How Nigerian govt caused economic recession — Emir Sanusi

Muhammad Sanusi II
Muhammad Sanusi II

The Emir of Kano, Muhammadu Sanusi, on August 24, warned President Muhammadu Buhari to avoid repeating the mistakes made by former President Goodluck Jonathan so his administration does not end up in infamy like that of his predecessor.

The former governor of the Central Bank of Nigeria also warned the government against continuing to blame previous administrations for the nation’s woes, saying what was important was for the administration to concentrate on putting the nation back on the path of progress.

He gave the warning while delivering a paper entitled, “Nigeria In Search Of New Growth model” at the 15th meeting of the Joint Planning Board and National Council on Development Planning.

The Emir also spoke extensively on the nation’s economic recession.

Here is his full speech at the event:  

First of all, I want to break from tradition. Usually I speak in Hausa in Kano. But, I don’t know how I am going to make an economic presentation in Hausa to 36 states’ commissioners and have someone translate it into English. To avoid things being lost in translation, I will speak in the language of economics.

Let me start by saying congratulations to you minister. This is the first time I am meeting you in an official function since your appointment, and to tell you in public what I have always said in private; that you are one of the sisters I remain extremely proud of your work. I wish you all the best in these challenging times.

I have always told people that Dr. Shamsuddeen Usman, my teacher, (I don’t know if he is an ex or former minister, multiple times) taught me microeconomics. So, he takes a lot of the credits, and none of the blames, for what I have become.

Ladies and gentlemen, I was not given a specific topic to talk on. But, because the concern today is the concern about the recession Nigeria is in technically, and also because it is a meeting of Planning and Budget Ministers, I thought I will do a proper economic presentation and put down my thoughts on where I think we are; why I think we are where we are, and what I think we need to do to get out of this.

I am sure there will be many other presentations specifically on what a state can do to raise revenues and so on. But, having an overarching view of economic policy, and where we may or may not have done wrong, or what the key drivers of growth should be for the Nigerian economy are things I thought we should talk about at this session.

So, I call this presentation, Nigeria: The Search For A New Growth Model.

I will start by going back to the past, not just Nigeria, but Africa. Let’s ask ourselves what were the key drivers of growth in Africa, and what has changed since this golden decade Africa had.

Africa Golden Decade was basically the decade of the 2000s. Africa moved from the previous decade, where it was a hopeless continent, to a new decade that we have one type lifting all story of Africa rising.

This rise in Africa across the world was one of stories of sadness, poverty, famine and hunger to a continent that was full of potentials; where there were opportunities for investments; where capital markets were booming.

All of a sudden people heard countries like Nigeria, Kenya, Ethiopia, Ghana, etc. when previously these were supposed to be a basket case in the world.

The first pillar of this growth was clearly shifting terms of trade, which as we all know in developing economics, can be a mirage.

You can’t have improving terms of trade when you are exporting commodities over short periods of a cycle. But, we know as far back as the 1950s, from the Latin American structure economics, that over the long term, any economy that specialises in exporting primary products and importing manufactures would end up having terms of trade shifting against it. You can have a temporary boost, but If you don’t use that boost to have a structural adjustment that would make for prudent management of the economy, you would be courting trouble.

By 2008, one barrel of oil would buy you one Sanyo flip telephone as against 19 barrels of oil to buy the same phone earlier. That gives an idea how well the terms of trade have shifted.

We had an oil price of $10 a barrel in the time of Babangida. At one point under Obasanjo, it rose to $140 a barrel. This was a time of rapidly improving technology, cheaper manufactured products and therefore our oil could technically import us much more.

This process was not common across all of Africa, because we are aware of other African economies that grew, and certainly it was not just one pillar. Let’s go to the second pillar of growth in Africa in that decade, which was debt.

Between 2002 and 2008, the levels of debt to GDP (gross domestic product) in African countries and what they became after the Paris Club, HIPC debt reliefs and so on. Nigeria was at 50 per cent debt to GDP and came down to literally 5 per cent or so.

This happened across all Africa in the form of debt forgiveness, debt relief, debt restructuring and so on. What this did was that it freed up government balance sheets and in that decade of Africa rising, the countries went back on a borrowing binge.

Nigeria kept borrowing, not externally, but internally. I think our external debt was just about $8 billion on the balance sheet. But, the Naira indebtedness of the Nigerian government, we were spending over 30 per cent (maybe 40 per cent now) of every Naira earned just servicing debts.

That’s what you have. Nobody was noticing it. We have written off the debts, and then we kept building it up bit by bit. And when you look at where that debt was going into, you will see why, or part of the answer to the problem we are having.

So, we have these two pillars – rising commodities prices, and we monetise oil revenue, we will be able spend money. We were able to borrow because the balance sheets could accommodate more debts.

Where did all these debts go? Did it go to roads, power, refineries, or infrastructure? No. The new borrowings were simply recycled into much higher recurrent expenditures. What that did was that it helped sustain a consumption boom. And GDP was growing, largely driven by consumption spending.

If you look at public sector wage bills in real terms, Nigeria, Ghana, Ethiopia and Kenya, you will see it was rising significantly from 2005 to 2014.

In Nigeria, for example, our public sector wage bill went up from N443 billion in 2005 to N1.7 trillion in 2012.

In 2010, the government increased minimum wage to N18,000. I was at the Central Bank, I protested and protested. They had an election coming, they increased the minimum wage N18,000 and basically borrowed money to pay.

In 2012, as governor of Central Bank, I said this was an unsustainable wage bill. We needed to reduce the size of the public service. My own government minister came out to say that was the (CBN) governor’s personal opinion. In fact, she said the government wanted to employ more people. And this is the result.

I am serious. Sometimes I don’t bother. I’m never going to change. I’m never going to be political. I’m never going to stand here and tell people what they want to hear.

The problem is that there is nothing that we are facing today that we did not know would happen. That is the truth. We made mistakes. Many of them deliberate. We ignored every single word that pointed otherwise. Economics is a science. It is not a perfect science. But, over decades and decades and centuries, people have seen that there are certain things that, when you do, will lead to certain consequences.

If you take a brand new car and give a driver who doesn’t have a license to drive it and you have an accident, you really can’t say you were surprised, unless you are some kind of idiot.

We knew that this was going to happen. You can’t just keep borrowing money and paying salaries, not building roads, not improving power and think this will not happen.

We will see the per capita investment development in Nigeria and per capita results we are getting. These were all from a resource in an enclave economy.

And not so that we are not always blaming the previous administration, we have also made mistakes in this administration.

We have started retracing our steps. But, we have to retrace those steps. And if we fall into the same hole that we fell into the last time, where the government is always right.

When the minister is there, you tell them, “You know, Hon. Minister, Nigeria is very lucky to have you in office.” No! You tell the minister that you are doing well, but, you know there are these areas that you must change. If a policy is wrong, it is wrong. Nothing will make it right. And it has to be changed.

So, this is what we did. Look at real sector wages. It was not just Nigeria, it was all over Africa. Look at sovereign debt fuelling growth.

If you take the example of an individual. You happen to know bank MDs and you can make a few phone calls and get loans. You borrow N1 billion here today and build a very nice mansion in Abuja. You borrow another N1 billion and let your family go out on first class ticket as you are travelling all over the world. You borrow another N5 to N6 billion and buy a private jet.

We have very many people in Nigeria who you think are very rich. But, who are really bankrupt, because everything about them are being financed by bank debts. When one debt matures, they have enough connections to call another bank, borrow and refinance that debt. They are not earning anything. They have private jets. They have yachts. Their families travel first class. They go abroad and stay in the most expensive hotels. It happens. And it is happening today.

What do you think of those people? When you think about such people, do you think they are foolish people? Or do you think they are wise people? So, what would you say of a country that does this?

So, you feel growth by borrowing money, pay salaries, people spend money on pure consumption spending, nothing is produced. It’s fine. It’s short term. But, it is not sustainable. How much can you continue to borrow and consume without producing?

And the funny thing is, you did not have to stop borrowing. All you had to do was borrow the right amount and apply them to the right purposes. It doesn’t matter whether they were consumption spending or investment demand, GDP will grow. So, make a choice.

As a country, we made a choice. We wanted votes, popularity or palliatives, so long as people are getting high minimum wage, we keep quiet about all other things that were happening in the economy that we should be talking about.

That was the relationship between public debts and GDP growth.

Today, we are in a new reality. This is what they call the new normal in Africa. And we have a two speed Africa. If we look at the new IMF World outlook, you will see something interesting. Non-commodity Africa will be the fastest growing part of the world, even higher than emerging Asia, whereas commodities Africa (countries like Nigeria and Angola) are among the lowest growing parts of the world, at the rate of Europe and Latin America. And we can’t explain why.

But, think of a country like Ethiopia and then Meles Zenawi, the late Prime Minister. Ethiopia keeps growing year after year at 11-12 per cent. And what did Meles do? The simple things we have been saying for decades and decades and decades. This is a country that came out of a war, remember?

It’s facing insecurities; got Eritrea and other countries that do not like it around it. I’ll give two examples. Coffee. It originated from Ethiopia in the world. But, Ethiopian farmers, before Meles, would get 10 per cent of the value of coffee from their crops.

They would just produce the coffee and sell to companies, and the companies will take their coffee into Latin America and have it improved and dried and and packaged. And Zenawi just asked: “Why can’t we produce coffee in Ethiopia that would go straight from Ethiopia to the coffee shops in Europe?”

And all sorts of responses came. “Well, you know your weather is good for growing coffee. You coffee is very good, but your farmers have bad farming practices.”

So he said: “Why don’t you teach them?” So, he got in touch with the IFC (International Finance Corporation), got a loan, organised Ethiopian coffee farmers into cooperatives, taught them how to grow the coffee, how to dry, prepare and package it.

Today, if you go to coffee shops in Europe and take a cup of coffee that came straight from Ethiopian farm. And Ethiopian farmers are now getting 70 per cent of the value of the coffee, from the former 10 per cent.

So, he tells Aliko Dangote, come and build a cement manufacturing plant here. I am going to give you electricity at three cent per kilowatt hour. For a cement manufacturer, that is all the incentive that you need.

So, Dangote goes, builds the most sophisticated cement plant in Ethiopia, gets electricity almost for nothing and cost of cement drops by 60 per cent.

The construction industries gets boosted. Roads are being built with cement. Jobs are created. And new industry has taken off.

He said to the Chinese, “I don’t like this your idea of coming to buy hides and skin and leather from Ethiopia and sell us shoes. Set up the factory here.”

Nigeria imports 3 million pairs of shoes per annum from China. Nobody knows how much duty they pay. I am not talking about expensive shoes. I am not talking about what you buy from Pierre Cardin, or Gucci. I am talking about shoes people wear on the streets. Shoes that can be bought here in Kano.

We can produce all the shoes, and school bags we want for primary and secondary schools children, millions and millions of pairs. No, we don’t. You know what we do, we export the wet blue and we import from shoes from China, and we have Chinese people coming here to take wet blue to China and bring back shoes.

We are just a very interesting country.

Every single thing we are talking about today about what we need to do have been said before. I have a document “Industrialization Potentials of Northern Nigeria under Ahmadu Bello, 1962.” There is nothing we are saying today that was not part of the industrial plan of Northern Nigeria in 1962.

We are clapping ourselves that after 50 years, we have learnt nothing. The whole industrialisation of Kano, starting from Bombay to Sharada to Challawa  had space on that plan.

These are very simple economic logic. You cannot continue doing the wrong things and expect to have the right result.

Since 1950s and 1960s, they understood what was the essence of colonialism. It was to come to these countries, take our raw materials, process them and sell us manufactured goods, and keep shifting the terms of trade against them, so you get richer at their expense.

They understood that independence was not about the flag, but about reversing that process. They understood it. We did not. And therefore they said we needed to stop exporting our cotton. We need to build textile industries. We need to stop exporting groundnuts.

Kano used to take pride in groundnut pyramids. I still have people who come to me and say: “You know, Emir, you must bring back those groundnut pyramids.”

But, I don’t build groundnut pyramids. I want oil mills. What am I doing with groundnut pyramids? They stopped exporting groundnut pyramids and build all these oil mills. We should stop exporting hides and skin. Huge multinational corporations that came to Nigeria, whose business was to buy hides and skin. A company like John Holt. In Hausa anyone who trades in skins is called ‘Dan Janho’.

It became a Hausa word, because this was a multinational whose duty was to just buy hides and skins and take to Europe to produce shoes for us to buy.

So, they said let us build our own factories and produce our own shoes and bags. It’s so bad in this country.

Tomato paste that our wives use in kitchens is imported from China. At best, it is packaged in Nigeria. Now, we have a paste factory 40 kilometres from Kano. That’s about the first. We cannot process tomato. We have to import tomato from China. It’s a very sad case.

A country of 170 million people last week Nigerians were celebrating, because we went to Rio and came back with one bronze medal. I saw Nigerians jumping. Somebody said at least we were on the medals table.

We don’t have ambitions as a nation. Some of these things are not just about numbers. It is about a mindset and a people and attitude.

Do we really love our country? Do we feel any shame when we say that Malaysia that came and took palm seeds from us is now exporting palm oil?  Palm oil is what Eastern Nigeria people eat. Now, we can’t produce it. Vegetable oil, groundnut oil.

I went to my friend’s house the other day in Lagos and they gave me Moringa tea in a nicely packaged tin. That is the thing that grows wildly here in the Northern part of the country. Somebody takes Moringa, puts it in a tin, packages it. I did not even know it was called Moringa until I took the tea. They packaged it and gave it an English name. I did not even know it again. It was after I drank it that I knew it was Zogale, as it is called in the local language.

If they had packaged it and called it Zogale, it would have been known as Zogale tea all over the world. Just like people know coffee from Ethiopia. But, now that it is called Moringa, a Hausa man does not know what Moringa is, and it is growing in his backyard. Then, he takes pound sterling to import Moringa tea. So, this is what Ethiopia did.

I will show you what countries like Kenya did, which we didn’t do, and therefore Nigeria is right there in the low band and non-commodities Africa is in the upper band.

What is it that works?

What is it that these non-commodities African countries have done that we have not done?

First, take a model that is investment-driven, rather than consumer or consumption-driven.

At the very top, you have Ethiopia, Uganda, Rwanda, Ghana, Kenya and Egypt. Those at the bottom are Angola and Nigeria.

And if you talk today in Africa, they will think Nigeria and Angola are the richest countries, because they are oil producing. But, the truth is that we are the worst performers, in terms of investments to GDP.

If you look at the other countries that do not have oil, look at what they have done.

If you have a high investment to GDP, you will deliver high growth that is also inclusive. If you continue working on consumption and rent-seeking model, your growth is not inclusive, which is why in Nigeria, you have, over the past two decades, increasing income distribution inequalities.

It is very easy to be very rich based on rent.

Again, we can always talk about the policies of previous administrations. We talk about oil subsidies that brought oil billionaires. But, we have also created our own billionaires since 2015 from foreign exchange subsidies. People are shaking their heads. They don’t seem to understand what I mean. Let me give an example.

I did not just become an Emir. Before then I was Governor of Central Bank. Before then, I was a bank MD. So, I have friends in the banking industry.

When the CBN was selling dollars at N197 and people were buying at N300, if I sit in my garden and make calls on the phone, I will have enough people to call in the industry to get me $10 million at official rate. Do you doubt it?

As a former MD, former governor of the CBN and what they now call a royal father? Think about. I sit in my garden and make a few phone calls, and get $10 million at N197 per dollar and sell at N300 to the dollar, I will make a profit of N1.03 billion.

If I do that four times in a year, for doing nothing, I would have had N4 billion. And people were telling us that this policy was to help the poor. We are not devaluing the Naira, because if we do the poor people would suffer. The people that were profiting from this were people that were telling the government that if it devalued the Naira people would suffer.

Meanwhile, they all got the dollars at N197 and priced their goods at N300 to the dollar. The poor paid the price of a devalued currency and the rich schemed off the profits. It went on for one year. We talked and talked and talked.

If this government continues to behave the way the last government behaved, we will end up where Jonathan ended. We may not like it. But, that is the truth. You have to listen. You don’t need to be an economist to know that any system that allows you to sit in your garden and with a telephone call make N1 billion without investing a kobo, that system is wrong.

