The Minister of Finance, Mr. Olusegun Aganga, has declined to engage a former Governor of the Central Bank of Nigeria, Prof. Chukwuma Soludo, in a debate over the economy, saying that he had more important economic issues to attend to.

Aganga, who spoke in a telephone interview with our correspondent on Monday, instead referred Soludo to investors, “who lost so much money in the capital market.”

He said, “I’m not interested in responding. I made a first comment and he has responded. I’m not a politician; I’m a technocrat and I have work to do. Let Nigerians who have lost so much money in the capital market judge. Let taxpayers, whose over N2tn is being used to fund the Asset Management Corporation of Nigeria to bail out the banks judge.”

The minister said his main assignment was to see the economy improve significantly, noting that the Federal Government was committed to seeing things work.

Aganga had, on a Nigerian Television Authority’s programme (Finance and Economy), taken on former Vice-President Atiku Abubakar and his advisers on what he described as misrepresentation of facts about the Nigerian economy.

He had said, “They are the same people who told us that our banks are safe, there are no non-performing loans, What happened when the Governor of the Central Bank of Nigeria, Lamido Sanusi came on board? The can was opened, everything was completely rotten. These are the people who ran the economy down and they are the same people advising the man.”

He added that Atiku’s advisers ought to be serving a jail term for mismanaging the economy during their tenure.

However, Soludo, who reacted in strong words to Aganga’s position, floored the minister’s administration, saying his team lacked the capability to run the ministry.

He said, “You assumed office when oil price was about $75 per barrel and external reserves stood at about $42bn. Within nine months, you have earned a world record as the head of an Economic Management Team that lost about $10bn in foreign reserves at a time of unprecedented export boom, with oil price now over $90 per barrel.

“While the EMT I belonged to got Nigeria debt relief, you will get the world record as the finance minister who had the fastest rate of debt accumulation in Nigeria’s history, even at a time of oil boom, and presented a budget where not a kobo of oil revenue is spent on infrastructure like power etc, but 114 per cent of revenue (is) spent on consumption.”

He added, “My candid advice to you, Hon. Minister, is for you and your colleagues at the EMT to note that you need serious help on the economy. It is our collective destiny that is at stake. Threatening me with imprisonment or even imprisoning me will not solve the problem sir.

“But if you are convinced that you know what you are talking about in respect of the economy, and/or that you are sure of what you said about my regime, I challenge you to a two- to three-hour televised national debate on these issues.”

PhysicsMHD:

This was actually the best response he could have given ("Tell that to the investors! I'm busy." so as not to let it escalate into a showdown in which he might lose.

Also even if he somehow won the debate he would still lose (lose-lose situation) because people would just say, "we're (the taxpayers) paying him to be finance minister and he's wasting time on debates about the economy instead of working on the economy" or some similar statement. Soludo is the only one that could gain from a debate.

The first intelligent decision from Aganga, apparently. He might be less dull and egotistical than I assumed.

fstranger1:

I dont get your point, you actually believe all the hype about Soludo?

An ordinary mallam is doing better than Soludo, despite all his proclamations and fake analysis.

Very funny how everybody got sucked into this "Soludo is great" hype.

EzeUche_:

Remove the tribalism from your eyes. We all know why you have a problem with Soludo. It is, because he gave a thrashing to your kinsman. Tribalism is eating you.

fstranger1:

Do you really want to compare an Oxford grad with a lowly Uniben grad? Really?

What trashing are you talking about?

EzeUche_:

From what I can see, Soludo can hold his own. And the way Aganga is acting, he is not doing Oxford any justice.

Mehn, some Nigerians and this belief that these name recognition.

I have come across people and debated people who have[b] went[/b] to these elite schools and I can say for the most part, I am not impressed.

And I said thrashing, not trashing. Come on and keep up with me.

fstranger1:

I dont get your point, you actually believe all the hype about Soludo?

An ordinary mallam is doing better than Soludo, despite all his proclamations and fake analysis.

Very funny how everybody got sucked into this "Soludo is great" hype.

fstranger1:

Sorry, i thought you meant "trashing."

Anyway, We use has or have with a past participle, not a past tense, to describe an action that started in the past and is (or may be) still going on.

The non-continuous present perfect tense uses has or have + the past participle; the present perfect  continuous tense uses has or have + been (the past participle of BE) + the - ing form of the main verb.

EzeUche_:

I am not in the mood for semantics tonight. You and I both know my capabilities of handling the English language among other things.

