By Iheanacho Nwosu and Chuks Akunna, Abuja
Cental Bank of Nigeria Governor (CBN), Sanusi Lamido Sanusi yesterday stopped short of labelling Nigeria a corrupt nation, saying there are large scale leakages in the system. Though, he did not name those behind the leakages and how they are perpetrated, the CBN boss spoke when he appeared before the House of Representatives Joint Committee on Finance,
Legislative Budget and Research, National Planning and Economic Development as well as Aids and Debt, Wednesday said there was need to block such leakages if Nigeria must grow. The Director General of the Debt Management Office(DMO) had on Tuesday appeared before the committee disclosed that the Federal Government was planning to borrow $25billion between this year and 2015. Lamenting the huge leakages in the system, however,
Sanusi said so much revenue was being are lost to either vandals or through other questionable means and kicked against proposals by members of the House of Representatives that the proposed crude oil benchmark of $75 dollars a barrel be reviewed upward in the 2013 budget. Giving example of how bad the situation was Sanusi said “Does NNPC have a metering system? How do they know how much we produce? What access does the minister of finance have to validate the figures emanating from the primary source of revenue.”
He stressed “We have NEITTI, we need to strenghten it because all these arguments of benchmarks will disappear if we can know exactly how much we earn and we are sure that all revenues will go into government’s pockets. The apex bank boss advised against the focusing on bench mark of oil prices recommending that instead the concentration should be “production of more oil which will bring more money into the Federation Account.” “Benchmark does not bring money into our account but more production of oil, so the issue of benchmark is a non-issue,”
Sanusi stated. He urged the federal government to crackdown on owners of illegal refineries in the Niger Delta if the nation’s revenues must be improved. On some of the things militating against the budget from the federal Civil Service, Sanusi noted that over 80 percent of the recurrent expenditure was going to payment of salaries by ministries and agencies. He recommended mass retrenchment of workers but said that such was not feasible on account of political expediency. He said “Over 80percent of our recurrent expenditure is spent on personnel and the only option is to retrench but this political system does not have that kind of stomach to retrench.
“ Sanusi noted that “2010 and 2011 were very bad years and we were very critical of how things were being managed but the managers there now are really doing their best at the ministry.” Meanwhile, Chairman of the Joint committee on Finance, Aids, Loans and Debts management Hon Jibril Abdumuminin had at the session, debunked reports making the round that Reps had submitted a report that indicated an upward review of the current benchmark to $82 per barrel.
After the opening prayer, the chairman displayed a newspaper saying “this is not the opinion of this Committee or House but the opinion of this newspaper we therefore advise all Nigerians at home and abroad to discountenance it. “ “What the newspaper reported is not true because the committee is still working and we are yet to conclude not to talk of writing our report. So there is no way we will have come to the decision to rise the oil bench mark”,
The MTEF framework forwarded to the House on the September 20, by President Goodluck Jonathan, preparatory to the transmission of the 2013 Appropriation Bill proposed a crude price benchmark of 75 dollars per barrel in the 2013 fiscal year. Sanusi who arrived 45minutes ahead of the committee members waited for over 30 minutes for a meeting scheduled for 10am but started at 10.30am.
The CBN Governor who appeared before the House of Representatives’ Joint Committee on Finance, Legislative Budget and Research, National Planning and Aids, Loans and Debt Management over the 2013-2015 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) declared that such increment would not translate to more revenue accrual to the government.
According to the apex bank’s boss, what should be looked at was how to increase crude oil production, and exploring other alternatives, adding that “even if you increase the benchmark to 200 dollar per barrel and the price is 75 dollar, it would not amount to increase in revenue.” On the proposed Petroleum Industry Bill, PIB, Sanusi said”the re-negotiation of the bill is a very good development we sdhould do anything that would attract investment into that sector of our economy.
Lead chairman of the panel, and Chairman of the Committee on Finance, Abdulmumin Jibril had sought the opinion of the Governor on what would be the problem with increasing the benchmark and tying the expected surpluses to specific areas of development, but Sanusi warned that since the Federal Ministry of Finance was committed to fiscal prudence, all that was needed was to support it. He however denied having any rift with the National Assembly, as according to him, as two national institutions, all that was needed between them was “mutual respect.”
He also described himself as the most summoned head of the CBN. “I don’t think there has been any CBN Governor that has been brought here (The National Assembly) as much as me. I have even offered to be moved, or open my annex office here. Nobody ask me how my itinary are before inviting me,” Sanusi was arguing when.quickly the Chairman interrupted saying that”the issue in question is not within the purview of the joint committee instead the Governor should concentrate on necessary matters before him.
“ A member of the panel, and Chairman of the House Committee on Legislative Budget and Research, Opeyemi Bamidele had asked Sanusi to explain why he often turn down invitations from the National Assembly. After the caution from the Chairman the CBN Governor stopped complaining.
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I agree with the CBN boss that in this modern times and technological driven age, it makes no sense fashioning our budget along crude oil bench mark. The emphasis should be how many barrels was realised and not how much was peged on a barrel. Can we for once adjust our crude way of handling government issues for the positive?
those heading the various ministry and agencis are all hypocrites. sanusi wants the civil service commission to retrench workers, whereas he is busy employing hundreds of kanawers and indegines of his surrounding states into CBN work force.
