₦airaland Forum

Millerz:
Wow.... I never knew sane northerners existed..This is commendable.

Col Umar has always been known to be sensible and upright man. I heard that he was initially approached by GEJ government to head INEC but he rejected the offer before GEJ now went for Jega.


At the topic, Sanusi recently asked who are PMB's economic advisers?

I think its time well meaning sensible Nigerians starts asking who are the people giving PMB all the bad advices that have destroyed our economy and about to bring us to an avoidable war.

This is serious bleeding.

Now that its no longer technical but full blown recession, what are the FG's plan?

The short and long story of what is happening in Ondo APC is that some powers outside of SW wants to cut Tinubu's power in SW. They want to limit his power to only Lagos.

If they succeed in Ondo, they have a good chance of succeeding in Osun, Ogun,... till sommeone makes a crazy suggestion to Ambode on his 2nd term.

El Rufai should press for Resource control please.

Ambode have fired the first shot.


This is indeed the good news for all REAL lovers of Nigeria (ie those who support a RESTRUCTURED NIGERIA)

WHO ARE WE TO BELIEVE

http://nigerianpilot.com/cbn-reserves-fall-19bn/

Weak Naira falls further to 413/Dollar

Central Bank of Nigeria’s portion of the foreign reserves fell to $19.44 billion as non-oil exports fell by over 43 percent in the second quarter of 2016.
“Provisional data showed that total non-oil export earnings, at US$576.97 million, fell by 43.2 per cent, below the level in the preceding quarter,” CBN said in its second quarter economic report.
“The development, relative to the preceding quarter, was attributed, mainly, to the significant decline in receipts from manufactured and food products as well as minerals export.
“A breakdown by sectors showed that proceeds from the export of agricultural, minerals, industrial, manufactured products, food products and transport sectors stood at US$196.87 million, US$185.51 million, US$84.34 million, US$79.44 million, US$30.68 million and US$0.12 million respectively.
“The percentage shares of agricultural, minerals, industrial, manufactured products, food products and transport sectors in the total non-oil export proceeds were 34.1 per cent, 32.2 per cent, 14.6 per cent, 13.8 per cent, 5.3 per cent and 0.02 per cent, respectively.”
This saw the gross external reserves at the end of the second quarter of 2016 stand at $26.51 billion, showing a decline of 3.0 per cent and 6.5 per cent, compared with the levels in the preceding quarter and the corresponding period of 2015, respectively.
“The development, relative to the preceding quarter, was due to increased sales of foreign exchange at the interbank market and notional changes in the value of third currencies.
“A breakdown of the official external reserves showed that CBN reserves stood at US$19.44 billion (73.3%), Federation reserves, US$2.45 billion (9.3%), and the Federal Government reserves, US$4.61 billion (17.4%)”.
The CBN said “a total of US$4.31 billion was sold by the CBN to authorized dealers during the second quarter of 2016”.
“This reflected an increase of 22.7 per cent above the level in the preceding quarter, but a decline of 41.5 per cent relative to the level in the corresponding period of 2015.
“The development, relative to the preceding quarter, was attributed to the increased intervention by the CBN at the forex market and swap transactions.”
Naira got weaker on Monday as Nigeria awaits the official gross domestic product (GDP) report from the National Bureau of Statistics, NBS, which will declare Nigeria’s recession position.
The NBS is billed to release the official report on August 31, and it is expected to confirm how deeply Nigeria has slid into recession, following a 0.36 percent slip in the first quarter of 2016.
The naira opened at 413 to the dollar at the parallel market while the interbank market rate spiked from its closing 315.25 on Friday to 319.25 on Monday morning.
The British pound and the Euro went for N530 and N455 on Monday at the parallel market.
Lukman Otunuga, FXTM research analyst, said the Nigerian government showed resilience by approving the “three-year budget plan despite concerns remaining elevated over slowing growth which weighed heavily on sentiment.
“The Federal Executive Council, FEC, has approved the medium-term expenditure framework, MTEF, and Fiscal Strategic Paper, FSP, for 2017-2019, which could be seen as a blueprint on how the nation plans to recover in this period of uncertainty,” Otunuga said.
“With low oil prices seriously punishing Nigeria, the federal government may have been forced to adopt a conservative approach in the three-year project.
“The federal government has fixed average prices of oil per barrel at $42.5 for 2017 with 2.2 million barrels of crude created daily. Growth rate was also targeted to three percent in 2017 and 4.26 percent in 2018 as the nation embarked on the journey to diversification.”
Otunuga added that the NBS GDP report might heavily influence investors and render the naira vulnerable.
“While some optimism could be felt from the approval of the three-year budget, investors may heavily focus on the second quarter GDP report, which will be released on the 31st of August and which may offer clarity on how the economy is faring.
“Fears of a recession still linger and a second quarter GDP which fails to meet expectations could dent sentiment further consequently leaving the Naira vulnerable to heavy losses.”

