The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has stated that the apex bank has pumped nothing less than N2 trillion within a span of 15 months in an attempt to revive the failing economy. These funds, he said were to both “public and strategic private” sectors of the economy.
The CBN Governor, Mr. Godwin Emefiele, made these assertions in an “exclusive interview with Thisday” , another attempt at going on the offensive to show case his efforts at “saving the economy”.
Here is a summary of how they spent N2 trillion to stimulate the economy.
- Workers salary program (funds disbursed to affected states) – Gulped about N405 billion
- Disbursement to all 36 states to fund infrastructural projects – N10 billion each to all states totaling about N350 billion
- Helping states to pay salaries – A special intervention fund costing about N800 billion was injected to support the sub-national governments either for them to pay salaries, or for them to support their infrastructural development in their states.
- Intervention Funds – The CBN says it has spent about N1 trillion via several intervention funds disbursed money
Very few Nigerians will agree that these so-called spending has made the right impact expected. Nigeria remains firmly in a recession and growth is not expected to come back till next year. For most Nigerians, a bellwether for success is when they see the exchange rate stabilizing, inflation rate reducing, ease of doing business improving, lending rates and access to small business loans available and more jobs being created. For now, the impact of the N2 trillion can’t be fully appreciated.
You can get the interview here
I says God bless Nigeria.today ,govt said they injected 2 trillion naira since then,somebody said in nairaland and various newspaper report it went into 419 projects,i am still wating for his excellency Gov fayose responds,the issue now,foreign debt have been a pain in the neck of all Nigerian for so long,the debt was being not serviced,the paris club of bankers decided not charge and interest on existing loan.Chief obasanjo successful did a good job,in the paying off,this debt,now foreign debt is raising,before the next election,we will be back at square.
Now I can see obasanjo’s objection to this new foreign debt.
This is not about any personalities.i t’s about the future of Nigeria and the young nigerians.they have raided the pension fund enacted by the national assembly,which is very unlawfull,they have to replaces this raided pension,if they do not before they leaves office,they will faces future prosecution for criminal offenses
The CBN governor should go and sit down. The question people should be asking is that, how did we get here in the first place? Let me start by quoting Haile Selassie, “Throughout history, it has been the inaction of those who could have acted; the indifference of those who should have known better; the silence of the voice of justice when it mattered most; that has made it possible for evil to triumph.” Majority of our economic challenges lies in the policy articulation and implementation. The devaluation of naira, the continuous increase in interest rates and the inability of CBN to stabilize naira are some of the economic policy inconsistencies responsible for the recession Nigeria currently going through. So, how can the man who was supposed to take informed and patriotic action which ensure continuous and consistent economic growth. The same man now come back to spew rubbish to justify his “bankish”, neo-colonialism (IMF) and elite policies. He should accept that he has failed Nigerians and should resign honorably. This man has single handedly relegated and regressed Nigerian economy 10 steps backward, just by how he has implemented the devaluation of naira. Was this naira coup dictated by our colonial masters for them to continue their unyielding influence on our economic policies. The same economic masters are now supporting foreign denomination loans. How do your repay your foreign loans, when your earnings power “naira” continues to depreciates in value? This conundrum remains a mystery to be resolved. Competency is not just a matter of education and experience, it also includes been “patriotic” to your country. Having sheer believe in your country’s greatness, supremacy of its citizens and aligning your thought and action with those two.
God save Nigeria.