WEBVTT 1 00:00:02.640 --> 00:00:09.160 Hey, folks, are welcome to another money space with mikaylu Aja. Of 2 00:00:09.199 --> 00:00:13.480 course, in this space we're talking money, we're talking in personal finance, 3 00:00:13.519 --> 00:00:17.440 and of course we're talking the economy. So this week we have a very 4 00:00:17.519 --> 00:00:23.440 very important topic. You know, it sounds very wonkish, very you know, 5 00:00:24.519 --> 00:00:27.600 high level, but it's very very important because this one topic that is 6 00:00:27.640 --> 00:00:33.119 going to affect you directly, i e. Directly right, we're talking those 7 00:00:33.280 --> 00:00:38.439 Nigeria. Does Nigeria need an independent central bank? Of course we're asking this 8 00:00:38.560 --> 00:00:44.280 question because there reports now out in Nigeria, report there by Bloomberg and of 9 00:00:44.320 --> 00:00:51.799 course from the grip Vine that in Nigerian legislators want to take away the monetary 10 00:00:51.920 --> 00:00:55.240 powers of the Central Bank of Nigeria. In essence, what they want to 11 00:00:55.240 --> 00:00:59.079 do is this, they want to remove the power of the Central Bank Governor 12 00:00:59.159 --> 00:01:04.760 and the Board committee to set interest rates in Nigeria. They want to give 13 00:01:04.799 --> 00:01:11.439 that over to a quote unquote committee that will be appointed and I'll report to 14 00:01:11.920 --> 00:01:19.599 the executive Committee to the Minister of Finance. Let's put it that way, 15 00:01:19.000 --> 00:01:23.959 So monitor policy would lead the Central Bank of Nigeria and will then go to 16 00:01:25.040 --> 00:01:30.879 the Central Bank of to the Ministry of Finance. That's a very very dangerous 17 00:01:32.879 --> 00:01:36.200 proposition, guys, and I just want to explain what it means to you 18 00:01:36.280 --> 00:01:38.439 and how it affects you were taking it so seriously, don't want to have 19 00:01:38.480 --> 00:01:44.200 a space as regarded. So, first of all, as we currently stand, 20 00:01:44.799 --> 00:01:48.799 the Central Bank of Nigeria is quote unquote independent, which means that when 21 00:01:48.799 --> 00:01:52.159 a certain bank of Nigeria set interest rates, it's not supposed to go to 22 00:01:52.200 --> 00:01:56.920 the executive to ask for permission. But let's if well dial back and let 23 00:01:57.000 --> 00:02:00.959 me explain why interest rates, why is the interest rates are even important, 24 00:02:01.359 --> 00:02:06.120 and how that occurs in the economy. So, first of all, guys, 25 00:02:07.959 --> 00:02:12.800 when you go to your bank to borrow money, you are charged interest 26 00:02:13.000 --> 00:02:15.520 on the money you borrow, So you are renting money from the bank, 27 00:02:15.560 --> 00:02:20.360 the bank charges your interest. How does the bank set that interest rate? 28 00:02:20.919 --> 00:02:27.599 They center the bank uses the interest rate set by the central bank in that 29 00:02:27.759 --> 00:02:34.560 country. So in Nigeria, our benchmark interest rate is called the monetary policy 30 00:02:34.639 --> 00:02:38.680 rate. So when you go to your bank, your bank is business interest 31 00:02:38.759 --> 00:02:43.479 rates to you based on the monetary policy rates. So how does it work 32 00:02:44.240 --> 00:02:49.840 when the Central Bank of Nigeria or any central bank sees inflation, Let's depind 33 00:02:49.879 --> 00:02:53.319 inflation now as a lot of money in circulation with not a lot of good 34 00:02:53.400 --> 00:02:59.639 So you see general price levels going up in the economy with velocity. Let's 35 00:02:59.680 --> 00:03:02.919 defy infation as that, so we see prices rising. How does the central 36 00:03:02.919 --> 00:03:09.039 bank fight inflation while they increase the cost of you getting credit? So the 37 00:03:09.080 --> 00:03:14.439 center bank will tell the banks our monship policy rate is, for instance, 38 00:03:15.199 --> 00:03:21.000 twenty percent. That means no bank will lend to you below twenty percent because 39 00:03:21.000 --> 00:03:23.360 if they ever need to borrow money in the short term, they have to 40 00:03:23.439 --> 00:03:27.400 run back to the Central Bank of Nigeria. So, in effect, when 41 00:03:27.400 --> 00:03:30.759 they set the maunship politic rate at twenty, what they are doing is setting 42 00:03:30.800 --> 00:03:37.800 a flaw on credit in naira from Nigeria that means nobody can lend to you 43 00:03:38.000 --> 00:03:43.759 below twenty. When they make money expensive and interest rates expensive, the idea 44 00:03:43.879 --> 00:03:49.080 is that it reduces your appetite for credit, so as an entrepreneur, as 45 00:03:49.080 --> 00:03:53.680 a small business owner, you don't borrow as much because you're going to pay 46 00:03:53.719 --> 