… Promises low interest rate
By KELECHI MGBOJI, Warri
The Central Bank of Nigeria (CBN) Governor, Mallam Sanusi Lamido Sanusi, has raised alarm over Federal Government’s huge recurrent expenditure, which he said takes over 70 per cent of government revenue in salaries to workers in the domestic economy, insisting that it was inimical to the country’s growth and development.
He lamented that a situation where 70 per cent of revenue that accrued to the government every month is used to pay civil servants, political office holders and other employees of government agencies, leaving only 30 per cent of the revenue to cater for the rest of the population, will result in stunted growth and development of the economy.
Speaking on Tuesday on the second day of the on-going retreat of the Capital Market Committee in Warri, Delta State, with the theme ‘On Taking the Market to the Next Level’, the apex bank governor said: “The revenue of government is supposed to be for the 160 million Nigerians. Any economy that uses 70 per of its money for civil servant and 30 per cent for others is unjustifiable.”
Sanusi, who said it was irresponsible of any state government to collect allocation to pay salaries, noted that as the apex bank was working assiduously to ensure stability in the country, “Today that 70 per cent of the revenue of the government goes to salaries and running other government expenses. How can you develop economy when for every one naira you make 70kobo is consumed by civil servants. “You need to fire civil servant. Any society where government spends 70 per cent on its employee leaving 30 per cent for development has a problem.
We have 36 states; we are asking for more states, we have 774 local governments, we asking for more local government. When we total all of that, they have consumed all the resources. Do we need 36 states? “We have state governors whose allocation is not enough to pay salaries of civil servant,” he added. Sanusi, who apparently was also was reacting to the yearnings of operators on the need to reduce interest rate in the economy, said the interest rate will come down, explaining that “I don’t know when.
It is not going to remain at the level it is forever. “It would be recalled that the interest rate, which currently stands at 12.00 per cent, is being reviewed downward to a single digit by operators’ in the capital market, as this will result infund being moved to the money market to return to the equities market by investors,” he explained.
Infact civil servants should ignore dis Aboki that calls himself CBN governor. Let govt sack him and all the ppl he has helped to secure civil service jobs first…..& procecute him for fraud in the CBN before any other action.
Sanusi is an arm rober dat need 2 b executed, firstly, he wanted 2 bring five thousand, naw he’s talking abt sacking, d govt shld rather stop stealing nigerians money
Sanusi is crazy. What about the billions that are being lotted by oil makettes? We have enough in this country if only we are faithful to ourselves.
Yes i think is good but the truth is that the moves have to start from you and your state and all your family, thunder fire all your generation wicked soul …God punish YOU Mr Mallam Sanusi Lamido Sanusi
@chysam please directed your coment to sanusi alone.what his generation have to do with this issue you are cursing them? Is you and your generation thunder will fire and destroy and you are very stupid idiot.
why did you take it personal, are you one of his aboki staff who have no qualication,nemy of progress
Hruna nonsense or what ever you call your self,shut up
True talk.
MR SANUSI WITH DUE RESPECT YOU ARE ENTITTLED TO YOUR OWN OPINION, BUT I WANT TO ADVICE THAT YOU CAN REDUCE THE WORK FORCE BY DOING PROPER CERTIFICATE VARIFCATION EXERCISE OF ALL CIVIL SERVANT. THEN DO A PROPER SCREENING TO REVEAL GHOAST WORKERS. IT WILL AMAZE YOU THE RESULT YOU WILL GET.
I AGREE WITH YOU THAT WE DO NOT NEED LOCAL GOVERNMENT CHAIRMEN AND COUNCELLORS; THEY ARE USELESS TO NIGERIA SYSTEM FOR NOW.
I ALL SO AGREE WITH YOU THAT WE DO NOT NEED 100 SENATORS AND 400 REPS, THE NUMBER SHOULD BE REDUCED DRASTICALLY.
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This worm infested brain called Lamido Sanusi will never mention these oil thieves that has suck Nigeria dry. What about some customs & Immigration officers dat perform dirty jobs to d detriment of Nigeria. Sanusi, u want to unveil ur muscle to civil servants abi?? What abt senators? Leave civil servants alone.
