Recession: Adeosun, Emefiele, contradict selves, raising questions on Buhari’s strategy

Minister of Finance, Kemi Adeosun
Minister of Finance, Kemi Adeosun

Discordant views from the Finance Minister, Kemi Adeosun, and Central Bank of Nigeria (CBN) governor, Godwin Emefiele, on key fiscal and monetary policy decisions this week, highlight cracks in President Muhammadu Buhari’s economic direction, financial experts and economists said on Wednesday.

Between Monday and Tuesday, the two top members of the government’s economic team, canvassed opposing views on the best way to grow the country’s economy out of recession.

On Monday, Mrs. Adeosun, apparently voicing the concern of manufacturers, urged the CBN to consider cutting the current 14 per cent benchmark interest rate by banks, to support government stimulus plan to borrow cheap funds locally, to bail out the economy.

Ahead of last Tuesday’s Monetary Policy Committee (MPC) meeting, analysts had expected the CBN to heed the suggestion, to stimulate borrowing from banks to finance productive activities to grow the economy.

However, the unanimous decision of the MPC to keep the prevailing rates unchanged betrayed the lack of consensus among members of the government economic team on the best way to guide the economy out of recession, experts said.

In its resolution, the MPC decided to retain the monetary policy rate (MPR), which sets the lending rate for banks and businesses at 14 per cent.

The committee also kept the cash reserve (CRR), which specifies the minimum fraction of customers’ total deposits commercial banks could hold as reserves either in cash or deposits with the CBN, at 22.5 per cent.

The CBN governor said the MPC’s decision to ignore the Mrs. Adeosun’s proposal in favour of retaining the rates was informed by the bank’s resolve to continue to tighten liquidity in the monetary policy to limit the balance of risks currently weighing against one of its key functions of stabilizing price.

“Both monetary and fiscal authorities have the same intention to achieve growth. But, the direction through which each wants to achieve it may differ, for as long as you still achieve the growth,” Mr. Emefiele said.

He said expectations for reducing interest rate, brings two possibilities – either to spur credits to the private sector at lower rates, or to borrow at lower rates, as canvassed by Mrs. Adeosun and analysts, to spend.

Contrary to these views, he said the MPC believed similar decisions in the past to reduce the policy rate and CRR hardly impacted credits to the private sector.

He said such credits went to traders, instead of real sector development, and traders used them to demand for foreign exchange allocations that were not properly deployed, triggering further pressures on the FOREX market.

Despite requests to banks for proposals for primary agricultural and new manufacturing projects and others capable of spurring industrial capacity and manufacturing output, Mr. Emefiele said what CBN has so far received have been proposals for refinancing the liquidity of the banks.

“That is why the CBN has been a little circumspect about releasing some of those liquidities as expected,” he explained.

Although lowering interest rate would make it possible for government to borrow at lower rates from local financial institutions to stimulate spending and demand for goods and services, the CBN governor argued, not taking action to boost industrial capacity and manufacturing output, could see “too much money chasing too few goods.”

This outcome, he pointed out, would inevitably worsen the spiraling inflationary trend in the economy, currently at about 17.1 per cent.

“That’s why we are saying, while the fiscal authorities are going ahead to spend, the MPC would keep the rates where they are, to tighten liquidity, to encourage inflow of fresh capital to the economy,” he said.

The Chief Executive of Abuja-based Global Analytics Consulting, Tope Fasua, said the blame should go to the Finance Minister.

“The Minister pre-empted the MPC and put them in a tight corner,” Mr. Fasua said. The MPC acted to assert their independence, to show they were not taking instructions from anybody.”

Mr. Fasua said some manufacturers asking for FOREX were in the habit of diverting the allocation for them to import raw materials, to other businesses, and denying the people the benefits of their services.

Odilim Enwegbara, a development economist and analyst, said the CBN was wrong not to have reduced the lending rate, particularly at this period of economic recession, blaming the inability of the MPC to act in that direction on the interest Mr. Emefiele represents at CBN.

“Mr. Adeosun is working for the President, who is under pressure to grow the economy out of recession. But, Mr. Emefiele is under pressure to protect the interest of the banks, which is his primary constituency. The banks are comfortable if the status quo remains,” Mr. Enwegbara argued.

He said Mr. Emefiele and his team have always held the notion fiscal policy, rather than monetary policy could solve the economic problem.

