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This Recession will Soon Come to an End – Kemi Adeosun Assures Nigerians

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Kemi Adeosun

Kemi Adeosun

The Minister of Finance, Kemi Adeousn, has assured Nigerians that the current economic recession the nation was experiencing will not be prolonged.

She gave the assurance on Friday in Abuja while addressing a news conference.

She said that there was a strategic plan by the administration to see that the recession ended soon and also ensure that the economy recovered fully.

“We have a strategic plan that will take us out of the recession we have found ourselves in; we want to make sure the recession is as short as possible because we do not want a prolonged recession.

From what we are looking at we do not think that it will be a prolonged recession; we think that some of the initiatives that we are working on will now begin to bear fruits.

We are on course and are confident that the plan we have put together will work and put the economy back on track.

It is a long term plan that would reposition the economy so that we do not go into this boom and burst circles that are driven by the oil price.

The economy has to be more resilient than that so that we do not find ourselves back where we are,” she said.

She said that although there was no specific date to end the recession, the fact that there were measures in place was enough indication that the end of the recession had begun and that Nigeria would come out stronger.

Listing some of the measures the administration had taken to address the situation, she said that since the budget was released in May, over N420 billion had been released and cash backed for capital projects.

She said that the largest sector that the money was spent on was Power, Works and Housing.

She also said that a lot had been done in the defence sector to rebuild the capability of the army, especially on efforts in the North East.

“Agriculture has received significant funding because of the time sensitivity of agriculture and because of the fact that food prices were rising, we needed to intervene so that we could get food prices down. There is activity resuming on roads, power projects and health projects and we have released money to water resources and solid minerals.”

Adeosun also said that there was a cash plan to release another N350 billion which would go into the various MDAs.

“The focus is going to be similar, however, there would also be funding of about N60 billion for the Special Intervention Programme and that is very important in putting money into people’s pockets. The school feeding programme and the N-Power teachers corps we will cash back today as part of the N350 billion additional release which would take our total capital spending to about N700 billion.”

She also said that N50 billion was set monthly as budget support plan for some state governments from the Federation Accounts Allocation Committee (FAAC) to support them with additional money to enable them to pay salaries.

She said that the loan had been on for three months for the interested states because some states which were buoyant decided not to participate.

On recovery of assets, Adeosun said that the committee was in the process of collating with the non-cash assets like farmlands, vehicles and houses and that a fixed asset register would soon be opened to determine their value.

She said that the jewelries were from different locations and were being brought together to determine the market value and that the next line of action would be decided by the committee.

Adeosun explained that the present recruitment by the police and some other government agencies were made possible by the reduction of ghost workers.

She added that the savings that were made from the exercise would enable funding for the new recruitment.

“Sometime in January, personnel cost was  N165 billion along with pension cost, but so far so good; we have reduced, through the removal of about 40,000 ghost workers, the personnel cost by around N10 billion per month. Now we have saved about N100 billion this year.”

She said that though the times were tough, there was hope for Nigerians, adding that issues around infrastructure were the biggest problems of Nigeria which resulted in high cost of living.

“The biggest problem we have is not wages but the cost of living which is too high so it is not how much money you have but it is what it costs you to live.

The problem we have is that many of the things that people are spending money on are the things government should be doing like roads, power and so on.

So we have to address these things because that is what will really make impact for the average working Nigerian and so when you address the infrastructure you address the cost of living and that is what this government is working on,” she added.

The News Agency of Nigeria (NAN) was established by the Federal Government of Nigeria in May 1976 to gather and distribute news on Nigeria and cover events of interest to Nigeria at the international level for the benefit of the Nigerian Media and the Public.

65 Comments

  1. UNCLE GWE GWE GWE

    September 16, 2016 at 9:33 pm

    Kemi Kardashian, I wonder if you know your basic economics. Ngozi Okonjo Iwela would have saved us from this mess.
    You are better off a dancer or Make up artist,

    • Nay

      September 17, 2016 at 9:18 am

      East end gangster- kemi kazi hunger is killing us- please resign – uel was a polytechnic in those days and naija universities in those days and today were better and are still better than that junk yard- resign..

  2. Chidi

    September 16, 2016 at 9:40 pm

    Story for the gods. this woman that went to east London community college a third grade school in London which is equivalent to Chibok school of economics in the north is waiting for an auto correct or the new normal. Her goal is simple if the economy stays like this for a while people will adjust to it thats when it will becomes the new normal. Then after that whenever the Naira falls from 420 to 390 they will them claim we are getting better because of good policy bull shit. it’s a text book strategy we learned in my MBA class at University of Chicago.