00:03:59.800 more if you have credit. This is the role of all central banks in 47 00:03:59.840 --> 00:04:03.039 the world. The concept of central banking is very very new and it came 48 00:04:03.479 --> 00:04:10.280 around central banks, that is, were invented to fight inflation. So literally, 49 00:04:10.879 --> 00:04:14.240 the reason why you have the FED, the Bank of England as not 50 00:04:14.520 --> 00:04:17.959 private banks, but as government in quote banks, it's because they are set 51 00:04:18.040 --> 00:04:24.439 up to fight inflation. So who creates inflation? Milton Friedman said, inflation 52 00:04:24.800 --> 00:04:28.920 is a monetary fiedom no, meaning that it is created when you print too 53 00:04:29.000 --> 00:04:31.720 much money, because it's the government that owns the money. So when the 54 00:04:31.720 --> 00:04:36.120 government prints too much money, that too much money is now the too much 55 00:04:36.199 --> 00:04:42.000 money chasing the too few goods in the economy, which is now inflation. 56 00:04:42.399 --> 00:04:45.720 So let's dial back now to what the nijournalists. Let's you just want to 57 00:04:45.759 --> 00:04:49.199 do. What they want to do is to say the Central Bank of Nigeria 58 00:04:49.279 --> 00:04:55.319 will no longer set interest rates. Why I give you the answer, it's 59 00:04:55.439 --> 00:05:01.680 because they want an executive person, which is a politician, to set interest 60 00:05:01.720 --> 00:05:05.560 rate. It's what will happen if that happens. That would mean that they 61 00:05:05.560 --> 00:05:13.399 will simply reduce the MPR or give the phedagon Nigera a special window their reduction 62 00:05:13.519 --> 00:05:17.279 in the NPR for government borrowing, which you then allow the pederg of Nigeria 63 00:05:17.360 --> 00:05:23.240 to borrow more because right now, if they borrow, their hamstrung by the 64 00:05:23.319 --> 00:05:27.399 high interest cost. But if you remove the high interest cost, of course 65 00:05:27.439 --> 00:05:31.480 they would borrow and print as much as they can because now they don't have 66 00:05:31.560 --> 00:05:39.120 to worry about a secondary body raising interest rates are making borrowing expensive for them. 67 00:05:39.279 --> 00:05:41.480 So look at it. Right now, if the Central Bank borrows on 68 00:05:41.600 --> 00:05:46.199 it today, they have to pay about twenty percent because MPR in Nigeria is 69 00:05:46.240 --> 00:05:49.360 also that double jets is also high. But if you then go and tell 70 00:05:49.439 --> 00:05:55.319 certain part of Nigeria that in ministry Ministry of Finance that is run by the 71 00:05:55.399 --> 00:05:59.000 executive is going to be the one to set interest rate, then what do 72 00:05:59.000 --> 00:06:02.519 you think is going to happen? Clearly they would borrow at much much lower 73 00:06:02.560 --> 00:06:04.839 rate, so they will desire to borrow at much lower rate, so they 74 00:06:04.839 --> 00:06:10.480 will reduce the MPR. If they reduced the MPR, or for federal government 75 00:06:10.759 --> 00:06:15.720 or even for just those guys that are borrowing, it allows money to flow 76 00:06:15.759 --> 00:06:19.879 with velocity, it to increase suspended by the federal government, and it will 77 00:06:19.959 --> 00:06:28.560 coust your own savings to lose value because it then incentive bases inflation. They've 78 00:06:28.600 --> 00:06:30.519 done this before. This is not the first. San Najera has done this 79 00:06:31.000 --> 00:06:38.639 before in the past under the military Nigeria in nineteen ninety seven, they took 80 00:06:39.399 --> 00:06:45.240 this lunchial policy also away from the central back of Nigeria to the Ministry of 81 00:06:45.279 --> 00:06:48.920 Finance. Go back and look at the inflation rate in Nigeria under the military, 82 00:06:49.279 --> 00:06:53.120 then come back and understand what we're trying to do here. Today. 83 00:06:53.160 --> 00:07:00.240 We are fighting high inflation that is caused by the government going out to print 84 00:07:00.399 --> 00:07:04.519 and borrow in excess of twenty one trillion. This is outside the budget. 85 00:07:05.000 --> 00:07:11.360 Outside the budget, that twenty one trillion has now been securitized, meaning that 86 00:07:11.399 --> 00:07:15.839 we have taken that twenty one trillion and made it into a bond that you 87 00:07:15.040 --> 00:07:20.240 and I and all Nigerians are going to pay. So by taking the rights 88 00:07:21.120 --> 00:07:28.680 the power of much policy away from the central bank to a politician, you 89 00:07:28.720 --> 00:07:33.839 can see that the idea is to borrow more at a lower interest cost and 90 00:07:34.040 --> 00:07:41.319 that is not going to help or to aid any Nigerian holding the naira. 