₦airaland Forum

a 490

None of the above

All this stems from our over valuation of imported goods. We always seem to feel something from another continent is superior to ours , a  facility we have extended to the Caucasians from SA,   Nigerians with foreign qualification are often over rated, with little to no consideration given to the actual competence of the individual. It is only in Africa that I know of, where  foreigners are given preferential treatment at the expense of the citizens. Elsewhere the situation is reversed.

I remembered an incidence  of a few years back. Some colleagues were discussing the plight of the African continent. One of the GMs, a South African of Caucasian descent, used the phrase 'We Africans' (making reference to himself) to which another colleague, of similar Caucasian heritage, cautioned him that his use of the phrase to include himself was insulting to him (i.e. the GM) and his family. I really felt like beating some respect into his blonde head for uttering such crap . The whole crop of them were technicians who were brought in as management staff simply to appease the goons in the oil sector.

nich:
just wondering: how come [b]b[/b]iina is in team a?

initially in error, but decided to stick with it.

a 488

sistawoman:
What does Ati Emi na mean?  Yoruba

and me too

Having regular power supply and security would go a long way in helping us develop.
Guys like this could get jobs in outsourced support centers or in assembly plants.

mikeansy:
For your information the thread "Soludo in his own words" was started by me

There videos of all what Soludo said and his views on where to take the economy to was made available.

I dont know what proof you need, even the video you posted here, I posted 2 weeks ago and I am glad you have taken time to watch that video it is only unfortunate that you chose to spin what Soludo said into something else.

No where in that video did the CBN Governor say local banks will finance the FG Budget . . . .  you said otherwise.
Why anything else other than what Soludo actually said in the video will prove anything to you beyond what is available in the video is strange to me.

I wish you good luck, but certainly those who opinion matter know that the man has done his bit.

This is how somebody came to tell us Shamsudeen Usman was responsible for Soludo's success at CBN even though Usman was replaced as Finance minister withing 18months for lack of performance. Usman has not even achieved anything as planning minster.

How many threads have you opened to question Usman's performance? Nada. . . . . .

Your likes are why Nigeria may not see civilization in the next 50 years.

Instead of viewing things objectively and sticking by the truth you view everything through a ridiculous prism which only folks who think like you can understand.

The reason I respect Soludo is not even about Economics, its because in the face of so much fire and malice from your type he has kept his cool stayed above board, remained professional and sticking to what he knows how to do best which is doing that which is for the greater good of our country Nigeria.

<facepalm>
It is simply hopeless

yicob:
Na igbin ilako dayo dey find. Watsgud biina ?

no mind the igbinedion jare, wey him suppose go find im igbin for sexuality.

I dey here dey manage. dey try think how I go fit make 50 Naira from 50 kobo. d wahala dey tire man sef.

dayokanu:
Na wa see scope!!!!

Me sef I wan chop IGBIN. How can I get a store Can any NL pretty single female help me with the IGBIN chase.

I dey find where I fit see snail chop.

which kain snail u dey find, ehn? se na Igbin onirun or which one?
just be careful make u no go wound

ikeyman00:
biina

oboy hahh wether na shop or not these are talented professional

unlike the ones here that love to talk like this,oh i cant come back to nigeria cuz emmm my precious field hasnt be tapped

eyaaaaaaaaa oooo

hah

haba! dat one na indirect free kick o!

mikeansy:
you are so funny  

do u know how ridiculous your demands are

A video is there from the man's mouth and you are telling me to provide text. Well if you dont understand spoken English most guys on Nairaland do which is why I wont bother to product any text.

The reason I asked you to produce the full text initially was because you went to type the bit that interest you and took it out of context. I wont bother because the video is there for all to see.

What you and I say here will not change Soludo's future. If he will get a second term he will get. Honest Economists in the country know that he did well.

What you want to make of the interview is entirely up to you.

Saying my demands are ridiculous is very rich, coming from a guy who made a demand for a full text of the transcript  (that he now tries to justify) while making baseless fanboy statements. Typical of the average Nigerian who prefers to use different measures as it suits him.

Stop trying to make the discussion into what it is not. I said Soludo made a statement, you claimed otherwise. You said I quoted him out of context, and yet you have failed to provide an iota of data to put it in the 'full context'. Rather, you delighted in bringing in extraneous issues into the discussion. You have made no meaningful contribution to the exchange.

