ImpactWorld:


À competent Minister of Finance, who automatically is the coordinating minister for the economy, can influence the decisions of the central bank.

omohayek:


The true mark of cluelessness is blaming Kemi Adeosun for two areas of policy over which she has no control. It takes real ignorance to blame the finance minister for an FX policy which is actually set by Godwin Emefiele, the head of the CBN; she also had no hand in the NSE's difficulties, as the CEO of the Nigerian Stock Exchange is a man named Oscar N. Onyema.

seunt4ut:


You Brilliant mind. Tell us who did the senate summon for weaken of Naira?

Duty of finance minister. Its main duties and functions are to: Prepare the annual fiscal budget and issue adequate regulations for its execution. Digest it and put it at the back of your flat head.

ImpactWorld:


À competent Minister of Finance, who automatically is the coordinating minister for the economy, can influence the decisions of the central bank.

kaboninc:


No brother,

The CBN is a body on its own and supervised (their accounts only) by the Financial Reporting Council of Nigeria.

The SEC is also a body on its own too.

Pidggin:
During the presidential media chat economist Buhari insisted that he would never devalue the naira. I bet if someone was bold enough to ask him what he understood by devaluation, he would not have been able to answer the question.

arresa:



Many of these posters are posting based not only from ignorance but also tribalism, bigotry, hatred and bitterness...

onatisi:
she can't go beyond what buhari wants. We should stop blaming the poor woman. I am sure many of those ministers are regretting accepting these appointments . Buhari believes in a selected few and what ever they tell him is final. How many of the new ministers have u seen making any tangible comments ? They are just there,the man they are working for is one who believes he knows it all and you must comply with his ideas whether u like it or not. Last year,I raised this issued when I said having a cabinet full of intelligent qualified individuals is not the same as allowing them to do what they know best to do or allowing them to perform the tasks given to them to the best of their abilities

asEdeyHOT:


The Central Bank is independent

Illiterate!

Gbawe:


I must ask, what the eff are you talking about? You are the one who is clueless about the economy. There is not much Buhari and the APC can do, in the short term, that will give the miracle results only ignorant and mainly prejudiced folks clamour for because of our peculiar economic vulnerability and challenges, worsened by the GEJ I am sure you supported, you guys are simply failing to acknowledge. Britain for example is still recovering from the 'credit crunch' of many years ago and I watched a few days ago as the UK CBN governor explained that interest rate will stay at the record low 0.5% it had been running at for 7 years !!!!! The opinion is that the British economy is still not 'robust' enough to continue recovering if interest rate rose.

If a country with Britain's economic options and flexibility is still carefully managing its economy many, many years after the credit crunch then what manner of miracles are you unreasonable folks expecting from Buhari and the APC in months given our challenges and unique situation which makes Nigeria one of the most, if not the most economically disadvantaged nation in the world currently? What abracadabra do you want to see for our mono economy with oil selling for $27.00 per barrel while our SME sector is moribund and our infrastructural stock is near worthless?

As one example, if electricity supply was not improved appreciably when GEJ sold oil at $110.00 per barrel is it sensible to be screaming at Buhari and the APC about lack of electricity when oil is selling at $27.00 per barrel and we our struggling to pay salary and fund our recurrent expenses? What is wrong with you guys? Constructive criticism is good but there is non of that in your talk and that of others like you. Instead I only note ignorant, petty, illogical and completely banal talk motivated by a very obvious agenda you and others will never admit to yet such is crystal clear and putridly offensive.

wirinet:


You people always find a way to blame other tribes but quick to make excuses for your own for errors done by all. The financial sector was in the hands of your tribesmen/women during the last government and they messed up big time, you are now attempting to shift blames on a yoruba woman that had hardly been finance minister for 2 months. So according to your wrapped blame searching logic, Kemi Adeosun is to be blamed for Nigeria's fiscal and monetary policies, and she is also in charge of Nigerian security exchange. Emefiele and onyema now report to the finance minister according to some ethnic bigots? To them an Igbos public office can never do wrong while public officers from other tribes can never do right.

Kikero112:


Diversification unfortunately is not that easy......and it takes time.

As for Buhari investing in new oil priojects in Chad....probably thinks that if we increase the no of barrels we produce....we might be able to get more money despite the low price.(But on the negative side....oil gushing in the NE= Lower oil prices.).

