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Ngozi Okonjo-Iweala Responds To Charles Soludo's "Buhari vs Jonathan" Article.


A blog reader just sent me a message asking me to post this. He/she would love to hear and partake of the lively debate and opinions of blog readers. Uyi and Sasha bone were specifically mentioned. See Ngozi Okonjo Iweala's text below. 


1. For anyone who has not read Professor Charles Soludo’s article on January 25 2015, I would encourage them to do so. It is littered with abusive and unbecoming language. It shows how an embittered loser in the Nigerian political space can get so derailed that they commit intellectual harakiri by deliberately misquoting economic facts and maliciously turning statistics on their head to justify a hatchet job. We hope all the intellectuals in the international circles in which Professor Soludo has told us he flies around in will read what a Professor of Economics has chosen to do with his intellect.

2. In this one article Soludo has shamelessly pandered to so many past leaders that Nigerians are asking one more time – what position is Soludo gunning for now? He claims in his article that he has had his own share of public service, yet he has failed twice in his attempts to be Governor of Anambra State and Vice Presidential candidate of various parties. There is definitely an issue of character with Prof. Charles Soludo and his desperate search for power and relevance in Nigeria. Nigerians should therefore beware of so-called intellectuals without character and wisdom because this combination is fatal.

3. But let us turn to the main subject of Soludo’s discourse. So much of what is written is outright nonsense and self-seeking aggrandizement that need not be dignified with a response. It is totally remarkable that Professor Charles Chukwuma Soludo, the man who presided over the worst mismanagement of Nigeria’s banking sector as Governor of the Central Bank of Nigeria between May 2004 and May 2009, can write about the mismanagement of the economy.

4.  Nigerians must be reminded of his antecedents as CBN Governor, and even prior to that, as the Chief Economic Adviser to the President. The consolidation of the banking sector was a good policy idea of the Obasanjo Administration but Soludo went on to thoroughly mismanage its implementation leading to the worst financial crisis in Nigeria’s history. So what did Soludo do?

5.  After consolidation, the regulatory functions of the Soludo-led CBN were very poorly exercised. As Governor, he failed to adequately supervise and regulate the now larger banks – an anomaly in Financial Sector Supervision. In fact as every Nigerian knows, in his time there was very little separation between the regulators and the regulated which is a violation of a key requirement of Central Banking success. This led to infractions in corporate governance in many banks as loans and other credit instruments running to hundreds of billions of naira were extended to clients without following due process, and several of these loans could not be paid back. This massive accumulation of bad debts or non-performing loans as they are called in the banking sector meant that our banks were ill-positioned to deal with the global financial crisis when it hit.


6.  In fact, the banking sector was brought to its knees and required a massive bailout by Nigerian tax payers. This bailout was done by his successor (now Emir of Kano) who cleaned up all the bad debts and transferred them to the newly-established AMCON, from where they are managed today. So let it be noted for the record books that Soludo’s single-handed mismanagement of the banking sector led to an incredible accumulation of liabilities that will cost tax payers about N5.67 trillion (being the total face value of AMCON-issued bonds) to clean up. Let it be noted also that this amount, which is more than the entire Federal Government 2015 Budget, constitutes the bulk of Nigeria’s “contingent liabilities” mentioned in Soludo’s article. It is only in Nigeria where someone who perpetrated such a colossal economic atrocity would have the temerity to make assertions on public debt and the management of the economy.

7.     Let us now look at some of the points he makes. Luckily, Soludo has told us that he has been busy travelling internationally, hobnobbing with his global partners. It is obvious from this article that from the rarefied heights at which he is flying he is completely out of touch with what is happening with the management of this economy. Take his comments on the mismanagement of the economy and the imposition of the austerity measures. The present fall in oil prices, a global phenomenon over which Nigeria has no control, has given every charlatan the opportunity to attack the economy, and by extension the managers of the economy

8. It is true that the economy grew well during the second-term of former President Obasanjo as a result of the reforms supported by the President and implemented by the Economic Management Team. Please note that the Finance Minister under whose leadership that good performance took place, including massive unprecedented debt relief, is still Finance Minister today. But thorough examination of the facts on performance under the Jonathan Administration will also reveal that at a time when global economic performance was mediocre, with GDP growth averaging about 3 percent per annum, Nigeria’s GDP growth – averaging about 6 percent per annum – is indeed remarkable. Even more interesting is the fact that the oil sector did not drive this economic performance but the non-oil sector (Agriculture, Manufacturing, Telecommunications, the Creative Economy, and so on), which shows that the current Administration’s diversification objective under the Transformation Agenda is working. Transformation equals diversification

