Hmmmmm
Firstly, I want to believe the CBN governor has been in touch with the
President on a regular basis on the true state of the economy especially
as a professional. Because not all parameters of your economy are wise
to be said in open. That was why professionally I was totally against
the " I met virtually empty treasury" by PMB when he got into office.
Because such a statement has a lot of negative impact on the economy in
the short run especially in the area of impression before your potential
investors and International community.
PMB as a farmer might not have known the impact of that statement or
probably just saying it to make a case.
We raised this major concern over 2months ago but it generated a lot of
debate especially off-line. Some even perceived us to be anti current
government. But they got it all wrong. It is not about PMB but Nigeria.
Gradually, the truth is coming out.
Once again, why is the CBN talking
now? You cannot be releasing funds under various guise which includes
state bail out without having a strong fiscal policy that will balance
the pressure from the ministry of Finance and not experience stagflation
in the economy.
PMB may be taking its time on the appointments of ministers due to the
level of corruption in the system but there are some sensitive
departments that cannot be left fallow or place on auto drive for too
long. Doing so, you take a risk of having a too damaged system before
repair ever begins. It is either the CBN governor is not advising the
president properly or PMB just wants to stick to his gun. There are some
aspects of the nation that run on speculation, perception and
impression. A good example is the October 1st threat of JP Morgan .
You
may downplay the threat if you wish but if you truly understand the role
of JP Morgan in international finance and why the United States made
sure JP Morgan did not sink in 2008, you will not display any form of
naivety.
The hard comment coming from the CBN governor is coming too late if he
has not been doing this one on one with the President . As a
professional, you don't keep mute for too long.
The ministry of Finance shouldn't have been kept silent for this long.
It is not like the ministry of power or works. These are capital
project ministries but the Ministry of Finance is different. Policy
direction is highly needed now lest we save a lot of money but no much
development.
God bless Nigeria
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