₦airaland Forum

Nigeria’s debt profile may hit $25bn in 2015


The Debt Management Office gave an indication on Tuesday that the country’s total debt profile might hit $25bn by 2015.

The figure covers both local and foreign borrowing.

The Director-General of the DMO, Mr. Abraham Nwankwo, had met with the House of Representatives Joint Committee on Finance/Legislative Budget and Research/National Planning and Aid, Loans and Debt Management in Abuja to discuss the 2013-2015 Medium Term Expenditure Framework and Fiscal Strategy, which President Goodluck Jonathan sent to the National Assembly last month.

Nwankwo, who made a presentation to the committee, stated that external debt for this year stood at $9bn, while the figure would jump to $12.1bn in 2013.

The document showed that the projected debt for 2014 would be $14.5bn and $16.7bn in 2015.

Locally, the country would owe $6.48bn in 2012; $7.1bn in 2013; $7.7bn in 2014 and $8.4bn in 2015.

Members of the committee were alarmed by the growing debt profile of the country.

The Chairman, House Committee on Legislative Budget and Research, Mr. Opeyemi Bamidele, for instance, expressed concern that Nigeria was borrowing without hesitation.

He said, “We are aggressively borrowing in such a manner that the private sector is being stifled as the government is now the only big spender in the economy.

“The private sector cannot access funds domestically, they cannot create jobs.”

Some members observed that while the debt profile was rising, there was no evidence of how Nigeria spent the money it borrowed.

But Nwankwo countered, saying,”Every country in the world borrows, even the most financially prudent countries like Germany and the US.”

The Chairman of the committee, Mr. Abdulmunimi Jibrin, granted the Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, up to Wednesday (today) to appear before the committee to discuss the MTEF.

Sanusi had twice failed to appear before the committee in person, preferring to send representatives.

The committee noted that the MTEF as presented by the President was not realistic and insisted that government agencies in charge of managing the economy must convince the House on why it should approve the document.

Source

This is to show you how fraudulent Nigerian leaders are. A President's speech is meant to give the citizens hope. Our own President's speech is designed to mislead and deceive the people by feeding them with lies.

Heads should roll in that Jonadunce media team. What value do they add to Jonadunces image rather than drink his Sapele water and eat his cassava loaf. This is unforgivable, it is a crime against the Nigerian people. It is tantamount to arm robbery.

eGuerrilla: I once provided proof that the only academic articles attributable to Jonathan were published in some obscure Chinese Journal.
Where the thread dey sef?

Chinese Journal? CHINEKE!!! This man is an academic fraud. Not even a reputable international journal in his field.

And we question Ayite for saying the man is a joke? A President's speech is meant to give hope to the citizens. Our own President's speech is intended to deceive and mislead the citizens with false information. And you tell me Amadioha will not scatter their heads one by one.

Gbawe: My brother, a leader who has a very good grasp of the problem ,and is determined to provide innovative and adequate solutions, does not need so many image lauderers, spin-doctors, "attack dogs and media handlers. If you have seen Fashola talking and working, you will appreciate what I am saying.

GEJ has a need for these people because they are his defense for his mediocrity, cluelessness, lack of oratory skills and lack of talent as a leader. Jonathan is medicore and incapable of delivering solution because he lacks innate vision, sincerity, preparedness and problem-solving ability - unlike other leaders who truly merit their position and are not just 'stooge' choices of 'business as usual' system. Thus he must compensate with a 'defense team', maintained expensively, to mask all these deficiencies.

Balarabe Musa gets it spot on below talking about GEJ and the "standards" that obtain elsewhere no one can go below. GEJ is far below the standard for a nation with many, many intelligent and talented solutions-providers. GEJ needs an army of paid sycophants because he is below the standard required. Able leaders need no one to launder their image when solutions delivered, for the most pressing issues, speak luodly for themselves.

http://saharareporters.com/interview/balarabe-jonathan-confused-and-incompetent-news-magazine

I can't argue against your position. The Nigerian Presidency is a joke. This is a President sleeping on MTN mast. How can the future of a nation be entrusted in the hands of such a mediocre.

A PhD cannot source information correctly but lazily uses a newspaper report? We need to lay our hands on Jona's thesis. Anybody in UNIPORT to do this job? This makes nonsense of education in Nigeria.

Keep calm Jona is in control.

Reno Omokri, Others To Be Fired Over Lie In Jonathan's Independence Speech?

