The CBN is the greatest repository of fine, competent technocrats in the Nigerian public sector today. Other agencies of government have in the past relied heavily on the Bank for the secondment of competent personnel. The same caliber of economists and technocrats are still there. The politics at the top has tied their hands."

https://saharareporters.com/articles/nigerian-central-bank-illegally-printing-money-buhari-government-while-pretending-be

110 Likes 10 Shares

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by Eriokanmi: 3:05pm On Aug 05
When Gov Obaseki first raised alarm. That dull minister of finance attacked him. One dollar is 650 naira today. We've not even started yet. Wetin mallams ( bubu and finance minister) sabi with economy. Na to spend and spend...

456 Likes 36 Shares

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by Olojuobinrin(m): 3:17pm On Aug 05
Why’s the CBN printing money for Buhari in secret ? Are they mad ?

260 Likes 25 Shares

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by MuslimIgbo: 6:52pm On Aug 05
We know !

So much more for this present inflation.

But na still one OSU pig be the governor and the idiõt even had the guts to say he wants to become a president.

He was appointed when dollars was officially 170, now it's 710. Ekwensu!

I blame all the people that brought this calamity of President on us.

Rõchas
Amechî
Ohaneze people
Reverend father Mbakā
Atiku
Tinubu etc.

386 Likes 15 Shares

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by posty56: 6:52pm On Aug 05
but let's blame fintech for the fall of naira , you see why I converted all my savings into dollars ? clueless government

43 Likes

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by krisoma: 6:52pm On Aug 05
we go hear am for this country

2 Likes

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by MuslimIgbo: 6:52pm On Aug 05
embarassed

213 Likes 1 Share

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by opalu: 6:53pm On Aug 05
Super inflation

3 Likes 3 Shares

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by EzeNdigboONE: 6:53pm On Aug 05
I swear, it will never be well with all my he gbo brothers that supporter this BUHÀRl to become president.

Nigeria has never been so unfortunate. angry

261 Likes 7 Shares

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by myettiallah: 6:53pm On Aug 05
Lol
Re: CBN Illegally Printing Money For Buhari Government - Moghalu by Kingspin(m): 6:53pm On Aug 05
When do we stop electing Empty Heads as leaders?


See how Nigeria is suffering heavily for clearing voting an incompetent president. Something that could be avoidable.

45 Likes

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by orion7: 6:53pm On Aug 05
lol. Just imagine ooo

See eh I blame tinubu for Biharis failure. Because he was the one that packed this failed idiot for zombies that voted him


She I tinubu is running again now he is not telling people how he will rule, because he can’t do this. He made mistake of giving a statement about how he will manage Nigeria. We started hearing him say he will employ 1 million people in the army. And that they will eat agbado etc.


The people bringing tinubu know this !!! if he wins you won’t be spared any heartache Nigerians will feel under him. Just the way bandits are eating northerners alive, so you will suffer if you bring this calamity called tinubu to the land.

44 Likes 3 Shares

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by Riversstate: 6:53pm On Aug 05
The Nigerian Govt is stupid, foolish and lazy.

How can a country so blessed with all round natural resources be this bankrupt to the extent of printing cash. Is this not pure laziness and lack of ideas?

A Govt that only knows how to squander available resources and never thinks of producing and regenerating income.

It will never be well for Tinubu, whether you like it or not I will blame him for pushing Buhari on Nigerians when he knows he has nothing to offer.

Just because he wants to succeed him.

E go shock this old man soon, nonsense undecided

76 Likes 6 Shares

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by tuoyoojo(m): 6:54pm On Aug 05
Buhari wan scatter the alignment of the country kpatakpata

21 Likes 3 Shares

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by Olachase(m): 6:54pm On Aug 05
Apart from 440 voltage nothing fit shock me again undecided undecided undecided

251 Likes 1 Share

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by DavSagacity(m): 6:54pm On Aug 05
This government will go down as the worst and most corrupt in the history of Africa as a whole.

71 Likes 3 Shares

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by Hndrrxxx(m): 6:54pm On Aug 05
Oh now I see the reason the naira is falling everyday



This man is unbelievable

28 Likes 3 Shares

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by Killerbag36: 6:54pm On Aug 05
Eba beans nd dodo
I feel ur pain.

4 Likes 1 Share

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by Akinsete19(m): 6:54pm On Aug 05
We know - the old man has no idea on how to run a country successfully.

29 Likes 3 Shares

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by obinna58(m): 6:54pm On Aug 05
This man don do pass abacha abeg

41 Likes 2 Shares

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by heartleboy: 6:54pm On Aug 05
Nawa o
Re: CBN Illegally Printing Money For Buhari Government - Moghalu by inoki247: 6:54pm On Aug 05
ok
Re: CBN Illegally Printing Money For Buhari Government - Moghalu by Smith414: 6:54pm On Aug 05
Steady cashout

3 Likes

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by lionshare: 6:54pm On Aug 05
Sahara Reporters? Illegal? cmon
Re: CBN Illegally Printing Money For Buhari Government - Moghalu by Dididrumz(m): 6:54pm On Aug 05
Big allegation but not surprised.

The evil Buhari cannot do does not exist.

20 Likes 2 Shares

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by atinga1: 6:55pm On Aug 05
Agbado master suggested that before. Buhari is just using his advice.

50 Likes 4 Shares

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by Gsentme(m): 6:55pm On Aug 05
Worst country ever

10 Likes 2 Shares

Re: CBN Illegally Printing Money For Buhari Government - Moghalu by sleek214(m): 6:55pm On Aug 05
Not new
Re: CBN Illegally Printing Money For Buhari Government - Moghalu by specialmati(m): 6:56pm On Aug 05
grin grin grin grin buhari well if you like vote another old man as your president .na una sabi

31 Likes 2 Shares

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