THE governor of the Central Bank of Nigeria (CBN), Mallam Lamido Sanusi, has warned that the nation's economy would not develop if the Federal Government does not reduce cuts in its expenditure.

Mallam Sanusi said it was not good enough that 25 per cent of the federal spending was being consumed by the National Assembly instead of using it to bring real development to the country, adding that Nigeria needed to focus on policies that would bring real development to the country.

“If you look at the budget, the bulk of government spending is revenue; revenue expenditure.

That is a big problem; 25 per cent of overhead of Federal Government goes to the National Assembly. We need power, we need infrastructure, so we need to start looking at the structure of expenditure and make it more consistent with the development initiative of the country,” he stressed.

Speaking at the eighth convocation ceremony of Igbinedion University Okada, Edo State, on the topic: Growth prospects for the Nigerian economy, at the weekend, the CBN governor  said Nigeria’s greatest problem was the importation of what it produced and exportation of what it did not produce.

“The solution to Nigeria’s problem is not in the interest  of a very few group of people who have held the country to ransom. The answer lies in every Nigerian simply standing up to this group that enough is enough.

“Very often you look at the problems of the country and you look at the powerful vested interest that are benefitting from these problems and you think that the problems cannot be resolved. Let me tell you one thing; stand up to them, face them, the country belongs to you and we must claim it. And the only way Nigeria will change is if we stop complaining about these people and do something about them.

“A country like Ethiopia, which came out of war just yesterday, is growing at 11 per cent annually and by 2012, Ethiopia will be generating 4,000 megawatt of electricity, which is more than what Nigeria is generating today. It is one thing to complain about Nigeria’s problem, the situation is heightened when you see pockets of success around Africa.

“In 10 years, if we do not adopt the right policies, the Ghanaian economy could overtake our economy on per capita basis. Look at Angola, we helped Angola solve a civil war and today, Angola is exporting more oil than us and Angola has gone further on diversification. There is a big problem and the problem is a policy problem, so the answer is the pursuit of the right policies in the short to medium terms.

“The military government of General Sani Abacha conducted a free and fair election in Liberia, we exported democracy and we have not been able to conduct one in this country and anytime there are elections in African countries, Nigerian former leaders will go there as election observers and these were the very people that could not conduct election in their own country.

“Nigeria could get it right and achieve its vision 20:2020 if the balance of trade is persistently positive, as it has been in the last five years,” Sanusi stated.

He said “if the banking sector reforms and efforts to resolve liquidity challenges are sustained to channel credit massively to the real sector of the economy and if the government sustains the current reforms in the various sectors of the economy, Nigeria will achieve rapid growth and development.”

Sanusi for President.

Na today!In country they know not enough cash to carry out all our infrastructural programs,they still take a whole lot for the resources.They are not poor.Nigeria is not poor yes but,we have alot to do,which we have failed to do over time that the resources required is alot.If populace sufferto make tomorrow better, who are they not to sacrifice to the cause of making a better Nigeria.Extravagance na today!they are rich and still getting fat on the FG resources. you don't want to know what they do with the cash

Sanusi keeps speaking the mind of the ordinary Nigerian, I wish we had more Sanusi in Government.

You really can't take anything away from this man! He comes across genuine and a true patriot.

This Sanusi is radically down to earth.Nigeria needs men like that if SHE is ever gonna survive as a country.

I love this guy - It is not common to speak out against the government when you are part of it. It is just not feasible to spend 25% of you annual bugdet on salary and other useless expenses when the whole country is struggling.

hard truth

They reap d country off legitimately,wasting our diminishing resources on unproductive hooligans and paedophiles aka lawmakers

segun agagan  ws talkin thrash about 70 percent implementation of certain aspect of ds year budget and wants us to clap for dt. what pained me ws dt peple missed a cogent point dt describes d "high performance" aspect as recurrent. in other words, dey have paid up all salaries and allowances while developmental projects can wait for all they care.

It takes local contractors years of compulsory bribing of govt officials to get their monies for jobs done in nigeria.Nothing works for ordinary nigerians.

