₦airaland Forum

Leke Baiyewu and Ramon Oladimeji

A Senior Advocate of Nigeria, Dr. Olisa Agbakoba, has said Nigeria will continue to wallow in economic recession until 2020 except the Federal Government takes hold of the banking sector and exert more regulatory control, among other measures.

Also, the senator representing Lagos-West Senatorial District, Senator Solomon Adeola, has called for urgent measures to tackle the current economic recession facing the country.

Agbakoba advised the Federal Government to return the Treasury Single Account to the commercial banks and create a new supervisory agency to monitor them, while the Central Bank of Nigeria should focus its attention on formulating monetary policies.

Agbakoba spoke to newsmen in Lagos on Tuesday on what Nigeria should do to come out of recession.

He said, “Give Treasury Single Account back to the banks at single digit rates and supervise the banks; I recommend a lending base of 5 per cent.

“Limit the CBN to monetary policy and take away banking supervision to new prudential regulatory authority and banking ethics to new financial conduct authority.

‘If banks focus on lending and not trading, money will flood the system for productive value.”

Agbakoba, who maintained that Nigeria’s economy had already slid further from recession into depression, also said the Federal Government did not have what could be called an economic team at the moment.

He argued, therefore, that one of the first steps that President Muhammadu Buhari should take to rescue the economy from recession was to set up an economic team comprising of experts or technocrats.

He suggested that government should engage the likes of Prof. Pat Utomi and Mr. Bismarck Rewane.

He stressed that the only way out of recession was for the government to pump money into the system by embarking on developmental projects rather than adopting austerity measures.

“We must spend our way out of recession,” Agbakoba said.

“When you go to the hospital and the doctor says you’re anaemic, only one thing is done – transfusion. So, how can the government present an austerity programme?

“The government must be clear as to what policy it wants to pursue. There is only one way out of recession and it is massive bouncing. You have to bounce the economy.

“Niger Delta is crying for money, South-East is crying for money, we all know that South-West is crying for money, so, you have public works to spend money on.

“You will be surprised if there’s a situation where Julius Berger and co are given contracts to build roads and you say for every contract, you must have 10 per cent labourers, you will find that the economy will slowly revive. But unfortunately, I am not seeing those things and if it doesn’t happen, we will be looking at a very long term, because a recession cycle is three years, but great economics, like the former Minister of Greece, can make it; we can recover by Q2 2017 but that requires applying the best possible method,” Agbakoba said.

He also argued that the emergency power being proposed by the Presidency was not necessary, saying all that the President needed was will power to do the right thing.

Adeola, who is the Vice-Chairman, Senate Committee on Communications, said it was worrisome that government at all levels were not treating the issue of recession with the urgency it required “to ensure that its duration is not unduly prolonged with untold suffering and even deaths for majority of our people.”

Adeola, in a statement by his Media Adviser, Mr. Kayode Odunaro, on Tuesday stated that the recession was not peculiar to Nigeria.

He said, “The difference here is that not much is being done to assure the people that government is on top of the situation in terms of marshaling out implementable policies to address the plight of groups that are hardest hit by the continuing recession.

“I must say that one has yet to see any urgency in providing palliatives for the poor and collapsing industries and other corporate bodies leading to serious job losses and a growing sense of despair among the general population. Experience in the past shows that one of the most reliable ways to tackle recession is to spend money on productive sector as well as welfarist spending to put money in the pockets of the poor.”

Cc: lalasticlala

http://punchng.com/nigeria-will-remain-recession-till-2020-agbakoba/

lalasticlala

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Airforce1:
Strange

I suspect foul play.

The police should do a thorough investigation on his case or else bubu alone will be in trouble

are you blaming Bubu for the murder?

Olaleye Aluko

The police in Lagos State have begun investigation into the death of a 57-year-old American, who was found hanged with a rope in a hotel room in the Lekki area of the state.

Our correspondent learnt that the American, Charles Carlson, had checked into Ellyx Vile Hotel on African Line, Lekki Phase 1, on Monday before the incident happened.

Our correspondent gathered that the hotel workers discovered Carlson had hanged himself when it was time for breakfast on Tuesday and he failed to show up or pick his calls.

The hotel room was thereafter forced open and his corpse was found hanged with a rope.

The incident was thereafter reported at the Maroko Police Division which came to evacuate the corpse.

