Good points well made.

However, cost cutting beyond 2 years is neither sustainable nor a substitute for growth and this is where the Bretton Woods twins fail woefully. I love your analogy - the loan shark doesn't want you to be debt free - it is bad for business.

The loan shark wants you to be dependent, despite promises to the contrary the structural adjustment programmes do not work, IMF simply want their money, hence they come with such draconian terms.

This is a brilliant move, all other states should follow suit. Well done

PhysicsQED -Don't expect Sagamite to even acknowledge this book - It doesn't come from the approved reading list!

Sagamite:

Is your assessment of "their error" that of wilful intent or local-application ignorance?

Their error? more like an encyclopaedia. Old boy you no go take laff kill person. Although i'm sure this is quite unintentional on your part

Sagamite:

Even if your assessment of "their error" in certain past years was the former above, why do you think it will be the same in the future? It is the same people in the IMF in 1980 that are there now and will be there in 2020 and 2050?

Your statements are similar to those I look down on when someone tells me "USA is evil and against the black man because of what happened in the 70s. So that is what they are doing now and I don't trust them. They will never change". I look at the person and wonder how some can say what Nixon did in the 70s is a determinant of what Obama will do today. The person might well tell me that what Lincoln did in 1865 is what Obama would do in 2012.

My guy leave that thing. Nah money we dey talk here - personal and common interests are the primary drivers, race is secondary or even tertiary. The World Bank and IMF were set up for the sole benefit of the Western World in 1945.  What you are writing here is against the DNA of the organisation.

Sagamite:

This whole whiteman is out to destroy us should be above you. You should leave such to cap28 and his psychotic disorder.

Look at your statement I labelled crass again.

These institutions can't promote the betterment of Africa to the their own detriment.  No amount of selling out or 'Uncle Tom' optimism can change that. I like results and could be convinced by successful and proven examples of IMF good practice that you care to reference - if you can find any.

Sagamite:

This are very crass statements.

If you want an explanation why, feel free to request.

Dear Sagamite,

Because the IMF/World Banks record in Africa is an ode to failure, I can afford to be crass perhaps not as crass as the purile person who said Sanusi is the most intelligent man in Nigeria.

I know you are an excellent researcher, so I am hopeful that you will be able to come up with the Tangible achievements of IMF in Africa - Good luck in your quest

Best regards
Sapeleguy

Baba Keshi - Thank you.

Next you must teach them how to dismantle the opposition with tackling. Fine boy with earring is not cut out for that type of football.

Dat one no hard. Nah Local Government - dem carry 0 out of 10.

WaltherPPK:

With the economy currently in shambles, that must be an insult to Nigerians.

God bless you.

The most intelligent man in the country? This is so condescending, can you imagine them making the same statement to France or USA? Thunder fire dem!

Do you know how many coups and wars they have started?  Do you know how many  people have died through corruption aided and abetted by the IMF? The IMF is an institution that has never and will never mean well for Africa. Those of you who know your history will remember that the IMF indebted generations  by giving loans to unelected, unaccountable and puppet dictatorships.

Nigeria does not need any more 'intelligent' or verile academicians who are impotent in the real world or who slavishly follow flawed economics because the textbooks says so.

Nigeria needs  'No retreat, no surrender' patriots who will put our interests first. You don't need to go to school to have honour or courage.

Finally, before you start giving IMF or World Bank any sort of Kudos, please answer this simple question. What is their record of achievement in Nigeria or Africa?

Where is the money?

obailala:

The bill has not been passed and might never be passed, let alone the money being disbursed and u are already talking of doubling it. Your present recommendation also amplifies my earlier question  "What is the definition of oil community?" you have just mentioned "the 6 states only" but records say we have 6 niger delta states and 9 oil producing states. Should this money be given to states or should it be given to the communities?

The bill will be passed because sensible people will realise that we either give them something or end up losing everything.
Have you stopped to quantify how much it would cost to rectify the environmental damage to the region?
Shell were recently fined $100 million dollars for 1 oil spill, how many oil spills have taken place in the '6 states' over the past 40 years.

ideylaff:



These yellow fever people no dey use cream these days, na baff den den baff now ooo, 1 time baff in an Italian Bleach Palour and u will look like the Queen depending on the concentration of the chemical.

The cream is just to top it up these days or you will be seeing a lot of CocaCola vs Fanta Knuckles (the unbleachable areas in public),


God will not recognise most of the yellow yellow pawpaws when then reach heaven ooooo.

I think Akala's bleach must pe Sulphuric Acid mixed with Chloroquine and blended with industrial Parazone,

^^^This has to be the funniest quote of the day.
Me too dey laff. Yellowface & Blackfinger.

That will buy a lot of bleaching cream.

The truth is bitter. This giant thing was a joke - colonial sarcasm

Bread crumbs. This money is a tiny step in the right direction but it is still not enough.

Federal Government should double this amount to include environmental clean up and specify that the 6 states only use the money for infrastructural / development projects (railways, hospitals, industries etc) these projects should be audited annually by EFCC and the African Union peer review mechanism.

Once upon a time their love was too sweet. But now yawa don gas, wetin happen?

