Read the article by former CBN governor, Charles Soludo, that's got everyone talking | Welcome to Linda Ikeji's Blog

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Monday, 26 January 2015

Read the article by former CBN governor, Charles Soludo, that's got everyone talking

Former Governor of Central Bank of Nigeria, Charles Soludo, wrote a very long article yesterday titled 'Buhari vs Jonathan, Beyond the elections', where he x-rayed the chances of the two men winning next month's general elections and the challenges that lie ahead.

In the very incisive piece, Soludo berated the present administration of having poor economic plan which he graded "F". He says President Jonathan's economic team is too weak due to its composition of "self-interested and self-conflicted group of traders and businessmen". 

He said "President Jonathan if you are not re-elected, there is little to remember about your regime after the next few years". 

On Buhari, he said the former military leader and his team must realize that they do not yet have a coherent, credible agenda that is consistent with the fundamentals of the economy currently. The APC manifesto contains some good principles and wish-lists, but as a blue print for Nigeria’s security and prosperity, it is largely hollow, he said. Thus, his first job is to present a credible development agenda to Nigerians. Find the article after the cut...(but brace yourselves, it's very long)

 
By Charles Soludo
I need to preface this article with a few clarifications. I have taken a long sabbatical leave from partisan politics, and it is real fun watching the drama from the balcony.  Having had my own share of public service (I do not need a job from government), I now devote my time and energy in pursuit of other passions, especially abroad. A few days ago, I read an article in Thisday entitled “Where is Charles Soludo?”, and my answer is that I am still there, only that I have been too busy with extensive international travels to participate in or comment on our national politics and economy.

But I occasionally follow events at home. Since the survival and prosperity of Nigeria are at stake, the least some of us (albeit, non-partisan) must do is to engage in public debate. As the elections approach, I owe a duty to share some of my concerns.

 
In September 2010, I wrote a piece entitled “2011 Elections: Let the Real Debate Begin” and published by Thisday. I understand the Federal Executive Council discussed it, and the Minister of Information rained personal attacks on me during the press briefing. I noted more than six newspaper editorials in support of the issues we raised. Beside other issues we raised, our main thesis was that the macro economy was dangerously adrift, with little self-insurance mechanisms (and a prediction that if oil prices fell below $40, many state governments would not be able to pay salaries). I gave a subtle hint at easy money and exchange rate depreciations because I did not want to panic the market with a strong statement. Sadly, on the eve of the next elections, literally everything we hinted at has happened.  Part of my motivation for this article is that five years after, the real debate is still not happening.

The presidential election next month will be won by either Buhari or Jonathan. For either, it is likely to be a pyrrhic victory. None of them will be able to deliver on the fantastic promises being made on the economy, and if oil prices remain below $60, I see very difficult months ahead, with possible heady collisions with labour, civil society, and indeed the citizenry. To be sure, the presidential election will not be decided by the quality of ‘issues’ or promises canvassed by the candidates. The debates won’t also change much (except if there is a major gaffe by either candidate like Tofa did in the debate with Abiola). My take is that more than 95% of the likely voters have pretty much made up their minds based largely on other considerations. A few of us remain undecided. During my brief visit to Nigeria, I watched some of the campaign rallies on television. The tragedy of the current electioneering campaigns is that both parties are missing the golden opportunity to sensitize the citizenry about the enormous challenges ahead and hence mobilize them for the inevitable sacrifices they would be called upon to make soon. Each is promising an El-Dorado.

Let me admit that the two main parties talk around the major development challenges—corruption, insecurity, economy (unemployment/poverty, power, infrastructure, etc) health, education, etc. However, it is my considered view that none of them has any credible agenda to deal with the issues, especially within the context of the evolving global economy and Nigeria’s broken public finance. The UK Conservative Party’s manifesto for the last election proudly announced that all its programmes were fully costed and were therefore implementable. Neither APC nor PDP can make a similar claim.  A plan without the dollar or Naira signs to it is nothing but a wish-list. They are not telling us how much each of their promises will cost and where they will get the money. None talks about the broken or near bankrupt public finance and the strategy to fix it. 

In response to the question of where the money will come from, I heard one of the politicians say that the problem of Nigeria was not money but the management of resources. This is half-truth. The problem is both. No matter how efficient a father (with a monthly salary of N50,000) is at managing the family resources, I cannot see how he could deliver on a promise to buy a brand new Peugeot 406 for each of his three children in a year.  Even with all the loopholes and waste closed, with increased efficiency per dollar spent, there is still a binding budget constraint. To deliver an efficient national transport infrastructure alone will still cost tens of billions of dollars per annum even by corruption-free, cost-effective means.  Did I hear that APC promises a welfare system that will pay between N5,000 and N10,000 per month to the poorest 25 million Nigerians?  Just this programme alone will cost between N1.5 and N3 trillion per annum. Add to this the cost of free primary education plus free meal (to be funded by the federal budget or would it force non-APC state governments to implement the same?), plus some millions of public housing, etc.  

I have tried to cost some of the promises by both the APC and the PDP, given alternative scenarios for public finance and the numbers don’t add up.  Nigerians would be glad to know how both parties would fund their programmes.  Do they intend to accentuate the huge public debt, or raise taxes on the soon to-be-beleaguered private businesses, or massively devalue the naira to rake in baskets of naira from the dwindling oil revenue, or embark on huge fiscal retrenchment with the sack of labour and abandonment of projects, and which areas of waste do they intend to close and how much do they estimate to rake in from them, etc?  I remember that Chief Obafemi Awolowo was asked similar questions in 1978 and 1979 about his promises of free education and free medical services. Even as a teenager, I was impressed by how he reeled out  figures about the amounts he would save from various ‘waste’ including the tea/coffee served in government offices. The point is that at least he did his homework and had his numbers and I give credit to his team. Some 36 years later, the quality of political debate and discourse seems to border on the pedestrian. From the quality of its team, I did not expect much from the current government, but I must confess that I expected APC as a party aspiring to take over from PDP to come up with a knock-out punch. Evidently, from what we have read from the various versions of its manifesto as well as the depth of promises being made, it does not seem that it has a better offer.