It is unsustainable, no matter how positive you think about it.

So, the first thing I will like to say is that there are many voodoo economists parading around. And many of them are not economists. They are demagogues. They tell poor people, anyone that says devalue the Naira wants you to pay a high price. It is arithmetics. It is not economics. Many of the arguments I see in newspapers, sometimes I feel like writing back, and I will remember I am an Emir and I am not supposed to.

Even this one I am giving this lecture, maybe someone would say: “Emir, stop giving these kinds of lectures.”

That you have someone who writes what you call a brilliant economic paper, and he is telling you that if you devalue the currency prices would go up. Is that economics or arithmetics? It is arithmetics!

If you ask your boy in Primary 3, if the dollar costs N150 today, and tomorrow it costs N300, what would happen to prices? He will tell you prices will double. He can calculate. One times 300 is two times one times 150. That is not economics. That is arithmetics.

The economics of it is, these billions that are being schemed off by people who get official exchange rate, should you give the states their revenue.

For example, should you take dollars, for every $1 billion taken from the Federation Account and sold by the CBN at N200 to the dollar, the states were losing N100 billion that could have gone into salaries, agriculture, healthcare. Yet, the states were going to borrow from the same government on a bailout when the government was selling dollars cheaply to a small group of people. What kind of economy are we running?

Who is advising the government? I have asked that question before. I want to know so I can talk to the adviser.

We did not have money. Oil prices had collapsed. Niger Delta Avengers were blowing up oil wells. The scarce dollars we had, we were selling cheaply, subsidizing people. What was the argument? We need to promote manufacturing. Right? Thank you. But, what percentage of your GDP is manufacturing? Eight percent.

Let me ask you Commissioner, you are a manufacturer, you are able to secure $10 million from the Central Bank to import raw materials and produce goods, you spend N2 billion to get $10 million, and somebody says to you: “Listen, I will pay you N3 billion for this $10 million, so that you make a profit of 50 per cent for just doing nothing. Just buy the dollars and sell.”

Your option is to buy raw materials, establish a letter of credit, import raw materials, maintain generators, buy diesel, pay labour, produce your goods, take the risk you may not sell at a profit, transport it, or to make a profit margin of 10 per cent over a 120 term period, what would be your choice?

Would you import and manufacture? You have an automatic guaranteed 50 per cent return immediately for no labour. With this every manufacturer abandoned production and started looking for FOREX. I had people who would come to me or telephone me and book an appointment only to ask me: “Your Highness, I want you to help me get dollars.” They wanted to turn me into a dollar middleman. So, every manufacturer decided that he would get the dollar and sell, instead of buying raw materials and producing. So, what happens to production and employment? What do you end up with? A recession. And why are we surprised we are having a recession? We created it.

But, we did not call it recession. We called it demand management. People were using words they did not understand. You want to manage demand? Fine. You will manage demand for industrial raw materials, you are also managing industrial output. You manage demand into inputs to services and manage down service outputs. The result we have was the result that we were always going to get with sets of policies we put in place. And we don’t realise that we made those mistakes. I am glad it seems we have. But, we need to just come out and come clean. That is the best way. We have taken a few wrong steps. It was all done in good faith. We genuinely wanted help the poor people, that’s why we made those mistakes. Now, we are retracing our steps. Now we begin to talk.

Let’s look at the GDP against government spending. For Nigeria, from a base in 2005 to 2015, GDP has been rising nominally, driven largely by recurrent expenditure. If you looks closely, recurrent expenditure seems to spike on the eve of elections.

The economy has quadrupled in nominal terms since 2005. Our population has grown by 40 million since 2005, but capital expenditure has not changed. $0 million more people, but we don’t have more power, roads, schools, hospitals houses, etc. Where are these 40 million people going to be? The Niger Delta creeks and Sambisa Forests?

Our economy, at least in part, created terrorism by simply not creating the opportunities for these young people. If you think the Niger Delta or Boko Haram or other insurgents or something are the issue, let me give you another number.

We have over 160 million Nigerians today. The median age is 19. In the next 20 years, we are going to have at least 80 million Nigerian men and women between the ages of 20 and 40. Maybe in the next generation you can start doing something about it. You can start family planning or something. But, these ones have been born, and we have to prepare for them. Those of us who are alive now, we have to prepare for what we are going to do with these 80 million young people. We can’t kill them. And if we do not expand the earnings and production base of the economy through wise investment and very difficult, but appropriate decisions, we will end up in a classical Malthusian situation, where the resources cannot support the population and we start having wars and pestilence.

This is Rev. Thomas Max, one of the very first lessons you learn in EC101.

Look at the road ahead. You know this is all a combination of old sets of policies. There are times in the history of this country when we had it right. But, we didn’t continue.

A lot of the reforms done in the second term of Obasanjo laid the foundation for sustainable growth. But, then we kept going back and forth. And I am hoping that in here we are not like the ordinary innate Nigerian.

We do feel a level of shame at what we see. You have got your per capita nominal income – Angola, Botswana, Cote d’Ivoire, Egypt, Ethiopia, Ghana and Zambia.

Per capita income in Kenya is $1,388. In Nigeria, it is $2,943. So, on paper, Kenya is half as rich as Nigeria. So, how much is Kenya able to raise as tax revenue per capita? $232. How much was Nigeria raising in 2014-2015? $117. Now, how much was Kenya spending as development spend per citizen?  $129. How much was Nigeria spending? $17.

The research you see don’t just come out of nowhere. They are the direct consequence of deliberate policy decisions. If you choose to make it very profitable for people to produce fake bills of lading and claim fuel subsidy and build estates and private jets, we are never going to have refineries.

If you make it profitable for a Chinese man to come to Kano…. Now in Kano, the Chinese are doing tie and dye. Even the tie and dye pit that has been in Kano for about 600 years are at risk.

We have been talking about the protection of this industries. Minister of Planning, nobody has done anything you know. In the next 10 or 20 years, if people of Kano starts picking Chinese and throwing them into the dye pits, because they are importing simple dye, they took the technology from Kano, went to China and they will now be coming to ask the people the pattern that they want.

They come in, they bribe Customs, and because there is no way you can produce that thing in China and bring it and they sell and our industries are destroyed. The textile Industries in Kano are gone. The tanneries and leather industries are gone. A combination of a lack of electricity and infrastructure, lack of investments and very bad trade policies.

We have to go back to the drawing board. This is why this conference and the Ministry of Planning are the most important economic Ministry. I have always said that the Planning Minister is the most important Economic Minister.

Assuming that, one, he is able to produce a very good plan, and two, that the government listens to him. And this is why I thought instead of coming here to talk about just monetary and fiscal policy, I will talk about them.

But, let’s try to get into a mindset, where at the federal, states and local levels, we can actually look and see what we can do to change this things.

So, are we going to adopt an investment driven model? Now, we talked about the public sector, and public sector fundings, and when I come forward I will show you that for Planning Ministers, you need to think beyond what the government budget is. If you need to build a road, your job is not about whether you can raise enough taxes to build the road, it is whether you can fund that road.

With the combination of taxes, and debts and investment and whatever, that road needs to be built. It doesn’t have to come from the government’s balance sheet. Nobody says the government must fund every single thing that is development. This is where investment becomes important. We are not getting money from oil.

Our non-oil revenue is not rising fast enough. We talk about taxation, but there is a limit to how much you can tax a man who is not able to eat. And also, there is a limit to how much you can continue borrowing  in Naira. You know, we play with these numbers. When I was in the Central Bank, we say: “Oh! You know, our debt to GDP ratio was 25%, therefore it is nothing to worry about. It is not up to 70%. Your debt to GDP ratio is 20%, and you spend 30% of your revenue servicing debt. What does that tell you?

70% of your GDP does not generate government revenue. Agriculture is about 35%. How much tax does it pay? Wholesale and retail trade, how much tax does it pay?  You have a GDP where the tax is coming from the oil sector and telecom’s. That’s your government revenue base. And those sectors constitute maybe 30% of GDP. So, for all intents and purposes, gentlemen, if your debt to GDP ratio is  30%, and only 30% of your GDP is generating revenue, you are at 100%, until you broaden your tax base.

If you just look at debt to GDP ratio, there is no reason why the Nigerian government cannot borrow more than N2-3 trillion. But, let them borrow now. When are they going to pay?  You don’t pay debt from GDP. You service debt from revenue. Nobody talks about debt to revenue.

What’s the good news? It’s that Nigeria is not all about oil. I know we all think it is oil. But it is not!

Oil does not form even a critical part of our GDP, or our growth. Look at these numbers. That’s your GDP per capita.

The present value of your oil reserve in 2016, which was calculated based on 37.2 million barrels, $60 a barrel, production horizon of 40 years and discount rate of 12 per cent.

If you sold the entire oil reserves of Nigeria today, the proceeds will add only $1164 per head, compared to GDP per capita of  3000 in 2016.

So, those making noise about oil should stop making noise about ii. People should stop being afraid, because oil is not critical. It is just a working capital. We sell it.  We get the dollars that we use to import. If you can find another source of working capital, we can do without it. It is 15% of GDP.

When I was governor of Central Bank, the economy was growing at 37%. The oil sector was not adding anything to GDP growth. The growth was coming from agriculture, services and trade, which is also very revealing. If we are now saying we are in a recession, because of the collapse in oil price, we are not being sincere.

You can’t be in recession, because a sector that is 15% of your GDP has declined. What happened to agriculture, trade, services and health?

Something else to look at. This is the slide that got me sacked from my job. You know the truth will always be there and I like this power point presentations because the figures tell you more than a thousand words. These are our external accounts, now look at Nigeria and look at Kenya up there in the blue line. These are current accounts surpluses we have had from 2005 to 2014. Not even one oil price rise in 2014 did we have in our current account deposit. I think today, up to 2014 we have current accounts surpluses. Now, below there you have other investment assets, which will be your capital inflows. I mean your reserve, and you have something called net errors and omissions.

Look at 2014, the errors and omissions were about $20 billion, from about minus 5 to minus 35, about $30 billion actually. So, when you are an accountant and you produce accounts and errors and omissions that are 70% of the numbers, or 60%, what does that tell you?

These are national accounts published by the Central Bank of Nigeria and the Central Bank is telling Nigeria: “Look, all we know is that this is money that we think should be in the economy, but we cannot find it.” And people didn’t want me to talk. Now, we are hearing where the money went. All sorts of revelations that nobody thought where possible. Everyday they were captured in errors and omissions. Now, look at Kenya. They do have errors and omissions, but compare the errors and omissions bar to what they were able to account for.

5%, even 10%, is  acceptable. But when you cannot explain where 50% of your earnings went and the country continues and nobody is asking any questions, and even when you tell Nigerians that this is the thing, they will say: “Don’t mind the man.”

Look at that, so where do we have a problem? First of all, as you can see we have not been able to attract investments. All the other investment assets headed as errors and omissions had been headed out. Which means, the money went out and did not come back. Anything below the zero line represents money that went out of Nigeria and did not come back.

Anything above represents what came in on the net basis. Now, a country like Kenya was having huge trade deficit, and that’s why the blue lines are below zero, but is able to attract investment. And that’s all above the line and that’s why Kenya is growing. We earn the money, we don’t attract any kind of investments, apart from portfolio flows. How much investment do we have in the oil sector, roads, economy, agriculture, refineries. etc.?  When you talk to people, they will tell you this sectors are not profitable. But why are people investing in Kenya agriculture? Why are they investing in roads in South Africa? Why are they building bridges? Why are they investing in power plants in Ethiopia?

I am Chairman of a company called Black Rhino. By the way, I don’t have a kobo in that company, but I am a Chairman. This short man who owns black stone said to us: “Gentlemen, here is $5 billion to invest in power projects in Africa,  a joint venture with Dangote on a condition that for every $1billion you put in, Dangote puts in $1 billion, so we have $10 billion to invest.

We have projects in Ethiopia, Eritrea, and Kenya. I accepted to be Chairman on one condition only, that he will allow me to fix a power project in Kano. And he said: “If you can find a good power project in Kano, I am okay.”

Now, power companies are here trying to invest, negotiating. And what did we hear? One day some judge in a court sits down and says reverse the tariffs. I am here talking to someone in New York who cannot understand that a government can issue a power privatization plan; that investors can come in; that there is a regulator for power; that they looked at the numbers, looked at the cost of power, looked at what is cost recovery, agree on a tariff, announce that tariff, they bring in their money to invest on the basis of that and a court in the same country says this is illegal.

You know, for you sitting here and for Nigerians, this may not sound well, in fact people were saying yes! They are cheating us. But, what that one judgement does in terms of the signals to foreign investors is very disastrous.

There is no country in the world where a court had agreed to interfere with commercial transactions between the government and private investors that are in to attract investments. There is a contract!

The judge did not even say do not give this going forward. He said the ones that have been done is illegal, and you expect somebody now to bring in $3 billion to invest in power in Nigeria?

Knowing that you can tell him this is the tariff, and tomorrow your court can wake up and say the tariff is illegal? So, as planning ministers and commissioners, if you decide upfront that investment is important to you, the entire  system has to be searched, to make sure that these signals are not set.

Your Customs officers should know that okay, this is the duty; pay correct duty. Don’t add anything on top. It is the economy’s investment. If a man is entitled to 5 year visa for bringing some kind of investment, he will get it. He doesn’t need to know anybody in immigration.

The court should respect legal agreements. And the right incentives should be provided, and when you provide incentives, do not review. Every government comes in and the next thing you know, some businessmen comes to them and say: “Your previous government gave this one tax incentive and you start reviewing and reviewing. The next time you offer somebody your own incentive to invest, he will not come, because he believes that the next government will reverse it.”

If the government that has made the mistake is gone, you then offer your own set of incentives and make sure that they are transparent. If you offer somebody an incentive in cement, make sure that every cement manufacturer gets that incentive. Fine, its sectoral.

Assuming cement is important to you, if you offer an incentive for agriculture, make sure that everybody who meets those conditions should get those incentives, not just somebody who knows his way around Abuja. The farms are not in Abuja anyway.

You can see this. Basically, no investment has come in, and as you can see, I am building a consistent story that you have had growth model driven by commodities and consumption, which is your problem, and you now need to shift and you have a growth model that is driven by investment. And for this forum, it means you got to stop thinking so much about how much the government can spend, as in how much can we get into this economy.

Lagos has done very well. If I have money to invest, I will invest it in Lagos, because it is attracting investment. Lagos has realized a long time ago that the government cannot fund all it needs. And I just love what Lagos has done. The Lagos story is a story of what Nigeria can do with itself – transparency, consistency, regulations – and people can be rich. There is no problem if people can be rich while growing an economy. Nobody minds. But, in Nigeria people become rich when people are dying. Let’s take the Lagos story, and that’s why today Lagos state is 30% Nigerian non-oil GDP, and Lagos can do without oil.

Lagos can do without the rest of this country. So, we must not let Lagos go.

This country is better off with Lagos than with the Niger Delta. Let’s not make that mistake. We should be together as a country. Every part of the country is important. But, let us not be so obsessed by a resource, because we have had the commodity driven model, and we are blind to the potentials of an alternative model.

Lagos doesn’t need oil. What is oil anyway? It is a raw material. You don’t drink it. You need it to move your vehicles. Now, you have electricity. You need it to fill your generator. Now you have solar power, and biomass. The future of oil is not there. So, those few people who are trying to break up this country over oil, after sometime that oil will be worthless. You are better off being in a country that is based on this model. This is a country of the future, that is the past.

Exchange rate

Let me start by congratulating the government for making changes. Unfortunately, those changes were a bit late. But, the adjustment has been very severe.

My sense is that where we are today, the Naira is already undervalued. If you look at the real effective exchange rate, we are below the zero line. Basically, what this means is, if the Naira were to strengthen to about 9%, you will get exchange rate palliatives. So, you are not really under any more pressures for a devaluation. This is the nominal exchange rate adjusted for relative prices, and also adjusted for rates of our trading partners. So, on a trade basis, the Naira has gone from one of the most overvalued currencies when we were at N197 to the dollar, to the one that is undervalued. So, that adjustment has been made by the Central Bank. And what the Central Bank needs to do is just to allow this system to operate properly and stop panicking. You know, from what you can see here, even if the markets starts at N320, N340 or N350 to the dollar, if you allow it to operate, it will revalue itself and adjust.

