Bimpe29:
Just like I candidly observed when President Muhammad Buhari ceded the majority of the military/security formation appointments to the Northern part of Nigeria, noting that the spirit of the federal character principle must be observed and complied with.

Alas! President Bola Ahmed Tinubu's style is really more unpleasant and nepostic as he isn't considering the totality of Southern Nigeria but just a subset thereof, South West/Yoruba.

The lopsidedness is eternally unthinkable and undesirable in a mega country that's practically exist along divergent ethnic groups. In all honesty, having:
1. Minister of Finance,
2. Accountant General of the Federation,
3. CBN Governor,
4. Comptroller General of Custom and
5. Chairman FIRS
All from the same tribe and within the same subset of a certain geo political zone is truly unfair and left much to be desired.

Hence, President Bola Ahmed Tinubu is humbly required to depart from that unpleasant format, and entrench equity and equitable distribution of national offices particularly with respect to the management of the nation's economy and financial resources.

Nigeria belongs to all Nigerians irrespective of tribe and religious affiliation.

It's my prayer that God will make it easy for President Bola Ahmed Tinubu to effectively pilot the enormous affairs of this nation in such a manner that our dreams are met and fulfilled in no distant time Aameen.

You had a point but put yourself in Tinubu shoe or leaders shoe. Assuming you're the President will you totally committed to a person you never meet and not clear about his doing but was presented to you due to federal character. Sure each states will get ministerial appointment but you put your inner cacus to your focus sector. Buhari was focus on security that is why he chose those Northerner to dominate Military/defense. During Jonathan SS/SE dominated his appointment Finances, Power, petroleum even he later change CBN and Military to Igbo that was his focus

So, Tinubu is not part of APC that wrecked Nigeria? Dey play

Ofunaofu:


He was part of the Emefiele CBN management that wrecked the naira, so no difference

Seun360:


I keep telling them. When Yoruba start our own agitation , we go get our Oduduwa Republic on a platter.

Don't mind those fools. Its not even supposed to be coming from ibos saying a coup shud oust Tinubu. They know they will suffer it most

frog12:
why?

I would have replied but I have to

1. Our "big men " and politician put pressure on dollar by buying them either store or oversea travelling .. if you have did secondary school the simple elementary economics says " The higher the demand the higher the price" as it stands today dollar is high so the price of the product like PMS etc are higher.

2. We import 90% of nonsense thing to Nigeria , let me ask you what is Nigerian doing with 20Million car, 0.5Bilion car, we almost everything in Nigeria, CBN governor cannot stop importation. Most of the developed would never buy what they cannot produce , Who is to stop this? CBN governor?

3. All our big men children are outside Nigeria depending on Naira pay to their parents in Nigeria to survive in Dollar economy who is going to stop them? CBN governor?

4. Corruption which is the major one, today one bag on rice is 46, 52 thousand because the boarder remains closed who is going to open boarder ? CBN governor?

5. No refinery , Nigerian import 44million of liters everyday pay in dollar in Naira economy. Who is going to build refinery ? CBN governor?
6. Oga, incase you don't know Nigerian don't produce anything who is going to do that? CBN governor?

7. Inattention to technical education , how many people that studied computer science can write common HTML code, remember DANGOTE recently has to look else where as far as INDIAN to meet up the technical part refinery building proceed, who is going to do that ? CBN governor.

Stop support one because is your tribal man... The only person who can solve Nigeria economy is MR. PRESIDENT

This is what led to the coup, pure tribalism.

OriOko88:

U can hug d transformer if u not satisfied. No one Give a fkk bou u lots. Effing morons

2027 no far again. Let's see whether the SW alone can make the senile walking dead President again

femicyrus:

Since when did wike also became a lagosian?

Is the fight in Abuja not caused by entitled gang of Lagos?

OBJ, a Yoruba man appointed an Igbo man Soludo as CBN gov.

Is there anyone in your family greater then OBJ?

Wawelexy:


Oh he should have appointed Chibuzor? Or Nnamdi? Abi Chukwuma?

LegacyB:
Yemi Cardoso is a known performer!
From Citi Bank.