Hypocrite!!!

Is this not the masari that lied to collect 11 billion naira bailout fund.

The governor of President Muhammadu Buhari’s home State, Katsina, Aminu Masari, lied to the president to get more than N11 billion bailout supposedly to pay workers’ salary arrears, PREMIUM TIMES can authoritatively report today.

Feigning insolvency, Katsina State applied as one of the 27 states in need of bailout from the Federal Government to pay workers owed salaries for months.

In a letter to the speaker of the state’s House of Assembly, titled: “Bailout on Outstanding Salary for Workers of the State and Local Governments” with number S/SGKT/154/3 dated August 26, 2015, Mr. Masari said when he took office on May 29, his government inherited two months outstanding salary of workers of the state and local government from the previous Ibrahim Shema administration.

“I would like to request for the Honourable House’s consent for the State government to collaborate with the Central Bank of Nigeria for a Bail Out of outstanding workers’ salary in the State and Local governments,” Mr. Masari wrote.

“Mr Speaker may wish to know that at the time of the take-off of this administration, the State and Local Governments in the State owed workers two months’ salary to the tune of N11,086,632,741.32 broken down as follows: Katsina State: N3,646,943,099.80; 34 local government councils: N7,439,689,641.32; Total: N11,086,632,741,.32.

“It is in the view of the need for the State Government and Local Governments to meet their obligation in the payment of outstanding workers’ salary, considering the lean resources inherited from the former administration, that it has become necessary for the State Government to apply for the bail out on behalf of the State and Local Governments.” he added.

However, PREMIUM TIMES’ investigation revealed that the state had no business being among the group of insolvent states in need of federal bailout to pay workers salary arrears.

Katsina State civil servants as well as workers in the state’s 34 local governments received their full salaries and allowances up to May when Mr. Masari became governor.

In fact, the governor’s chief press secretary, Abdul Labaran, confirmed to PREMIUM TIMES that workers were not owed and that their salaries had been completely paid up to August.

“Katsina State government doesn’t owe anybody any salary,” Mr. Labaran said over the phone after a long pause.

He also answered in the affirmative when asked if he meant that the state government had paid workers in the state up to August. “That is correct,” he said.

However, when confronted with questions about why the government requested a bailout as contained in the letter to the state assembly from his principal, Mr. Labaran refused to answer saying he was not aware of any such letter. He also refused that the letter to be read to him.

“I don’t know the letter you’re talking about. How do I know you’re quoting from the letter. You could be quoting from anywhere,” he said.

Oluwabusola Olawale, a former media aide of the immediate past governor, Ibrahim Shema, seemed shocked when asked if the last administration bequeathed two months unpaid salaries to the present administration of Mr. Masari.

“Throughout the tenure of Ibrahim Shema, workers’ salaries were paid latest on the 25th of every month. As at May both the state and local government salaries were paid on the 25th. So he left office without owing any worker any salary. So this news is strange to us. We don’t know what could have necessitated this letter,” he said.

“There is definitely no justification to ask for a bailout of two months salary,” he said.

The N338 billion federal bailout, paid by the Central Bank of Nigeria, was authorised by President Buhari to help insolvent states that had failed to pay workers for months.

The loan is repayable with an interest of nine per cent over a 20-year period.

By August 31, Kwara, Zamfara and Osun States had received the bailout to clear their backlogs of salaries.
Twenty seven states are expected to receive the aid.

Amongst other conditions for the accessing the credit, the CBN requires the resolutions of the respective state executive council mandating the loan, and an approval from the House of Assembly.

Also, the state must issue an Irrevocable Standing Payment Orders (ISPOs) to ensure timely repayment of the loan from the state’s Federation Account allocations.

The CBN said it gives approval for the fund to be released within 24 hours after a state meets all the conditions.


http://www.premiumtimesng.com/news/headlines/189658-how-katsina-governor-aminu-masari-lied-to-buhari-to-get-n11-bn-bailout.html

Standing5:
I was forced to mention you twice in order to make my argument clear.
I support the call to sell state asset but no the call to use its proceeds in building general infrastructure. I suggest they be used to build project that will serve industries mainly. We 've place emphasis on consumption and comfort for too long. Its time to priotize production activities that will employ people and earn forex. Since we 've nice crude I suggest the govt priotize refineries above all other projects.