Let me digress a bit to refresh our memory on where we are, and thus provide the context in which to evaluate the promises being made to us. Recall that the key word of the 2015 budget is ‘austerity’.  Austerity? This is just within a few months of the fall in oil prices. History repeats itself in a very cruel way, as this was exactly what happened under the Shehu Shagari administration. Under the Shagari government, oil price reached its highest in 1980/81. During the same period, Nigeria ratcheted up its consumption and all tiers of government were in competition as to which would out-borrow the other. Huge public debt was the consequence. When oil prices crashed in early 1982, the National Assembly then passed the Economic Stabilization (Austerity Measures) Act in one day--- going through the first, second, and third readings the same day.  The austerity measures included the rationing of ‘essential commodities’ and most states owed salary arrears. Corruption was said to be pervasive, and as Sani Abacha said in that famous coup speech, ‘unemployment has reached unacceptable proportions and our hospitals have become mere consulting clinics’.  General Muhammadu Buhari/Tunde Idiagbon regime made the fight against corruption and restoration of discipline the cardinal point of their administration which lasted for 20 months. I am not sure they had a credible plan to get the economy out of the doldrums (although it must be admitted that poverty incidence in Nigeria as of 1985 when they left office was a just46%--- according to the Federal Office of Statistics).

We have come full circle. If the experience under Shagari could be excused as an unexpected shock, what Nigeria is going through now is a consequence of our deliberate wrong choices.  We have always known that the unprecedented oil boom (in both price and quantity—despite oil theft) of the last six years is temporary but the government chose to treat it as a permanent shock. The parallels with the Shagari regime are troubling. First, at the time of oil boom, Nigeria again went on a consumption spree such that the budgets of the last five years can best be described as ‘consumption budgets’, with new borrowing by the federal government exceeding the actual expenditure on critical infrastructure. Second, not one penny was added to the stock of foreign reserves at a period Nigeria earned hundreds of billions from oil. For comparisons, President Obasanjo met about $5 billion in foreign reserves, and the average monthly oil price for the 72 months he was in office was $38, and yet he left $43 billion in foreign reserves after paying $12 billion to write-off Nigeria’s external debt. In the last five years, the average monthly oil price has been over $100, and the quantity also higher but our foreign reserves have been declining and exchange rate depreciating.

I note that when I assumed office as Governor of CBN, the stock of foreign reserves was $10 billion. The average monthly oil price during my 60 months in office was $59, but foreign reserve reached the all-time peak of $62 billion (and despite paying $12 billion for external debt, and losing over $15 billion during the unprecedented global financial and economic crisis) I left behind $45 billion.  Recall also that our exchange rate continuously appreciated during this period and was at N117 to the dollar before the global crisis and we deliberately allowed it to depreciate in order to preserve our reserves.  My calculation is that if the economy was better managed, our foreign reserves should have been between $102 --$118 billion and exchange rate around N112 before the fall in oil prices. As of now, the reserves should be around $90 billion and exchange rate no higher than N125 per dollar.  
Third, the rate of public debt accumulation at a time of unprecedented boom had no parallel in the world.  While the Obasanjo administration bought and enlarged the policy space for Nigeria, the current government has sold and constricted it.  What debt relief did for Nigeria was to liberate Nigerian policymakers from the intrusive conditionalities of the creditors and thereby truly allowing Nigeria independence in its public policy. How have we used the independence?  Through our own choices, we have yet again tied the hands of future policymakers. This time, the debt is not necessarily to foreign creditor institutions/governments which are organized under the Paris club but largely to private agents which is even more volatile. We call it domestic debt. But if one carefully unpacks the bond portfolio, what percentage of it is held by foreign private agents? And I understand the Government had removed the speed bumps we kept to slow the speed of capital flight, and someone is sweating to explain the gyrations in foreign reserves. I am just smiling! 

In sum, the mismanagement of our economy has brought us once more to the brink. Government officials rely on the artificial construct of debt to GDP ratio to tell us we can borrow as much as we want.  That is nonsense, especially for an economy with a mono but highly volatile source of revenue and forex earnings. The chicken will soon come home to roost.  Today, the combined domestic and external debt of the Federal Government is in excess of $40 billion. Add to this the fact that abandoned capital projects littered all over the country amount to over $50 billion.  No word yet on other huge contingent liabilities.  If oil prices continue to fall, I bet that Nigeria will soon have a heavy debt burden even with low debt to GDP ratio. Furthermore, given the current and capital account regime, it is evident that Nigeria does not have enough foreign reserves to adequately cover for imports plus short term liabilities.  In essence, we are approaching the classic of what the Shagari government faced, and no wonder the hasty introduction of ‘austerity measures’ again.

Fourth, poverty incidence and unemployment are also simultaneously at all-time high levels. According to the NBS, poverty incidence grew to 69%  in 2010 and projected to be 71% in 2011, with unemployment at 24%.  This is the worst record in Nigeria’s history, and the paradox is that this happened during the unprecedented oil boom.

One theme I picked up listening to the campaign rallies as well as to some of the propagandists is the confusion about measuring government “performance”. Most people seem to confuse ‘inputs’, or ‘processes’ with output. Earlier this month, I had a dinner with a group of friends (14 of us) and we were chit-chatting about Nigeria. One of us, an associate of President Jonathan veered off to repeat a propaganda mantra that Jonathan had outperformed his predecessors. He also reminded us that Jonathan re-based the GDP and that Nigeria is now the biggest economy in Africa; etc.  It was fun listening to the response by others. In sum, the group agreed that the President had ‘outperformed’ his predecessors except that it is in reverse order.  First, my friend was educated that re-basing the GDP is no achievement: it is a routine statistical exercise, and depending on the base year that you choose, you get a different GDP figure.  Re-basing the GDP has nothing to do with government policy. Besides, as naira-dollar exchange rate continues to depreciate, the GDP in current dollars will also shrink considerably soon. 

We were reminded of Jonathan’s agricultural ‘revolution’. But someone cut in and noted that for all the propaganda, the growth rate of the agricultural sector in the last five years still remains far below the performance under Obasanjo. One of us reminded him that no other president had presided over the slaughter of about 15,000 people by insurgents in a peacetime; no other president earned up to 50% of the amount of resources the current government earned from oil and yet with very little outcomes; no other president had the rate of borrowing; none had significant forex earnings and yet did not add one penny to foreign reserves but losing international reserves at a time of boom; no other president had a depreciating exchange rate at a time of export boom; at no time in Nigeria’s history has poverty reached 71% (even under Abacha, it was 67 -70%); and under no other president did unemployment reach 24%. Surely, these are unprecedented records and he surely ‘outperformed’ his predecessors!  What a satire! 