The Lagos State Police Public Relations Officer, SP Dolapo Badmos, who confirmed the death, said the Commissioner of Police, Fatai Owoseni, had directed operatives to unravel the mysteries around his death.

She said, “The matter was reported to the police by the manager of the hotel, identified as Vincent Owunke. The guest, Carlson, an American, it was observed did not pick calls to the intercom in his room and he did not come out for breakfast.

“The police are investigating a case of sudden and unnatural death. The American was found motionless and hanged himself with a rope close to the door. The CP, Owoseni, has directed the case to be transferred to the Homicide Section of the State Criminal Investigation and Intelligence Department, Yaba, for further investigation.”

http://punchng.com/american-57-hangs-self-hotel/

Alexander Okere, Benin

With less than four days to the Edo State governorship election, the candidate of the Peoples Democratic Party, Pastor Osagie Ize-Iyamu, has maintained that he will not be distracted by the probe of the Economic and Financial Crimes Commission.

Ize-Iyamu had been invited by the EFCC to explain his role in the N700m received by the state chapter of the party from the immediate past administration of former President Goodluck Jonathan for the 2015 presidential election.

But the former Secretary to the State Government under former Governor Lucky Igbinedion explained that while the anti-graft agency had the right to continue with investigation on the matter, he would focus on his election.

The former state coordinator of the Jonathan campaign, who spoke to our The PUNCH on Monday evening said, “Am I under arrest? I have already explained my part. If they say I am still under probe, that is ok.

“But at least, you know I am not under arrest. I am not in court.

“So, if the say they are still investigating, they have the right to do that. I am not the EFCC; they have the right to continue their investigation,” he said.

When asked if he was bothered about the probe, the PDP candidate said, “My friend, I am facing my election, please.”

Also speaking, the PDP state Chairman, Chief Dan Orbih, said that the party’s candidate had responded to all the questions put before him the EFCC.

Orbih noted, “What has that (probe) got to do with the election? He (Ize-Iyamu) is walking freely on the streets.

“He was invited in connection with Jonathan’s election because he was the state coordinator.

“All the questions they asked him, he answered them and he was allowed to go home. So, what is the news about our candidate being under probe?”

Cc: lalasticlala

http://punchng.com/efcc-probe-wont-distract-ize-iyamu/

mhizAnnie:
And some of us have pimples on our chests anyway God knows best

you mean pimples? like tintini like that?

TonyeBarcanista:
Firstly, this report is FALSE!

Secondly, assuming it was true that Markarfi made such, let us look at the words he used.



[size=28pt]IF[/size] he was emplotyed by former NWC, the question is WAS HE EMPLOYED? There is no need to beat over the bush.


Finally, PDP hasn't sacked Deji, because he was never an employee or official. You don't sack a non employee.


PS: I am glad the Party never disowned the New Twitter Handle. Aluta Continuaa

From PDP Official Website http://peoplesdemocraticparty.com.ng/?p=3092

Guy no vex me o. Is that how to change the change?

I remebered when Klitchko beat this guy black blue. I pity am sha.

Anyway, HBD

Will you shut up before sango strike you dead?

Davash222:
What shall it profit you to live a Champagne lifestyle on a Beer budget??

Well, not my business.










*off to Bible study*

Abeg tell Sandra your pastor's daughter am coming for home cell o

Akwa Ibom girlfriend

Now i knew why

bloodkiIler:
no sane person no matter the level of provocation by his party members should go on public to berates and ridicule his party and still claim to belong to the same party.

sherif with all his gra gra i have never seen a place where he rubbished his party (pdp) in public though his moves are doing so but he still sees it as an internal affairs.

you can only rubbish your party when you're ready to decamp or play neutral you can claim to be a party member and still sabotage your party it's never done anywhere.

i now understand all these and trust me am already intrested in this rubbish

https://www.nairaland.com/3272215/president-buhari-failed-nigeria-pdp

this thread will really really hurt TonyeBarcanista on a long run trust me

dusting my Twitter account

Well said my guy.

TonyeBarcanista, is that how to Change the Change?

Donald3d:
I hate my job!!!!!!!

You are fired

MadeInTokyo:
Source; The Nation Newspaper



Tinubu owned Newspaper




Millions of Nigerians who watched that debate saw how Pastor Ize Iyamu schooled and drilled Obaseki on the rudiments of Governance.


