₦airaland Forum

banom:
i know yorubas on this forum will come here voting for fashola, honestly i have stayed both in rivers and lagos in this regime, when compared to amaechi, fashola is a big looser.

Lagos is made up of a bigger percentage of private sector than public sector. The private sector supplies the income that helps in maintaining the public sector. Enugu, like Imo state, is made up of almost 80% public sector. Salaries of government workers alone takes up alot of government's money. Yet the governor is able to carve out development effectively. Imagine what he would have done if there were more IGR through the private sector. Chime has achieved everything that Fashola can boast of. Is it Roads, Hospitals, Schools, Security, Clean environment, Traffic Lights, Transportation (Rail, Bus, Cab etc), Security etc. These he did with little income. That is why he is the best.

Part of the justification for that huge percentage to the Federal Government was its management of many public facilities like NITEL, PHCN, Nigerian Ports Authority, Airports, Nigerian Airways Limited, Nigerian National Shipping Line, National Insurance Corporation of Nigeria, Ajaokuta Steel Company, National Fertiliser Company of Nigeria (NAFCON), Nigerian Aviation Handling Company Limited, Nigerian Sugar Company, Bacita, and other agencies.

Now that the Federal Government has privatised or sold these agencies and expresses its clear desire to engage private capital to do more, the case for keeping that large chunk of the Federation’s account is obviously no longer tenable or meritorious.

experts:
@ dis guy, this topic was posted 1 year two months ago, that was when saraki the father and gbemi has not left pdp for ACPN, that was when Bukola saraki as not presented his own candidate.

everything stated in this thread as come to pass just as the writer predicted.


it was all a game plan. gbemi will be given another federal appointment and u still think she looses?

if you still think saraki the father looses, by successfully making his son the godson/father after him,replacing his sister as senator,giving the sister either ministerial, or ambassador appointment,succesfully fixing all the state house of assembly members.

if that means loosing, then u re on your own.

Dauchman:
I think some people have gotten the wrong idea. The CBN is not saying you cannot take out more than 150k from your account at any given time, the thing is you cannot take it out as cash or you get fined, so you have to use some form of e-payment to do this.

I think the right questions now would be to ask the CBN how they intend to make e-payments work properly before enforcing this, considering that power and the infrastructure needed to have a good payment system is not in place. For example our internet services is still light years behind. And of course the banks cannot improve this on their own. There has to be very good and fast payment systems on ground for this to work. So that people can sit in their homes, on their banks internet banking page they can make transfers to anyone in the country and outside the country, without having to go to the bank.

They have to consider all the necessary things needed before adopting this new measure in 2012 or it would cause chaos instead of helping the system.

P.S a cashless society is very ideal, it would save a lot of problems if we get it right. It would also help reduce corruption as we would have evidence of every transaction carried out.

Sagewood:
This is a complete Idiotic move. I am losing my respect for Sanusi. A case of leaping before thinking and putting the cart before the horse.
Simple and common sense would dictate that CBN set up necessary systems in place before even attempting this draconian and dictatorial imposition. IT IS DOOMED! Besides, there is no where on earth that this sort of banking practice is in place. A step in the wrong direction. What will happen to millions of rural dwellers and small business people across the country? How about many illiterate traders? A court challenge will be mounted to stop this madness.

Even with the master plans (freely accessible online) for the cities mentioned, the state government can't go it alone. These cities need significant infrastructural adjustments which ofcourse requires enormous funds.

hardywaltz:
u see what i was saying? it was Akwa Ibom that had its oil wells withdrawn from them not Cross Rivers

That was also the scenario in 2002 when it appeared that the dispute between Akwa Ibom and Cross River states should have been settled by the October 10, 2002 judgment of the International Court of Justice, on the land and maritime boundary case between Nigeria and Cameroun, as it wiped out what used to be the estuarial sector of Cross River State as a result of Cameroun. But it was not until 2009, during the late President Umaru Yar'Adua's administration, that the decision was taken to cede the disputed oil wells to Akwa Ibom.