Rejecting that thesis, Mr. Enwegbara said the CBN always believed foreign investors would be attracted by a regime of higher interest rate to invest in the country, saying this was why President Buhari must intervene and call the CBN governor to order.

“That the Minister of Finance suggested before the MPC meeting there may be a lower interest rate and the CBN ignored showed there is a huge crack in the wall of government economic team,” Mr. Enwegbara said.

“Both the minister and CBN governor supposed to work in harmony at this time. They should be comparing notes all the time, so that when they speak, they do so in one voice and language, without confusion.

“The CBN governor should be complimenting what the Finance Minister is saying and vice versa, to grow the economy. The confusion will bring confidence problems in the policy making by government,” he said.

He criticized the policy stance of the CBN on the issue, saying they were not working in the interest of bringing the economy out of recession.

The analyst, however, regretted there was little the president could do at the moment to correct the conflict of interest situation without amending the provisions of the CBN Act of 2007 to give more powers for him to hire and fire any CBN governor seen to be working against the interest of the people.

“As part of the amendment, government should consider creating the Nigerian banking regulatory commission to remove the banking sector monitoring, regulation and supervision functions from the CBN and ensure nobody comes directly from the banking sector and be appointed CBN governor.

“With such an independent body, it would add that unless a person had been out of the banking industry for at least five years as a former banker, he should not be qualified to be appointed CBN governor, to create some distance between the CBN and the commercial banks interest.” Mr. Enwegbara argued.

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.


  • emmanuel

    Sale of Nigeria Assets is the final onslaught of the foolanis on Nigerians from the South.
    Sanusi, El-Rufai and Dangote are the instruments to take over. Remeber Bukola Saraki recommended Sanusi to YarAdua for CBN Governors slot and immediately after he took over at CBN, he wrote-off Saraki’s N21 billion bad Loan? The duo have worked together and very closely on such crooked projects and it is time for them to hold Nigeria hostage by buying all the choice Assets.
    Dangote is known to act as front for every government in power to circumvent Nigeria, so he began the campaign to sell off Nigeria and before long, the country will go bankrupt and some Arabs will buy you and i.
    I beg in the name of God, this joke must not be taken lightly by any well meaning Nigerian and Southerners in particular.
    For your information, they will give some small small consideration to the Southerners who will help sell the scam and edge them out eventually – Tinubu’s treatment.
    Nigeria cannot be sold in line with Buhari’s redistribution of Nigeria wealth from the South to the North through fraudulent menas!

    • Gary

      My brother, talk to your legislators at the National Assembly. The SE, SS and even Middle Belt must come together to block any move to grant Buhari free rein to sell off national assets to favored cronies amid a recession. We cannot count on the SW since they remain under the thumb of Bola Tinubu whose personal interest they now accept as their group interest.

      Dangote already has the country’s consumer economy in a chokehold. He alone controls cement, sugar, flour and in addition to agriculture and telecommunications. That means Nigerians, all 170 million of them, depend on one man for their construction and housing and can only eat bread, have soft drinks and certain foods at the pleasure of Mr. Dangote.

      Soon he will be the sole provider of refined petroleum products for Nigeria at the price he wants when his refinery, built with public subsidies, tax breaks and preferred access to forex, comes on stream.
      Only a handful of billionaires like Dangote, Tinubu, Alakija and Adenugu, will be in any position amid the recession to acquire the public assets that Buhari wants to sell off to raise money. And we all know now, that Buhari primarily favors his own people when it comes to doling out public assets and offices. And he has already put his people in charge of NNPC, including the ubiquitous Abba Kyari as a board member of corporation that Nasir El-Rufai had said should be privatized even before the APC won the Presidency. The plan to fully takeover the oil industry was long hatched before the 2015 election or the recession. Let’s hope that our legislators will not sell the South into slavery for personal or partisan gains.

      • Amir

        Simply accept that Jona Ebelemi was a monumental disaster.

        • Gary

          So that justifies handing over the oil industry and commanding heights of the Nigerian economy to the North by Buhari? Keep at it and “we shall meet at Phillippi.” Look that up on Google if it’s above your comprehension.

          • Henry_Itopa

            Don’t you ever get tired of being wrong? m You spread all these lies and falsehoods based on nothing and you are always wrong. Then with no shame you just move onto the next lie. I wonder what your life must be like if you all do is just come up with hate, rumors and lies.