91 00:07:41.839 --> 00:07:46.120 This signal is clear, we're going to tax you more and we're going to 92 00:07:46.199 --> 00:07:49.519 depreciate the currency by reducing the interest rates to borrow. There is no other 93 00:07:49.639 --> 00:07:54.879 reason why they will do this. Apart from borrowing, they also want to 94 00:07:54.920 --> 00:08:00.319 increase ways and means that they can allow the central the plagment to borrow three 95 00:08:00.480 --> 00:08:03.199 years ways. That means we're not clear if it is three years com relative 96 00:08:03.519 --> 00:08:07.000 or if it is three years average. Do you know what that means? 97 00:08:07.240 --> 00:08:09.759 That means they can simply say, for the last three years, we made 98 00:08:09.759 --> 00:08:15.079 revenue of twenty billion, twenty billion, twenty billion, therefore we can borrow 99 00:08:15.199 --> 00:08:18.879 ten percent of sixty billion. Doesn't make any sense. You just wake up 100 00:08:18.920 --> 00:08:22.839 and you borrow because there's no tax revenues, so instead of creating tax revenues, 101 00:08:24.279 --> 00:08:26.759 they want to go back and borrow. It's bad news. Guys. 102 00:08:26.759 --> 00:08:30.519 You should be very, very worried about this. That's what in the space, 103 00:08:30.560 --> 00:08:35.279 so we can educate you on this. Your Naira will lose value because 104 00:08:35.320 --> 00:08:39.600 your executive is going to spend more than they can bring into revenues. And 105 00:08:39.600 --> 00:08:43.480 I try to cover the deficit, the project deficit by printing. Hence this 106 00:08:43.639 --> 00:08:48.919 idea to reduce our interest rates by giving it to a ministry official and not 107 00:08:50.000 --> 00:08:54.879 to the Independculia Bank. Guys, my rant is almost done. I'll let 108 00:08:54.919 --> 00:08:58.480 you guys speak and I'll come back and talk about why. I mean, 109 00:08:58.519 --> 00:09:01.679 the central bank set this up. The Center Bank under m FLA was badly 110 00:09:01.799 --> 00:09:07.399 wrong, so they set themselves up for this because now the guys will say, 111 00:09:07.399 --> 00:09:11.679 well, MFLA printed so want to control a methil, so he set 112 00:09:11.799 --> 00:09:16.039 himself up for drags. But Nigeria is bigger than the filet, which you 113 00:09:16.039 --> 00:09:20.039 do not use as an excuse to put ourselves for sanctions globally because not everyone 114 00:09:20.080 --> 00:09:22.960 knows that the naira is not wrong, but the central Bank, but by 115 00:09:24.039 --> 00:09:28.639 a ministry appointed committee. Undoka, what's your take on this? I see 116 00:09:28.679 --> 00:09:30.919 your you're the best to hop in here. What's your takes? I go 117 00:09:30.960 --> 00:09:39.679 ahead, real quick, go ahead? Oh I jumped into my spaces. 118 00:09:39.840 --> 00:09:43.799 Yeah, Calu. I just want to be clear, just want to I'm 119 00:09:43.799 --> 00:09:48.000 reading my DMS now. Just want to be clear Calo on this. Just 120 00:09:48.080 --> 00:09:50.679 to be clear. I read the I read the Bloomberg article and it says 121 00:09:50.759 --> 00:09:58.399 that the the legislatures wants to approve a committee headed by the Minister of Finance. 122 00:09:58.759 --> 00:10:03.919 That would yes, But the Minister of Finance is the coordinative minister of 123 00:10:03.960 --> 00:10:07.000 the economy. Is this not why they are doing it? I did not 124 00:10:07.159 --> 00:10:13.559 simply just saying that because the Minister of Finance is the coordinating I get what 125 00:10:13.679 --> 00:10:16.879 you're going to So he's asking the question. He's saying that, because the 126 00:10:16.960 --> 00:10:22.159 Minister of Finance is the coordinative minister of the economy, then that guy should 127 00:10:22.519 --> 00:10:26.879 be going to set interest rates in the economy because he's coordinating. No, 128 00:10:26.039 --> 00:10:28.559 sir, that's not true. Look at it again. Let's give me on 129 00:10:28.919 --> 00:10:33.559 our scenario. The executive's job is to spend money. If you become a 130 00:10:33.679 --> 00:10:39.600 president or a commissioner or whatever, your job is to spend money. So 131 00:10:39.720 --> 00:10:41.799 you want to spend money, The control, or should we say, the 132 00:10:41.919 --> 00:10:48.440 way we keep you in check is by having an independent central bank that can 133 00:10:48.720 --> 00:10:54.240 control your desire to spend by raising interest rates. So look at the US 134 00:10:54.639 --> 00:10:58.120 and look at if you remember how the US was fighting on that President Donald 135 00:10:58.159 --> 00:11:03.120 Trump, when Donald Trump wanted interest rates to reduce so he could spend more 136 00:11:03.480 --> 00:11:07.120 or to allow the economy to grow, and the FED chairman was fighting him 137 00:11:07.360 --> 00:11:09.440 to say, no, we've got to keep interest rates higher or to reduce 138 00:11:09.519 --> 00:11:13.720 them slower, just to make sure that we don't have this optical impleation. 