Buhari - Era of disasters in Nigeria.

Buhari doesn't listen to anybody

Buhari doesn't listen to wise counsel

Akwamkpuruamu:


Who appointed Emefiele? Finance Minister nko She no deserve the blame too?

That's Jonathan in that case.

APC may still end up blaming oga Jonathan or Libyan war.

thesicilian:
Buhari's case is beyond redemption

hahahahaaa

Buhari's ear problem never get cured. That's why he no dey hear what

Kelsmatuc:
exactly....and guess who pushed Buhari on Nigeria....d south west....and they wanna do d same mistake come 2023

Una don start this morning ?

SW pushed Buhari on you, What about Ameachi, Ngige, Oshiomole and co ?


Na only SW vote am ?

Peter Obi's Victory is sure & secured. Insha Allah!

I never knew this government had any economic policy sef. These guys just took over, sat down and did nothing leaving the country on autopilot.

WE ALL KNEW!
But the JUJU was too strong.

YOU WARNED THE DRUNK JONATHAN TOO!

But the daft Oturke fisherman did not listen.
The reason you were suspended.
Now, you are having the LAST LAUGH.

PDP caused ALL THIS MESS! If not, the “APC CHANGE MAGICIANS” under Tinubu will not have smelled Aso Rovk! Na PDP I blame.


The JUJU continues.

We warned Nigerians in 2015 not to vote Buhari, that he has nothing to offer Nigeria, but you people refused to hear.

The bullion van thief and his agbado urchins will soon attack you for speaking the truth

Beehshorp:
That is why we have said no to Mr Agbado and Cassava’s continuity slogan.
We are fully OBIdient

Indeed Thiefnuibu continuity is another disaster of reckless looting and destruction loading............

LieDetector:
President Muhammadu Buhari has urged Nigerians to ensure continuity of his regime by voting for the All Progressives Congress (APC) in the 2023 presidential election.

“The forthcoming general elections will provide us with the opportunity to convince the electorate of the need for continuity to enable our party to consolidate on our achievements in the last 7 years,” Mr Buhari said.

The president, according to a statement by his spokesperson Femi Adesina on Friday, disclosed this while receiving a delegation from Nasarawa State.
“The Government and people of Nasarawa State, as usual, have a great role to play in returning our party to governance in the 2023 elections, in order to create a path for greater socio-economic growth and development.

“This is not only important for Nigeria alone but also for the West African Sub-Region,” the president was further quoted as saying.

https://gazettengr.com/nigerians-should-vote-tinubu-for-continuity-of-my-regime-buhari/?utm_source=ReviveOldPost&utm_medium=social&utm_campaign=ReviveOldPost

rusher14:
Being vague.

Which of the policies were you specifically referring to?

Are there any of buharis policies that have improved the economy?

Firstcitizen:
Emefiele the dullard should hide in shame

If you voted for this Government, you are not different from the people you have condemned

dre11:






https://www.thisdaylive.com/index.php/2022/08/09/sanusi-i-warned-buharis-govt-that-its-policies-will-destroy-nigerias-economy/

Sanusi studied Sharia during his Masters degree.
What does he know about Economy?
Chest beater since he made the statement: if you come to borrow to pay salary, I know your company is broke.

rusher14:


That's Jonathan in that case.

And he failed woefully yet Buhari reappointed him

The title of Emir was never a desire in the first place but a shield.

Nigeria!
Just get in the circle. Nigeria is lawless. Everyone knows.

Very bad and counterproductive policies bt also a very incompetent cabinet.

Buhari tried to fight corruption bt the economy was getting worse.

dre11:






https://www.thisdaylive.com/index.php/2022/08/09/sanusi-i-warned-buharis-govt-that-its-policies-will-destroy-nigerias-economy/

How did u warned him mallam
The same buhari government you help to insult

Buhari and his evil APC cohorts including BAT will put the blame of their foolish economic policies on PDP and the last administration. What do you expect from a president who has no WAEC certificate? Failure of course

Sorry Buhari ears are not working are you pretending you are not aware Mr Sanusi?