In that same Debate, Obaseki open his big fat mouth to say" Local Government councils in Edo State are autonomous "

Obaseki was stammering, fidgeting and incoherent throughout the debate.


Obaseki was trending on Twitter for stammering and shaking.



Pastor Ize Iyamu won the debate hands down.



Only zombies will think otherwise.

And Tinubu owned Channels too?

Ojuju

ok

VampireeM:
Lol.. Wondering if PMB, Mark Zuckerberg gave this reply to even have a clue on what wifi and co means

Bubu don suffer

President Muhammadu Buhari on Friday commended the Chief Executive Officer and Co-founder of social networking website, Facebook, Mark Zuckerberg, for sharing his wealth of knowledge with Nigerian youths, and inspiring a new generation of entrepreneurs.

According to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President spoke while granting audience to Zuckerberg at the Presidential Villa, Abuja.

Buhari said the various meetings held with Nigerian youths since his arrival in the country were most timely as the country was already exploring opportunities to spur development through entrepreneurship.

He said, “Nigeria has always been identified as a country with great potential for growth, especially with our youthful population, but now we are moving beyond the potential to reality.

“I am impressed by your simplicity in sharing your knowledge and wealth with those with less income.”

The President noted that the simplicity and magnanimity of the entrepreneur, who is among the world’s richest men, had also challenged the culture of lavish wealth display and impulsive spending that had become peculiar to Nigerians.

“In our culture, we are not used to seeing successful people appear like you. We are not used to seeing successful people jogging and sweating on the streets.

“We are more used to seeing successful people in air-conditioned places. We are happy you are well-off and simple enough to always share,” he said.

In his remarks, Zuckerberg said he was impressed by the interest, energy and entrepreneurial spirit displayed by young Nigerians in all the ICT camps that he had visited.

“I was highly impressed by the talent of the youths in the Co-creation Hub in Yaba. I was blown away by their talent and the level of energy that I saw,’’ he said.

Zuckerberg added that he is in the country to promote the penetration of “fast and cheap” internet connectivity, Express-wifi, that would help people create online businesses and reduce poverty.