What is causing the problem is all the sense that we are not entirely flexible, and sometimes wrong signals. After you have allowed the flexible markets, you act as if you really don’t believe in it.

These things don’t just work on fundamentals. I was in the Central Bank, the markets works on the basis of confidence and perception. There was a time speculators started hitting the market when I was with the Central Bank. The Kenyan Shilling got hit and got divided by 25%. Ghana got hit by 30%. South Africa got hit and they started heading towards Nigeria.  And I called an emergency monetary policy committee meeting jerked up the monetary policy rate (MPR) by 200 basis points, jacked up CRR (cash reserve ratio) by 400 basis points and declared that I will defend the currency. I didn’t have the money to defend the currency, but everybody believed me and they left me alone. The market works based on confidence. By the time you have taken over one bank, fire one bank MD, they will believe you when you make a threat. I made many threats as governor of the Central Bank that I never carried out. If banks messed up, I will say, I will remove you, and because I have removed bank MDs, they will say sorry sir. They fell in line. So, if you are going on a flexible exchange rate, have the nerves. You have produced a fantastic document, stick to it. You can’t be any worse than you were. You are in a recession anyway, so you are trying something different. So, try it and try it properly.

Real interest rates: Again, Central Bank has raised it and people have been attacking the Central Bank for raising the rates. Why? It’s not just about inflation. It is about stabilizing the currency, because the truth is that where we are today, the only way we are going to reverse this recession is to increase liquidity in the foreign exchange markets and reduce the gap between the official rate and the parallel market rate.And this is what I think the Central Bank needs to keep doing.

A flexible exchange rate regime and a positive real interest rate will combine to bridge that gap. Bring in the dollars that we need to finance imports, and those imports of raw materials are the things that will increase production, and that production is what will lead to growth.

I have been very critical of what the Central Bank has been doing since the beginning of this administration. I am very supportive  of the decisions it has taken in the last  few Monetary Policy Committee (MPC)  meetings, all that we ask is that they have produced a fantastic  document on foreign exchange rate they should do it.

On the treasury single account (TSA), they should just realize the difference between the dollars balance sheets and the Naira balance sheets, because I have seen this whole thing about banks being banned from foreign exchange markets for dollar TSA. The Naira balance sheets of banks is highly diversified. The government deposits may be 20% of deposits. Banks are financial intermediaries. They engage in what is called maturity transformation. They borrow money short term and loan for long term on their Naira balance sheets. They have this money coming every day – current accounts, savings and deposits. If you tell them to pay off government deposits, they pay off and send marketers out and raise money.

On the dollar balance sheets, Nigeria only raise dollar on oil sales. The IOCs (international oil companies) have their money in international banks. NNPC is the only provider of dollar money, and they have lent out that money. If you apply the same rules on the Naira balance sheet and dollar balance sheets, without looking at concentration risk, you bring the banks down. They have lent out these dollars. Look at the maturity of their assets. Give them time to pay back these dollars. For them to pay back these dollars, they have to find dollars elsewhere. Where are they going to find? Who is the other exporter, apart from oil. What do we export in Nigeria?

And that is the point. So, they need to be very careful. So long as you know where the money is, give them the time to sort out their assets and pay back. Don’t precipitate a banking crisis and this idea of banning banks from foreign exchange market.

In the history of this country, and Dr. Shamsudeen Usman knows that, very few banks have ever survived after being  banned from foreign exchange markets, because banks has lent money to customers who depend on import to produce. If banks can’t buy dollars for those customers, they can’t produce. They can’t pay back their debts. You build up non-performing loans. So, let us think through the consequences of some of these decisions that we take. But, apart from that, I am extremely supportive. I think the Central Bank is doing the right thing, and I think we should encourage them. I think the government should be given credit to say we are going to retrace our steps.

The government has said we are going to eliminate wasteful subsidies. I don’t want to go deep into this. I have been saying a lot about fuel subsidy since 2011-12.  We have seen everything. Just an interesting thing.  If you look at 2011-2012, in theory o, because I don’t believe it, we were importing about 60 million liters of premium motor spirit (PMS) every day. Now, we are down to a little above 30million liters every day, has our population gone down? Do we have fewer cars? Are we consuming less? All those numbers were fake.

Again, you can go back to the record 2011- 2012, I sat in front of the House of Representatives and made a presentation. I produced documents. I had documents that showed people claiming they had 15 vessels of 30,000 metric tons offloading in Lagos on the same day, and they were being paid subsidy based on those documents. People sat in their offices produced bills of lading,  bribed everybody from Customs to PPPRA (Petroleum Products Pricing Regulatory Agency)  to whatever and got money out. All they needed was a paper that says you have allocation, and based on that allocation they will go.

I am glad again that we are moving towards removing these subsidies. They are painful. Let me make that clear. If you have to pay more for fuel, it hurts, it bites. The truth is that no system is perfect. And the subsidy system benefited a very small groups of criminals much more than it benefited the poor people.

And if you are going to subsidies, please provide this subsidy in production. Provide cheap gas to power plants and set power prices to a level where they can make a profit without passing on high gas prices to customers. Reduce the cost of setting up a business. Reduce the tax burden on pioneer industries. Subsidize production. Do not subsidize consumption. Rather than give poor people subsidy on fuel that never gets to them, take that money and put it in their hands. We were spending $6 billion, $7billion per annum on fake subsidies. And where is that money today? It is all in private jets, private yacht, expensive jewelries, property abroad, that’s where it is. It is not in this economy. Its gone out. One number I will give you is that  Nigeria earned $16 billion from the oil sector  in 2011. I was the governor of Central Bank. We established LCs worth  $8billion for importing petroleum products  and spent another $8 billion in petroleum subsidy. Every dollar we earned from the oil sector went back to petroleum sector in 2011. Not one dollar went into education, roads, power. It went into importing fuel and  paying subsidy on imported fuel. The numbers are there. And if you look at that  town hall meeting that has been going on, on Channels TV I gave this number then. Not that this one I am saying will change anything o! I am just saying it. But, tomorrow if you invite me, you will hear.

Look at power generation. That is where we need to focus on. Let’s get the power reports back on track. Fantastic policy. Power was privatized. What happened?  People bought DISCOs (distribution companies), because they had connections. Dr. Usman was head of what was called the technical committee on privatization and commercialization in the 1980s. I know because as a Merchant Banker, I privatized Okomu. Okomu oil mill is still there. As a solid company, because when they were in TCPC, they have a process where you don’t just buy a company. If you say you are going to invest, they had a process of making sure that after you bought that company, you make those investments. They don’t just sell assets to you. Privatization is not just about selling assets to people, it is about making sure that they make the investment they are committed to making when they bought it. So, we have people who bought DISCOs who said they will invest, but they have not invested.

Land Registries. Lagos has done well, but you need to do more. In Lagos alone, you have 13 procedures to register land, according to World Land in Business Report.

It takes 77 days, 10% of your property value and  the quality of land  is 7 out of 30, compared to 22 in the OECD countries. Lagos has now moved up, they are merging all relevant laws into a single piece of legislation. The only reason why I am not praising Lagos is, because I want to see the result first. But, they have at least realized that this is a problem. And I hope all states would look at this.

Power and Land reforms are very important and having that data base is critical, especially for agriculture. Mark your land, give a C of O; let the farmer be able to use that land as collateral to borrow, or as security. Many of you had read Henandez  De Sotos’ The Mystery of Capitals. Land is capital. I have that big problem here in Kano, especially in the Muslim villages. A woman’s husband dies and leaves her a farm. She doesn’t farm. So, her husband takes  over the farm, he farms it, but that is her capital, and she gets no return on it. He uses her farm. He earns a living and he gives her chop money from her own money.

I am Chairman of a group call “Babbangona”. We are working on farmers trying to improve their yields, and I am having that problem, and I get to the district heads and say: “Look, get all Muslim women that own farms to sit with their husbands. This money that is being given for seeds, for fertilizer, for inputs is being given to the woman who owns the land.  If your husband wants to be the labourer, let him be. If he doesn’t, let her get someone else. You are the boss, because she owns the land.

If your husband is ready to farm for you for a fee, let him do it. Otherwise, we will find a farmer for you.”

So, this issue of land is crucial to addressing poverty, especially poverty among rural women. Many of them own lands being hijacked by their husbands and they remain poor.  And it is all cultural, but what I learn from “Tudun wada” is that the Christian woman has learned to farm and they come out to farm, because they love it.  But, the Muslim woman has been stopped from farming, but in the name of culture. What the men had done is that they have taken over their capital, and it’s not religion. And therefore, as leaders, we have to address this social issues as part of economic rejuvenation.

Trade Policy:  You know, I keep sounding like a broken record 2012 – 2012.

I wrote an article in the Financial Times in London in which I criticized China’s relationship with Africa. It was very controversial. I don’t know if you read it. But, if you google it, you will see it. Now, look at this. These are our trade with China. We are all importing from China. Those that export to China are exporting oil or solid minerals. China’s interest in Africa is not our development. America’s interest in Africa is not our development. Europe interest in Africa is not our developments. China’s interest is China’s developments. Likewise America and Europe. Please our government! Our interest should be Nigeria’s development.

If the Chinese are going to come back and set up textile factories in Nigeria and buy cotton from our farmers and employ Nigerian workers  and produce these textiles and sell to us, they are welcome. If they are going to produce textiles in Shanghai. Subsidize them. Bring them here.  Bribe our Customs Officers. Come to our markets and destroy our industries, we have to say no sir!

If China is lending us money, and we are going to pay back that money to import equipment from China, we should please check that those equipment are properly and transparently priced; that we cannot get them cheaper from another part of the world; and that they are of high quality. This idea that am lending you $1billion to buy rice mills from me, which you can get at half the price elsewhere, you have already paid interest  of 100%. If you don’t know it, the price is not a cheap loan.

Now, we go to these countries and we think there are no strings attached, especially at this time that the World Bank and the IMF and the Europeans are saying we want you to pursuit policies, China does not interfere. So, we are running to China, it is a good partner.

We must trade with China, India, Europe with America. I have nothing against any of them. What I want us to do is to sit on the table with them and negotiate trade agreements that protect our interest, because that is what they are doing and that is what every reasonable country in the world does.

So, I think we have talked about Fiscal Policy, Monetary policy, Trade and Industrial policy and if there is any message I have tried to send  is that we have a model.

Historically, that was driven by commodity growth, by consumer spending. We have a future that is based on investment that should come in. We need to move to an investment-driven model. We need to have some elements of state planning. We cannot just allow the market. The market will not put money in agriculture, refineries. So, you have to provide the incentive and lead capital so that’s where you are important and that what for me is the way forward.

So what’s the summary? The years of Africa rising where one child  could lift us up are behind us. Sustainable inclusive growth now depends on investment. Please every planning commissioner should remember that its investment.

The role government can play is now by getting appropriate market growth, and we said that you don’t have enough money. You have seen how much money you are raising per head. It is not much. Even if you move money from recurrent to capital expenditure, if the pull does not increase, it is not much. So, the government doesn’t have the pocket to do. If you got to look for private investments, local and foreign, to to do that, and you do that by having a corporate micro-policy and the government is getting it right, finally, and also creating a supportive business environment.

So, set excess rate to intensify it flows, eliminate subsidies, that has been done. Now, address failures in the power sector value chain, starting with the DISCOs, digitize state, land registries, prioritise public spending towards investment and protect infant industries.

Anybody who tells you not to protect your industries is deceiving you. Create a level playing field between the infant industries and the big ones. I am not saying go and protect everything, but they must be a way of ensuring through power, infrastructure, industrial plasters, research and technology, technical and vocational education and through appropriate trade and  tariff policies that critical policies are incubated before they are allowed to go out on the streets.

Thank you.

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  • Galantman

    This is what we expect from sincere responsible citizens, saying the truth as it is. It’s a complete departure from those who believe that the only way to express yourself is through heating the polity by tribal , ethnic, religious bias plus blackmail, intimidation,destruction of national assets and pure criminality. The Government should listen to the cries of its citizens and take immediate corrective measures. We are indeed in a critical economic quagmire, so all blame game should stop. What we need is quick fixes and long time solutions that will salvage this country . God bless Nigeria . We shall overcome

    • Dan Fulani

      You cannot declare resources in my backyard as your National asset. That is wicked and evil. You are listening to a former thief in CBN.

      • Galantman

        This is indeed a lazy statement coming from lazy people who spent the whole day drinking. Please provide imperial evidence/ proof of any efforts made by anybody right from ancient times in your generation for those natural resources to be there . Go to other parts of the country’s and see how people laboured from early morning till night to make ends meet. Wickedness is when you allow your muscles develop atrophy due to non utilization and your brain shut down because of easy money which Unfurtunately is no longer feasible.

        • delta K

          Ole go form your nation since you have thief like sanusi you regard as genius, take your eyes off niger delta oil

  • Sam

    Genius

    • delta K

      Genius what? Anu

  • Watch man

    “The problem is that there is nothing that we are facing today that we did not know would happen. That is the truth. We made mistakes. Many of them deliberate. We ignored every single word that pointed otherwise.”

    This above is not too far from my post elsewhere which I wish to re-post here:

    Bill Clinton came to Nigeria and told Nigerians that the solutions to Nigeria’s problems can be found within the country and reminded Nigerians that they alone can fix these problems.You see, the wicked, covetous, greedy and callous leaders/politicians of Nigeria (irrespective of party affiliation) are the real creators of Nigeria’s problems. They also know the solution but selfishness and greed would not allow them to fix the problem they created. They are only trying to manage the problems and not to find a lasting solution to it. So, Bill Clinton was right.Nigeria have some of the smartest
    brains in the world and the political criminals we have as leaders know how to harness these human resources for the gains of the country but they would not do that because of greed and selfishness.

    Now consider these: why would NFF hire a foreign coach that they would pay outrageously in dollars but are owing Siasia five months salary? Why would CBN keep interest rates at about 22% and yet crying about stimulating the economy? Look, fixing Nigeria’s home-grown problem is not rocket science. We have a bunch of unpatriotic leaders at the helm of affairs. Perhaps, the desired change will come when the electorate have been thoroughly pressured to breaking point; for now, docility is still on.

    • staaaaaaaaaaa

      thank you my brother. I wonder too. I dont know if buhari is not listening to sport. But it is the only mistake I have seen in this administration regarding the foreign coach issue. What magic can that man perform in 2 years, he will just collect money and find his way.

  • donMe$$i

    He should also publicly ‘advice’ buhari/APC to SACK workers(downsize) in 2019..before the elections.

    • staaaaaaaaaaa

      why not? Let buhari tell us the truth and let us start working at it. In anycase he has started to tell us the truth. at least he refused to fund nonsen importations. And that is all those corrupt traders are complaining. and the mumu masses dont understand the arguements.

  • farouk (mai tantabara)

    WHAT D HELL HAVE APC & SAI-BABA DONE TO THE NAIRA??
    $1 = N422?????
    DOES THAT SOUND LIKE THE N1 = $1 THEY PROMISED THE GULLIBLE??
    WHY MUST EVERYTHING APC/BABA TOUCH TURN TO ASHES???

  • smart G

    The truth is that business investors fear dictators. Despite the numerous trips of MB to foreign countries to prove to them that he is now a democrat. They still don’t trust him. See how he directs the policies…..He said no professor of economics had been able to prove to him that devaluation was a good option…

    • staaaaaaaaaaa

      rubbish. was chairman mao not a dictator? Was Rawlings not a dictator? Yet they succeeded because they had sincere motives. Jona motive was bad. so also ngozi. But let us move forward. Nigerians have to accept that they cant eat their cakes and have it. If you bloat up the civil service and govt have to burrow to pay salaries, then dont complain that there is no power, no good road, etc. let us help buhari to succeed becos it is our country.