          • Gary

            How about exposing and debunking the lies in my post? I challenge you, e-rat. We know you miss the days when PT censored comments to suit your worldview. Now you are forced to compete in the marketplace of ideas and facts. Go ahead, fact check my assertions.

          • Henry_Itopa

            You are saying something is going to happen that hasn’t happened and somehow I am supposed to debunk that. Shouldn’t it be you making the mad accusations that has the onus of convincing us?

            This is truly madness. I did not know the loss of an election could drive a whole group of people mad.

          • Gary

            If I notice that you are planning to murder me or my loved ones, am I supposed to see you implement your dastardly deed before drawing attention to your plot? Abi you too no get WASC but you wan rule people who go school when you dey run after Nama? Empty suit.

          • emmanuel

            Henry itopa ko, hussein or abdul ni. You cannot deceive anybody anymore. You are only using Christian names to further your foolani agenda.

      • emmanuel

        Unfortunately, all these characters are migrants into Nigeria. How would a Nigerian actually care in Europe about their development, except to corner all goodies and ship back home.
        That is exactly why the foolanis from neighbouring Countries who used the Hausa’s to hold Nigeria hostage and dumped them are doing.
        This is the last fight in Nigeria, after this, it would be perpetual hostage.
        Tinubu and co should note that it took a rampaging Sanusi to down the Akingbolas and Ibro Oceanic dynasty, having worked against his ascendancy at CBN, which Saraki leaked to him. Tinubu is already a walkover and the earlier he dump this his personal and Islamic interest in the foolanis, the safer he becomes.
        His sins can still be forgiven!

        • Fulani’s are more patriotic than an igbo could ever be

      • You blind and deaf no region is joining igbo-biafra you’re the problems not the solution.

    • Henry_Itopa

      Clown. Buhari and Dangote don’t even get along.

      • emmanuel

        Clowns are better than scoundrels. All the foolani shenanigan will not last for too long. When leaders refuse to use common sense in contemporary World, such Countries get destroyed and Nigeria has reached such peak.
        Afterall, almost all investments and business interest in Syria, Sudan etc have been destroyed. The day of Rwanda will surely come at this rate.

        • Henry_Itopa

          lol. You are truly deranged. Hatred truly does mess up the human mind like a drug.

  • Rommel

    The finance minister represents the view of the government while the CBN is autonomous and the president wishes to maintain this autonomy so I don’t see any contradictions here, we are dealing with independent institutions.Mr.Emefiele is a Jonathan appointee whom the president has maintained because he feels that it would not be in the interest of Nigeria to tamper with his tenure like Jonathan Goodluck did,what is surprsing though is why the Apex bank of an economy in recession would not lower interest rates to make it easier for small busineeses to survive,we’ll wait to see,but I have confidence in Kemi Adeosun.

    • blueeyedkitten

      the CBN governor is saying – too much money in circulation(as a result
      of lowering the interest rate), could/would worsen the inflation(too
      much money chasing fewer goods). the economy is in recession. why would
      you want to worsen it, he seems to be saying here. anyways, we’ve always
      had this conflict between the monetary and fiscal authorities. it didnt
      start today.
      and the suggestion of that mr enwegbara is so wrong.
      why would you want to strip the CBN of its supervisory functions over
      the commercial bank? if he thinks appointing a commercial banker as a
      CBN governor would result to conflict of interest(which i tend to agree
      with), then maybe the CBN act could be amended to reflect that: but not
      reducing the powers of the CBN by creating another agency to take up
      that function. that’d be more complicated indeed.

    • Otile

      As expected you have spoken your mind as slave of the Fulanis supporting the disastrous views of your sister Kemi. But the party is not over until the fat lady sings. Now we are waiting for the idi○tic views of your brother Dele Awogeoba, the voodoo economist to chip in and foul the atmosphere once and for all.

  • ’70

    Though I have not taken time to read the article as I am sure it’s a waste of time, the finance minister and the governor of the central bank do not have to always agree. This is rather a confirmation that the Buhari government is not teleguiding the CBN governor, who is supposed to be independent of the presidency.

  • News Critique

    Premium Times Editor,

    What’s gone wrong with VANGUARD?

