The CBN chief spoke at the Chartered Institute of Bankers of Nigeria, CIBN, roundtable meeting organised on the current economic recession in Abuja on Tuesday.
His words: “Some came in as doctors into the macro-economic management and are giving the tools of medical doctors to advise on how to solve the problem of recession. Some came in as carpenters and they are using carpentry tools to advise on the problems of economic recession; some came in as engineers and they are using their tools to advise on how to address economic recession.
“They have not allowed the professionals to do their jobs. They have not allowed the professional to provide the direction.” According to the director, the Monetary Policy Committee (MPC) had, since early last year, consistently warned that the nation will slip into recession if urgent steps are not taken but that the warnings were not heeded.
How we got into recession
Explaining how the nation got into recession, Tule said: “Oil prices are down. Not only are oil prices down, the Niger Delta Avengers have blown up oil producing facilities and export facilities, severally. “When they blew the Forcados , it took government six months to fix Forcados. That was a loading bay. And after fixing it, they went back and blew it again. So we have oil prices and production going down.
The implication is that foreign exchange earnings are going down, but unfortunately, our import expenditure is not going down. It is still in the region of N976 billion, monthly.” He lamented Nigerians’ penchant for imported goods and an absence of export culture.
He said sitting down and blaming the CBN for the falling value of the naira was futile, insisting: “If we want to regain our place, how did we get here? We must address that question. “The moment we began to prefer imported goods to our domestically produced goods, we laid the foundation and built the superstructure to where we are now. This is a conscious choice. Every country makes the choice where it wants to be. This is what we chose for ourselves as a country.” fromVanguard
So what ve u guys done to salvage the situation
ReplyDeleteLike seriously,is he just realising after all ds months. So who is supposed to put the right tools in place Mr CBN Governor? Ds is what happens wn a bunch of old illiterates are running the economy.
DeleteSTFU....y'all do more if foreign products than the common mahn...so blame all the fat shapeless block heads...
ReplyDeletePoliticians *
ReplyDeleteAll I can say is happy new month
ReplyDeleteOk o
ReplyDeleteSOME OF THESE SO CALLED WARNINGS BY PROFESSIONALS WERE GIVEN AFTER THE PROBLEM HAD ERUPTED.
ReplyDeleteTHE BEST TIME TO GIVE A WARNING IS TEN YEARS BEFORE THE PROBLEM SHOWS UP....THAT MAKES YOU A TRUE PROFESSIONAL.
Sort Niger Deltans. Out.... look for ways to pacify them for peace to reign. I'm honestly tired of this administration which I supported so blindly!!! Wrong policies, wrong people in certain places...arrrrrrgggghhhhh!!!
ReplyDeleteOn that note: happy new month to blog visitor's and Stella bae... minus those who voted for Buhari...
Welcome to December...
ReplyDeleteRecession can't stop our shine!
Stories... Stories... Tales... Are you people not tired of sounding like an annoying old wrinkled grandma?
ReplyDeleteWhatever!!! We are in together!
ReplyDeleteIs this addressed to same Buhari's admin, advisers or CBN itself?
ReplyDeleteThen find the right tools. Akpa rice is #20,000 atm
ReplyDeleteThis people sef. They always miss it, if the domestically produced goods are available in both good quality and quantity, Nigerians will patronise and abandon foreign goods but a place where there is no alternatives do we have a choice. Government should first try to create an enabling environment for local manufacturing industries to thrive first and see how this economy will bounce back.
ReplyDeleteEnter your comment...
ReplyDeletethe best tool for addressing this recession is by letting Emefiele and that woman finance minister to go home
God bless you! It will be a dream come true to see Emefiele sacked!
DeleteI hope there will still be a Nigeria by 2019. Blind people just groping in the dark with no direction. As if the economy wasn't hard enough would you believe FG has increased taxes on salaries by 200%!. How much are civil servants paid, the exchange rate issue and increase in pump price inflated everything with no corresponding salary increase to think Buhari now went ahead to raise personal income tax without informing anyone. He has crippled the Union they can't strike or do anything. God just deliver us from this Armageddon called Buhari.
ReplyDeleteEmefiele is soooò clueless!!! Thean needs to go back to his village. They want to destroy his graet nation
ReplyDeleteNa wa o @Anon 08:39. Tax on Salaries is currently between 10 - 25% of Taxable income.
ReplyDeleteIf it is increased by 200%, it would imply that PAYE taxes in Nigeria would now be between 30% and 75%!
Of course we all know that is not true, why don't you guys stop lying just to discredit the Present Govt! Haba!!
May God deliver us
ReplyDeleteIt is confirmed that we are God´s people.
ReplyDeleteThis APC administration should be careful because anything Nigerians collectively call on God for happens.
They are acting like there is no God.
Uncle Buhari et al keeping gaming with our lives while u give ur daughter out to be married to the Indimi's whose has oil blocs in Saudi Arabia can feed his 10th generation and ur fellow comrades have siphoned government funds sufficient to feed their 6th generation. Well one thing i know like Abacha and the change wave that entered people during the last election when the veil will be removed from electorates face.
ReplyDelete