9.  This current government managed to control inflation, which he Soludo, was not able to do during his time at the helm of monetary policy in Nigeria. When he left the Central Bank in 2009, inflation – which hurts the poor and vulnerable in the society the most – was above 13 percent per annum.  Now, inflation is at single-digit, at 8 percent per annum. What about exchange rates? Well this administration again managed to stabilize the naira exchange rates, such that between May 2011 and the end of 2014, official exchange rates against the dollar rarely moved out of the N153 to N156 band. It is only with the recent dramatic fall in oil prices and the consequent impact on our foreign reserves that the exchange rate has become quite volatile. The drop in oil price has been heavy and rapid impacting all oil producing nations significantly. Nigeria is no exception and appropriate fiscal and monetary policy measures are being put in place to manage this situation.

10.  In fact, history will recall that careless remarks by Prof. Soludo (then Chief Economic Adviser to the President) hypothesizing a possible naira devaluation, condemned the naira to a free fall towards the end of 2003. Ray Echebiri, in his 2004 article in the Financial Standard, wrote that not even the assurances given by the then CBN Governor, Mr. Joseph Sanusi or President Obasanjo that any plans to devalue the naira existed only in the head of Professor Soludo could halt the fall of the naira from N128 to the dollar in the official market to about N140 between September and December 2003.

11. It is true that our foreign reserve accumulation is less than what it should be but the reason for this has been fully given, not as excuses but simply as fact: lower oil production and crude oil theft along with the refusal to save in the Excess Crude Account (ECA) are the reasons. Contrary to what Soludo said, oil production under President Obasanjo was higher than current levels. Quantities produced averaged 2.4 million bdp, 2.22 million bpd, and 2.21 million bpd in 2005, 2006, and 2007 respectively but has declined now to between 1.95 and 2.21 million bdp due to vandalism of the pipelines and the resulting “shut-ins” to fix the problem. It is true that had production been at the previous levels and had there been willingness to save we would have had more money in the ECA and also in the reserves. But the overriding setback to savings is that the State Governors felt it was their constitutional right to share the money. Please recall that even as we speak the States have taken the Federal Government to the Supreme Court on this issue

12. Soludo’s claim that 71 percent of Nigerians live below the poverty line is misleading and disingenuous. He uses 2011 statistics on poverty by the NBS to support his argument while ignoring more recent figures. But as stated in the Nigeria Economic Report 2014 by the World Bank, poverty rate in Nigeria has dropped from 35.2 percent of population in 2010/2011 to 33.1 percent in 2012/2013. By the way, the reason why our poverty numbers have been so wrong is that the National Bureau of Statistics (NBS), under Soludo’s supervision as CEA and Vice-Chair of the National Planning Commission, departed from the international standard method of poverty measurement. Is he now ignoring the right economic statistics to wilfully manipulate information?

13.   No doubt we have a problem with unemployment in this country and we must deal with it. Indeed this Administration is dealing with it and stands proud of what it has accomplished so far and is pushing hard to accomplish much more. As a first step, the Administration, through the office of the Chief Economic Adviser to the President and the NBS, worked hard to determine how many jobs we need to create in a year. What you don’t measure you cannot make progress on. Why didn’t Soludo do this when he was CEA?

14.   We need to create about 1.8 million jobs a year in this country to cater for the new entrants into the labour market, but we also need to deal with the backlog of the unemployed and the underemployed, e.g. those selling on the streets. Dealing with this global challenge of unemployment is not an easy task for any country, as can be seen from the experiences of developed countries particularly in the euro area. But the Jonathan Administration is making good progress, creating an average of about 1.4 million jobs per year by driving quality growth in key sectors like Agriculture, where the bulk of new jobs are being created, Housing, Manufacturing, Financial Services, and the Creative Industries like Nollywood.

