mr soludo
what did you do urself

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Soludo is right, gej had some of the worst economic team BUT... through out his 6 yrs of rule, our economy was never as bad as what we are experiencing today.

Can someone please shot that man up





and tell him he is one of the economic team ?





pleaseeeeeeeeeeeeeeeeeeeeeee

koboko69:
Chukwuma Soludo, former governor of the Central Bank of Nigeria (CBN), says the presidential regime of Goodluck Jonathan had “the worst economic management team” relative to available resources. The former Anambra state governorship aspirant also lamented that the Jonathan administration left the country with an “unprecedented rate of debt accumulation”.

However, he commended the Peoples Democratic Party (PDP) for still managing to record “tremendous progress” in its 16 years of ruling the country. Soludo was speaking in Lagos on Thursday at the third anniversary lecture of the RealNews magazine titled ‘Can a New Buharinomics Save Nigeria?’

“First, I supported President Muhammadu Buhari (PMB) over Jonathan not because I was convinced about the credibility of the APC manifesto (and I said so in my article in January this year) but for three reasons. I was convinced that the last economic team was bankrupting the economy and had no clue as to how to fix it,” he said.

“Second, PMB is the first president of Nigeria under a democracy to have seriously desired the job and struggled for it for over 12 years. To me therefore, he must have a few points to prove, and I was willing to bet on a man who purposefully wanted the job than otherwise. “Third, I was convinced that it would be in the enlightened self-interest of the APC, once in power, to do their utmost to keep power by delivering on the economy unlike the PDP which had taken power for granted. I am still confident that PMB can deliver change (although as I had indicated in my article in January, I didn’t believe that any of the two parties could deliver on their manifesto) but he and his team now need to run at the speed of a 1000 km per hour.

“We must support them to succeed by contributing when we can, and criticising when we must — tough love! I am enjoying my status as ‘an independent’ (I don’t belong to APC or PDP) and I therefore have the liberty to say it as I see it from the balcony! “As at 1999 when PDP came to power, Nigeria was largely a pariah state still lucky to have survived as one indivisible sovereign, especially in the context of the struggle by NADECO and restiveness in many parts of the country. On corruption, Transparency International scored it 1.6 out of 10 and ranked 98 out of 99 countries in 1999.

Nigeria was listed among four countries that were non-compliant on the anti-money laundering rules by the Financial Action Task Force (FATF). “We could not service our external debt and relied on stressful rescheduling, with all the intrusive donor conditionalities. Poverty was estimated at 70%, and unemployment at nearly 20%. The 1990s will go down in our economic history as the decade of stagnation: when per capita income growth was zero. Average oil price in May 1999 when President Obasanjo took over was $15.24 while stock of reserves was about $5 billion.” Reflecting on PDP’s and Jonathan’s reign,

Soludo said: “After 16 years, several challenges remain and some have even worsened (especially insecurity). Although President Jonathan’s regime had the worst economic management relative to the resources at its disposal, it must be stressed that tremendous progress was made in the aggregate 16 years of PDP government. “

Yes, it should have left more than $100 billion in reserves but left only $30 billion (still about six times of what it met). We also wish that Jonathan’s team did not leave Nigeria with unprecedented rate of debt accumulation. But, according to statistics from NBS, the PDP handed over a $550 billion economy (largest in Africa and 26th in the world), with 7.5% unemployment rate (better than European Union, France, Sweden, Belgium, etc although the underemployment figure is much higher); 32%?? poverty rate (as claimed by the former Finance Minister, or 61%??: NBS needs to clarify this claim); a stock of reserves of $30 billion; GDP growth rate averaging 6% over last 12 years; a relatively more diversified economy, with ICT penetration from 0.2% to over 60%, and a new contributory pension scheme now with trillions of Naira in pension fund. “Our external debt is down although total debt stock is escalating.

Our Gini coefficient (degree of inequality) is not different from China’s. Nigeria has consolidated and stronger banking system that currently finances both government debt and the private sector, with a relatively vibrant capital market. The capitalization of the Nigerian Stock Exchange grew from less than N1 trillion to N12 trillion as at handover. For the first time, Nigerian economy is now rated by credit rating agencies (Fitch, and Standard and Poor’s).”