As for me, huge chumk of the money should be used to develop our infrastructures

Another chunk for industrial hubs in all geo political ECONOMIC zones.

The infrastructures to be built should have a direct impact on the industrial hubs. Example, a deep seaport in either Akwa Ibom or Calabar should be targeted at the petrochemical industrial hub of Niger delta and clothes manufacturing hub of ABA for export to central Africa.

Lets not forget giving grants and single digit loans to the manufacturers.

I am against Government being incharge of any kind of business, it has never worked before and it won't work now

Standing5:
Stop mixing politics with economics that affects you. Buhari isn't the cause of any dollar problem. Your appetite for foreign good is. The government has been subsidizing $ with the excess of what it earned from crude sales all these years. It is time for govt to stop keeping the dollar rate down and encourage export of goods that can earn $ in place of oil.

Historians will record that PMB's action or lack of it is to be blamed for the naira slump.

No doubt 'our' appetite for oyibo goods is to be blamed for the slump, but surely its not the sole/main cause of naira going down by 200 naira in 1 year.

FG won't subsidise my appetite for oyibo things but will subsidise people going to Jerusalem and Mecca to worship their God. Does this sound like we're serious in this country?

Lifestone:
Some will blame PMB for this but I won't.
So long our appetite for foreign goods consumption is high, Naira will continue to fall. I heard the story of a Nigerian family that buys their vegetables from stores in the UK.
Buhari must stand firm with steady hands and force a change of taste from Nigerians.This is our time to finally restructure how our FX are utilised.
We must eat Nigerian Rice, buy Nigeria made cars etc.

No doubt PMB has over 80% of the blame.

No time to blame anymore. Someone has already predicted that dollar will rise to 610 in no distant future.

PIB must be passed as soon as possible so as to attract investors and pacify the oil communities.

NNPC JV and other assets sold and NNPC privatised, Saudis are about doing it to their state oil company so why shouldn't we do it.

Sometime last year CBN governor Emefiele advised that the FG should sell just 25% of our oil equity to make over 14 trillion naira for infrastructural development, we laughed at him (me inclusive) but see now the man knew what he was saying. Now i am advising the FG sell 75% ASAP and spend it on railways, roads, power,seaports, etc. FG must spend us out of recession. I heard this may also attract FPI's and FDI's back into Nigeria

For a longer lasting solution, We must restructure. FG must be willing to relinquish some powers to the states.

PMB must find a way to restructure Nigeria.

Again No time to waste time

Ofcourse we know.

Sanusi is a first class 97%er

chrysso83:
The only thing am not comfortable with in this is dat its been spear headed by the governors and politicians. I would ve preffered big time industrialists spear heading it

The industrialists can't do it without politicians. But i get what you mean .

The Govs will construct interstate roads. Eg, Enugu and Anambra should've nothing less than 5 good interstate roads and rail lines linking both states to enhance trade and investment. It should be like that in all 5 SE states (including Anioma). Governors must either construct the roads themselves or provide enabling environment for businessmen to do so and collect tolls.

The Igbo politicians must help get the needed seaport closer to Alaigbo at all cost.

They in collabo with politicians from SS must fight for a seaport.

We thank God because there's light at the end of the tunnel.

Okwute Igbo

Sibrah:
GEJ's fault it is. He deplete dollar reserve that hitherto was defending Naira value and used it against the Naira by sponsoring election and propaganda.

Economists have said it, Buhari failure to really hit the ground running, failure to listen to good advice and policy gymnastics is why our economy is this bad.

He woul've appointed a Min of Finance as soon as he took over. He had a wonderful pool of economists that helped APC before the elections, he should've just picked 1.

Namely, Ezekwesili, Utomi, Omogui, Soludo and even if he doesnt like southeners, He should've picked Mansur Muhktar former Min of Fin under late Yaradua whom i heard is now a world bank consultant. There are blue blooded core northerners who went to ivy league schools all over the world, why not pick someone from there as soon as possible.

