President Buhari, Finance Minister Kemi Adeosun, the Treasury Single Account (TSA) and the RECESSION.

It is worth recalling that TSA is not the brain child of the Buhari’s government but it was originated by the previous administration which exhibited caution to implementing it.
Goodluck Jonathan regime’s decision not to fully implement the TSA policy, was to avoid the dire consequences now being suffered by Nigerians.
At the point of attempting to introduce the TSA policy by former president Jonathan, Social Impact Assessment (SIM) was conducted by the former minister of finance Dr. Ngozi Okonjo Iweala, and it was discovered that the full implementation of the TSA policy could create shock waves in the system that would unhinge the economy and result in distress in the banks, financial institutions which would lead to mass sacking of staff and could cascade down the line to closure of businesses as currently being witnessed.
To avoid such calamitous consequences, the Harvard and MIT trained economist Dr. Ngozi Okonjo Iweala advised former president Jonathan to implement the TSA in phases as full implementation could lead to economic disaster. Dr. Iweala further advised that a stage by stage mopping up of funds off bank vaults in small doses would be more tolerable, than one full swoop, which is the method adopted by this government and the economy ended up in a RECESSION.
Unfortunately for former president Jonathan, he was voted out of power before the implementation of the stage by stage TSA policy. Muhammadu Buhari became the president of Nigeria, and without a blink ordered the full implementation of the TSA policy throwing caution in the wind. His finance minister Kemi Adeosun who should have advised president Buhari of the consequences of fully implementing the TSA policy in a distressed economy keep her lips shut and followed president Buhari's order like a chick following a mother hen. The APC wasn't helping matter as they began a fresh propaganda lying that the past administration had no political will to implement the TSA, million of their mob supporters bought into this lie and ran with it without pausing to ask questions.
Now, why didn't the finance minister Kemi Adeosun conduct a social impact assessment before the implementation of the TSA, so she could better advise president Buhari, who probably doesn't know the elementary economy? Is it that Kemi Adeosun didn't know, as an economist and minister of finance, that the closure of 17 thousand bank accounts and the mopping of a whooping 3 trillion naira from the system to the CBN will adversely affect the liquidity in the system thereby leading to a recession?
What is 3 trillion naira doing in the CBN when we are facing facing a serious monetary and liquidity problem? Why mopped 3 trillion naira out of the system (in a distressed economy) in an attempt to fight corruption and rendered it redundant in a CBN account without no immediate economic plan to use it to revitalize the economy?
No doubt the TSA addressed the immediate challenge of corruption in the public sector, but in the process created the problem of economic paralysis (recession) that Nigerians are currently grappling with.
Nigeria's economy would not have gone into a recession, irrespective of the drop in oil price, if the finance minister Kemi Adeosun had thought of a monetary policy to sustain liquidity in the system while implementing the TSA.
Today, lack of liquidity caused by the full implementation of the TSA by Buhari's administration combined with high foreign exchange has shut down 275 companies, and caused the lost of over 4 million jobs.
No thanks to president Buhari and the finance minister Kemi Adeosun.[b]President Buhari, Finance Minister Kemi Adeosun, the Treasury Single Account (TSA) and the RECESSION.