Akwa Ibom in 2007, alleged it was being denied the derivation revenue from 332 oil wells originally belonging to the state and, upon the former president's intervention and subjection of the matter to court interpretation, about 247 of the oil wells, being 171 from Rivers and 76 from Cross River State, were returned to it on June 9, 2009, with the derivations accruable between 2004 and 2009, totalling about N31.37 billion. Rivers State was equally ordered to refund over N170.58 billion to Akwa Ibom State as payment of derivation revenues wrongly paid to it within the five-year period on account of those oil wells.

Although it took a while for Cross River, which as a result of the transfer of the oil wells ceased to be a member of the oil-producing states and the attendant loss of the 13 per cent derivation, to comply with the directive, that of Rivers State lingered until the Supreme Court judgment, which ruled that 86 of these oil wells belonged to it and not Akwa Ibom State.

The US still deals with the cost. We still move cash around, and have no plans of doing away with our cash. Every day new notes are printed and old ones destroyed. It costs money but it is not going away anytime soon. Not everyone has an ATM machine and that right to have one, or not own one is still respected. The right to choose to carry your money around with you in cash or in gold is still respected.

Kobojunkie:
Corporate accounts are not for all businesses. Most businesses in Nigeria operate as sole proprietorships and not as corperate entities. Also, in a country where much of the economy remains underground, some stores does not equal most stores, unless you are trying to say that the traders in Tejuosho, Mile12, etc now use electronic payment.
What do you mean "the case of the US is different, record keeping is higher, most transaction details can be traced, violent bank robbery probably not as high anymore"?? Are you suggesting this came about as a result of the move to increase electronic banking? Cause if that is what you are saying, I will say right now it didn't!! Good record keeping practices etc came centuries before electronic banking/transactions came in --- electronic only helped build upon what was already available. Also move to using automated systems comes with so many of it's own problems that we have not been doing such a good job with for a while now.

That aside, I still do not think the penalty on transactions makes sense.

yeswecan:
The bold sums up the feeble in this policy. While it is laudable to encourage electronic transactions, cash transactions are also needed because a lot of small businesses depends on it. The Onitsha trader who has to withdraw every market day to pay his suppliers, the northern tomatoes trader who transacts directly from her Waist Purse. They are part of the economy and we have to stop enacting policies to penalise them.

This only state again as fact that Sanusi is a radical - he may have good intentions but his measures are too strict. How can you penalise one for withdrawing his or her own money? his terrible choice of word "penalty" indeed

Kobojunkie:
Considering the cost of goods in Nigeria, 150,000 limit on daily deposit/withdrawals(Note: This is not just on ATM Deposits/Withdrawals but on general bank transactions) is near trying to move the country to cashless economy. I don't know if you have ever worked in a store-- as clerk or sales manager. That amount is small for many average sized businesses to deposit/withdraw.

Worse, getting penalized for wanting to withdraw your own money does not make sense to me and many people who have their money in the bank. If I walked into a bank and got told I had to pay 1% in fees simply for withdrawing $750 dollars, I would pull all my money out of that bank and stuff it under my mattress instead. 

Here in the US, you can walk into a bank and withdraw as much as you need(no penalties) as long as it is your money. I could not tell you I understand why any country would want to penalize people for withdrawing their own money.

mbulela:
rotten lies.
the thred title is very misleading.
listen to Otokx and his like.
people that are on the ground.
this project is a very long way from being completed.i mean very long way off.
Amaechi is trying but there is a lot to be done and the contractor handling the Agip roundabout road project should be jailed for life.
Those living in that Agip axis ought to march unclothed to govt house.
the state of roads on that axis is awful.
The quality of road projects in the state are very questionable.
you wonder if after paying egunje there was little left for the contractors to do good jobs.
an exception is the Oginigba road.well done.

otondo55:
Mr Man, Even as your imposing this limit,

Also tell us what you intend to achieve with this, step by step.

You MUST seek people's opinion before such is carried out.

The necessary infrastructure must be keep in place unlike

what we are experiencing with the ATM currently.

It MUST NEVER be a fire bridge approach

OWOLAYEMO:
Occassions will determine what the president wears! GEJ is Behind enough to know what to wear. Delta no dey carry last.