₦airaland Forum

dimieprincess:
Please which one is stolen funds and which one is ours? Your papa land dey contribute dime to the national purse? ala ri wo

shaddoww:
We didn't need to sell Nitel before d likes of MTN n Econet would exist, why didn't we sell NTA 4 dis new stations 2 cum in place, all we needed was give dem licence. Did u know d likes of glo were already given licences during d time of Abacha?

Izonpikin:
what region are you from??...

Well it would surprise you that Niger deltans are now ready to acquire oil and gas assets...and that fast one played on the region in the past won't fly...

Geniro:
You are a despicable fraudster. How did Nitel sales bring about the birth of GSM in 2001/2002 ? Must you zombies lie to earn pittance.

Daniel1990:
All the antics of the Yorubas and the Hausas are glaring! No Niger Deltan wish to stay in this hell-hole and no south-south either! It is the North and the West that are forming the so call "Niger Deltan Dissenting Voice" just the way they formed reformed-avengers, reformed-IPOB, reformed-PDP, very soon they will form reformed APC! By God's Grace.

id911:
You this guy, i have observed you for a long time with your useless anti Biafra rhetoric but that's not my/our concern. Pls leave us the Niger Delta out of your madness. For your info we have solidify our brotherhood with the Igbos and your idiotic divide and rule tactics which your fathers used in the past can no longer work.

A word is enough...

UzuegbuProsper:
DEACON CHIKE OKAFOR ISSUES OVER 20 NAFDAC APPOINTMENT LETTERS TO THE PEOPLE OF HIS CONSTITUENCY TODAY!

In his believe that the essence of holding political appointment either elective or appointive is to bring development to the people and to touch their lives positively and meaningfully, the Honourable Member Representing Okigwe South in the federal House of Reps, Hon. Deacon Chike Okafor, today, during an exclusive interactive session with the traditional rulers of the three local governments of his immediate constituency, namely Obowo, Ihitte Uboma and Ehime Mbano LGAs, issued over 20 appointment /employment letters from NAFDAC to the sons and daughters of the constituency at the palace of His Royal Highness Eze Emmanuel Nzeadibemma Ibechi, Akagu 1 of Umuakagu, in Ehime mbano local government area, assuring them that more appointment letters will be issued out within couple of weeks to come.

After enumerating most of his achievements before the traditional rulers, which he said were the first people to have endorsed him during the last general election, Hon. Deacon Chike Okafor disclosed to them that his major target in the green chamber is to bring/attract massive developments, vigorously pursue human capital development and to institutes programs and policies that will better the lives of the people of his constituency.

He used the opportunity to intimate them about his free medical services programme, schedule to take place this month and urged them to sensitize and mobilize their subjects in order for them to benefit from the programme.

In their seperate speeches, most of the traditional rulers who spoke on the event poured encomiums on Hon. Deacon Chike Okafor, disclosing that it was the first time any politician from the constituency will render stewardship to traditional rulers. They not only blessed him, but urged him to remain focus as a shinning light of the constituency. He was accompanied to the occasion by the Hon. Member Representing Obowo state constituency Hon. Kennedy Ibeh, APC chairmen of the LGAs, some party leaders and political aides, among others.

shaddoww:
My question is, are we selling dem to international buyers or local buyers?
Cos if we are saying we want to sell cos we need foreign exchange den it means we can't sell to Nigerians cos dey will b paying in Naira.
But if it's true we are selling to boost d 2016 budget, den wat will we sell for 2017 budget (I guess dat will be our heritage sites den).
But I will like government to think deeply about dis cos looking back at wat we have sold, we can see dats dare has not been a difference, in fact most of dos assets are worse now. D likes of Osogbo steel rolling, Ajaokuta steel, Nitel, Nepa, Nigeria shipping line, Nigeria airways n d likes.