Read more at: https://www.thecable.ng/jonathans-regime-worst-economic-management-team-says-soludo

such is life,even u soludo got mouth to talk after all d atrocity you committed while in CBN. You also contested under this same PDP in anambra but u lost 2 a competent man. Pls change ur way. If u need 2 b named an ambassador, pls play ur game smartly instead of disdain our past president. It's just a feedback for u mr,take it in good faith.

Mogidi:
I'd like to see Soludo repeat this hogwash in the midst of recently retrenched workers or at a petrol station.

hehehehehe, is it not d bastardisation of d economy by ur clueless corrupt hero that brought us to dis level, and prof soludo has just given u wailers a free lecture of d century, truth is bitter

lomprico:
Soludo is right, gej had some of the worst economic team BUT... through out his 6 yrs of rule, our economy was never as bad as what we are experiencing today.

what is dis one saying?

naijapips02:
I never for once bought fuel for 400 naira in aba.... all tru d 6 years

we bought in April 2500 naira in lagos

koboko69:


Watch the misguided hungry IPOB youths waiting for Buhari's 5k stipend call one of their own a Yoruba. They can get their 5k stipend after Nnamadi Kanu becomes their president in year 2200!

Ever since Buhari assumed office; He has been clearing all the mess and Bobby traps set for him by the Last administration.

Imagine with the booming oil price over the years with a reserve left at over 150 billion dollars reserve Jonathan, Dansuki, Okonjo, Deziani and others depleted it to as low as 30 billion dollars with nothing to show for it.

If Soludo acknowledged the quoted below and still called Jonathan as having the worst team then it means either Soludo is overrated or hatred is eating him up or political appointment is driving him crazy...

[b]But, according to statistics from NBS, the PDP handed over a $550 billion economy (largest in Africa and 26th in the world), with 7.5% unemployment rate (better than European Union, France, Sweden, Belgium, etc although the underemployment figure is much higher); 32%?? poverty rate (as claimed by the former Finance Minister, or 61%??: NBS needs to clarify this claim); a stock of reserves of $30 billion; GDP growth rate averaging 6% over last 12 years; a relatively more diversified economy, with ICT penetration from 0.2% to over 60%, and a new contributory pension scheme now with trillions of Naira in pension fund. “Our external debt is down although total debt stock is escalating.

Our Gini coefficient (degree of inequality) is not different from China’s. Nigeria hasconsolidated and stronger banking system that currently finances both government debt and the private sector, with a relatively vibrant capital market. The capitalization of the Nigerian Stock Exchange grew from less than N1 trillion to N12 trillion as at handover. For the first time, Nigerian economy is now rated by credit rating agencies (Fitch, and Standard and Poor’s).[/b]”

Jonathan paid minimum wage of 18000 as against 7500 during Obj/Soludo era...paid NYSC 19800 as against 7500 during Obj/Soludo/El-Rufai/Ezekwesili era...How can he save more with over 150% wage increase...Hatred forces some to think upside down...

mr soludo,you really tried during your time but its unethical for a respected elder like you to be talking like a market woman,cos the legacy of the team your castigating are speaking for itself.pls pls pls mr prof many are looking up to you pls stop back pederling ......

koboko69:


Watch the misguided hungry IPOB youths waiting for Buhari's 5k stipend call one of their own a Yoruba. They can get their 5k stipend after Nnamadi Kanu becomes their president in year 2200!

Ever since Buhari assumed office; He has been clearing all the mess and Bobby traps set for him by the Last administration.

Imagine with the booming oil price over the years with a reserve left at over 150 billion dollars reserve Jonathan, Dansuki, Okonjo, Deziani and others depleted it to as low as 30 billion dollars with nothing to show for it.

na u been leave over 150billion dollars for reserve abi na ur u cle put am dey?

All these front page commenters make the users of this forum look intellectually inept with their senseless rant.

People should learn to read the body of articles not just the headlines before rushing to comment. This is how you fail examinations and totally miss the point.