15.  In addition we have special programs to promote job creation among the youth and these include:

16.                         On the issue of debt, Nigerians deserve to know the truth and we have said it before. The truth is that the government borrowed in 2010 to pay an unprecedented 53.7 percent wage increase to all categories of federal employees as demanded by labour unions.  The total wage bill rose from N857 billion in 2009 to about N1.4 trillion in 2010, and as a result, domestic borrowing increased from N200 billion in 2007 to about N1.1 trillion in 2010 to meet the wage payments. Where was Soludo at the time? Why did he not react to the borrowing then? Was it because he wanted to pander to labour in preparation for his political career?

17.   It is noteworthy that since 2011, the Administration of President Goodluck Ebele Jonathan has been prudent with the issue of debt and borrowing. The Economic Management Team not only looks at debt to GDP ratio, where Nigeria has one of the lowest numbers in the world at 12.51 percent but it looks at debt service to revenues. That is why in spite of the rebasing and a larger GDP, the administration has taken a prudent approach to borrowing. The prudent approach helped to drive down domestic borrowing from N1.1 trillion in 2010 to N642 billion in 2014. In fact for the first time in our nation’s borrowing history we even managed to retire N75 billion of domestic bonds outright in 2013.

18. Despite the present tough situation, we do not plan to go on a borrowing spree but to keep borrowing modest at a level sufficient to help us weather the present situation. We have already ramped up efforts to generate more non-oil revenues for the government while cutting costs of governance. Therefore, Soludo’s claim that this Administration is reckless with debt does not hold true.

19.  Since Soludo seems so ignorant to what has been achieved by the Jonathan Administration, let us present just a few examples of them here again. This information is easily verified.

·        We are improving infrastructure across the country. For example, 22 airport terminals are being refurbished, and five new international airport terminals under construction in Lagos, Port Harcourt, Kano, Abuja, and Enugu. Soludo’s kinsmen in the South East now have an international airport in Enugu, and for the first time in Nigeria’s history can fly direct from Enugu to anywhere in world for which they are very grateful to this Administration. But with Soludo being up in the air with his international travels, he has not touched ground in the Southeast to observe this development for himself.

·        Various road and bridge projects have either been completed or are under construction. Those completed include the Enugu – Abaliki road in Enugu/Ebonyi States, the Oturkpo – Oweto road in Benue State, the Benin – Ore – Shagamu highway, and the Abuja – Abaji – Lokoja dualization, and the Kano – Maiduguri dualization. The Lagos – Ibadan expressway and the Second Niger Bridge are under construction.

·         Rail from Lagos to Kano is now functional, as is parts of the rail link between Port Harcourt and Maiduguri. All these have brought transport costs down. We recognise that more needs to be done in the power sector, but bold steps (like the privatisation of the GENCOs and DISCOs) have been taken, and our gas infrastructure is being developed to power electricity generation

·        In Agriculture, over 6 million farmers now have access to inputs like fertilizers and seeds through an e-wallet system, which is more than the 403,222 that had access in 2011. Rice paddy production took off for the first time in our history, adding about 7 million MT to rice supply. An additional 1.3 million MT of Cassava has also been produced and as a result, the rate of food price increase has slowed considerably, according to the NBS.

·        In Housing, we have put in place a new wholesale mortgage provider – the Nigerian Mortgage Refinance Corporation (NMRC) – to provide affordable mortgages to ordinary Nigerians, starting with those in the low-middle income bracket. This sector will help the economy grow as we tap it as an economic driver for the first time. Mortgage applications from 66,000 people are currently being processed and 23,000 have already received mortgage offers

·        Our Manufacturing sector is reviving with new automobile plants by Nissan, Toyota, etc. This is in addition to the backward integration policy in key sectors like petrochemical, sugar, textiles, agro processing and cement, which Nigeria is now producing 39,000 MT and exporting to the region.

·        The Creative sector is now a factor in our GDP, with Nollywood alone accounting for 1.4 percent, creating over 200,000 direct jobs and nearly 1 million indirect jobs. This is the first Administration to recognise its importance and support its further development with a grant program.

