Emekamex:
It seems someone somewhere is limiting the power of the Finance Minister. She should be convincing investors on reason to invest in Nigeria at every given opportunity, not keeping mute and being totally unnoticeable in the eye of the public.

She is too invisible. Journalist have not even quoted her.

all hail our goverment!!!....the naira should be for nigerians not for the ol world....

we must stop dashing our hard-earned naira to foreighners...

nigeria has to build out the nigerian-army....

if you realy try to go financial-independence,they will start making plans against you like they did with gadhaffi...

china did it right...first build your army,before restructuring your economie....

omonnakoda:
The last government was an economic disaster despite enjoying the HIGHEST OIL REVENUE IN NIGERIAN HISTORY we have nothing to show for it. We had elections and they were BOOTED out. We have a new government. Ideally I would prefer not to have Buhari but he won and has 4 years to work. His Ministers have been in office 3 months and he has not even passed his first budget. To judge him we must be fair and patient.What I see is unbridled hatred of those who fail to accept that the elections are over and seem to be praying for him to fail. This is shameful and irresponsible. In order to judge him fairly we must allow one full budget cycle to run
The issue of Finance Minister is the height of pettiness. Since when did Finance Ministers become so important in Nigeria?? That only happens when a president is clueless and abdicates his responsibility. I thin Obasanjo said it all when he said the last person needed supervision which Jonathan failed to do and created this irresponsible role of coordinating Minister.
In a presidential system. Ministers serve at the pleasure of the President unlike in a parliamentary system. There are more important and impact-ful ministries in this system of government.
The Finance Minister is NOT meant to be that powerful and I think we are now returning to normalcy

The finance minister is the most important minister in any government . So what you are saying is incorrect. The president is not an economist and is heavily reliant on the minister.

There is also a need for a coordinating minister so that there are no contradicting policies For onstsnce a ministry like industries may want reduced tariffs for raw materials but the finance minister not fancy it because of loss of revenues.

Also imagine you had a new maths teacher and she said 1+1=4. Do you have to wait one year to access her standard.

A finance minister is perhsps the most visible minister. They are always in the news making statements, building confidence etc.

For instance Adeosun within a week of her appointment should have made an announcement that government is doing its best to improve the economy and that in a few short weeks you will start seeing the difference. The country is looking up to her

seunmsg:


You Igbos really need to stop this nonsense. Dollar was already exchanging for N220 at the parallel market before PMB was sworn in. So, how was Emefiele okay before Buhari showed up?

See, the CBN governor is in charge of monetary and forex policy. If he can't fix the problem, let him resign and allow a more competent person to take up the position. This silly idea of blaming the finance minister who only assumed office less than 3 months ago is just crazy. You bigots should blame your clueless Emefiele who has been in office since 2014.

Yes he was doing pkay! The naira was supposed to lose value and he sllowed it to. The naira needs to be devalued from 197 to about 230-250 range for dollar demand to match supply

Buhari has refused to devalue and that is why the black market rate is 300. Soludo and Sanusi have both condemned Buhari's policies.

Adeosuns sins prime sin for now is that she is too invisible. Finance ministers are the most importsnt ministers in any government and also the most prominent.

Look at NOI. Or even look at Soludo and Sanusi?

By the way, I am Yoruba. My father is even sn Oloja.

grandstar:


The finance minister is the most important minister in any government . So what you are saying is incorrect. The president is not an economist and is heavily reliant on the minister.

There is also a need for a coordinating minister so that there are no contradicting policies For onstsnce a ministry like industries may want reduced tariffs for raw materials but the finance minister not fancy it because of loss of revenues.

Also imagine you had a new maths teacher and she said 1+1=4. Do you have to wait one year to access her standard.

A finance minister is perhsps the most visible minister. They are always in the news making statements, building confidence etc.

For instance Adeosun within a week of her appointment should have made an announcement that government is doing its best to improve the economy and that in a few short weeks you will start seeing the difference. The country is looking up to her

Who is the Finance minister in the US or Japan or China and how visible are they

In the US presidential system it is the Secretary of State (Foreign Minister) that is most important

Adeosun "should have made an announcement............
With all the respect that is not a meaningful thing to say AT ALL . Indeed it is quite stupid if that is the best you can come up with. Why not take out an ad on CNN

What good did all Iweala's announcements do to Nigerians?

omonnakoda:
Who is the Finance minister in the US or Japan or China and how visible are they

In the US presidential system it is the Secretary of State (Foreign Minister) that is most important

In the US you are quite right. But that may ne becausr they are tje worlds superpower and also the dollar is the world reserve currency.