This is long overdue. Jona has the worst media aides ever by any Nigerian President. Even IBB and Abacha's time was not this bad.

Jona fire Oronto Douglas and Omokri now. They add no value to your image, so why keep the m0r0ns to eat your cassava bread.

Presidency probes alleged lie in Jonathan’s Independence speech

SOME of President Goodluck Jonathan’s aides may be in trouble for reportedly putting false information in the 52nd Independence anniversary speech of the President.

Jonathan in his 52nd Independence Day broadcast told Nigerians that the global corruption watch body, Transparency International, rated Nigeria second after United States in anti-corruption efforts.

The claim has been found to be untrue with many accusing Jonathan of telling a lie.

In fact, TI has reportedly denied issuing such a report.

Furious at the development, the President has reportedly ordered a probe to discover the source of the misinformation.

“In its latest report, Transparency International noted that Nigeria is the second most improved country in the effort to curb corruption. We will sustain the effort in this direction with an even stronger determination to strengthen the institutions that are statutorily entrusted with the task of ending this scourge,” Jonathan had told the nation on October 1.

The President had made a similar claim at an interdenominational church service held on Sunday as part of the activities marking the nation’s 52nd Independence anniversary.

But an online publication, Premium Times, reports that TI refuted the claim when it was contacted.

“Transparency International does not have a recent rating or report that places Nigeria as the second most improved country in the fight against corruption,” Premium Times quoted the organisation to have said in a mail.

A source said since he had based his speech on information made available to him by his aides, the President promptly ordered the probe of the source of the claim.

An insider in the Presidency told The PUNCH on Tuesday that the President’s media handlers met on the issue.

They were said to have directed one of the presidential aides, Mr. Reno Omokri, to probe the source of the false claim.

Already, Omokri had reportedly concluded his findings which showed that the piece of information was lifted from a publication in the BusinessDay of September 12, 2012 edition.

Curiously, the memo in which Omokri reported his findings to other aides had found its way to the websites of some online publications on Tuesday.

The memo was also published on the website of the Ministry of Information, http://www.fmi.gov.ng/, as a rejoinder under the headline, “Mr. President’s statement was based on notorious facts.”

In the memo, Omokri who signed simply as Reno, said the President’s claim was based on a newspaper report.

“On this issue, the media published their synopsis of the most recent Transparency International report and BusinessDay, a well respected newspaper with a bias for business reporting, in a headline on the 12th of September 2012 with the title “FG’s anti-corruption initiative impacts Nigeria’s global perception” said, ‘The survey on global corruption perceptions for 2011 versus 2001 showed that the third best improvement in the world was in Nigeria, with its score improving by 1.5 points.’

“For a section of the opposition to now cast aspersions on the integrity of the President when he relied on notorious facts (anything published in the press and which remains unchallenged is a notorious fact) is proof positive of the now obvious fact that they lack ideas on how to move Nigeria forward and would rather snipe at efforts of the President to move the nation forward for which any patriot would do.”

Official reactions normally bear the full names and designations of the authors of such documents.

Our correspondent learnt that the development had caused panic in the Presidency with fear of dismissal already gripping some top officials.

In his reaction, Special Adviser to the President on Media and Publicity, Dr. Reuben Abati, told journalists on Tuesday that Nigerians should focus more on the President’s message.

He said, “The President’s message is that this administration is tackling corruption. The revelations from the pension scam and the fuel subsidy scam as well as the sanitation of activities at the ports all came to be because the President sanctioned them.

“People should focus on the message, namely that a lot of progress has been made and is still being made to tackle corruption in the system.

“There are lot of people outside there who mislead Nigerians that nothing is being done. These people tackle individuals.

“What the President did was that he fired hope and promised his rededication to the service of the nation. There are those who are looking for a way to water down the message.”

Source

Damburuba shege banza!!!!

So after one cup of Sapele water, Jona shine eyes enter national TV dey read the lies wey in and Oronto compose eh?


Ovoko!!!

Amadioha where you dey OOOOOOO. You no go just strike these demonic people into two for us.

Dipwater: @danka pls broda are u an igboman?

@danka I have to admit that u spoke(typed) accurately and it shows that u are a well refined person

I think ojukwu didn't put his haus in order. And serves as a lesson to evri man out there

Bianca is not the first wife and I see her as a very beautiful woman withuot a brain. She shuldve listened to other members of the family b4 she went to the public. It shuldnt be about properties, she shuld fight for the placement of her children instead of competing with ojukwus elder brothers

Since they have a company that manages the estates she shuld vacate the place peacefully and allow the family member to decide the next step cuz she is not the rightful person to come out and fight for the husbands share of the late louis ojukwus property .what she is doing is what the original wife (emekas mum) shuld be doing .