drss:
now i see why buari dullard appointed northern ab..ki as head of nnpc. pipul of south south should be very warry of dis demonic govt. they ar about to be robbed in d name of recession. niger deltans, NEVER allow assets in ur region to be sold eva! buari in conjuction with baru (nnpc boss) n his born to rule partners from d north ar making plans to acquire (steal) oyel assets located in d niger delta through phony proxies. n d man task with d job to robe niger delta off their properties is buari's right hand man, d nnpc boss n odas in d oyel sector. does it makes sense dat abba kyari, buari's chief of staff is in nnpc board of directors
while baru is given d task of mobilizing unremited funds for buari's cronies to buy nnpc's assets. Kyari is task with giving feedbacks to buari on their plans to steal oyel assets. a task dat will never be successful if kachikwu is still nnpc boss. d dullard deliberately position his cronies at strategic positions in to oyel sector to robe niger deltans blind. their grand scheme to keep oyel money flowing to d north in case nigeria disintergrate.
all assets in niger delta belongs to d pipul of niger delta. they own the assets. dat is why in sane climes, it is d pipul from d region dat will determine whether assets in their area can be sold or not. even if they decide to sell, it will be sold to members of d public from d region were d assets ar located, not one madaforka from d north.
niger deltans must resist any attempt by dis govt to steal their properties under any guise.
d dullard is free to sell kaduna refineries to his cronies.

Izonpikin:
you guys voted in this clueless admin..

The FG should leave the assets for the host regions and let us all move on with our lives..these assets are already ready to be bought by the FG cronies..

We can't continue to be slaves to the FG...

The senators and other well meaning stake holders should fight against this sudden plan of FG to sell economical viable assets..

APCHaram:
This is what Buhari hopes to do quickly and without scrutiny with his emergency powers



jpphilips, what you will see in the clear daylight, I have already seen before you were born.

mumu

PPAngel:
Tinubu lost out in Jonathan's auction of GENCOs and DISCOs.

Expect performance and minimum criteria to be reviewed upward in order to ensure that Tinubu's linked Anglo-Saxon Energy Companies get a big juicy slice of the Energy sector.

KwaraRat:
rubbish

The thieving apc wizards and witches have been using recession that they caused to steal.

This is tantamount to selling your furniture to pay the rent.

dotcomnamename:
[size=15pt]When you don't like your party from the depth of your heart and always never wish your incumbent governor well and now go as far as public and social media to criticise him that he imposed someone that is not loved by people is really outrageous and then no one should blame take your blame for loosing your ward because your own people don't believe in you and your services to them any longer. Time to quit Oyegun!!![/size]

cedaraustine:
What a post! It would def be kicked against, especially as many have been lot to lose. I wish...

Validated:
I would not have honoured with a reply because I am not given to replying incoherent and empty assumptions. I deal with facts. However, because you are so myopic just like the governors were, I will honour you with this reply.

First, on that same gathering of ICAN conference, Mr. Rotimi Amaechi was one of the paper reveiwers, alongside other now APC ministers. The then Minister of Finance was represented for a better part by the then Accountant General - Mr Itula or so. The reveiwers berated the AG so much of the time before Okonjo-Iweala joined the session, to put the governors where they belonged. We (ICAN members) viewed the altercation as that of Governor's Forum versus the Executive; but with hindsight and the realignment of politicians, one could see that it was a deliberate action by an "opposition" bent on squandering all that was in the Federal Government earned. I could remembered vividly a statement from Amaechi on that day. Of course we laughed over it but it was a serious satement. He said that we (their government) must spend what we earned, let the future generation create their own wealth and spend it also. That was the mindset of those governors.

Now to help you understand how deep this was, I will refer you to Vanguard of May 22, 2012 with title [size=15pt]"Sovereign Wealth Fund: Govs ask S-Court to abort FG’s plan to withdraw $2bn"[/size] The governors opposed the establishment of the Sovereign Wealth Fund (SWF) because of selfishness and political differences. Today, you come and blame those who had a noble intention to save for the future and also saw the opportunity to save for rainy days, yet you praise those who opposed such plan. That to me is HYPOCRISY and it has remained the bane of Nigeria progress.

