I beg wetin be way forward as many people do de jazzed. No one fit reason plausibly again.

onatisi:
I have decided to just watch Nigerians suffer in pains and agony while I make the best out of it, Nigerians are not worth pitying until they start using their brains

kin sha ti lowo

Welcome to the club.

Awon Nigerians, them must hia wee!

-Lord

omohayek:
Let me also take this opportunity to add that this news report only substantiates what I've been saying about Emefiele for a long time now, which is that he is a spineless, grovelling coward who is so eager to cater to Buhari's ridiculous whims that he ignores the independence he is statutorily guaranteed. If Emefiele wanted to say no to everything Buhari was demanding, there would be no legislative or administrative means Buhari or anyone else could use to override him, short of getting both chambers of the NASS to strip the CBN of its independence, and the international backlash that would ensue from such a move would kill the attempt at the earliest stages. Barring some sort of blackmail, the only remedy Buhari would have against Emefiele would be to refuse to aextend his tenure for another term, but this isn't something a central banker with any principles would be worried about. Unfortunately for 180 million Nigerians, Emefiele is not such a man of principle.

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.

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

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.

Desyner:
Goverment of rationing. They handled the economy like rice and beans. Osinbanjo put salt not realizing Bubu already added salt. Now the whole nation ate but excess salt is harmful and can kill.

You've cracked me up

blackpanda:
Everytime you begin your comments by abusing buhari it only exposes u as an empty headed hateful wailer and an enemy of progress. Its ok to criticize but u must be objective. Nobody takes u serious wen u throw insults

But when you all insulted GEJ then, you wanted to be taken seriously right?

Buhari is a disgrace and a monumental failure

omenka:
cc: Mynd44.

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.

yaki84:
when u have an illiterate tyrant in power.

You will just die of hypertension.

onatisi:

if you remember when I made this comment,ppl never thought it will be possible,iI remember vividly well I said this warning about 8 times,everyone insulted me . I told them buhari will destroy the economy . We know him very well and his mental ability but ppl never listend,tthey kept shouting change change

Will the reelection of Goodluck Jonathan make our economic much better, given the various factors that have impacted the economy prior to 2015?

Arondizuogu:


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.

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.

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.

TheShopKeeper:


Will the reelection of Goodluck Jonathan make our economic much better, given the various factors that have impacted the economy prior to 2015?

I hear, I no get energy again to argue . let Nigerians face the music

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

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.

Blue3k:


Source: https://www.premiumtimesng.com/news/headlines/244088-exclusive-nigeria-central-bank-endangers-economy-bank-illegally-funnels-huge-cash-fund-broke-federal-govt.html

Nonsense. The US Government had to print a lot of dollars the last time the country entered recession in 07/09.

omohayek:

But thanks to this cowardice Nigeria has now suffered the worst of both worlds, high inflation and the first recession in 25 years. Russia did most of the right things, and despite also having to deal with Western sanctions (because of the Crimean invasion) Russia has neither suffered Nigerian levels of inflation nor Nigeria's radical economic slowdown.

As for the privatization thing, I know I sound like a broken record on this, but Buhari's refusal to do anything about it can't be understood without thinking about the ethnic angle. There's a reason why the only other Northerner to rule since 1999 was also strongly opposed to privatization: Nigeria's bloated public sector, with its "federal character" obligations and whatnot, provides a huge source of patronage to northern politicians, and privatization would mean all these northerners would be forced to compete with their southern counterparts purely on the basis of merit - and there's no question what that would mean in terms of who gets employed and at what levels. The degree to which the Nigerian state is rigged to favor Northern interests is easy to underestimate if one just looks at federal allocations.

One of the consequences of the northern inability to compete on the private sector's level playing field is that northern elites aren't all that bothered about losing out on the opportunities a stronger private sector would provide. After all, it's not as if most of them would be in any position to take advantage of said opportunities, so why should they care?

Broken record indeed

onatisi:
I have decided to just watch Nigerians suffer in pains and agony while I make the best out of it, Nigerians are not worth pitying until they start using their brains

kin sha ti lowo

Please bro how are u making the best of this our economy? Am willing to learn from ur expertise

omohayek:
Let me also take this opportunity to add that this news report only substantiates what I've been saying about Emefiele for a long time now, which is that he is a spineless, grovelling coward who is so eager to cater to Buhari's ridiculous whims that he ignores the independence he is statutorily guaranteed. If Emefiele wanted to say no to everything Buhari was demanding, there would be no legislative or administrative means Buhari or anyone else could use to override him, short of getting both chambers of the NASS to strip the CBN of its independence, and the international backlash that would ensue from such a move would kill the attempt at the earliest stages. Barring some sort of blackmail, the only remedy Buhari would have against Emefiele would be to refuse to extend his tenure for another term, but this isn't something a central banker with any principles would be worried about. Unfortunately for 180 million Nigerians, Emefiele is not such a man of principle.

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....

There is evil in our dear country Nigeria. Let us continue to pray as we wait for 2019.

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.

Mamman daura working

RomeSankara:
I was correct that the Treasury bills sales figures under this govt was artificial because I noticed the Way the were being bought faster than any other time in our history even though we were in a recession ..Ladies and gentlemen we have all witnessed the most corrupt, most deceptive, most brutal and most dangerous regime in our collective history ...Even I couldn't have fathomed such fraud like buying up Ur own treasury bills ..damn ..Sarrki explain this now

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.

deji17:


Nonsense. The US Government had to print a lot of dollars the last time the country entered recession in 07/09.

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.

chloride6:


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.

Ofcourse that spike I see there could only have been artificial and a myopic attempt to stem inflation from the wrong end .

RomeSankara:


Ofcourse that spike I see there could only have been artificial and a myopic attempt to stem inflation from the wrong end .

But I think this article is overstating the risk here......

Buhari and Osinbajo are thieves

Wait Sanusi raised this issues last year sef...

https://www.thisdaylive.com/index.php/2016/12/04/presidency-yes-consolidated-accounts/

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?

onatisi:

if you remember when I made this comment,ppl never thought it will be possible,iI remember vividly well I said this warning about 8 times,everyone insulted me . I told them buhari will destroy the economy . We know him very well and his mental ability but ppl never listend,tthey kept shouting change change

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?