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Nairaland Forum / Nairaland / General / Politics / Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times (24176 Views)
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Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by ogododo: 9:58pm On Sep 26, 2017 |
I beg wetin be way forward as many people do de jazzed. No one fit reason plausibly again. 1 Like |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by LordAdam16: 10:03pm On Sep 26, 2017 |
onatisi: Welcome to the club. Awon Nigerians, them must hia wee! -Lord 5 Likes |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by shukuokukobambi: 10:09pm On Sep 26, 2017 |
omohayek: I think Emefiele is being blackmailed into reckless stupidity due to some poisonous transactions he was part and parcel of in the last admin. There is no way he isn't complicit in all those sharing that was going on. The APC government is blackmailing that guy seriously with the 'anti corruption' war. 6 Likes |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by uwabuwa888: 10:10pm On Sep 26, 2017 |
Former president GEJ said.." Nigeria will beg me to lead them,.. But then it will be late". ... I for say why tinubu come out on restructure,.....i dey smell depression..,dollar 1000naira 8 Likes 1 Share |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by 4Play(m): 10:11pm On Sep 26, 2017 |
There is an argument that this is not as alarming as it looks as given TSA which meant FG's deposits being stored with the CBN, the CBN's lending to the FG is backstopped by the FG's deposits. There is a good article on this on Nairametrics. See extract below: As the banker to the FGN, and following the implementation of the Treasury Single Account (TSA), the CBN is the natural domicile for FGN deposits. Gleaning through the numbers reveals that FGN borrowings look like a cash backed loan as effectively the FGN borrows against its own deposits with the CBN. Looking at trends, after holding steady then declining in 2014-16, FGN deposits jumped in 2015 as the TSA effectively sequestered all deposits from the banking system into the CBN to N5.26tr. Hence, the FG is merely taking an overdraft facility against its own deposits. Source: https://nairametrics.com/analysis-cbns-deficit-financing-fg-not-thought/ Government finances in Nigeria are quite opaque so it's difficult to get a true picture but there is a clear legality issue with what the CBN is doing. I am not too worried about the crowding out effect per se: in a currency crisis, reducing private sector credit growth is not as damaging as it looks. If I was a business person in Nigeria, I would be quite open to borrowing in Naira simply to buy forex so curtailing private sector credit growth may in perverse sense be beneficial as it reduces the amount of Naira available for currency speculation. The glaring problem here is the FG's dogged insistence on "fiscal stimulus" in the midst of stagflation. By running an expansionary fiscal policy, the trajectory of growth in government debt is unsustainable preparing the grounds for a future crisis. It is this attempt to engineer a stimulus that forces the CBN to break the law and provide funding to the FG. 7 Likes 3 Shares |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by Swanzi(m): 10:13pm On Sep 26, 2017 |
Desyner: You've cracked me up 1 Like |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by TheKingIsHere: 10:20pm On Sep 26, 2017 |
blackpanda: But when you all insulted GEJ then, you wanted to be taken seriously right? Buhari is a disgrace and a monumental failure 23 Likes 5 Shares |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by Nobody: 10:25pm On Sep 26, 2017 |
omenka: I have been watching you in this nairaland, and I can say that you don't have iota of integrity in you. Why calling mynd? You defend this administration blindly and offer no criticism when needed. 9 Likes 1 Share |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by efighter: 10:27pm On Sep 26, 2017 |
yaki84: You will just die of hypertension. 3 Likes 2 Shares |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by TheShopKeeper(m): 10:30pm On Sep 26, 2017 |
onatisi: Will the reelection of Goodluck Jonathan make our economic much better, given the various factors that have impacted the economy prior to 2015? |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by omenka(m): 10:30pm On Sep 26, 2017 |
Arondizuogu:Wtf. How the heck is it anyone's business who I defend or oppose? Did anyone tell anyone around here I'm supposed to be answerable to them? Keep watching me. You got your job cut out for you. While at it, take note of the rules, they are right there at the top of the comment box, and when you break them, it is my right to report you to Mynd44. Now, go take your bath and apply some ointment over your head and have a good night rest. Mr "I have been watching you". What a funny bunch of delusional people who think it is my duty to make them happy or please them. Smh. 5 Likes 1 Share |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by princemartinsG(m): 10:36pm On Sep 26, 2017 |
Fellow Countrymen If these staggering facts are true then Nigeria is in a critical state. With the way we are going, Nigeria will continue to remain as it is, and may continue to become worse if we the people do not make conscious effort to elect and bring in credible and honest individuals into government. From the Federal, state, local government, legislature, MDAs and to the judiciary, there are large scale corruption making the rounds. The menace and cankerworm of ethnicity and corruption is a great obstacle to Nigeria truly breaking free from the shackles of bad leadership, poverty and retrogression. How did we get ourselves here and how do we get out of this corner. Worse still Is the bitter reality that the nation at present has dearth of Credible, Incorruptible and politically capable Nigerians who we can trust our collective future unto. 3 Likes |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by onatisi(m): 10:37pm On Sep 26, 2017 |