139 00:11:13.919 --> 00:11:18.360 Even today in America, the FED and the Presidency are still fighting. The 140 00:11:18.440 --> 00:11:22.559 Presidency wants is to go down. The FED is saying, nope, we 141 00:11:22.000 --> 00:11:26.440 see inflation moderating as fast as we want, hence want to keep it the 142 00:11:26.519 --> 00:11:31.200 way it is. If you take inflation away, the power to set multipolitate 143 00:11:31.360 --> 00:11:37.840 away from the Cibyan, all you are doing is you are incentivizing the executive 144 00:11:37.919 --> 00:11:41.480 to spend more. That's essentially it. And that's why there's this separation of 145 00:11:41.600 --> 00:11:46.360 the central Bank in every country from the Ministry of Finance and every country you 146 00:11:46.480 --> 00:11:52.559 can say because it gives on the title as coordinative minister that allows the person 147 00:11:52.960 --> 00:11:56.720 to spend. This is a spend and it will have a direct effect on 148 00:11:58.000 --> 00:12:03.120 your wallets because when the governments starts to spend, or put the better way, 149 00:12:03.360 --> 00:12:07.519 when they start to print and spend because the laws are allowed them to 150 00:12:07.639 --> 00:12:13.919 spend three years average of revenue, and it will affect your neira directly because 151 00:12:13.960 --> 00:12:20.840 there's no revenue coming in to backstop that spending. This is print and spend, 152 00:12:20.159 --> 00:12:26.840 not end and spend. It is dangerous for the NYRA and dangerous for 153 00:12:26.960 --> 00:12:31.279 the budget. So I hope you get that point very clearly. You haven't 154 00:12:31.360 --> 00:12:35.120 do it. Coordinative Minister of the Economy and number two call of just be 155 00:12:35.200 --> 00:12:41.120 clear. Is it three years average revenue or are they saying that they want 156 00:12:41.159 --> 00:12:45.519 to spend three years of what the government has and can you clarify that point? 157 00:12:45.879 --> 00:12:50.200 Yes, we're also not clear on that. The proposalized saw online says 158 00:12:50.399 --> 00:12:56.320 three years revenues of the federal government is going to be the quote un quote 159 00:12:56.840 --> 00:13:01.320 the basket that they're going to use to determine how much they can borrow their 160 00:13:01.399 --> 00:13:05.399 ways and means. Right now it is five percent revenues or I think's it 161 00:13:05.440 --> 00:13:09.519 moved up to ten percent before they changed the law, it was five percent 162 00:13:09.679 --> 00:13:15.440 of pastures revenues can be spent on ways and means and blew that out of 163 00:13:15.480 --> 00:13:18.320 the water. Right now, I'm seeing three years, but they're not clear. 164 00:13:18.919 --> 00:13:24.200 Is it three years average or is it three years? Addition? Then 165 00:13:24.279 --> 00:13:28.559 becomes debate to use to calculate how much you spend. Not clear on that, 166 00:13:28.080 --> 00:13:31.840 so I can give you an answer. What's in your mind? You 167 00:13:31.000 --> 00:13:37.200 do? Go ahead? Thanks for DM guys appreciated. Yeah, yeah, 168 00:13:37.240 --> 00:13:39.799 go ahead. What's up? I can hear you very well, sir. 169 00:13:39.879 --> 00:13:46.919 What's up? Yeah? Is there wenestern that I want to ask because to 170 00:13:46.120 --> 00:13:52.879 me, I don't know if the Central Bank of Nigeria is truly independent from 171 00:13:54.000 --> 00:14:03.440 them the executive considering what's happened during a mission and the bug are you saying 172 00:14:03.639 --> 00:14:13.720 that the the executive in Nigeria and not in controul of the central bank. 173 00:14:13.639 --> 00:14:22.600 We're the central bank. We are busy printing money. The Central Bank of 174 00:14:22.799 --> 00:14:28.240 no will tell you that the President said, you know, so, looking 175 00:14:28.320 --> 00:14:35.320 at all these things, you know, is this autonomy just perceived autonomy or 176 00:14:35.440 --> 00:14:39.440 is it? Well, I mean it's you see the problem when when you 177 00:14:39.559 --> 00:14:43.960 ask this question, you put people like us in a in a tight spot. 178 00:14:43.360 --> 00:14:48.519 We can't talk again, We can't explain our way again because put us 179 00:14:48.559 --> 00:14:52.679 in a situation. According to the laws of the Central Bank of Nigeria and 180 00:14:52.799 --> 00:14:58.519 the laws of Nigeria on paper, the Central Bank of Nigeria is independent according 181 00:14:58.559 --> 00:15:03.639 to the law setting them up. They can spend money to defend the naira. 