Read more at: http://www.vanguardngr.com/2012/05/sovereign-wealth-fund-govs-ask-s-court-to-abort-fgs-plan-to-withdraw-2bn/http://www.vanguardngr.com/2012/05/sovereign-wealth-fund-govs-ask-s-court-to-abort-fgs-plan-to-withdraw-2bn/

The NGF had every right to look out for the fiscal entitlement of the states governed by its members. They had every right to stop the president from making illegal deductions, if indeed the deductions were illegal. The court of law should rule on such where an understanding could not be reached.
https://andybriggsreport.me/2011/11/23/swf-face-off/

President Umaru Yar’Adua is said to be seeking a truce with seven governors who instituted a suit at the Supreme Court to illegalise the Excess Crude Account.

The Nation learnt yesterday that the President would want an out-of-court settlement. There were indications that he may meet with the seven governors on Friday to broker peace.

http://www.thenigeriabusiness.com/eco151.html

The Court Case against the FG.

In the suit filed by the state governments on October 24, 2011 the states are seeking an order restraining the Federal Government from making any withdrawal whatsoever from the account styled ‘Excess Crude Account’ (or any account replacing same by any name howsoever) pending the determination of a subsisting suit initiated by them in 2008. They are also praying the court to order that all sums standing to the credit of the said Excess Crude Account be paid into court or be otherwise secured as the court may deem fit pending the hearing and determination of the substantive suit. (The Nation. Oct. 30 2011)

papaejima1:
I read Soludo's piece and I was like what the heck is wrong with our ruling class?
This is more like selling your only piece of land to send one of your seven children to primary school!
What then will you do when he gets to secondary level and other six enter primary school?
Armed robbery?

mynaijainfo:
The President of Nigeria has pleaded with the President of ECOWAS Bank that Nigeria will Keep up to its Obligation to the Bank amidst the Ongoing Recession experienced by the Country. On a Visit to Nigeria, yesterday, the Bank's President Mr. Bashir Mamma reminded the President of the Need to keep supporting the ECOWAS Initiative. The Chief Press Secretary to the President Released the statement below:

"Despite the economic downturn caused largely by fallen prices of oil in the international market, President Muhammadu Buhari says Nigeria will fulfill its obligations to the ECOWAS Bank for Investment and Development (EBID).

Receiving President of the bank, Mr. Bashir Mamma, at State House, Abuja, Monday, President Buhari said: "We may be limping because of fallen oil prices, but we will fulfill our commitments to the bank. We may have fallen behind, but we will live up very soon. We will maintain the objectives of setting up the bank, which is to help our less financially endowed neighbours."

Mr. Mamma disclosed that EBID is the financing arm of ECOWAS, which has been there for about 30 years, and was initially set up as a Fund, "to help less developed West African states, but we now cover all parts of the sub-region."

He added that EBID set up Ecobank, and has also established an airline, after the national airlines of most member countries collapsed."


FEMI ADESINA
Special Adviser to the President
(Media and Publicity)

SOURCE: http://mynaijainfo.com/2016/09/give-us-time-buhari-begs-ecowas-bank-president/

Validated:
I know that there are many people who cannot read or too lazy to read. I have therefore highlighted key areas for such individuals.

I was at the 2012 ICAN Conference and the Present Minister of Power, Works and Housing was a guest speaker on October 16, 2012. That is about 4 years ago when Nigeria was experiencing oil boom as it were. If you are quite observant you willl realise that Fashola, Feyemi, Oshomole and Amaechi of this present government have NEVER blamed Jonathan for not saving. Osinbajo, Lai Mohammed, Buhari, Kemi Adeosun, Oyegun, etc may be apt to use the time tortured line "... we are in recession because PDP under Jonathan did not save". You will never hear that from those three ex-governors and Oshomole.

Please read on...

“GOVERNANCE AND SUSTAINABLE DEVELOPMENT: ADDRESSING THE LEADERSHIP CHALLENGE”


HIS EXCELLENCY Babatunde Raji Fashola, SAN
Governor of Lagos State


“GOVERNANCE AND SUSTAINABLE DEVELOPMENT: ADDRESSING THE LEADERSHIP CHALLENGE”
BEING AN ADDRESS AT THE 42ND ANNUAL ACCOUNTANTS’ CONFERENCE OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA ON TUESDAY 16TH OCTOBER, 2012 AT THE INTERNATIONAL CONFERENCE CENTRE, ABUJA.

