LRNZH:
After all this long write up, I hate to simply tell you to go and learn about commodity prices and how they affect dependent economies.

Ngozi did not diversify the economy under GEJ when the oil price was above $100/barrel for over 4byears, it is at $30/barrel that Buhari will go to beg her to perform magic.

Abeg receive sense.

mekaboy:
I know once most people see the title of this thread, they become Sentimental and ethnically hyperactive. But this is not about any ethnic group, religion or political party. This is about the survival of our dear nation.

I can authoritatively say that buhari and the APC have no plans for Nigeria.All they wanted is power, they have got it now and don't know how to handle it.

President Buhari is hiding behind the fight against corruption to distract Nigerians from his lack of understanding and solutions to Nigeria's economic problems.

Yes buhari is fighting corruption, but corruption did not start with the past administration. As a matter of fact, I am not sure any Nigerian president has been as corrupt as abacha who he called a saint(story 4 another day).

Does buhari mean well for Nigeria ?Yes . Did Gej mean well for Nigeria ? Yes.

But having a desire without a plan is like building a castle in the air. I can stay in my room and wish to go to America, if I don't get the required information and follow the application process, I will remain in my room.

That is the situation facing PMB, he is not well informed about our economy. I strongly believe that buhari did not know the content of the budget which he presented, all he knew was the final figures.

Just like the ministerial positions were pened down by the party members who invested billions in the elections, so was the budget. Most of the funds spent in the election is to be recovered through the budget.

That was why the movie surrounding the stealing of the budget occurred. When people criticised the budget, buhari felt embarrassed and withdrew the budget, had a meeting with the APC investors, and they decided to reduce the figures that attracted criticism and move the funds to other area that would not be noticed. All they know is that the must recover their investment through the budget.

Now, the main reason why our economy did well under Gej despite the distraction from bokoharam is not just the oil price, but the policies and his economic team.

Trust me, if Gej had won the elections, things would have been tough in Nigeria but not this tough.

First there would not be the delay in appointing ministers like Buhari did. The economic team would have swung into action to attempt to cushion the effects of the coming economic sunami.

Do you know why I said buhari has no plan or solution to our problems?

1,Buhari is going out there trying to borrow money for an over inflated budget. Is it wrong to borrow? No. But not if you don't have plans to pay.

2, there is a difference between bringing investors into your country and borrowing money. What buhari is going for is to borrow and not bring investment.


3, The reason why a business man will borrow from a bank to do business, is because he believes that what he will do with the money will generate more money, he will pay the bank and also have profit. Because Buhari and his economic team have no solutions to our economic problem, he wants to borrow without interest. This is because the money that will be borrowed will be diverted to private pockets through the budget.

It is the interest on the loan that makes a business man work round the clock. This is why buhari is going out for the Islamic bond with the UAE which I don't know the conditions attached.

Buhari, why are you going outside Nigeria to borrow, when Nigerians are ready and willing to lend to you and the APC? Just make the bonds and treasury bills attractive, then watch Nigerians lend you as much as you want. But because most of the money that will be borrowed will end up in the pockets of the party chiefs, buhari is afraid of borrowing with interest. Because he will be forced to pay Nigerians back their money when it matures and there won't be any money to pay, because they have shared it.

So rather than borrow from the people and pay them with interest if you are sure you have good plans to invest, the govt decides to take from the people by force by Deeping their hands into our accounts and collecting N50 from each transaction.

Buhari and the APC want to short investors out, borrow from the Arab world, and leave Nigerians in debt.

WHY DOES BUHARI NEED OKONJO IWEALA?

1, she understands our economic situation.

2, she understands the fears and desires of foreign investors

3, she can create the balance that will favour both Nigerians and foriegn investors.

Buhari and his economic team are still struggling to understand our economic challenge. Because they don't understand, they can't provide a solution.