  3. Mayowa

    September 16, 2016 at 10:14 pm

    Really unfortunate that someone like this can be made a Finance Minister. Someone with not enough experience, someone who doesn’t know what she’s doing. This lady failed woefully as Ogun State’s Commissioner of Finance; that’s the joker that’s made a Finance Minister? Just cause she was referred by Amosun? Smh! Positions like Education, Petroleum, Finance and Agriculture, you give these positions to eligible people who’re capable. Not Kemi Adeosun?! C’mon now. Jeez. This administration is a sick joke, all they do is blame the past administration. Enough of flimsy accusations and get to work already! We’ve definitely seen the ‘change’.

  4. Lacey

    September 16, 2016 at 11:43 pm

    Did you guys just read!Can Nigerian youths please read ! I say this every time!did you guys forget how NOI told Nigerians the Country was broke before the end of GEJ’s tenure! NOI with her Havard and Yale degree could not apply economics theory o!This woman went to UEL and worked for PWC in London , not Nigeria o!ok because NOI was confusing with fake analysis from her Worldbank team on her bankroll! Anyway guys wake up and smell the coffee! This woman is actually is the one of the best finance ministers Nigeria has ever had,breaking down the financial strategy so the average man on the street can understand! Well done Kemi Adeosun, you are proving to the world that is not by IVY League o, but substance!God bless you for this hard work you are doing for Nigeria! Putting Infrastructure in place !Which had been neglected for over 30 years! Except for Lagos and Abuja,I do not see anywhere development is rife! The whole country looks like a big village where nothing works exception these the cities I just named above!

    • Chidi

      September 17, 2016 at 12:05 am

      @Lacey you must be out of you mind if you think working for PWC is an accomplishment that qualifies you for minster of finance. PWC hires anyone that can pass the CPA exam and they start you out with $50k a yr. this woman is an average Nigerian that went to school nothing special and in no reasonable country is she qualified to be finance minister. I went to University of Chicago go google both schools ranking, I worked at Boston consultant firm before I went to JPMorgan and am not qualified to be minster of finance. Living abroad is not a qualification,You are a topical Nigeria that sells you life once you hear an accent this woman makes no sense with the economy policy

    • Seyi

      September 17, 2016 at 12:16 am

      Thank you Chidi! @Lacey, please stop defending Kemi Adeosun. You did the same on a previous post. Look at you putting the World Bank and Pwc in the same sentence when we are talking about development economics. Please just stop it abeg. I told you before to let the intelligentsia discuss the economy o. Please just sit down and listen and learn a few things.

    • Gorgeous

      September 17, 2016 at 12:44 am

      And so what about University of Chicago??? You just showed only you have the ability to cram and pass. People who went to lesser rated schools are your colleagues in JP Morgan, yes or no? I bet they are your bosses too. You talk about the CPA exam like it is beans. Boy sit down and shut the duck up. You can’t and should not talk near a qualified accountant. They actually work harder and are smarter than financial analysts. They are all rounders in the financial field. Not some data analyst aka financial analyst. Smh. Kemi is doing a great job, kill ya sef. You only appear when Kemo’s matter comes up. Good thing you said you are not qualified to be a finance minister. I hope you never will because you spew a lot of crap, and lack an analytical mind for a so called Uni of Chicago graduate. Not your fault, we see the magic from madam Havard and whete Nigeria is now. By the way University of Chicago is NOT even Ivy League. Silly boaster

    • tunmi

      September 17, 2016 at 12:01 pm

      Thank you. This part especially “breaking down the financial strategy so the average man on the street can understand!”

      Again these comments need to include whether they are in Nigeria and what their social class is because the poor are riding along with these folks.

      And you can tout the community college education all you want. I went to one and it remains, hands down, the best education thus far. Naija and its elitism will never fail Sha. This woman is doing a fine job. So far the govt is responding as it should. Now do we have an independent body to check on these projects. I know we do, I just can’t think g of it right now

    • UEL Alumni

      September 17, 2016 at 7:27 pm

      Please tell them! That one up there deceiving himself that he is enrolled on a Harvard program. Uel this uel that. These are the same fake people that live in debt to keep up with the Joneses. Nigerians are the most superficial name complex having individuals. Same sort of people who will deny wearing primark or tj max yet shop there all due to their inferiority complex. I am an alumni of Uel and I stand by the quality if the lecturers. Google Dr Priscilla Schwartz and read her credentials. Uel or not she is a finance minister and those hung up on the school are FACELESS keyboard warriors. Empty vessels. Empty barrell lo ma pariwo!