PROTOCOLS

INTRODUCTION
Ladies and Gentlemen, it is with great pleasure and some relief that I stand before you this afternoon to address you at your 42nd Annual Accountants Conference.

Relief because I do not know how I would have faced all the accountants in the Lagos State Government and my many accountant friends if circumstances had conspired to keep me away again this year after I was regrettably unable to attend last year’s conference.

I am truly honoured and humbled that you extended the invitation once again and I am very glad to be here, especially when I am not a member of the accounting profession.

In fact truth be told, I am always a little nervous in the company of accountants because that is one skill I certainly cannot lay claim to. Thankfully, I have not been asked to analyse any figures here today.

The theme of this year’s conference is “Building Enduring Institutions for National Development” and I have been asked to speak on Governance and Sustainable Development: Addressing the Leadership Challenge”.

Interestingly, a week after I received your invitation, I received a similar one from the Association of National Accountants of Nigeria.

The theme of that conference which was held exactly a week ago was “Nigeria’s Transformation Agenda: Attaining the Millennium Development Goals By 2015” and I was asked to speak on “Challenges of Governance: The Need for Transformational Leadership”.

I was immediately struck by the similarity of themes. Sustainable Development, Governance and Leadership are the common threads that run through the themes of both conferences this year and this is remarkable.

It suggests to me that not only are Nigerian accountants; be they members of ANAN or ICAN or both, similarly apprised of the challenges we face as a nation, both organisations, wittingly or unwittingly have formed a commonality of purpose in dealing with those challenges. This unity can only be to our collective benefit. I therefore say thank you.

This commonality of purpose also made my task easier. I had thought hard about what to say to two sets of accountants so soon after the other until I studied the themes and decided that my message to you both would essentially be the same.

BUILDING ENDURING INSTITUTIONS
In the aftermath of the global economic recession when the economies of the most advanced western nations are just limping out of various economic crises; when the holder of our reserve currency has suffered significant credit risk setbacks and when the 7 (seven) fastest growing economies in the world are in Africa, the eyes of the world are certainly turning towards Africa; including Nigeria, as one of the cubs that has the potential to mature into a real lion of our continent.

Everywhere you turn, the West is looking for ways to conquer new frontiers in Africa and Asia. In a sense, it is reminiscent of the 19th century scramble and partition of Africa, which saw African destinies being determined from as far away as Europe and America.

This time, the outcome will largely be dependent on how ready we are to take our destiny in our hands. And this is why the conference theme is so apt.

At a time when it has now been irrefutably demonstrated that infrastructure is the critical lynch-pin to economic prosperity and with the clear and compelling need to renew Nigeria’s almost 4 (four) decade old and decaying infrastructure built in the hey days of the 1970s oil boom, it is doubtful whether you could have chosen a more appropriate theme for your annual conference because our best response will indeed be to build enduring institutions for national development.

Although I will be stating the obvious, I nonetheless feel that it can never be overstated that without critical infrastructure such as a reliable electricity, affordable housing and a sound efficient transport system predicated on inter and intra-city rail network, strategically connected to air and sea ports to support haulage and transportation of goods and services, Nigeria’s quest and claims to greatness will be a mere vision that hopefully will not escalate to a nightmare.

In Lagos State, we recognise that the only way to develop is to build enduring institutions. This is why the economic thrust of our Government has been one of infrastructure development and renewal to drive economic growth as the critical strategy to poverty alleviation. This in fact is our raison d’être. The reason for our existence.

In other words, we are convinced that the road out of poverty will require us to develop the economy of Lagos and the compass of development directs us towards the renewal of critical infrastructure as the path we must tread.