Buhari and his team believe they can frustrate investors with their policies and then go out their and borrow from the west. No wonder he is going to the Arab world for non interest loan.

But will Nigeria survive without foriegn investors? No. What will happen is there will be a lot of cash for the govt officials to share, but there will be no jobs.

Our foriegn reserves will dry up and there will be hyper inflation. Naira will exchange at over 500 for a dollar.

The entire system will get messed up and we end up like Zimbabwe.

At that time, we will be on our knees begging investors and their terms will be so unfavourable for us. It is better buhari swallow his pride and beg NOI who can bring the nigerian economy and foriegn investors to a table for negotiation and get us a good deal now. If he keeps being stubborn, and messes things up real bad, there won't be room for negotiation, we will just have to take whatever they offer.

Most Nigerians will say, to hell with foriegn investors, we can make it on our own.

With the kaduna and PH refineries shut down, Nigeria needing to import fuel and pay subsidy, importers needing forex to import. How long will it take before we run out of forex?

Then it will be 10k to a dollar and mega inflation. Buhari better swallow his pride and do the needful before he grounds this nation.

americanigga:
I was bored reading thru your post, because you have allowed sentiment to overhall your sence of reseaning. My little advice for you is that you shoud be patient with this government and you will not regret it

Demdem:
Ngozi the witch is a fraud. She never intended to save. Even after sharing, at least 52% of the money shared will go to FG. What stopped her from saving that? Was there anybody in court stopping FG from saving his money? Soludo has said it all. It was in the best interest of both Jonah-daft and Ngozi to share the money afterall they got the largest pie. Amaechi they are crucifying for it didn't even get up to 1%. Even before sharing, they were busy poking their noses into the account doing whatever they deemed fit with it which prompted Amaechi and co to raise alarm.
Even pdp governors never trusted the Witch with their money. It was that bad.

LRNZH:
After all this long write up, I hate to simply tell you to go and learn about commodity prices and how they affect dependent economies.

Ngozi did not diversify the economy under GEJ when the oil price was above $100/barrel for over 4 years, it is at $30/barrel that Buhari will go to beg her to perform magic.

Abeg receive sense.