  • Sylvanus Ikhide

    Wow! This is a compendium. Is someone listening? Your Highness, just one problem. Now we are in the heat of a currency crisis? It doesn’t matter any longer how we got here. Your spot-on analysis said it all. In our small corners we said it but no one listened. However, building your own factories, focusing on investment driven growth, State led planning using market mechanism all require foreign currency. Oil installations are still being bombed and whether we like it or not, this is the main source of foreign exchange. We all reasonably expect that with a government that is focused on infrastructural development as evidenced in capital expenditure spending in the past couple of months (as against recurrent expenditure in the past), government deficits will rise. Inflation will rise, interest rates might rise further, the exchange rate might take time to stabilise. Things will definitely get worse before they get better!What role do the traditional rulers including you have to play to calm nerves? How do we all ensure that this administration stays the course?

    • persona

      Great question, he has began by ensuring that religion is set aside up north to give way to the owners of the wealth and ensure that in the same space, Christian women farmers are working and a model is sent to the Muslim women land owners. The gradual back to work will ensure that everyone is first and foremost well fed and that reduces the anger against the FG. The next action is that FG must be transparent, goals of the policies must be communicated, they must listen to divergent views no matter how exaggerated and ensure that a feedback loop is in place. I personally doubt that any body would have given $10m in his hypothetical case via a phone call but if that were to happen, it sure means that the bankers are more corrupt than politicians likely.

  • alkali

    The corruption BUHARI sweeps under carpet: CENTRAL BANK audit result

    • ₦38.23billion developed legs and got missing in Central Bank under Sanusi Lamido Sanusi.
    • ₦160billion was taken by Sanusi Lamido at the Central Bank for self-determined spending.
    • ₦1.12billion
    was taken as spent by Sanusi Lamido on lunch for 12 CBN police guards
    in one year.
    • ₦1.12billion was taken in cash and entered in the account as paid to a non-operating airline
    for charter service.
    • ₦240billion was discretionally doled out at will as ‘donations’ by Sanusi Lamido.
    • ₦1.97billion was paid out in cash and entered on Central Bank accounts as “inexplicable
    expense” by Sanusi Lamido Sanusi.
    • ₦20billion was paid out in cash as Legal Fees by Sanusi Lamido to persons unknown.
    • ₦3.086billion was taken by Sanusi Lamido and written off as expense ostensibly to promote
    Central Bank image.

    • Rosebud

      Where do you live so l can send you the nearest EFCC address closest to you. You need to go to them asap to lodge your observations and when you can’t justify them… well, you’ll get to smell their detention iron rod.

  • thusspokez

    The question that I have with this ego-massaging long thesis or critique is whether or not, the likes of Sanusi in the Republic of Nigeria can use their traditional roles to criticise the affairs of governments Of course, like any Nigerian citizen, they cannot be denied their rights to raise concerns about social injustice, but they must stay out of politics. Mind you that it can go both ways too, with government starting to interfere in the affairs of these so-called traditional and religious leaders. How would they like it?

    BTW many of these traditional leaders are scroungers who receive salaries and allowances from their state governments. Personally, I would outlaw any such payments; the Nigeria constitution does not recognise any religious or traditional role.

    • Mac Whyte

      my dear Sanusi being a trad ruler doesn’t stop him from constructively criticising the govt

  • Razorblade Abefele

    Fantastic read..I think you should be more in government than being an emir. What a waste of national asset.

    • staaaaaaaaaaa

      abi now.

  • Ade

    I don’t read thieves economy lectures. Can sanusi tells us one of his achievements in CBN. Achiever lectures us not non-entity with empty lectures

    • Lanre

      Thank you for your sensible comment. Nigeria is the way it is because the people remain gullible, easily deceived.

  • alabi olubunmi

    Brilliant man. Nothing but the truth. I feel so sad and depressed. We need to retrace our steps. We can do it. We just need to do it.

    • delta K

      Yoruba coward always going gaga when you master speaks, tell me why this foolani never mentioned the killing in kano, Abuja and herdsman with it’s impact on food production, feel sorry for you, like your master said, you can keep Lagos and form a nation with them

      • deansmart

        You cannot not comprehend cos you are from the generation of low life hungry Fisher men;your people are lazy silly daft with their wives wrapper lazy around drinking ogogoro while other able men from other region are busy working.

        • delta K

          If that is your description of niger delta people, why fight to remain in same country? Take a look in mirror and see a bast@rd, parasites, leach, Lazy owanbe tribe.

          • KAYHOLA

            Divisiveness through ethnicity is the only weapon you have. Unfortunately for you brother, young progressive minds in Nigeria are moving away from that.We are looking for real solutions, not your bigotry.

          • delta K

            You must go your separate ways parasites

    • staaaaaaaaaaa

      very very brilliant man. you can see why Ngozi was just a joke a minister under Jonathan. But our people are carried away by her work with world bank. All that her stint with world bank was just useless. She helped to defaced the economy of this nation with her patnership with corruption called Jona and the gang.

  • alkali

    The corruption BUHARI sweeps under carpet: CENTRAL BANK audit result

    • ₦38.23billion developed legs and got missing in Central Bank under Sanusi Lamido Sanusi.

    • ₦160billion was taken by Sanusi Lamido at the Central Bank for self-determined spending.

    • ₦1.12billion

    was taken as spent by Sanusi Lamido on lunch for 12 CBN police guards

    in one year.

    • ₦1.12billion was taken in cash and entered in the account as paid to a non-operating airline

    for charter service.

    • ₦240billion was discretionally doled out at will as ‘donations’ by Sanusi Lamido.

    • ₦1.97billion was paid out in cash and entered on Central Bank accounts as “inexplicable

    expense” by Sanusi Lamido Sanusi.

    • ₦20billion was paid out in cash as Legal Fees by Sanusi Lamido to persons unknown.

    • ₦3.086billion was taken by Sanusi Lamido and written off as expense ostensibly to promote

    Central Bank image

  • Intrepid

    Lecture them Sanusi. Thsoe who cannot make, but only with their mouths, will call it ‘Aba made’ shoes.

    • vagabonds in power

      Cut and nail economist———from the Fulani north-where were his Fulani thoughts when he was dashing money to Northern governors—————-the corruption Buhari swept under the rogue–concerns him

      • KAYHOLA

        “dashing money to Northern governors” say who? can you verify this statement?

  • vagabonds in power

    Is this not the same Fulani governor of CBN whom the Fulanis and Yorubas among the Apes in APC—-used in bringing down the government of Jonathan? Now the beast-is wide awake from his thievery of CBN to attempt to offer which advice–to whom–his Fulani brother Buhari abi? Sanusi told the Nation all will be well as soon as Jonathan leaves Aso Rock–One year after his departure Sanusi is still searching for solution to the economic woes that, his Fulani brother inflicted on us——————Is Jonathan not gone now? Why is he troubling his soul over the rule of his Fulani brother named Bingo the Dog Buhari ? All these Satanic advice are just designed to make Sanusi look as if he was not part of the team that destroyed Nigeria–Because of his so-called Fulani blue blood-he cannot be charged to court by efcc abi?-No traditional ruler in Nigeria can do half of what Sanusi did @CBN and get away with it—————One would have expected Sansui to open his Fulani mouth to talk more about the Fulani boko haram cowhands from Mali killing Ibos in the south east-North Central -than the economy . Cause he knows next to nothing about running an economy- as big as that of 9ja—Sadly when the chance came for him to operate the Nations economy, was he not caught stealing–instead-?-Sanusi is operating as an agent of the CIA–with John Kerry ati Obama———–which most of these Fulani elites including Buhari are—————It is better he keeps quiet than have him open his yeye Fulani thieving mouth for us—here–The man is—talking about nothing-here—–Whenever the FULANIS are in power——–the nation goes into mourning————–From Balewa–to Shagati unto Buhari–then Ibb———to Yara Adua————-now to Buhari again——————-Nothing will fix the economy until Buhari leaves——aso rock—-For the Fulanis are cursed–group of humans———-Yet the Yorubas want them in PDP again————————————-having———————–spilled so much blood in Nigeria———now them want to rule the same country that they destroyed–via PDP——ANIMALS-

  • Debekeme

    Brilliant submission by Sanusi.

    The problem of Nigeria continues to be the people and their mindset.

    Read the comments by Nigerians to this article and you will understand the problem of this country.

    • d dog called bingo buhari

      Another hail hitler from the camp of Buhari the dog———————

      • Money Watch

        Debekeme

        Sanusi Lamido Sanusi is false, fake and fraudulent

        No, no, no. Sanusi Lamido Sanusi has been more of
        a fraudster than anything else besides. He was Central Bank Governor in
        the year 2011 when 6.5 billion U.S dollars was stolen from that bank as fuel
        subsidy claims. Sanusi Lamido signed “approved” on those claims and never
        raised any question that year (2011) and kept quiet like a bloody conspirator
        for the next three years. Sanusi Lamido Sanusi might even have kept quiet
        till eternity. But he got into personal trouble three years later in 2014 when the
        Financial Reporting Council did an audit of Central Bank under Sanusi Lamido
        Sanusi and discovered a massive theft of 1.4 trillion Naira.

        Sanusi Lamido was in fact pointedly indicted
        in that audit as the main culprit. The audit report was sent to the then President
        Goodluck Jonathan who was shocked by such mindless stealing in Sanusi Lamido’s
        office. President Jonathan then issued a query to Sanusi Lamido with close to 100
        questions. That was when Sanusi Lamido realized the game was up. He delayed
        answers to Jonatrhan’s query and sought hackers to finesse counter-accusation
        that Goodluck Jonathan too stole 48 million dollars oil revenue – a very false claim,
        easily falsified by actual figures of national revenues in the relevant period.

        • Orly Ajayi

          “The point i want to make and that’s a question i now want everybody to ask themselves.

          How can you have a sitting Central Bank governor (Sanusi Lamido) who cannot count?

          Who starts by telling you $49billion is missing, and then reduces to $29b, then $10 billion,

          then raises it to $20b – a Central Bank governor who cannot count like that is a disgrace

          to his country and a disgrace to the position he takes.”

          ……………..Odia Ofeimun

          (March 14th, 2015)

          • KAYHOLA

            It is sad that you waste your time to read the whole article and did not learn anything new, but to stick with old unverified story.

    • persona

      The people lace themselves with poison supplied by their oppressors and use the major tools of division called ethno-religious leanings always. These are carried to elections, used post elections and they have failed to realize that their conditions will never improve till they change their thinking. Nigerians and Nigeria is potential laden, it wont become kinetic until we are ready to thing and get back to work. Complaints and hate are our favorite past times.

    • KAYHOLA

      You are right about how some Nigerians mind-set works. Their reasoning and judgment are obliterated with ethno-religious sentiments. They rather kill the messenger rather than listen and digest the message.

  • DanielOsazuwa

    Thanks your Eminence. May you reign long in Jesus Name. You have captured it all eloquently spiced with deep critical analysis.

    Thanks once again.

    • arewethishopeless

      See how all the dots come together….
      To sum it all. Governments are there to encourage investment. So if we want to gauge a government’s performance in all tiers, we should ask, how much investment have you brought in to your state, LGA or the country. And in which sectors.
      In my opinion, no other indicator surpasses this in importance considering our current situation. Cause for you to excel at this, you must make all the right policies and actions.
      Well done SLS for putting this in lay man terms for all….

      • persona

        Another thing worthy of note in the speech is that there are several indices used by economists and they can use any to paint the picture you want to see. SLS used a variety of these figures and showed we were all along not doing well when compared with the likes of Kenya, Uganda, Rwanda, Ethiopia etc.
        The truth is that our figures were tampered with from Waivers to GDP to Subsidy, debt per income, taxes and wasteful spending. How does a nation make $16B and spend the whole without a single road built?
        I had said this all along that we didn’t get here by accident, we had been in a recession all along and it was all cosmetic so SLS had to be removed for the cosmetics to remain intact. Had GEJ continued, Nigeria would have become a war zone because the lies will no longer be sustainable. The most important thing now is that we have to ensure that we roll up our sleeves and get to produce till we can begin to export after satisfying local consumption.

  • blueeyedkitten

    Emir sanusi fit talk o..waiyy!
    The first half of the speech was great. The second half…..i just lost interest. I got tired of reading. Nothing new really.
    Plus the headline was quite misleading. You’d think he focused entirely on the present govt. In truth, this govt had little to do with our present situation. Rational minds know that: but then they’re on the saddle, and they have to work us out of this. They also have to stop complaining about the past and focus on salvaging the situation. But again, when supporters of the previous government continue blaming this administration for the recession, they’ve got to respond by telling them the truth about how we got here. It’s tough times. Let’s support the government, as we have no choice at the moment.

  • vagabonds in power

    Where The Clueless Buhari And The APC government Miss it” – By PDP.

    Marie SanaSeptember 2, 2016 Government and politicsNo Comments on Where The Clueless Buhari And The APC government Miss it” – By PDP.

    It’s only fair to share…Share on Facebook0Share on Google+0Tweet about this on Twitter

    APC government: The price of crude oil started to take down-turn early 2013, the GEJ administration made serious move to save for the raining season but Ameachi and the APC governor took the then administration to court, the judgement was that it is unconstitutional for the then administration to deduct money to save, that money accruing to Federation Account must be shared to each tier of government, despite this obstacles the then administration was able to leave behind savings close to $40 billion dollars which this clueless government have depleted to 19 billion dollars in 16 months.
    Unknown to the clueless APC that matters of ‘economics’ are not responsive only to the pragmatics of planning and the empirical realignment of numbers. Said Peter Middleton, a British banker: “It would be a dreadful mistake to equate economics with real life”.

    Hence the APC, then an opposition party behaved as spectators at a football match who equated watching a football match to playing as footballer and subsequently anchored their 2015 election campaign on lies and malicious propaganda including hailing the bombings carried out by Boko Haram during the immediate past administration, by their body language they were indirectly encouraging security unrest in the North East.

    They made empty promises without looking at the money they will use to finance those empty promises unlike the ruling PDP with economic data that refused to anchored their campaign on lies but on facts, not fiction.

    The APC having gotten to power were faced with reality of the situation at hand, that is – the downward slide of the price of crude oil. Instead of the APC government to face reality, it decided that the best thing to do was to vilified and demonized GEJ administration labeling it the “most corrupt administration” in the history of this Country.

  • Debekeme

    For those Nigerians who are abusing Buhari, abusing Sanusi and abusing any one who shows any sign of sympathy or understanding/patriotism towards this country, KNOW THIS:

    You can only find your way to Aso Rock/the Presidency through elections. All this your ranting and abusing online is waste of time. You can abuse Buhari from now till kingdom come it doesnt mean you or your co-travellers will smell the inside of Aso Rock.

    By the way; by the time you have abused all tribes and all other ethnic groups in Nigeria and created so much hate for yourself, who will vote for you or join your political cause?

    Whether you like it or not Buhari is president of Nigeria. If he performs well and secures enough votes, he will continue to be your president for another 4 years.

    I really hope you can drink poison out of frustration that Buhari is your president.

    The problem with you is not that you hate Buhari, its that you don’t love anyone including Nigeria. You are happy for Buhari to fail just because you hate him forgetting that if Buhari fails we are the ones that
    suffer.

    • Truth Justice Equity

      Those people you are talking about may not have entered inside aso rock or may never enter according to you warped thoughts and satanic mind arithmetics, but check it out ,they have the best brains around, they are at the front desk in every positive parameter , is it education, call it living above poverty lines,call it living a good life ,call sports,call it travelling around the world and making both negative and positive impacts.
      The last time I checked ,they are the ones who truly believed in Nigeria and show that they do in practice without hypocrisy, deciet and cunning craftiness as your own people are doing. I checked again and discovered that Nigeria have had shagari,ibb,abacha,abdusalam,obj,yardua,Jonathan and now buhari.they never hated any of those leaders and none was from their tribe except buhari.
      I checked again and discovered that not only them hate buhari but vast majority of Nigerians from east ,west,north,south and middle belts of Nigeria.
      I checked again and discovered that the most critics of buhari like sanusi,she hu sani ,jinadu Mohammed,ffk,fayoshe,avengers etc are not from their place.So what do we call you debekeme,a liar,a hater,a hypocrite ,a deceitful sower of discord and a jealous and envious satanic creature.the world have left you and your likes behind ,again the future does not belong to your hate ravaged soul ,the future belongs to the God whom more than 95% of them serve.So expect surprises.