It is worth recalling that TSA is not the brain child of the Buhari’s government but it was originated by the previous administration which exhibited caution to implementing it.
Goodluck Jonathan regime’s decision not to fully implement the TSA policy, was to avoid the dire consequences now being suffered by Nigerians.
At the point of attempting to introduce the TSA policy by former president Jonathan, Social Impact Assessment (SIM) was conducted by the former minister of finance Dr. Ngozi Okonjo Iweala, and it was discovered that the full implementation of the TSA policy could create shock waves in the system that would unhinge the economy and result in distress in the banks, financial institutions which would lead to mass sacking of staff and could cascade down the line to closure of businesses as currently being witnessed.
To avoid such calamitous consequences, the Harvard and MIT trained economist Dr. Ngozi Okonjo Iweala advised former president Jonathan to implement the TSA in phases as full implementation could lead to economic disaster. Dr. Iweala further advised that a stage by stage mopping up of funds off bank vaults in small doses would be more tolerable, than one full swoop, which is the method adopted by this government and the economy ended up in a RECESSION.
Unfortunately for former president Jonathan, he was voted out of power before the implementation of the stage by stage TSA policy. Muhammadu Buhari became the president of Nigeria, and without a blink ordered the full implementation of the TSA policy throwing caution in the wind. His finance minister Kemi Adeosun who should have advised president Buhari of the consequences of fully implementing the TSA policy in a distressed economy keep her lips shut and followed president Buhari's order like a chick following a mother hen. The APC wasn't helping matter as they began a fresh propaganda lying that the past administration had no political will to implement the TSA, million of their mob supporters bought into this lie and ran with it without pausing to ask questions.
Now, why didn't the finance minister Kemi Adeosun conduct a social impact assessment before the implementation of the TSA, so she could better advise president Buhari, who probably doesn't know the elementary economy? Is it that Kemi Adeosun didn't know, as an economist and minister of finance, that the closure of 17 thousand bank accounts and the mopping of a whooping 3 trillion naira from the system to the CBN will adversely affect the liquidity in the system thereby leading to a recession?
What is 3 trillion naira doing in the CBN when we are facing facing a serious monetary and liquidity problem? Why mopped 3 trillion naira out of the system (in a distressed economy) in an attempt to fight corruption and rendered it redundant in a CBN account without no immediate economic plan to use it to revitalize the economy?
No doubt the TSA addressed the immediate challenge of corruption in the public sector, but in the process created the problem of economic paralysis (recession) that Nigerians are currently grappling with.
Nigeria's economy would not have gone into a recession, irrespective of the drop in oil price, if the finance minister Kemi Adeosun had thought of a monetary policy to sustain liquidity in the system while implementing the TSA.
Today, lack of liquidity caused by the full implementation of the TSA by Buhari's administration combined with high foreign exchange has shut down 275 companies, and caused the lost of over 4 million jobs.
No thanks to president Buhari and the finance minister Kemi Adeosun.[/b]President Buhari, Finance Minister Kemi Adeosun, the Treasury Single Account (TSA) and the RECESSION.

It is worth recalling that TSA is not the brain child of the Buhari’s government but it was originated by the previous administration which exhibited caution to implementing it.
Goodluck Jonathan regime’s decision not to fully implement the TSA policy, was to avoid the dire consequences now being suffered by Nigerians.
At the point of attempting to introduce the TSA policy by former president Jonathan, Social Impact Assessment (SIM) was conducted by the former minister of finance Dr. Ngozi Okonjo Iweala, and it was discovered that the full implementation of the TSA policy could create shock waves in the system that would unhinge the economy and result in distress in the banks, financial institutions which would lead to mass sacking of staff and could cascade down the line to closure of businesses as currently being witnessed.
To avoid such calamitous consequences, the Harvard and MIT trained economist Dr. Ngozi Okonjo Iweala advised former president Jonathan to implement the TSA in phases as full implementation could lead to economic disaster. Dr. Iweala further advised that a stage by stage mopping up of funds off bank vaults in small doses would be more tolerable, than one full swoop, which is the method adopted by this government and the economy ended up in a RECESSION.
Unfortunately for former president Jonathan, he was voted out of power before the implementation of the stage by stage TSA policy. Muhammadu Buhari became the president of Nigeria, and without a blink ordered the full implementation of the TSA policy throwing caution in the wind. His finance minister Kemi Adeosun who should have advised president Buhari of the consequences of fully implementing the TSA policy in a distressed economy keep her lips shut and followed president Buhari's order like a chick following a mother hen. The APC wasn't helping matter as they began a fresh propaganda lying that the past administration had no political will to implement the TSA, million of their mob supporters bought into this lie and ran with it without pausing to ask questions.
Now, why didn't the finance minister Kemi Adeosun conduct a social impact assessment before the implementation of the TSA, so she could better advise president Buhari, who probably doesn't know the elementary economy? Is it that Kemi Adeosun didn't know, as an economist and minister of finance, that the closure of 17 thousand bank accounts and the mopping of a whooping 3 trillion naira from the system to the CBN will adversely affect the liquidity in the system thereby leading to a recession?
What is 3 trillion naira doing in the CBN when we are facing facing a serious monetary and liquidity problem? Why mopped 3 trillion naira out of the system (in a distressed economy) in an attempt to fight corruption and rendered it redundant in a CBN account without no immediate economic plan to use it to revitalize the economy?
No doubt the TSA addressed the immediate challenge of corruption in the public sector, but in the process created the problem of economic paralysis (recession) that Nigerians are currently grappling with.
Nigeria's economy would not have gone into a recession, irrespective of the drop in oil price, if the finance minister Kemi Adeosun had thought of a monetary policy to sustain liquidity in the system while implementing the TSA.
Today, lack of liquidity caused by the full implementation of the TSA by Buhari's administration combined with high foreign exchange has shut down 275 companies, and caused the lost of over 4 million jobs.
No thanks to president Buhari and the finance minister Kemi Adeosun.