Mr. Sanusi or Samsu whatever u’re called; i believe ur brain is dettorrrating! Hv u forgotten that ur fellow aboki brothers ruled this country for over 36yrs? They created these problems. Obolo
Apart from the little stipend, what else do civil servants gain in Nigeria?Everybody is complaining of poverty and Sanusi is proposing sack of civil servants. He should be taken to Psychiatric hospital. Millions of well educated and qualified men and women cannot secure jobs in Nigeria because they don’t have anybody at the top. Yet the civil service is filled with incompetents while the Nigerian public Universities are saturated with unqualified staff. When someone who made a 2:2 will be hired because he knows the VC while others who made 2:1 and cannot write an ordinary research proposal is hired to teach students. What do you expect? How many Professors and Senior Lecturers have attracted research grants to their Universities? Nigeria is a big trouble!
Sanusi sack urself and top officials of the apex bank.
Mr. Sanusi or Samsu whatever u’re called; i believe ur brain is dettorrrating! Hv u forgotten that ur fellow aboki brothers ruled this country for over 36yrs? They created these problems. Obolo i can see u’re seeking more boko harams and militants idiat
The truth is that about 30% of the civil servants are ghost workers, If Sanusi is saying that government should fish out those who collect salaries as ghost workers fine.
In every local government what they do is to list their relations and friends and they will be receiving salaries while in their private business. They only come to work once in a week and stand under a tree for few hours and go back. But the irony is that those who are doing all these are the same politicians Sanusi is asking to sack them. God save us.
Sanusi, enough of your rubish. Just fish out the ghost workers and deal with them and allow the rightful workers to manage their chicken money.
Lol how do you deal with a Ghost?
Sanusi u ar a wicked man….sack urself first.
LAMIDO HAS TOUCH CIVIL SAVANT TAIL. TODAY, THEY WILL KNELL HIM ON THE CROSS. BUT MY QUESTION IS THIS, WE THAT IS NOT CIVIL SAVANT AND THOSE WHO DO NOT HAVE WORK, WHERE ARE WE GOING TO BE SACK TO? I NEED ANSWER NOW
LMAO…Chris you have killed me with your comment o, I don laugh tire… i just don’t dig this Lamido guy, E must be a dumb for his name to be mentioned twice …Sanusi Lamido Sanusi…hehehe
I don,t even know how this man became an economist in the first place. Instead of advising govt officials to stop syphoning public founds meant to develop Nig. We re about 160 million people, Bode Gorge alone toke away 85 billion Naira and was sentenced only 16 months in jail that runs concurrently to aid him spent just 8 months only. Tinubu has 72 private accounts on his kitty that runs trillion Naira. Tarfa Balogun toke his 65 billion Naira and spent only 6 months in jail. Your brother IBB is still holding $11 billion usd since 1990/1991 gulf oil windfall. OBJ, that had only 20,000 Naira left inside his personal acc before becoming Nig president in 1999/2007 has now been ranked most richest African former president. U even tried some months ago to undue Nigerians with 5,000 Naira denomination in a nation like ours while the best economies in the world like China has only 100 Yuan as a highest denomination in their currency. All ur recent comments as regards the economy tends to be satanic in the eyes of Nigerians.
He is just the DEMON!
I believe dis animal shld go back to the bush where he rightly belongs because he has nothing to offer humanity. Let start reducing the workforce 4rm him. Empty brain like him.
“What is good for the Goose is good for the Gander”. Start with yourself then we will believe that you are good leader who is selflessness.
We shouldn’t crucify the CBN Governor,his idea is a good solution to this current economic problem in this country,but the question is this,will the money saved from the sacked workers be used to develop the country?,absolutely no.Because the President and his friends will certainly share the whole money among themselves.So the best thing is to allow the whole workers to continue with their work,instead of giving the money to our evil men and women.Nothing good comes from the devil.
SANUSI LAMIDO YOU ARE AMONG THE CROOKS KILLING NIGERIA.