We have moved a step further and re-focused our energies on the vigorous pursuit of a developmental agenda distilled from our ten-point agenda, that we call PATH; an acronym for the 4 key sectors of Power, Agriculture, Transportation and Housing.
We firmly believe that investment in these key areas will drive economic growth, provide jobs and propel us on that path to prosperity and poverty eradication.

This is why not less than 60% of our annual budget has been committed to capital expenditure for the last 3 (three) and half years that has literally turned Lagos State into a big construction yard where roads, bridges, rail, jetties, drainages, schools, hospitals, power plants, waterworks and waste water facilities, to name a few are being built.

The result has been a massive creation of jobs, an active value chain of supply, a wider and growing income tax net that continues to support the finances of the State and makes us about 70% self-dependent on our internally generated revenue.

In Lagos State, budgeting is very serious business and I personally chair almost all sessions leading to the planning and delivery of every budget.

Even if I do not always agree with my much respected Hon. Commissioner for Economic Planning & Budget, Mr. Ben Akabueze and his solid team, I have learnt to act on his sensible advice on almost all matters that relate to economic planning and budget.

We hold quarterly budget review meetings to monitor our budget performance and implementation and this is why since 2007 we have achieved a consistent minimum of 70% budget performance and implementation to date.

We are not given to self-adulation but we are probably the only State in Nigeria that will survive if oil revenues suddenly fall to dangerous levels.

The message therefore is that any talk of reform or infrastructural renewal will amount to vision without action unless there is budgetary discipline and implementation.

I use those examples only to demonstrate what we must replicate nationally if we are to indeed grow into a lion of Africa; what we must do and how seriously we must take the budgetary provisions contained in every annual appropriation law that the legislature passes both at the State and the Federal level.

And to take us to heart of the matter I have a few questions.

Can we truly develop infrastructure and build enduring institutions with a budget that has over 70% recurrent item and barely 30% capital provision in the face of our clearly deficient infrastructure?

Are we simply going to miss another momentous opportunity for greatness at such an opportune time in world politics?

[size=15pt]Can we transform without the rule and the fragrant abuses of the Constitution especially Section 162 that deals with the management of the Federation Account?[/size]

Can there be proper accounting and transparency in the management of this all important Federation Account which belongs to the Federation Government, 36 State Governments and all the Local Government, if the accounting lines of the Accountant of the Federal Government remain blurred because he purports to act as the Accountant-General of the entire Federation instead of the Accountant-General of the Federal Government?
[size=15pt]On what lawful basis does the Federal Government maintain an “Excess Crude Account” that is not known to the Constitution or supported by any law if we are truly operating a constitutional democracy?

Can National Assembly without question pass an executive sponsored bill to create a Sovereign Wealth Fund to be financed from the Federation Account when the Constitution does not support it?[/size]

Ladies and gentlemen, these factual and legal anomalies raise profound issues about compliance with the rule of law in our democracy and without any doubt, stand at the gateway to inhibit our march towards building enduring institutions and consequently, our progress towards prosperity.

If anybody is in any doubt, one only needs to look at the risk management issues to understand why many projects are either uncompleted or suffering from financing failure and budgetary non-performance.

In a federation where the Federal Government is entitled to 52% of the revenues under the existing revenue allocation formula, it is easy to extrapolate and understand that every budgetary failure or non-performance approximate to about 52% failure or non-performance in the national economy.

Is it therefore any wonder that our infrastructure is not renewing quickly enough or that our economy is witnessing macro growth without micro impact by way of jobs and prosperity?

So many questions. But more of them for you and this is the crux of my message to you today.

Is ICAN unaware of these accounting anomalies or are you agonizing about them without proffering solutions to remedy them?

Are you unthinkably maintaining a conspiratorial silence or are you reluctant to speak the truth to authority?

How can ICAN continue to maintain its revered and critical role in national development when the Nigerian National Petroleum Corporation (NNPC) defiantly violates the Constitution by failing to remit all petroleum income to the Federation Account, and organisations like yours stand by and say or do nothing?