One of those present took the satire to some level by comparing Jonathan to the ‘performance’ of the former Governor of Anambra, Peter Obi.  He noted that while Obi gloated about ‘savings’, there is no signature project to remember his regime except that his regime took the first position among all states in Nigeria in the democratization of poverty---- mass impoverishment of the people of Anambra. According to the National Bureau of Statistics, poverty rose under his watch in Anambra from 20% in 2004 (lowest in Nigeria then) to 68% in 2010 (a 238% deterioration!).  Our friend likened it to a father who had no idea of what to do with his resources and was celebrating his fat bank account while his children were dying of kwashiorkor.  He pointed out that since it is the likes of Peter Obi who are the advisers to Jonathan on how to manage the economy (thereby confusing micromanagement which you do as a trader with macro governance) it is little wonder that poverty is fast becoming another name for Nigeria. It was a very hilarious evening. 
My advice to President Jonathan and his handlers is to stop wasting their time trying to campaign on his job record. Those who have decided to vote for him will not do so because he has taken Nigeria to the moon. His record on the economy is a clear ‘F’ grade. As one reviews the laundry list of micro interventions the government calls its achievements, one wonders whether such list is all that the government could deliver with an unprecedented oil boom and an unprecedented public debt accumulation. I can clearly see why reasonable people are worried.  Everywhere else in the world, government performance on the economy is measured by some outcome variables such as: income (GDP growth rate), stability of prices (inflation and exchange rate), unemployment rate, poverty rate, etc. On all these scores, this government has performed worse than its immediate predecessor--- Obasanjo regime. If we appropriately adjust for oil income and debt, then this government is the worst in our history on the economy. All statistics are from the National Bureau of Statistics.

Despite presiding over the biggest oil boom in our history, it has not added one percentage point to the growth rate of GDP compared to the Obasanjo regime especially the 2003- 07 period.  Obasanjo met GDP growth rate at 2% but averaged 7% within 2003- 07. The current government has been stuck at 6% despite an unprecedented oil boom.  Income (GDP) growth has actually performed worse, and poverty escalated. This is the only government in our history where rapidly increasing government expenditure was associated with increasing poverty. The director general of NBS stated in his written press conference address in 2011 that about 112 million Nigerians were living in poverty. Is this the record to defend?  Obama had a tough time in his re-election in 2012 because unemployment reached 8%. Here, unemployment is at a record 24% and poverty at an all-time 71% but people are prancing around, gloating about ‘performance’. As I write, the Naira exchange rate to the dollar is $210 at the parallel market. What a historic performance! Please save your breathe and save us the embarrassment. The President promised Nigeria nothing in the last election and we did not get value for money. He should this time around present us with his plan for the future, and focus on how he would redeem himself in the second term—if he wins!

Sadly the government’s economic team is very weak, dominated by self-interested and self-conflicted group of traders and businessmen, and so-called economic team meetings have been nothing but showbiz time. The very people government exists to regulate have seized the levers of government as policymakers and most government institutions have largely been “privatized” to them. Mention any major government department or agency and someone will tell you whom it has been ‘allocated’ to, and the person subsequently nominates his minion to occupy the seat.  What do you then expect? The economy seems to be on auto pilot, with confusion as to who is in charge, and government largely as a constraint. There are no big ideas, and it is difficult to see where economic policy is headed to. My thesis is that the Nigerian economy, if properly managed, should have been growing at an annual rate of about 12% given the oil boom, and poverty and unemployment should have fallen dramatically over the last five years. This is topic for another day.
So far, the Government’s response to the self-inflicted crisis is, at best, laughable. They blame external shocks as if we did not expect them and say nothing about the terrible policy choices they made. The National Assembly had described the 2015 budget as unrealistic. The fiscal adjustments proposed in the 2015 budget simply play to the gallery and just to pander to our emotions. For a $540 billion economy, the so-called luxury tax amounts to zero per cent of GDP.  If the current trend continues, private businesses will come under a heavy crunch soon. Having put economics on its head during the boom time, the Government now proposes to increase taxes during a prospective downturn and impose austerity measures. Unbelievable!

Fortuitously, just as he succeeded Shagari when Nigeria faced similar situations, Buhari is once more seeking to lead Nigeria. But times have changed, and Nigeria is largely different. First, this is a democracy and dealing with corruption must happen within the ambit of the rule of law and due process. Getting things done in a democracy requires complicated bargaining, especially where the legislature, labour, the media, and civil society have become strong and entrenched.   Second, the size, structure and institutions of the economy have fundamentally altered. The market economy, especially the capital market and foreign exchange market, impose binding constraints and discipline on any regime.   Third, dealing with most of the other issues--- insecurity, unemployment/poverty, infrastructure, health, education, etc, require increased, smarter, and more efficient spending. Increased spending when the economy is on the reverse gear? 

If oil prices remain between 40- 60 dollars over the next two years, the current policy regime guarantees that foreign reserves will continue the precipitous depletion with the attendant exchange rate depreciation, as well as a probable unsustainable escalation in debt accumulation, fiscal retrenchment or taxing the private sector with vengeance. The scenario does not look pretty. The poor choices made by the current government have mortgaged the future, and the next government would have little room to manoeuvre and would inevitably undertake drastic but painful structural adjustments. Nigerians loathe the term ‘structural adjustment’. With falling real wages and depreciating currency, I can see any belated attempt  by the government to deal with the bloated public sector pitching it against a feisty labour.  I worry about regime stability in the coming months, and I do not envy the next team. 