mekaboy:
I know once most people see the title of this thread, they become Sentimental and ethnically hyperactive. But this is not about any ethnic group, religion or political party. This is about the survival of our dear nation.
I can authoritatively say that buhari and the APC have no plans for Nigeria.All they wanted is power, they have got it now and don't know how to handle it.
President Buhari is hiding behind the fight against corruption to distract Nigerians from his lack of understanding and solutions to Nigeria's economic problems.
Yes buhari is fighting corruption, but corruption did not start with the past administration. As a matter of fact, I am not sure any Nigerian president has been as corrupt as abacha who he called a saint(story 4 another day).
Does buhari mean well for Nigeria ?Yes . Did Gej mean well for Nigeria ? Yes.
But having a desire without a plan is like building a castle in the air. I can stay in my room and wish to go to America, if I don't get the required information and follow the application process, I will remain in my room.
That is the situation facing PMB, he is not well informed about our economy. I strongly believe that buhari did not know the content of the budget which he presented, all he knew was the final figures.
Just like the ministerial positions were pened down by the party members who invested billions in the elections, so was the budget. Most of the funds spent in the election is to be recovered through the budget.
That was why the movie surrounding the stealing of the budget occurred. When people criticised the budget, buhari felt embarrassed and withdrew the budget, had a meeting with the APC investors, and they decided to reduce the figures that attracted criticism and move the funds to other area that would not be noticed. All they know is that the must recover their investment through the budget.
Now, the main reason why our economy did well under Gej despite the distraction from bokoharam is not just the oil price, but the policies and his economic team.
Trust me, if Gej had won the elections, things would have been tough in Nigeria but not this tough.
First there would not be the delay in appointing ministers like Buhari did. The economic team would have swung into action to attempt to cushion the effects of the coming economic sunami.
Do you know why I said buhari has no plan or solution to our problems?
1,Buhari is going out there trying to borrow money for an over inflated budget. Is it wrong to borrow? No. But not if you don't have plans to pay.
2, there is a difference between bringing investors into your country and borrowing money. What buhari is going for is to borrow and not bring investment.
3, The reason why a business man will borrow from a bank to do business, is because he believes that what he will do with the money will generate more money, he will pay the bank and also have profit. Because Buhari and his economic team have no solutions to our economic problem, he wants to borrow without interest. This is because the money that will be borrowed will be diverted to private pockets through the budget.
It is the interest on the loan that makes a business man work round the clock. This is why buhari is going out for the Islamic bond with the UAE which I don't know the conditions attached.
Buhari, why are you going outside Nigeria to borrow, when Nigerians are ready and willing to lend to you and the APC? Just make the bonds and treasury bills attractive, then watch Nigerians lend you as much as you want. But because most of the money that will be borrowed will end up in the pockets of the party chiefs, buhari is afraid of borrowing with interest. Because he will be forced to pay Nigerians back their money when it matures and there won't be any money to pay, because they have shared it.
So rather than borrow from the people and pay them with interest if you are sure you have good plans to invest, the govt decides to take from the people by force by Deeping their hands into our accounts and collecting N50 from each transaction.
Buhari and the APC want to short investors out, borrow from the Arab world, and leave Nigerians in debt.
WHY DOES BUHARI NEED OKONJO IWEALA?
1, she understands our economic situation.
2, she understands the fears and desires of foreign investors
3, she can create the balance that will favour both Nigerians and foriegn investors.
Buhari and his economic team are still struggling to understand our economic challenge. Because they don't understand, they can't provide a solution.
Buhari and his team believe they can frustrate investors with their policies and then go out their and borrow from the west. No wonder he is going to the Arab world for non interest loan.
But will Nigeria survive without foriegn investors? No. What will happen is there will be a lot of cash for the govt officials to share, but there will be no jobs.
Our foriegn reserves will dry up and there will be hyper inflation. Naira will exchange at over 500 for a dollar.
The entire system will get messed up and we end up like Zimbabwe.
At that time, we will be on our knees begging investors and their terms will be so unfavourable for us. It is better buhari swallow his pride and beg NOI who can bring the nigerian economy and foriegn investors to a table for negotiation and get us a good deal now. If he keeps being stubborn, and messes things up real bad, there won't be room for negotiation, we will just have to take whatever they offer.
Most Nigerians will say, to hell with foriegn investors, we can make it on our own.
With the kaduna and PH refineries shut down, Nigeria needing to import fuel and pay subsidy, importers needing forex to import. How long will it take before we run out of forex?
Then it will be 10k to a dollar and mega inflation. Buhari better swallow his pride and do the needful before he grounds this nation.