What, for instance, is ICAN doing about the state of the economy?
Are you sitting around twiddling your toes when year on year Nigeria is recording such poor performance levels of the budget, or are you doing something about it as a body?
For many laymen, the image of the auditor is the most graphic image of an accountant that they have, much in the same way that people see only those who dress up and go to court as lawyers. But how seriously are you taking your auditing role where government is concerned?
As a body, are you questioning and examining government fiscal policies?
Was your input sought for the 2013 budget proposal? Was it offered? Will you continue to leave issues of national development to Labour Unions like PENGASSAN and NUPENG, who react only to oil industry issues and wages?
The cashless policy, the introduction of the N5000 note - are you speaking as a body to these and other fundamental issues with the potential for far reaching effects on our economy?

I believe the time for self-examination about your role in building enduring institutions for national development is now. The challenge of leadership that can engender sustainable development and transparency in governance can be met and overcome when organisations like yours, take their role much more seriously.
This is the essence of representative democracy. We have moved from a nascent to a participatory democracy, in which individuals and corporate citizens alike play a much more active role in governance.
This is also part of the enduring institutions we must build in order to prosper as a nation and ICAN ought to see itself as a Special Interest Group with a key role to play in our democracy and our development.
You have the clout to invite key government personnel, at all levels, be it federal, state or local government, to explain their policies; to explain what they are doing and why. And you must use that clout.
This is a wake-up call for you to play a more proactive role. The passage of the Freedom of Information Act has made it easier for you to perform the civic duty of the watchdog of our fiscal policies and practices on behalf of the people.
I daresay we will not get the best out of our representatives unless you engage as a body and provide solutions to the problems that arise.
This is a role that the Lagos Chamber of Commerce and the Manufacturers Association of Nigeria, to name but two, are performing creditable in Lagos State. They engage with me from time to time and this keeps us on our toes.
In this regard also, the global financial crisis has helped. It has altered the environments in which governments operate and made them much more open.
In addition, the explosion of new information and communication technologies, including social media has encouraged the rapid, global diffusion of ideas and practices that has stimulated citizens into demanding higher standards of governance, transparency and accountability in the public sector.
Nigeria has not been left out of this revolution. But clearly there is a compelling need to foster a national commitment to fiscal discipline so that we can begin to build sustainable and enduring institutions.

To do this we must challenge our leaders and institutions like ICAN must be in the vanguard of that move.

CONCLUSION
I acknowledge that I have probably asked more questions than provided answers. But I do hope that these questions will provoke in us a desire to entrench constitutional democracy anchored on the rule of law.

A desire championed by ICAN, to establish transparent fiscal policies and disciplined practices that will serve as the guide to bridge our infrastructural deficit, and bring us closer to building enduring institutions for national development.

Ladies and Gentlemen, a desire championed by you.

I thank you all for your attention.

Babatunde Raji Fashola, SAN
Governor of Lagos State

October 16, 2012.

tunene66:
Over time is medium to long term.

plaetton:
Omg!!
I can't believe what I reading.

Simple ignorance is excusable, but complex ignorance is the very worst.

You sir, just ran naked in the marketplace.

Let me try to address your incoherent ramblings one by one.

1. So agree that the Nigerian economy of 2015 is way bigger than the Nigerian economy of 1999?
Hhhmm! Interesting observation, Mr Einstein.
But pray, who Shepherded such fantastic growth from 1999 to 2015 ?
The Toothfairy, the invisible pink UNICORN or Leprechauns ?
And secondly, the Nigerian population was not 100m in 1999.
Now, to say that OBJ did better because the economy was smaller and the population was smaller is right of kindergarten. In fact, any kindergarten child holding such an opinion would be a candidate for special education classes.
I feel a tad ashamed to be addressing such ignorance here.

2. So , In essence , you're saying that OBJ'stenure corruption was the good corruption, and GEJ's corruption was the bad corruption?
Another shocker taken right out of schizophrenics anonymous.
I am speechless.

3. More incoherent babble. Primary what are you starting this September ?

I give up.

Pure trash from someone either born yesterday or just isn't honest enough to call a spade a spade.