Mono economy drive Nigeria into recession simple as a b c. Just look into your room and ask yourself how many of everything you see are made in Nigeria?

The person that wrote this trash is an international award winning fu! . seun is not every thing you should post because this is a very big, bad and worst misinformation. TSA is not responsible for the recession, No money is lying dormant in the CBN. TSA is just a chanel instead of having multiple fake FG account. The sudden drop in government revenue with lack of savings is responsible for the wahala, no nation will survive when over 60% of its revenue source is not functioning couple with less savings. FG is looking for money to pump into the economy but that cash could only be available by concessioning and sales of FG properties and increase in oil output. if The NDA stay calm like this by december we will get positive growt. Listen to minister of national planning on Channels tv today on sunrise daily. all the necessary question needed to be asked were asked and answers were giving acordinly.

oyegbe:
The person that wrote this trash is an international award winning fu! . seun is not every thing you should post because this is a very big, bad and worst misinformation. TSA is not responsible for the recession, No money is lying dormant in the CBN. TSA is just a chanel instead of having multiple fake FG account. The sudden drop in government revenue with lack of savings is responsible for the wahala, no nation will survive when over 60% of its revenue source is not functioning couple with less savings. FG is looking for money to pump into the economy but that cash could only be available by concessioning and sales of FG properties and increase in oil output. if The NDA stay calm like this by december we will get positive growt. Listen to minister of national planning on Channels tv today on sunrise daily. all the necessary question needed to be asked were asked and answers were giving acordinly.

afonja

The writer of this article is an ignoramus.

Stop attacking people's opinion ......if you don't like their perspective, then write yours

AZeD1:
The writer of this article is an ignoramus.

Its 2 things

Sudden full implimentation of TSA & FX restrictions.

Those are main reasons we are in this sh*t today.
It's gone too far and to complicated that even a reverse of those policies now may do no good. Its nw a complicated mess.

They were jst stubborn and clueless!

The following are the reasons that drove Nigeria into recession.

1- An import Oriented Economy where 90% of what we consume in Nigeria is either made in China or United States. Let me tell you one secret, all the developed countries you can think of today, has a vibrant and functional real sector which can also be called manufacturing.

Manufacturing in the sense that those countries don't plant Coco or extracts crude oil and export, instead their manufacturering sectors turn Coco into chocolate, beverages among other things, turn Crude Oil into pms, diseil, gas, engine Oil etc. And they sell this products to their citizen and export the rest to get foreign exchange.

Let me give you and illustrations on how manufacturers builds the economy using a car. For you to manufacture a car, you need about a million component, and in the process of getting those part, you need sub contractor that will supply you those parts. For those subcontractors to functions effectively, they need raw materials like steel, rubbers, iron woods, which will pass through various process in the manufacturing process.