mekaboy:
I know once most people see the title of this thread, they become Sentimental and ethnically hyperactive. But this is not about any ethnic group, religion or political party. This is about the survival of our dear nation.
I can authoritatively say that buhari and the APC have no plans for Nigeria.All they wanted is power, they have got it now and don't know how to handle it.
President Buhari is hiding behind the fight against corruption to distract Nigerians from his lack of understanding and solutions to Nigeria's economic problems.
Yes buhari is fighting corruption, but corruption did not start with the past administration. As a matter of fact, I am not sure any Nigerian president has been as corrupt as abacha who he called a saint(story 4 another day).
Does buhari mean well for Nigeria ?Yes . Did Gej mean well for Nigeria ? Yes.
But having a desire without a plan is like building a castle in the air. I can stay in my room and wish to go to America, if I don't get the required information and follow the application process, I will remain in my room.
That is the situation facing PMB, he is not well informed about our economy. I strongly believe that buhari did not know the content of the budget which he presented, all he knew was the final figures.
Just like the ministerial positions were pened down by the party members who invested billions in the elections, so was the budget. Most of the funds spent in the election is to be recovered through the budget.
That was why the movie surrounding the stealing of the budget occurred. When people criticised the budget, buhari felt embarrassed and withdrew the budget, had a meeting with the APC investors, and they decided to reduce the figures that attracted criticism and move the funds to other area that would not be noticed. All they know is that the must recover their investment through the budget.
Now, the main reason why our economy did well under Gej despite the distraction from bokoharam is not just the oil price, but the policies and his economic team.
Trust me, if Gej had won the elections, things would have been tough in Nigeria but not this tough.
First there would not be the delay in appointing ministers like Buhari did. The economic team would have swung into action to attempt to cushion the effects of the coming economic sunami.
Do you know why I said buhari has no plan or solution to our problems?
1,Buhari is going out there trying to borrow money for an over inflated budget. Is it wrong to borrow? No. But not if you don't have plans to pay.
2, there is a difference between bringing investors into your country and borrowing money. What buhari is going for is to borrow and not bring investment.
3, The reason why a business man will borrow from a bank to do business, is because he believes that what he will do with the money will generate more money, he will pay the bank and also have profit. Because Buhari and his economic team have no solutions to our economic problem, he wants to borrow without interest. This is because the money that will be borrowed will be diverted to private pockets through the budget.
It is the interest on the loan that makes a business man work round the clock. This is why buhari is going out for the Islamic bond with the UAE which I don't know the conditions attached.
Buhari, why are you going outside Nigeria to borrow, when Nigerians are ready and willing to lend to you and the APC? Just make the bonds and treasury bills attractive, then watch Nigerians lend you as much as you want. But because most of the money that will be borrowed will end up in the pockets of the party chiefs, buhari is afraid of borrowing with interest. Because he will be forced to pay Nigerians back their money when it matures and there won't be any money to pay, because they have shared it.
So rather than borrow from the people and pay them with interest if you are sure you have good plans to invest, the govt decides to take from the people by force by Deeping their hands into our accounts and collecting N50 from each transaction.
Buhari and the APC want to short investors out, borrow from the Arab world, and leave Nigerians in debt.
WHY DOES BUHARI NEED OKONJO IWEALA?
1, she understands our economic situation.
2, she understands the fears and desires of foreign investors
3, she can create the balance that will favour both Nigerians and foriegn investors.
Buhari and his economic team are still struggling to understand our economic challenge. Because they don't understand, they can't provide a solution.
Buhari and his team believe they can frustrate investors with their policies and then go out their and borrow from the west. No wonder he is going to the Arab world for non interest loan.
But will Nigeria survive without foriegn investors? No. What will happen is there will be a lot of cash for the govt officials to share, but there will be no jobs.
Our foriegn reserves will dry up and there will be hyper inflation. Naira will exchange at over 500 for a dollar.
The entire system will get messed up and we end up like Zimbabwe.
At that time, we will be on our knees begging investors and their terms will be so unfavourable for us. It is better buhari swallow his pride and beg NOI who can bring the nigerian economy and foriegn investors to a table for negotiation and get us a good deal now. If he keeps being stubborn, and messes things up real bad, there won't be room for negotiation, we will just have to take whatever they offer.
Most Nigerians will say, to hell with foriegn investors, we can make it on our own.
With the kaduna and PH refineries shut down, Nigeria needing to import fuel and pay subsidy, importers needing forex to import. How long will it take before we run out of forex?
Then it will be 10k to a dollar and mega inflation. Buhari better swallow his pride and do the needful before he grounds this nation.

baby124:
Covetousness is a bad thing. Is this why Kemi is being attacked? Okonjo was there for 2 governments. Did Nigeria turn to Dubai? No more wuruwuru and jagajaga statistics. Get used to Kemi, she's not going anywia. Why crying for Okonjo? I thought she's busy with her many appointments. Or did she leave a fake file in Finance ministry that she needs to come and recover? Her time has passed, it's some one else's time now.

tucky200:
[/s]
Trash [s]
Trash !

mekaboy:
I know once most people see the title of this thread, they become Sentimental and ethnically hyperactive. But this is not about any ethnic group, religion or political party. This is about the survival of our dear nation.