    • Lanm

      September 17, 2016 at 10:32 pm

      It’s not about her schooling in University of East London. If people have a problem with her school, then they’re rather ignorant. For me, it isn’t about if you go to good schools in the UK like UCL, Cambridge or Oxford, or good schools in Nigeria like Covenant, Redeemers or AUN, or good schools in Canada like McGill or UofT. It’s about your relevant experience. Kemi Adeosun is ineligible to be the Finance Minister. As a commissioner in Ogun State, she failed hopelessly; why should someone like that be the Minister of Finance in Nigeria? It’s not about your school but your capabilities and experience. This has nothing to do with keeping up with the Jones’. Emir of Kano, former Governor of CBN had a degree in Economics from a Northern University with no Masters or PhD, but you didn’t see anyone complaining cause the guy was damn good, very eligible for the position, he had the brains, the experience, everything. Not flipping Kemi Adeosun for crying out loud. Please this isn’t about school, I personally don’t look at where you school, country, school name, etc, it means nothing to me. Kemi Adeosun however IS NOT the right fit, end off. She’s totally clueless; it’s just unfortunate.

  5. Noma

    September 17, 2016 at 12:02 am

    Lacey please dont ever mix igbo with paraga, result is this your out-of-body rant

  6. Lacey

    September 17, 2016 at 12:44 am

    @Chidi you must be very dumb! For you not to have read properly! You must be a very stupid person !who f–/ing cares about your resume! You went to University of Chicago so what?You must be very silly because my work level is at the Strategy level on Corporate America,let me just stop here ! BS!!! Continue moving from entry level to entry level in America!and its because shallow thinking Nigerian youths like you scattered all over the world that I come here ,so I can treat your warped minds ! Do your know young Nigerian Ph.D. s who I have conversation with everyday in this America? young Nigerians less than 30 who doing fatanstically well in their fields! So my dear critical thinking is a skill!Inugo!!!

    • Gorgeous

      September 17, 2016 at 12:47 pm

      Don’t mind them. It is such an insult to home grown Nigerians and Nigeriansin General to start to claim levels on schools that are not even within Nigeria. It’s so absurd. So what he is saying is that a Nigerian university graduate is NOT qualified to be finance minister in Nigeria either or what????! We’re out best finance ministers raised outside of Nigeria and schooled outside of Nigeria? NO! Will an American not be ashamed to spew this nonsense these guys are spewing? It should be the Nigerians that schooled in Nigeria that should shut down such colonial and absurd talk before they grow wings. Soon Nigerian university graduates will have no place on government. How can you even use school as a yardstick??? After a few years most people don’t care about your school but your experience. What do they mean she is not qualified? Has she not worked in a government capacity before? Before Okonjo became a finance minister, did she have public service experience? She was more unqualified than Kemi. And I don’t think she ever worked in a similar capacity in the world bank. They try to make us forget that we are where we are today because of her voodoo economics. You can fool some people some times, but you can’t fool people all the time!

    • Gorgeous

      September 17, 2016 at 12:57 pm

      Let me even add that the CEO of JP Morgan had a BSC is Social Studies… Lmao!!!! MBA in Harvard. But yet she’s probably smarter than Kemi who is a chartered accountant right??? How does someone with a BSC in social studies get to head the dreaded JP Morgan Chidi I carrying up and down like Akara??? Connections of course, and having the right support from the right talent. Young reader’s don’t let anyone bamboozle you with fluff. An Abia state university graduate is more than qualified to be finance Minister. Even a Yabatech graduate!

    • Bola

      September 17, 2016 at 1:51 pm

      Gorgeous, that’s not the point. You can’t compare the CEO of JP Morgan and Kemi Adeosun. Are you kidding me? There are people that major in something different and have a career in something different and perform excellently well at it; however not everyone is capable of doing that. And it doesn’t happen in all cases. I have an old relation who studied Sociology in Uni but is an MD in a top bank today. Many don’t know that years after, he got an MBA and several relevant financial professional qualifications. There’s only so much connections can do. My cousin majored in Psychology in Uni and worked briefly in Bank of America; but as a Customer Service Representative. Of course, you don’t expect her to be a Business, IT or Financial Analyst or an Auditor; what IT or Financial Models do you expect her to be proficient with? Connections happen worldwide but the truth is, there’s a limit to what it can do. You can’t solely do Biology or Philosopy in Uni and be a surgeon. You can’t solely do Psychology or Sociology in Uni and be a Financial Analyst or an Accountant. People that studied these things didn’t do it for fun. There are people who’re qualified who still make errors, not to talk about people who have no background. People who majored in these relevant courses in Uni weren’t playing. That being said, Kemi Adeosun IS NOT doing a good job. But for corruption, she shouldn’t even hold such a position. That’s why it baffles me when these jokers say they’re fighting corruption. She doesn’t have the relevant experience. At a time like this, they should’ve avoided sentiments and appointed someone credible and capable. I’m not saying have an MBA, Msc, PhD, etc, but be extremely eligible to hold such a significant position.

