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Re: Governor Sanusi Lamido, The CBN & Misplaced Generosity.

Category: Opinions and Analysis


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Re: Governor Sanusi Lamido, The CBN & Misplaced Generosity.

 

 Thursday, February 16, 2012 / by Tayo Shenbanjo
 
Every keen Nigerian observer follows events in Europe, most especially on the streets of Athens and other Greek cities, where people are protesting, rioting, foaming at the mouth, due to the continuous waves of austerity measures being proposed by the caretaker government, will be chuckling or laughing.
 
Most Greeks are very unhappy that the government is proposing cuts or elimination across board to some of the ridiculously generous social, pension and public largesse they’ve been used to for years. Greece and other European Countries have massively subsidized national comfort for years while borrowing funds from local and international lenders to do these things. Well thanks to the global recession, low production, shrinking incomes and the rising cost of borrowing, the days of gluttony are over. The chicken has come home to roost in Greece, France, Spain, Portugal and elsewhere. Governments are sounding the trumpet that things have to change. Meanwhile the people are saying “No, we can’t take these austerity measures anymore”. Let them come and ask Nigerians and General Ibrahim Babangida . Nigerians have been living and scraping in austerity since the gap-toothed Shorty took over power. The only problem with the Nigerian example is that while the masses are tightening their belts and suffering in silence, the girths of those in the corridors of power continue to expand beyond the forty-inch healthy mark. A physician had told me that anyone whose height is under six-foot and has a waist size of forty inches or more is prone to diabetes, high blood pressure and so on.
 
Meanwhile, thanks to China and their deep pockets, the Chinese Central Bank promised to indirectly support Europe by escalating the purchase of debts through the European Central Bank. So, if China buys, there will be money to lend to Greece and others. See, China is very smart. It remains the biggest supplier of cheap goods to Europe and America. China has 1.5 billion mouths to feed, so, it has to keep its factories working. If China’s customers are too broke to buy finished goods, then what does China do to the entire inventory? Use them? The Chinese do not spend like that, they save instead. So, China is like a bar-tender who continues to sell booze to a drunken man on credit. Just keep him drinking and buying. God help us all.
 
Can someone please explain to me when the Governor of the CBN in Nigeria, including his board decided to add the duties of emergency services to selected victims? The Governor has decided to be doling out monies belonging to the country and its people under what authority?  How did the Governor end up deciding on how much and to whom monies should be given? Once this road is treaded, there is no going back. The duties of the CBN do not include what Sanusi Lamido is embarking on, no matter how laudable these gestures are. How was the Governor empowered to do this? We appreciate the fact that some prior occupants of that post donated millions into their own pockets, and we acknowledge that Sanusi Lamido is not one of those. However, let the agencies mandated for emergency services come to you to solicit for money themselves. The Central Bank has its statutory duties to look at, let it do that. All the other fire-fighting techniques being deployed by the Public Relations office of CBN are lame. Let Sanusi Lamido come out and apologize to the nation for error in judgment. Let him ask for forgiveness. That is all
 
Nigeria We Hail Thee.
 
 
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While the website is checked for accuracy, we are not liable for any incorrect information included. The details of this publication should not be construed as an investment advice by the author/analyst or the publishers/Proshare. Proshare Limited, its employees and analysts accept no liability for any loss arising from the use of this information. All opinions on this page/site constitute the authors best estimate judgement as of this date and are subject to change without notice. Investors should see the content of this page as one of the factors to consider in making their investment decision. We recommend that you make enquiries based on your own circumstances and, if necessary, take professional advice before entering into transactions. This article is published with the consent of the author(s) for circulation to the online investment community in accordance with the terms of usage. Further enquiries should be directed to the author whose e-mail is Tayo Shenbanjo [tayoshen@Hotmail.com], otherwise comments should be sent to info@proshareng.com



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