I can authoritatively say that buhari and the APC have no plans for Nigeria.All they wanted is power, they have got it now and don't know how to handle it.

President Buhari is hiding behind the fight against corruption to distract Nigerians from his lack of understanding and solutions to Nigeria's economic problems.

Yes buhari is fighting corruption, but corruption did not start with the past administration. As a matter of fact, I am not sure any Nigerian president has been as corrupt as abacha who he called a saint(story 4 another day).

Does buhari mean well for Nigeria ?Yes . Did Gej mean well for Nigeria ? Yes.

But having a desire without a plan is like building a castle in the air. I can stay in my room and wish to go to America, if I don't get the required information and follow the application process, I will remain in my room.

That is the situation facing PMB, he is not well informed about our economy. I strongly believe that buhari did not know the content of the budget which he presented, all he knew was the final figures.

Just like the ministerial positions were pened down by the party members who invested billions in the elections, so was the budget. Most of the funds spent in the election is to be recovered through the budget.

That was why the movie surrounding the stealing of the budget occurred. When people criticised the budget, buhari felt embarrassed and withdrew the budget, had a meeting with the APC investors, and they decided to reduce the figures that attracted criticism and move the funds to other area that would not be noticed. All they know is that the must recover their investment through the budget.

Now, the main reason why our economy did well under Gej despite the distraction from bokoharam is not just the oil price, but the policies and his economic team.

Trust me, if Gej had won the elections, things would have been tough in Nigeria but not this tough.

First there would not be the delay in appointing ministers like Buhari did. The economic team would have swung into action to attempt to cushion the effects of the coming economic sunami.

Do you know why I said buhari has no plan or solution to our problems?

1,Buhari is going out there trying to borrow money for an over inflated budget. Is it wrong to borrow? No. But not if you don't have plans to pay.

2, there is a difference between bringing investors into your country and borrowing money. What buhari is going for is to borrow and not bring investment.


3, The reason why a business man will borrow from a bank to do business, is because he believes that what he will do with the money will generate more money, he will pay the bank and also have profit. Because Buhari and his economic team have no solutions to our economic problem, he wants to borrow without interest. This is because the money that will be borrowed will be diverted to private pockets through the budget.

It is the interest on the loan that makes a business man work round the clock. This is why buhari is going out for the Islamic bond with the UAE which I don't know the conditions attached.

Buhari, why are you going outside Nigeria to borrow, when Nigerians are ready and willing to lend to you and the APC? Just make the bonds and treasury bills attractive, then watch Nigerians lend you as much as you want. But because most of the money that will be borrowed will end up in the pockets of the party chiefs, buhari is afraid of borrowing with interest. Because he will be forced to pay Nigerians back their money when it matures and there won't be any money to pay, because they have shared it.

So rather than borrow from the people and pay them with interest if you are sure you have good plans to invest, the govt decides to take from the people by force by Deeping their hands into our accounts and collecting N50 from each transaction.

Buhari and the APC want to short investors out, borrow from the Arab world, and leave Nigerians in debt.

WHY DOES BUHARI NEED OKONJO IWEALA?

1, she understands our economic situation.

2, she understands the fears and desires of foreign investors

3, she can create the balance that will favour both Nigerians and foriegn investors.

Buhari and his economic team are still struggling to understand our economic challenge. Because they don't understand, they can't provide a solution.

Buhari and his team believe they can frustrate investors with their policies and then go out their and borrow from the west. No wonder he is going to the Arab world for non interest loan.

But will Nigeria survive without foriegn investors? No. What will happen is there will be a lot of cash for the govt officials to share, but there will be no jobs.