I wish them gudluck and peace in settling this trivial issue

How dare you ask if Danka is an Igbo man. This is a real Igbo man speaking. They speak the truth without blinking- no self deceit. Unfortunately the war changed all these and we now have m0rons like Dede1 all over the place living a life of deceit.

Ojukwu for all the good he may have done made some mistakes. There is no denying that, he is only human. This attempt to attach an infallibility sign on Ojukwu's head by some ignorant Igbo's is where the problem lies. Truth be told if he was a bit more mature than he was before and during the war, he would not have gone into that war. He admitted this in an interview but also says he had no regret.

[quote author=ndu_chucks]You sound like an illiterate creating. This thread is not about North, open a new thread if u want to discuss North. Mum[/quote]To say people are very f00lish in Nigeria is an understatement. Ignore the dolt.

Nonsense speech, made under the influence of kaikai and cassava loaf. OBJ's speech had better promises- go and read. FDI bla bla bla when citizens are being slaughtered.

A thread for monkeys and baboons.

Yes, whoever listens to what Jona says under the influence of cassava loaf and kaikai is a "monkey and baboon".

*spits on thread*

Wakka shege banza

Rossikk: What is this buffoon talking about? Biko return to your asss kissing duties. It was your type that sold Africans to whites during the slave trade. Worthless vagabond.

The cry baby again. To your likes it is about "selling Africans". To me it is about development. It is about reducing the poverty of nations by breaking barriers. This your attitude of animosity is very primitive. You want to be seen as Pan African but beneath is a crude hate monger. You need help. You need TB Joshua and Pastor Chris to pray for you.

Rossikk: My friend stop reasoning like a MUGU. The US can afford to maintain that internal decorum because they've profited massively from their WORLDWIDE DESPOILATION, you know, little things like invading nations on flimsy excuses to steal their oil, installing corrupt puppets in resource rich countries, sponsoring 'rebels' to overthrow govts which refuse to bow to them, slavery, economic exploitation of foreign territories etc... THAT'S SENIOR corruption we're talking about. Corruption that kills billions, and nets you trillions. Nigerian corruption in comparison, is akin to attacking an office messenger for stealing a sandwich while ignoring the pen robbing execs stealing millions in the boardroom.

Hehehe this man again. Papa Afrika of Nairaland. You have not even united two local governments in your village yet you want to unite the whole Africa and form "United States of Africa". You need help O.

This your cry baby mentality will do you and Africa no good. Will you cry forever? It is time to take responsibility for what happens in Africa today. It is time leaders acted responsibly in Africa. If you create loopholes, the West will exploit it. They are competitors but they could also be partners. This is what we have learnt from the East Asians today.

Yes enough harm was done through slavery and colonialism but for how long are you going to keep crying? How long are your leaders going to keep stealing money meant to fight minor ailments such as malaria? If what happens in the West today is corruption then what happens in Nigeria today is cannibalism. People eating and destroying their own.

The lesson learnt from the East Asians is an "against all odds" lesson. They hardly have anything, no one gave them a chance to prosper but today they have witnessed tremendous progress through partnering and competing with the West. If they had kept crying like you they would not have achieved anything. If their leaders had channeled capital for development into buying houses in London, they will not have been anywhere today.

The time for Africa and Africans to rise is now. Enough of the 'cry baby' mentality being championed by your likes. It is time to compete and partner for the sake of billions who live in poverty today. I ask again, for how long are you going to keep crying, will it bring Africans out of poverty?

taharqa: Why dont you shut up if you do not know wot you are talking. Cant understand why ignorant peeps make assertions in public confidently!it beats me everytime....meanwhile in d world of facts, Nigeria had by far d highest FDI in Africa last year at about $9billion *smhv*

Mumu talk, you are talking to a scholar who has studied capital flows around the world.

Firstly Africa has a very low percentage of worldwide FDI flows. So Nigeria attracting $9billion does not make any difference. Does it drive development? That is the issue.

Secondly, what percentage of your $9 billion is in the non-extractive industries. That is why I asked, what type of FDI do you as a country want to attract? Do you want FDIs that will add value to your economy or FDIs that will steal your natural resources and give little in return?