It seem his advice led to his removal as emir. Emir Professor Sanusi is an elder in both Governance, fiscal and monetary economic affairs. If an elder gives an a warning and you ignore that warning then you are foolish. Emefiele is just a doctor and the painful thing is that Nigerians are the ones affected by his foolish actions

anonimi:
Everyone is now trying to distance themselves from the failure they helped package by making Jonathan look like a clueless, corrupt fellow, even Thiefnuibu who made him as APC change from CPC expired leadership.
Are we supposed to be fooled

Sanusi's demonisation of Jonathan that helped make Buhari look like an angel that he is not.

The Summary of FRCN Report Against Sanusi

Persistent refusal and/or negligence to comply with the Public Procurement Act in the procurement practices of the Central Bank of Nigeria.

(A) By virtue of Section 15 (1)(a) of the Public Procurement Act, the provisions of the Act are expected to comply to ‘all procurement of goods, works and services carried out by the Federal Government of Nigeria and all procurement entities.’ This definition clearly includes the Central Bank of Nigeria.

(B) It is however regrettable that the Central Bank of Nigeria, under his leadership, has refused and/or neglected to comply with the provisions of the Public Procurement Act (PPA). You will recall that one of the primary reasons for the enactment of the PPA was the need to promote transparency, competitiveness, cost of effectiveness and professionalism in the public sector procurement system.

(C) Available information indicates that the Central Bank has over the years engaged in procurement of goods, works and services worth billions of Naira each year without complying with the express provisions of the PPA.

(D) By deliberately refusing to be bound by the provisions of the Act, the CBN has not only decided to act in an unlawful manner, but has also persisted in promoting a governance regime characterised by financial recklessness, waste and impunity, as demonstrated by the contents of its 2012 Financial Statements.

Unlawful expenditure by the Central Bank of Nigeria on ‘Intervention Projects’ across the country

(A) the unacceptable level of financial recklessness displayed by the leadership of the Central Bank of Nigeria is typified by the execution of ‘Intervention Projects’ across the country. From available information, the bank has either executed or is currently executing about 63 such projects across the country and has committed over N163billion on them.

(B) it is inexcusable and patently unlawful for any agency of government to deploy huge sums of money as the CBN has done in this case, without appropriation and outside CBN’s statutory mandate. It is trite that the expenditure of public funds by any organ of government must be based on clear legal mandates, prudent costing and overriding national interest.

Financial infractions and acts of financial recklessness committed by the Central Bank as reflected in its audited financial statements of 2012

(A) pursuant to Section 50 of the CBN Act 2007, a copy of the audited financial statements of the CBN for the year ended 31st December 2012 was sent to Mr. President. Based on the issues raised in the financial statement, a reaction was requested from you to enable a proper appreciation of the nation’s economic outlook.

(B) the response to this query was further referred to the Financial Reporting Council of Nigeria. The review by the council, rather than allay the fears of government, further confirmed concern bout the untidy manner in which you have generally conducted the operations of the CBN.

Some of the salient observations arising from the review are;

(A) in a most ironical manner, it has become obvious that the CBN is not able to prepare its financial statements using applicable International Financial Reporting Standards (IFFS) whereas Deposit Money Banks that the CBN is supervising have complied with this national requirement since 2012.

Undoubtedly, this laxity on the part of our apex bank, apart from calling to question its capacity for proper corporate governance, is capable of sending wrong signals to both domestic and international investors on the state of the Nigerian economy.

(B) the provisions of the Memorandum of Understanding (MOU) signed by the CBN and other Deposit Money Banks on Banking Resolution Sinking Fund have been breached in a material manner. For example, a Board of Trustees (BOT) to manage the Fund has not been constituted since 2010 when it was established. The CBN has however continued to utilise the Fund for certain operations without approval of the said BOT.

(C) contrary to section 34 (b) of the CBN Act 2007 which provides that the CBN shall not, except as provided in Section 31 of the Act, inter alia, purchase the shares of any corporation of company, unless an entity set up by the approval or authority of the Federal Government,m CBN in 2010, acquired 7% shares of International Islamic Management Corporation of Malaysia to the tune of N0.743 billion. This transaction was neither brought to Mr. President’s attention nor was a board approval obtained before it was entered into.

