₦airaland Forum

GOVERNOR of the Central Bank of Nigeria, CBN, Sanusi Lamido Sanusi, yesterday,  defied all entreaties to apologise to the National Assembly over statements credited to him that the National Assembly spending constituted 25 per cent of the overhead of the Federal Government budget insisting that he would “quit without a fight” if he was asked to do so by the National Assembly.

This is just as a leading member of the National Assembly last night told Vanguard that the budget for the legislature was 17 per cent of the total overhead budget of the Federal Government.
Mallam Sanusi who appeared before the Senate Committees on Appropriation, Banking and Finance  as well as the MDG insisted that the figures he used to arrive at the conclusion was provided by the Budget Office.

But the Minister of Finance, Olusegun Aganga who also appeared before the Senate over comments credited to him in the media that the National Assembly budget would be slashed denied making such statement and admitted that the figure used by the CBN governor did not represent the correct figure of Federal Government’s overhead spending.
Summoning of minister and CBN governor

The Senate on Tuesday summoned the Central Bank Governor and the Minister of Finance to appear before its committees to clarify statements credited to them  which were deemed unflattering of the Senate.
While delivering a lecture at the University of Benin, weekend, the CBN governor was quoted as saying that a situation whereby 25 per cent of the overhead of the Federal Government was spent by the National Assembly was unhealthy for the country and its economy.

“I confirm  Mr. Chairman that I did say in my speech at the Igbinedion University that 25 percent of the overhead of the Federal Government goes to National Assembly. I have figures from the Office of Budget for the year 2010.

Total government overhead is N536, 268, 49, 280. Total overhead of the National Assembly is N136, 259, 768, 112 which is exactly 25.1 percent of Federal Government overhead. The overhead of the National Assembly as a percentage of the Federal Government budget in 2009 was 19. 87 and in 2008 was 14.1"


“By my upbringing, if I’m wrong, I don’t need to be told to come and say I’m wrong and I would apologise. By my nature, if I am not convinced that I’m wrong, I do not apologise and this is really where the point is.  I gave a number and I said where this number came from. I did not abuse anyone. I did not attack anyone.

I did not say anybody stole money. I was not given a chance to say the context in which I gave this number.
“Nobody has heard my side of the story on why that number came in; why the 25 percent came up… There’s need to reduce the overheads, to reduce the expenditure, especially in government spending. I would like to add that I also spoke about government subsidy on the petroleum sector; I spoke about the banking system but the newspapers decided that this was the bit they wanted to talk about.

“I did not go there to talk about the National Assembly. The reference to NASS was just one sentence, in a two and a half hour lecture.”
The Central Bank governor who noted that it was part of his responsibility to speak against some noticeable problems in the economy, said: “If democracy must survive, we must correct existing weaknesses. It is part of the independence of the CBN for the governor to speak his mind on any economic issue.”

Chairman of the Senate Committee on Appropriations, Senator Omisore Iyiola read from the 2010 Budget of the federation and asked the Finance Minister whether the  figure upon which the governor of the Central Bank arrived at his conclusion was correct and accused the CBN governor of deliberately refusing to include the N660.8 billion of service-wide votes which are also included in Federal Government overheads for 2010.
The minister admitted that although overheads did not include salaries and emoluments, “I confirm that we normally include service-wide votes with the overheads.”

The Appropriation committee chairman, Senator Omisore explained  that a calculation of N536.2 billion and N660.8 billion means that the Federal Government alone collects more than N1.3 trillion for overheads.
He accused the CBN governor of deliberately trying to mislead nigerians by giving out false information, adding: “Based on wrong computing, you  have embarrassed not only the NASS but also Nigerians.
We have given you figures and you are still relying on the figures that are not before us. I thank you all for coming.”

dappssee:
The NLC should wade in and call for a strike. That's the only pragmatic solution because I dont see government winning.

A senator, considering our GDP should not earn more than N350k monthly all in.

To serve Nigeria is not by force!!!!!

Druss:
Both are crooks. GEJ is a crook as is Atiku. All I see here are two politicians posturing. Atiku has what is needed to deal with GEJ. I dislike both men intensely and weep that we are the point where[b] we have to choose between two evils!![/b]

The Atiku Abubakar Campaign Organisation yesterday expressed its reservations over the plan by the federal government to lift the ban on the importation of textiles and other items.

In a statement made available to journalists in Abuja on Tuesday, the organisation criticised reports that the finance minister, Olusegun Aganga, had decided to lift the ban following complaints from the World Bank. Mr. Aganga also wanted to check smuggling and increase federal revenues from import duties.

“While we condemn the activities of smugglers, it is questionable whether the unreflective opening up of the nation’s economy to the dumping of all sorts of imported goods, including tooth picks, is the best way to go about it,”said the group, stating that “Smuggling exists partly because of the high cost of doing business in Nigeria.

texazzpete:
Such arrogance on this forum! See people complaining about the expected influx of 1995 era Camry and Honda vehicles.
Well, NEWSFLASH! Not everyone can afford to buy SUVs and 2001 Honda Accords. Teachers, Market women et al also have the right to buy cars, and the influx of affordable vehicles will be a big WIN for them.

I think you are forgetting that GEJ invited them. They didn't come off their own accord, therefore you would expect some help with their welfare, such as transport and accommodation, feeding etc

9ijaMan:
Actually it's the president who does not have the powers to removing. The National assembly is vested with such powers. However, I do agree with you that he'll insult them, but they'll be too silly to know.

Pukkah:
I hope Sanusi won't insult them at the hearing; that would be interesting to see and might trigger a removal process for him. Anyway, let's see how this plays out.

I do not understand it when people say banning certain good protect local industries. Let me illustrate something.

1) Textile industries that are supposed to produce fabrics for local manufacturers of clothes are all grounded no thanks to the power situation. Where do the boutiques and other garment manufacturers get their raw materials? How are the Chinese getting in their substandard suits into Nigeria? Has anyone cared to find out?

2) In any society, even in industrialized ones, there are always vehicles that are more than 20 years old. How many mechanics and associated technicians have been put out of work because of the 10 year old vehicle? How many Nigerians have been denied the opportunity to buy vehicles for private use and commercial transport? is the problem the age of the vehicles, OR THE STATE OF OUR ROADS THAT CAUSE VEHICLES TO AGE? I CHALLENGE ANYONE HERE TO DRIVE THROUGH ROADS IN THE SOUTH EAST AND SOUTH-SOUTH, OR PASS THROUGH EKITI OR TOWNSHIP ROADS IN OGUN STATE TO VERIFY/DISPUTE MY CLAIMS HERE.

Besides. let us ask ourselves a question; how does banning the import of a particular product translate into reviving the dead industries in that sector?

People should learn to look at the realities on ground and not just keep floating the "unbanning them will kill our local industries" jargon. Since the bans, how many of the local industries are up and running?

W is AC's for keeps. If the election is free and fair, only Ogun can retain PDP today

iReports-ng gathered that following a hint that the EFCC was closing in on the fake miracle pastor