The seeming crisis is not destiny; it is self-imposed. However, we must see it as an opportunity to be seized to fundamentally restructure Nigeria’s political economy, including its fiscal federalism and mineral rights. The current system guarantees cycles of consumption loop and I cannot see sustainable long term prosperity without major systemic overhaul. The proposals at the national conference merely tinker at the margins. In totality, the outcome of the national conference is to do more of the same, with minor amendments on the system of sharing and consumption rather than a fundamental overhaul of the system for productivity and prosperity. President Jonathan promises to implement the report of the national conference if he wins. I commend him for at least offering ‘something’, albeit, marginal in my view. I have not heard anything from the APC or Buhari regarding the national conference report or what kind of federalism they envisage for Nigeria.
In Nigeria’s recent history, two examples under the military and civilian governments demonstrate that where the political will exists, Nigeria has the capacity to overcome severe challenges.  The first was under President Babangida. Not many Nigerians appreciate that given the near bankrupt state of Nigeria’s finances and requirements for debt resolution under the Paris Club, the country had little choice but to undertake the painful structural adjustment programme (SAP).  I want to state for the record that the foundation for the current market economy we operate in Nigeria was laid by that regime (liberalization of markets including market determined exchange rate, private sector-led economy including licensing of private banks and insurance, de-regulation, privatization of public enterprises under TCPC, etc). Just abolishing the import licensing regime was a fundamental policy revolution. Despite the criticisms, these policy thrusts have remained the pillars of our deepening market economy, and the economy recovered from almost negative growth rate to average 5.5% during the regime and poverty incidence at 42% in 1992.

327 comments:

1 – 200 of 327   Newer›   Newest»
Anonymous said...

dis is so true

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AbokiDaWarriBoy said...

OYO...wit dis long articles lmfao...Sai Buhari datz all I know.

AbokiDaWarriBoy said...

OYO...wit dis long articles lmfao...Sai Buhari datz all I know.

Buckbuz said...

I only read what you summarized ... charlse's story is too much

D J STELCH said...

The presidential election next month will be won by either Buhari or Jonathan. For either, it is likely to be a pyrrhic victory. None of them will be able to deliver on the fantastic promises being made on the economy, and if oil prices remain below $60, I see very difficult months ahead, with possible heady collisions with labour, civil society, and indeed the citizenry. WELL SAID SIR..
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.Disclaimer:: Raise Your Words, Not Your Voice. It Is Rain That Grows Flowers, Not Thunder..

Anonymous said...

ffk will nt like dis

5 Nigerian Female Celebrities Who Are Really Aging..But Refuse To Marry!( You Just Have To See This)

Anonymous said...

no point

Celebrity blogger Linda Ikeji is indeed living her life like its golden ( must see photos )

Musa Minah said...

Chai..mi no even fit read am all

ROYAL PRIESTHOOD said...

Dis r my prediction's in d forthcoming February elections...

GEJ wil win d Presidential election while PDP wil win Rivers Governosrship election and APC wiL win Lagos Governorship election.

Afolabi Eradajaye said...

OK .....wow its way too long

freeborn zina said...

Is a great article from a great guy solu and i support him.

freeborn zina said...

Is a great article from a great guy solu and i support him.

ROYAL PRIESTHOOD said...

Dis r my prediction's in d forthcoming February elections...

GEJ wil win d Presidential election while PDP wil win Rivers Governosrship election and APC wiL win Lagos Governorship election.

Anonymous said...

Too long abeg... kilode na




























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lara jacobs said...

Seriously I no read am will read lata

ROYAL PRIESTHOOD said...

Dis r my prediction's in d forthcoming February elections...

GEJ wil win d Presidential election while PDP wil win Rivers Governosrship election and APC wiL win Lagos Governorship election.

Peejay said...

Trendyfunke@yahoo.com

Anonymous said...

Anyone who has time to read this will regret the time wasted. I see that Soludo's foray into his ill fated political outings - with Atiku first then later wanting to be governor of Anambra state, has left him bitter and jobless. No international agency has touched him since he disappeared from the public eye because of his colossal reputation as the fraudulent CBN governor. His rantings here are nothing but the last desperate act of a man who is drowning. Soludo in his typical over inflated ego tells us that all the international rating agencies are wrong and only he Soludo, the man under whom the biggest banking fraud in Nigeria took place is right. What a shame that Soludo's poverty of character has reduced him to a miniature stature of a man, a pseudo intellectual for hire.

Harry Okoduwa said...

Birds of the same feather.lie lie man

Afolabi Eradajaye said...

OK...its way too long tho

lucky chukz said...

He said it all. But Linda learn to wrap things up

Anonymous said...

Soludo is very very bitter man. The last time he was in the public eye was at the EFCC office.

ROYAL PRIESTHOOD said...

Dis r my prediction's in d forthcoming February elections...

GEJ wil win d Presidential election while PDP wil win Rivers Governosrship election and APC wiL win Lagos Governorship election.

Temitope Olayiwola Oluwadamilare said...

I cant read it oo,its too long

Anonymous said...

Jealousy go kill you. Na OkonjoIweala's performance you dey eye? Hahahaha bitter man go hide.

Sophia stephen said...

What a lengthy article. Me personally, do not like either of them. Its a pity one will win .

@Sophia Stephen

Anonymous said...

Ah so prof is now a writer for hire. I hear say he spend all his stolen money trying to be governor of Amnambra state and failed so now anyone that pays him, he writes for, your bittter, jealous heart will kill you.

Chioma said...

Ok.

Anonymous said...

Who has time for Soludo's rantings? He is a drowning man. Someone just handed him money and his leaking tap of a mouth is flowing with lies again

Anonymous said...

Soludo, the CBN governor whose name became synonymous with fraud is speaking. Jealousy and bitterness causes heart attacks and cancer. Soludo those using you will dance at your funereal

Anonymous said...

toooooooooooo....... Long

Bonita Bislam said...

Choi soludo you just perused my mind

folarin adewale said...

Great article

Anonymous said...

Since he went bankrupt Solido has been dying. I see that now someone has hired him and he is dancing naked in public

folarin adewale said...

Great article

Bilikis Abdulazeez said...

Well said .....bilikis.abdulazeez @aun.edu.ng

Anonymous said...

The egocentric Soludo. His poverty of character is in control of what should have been an intelligent man. What a shame.

folarin adewale said...

Great article

Anonymous said...

Soludo we are not fooled. After prostituting yourself with Atiku, then getting rejected by your godfather Obj, the. Desperately trying to be governor, then ending with bankruptcy, bitterness and sour grapes, you have finally got a job by your pay masters. Shame on you

Henry Eze said...

So am expected to read this long shit...about politico....I will pass...
UNIQUE
9JA POLITICS

Henry Eze said...

