₦airaland Forum

bigmo1:
Did ur brain go on hibernation and missed this sentence "Why were you eventually also removed from the economic management team if you were so important? Ironically, President Jonathan has recycled you, with a bigger title and greater responsibilities. But the difference is that the team that did the actual work is no longer there, and the world has seen that the king is naked."

yd849ja:
My friend your likes are amongst the gullible ones in our midst. 1+1 would always equal to 2 no matter what methodology you want to use in arriving at that result. China on its way to becoming the largest economy in the world is very evident for everyone to see, with manifestation of improved quality of lives of her citizens, its not just spelt out in books and manipulated statistics.

Issue of it been 'cast in stone' does not arise if you had taken time to read her grouse with the initial statistics.

aresa:
Maybe you need to read the whole article again and closely follow the argument then re examine your understanding before your next post...

yd849ja:
This Madam has spent how many years as our finance minister? So I thereby lay the blame of all the financial problems of the country solely at her feet. This very paragraph irk me the most,

[b]"What worries me is that this government is the first in our history to attempt to manipulate our national statistics under Okonjo-Iweala. When NBS published the poverty figures in 2011, she felt indicted and incensed. She called upon the World Bank to come and examine the ‘methodology’ and get NBS to ‘review’ its numbers. Oby Ezekwesili (as VP Africa Region rejected the call to try to tamper with a country’s statistics). Once Oby left, the ‘World Bank’ started talking about ‘new figures’, without conducting any new surveys. I was told about it by a World Bank economist, and I cautioned that it was a dangerous gamble that would damage the credibility of the NBS. If you want to ‘review methodology’, you conduct another survey but you can’t change ‘methodology’ because you don’t like the published figures. No government in our history has tried it: even Sani Abacha allowed a poverty survey that put poverty at 67% under his regime. At this rate, who will believe statistics coming from the Nigerian government again? Is it now the World Bank that sits in Washington and allocates poverty numbers to Nigeria? Something smells here!"[/b]

This seals my doubt of the bogus claim of Nigeria been the largest economy in Africa without having any direct positive impact on the livelihood of an average Nigerian.

aresa:
This is one of the many reasons why this administration can not in any way change or do anything meaningful for this country or move us forward.

Instead of sitting down to correct their errors or mistakes, they blame and crucify well intentioned critics, they engage in fraudulent activities,deception and mess with figures.

NgeneUkwenu:
Politics Aside, Ngozi does not know much of about Economic Management, she dwell so much on economic growth while the main indices of which primarily an Economy is judged are left to suffer! Economic growth without commiserate development is a voodoo economy!

omonnakoda:
Importation is not the way to develop our economy or create jobs. Yes a port at that location would make sense if it is to be used for exports.To import first we musst earn the dollars and that is an oil dependency model.

Already the SE has many expert skilled shoemakers. What is government doint to enhance thei capabilities? Potentially with the rubber and leather resources in the country they can make enough shoes for our security services and even the whole country.
What about furniture making or building materials ,who is making these things in Nigeria.
What happened to the paper mill in that region or to TINAPA?

Jobs.That really is what we need. Not a new seaport to use for exporting jobs and our future to other manufacturing nations.
Let us industrialize and move away from that IMPORTATION mentality

omonnakoda:
I am not sure if there is a point or where you are going with this? I have said what I meant to say perhaps you want to spend a few days studying it if it seems so mysterious

omonnakoda:
Do I believe getting into debt can
A save lives
B lead to a happy home
C lead to innovation
etc .



What I suppose is not relevant . I really do not know what you mean by "lead to" as in do I suppose travelling on the Sagamu -Benin Road cannot lead to New York. It can even lead to the moon under the right circumstances.


Here I concerned myself with the claim that NOI's fiscal policy has led to growth. I refer you to my post at 622 you can study that carefully to discern what I think
If you go back and read carefully you will see that I asked WHAT this fiscal policy is. To me she did not appear to have a coherent policy but that is my own opinion as outlined earlier. That is the specific scenario which I prefer to concern and restrict myself to. I do not wish to engage in speculation

omonnakoda:
Anything can be a policy that is for the owner of the policy to determine what they wish to call a "POLICY".I think you misuse the word "INFER"

There is no Economic Moses who climbed an Economic version of Mount Sinai and came down with "Economic Principles" on a Tablet of stone so I do not know what you mean by Economic Principles perhaps you can explain what you mean by "ECONOMIC PRINCIPLES".

