₦airaland Forum

He'd Elaborate Because He's The Finance Minister?

pharmagba:
What exact are you expecting her to do elaborate so I can believe you are an objective critic.

Bring NOI back and in one month you will see the magic wand. But pride will not allow APC to do this.
We really don't celebrate our heroes but sycophant

Ioannes:
you really don't know what you are talking about right? you just wanna feel among and sound intelligent.

do you know that as at November/December of 2014, the dollar was already exchanging for #230?

let me guess, that was Buhari too.

smh for you.

Wrong. Totally wrong.When Jonathan postponed the elections in February 2015 to March 2015, the naira went from around 202 to 220. Where do you get your figures from?

Even if it was true, by January the rate will improve as "Christmas"pressure would have reduced.

grandstar:
The naira is 300 and she is doing a great job!

The CBN is responsible for formulating monetary policies and keeping the currency stable. Ask Emefiele why the Naira is 300 to a dollar.

Grundig:
Kai, you goofed.

There's now a ministry ofbudget planning. This ministry is tasked with planning everything that has to do with budget and medium and longterm expenditures.

I must say though, none of buhari's ministers had a hand in the creation and design of the much maligned 2016. As you may have noticed, none of them is saying anythingabout it cos they know Buhari goofed bigtime. This budget was created by agroup of trusted hands who Buhari picked himself.

I said this then but many ppl here called me a wailer. Even the ministers don't know what is going on .

[quote author=ahmg001 post=42132755][/quote]oh!, really? and obviously, you think you've got all the wisdom?. .. The very last Myopic dunce I had ever seen in decades is You! and it has proven your ignorance to certainty.......

seunmsg:
The CBN is responsible for formulating monetary policies and keeping the currency stable. Ask Emefiele why the Naira is 300 to a dollar.

Fantastic answer. Buhari and the CBN figurehead are responsible.

She however has a duty to speak up if she. strongly believes that a policy is a disservice to the country like the foriegn exchange restrictions.

That was one of the greatest mistakes of NOI. At least Sanusi as CBN governor cried out and has been vindicated.

pharmagba:
that's a grave one no doubt but don't you think that we need to know what time she has to do that, considering we don't know when the other minister/ ministry submitted their budget

oh God i thought you where asking for reason,now that i gave you one grave mistake you still they ask....i will not disclose others,be making excuse for her.

emamos:
.
http://dailyindependentnig.com/2016/01/economy-downturn-redeploy-adeosun-finance-ministry-group-tells-buhari/

Funny.
Is she the one responsible for the economy Buhari inherited?
Is she the one behind crude oil price crash?
Is she the one behind the fall of the naira?
When are we going to be fair in our assessment?

id911:
We have been hearing of mono-econony for ages and nothing on ground to show it's being diversify esp from the budget presented.

What are the qualities of a good leader? When a creative and smart leader takes over power and sees that his country isn't doing well, he proffers solutions by looking at areas of comparative advantage instead of looking helpless on daily basis.

I'm not canvassing for her sack per se but to be redeployed to another ministry where she would give her best.

Since you are asking me to name someone that could take her place and perform better, the Minister for Industry, Trade and Investment seems your best bet among the current ministers for that Finance Ministry position

The real problem is PMB.

His knowledge of economics is lamentable yet foisters it on the country.

The foriegn exchange restrictions are all his ideas. Emefiele is a mere figurehead.

Until the CBN governor and finance minister are noble to resign then the people will know where the problem lies

Its just a matter of time, that lady will be redeployed

Gbawe:
Don't mind these unreasonable individuals and their hate-centred perspective. It is the same point you make I pointed out on the thread below. The irony is that you will find, if you inspect his past post, that the person you are trying to make sense to was probably a rabid supporter of GEJ and the PDP i.e those who got us into the mess we are in today that Buhari, Adeosun et al are trying to clean up.


https://www.nairaland.com/2874969/dwindling-economy-shows-buhari-not#42114816



Thank you. I cant stand these functional nairaland illiterates ( mainly made up of ethnic haters, SE/SS election malcontents and bitter folks) who fail to engage their brain and insist on childishly screaming "the economy" . What booming economy will any reasonable Nigerian expect right now. Fact number one : we are a mono economy with our major export being crude oil. We are and will continue to be vulnerable to oil price for the foreseeable future . It is therefore not difficult for a reasonable adult, devoid of prejudice, to note that the healthy and booming sale of crude is directly and inextricably linked to the economic success and well-being of Nigeria.