So am expected to read this long shit...about politico....I will pass...
UNIQUE
9JA POLITICS

Gladys Chinyere said...

Stupid fool that voluntarily retired my father from d banking sector... Abeg go sit down... I HATE YOU

Anonymous said...

International agencies yet ego filled Soludo knows better than all of then combined. Yet as CBN governor he oversaw the fraud and received donations from bankers. Criminal.

Anonymous said...

International agencies yet ego filled Soludo knows better than all of then combined. Yet as CBN governor he oversaw the fraud and received donations from bankers. Criminal.

Anonymous said...

International agencies yet ego filled Soludo knows better than all of then combined. Yet as CBN governor he oversaw the fraud and received donations from bankers. Criminal.

udeze obumneme said...

Is it just me I kinda like what he said..

kay said...

Lol Haba Linda we are Nigerians o did u really expect us to read through this very very very long article I can't help laughin I kept scrolling down fa

Don Meritson Mba said...

he is right anyway...


#GodblessNigeria

Uche Godson said...

Lindy baby do you expect me to read dis.i missed monday giveaway forgot was doing homework with my Heart(Daughter) hoping for next monday

Attah Andrew Attah said...

Yay.. Dis one na season film oh.. E too long jor.

Anonymous said...

The length of this tirade just says one thing, BiTTER. Solido is a bitter man. A drowning man who just got hired.your jealousy of Ngozi OkonjoIweala's achievement will kill you while she keeps rising.

win said...

Very long piece. I couldn't finish reading it. But, are there no other political parties apart from PDP and APC? Can't we ditch these two parties and look for a neutral party with credible candidate.

Anonymous said...

The one thing Soludo, Oby Ezekwesili and Nasiru ElRufai have in common is that Ngozi OkonjoIweala makes them look so small and they hate it. But their hatred will consume them.

Adewale Adejobi said...

lol...LINDA...WHO WANTS TO READ AL DIS?

Anonymous said...

Linda why did you not just summaries this. Anyway make sure you publish the response to this Soludo's rantings when it comes. It will surely come

Anonymous said...

Jealousy go kill Soludo if bitterness does not do the job first.

ONYX linda ikeji first son GODWIN said...

My respect just catapulted for mr soludo!!! He hit every singl nail on d head,and he focused on d economic aspect only,once we bring in security, lack of infrastructures, corruption etc u will see Jonathan regime did terribly

nnas emalex said...

So long an article

A Jay said...

Yawns! Too long

Anonymous said...

Who is this baboon opening his mouth? The same Soludo that stole the CBN blind? And helped his former boss hide away money? Abeg next

Anonymous said...

Read this in the morning.from Sahara reporters.

I however know 2/3 of your audience won't read and even if they try,I'm sorry to say they won't really grasp.

I will come back to summarize what Dr Soludo said in a short while.let me feed my husband.

Abisola Oluwole said...

Wow such a long essay.if only dis wud change d mindset of our so called leaders.they shud atleast put d ppl of Nigeria second if not first(justsaying) nd stop turning us to professional beggars.GOD

adeniran jesujoba said...

Pjewwwww...thnks for summary jahre,linda

Omo Oba said...

Absolutely.

carlos iyke said...

Nice article. It's been a while i heard of Charles Soludo.
$.
$.
@Carlos via Nokia Lumia

Anonymous said...

Linda ! You did not complete the Article....

Anonymous said...

Political jobber. Arrogant man! Buhari will never even consider you. Judas!

Aso Rock said...

Like Kilode. When it's not an article from apc defending Buhari's certificate. Abegy

Aso Rock said...

Anyway. Linda you don get lawyer? Regarding the legal battle between you and funke akindele :)

MISS WORLD said...

i miss dis guy sha
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#LIBBOO

Musa Danjuma said...

I go read am later.

nwachukwu john said...

Text book, I jst finished exam am tired of reading

Anonymous said...

Dis one dey craze....Who wan read am ?

Krix said...

Mr Charles where have u been? U should be in our economic management team of GEJ. Better late than never, I hope GEJ will appoint u the head of our economy till 2019.
Wish u d best but it's always very easy on the paper u must remember that.

Kris via iPhone 6 gold

AAA said...

Soludo no try at all,why a F grade you no fit give am better grade ni..like say no be the same Soludo dey lie say Nigeria economy was immune to the Financial Crisis leading to a lot of people lossing billions of Niara including people close to me...biko go grade your self,cos na F++ i go give you Soludo

AAA said...

Soludo no try at all,why na F grade you no fit give am better grade ni..like say no be the same Soludo dey lie say Nigeria economy was immune to the Financial Crisis leading to a lot of people lossing billions of Niara including people close to me...biko go grade your self,cos na F++ i go give you Soludo

nwachukwu john said...

Too long

Austine ihechukwu said...

Av read it somewhr, I tink there are elements of truth there, this government na F

Ezeh Ebere said...

Too long to read,anyway na them sabi

Emmanuel Echo said...

Charles Soludo failed to x-ray his chances of winning Anambra governorship election when he vied for the position. Now he is busy analyzing higher office.

***ECHOMASS***

jude ikpeme said...

True talk, sai buhari

Anonymous said...

Wonders!, is this not the same man that almost ruined NGR banking industry, that Sanusi had to clean up?, the same man that allowed bank CEOs/directors to run amok with customers mommies?,the same man
who could not win APGA primaries?, now he is the saint that knows it all?, Nigerians must Learn to exit the stage gracefully, he' so full of arrogance.

Anonymous said...

Sound article

kennedy Ikwuka said...

Man u re entitled 2 ur own opinion. Okonji iweala is equal 2 d task biko jee noro ala.
#dtsnoneofmybiz

Adeotan Ayomide said...

Hmmmm... So I just got a phone call around 6.30pm today from an APC official who introduced himself as Reuben. He mentioned my full name and surname! He asked if i hv picked up my PVC card! He asked if I was going to vote for their APC presidential canditate! He asked what national issues where most pressing to me that I would want them to tackle when they get into power ! He asked if the pressing issues where Boko Harram or Corruption!..... And I asked him, "guy, how did u get my phone number and who gave u my full name'!!
And his answer was they got it from their database ....
Pls wat rubbish data base?????????????????So someone can't enjoy privacy again bcos the person has registered as a voter. ? By the way, why shld u even call anyone to kno who they are going to vote for? You dint call our phones before the campaign so pls don't call us during the campaign.