·        A new bank – the Development Bank of Nigeria – will soon be operational and this bank will help bridge the access to finance gap, which is a major constraint for the private sector especially SMEs. The bank will provide long-term (5 – 10 years) financing at affordable rates for the first time in our nation’s history.
20.   This is the path that the government has been on before this fall in oil prices. The response to the economic shock has been spelled out to the Nigerian public over and over again, and the Administration intends to focus on managing this crisis appropriately. This year will be difficult. To say anything less to Nigerians will be untruthful. It would have been better if there had been a bigger cushion of the Excess Crude Account to manage this situation but despite this the nation can rise to the challenge. More importantly, President Goodluck Ebele Jonathan and the Economic Management Team are seeing this as an opportunity to diversify the revenue sources of an already diversifying economy. In fact let me at this juncture use this opportunity to comment on Soludo’s appalling statement that rebasing brings no policy value. Rebasing has enabled us to better grasp the new diversified nature of our economy. This provides the basis for our present drive to support different sectors with appropriate policy instruments to enhance their development. Rebasing has also enabled the Administration to create the platform from which to drive our work on increasing non-oil revenues. These are areas of critical policy value.

21.  Soludo mentioned the issue of the Economic Partnership Agreement with the EU, noting that this Administration has not been vocal or clear on its direction with this agreement. On the contrary, the Administration, particularly the Ministry of Industry, Trade, and Investment, has been clear on this issue but since Soludo has been in the air he probably has not been aware of this. Just recently, the Minister of Industry, Trade and Investment reiterated again to the corporate sector that Nigeria has not signed and does not propose to sign the EPA in its present form.

22. The point is that this government has been pursuing the right economic policies, and its efforts have been acknowledged nationally and internationally. Let me say that there are objective ways to measure performance. There are international institutions globally accepted to do this. They have acknowledged this Administration’s good economic management up to the recent crisis and even now.   

23.  We cannot go by someone’s subjective view, driven by bitterness and bile. We need to look to the truth and to professionalism. This is where Professor Soludo totally fails. For the other gratuitous, political, and personal attacks, we are sure that those mentioned will respond appropriately. It is a sad day for Nigeria and the economics profession that someone like Soludo, a former CBN governor should write such an article. If Soludo wants to regain respect, he should return to the path of professionalism. He certainly needs something to improve his image from that of someone whose sojourn into National Economic Management ended in disaster for the banking sector, his sojourn in politics, ended in overwhelming rejection by the electorate, and more recently, his sojourn abroad, has put him out of touch with the reality of the Nigerian economy.


Paul C Nwabuikwu
Special Adviser to the Coordinating Minister for the Economy and Minister of Finance

Comments

  1. Well I read Soludo's entire article and only half of mrs Iweala's and all I can say is: Ngozi you are full of sh*t! You talk like Nigerians are morons. You are improving infrastructure? You repaired benin/ ore road? 6 million farmers have access to what? Please I will not like to insult you because of your age and being that you are a relative of my mom but kindly shut up and stop stooping to the level of a maggot.

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  2. 1. When you ask someone to be professional you must exhibit same.writer failed.

    2. They admitted in failing to increase the reserve. Flimsy reason

    3.Why is it that most of jonathan's achievements are about to take off after 6 years. I'm sure the story will remain same after 4yrs.

    4.Nollywood is dying. I don't believe in any increase in employment in this sector.

    5.international airports all over Nigeria are below global standards. They should scrap this in their achievements

    Before my comment disappears again let me post this quickly and come back. J

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  3. 6. This is an administration where universities went on 6 months strike ,hospitals (cnt remember duration) nothing, completely nothing has been done in these areas.

    7. This sounds like their campaign promising to perform what they could not in the last 6 years. If you remove the insults poured on Soludo you don't have much in defence of Soludo's detailed article. For someone that has been in the air more than the writer, he seems to be more detailed in pointing out the flaws of this administration. J

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  4. Lols,i quoted her before she quoted hersefl. Truth is I took Soludo's article with a pinch of salt. What was he doing when Intercontinental and Access bank were having fun with depositors cash?
    If he got it right,truly AMCON boys wldnt be around.
    When the state governors (including APC govnors) asked for the sharing of excess crude oil account,what did u all say?
    If the same Finance minister is in both OBJ and GEJ's govt,what does that mean?