    • Truth Justice Equity

      Those people you are talking about may not have entered inside aso rock or may never enter according to your warped thoughts and satanic mind arithmetics, but check it out ,they have the best brains around, they are at the front desk in every positive parameter , is it education, call it living above poverty lines,call it living a good life ,call it sports,call it travelling around the world and making both negative and positive impacts.
      The last time I checked ,they are the ones who truly believed in Nigeria and show that they do in practice in every state of nigeria without hypocrisy, deciet and cunning craftiness unlike you and your own people are doing. I checked again and discovered that Nigeria have had shagari,ibb,abacha,abdusalam,obj,yardua,Jonathan and now buhari.they never hated any of those leaders and none was from their tribe except buhari.
      I checked again and discovered that not only them hate buhari but vast majority of Nigerians from east ,west,north,south and middle belts of Nigeria.
      I checked again and discovered that the most critics of buhari like sanusi,she hu sani ,jinadu Mohammed,ffk,fayoshe,avengers etc are not from their place. Buhari must be something else and the results are now in the open after 16 months ,it means that they can see far ahead than others. So what do we call you debekeme,a liar,a hater,a hypocrite ,a deceitful sower of discord and a jealous and envious satanic creature.the world have left you and your likes behind ,again the future does not belong to your hate ravaged soul ,the future belongs to the God whom more than 95% of them serve.So expect surprises.

  • tunde

    The question nigerians especially the academics,must ask the emir,former governor of central bank,is: Is it ethical for those banks to engage in shady and corrupt business practices and other financial shenanigans in the conduct of their business?Now,the blame has started past and present stakeholders are blaming and absolving themselves of current economic mess instead of finding solution.If you have good suggestions etc……. you know how to reach the president.
    Remember those banks reinstated earlier in the week,that’s part of good governance and i commended the administration for the swift action.

    • alkali

      The corruption BUHARI sweeps under carpet: CENTRAL BANK audit result

      • ₦38.23billion developed legs and got missing in Central Bank under Sanusi Lamido Sanusi.
      • ₦160billion was taken by Sanusi Lamido at the Central Bank for self-determined spending.
      • ₦1.12billion
      was taken as spent by Sanusi Lamido on lunch for 12 CBN police guards
      in one year.
      • ₦1.12billion was taken in cash and entered in the account as paid to a non-operating airline
      for charter service.
      • ₦240billion was discretionally doled out at will as ‘donations’ by Sanusi Lamido.
      • ₦1.97billion was paid out in cash and entered on Central Bank accounts as “inexplicable
      expense” by Sanusi Lamido Sanusi.
      • ₦20billion was paid out in cash as Legal Fees by Sanusi Lamido to persons unknown.
      • ₦3.086billion was taken by Sanusi Lamido and written off as expense ostensibly to promote
      Central Bank image.

  • Make Nigeria Better

    This is wonderful and brilliant by the Emir.

    • No Comment

      @dreballer:disqus

      “WITH his petulance, foul temperament and imprudent conduct, Sanusi Lamido Sanusi
      impoverished the sobriety and dignity of the office of Governor of Central Bank of Nigeria
      in ways that made his appointment seem like an error in the first place”.

      “Firstly, contrary to his mandate of being a frontline steward of the nation’s economy,
      achieving low inflation, stabilising the Naira, and protecting the autonomy of the apex bank,
      the (suspended) Governor of the Central Bank- Sanusi Lamido Sanusi – spent more time
      playing politics and playing to the gallery”.

      “In his public outbursts and most recently on the NNPC’s funds, Sanusi Lamido
      approbated and simultaneously reprobated to the extent that the primacy of his
      concerns and revelations were obviated by his flippancy”.

      …………The Guardian newspaper Editorial

      (March 5th, 2014)

      • Fair View 2000

        SANUSI LAMIDO SANUSI WILL LOOK BETTER IN PUBLIC EYES WHEN HE IS ARRAIGNED IN COURT.

        THERE’s NOTHING SOBADLY WRONG WITH SANUSI LAMIDO WHICH A CRIMINAL TRIAL CAN’T REPAIR.

        • Ify

          “Emir Sanusi Lamido Sanusi’s tenure as CBN governor was tainted with allegations of
          infractions of the provisions of Public Procurement Act. In fact, Financial Reporting Council
          reports nailed Sanusi Lamido.

          It was stated therein that by deliberately refusing to be bound by
          the provisions of the Act, the CBN under Sanusi Lamido not only acted in unlawful manner but persisted in promoting a governance regime characterized by financial recklessness, waste and impunity.

          We do hope that the EFCC would also proceed to ‘arrest’ Emir Sanusi Lamido to
          answer questions pertaining these various allegations raised on his tenure,
          failing which the much talked about anti-corruption fight will be a contrived sham”.

          …………Onyeabo Ifeyinwa China
          (December 15th, 2015)

          • Uncle Gbenga

            LET NIGERIANS PUT ASIDE TRIBALISM AND ISLAM AND LEARN TO BE WISE FOR ONCE;
            BY SPEAKING IN ONE VOICE THAT SANUSI LAMIDO MUST BE BROUGHT TO JUSTICE.
            FOR AS LONG AS THIS THEFT IS SEEN IN TRIBAL TERMS, SANUSI LAMIDO WILL GO
            FREE WITH THE STAGGERING LOOT OF 1.4 TRILLION NAIRA FOR HIS FAMILY.

      • Fair View 2000

        SANUSI LAMIDO SANUSI WILL LOOK BETTER IN PUBLIC EYES WHEN HE’s ARRAIGNED IN COURT.

        THERE’s NOTHING BADLY WRONG WITH SANUSI LAMIDO WHICH A CRIMINAL TRIAL CAN’T REPAIR.

        • D. Olloh

          But see, Nigeria has a court system which does not care for truth, order or justice,
          as just last year, Fred Ajudua – who’s previously jumped bail – was, again, granted
          bail again and his travel passport handed over to him (to leave the country) by a
          three-member appeal court, contrary to all civilized jurisprudence.

          In yet another case, the current Emir of Gumi today was recently himself
          a court Judge at the Abuja High Court until he was caught receiving bribes and
          unable to wiggle out of the conclusive evidence, he ran out of court to his
          village called Gumi and was immediately turbaned the Emir. His abuse of office
          case is now in limbo.

          That is the precedent to Sanusi Lamido Sanusi’s pending case on the
          ‘missing’ ₦1.4 trillion at the Central Bank which the State Security Service [SSS]
          wishes to investigate as funds partly passed underground to finance Boko Haram.
          Meantime, Sanusi Lamido’s case too is in limbo, like the Emir of Gumi’s, as genocide
          on Christians in Nigeria continues without any court system left to stand in the
          gap for Nigeria in distress.

  • new republic

    Fayose for president,for protecting your people from Buhar’i foot soldier herdmen.

  • Africa

    This is the longest, most insightful/interesting lecture on Nigeria that I have read in a long time. I am glad Sanusi is not a conventional emir and he is finding time to contribute to national economic discourse at such a critical time.

    • ORLY

      @aligarba:disqus

      “The point i want to make and that’s a question i now want everybody to ask themselves.

      How can you have a sitting Central Bank governor (Sanusi Lamido) who cannot count?

      Who starts by telling you $49billion is missing, and then reduces to $29b, then $10 billion,

      then raises it to $20b – a Central Bank governor who cannot count like that is a disgrace

      to his country and a disgrace to the position he takes.”

      ……………..Odia Ofeimun

      (March 14th, 2015)

      • St

        Throw your sentiments away and understand the lecture. It’s common sense on history and future not the common sense that keeps borrowing

        • Professor2016

          @disqus_rFu0OYMBfF:disqus:

          My brother, there was nothing Sanusi Lamido said that has any intellectual depth.

          Since the 1970s wise heads had articulated DEPENDENCY THEORY with clarity.

          Sanusi Lamido struggles 45 years later with his own limitations to understand it.

          His forgery narration here only tries to mimic a more sober dependency theory.

  • Isiagwo

    The facts: when the world economy was in recession Nigeria’s economy was growing and one man was president. His name? Goodluck Jonathan. Today, the world’s economy is growing while the Nigerian economy is in recession and Nigerians living with the worst economy in 29 years. One man is President. His name? Muhammad(med) Buhari. There’s a limit to what pqropaganda can do. Can’t change the facts.

    • Comfortkay

      What do you understands in Economy? Government is about accountability and Performance and PDP did not perform and so many projects were not completed they were just sharing money, why cant you understand that?

    • Henry_Itopa

      You have just won the most ignorant comment of the day. Congratulations!

      Please stop commenting on subjects you have no clue about. Talk about propaganda!

  • mbewalu ogodo

    Has the Emir become a wailer..

    • Henry_Itopa

      He was advising not spewing hatred and ignorance like the so called “wailers” whose only gripe seems to be that their people have lost power

  • dr.f.balogun

    Premium Times Editor,

    I wish Sanusi Lamido Sanusi long life to enable him stand trial in criminal court for financial crimes under his watch
    at the Central Bank in extent it appears to me that President Buhari intends to halt the court cases filed in court by
    President Jonathan against Sanusi Lamido, by not saying a word on it or ordering expedited prosecution of those
    court cases to recover the over one trillion Naira which dis-appeared at Central Bank in Sanusi Lamido’s hands.

    Nothing President Buhari has done in office so far suggests to me that Buhari has any broad or honest mind to bring
    Sanusi Lamido Sanusi to justice. What I sense instead is what Dr. Junaid Muhammed described as the worst form of nepotism afflicting President Buhari. But tribalism has no place in a honest anti-corruption regime President Buhari
    says he’s running despite that there’s really no evidence of any sensible fight against corruption in Nigeria today.

    Jailhouses are empty. Not a single person is behind bars for theft. Empty rhetoric and crap are all Buhari sputters.

  • _Room_23

    ACT 1, SCENE 1
    So, in the evening of Wednesday February 27, Mrs. Yaro flew to Lagos ahead of Mr. Sanusi, skipping work, at taxpayers’ expense, on Thursday February 28 and Friday, March 1… To keep faith with Mrs. Yaro’s date, the CBN governor arrived Lagos, travelling on a chartered flight, on the night of February 28, and checked into the Federal Palace Hotel, passage and boarding all at taxpayers’ expense.

    ACT 1, SCENE 2
    Mrs. Yaro arrived Lagos on the night of March 15, and immediately checked into the Radisson Blu Anchorage Hotel on Victoria Island. Mr. Sanusi flew from Kano to Lagos via chartered jet on the bills of the Nigerian taxpayers. He arrived at about 11 p.m., stopped by his Ikoyi home, before dashing to the hotel where Mrs. Yaro was waiting in a seductive dress in Room 23. The lovers spent that night and the next day together in the hotel…Both Mr. Sanusi and Mrs. Yaro rendezvoused in the hotel till Sunday when both of them returned to Abuja, PREMIUM TIMES learnt.


    ————————————————————-
    “…I had such a wonderful weekend,” Mrs. Yaro confessed to the governor while aboard her Abuja-bound flight. “You have revived in me what I thought I lost long ago. I thought I lost the passion to love again,” she claimed.
    “Alhamduli.llahi. Love you,” Mr. Sanusi responded in a measured tone —– Premium Times, June 2, 2013

    ….and he became an Emir=King= of his people…possible only in warped Nigeria. Now he is advising Nigeria, whereas, Dominique S Khan who did the same thing is in the cooler.

    • veritas

      Gbam!!!

    • Henry_Itopa

      So they man was having an affair and they took some liberties with his position. But please tell me – what has this got to do with anything he said in his speech. I think he clearly outlined issues and mistakes that have been made over and over again by successive governments and warning the current government to avoid them

  • vagabonds in power

    In 1985, we were rescued by IBB and Dogonyaro. Immediately, people

    experienced a reversal. Within a very short time, the cooperatives

    closed, food became abundant again, the Naira stabilised, mothers stopped

    selling their jewellery, and so on. It makes one wonder!

    If there were no reference points, Buharists may claim that “if only he

    had been president”, but the mid-80s proved that the worst period in

    Nigeria’s history were the 20-odd months he was in power, sandwiched

    between two periods of plenty and growth.

    Therefore, they cannot bring the argument that today’s sufferings and

    impoverishment were the fault of the past regime – because we will

    counter with “TAKE HIM OUT NOW LIKE IBB DID IN 1985 AND SEE IF BY THIS

    CHRISTMAS, YOU WILL NOT BE SMILING AGAIN.

    Someone told me today that he predicts that by this Xmas or next Easter

    at the latest, a person will come and offer a Toyota Camry in exchange

    for N50,000, just so that his family can eat and make merry over the

    holidays!!

    Nigerians simply don’t refer to history! And I have run out of every

    single drop of sympathy in my body.

    SO, LIKE I SAID BEFORE, KEEP STEWING IN YOUR BROTH. MAYBE NEXT TIME YOU

    WILL SHELVE PARTISANSHIP, TRIBALISM, ETHNICISM, RELIGIOUS BIGOTRY,

    HATRED, INTEREST AND ALL THAT

    • veritas

      Well said. Thanks.

    • Jaja Majaja

      well said…..and honestly stated.

    • Henry_Itopa

      errr…… I am guessing by your post you are either too young to remember this time in Nigeria’s history or you are trying to rewrite history.

      Babangida did not rescue Nigeria, he rescued HIMSELF. The war against corruption was starting to uncover corruption and crimes by some members of his government and the military and Buhari was starting to move against some of them notably Gusau and Babangida was being linked to drug smuggling which was huge in Nigeria back then. These men moved against the president in a coup and used the false excuse of discontent with economic policies. As someone who lived back then, as painful as some of the policies were over time Nigeria was starting to recover and if this man had been allowed to continue Nigeria would have been a much better place.

      Yes Babangida reversed Buhari’s policies and ran to the IMF and the solution they provided was SAP. This was the beginning of the fall of the naira and devaluation of real wages that continue until today. That is why till today Nigerian’s don’t trust the IMF. The policy benefited the West at the expense of local industries which have not recovered till this day.

      Babangida aka Maradona aka evil genius is the president that holds the undisputed accomplished of institutionalizing corruption in Nigeria through his system of patronage and broke down most of the systemic checks that held corruption back. Base on where this has lead Nigeria I do not see how any right thinking human being would have seen his coup as a rescue.

      Your post is obviously purely based on your uninformed hatred for Buahri. I am one of those frustrated with Buhari’s government so far and their lack of articulation of a clear policy to rescue Nigeria from the ditch he inherited it in but even you know he is an honest man and has good intentions for this nation. I am reserving my judgement on his president until his fourth year. There is no man or woman on earth that could have rescued Nigeria from the mess we found ourselves in a 2 3 or even 4 year period. What they can do is articulated a plan and go for low hanging fruits – Buhari has failed in this so far but does not make him responsible for where we are.

      I will simply accuse you of being of those who beliefs in the failed mantra of “The enemy of my enemy is my friend”.

      • Henry_Itopa

        Forgot to point out an obvious clue into your lack of knowledge on this subject from your very first line: Babangida and Dogonyaro? Dogonyaro only announced the coup and he was only a minor player in the coup and Babangida’s government. The highest positions he ever help were not in Babangida’s government but in the military as GOC and ECOMOG Commander.

      • vagabonds in power

        Was Tai Solarin ati -Babatope and Fela also corrupt b4 the bingo in Buhari put them in jail

  • new republic

    Thanks to NDA boys that allow Nigérians to know the importance of Niger Delta,oil money is no more coming,now many govs are closing the avenue of ghost workers in their states,and Kano state with 40 local govt ,depending on oïl allocation,the economy is bitting hard on them and now they are crying.

    • Henry_Itopa

      Wrong! Right from the presidential campaigns it was clearly stated that there would be a focus on each and every state raising their IGRs and from day one the presidency has pushed governors toward this. Your NDA boys will drop whatever they claim they are fighting for the day the government agrees to a cash settlement aka amnesty

  • Gary

    If Lagos can be successful and viable without oil money, why are the other states unable to replicate that model and remain fixated on the subjugation of the Niger Delta and its oil resources?
    Why is Lagos any different? It isn’t the only coastal state with a harbor or an international airport. It is not any less corrupt than the other states of the country either.
    Lagos is different because it has maintained its legacy as the former federal capital as a cosmopolitan and business friendly state. It’s strength remains that it attracts the most educated, diverse and secular-minded Nigerians as residents. You can buy land, set up your own business and lead your life as you please in Lagos. So long as you follow the law and pay your tax to the state. That is the magic.
    And what the Emir and leaders elsewhere should be telling their own people.

