₦airaland Forum

blueto:
http://dailypost.ng/2016/09/08/nigeria-recession-hurried-implementation-tsa-ben-murray-bruce/

codedguy1:
Totally agree with your submission.

Adminisher:
The sum total of Ben Bruce point was:
1 Nigeria had NO economy before but a structure of PATRONAGE coming from the FG
2. The banking sector was FAKERY. All the banks were on feeding bottle of high oil prices and we should have left it to continue.
3. When you put FG money in commercial banks it will earn interest instead of doing what it should do so it is no wonder that budget performance was 15 %.

I am happy we REMOVED Goodluck Jonathan. That man was lacking the courage to transform Nigeria. He was weak and corrupt which was sad because the first Niger Delta, non military, Non northerner, academic president of Nigeria was supposed to be the CHANGE but corruption and avarice destroyed his destiny

Hiploko:
are u not tired of Jonathaning? Buhari has put our economy in recession. Deal with that

His tweets read: “Nobody locks up money in a vault in a recession. In fact, the hurried implementation of TSA may be part of the reason we are in a recession.”

blueto:
the implementation of the TSA was being done in phases or gradually by the previous govt.

the reason was that the previous govt understood the fact that the Nigerian banking industry & by extension the economy was primarily driven by government spending & while there were concrete plans to make it more private sector driven, it knew that pulling out government funds from the banks in one fell swoop would negatively impact the economy, might lead to a recession, create instability in most banks, restrict the ability of banks to loan money to investors, threaten existing loans and other negative consequences.

hence the gradual implementation, with banks adjusting gradually to the changing times.

But unfortunately for the Nigerian economy, the certificateless cattle rearer who was devoid of economic knowledge and proficiency was voted in and without even considering the repercussions of the swift implementation of TSA, quickly implemented it in full scale and blamed Jonathan for failing to implement it in full scale, of which ultimately submerged the economy into recession.

No wonder Obasanjo had to admit that Buhari is not economically sound despite their current fraternization.

Agimor:
Don't mind that twitter senator of a guy .He is good at ascribing blames and will never proffer solutions.

maasoap:
That bolded statement is a fvcking white lie. The government of IB never implemented TSA either in phases or gradually. And if you have any evidence, bring it and let's see the names of MDAs that complied. Liar!

"The pilot TSA scheme commenced in 2012(Jonathan's tenor) using a unified structure of accounting for 217 government Ministries, Departments and Agencies, MDAs, for accountability and transparency in public fund management."

Adminisher:
The sum total of Ben Bruce point was:
1 Nigeria had NO economy before but a structure of PATRONAGE coming from the FG
2. The banking sector was FAKERY. All the banks were on feeding bottle of high oil prices and we should have left it to continue.
3. When you put FG money in commercial banks it will earn interest instead of doing what it should do so it is no wonder that budget performance was 15 %.

I am happy we REMOVED Goodluck Jonathan. That man was lacking the courage to transform Nigeria. He was weak and corrupt which was sad because the first Niger Delta, non military, Non northerner, academic president of Nigeria was supposed to be the CHANGE but corruption and avarice destroyed his destiny

blueto:
the implementation of the TSA was being done in phases or gradually by the previous govt.

the reason was that the previous govt understood the fact that the Nigerian banking industry & by extension the economy was primarily driven by government spending & while there were concrete plans to make it more private sector driven, it knew that pulling out government funds from the banks in one fell swoop would negatively impact the economy, might lead to a recession, create instability in most banks, restrict the ability of banks to loan money to investors, threaten existing loans and other negative consequences.

hence the gradual implementation, with banks adjusting gradually to the changing times.

But unfortunately for the Nigerian economy, the certificateless cattle rearer who was devoid of economic knowledge and proficiency was voted in and without even considering the repercussions of the swift implementation of TSA, quickly implemented it in full scale and blamed Jonathan for failing to implement it in full scale, of which ultimately submerged the economy into recession.

No wonder Obasanjo had to admit that Buhari is not economically sound despite their current fraternization.

blueto:
the implementation of the TSA was being done in phases or gradually by the previous govt.

the reason was that the previous govt understood the fact that the Nigerian banking industry & by extension the economy was primarily driven by government spending & while there were concrete plans to make it more private sector driven, it knew that pulling out government funds from the banks in one fell swoop would negatively impact the economy, might lead to a recession, create instability in most banks, restrict the ability of banks to loan money to investors, threaten existing loans and other negative consequences.

hence the gradual implementation, with banks adjusting gradually to the changing times.

But unfortunately for the Nigerian economy, the certificateless cattle rearer who was devoid of economic knowledge and proficiency was voted in and without even considering the repercussions of the swift implementation of TSA, quickly implemented it in full scale and blamed Jonathan for failing to implement it in full scale, of which ultimately submerged the economy into recession.

No wonder Obasanjo had to admit that Buhari is not economically sound despite their current fraternization.

izzieman:
Senator Bruce, you got this one wrong. A single treasury account has nothing to do with starting the recession. The recession was waiting to happen because people like you found the loop holes to go from bank to bank borrowing money which they did not intend to pay back.

There was no economy, just a lot of fake transactions supported by corruption. Houses and other real estate in most Nigerian cities do not have true value because Polithiefcians will pay any amount asked because they did not work for the money.

The government is already spending on infrastructure as way to get out of the recession. Has Senator Bruce asked his state Governor and other governors to also spend to infrastructure and other developments to create jobs? No, we all wait for the Federal government, forgetting that the Local governments and states are where everyone live.

Get some sense, Senator common-sense.

codedguy1:
Go through my profile and you will see my opinion about Gej . He was a disappointment and Buhari to me is an embarrassment.

If you say Nigeria had no economy is it to come in and make the situation of things we were supposedly complaining about worse?

The manner in which the Tsa was implement is a major part of of the extent of where we are today. Granted we would have still gone into a kind of recession but it would not have been this bad so soon. Mind you we were already complaining about the situation.

The exchange rate policy somersaults, no fdis, withdrawal of dollars from the economy, decline in revenue from oil sales(which is not there fault) increasing interest rate in a recession are reasons we are where we are today and 90percent of these reason are as a result the policies of this govt.

Was it Gej that made the bank FAKERY as you put it. If you come in and find out some things are wrong an intelligent person will find a way of rectifying with minimum damage especially in a situation where you know a lot of people will lose their jobs. But Buhari came in and spent 7months looking for saints as minister meanwhile he had already gotten advice from god knows where to implement the policy. Maybe if he good advice he wouldn't have done this. Emefiele that was scared he was gonna lose his job would not counter that kind of suggestion just so he would keep his job.

Like I said I agree that fg money in banks is a misnomer but removing it all at once and locking it up somewhere is a crass way of doing things and it's because there probably no experts to relay the implications of that step.

I was not really happy Gej was removed because the option was Buhari. Both of them don't deserve to run this country, Gej because we expected much from him but he dissapointed but Buhari for me is an embarrassment because I didn't expect anything from him and he seems to be proving me right.

He has about two and half Years more let's see how it will go.