    I bought Vanguard newspaper
    and saw two separate photos of Sanusi Lamido Sanusi splashed
    on the front page. I thought he’d died or something. When I read the paper
    I saw that he only said one rather banal one-paragraph that he supports
    Godwin Emefiele’s decision (as the present governor of Central Bank) to retain
    the MPR lending rate. How could that be front page news in a serious country?
    How could that warrant glorifying banality in a country desirous of CHANGE?

    Vanguard editors may have
    put themselves in public doubt as having been induced by something
    given and pocketed to reduce recession to a barely considered personal
    opinion of a man facing pending criminal counts in the Federal High Court,
    especially one who is also indicted for mass scale looting and stealing of 1.2
    Trillion Naira by the Financial Reporting Council. A person with such status
    should not be inflicted on the public. Normally, such a creature is never
    allowed to attempt to lead public opinion or permitted to preach
    perseverance to his victims in a good country.

    • Alkali

      • ₦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.

  • marig

    Adeosun talks too much. She is all hat, no cattle.

  • TAWANDA INCOMMUNICADO

    Confused and rudderless !! An economic team of inexperienced light weights under a clueless presidency .

  • bigbang

    Adeosun is right. Eventually that rate has to come down. 14 percent won’t cut it if you want double digit growth. What we have now is a never ending cycle of poverty creation and over dependency on foreign imported goods and service.

    • FEMI A USA

      Money knows no boundary. This is why many countries are leaving the interest rate unchanged ; this will create demand, foreign direct investments, job creations etc. Dr. Emefiele needs to focus on inflation rate also from the current level.

      • bigbang

        Nigerians need work. Our unemployment rate is over 30 percent. We are in a recession. Holding the rates won’t stop higher inflation. Nigeria higher inflation is due to the crash of the Naira. The Naira has lost value after the announcement. So we gain nothing from the decision.

  • Ken

    Cbn is correct with its position. The minister of Finance does not know what she is talking about. She was there when Buhari pulled out huge money from the Banks through TSA without complaints. Buhari also increased fuel beyond the reach of Nigerians and spiralled the inflation rate to 18%. She should be redeployed.

    • Maria

      How can you say that cutting inflation rate as advocated by this woman is wrong? I sense your comment is not based on sound reasoning but on primordial sentiments.

      • Otile

        You sound very fo○lish here because you are bereft of the knowledge of simple economics. How can you talk of Kemi the voodoo economist cutting inflation rate. You can cut interest rate, but inflation rate is the result of market forces. Get yourself some knowledge before you come here to make an ass of yourself.

      • emmanuel

        Biko na how dem dey cut inflation rate? use Suya knife abi na cutlass? Wonder sall nefa end. Oma se o!
        May be na to force the NBS head to further read out lower inflationary rate from 17.6% to about 7%, when we ll know that the current inflation rate is about 37%. The Naira don near Zimbabwean shilling already

  • donMe$$i

    For over a year, Buhari and his team turned a deaf ear to cries from manufacturers for lower interest rates.
    Now Papa buhari desperately needs cheap funds, they are running helter-skelter.
    Mtcheuw!

  • donMe$$i

    Meanwhile, this is the resultant effect of papa buhari’s RUDDERLESS economic team;

    NGN / USD 428

    NGN / GBP 552

    NGN / EUR 470

    A-fee-C! Chanji!!!

    • emmanuel

      Us Dollar sold 437.00 this evening please.
      Wahala, i beg look for beta job now make you dey ship your money come. I beg make you nor loose out for the Bingo windfall!

  • Maria

    Emefiele is a saboteur…wonder why Buari is keeping that criminal at CBN.

    • donMe$$i

      Same reason he’s kept danbazzau, buratai and kyari in his kitchen cabinet.

      • biodun

        the people you mentioned are doing their job accordingly. Emefiele is a banker, who will want to protect the interest of his mentors. This is the main reason why a banker should not be a governor of CBN. Sanusi did the same, by using every opportunity to bring down the capital market.

    • TAWANDA INCOMMUNICADO

      Emir Sanusi the ex CBN boss also supported Emefiele in not reducing the interest rates ….is Sanusi a “saboteur” as well ?

      • Maria

        When did Sanusi become your credible man? Please, answer me! Not too long you asked Jonathan for his head, remember?

        • TAWANDA INCOMMUNICADO

          Sanusi had an accusation of corruption levelled against him but that does not cancel out the fact that he also managed the CBN monetary policy well.