182 00:15:03.080 --> 00:15:07.120 They can set monche rates as this dim fit. As a matter of 183 00:15:07.200 --> 00:15:11.080 fact, the foreign reserve that Nigeria has are not owned by the Federation of 184 00:15:11.200 --> 00:15:16.039 Nigeria. They are owned by the Central Bank of Nigera. At least eighty 185 00:15:16.120 --> 00:15:20.159 percent of that money is owned by the Central Bank of niger The Central Bank 186 00:15:20.159 --> 00:15:26.039 of Nigeria is not the same as the Federal Government of Nigeria. So went 187 00:15:26.200 --> 00:15:30.720 in and used these powers for the executive you know, the're promising that was 188 00:15:30.759 --> 00:15:35.039 going to be president or vice president. So he was spending money as campaign 189 00:15:35.200 --> 00:15:39.919 finance for the Buhari administration. That's what that's what was happening. He printed 190 00:15:41.080 --> 00:15:46.759 the dollar equivalent of what a printed borrowed and allowed the federal governments spent us 191 00:15:46.799 --> 00:15:54.080 overdraft. What's fifty billion United States dollars five zero fifty billion? We printed? 192 00:15:54.879 --> 00:15:58.840 I did over draft of more than our revenues. Can you imagine that 193 00:15:58.919 --> 00:16:02.639 you go to a bank and you are borrowing more than your revenues. So 194 00:16:03.120 --> 00:16:08.440 may lets set this up? That has allowed the lawmakers come in and say 195 00:16:08.480 --> 00:16:15.200 we want to regulate your guys, because he didn't take his independence with the 196 00:16:15.440 --> 00:16:18.080 you know, with with the what's the word now, he didn't respect his 197 00:16:18.279 --> 00:16:22.720 own independence, so they've come. But the point is that the cure cannot 198 00:16:22.759 --> 00:16:27.039 be worse than the disease if you give this to lawmakers to spend. Don't 199 00:16:27.039 --> 00:16:30.840 imagine poor, their important suv and we want to give the power to set 200 00:16:30.919 --> 00:16:34.080 interest rates. What do you think will happen? So you are right? 201 00:16:34.519 --> 00:16:37.840 I mean on paper, he should be independent. That's why I want a 202 00:16:38.039 --> 00:16:44.720 strong central bank governor. The guy that is here now, mister sent Now 203 00:16:45.080 --> 00:16:48.519 he has talked the talk, he's seemed to walk in the walk. I 204 00:16:48.559 --> 00:16:52.320 think should let him do his job. Why now bring the minister to come 205 00:16:52.360 --> 00:16:55.919 and run the CBIA. This even is one of the one of the nature 206 00:16:55.960 --> 00:17:00.039 that has has performed his duties under this administration. They have done their duties 207 00:17:00.240 --> 00:17:07.519 on them, John credibly. Why why change in winning team? Why change 208 00:17:07.559 --> 00:17:10.599 what is working? That's my take. You I need you have a comeback 209 00:17:10.640 --> 00:17:12.880 on that. I agree with you that it looks funny, you see, 210 00:17:14.160 --> 00:17:18.200 sorry that I have to do it follow up and that oh sure, let's 211 00:17:19.240 --> 00:17:26.079 let's forget about it. Initially and okay, from the time of a passenger, 212 00:17:26.359 --> 00:17:33.200 it seems that the only central bank central bank governor we've had in this 213 00:17:33.400 --> 00:17:41.480 country that was allowed to function as a central bank governor was saluted during his 214 00:17:41.680 --> 00:17:48.440 time. Because even if we look back at what happened during the good Luck 215 00:17:48.519 --> 00:17:56.000 J. Nathan administration, I'm meant to believe that this central bank receives money 216 00:17:56.799 --> 00:18:04.079 and keeps our essays account. You can remember that Saluci, the middle Saluci, 217 00:18:04.160 --> 00:18:10.440 the then central bank governor, sent a letter to the president which he 218 00:18:10.559 --> 00:18:14.920 failed to act upon. Then the letter was made. He now wrote a 219 00:18:15.039 --> 00:18:23.599 public letter saying that the n NPC are not limiting or that they've not limited 220 00:18:23.759 --> 00:18:30.359 so so so as so amount of money. That time people rallied around the 221 00:18:30.519 --> 00:18:37.279 president on them. In Saluci, that was the beginning of the impunity we 222 00:18:37.400 --> 00:18:44.599 have in n NPC today because we swept that under the capet, which now 223 00:18:44.880 --> 00:18:49.400 encouraged the next administration that they can go on and do whatever they like. 224 00:18:51.240 --> 00:18:56.240 And now I think they should be to put more pressure on the government. 