Our foriegn reserves will dry up and there will be hyper inflation. Naira will exchange at over 500 for a dollar.

The entire system will get messed up and we end up like Zimbabwe.

At that time, we will be on our knees begging investors and their terms will be so unfavourable for us. It is better buhari swallow his pride and beg NOI who can bring the nigerian economy and foriegn investors to a table for negotiation and get us a good deal now. If he keeps being stubborn, and messes things up real bad, there won't be room for negotiation, we will just have to take whatever they offer.

Most Nigerians will say, to hell with foriegn investors, we can make it on our own.

With the kaduna and PH refineries shut down, Nigeria needing to import fuel and pay subsidy, importers needing forex to import. How long will it take before we run out of forex?

Then it will be 10k to a dollar and mega inflation. Buhari better swallow his pride and do the needful before he grounds this nation.

LRNZH:
After all this long write up, I hate to simply tell you to go and learn about commodity prices and how they affect dependent economies.

Ngozi did not diversify the economy under GEJ when the oil price was above $100/barrel for over 4 years, it is at $30/barrel that Buhari will go to beg her to perform magic.

Abeg receive sense.

mekaboy:


You are rather allowing sentiments to cloud your reasoning.

You are watching foriegn investors withdraw from Nigeria, watching the naira fall, watching businesses collapse and people loose their jobs and you ask for patients .

You look at the budget in the midst of the oil prices and see how the govt decided to spend more on itself than when oil was higher under Gej. You are watching the stock market crash before your eyes and you are waiting for a miracle?

mekaboy:
I know once most people see the title of this thread, they become Sentimental and ethnically hyperactive. But this is not about any ethnic group, religion or political party. This is about the survival of our dear nation.

I can authoritatively say that buhari and the APC have no plans for Nigeria.All they wanted is power, they have got it now and don't know how to handle it.

President Buhari is hiding behind the fight against corruption to distract Nigerians from his lack of understanding and solutions to Nigeria's economic problems.

Yes buhari is fighting corruption, but corruption did not start with the past administration. As a matter of fact, I am not sure any Nigerian president has been as corrupt as abacha who he called a saint(story 4 another day).

Does buhari mean well for Nigeria ?Yes . Did Gej mean well for Nigeria ? Yes.

But having a desire without a plan is like building a castle in the air. I can stay in my room and wish to go to America, if I don't get the required information and follow the application process, I will remain in my room.

That is the situation facing PMB, he is not well informed about our economy. I strongly believe that buhari did not know the content of the budget which he presented, all he knew was the final figures.

Just like the ministerial positions were pened down by the party members who invested billions in the elections, so was the budget. Most of the funds spent in the election is to be recovered through the budget.

That was why the movie surrounding the stealing of the budget occurred. When people criticised the budget, buhari felt embarrassed and withdrew the budget, had a meeting with the APC investors, and they decided to reduce the figures that attracted criticism and move the funds to other area that would not be noticed. All they know is that the must recover their investment through the budget.

Now, the main reason why our economy did well under Gej despite the distraction from bokoharam is not just the oil price, but the policies and his economic team.

Trust me, if Gej had won the elections, things would have been tough in Nigeria but not this tough.

First there would not be the delay in appointing ministers like Buhari did. The economic team would have swung into action to attempt to cushion the effects of the coming economic sunami.

Do you know why I said buhari has no plan or solution to our problems?

1,Buhari is going out there trying to borrow money for an over inflated budget. Is it wrong to borrow? No. But not if you don't have plans to pay.

2, there is a difference between bringing investors into your country and borrowing money. What buhari is going for is to borrow and not bring investment.


3, The reason why a business man will borrow from a bank to do business, is because he believes that what he will do with the money will generate more money, he will pay the bank and also have profit. Because Buhari and his economic team have no solutions to our economic problem, he wants to borrow without interest. This is because the money that will be borrowed will be diverted to private pockets through the budget.

