₦airaland Forum

Even the local government chairmen-elect aren't assured of their position. They know who Wike is and their chairmanship won't last a week.

Fayose was right, Buhari has dire health problems.

Because he's a sadist.

Amaechi is a colossal failure.

Whizzcute:
really?

Which state are you from?

Whizzcute:
where is Imo?

What are you smoking? Imo is one of the top ten richest states in Nigeria.

A vast majority of Nigerian youths are mentally unproductive. This is a primary result of a flawed educational system.

Burger01:
They should do nationwide

Supported.

socialmediaman:
As I earlier pointed out, Ifeanyi Ubah is simply being sensible and smart, this is business, there's nothing to be grateful for, government owes them nothing, we'll find out in a few weeks. These importers are saboteurs and fraudsters, they sucked this country dry for years and now they're holding us hostage because they know we have a toothless president. It's better to stay in business longer than than to face the wrath of the incoming government which will definitely come, so as a businessman its your choice, hold the product and eat it after May 29, or sell it and stay in business as much as you can. It's very obvious many of them will get docked and jailed when their fraud is revealed in the coming months. Ifeanyi is simply being a wise businessman, the rest can hold theirs, no problem, Nigerians will show their wrath at the right time

Ifeanyi had the option of keeping his fuel, which can be sold at any time he pleases, whether before or after 29 and still make decent profit. But rather than let Nigerians continue wallow in the current state of extreme scarcity, he went against the wishes and plans of his union and chose to sell fuel to Nigerians.
You cannot fault his decision. Others who withheld their supplies were also businessmen.

Buhari is a statist. People like him can't effectively fight corruption in Nigeria's democratic setting.

What reason? You didn't state any reason why Ifeanyi decided to take the decision he took. Your post makes no sense whatsoever. There is subsidy because the refineries aren't working at full capacity and the pipelines that are meant to transport the crude oil to the refineries are damaged and the crude meant for the refineries are stolen. The fuel Ifeanyi is currently off loading was not refined in Nigeria. Show some fuccking gratitude!

A white man sitting on a bike and holding a yellow can. How does this connote that Nigeria has sunk low?

How does a white man holding can mean that Nigeria is sinking?

You must be an indolent pig.

Image123:
Okay, remember that she is the coordinating minister of the economy, not just the finance minister. Being coordinating minister of the economy is not ceremonial BTW. Also remember her first stint as Finance minister and the 'controversy' of her being paid more than double other ministers and also being paid in dollars. I'm sure we can safely assume that her current deal with the government is better than that. She is been paid and should do her job, not just be ceremonial.

Now, to her "duties" of managing government finances and formulation of fiscal policy. For we lay men, fiscal policy is the use of government revenue collection (mainly taxes) and expenditure (spending) to influence the economy. So, we are saying that NOI's job is to use government money(revenue) and spending to influence the economy POSITIVELY. What have we seen instead, government money has been wasted and mismanaged, it is as simple as that. She's not been able to account properly for TAXES which is the textbook definition of government revenue collection. Nigeria's government revenue collection is largely from oil and has remained so under NOI.
Fiscal policy can be used to stabilize the economy over the course of the business cycle. NOI has been unable to effectively do this as she has neither POSITIVELY influenced government spending or helped with revenue collection. Nigeria's main revenue collection is oil based so we miss the textbook definition she learnt in school which is taxes.
NOI has failed to spread the wealth in Nigeria despite been one of the most powerful women in the world according to Forbes. Not to take anything away from her classroom brilliance or whatever achievements she has in the past or future. The focus is on the present, which is the GEJ administration. In her term with the GEJ administration, she has not down well. She and the CBN work together, they either pass together or fail together. Your OP trying to shift the blame from her to a faceless CBN is comical. Any achievements she claims about macroeconomics or GDP growth is in conjuction with the CBN. And that period was a Sanusi period too.
If you insist on separating them, well, CBN deals more with MONETARY policy which involves interest rates, lending rates and supply of money. We have had no major complaints in this areas. Fiscal policy which we both know as NOI's job involves savings and investment in the economy, and the distribution of income. Ngozi's term has not made savings but incurred crazy debts. They have not made GOOD investments in the economy, and of course that income has not been distributed to us. Only politicians have been sharing the loots freely.
i'm sure you know, or should know that NOI has not been able to stabilize prices or help the naira despite dipping both hands and legs into our reserves and taking OVER 400billion naira this year alone. When a person spends over 400billion naira and is unable to achieve result. When a person is unable to do the job of effeciently cutting government expenditure when that is her job. She has not done well. She should have honorable resigned loooooong time ago instead of being the lying face of the GEJ administration. People respect her and therefore believe her, but she used that advantage to give bold-face lies for the government during her term.

Man, government revenues are too small to make any meaningful impact in the economy. All economic growth Nigeria has witnessed since 1999 has been private sector led, they were not created by the ministry of finance or the public sector. Private sector growth is aided by financial market which is guided by the the central bank if nigeria. Take a look at the capital market boom Nigeria witnessed in the late 2000s, these were effects of money policy instruments and not fiscal.

GEJ was cursed with a useless central bank governor, who hated private sector led economic growth. He nationalised five banks and created tension in the financial markets.

I don't really want to argue much. Okonjo's would be vindicated by history.

PassingShot:
I guess it was same fact she fed us last year October when she said the economy was doing fine! Fast forward six months after, the same economy is borrowing to pay salaries of employees.

Who still believes NOI, GEJ, Diezani and their cohorts btw?