http://www.answers.com/Q/What_is_a_mono_economy



Fact number two is that crude oil price, due to no fault of Buhari, has gone from $110.00 per barrel under GEJ to $30.00 per barrel under our current President. this is devastating for a mono economy i.e a fall of more than 60% of the value of the export its economy is almost solely reliant on. Do some hateful Nigerians think at all and can they see what GEJ and the PDP have done that Buhari is trying to reverse?

What economic/employment/infrastructure miracles do Nigerians expect when the last government looted everything that would have enabled us to go into this difficult period in a more economically assured and insulated manner? To make matters worse, and courtesy of the PDP, we do not have the required 'buffers' that will help us survive and overcome this difficult economic downturn more easily i.e a strong SME sector, robustly diversified economy, adequate 'rainy day savings' et al.

To be honest, it is crystal clear it is only unrepentantly hateful elements , ala IPOD supporters and Boko Haram backers, who will fail to see that GEJ and the PDP are 100% to blame for our current woeful situation and that Buhari/the APC need time and support to turn things around. What makes things more tragic is the fact that it is those who fanatically supported the disastrous GEJ for a second term that are attacking and criticising Buhari childishly and unreasonably.

Keep blaming Jonathan and PDP , olodo .

manny4life:
I still believe they should allow this woman sometime to perform before concluding she's incompetent. I mean, she's not gonna waive the magic wand and solve all our financial woes, heck the budget hasn't been passed. She's been MoF for less than 6 months, I think it's unfair to conclusively state that she's not capable and should be redeployed.

The woman isn't fit for the job. She is too invisible, too quiet. Finance ministerss have aa commanding presence.

She has made no statements since she came in. No journalist has quoted her. Its shocking.

Look at NOI. Or even look at the last 2 CBN governors, Soludo and Sanusi? Their presence was felt. She can't handle this job.

id911:
We have been hearing of mono-econony for ages and nothing on ground to show it's being diversify esp from the budget presented.

What are the qualities of a good leader? When a creative and smart leader takes over power and sees that his country isn't doing well, he proffers solutions by looking at areas of comparative advantage instead of looking helpless on daily basis.

I'm not canvassing for her sack per se but to be redeployed to another ministry where she would give her best.

Since you are asking me to name someone that could take her place and perform better, the Minister for Industry, Trade and Investment seems your best bet among the current ministers for that Finance Ministry position

So you have indirectly admitted that you don't have any suggestion that she can implement. You can only suggest someone else that can do the job under 3 months. May I ask you what revolutionary impact/policy has the minister for industry (whom you want to take over) done in his ministry within this same period that makes you think he will do better as the minister of finance?

You absolutely lacks common sense and that is while you find it very convenient to spew trash here. Does everyone of us complaining carry an Igbo mark on our forehead? So it has now become a crime critecise the most confused government in the history of Nigeria?
Truth be told Adeosun is lilly livered and crass incompetent and the only way forward now is to relieve her of that office and save our economy.......and yes I am a northerner

Gbawe:
My guy, it seems like you never received the memo and that is why you are here trying to teach IPOD wailers and children of hate basic sense. No one takes those guys seriously on NL any more and they are generally ignored because everyone knows they hate Buhari and pretty much everything that moves and is not Igbo. Good luck trying to talk sense to a people only targeting Adeosun because of her ethnic group and not because of reasons which can be borne out by logic. The woman has already announced her solid and sound thinking publicly and any sensible Nairalander or Nigerian would know she cannot perform miracles for where Nigeria finds herself today courtesy of the PDP.

The irony of the matter is that these hateful elements you are wasting your time with are the same folks who supported GEJ blindly for the 5 years he was President and even gave him 100% of their votes to continue for another 4 years yet they are already preaching that Adeosun, only a few months in office, should be removed. Dude, learn what Nairaland is about lately and learn to ignore the children of hate and their impotent rants and ultimatum. Everyone who loves Nigeria is getting on with the job at hand while they are busy trying to settle scores 24/7. How will any sane or objective person ask for the removal of a finance Minister who has only being in office for three months? Is that fair or logical? This alone shows the motivation of those calling for her sack when they rabidly and blindly supported Okonjo Iweala, for many years, while she only made a big mess of Nigeria under GEJ.