It is the interest on the loan that makes a business man work round the clock. This is why buhari is going out for the Islamic bond with the UAE which I don't know the conditions attached.

Buhari, why are you going outside Nigeria to borrow, when Nigerians are ready and willing to lend to you and the APC? Just make the bonds and treasury bills attractive, then watch Nigerians lend you as much as you want. But because most of the money that will be borrowed will end up in the pockets of the party chiefs, buhari is afraid of borrowing with interest. Because he will be forced to pay Nigerians back their money when it matures and there won't be any money to pay, because they have shared it.

So rather than borrow from the people and pay them with interest if you are sure you have good plans to invest, the govt decides to take from the people by force by Deeping their hands into our accounts and collecting N50 from each transaction.

Buhari and the APC want to short investors out, borrow from the Arab world, and leave Nigerians in debt.

WHY DOES BUHARI NEED OKONJO IWEALA?

1, she understands our economic situation.

2, she understands the fears and desires of foreign investors

3, she can create the balance that will favour both Nigerians and foriegn investors.

Buhari and his economic team are still struggling to understand our economic challenge. Because they don't understand, they can't provide a solution.

Buhari and his team believe they can frustrate investors with their policies and then go out their and borrow from the west. No wonder he is going to the Arab world for non interest loan.

But will Nigeria survive without foriegn investors? No. What will happen is there will be a lot of cash for the govt officials to share, but there will be no jobs.

Our foriegn reserves will dry up and there will be hyper inflation. Naira will exchange at over 500 for a dollar.

The entire system will get messed up and we end up like Zimbabwe.

At that time, we will be on our knees begging investors and their terms will be so unfavourable for us. It is better buhari swallow his pride and beg NOI who can bring the nigerian economy and foriegn investors to a table for negotiation and get us a good deal now. If he keeps being stubborn, and messes things up real bad, there won't be room for negotiation, we will just have to take whatever they offer.

Most Nigerians will say, to hell with foriegn investors, we can make it on our own.

With the kaduna and PH refineries shut down, Nigeria needing to import fuel and pay subsidy, importers needing forex to import. How long will it take before we run out of forex?

Then it will be 10k to a dollar and mega inflation. Buhari better swallow his pride and do the needful before he grounds this nation.

fallout87:


Is it the finance ministers job to diversify the economy or the jobs of the lazy Governors who were taking oil money to go buy properties in London and dubai?

You're they one who needs to receive sense

November 16, 2015 3:25 pm
Nigeria’s finance minister makes non-oil revenues top priority
Maggie Fick in Lagos

Nigeria's new minister of Finance, Kemi Adeosun, smiles after taking an oath of office during a swearing-in ceremony in Abuja, Nigeria November 11, 2015. Nigeria's President Muhammadu Buhari swore 36 ministers into his cabinet on Wednesday, five months after his inauguration. Buhari won March elections after vowing to crack down on corruption in Africa's biggest economy and top oil producer. He has been criticised for waiting until September to name his ministers at a time when the economy has been hammered by the fall in oil prices.


Nigeria’s new finance minister said raising non-oil revenues was her top priority, as the slump in oil prices continues to take its toll on Africa’s biggest crude exporter.

Kemi Adeosun, a 48-year-old British-born accountant, was sworn in last week by President Muhammadu Buhari nearly six months after the former military ruler took office — a delay that led some critics to complain of a policy vacuum in Africa’s larger economy.