1. Oil prices were in the teens during most of OBJ's tenure. He still managed to bring common sense in the Administration of the economy.

2. Corruption was rife long before, during and after OBJ's and GEJ's tenure.

3. Since oil became the mainstay of our economy in the 70s, we have always been import dependent, and dependent on the vageries of the foreign exchange markets. Therefore, foreign exchange scarcity is not a new thing in Nigeria.

4. With $30b in foreign exchange savings, only very dishonest people would claim a lack of savings . After all, how much foreign exchange savings did the PDP government inherit in 1999? And yet, they were still able to restructure the economy to an extent for economic growth.

It only a childish person who doesn't understand economics that would try to exonerate this administration from the economic mess we are in.

The body language of the present government, especially Buhari, has had a great negative influence on the investment climate and the free flow of funds into the economy.
Many Months ago , I warned that no government launches a war against CAPITAL without suffering deep, prolonged catastrophic collapse.
This is exactly what Buhari, through his utterances, body language and actions of his proxies have been, perhaps inadvertently, doing.
They just don't seem to get it.

tunene66:
Note over time property values appreciate n so will rental income. While TBill rates fluctuates either way n d principal value remains constant. The choice is yours

President Muhammadu Buhari, on assumption of office made an already bad situation even worse by delving into "dirty" politics rather than focus on the immediate task of restoring the confidence of investors to boost the country's economic potentials. It took the president 6 months to form an economic team to pioneer the country's ailing economy. When the team was finally formed, it was a huge disappointment to both international observers and national enthusiasts. People could feel this sense of Oligarchy and Gerontocracy in the president's cabinet, and this questioned the credibility and competence of the government's new management team in the 21st century ruled by Information technology. Furthermore, the credibility of the presidency to fight corruption was in question.

President Buhari's government focused its attention on politics rather than governance. The national Assembly was battling with leadership crisis rather than making laws. The president who was expected to push for economic reforms himself became directly involved with the politics of the house of assembly.

The president also got involved in various controversies which questioned his ability to stabilize the polity, a major consideration for investors. One of such controversies was his seemingly divisive comments about compensating constituencies which gave him more votes as opposed to the general expectation of running an inclusive government.

The president's "stiff" monetary policies in addition to fallen oil prices also hugely contributed to the fastest rate of devaluation of the country's currency and subsequent inflation on prices of local commodities witnessed since the 90s.

This is how President Buhari and his his team drove the Nigerian economy into Recession.

- SocialMediaMan

claremont:
Is it just me who remembers NEEDS 1 and NEEDS 2 policy documents by Soludo?! The problem with successive Nigerian governments is that they are great in theoretical policy proposals, but shite when it comes to sustainability of policies.

KingsCity:
The SAN is obviously ignorant of the functions of the CBN

Key funtions of the CBN you learn in elementary economics : the CBN is both the banker's bank as well as the lender of last resort


Just like individuals can borrow from commercial banks, banks can borrow from the CBN


It is well within the functions of CBN to lend to commercial banks...it is character assasination to term it stealing as if Soludo collected the money and put it into his own pocket

If at all there is anything like that, the banks that borrowed the money should be asked to pay up with all the accummulated interests!

onatisi:
good morning bro, all these things are just the hallmarks of buhari. And if you look at the situation of things very well you can see the direction the nation is headed. The emergency tsa was the beginning and we warned Nigerians too about the effect on the banking industry and multiple effect on the economy but Nigerians kept shouting Sai baba body odour,secondly was the delay in choosing a credible and competent economic team on time to plan ahead we again warned against the implications of this yet Nigerians kept dancing skelewu instead of pressuring the govt to be proactive,the third was the senseless policy of defending the naira when they should either have devalued or floated it on time ,the forex crisis wouldn't have reached this level now and the last was the absolute stupid senseless budget of poverty which they tagged budget of hope we warned that this budget will bring untold hardship due to the high borrowings included. Tag all these things together and you will see how completely unsuitable Buhari and apc are for governance.
The last straw that will break the Carmel back is what I am waiting for