225 00:18:56.680 --> 00:19:02.400 What about have the right leadership. It's not just started it. Somebody says 226 00:19:02.559 --> 00:19:07.160 a precedence that this man followed. And if you look at the man that 227 00:19:07.440 --> 00:19:12.480 is there now, he is not as much see the authority there. He's 228 00:19:12.559 --> 00:19:18.759 trying to push this thing. There is no response from the executive that manages 229 00:19:18.839 --> 00:19:25.559 the physical site. Okay, so I hear at the end of the day, 230 00:19:26.000 --> 00:19:30.720 the road that we have in learn NPC today is still as a result 231 00:19:30.920 --> 00:19:36.119 of the fact that the man who was in charge of managing our ESSX account 232 00:19:36.559 --> 00:19:41.960 complained. And I remember when people were encouraged to save and they refuse. 233 00:19:42.039 --> 00:19:49.640 God's refused. We have to put I think the executives to do. I 234 00:19:49.759 --> 00:19:53.680 hear you just for listening. Let me try to explain what happened with and 235 00:19:55.039 --> 00:20:00.400 good luck it wasn't maybe it look at what happened. Sanci was the banker 236 00:20:00.480 --> 00:20:04.359 of the Federation's Central Bank banker in the past in the in those days, 237 00:20:04.759 --> 00:20:11.319 when the NNPC sells crude oil, it goes to the account in JP Morgan. 238 00:20:11.720 --> 00:20:15.319 That account in GP Morgan is owned by Nigeria, is owned by the 239 00:20:15.480 --> 00:20:21.240 central Bank. The NNPC their account JP Morgan. Now what was going on 240 00:20:21.359 --> 00:20:26.720 was that in Nigeria was paying subsidy. The NNPC was paying subsidy from that 241 00:20:26.839 --> 00:20:32.799 account. So Sanoci was trying to spark a conversation to to to say what 242 00:20:33.000 --> 00:20:36.640 is happening right now, to say that listen, I need to get the 243 00:20:36.759 --> 00:20:41.799 revenues in dollars to my account first before you can pay subsidy. And he's 244 00:20:41.880 --> 00:20:47.160 correct, the revenue should hit the account first then should pay subsidy. What 245 00:20:47.440 --> 00:20:51.720 was going on was that the revenues were being paid directly. NNPC was doing, 246 00:20:52.079 --> 00:20:55.240 Okay, we'll do NETS, will give you oil, you give us 247 00:20:55.279 --> 00:20:57.880 PMS, blah blah blah. So that's what that's what that was target. 248 00:20:59.359 --> 00:21:03.000 But when he starts he said money he said, he said money was missing. 249 00:21:03.440 --> 00:21:06.319 That was where maybe I think he went wrong. Instead of saying, 250 00:21:06.599 --> 00:21:10.119 oh, I want this money to be accountable, to come to my he 251 00:21:10.200 --> 00:21:14.440 said the money was missing. The money was not missing, but it wasn't 252 00:21:14.480 --> 00:21:18.559 being remitted to his account. So he then saw the phrener goakeman said no, 253 00:21:18.640 --> 00:21:21.079 the money's not missing. This is where the money is. It's not 254 00:21:21.160 --> 00:21:23.799 being cooncised. So it costs a big fight. Eventually sten still left the 255 00:21:23.920 --> 00:21:29.160 office. What is going on? So that didn't cost the NNPC. What 256 00:21:29.400 --> 00:21:34.839 is happening then was remediances between NNPC and CYBAN. What is happening now is 257 00:21:34.880 --> 00:21:40.359 that the Ministry of Finance, which is an executive arms being, actually take 258 00:21:40.400 --> 00:21:44.400 over the monetary policy of the central bank. The central bank is one that 259 00:21:44.519 --> 00:21:48.640 sets interest rates in the economy. If that would happen, there will be 260 00:21:48.759 --> 00:21:52.160 a disconnect. It's like there will be a disconnect. The Ministure of Finance 261 00:21:52.240 --> 00:21:56.680 will not raise interest rates as aggressively as the Central Bank of Nieturia. So 262 00:21:56.720 --> 00:22:03.480 they going to finance the deficit of the federal government by keeping rates the same 263 00:22:03.920 --> 00:22:10.119 or lower. The reason why central banks are independent because they punish you when 264 00:22:10.160 --> 00:22:14.359 you spend more money. They punish you by raising rates. That's what they 265 00:22:14.440 --> 00:22:17.599 do. So if you take away that power from from the from the from 266 00:22:17.680 --> 00:22:21.759 the quote and quote independent CBN, and you give it to a minister, 267 00:22:22.079 --> 00:22:25.960 why would the minister in the same party, in the same government raise interest 268 00:22:26.079 --> 00:22:27.599 rates for the same party, for the same government. You see what I'm 269 00:22:27.599 --> 00:22:30.720 going to change you. Let me get sat I mentioned a hang in there. 270 00:22:30.799 --> 00:22:33.319 Let's just get SAX to click. I can come back to you. 271 00:22:34.680 --> 00:22:38.720 I see I see your handle. Hello, thank you. I want to 272 00:22:38.799 --> 00:22:41.799 pick play, get edification or something. It may be a bit out of 273 00:22:41.880 --> 00:22:49.319 flying. I want to understand something. But the CBN increasing interest rates. 