  7. Lacey

    September 17, 2016 at 1:15 am

    I meant in Corporate America !and it is because of shallow thinking like this that I come here mostly to treat all you guys stupidness!Young under 30s in this America ,that are already Professors in their fields ,especially in Financial engineering and economics ,I am talking about top notch o!I come here to unwind and have fun o,any idiotic utterance will be dealt with appropriately!I stated my opinion without insults, in a very civilized manner,so if you reply me like a savage then I will give it back to you!!! For your information is actually a Consultant, because Nigeria is a big project, we need hands on the go people ,after all Soludo that is a seasoned Economist called NOI’s economics rusty! Do you think is by giving speech up and down!. NOI that graduated from Havard 1976! Her economics is overly rusty to the core!

    • Segun

      September 17, 2016 at 1:26 am

      @ gorgeous please stop defending the minster she’s simply no way qualified for the position. And madam Harvard has more international experience that the PWC employee. You need a deep understanding of economics and finance to be in that position not accounting let’s be honest to ourselves, this is how we will all die in this country of denial

    • Spare me

      September 17, 2016 at 8:45 pm

      Was madam harvard born with the ecperience?No she was not! She worked and gained the experience same way the current finance minister is doing.

    • Busarni

      September 17, 2016 at 10:03 am

      Lacey abi lace calm down; its not that serious. You stated your opinion in a civilized manner; with all those F words LACED around your comments; Side eyes..Mtscheeew. Kemi is not fit; deal with it or you focus on your corporate American life style.

    • Lacey

      September 17, 2016 at 3:23 pm

      @ Lol Busarni, yes it is not that serious o,but we need to get our economy working! My grouse is that what Kemi said is overly right!by the end of this quarter and 1st quarter , Nigeria will be out of this recession! At first I was skeptical about her work, but right now she is practically working with the right technical skills and not economic theories that cannot be practicalized ,but deep critical thinking!Harnessing every area that will drive growth in the economy unlike NOI who depended on feedback from Worldbank !who them epp, Nigeria’s economy does not conform to one size fit all my dear! It’s understanding all the economic theories and building our own model to solve our Nigeria economic issues!is like you going to the market to buy a suit with another person’s size in your head! You go waste your money now!that was what happened under NOI, wastage! As a top notch professional what was she doing in GEJ’s team, why did she not resign? Because she does have ethics and integrity !

    • Icrossmyheart

      September 17, 2016 at 10:28 am

      Hmmmmmm. I think you are both wrong. And i went to both ‘no one knows the name of my school’ and ‘everyone wants to die there’ school. Plain English, I went to both state school and an ivy league school. There is a huge difference between the two and that is largely becaue of the caliber of people you get to interact with at the Icy League, both professors and students. Now this does not imply that you are smart or intelligent because you an ivy leaguer, it just means you are a better strategist. In the sense that the school you went to, can help (but not guarantee) you get a job.. However, the number of rich people in the world did not graduate from university let alone attend an ivy league. This is also telling.

      Kemi Adeosin strikes me as an intelligent woman. But in my opinion, she is not YET qualified for this post. The position of Minister of Finance takes much more than understanding the economy and doing finance. It requires prudence and the ability to be POLITICAL. Kemi does not strike me as a political person. She no like wahala but at the same time, she has to deliver. Unfortunately, she came in at the wrong time. In my opinion.

      The state of Nigeria requires Ngozi Iwealas expertise. You can discredit the woman all you want BUT this is the woman who reduced our debt from trillions to millions. So you can fault her experience. Kemi does not have that connection. Clearly, NIGERIA needs that connection. International connection to aid us. That explains why bubu is living on the plane going from Europe to America to God knows where. Developing connections.

      Under GEJ, the economy was slowing down and Ngozi Iweala wanted to revamp the economy against the present recession we are experiencing now. But this revamping would require drastic measures that many, especially the very rich in Nigeria, were not ready for. As a result, she was castigated. Left without a choice, she protected herself. The government can do whatever they liked as long as she was protected. So our present economy is as a result of past failures, YES. But what is the way forward? Are we going to continue to blame the past government? What is the plan forward and how is the plan implemented?? This is where most people find fault in Kemi.

      My two cents not that it will change the price of garri or rice.