Kemi was born in 1967 in London, United Kingdom to Nigerian parents from Ogun State. [5] She earned a Bachelor of Science degree in Economics from the University of East London and a Postgraduate Diploma in Public Financial Management from the University of London. She qualified as a Chartered Accountant with the Institute of Chartered Accountants England and Wales in 1994.

Career.

She commenced her career as an Accounting assistant at British Telecom Company, London, from 1989 till 1990 after which she moved to Goodman Jones, London, working as a Senior audit officer from 1990 till 1993. She became Manager of Internal Audit at London Underground Limited, London and Prism Consulting from 1994 till 2000 before joining Price Waterhouse Coopers, London as Senior Manager from 2000 till 2002. In 2002, Kemi became financial controller at Chapel Hill Denham Management and subsequently, Managing Director in 2010. After working with Quo Vadis Partnership as Managing Director in 2010 and 2011, she was appointed the Commissioner of Finance in Ogun State, from 2011 till 2015.

Above is what I saw on her wikipedia page. She was born in London and have only worked in Nigeria for 4 years. So, it's clear she have no knowledge of the Nigerian economic terrain.

While she can make a good minister of finance in England, but she can't here because she have no such training to do so in Nigeria. She's as good as making a British our finance minister.

This is why I try to explain people about education and that the education we acquire in Africa is not real education in the true sense of the word, cause we acquire it in a foreign language. Though, she's educated but the education she possess isn't the right type of education to lead Nigeria or indeed any African country to prosperity.

The education the woman possess is not the education of a Nigerian mindset, but British. She can't be a good finance minister in Nigeria. It can't work!!.

gists:
So you have indirectly admitted that you don't have any suggestion that she can implement. You can only suggest someone else that can do the job under 3 months. May I ask you what revolutionary impact/policy has the minister for industry (whom you want to take over) done in his ministry within this same period that makes you think he will do better as the minister of finance?

Don't mind him. Read the article below from 2014 to note majority of the current woes Buhari is valiantly tackling began under the PDP and the very corrupt and highly inept GEJ many of these guys worshipped, never criticised and even backed to continue in office for 4 more years. Note the comments of intelligent economists and analysts, who do this for a living, below while some charlatans continue to come here with their half-baked arguments motivated by nothing but prejudice andhatred of others. They should remind us again who failed to save when oil prices were high as highlighted in the article below if not their thieving messiah GEJ and his looting minions.They should also remind us as well who turned the power privatisation into a "come and chop" crony capitalism exercise that is only producing darkness. If the article below warns in 2014, when oil was $68.00 per barrel, warns “We’re a substantial way from the economy even starting to think about being able to recover,” is it not obvious those wanting Adeosun and buhari to perform miracles in months are not sincere and do not mean well for Nigeria? Some of these guys are very shameless.

http://www.wsj.com/articles/nigerias-tumbling-currency-a-victim-of-falling-oil-prices-1417535209

Nigeria’s Tumbling Currency a Victim of Falling Oil Prices
Highly Oil Dependent Economy Feeling the Pinch
Nigeria’s currency has fallen to record lows as the country is hit by its dependency on oil, the price of which has tumbled 40% since June.
REUTERS
By PATRICK MCGROARTY, DREW HINSHAW and JOSIE COX
Updated Dec. 2, 2014 2:20 p.m. ET
3 COMMENTS
Nigeria’s currency tumbled to a record low on Tuesday, hammered by falling oil prices that have weighed on Africa’s top economy as it heads toward an election.

Nigeria overestimated oil prices this year by a wide margin—and is now suffering. Economists fear weak oil prices may prevent Africa’s most populous nation from hitting the 7% growth the International Monetary Fund has forecast for this year.

“We’re a substantial way from the economy even starting to think about being able to recover,” said Nitesh Shah, an analyst at ETF Securities in London. “The government’s options are limited.”

Oil and natural gas make up almost all of Nigeria’s exports and 80% of government revenue, according to the IMF.

As Brent crude prices have slipped 40% since June, to $68 a barrel, the wheels have begun to come off Nigeria’s economy.