The choice is yours as a nation. Put your house in order and FDI that drives development will flow.

Pataki: When our foolish president cannot explicitly state what is wrong with his wife to the people who voted him in, please allow all sorts of medical reports to be stated about her.

Whether SaharaReporters is right or wrong here is not my bone of contention. My bone of contention lies in an idiotic president who chooses to tell lies to his people about his wife's predicament and condition.

As I once said, so I still maintain: Rest in Pieces, Patience. The blood of innocent poor Nigerians that you and your husband have shed will cry out for justice.

He should also tell the people who voted him in Madam's best position Abeg make una leave them O. They need a bit of privacy.

Demdem: The same point i keep on emphasizing. The other day Richard Branson of the virgin group told the whole world that he will never invest in Nigeria just because of corrupt officials. If Branson from UK is telling his fellow investors not to go, who is Blair or Rice that will convince them? We are just deceiving ourselves.

https://www.nairaland.com/1000807/richard-bransons-verdict-doing-business

If you understand the way Vodacom pulled out from the ECONET deal then you will understand this. These guys are not foolish. The ones we were able to attract through the GSM deals had way too generous financial incentives to attract them. They were given import waivers for years to bring in their equipment. Some of them like ECONET even sourced for capital from domestic sources such that there was hardly any net inflow of capital from their investments.

What kind of FDIs do we want to attract? The quality of FDI is also an issue. With the way our country is organised, we will continue to attract the mediocre's and also on a small scale that will hardly bring any net benefits to our economy.

Tony Blair that has lost every respect from his people comes to advice Nigerians.

Because he is yet to answer for his war crimes? Osanobuwaaaaaa O, lekwanum anya.

With the number of 'Investor and tourism fora' past and present governments have held with so called "potential investors", by now Nigeria ought to be a haven for FDI. But this is not the case. Why give these people our tea and sandwich for free when they are unwilling to invest. I dare Jona to even serve them cassava bread and see if that will convince them to come.

The truth is investors are not moved by just words. Nigeria is a high risk destination and something must compensate for these potential risks if these guys are to move in. These guys are not stupid, they spend a huge part of their resources assessing and managing risk. I give you an example, with corruption in Nigeria, it will be very difficult for a UK firm to come invest in Nigeria. Why? There are strong anti-bribery laws for UK MNCs and their associates operating in foreign countries. No one wants to be caught in the web. So put your house in order, FDIs will flow.

Pukkah: Dele Momodu's write-up is a good one at least from a literary perspective although most of the issues raised therein are not new. There is hardly any of it that has not been debated on this forum. Just a few days ago, I had cause to comment on Sanusi's love for controversy and attention in addition to unbridled arrogance, brashness and rudeness. Sanusi is his own enemy and many people, especially his public admirers, don't really 'know' him very well.

This is why I find it curious that 'Suraj Oyewale' is sticking out his neck all because of a controversial figure like Sanusi. My advice for you is to defend policies/issues and not be a fanatical follower of any public figure. There is more to all this that meets the eye than your pen can see. Recall that I pointed out to you on another thread to stop beating your chest that Sanusi is not interested in politics?

In trying to defend Sanusi, you went a bit too far and became guilty of what Momodu himself was guilty of - personal attacks or argumentum ad hominem. Why voluntarily and freely enmesh yourself in a fight which 'real reasons' you may not know? Why go to the extent of taking potshots at Babangida, Abacha and those 'brilliant' bankers because of Sanusi? Out there, the plot of what you are seeing is thick and the web is complex and I think you should not plunge into it except you want to dive into it because of yourself (convictions, principles, etc) and not because of anybody.

If you wish to be an activist, whether on Twitter or wherever, carve your own niche and be your own man. Unless there is also more to this, I wonder what you stand to gain by being known as Sanusi's man.

I'm sorry but no one is Sanusi's man. However, when you see articles such as this by Dele Momodu, you are forced to defend the man. I have read several articles that do not discuss the issues but attack the man. Even when they attempt to discuss the issues, they miss the point totally. Why attack the man with so much hate? He is an 'aboki' abi? These are the things you see and you tell yourself you will stand by the man.

What has he done wrong on his job as the CBN governor if not that he is a northerner and "northerners do not deserve to be intelligent".

BOOOOO!!!!

