₦airaland Forum

Symphony007: you must be a bigger idiot than tinubu, this is simple economics!! Which country on earth evicerates it's foreign reserve because it is indebt? The united states is over 16 trillion in debt have they cleared their reserves? The fund the debt and keep it stable. That is how it workd and that is what nigeria is doing. Ignorance is a disease!!

omonnakoda: There is no rocket science. If you are saying "government should spend foreign reserves" then clearly you do not know what foreign reserves are. Government cannot spend that anywhere. Nothing complicated about that.!!

AjanleKoko: This is real countryman under-the-bridge analysis.
Did Tinubu ask them to give him the money? He asked them to spend the gaddem reserves and build infrastructure, which will create jobs, and expand the economy.
Does it make sense to you to sit at home drinking garri, and you have money in the bank?

A poor nation by all indices, maintaining a sovereign wealth fund, while begging everybody and their uncle to bring funds and invest in Nigeria. I'm not too sure the value of the naira being propped up serves the nation as much as we might think. Maybe a devaluation is just what we need to curb our appetite for importation.

Okay oh

oddy4real: Mr Ojuyobo, how would that prevent your 'APC' (Another Problem Coming) from being given 'dog-gy' by GEJ in the 2015 General Elections?

dayokanu: So they need to invite your governor to tell you that you need to clean your shops and market?

Former Lagos State governor and national leader of Action Congress of Nigeria (ACN), Senator Bola Ahmed Tinubu, on Thursday in Lagos flayed the Federal Government for practising what he termed as voodoo economy by keeping a foreign reserve of $46billion while owing $42billion as local debt.

Tinubu made the condemnation at the launch of the book he co-authored with United States former Consul-General in Lagos, Brian Brown, entitled, Financialism: Water from an Empty Well.

Speaking at the event attended by eminent personalities, including Governors Babatunde Fashola, Abiola Ajimobi, Ibikunle Amosun, Rauf Aregbesola, Adams Oshiomhole, Rochas Okorocha, Alhaji Kayode Jakande, senators, House of Representatives members, politicians, captains of industries, financial experts, members of the diplomatic corps and civil society groups, and traditional rulers led by the Alaafin of Oyo, Oba Lamidi Adeyemi 111, among others. Tinubu argued that the approach of government to the country’s political-economy was wrong.

According to the former governor, who submitted that capitalism as an economies theory had collapsed and consumed by the “ideology we deem as ‘financialism,’” said it made little sense accumulating foreign reserve to the tune of $46billion with an interest rate of just two per cent while the country owed $42billion local debt over which it paid 16 per cent interest rate.

Tinubu, who pointed out that the book was a warning against the impending dangers of the encroaching financialism and seeking to identify a few safety exits from such danger, declared: “I say it is better to spend the money and save the people.”

“For example, the accumulation of money by the Federal Government is a misplaced objective for these times. Our driving purpose must be to channel idle human and material capacity into productive streams that furnish jobs and manufacture tangible goods bettering the living conditions of every citizen.

“I believe in the national government saving money if savings is for the a purpose other than itself. For a government that prints its own currency, to save that currency for merely saving’s sake is to accumulate worthless paper. Instead, our money must catalyse development enriching the broadest spectrum of people. To say we are saving money for a rainy day while everyone is already drenched and wading through flood waters makes little sense to me.”

The ACN national leader pointed out that financialism which is currently in practice as against capitalism was “something meaner but less productive.”

According to him, the approach as economic policy intensifies the gap between the rich and poor, adding that it unduly rewarded those that “earned their keep through the shuffling of financial paper yet unduly punishes those who earn their way through the sweat and travails of true and honest labour.

“No, this is not capitalism. It is a cannibalistic offspring all too ready and willing to devour the parent that birthed it.”

Senator Tinubu argued that under capitalism, the financial sector was adjunct to the real sector while efficiently allocating funds to the most productive agents within the real or manufacturing sector in order to keep that sector vibrant, with such vibrancy generating employment for the bulk of the people.

evryday: As long as the Yorubas and the Igbos continue in their foolishness,otherwise called supremacy battle,the North will continue to dominate all of us.Each time this two otherwise intelligent tribes fight,i feel seriously pained,while the North laugh at their stupidity.For instance,just post any material regarding the civil war,smartly,the North will not comment.The Yorubas will foolishly shoot it down.Similarly,post negative news item about the Yorubas,the North will keep mute.Expectedly,Igbos will go into battle.
Their inability to work as brothers has denied us of southern solidarity.They have also not provided us with much needed leadership to minority tribes in the south.It's sad.So sad.But God iam hopeful will definitely liberate his children at HIS own appointed time in Jesus name:can i hear somebody shout amen,if you believe only.

PointB: Imagine a big market like Ladipo without a central dump site, yet some clowns are praising the government for the inanity of closing the market. Why didn't the government provide this facility and see if it will be put to use or not before closing the market? It's little wonder why Lagos State itself is one big junkyard. A state where the government pockets tax-payer money, plant flowers, and then do fvckall with the rest of the loot.

Now taxpayers still have to plead with government to their job, in providing the simplest of facility. If this simple plea is not granted, I surmise that Ladipo, and every other markets in Lagos State and beyond will remain a sh1t-yard for aeon. This is very fundamental.



Shameful.

PointB: It is never about PDP. Get the basics right at least. This is NIGERIA!

PointB: Indeed it is only the most shameless of pretenders who will claim they are not aware that the PIB is hold hostage by Northern interest . We know some people derive joy in lampooning those at the helms of affairs for not doing their bit. But we also know that these pretentious and hypocritical folks, hardly ever paint the complete picture. Why is the PIB not passed? Look no further:


http://www.punchng.com/editorial/petroleum-industry-bill-and-sectional-interests/

Sincere 9gerian: @Garri.., I thought you said the governor was against the funding of the programme and not the programme per se? Now it obvious the governor never liked the idea of interacting with the people

Sibrah: If i may ask, where are the Gej magic in Bayelsa that helped shaped the imaginary 'Minds' of million during 2011 polls? during 2011 polls the shout was all about the North ruling for 35yrs with nothing to show, but all of a sudden it is about records and influence of key party members because of the massive PDP re branding in the media abi!. How will PDP and Gej have rated in Bayelsa if this thread was directed at them in 2010. What did Gej have to show for his time as Bayelsa state governor? at least in was in power and had a better chance of changing thing if not the best chance for changing Bayelsa for good unlike Buhari, add the huge difference in Bayelsa and Nasarawa FG allocation and it is easy to see how OP's point are all dead on arrival.