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Very good Mr. Sanusi, but the sack should start from the apex bank where the lowest paid staff takes home about N400, 000. After then, they can consider MDAs where the minimum wage is still about N25, 000.
I think Nigeria is well blessed with crazy people like Sanusi in public service.
Even if all the civil servants were to be sacked and corruption is allowed to persist it will still not solve our problem. It is known fact that the number of ghost workers in the civil service all over the nation far succeeds the number of genuine workers. There is a need to clean up the system. Until then Nigeria will continue to be insolvent.
This man must be a backyard economist. pls my people, remove him and put me there.
Sorry sir, to sack the civil servant what will it end u? Wen they l sack did’u no were they wil go? Robing 2 fant 4 the family. Tnx .
This is a clear manifestation of irresponsibility, incompetence of Jonathan led government, in this situation CBN Governor is appealing to trim the size of civil service instead of him to talk about Nuhu Ribadu’s Report, Farouk Lawan Report and pension scam to mention but a few, Sunusi lamido sunusi, knows who and who’s in Nigeria that causes, static economy, so this is nonsence I urge him to quickly withdraw this dogmatic statement.
Lets face the truth and stop abusing someone that says it. Lets face the message and leave the messenger. Using 70% of what we make every month to pay civil servants is not right.
Most of them is doing absolutely nothing for the government, ministry of this ministry of that but no input to the growth of the nation,s development.
Sack 1/2 of them let them start something independently that will create jobs for the growing population. We are growing every day and there no work. Everyone wants to wear tie in the morning and jump to AC office then use pen to siphons money.
I support the CBN governor on this, though I am not the best of his fan.
Mr Eva,where is the alternative when you are supporting this kin statement?where is the enabling environment,how many civil servants are in charge of stealing of money if not dem dem and their stooges.Does their policies encourage civil servants to work?Does it surprise you when everybody prefer to work at CBN,NNPC,INLAND REVENUE,some choiced Agencies and parastatals?endless qustions and less answers for those that care to know
Mallam Sanusi,this is just a wicked mind comment,sacking will only create more problems,poverty and unemployment……in this our dear country,we need a better solution,not this one.Reduce the number of assemby members,rake in our stolen and on-going stolen money,Fedrl Government stopping white elephant projects and bogus salaries for themselves and their aids,make policies that will help government and individuals create more jobs for Nigerians,DG NSE be removed like that of BPE and so on would be better than this please.Stop killing us softly with this kind of policies and statements!
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The truth is, Sanusi doesn’t know that the percentage of ghost workers in Nigeria is 90% over powers real staff. Calling for retrenchment makes no sense.The same people who would carry out this exercise are the perpetrators of this crime;invariably only ghost workers will in the end be on the pay roll.Who then will carry out the work on field/office,most deadly and threatening to our economy.
This man sanusi of a man is just like average nigerian workers…. Poor in sound management, Corrupt, Arrogant, Selfish, Wicked, Selfrighteousness and Lazy. If he feel so strongly about what he is advocating, let him declare publicly how much he is earning as cbn governor.
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Sanusi should lead by example. resign ur apointment first
b4 you star sacking others.
Evans you are an animal how can an aboki come to tell us how to run nigeria wath does he know somebody who is supposed to be in the bush chasing cow everytime he comes up with a very wrong policy that will neva be accepted by nigerians wat is GEJ still keeping him there for ?
Every person is intitled to his or her opinion,including the ‘imbe’ that is called sanusi.
Mallam Sanusi I wish i can see u and tell u dis to ur face dat U are possessed wit d spirit braindrain and wickedness. If I were Pres. GEJ I would just sack u immediately….FOOL!!!!!!
is he supposed 2 b a cbn gov or an econs adviser? i do agree dat we don’t need an hunred n four hundred lawmakers, wot a dey doing?
Crazy economist with double standards. If he was on top of his job, he would know that the outrageous recurrent expenditure goes for bloated bureaucracy and unwaranted allowances, including his(Sanusi’s) unimaginable allowances. In the end, the civil servants take a very negligible amount of that staggering 70%.