TheShopKeeper:I hear, I no get energy again to argue . let Nigerians face the music 3 Likes |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by aribilola2002(m): 10:40pm On Sep 26, 2017 |
The greatest mistake Buhari made is continuation of using inherited Emegiele. The man who uses his mismanagement technique to nearly destroy prestigious Zenith Bank. The man do not know anything about economy 2 Likes 1 Share |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by positivetaught: 10:45pm On Sep 26, 2017 |
The only thing this buhari's APC government is good at is lies,deceit n propaganda, only the gullible thinks otherwise n keep singing their praises for all the claimed imaginary achievements, the kind of cankerworms that would be revealed if this APC government is done away with would certainly be mind boggling n unbelievable. 1 Like |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by deji17: 10:47pm On Sep 26, 2017 |
Blue3k: Nonsense. The US Government had to print a lot of dollars the last time the country entered recession in 07/09. 1 Like |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by Liberal85(m): 10:53pm On Sep 26, 2017 |
omohayek:Broken record indeed 1 Like 1 Share |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by nwakibie3(m): 10:58pm On Sep 26, 2017 |
onatisi: Please bro how are u making the best of this our economy? Am willing to learn from ur expertise 2 Likes |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by moninuola65: 11:42pm On Sep 26, 2017 |
omohayek:this is among the reason I tump up for Buhari 5% theory, if this one is Emefiele, All Nigerian wouldn't had make it out of recession! but.... 1 Like 1 Share |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by Oxalic(m): 11:45pm On Sep 26, 2017 |
There is evil in our dear country Nigeria. Let us continue to pray as we wait for 2019. |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by huntila(m): 11:54pm On Sep 26, 2017 |
It is amazing that topics like this do not get enough Educative, Insightful and robust contribution for and against on Nairaland. This is the Economy we are talking about with insightful revelations.If it is entertainment or silly topics, people will hopelessly play out their ignorance and begin the Tribe card. I have listened to Prof Garba who is a member of this CBN Mpc. I believe he would not cry foul where there is none. 2 Likes 1 Share |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by thundafire: 12:20am On Sep 27, 2017 |
Mamman daura working |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by chloride6: 1:08am On Sep 27, 2017 |
RomeSankara: Don't you feel that this could be attributable to the enormous increase in the national accounts? from the graph attached you can see that broad money supply in the economy has been on the steady rise adding nearly 2 trillion in the short interval of 2 months between october and december 2016. It only began to drop this year around when the high interest t-bills sale began. Anyway, alarmist views like this will do our country no good. It will only dampen investor confidence in our economy. 1 Like 1 Share
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Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by chloride6: 1:12am On Sep 27, 2017 |
deji17: The Nigerian economy is not the US economy. We simply cannot afford to participate in stimulative money supply economics as it eventually lays strain on our exchange rate and foreign reserves. 3 Likes |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by RomeSankara: 1:13am On Sep 27, 2017 |
chloride6: Ofcourse that spike I see there could only have been artificial and a myopic attempt to stem inflation from the wrong end . |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by chloride6: 1:36am On Sep 27, 2017 |
RomeSankara: But I think this article is overstating the risk here...... |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by TijaniAbu: 1:53am On Sep 27, 2017 |
Buhari and Osinbajo are thieves |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by chloride6: 2:00am On Sep 27, 2017 |
Wait Sanusi raised this issues last year sef... https://www.thisdaylive.com/index.php/2016/12/04/presidency-yes-consolidated-accounts/ 1 Like |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by FakoMaybach1: 3:07am On Sep 27, 2017 |
It hurts me so much, that the Fiscal and monetary irresponsibility of this government is not seen by Nigerians. These guys are old, our children and grand children will end up suffering for this governments ineptitude. IF CARE IS NOT TAKEN NIGERIA WILL END UP LIKE GREECE!! They claim to be recovering billions yet, the borrowing increases, the taxes increases, the backyard borrowing increases. I cant do anything but wail and keep my PVC, but by 2019 will it be too late to save my country? 1 Like |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by koboko69: 3:12am On Sep 27, 2017 |
onatisi: Oga go and sit down. Kangaroo economist and analyst. U suddenly have seen something to masturbate upon again. Naira didnt get to 1000 again by ur myopic prophesis and fake analysis? |
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