In the UK, the chancellor of the exchequer is perhaps the mpdt importsnt.

I know nothing about Japan and China

sdindan:
hmmmmm!
I wish Buhari can read or understand English well.
Everybody is wailing even foreign media.

UnFortunately, he only speaks hausa and can only write Arabic.

grandstar:
In the US you are quite right. But that may ne becausr they are tje worlds superpower and also the dollar is the world reserve currency.

In the UK, the chancellor of the exchequer is perhaps the mpdt importsnt.

I know nothing about Japan and China

you are empty.

grandstar:


The finance minister is the most important minister in any government .

Nigeria is a Presidential system and Ministers are servants of the president unlike in a parliamentary system. They are not comparable

For more information please visit/click: www.nairaland.com/2807449/turn-small-land-very-profitable

grandstar:


Yes he was doing pkay! The naira was supposed to lose value and he sllowed it to. The naira needs to be devalued from 197 to about 230-250 range for dollar demand to match supply

Buhari has refused to devalue and that is why the black market rate is 300. Soludo and Sanusi have both condemned Buhari's policies.

Adeosuns sins prime sin for now is that she is too invisible. Finance ministers are the most importsnt ministers in any government and also the most prominent.

Look at NOI. Or even look at Soludo and Sanusi?

By the way, I am Yoruba. My father is even sn Oloja.

Basic problem with devaluing the naira is that while it will make imports expensive....which is a good thing.....it would also make locally manufactured goods expensive....because most of them are made with imported raw materials.

Fact is....we are so import dependent....that devaluing the naira just won't help us.

grandstar:
Buhari believes in statist policies. It was this hubris the country experienced in 1984-85 during his regime.

He won't devalue. He hates devaluations. Its like a child that hates the fsct that 1 + 1= 2.

By mid next year, the peoples patience will wrong.

The masses think thay because he is incorruptible that. means he is a financial genius.

All the people want is for him to empty himself of any conceit, plus a little knowledge of macro and micro economics, every buck stops at his table so i wonder why some people want to get into tribal rants here aboit why its anyone else's fault forgetting that the president ought to be aware of every action or inaction of his appointees.

seunmsg:



Ministry of budget and national planning is in charge of preparation of the budget. Get yourself educated before spewing rubbish online.

Why then is a section of the senators demanding that she presents herself to the senate to defend the budget? You think those senators are stupid?
All the years that Ngozi Iweala was finance minister both during OBJ's and GEJ's regime, she presented herself to the senate to defend the budget and she was not at all the minister of budget and planning.

The main point is that the minister of finance makes greater input in the details of the budget than any other minister. I believe you guys need to educate yourselves on these issues before commenting.

So here you guys are, arguing that Kemi Adeosun has no hand in the budget of the federal republic. Nigeria is really in trouble

omohayek:


No, on the contrary, it's your response that betrays blatant tribalism, rather than any interest in the objective facts. If you're going to blame people for bad policies, why not blame those actually responsible making the policies you're criticizing? That Emefiele and Onyema are responsible for the CBN and the NSE respectively are facts, not tribal attacks. Ignoring said facts, on the other hand, and blaming someone who has nothing to do with the policies, is in fact tribalism of the crudest and most ridiculous kind.

My brother as a final correction if you read my post you would have seen that my response was on a party and her administration, not an individual as you erroneously supposed. Every buck stops at the president's table, you can not convince us here that the president os not put on the know ( plus gives his nod to these policies from whoever it comes from), also he seeks expert opinion at the same time and majorly from his minister who sadly is yet to prove she isn't a novice in the economic jungle.
Arguing otherwise is to either assert that the president has a laissez faire relationship with his appointees or he sees his exonomic team as one of noise makers as has been previously declared.


Pls note that the CBN is inder the ministry of finance, and also the NSE though private is regulated by SEC and under the supervision of the ministry of finance. So trying to absolve madam finance minister is indirectly accusing her of laxity in her duties.

omohayek:


The true mark of cluelessness is blaming Kemi Adeosun for two areas of policy over which she has no control. It takes real ignorance to blame the finance minister for an FX policy which is actually set by Godwin Emefiele, the head of the CBN; she also had no hand in the NSE's difficulties, as the CEO of the Nigerian Stock Exchange is a man named Oscar N. Onyema.