. ..4 deputy governor were appointed...why 4 deputy governor...is it not the same jobs they will all the 4 be doing..if 1 deputy governor is appointed is it not better...4 deputy governor ...4 of them will be paid huge salaries

This tradition of nominating retired bankers to lead the CBN is not the best way to go. In most of the leading economies, the tradition is to nominate an economist with deep knowledge, expertise, and experience in monetary policy, normally a well-grounded economist ideally with a Ph.D. in Economics, and some private and/or academic experience. The only exception was former President Obasanjo who appointed Prof Charles Soludo, a PhD economist. Retired bankers can make good ministers for finance and not CBN governors.

Until any Nigerian president embraces the reality that managing the complexities of the macroeconomy requires an expert we will continue to see a Central Bank that is derailed from its core duties and unduly influenced by powerful politicians and senior bankers and bureaucrats.

If we really want to grow and move forward just as most countries are progressing, we need to start to do things the right way. Growth and progress at the individual and entity level is a result of consistent and cumulative decisions taken over time most of which are right.

Why 4 deputy governors...is it not the same jobs the 4 will be doing...why not 1 deputy governor...that is why the costs of goverance is high in nigeria ..4 deputy governors...4 huge salaries and allowances for them

Lanre1st:


Guy I know you from previous mention on Shettima post, you will be dribble like Messi and refuse to learn or accept fact. I don't have your time. Good day

how does your knowing me from maiduguri answer my questions?

what exactly are u teaching that u expect me to learn from?

the following questions are a product of your claims. except your claims are lies, i see no reason why u cant answer these questions.

1. At what time was Cardoso commissioner of finance?

2. What are his "capabilities and what is up to"?

3. What did he accomplish as commissioner that makes u say Tinubu means business and Cardoso is tested and trusted?

4. How did Tinubu "build modern Lagos"?

5. Before Tinubu become governor of Lagos, was Lagos ancient?

6. If you say you "believe BAT will build prosperous Nigeria", what did buhari do for 8years?

slowice:


Is the fight in Abuja not caused by entitled gang of Lagos?

Who is fighting who in Abuja?
The only fight I know of has been won at PEPC where all Obi and atiku submissions were thrashed in 13hrs

I like the way Tinubu bdoesnt give a 2fvcks about Igbo people,

Baba no even send their papa.

ufotunang:
. ..4 deputy governor were appointed...why 4 deputy governor...is it not the same jobs they will all the 4 be doing..if 1 deputy governor is appointed is it not better...4 deputy governor ...4 of them will be paid huge salaries

You know nothing.

ufotunang:
. ..4 deputy governor were appointed...why 4 deputy governor...is it not the same jobs they will all the 4 be doing..if 1 deputy governor is appointed is it not better...4 deputy governor ...4 of them will be paid huge salaries

Noooo. It doesn’t work like that. It’s just like a normal Bank having a Managing Director and the Executive directors who works with him.

femicyrus:


Who is fighting who in Abuja?
The only fight I know of has been won at PEPC where all Obi and atiku submissions were thrashed in 13hrs

Hahahahaa this kid been sleeping

LordAdam16:


No point in complaining.
Everyone will get their turn.

In fact, it'll be a huge relief if each geopolitical zone gets the opportunity to be nepotistic for 8 years.
Marginalization complaints will subside.
Whenever it gets to your turn, appoint whomever you fancy.

The regions that'd best benefit from this arrangement are the Core North (NW and NE) and the Better South (SS and SE).
Regions will always be sympathetic to sister zones.
Heck, even the MB will get something, as their Christians will be appointed in the Better South's administrations, while their Muslims will be appointed in the Core North's administrations.

The Yorubas don't have a twin region, so they'll be hard hit by this paradigm they're championing.
You bet they'd raise dust when they're on the receiving end, but no one will pay them any mind.
I trust the SE.
The SS might try to be sympathetic because we are a melting pot of Indigenous, Yoruboid, and Igboid ethnicities.
But the gbas gbos from the SE will be a sight to behold.

-Lord

So, despite all your pretensions to being some sort of intellectual with an expert in economics, it turns out you're just another run of the mill, tribalist Nairalander, incapable of evaluating individuals on their merits, and obsessed with keeping track of which appointment benefits which group or other. The position of the Central Bank governor is just about the most important one Tinubu has to fill, especially given the parlous state of the economy and the high debt burden of the FG, yet the only thing you and all the rest of the cretins on here can think about when alerted about Tinubu's choice is that he happens to be Yoruba? Are any of you for real? Is there anyone left on this website with an IQ above 70?