  • Dr Pat Kolawole Awosan

    The CBN governor Godwin Emefiele, is working against the strategic national interest of Nigerians that president Muhammadu Buhari and his finance minister,Mrs Kemi Adeosun, are vigorously working to rescue Nigeria from the recession.Godwin Emefiele, refuses to cut the interest-rate thereby working at cross-road against the ultimate goal and aim of president Muhammadu Buhari,s government.Godwin Emefiele,must be remove from CBN governor seat.He is a dangerous snake, in the roof-sealing.

    • donMe$$i

      Former CBN governor sanusi lamido is known to have ‘sympathy’ for the buhari regime and a close confidant of his(buhari).
      He(sanusi) also supported Emefiele’s decision to retain the MPR.
      Are you implying sanusi is also a dangerous snake in the roof-sealing(ceiling)??

  • Imma Boro

    Dear Editor,

    FIRE ON THE MOUNTAIN, SIR!

    Since 3rd of April no water has been supplied by the Lagos state government.
    If fiscal policy will make the water come out, please do fiscal, but if it is monetary
    that will make the water flow and rush well, don’t do fiscal but do monetary policy.
    We the Nigerian people don’t care about all these slangs you are using, please!

    I was retrenched since February. No job, no income, no light, no water, no safety!

    Editor, please, answer me. Between monetary policy and fiscal policy, which one will
    make the Principal of my son’s school to reduce the tution he increased on Monday?
    If it is monetary that can reduce my son’s school fees let us do monetary, and, if it is
    fiscal that can make sure that school fees don’t go up but down, let us do fiscal.
    I don’t know too if fiscal or monetary policy can bring water to my tap in Oshodi.

    • Ariwo Ikosi

      NAIRA is now 439 to a dollar and is getting worse than toilet roll under brainless BUHARI

  • B. Messi

    BREAKING NEWS!! BUHARI/APC HAVE KILLED THE NAIRA!

    FOLLOWING BUHARI’S ECONOMIC POLICIES(OR LACK OF IT?), THE NIGERIAN CURRENCY CRASHED BY N8 IN 8 HOURS!!
    From N428 = $1 this morning, it has plummeted to N438 = $1 as I type!

    Sadly though, as Nigeria BURNS, Buhari, Aisha, and their two daughters are frolicking in the U.S-of-A!
    SCANDAL!!

  • tony10

    It is obvious PT does not know the difference between the core functions of CBN and the job of a Finance minister or it is just being mischievous. It is not uncommon to have different positions like this. Monetary policies (CBN job) is different from fiscal policies ( Finance Minister) . Sometimes it aligns, sometimes it differs. Nigerian media across board are always not all that good in analysing economic issues.

    • Sho

      @disqus_PhO5Y1vCe8:disqus

      Premium Times is supporting President Buhari to destroy Nigeria completely.

      Premium Times is a Mujahedeen media house where the Hijab is compulsory.

    • warmonger

      What you don’t understand is that we are currently in a war situation– economically speaking. A serious government gathers its team, draws up appropriate response and policies, all with the implicit aim of providing immediate relief to the suffering populace and ultimately dragging the economy from cold. If there is anything called economic team of this administration ( which is the equivalent of the war tactical team) is Emefiele (with all his the independence) not a member? If he is, shouldn’t the proper procedure be for Emefiele and Adeosun to canvass and thrash out their conflicting opinion elegantly during war planning? And then give the public what they arrived at based on superior argument?

      Summary, this shows poor planning, and it confirms effectively that the government is doing nearly zero to respond to the economic aggression we are facing. Osinbajo says A in the morning, Adeosun, Udoma, say another and Emefiele caps its all…

  • B. Messi

    Is it true Kay soyemi, TundeMESS/tunsj, amazing2012, Maria, Rommel, wahala, etc have relocated to Linda-ikeji’s Blog???

    • Höly Wähala

      I have not relocated anywhere, I’m no sycophant like you creek criminals, I criticize objectively where sense is being made. Monkey, get a life… Parasite!

      • B. Messi

        Lol.
        I just wan smoke u out ni.
        It speaks volumes that of all the names mentioned, only you are bold enough to come out.
        You no be sychophant true true. I dey see as you dey hala whenever this bumbling regime wobbles nd fumbles.
        Odeku jare!

        • Höly Wähala

          Thanks ojare… Buhari na fuck-up, a big namahead indeed. Odeku!