http://punchng.com/i-am-impressed-by-your-simplicity-buhari-tells-zuckerberg/

LesbianBoy:
Are you crushing on her or her big butt

All of the above

Good Morning To All Nigerians, You Get Exactly What You Deserve!
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Hmmm... Nigeria is indeed a strange place to be! This is a country where nothing is working... education does not work, power does not work, healthcare does not work, infrastructure does not work, security does not work, the system is practically broken down, and yet we still smugly carry ourselves about as though everything is fine and ok. If you tell a Nigerian that his country is poor, he would deride you and shout down on you, meanwhile he does not even know where his next meal is coming from. This is a place where people suffer and smile, a place where self-deceit and self-delusion flourish and arrogant ignorance reign supreme. Our system is not the only thing that has broken down, our conscience, our consciousness, and all our societal values have also gone down with it. I want to state it here and now that I have no sympathy for Nigerians, we get exactly what we deserve.
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For the past 36 hours, I've received several messages from friends and foes alike, reminding me that Nigeria is in a recession and I have said nothing about it. And the question I ask is, since when did these people started noticing that Nigeria is in a recession? Was it in the first month of Buhari's reign, or his first 100 days in office, or his one year in office, or was it yesterday when the minister of finance announced it officially? Was Nigeria in recession in April 2015 when 27 states were unable to pay salary, with some of them owing for as much as 9 months? Was Nigeria in recession when we were borrowing money to survive and the economy was giving Okonjo Iweala and her team a high BP? was Nigeria in recession when 23 Million Nigerians were unemployed, 60 million behind poverty line, inflation rate 7%, foreign reserves depleted to $27 Billion with another $6 billion as pending request? Excess crude account was depleted to just $2.4 billion, we had debt profile of about N10 trillion, and over N400 billion owed to oil marketers. Why did Nigerians not scream then, why did we not show our outrage and protest that enough is enough then? Could it be because we're a docile society of people without any soul, without a will, and without a way? Like I said before, we deserve exactly what we get.
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Helloooo Nigerians! Good morning to all of you. It appears as though some of you just woke this morning but quite frankly, a number of you are still sleeping, you're somnambulising. And that is why I want to break it to you that Nigeria is not only in recession but had been in depression since god-knows-when. If you put 1999 date to it, you won't be wrong... if you say in 2010 after Jonathan took over, you will be even more correct... Whatever you say, we've always been in depression and that is why we're Nigeria, a place where nothing works.
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In the past 16 years, the past 6 years, oil price increased to an unprecedented level, and whatever growth in GDP we thought we recorded then was merely a cosmetic growth reflective of that high oil price. If you removed the high price of crude, you would have a streak of negative GDP growth as we have not been producing anything. We are a consumer economy, we have been living on oil money and using it to paper over the cracks. We should've invested in production in the knowledge that the high oil price would eventually come to an end, but we decided to increase wages and cost of running governance, we increased our spending habit and now that oil price has fallen, we can no longer sustain it because cashflow has dropped drastically.
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What is happening in Nigeria today is akin to what happened in the global economic crises of 2008, when people took loan to invest in the US House Market and when the price of houses fell, their whole investment went down with it. At least those people were trying to invest in something, our own is worse because we were just increasing our spending habit without any form of production. No business is sustainable that depends on artificial money.
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When a country spends without producing, where then are the products they spend on coming from? We import them... Brazilian hair, tissue paper, even tooth-pick... We import them. The unprecedented earnings from oil would've helped to grow our foreign reserves but because we refused to do that, our huge spending habit is now a heavy pressure on the reserve, so much so that Nigeria would collapsed in the next 2 years if we continue at our current rate of importation. This is why Buhari is placing ban on many things including food items. Anyone who truly have an understanding of these things will know that we're in a deep shit, and that the symptoms of our bad habit will only get worse. This is why Father Mbaka said recently that things will get worse; Soludo says we will have to spend about N19 trillion to come out of recession, a money we don't even have.
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This is a problem that most of us have known for a long time now. When Buhari was running for the presidency, he said, "How can Nigeria be importing virtually everything? How can we be importing even tomatoes? If I am elected, basic items like rice and tomatoes, which we have the capacity to
produce, will be banned from being imported". And I ask again, where were all these noise makers then?
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They say, oh, Buhari should wait until we're able to produce enough food items before he place any ban on them? But they forget that we spend about N1.5 trillion every year on the importation of food alone. Yet Buhari has not banned all food items, he simply has just placed restriction on the importation of rice that we can produce at home. Nigeria eats about 6 million metric tonnes of rice a year, and by 2018, we will be able to be self-sufficient in it if local production continues at the current pace. What the president has done is to create a need for us to go into production, to force individuals and government to see the need to invest in food and push us back to agriculture where we were before we discovered oil. Those who are wise have started going back to agriculture, Kebbi State will produce 1 million metric tonnes of rice this year, the country will attain self-sufficiency in tomato paste this year.
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Nigeria, before the oil, was a country where the South produced palm oil, the west produced cocoa, and the north produced groundnut and cotton. It was a balanced country where everybody was hard-working and contributing to the country until we discovered oil and got lazy. Buhari is now taking us back to that era where every region can contribute to the nation's economy. That is why the central bank is encouraging massive agricultural revolution in the south-east, the government is intensifying discovery of oil and other mineral resources in the north, the west is getting industrialised. We saw the launching of a new Agricultural City, the Integrated Produce City, recently in Edo State. This shows that individuals are beginning to key into Buhari's vision. The president realised that without economic stability, most of our problems will continue, and without suffering ourselves to attain such stability, we would get lazy again and go back to the mess he's trying to lift us from. But because we're a nation of people that are mentally lazy, that prefers to cry about problems than talk about solutions, we have refused to invent and innovate. We would rather wail about Buhari and moan about the effect of the mess he's trying to lift us from. We get exactly what we deserve.
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I hear that Buhari has gone to borrow some foreign money to help ameliorate the gnashing of teeth of lazy Nigerians. But if I were the president, I would not do that. We must learn to kill our culture of easy money and easy life, even in the western world, nothing comes easy, people work very hard to get a living. But Nigeria is the way it is today because our forefathers refused to work hard, even when they thought they were working hard, they did so without a vision, without foresight. Any child would suffer that his parents did not work hard, and until the child endures suffering, his own children would suffer too. If Nigeria must realise its full potentials, then we must take advantage of our current economic crises to reposition ourselves as a great nation.

davss02:
Hilarious!...wow! finally I made it.I dedicate ftc to my family,friends and faculty of agriculture Unilorin....To those who r also anticipating for a day like this,jes keep hoping...yippeeee

lala don credit you for FTC?

Buhari if na play stop am.