Then what is her work as a finance minister if she cannot over see government parastatals under her.

asorocker:


Then what is her work as a finance minister if she cannot over see government parastatals under her.

Please help me ask that man.

sdindan:
hmmmmm!
I wish Buhari can read or understand English well.
Everybody is wailing even foreign media.

Buhari can educate your hamlet

Behold Buhari's minister of finance and judge for yourself

People, to cut a long story short, below according to wikipedia, below are the tasks performed by the federL ministry of finance
Services include collecting and disbursing government revenue, formulating policies on taxation, tariffs, fiscal management etc., preparing and managing the budget, preparing annual accounts for ministries, departments and agencies, managing federal debt and regulating the capital market.


In the official FEDERAL MINISTRY OF FINANCE webpage

Management and control of Consolidated Revenue Fund;

Securing and managing the investments of the Federation;Preparation of Annual (budgetary) estimates in Appropriation Bill including Supplementary and Unexpected votes;Control and management of public expenditures;Control and management of external finances of the federation.

So from both sites, it is clear that federal budgets are well within the purview of the ministry of finance.

For those that know Kemi Adeosun, please print out this message from a from me and give her to read, as I have the sinking feeling that her minions on nairaland are spewing out what she told them, so she may not know that the preparation of federal budgets is the responsibility of her ministry.

One olodo even wantz me to explain what FISCAL means. Please enrol in an Anambra school and grt some quality education. I've got no time to explain anything.

This is a very complicated situation we are in and I think Emefiele is doing a great Job with the support of PMB and Adeosun ... that some western analyst condemn our method doesn't mean we are doing a very bad job. To have compared us with China and Venezuela shows that we are not doing really bad and I think they should have included Russia too. Their suggestion I think will be the Greece route. If we are to follow the Soludo suggestion and allow free fall of Naira, I don't think those shouting dollar scarcity will wish to import goods at 500/1$ official...who go buy such good?. @ below $30/barrel with backlog of our oil quota I don't think we have much choices this period than patching the economy and I believe Emefiele will come out of this a better CBN governor . Western analyst have very little input here because they have very little idea what it means for a country to import 80% of her food consumption and even her toothpick.

omonnakoda:
The person who did not know the job and who deserved sack was the clown who resumed in August and January presented a budget with a more than tripled petrol subsidy as her very first budget and was unable to explain the leap.
The person who received more oil revenue than any Finance Minister in African history and still ran a budget deficit EVERY YEAR

You are a liar.

Throughout six years of Jonathan Nigeria had a surplus budget.

The last budget under GEJ although had austerity measures in place still recorded a +0.1% only for your dullard to borrow additional 2 trillion naira with nothing on ground to show .


Stop lying foolishly. This nonsensense scam budget under Buhari is on record to be the largest with the widest deficit sourced primarily from loans.

Before the 3rd quarter you can expect the Ediot to apply for at least 3 trillion supplementary budget which will see this budget rise to 9 trillion all based on debt with nothing to show for it.

ADAMUdaCOWBOY:
Buhari can educate your hamlet

taaaaaa... gerrrraht

Can the mods please be kind enough to put this on the front page. It is clear the people at the helm of affairs are directionless at the moment and need our views to be able to have a direction as attested to by Oyegun himself.

APCLyingBastard:


You are a liar.

Throughout six years of Jonathan Nigeria had a surplus budget.

Thanks to the fact that until 2014.....we had sustained high oil prices....and were budgeting at a lower benchmark.

The problem was that we did not save the surplus.

If oil prices had crashed during GEJ's regime...say 2012....we would have had deficits.

And GEJ still borowed , inspite of that. Not exactly good economic practice.

The last budget under GEJ although had austerity measures in place still recorded a +0.1% only for your dullard to borrow additional 2 trillion naira with nothing on ground to show .


Stop lying foolishly. This nonsensense scam budget under Buhari is on record to be the largest with the widest deficit sourced primarily from loans.

Before the 3rd quarter you can expect the Ediot to apply for at least 3 trillion supplementary budget which will see this budget rise to 9 trillion all based on debt with nothing to show for it.

Considering the fact that oil prices are at a six year low of $28...something which GEJ never had to contend with....the fact remains that we are an oil dependent economy, and when prices crash....we have to borrow to keep the books balanced. And while buhari should hurry up and diversify.....diversification takes a long time. GEJ's agric minister was a godsend(and his nomination to the big continental job was backed by both PDP and APC )....BUT he was only able to get us to no5 in cocoa production.....and nowhere in ground-nuts, cotton and palm oil.(Palm oil where we used to be no 1).