    When Buhari was HoS,what did he do for Almajari's? Bambi-alla was the major occupation! Is that's the "occupation" he plans?
    You all forget the Buhari removed a democratically elected govt,thats treason right there. If he was getting it right,IBB wldnt hv booted him so quickly.
    Did OBJ increase minimum wage? Did he increase corpers allowance? Was there SUPE-P and You-Win programs? Was Enugu international? Was he paying militant amnesty?Let's be honest and real to ourselves,GEJ has done something! Boko Haram is making his govt look bad (which is their plan) but instead of cursing him out,join ur mates who are in the army and join in the fight!
    Truth is,i also wanted someone diff but if it's Buhari in the whole of Nig as his strongest contender,i wld just keep swimming in the vast ocean!
    All the interviews are done by fashola and Osibanjo,where the hell is Buhari?

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    1. I'm so loving and respecting u more for ds comment.

      Delete
    2. *Intercontinental and Ecobank

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    3. *Intercontinental and Oceanic bank...typo

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  5. Tnx to her for ds reply. I knew dat Soludo must not ve bin outrightly correct (as ignorant to dos figures as I am), but I think I believe Ezekwesili. Anti-Jonathans everywhere, though I wudnt rili blame anybody bc d insurgency and seeming lack of government response has clouded everybody's judgement. For me o, I love her response and I beliv her.

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    1. Are we confused here? Is it Ezekwesili or Ngozi iweala? Please if we don't have concrete words to put out.. Let's be quiet plz.

      And this is not a direct statement from iweala for the record

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    2. My bad for misplacing d names. Hehehe..... And yet my corrector put nothing out not to tok of being concrete. My dear, it's called freedom of expression. We're all Nigerians and we're d ones to cast d votes. U've ur candidate and I ve mine. Direct statement or yes, I prefer Jonathan if we're to choose from d two 'evils'. Dat's my point if u ddnt get it earlier.

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  6. Let's not forget that the so called bailing out of banks by Sanusi is fishy. He was in charge of first bank before becoming CBN governor. All banks were in the same situation due to share loans but he came and focused on the ones he had a personal vendetta against. How can access bank that was owing intercontinental bank 50b end up buying same bank? Sanusi had his own motives for scattering the banking sector as far as I am concerned. Goodluck is trying in his own way but I have no confidence in either him or Buhari.

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  7. Please I was even carried away by ngozi's pix with so ludo not knowing that it is even one of those special advice...

    I saw all the bitter spite on prof. Soludo and I just continued shaking my head all through as I was reading. Pretty pathetic

    Prof. Wasn't even partial in his article, he only gave his honest and experienced opinion and if the GEJ cabinet can't deal cos they are feeling insecured abt their performance as a government and the only way they can respond is by firstly tarnishing the image of a respected prof. so as to feel good abt themselves then I guess I've got nothing more to say abt this BS.

    More reasons why this administration needs to be ostracized..... IM DONE

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    1. Children are the leaders of tomorrow. 21yrs later and he is still contesting? Lolz...

      I always asked myself why Jesus Christ who was born in the middle east (Isreal) was not accepted by them. I read the book of Moses and I understood why. Moses was an action man. Moses said an eye for an eye,Moses was the leader who literally led them out of Egypt and cross the Red Sea. Moses literally saw the face of God up at the mountain when he was given the 10 commandments amongst other things. They fought wars sef so I can understand their deep respect for him.
      Fast forward many many years later and Jesus was born. He comes with a diff approah. The same people who were used to an eye for an eye were told to turn the left cheek. The adulterous woman was left alone thru some wise words. Yh,to be honest,Jesus sounded like a weakling. He was soft. He even healed the ear of his captor. He wasn't giving the people the Moses swag they were used to.
      The same people who praised Jesus when he entered jerusalem are the same people who shouted "Crucify him" as a better option to Barnabas. Even on the cross,the thief on the right knew Jesus for who he was. Years after his death and resurrection,the middle east is still yet to find the love and peace Jesus came to teach simply cos they prefer Moses ways.
      What am I trying to say? I have no idea but what I do know is that we shld be careful with what we wish for...

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    2. You always have no idea...lolz.

      See abeg Sasha bone. Abeg bone oh.