    • Chidi

      September 17, 2016 at 11:16 am

      @icrossmyheart thank you for your observation, no one is saying Kemi is not smart if you passed the CPA you clearly have something upstairs. But minster of finance is a very high profile job, the international community needs to have confidence in the candidate and it’s actually better if you have an established name. You can’t just pick someone of the street to manage this position and people assume its a persona attack.?

  8. Lacey

    September 17, 2016 at 1:17 am

    I meant Kemi Adeosun is a Consultant !

  9. Lacey

    September 17, 2016 at 1:25 am

    @ thanks Gorgeous! you just made my day!

  10. Lacey

    September 17, 2016 at 1:43 am

    The one that was qualified that billions of dollars vanished under nose nko!.Havard ko!Hagard ni!

  11. Chidi

    September 17, 2016 at 1:44 am

    @gorgeous please give me a break yes am a smart guy and very proud of it. For you information we dont recruit from schools like east London community college. I chose not to get a CPA because I don’t need it as Wall Street traders. For you information accounting is not finance its totally two different fields also I have an accounting under grade this is something I know. Kemi is no where close to the pedigree of NOI and trying to compare both is simply bigotry. Wall Street journal even noted Kemi had a big shoe to fill. Your absolutely blinded by tribalism that’s why you are trying so hard to convince yourself she qualified for the job when a fish out of water knows she’s not. I stated am not qualified because I know exactly what it takes to do that high profile job, the global financial system needs to have total confidence in you which NOI had she Kemi dose not. And yes I will keep complaining about Kemi till she’s replaced

    • Ms.b

      September 17, 2016 at 1:49 pm

      What branch of JP Morgan do you work? You r such a liar, u don’t recruit from such schools indeed. I’m with JP Morgan in New York, and we have ppl from really small schools here. You sound quiet stupid and I’ve a feeling you r lying.

    • Chidi

      September 17, 2016 at 2:50 pm

      @Ms.b I don’t work in a branch I never said chase nonsense. When you see someone from university for east London community college get hired at IB front office we should talk. For christ sake pleased Research the school your minster attended for urself you have google it’s like a secondary school. This is a school that has a 93% acceptance rate, even Yabatech dose not but because she has an accent and knows someone she’s qualified. Point taken your madam finance minister kemi is not qualified and she can’t use her accent to build any kind of credibility whatsoever Only actions and results can bring our beloved country out this recession.

  12. Chidi

    September 17, 2016 at 1:58 am

    @gorgeous when you get a GMAT of 730 and a full ride to university of Chicago we can then talk about schools. Also we don’t even recruit people from east London community college to work as a Wall Street trader. Even a fish out of water can see Kemi is not qualified for that high profile job and trying to convince yourself she’s qualified by comparing her to NOI is nothing more but tribalism and bigotry

    • Gorgeous

      September 17, 2016 at 4:31 am

      Men shut up! Bush went to Harvard. A better school than Chicago. Bush was always a C average student! So what is the big deal about Uni of Chicago that you are crying up and down? As long as you have connections and family history you can enter those schools. Because you graduated from an over expensive school does NOT make you smarter than those that did not. Many students avoid such schools even with very high GMAT scores to avoid loans or they have better scholarship opportunities in regular state schools. That your father is a thief that can afford to send you to a $50k a year school does not make you any less of an empty barrel as we can see here! Get TF outta here with your elitist BS! Wallstreet my ass! Know who you are talking to! JP Morgan is filled with people from all sorts of schools. Even international backgrounds. Overhype kill you dia!

    • Busarni

      September 17, 2016 at 10:06 am

      Gorgeous; you are a low life. Make your points in a civilized manner; na you overhype go kill….

    • Chidi

      September 17, 2016 at 10:57 am

      @ gorgeous Its shows your mental and how you are blinded by the dream of change this administration have sold by assuming my father is a theft for affording $50 a yr for school fees but I told you I got a full ride, my school was free because I work as a grad assistant. Also I grow up in the east in a family where money is earned not like others around the country that believe federal government positions are a source for generation wealthy. my dad is a businessman who has a great life by working hard for his money and has made a lot of people wealthy by investing and training them in business. If this economy was good I wouldn’t be complaining, but your probably ashamed by your vote which was based on bigotry of the assumption that corruption and all Nigerians problem started in the last six yrs with an ijaw man and you have failed to recognize that the people that plummeted Nigeria into a permanent third world ranking since 1960 is still in power lol congratulations madam gorgeous for shooting yourself in the foot by election an Aboki without a Waec certificate to manage a $510 billion economy.?Am Igbo and no matter how bad this country get with hard work I ll still make it much better than a lot of people.

    • UEL Alumni

      September 17, 2016 at 7:31 pm

      Thank you. All these shouting uel this uel that. Google the credentials of the lecturers.