In other words.....the borrowing is not because of bad economic practice....it is because our hands were forced by the low oil price....and by PDP's failure.....and here I also bash OBJ and Yaradua....for not diversifying our economy when we had high oil price.(In other words....they repeated the mistakes of 1970's).Another reason is GEJ's failure to save (thanks partly to the governors....most of whom were from his party anyways)...but even if GEJ had saved ......he would have delayed the problem we face now till 2017.

Enough on the talk....what should be done.

1.Remove all subsidies....meaning increases in price of fuel, educational fees at government schools, fertilizer,etc. Save the money.

2.Continue the war on corruption. Block all leakages.

3.We may have to cut jobs in the Civil service. At state and federal level. Or we cut salaries.

4.Reduce imports. So that we stoplosing dollars.

5.Improve our agric exports.....but that is going to take time

6.Devalue the naira.....as a last resort.

In other words....Austerity

7.Increase spending on power,water,and transport (railways)infrastructure as well as education....technical education.....so as to promote industrial development.

NavierStokes:
Can the mods please be kind enough to put this on the front page. It is clear the people at the helm of affairs are directionless at the moment and need our views to be able to have a direction as attested to by Oyegun himself.

Yes they should.....instead of all this showbiz news

Kikero112:


Thanks to the fact that until 2014.....we had sustained high oil prices....and were budgeting at a lower benchmark.

The problem was that we did not save the surplus.

If oil prices had crashed during GEJ's regime...say 2012....we would have had deficits.

And GEJ still borowed , inspite of that. Not exactly good economic practice.



Considering the fact that oil prices are at a six year low of $28...something which GEJ never had to contend with....the fact remains that we are an oil dependent economy, and when prices crash....we have to borrow to keep the books balanced. And while buhari should hurry up and diversify.....diversification takes a long time. GEJ's agric minister was a godsend(and his nomination to the big continental job was backed by both PDP and APC )....BUT he was only able to get us to no5 in cocoa production.....and nowhere in ground-nuts, cotton and palm oil.(Palm oil where we used to be no 1).

In other words.....the borrowing is not because of bad economic practice....it is because our hands were forced by the low oil price....and by PDP's failure.....and here I also bash OBJ and Yaradua....for not diversifying our economy when we had high oil price.(In other words....they repeated the mistakes of 1970's).Another reason is GEJ's failure to save (thanks partly to the governors....most of whom were from his party anyways)...but even if GEJ had saved ......he would have delayed the problem we face now till 2017.

Your governors took the FG to court and declared the ECA and external reserves as illegal.


According to your living legendary foolish Aregberascal, Nigeria was at a boom and now was the time to spend it all.

Your useless SW ACN and their northern parasitic counterparts also threatened to filibuster the budget if the benchmark was not raised.

Have you forgotten that aspect?

And finally, most of that money accrued to the federal purse was used to fund the forex market in the midst of a booming economy.


If you must know since 2009, the CBN provided forex to the business community up till now.


Did that forex come from cocoa?

Useless illiterates

Kikero112:


Thanks to the fact that until 2014.....we had sustained high oil prices....and were budgeting at a lower benchmark.

The problem was that we did not save the surplus.

If oil prices had crashed during GEJ's regime...say 2012....we would have had deficits.

And GEJ still borowed , inspite of that. Not exactly good economic practice.



Considering the fact that oil prices are at a six year low of $28...something which GEJ never had to contend with....the fact remains that we are an oil dependent economy, and when prices crash....we have to borrow to keep the books balanced. And while buhari should hurry up and diversify.....diversification takes a long time. GEJ's agric minister was a godsend(and his nomination to the big continental job was backed by both PDP and APC )....BUT he was only able to get us to no5 in cocoa production.....and nowhere in ground-nuts, cotton and palm oil.(Palm oil where we used to be no 1).

In other words.....the borrowing is not because of bad economic practice....it is because our hands were forced by the low oil price....and by PDP's failure.....and here I also bash OBJ and Yaradua....for not diversifying our economy when we had high oil price.(In other words....they repeated the mistakes of 1970's).Another reason is GEJ's failure to save (thanks partly to the governors....most of whom were from his party anyways)...but even if GEJ had saved ......he would have delayed the problem we face now till 2017.