And the fact that I speak/write English so well as well speak and write 3 other languages fluently is a testament to my intelligence.

I am not some "bush" boy you are dealing with.

EzeUche_:

And I said thrashing, not trashing. Come on and keep up with me.

eku_bear:

@EzeUche: Aganga actually isn't Yoruba, he is from Edo. However, he went to Christ School in Ado-Ekiti and grow up in Lagos, so I claim him 

EzeUche_:



I didn't know. I seen Olusegun and I thought he was Yoruba. Well I guess we all make mistakes concerning the identity of a person.

fstranger1:

See how stupidd your Ibo brain is?

Ma_J_Blige:

Why didnt Soludo answer this major question?

They are the same people who told us that our banks are safe, there are no non-performing loans, What happened when the Governor of the Central Bank of Nigeria, Lamido Sanusi came on board? The can was opened, everything was completely rotten.

Onlytruth:

Make Aganga no chicken out o!

De guy be like say na coward. Why am I not surprised.

Gbawe:

It may be the norm for our senators to trade blows regularly and for our politicians to fight amd murder each other but we , ordinary Nigerians , show that we are no better than them in thinking Aganga a coward because he does not engage Soludo in a duel at the Market square. Soludo is simply a disgruntled element and an uncouth individual . He can criticise Aganga . That is his right.

As a technocrat , who was once involved with the Government, Soludo , more than anyone else , should know that a Minister in the Government cannot engage any random member of the public to a TV debate just because he is called out to do so . sadly a "random member of the public" is what Soludo is right now even if his ego will not let him accept that fact. Soludo is living on past glory if we can actually call it that. it is almost as if our leaders always have to fight , rather than unite, and we have to take sides for one reason or the other . Anyone looking at this issue purely as a Nigerian will see that Soludo's call for a debate is childish , rash and highly irrational. The only response that must come from a focused Finance Minister is a curt NO.

Aganga has spoken correctly . Engaging Soludo in any televised confrontation would demean an important Nigerian public office .It is not done anywhere else in the World.  

calyx:

He had said it over and and over and over again even after his regime in CBN. The Banks were absolutely safe in his CBN. Was there a problem? Yes! Bad loans. Was CBN willing, ready and capable of containing the problem? Yes and that was already in progress but quiet. The Banks were not going to fail. The only thing that was different was STYLE.

While Sanusi took printed money and took over the banks thus sacking their heads, Soludo was giving the banks, financial support via the background pending when they are up on their own. I also know that recapitalization of banks were being worked out as a result of some of the issues. This would ultimately have led to the removal of some of the bank heads. Would Cecilia have gone to prison? That I cant tell but I dont think Soludo's priority at the time was sending people to prison.

The thing that is being missed between Soludo and Sanusi is that while the former was bound to CREATE, DEVELOP and ATTAIN new heights in the financial markets, even with the attendant risks, the latter threads very carefully, content with just doing the basics and avoiding controversies

Dis Guy:

well the basics comes first doesn't it? creating and developing an environment where bank chiefs rob investors blind is not an achievement, some will rather avoid that controversy than claim it as  new heights!! Why will you be supporting people that steal billions to buy properties and private jets without collateral only to deal with them later, wont you remove the theif before assisting the firm

some people sef

byrron:

@frank c: im proud to find some1 like u here who understood what d issue was and addressed it d way a rational being shld just d way u did. Well said, aganga is just ve an overblotted profile which has nt translated to anything positive economicaly, even recently the CBN governour showed us how empty dis aganga guy is! Aganga shld ve told us why our ECA account is empty at a time when d price of oil in d international market? He shld ve also told us y we are returning back to d era of debt accumulation under his tenure? He shld also have used dat opportunity to tell us d economic rational behind borrowint #2trln to finance a budget of consumption for 2011? Its like its a crime to ask fundermental questions abt our economy? Any issue raised is seen as an attack on d president even when dis issues are visible 4all 2c yet some people will rather prefer us all to keep quite and allow d rot to keep pilling just because d man in charge is our guy der4 he shld be allowed 2do whatever pleases him at d detriment of an entire country. NIGERIA AND ITS POLITIC OF SYCOPHANCY. Aganga pls tell us d true state our economy and what u ve been dng as a financial minister snc  your policy inpact cant be felt frm any quater and u claim 2be very busy and if i may ask! BUSY DOING WHAT?