6 months is a long time in the life of an economy.

Ngozi is an economist, you are not. And if she makes a comment about the economy backed with facts, you listen and not refute her comments with baseless comments.

PassingShot:
Liar!

As at the time OBJ was leaving office, Nigeria didn't have external debts (I stand to be corrected if wrong) and Yar'Adua left over $40 billion in ECA which sadly is now $2 billion.

NOI is the next worst thing to befall Nigeria after GEJ.

You stand to be corrected?
A minister of finance is feeding you with facts and you're saying that you stand to be corrected

APC wants to run a government built and sustained by lies and forgery. They won't last.

Hausa and Fulani people doing what they do best.

This may last over the next three weeks or thereabout. GEJs administration is not willing to pay the marketers, I also doubt if Buhari will be in a hurry to pay them either.
Also, at current exchange rate of 197 naira to the dollar, a liter of petrol will cost nothing less than 200 naira if subsidy if removed.
Enjoy your fuel scarcity folks.

Image123:
what is Ngozi Okonjo-Iweala's duties, you didn't say?

Her duties are the management of government finances and formulation of fiscal policy.

Image123:
i will be merciful and not pieces your post literally. Please, what is Ngozi Okonjo-Iweala's duties, you didn't say?

Feel free to pieces the post however you like. I'm open to a debate.

Nice one. Kill them and let Satan grant them amnesty in hell.

Trying to buy emotions.

barcanista:
The way I see it, those men calling for amnesty for terrorists are either seeking to make fortune or they are the brain and sponsor of the whole thing hoping to make profit from their hustle

Its absolutely shocking. This country is such a joke

philips70:
But she has avoided every invitation to debate the economy at least not as superiority challenge but to the benefit of the system. What was she scared of?

That will be a futile exercise. What's the objective behind the call for the debate if not for showing off?
The details of how the economy and government revenues are being managed is not a secret.

The son of one of the elders who called for amnesty is an ISIS terrorist.
To imagine that such a man was once a judge who has sentenced hundreds of people to death for committing lesser crimes. . . . . I don't even know what to say

People who hate Okonjo are either
1. Jealous
2. Ignorant
3. Tribal Bigots

philips70:
I have noticed the OP have some cognate experience in financial and monetary policies in Nigeria. All I want to know is if he knows better than Chukwuma Soludo and Bismark Rewane. Also I would want him to tell us what the title coordinating minister of the ECONOMY means with respect to previous ones that were just ministers of finance.

The title didn't add anything special to her duties a minister of finance. Just that she had the authority to formulate and implement certain programmes that were not directly under the scope of her portfolio. E.g. Setting up programmes, policies and institutions like YouWin, GWin, Sure-P, NMRC and others.

On Soludo and Rewane, I don't know better than them and neither do they know better than Okonjo Iweala.

seivey:
Thank you for the acknowledgement that Mrs Okonjo controls the revenue and expenditure of the FGN.

In your own honest assessment, will can you state categorically how much she saved for the FGN over a period of 5 years when crude oil prices was at its highest ever?

How has madame Okonjo help diversify the economy from being too reliant and crude oil sales?

As the coordinating minister of the economy, she was given more powers than ordinary finance minister, how has she used that to increase Nigeria's GDP and affect the life of ordinary Nigerians on the street?

How has her policies brought about jobs for the youths and growth of our industries?

Please we have to be very sincere Madame Okonjo, betrayed our Trust and Failed the Nigerian nation during this last 5 years

1. Okonjo served in a government that chose to pursue an expansionary fiscal policy. Jonathan's government chose to increase spending to boost economic growth and productivity.
Have you ever looked at budget of Nigerian states from 1999 to 2007 and from 2007 till date? If you do, you'll find out that there has been an enormous increase in government spending especially from 2009 till date.
Okonjo couldn't save because there were critical expenditure pressures on the federal government.
This was unlike Obasanjo's government when minimum wage was 9000 naira, corpers were paid 8000 naira per month and general recurrent spending was low. Government spending increased under goodluck Jonathan than any other administration, this is not necessarily due to corruption.

2. Diversifying the economy to reach its full revenue potential is not a task that can be fulfilled in 4 years. No country has achieved that in four years.

3. It was under Ngozi that our GDP was rebased to be the biggest economy in Africa.

4. Job creation and industrialization are not directly the mandate of the finance minister. This is why I called out the CBN. We have a very poor credit system in Nigeria and the CBN should be blamed first before anybody else.
No country can develop when interest rates are 18 percent.

3.

socialmediaman:
The economy can't survive if ministries and government agencies are wasteful

I commend her for her observation on the NIPC fraudulent activities that cost the economy $20 billion dollar loss due to import waivers initiated by the organization, that act was commendable, it showed she was keeping a watch, but yet, the government is a whole body and when it fails, the key players share the blame

I am not absolving the CBN at all in all these, but to an extent, they were doing some commendable job with banking regulation being one of their core duties

Your comment on the economy is untrue. The public sector comprises only a little part of the economy. Government agencies in Nigeria have always been wasteful but this never affected the economy negatively. The economy will survive whether government agencies are wasteful or not.
The key mandate of the Central Bank is to keep inflation low (below 5 percent).
Our economy depends on the naira and it is the duty of the Central Bank to ensure that the naira stays valuable, elastic and productive.
Our economy will die if interest rates continue to be over 18 percent and inflation over 10 percent.

Lol. This is a joke right?

I doubt if Buhari said this.