All I can say is...this men don't have shame...they can do anything to get into power.

#that happy sister

angela ogechi said...

Good for him

angela ogechi said...

Na wa oo

joy Egbunu said...

Summary pls? My eyes hurt!




#icantcomeandgoandkillmysefjor

Juliet Iwuno said...

Lindiway do you actually think anyone can read dis epistle wey you & Soludo put down 4 here. Have a rethink o! Linda take note!

Juliet Iwuno said...

Lindiway do you actually think anyone can read dis epistle wey you & Soludo put down 4 here. Have a rethink o! Linda take note!

Juliet Iwuno said...

Lindiway do you actually think anyone can read dis epistle wey you & Soludo put down 4 here. Have a rethink o! Linda take note!

Juliet Iwuno said...

Lindiway do you actually think anyone can read dis epistle wey you & Soludo put down 4 here. Have a rethink o! Linda take note!

Juliet Iwuno said...

Lindiway do you actually think anyone can read dis epistle wey you & Soludo put down 4 here. Have a rethink o! Linda take note!

GALORE said...

Too long to read mbok


@Mr Soludo. ...long time



"Heaven on earth!!!! Wonders without end,,thats my new realm"




.@Galore

Anonymous said...

A long read...but insightful...when will people like this get the chance to sit on the big chair

@steezyhere

Anonymous said...

And u expected me 2 read all dis. #oneandonlynwa@gmail.com#

Hart Vanessa said...

I need a better Nigeria and so my opinion on this matter is for GEJ to act like d pharaoh of Joseph's time. Charles Soludo seems to knw what must done so let him be given the assignment. What must be important to evry Nigerian is to get a better Nigeria and not occupying positions.

montana said...

hmmm

Maxwell Akalonu said...

Sorry too long..

ary said...

Too long but there is truth in what he said! And these guys would be wise to listen!

lord flacko said...

Our economy is crumbling sha. Too bad.

Omoye Zenki Moye Brown said...

Read it earlier today.....Makes so much sense






Moye says so via BB Passport...Courtesy LIB....

Kelechi Nwachukwu said...

should have just gone straight to the point...all these grammer for GEJ n buhari..

Eugenia Ekeji said...

Chai, see headache ooooooo.

Martin Okoye said...

ahh linda who u wan give assignment

H iruobe said...

Too long

Dim jennifer said...

Linda DAT was much i bet no body finished it,am jobless but not to finish dis
NO TANK U,I D RATHER B SELFMADE

MISS SPARXZ said...

Wow! A very interesting read. Food for thought.

bola lawal said...

Ok ooo! The long & short of the sha is that G.E.J has failed Nigerians and we don't want him anymore! SIMPLE!!!

elovi said...

Too long nxt

#king kok said...

The truth is bitter but if any human being supports gej then u hate Nigeria..Gej n co have wasted our resources and put Nigeria in a very difficult SHituation..Naira kips losing value .even to take meaningful loan for bizness from d bank is hard now cos of Gej..Well I know Buhari wont perform miracles but we need change.................................#KingOfKings #6God

Angela said...

Wow...I applaud his in depth analysis on the real state of Nigerian economy. It is time Nigerians question both presidential candidates where they intend to get the money to fulfill their unrealistic promises.
The next four years will be brutal to the economy even if managed properly.

olufemi oyekan said...

This is very scary

elovi said...

Too long

Vivian Gills said...

thank you for the summary sister Linda. ..I wouldn't have done it without you

KINGING said...

Ain't nobody got time for this

ifeayomi said...

very long indeed... Linda u try share. tnx for d summary anyways. I got d gist... smiles...
ifeayomi2009@gmail. com

Miracle Udechukwu said...

miracleudechukwu@gmail.com linda its too long o

ifeayomi said...

very long indeed... Linda u try share. tnx for d summary anyways. I got d gist... smiles...
ifeayomi2009@gmail. com

Aloysius Ozoeze said...

Master piece, Well delivered

ike ani said...

Strong Analysis! www.ikeani.blogspot.com

Karlsson said...

Obara ndi nso. Neither GEJ or GMB ve d solution to Nigeria endemic problems. Well, I still believe Nigeria can be rescued. Ubanagum

ik said...

APC aggreved people's congregation without anything to offer, VERY FUNNY

Miracle Udechukwu said...

miracleudechukwu@gmail.com

elo tasha said...

Well said sir..pls someone should summarize it for me

Post a Comment

shaakaaraa said...

Let Gods will b done.

Anonymous said...

Every Nigerian needs to read this.this will be an eye opener.i have always known.not surprised

Anonymous said...

Every Nigerian needs to read this.this will be an eye opener.i have always known.not surprised

onome macy said...

Summary biko! Too long.....next pls

Amaka eze said...

Great article..... I read it to the end... God bless Nigeria

CELEB said...

Too long o! Read it all, mind boggling ! Fact is both presisdential candidates have nothing great to offer! Its like choosing between the devil and the deep blue sea and choose we must unless God intervenes. Jonathan makes it hard to choose cause its like his team is on self destruct mission but when I consisder a former millitary man than didn't do any good before , coming with no clear agenda, I choose this devil I know! As for soludo, truth or faLse, yes u understand the system but don't try pulling this ur ANGEL act, e no dey work!

Damilola said...

Wow! Quite Enlightening.

Denky Awesome said...

Interesting and thought-provoking piece! I urge everyone to patiently read this beautiful piece.
I challenge both PDP and APC presidential candidates to please tell us the cost of their proposals and how they plan to raise the funds albeit dwindling oil prices, pervading unemployment, escalating poverty and shrinking public finance. They are critical as Nigerians decide!!

Anonymous said...

So intelligent. This is one man I respect so much. All thoes pple dat generate figures frm otuoke to say Nigeria is de fastest growing economy, ova to u. Iwela will nt tell her boss de truth cos shes a thiefing partner

white Berry said...

I just couldn't finish reading,this is very educative but will take my time to do the remaining part tomorrow because I believe am gonna learn one or two things frm this article

Anonymous said...