He would've devalued ASAP immediately after May 29th 2015 and blamed GEJ for it and it would've sticked but now the blame GEJ game no longer sticks. Gej left 30bn dollars (excluding the over 6bn dollars found in NLNG that was shared to States) aand how much did Abacha/Abdulsalam leave for OBJ?

omofunaab:
So making dangote rich is also an achievement.[/b]he also handed over a corrupt Nigeria to buhari[b] . .well Jonathan tried in the rail sector and also agriculture but education, health, power, infrastructures etc na zero .. I still don't regret voting him out and if buhari should continue like this too, [/b]he will surely be voted out in 2019[b] .

Nigeria has always been corrupt from 1960 till date.

You and I know that once Buhari is fit, nobody will remove him. Especially if he continues to perform as poorly as he's doing now.

We fail to understand that Buhari is not democrat. He's of 1966, the men of that era know nothing about democracy.

We've said bye bye to free and fair election in Nigeria till maybe 2027.

Aspiregreat:
what sort of a weak, toothless governor do we have in enugu state. this is definitely not the first act by those miscreants, what did my governor do then. Nothing! . Rip to the dead.

Come lets face it, what do you want Gburugburu to do? What would you have done differently if you re the Governor?

I read he's empowering village vigilantes all over Enugu State with trucks, training and arms. He's doing his best within the law.

We dont have state police in Nigeria

jonhemma11:
A visibly angry Gov. Ifeanyi A visibly angry Gov. Ifeanyi Ugwuanyi of Enugu State visits Ndiagu Attakwu community in Akegbe Ugwu, Nkanu West Local Government Area of the state, where suspected Fulani herdsmen killed a catholic seminarian and injured 4 persons. The governor condemned the dastardly act in its entirety. He vowed that those who pepertrated the heinous act will not go unpunished, adding his administration will not tolerate the wanton destruction of lives and property in the state by the herdsmen. The governor stormed the hersdmen settlement inside a thick forest apparently to express his displeasure over the heinous act, only to discover that the herdsmen had fled. The governor prayed for the repose of the seminarian and quick recovery of the survivors.

The Catholic Bishop of Enugu, Dr. C.V.C Onaga who visited the grief-stricken community, also condemned the attack and expressed sadness over the incident. He prayed for peace and unity of the country, calling for a permanent solution to the menace of the herdsmen in the country.

The governor has summoned an emergency meeting with the security agencies and Fulani community in the state today at the Government House, Enugu. of Enugu State visits Ndiagu Attakwu community in Akegbe Ugwu, Nkanu West Local Government Area of the state, where suspected Fulani herdsmen killed a catholic seminarian and injured 4 persons. The governor condemned the dastardly act in its entirety. He vowed that those who pepertrated the heinous act will not go unpunished, adding his administration will not tolerate the wanton destruction of lives and property in the state by the herdsmen. [/b]The governor stormed the hersdmen settlement inside a thick forest apparently to express his displeasure over the heinous act, only to discover that the herdsmen had fled[b]. The governor prayed for the repose of the seminarian and quick recovery of the survivors.

The Catholic Bishop of Enugu, Dr. C.V.C Onaga who visited the grief-stricken community, also condemned the attack and expressed sadness over the incident. He prayed for peace and unity of the country, calling for a permanent solution to the menace of the herdsmen in the country.

The governor has summoned an emergency meeting with the security agencies and Fulani community in the state today at the Government House, Enugu

Source: http://www.trezzyblog.com/2016/08/gov-ugwuanyi-visits-enugu-community.html

[/b][b]

This one caught my attention.

They knew about the attack before it happened.

MadCow1:
Shey you don go Jimoh house go smoke again?


Remember Hilary? She was the Secretary of State.. I see Kerry running against her in 2020..

I never believe i could say this but Trump has a huge chance of beating Hillary in a free and fair election.

Hillary has alot of Human beings (not just Skeletons) in her wardrobe.

Bernie would have beaten Trump hands down.

If Kerry had entered the race, Trump would've given up by now.

There's no way we can diversify our economy without restructuring Nigeria.

Let there be healthy competition amongst the federating states and regions.

Nigeria economy will just explode and we'll be truly the giant of Africa.

It's no news and it didn't start today. This started during the military era.

Dee60:
Wonder why everything is blamed on Nigeroa or FG? Go to UK or the US and see how businessses that have even clocked close to a century are closing down! 10% of high street shops in London are now vacant. That is a place where you had to wait on the queue to get a small shop. Now there is no wait, because e-commerce is taking good share. Markets change and everyone must be ready.