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    3. Lmaooo @ sasha bone!!! Iv been following your comments... sometimes I feel like biting and punching you! lol! This ur moses and Jesus comparison ehn! I just can't! Really?!!!! I marvel @ how you've chosen to see this government. You took Soludo's article with a pinch of salt but you believe okonjo-iweala's article hook line and sinker okwaya? Cuz you've chosen to believe GEJ has done well. Okay o. I have a feeling they are going to rig this election such that even if GMB wins, GEJ would still be president. let us see how that works out for them...

      I'm still very scared for the future of this country.

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    4. So who's the Moses and who's Jesus?

      None's approach was better than the other, they were both fulfilling their purpose. Moses obeyed the voice of God (until he smote the rock) and Jesus obeyed his father's instruction. Plus they both lived in different times so of course, the methods were different but the motive and purpose was always the same- Bring the people the knowledge of God. To put them in right standing with God.

      Delete
    5. @sunshine: yeps,they both lived in different times! Military ain't the same as democracy,1983 ain't the same as 2015.

      @Kabuoy: lol,i tire for my long epistle too.
      So if PDP wins it's rigged but if APC wins,its free and fair? That sounds weird!

      It's only natural for NOI to come out and defend her job cos she's the one soludo is indirectly shading.
      Did soludo take into account the diff things GEJ has done which I can't keep repeating on every post? He didn't tell us why Sanusi had to use an amount greater than the 2015 budget to bail out banks after he left.

      As for GMB,when he was in govt,what tangible thing did he do? No one wants to enlighten me

      Delete
    6. If u dont know about Buhari. Why don't you use your Google Cos u seem to always reference to that for everyone

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    7. I'll appreciate it if u can be my Google. You shld be able to brag about his performance at the top of ur head....

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    8. Don't you think the list would be too much? GMB isn't a Jesus Christ nor a Mohammed but he's been the best head of state we've ever had since murtala Mohammed... Wikipedia even have a short history of what he did in his administration. You are a Nigerian and it is your right to know about GMB and his transparency towards governance

      Delete
    9. U still dont wanna share with us what u read on Wikipedia? I'll take that there's nothing there then.

      Did anyone read on CNN that Nig is the 3rd fastest growing economy in the world? Or was it only me?

      Delete
    10. One more word from both of you...

      It haff do. Uyi I'm with you. #FeBuhari.

      Bia Sasha, last week you were screaming Prof. Sonaiya. Today GEJ looks like a messiah. Hmmm...

      Delete
    11. Lols,When u say Change,does it mean recycle?
      If u want him out fine,there are still those who aren't swayed by crowd and thus want him in. Yh,GEJ might not be the best president but my conscience wldnt let me keep quiet when daggers are being thrown at him.
      GMB was so good,IBB impeached him after 2yrs. GEJ is so bad,the national assembly didnt impeach him?

      Delete
    12. I'm done replying her...she's just like our president. Lol!

      She doesn't even feel obliged to know who and what GMB is about and what he stands for.

      smh if i catch u ehn... U will do frog jump like during GMB/Idiagbon' s regime

      Sasha bone Na wahala girl oh

      Delete
    13. Lol @ national assembly... dem no fit nah! after all the "settlement"! How nah! Sasha ehn.. lmaoo! You've just been ehn! Anyway! I still love you! And i'm sure Uyi does too!

      Delete
    14. @Kabuoy,the national assembly is made up elected PDP,APC,APGA,etc members and they wld have told the media bout the bribe.

      Oga Uyi,uve gone to wikipedia 5times now and u still can't copy and past what they wrote about GMB? Hmm...na wa o!

      Delete
  8. All this political talk has started giving me migraine, oginidi sef, itugharia dis side jonathan, itugharia dat side buharia...ike agwugomooooooo

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    Replies
    1. Lol@ agwugomoooo,I just dey read comment too, I tire to. Comment cos it mk no difference.

      Delete
    2. Oya...it haff do. Sasha, memphis, kabuoy..and other names not yet mentioned.lol
      all these political buhahas...with our "dog eat dog" society. God dey!!

      Delete
  9. politics! I'll pass.


    #goesbacktoread

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  10. I am a GMB supporter, and I won't deny the fact that GEJ has done a lot, in respect to roads, agriculture, rails, e.t.c. But I don't subscribe to a president that encourages insurgency with his body language, it took the president 3 weeks to respond to missing chibok girls issue, that was after the whole world was already talking about it. And here is a man that claimed the sponsors of BH are in his government. My only grievance against him is insecurity and don't tell me it's the opposition that's behind it trying to undermine his government. He should arrest all of them, He's the president, who is he afraid of?