Like I said I responded to a specific context ie a claim that NOI's FISCAL POLICY IS RESPONSIBLE FOR UNCOMMON GROWTH in the Nigeria economy over the last 4 years. That is what I concerned myself with and so it was necessary to outline the fiscal environment in which she operated and examine the link of that to growth.

omonnakoda:
You seem to be manufacturing some theoretical dichotomy.The specific instance we are talking about here is a 4 year period where government has regularly recorded deficits cumulatively borrowing at 13% to fund them and we are being told that that policy is responsible for uncommon growth in the economy.That is the thrust of my "thesis" as you call it.

omonnakoda:
A fiscal policy that leads to growth means government has been spending a lot to boost the economy.
Has that been NOI's policy

What kind of spending results in growth Recurrent or Capital or both and in what proportion

However this kind of expansion alone is NOT the policy per se after all the money has to come from somewhere .
So policy would entail a decision to spend MORE and the steps to raise that money .Or a decision to Spend less and

So if you say she has raised government revenue we can say she has a policy but how could she possibly do that..
1) Raising taxes
2) Collecting taxes more efficiently
3) Increasing revenues from other sources
4) Borrowing

Finally another component of fiscal policy is whether she balances the books

Like I said when I first quoted you she has been running a Budgetary deficit

In short her fisacal policy is to fund the budget at a time of record oil revenues by borrowing both locally and internationally.
Locally the government paper has a 91 day coupon of 13% THAT IS HER FISCAL POLICY
Some people may remember Sanusi's public response to attempts to discredit him in which he stated how the CBN had to deplete reserves to back the government's deficit, how he had to make specific payments for projects that were extra budgetary

What we see is a CONFUSED fiscal policy , on the one hand she is RUNNING A DEFICIT budget borrowing at 13% and on the other hand talking about saving in a Sovereign Wealth Fund SWF.

Does this SWF give returns of 13%
I laugh at you juvenile remarks that you want to educate me. I did not ask you what fiscal policy is .Specifically I asked you what is NOI's fiscal policy which YOU CLAIMED has produced this record breaking growth. What you have posted is just absolute rubbish. You have no understanding of economics and should stay SILENT

A key dimension to fiscal policy is DISCIPLINE .So a deficit may be built into a budget but it is budgeted. What is different is when government exceeds budget regularly one of the key causes of inflation and overheating

ogene007:
Reeling out economic theories is not the same as being in the hot seat and dealing with the politico-economic realities on the ground. It was Soludo's textbook economics theories that allowed Akingbola and Ibru to almost ruin two of the biggest banks in the country, until Sanusi came to the rescue. So, save us that trash of a story. We all know that Soludo has not recovered from getting his fingers burnt in his attempt to become governor of anambra state. He should rather lick his wounds in silence than come here to reel out figures which do not factor in the political exigences that impact whatsoever economic policy any government would want to implement in nigeria. GEJ's economic team is about the best ever put together in the history of this country. The organised private sector and nigerians in general, trust in their ability to get the economy out of the woods. GEJ till 2019.

Boss13:
I did not read any thesis except you read a different version. Soludo only asked questions and advised the president to do away with charlatans and palace praise worshippers deceiving him. The president will be wondering, why all these attacks on me and as usual his wicked aides will always find an excuse to deceive him further.

Boss13:
We are in this mess because someone called Jonathan got us into it. One of our problem is that we always find a way to attack the messenger and ignore the message. That is why our leaders misbehave and rather than we holding them accountable, we make excuses for them.

Soludo has told us nothing but what we already know. He only added verifiable facts to the issues. If you did not read the article, please do. It was not a campaign tool but a wake up call to both presidential candidates.

Buhari promised 20,000 jobs for each state every month or year. How would he achieve that? The president promised 2,000,000 jobs per annum - likewise, how would he achieve that. These are mere words/deception if they have no documented implementation strategy. Do you also know that in our 2015 budget - oil revenue was estimated as $60/barrel and presently oil price is lower than $50/barrel. Now you begin to question, who is the wicked and clueless person that did that budget? Be mindful that the team responsible are considered the best the president can recruit.

kmariko:
A classic tale of economists measuring who have/ had a bigger manhood on their handling of there respective assignments.
In these economic tales, the greatest football match is the one they captained though neither came home with the crown.

If Obasanjo government was so good why are we still in this economic mess...non existence manufacturing index,low productivity, non existent technological index, infrastructure deficit etc. You cannot get something from nothing. Relying on crude oil as the only source of economic analysis belies the paucity of our collective intellect.

Soludo thanks for exposing our "intellectual elite" for what they truly are outside the confines of appointment

Obi won and Obiano got "appointed" is the reality. Deal with it and move on. Let it go

Mynd44:
Then change policy.

I downloaded a couple of Osibanjo's speeches and interviews and on agricultural policy he said what they will do is simple.

Farmers plant and call the government that they have a farmland filled with goods and the government will buy the produce. Do you how revolutionary that is? Consider the infrastructure that will go into storage facilities, employment, wealth distribution, food security and price stability that causes?

The government is clueless. Simple

Ayopercent:
Nigeria and Mexico approached China for credit facility to rebuild their railway systems
(and other infrastructure). They both got the credits.

Look at what each country did with the money.

When do we stop celebrating mediocrity?


https://m./234799800034526?view=permalink&id=386052548242583&refid=7&_ft_=qid.6108307359163796290%3Amf_story_key.6869227691211741798

twerkjack:
SOMETIMES WHEN I SEE STUFF LIKE THIS, I BEGIN TO WONDER IF NIGERIA IS ANOTHER COUNTRY OR IF IM REALLY LIVING IN NIGERIA? SERIOUSLY! WHERE DOES ALL THIS GROWTH TAKE PLACE

barcanista:
The Fat overrated woman... smh