    • UEL Alumni

      September 17, 2016 at 7:33 pm

      Please take a big e hug from me.

    • UEL Alumni

      September 17, 2016 at 7:34 pm

      The chidi above is cleary a troll! Cyber warrior. We should have ignores it.

    • UEL Alumni

      September 17, 2016 at 7:36 pm

      *The chidi is clearly a troll. A cyber warrior, we should have ignored it.

    • EE

      September 17, 2016 at 1:56 pm

      Abeg leave all this Finance minister matter, expand more on your strategies for a 730, especially getting your integrated reasoning up to snuff.

    • Lacey

      September 17, 2016 at 3:52 pm

      @EE you are so hilarious! I am so miffed that this person who scored 730 in GMAT and reasoning at this level! I am beginning to question his GMAT score,anyway like I said I am sure it was written in a special center! Please rewrite that GMAT in this America,if you will score 400 sef!

    • Chidi

      September 17, 2016 at 4:42 pm

      @ Lacey lol I was born in America went to secondary school in Nigerian and came back here for undergraduate and graduate studies so this special centers to speak of when you find one please let me know I have friends trying to get into Yale. For your information, your fighting a losing battle trying to defend your unqualified daddy connected me minster of finance called kemi lol its amazing rather than admit an Igbo person is correct lets burn this country down or hand it over to Togo, but trust me am happy to burn the country down together.

  13. Lacey

    September 17, 2016 at 2:49 am

    Na wa o! @ Gorgeous leave all those people that went to special center to write GMAT! All those Chinese and Indians that wrote GMAT that cannot speak English properly, all of them are in the same boat in this America !if you like score 1000 in GMAT your boss went to community college! You are working under worse conditions! Chicago Booth my foot!Go and check the profile of your CEO is BSc! He probably started as teller and worked his way up!

  14. Ade

    September 17, 2016 at 4:01 am

    All the stupid tribal comments,they are always strong when it’s Yoruba names,children of hate,keep masturtabing foolishness,idiots blinded by tribalism.

  15. Philip

    September 17, 2016 at 8:01 am

    From the comments it obvious that the Nigerian youths have a long way to go. We want to be leaders, yet we fail to take and see things as we should. I am not for or against buhari and his economic team, i am for the youths and our future. Those of you that are speaking highly of NOI, you guys are doing a tremendous job, but should i remind you all about the hell we the people and mostly the youths put her through when she was appointed during the obasanjo administration, when she was demoted and they she left of her own free will? Jonathan saw something in her plans and brought her in, the youths almost went crazy, because she had drastic plans that would have endured we not find ourselves where we are. Jonathan fell under pressure, NOI saw that and made sure she covered her back (or are we not following the news anymore). People where not accountable and when she tried to make them, we the masses revolted and wanted her head. Now Kemi is here and we are back to our old habits. Before oil, Nigeria was the highest exporter of goods. We were known for our groundnut pyramid, cocoa plantation, our oil palm was sort after world over, we were known for african fabric (ankara), tourism was on high side because people where coming in from every where to enjoy that which we had here, our farmers where the richest in the world. And then Oil came and we all went crazy. We lost our morality, our integrity, we lost our focus, we were not accountable and we became lawless. Its time for us all to wake up, there is no money anymore to squander about, thats what the minister has been saying, oil is no longer 110$ per barrel, its now 40$ per barrel, its time we cut our coats accordingly and face facts. We have to invest in the things we already have and bear the brunt of it until the sea is calm. It wont be rosy, but if we really wnat what is best for our children and our childrens children, then lets give change a chance, We have to change our way of life, change our mindset on spending, change the way we view things. If we can not encourage someone like Kemi Adeosun who happens to be the youngest minister we have now, then what hope do the youths have?

    • Tosin

      September 17, 2016 at 9:20 am

      “The school feeding programme and the N-Power teachers corps” – proposed, forgotten, remembered again. Those and wise infrastructure investments could help a lot, so please let them happen, because for now it just looks like this bunch came to VIOLENTLY KILL the economy. Two more years.
      Another issue to look out for is how the new “minerals” sector is designed, so that it will do us good, and not do us a lot of harm, so it will benefit the many and not the few, so it will yield wealth for the people and not ruin the communities and Nigerians, …

  16. that uptown girl

    September 17, 2016 at 8:38 am

    I came here to read better comments only to see two clearly over feed people arguing nonsense. The one that went to university of Chicago, how does that affect the cost of a bag of rice? The one defending Kemi, really?? I don’t know much about finance or accounting but if the economy is crumbling under her watch then her competence should and would be questioned. Me sef wetin concern me?? I lost hope in the Nigeria a long time ago. My hands are doing the best they can do and my eyes are watching God.