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    1. Exactly my point! When those crazy extremists killed people in France, Hollande didn't blame it on the insensitive Charley Hebdo (mis)representation of the prophet of Islam; he took action. If truly the opposition is the cause of insurgency, Jonathan owes it as a duty to us to quell it and bring perpetrators to justice, otherwise, he has no business being the president.

      The present state of insecurity is enough to boot Jonathan out of power.

      -F

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  11. And when they asked him about corruption in Nigeria, he said its "mere stealing". Indicted members of his cabinet were never tried in the courts. when they asked about the missing 20bn USD, he said " if 20bn USD is missing, American will know, it's their currency". what kind of president says such.
    Change in Turkey caused violence because they went about it the wrong way, we won't seek change with protests, we will seek it by voting out a government we don't want, if after 4 years APC doesn't give us what we want, we will vote them out, our power lies in our votes not a revolution.

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  12. @Sasha Bone, go and read the book of Moses again, Moses was an eye for an eye, and he avenged by killing an Egyptian but God had to keep him in the desert for 40 years so he could calm down and stop trying to avenge Israel that way, and he never saw the face of God he only saw the back, he spoke to the Lord face to face but Exodus 33:20 says any man that sees God's face will die

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  13. This comment has been removed by the author.

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  14. My take.

    Point 9
    “It is only with the recent dramatic fall in oil prices and the consequent impact on our foreign reserves that the exchange rate has become quite volatile.”

    Weren’t we supposed to be prepared for the “dramatic fall in oil prices? Isn’t that the point of the external reserves and the excess crude account? You are defending the exchange rates, saying you kept it within a certain band, and then blaming you ineptitude on global oil prices? SMH

    Point 11
    “It is true that our foreign reserve accumulation is less than what it should be… had there been willingness to save we would have had more money in the ECA and also in the reserves”

    This sums up my point on this matter. Y’all wanted to eat everything in time of boom and expect us to open our mouths to air now that things aren’t so great and you expect us to applaud you?

    Point 12
    “He uses 2011 statistics on poverty by the NBS to support his argument while ignoring more recent figures. But as stated in the Nigeria Economic Report 2014 by the World Bank…”

    Yet you quoted 2012/2013 statistics? Where’s the 2014 statistic? Is it because the 2012/2013 statistic is not as terrible as the most recent statistic? Shior! Yeye de smell

    Points 13&14
    “No doubt we have a problem with unemployment in this country and we must deal with it. Indeed this Administration is dealing with it and stands proud of what it has accomplished so far and is pushing hard to accomplish much more… the Jonathan Administration is making good progress, creating an average of about 1.4 million jobs per year”

    I for one know that this Job creation story is a sham, a smoke screen. I have an NSTIF employment letter, its been sitting in my file for over a year now an no one has called me to resume yet the government will claim that it gave me a job abi? Next please!

    Point 15
    Biko what are the special programs? Non-existent?

    On Points 16&17, clap for yourselves. Still not convinced tho

    Point 19
    “ 22 airport terminals are being refurbished, and five new international airport terminals under construction”

    None of our airports meet international standards, as a matter of fact, wasn’t one of those “refurbished” airports flooded recently? What’s there to boast about?

    “We recognise that more needs to be done in the power sector, but bold steps (like the privatisation of the GENCOs and DISCOs) have been taken…”

    Dear Sir, I am glad that you know y’all haven’t done jack about the power sector. In fact, since y’all handed over to Disco and co, it was a Thursday I think; power supply has been Terrible with a capital T in my neighborhood. We can go a whole week without power, same with my parents’ house in Ibadan. That one is even worse.


    My comment is getting too long. Mr. Nwabuiku, your government did not try, you guys were irresponsible with spending. You made efforts but your recklessness and irresponsibility made them irrelevant in the face of the crisis we are now facing. My mum will always tell you, don’t eat all you earn, save for tomorrow, save for the future, save for the days when the rain will come pouring. I’m sure y’all were taught this too but you decided that since Nigeria has no mother, you can maltreat and malnourish her and get away with it.