For that car to be produced, the car manufacturer and it's subcontractors will needs skilled labourer such as welder, technicians, engineers. The list is endless. After the successful production of the car, some will be sold in the local market and the rest will be exported thereby gaining foreign exchange. Suppose Nigeria produce all private and commercial Aircraft, Merchant Ship and Yacht, all the Toyota others brands we use in this country, all your electronics and gadgets including kitchen utensil etc don't you think jobs will be more than sufficient. And TSA will be the least of our problems


Now from the above illustration, imagine if Nigeria produce about just 50% of what we consume, it will have a huge multiplier effects on the following,
High standard of living
Enough jobs that will go round with good salaries
Increase GDP.
The list is not exhaustive

2 the little income we were able to get from the export of crude oil and other agricultural products, IA not been used to develop the Nigeria State rather it been looted by the privilege few. For example, a recent report says Nigeria earn about 215 billions from crude oil within the last five years.

Now the question is what can the government says it achieved with that income. Tell me the sector in Nigeria you can says is operating at the acceptable international standard.

Mr Op, this is the primary reason for our recession and not any TSA and the least we can do is to either support the present administration or disagree with her policy by offering a superior argument.

Peace Out

TrueSenator:
Stop attacking people's opinion ......if you don't like their perspective, then write yours

If I say Buhari is a woman, you can call it my opinion but it's stupid and I should be told.

oyegbe:
The person that wrote this trash is an international award winning fu! . seun is not every thing you should post because this is a very big, bad and worst misinformation. TSA is not responsible for the recession, No money is lying dormant in the CBN. TSA is just a chanel instead of having multiple fake FG account. [b]The sudden drop in government revenue with lack of savings is responsible for the wahala, no nation will survive when over 60% of its revenue source is not functioning couple with less savings. [/b]FG is looking for money to pump into the economy but that cash could only be available by concessioning and sales of FG properties and increase in oil output. if The NDA stay calm like this by december we will get positive growt. Listen to minister of national planning on Channels tv today on sunrise daily. all the necessary question needed to be asked were asked and answers were giving acordinly.

This view is popular but quite naive. Most of the drop in oil price occured in the second and first halves of 2014 and 2015 respectively. Most Nigerians will tell you that whilst things were hard then, they have gotten significantly worse today. GDP growth was 3.86% in the first quarter of 2015 (when oil prices had falled 50%) but -0.36% in the first quarter of 2016.

This suggests that the factors explaining the recent plunge in growth are not simply oil related. Nigeria is not the only commodity dependent state in the world (almost all African countries are). But with the exception of countries like Venezuela, which in any case was in recession as far back as 2013, Nigeria stands apart in the speed with which its currency and economy has collapsed.

Another thing I have noticed is the way people conflate the fall in oil prices with the government's spending power. The government depends on oil for 60-70% of its income - a 50% fall in oil prices will equate to 30-35% drop in oil dollar income. But here is what people forget - the Nigerian government's spending is largely on recurrent expenditure and is largely naira denominated and should not be dramatically affected by a loss of dollar income. I will use a much simplified example for illustration:

Supposing the government has oil revenues of $30bn from oil prices of $100 p/b - at N160 to $1, this will equate to N4.8 trillion. If oil prices fall to $40 p/b but the naira depreciates to N400 to $1 - assuming oil revenues of $12bn (i.e., 40% of $30bn), the domestic spending power will be N4.8 trillion. Of course, inflation erodes the actual purchasing power of money but most government spending going back to the GEJ era has been on recurrent expenditure - things like wages and debt servicing - which are largely unaffected by inflation. This government didn't help matters also by fixing the exchange rate but this is self-inflicted misery.

Remember also that the government's budget this year is the largest in Naira terms, fuelled by borrowing. We are also led to believe that the previous government was stealing with reckless abandon which is no longer the case today. All these should have cushioned the effect of the fall in dollar income.

The reality is that those who just mouth off about the government's income falling by 60% are being disingenous.