The OT was about the financing of the budget deficit, and was not about Soludo's second term in office. In all fairness to Soludo, the fact that he said the deficit could be financed locally, does not (in any way) make it the compulsory choice for the FG (though one can argue against foreign sourcing)

The fact that in four posts you have provided no evidence speaks volumes to your fanboism.

Nigeria would be a better place if people can reason based on facts, and not take positions based on sentiments of one form or the other.

mikeansy:
the video is there for all to see

He did not say local banks will fund FG budget

local banks can not fund FG budget

at a time when most banks in most countries are suffering from economic meltdown and most countries are turning to their federal reserve bank for help it is shocking that anyone will think or believe that the FG will rely on ordinary banks to fund our National budget. To suggest that a CBN Governor will say that is even more shocking.

A situation where the Central Bank of Nigeria relies on local Banks to fund National Budget is not an economic meltdown, its an economic collapse and I doubt Nigeria is in such a situation yet.

As usual, you couldn't provide a single quote  in support of your statements, and keep trying to broaden the discussion. Typical of a fan boy.

The discussion was never about the feasibility of the proposed financing, but rather if soludo made the statement or not. Telling me why local banks cannot finance the budget deficit is irrelevant to the issue

Issue: Did soludo say that the Nigerian banking system could finance the federal budget deficit? Yes/No

Binna: Yes, Evidence in Soludo's own words is "Indeed the banking system's credit to the economy, financing the economy, is bigger than the totality of  federal government expenditure. Is, is the system today, that when all the states are going to be running deficits, at about  eight hundred and something  billion, the federal government is going to be running deficit, who is going to finance all of these? It is the banking system"

Mikeansy: No, but I have no evidence

Like I said earlier, provide a quote from the interview to support your position or stop wasting posts.

mikeansy:
My brother you heard what you want to hear

you are simply producing a snap shot of the text so you could take it out of context. Produce the text of everything he said and re-analyse it and tell yourself the truth.

What he said is at a time when their is lack of liquidity and capital flow arround the world their is credit available in Nigeria. The comparison of the credit available with the Federal Government budget cost was just to show how enourmous the credit available is.

When he talked about the amount of FG budget deficit and State Gov budget deficit, he was pointing out how much difficulties the Government will face going forward and why the economy needs funding from somewhere else.

Remember the so called credit availability Soludo is talking about is the sum of credit available in all the Banks put together, some of which are International Banks.

The idea that South African banks operating in Nigeria will take part in funding FG Budget is unthinkable and even unthinkable that the CBN Governor will suggest that.

This guy was talking about loan availability to the Private sector and small businesses at a time when their is a deep in FG revenue.

What will lead Nigeria into borrowing is the waste and corruption in NNPC; and the fact that we have refused to diversify.

If you want to blame the CBN Governor for mismanagement of revenue in the petroleum industry then by all means make yourself feel good and do just that.

I heard what he said. The interview is there for anyone who cares to watch.

I have not taken him out of context. I provided a link to the video and went as far as giving an excerpt from the transcript, both info buttressing my point.

You, on the other hand, seem to be willing to excuse him at any cost. You have not questioned the veracity of the quote, but rather made baseless statements of it being quoted out of context.  If you are so convinced of your argument, please produce the full or part text (in verbatim) that proves your point, instead of paraphrasing in dubious terms.

Soludo was talking about the gains of the consolidation of the Nigerian banking sector. He listed the increase in number of depositors, credit facilities to the economy, credit capacity, SME funding etc. At no point was he referring to the international banking community. You can argue that he might have gotten carried away, but to deny the statement does little for your credibility.

I have never said that the CBN governor was responsible for the budget deficit. I only said that why go to the world bank when he said we could source the funds locally.

All you are doing is grasping at straws and introducing extraneous factors so as to lead the discussion astray from the original issue.The guy said it and it is there for all to see/hear. I am not interested if your  are deluded into thinking otherwise.

Unless you provide concrete evidence (like quotes from said interview) to support your position or counter mine, this discussion is pointless as I do not have the time to humor your fanboy tendency.

mikeansy:
please am I missing something

Financing the economy and private sector is not equal to sponsoring Federal Government Budget

he meant loans given to small businesses to support the economy at a time when their is an economic meltdown and the federal and states Governments are hurting.

To finance Budget means banks will be funding everything including defence (Military), all Government institutions and ministries. No Bank in the world has the capacity fund its country's budget anywhere in the world.

People should stop taking what others say out of context.

He even went further to say some of the challenges he is facing include poor identity system. He gave example using Cyril Stober and the dificulties he will have accessing small loans and why its necessary to carry out these reforms.