I see that Soludo's foray into his ill fated political outings - with Atiku first then later wanting to be governor of Anambra state, has left him bitter and jobless. No international agency has touched him since he disappeared from the public eye because of his colossal reputation as the fraudulent CBN governor. His rantings here are nothing but the last desperate act of a man who is drowning. Soludo in his typical over inflated ego tells us that all the international rating agencies are wrong and only he Soludo, the man under whom the biggest banking fraud in Nigeria took place is right. What a shame that Soludo's poverty of character has reduced him to a miniature stature of a man, a pseudo intellectual for hire.

chimaobi simeon said...

Tank u linda for summarising! We don hear u sir

MIKE OSHIOS said...

me read all these? mtcheww i dot hav tym ooh

Denky Awesome said...

Linda,
How can you enable us to share interesting piece like those on facebook and other social media?

Richard Afon Yinkå Ray said...

I can't read this

Anonymous said...

Thought provoking. yeah we need real people technocrats like Soludo to open up the lies we live with daily by our beloved politicians and intending rulers/ leaders. these are questions,economic information we need as a nation in the brink of another general election year.jide

Joel Thomas said...

The best article i have ever read. Soludo is intelligent. Once they are out of government, they come up with brilliant ideas..mmmm

ezika chijioke said...

Prof soludo said it all . gnr Buhari and presd Gej can't make nigeria great.. LIB EMPIRE

blackbeauty said...

Abeg Lindodo, me no read dis one oo....ur Summary of the whole article don do me abeg.

Mz_Fowoshere said...

*read, so wat next? #lindagiveawayonmymind

Anonymous said...

Aunty Linda biko read am by ursef*merci!





Suppy maggi or no maggi#c'est finir

ROYAL PRIESTHOOD said...

Wow!

I never knew LIB reader's were dis massive until today LIB give away's....

As@7:17pm, 2738 comments...WOW!!!
Linda is yet to release d full comments dat started frm 6:30pm.

Pls where r dis guys when there r day-to-day post's to comments on???

Frank said...

Brilliant...now we know the problems. Sir, what is the way forward?

Doye Odupitan said...

Well said. We need divine intervention with the way this economy is going.

Akinniyi Obaide said...

This is by far the direction of the electoral debate questions should go now. Professor Soludo has dissected the iissues professionaly in short if you do not know what you are promising this is the worst time to want to be President of Nigeria. militancy will surface in the Niger Delta within the next 12 months when there is no more money to squander GOD HELP NIGERIA

christie benjamin said...

He is very right...mr president is surrounded by self absorbed market men and women, who do no job but rant around like preggy women....VOTE FOR KOWA!!!!

¤¤¤QUEENMAYA¤¤¤

tefe otobrise said...

The article is incisive and states clearly the predicament that Nigeria as a nation finds itself,the nation is facing a bleak future, but the resilience of the Nigerian spirit will guide her through.

lynda said...

Thank you Linda for this very educative article. My challenge is tha though soludo hit the nail on the head here, he has just made it glaring that neither pdp nor apc has the answer to our problems as Nigerians. I weep for my nation as I urge my fellow Nigerians to brace up for the times ahead. God bless Nigeria

Anonymous said...

This is the most objective, non-partisan analysis of this election and its candidates promises. Yet, FFK thinks Soludo belongs to the "enemy camp". Nigerians, vote wisely. Choose change!

Anonymous said...

Soludo if you want to beg for Minister of Finance use some style. There is shame in the game o! Do not believe otherwise!

chinwe Nzeh said...

I wonder if ds people know that God is still in existence... cox the way they do take laws on their hands as if there is no God.

Anonymous said...

Not sure he knows that Baba Tinubu has the Minister of Finance lined up. Minister of Information he will not get. If they lose, they return to Lagos.

Goodluck Till2019 said...

Soludo Solution

VOTE GEJ COME FEB 14, 2015

Thank you.

Dotted lines said...

Too loooooooooonnnnnnnnnnnggggggggg

SALSA! said...

So he's not for anybody at all! Lol!

Tayar Rabboni said...

Could not read all...

<100%Nigerian>

abass said...

Allah!
I would read this later mehn!

Anonymous said...

Too long. In summary?

PROF. said...

i know some ignorant fools will complain about this being too long. just know that you are the problem of this country!!

PROF. said...

i know some ignorant fools will complain about this being too long. just know that you are the problem of this country!!

Kyrian Kelvin said...

True.. Jonathan has been absolutely poor. If Buhari's the only choice...

Anonymous said...

Nigerians,can u see,despite the oil boom,no single penny added to foreign reserve,when obj was the with oil price at 38$ and less oil,he left foriegn reserve at $43 billion.Now oil price over $100,with much more oil booming out,our foriegn reserve is $5billion.It is well oooo

Victoria Ekwere said...

Can't read too long

Yusuph said...

Abeg make dem sell this country jare .... To Dubai or USA

Stuch Bedsheet said...

Nice one

Order for your beautiful bedspread @ 79AEFD3B. Delivery available nationwide.

Igbegocho said...

Such an eye opener. Just unfortunate that only very few Nigerians are choosing their president based on facts.

CELEB said...

Linda wey ma comment na?

Justin Emeka said...

Hmmmm this is a very lengthy piece, quite informative, i never really thought much of the former CBN governor Charles Soludo until this Article, he made some very significant points, The PDP and APC has so far presented to Nigerians an unrealistic wish list, rather than proper manifesto. They have promised free meal for school kids, free primary school education and payment of between 5000-10000 Naira to the poorest Nigerians, these promises are pretty much unrealistic, how do they plan to fund this, what expenditure do they plan to stop in order to generate money to fund these promises, its a shame that this is what have become of our great nation Nigeria.

Kulikuli said...

Soludo waxing intellectual now, yet he ruined Nigeria's banking system and the capital market with his abracadabra. Many people committed suicide, others had stroke. Between him and the likes of Cecilia Ibru, our economy went down hill. He claims he left how much when he left. Where did he think the present government got the money to revive the economy he ruined? Only in Nigeria can characters like this have the liver to show face again. Rubbish!!!

J3nnif3r said...

What a nice article....

Kulikuli said...

Soludo waxing intellectual now, yet he ruined Nigeria's banking system and the capital market with his abracadabra. Many people committed suicide, others had stroke. Between him and the likes of Cecilia Ibru, our economy went down hill. He claims he left how much when he left. Where did he think the present government got the money to revive the economy he ruined? Only in Nigeria can characters like this have the liver to show face again. Rubbish!!!