AZeD1:

If I say Buhari is a woman, you can call it my opinion but it's stupid and I should be told.

you will rather be given the evidences of why buhari is a man and not a woman

OP,the summary of all these is that Buhari doesn't know and he surrounded himself with people who don't know too...

OP, you are wrong and you also skipped over economics 101.


1. We are in a recession simply because of low oil prices, low earnings and low foreign reserves to cushion the damaging effects of global economic crises and low price of oil.

2. Okonjo the finance minister and economic coordinator told us back in 2014 when oil was selling for $80 to get ready for recession and PMB was not even the president and way way before the 2014 elections because she new our reserve was depleted and there was no money to cushion the effects of low price of oil which was fast dropping.

3. She also told us in 2013 and 2014 to get ready to suffer, get ready for recession and austerity way way before PMB as the president of Nigeria and also way way before the 2015 elections..

4. She was borrowing over half a trillion Naira yearly to pay salaries when oil was selling for $80 for one single reason and that reason is Nigeria was already totally broke and already in a recession and announcing recession in 2016 was just a formality..

5. when you are broke and borrowing to pay salary and saw recession coming when oil was selling for $80, what exactly do you expect in 2016 with oil selling for $30? A great economy or the actual recession, austerity and suffering okonjo asked us to get ready for when oil was selling for $80?





https://www.youtube.com/watch?v=ltrsjqTE_p8

In the above video, Okonjo herself explained in clear economic terms her failure and the reason why we are in a recession and it has nothing to do with PMB, PMB can only do so much with whatever we have left on the table.


She said under OBJ and in her first run as the finance minister, they saved a lot of money that helped Nigeria weather the storm in previous economic crises, buit during her second run under Jonathan from 2011 - 2015, they filed to save because they lacked the guts and political will to save for rainy days hence the reason why we are in this situation.

We don't have any magic or formula on the table to save us from recession because it was inevitable and we did not have any reserve to weather it as okonojo explained.

This present administration have to make strategic decisions where and what to spend our scarce reserves and it really doesn't matter what we do, somebody and some sectors are going to feel the pain. PERIOD.

The dulard was supposed to implement the TSA in phases..or 50% of the fund goes into TSA while 50% remains with the agencies...but NO, oga President Buhari will not think...
And we have melu-melus here clapping for the man..

Even the goats are angry with buhari

oyegbe:
The person that wrote this trash is an international award winning fu! . seun is not every thing you should post because this is a very big, bad and worst misinformation. TSA is not responsible for the recession, No money is lying dormant in the CBN. TSA is just a chanel instead of having multiple fake FG account. The sudden drop in government revenue with lack of savings is responsible for the wahala, no nation will survive when over 60% of its revenue source is not functioning couple with less savings. FG is looking for money to pump into the economy but that cash could only be available by concessioning and sales of FG properties and increase in oil output. if The NDA stay calm like this by december we will get positive growt. Listen to minister of national planning on Channels tv today on sunrise daily. all the necessary question needed to be asked were asked and answers were giving acordinly.

The money through the TSA is it with the CBN or Banks.

If CBN, is the money through the TSA dormat or active and who is using the money.?

too late


sai bubu don ruin nijera

Now, I feel Nigerians now argue sensibly rather than the normal APC and pdp stupidity.

We will bounce back. The Nigerian spirit is a spirit of resilience. We will feel the waves now, but we will still get back on track.

AZeD1:

If I say Buhari is a woman, you can call it my opinion but it's stupid and I should be told.

Calling Buhari a woman is an insult to womanhood.

Be warned.

TSA was the best policy in Nigeria. If it caused recession then indeed maybe knowledge able people were correct when they say recession is not always a bad thing.

TSA was the reason why budgets were not working. It is probably the reason why capital budget performance was just 15 percent during Jonathan 's time.So.. roads, bridges and power infrastructure were not built because it was better to keep money in the bank earning fake interest.