It seems most of these guys in govt. wake every morning without due thinking and proper analysis just say whatever . My quetion then is……Why can,t they throw the towel,knowing fully well that they lack IDEAS? Always misplacement of periorities.A BANANA Republic indeed.
U are stupid & maiopic ingrate, u want to sponsore another militancy, don’t u know that architect of boko haram is poverty & unemployment, Sanusi, do u know that poor Nigerians are suffering boko haram scourge? U should create employment. Or sack work to create another sect
Let us get serious over this issue, Government should not be a major Employee in any fast moving economy, basically what Sanusi should have said is to tell them to do away with all their political employed staffs and reduce ghost workers to zero level, the result will be great and enough to kick start many capital projects, but as usual they don!t have the will power to do it and as result we will continue to be under developed.
Sanusi should be the first to be sacked. How much does he earn. Infact Sanusi’s sack is overdue.
GEJ should sack him first, he is the most irresponsible, thief, and most incompetent idoit running the affairs of CBN.
MALAM MUGU SANUSI LAMIDO,
hear your self. See as your mouth de rush like “toto” water. If presido sack all of them, na where dem go kom work? Or you go de pay dem? I really see say you be real ABOKI Boy
SANUSI YOU WANT TO SACK SOME WOKERS WHERE THE MONEY WILL GO, THE MONEY FROM FUEL FROM 65K TO 97K WHERE IS THE LOOTTED MONEY FROM ALL OUR PRESIDENT, GORVERNORS, AND OTHER GORVEMENT WORKERS. PLEASE SACK YOUR SELF FIRST.THANK YOU.
This he-goat is short of ideas now, the earlier GEJ send him packing the better, your education is useless sanusi, and you are totally disconnected with realities on ground in Nigeria.
SANUSI IS ABNORMAL…..DEY SHOULD SACK U FIRST…MONEY WEY U DON CHOP NEVA REACH U?…..ABEG U ALL SHOULD IGNORE THIS ABOKI
SANUSI IS RIGHT. BUT SACKING OF CIVIL SERVANTS IS NOT GOOD ENOUGH. RATHER, TO CHANGE TO UNICAMERAL LEGISLATURE. 109 SENATORS IS ENOUGH FOR MAKING LAWS IN NIGERIA. MOST OF OUR YEARLY BUDGET IS USE TO MAINTAIN FEDERAL LAW MARKERS AND OTHER GOVERNMENT OFFICIAL. SO IS RATHER WE HAVE ONE HOUSE OF ASSEMBLY OR WE CUT DOWN THE COST OF THEIR MAINTENANCE.
What Mr Sanusi had said is very true. We are only creating more universities and churning half-baked undergraduates without commensurate employment opportunities. There’s so many reasons why that has been so; failed state Nigeria & corruption.
Whatever it is, I think Sanusi should be the first to be sacked- a top-rate civil servant.
He’s just a DUMB!, sanusi Lamido.
Malam Sanusi is given his opinion as the Governor of Central Bank. The government can either take or reject his advise. I think there is need to restructure the system but sacking people will not solve our problem as a Nation but rather compound it. Presently we have plenty of unemployed youths who are ready to die by suicide bombing. We have a lot of politicians and so called technocrats who steal the countries money
i think we should all reason to this man suggestions. where in this whole world can you find a political office holder receiving as much wages and allowances like nigerian politicians, not even in london or america where people that were elected are proud to serve their country with trust and strived to leave the office at the end of their tenure with good accountabilty. but our politicians are looters who are completely ignorance about their loots and the consequence thereafter, many uses the loots to send their children abroad trying to secure a better future for them, while depriving other citizens a better education and good standard of living.many are dying at a younger age,and children futures are terribly in tatters.stop the loots now as peoples bloods are crying and failure to do this will result in terrible wrath upon your children
It was a good Idea, Sanusi has proposed only if we had a well robust and developed private sector to pick up the labour when they are shed from the public sector, but unfortunately this is not so. Sanusi model not matter how laudable it may sound could only create more woe to the economy he is fighting so hard to manage. shedding work force will free more capital for investment purpose no doubt about that but in the absent of a well developed private sector and high economic leakages I very much doubt if that ideal could achieve is result.