Ezeh Ebere said...

Anuty linda pls why are u not posting my comments,y

Kulikuli said...

Soludo waxing intellectual now, yet he ruined Nigeria's banking system and the capital market with his abracadabra. Many people committed suicide, others had stroke. Between him and the likes of Cecilia Ibru, our economy went down hill. He claims he left how much when he left. Where did he think the present government got the money to revive the economy he ruined? Only in Nigeria can characters like this have the liver to show face again. Rubbish!!!

Olaleye Oladejo said...

I know the article is long.. but if u have the time, take the pain to read it... GEJ failed us, he killed our economy, he is clueless... Buhari myt not be better but atleast let's try somethn diff

Anonymous said...

Whatever

Anonymous said...

Haven brought the realities of impending doom to the fore, Soludo did not proper any solutions to Nigeria's current financial problems as a financial wizard. Just like the APC that reiterates the failures of the current regime without any tales of solutions to reverse the trends.

This is definitely senior level economics, Eco 405.1, but we need to hear solutions.

Just like the APC once again, Professor Soludo is reserving the solutions until he gets an office in Aso Rock.

The PDP are covering their asses, but they agree austerity is here. This is their making. The APC on the other hand, don't seem to know what is happening and promising free this and free that, or they know but think the propagandarous promises of El Dorado will win them votes.

So who is better now? Soludo or Sanusi? All these troubles befell us under Sanusi's governorship of the Central Bank.

Nigerians, let's join hands!

Kulikuli said...

Soludo waxing intellectual now, yet he ruined Nigeria's banking system and the capital market with his abracadabra. Many people committed suicide, others had stroke. Between him and the likes of Cecilia Ibru, our economy went down hill. He claims he left how much when he left. Where did he think the present government got the money to revive the economy he ruined? Only in Nigeria can characters like this have the liver to show face again. Rubbish!!!

Anonymous said...

In summary,Don't xpect Magic from in-coming GMB administration,and he is also tellin us GEJ definitely has nothing to add to d development of the economy and will definitely mak it worse if voted again. So Dats leaving us it d only available option which is GMB. It taks more than Goodluck to mak a beta Nigeria. Vote wisely

Anonymous said...

We were reminded of Jonathan’s agricultural ‘revolution’. But someone cut in and noted that for all the propaganda, the growth rate of the agricultural sector in the last five years still remains far below the performance under Obasanjo. One of us reminded him that no other president had presided over the slaughter of about 15,000 people by insurgents in a peacetime; no other president earned up to 50% of the amount of resources the current government earned from oil and yet with very little outcomes; no other president had the rate of borrowing; none had significant forex earnings and yet did not add one penny to foreign reserves but losing international reserves at a time of boom; no other president had a depreciating exchange rate at a time of export boom; at no time in Nigeria’s history has poverty reached 71% (even under Abacha, it was 67 -70%); and under no other president did unemployment reach 24%. Surely, these are unprecedented records and he surely ‘outperformed’ his predecessors!  What a satire! ...the main point is dt jonathan is the worst president naija ever had

Kulikuli said...

Soludo waxing intellectual now, yet he ruined Nigeria's banking system and the capital market with his abracadabra. Many people committed suicide, others had stroke. Between him and the likes of Cecilia Ibru, our economy went down hill. He claims he left how much when he left. Where did he think the present government got the money to revive the economy he ruined? Only in Nigeria can characters like this have the liver to show face again. Rubbish!!!

B.S. said...

There is truth to what Soludo has mentioned above. Let us just be open minded and listen to his own perspective. As Nigerians we need to make ourselves more politically aware in order to make decisions and ask questions. There are a lot of valid points he has mentioned that we all need to consider pre-election and post-election. Thank you Linda for posting this. God Bless Nigeria.

mccoy said...

i knw some dumb libers would say this is too long to read, yet u'll be d 1st to open ur stupid mouths to shout APC! PDP!. Later u'll wonder y oda economies r movin foward!
I wonder wia Gej intends to bring 8million jobs from in 4yrs or wia buhari intends to feed 20million primary pupils from.. Time will tell

Anonymous said...

There is truth to what Soludo has mentioned above. Let us just be open minded and listen to his own perspective. As Nigerians we need to make ourselves more politically aware in order to make decisions and ask questions. There are a lot of valid points he has mentioned that we all need to consider pre-election and post-election. Thank you Linda for posting this. God Bless Nigeria.

Anonymous said...

Doyin Okukpe this must be you... i wonder what shall become of you after May 29th... if Buhari wins; you will be out of Job. If your PGej wins; he is also laying you off... so think of what next to do with your miserable life. Thank You

Anonymous said...

Bia... this idiot please shut your dirty mouth. It stinks

Anonymous said...

You have had your own turn of public service and don't need a job from the Govt yet you contested election twice and failed woefully. Soludo, what a shame!

femi fex said...

McCoy, you need Jesus I swear... You need to be prayed for

Anonymous said...

You are very lazy. And for a young woman you should be very ashamed of yourself. You are the perfect example of: Whenever you don't want a black person to know something, put it in a boOk. Go and read

Chidinma Eze said...

Too long o, choi! But Soludo sabi book sha!

Anonymous said...

Jonathan has ruined dis country with debts....That's all i can say

Anonymous said...

Are u MADDDDD????

I'm always involuntarily turning my eyes away and scrolling my phone quickly as possible whenever I see ur name.

tulaaman said...

Hmmnn 9ja leaders/rulers can lie wooo see Doyin otucke dey tlk say dey don create 1.5million jobs. Ha aha a a there'srisss God woooooooOoooooooooooooooooooooooooo

Ajeleti Gabriel said...

Linda, pls where is the rest...

Chi chi said...

I read every bit of it.

Sadly some people will still go out an vote GEJ due sentiment. This present government has completely raped our economy.

This is indeed an insightful piece by Soludo into what people have been saying.

Every Nigerian must read this, in fact it should be translated into our local dialects. Shame on this present government and their propagandist.

Chi chi said...

Oh shut up already.

Soludo has presented his facts, kindly tell your paymaster to prove Soludo wrong! Else shat tap Biko!!!

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