The CBN governor could be from Pluto for all I care, as long as he/she/it has the right credentials to rescue Nigeria's international credibility and slash the inflation rate to single digits. What anyone with a half-working brain should care about is whether this appointee has the requisite knowledge of economics, a track record of clear thinking, the discipline to stick to his job - fighting inflation and keeping the economy stable - rather than obsessing over toothpicks and messing around with hare-brained currency exchange schemes, and the will to stand up to both Tinubu and the NASS when it comes to doing the job he was appointed to do, political consequences be damned. As of yet, not a single person has brought any facts to bear on this question, even as you're all busy keeping score of which tribe is scoring which "juicy" appointments - as if all Nigerians don't stand to benefit equally from low inflation, a stable Naira and a hugh rise in foreign direct investment.

Olurondo:
This appointment does not make any sense.Yemi Cardoso's first degree is Management and Administrative studies and he has a masters degree in public administration.Any reasonable person will know that more than ever before we need a sound ECONOMIST as a CBN governor!!

At last we have someone with something substantive to add to the discussion, instead of the usual monomania about "tribe". While it's disheartening to hear what you've shared, I thank you for providing the information.

Strictly following the footsteps of Buhari which the end result will be failure and doom

InsightsGuru:
This tradition of nominating retired bankers to lead the CBN is not the best way to go. In most of the leading economies, the tradition is to nominate an economist with deep knowledge, expertise, and experience in monetary policy, normally a well-grounded economist ideally with a Ph.D. in Economics, and some private and/or academic experience. The only exception was former President Obasanjo who appointed Prof Charles Soludo, a PhD economist. Retired bankers can make good ministers for finance and not CBN governors.

Until any Nigerian president embraces the reality that managing the complexities of the macroeconomy requires an expert we will continue to see a Central Bank that is derailed from its core duties and unduly influenced by powerful politicians and senior bankers and bureaucrats.

If we really want to grow and move forward just as most countries are progressing, we need to start to do things the right way. Growth and progress at the individual and entity level is a result of consistent and cumulative decisions taken over time most of which are right.

Thank you for putting the crux of the matter so clearly and succinctly. It is good to see that Nairaland isn't totally devoid of people who have real insight to share, rather than the usual childish tribalistic nonsense.

As you've noted, a Phd economist like Soludo would have been a better choice, especially given Nigeria's runaway inflation and dire need for credibility in the international financial markets. While I doubt Cardoso can do quite as badly as Emefiele did, I just don't see him being the one to bring inflation under control and restore monetary stability, especially given his prior closeness to Tinubu, which will probably compromise his ability to act independently.

InsightsGuru:
This tradition of nominating retired bankers to lead the CBN is not the best way to go. In most of the leading economies, the tradition is to nominate an economist with deep knowledge, expertise, and experience in monetary policy, normally a well-grounded economist ideally with a Ph.D. in Economics, and some private and/or academic experience. The only exception was former President Obasanjo who appointed Prof Charles Soludo, a PhD economist. Retired bankers can make good ministers for finance and not CBN governors.

Until any Nigerian president embraces the reality that managing the complexities of the macroeconomy requires an expert we will continue to see a Central Bank that is derailed from its core duties and unduly influenced by powerful politicians and senior bankers and bureaucrats.

If we really want to grow and move forward just as most countries are progressing, we need to start to do things the right way. Growth and progress at the individual and entity level is a result of consistent and cumulative decisions taken over time most of which are right.

What is the definition of

Economist?

Is there any universally acknowledged and accepted definition?
Is any person with a Bsc in economics an economist ?

At any rate it is clear your understanding of what the CBN of Nigeria does or the job of the governors is limited

The CBN in Nigeria regulates banks and financial institutions.

That is not the case everywhere
Regulatory function is often separated from monetary function e.g.
in
The European Union
The United kingdom
The United States

Combining the two into one body means we have an institution that is very different from many others . That is discussion for another thread.
Even if that were not the case There is no logical basis to conclude that an "economist" whatever that means is the best person to head the central bank. Even so called economists never agree on what should be done often advising opposing courses of action. Reflecting the reality that they are not involved in mathematics but a social and political enterprise

Apart from being "traditional" you have not given any reason why an economist would down better job as CBN governor than a lawyer ,politician or doctor.
It is an assumption with no objective basis

omohayek:

So, despite all your pretensions to being some sort of intellectual with an expert in economics, it turns out you're just another run of the mill, tribalist Nairalander, incapable of evaluating individuals on their merits, and obsessed with keeping track of which appointment benefits which group or other. The position of the Central Bank governor is just about the most important one Tinubu has to fill, especially given the parlous state of the economy and the high debt burden of the FG, yet the only thing you and all the rest of the cretins on here can think about when alerted about Tinubu's choice is that he happens to be Yoruba? Are any of you for real? Is there anyone left on this website with an IQ above 70?