CAN SOMEBODY TELL ME WHY ALL THESE NEWS PAPERS WILL BE REPORTING WHAT IS NOT FACTUAL THEREBY CAUSING PROBLEMS. I THINK THIS GUYS NEED TO BE PUNISH IF THEY FOUND THAT THE ARE NOT REPORTING THE TRUTH.
The issue is not retrenchment of workers. If only Governments at all levels stop awarding contracts to foreign companies indigenous enterprenours may emerge thereby employ Nigerians outside the Civil Service sysrem. As it is now we need more employers of labour. Muazu H. Wali
Mr Sanusi, you should also recommend trimming down the number of legislators we have in the senate and House o Rep. Don’t forget to recommend a cut in their salaries/entitlement.
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Before it was #5000 note, now mass retrenchment. Lamido Sanusi should resign. He is sent to destabilized the GEJ administration. He is anti nigerians
But why is Sanusi advising Govt to retrench workers again? Is this man serious?
Mallam Sanusi, in as much as i really like ur person and as a Governor of CBN, you shld ve be spacific to ur suggestion of retrenchment. 1.-You see, you shld ve suggested or told everybody that salary/wages of House of Rep and Senates shld be reduced. 2:-Reduce the num of Ministers, Personal assts, special assts and ors etc. 3:- Retrenchment shld be for old men and women in Govt Organisatn, Parastatals, Agencies, Police, Army, Air force, Navy, and Immigration so also Permenent secs Lecturers, Teachers, Doctors etc from fed to state to local govt areas. When just sugg. retrechnment without the given cleafication, before you know, there will start retrenching those pple that ve not reach the age of retrenchment.
With the high level unemployment in the country sanusi shud not even mention retrenchment God will purnish anybody saying there is no money in Nigeria if Bode Goerge embezzled 84billion,trillions in subsidy scandal and many more.There is enough to pay Nigerians we only lack leadership problem
This sanusi man is really a sadist, giving acidic solutions without palliatives.
Mr lagido the monkey or what u call yourself,dont worry very soon God is going to deal with you for always trying to make the poor masses to suffer. First it was your wicked 5000 naira note and coins. Now seeing that you couldnt succeed, you want civil servants to be retrenched so that they’ll go and work in your boko haram farm abi?i dont blame you its simply ‘cos we dont have a leader you are supposed to be in jail now.but God will jail you very soon. Thief return Cicilia Ibru’s loot first blind fool
Alot of workers in the ministries, both federal and state resume 11 am daily without having anything to do except to gossip and ask for bribes from outsiders who need their help
Retrenchment of workers whn we hav an alarming rate of unemployment in d country! An ant is crawling in ds man’s brain..
In as much as i respect Mall. Samusi his person, then he shldnt ve just suggested mass retrenchment of workers without given guidelines and the way it shld be done, bcos whn you sugest mass retrenchment before you knw, there will retrench some pple who are not suppose to be retrenched leaving old men and women in the Govt Agencies, Parastatals, Mins, Organs and of course old Men and Women frm Army, Air force, Navy, Police, etc. I expected you to suggest the deduction of the Salary /Wages of House Rep., Senators, Ministers etc. Then reduce nos of the Personal Assists, Special Assists both junior and senors, Ministers, Dgs and Deputy Dgs etc.
The CBN Boss has the right to buttress his arguments and assertions to any Government Officials or Officers of the Federal Republic of Nigeria…he was talking about ‘mutual respect’ for his person, itinary, professional competence, office, designation and more importantly as a True Patriot, and all the Chairman Joint Committee on Finance could do is to cautioned him and shut him down, can you please allow him to express himself? Now my Governor, are you sure of what you are saying about 80% is spent on wage bills in Federation Account? If yes, let’s know where the retrenchment will starts from…I think down sizing de NASS would be a welcome idea and with ‘part time’ as basic key input!
Mr CBN governor, i don’t blame u, u re in d position to say whatever u like.U’ll be d first to be retrenched.Rich fools don’t know wat poor pple re passing thru.
Nigerian should please tell sanusi , that the country nigerai is not is personal kitchen that he can come out and decide wat ever he feel like, he talk about fuel subsidy and perliative. Letter it was 5000 naira note, now he want workers to be sack, what those he want
Yes, an Arabic language graduate for a central bank governor?. this is what you get.!
Compare to the US treasury secretary, the treasury is the engine room where ideas for job creation and promotion are the main subject. If more people are working, more taxes will be collected. You will think that is common sense, no, not in the mind of this Arabic language graduate who calls himself treasury governor. Talking about square peg in a round hole.!
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The most patriotic thing for our soured SANUSI to do is to tender his resignation letter now to show a plausibe example to those he is aiming his bloody axe at their jobs.
Retrenchment,in ur company that u employed,ah sanusi,r u wid ur senses?u have no angle,last year ws National Assembly,nw it’s worker’s.
If d aboki does nt knw wt 2 say, let hm jst go and polish shoes like his siblins. Y wil he advice govt to retrench workers? If dat bin the case let govt start wt hm cos he has done virtually nothing to improve the apex bank.