At any rate, it is in this same Nigeria that Dangote has thrived to become Africa's richest. It is here that a new bank, Sun Trust, has just opened shop. Ask InJoo or Samsung for the kind of success they have here. Linda Ikeji has announced she is setting up new businesses, after she opened a new office.

Yes, indeed things are tough, but there is an opportunity for us to overcome. There is no 'father christmas' country anymore, anywhere. Dont be deceived! The days of automatic shirts or automatic jobs are over. Today, sweat is required, beyond talent!

Back to the write up. The writer sounds to me like a success waiting to happen. And this is my advice - You dont have to put all your focus on the tech segment. Pray for guidance. You actually do communicate well. You engage people pretty fine. Have you heard about Yewande Zachaeus, the lady that left a career in banking to set up the most famous events company in Nigeria?

Pray.

These economies that you mentioned still record massive employment growth anytime they release their data. So its about Nigeria and the FG takes a huge chunk of the blame.

FG should sell it off. No need wasting money trying to resuscitate it.

Entrepreneurs should invest in our Iron and steel sectors. It deosnt have to be as big as Ajaokuta, it can be small or medium steel factories scattered all over Nigeria.

What Ajaokuta and oil refineries have told us is that Government cannot run businesses and should never be allowed to do so again.

Amitex:
The PDP members in NASS need to scuttle this bill "undemocratic bill" as it has a lot of snares embedded in it. It will effectively render NASS USELESS.. If he wants to sell assets, he has the power to follow due process, if he wants to release UBEC funds all he needs to do is to send an amendment to NASS on the extant laws. The procurement process was established to avoid NEPOTISM, SELLING OFF NATIONAL ASSETS TO SELF AND CRONIES, CORRUPTION, ETC.
We are in a democracy and we MUST practice it the way it is done everywhere else. You cannot come to the field of play and ask the referee to change the size of the field to suit your capacity. If he was not ready, he should throw in the towel. Being president is not by force.

It won't fly in the NASS.

Even PMB's strongest political allies won't support this bill.

Oh God have mercy!!!

Return them to where

So they'll be butchered again

The north east region is vast and we simply don't have enough men in the military to hold and prevent hit and run tactics of these terrorists.

Keep the IDP's in the camps and for the love of God FEED THEM. Let them stay there till we find a political and military solution to this cancer.

Unfortunately Buhari's economic blueprint are not helping matters.

It didn't in 1984 and it won't now.

Anyway its not by force, market forces will force Buhari to have a rethink

See eh If you don't marry that girl, i will find you and .......

Umahi just disgraced himself. Maybe he's thinking of decamping to APC

Johnrake69:
He should expand the tax base so that the same money then goes back to fund the extravagant lifestyle of government officials. Are we all so foolish in this country? Presidency has more than 5 private jets, #1.7billion for food, #4.5billion for health care but still travels to UK for ear treatment. We maintain two legislative houses only so they can pass laws like providing life Pensions for their members.

These issues must be addressed before we can support the introduction of further taxes.

My Chief, I agree with you 100% but our leaders cannot and will not reduce the cost of governance or their standard of living for selfish reasons. At least for now.

Quakertellicus1:
Well, I am not a zombie, or a wailer, but I can see the sense in government charging taxes on calls.

You see....today, oil prices are now $50 per barrel, and not too long ago they were $29 a barrel. In 2013....oil was $112 per barrel.

That means every barrel of oil we sell in Nigeria now....we are earning $62 less than we earned in 2013.

And oil sadly is our main source of revenue (and don't start singing agric. Agric is not the money spinner it once was. Neither is mining).

And if you recall.....we do not control the price of oil (Or for that matter cocoa,palmoil , groundnut or cotton. Or solid minerals).

When the source of your revenue goes down.....you have to look for other sources of revenue. it takes time to diversify.....ie YEARS. Meanwhile,we need the cash now to pay salaries,build things, keep subsidizing education and so on.

So taxes have to go up.....and new ones have to be found.

Or we take a loan from the IMF ......AND use the money to keep on pretending all is well.(We still have to take loans from the IMF).

And here is the cold reality. Oil is not going to rise again , and we cannot diversify into agric or mining because prices there are low too.(Most agric dependent African countries have their budgets written for them by international aid agenices You want that?)

Nigerians.....we are paying the price for years of relying on oil. And the only way out is more austerity measures....so that we can have the cash to fix the lights and transport...so that we can become industrial Not selling raw materials like this APC govt and their PDP predecessors and most of their Army precursors did.