Shut the he'll up soloude no solude. Stupid man! What post are you lobbing for that made to turn the truth upside down?

baralatie:

below is from Mr. soludo

" Our Gini coefficient (degree of inequality) is not different from China’s. Nigeria has consolidated and stronger banking system that currently finances both government debt and the private sector, with a relatively vibrant capital market. The capitalization of the Nigerian Stock Exchange grew from less than N1 trillion to N12 trillion as at handover. For the first time, Nigerian economy is now rated by credit rating agencies (Fitch, and Standard and Poor’s).”
Re"




that only validates Gej administration as one of the very best in the history of Nigeria!

clap for urself, d guy said it was achieve within 16yrs of pdp, and it was achieve by soludo, because before 2008 world economic meltdown, d capitalization of stock market was already 13tr naira, he also make d banking sector more stronger, with his popular "25b naira bank capitalization policy"

175:
Soludo I say shut the hell up!


Bitter soul!

APC sef do you the thing . .no place for you in their government! Nobody wants to associate with you.


I see painment all over the guy's statement!


Tomorow na Buhari Team u go criticise! Tunda fire ur strong black head dia

guy na my moniker u dy use oooo dy guy na sore loser if GEJ give him nd Ezekwisili post dy 4 no talk carelessly

Jesusloveyou:
clap for urself, d guy said it was achieve within 16yrs of pdp, and it was achieve by soludo, because before 2008 world economic meltdown, d capitalization of stock market was already 13tr naira, he also make d banking sector more stronger, with his popular "25b naira bank capitalization policy"

25 billion naira capitalization policy was under Lamido nd nt soludo is it nt during his tym dat banks wer springin up anyhw carrying pples mny away but with dy restructuring by lamido banks re nt upto 26 but during ur oga soludo banks reach 50

bakynes:

You are a fool sorry to say, GEJ did well what? May b you were born ystdy I don't know but me I wasn't born ystdy to know that Jonathan put us in this mess that we presently are today. If you confuse simple statements from Soludo, I wonder which school you went to that you don't know Oil price as at 1999 was $15 dollars per barrel and reserves was $5 billion when PDP ( OBJ) came into power and Yaradua left abt $100 billion at a time oil price was around $60 per barrel. Your foolish GEJ now sold oil at about $126 per barrel and still left the reserve at $30 billion.

No need to be sorry, i have known myself to be a fool but are you aware you are a Bingo? Dont you know how to communicate with civility? You insult people you dont know and add sorry! So this is the way you were thought to reply people in the school you went?

GEJ did not do put you in any mess. Nigeria has always been a mess! The day you start blaming GEJ for this nations woes is the day you should know that your education was wasted!

We all know how the reserve went down. Yes it was depleted to support a falling currency and a troubled economy, but somebody was making an attempt even though it turned to be a very costly mistake, while this your stupid Soludo was hiding away after losing an election! Now he wants to play critic and you expect me to clap for him!

Jonathan's team made a bad economic decision, it does not mean his team was worst! If a Company's management invest in a bad project, it is how they are able to recover that sets them apart from those that fail! We were able to recover!

You obviously chose to ignore the last paragraph of Soludos writeup, where he listed some of Nigeria's economic perfomance relative to China and Europe as at the time of GEJs handover.

thundafire:


25 billion naira capitalization policy was under Lamido nd nt soludo is it nt during his tym dat banks wer springin up anyhw carrying pples mny away but with dy restructuring by lamido banks re nt upto 26 but during ur oga soludo banks reach 50

Banks Recapitalization was under Charles Soludo, i wont take that from him, no one cant! But Sanusi Lamido was nothing more than an elephant in a china shop, whose first legacy was to destabilize the banking system with his whistle blowing propanganda! SLS was propanganda from day one.

obailala:
Quit being clever by half, the statement about multiplying by 6 was referring to the entire PDP's miserable 16 years and not GEJ's 5 years
How can any normal human possibly defend that especially when GEJ's reign enjoyed more than twice the oil revenue enjoyed in OBJ's 8 years?.... How can any human possibly try to defend that?... How can any human possibly fault this particular claim pointed out by Soludo?... I would love to really see how anyone can defend or justify this..