Ibime:

I heard from peeps back home that anyone hoping to export from Nigeria must now (or soon) pay a small percentage. If true, I don't know why a country would make things harder for its citizens in the International marketplace. Abeg exporters should clarify for us if this is true or not.

So you and your "peeps" have not heard of export duties.

ezeagu:

You people are useless though? You have this much time for all this paranoia?

Useless?

After leading the onslaught and dancing on the graves of Okotie-Eboh, Balewa and Akintola, you have now found your senses and are now pretending to be responsible.  Hypocrite.

Your double standards are shamefully amazing but thankfully the whole of Nigeria has seen through the nefarious, iniquitous  duplicity of leaders who run away to Ivory Coast & Ireland when the chips are down leaving their people to die like flies for their lies.

Martyrs like Akintola, Balewa, Okotie -Eboh and the other innocents slaughtered in that coup have the bonafide respect of every right thinking Nigerian.  
Every time you people attempt to desecrate their memory either by commission or ommission, you will always get a swift backhander to jog your memory.

Eziachi:

You can now see that the rot in Nigeria started long time ago, the same way some of you in the Delta today is about the likes of Ibori being a hero is exactly your sentiment about Okotie=Eboh.
How old were you in 1966?
Because to say that Okotie Ebo was the best finance minister is not only idiotic but madness. Until Umoru Dikko in the 80s, I have not seen any public official in Nigeria loathed as Eboh was at the time.

I maintain that Okotie - Eboh was the best finance minister this country has seen, after him comes Awolowo. Stop parambulating in circles and tell us by deed and actions a better finance minister.

Substantiate your claim, it is not too much to ask. All this 10% is not holding water, ther were records in those days, It is on record that Azikiwe was indicted for corruption, please give any tangible example no matter how trivial for Okotie-Eboh.

As for Ibori, I will give you a simple test please tell us one governor from the south east zone who performed better than Ibori  during 1999 - 2007. When next you visit home go across the bridge from Onitsha to Asaba - It is like comparing night and day.

Eziachi:


There are much more powerful figures in the midwest then than him. And in those days, unlike now, most poweful politicians are based in the regions, while the less powerful ones are sent to Lagos (now Abuja).

Please go back to sleep. Less powerful politicians are sent to Lagos to be Federal Minister of Finance for 10 years and the more powerful ones became what exactly

You have to keep believing the lies because not to do so will be too painful for you. So keep playing the ostrich.
Not to loathe will be to accept that Akintola, Balewa and Okotie - Eboh were slaughtered for a lie.
Not to loathe Okotie - Eboh would mean accepting the fact that your people were slaughtered by the nak ed ambition and greed of your leaders.
What has all this blood letting and death achieved

They say the truth is self evident, Ironsi's video showed these guys didn't have a scooby doo (clue) about what to do next. Which begs the question why take power in the first place.

Katsumoto:

What did you smoke tonight?

Obviously dem smoke Igbo! Highest grade.

Obiagu1:


I've told you, no one keeps record of bribery, it can only spread like wild fire. Don't act like you do keep record of bribes you've given or collected or published such on Newspaper.

I see. So if many people tell a lie often enough, in your eyes it is the truth. What I am asking for is not hard, you can say he took bribe for Bleep contract or took Bleep plot of land or took Bleep amount from the treasury. You have none of these, you have resorted to quoting a disgruntled nairalander.

jason123:

Why not? Do you think he was corrupt? Let's start from there.

What I believe is not relevant. Evidence is what we must base things on. It is on record that both Awolowo and Azikiwe were both found guilty of corruption. Try and find out about the Coker and Sutton Commissions.

Obiagu1:

Stop defending a thief! That's what I call any man that takes bribe.

If you can substantiate these bribery claims, I will be first to condemn those actions and please please please 'People have said' does not count.

Ezeuche simply list the people who you believe were not corrupt and list their achievements. Simple (lol you can't use Awolowo)

Obiagu1:

No one disputes any of those, afterall, Nigeria was empty and had nothing. So any m.oron could simply look at what other countries have and create one.
However, that does not give him the liberty to do whatever he wants. Like that journalist said, corruption in our 1st republic all points towards Okotie-Eboh.
So that journalist could have said: Okotie-Eboh, nepotism, etc.

Your are floundering son, I will throw you a lifebuoy.
How come the fetid mor ons that you are lionising have been gloriously successful in nothing but failure and destroying the country?

Mr Duerulu:

@ Sapele guy, Islamic bank is a commercial bank just like any other bank open to all customers may be the only difference is that it is intest free.
As for me, I see nothing wrong in having such bank in all the villages in Nigeria, as long as it's interest free. For yrs we have been complaining of high interest rate, it 'll be a big relief for pple who need capital to finance their business.
Unfortunate some Nigerians from other faiths are either brainwashed or ignorant, the stereotype anything affiliated to Islam without caring to know the good or even the bad side of it.
Pls lets have an open mind to new ideas; intead of condemnation, intelligent or logical question should be asked about the banking system.