274 00:22:49.480 --> 00:22:53.200 I need to understand that if the increasing interest rate is to more put more 275 00:22:53.279 --> 00:22:59.640 pop cash from the economy, and at the same time the CBN is increasing 276 00:22:59.640 --> 00:23:03.680 interest to move cast from the economy, then the presidency of the executive they're 277 00:23:03.720 --> 00:23:11.279 also in that conditional cash transfer is not in the situation of THRONI around circle 278 00:23:11.160 --> 00:23:15.440 smoking of money. The executive you are putting money back into it. Yeah, 279 00:23:17.960 --> 00:23:19.799 I want to get education now. I mean it's a great question to 280 00:23:19.839 --> 00:23:23.480 get clarificational, because the what's your best bus saying is that they are too 281 00:23:23.799 --> 00:23:29.920 competing objective of the same government, you know, like the CBN is not 282 00:23:30.079 --> 00:23:33.119 the executive more or less if we were to run it the way it's supposed 283 00:23:33.160 --> 00:23:37.720 to be run on paper, the central bank is monitor policy. The Ministry 284 00:23:37.759 --> 00:23:41.680 of Finance can be physcal policy. Right, It is the ministry of finance 285 00:23:42.039 --> 00:23:48.279 the executive that is pursuing all those cash dispersements through money cash model of stuff. 286 00:23:48.480 --> 00:23:55.160 That's spending, human interior ministry, building roads. That's all stimulative spending. 287 00:23:55.279 --> 00:23:57.279 Right, What are you collittimilative or not that spending. The job of 288 00:23:57.359 --> 00:24:00.599 the central bank is to say how how much money is in circulation? Can 289 00:24:00.680 --> 00:24:06.599 this money's circulation cause there to be a rise in general price leading to inflation? 290 00:24:06.960 --> 00:24:08.720 That's their job. So what they do, if you really what they 291 00:24:08.799 --> 00:24:12.240 do is that when they see the economy getting heated up, they increase interest 292 00:24:12.359 --> 00:24:15.559 rates, and the economy is going to a recession, they reduce interest rates. 293 00:24:15.720 --> 00:24:21.559 So they're sort of balancing the cash flow in the economy to ensure the 294 00:24:21.680 --> 00:24:26.440 contomy does not overheat or stall and fall into a recession. That's what the 295 00:24:26.519 --> 00:24:30.000 central Bank does. The point is, and again in for Nigeria's case, 296 00:24:30.079 --> 00:24:34.720 let's not forget the ways and Means has been turned into an emergency stop gap 297 00:24:34.799 --> 00:24:40.599 before you pass your budget into a means of financing for the federal government. 298 00:24:41.079 --> 00:24:45.920 So if you take the ways and means and the munshial policy rates away from 299 00:24:45.960 --> 00:24:48.160 the Central Bank to the ministry, it's like you say, your treasurer, 300 00:24:48.880 --> 00:24:52.599 you have an association that you belong to. Now you say your president is 301 00:24:52.640 --> 00:24:56.720 going to be president, he's going to be treasurer, he's going to be 302 00:24:56.839 --> 00:25:00.039 spender, he's going to be auditor. One person. Where's the check and 303 00:25:00.119 --> 00:25:03.359 balance? So the ministry will say want to spend ten billion, Then the 304 00:25:03.440 --> 00:25:07.960 ministry will go and approve ways and means for the government that it serves the 305 00:25:08.119 --> 00:25:11.200 same ministry. Where's the checking the balance? This is the point. This 306 00:25:11.240 --> 00:25:15.799 is why we're saying it's a dangerous proposition because what they want to do today 307 00:25:15.920 --> 00:25:19.440 is to say they are going to spend. There is no tax revenues. 308 00:25:19.480 --> 00:25:23.039 Now look at the numbers. They look at the budget numbers, there's no 309 00:25:23.200 --> 00:25:29.079 the tax revenues are not coming in any ls is asking for increasing minimum wage. 310 00:25:30.119 --> 00:25:33.319 Where's the money going to come from? Our revenue come from crude roil 311 00:25:33.400 --> 00:25:36.799 sales. We are not even meeting upper quarter. We're at one point four 312 00:25:36.920 --> 00:25:40.559 one point five. Opener quarter is one point five. Budget is one point 313 00:25:40.599 --> 00:25:44.440 seven. So forgetting when budget, well not we met uper quarter, where 314 00:25:44.440 --> 00:25:48.680 will they get wing to pay an NLC. They're going to print borrow from 315 00:25:48.880 --> 00:25:52.440 Nigeria's and abroad, but they can't do that because the laws already says that 316 00:25:52.559 --> 00:25:56.599 you cannot borrow more from ways and means and also you cannot print more. 317 00:25:56.640 --> 00:26:00.200 They have about these DMO laws. So what they are trying to do is 318 00:26:00.279 --> 00:26:03.799 to set the stage. If they take MUNCH policy away from the Sybyen, 