So stop wailing, stop zombeisim. and face the fact. We are not a rich nation. This oil price fall has shown us the truth. And an oil price rise is not the answer to our problems.

Pay your taxes .THERE IS NO NATIONAL CAKE.

The informal sector is under taxed. How many artisans, traders, herdsmen, farmers, etc pay their taxes?
So many companies don't report their true earnings just to avoid paying their taxes.

Telecoms tax shows that this government is even more clueless than we had imagined.

The FIRS guys should work hard and expand the tax base of this country, Fowler did a wonderful job in Lagos. I believe hes a technocrat and knows how to expand the tax base of Nigeria.

Simple economics dictates that when in recession you don't increase taxes.

We should all pray that North finds its own oil and In very humoungous quantity Biko

If this WAI is patterned afyer the 1984 WAI, then i suggest they be given fire arms to protect themselves. In 2016, you cannot slap someone for not being on queue and not expect a punch from the person.

Another option is to make only area boys members of WAI. Those ones are ready to fight anyone at anytime.

Digitron:
I saw this on a blog, do anyone in the house know why the project has never taken off.



WHY IS GOV. UGWUANYI SITTING ON THE FENCE I N THE BIGGEST FOREIGN INVESTMENT SOUTH OF THE SAHARA?

Economic uncertainty we're experiencing now in Nigeria maybe deterring the Chinese investors from starting the project. My 2 pence .

Let's be sincere if you are a foreign investor, would you really want to invest in a nation like Nigeria now?

President99:
GEJ is the root caused of all these problems.If
he had saved like OBJ saved, Nig would have
been better. but the Otuoke clown was busy
dishing out our hard earned FOREX to Dasuki,
Fayose n the likes.
GEJ met over $68B+crude oil sold over $100
per barrel for most part of his tenure yet he
couldnot save.
Anyway, the gele woman has recently said all,
that their inability to save for rainy day caused
the present economic woes.
GEJ messed Nigeria's economy!!
If not for Buhari's prudency and anti corruption crusade,Nigerian economy could have gone awry than even Venuzuela's

Please in the name of whatever you hold dear, stop blaming GEJ.

If Buhari had appointed his ministers on time, we wouldn't be here now. Maybe we would still have had FPI and FDI active in Nigeria.

Buhari's refusal to listen to sound advise amongst many other things led us to where we are today.

Meanwhile, NOI has refuted that statement. http://www.thisdaylive.com/index.php/2016/04/16/i-did-not-indict-jonathan-says-okonjo-iweala/

But reacting to the reports yesterday via a press statement captioned “Low Savings: Okonjo-Iweala Did Not Indict the Jonathan Administration”, her Media Adviser, Paul Nwabuikwu said some recent media reports have distorted the comments

“Contrary to the slant given by these loud headlines, Okonjo-Iweala did not indict the Jonathan administration in which she served. Rather, she was referring to what many Nigerians already know; the strong opposition by some governors to the Jonathan government’s efforts to save in the Excess Crude Account and the Sovereign Wealth Fund sabotaged this important national priority.

“The governors’ criticism of Okonjo-Iweala’s many calls for the country to save for the rainy days are still fresh in the minds of Nigerians. This opposition culminated in the governors taking the Jonathan government to the Supreme Court in furtherance of their position that the Federal government had no right to “compel” them to save,” Nwabuikwu said.

The statement added that several knowledgeable persons including a former governor of Anambra State, Peter Obi confirmed these facts.

“So the issue of Okonjo-Iweala indicting the Jonathan administration over this very public issue simply does not arise. We urge the media to always consult for clarification whenever the need arises,” Nwabuikwu admonished.

To lend credence to the position that the ex-minister’s comment was not an indictment on Jonathan, she had in an interview with an international magazine, Le Monde, last weekend said: “When I was finance minister, the first time, the volatility of oil prices, and therefore state resources, cost at least three points of growth in the country.

“We then established a stabilisation mechanism and opened an account for the oil surplus, which posted up to $22 billion. In 2008, when prices fell from $148 to $38 a barrel, no one had heard of Nigeria because the country was able to tap into this fund. And that I am very proud of.

“When I returned to the department in 2011, there remained only $4 billion on this account while the price of oil was very high! I tried again to put money aside. The president agreed, but the governors did not accept.

“I suffered a lot of attacks from them and now that the country would really need this account, these same people accuse me of not having saved. If Nigeria had been more careful, we would not be here today. It hurts me. We have the mechanism, we had the experience, but we were prevented to act.”​