    • Philip

      September 17, 2016 at 9:35 am

      My sister, the economy would have crumbled long ago, but NOI borrowed so we can continue to deceive ourselves. We didnt have and we had no way of paying back but we borrowed. Should we continue to do so? We have enough farm lands to boost our economy via agriculture, our mines are dormant but we have enough resources there as well. I learnt recently that a two years old girl was under the FG payroll, should we continue like that? We need to stop been greedy and start thinking about our future. Most schools in America are privately funded with buildings there named after the people that built them, that is how they measure wealth, but here in Nigeria if your children have not schooled abroad or in the most expensive schools in Nigeria then you must be a poor man. Should we continue so? Sending our money out of the country and boosting the economy of other countries while ours is dying?

    • tunmi

      September 17, 2016 at 12:08 pm

      The economy is NOT crumbling. Not yet anyway. Nigeria does not follow economic models, I’m sure both NOI and Kevin realize that. Look at the housing sector alone. Prices that should be coming down aren’t. Why? I suspect it’s the way Nigerians handle finances. Does anyone loan to build a house? They are funded with cash: stolen and earned.

      NOI did a great job. The only problem was that she did not communicate effectively to majority of Nigerians – the poor. Kemi is following in her lead with better communication.

    • Philip

      September 17, 2016 at 2:55 pm

      And she has clear plans, but if people keep trashing her she might be forced to do as NOI did and we will end up suffering more and more.

    • EE

      September 17, 2016 at 1:58 pm

      But it was hilarious though.

  17. Prince

    September 17, 2016 at 12:00 pm

    If Buhari really love this country and want to move it forward. This woman should be sent back to wherever she came from.
    Enough of her lies. Mr Lie Mohammed should also join.

  18. esteem

    September 17, 2016 at 12:57 pm

    Nigerians! Nigerians! Nigerians. Can we really stay together? Is it not better we go our separate ways, if we cannot work things out as one? It is an unquestionable fact that Kemi cannot handle our economy compare to her counterpart during the last regime. Kemi and her economic team have made some obvious policy that threatens the nations growth. For example reducing the amount of dollars made available to commercial banks by CBN making dollar to artificially scarce in Nigeria, increasing interest rate to 14% in the period of hardship, granting subsidy for pilgrims worth 7billion naira while people are dying of hunger, saving about 100billion naira without urgent re-investing it into the economy. Don’t you know savings is a leakage to an economy? I swear we owe jonathan an apology.

    • Philip

      September 17, 2016 at 3:02 pm

      We suffer from lack of understanding. Kemi is Monetary and not Fiscal. Two different post. You do not blame an auditor for the mistakes of an accountant. If foreign exchange is your problem, blame the right person. The subsidy as you call it given to Muslim pilgrims was agreed upon in April and not in August and this arrangement was also given to the christian pilgrims as well. As for leakages, itw as during jonathan’s time that a baby was enrolled as a staff of the FG and was collecting salary, that child is two years now and it was recently they found this out. Its time we stop watching drama and start listening and watching news. We the youths are the future of this country, but it is obvious that we are not ready to lead or rule this country aright.

    • Lacey

      September 17, 2016 at 4:34 pm

      @Philip 1000000 likes for your comments!Your. head is so there! thank you so much ,people come here to complain about dollar,as if the position of CBN governor is non functional anymore!no proper reasoning anymore,they just come here to type their feelings without facts ! Nigerians where popping champagne upandan,living the life of luxury on looted funds and you guys were uh ah ing upandan praising people stealing funds and their kids luxurious life style over the future of your unborn generations!now the bubble has burst! Guys deal with it! Make Nigeria great again,by having proper infrastructure in place, so people do not have to fly abroad for medical treatment! The last time I was in Nigeria I had a root canal for less than a 100,000 Naira , which cost about $5000 here in the US!

  19. Truth hurts

    September 17, 2016 at 1:33 pm

    Lol…. I’m here sipping apple juice watching this rubbish fight, meanwhile our federal government through the minister for labour(a medical doctor) is trying to get the banks(private institutions) to stop laying off their staff. If this does not open your eyes to the lack of sense we are dying from well, the Lord is your strength. Also note, NOI has nothing to do with those stealing money. Nigerians will find ways to steal from you regardless.

    • Nv

      September 17, 2016 at 8:16 pm

      About the Minister Of Labour: WTF?!!!!!

  20. Valkyr

    September 17, 2016 at 1:43 pm

    Zombie economist

    it is possible for a minister to n’t know the real meaning of recession.