Well GEJ did not pay me to defend him, so i wont sweat myself to defend him. But everyone has priorities and choices to make! GEJs team chose to defend the falling Naira at the expense of keeping a reserve. Did it work? NO!
But a choice had to be made, and they made their choice.
When you get there, that is if that is your desire, make your own choice too!

FYI: I am not a normal human being...

Soludo must shut up..

How much did u spend on blind coins and #5notes that didn't see the light of the day..

Pls keep shut

Anytime Soludo or Oby ekwezilli speaks, i hear ObJ's thoughts, hahaha

Sorry,which reserve was left @ over a 150bn dollars,and under whose govt did we achieve that?

koboko69:


Watch the misguided hungry IPOB youths waiting for Buhari's 5k stipend call one of their own a Yoruba. They can get their 5k stipend after Nnamadi Kanu becomes their president in year 2200!

Ever since Buhari assumed office; He has been clearing all the mess and Bobby traps set for him by the Last administration.

Imagine with the booming oil price over the years with a reserve left at over 150 billion dollars reserve Jonathan, Dansuki, Okonjo, Deziani and others depleted it to as low as 30 billion dollars with nothing to show for it.

If you wrote this,and claim to be a graduate,I'd advice you refund the money your parents spent on your tuition,with interest on it,and go learn a vocational trade/course. Just for the records,Nigeria has never had a foreign reserve of 100bn dollars. The highest we've had under Yar'Adua,was roughly above $62bn. I'm stunned that a "so called graduate" can't even do a basic research to find out if He's quoting the right figures to back up His assertions. Stop spreading wrong info;thanks.

TeamSimple:

Honestly I wonder how some so called Nigerian graduates think. When PMB said the treasury was near empty they were foolishly expecting the reserve to read below 5b dollars I gues. To them the 30b dollars left by GEJ is such a huge money to turn this nation around.

GEJ and his team met above 100b dollars in the reserve, amidst a two year period between 2012 - mid 2014 where oil price was at its highest selling point. Instead of building infrastructures and also swell the reserve, they were busy sharing in billions what is meant for the whole nation.

And the Taniods expect PMBS team to commence work hurriedly,even when there's nothing left from the budget and we already exceed borrowing limit for this year.

NB if GEJ and his team had continue for another four years,we might all just be walking around with FOR Sale on our neck.

I see people ranting here on nairaland, but I would implore you to read soludo full article and the assertions he made, this are empirical fact not wish wash assumptions, why didn't Nigeria's foreign reserve improve during the years of oil boom? .....however the result was total stagnation and financial reckless, misplaced policies and bad management skills under the Jonathan's economic team!

for all of you ranting the bulk of soludo article was a pragmatic approach toward industrial engineering and good fiscal liquidity as to what we are experiencing in this present dispensation under the Buhari government, he was against the forex ban AND lack of financial liquidity as well as giving pragmatic and coherent assertions to resuscitate the economy

before you nail soludo to the cross go and read the full article. address the issue not the messenger.....you all on nairaland preach hate and it gets so damn irritating

blogs.premiumtimesng.com/?p=169729

Yar'Adua never left 100bn dollars as foreign reserves;stop spreading false information.

bakynes:

You are a fool sorry to say, GEJ did well what? May b you were born ystdy I don't know but me I wasn't born ystdy to know that Jonathan put us in this mess that we presently are today. If you confuse simple statements from Soludo, I wonder which school you went to that you don't know Oil price as at 1999 was $15 dollars per barrel and reserves was $5 billion when PDP ( OBJ) came into power and Yaradua left abt $100 billion at a time oil price was around $60 per barrel. Your foolish GEJ now sold oil at about $126 per barrel and still left the reserve at $30 billion.

chronique:
Yar'Adua never left 100bn dollars as foreign reserves;stop spreading false information.

Read and digest this.

Abagworo:


http://www.dailymail.co.uk/wires/afp/article-3070070/Nigeria-borrows-pay-salaries-cash-crunch-worsening.html


Nigeria borrows to pay salaries with
cash crunch worsening
By Afp

16:57 06 May 2015, updated 16:57 06 May 2015


A cash shortage caused by low oil prices has forced
Nigeria to borrow heavily through the early part of 2015,
with the government struggling to pay public workers,
officials said Wednesday.