Nigeria, whose economy surpassed South Africa in April as the continent’s largest, has striven to generate revenue beyond oil. Recent years saw promising growth in booming telecommunications, banks, hotels and other service businesses.

But to sustain that growth, businesses say they need bigger ports, more highways and fewer blackouts that crimp factory production and curb tax revenue. A weaker naira will make it more expensive to build that infrastructure.

The naira slumped to 186.9 to the U.S. dollar, traders said, extending a slide that has shaved more than 10% off its value this year.

Many African countries are paying the price for counting on one commodity to drive their economies. Growth has stalled in oil-rich Angola. Falling copper prices have dented growth in Zambia. Lower iron-ore prices were hurting Guinea, Liberia and Sierra Leone even before the Ebola epidemic made things far worse.

ENLARGE
President Goodluck Jonathan, standing for re-election, has come under pressure to avoid unpopular spending cuts. As a result, the current budget of nearly $30 billion is hardly $1 billion leaner than last year’s, but the decline in oil prices has choked revenue.

In October, Nigeria—which spends a fifth of its budget on its military—borrowed an additional $1 billion to buy helicopters, fighter jets and other equipment to combat Islamist militants. On Tuesday, the insurgency Boko Haram bombed a market in one city and raided police barracks in another.

In November, the government submitted a revised budget that proposes spending cuts based on a new average oil price of $73 a barrel. But even that price could be “overly optimistic,” warned the central bank governor, Godwin Emefiele.
‘We get used to high oil prices and assume it’s going to be there forever.’
—Ken Iwelumo, former investment banker
Nigeria isn’t the only big oil producer with a wilting currency. Russia’s ruble has shed nearly half of its value against the dollar since May. Norway’s krone has dropped 17% since then, and the Canadian dollar is down 5%.

[size=14pt]But Nigeria is particularly vulnerable. Unlike its peers, it didn’t save while oil prices were high. A public fund that contained $20 billion in oil proceeds when crude prices first surged past $100 a barrel in 2008 had shrunk to $4 billion as of November.

“We get used to high oil prices and assume it’s going to be there forever,” said Ken Iwelumo, a former investment banker who now farms catfish in Nigeria.
[/size]
Economists say oil prices could stay low for months. The 12-member Organization of the Petroleum Exporting Countries, who collectively pump more than a third of the world’s oil, agreed last week to maintain a target of producing 30 million barrels a day.

Meanwhile, the country’s power-privatization program has hit snags. Investors say they can’t improve supply until the government invests $1.5 billion a year to replace a rusted-out grid of power lines.

Nigeria’s All-Shares Index fell 1.8% on Tuesday, extending a drop of almost 18% this year.

In November, Nigeria’s central bank tried to support the naira by limiting sales of the U.S. dollar. When the naira continued to drop, the central bank bought the Nigerian currency to pump up demand, traders say. The bank’s foreign-exchange reserves shrank by $2 billion and the selloff continued.

Last week, the central bank raised its benchmark interest rate by one percentage point to a record 13%. It also lowered the naira’s target trading band to around 168 against the dollar from 155 previously.

The naira is still trading outside that target. Fresh dollar sales by the central bank did little to stop its slide, traders say.

“Things are happening too quickly, too suddenly, too sharply for the average Nigerian or even analysts to process,” said Bizmark Rewane, managing director of Lagos-based Financial Derivatives Co. “We do not know what will happen.”

That's what you get when you make a common ketu - mile 12 omoalata the finance ministry of a great country like ours.

emmykk:
oh God i thought you where asking for reason,now that i gave you one grave mistake you still they ask....i will not disclose others,be making excuse for her.

That's lame. Let's talk economics and fiscal regulation then I know you are sincere. 3month to prepare budget for the nation, pls give her some slack

Its better to delete your account from naira land

Gbawe:
My guy, it seems like you never received the
memo and that is why you are here trying to teach IPOD wailers and children of hate basic sense. No one takes those guys seriously on NL any more and they are generally ignored because everyone knows they hate Buhari and pretty much everything that moves and is not Igbo. Good luck trying to talk sense to a people only targeting Adeosun because of her ethnic group and not because of reasons which can be borne out by logic. The woman has already announced her solid and sound thinking publicly and any sensible Nairalander or Nigerian would know she cannot perform miracles for where Nigeria finds herself today courtesy of the PDP.