    For example, Ogun State and others can get into the act by simply offering subsidized land, business or industrial estates with five/seven tax holidays for business start ups who employ a given number of residents in that state. That will attract investors, provide employment and a future tax base for the host state. It’s not rocket science but the people wallow in penury for lack of a vision.

    • Yorubas betrayed 9jas 2 fulani

      Another mumu were the infrastructure in lagos built with money from cocoa——Lagos use to be the Federal capital territory—-of Nigeria——-declared a zone for focused development by the british—————-added to the fact that oil money was used in developing lagos airports and sea ports

    • Rosebud

      You’re beautiful Gary. If we all made such meaningful contributions, all fora and surely Naija would be better for it.

  • Nigeria4u

    Restructuring and true federalism is the only thing that will get Nigeria to her feet, it will also unite Nigeria with Peace and Love.

    • veritas

      yep

    • vagabonds in power

      why should we continue to waste time with each other–given the level of hatred we have for ourselves———————–

    • naomi

      @disqus_WOPCiEQCRu:disqus

      Sanusi Lamido needs to re-learn the basics that there’s no economics in the context
      of a market of un-affordable products and services because ‘effective demand’
      is the blood supply of a national economy.

      It is Muhamadu Buhari’s wrong policy that threw Nigeria straight into recession.
      Buhari had devalued the Naira and also increased petrol price at fuel stations
      to send prices up the roof and create a complicated crisis of un-affordability
      for both householders and trading corporations. Buhari then increased bank
      lending rates to make new and existing corporate and personal debt repayment
      well-nigh impossible.

      In effect of Buhari, retrenchment of workers followed in thousands, as employers defaulted
      on salary payments – now in six months’ arrears for those spared to remain on their jobs
      And so, with that retrenchment gale in thousands, effective demand slumped over time
      for almost all products and services, except basics, products, as inventories for unsolds
      thereafter swelled in the storehouses due to un-affordability.

    • Jujubeans

      Did you read and understand anything he said at all?

    • Henry_Itopa

      How will restructuring and true federalism address ANY of the issues and mistakes made he pointed out in his speech?

      Restructuring and Federalism have become buzzwords that seem to be thrown at every problem that they have absolutely nothing to do with.

    • Mufu Ola

      “Restructuring” is the new anthem of some failures who think they will become local champion in their restructed enclave. Many people shouting are copycat amplifiers who doesn’t know the true meaning if u ask them.Changing some aspects of constitution will take care of any grey area.It is strange some can be saying “only” restructuring can save Nigeria.What manner of thinking is that? So they have no plan B if plan A is difficult to achieve?Will restructuring stop public indiscipline, criminalities,corruption,bad leadership? We must reform our mindset first before shout restructure.

  • persona

    The media has become a tool for sowing seeds of discord and its really sad. Soyinka, Buhari, Oby and others have all said they keep reporting what was never said. It is sad that even Sanusi didn’t release this speech immediately for all to have read. The fact that its coming after the presidency stated they will not probe him seems to me that the presidency is open and willing to hear from both sides.

  • UOU

    Without sounding immodest, one thing you cannot take away from Economists is that they are fearless though selfish sometimes. Line them up, Soludo, NOI, Ezekwesili, Utomi, Rewane, Sanusi, etc, they will even seem more independent minded than Lawyers and human right activists and when all of them starts talking in manner they are doing now, then we better watch because something must be seriously wrong somewhere. Of course, the economy is fastly going to hell and this vendetta Govt does not know anything about what to do, they do not even have the integrity nor desire to do anything at all, too bad

    • Henry_Itopa

      Seriously confusing post. You don’t explain why they are selfish and why we need to watch out for them or what a “vendetta Govt” has to do with this.

      • UOU

        What would I explain more if you cannot be patience to read well and all the presentations. Go back and read it again, I am not your teacher, maybe the certificate less bingo change is effecting your understanding of a simple post, don’t put your troubles on my door step, you people got what you voted for, chanji

        • Henry_Itopa

          Your response clearly shows you cannot answer my question and the true intent of your post is betrayed by your immature and comical name calling.

  • dami

    Wow…well said Sir, Well said.
    Now let’s execute!!

    • thesage

      @disqus_HTJ5f4bQSt:disqus

      SANUSI LAMIDO WILL LIKE TO BE SEEN AS A MAN OF KNOWLEDGE

      BUT NIGERIANS SET A MORE CORRECT STANDARD ON CHARACTER.

      A BEAUTIFUL THIEF IS AS MUCH A CONTRADICTION AS A STEALING BANKER.

      • Commentsfile..!!!

        forget about the messenger bro just ponder
        a moment on the message!

        • Money Watch

          commentsfile:

          No, no, no. Sanusi Lamido Sanusi has been more of
          a fraudster than anything else besides. He was Central Bank Governor in
          the year 2011 when 6.5 billion U.S dollars was stolen from that bank as fuel
          subsidy claims. Sanusi Lamido signed “approved” on those claims and never
          raised any question that year (2011) and kept quiet like a bloody conspirator
          for the next three years. Sanusi Lamido Sanusi might even have kept quiet
          till eternity. But he got into personal trouble three years later in 2014 when the
          Financial Reporting Council did an audit of Central Bank under Sanusi Lamido
          Sanusi and discovered a massive theft of 1.4 trillion Naira.

          Sanusi Lamido was in fact pointedly indicted
          in that audit as the main culprit. The audit report was sent to the then President
          Goodluck Jonathan who was shocked by such mindless stealing in Sanusi Lamido’s
          office. President Jonathan then issued a query to Sanusi Lamido with close to 100
          questions. That was when Sanusi Lamido realized the game was up. He delayed
          answers to Jonatrhan’s query and sought hackers to finesse counter-accusation
          that Goodluck Jonathan too stole 48 million dollars oil revenue – a very false claim,
          easily falsified by actual figures of national revenues in the relevant period.

          • Truthometre2000

            THE FIGURE SANUSI LAMIDO GAVE IS $48BILLION MISSING….NOT $48MILLION, PLEASE.

          • Repost333

            “The point i want to make and that’s a question i now want everybody to ask themselves.

            How can you have a sitting Central Bank governor (Sanusi Lamido) who cannot count?

            Who starts by telling you $49billion is missing, and then reduces to $29b, then $10 billion,

            then raises it to $20b – a Central Bank governor who cannot count like that is a disgrace

            to his country and a disgrace to the position he takes.”

            ……………..Odia Ofeimun

            (March 14th, 2015)

          • Commentsfile..!!!

            that Report was cooked up..
            the audit you are talking about
            was carried out when he became
            more outspoken about the corruption
            under the Govt. it was done to disgrace
            him out of office but God so kind blessed
            him with an Emir tittle.. dont believe all you hear
            you must discern the truth, if you had time to read
            this post to the end you wouldn’t have made this
            comment. a European investor in 2014 nearly fainted
            after being denied a Nigeria visa, and that was even
            during that period Ebola was spreading in Nigeria..
            I paused for a moment to think on why this man with all his money
            would be this sad just for not obtaining a visa to Nigeria..
            but when i look beyond all this i understood why…
            like I said its all about the message bro!

          • share Idea

            Please did you read the whole story of the audit, it’s origin and when Sanusi’s allegation started.

          • Rosebud

            “The audit report was sent to the then President Goodluck Jonathan who was shocked by such mindless stealing in Sanusi Lamido’s office.” Money Watch.

            You can’t be serious. Do you know what N1.4 trillion represents? Do you realise that Nigeria has an Auditor-General? And you say Jonathan was shocked? What percentage of Nigeria’s entire budget do you figure that sum represents? My brother, you are a very gullible man.

  • Rommel

    Nigerians are not interested in building the country,only 3% of Nigerians are productive,the rest are consumers who live on imports,even the educational system has failed because they keep producing unemployable graduates,people with no skill even our society has denigrated certain professions,it is a vicious circle,I feel real sorry for the country.

  • thusspokez

    Please endeavour to read through any article before you comment.

    Actually, I am interested in the article. and if you bother to peruse my comment, you will realise that I was making a higher point. Put another way, I reject the Nigerian mentality that “everything goes”. By way of example, that because someone is a traditional or religious leader, it gives them the right to speak on any and every issue or even interfere with law enforcement in the execution of the agencies’ constitution duties. I totally reject it. So excuse me if I am not subservient or in awe of any effing traditional or religious leader.

    what i read now is more of advice than criticism

    Well in the higher sense, advice is a form of criticism. The dictionary define “advice” as:

    “Opinion as to course of prudent action”

    For someone to give you an advice, he or she must think that you are doing something wrong — which is in effect, a criticism! Q.E.D.

  • paul irumundomon

    I’m not one of your fans, when things were going down, you too refused to resign and alert Nigerians of the danger ahead. Your ideas are good, but too long for buhari to decipher, E be like say, you don’t know the intelligent level of your brother buhari, himself as a cabal and the cabals that are helping to put into practice, the script which I think, you played a role to help put together, are on a different platform. Dog wen wan lost, can never remember the call of it’s owners. That is the story of Solomon gandy

  • Commentsfile..!!!

    God Bless you Sanusi..
    once in a lifetime presentation..!!
    Nigeria is blessed with the best brains, the world knows this but
    we dont believe in developing our human resource which any
    healthy economy depends on. its a bad economic pattern for a country
    with over 170million people to keep playing down on their strength.
    Mr Zuckerberg has been reading, watching and hearing about the
    negative comments and report coming out of Nigeria before embarking
    on his unannounced trip, the reason is simple, Great minds always see
    success in the midst of chaos .. it´s a gift not made for everyone and that
    is why everybody will never be millionaires.
    Nigeria is one of the countries one would never ignore when it comes
    to economic drive and profit generation cos the population alone is a
    salivating factor.
    my people I get sad often seing how we fight each other without reason
    while strangers keep Profiting from our disunity, really heartbreaking.
    lets work together so that we dont become slaves in our own land
    because when this foreign money bags will come in with their money and invest
    they will determine how we live our lives, cos who ever controls the money
    controls your life. Nigerians should think again if we are not making things more
    difficult for our selves with unending fights and disunity.

  • egoigwe

    I will never dignify nonentities with a reply. Irritants, terribly raised children come here to insult national personages and institutions that bear our names and speak for a country we call our own. It is a screaming shame, what we have become. No pride, no joy, no glory.

    His Royal Highness, Emir Kano, is an eminent son of the soil and the people of Kano, and indeed Nigeria, are very blessed to call him our very own. Patriotism is not some common creed or fade, it is a driving urge to do good for the upliftment of one’s immediate society and beyond. It can be local, national or universal. Emir Kano is a universally patriotic gentleman, of that there are no doubts. An ‘unusual’ man that won’t sit idly by and watch his country dissolve. I also want to know, what exactly is our problem?

    Every where l go, l see Nigerians doing good and putting a smile on my face. Hard working, conscientious brothers and sisters. Effectively contributing to the society they live in, but when you bring up their motherland, they go berserk. “Crazy country, abeg leave matter. Zoo nation. I’m hoping to get citizenship for my son. I don’t even want them to know where Nigeria is on the map” “Haba! It’s their country now.” “Abeg, e do, which kinda country, look men, l don’t wan my boy to suffer!” End of discussion. They’ve let Nigeria go.

    Their kids come online to insult our national institutions and personages because they see their fathers cursing our country out, and they know no better. My country has become like a dumpster for all their frustrations. And they are frustrated! Frustrated that their country can’t be like the one they now dutifully serve. Frustrated that nothing works in his native land. They’ve chickened out and they know it and won’t admit it. But, nothing good, comes easy.

    I ask, if they won’t come home to help fix the front, who will? His Royal Highness, Emir Kano, is doing his own bit, come home and do yours. Tell your children they also have a place to call home, that they are not universal orphans. Teach them right, then let them ask questions. Please don’t make abandoned children out of great kids, tell them their country needs fixing and its nothing to be ashamed of. Come home, let’s build together, it’s time. In His Royal Highness, Emir Kano, l see a forerunner.

    • Otile

      You are preaching to the choir. Tell me more in mournful numbers. How can you be patriotic to a country where the president treats certain people as aliens? Some people are denied certain government jobs because of their states of origin, is that right? Buhari is always ready to borrow money to develop his region or help his people hurt by war but ready to inflict death and misery on Igbo people and abandon them. He did it in the 80s and is doing it again now. You Yorubas and Fulanis can be patriotic, that’s no brainer, for you are the people benefiting big from what Nigeria has to offer.

      • Rosebud

        Did you vote? APC and Obama rigged rigged elections for Buhari. Good, and Jonathan didn’t rig? PDP didn’t rig? What happened? Buhari had more money? APC? How did Buhari win elections with an incumbent President participating? Who allowed Buhari to lord it over us? Was Buhari winning election Egoigwe’s fault or Sanusi’s fault? Did Buhari tell Jonathan not to borrow money and help your people? You just like to talk anyhow.

        • Otile

          You know very well that Buhari did not defeat Jonathan in that dangerous election. You know that Jonathan merely surrendered to Imam because Imam threaten to spill copious blood on the street if he failed to win. You know it.

          It is dangerous for any president to be tribalistic, borrowing money to help only his people and leaving others empty handed. If you were not Yoruba would you be happy with that blatant nepotism? You cannot be patriotic to a president that treats you rotten.

          • Arabakpura

            Otile, you are not being charitable to Jonathan in your first paragraph by calling him a coward! That was what you heavily implied and people of low faith from Jonathan’s place may take it as a norm! You should find a better way to communicate that next time!

          • Otile

            O yes, I am not trying to be politically correct. I call a spade a spade. Jonathan surrendered to Imam Buhari for fear of Buhari’s threats. At least Jonathan is alive today. Had he not surrendered Imam might make good of his threats to murders people on the street and perhaps murder Jonathan too.

            You see, when they get to high offices like that they become cowardly including Imam Buhari himself. Didn’t you see that Imam Buhari absconded an invitation for a function in Ogoni land when Avenger boys threatened to capture him alive? That too was cowardice on Imam’s part. Imam also complained of ear ache and refused an invitation to Eko when some strong Odua touts threatened him.

          • Arabakpura

            I never knew I could laugh at this hour; I just had a good laugh!

          • Otile

            God bless you my brother. Good night to you.

          • Arabakpura

            God bless too and good night!

          • Rosebud

            Ok, so what kind of leader leaves his people to perish in the hands of a man who will visit death and mlsery upon them as you claim? Why should Jonathan merely surrender? To surrender is to admit defeat, it’s to give up. Then why are you blaming Buhari and the Yorubas or did you expect Buhari to decline the leadership position Jonathan foisted on him by throwing in the towel? Go and blame Jonathan for giving Buhari the leadership mantle. We must really learn to talk sensibly.

          • Otile

            I do not blame Jonathan, he did the right thing to surrender to Imam Buhari so as to avoid copious bloodshed on the streets. Buhari is a killer soldier, a jihadist, and a Fulani herdsman who has no value for non Muslims. God bless Dr Jonathan for avoiding that bloodbath, it would be a hare kari.

          • Rosebud

            But above all those things, he is Nigeria’s president and if you’re Nigerian, your president too. Like it or not, that’s a fact and there’s nothing you can do about it. Get?

          • Henry_Itopa

            Do you actually believe this?

          • Otile

            You can take it to the bank.

      • Mufu Ola

        Because no SFG for you, U’re alien. See how you cheapen yourself!

    • Arabakpura

      There is no doubt that the emir is cerebral but most of the time, he churns out textbook theories! His silence and ignoble role on the kidnap of one young girl whom they eventually doubled with pregnancy has stood out like a sore thumb! If he spent as little as one hundredth of the verbose espoused here, that girl would have returned to her parents with smaller bruises than she is having now and for the rest of her life!
      You cannot fault his intelligence and his reservoir of knowledge but sometimes, his actions become very tribal and suspicious! No doubt that he is a repository of knowledge and experience, and I must confess that I have enjoyed his presentation here and I would wish that he became more statesmanly than his private actions have shown!