          • emmanuel

            A self-styled researcher who is unable to demonstrate good sense of judgement is a quack. Wahala abused us so much that Buhari was da best and would par teh Naira to a US Dollar etc.
            My age, exposure, academic acquisition and street sense did not fail me about the disaster called Buhari.
            I would rather have an Abacha than the incongruous patron of cattle rearers as President.
            A man who abdicated his Head of State role to Idiagbon and PTF to Aisha Buharis father cannot make a good leaders and that has been proven

      • emmanuel

        Even in self imposed exile, Bingonomics is killing Wahala, so he uses other monikers to bash Bingo. That is the cost of ignorance – that brought Bingo in.
        You only make him come up when you mention his old name Wahala.
        Kay Soyemi nor get money buy data subscription again and Onike is contemplating relocating back to Nigeria as London don worse pass Niger Republic now that even Oyinbo Uk graduates dey look for road to sweep.
        Maria also use another moniker called Rommel. They are all low life people who are now frustrated.
        Anyway, we are waiting for Sanusi, El-Rufai, Dangote, Saraki, Alhaji Bingo to buy up Nigeria, that way Wahala will not come back again.
        Tundemess with his poor English is still very much around here with another moniker

        • B. Messi

          I guess that ws meant for me.
          Ahahahahaha!
          Nice one bro.
          I dey laff ooooo!!

  • No Comment

    DEAR EDITOR,

    See when the rains started beating Nigerians…..

    • “Shocking details emerged
    from the recently presented 2016 budget that the executive arm
    of Buhari’s government will spend the lion share of N5.87 trillion or about
    96.5 per cent of the total N6.1 trillion. Then, about N205 billion (or 3.5 per cent)
    goes to the other arms of government.

    The Legislature and the Judiciary will get
    N115 billion and N90 billion respectively. The breakdown of the budget also
    indicates that the federal government intends to spend N39 billion in running
    the Office of the President (Buhari) with major allocations going to car purchase
    at N3.9 billion; and, another N189 million to change tyres for specified vehicles
    in the Presidency.”

    ………….NIGERIA BULLETIN

    • Wollex

      “On May 2nd this year, the federal government, in the Petroleum Product
      Pricing Regulatory Agency (PPPRA) Template released in Abuja, told Nigerians
      that it was subsidizing petrol at N12.62 per litre. If as at May 2nd, petrol
      was being subsidized at N12.62 per litre, and now that the subsidy of N12.62
      has been removed, what ought to have been added to the N86.50 pump price should
      be N12.62, which would have increased pump price to N99.12 per litre.

      Increasing petrol pump price by N58.50 when the federal government
      claimed it was subsidizing the product at N12.62 per litre is clear political
      419, which is aimed at further impoverishing Nigerians as the government will
      be making profit of N45.88 on each litre of petrol bought by Nigerians. How can
      any government with human feelings attempt to make profit of N45.88 per litre
      on Nigerians, who are no longer getting their salaries regularly? How can
      Buhari and his party impose another N45.88 per litre levy on Nigerians who are
      already facing severe hardship? This is wickedness!”

      ………….Governor Ayo Fayose of Ekiti State

      [11th May, 2016]

  • ed

    The set up of our government is structurally deficient. President Buhari should’ve been able to appoint a new governor of CBN.
    The release of money that were in the 2016 budget that were passed and signed to law, were being reported as low as 25%. What’s holding back the release of the money. The finance minister and CBN need to tell us.

  • emmanuel

    Any manufacturer who get any part of the production materials from abroad would be digging his grave by taking any loan. Infact, only traders can gamble with loans now and survive.
    Any disruption in production cycle can lead to eventual death of such business owners out of frustration.
    Meanwhile, what is required the most is stimulus packages, payment of backlog debts to contractors and issuing newer construction contracts to release more money. That way, the system would reflate itself and not by granting loans to a people whos the poor or no fiscal policy direction would strangulate and take the country into worse scenarios.
    Kemi is a block head like her master Bingo!

    • igbo-biafra’s non stop smuggling has damage the manufacturing industry in this country, get rid of igbo get rid of 80% of the problems

  • michro

    Ridiculous government. You don’t have money and you were busy bailing sponsoring criminals all in the name of bailout. It’s such a pity

  • If one has minimum knowledge one would know and understand why interest should be “held” down doing recession

    Mrs Adeosun is right