Dele Momodu telling us why Nigeria is a mess and will not change but we cease to believe this trash. It is not dictatorship but reform. Most reforms have always met stiff resistance in most economies- see Thatcher's austerity plan in Britain in the early 1980's. I can imagine what Britain would have been today if Thatcher did not take those hard measures during Britain's debt crisis of the 1970's and early 1980's. Is She loved by many today? No!!! But the truth remains She did the right things given Britain's economic condition at the time. It is difficult to change people from the old order but it has to be done if you want to move forward.

It is the same thing with Fashola today who tries to instill an orderly way of life in the people but meets a stiff resistance by the citizens and even his Oga Asiwaju.

Dele Momodu has always benefited from cronyism and so will deride anyone who seeks to change that order.

Remii: These hard measures are neccessary but I am not sure that Sanusi is going about it the right way. These govt made billionires will just close shops, lay off workers and worsen already precarious economic conditions.

The loans did not fall from the sky. Credit is from aggregate savings in the economy and if these debtors are not able to repay these loans, it means aggregate savings will possibly be eroded. You are talking of far more social consequences than these debtors laying off their workers.

It is about time I must say. How do you give more credit to high risk entities that seem unable to service existing loans? How do you give out loans running into billions to a company controlled by Otedola where ethics and corporate governance is next to zero? The loans have been rescheduled time and time again by AMCON yet these guys seem unable to service these debts.

We go kill ourselves for them?

Of all the cases of celeb domestic violence in naija, no one vex me like Black Arrow beating up his wife.

How can an ugly man like Segun Arinze beat up a woman?

In fact RIP Naija women.

isangedigh: Arent U ashamed of urself? Able bodied individuals just sleeping around the place...whoiz gonna do the work...Wait for the first bag infact U wud be supplied weekly from my farm here in Delta. Mtchew....

Its obvious U dont know how an economy is run.

I will love to eat rice from your farm.
However, that your farm wey boys dey throw short put, abeg no give me rice from there O. This one wey food poison dey everywhere.

Back to sleep. Wake me up when the first bag of rice lands.

Pukkah: The exchange rate example you gave is a good one and the consequence which you noted is correct. Yes, the masses are not always right, but as stakeholders, they have the right to get agitated and apprehensive on whatever policies they believe would affect them, adversely for that matter.

This is why the government needs to massively educate and orientate them instead of forcing things down their throats. Of what benefit it is for a politician to win a policy argument but lose the people?

In conclusion, it is true that the masses are not always right. It is also true that the masses are not always wrong.

Thank you very much.

You may have read, Chinua Achebe's, "A man of the people". If you have not read that book, I advice you read it. I advice everyone also reads that wonderful Achebe classic. It was written in 1966 but depicts and is still relevant to the Nigeria we all live in today.

Bottom line is, some of the decisions that need to be made to move Nigeria forward are very difficult decisions that the people will not agree with today. However, it must be done if the country is to move forward.

Pukkah: Like I wrote here yesterday, in whose interest is the introduction of the N5'000 notes when the country has not even reaped 10% of the tremendous benefits of the cash-less system? Is it not contradictory to improve the portability of the naira (at a cost) and at the same time preach the need to go cash-less (also at a cost). Please note that I understand that the motive of the cash-less is to reduce the volume of cash in circulation as much as possible. This contradiction which I noted above is needless, it is costly, and it is capable of confusing the citizens. Every pragmatic leader tries not to confuse or confound his citizens.

Again, I ask, who are we trying to make it easy for to carry cash around when we have boundless opportunities to deepen cash-less Lagos and extend it to the remaining parts of the country? With a successful cash-less, what would be the rate at which the N5000 notes would move around? A lawmaker even said that his people don't at present accept N1000 notes let alone N5000. Are we trying to make it easier for those who build vaults at homes and stash away their proceeds of graft in N5000 notes? What really is the strong case for the N5000 notes and where are the independent people who are publicly supporting it?


Have we thought of converting the countless traders in Computer Village, Ikeja, Ketu and Oke Arin in Lagos, Kano, Onitsha and Aba? Who are the people that the CBN wants to mint the N5000 notes for? The corrupt? - in order to make bribery easier? The robbers? - in order to make stealing easier? The party goers? - in order to make 'spraying of notes' more ostentatious? We need more trail of spending (as assured by the cash-less scheme) and not less trail which is a fertile avenue for corruption.

The argument against coins is even a non-brainer. The coins that were introduced in 2005 failed woefully and dismally even though banks forced them on their customers. Has Sanusi told us about his findings on how and why those beautiful coins of 2005 failed so dismally? How about the public funds that were spent on the coins that went down the drain?