    Recession has never ended ‘soon’.

  21. Prince

    September 17, 2016 at 1:57 pm

    This girl knows nothing about economy. She thinks its to go to the market and buy bitterleaf and egusi. Imagine the bullshit she’s spilling.
    How did we get here. Buhari seems to me like an arrogant thing. If not, nothing stops him from sending this Kemi Kardashian as Uncle Gwe Gwe called her back to whatever she was doing in London. She thinks its all about the accent
    She annoys me so much so that I’ll almost want to enter my TV to give her the piece of my mind.

  22. Good girl

    September 17, 2016 at 3:32 pm

    i don’t no book o..but Chidi as say she nor qualify……Can you also give us a summarised solution to the problems we are facing .??…we complain but hardly proffer solutions…

    • Chidi

      September 17, 2016 at 4:08 pm

      @Goodgirl the main problems we are facing is lack of confidence in the system, individuals don’t want to lose their money and the international community and mostly Nigerians living abroad do not have faith in this administration economic policies. The free flow of money is the life of any economy if you restrict the flow of money you kill the economy and that’s what this government is doing we have a goverment that’s interested in consolidating power at the federal level and controlling all aspects of Nigeria . if you tell someone you can’t take money out of Nigeria why should anyone in there right mind invest in a country that clearly states you can’t take money out also We still have bills to pay as a country and infrastructure to build so our reserves is currently going down by the day but no money coming in and they try to blame it on oil. We have so many problems but have a population that’s capable of solving our problem. We just need the government to stop squeezing the economy and encourage low interest rate, low taxes in manufacturing, reduce and eliminate the harassment business face by government entities and Nigerians will do the rest

    • Don't

      September 17, 2016 at 6:54 pm

      Don’t you ever waste your energy on bella naija comment section. It’s not worth it. Bye dear

    • Lacey

      September 18, 2016 at 3:05 am

      @Chidi your solution is so so vague!investors cannot take money out,can you listen to yourself !the free flow of money to where?can you just hear yourself !Aml laws that stolen loots from Nigeria can enter the America and the U.K. and hang there! all the foreign investment in the past 30 years that they use to destroy Africa!The good thing Buhari has done now is to stop our capital flight through these fake investors ,as our monies in their economy in the west is so stuck there, I don’t care about your history,just stop spreading your daft ideologies ok !

  23. Spare me

    September 17, 2016 at 8:54 pm

    *Was madam harvard born with the experience?No she was not! She worked and gained the experience same way the current finance minister is doing.

    • Lanm

      September 17, 2016 at 10:38 pm

      So she should gain the experience by being a Finance Minister? How about she gained the experience elsewhere before being Finance Minister? To be a Minister of Finance in any country that has sense, you need to gain the necessary experience(s) prior to being the Minister. How can she gain the experience in the ministry? She’s supposed to help not gain experience, or practice with such a huge position. I’m sorry, your comment is quite ridiculous and shocking.

  24. Bowl

    September 18, 2016 at 2:45 pm

    lacey and co pls do not throw an embolus defending a lame duck !

  25. Shady

    September 19, 2016 at 12:09 am

    If I may add my two cents…..I like Kemi Adeosun and was really rooting for her when she was appointed. As a young female, I was happy that she was given the chance to serve her country. But let’s be real, the shoes are too big for her to fill. Maybe another time, not when Nigeria is facing one of its toughest economic times. We need someone who is more experienced and respected by the international community. Hate her or love her, NOI had the respect of the international community. Look at the caliber of her appointments after she left – she is well-respected and this means that these guys trusted her ability to manage the finances of the country. Initially, when BUbu came in and some critics mentioned that he was scaring away international investors. His supporters said we did not need them – after all they were only speculators. Now our FDIs are at its lowest in Nigeria’s history. CBN is still waiting for inflows from these same investors to help boost the Naira. People that can’t trust Buhari, Adeosun or Emefiele. These same people that Buhari’s supporters said we did not need?

    We need to develop our infrastructure – yet we don’t have money for it. I read that Buhari wants to visit investors on this his NY trip and I am just laughing. We are going to back to beg these investors we said were leeches. Who is going to loan us this money we need? Is it the same international investors that we have driven away? This problem is bigger than Kemi Adeosun jare but I will keep rooting for her because her success is a collective one for all young Nigerian women.

    Btw, I went to a uni like Kemi’s and I would hate for people to use it as a yardstick to measure my performance/experience but the world isn’t fair. I worked at the bulge bracket banks and I never mentioned where I went to uni except postgrad. It doesn’t do you any favours. The finance guys at this level are quite elitist so I won’t be shocked if they too look down on Kemi’s qualifications.

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