It is a psychological profile thing. Anybody who prefers staticity to progress might prefer the pre-TSA, if you want the banking sector not grow and evolve you might prefer pre-TSA, if you prefer systemic corruption and occasional hyper inflation you might prefer pre-TSA.

However if you want Nigeria's REAL growth you would be pro TSA.

It is low IQ to say Ngozi Iweala did not implement TSA because of professional accomplishments and education that made her realise it's negative effects. Bullshit.
Please don't spoil this woman's record with crude, parochial Nigerian thinking. This woman has a profession and global peers who measured her performance all the way. There is no sane developing country where money for development is kept through out the year in a bank earning interest for a corrupt few.
What rubbish are people saying?. Money is just fucking paper ...it is the development it brings that is tangible.

Iweala would have implementatEd it in exactly the same way Buhari did althoigh i already blame her for not keeping Jonathan and PDP in check thorough out her second coming.

Keeping money in commercial banks and hiding it away from.government view and sequestering whole portions of the budget in secret accounts to earm intetest that would be stolen for a few people was a Nigerian practice known to IMF and world Bank since 1999. A developing country doing that is destroying itself..

DDeliverer:
The dulard was supposed to implement the TSA in phases..or 50% of the fund goes into TSA while 50% remains with the agencies...but NO, oga President Buhari will not think...
And we have melu-melus here clapping for the man..

Your parents are the dullards.
You are born victims of a corrupt system and you are too generationally stupid to understand anything.
First of all TSA is the best thing to happen to the economy. Money for development and infrastructure will now go to infrastructure.

You may not realise it but TSA is the only legal way to handle FG money as provided in the construction.

Something more serious.
Nigerians are very stupid people. It is a LIE to say TSA caused recession. It is hype. Please get out a sheet of paper and work it out. THINK about it instead of following hype. All monies in TSA is sequestered in CBN, this money is Naira that eventually goes into the system anyway. It eventually ends up in commercial banks anyway.

The oil market, corruption and our import dependence are the reasons for the recession. The oil.price crash is the single most important of those three.

Anybody telling you TSA is the cause of recession is a cowardly PDP supporter or Buhari hater doing passive aggressive actions against the FG bevause their party lost. If we did not do TSA, the recession would have been just as worse as we have now. The banks are still existing because CBN naira still flows into them regardless of TSA only now they are forced to be an engine of growth by lending to productive sectors of the economy instead of importers.

O

homosapien:
The following are the reasons that drove Nigeria into recession.

1- An import Oriented Economy where 90% of what we consume in Nigeria is either made in China or United States. Let me tell you one secret, all the developed countries you can think of today, has a vibrant and functional real sector which can also be called manufacturing.

Manufacturing in the sense that those countries don't plant Coco or extracts crude oil and export, instead their manufacturering sectors turn Coco into chocolate, beverages among other things, turn Crude Oil into pms, diseil, gas, engine Oil etc. And they sell this products to their citizen and export the rest to get foreign exchange.

Let me give you and illustrations on how manufacturers builds the economy using a car. For you to manufacture a car, you need about a million component, and in the process of getting those part, you need sub contractor that will supply you those parts. For those subcontractors to functions effectively, they need raw materials like steel, rubbers, iron woods, which will pass through various process in the manufacturing process.

For that car to be produced, the car manufacturer and it's subcontractors will needs skilled labourer such as welder, technicians, engineers. The list is endless. After the successful production of the car, some will be sold in the local market and the rest will be exported thereby gaining foreign exchange. Suppose Nigeria produce all private and commercial Aircraft, Merchant Ship and Yacht, all the Toyota others brands we use in this country, all your electronics and gadgets including kitchen utensil etc don't you think jobs will be more than sufficient. And TSA will be the least of our problems


Now from the above illustration, imagine if Nigeria produce about just 50% of what we consume, it will have a huge multiplier effects on the following,
High standard of living
Enough jobs that will go round with good salaries
Increase GDP.
The list is not exhaustive

2 the little income we were able to get from the export of crude oil and other agricultural products, IA not been used to develop the Nigeria State rather it been looted by the privilege few. For example, a recent report says Nigeria earn about 215 billions from crude oil within the last five years.