    • KAYHOLA

      Kamalu, I share your view. It is extremely distressing to see what many Nigerians have become . They have lost sense of hope, optimism and resolved to hatred. Frustration blindfold them to see imminent breakthrough for Nigeria. They respond to every meaningful articles, suggestions and discussions that intend to bring us closer to fight for survival of this country with “gutter talks”, unverified allegations, abuse and verbal insults. Everybody is entitle to their opinion, but it needs to be constructive arguments and civil. That’s the way to show who we are as Nigerians.

    • Anasieze Donatus

      I owe you a vote to National Assembly and will contribute to the campaign funds.Like it or not you will be forced to contest.Stay real and God be with ginwa

  • Kamalu

    Emir Sanusi’s eloquence which is characterized by his numerical depth cannot be faulted. Numbers don’t lie! When you marry the key economics concepts of demand and supply, production and consumption to the key accounting concepts of credit and debits, assets and liabilities and you try to do a juxtaposition about Nigeria and it’s flagging economy, it will be very easy to see that majority of our past leaders were blinded not by lack of knowledge on how they would have managed the country towards sustainable development but they fell for parochial greed and corruption. After more than one year of experiments, one can vividly see that the present government appear to be striking a rythm on rebuilding the Nigerian foundation. The hues, cries and lamentations coming from the very rent seekers who destroyed the country clearly betrays the very facts and basis why our economy is a most sorry state. The very insights given by Emir Sanusi demonstrates a high level of patriotism. He was not feeble on his presentations and yet he suggested several road maps to the government citing cupiously from the case studies of other countries. I strongly believe that we can make it as a country despite the obvious challenges we face today if we have more patriotic citizens come out to water the Renaissance of the country with their endowments. Long Live Nigeria and many thanks to Emir Sanusi Lamido Sanusi.

    • Otile

      Long live Gabon
      Long live the Republic of Biafra
      Long live the Islamic Republic of Arewa
      Long live the semi Islamic Republic of Oduduwa

      • alkali

        The corruption BUHARI sweeps under carpet: CENTRAL BANK audit result

        • ₦38.23billion developed legs and got missing in Central Bank under Sanusi Lamido Sanusi.
        • ₦160billion was taken by Sanusi Lamido at the Central Bank for self-determined spending.
        • ₦1.12billion
        was taken as spent by Sanusi Lamido on lunch for 12 CBN police guards
        in one year.
        • ₦1.12billion was taken in cash and entered in the account as paid to a non-operating airline
        for charter service.
        • ₦240billion was discretionally doled out at will as ‘donations’ by Sanusi Lamido.
        • ₦1.97billion was paid out in cash and entered on Central Bank accounts as “inexplicable
        expense” by Sanusi Lamido Sanusi.
        • ₦20billion was paid out in cash as Legal Fees by Sanusi Lamido to persons unknown.
        • ₦3.086billion was taken by Sanusi Lamido and written off as expense ostensibly to promote
        Central Bank image.

      • Kamalu

        Move on with your life. It’s all fantasy!!!

        • Otile

          The only Republic that appears to be fantasy is the semi Islamic Republic of Oduduwa. You thought Imam Abu Shekau is dead. Mu gode Allah he is alive, so the Islamic Republic of Arewa is alive with him. If Imam Abu Qaqa was alive today they would be issuing hungry Nigerians from Osun and Zamfara states visas from Madinatul Islam to cross over and live the good Godly life in Islamic Republic of Arewa. God is great sha.

      • Ade

        God bless Nigeria

    • Juris Doctor

      @disqus_ay1wN2xNnm:disqus

      I don’t see any new thinking or any engaging insight in this long epistle by
      Sanusi Lamido Sanusi but just a rehash of what journalists and columnists
      had themselves written about for 20 years. It is a disappointing outing by a
      supposed economist who’s just splitting hairs on irrelevant distinctions as if
      economics excludes arithmetic. A one-sentence summary of this whole epistle
      is that Nigeria needs to diversify from its oil income to avoid future recession
      with necessary buffers. That’s all Sanusi Lamido was strenuously struggling
      to say in three thousand conflicting words. But is that not what all Nigerians;
      including secondary school literary and debating clubs too have been saying,
      since 1974? It’s platitudinous demagoguery to add flourish to mere banality.

      • Li

        Nice piece. You captured it well

    • Bunduma Mohammed

      He lied because he is speaking about Foriegn exchange that has long been cirrected

  • Lanre

    There is nothing tangible to learn from bigots who produce nothing and consume other people’s resources!

    • Mufu Ola

      Real reason u’ll remain a dead brain.

  • vagabonds in power

    In 1985, we were rescued by IBB and Dogonyaro. Immediately, people

    experienced a reversal. Within a very short time, the cooperatives

    closed, food became abundant again, the Naira stabilised, mothers stopped

    selling their jewellery, and so on. It makes one wonder!

    If there were no reference points, Buharists may claim that “if only he

    had been president”, but the mid-80s proved that the worst period in

    Nigeria’s history were the 20-odd months he was in power, sandwiched

    between two periods of plenty and growth.

    Therefore, they cannot bring the argument that today’s sufferings and

    impoverishment were the fault of the past regime – because we will

    counter with “TAKE HIM OUT NOW LIKE IBB DID IN 1985 AND SEE IF BY THIS

    CHRISTMAS, YOU WILL NOT BE SMILING AGAIN.

    Someone told me today that he predicts that by this Xmas or next Easter

    at the latest, a person will come and offer a Toyota Camry in exchange

    for N50,000, just so that his family can eat and make merry over the

    holidays!!

    Nigerians simply don’t refer to history! And I have run out of every

    single drop of sympathy in my body.

    SO, LIKE I SAID BEFORE, KEEP STEWING IN YOUR BROTH. MAYBE NEXT TIME YOU

    WILL SHELVE PARTISANSHIP, TRIBALISM, ETHNICISM, RELIGIOUS BIGOTRY,

    HATRED, INTEREST AND ALL THAT

    • abodes_124

      Let the cry go forth # Bring back our corruption

  • Bunduma Mohammed

    Rhetoric of a discredited emir. Saraki boy on the loose. Foriegn exchange was corrected since June if you don’t know SLS. PMB has done well be clearing Boko haram and your corrupt friends SLS. He would face and fix the economy,

  • thusspokez

    I have no idea but I would love to read them. Your text may have contained words that are banned by PT. This will make the comment void. Many posters, including myself, have fallen fowl.

  • Excisionist

    Danladi Shinkafi, Ahmed Joda (Buhari’s hatchet men) and Northern elders forum had it all figured out. Take the broom and sweep the ministries, civil service, parastatals, the security services, etc, replace the highly qualified, seasoned and experienced economics and bureaucrats with uneducated, inexperienced and bigoted northern sunni Moslems, then sit back and enjoy the power boom and economic boom.

    Nigerians protested and protested but Buhari and the northern Islamic CABAL turned a blind eye and continued as if they knew what they were doing.

    They forgot that Running a good economy is not necessarily the strength of Muslims anywhere. After all their “prophet” never sowed nor farmed but reaped the fruits of other people’s labor, plundering caravans and pillaging towns and villages in the Arabian Peninsular.

    And Plundering and pillaging is what their Nigerian counterparts have been doing since the unfortunate amalgamation in 1914. None of them ever contributed any idea on wealth creation. Because you need to have something before you can contribute it. Sharia and all their Islamic priorities cannot give such ideas. As military leaders, they concerned themselves with creation of states and other manipulative activities. They never thought about the future. Where will the resources to run 36 states and federal capital come from ? 36 governors, 36 houses of assembly, milliards of commissioners etc. While we were at it they focused their energy on looting. All of them Abacha, Babangida, Yar’Ardua, Shagari . . . all of them. Plundering of wealth and terrorism are what they are good at, NOT wealth creation

    This time around, they think that it is business as usual. Sorry it wount work ! No more wealth to squander!. Get out and allow others to save Nigeria. Go, form your Islamic Country and operate Islamic “economy” and eat your sharia. Nigeria is tired of you bunch of blood thirsty jihadists

    • MoreThanConqueror

      just the simply and pure true,let them practise islamic economy and eat their their sharia laws,

  • Jaspa Matanga

    Mr. Lamido Sanusi Lamido stop pointing accusing fingers at others because you were at the helm of the Government you are stigmatising. You were the Governor of the Central Bank of that Government where you orchestrated the MOST MONUMENTAL FRAUD ever inflicted on that institution. You exploited President Jonathan’s cowardice to escape being in jail for the second time in your bloody life.

    • Anasieze Donatus

      You exploited President Jonathan’s cowardice to escape being in jail for the second time in your bloody life.SIMPLY PUT IT ,THE OTUOKE CLOWN WAS NOT IN CHARGE AND THE BULK STOPS ON HIS TABLE..EMOIR IS DAMN RIGHT

  • agbobu

    GOODLUCK
    JONATHAN WAS AT THE HEAD OF THE MOST CORRUPT AND VERY ROTTEN
    ADMINISTRATION IN THE HISTORY OF NIGERIA, MUST BE FULLY INVESTIGATED
    ALONG WITH ALL HIS VERY ROTTEN AGENTS AND CRONIES. WE MUST NOT ALLOW GOODLUCK JONATHAN AND HIS ADMINISTRATION TO GET AWAY WITH MURDER. GOODLUCK JONATHAN NOT ONLY INSTITUTIONALISED CORRUPT IN OUR POLITY, HE MADE VERY MASSIVE AND VERY OBSCENE CORRUPTION A
    NORM, AN ETHOS AND A WAY OF LIFE IN NIGERIA. HOW GOODLUCK JONATHAN IS
    ABLE TO SLEEP VERY SOUNDLY AT NIGHT BAFFLES EVERY REASONABLE PERSON

    • Repost by Popular Demand

      @agbobu:disqus

      Sanusi Lamido Sanusi is false, fake and fraudulent

      No, no, no. Sanusi Lamido Sanusi has been more of
      a fraudster than anything else besides. He was Central Bank Governor in
      the year 2011 when 6.5 billion U.S dollars was stolen from that bank as fuel
      subsidy claims. Sanusi Lamido signed “approved” on those claims and never
      raised any question that year (2011) and kept quiet like a bloody conspirator
      for the next three years. Sanusi Lamido Sanusi might even have kept quiet
      till eternity. But he got into personal trouble three years later in 2014 when the
      Financial Reporting Council did an audit of Central Bank under Sanusi Lamido
      Sanusi and discovered a massive theft of 1.4 trillion Naira.

      Sanusi Lamido was in fact pointedly indicted
      in that audit as the main culprit. The audit report was sent to the then President
      Goodluck Jonathan who was shocked by such mindless stealing in Sanusi Lamido’s
      office. President Jonathan then issued a query to Sanusi Lamido with close to 100
      questions. That was when Sanusi Lamido realized the game was up. He delayed
      answers to Jonatrhan’s query and sought hackers to finesse counter-accusation
      that Goodluck Jonathan too stole 48 BILLION dollars oil revenue – a false claim,
      easily falsified by actual figures of national revenues in the relevant period.

      • Orly Ajayi

        “The point i want to make and that’s a question i now want everybody to ask themselves.

        How can you have a sitting Central Bank governor (Sanusi Lamido) who cannot count?

        Who starts by telling you $49billion is missing, and then reduces to $29b, then $10 billion,

        then raises it to $20b – a Central Bank governor who cannot count like that is a disgrace

        to his country and a disgrace to the position he takes.”

        ……………..Odia Ofeimun

        (March 14th, 2015)

        • imperialebony

          Your sister was the cause of the anomalies in the figures because each time SLS called her to clarify those figures, she’d come up with a manipulated figure and present it to him. This was done in connivance with diezani. Now we all can see that nnpc money truly got missing. The TSA regime had exposed jonathan’s fraudulent government. Unfortunately, okonjo took advantage of his carelessness and inexperience of governance to finish him. Now she’s claiming jonathan made mistakes in his government, as if she’s not the cause. She’s a complete failure as minister of finance and coordinator of the economy by not advising him aright. She couldn’t succeed in her smartness when obj was there because baba wasn’t new in the system. He would have exposed her.

      • imperialebony

        Blame the weak and the clueless jonathan for the subsidy scam. SLS was on an appointment so, he could only advise jonathan and NOT to compel or stop him on any decision jonathan was going to take and was left to jonathan whether to take to his advice or not. I could remember a time SLS met with jonathan on subsidy scam several times but the clueless one never listened. He also called madam iweala on the matter but instead of helping out, she kept presenting manipulated figures to SLS with the connivance of diezani and debunked the reports…except you’re not in Nigeria at that time would you decline these facts. When SLS couldn’t bear the massive nnpc fraud, he had to make it public and jonathan got angry with him, the action which led to his sack as cbn governor. Go to the archive for details.

        • abodes_124

          Scam or no scam he and his government wanted to stop it completely in 2012 but the likes of you fought tooth and nail for the scam to continue. 4 years and many trillions of wasted Naira later it is gone but i bet you and your principal given the chance would want it it reintroduced.

  • Mentor

    With his usual rhetorical diarrhea, the emir has shown clearly that he is a half-baked and confused economist!

    • Mofe Orekoya

      You couldn’t have said it any better. After reading his speech I was left wondering how this man ever get to become a governor of the CBN. If there’s anything to go by it exposes him as nothing more than a mediocre at best. I’m shocked………..

      • Mentor

        He became the Governor of CBN by riding on his privilege background. He had a mediocre Bachelor’s degree class. He could hardly complete his Master’s degree in economics and he was busy doing Islamic studies in Sudan when his peers were doing doctorate degrees in economics or writing professional certification such as ICAN and CFA. All you need to do is compare his profiles to other Governors of central bank all over the world. You would think that with him becoming an emir, he would grow up. But he craves attention badly and must exhibit his rhetorical and polemical diarrhea at every opportunity.

  • Realitytalk

    At least it is very clear about the handwork of the past leaders and why we are here but we have seen what pmb is doing to help the nation and bring peace back to the nation

    • front man

      You are on point

    • woman leader1

      Exactly!

      • abodes_124

        you obviously did not get the import of thusspokez’s response

    • thusspokez

      Yawn !!!! (-_-)zzz…ZZZzzz… ZZZzzz…ZZZzzz

  • John

    A great expert at pontificating even though his actions as CBN Governor speaks otherwise. Awarded billions of naira in contracts to cronies, without even going through due process and a fair evaluation of those eligible to fulfill the contract terms. Increased the staff strength of the CBN by over 40% while at the same time complaining of the government’s huge wage bill. Allowed unhindered access of portfolio funds into the country which have only increased the negative impact on the drop in oil prices on Nigeria, I sincerely doubt if he can show us the benefits these inflows provided relative to the havoc they caused. Guided inflows was what we needed but Emperor Nero chose otherwise. He should focus on the Kano Emirate and if he is not fulfilled over there, he should step down and run for office.

  • woman leader1

    We all know that pmb is doing everything to put everything back to normal, what we are suffering now is due to the recklessness of the previous government.

    • thusspokez

      Yawn!!!

    • abodes_124

      If that is what you take away from this very detailed presentation your cognitive capacity and ability should be called into question.

  • imperialebony

    Obviously, okonjo-iweala wrecked jonathan administration by taking advantage of his weakness, which she couldn’t achieve when obj was there as she knew she could be sanctioned by him. In an international forum early this year, she admitted that jonathan government made some grave mistakes whereas, as minister of finance and coordinator of the economy at that time, she failed to advise him appropriately because of her selfish interest. Even as cbn governor, sanusi lamido called okonjo several times, citing errors in the various accounts created for the oil proceeds and subsidies. Instead of her being on the same page with him, she politicised everything. The same sanusi discovered the mass fraud in the subsidy payment but Ngozi never took sides with the truth and realities…as if she deliberately worked for jonathan’s failure. I could remember when SLS said about 25% of our annual budget was being pocketed by the national assembly and they said his mouth was smelling. Now, we all could see what had been playing out since the beginning of this administration in the name of budget padding. Kudos to SLS for this piece. I didn’t feel like getting to the end of presentation…so educating and resourceful!

    • tuby NY

      VERY wise observation n understanding by you! Yes n YES lots of mistakes were made n huge-stealing went down too.

    • otitolomaaleke

      SLS surely knows most of what he spoke about. How I wish our leaders are reading, will understand and have the will to do the right thing!