Brother, from the budget we should be able to have an inkling at the inclinations of the administration, and I am afraid on this one diversification is not on the table. When agriculture ministry has her budget slashed massively , ministry of science and technology has her budget slashed as well and petroleum exploration in the chad basin alone stands to get 37billion NGN what diversification are we talking about. Maybe the 3rd year into the administration (how sure are we after oil prices may have been on the way to recovery) because the fourth year will be for elections preparations.

[quote author=APCLyingBastard post=42241221]

Your governors took the FG to court and declared the ECA and external reserves as illegal.


According to your living legendary foolish Aregberascal, Nigeria was at a boom and now was the time to spend it all.

Your useless SW ACN and their northern parasitic counterparts also threatened to filibuster the budget if the benchmark was not raised.

Have you forgotten that aspect?

Except that most of them were from the PDP....and they agreed with the sharing.

And we still had lots to save.....we were budgeting at a lower benchmark.

Add the fact that the government was making unauthorised deductions from the budget....which si waht provoked the suit in the first place.

And finally, most of that money accrued to the federal purse was used to fund the forex market in the midst of a booming economy.


If you must know since 2009, the CBN provided forex to the business community up till now.


Did that forex come from cocoa?

From 2010-14....oil prices averaged at $112 per barrel....

And it is a simple rule of oil based economies....when the oil price rises....the forex available also rises.

When Buhari took over....oil was falling below $60....and now it is down to $28

Forex falls.....and the CBN promptly hoards dollars to prevent the naira from depreciating.....which is bad news for Nigeria should that happen...because most of our local industries are dependent on imported materials. So...if CBN allowed the forex toflow....the naira would have fallen....and inflation gone up.

GEJ's agric minister...got us up to no 5 in cocoa by 2013......so yes...some of the forex comes from cocoa....but the vast majority comes from oil.


Either way....the moral of this collapse is.....we have to diversify.And PDP never did really diversify.....nor did they(this is important) get our industries to depend less on imported materials.

Nigeria's future depends on us getting off our resource dependency. And that means going industrial. If we were an industrial nation....we would have been able to use depreciation of the naira as a means to earn more cash. Not now.....where we cannot do that because we are oil dependent.

NavierStokes:



Brother, from the budget we should be able to have an inkling at the inclinations of the administration, and I am afraid on this one diversification is not on the table. When agriculture ministry has her budget slashed massively , ministry of science and technology has her budget slashed as well and petroleum exploration in the chad basin alone stands to get 37billion NGN what diversification are we talking about. Maybe the 3rd year into the administration (how sure are we after oil prices may have been on the way to recovery) because the fourth year will be for elections preparations.

Diversification unfortunately is not that easy......and it takes time.

As for Buhari investing in new oil priojects in Chad....probably thinks that if we increase the no of barrels we produce....we might be able to get more money despite the low price.(But on the negative side....oil gushing in the NE= Lower oil prices.).

Buhari did spend more on educaiton. This is important. Improving education is key to diversification.

Kikero112:


Basic problem with devaluing the naira is that while it will make imports expensive....which is a good thing.....it would also make locally manufactured goods expensive....because most of them are made with imported raw materials.

Fact is....we are so import dependent....that devaluing the naira just won't help us.

So you are saying that 300 to 1 is better than 250?

Kikero112:

You yearned dust in your last Post.

It is on record that the SW APC states remain the most indebted states.


I just want Nigeria to break up so that I will see how you parasites in the north and SW will pay your debts without oil.


Keep spewing trash as your useless APC under that foolish woman heads Nigeria to 40yr debt,

grandstar:
So you are saying that 300 to 1 is better than 250?

To clarify....

Emefiele said back in November 2015 that (Sauce:http://www.vanguardngr.com/2015/11/why-we-ignored-calls-for-naira-devaluation-by-cbn/)

The simple idea behind devaluation is that it will make your import more expensive while your export is cheaper.



“Our major export commodity which accounts for more than 80% of our income is crude oil and here is crude oil that the price is determined, we don’t have a control over it. So, if we devalue, it has no impact directly on our major export, and what is supposed to be the non oil export, we are not producing effectively.


“It means that for the industry which is also import dependent, they have to pay higher prices for those goods which will translate to higher inflation.”

You see the problem.....and that is why CBN is not interested in devaluing the Naira.

At least back in 1989....when we did devalue the Naira....we had some form of an industry. And it did not work back then.