(D) the CBN has failed or refused to implement the provisions of the Personal Income Tax (Amendment) Act 2007. Accordingly the Pay-As-You-Earn (PAYE) deductions of its staff are still being computed in accordance with the defunct Personal Income Tax Act 2004, thus effectively assisting its staff to evade tax despite the generous wage package in the CBN, relative to other sectors of the economy.

(E) the CBN had an additional brought forward to General Reserve Fund of N16.031bn in 2012 but proceeded on a boy age of indefensible expenses in 2012 characterised by inexplicable increases in some heads of expenditure during the year. Examples include:

1. The bank spent N3.086bn on “promotional activities” in 2012 (up from N1.084bn in 2011). The bank spent this sum even when it is not in competition with any other institution in Nigeria;

2. The CBN claimed to have expended N20.202bn on ‘Legal and Professional Fees’ in 2011 beyond all reasonable standards of prudence and accountability;

3. Between expenses on ‘Private Guards’ and ‘Lunch for Policemen’, the CBN claimed to have spent N1.257 billion in 2012;

4. While Section 6(3)(c) of the CBN Act 2007 provides that the board of the CBN is to make recommendations to Mr. President on the rate of renumeration to Auditors, the bank has consistently observed this provision in breach and even went to the extent of changing one of the Joint External Auditors without notifying the office of the President.

5. In the explanations offered by the CBN pursuant to presidential directives, it offered a breakdown of ‘Currency Issue Expenses’ for 2011 and 2012. Interestingly, it claimed to have paid N38.233bn to the Nigerian Security Printing and Minting. Company Limited (NSPMC) in 2011 for ‘Printing of Banknotes.’ Paradoxically however, in the same 2011, NSPMC reported a total turnover of N29.370bn for all its transactions with all clients (including the CBN).

6. It is significant to note that the external audit revealed balances of sundry foreign currencies without physical stock of foreign currencies in the CBN Head Office.

Questionable write-off of N40bn loans of a bank

The above issues are only a few of the infractions highlighted by the review and which point to the gross incompetence and recklessness which characterised the operations of the CBN in the period under review.

However, the CBN also claimed that it paid Air Charter, such as payments to Emirate Airline (N0.511bn), Wing Airline (N0.425bn) and Associated Airline (N1.025bn) to distribute currency by air nationwide. Emirate Airline does not fly local charter in Nigeria, Wing Airline is not registered with Nigeria Civil Aviation Authority and Associated Airline does not have a billion turnover for 2011 because upon enquiry, the management claimed that they have no financial statements and have not had any significant operations for the past two years that will warrant preparation of financial statements.

The breakdown also include “Currency Issue Expenses” of N1.158bn and Sundry Currency charges of N1.678bn under “Currency Issue Expenses.” As they are in 2011 so are similar expenses in 2012. These are difficult to understand.

Other areas of fraudulent activities include

1. Facility Management N7.034bn in 2012 (N5.751bn in 2011.

2. Foreign Bank accounts that have been closed offshore were still operational in the General Ledger for over six months after they have been confirmed as closed accounts by the offshore banks.

3. The “Know Your Customer” policy is not properly followed by the CBN to the extent that the CBN has unknown customer with account balance of N1.423bn since 2008. The CBN claim that it is taking steps to obtain the required details regarding the address of the customer.

Wastefulness

1. Training and travel expenses N9.24bn in 2012 up from N7.65bn in 2011.

2. Expenses on “ATM offsite policy change” came to N1.045bn.

3. Expenses on “Non Interest Banking” N1.359bn in 2012 up from N0.977bn in 2011.

The CBN is still very heavy on expenses on “Project Eagles” spending N0.606bn in 2012 up from N63m in 2011.

Expense on newspapers, books and periodicals (excluding CBN’s publications) is N1.678 billion in 2012 up from N1.670bn in 2011,

http://www.punchng.com/news/the-frcns-report-on-sanusi/

Pain killer is not enough to stop the pain Nigeria is going through in the hand of bubu

buhari has no policy

Gbam