"We have serious challenges. Things have been tough
since the beginning of the year and they are likely to remain
so till the end of the year," said Finance Minister Ngozi
Okonjo-Iweala, adding that more than half of this year's
borrowing allowance had already been exhausted.
Nigeria, Africa's top economy and largest oil producer, has
been hammered by the 50 percent fall in oil prices as crude
sales account for more than 70 percent of government
revenue.


"As it stands today, most states of the federation have not
been able to pay salaries and even the federal government
has not paid (April) salary and that is very worrisome," said
Imo state Governor Rochas Okorocha.


Okonjo-Iweala said the federal government had a projected
borrowing allowance for 2015 of 882 billion naira ($4.4
billion, 4 billion euros).
But 473 billion naira had already been used up to meet
recurrent expenditures, including salaries of public
employees.
"We have front-loaded the borrowing programme to
manage the cash crunch in the economy," the minister told
reporters.


According to the Central Bank (CBN), Nigeria currently has
$29.6 billion in foreign reserves, but analysts said
depleting those funds to offset revenue shortfalls could
further undermine global confidence in the country's
economy.


The CBN issues letters of credit to all domestic firms that
import foreign goods, a measure which serves as a
guarantee for international companies that have been
reluctant to do business in Nigeria, said Jide Akintunde,
editor of the Financial Nigeria magazine.
The CBN is expected to maintain reserves covering six
months of imports.


"If we do not have the required level of reserves, imports
could start to freeze up," Akintunde told AFP.
For Okonjo-Iweala, accelerated borrowing is the easiest
strategy to manage the current shortfalls, Akintude said,
although with a new government set to take power at the
end month, the revenue crunch will soon be someone else's problem.

Done that;what's the correlation between that,and someone claiming Nigeria had 100bn dollars in foreign reserves?

Abagworo:


Read and digest this.

Soludo so u are this stupid?

Stop making spot of yourself Soludo.

You could not even secure Minister of Finance under Buhari. A mere commissioner scuttled your ambition.

Flets:
These political jobbers claiming technocrats are so predictable.

They believe that Once they scream an anti-GEJ jargon. .... they get Buhari's attention.

NOI and other GEJ technocrats have been landing globally renowned portfolios while soludo have been ranting from the sidelines for an FG job.

I call this "A FOOL DEFINED": A man who thinks he Knows and does not Know He doesn't Know
Soludo shld be seeking for an Appointment in World Bank or better still, any in International firm.
..Sorry OBJ has ruined you. you still bear the Rob-off of his corrupt Practices. that's what you get when you Associate with the D.O.Gs though.

Let me cry in IJAW....

If Prof is wright then may Jonathans life b run the way he ran and ruin this nation, the first Ebele Azikwe to run naija as a prodigal son.

JingoOAU:
Some of the useless goats above castigating Soludo never dissect his assertions, nor read the article

How can our youth of this generation be this dumb and intellectually impotent

HOW

I wonder o o

[size=16pt]If not for the foolishness of Former President Olusegun Obasanjo who disregarded democratic norms by forcing Jonathan on Nigerian by making him Vice President and with the death of Musa Yar Adua the then President, resulting in Jonathan becoming President.

The like of Jonathan would not have smell the presidency because his mind was set for the post of deputy governor of Bayelsa state.

Jonathan was not prepared for the enormous task of the Presidency. Obasanjo wanted a President he can control and dictate to. He cleverly brought in this quiet man.


As that was not enough Obasanjo started the acts of imposing people on public office against democratic norms and party discipline. All this created an atmosphere of division within his pdp party and on the overall political landscape in Nigeria and our economy paid a big prices and unqualified persons were appointed into key position during Obasanjo regime and also that of President Jonathan.

President Jonathan under his watchful eyes saw Nigerian public officer stealing from our national and state treasury and he did nothing. Our commonwealth was completely ripped apart.

The military government of General Abdulsalam Abubakar handed over power to Obasanjo in a poorly conducted election giving power to their own military man against democratic norms. That is how we found ourselves today.[/size]