The CBN governor could be from Pluto for all I care, as long as he/she/it has the right credentials to rescue Nigeria's international credibility and slash the inflation rate to single digits. What anyone with a half-working brain should care about is whether this appointee has the requisite knowledge of economics, a track record of clear thinking, the discipline to stick to his job - fighting inflation and keeping the economy stable - rather than obsessing over toothpicks and messing around with hare-brained currency exchange schemes, and the will to stand up to both Tinubu and the NASS when it comes to doing the job he was appointed to do, political consequences be damned. As of yet, not a single person has brought any facts to bear on this question, even as you're all busy keeping score of which tribe is scoring which "juicy" appointments - as if all Nigerians don't stand to benefit equally from low inflation, a stable Naira and a hugh rise in foreign direct investment.

Go f*ck yourself, hombre!
Your comment history over at least the past year is a disgrace!
And you have the nerve to label anyone a tribalist for noticing sh*t, you gaslighting c*nt!

F*ck off my mentions and go do that low-budget ethnosupremacist sh*t with your nutjob compadres.
Que sera sera. Your time in the sun will end. You'll type epistles. And there'll be plenty of receipts to shut your b*tch a$$es up.
Supremacists come in all stripes. All, including you, are disgusting!

-Lord

Jideji:
Hearing the name for the first time.

My brother when God remembers you, its your time
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Hearing the name for the first time? You see,this is why I said most of nairalanders are kids. No wonder many of them don't know Jack, will never ready to learn but always insulting people on social media. Yemi cardoso was a commissioner under tinumbu. He. Was one of the arrow heads that made Lagos the fifth largest economy in Africa. These were the men behind tinumbu success in lagos.

omohayek:

Thank you for putting the crux of the matter so clearly and succinctly. It is good to see that Nairaland isn't totally devoid of people who have real insight to share, rather than the usual childish tribalistic nonsense.

As you've noted, a Phd economist like Soludo would have been a better choice, especially given Nigeria's runaway inflation and dire need for credibility in the international financial markets. While I doubt Cardoso can do quite as badly as Emefiele did, I just don't see him being the one to bring inflation under control and restore monetary stability, especially given his prior closeness to Tinubu, which will probably compromise his ability to act independently.

After the Sanusi debacle, no President will appoint an "independent" CBN governor.
Especially not in their first term.

Unfortunately, in Nigeria, however accomplished you are, technocrats need political sponsors to get into positions where they can effect change.

That said, the CBN cannot perform miracles.
If the minimum wage is increased by the projected 50+%, a sub-20% inflation rate becomes a pipedream.
If the overarching economic policy fails to draw in a deluge of FDI, monetary stability will continue to evade us.

Emefiele bore the brunt for a deficient fiscal policy.
Cardoso should have an easier run at it, thanks to the ongoing tax reform, a significantly better fiscal team (Edun is miles ahead of Zainab), and the adoption of neoliberal policies that has been warmly received on the global stage.
He would be low on the totem pole of folks to blame for any failings, unless he does something catastrophically boneheaded.

Tinubu has assembled an all-star team on the economic side of things.
As long as he listens to them and avoid impulsive outbursts, we should at least escape the systemic chokehold Buhari plunged the country into.
With $80-100 oil, 2m+ barrels production rate, and much better tax revenues than was generated in the PDP years, it's really all up to Edun.
He needs to step up and become the defacto PM like NOI was under GEJ.

Next on the agenda is sacking Kyari.

-Lord

ijustdey:


NTA

To hire this man as CBN governor is a recipe for Macro-Economic collapse!

How will Tinubu ignore hundreds of more qualified folks for this person.

That was how Buhari gave Ministry of Finance to an Accountant that said "Recession is just a word" now bag of rice is heading to #50k. Brown beans, na only yahoo boys dey buy am now......

At least nominate someone with a background in economics, Developmental Economics to be precise, we can't keep running around in circles like we have been doing with our Economy for the last 8years

LordAdam16:


Go f*ck yourself, hombre!
Your comment history over at least the past year is a disgrace!
And you have the nerve to label anyone a tribalist for noticing sh*t, you gaslighting c*nt!