Now the question is what can the government says it achieved with that income. Tell me the sector in Nigeria you can says is operating at the acceptable international standard.

Mr Op, this is the primary reason for our recession and not any TSA and the least we can do is to either support the present administration or disagree with her policy by offering a superior argument.

Peace Out

You are too dull.

All your points quoted has been occurring before 1990. We have been an import country since many years ago. Are you new in Nigeria.

The government is clueless.

To me, it is not only the TSA. His utterances also.

vincent10:


You are too dull.

All your points quoted has been occurring before 1990. We have been an import country since many years ago. Are you new in Nigeria.

The government is clueless.

Are you so filled with hatred for buhari ad APC that when you see a detailed explanation like the one you just quoted, you throw it away and shout dullard.

Bro i have no party affiliation, pdp was a corrupt power filled party but they made some good policies and decison, apc have been disaster in their less than 2 years in power but they have some good points going for them as well.

My point is be objective, the op had some points likewise the guy that broke everything down for you.

From My own conclusion, TSA did not singlehandedly lead us to recession but a contributing factor, as well as poor dollar to naira exchange rate which is as a result of fall in oil price.

Hmmmm,wen d leaders of tomorrow are lik dis,wat do u expect of d tomorrow.we youth in nigeria are something else,all we are good @ is to blame and talk and talk shit.people need to know more about economy b4 saying things.ask sanusi,okonjo,soludo,there know recession is on its way to nigeria some years back

Krismart, your name shld be kridull..

TSA is the cause of your recession?

Was this because ur Almighty foolish Twitter senator said so?

You to come come like a smartass, weaving all forms of rubbish, trying to make is sensible..

Chai, we don suffer..

TSA us lke a joint acct where all govt offices must put their money in.

TSA doesn't allow u spend money without guide and real reasons because u gotto inform them of why and how you spent the money u withdrew!

So, TSA caused our dependency on oil as the main bringer of revenue?

Krismart, sorry, kridull...

Look at u

dis is well known to economist dat d moping up of funds in one swoop slowed down economic activities. it was one of d major reasons banks stopped lending funds for businesses. n d dullard have d audacity to claim tsa saying GEJ did not have d political will to implement it. buari dullard is a socialist.

oyegbe:
The person that wrote this trash is an international award winning fu! . seun is not every thing you should post because this is a very big, bad and worst misinformation. TSA is not responsible for the recession, No money is lying dormant in the CBN. TSA is just a chanel instead of having multiple fake FG account. The sudden drop in government revenue with lack of savings is responsible for the wahala, no nation will survive when over 60% of its revenue source is not functioning couple with less savings. FG is looking for money to pump into the economy but that cash could only be available by concessioning and sales of FG properties and increase in oil output. if The NDA stay calm like this by december we will get positive growt. Listen to minister of national planning on Channels tv today on sunrise daily. all the necessary question needed to be asked were asked and answers were giving acordinly.

Even you that's insulting the writer of the ops rather than offering sound argument, doesn't understand the real Meaning of RECESSION. Just go and read the meaning of Recession and compare with the alleged indices and factors that led to recession then you will be better informed on what to say, than pouring out insult, which has become a tradition in Nairaland.

auxyn1:
Its 2 things

Sudden full implimentation of TSA & FX restrictions.

Those are main reasons we are in this sh*t today.
It's gone too far and to complicated that even a reverse of those policies now may do no good. Its nw a complicated mess.

They were jst stubborn and clueless!

wat d dullard did with d economy especially his useless fx restriction can never be reversed except he becomes a magician n build car, refineries trucks, phone, tv/radio manufacturing plants in one month. d dullard was warned by soludo, imf, the economist, bloomberg, even sanusi n ezekwesilli warned him about forex restrictions early in d year but d dullard refused to hear. now d economy is in recession tanks to his daura policies.