The irony of the matter is that these hateful elements you are wasting your time with are the same folks who supported GEJ blindly for the 5 years he was President and even gave him 100% of their votes to continue for another 4 years yet they are already preaching that Adeosun, only a few months in office, should be removed. Dude, learn what Nairaland is about lately and learn to ignore the children of hate and their impotent rants and ultimatum. Everyone who loves Nigeria is getting on with the job at hand while they are busy trying to settle scores 24/7. How will any sane or objective person ask for the removal of a finance Minister who has only being in office for three months? Is that fair or logical? This alone shows the motivation of those calling for her sack when they rabidly and blindly supported Okonjo Iweala, for many years, while she only made a big mess of Nigeria under GEJ.

Gbawe:
My guy, it seems like you never received the memo and that is why you are here trying to teach IPOD wailers and children of hate basic sense. No one takes those guys seriously on NL any more and they are generally ignored because everyone knows they hate Buhari and pretty much everything that moves and is not Igbo. Good luck trying to talk sense to a people only targeting Adeosun because of her ethnic group and not because of reasons which can be borne out by logic. The woman has already announced her solid and sound thinking publicly and any sensible Nairalander or Nigerian would know she cannot perform miracles for where Nigeria finds herself today courtesy of the PDP.

The irony of the matter is that these hateful elements you are wasting your time with are the same folks who supported GEJ blindly for the 5 years he was President and even gave him 100% of their votes to continue for another 4 years yet they are already preaching that Adeosun, only a few months in office, should be removed. Dude, learn what Nairaland is about lately and learn to ignore the children of hate and their impotent rants and ultimatum. Everyone who loves Nigeria is getting on with the job at hand while they are busy trying to settle scores 24/7. How will any sane or objective person ask for the removal of a finance Minister who has only being in office for three months? Is that fair or logical? This alone shows the motivation of those calling for her sack when they rabidly and blindly supported Okonjo Iweala, for many years, while she only made a big mess of Nigeria under GEJ.

Please what is IPOD as the meaning of that is lost on me. Does this translate that the sun will shine brightly tomorrow under the rock from where you're churning out this crass misinformation?

As for the hate filled part of your vitriol, it is nothing short of pseudo-profound bulsh1t; it consists of seemingly impressive assertions that are presented as true and meaningful but they are actually vacous.

Put simply, your rant will give a lot of imbeciles a run for their money because it is nothing short of made up nonsense.

Back to the topic, it is renowned fact that most armchair APC warriors have admitted that Buhari goofed big time as regards his latest economic policies and the much maligned bugdet imbroglio.

Put succinctly, Nigeria's fiscal policy under Adeosun is faltering and to the so called PDP haters and apaths like my humble self, it is as laughable as it is ridiculous.

But I understand playing the ostrich is a survival strategy your ilk have devised in the Nigerian polity to suppress their cognitive dissonance.

id911:
Guy it's like you don't leave in this country or you don't understand economic indices very well. If you do you won't ask that question

Answer the question and stop being evasive.

ril19:
but seriously have the country felt any impact from this young mrs finance minister since her job began?

#justaskingtho

C wetin u write. shior. ..!!!! Abeg edit ur grammar joor

omowolewa:
See, we have Minister of Budget a department under MoF but now separated from Ministry of Finance, we have coordinating person for economy.

Budget is not MoF's sole responsibility, we have inputs from different sources/MDAs, we have political policies been interpreted through budget. Remember we are just running a Zero Based Budget for the first time, a policy prescribed even before she became the honorable minister. We have human factors too
We have imported issues which we are still battling with in our nation so we have to take every point at a time.

Hers is to formulate fiscal policies of which she is still gearing on at.


(am responding because we are on social media where anybody can take you serious) Cool down

Head of fiscal policy is the minister of finance!!

Curvinus:
Please what is IPOD as the meaning of that is lost on me. Does this translate that the sun will shine brightly tomorrow under the rock from where you're churning out this crass misinformation?

As for the hate filled part of your vitriol, it is nothing short of pseudo-profound bulsh1t; it consists of seemingly impressive assertions that are presented as true and meaningful but they are actually vacous.