F*ck off my mentions and go do that low-budget ethnosupremacist sh*t with your nutjob compadres.
Que sera sera. Your time in the sun will end. You'll type epistles. And there'll be plenty of receipts to shut your b*tch a$$es up.
Supremacists come in all stripes. All, including you, are disgusting!

-Lord

Of course, nothing to offer in response but incoherent ad hominems, no doubt dished out in a fit of spittle-flecked rage. The "turn by turn" mindset you and so many else on here exemplify will be the death of Nigeria.

ehissi:


To hire this man as CBN governor is a recipe for Macro-Economic collapse!

How will Tinubu ignore hundreds of more qualified folks for this person.

That was how Buhari gave Ministry of Finance to an Accountant that said "Recession is just a word" now bag of rice is heading to #50k. Brown beans, na only yahoo boys dey buy am now......

At least nominate someone with a background in economics, Developmental Economics to be precise, we can't keep running around in circles like we have been doing with our Economy for the last 8years

Good to see someone else who gets it. Tinubu is setting his entire tenure in office up for failure by picking such a lackluster candidate. In other countries, governments are so aware of how critical the role of central bank governor is that they'll even recruit abroad to fill the role if need be (e.g. Mark Carney from Canada, who was head of the Bank of England, or Stanley Fischer from the USA as boss of the Bank of Israel), but in Nigeria we treat the role as just another "juicy" appointment to be doled out on a tribal basis, as if monetary stability weren't a precondition for meaningful economic development. None of us would pick our personal surgeons on such a flimsy basis.

Britain favours credentials over countrymen for BoE's top job

Seun360:


You know nothing.

...you that know some thing or everything...then explain the reason for the 4 deputy governors?

LegacyB:

Noooo. It doesn’t work like that. It’s just like a normal Bank having a Managing Director and the Executive directors who works with him.

..ok the 4 deputy governors..is not duplication of duties...are they not doing the same duties ?

omohayek:

Of course, nothing to offer in response but incoherent ad hominems, no doubt dished out in a fit of spittle-flecked rage. The "turn by turn" mindset you and so many else on here exemplify will be the death of Nigeria.

You are talking ignorant and conceited gibberish.
The CBN in Nigeria has next to zero influence on inflation in 2023
That train has left the station all the ammunition it has is exhausted
Everything you have to say is colored by bigotry

The primary cause of inflation in NIgeria is imported inflation and government living beyond its means
The government through irresponsible fiscal policy and poor oversight by the National Assembly
The CBN has no levers to press beyond interest rates and to stop lending to governments
The interest rate lever is exhausted .
The main thing that needs to happen at the CBN today is to stop corruption with Forex which is not an issue of qualification but of integrity
To fix inflation we need peace,security and then to start production of food and other basic things that drain our Forex

Those are Economic and political issues not monetary ones

omohayek:

So, despite all your pretensions to being some sort of intellectual with an expert in economics, it turns out you're just another run of the mill, tribalist Nairalander, incapable of evaluating individuals on their merits, and obsessed with keeping track of which appointment benefits which group or other. The position of the Central Bank governor is just about the most important one Tinubu has to fill, especially given the parlous state of the economy and the high debt burden of the FG, yet the only thing you and all the rest of the cretins on here can think about when alerted about Tinubu's choice is that he happens to be Yoruba? Are any of you for real? Is there anyone left on this website with an IQ above 70?

The CBN governor could be from Pluto for all I care, as long as he/she/it has the right credentials to rescue Nigeria's international credibility and slash the inflation rate to single digits. What anyone with a half-working brain should care about is whether this appointee has the requisite knowledge of economics, a track record of clear thinking, the discipline to stick to his job - fighting inflation and keeping the economy stable - rather than obsessing over toothpicks and messing around with hare-brained currency exchange schemes, and the will to stand up to both Tinubu and the NASS when it comes to doing the job he was appointed to do, political consequences be damned. As of yet, not a single person has brought any facts to bear on this question, even as you're all busy keeping score of which tribe is scoring which "juicy" appointments - as if all Nigerians don't stand to benefit equally from low inflation, a stable Naira and a hugh rise in foreign direct investment.

I have known Lordadam for a while.

He doesn't say what he wishes to be done, or what he wants done- but rather- just stating how things are.

Where he can give a decisive answer, he provides one. For him, it's nothing personal, simply business.