He meant bottom up funding of the economy and not financing Federal Government Budget.

Firstly, please check my original post. You do not finance an entire budget on credit (else what are taxes, duties etc for?), rather you use the credit to finance the budget deficit. When discussing financing a budget from a credit source, it implicitly refers to the deficit. You don't borrow money that you have.

Quoting the transcript of the interview:

. . . .Indeed the banking system credit to the economy, financing the economy, is bigger than the totality of  federal government expenditure.
is, is the system today, that when all the states are going to be running deficits, at about  eight hundred and something  billion, the federal government is going to be running deficit, who is going to finance all of these? It is the banking system . . . . .

In the first part he claims that the banking sectors credit capacity is greater than the totality of the federal government expenditure (i.e. budget cost) which means they could finance the entire government expenditure.
In the second part,  he claims that the banking sector can finance the budget deficit of both the states and federal government.

So Soludo did indeed claim both that they can finance  the entire budget, and that they can finance the budget deficit. The latter being the only part relevant to the discussion.

a 488

mikeansy:
Soludo said Nigerian Banks will fund Federal Government Budget?

Can you produce any proof?

A youtube video will do.

Hope this is enough proof.
The part of interest is from 3:11-3:45 (specifically 3:30)

[flash=480,385]
https://www.youtube.com/watch?v=WxsNl3xRhf4[/flash]

mikeansy:
Nigerian Banks finance federal Government Budget

do u honestly believe that the cbn regardless of who its governor is, is responsible for the corruption and waste that has meant we can't even finance our budget anymore.

if u were the ceo of first bank or uba, will u fund such a corrupt government who do actually has some element of over ur business and policies. these banks are private businesses and do not have the capacity to fund 1tr naira budget.

Leave Soludo alone. If NNPC is made to be accountable we will not need to borrow any money for budget.

Leave Soludo alone.

While I don't see the logic behind such statements, I cannot leave Soludo alone, as he made the comments himself as one of the benefits of the consolidation exercise (which as far as I am concerned is an exercise on a financial treadmill). Some less informed people on NL will have us believe otherwise.

e be like say my good work for here don finis.
my guy make sure say u collect all the addresses o!
make u na dey carry go!!!

Tampa Rays:
Hi FL Gators,don't be surprise its me This Life,,I have to change my username here due to certain misconception from NL operators,Please jus help me get the address or location.I am for real and don't mind these bad belle people.If I need romance I for go Romance section.
@biina & co,,na which one una dey now? I tell you say I dey look for woman?  am cool by myself here.We can be of help to ourselves in many ways beyond wetin una dey think,,I can cook real good,,I mean any kind African food so I no need to ask for woman help in that regards.

my guy, u too shy. no fear, I go help u say wetin dey ur mind.
Abi no be so e dey for bible (Ecc 4:11)

@osisi
That was in bad taste

Between your legs on the road tom perdition

Scent of a woman BYL

@ikeyman00
na ur shop be dat?

bawomolo:
their books aren't real 

Of course that is one of the core problems of the banking sector and it stems from poor supervision on the part of the CBN.
But don't say that in the ears of the Soludo supporters. In their eyes, banking consolidation in Nigeria is the best thing since sliced bread

ol' boi as I see u for dat pic,e be like say u need plenty other thins b4 woman

A 486

@tubabie
pls keep to the rules

I thought Soludo said that one of the gains of consolidation was that the budget deficit would be financed by the Nigerian banks. What happened to that option?

HeatFusion:
ROTFLMAO. Abi se you want some directions too?

Leave am for am. na my bros own dey for junction, make we clear am first.

HeatFusion:
aiight.

Will just have to employ you as his chauffeur

chauffeur ke?
nothin concern my agbero with danfo overload!
na here God help me reach. after dat, he is on his own

HeatFusion:
Yicob, oogbadun at all

@biina
e matter o.

ok even if u no wan do am ursef. make d guy send u im cv for screening, make u help am find sista 'wey go show am the store' for florida. I sure say u still get plenty connexions for dat side.
Please no leave my guy at the mercy of aparo and sandwiches!

[quote author=FL Gators! link=topic=271019.msg3859534#msg3859534 date=1242170223]@biinaLOL. . . .Can't show him the store anywaz. I don't live around there anymore.

rotflmao. . . .you guys are mean [/quote]dat one no matter. u still fit come down, come show am the place. i sure say im ready to pay for ur waka