In shedding work force now in my opinion could only increase pressure on the already over stretch unemployment figures. the already battered households will be hit harder the more not to mention other cost such as the social cost.
the best solution in my opinion is for people like Sanusi and other in his shoes to understand we are all in this together. if they could accept to have a salary and all allowance cap of five hundred thousand per annual for all civil servant irrespective of position, I think we could save enough to accommodate everybody think about it
If wat SLS said is tru den naija is in serios problem. Un4tnatly our govt is into dipa and more coruption problm. SOLution:
u biometric data capture 2 fish out fake c s.
Cut govanance xpences by haf from presidnt to payrol oficers.
B4 d abov 2 steps, make agric purly private sector driven.
Make enablin law 4 states to own n exploit thre ntural resoses.
Reduces presidnts power to amd forces, police, firs, intanal n teritorial security.
Establish n fund resarch n dvelopment centers to be maned by our profsionals in diaspora.
Empower icpc, efcc ccb,polic wit high powerd special crime court.
Others wil fall into d balance. God bles naija
MALLAM SANUSI, YOU ARE RIGHT AT LEST YOU EARN SALARIES ENOUGH TO PAY 15 CIVIL SERVANTS, SO YOU NEED TO BE SACKED FOLLOWED BY ALL KANO INDIGENE IN CIVIL SERVICE .
Pls can smbdy tel me @least 1 good policy dat dis Aboki has proposed/initiated to improve d economy of Nigeria since he entered dt seat? I think he wants to incite a serious industrial crises. Bye the way why didn’t he suggest that Goodluck starts by sacking him first?
Pls there is a difference between civil servants and political office holders. Am sure dt d salary of hundreds of civil servants will almost be less dan that of 1 Politician. Why not reduce d number of political appointees and/or reduce their salaries. There are several of sectors/agencies from which to cut expenses in d govt. Pls Aboki d Mallam Sanusi alwz think b4 u talk. Tanx.
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God punish Sanusi.
i think we should pause a while and try to make some sense from what sanusi is saying. What happen if price of oil fall to $15 per barrel tomorrow and we dont earn enough from oil to share to the 36 states and hundreds of local governments monthly? I think what Mr. sanusi would have suggested is that the size of government should be drastically reduced. Our government is just too large. before our political experiment, I dont think civil servants take up to 50% of our income. We have too much local government, too many councillors, too many states, too many state legislators, too many rep members, too many sanators. That is what takes a bigger chunk of our income and not the poor civil servants; majority of whom earn less that 60K a month. We should reduce government size. I think we should start looking at the parliamentary system of government which is much more smaller
SANUSI, U R A MAD MAN . U DONT KNOW ANYTHING AT ALL. I HAVE BEEN WATCHING U. FROM 5000 NAIRA NOTE TO SACKING OF CIVIL SERVANTS. U R THERE WATCHING D POLITICIAN LOOTING MONEY
Somebody has to stand up and clean Nigeria’s financial house and if Lamido Sanusi is that man i support him totally. The eurozone is having financial trouble and people are rioting over there because of tough measures to stablize their economies and Nigeria should do the same. I want to go as far as asking government officials at all levels to take a pay cut. It is insane for legislators in Nigeria to be awarding themselves millions while our people are dying due to lack of clean water. No roads,eletricity,basic infracture,etc.,I call for a total audit of every government worker. End the bloated workforce and restore financial sanity now. Kudos to Sanusi!
Careless and senseless talk. How can sone one (a public officer) for that matter who donated five-million Naira to Obasanjo’s mosque fund raising wake-up this week and demand the sacking of civil servants? Nigeria we hailed thy!!!!!
I am very much in agreement with Sanusi. Most of these vivil servants are doing nothing. I was at a Federal Ministry and the staff are resuming by 10:00am. What a mess? Nigeria should reduce the civil servants by even 60%. Hoe can we have 10 persons doing thesame job meant for 1 person. Many civil servants are supposed to be sent home to do something else.