Bros
This is not a new idea. Our laws already have provisions for these type of 'No Interest' arrangements. Why not use them. Our law does not allow any shariah, islamic, juju or pentecostal bank. All some of us are saying is respect our constitution and laws. Nigeria is a secular state.

EzeUche_:

He did it to benefit himself. That is the only reason he did that. To help his company, he imposed tariffs on shoes, so he could create monopoly for himself. There is something morally wrong with that action.

I can see you are looking through tribal lens. The way you are defending Okotie-Eboh's actions.

Spoken like the rabid coup plotter and anarchist that you are. Tribalism may be your yardstick but mine are ability and patriotism.

As long as Nigeria continues to exist we owe a debt of gratitude to the late Okotie-Eboh

- He gave us the Central Bank of Nigeria,
- He gave us our Naira notes
- He gave us the Nigeria Industrial Development Bank
- He gave us the Nigeria Stock Exchange
- He was one of the key drivers  for the creation of Mid West Region
- He helped Nigeria avert war with Spain over Fernando Po.
- Whilst in Fernando Po, he negotiated better labour service conditions for the largely Igbo workforce from the Spanish authorities. The agreement    provided for a wage increase of 25 per cent for the workers and compensation to be paid by the employer to a labourer or his family in the event of  any injury sustained at work.
-He led Nigeria to the World Bank
-He led Nigeria to the United Nations Economic Commission for Africa.
-He got Eko Bridge built.

Over to you. As you can see this man served all of Nigeria.

Obiagu1:

. . . but I just gave you one. 

As I stated previously a little knowledge is dangerous in the hands of some people. So you are now criticising him for placing tariffs on imported goods- a policy that was designed to encourage entrepreneurship, manufacturing and job creation in Nigeria.

Your naivety of colonial economics is staggering. Don't you know the colonies were prevented from manufacturing, they were forced to export raw materials that were used to make finished products that they then had to buy to benefit the colonial master?

asha 80:


my post was simply to jettison whatever envy you trying to attribute to any section of the country because that section would have decided NOT  to give it to okotie eboh IF they wanted to.

Of course there was envy, The man was Minister for 10 years. That is exactly the point, they COULD NOT give it to anybody else, if they could Ojukwu would have got it - that was why he was so incensed. If you think anybody gets 'given' a position like that out of benevolence or generosity then I think you must be mistaking our country for Utopia.

Obiagu1:

I don't have the facts of his corrupt dealings but everyone knew he was very corrupt and took a lot of bribes. Does anyone keep record of bribes? Probably not.

The fact we have on this particular thread is a no no in any government; using your position to enrish yourself. That's jail term for you.
Raising tax to protect his shoe business was a no no.

You don't have facts so stop spreading gossip, rumours and outright lies as facts. I would respect people, who just come out and say I don't like him because he was too powerful or he is from such and such a place - bigotted? yes but at least they are honest.

EzeUche_:

A picture says a thousand words.

So this is the corruption? Ol boy you no try at all. You slack well well no be small - but then again I would be lying if I said I was surprised.

EzeUche_:

Why are you protecting Okotie-Eboh?

Okotie-Eboh desecrated the Office & coffers of Government entrusted to him at a time when commiting Fraud was unimaginable in our Society, thus laying the foundation for 419ers in Government we have today.

As long as a prominent thief is from a particular tribe his sins are forgiven and forgotten by his kinsmen. Am I correct?

He was often called was a cheerful thief, a British diplomat once commented.

Please post concrete proof. For example I can say that Azikiwe and Awolowo were tried for corruption. Please tell us what this man was supposed to have stolen? Nah moto? abi nah land or contract. Please talk.


Asha80. Ginger your swagger. You have told the truth despite the fact it exposes the masterminds.

EzeUche_:

Remember it was off of Nnamdi Azikiwe's coattails, that Okotie-Eboh was given that position.

Do not bite the hand that feeds you!

Many people thought Okotie-Eboh was corrupt. And he was a very corrupt official. Do not get upset, because that was the truth. Everyone noticed this, even the British who commented on Okotie-Eboh's extravagance.

You are clueless, fed who? Okotie-Eboh bankrolled the NCNC. Fact.

Just come out and be honest and say you do not like people who are not Igbo. Stop all this slander. Please post evidence of Okotie- Ebohs corruption? Just one or forever hold your pis s.

Read these letters between Okotie- Eboh and Zik. Funnily enough he was referring the thieves in the NCNC, the ones who eventually planned to kill him because he was 'blocking' them.

http://www.tribune.com.ng/index.php/in-a-out/14027-conspiracy-against-festus-samuel-okotie-eboh-4

EzeUche_:

If they were missed so much, there should have been non-stop riots. But there weren't any riots. Just joyous crowds who supported the coup.

People like Okotie-Eboh were not missed.

The only reason why their were riots in the North is, because those people were used by their leaders to have a violent reaction.

Ezekolo, Nkita ara dika gi
Okotie - Eboh,  has been the most successful and brilliant finance minister Nigeria has produced to date, after him comes Awolowo.  
Some people were keen to move him not because they had anything better to offer but because they felt a Mid-Westerner should not be that powerful. Simple. Go and do some research instead of displaying your usual impotent and feral rabble rousing.