Can u imagine that? national assembly alone gopping a huge 25% on the national budget in the name of salaries, allowances and other frivolous spending. Less than 500 people spending 25% of what is meant for 150million nigerians and we expect nigeria to be a better place? NO, not until the common man stand up for his right and call these thieves to account, they will continue to take nigerians for granted and make the common man to continue to suffer

So what is the NLC doing? Isn't this the premise on which they should call for a strike. Considering our GDP, lawmakers in the Senate should earn a maxmimum of N350,000 per month while their counterparts in the House of Rep should earn N185,000 per month.

Its not by force to serve

Damn Nigerian politicians. All crooks and thieves! How can 25% of the gov't revenue be spent on the damn legislature!

So 25% for the legislature, 25% for the executive branch, 25% for the judiciary and then another 25% for the people of Nigeria.

How do these bastards justify wasting so much f.ucking money? They should all be round up and shot.

Mallam Sanusi said it was not good enough that 25 per cent of the federal spending was being consumed by the National Assembly instead of using it to bring real development to the country, adding that Nigeria needed to focus on policies that would bring real development to the country.

Can you imagine that A whooping 25 [i]frigging [/i]percent is being consumed by those ppl, constituting less than 0.01% of the population.  

what a tragedy.  

DapoBear:

Damn Nigerian politicians. All crooks and thieves! How can 25% of the gov't revenue be spent on the damn legislature!

So 25% for the legislature, 25% for the executive branch, 25% for the judiciary and then another 25% for the people of Nigeria.

How do these bastards justify wasting so much f.ucking money? They should all be round up and shot.

Bros, I feel your anger. when a house reps member goes home with over 2million/ mnth, higher than his counterpart in the United States, the 25% figure shouldn't really come as a surprise. PITY!

Why am I not surprised? Afterall we have a president who gives a paltry $50,000 as transportation fare for just 3 members of SNG who paid him a courtesy visit. I suppose those SNG guys each hired a 747 jetliner to convey them to and fro Abuja.

We have a commander in thief and a bunch of idiotic Sinators (Senathieves) and Respresentathives in Abuja. We are in for a great ride in next years elections.

This is why Nigeria cannot make serious progress under GEJ. Of all the candidates he is easily the weakest IMO . Even an unborn child knows that a President who will deliver for Nigerians will have to take on , without fear or capitulation, entrenched interests, self-serving groups and exploitative individuals that have kept our nation grossly underdeveloped . It won't be easy but it can be done by a brave and resolute leader with genuine political will.

Can any of us honestly see Jonathan as the man to tame the culture of insensitive and profligate self aggrandizement that is crippling Nigeria ?  As with the Ogun situation , with the ganster impeachment initiated by OGD , Jonathan will rather make deals with greedy looters than cut them to size. Jonathan will not take the greedy lawmakers on . Never !!! There needs to be revolutionary change in many sector but Jonathan cynically shows he is "more of the same" every time he has faced tests of leadership that required positive precedents to be set.

wait a minute,  I am suspecting foul play Concensus Agenda in the timing of this move by Sanusi, did it just start now, or was it there during Yaradua? why did he not make the announcement then?

I am suspecting Northern Concensus agenda here,,,,,oooooo!!!

^^ What in the world are you going on about? Was it not only recently that the National Assembly approved for themselves the most lucrative package for any assembly in the world?

https://www.nairaland.com/nigeria/topic-421198.0.html

Yar adua never die by that time? lol No be only Northern consensus, na Aboki MEND do am!!

But someone else also made this argument a couple of months ago and Sanusi called him alarmist.

What changed?

All these early praise dey laf me.It reminds me of Soludo in his hay days.In some years to come,Sanusi's evil side will be revealed.

House of reps should be scrapped. It's of no use. That reduces the number of people collecting 'sitting and wardrobe' allowances

Imeobong:

wait a minute,  I am suspecting foul play Concensus Agenda in the timing of this move by Sanusi, did it just start now, or was it there during Yaradua? why did he not make the announcement then?

I am suspecting Northern Concensus agenda here,,,,,oooooo!!!

wetin be this one again?

I suppose all the legislators enjoying the unmerited largesse are Northerners, abi? KAI! you pple, eh. . .

by sounding a note of warning at this time, is he not doing his job? is he not preventing the country from going bankrupt?


furthermore, the man didn't call a press conference to give the announcement; he was invited to give a lecture on the state of the economy by Igbinedion University, and not unexpectedly he touched on the contentious issue given its significance (25%, in case you didn't see it well) on the our economic development.