Buhari did spend more on educaiton. This is important. Improving education is key to diversification.

cosmo84:


PDP , THE PARTY WITH CLEAR ECONOMIC POLICIES RIGHT?

omonnakoda:
The last government was an economic disaster despite enjoying the HIGHEST OIL REVENUE IN NIGERIAN HISTORY we have nothing to show for it. We had elections and they were BOOTED out. We have a new government. Ideally I would prefer not to have Buhari but he won and has 4 years to work. His Ministers have been in office 3 months and he has not even passed his first budget. To judge him we must be fair and patient.What I see is unbridled hatred of those who fail to accept that the elections are over and seem to be praying for him to fail. This is shameful and irresponsible. In order to judge him fairly we must allow one full budget cycle to run
The issue of Finance Minister is the height of pettiness. Since when did Finance Ministers become so important in Nigeria?? That only happens when a president is clueless and abdicates his responsibility. I thin Obasanjo said it all when he said the last person needed supervision which Jonathan failed to do and created this irresponsible role of coordinating Minister.
In a presidential system. Ministers serve at the pleasure of the President unlike in a parliamentary system. There are more important and impact-ful ministries in this system of government.
The Finance Minister is NOT meant to be that powerful and I think we are now returning to normalcy

ocelot2006:


Yes, PDP DEFINITELY had a SOUND economic blueprint compared to the current APC YAHOOS and JOKERS in power.

DelGardo:
So they advocate that CBN should let Naira go on a free fall, and the wailers seem to like their suggestion. Cool.

I only hope they don't come here tomorrow to scream "Exchange rate is now N3,500/$!".

chukwudi44:


Kemi Adeseoun is the leader of the Buhari's economic team

OkutaNla:


Don't mind those hypocrites. If that happens they will be first to remind us how much it was under Okonjo Iweala and Jonathan. They are confused and don't wish this administration well, irrespective of what it does.

omohayek:


The true mark of cluelessness is blaming Kemi Adeosun for two areas of policy over which she has no control. It takes real ignorance to blame the finance minister for an FX policy which is actually set by Godwin Emefiele, the head of the CBN; she also had no hand in the NSE's difficulties, as the CEO of the Nigerian Stock Exchange is a man named Oscar N. Onyema.

Reference:

The FX policy CANNOT work where you produce nothing.

Gbawe:


Precisely. Ultimately, Nigerians are a people who like to appear more erudite than others. From page one it is different suggestions by numerous Nigerian George Soros and Warren Buffets that completely misses the central and pertinent issues. The bottom line is that we screwed ourselves royally because we left ourselves economically vulnerable to the vagaries of oil price. Being a mono economy with oil as our major export, accounting for 80% of the income of Nigeria, means there is no quick or easy way out as long as oil price remain low.

The 'solutions for our economic woes are virtually all long term 'fixes' eg diversifying our economy, growing the SME sector aggressively, developing critical infrastructure et al. I think the APC should embark on proper and formal 'education' exercise to sensitize Nigerians about what we are facing. That might spare us some of the ignorant argument we are seeing on this thread with uninformed mischief-makers using terms they do not even understand.

Alfaab:
Maybe that is why they ran Nigeria aground.

NavierStokes:


Brother, seems you derive joy in insulting others, educationally I am afraid you may never be able to catch up... if only you know what I mean, have a great day and I wish you a joy filled weekend.

ocelot2006:


Yes, PDP DEFINITELY had a SOUND economic blueprint compared to the current APC YAHOOS and JOKERS in power.

ocelot2006:


Pls do tell how they ran Nigeria aground? Cos last i checked, GEJ left a Nigeria with a high economic growth rate of 6-7% despite the initial fall of oil prices and austerity measures imposed, a decent job growth.

PMB comes in like a headless chicken and in thr span of a few months reverses these succeses. Yet you want yo blamr GEJ for the incompetence of PMB?

Pidggin:
During the presidential media chat economist Buhari insisted that he would never devalue the naira. I bet if someone was bold enough to ask him what he understood by devaluation, he would not have been able to answer the question.

Pidggin:
During the presidential media chat economist Buhari insisted that he would never devalue the naira. I bet if someone was bold enough to ask him what he understood by devaluation, he would not have been able to answer the question.

onatisi:
she can't go beyond what buhari wants. We should stop blaming the poor woman. I am sure many of those ministers are regretting accepting these appointments . Buhari believes in a selected few and what ever they tell him is final. How many of the new ministers have u seen making any tangible comments ? They are just there,the man they are working for is one who believes he knows it all and you must comply with his ideas whether u like it or not. Last year,I raised this issued when I said having a cabinet full of intelligent qualified individuals is not the same as allowing them to do what they know best to do or allowing them to perform the tasks given to them to the best of their abilities

Nalikedis:
This is a very complicated situation we are in and I think Emefiele is doing a great Job with the support of PMB and Adeosun ... that some western analyst condemn our method doesn't mean we are doing a very bad job. To have compared us with China and Venezuela shows that we are not doing really bad and I think they should have included Russia too. Their suggestion I think will be the Greece route. If we are to follow the Soludo suggestion and allow free fall of Naira, I don't think those shouting dollar scarcity will wish to import goods at 500/1$ official...who go buy such good?. @ below $30/barrel with backlog of our oil quota I don't think we have much choices this period than patching the economy and I believe Emefiele will come out of this a better CBN governor . Western analyst have very little input here because they have very little idea what it means for a country to import 80% of her food consumption and even her toothpick.