  • ed

    Emir of Kano is known to be on and off as CBN governor. He made some great points in the realistic analysis of the problem in Nigeria economic situation. Unfortunately Sanusi happen to be part of the governing elite that ruin the system. He turned CBN to a government all by itself giving out billions without accounting.
    One credit that SLS deserve, his love and understanding of the errors made by the former and present government.
    Saddest part is that Nigerian leader are not good at reading or listening to the people or reason.
    Power corrupt all of them.
    President Buhari would’ve been better off if only he takes time out to read and understand what we’re saying here everyday. Pro and Against. Pointing out the wickedness of Fulani’s terrorist herdsmen and Buhari support of the criminal is actually helping him on the day of reckoned. Government come government go.

  • Duruoha1

    I don’t care what anybody say about this emir, the guy is making sense. We’ve been spending too much money on consumption instead of production. That’s exactly what he’s talking about

  • tuby NY

    I don’t know about this man (Sanusi) been an Emir though instead of him been a political leader in this country 2day! He would’ve bn more VALUABLE to d country as a leader than an Emir (a sectional and a religious leader). I’ve seen and read couple of his lectures n interviewed (within Nigeria and outside) b4 — he is nothing but a sound and a bright-minded fellow.
    I just hope Mr. President or his teams in particular seeks audience with him and them all able to collaborate in whatever way or shape and helped move this country forward yo. Sound and Intelligent fellows like him (Sanusi) are NOT that many in our govt OR are been allowed to be in a position of authority in Nigeria by our majority “substandard and inept” political class leaders of TODAY!..

  • Tosin Otitoju

    “that you are one of the sisters I remain extremely proud of your work” – Sanusi would never say/write that. He speaks better. I’ll just skip the speech then.

  • Afolabi Boluwatife

    Beautiful.

  • Excisionist

    The former CBN governor, an ardent Muslim who championed the Islamic Bank Controversy while at the same time sleeping around with Mrs Maryam Yaro, and (other women) was the one who bankrolled Buhari’s election campaign. He hates his cousin Dr. Sanusi Ado Bayero (who is better educated than him and is more liked by Kano Muslims because of his honestly simplicity and genuine religious devotion). He used the stolen money to bribe his way into the emirship in place of his cousin.

    When Sanusi barks, the adage that comes to mind is that “there is no smoke without fire”. In Sanusi’s case it is always in a negative sense. Wnen he became the CBN governor, he destabilized the Stock market and Nigerian banks which were doing very well before he came. This destabilization was only a diversionary tactic. His main aim was to loot, as is in their culture. When he was cornered for embezzling billions in the central bank, he suddenly became a “whistle blower”

    Watch out, something is pursuing him now. I read that some report of investigation of the CBN during his term is out and that his hands were found dirty. Soon you will get another first in Sanusi’s biography – traditional ruler / whistle blower.

    • Captain

      Wow. People like you is why Nigeria is where it is today. You know nothing about about Kano people and Muslims, nothing about the Bayero family and certainly being ignorant of the facts and truth.

      • Excisionist

        You are either Sanusi himself or his hired sycophant trying defend the indefensible. It is only in the Islamic north that thieves are worshiped. This even under their hypocritical sharia law.

    • obinna

      All you have said may be true,but how has it refuted the simple truths made in his presentation? He simply dissected and exposed the behind-the-scene events that have placed us in the current palavar we find ourselves as a nation.

      • Excisionist

        You are either Sanusi himself or his hired sycophant trying defend the indefensible. Did you read the comment before your absolutely meaningless question?

        • muyi

          You sir are quick to attack the person before pushing forward your point which makes you unstable and gives me no reason to trust your opinions.

    • abodes_124

      Could you please counter the points he has made , counter the facts or challenge the opinions rather than mount attacks on his person and private life ?

      • Excisionist

        Take for instance the commodity and non-commodity economy. Who is the obstacle to the non-commodity economy. Sanusi himself has contributed a lot. As CBN governor, he harassed the BDC Forex operators who had standard world class facilities while turning a blind eye to (or even promoting) street corner, black market trade controlled by Fulani-Hausa Muslims under the most horrible environment. Because of time and space, I cant go on to elucidate.

        Another is technology. Nigerians have the technical know how that, if not hindered by Fulani-Hausa Muslims, can propel the country to the same level as China and India. Just two examples,: refining technology and automobile technology. Because of time and space, I cant go on to enumerate more.

        The same people a always a cog in the wheel of development.
        There are many other areas but there is no need to waste time on the rantings of a hypocrites.

        • Segun

          Your example may sound like rocket science to them. What about Agric potentials for export of processed and unprocessed food. The GDP of many developed countries are agric based. eg New Zealand, Australia, Norway (before oil), Netherlands, etc Come home to Nigeria, Fulani Herdsmen are destroying everything, killing and maiming and burning and decimating everywhere. Why not modernize this business so that they can be confined to ranches and products processed and exported. Sanusi is a Fulani leader. He can influence in this area but it did not even appear in his speach. Reason. Hypocrisy and bigotry. CABAL mentality

          By the way, those Fulani money changers are everywhere. They are near major banks (even CBN), They are at airports and other transport hubs. If they would be Ibos or Yorubas you can imagine what would have happened to them

          • Pappy

            What’s the difference between Agric for export to crude oil? Advocating jumping from one commodity export to another isn’t going to solve the economic problem of the country, the problem is that we still want to export primary resources to earn forex instead of buckling down and begin manufacturing. The pressure on the naira will decrease if we just begin manufacturing some of the things we import and consume.

            Small proto-industrial factories in the rural areas will absorb a massive amount of workforce and contribute towards igniting an industrial revolution Nigeria so badly needs. We need to stop thinking that we’re only good for exporting commodities.

        • Danjuma

          They carry their money, all major currencies, in Ghana Must Go (GMG) bags. Are the authorities not aware? Of course they are. This is a country where the law turns a blind eye to illegal activities by Hausa-Fulani Muslims

        • Heeba

          What has his personal life and culture religion have to do with what he wrote about?pls comment on Nigerian economics or refute it. You sound as if you have a personal issue with him or his people

          • Excisionist

            You pretend not know that the issues in my comment relate to the economy of Nigeria? Shame !

        • caitlin

          I personally found this speech enlightening. In my opinion, The Emir has evaluated our economic situation and has given his advice on how we can move from our current period of recession.
          I think this is the problem, everyone is quick to point out and focus on what another is doing wrong. Casting stones on he and his people isn’t going to move us from where we are right now, in our little way as citizens we have also contributed to our current situation. The next step is how we as a people can work together and make our country great again.

          • Excisionist

            There are at least two distinct people in that country. As long as they are together, as long as the law applies to one group and not the other, as long as one group sees itself as above the law (Fulani herdsmen for example), as long as one group obstructs progress just because they are not in control of that particular area (Sanusi and the banks for example), as long as the priority of one group whenever they are in power is their religion (forcing Nigeria into Islamic organizations and forceful Islamization for example) etc. . . . what Sanusi is saying remains theoretical rantings. There will be no “next step”. Nigeria will not be great. Truth is bitter !

          • Throne

            Truth is bitter if only its the truth,Moreover people like you are those who start conspiracy theories based on personal opinions just to delude the populace,in what way has your comment proffered solution to the problem at hand,who have you helped with your rantings,Nigeria will be great ,That is the truth and it doesn’t have to be bitter.There is an option of relocating if it does.

          • Excisionist

            Relocation? Yes Indeed. Here you have a good point. You can have your Islamic Republic and relocate up there. Then what remains will be great without any advice from Sanusi and his likes.

    • Pappy

      Is this all you can get out of the message? Focus on the message and not the messenger.

  • Commentsfile..!!!

    As a Nigerian after reading this post from our Royal Father
    and you did not grab just one thing positive, be you for or
    against in the discussions bellow, it means u r doing yourself
    a great disservice, because in life the greatest achievement
    one can make for him/herself is even if everyone will fail you,
    dont fail yourself… always take something positive out of those
    ugly situations… thanks

  • OMOLOYIN

    It is only the haters that will not accept the fact that Nigeria present economy situation is a foundational one. It can be illustrated as little droplets that makes the ocean.

    • Ajani

      ….other-way around sir…it would have been great if that was the way it is BUT it is the other way ’round where the Pool/Ocean has be draining-away..and if it continues there will be NOTHING left

  • Dan Hausa

    Sanusi is a hypocrite and a pig. Full stop !

    • obinna

      How? No one has ever so simplified the genesis of our numerous economic challenges in one fell swoop as he has done.

    • abodes_124

      Sigh ! this is the standard reference from the illiterate to any one who talks common sense.

  • Shetty

    Nigeria say Buhari till God says otherwise .

  • Egbu Yugo

    Apt

  • Delnerd

    Yes Sanusi your presentation is the way to but mind you that in all those places where things work, just look at their political structure first and see how their economic groth followed. It is not difficult to do in Nigeria but the structure is not suitable. Anybody who gets to the power says oh the constitution is supreme and leave the primary objective.

    The Nigeria you speak about worked well under Regional structure but refused to mark a significant shift since unitary system except that excess money from Crude oil is used to build one or two structures and people see it as development. A little Togo is far more prosperous and stable than Nigeria

    So Sanusi good political foundation gives you economic growth

    • Pappy

      The investment model will not work under a regional model, Nigeria is too underdeveloped to practice such, what it needs is a central government that co-ordinates with the states. Economic planning and decentralization are inimical to each other.

      • Li

        Nigeria is too underdeveloped to rely on a central system of governance to make progress.
        Who will fund the underdevelopment?
        Nigeria wants to practice communism in the 21st century?

        • Pappy

          What does that have to do with communism? Communism is a socio-economic model and not political.

          • Li

            Socio economic model like you said, but you seem to have missed the political implications of the word ‘Socio’.

            I guess I don’t need to speak further

          • Pappy

            Maybe you shouldn’t speak further. Don’t confuse the system of government of the Soviet Union and China as “communist” because it wasn’t, what they had was a system advocated by Lenin and his interpretation of how to build socialism and eventually march towards full communism. Communism has no government per se, there was nothing communist about what they practiced. Throughout history there hasn’t been any country that has successfully industrialized under a purely decentralized system, Nigeria being an underdeveloped country will collapse because it doesn’t have the resources to enforce such a complex system. It will leave the country horribly unbalanced and will increase social tension.

          • Li

            Why did i refer to communism?Because communism encourages central administration and distribution of wealth. In Nigeria what is the revenue source? Is it evenly generated? Why then should Niger Delta Oil be used to develop anywhere else? whether in the south or middle belt or North.
            Even the 13% derivation goes to the states and not the communities.

            You have a right to an opinion and i am not the least bothered about it.
            Nigeria as a country has not always been in existence so suddenly believing that it needs to run a centralized system to succeed is what in logic is called fallacy.
            Different parts of Nigeria are uncomfortable with the political system because of the economic implications of that system. The country is not unbalanced. what is obvious is that certain people are lazy and are hoping that the system should remain to protect their laziness.

          • Pappy

            Your write up doesn’t even make sense and contradicts itself. Communism doesn’t encourage centralization of anything, I told you not to confuse the system of the former Soviet Union and China as “communism”, they were totalitarian governments practicing state capitalism.

            The Niger-Delta oil should be used to balance Nigeria by investing and developing its productive capacities not the current system of feeding a bureaucracy and a parallel structure. Telling states that don’t produce anything they are on their own overnight will cause massive migration to oil states and will increase social tension.

            You’re right, Nigeria hasn’t always been in existence however if you want dismantle government you might as well split the country up and go back to ethnic enclaves, I don’t see the point of overnight decentralization. If regions want to keep their resources then we should break up Nigeria and everyone should go their own way.

            I’m not advocating overnight decentralization or over centralization, I’m advocating a system of coordination between and strong central government and strong federating units that promote economic expansion and development. Industrial development via economic indicative planning where the central government and the states liaise plans.

          • Li

            you said that
            “The Niger-Delta oil should be used to balance Nigeria by investing and developing its productive capacities not the current system of feeding a bureaucracy and a parallel structure. Telling states that don’t produce anything they are on their own overnight will cause massive migration to oil states and will increase social tension.”

            falling oil prices and reduction in production are they not gradually achieving the same effect.
            as has been shown worldwide and even in family settings; laziness does not encourage innovation.
            I do not see any improvement under any scheme that believes in collecting money from one end and taking it to develop another end. if that were so simple, the industrialized societies will have used ‘Aid’ to transform the other parts of the world

          • Pappy

            What are you saying? Are you talking to yourself or did you actually read and digest what I wrote? The word “lazy” didn’t come from me. You also conveniently forgot to mention when I said economic development needs to be coordinated via plans done by the center and the states. Where does that encourage laziness? How does overnight de-centralization cause innovation? You’re not going to see development just as a piece of land isn’t going to develop into a farm just because it’s there, there has to be active and workable plan and policy to development and not the typical African magic wand solution to everything.

            Any developing country that doesn’t prioritize economic planning isn’t going to develop, any country that doesn’t have a central government that prioritizes economic development and has the power and resources to enforce it isn’t going to develop either.

          • Li

            i am not obliged to accept your view point.
            I have expressed my views on the system you spoke about and i have a right to it.
            For the avoidance of doubt,
            i am of the opinion that the political structure of Nigeria as depicted in its constitution and laws encourages laziness by the states.
            It has become all the more obvious under the current situation of falling oil prices / production levels and feelings of marginalization by certain sections of the country particularly those who have the bulk of the oil mineral deposits.
            To build anything on such a structure as far as i am concerned is an exercise in futility.

          • Pappy

            Your opinion is your opinion I’ll give you that but it’s wrong and mis-informed.

            I don’t advocate keeping the political structure of Nigeria and nowhere in my posts I advocated such I agree that we need to change the structure, we just disagree on how it should be changed.

    • Li

      Assuming there is really a Nigerian Nation, we would expect everyone to contribute to the collective wealth,
      a situation where over 90% is dependent on sale of mineral resources found under the soil of 10% of the population is not only unsustainable but unworkable.

      Nigeria as a nation can not be work with such economic expectations.
      De-tangle the web built around mineral resource exploitation and distribution and there is a foundation to have real economic properity

  • Ajani

    What a Wise and Prudent man…you never miss the water until the Well is dry

  • Excisionist

    @Pappy “Is this all you can get out of the message? Focus on the message and not the messenger.”

    Oh yes, there are other things I got out of the message. Take for instance his statement:
    “If you think the Niger Delta or Boko Haram or other insurgents or something are the issue, let me give you another number. ” Sanusi

    which equates the Niger Delta freedom fighters to Boko Haram. Doesn’t that suggest that Sanusi is mentally deranged. How can you compare Islamists who kill innocent men, women and children , maim, rape, destroy towns and villages to those who have done NONE of those, whose demand is clear and legitimate in the eyes of the whole world?. Only deranged people like Sanusi, Buhari and Buratai would do that.

    Secondly he confessed how the northern Islamic cabal made millions without lifting a finger in labor – just phone calls. This, while the people from whose land the money is generated are suffering. Isn’t that culture despicable ?

    He also confessed how the very same people have abused FOREX. Using connections such as his, they got dollar at low rates, sold it and became millionaires. Again without lifting a finger in labor. Recently, at the height of Forex crunch, Buhari forced CBN to share dollars at low rates to Muslims “for pilgrimage”. Guess how many people became millionaires that way.

    Again, in his speech Sanusi portrayed Kano as the center of technological innovation in Nigeria. Reminds me of one of them who was lecturing and telling students that they used groundnut money to explore for oil in the Niger delta. What about the oil companies themselves, many of which are richer than whole of Africa put together. They keep misinforming ignorant people. Mcheeew.

  • Excisionist

    These same selfish people who have become addicted to easy money are now disrupting and holding to ransom the remittance by Nigerians in diaspora. Even though the transactions through International Money Transfer Operators (MTOs) reduce the demand for FOREX on the CBN it appears that their only interest is the easy money they hope to make.

    All they want is to act as agents receiving the foreign currencies from abroad and then selling it further through their black market network and becoming millionaires. Chikina. As usual, this is done without regards to the devastating effect the suspension of this injection of huge amount of money would have on the local economy. Whether the local economy supported by such remittances is decimated or not is not their concern. Same attitude towards Fulani herdsmen. Interest in their cows comes first.