Nigeria is a funny place, take it or leave it, coins have a way of pushing up prices in Nigeria. Have they told us what they have put in place to ensure that the coins they want to introduce this time around will be a success? Can you confidently tell me that the corrupt policeman would collect his usual bribe in N20 coins? Why are most (if not all) retail prices in Nigeria are round figures? How come there are no items sold with coins on top of the price? Which government organ has researched into this and recommended home-grown solutions?

Let's learn from the past. Let's implement economic policies that take our peculiar environment into consideration. This is why economics is a 'social' science and not a physical science. Any economic policy that does not improve the lives of the people is useless.

On another note, I think it is high time the National Assembly split the current CBN into two - one to regulate the Financial Services industry (banks and all) and the Bank of Nigeria (to focus on monetary policies and currency management). The powers of the current CBN are too wide.

Firstly, to say printing of a higher denomination and the cash-less initiative is contradictory is not right. Both initiatives complement each other. What the higher bills does just like the cash-less initiative is to reduce the number of notes in circulation. Take five of those 1000 naira notes and put into one note. It is less handling cost, less storage cost and less cost to mint the notes for the CBN and the economy on the whole. When you say costly, I don't know what you mean. Do you negate the potential savings to the economy? It is about cost-benefit and not costs alone.

Secondly to say higher bills will promote crime is one of the worst argument I have heard about this issue. The truth is, every initiative in finance is a room for criminal activities. Do we then let such criminals hold us from doing what is right? I will give you an example, Foreign Direct Investments is a very viable means of development finance. However, this same FDI is known to be one of the major ways of financing International crime. Do we then do away with FDIs because it promotes criminal activities thus negating the benefits for development?


On coins, I have heard the argument that Nigerians don't like using coins. However, I have not heard the same people say not using coins is a total waste on the economy. I have coins here minted in 1982, now show me any Nigerian currency minted in 2000. That is a waste for the system. The truth is transactions at the low end with a high velocity should be done with coins to prevent the wear of notes and thus save the economy money. Nigerians used coins in the past, I used coins in my early days, so the question should be what happened and not Nigerians don't like using coins. I have been shopping with a friend who gave the attendant 2p and 1p coins for payment and she laughed over it when we left saying, "I gave him all my change". The truth is, no one likes using coins even in Europe but you just have to use it.

I have asked those who argue that making those lower denominations into coins will cause "pure water to increase to 50 naira" this question, "If I turn 500 naira notes into coins, will the price of pure water become 1000 naira"? However, I am yet to get any meaningful response. If you cannot prove that the minimum goods in the market will rise to this price, then how did you arrive at a conclusion on the causality between coinage and inflation.

On splitting the current CBN. Let us not forget the added bureaucracy that comes with setting more departments to run the affairs of the financial system. Even in England, there are plans to abolish the FSA which was formed in 2001 and transfer some of its roles back to the Bank of England. The truth is banks have a major impact on the monetary environment and should thus be regulated by those who make these monetary policies.

Ryabcool: then you're suggesting the naira should be devalued further still? Leave the naira the way it is. That is what the populace is asking for. They are not asking for the revaluation of the naira

Devaluation could be good and could also be bad. The same way revaluing a currency could be good and also be bad.

The point is, it is not about what the masses think. It is about what is best for an economy at a particular point in time.

Ryabcool: but still, it is their opinion and right. Let them have have they want.

It is their opinion and right abi? If I tell you and those "masses" today that I want to fix the naira at 20 naira to a dollar, the masses will praise me. Why not, of course cheaper foreign exchange and cheaper imports.

However, it will be a disaster for the economy as the reserves will run out within a month.

So are the "masses" always right?

It is about issues and policies and not the "masses".

So before Lamido Sanusi and the CBN set the exchange rate, the MPR and apply monetary policy tools or even decide which assets to hold reserves, they must inform the Senate. How ridiculous, these are the things that affect the value of the naira if not applied appropriately and optimally and not the currency reform.

The Senators should quit using the Senate to fight an ego war. We know the National Assembly is a huge joke but this seems to have gone too far. The things that truly devalue the naira is not being focused on.

A National Assembly veto's a budget with a huge deficit, with their salaries forming a huge part of this and then we have to finance this deficit by borrowing and the same National Assembly expects the naira's value to rise? This is a big joke.

One thing is certain, if SLS and the CBN do not reform the currency today, someone else will attempt it. The currency regime as we have it today is a total waste on the system.