    Lastly, when you accuse someone of unprofessionalism, you should ensure that you are professional in your own delivery so we know that you are different. This piece would have made a lot of sense and been a whole lot shorter without the copious references to Soludo’s travels.

    #MyHundredNaira

    ReplyDelete
    Replies
    1. Sunshine, for a minute I thought you were in my head...All this mudslinging back and forth will not solve any thing, it can only highlight their ineptitude more and more.

      Really painful where we are at this point in history.

      Delete
    2. Sunshine, thanks for your analysis.

      -F

      Delete
    3. Lol @ hundred naira!!!! Popsy's money did not waste! Lol. Our little fierce Economist! Hehe! Okare!

      Delete
  15. 3 Gboza for Sunshine. If I accuse you of stealing and you in turn accuse me of cheating that does not absolve you from stealing. Calling out Soludo on his performance is not a defence on the things raised. J

    ReplyDelete
  16. The Ikoyi toll gate was cancelled by the Supreme court yet the Lag state govt refused to adhere to it. Is this how APC plans to practice the rule of law? And I heard they were after the life of the man who won the ikoyi bridge case that he had to run abroad.
    The constitution of Nig laid out penalties for party defectors so why the public show of shame by scaling the fence? Was he reinstated if truly he was right?
    GMB plans to arrest corrupt officers, cool. But what u all don't realize is that in democracy,u follow due process. (something they never do in military). It's still the same lawyers and judges and court houses all the corrupt cases wld end. (minus the backlog of other criminal cases).
    I haven't watched the AIT documentary on GMB but his supporters in the house don't wanna compliment him on it? Was the documentary a lie or is the truth just too hard to chew?
    In summary,GMB is just a poster child for APC. Use his name and face to campaign and win votes but he's not gonna do jack if he wins. If what happened in June 12 happens again, (assuming it ever did/assuming 2015 wld be viewed the same way),I wonder if there wld be another "òsò-abiola".

    ReplyDelete
    Replies
    1. If the Supreme Court had indeed cancelled the Lekki bridge, it would have been enforced. This case went to the High court and not the Supreme Court. The appeal is currently filed at the Appeal court.
      The petitioner asked the court to declare that the collection of tolls was illegal and the court acceded to its request without a clear action on what is to be done.

      And as per your earlier request, please help paste the Supreme court ruling on the blog to enlighten us, just in case I am wrong. Tee

      Delete
    2. Meanwhile, pls read this analysis on the GMB documentary. Dissecting the Documentary of AIT/PDP/GEJ
      1. Fela NEVER mentioned Buhari in $N2.8B scandal. He mentioned OBJ.
      AIT edited that part off.
      2. Buhari did not expel Ghanians from Nigeria. Shagari of the NPN did.
      AIT made a FALSE assertion.
      3. Gloria Okon did not disappear under Buhari it was under IBB and Dele Giwa was murdered for it.
      4. PDP went so low to bring Buhari’s daughters into politics. Can one use Dame’s inability to bear a child as a campaign issue?
      5. Fela’s mother, the GREAT Funmilayo Kuti died after OBJ Kalakuta in 1978 Buhari came into power in 1984.
      6. All Politicians that was sentenced to prison by the 1984 Military Tribunal were found to either enrich themselves with public funds or diverted public funds. Non were convicted by fiat
      7. PDP and AIT went after Buhari’s late wife and daughter. How low and desperate can Jonathan get?
      8. AIT/PDP alleged that Buhari has been losing since 1999.
      This is a lie. Buhari's first shot was in 2003.
      In 1999 Chief Olu Falae of ANPP/AD contested against Obj.
      9. AIT/PDP criticised Buhari for Heading PTF Board. Whereas, PTF is till date the most successful parastatal ever in Nigeria.
      Through PTF, the Amazon Dora Akunyili was known.

      PDP propaganda is distasteful and obscene.
      Should be condemned by all.
      The AIT documentary on Buhari will not make him less popular. President Jonathan is still playing catch up...

      Vote right!!! Let's stop this mediocrity!!!
      CHANGE IS HERE. Tee

      Delete
    3. http://jide-salu.com/2015/01/29/video-this-is-the-documentary-gej-and-others-did-not-want-you-to-see/

      Please watch

      Delete

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