Put simply, your rant will give a lot of imbeciles a run for their money because it is nothing short of made up nonsense.

Back to the topic, it is renowned fact that most armchair APC warriors have admitted that Buhari goofed big time as regards his latest economic policies and the much maligned bugdet imbroglio.

Put succinctly, Nigeria's fiscal policy under Adeosun is faltering and to the so called PDP haters and apaths like my humble self, it is as laughable as it is ridiculous.

But I understand playing the ostrich is a survival strategy your ilk have devised in the Nigerian polity to suppress their cognitive dissonance.

Can you be more specific on the faltering fiscal policies under Adeosun?

gists:
She has been the minister of finance TWICE!!
Where has she led us to?
For me I believe this gov should be given a fair chance to work. I don't even remember the last time we had a budget that didn't rely heavily on oil. Let alone the last time we have a budget that focus more on capital project. Even if the price of oil goes down to $20/barrel, it still won't affect the financing of the budget that much (provided we are able to maintain a reasonable amount of sales).
So when people begin to criticize without giving any peculiar reason and worst still without any solution, it shows they are just being bitter over GEJ's loss

Budget is not relying on oil is an illusion that has been sold to gullible followers like u. It's going to rely on borrowing which is later going to be serviced and repaid with oil proceeds...

seunmsg:
Can you be more specific on the faltering fiscal policies under Adeosun?

The ban on the use of ATM outside of this country. Is the world no longer a global village?

Ban on generators, a major economic life wire when power situation has not improved.

Arbitry forex policies that are starving our industries of vital raw materials.

Blanket introduction of TSa that is akin to the death nail in certain sectors of the economy.

Aggressive pursuit of decrease in overhead expenditure via retrenchments to boost capital progects, rather than trying to shore up IGR through, for instance, increased vat as was advised by the IMF.

An unrealistic budget that seeks to borrow N5billion a day to finance its deficits.

Ngozi Okonjo-Iweala, the minister of finance for Nigeria, has helped the country's economy, the largest in Africa, grow an average of 6% (per annum) over three years. She is credited with developing reform programs that helped improve governmental transparency and stabilizing the economy. Okonjo-Iweala is the first woman to be the finance minister and the foreign minister of the West African country with a GDP of $502 billion. (source Forbes.com)

From September 2006 to November 2007, she was Distinguished Visiting Fellow at Brookings Institution. Prior to that, she was Minister of Foreign Affairs of Nigeria, after serving as Nigeria’s Minister of Finance and Economy and Head of Nigeria's much acclaimed Presidential Economic team responsible for implementing a comprehensive home grown economic reform program that stabilized the macro-economy and tripled the growth rate to an average 6 percent per annum over 3 years. Her achievements as Finance Minister garnered international recognition for improving Nigeria’s financial stability and fostering greater fiscal transparency to combat corruption. (worldbank.org)

Her achievements as Finance Minister garnered international recognition for improving Nigeria’s financial stability and fostering greater fiscal transparency to combat corruption. In October 2005, she led the Nigerian team that negotiated the cancellation of 60% of Nigeria’s external debt ($18 billion) with the Paris Club.  The debt deal also included an innovative buy-back mechanism that wiped out Nigeria’s Paris Club debt and reduced the country’s external indebtedness from $35 billion to $5 billion. Dr. Okonjo-Iweala oversaw Nigeria’s first Sovereign credit rating of BB—from Fitch and Standard and Poor’s—a rating that grouped Nigeria with other emerging market countries such as Vietnam, Venezuela and the Philippines. (https://www.rockefellerfoundation.org/about-us/people/ngozi-okonjo-iweala/)

all this rif raffs for nairaland go open mouth they talk anyhow! iranu!! the question is WHAT IS THIS GOVERNMENT'S ECONOMIC POLICY OR DIRECTION OR PLAN? CAN ANYONE ANSWER ME PLEASE??

In her interview Okonjo-Iweala reviews what she sees as her most important economic achievements, which range from Nigeria’s accelerated economic growth, to the clearing of Paris Club debt, to a focus on agriculture. She also looks forward to new initiatives such as expanding and invigorating the housing sector with the establishment of a Nigerian mortgage market. http://blogs.cfr.org/campbell/2014/02/19/ngozi-okonjo-iweala-on-reforming-nigeria/