She told the Financial Times that stricter enforcement of earnings collection from federal agencies and more diligent bookkeeping were the types of “micro” issues her ministry would focus on to mitigate the effects of crude prices that remain below $50 a barrel.
Her message chimes with what Mr Buhari told his new cabinet colleagues at a retreat before they were sworn in: pare down the costs of running government ministries through simple cost-saving measures such as cutting travel and the number of vehicles in convoys.
“Forget about oil — we don’t control the price of oil. That’s not where our problems lie,” Ms Adeosun said.
For years, Ms Adeosun explained, a mindset of “we have oil” meant Abuja had practically given up collecting the right amounts from other state bodies, as she rattled off a list of federal agencies she says had habitually under-reported their revenues. “Because of oil, we’ve ignored everything else,” she said.
She added that she had already begun “drilling down into the details” with ministry staff to assess how much “parastatals” — state-run or affiliated agencies — remit to the government.
She also praised the lack of pomp and circumstance at the ministerial swearing in ceremony, a sharp contrast to state ceremonies of past governments. “The programme was a piece of paper, that’s it,” she said.
Ms Adeosun was most recently finance commissioner of Ogun state, where she focused on improving fiscal oversight at state institutions. Before that she worked for Chapel Hill Denham, a Nigerian investment bank. Until her mid-30s she lived in London, where she worked for PwC in the global risk management department.

Ms Adeosun is not the first finance chief to note that a near exclusive focus on oil, which accounts for almost four-fifths of government revenues, had been poisonous for Nigeria.
[size=14pt]Her predecessor, Ngozi Okonjo-Iweala, made a similar case at times during her tenure. But under the administration of President Goodluck Jonathan, weak oversight of oil revenues deprived the state coffers of many billions of dollars a year.[/size]
“I don’t want to say we’ve been indisciplined,” Ms Adeosun said. “But I’d say, when you have the money, you can be extravagant, flying first class instead of business [class], business instead of economy” — an acknowledgment that Nigeria’s finances are now much more precarious.
Referring to criticism from parts of Nigeria’s business community that she has considerably less experience than Ms Okonjo-Iweala, a former World Bank managing director, Ms Adeosun said her accounting background meant she had the skills to get her country’s financial house in order.
“In Nigeria we always talk about the macro issues, we always start from way up high. But we don’t pay attention to the micro ones. That’s now my job,” she said.
Mr Buhari has changed the way responsibilities are divvied up among the economic team in his cabinet. He removed the budget file from the finance ministry and gave it to the planning ministry, where he has appointed Udo Udoma, a former senator, as minister of budget and national planning.
Mr Udoma, who left his job as chairman of one of Nigeria’s largest manufacturing companies to take up the position, is joined by Okey Enelemah, the new trade, investment and industry minister. Mr Enelemah is the founder of African Capital Alliance, a Lagos-based private equity firm.

MayorofLagos:


Anywhere you put Ibo without supervision it ends in ruin! There are track records to prove it, from 1960 till today.

If Ngozi wants to.come back and assist its fine but she will be under the supervision of Kemi Adeosun.

Is this cool?

LRNZH:
After all this long write up, I hate to simply tell you to go and learn about commodity prices and how they affect dependent economies.

Ngozi did not diversify the economy under GEJ when the oil price was above $100/barrel for over 4 years, it is at $30/barrel that Buhari will go to beg her to perform magic.

Abeg receive sense.

Gbawe:


. On a serious note, NOI is a certified failure who supervised a period in our history when we earned record income from oil yet the greatest looting of Nigeria's commonwealth occurred totally removing the positive economic effect such earnings would ordinarily have if available to improve the lot of the people. If we want to convince the world we are a banana republic and a joke nation then the quickest way to do this is to bring NOI back to serve under the current government in any capacity.

Achuwa1:
If NOI didnt perform she wouldnt be getting all the international awards u see under her kitty & she even served under 2 different regimes because she was gud at what she does,,,
so u apc e-rat should tell ur president to focus on governance & stop junketering around the world to borrow money from islamic countries & stop signing agreement with the arab gulf tht will plung our future generation into bondage in the future.
Nigeria has become a mess under pmb coz his govt doesnt have focus but only fighting opposition in the name coruption & havent even raised up to 10billion in the fight against corruptiin since inception in office,which shows all the publicized figures in the media are all big lies