319 00:26:03.119 --> 00:26:06.960 then the Ministry Misture of Finance simply say, oh yeah, you can go 320 00:26:07.000 --> 00:26:10.000 ahead and borrow three years. We want to clear on that you can go 321 00:26:10.039 --> 00:26:15.079 ahead and borrow to pay wages. So when you're going to be borrowing legally 322 00:26:15.519 --> 00:26:18.240 to pay salaries, which your same now that you are holding, sir. 323 00:26:18.759 --> 00:26:25.319 So you can see the dynamite coming down the Hill and if you don't stop 324 00:26:25.359 --> 00:26:27.160 these guys now they will pass it and it puts that to complaine. Oh, 325 00:26:27.200 --> 00:26:33.000 we didn't know about this. This is dangerous again. We've done this 326 00:26:33.160 --> 00:26:37.319 in the past before the military in nine ninety seven took away this power of 327 00:26:37.400 --> 00:26:41.039 montre policy from the sybyan and give to the misture of finance. It was 328 00:26:41.240 --> 00:26:44.880 pressure that may them take it back you need. I'm not going to talk 329 00:26:44.920 --> 00:26:48.799 about the intentional sanctions. Imagine what will happen when other central banks fin out 330 00:26:48.799 --> 00:26:53.160 that it's not a central bank that sets munche policy in Nigeria. How then 331 00:26:53.240 --> 00:26:56.599 do they How then do we explain to the IMF and and all that that, 332 00:26:56.759 --> 00:27:02.200 oh, it's a minister or is in buiauc at somewhere there's appointed by 333 00:27:02.240 --> 00:27:06.640 the president that sets muntropoltery. It doesn't make any sense. And by the 334 00:27:06.680 --> 00:27:11.240 way, I'm looking at the budget website. The report, the implanation report 335 00:27:11.359 --> 00:27:15.440 is no longer available and if anyone can check this is normally where I get 336 00:27:15.480 --> 00:27:22.519 my information from. The quarterly inflational report is offline. I don't know if 337 00:27:22.519 --> 00:27:25.279 it's on purpose or if it does that it maybe it's offline, but the 338 00:27:25.400 --> 00:27:29.519 site is up but the report for twenty three, twenty three, we're not 339 00:27:29.559 --> 00:27:33.680 going to four. It's offline now, so SAT, did you have any 340 00:27:33.759 --> 00:27:40.000 come back on your expression? No, yeah, moky, excellent, excellent, 341 00:27:40.039 --> 00:27:45.319 excellent, Thank thanks Victor, what's Victor? Thanks k Thanks to the 342 00:27:45.400 --> 00:27:49.960 opportunity to speak. It's a weird one because I don't know. I know 343 00:27:51.079 --> 00:27:55.759 there are countries maybe see small island missions that don't have central bands, but 344 00:27:55.960 --> 00:27:59.559 I don't know to the best of my knowledge, I don't ignorance that the 345 00:27:59.680 --> 00:28:06.920 central bank is not independent resavely the rules you mentioned implementation monitary policy to insue 346 00:28:07.119 --> 00:28:11.640 controlling currency, I don't know of any so I don't know where this idea 347 00:28:11.799 --> 00:28:15.279 is coming from. Man well, I thought it makes sense because it doesn't 348 00:28:15.440 --> 00:28:22.079 and the financial world is like a system, and when such things come up 349 00:28:22.400 --> 00:28:29.720 perception it's negative and I can't every other thing, so it doesn't make sense 350 00:28:29.759 --> 00:28:33.519 to that. I think I like to learn if there's any courage you know 351 00:28:33.640 --> 00:28:38.519 central bank is not independent? No, this is a good idea. I 352 00:28:38.559 --> 00:28:42.000 don't know. Remember what I said, right? The concept of central banking 353 00:28:42.119 --> 00:28:45.640 is rather than new. I think it came either from the First World War 354 00:28:45.799 --> 00:28:49.960 or the Second World war. I think the First World War nineteen fourteen or 355 00:28:51.000 --> 00:28:55.240 so, that's when we had central banks because of hyper inflation in Germany. 356 00:28:55.279 --> 00:28:57.960 And the rest of the thinking was that because we're not control hyper inflation, 357 00:28:59.400 --> 00:29:02.279 that led to Hitler, that led to the war. So that's the whole 358 00:29:02.279 --> 00:29:06.279 idea of that. You have to have someone that is managing central banking all 359 00:29:06.359 --> 00:29:11.599 across the world. The key sole function for central banks is managing price stability, 360 00:29:11.680 --> 00:29:15.079 i inflation. Only America has full employment as an addition to what the 361 00:29:15.200 --> 00:29:18.240 central bank does. Even the Bank of England used to be a private bank. 362 00:29:18.680 --> 00:29:23.599 Then they got the past to manage the exchange inflation rates in that country 363 00:29:23.640 --> 00:29:26.839 as well. Someone told me, and I can't verify this, some one 364 00:29:26.880 --> 00:29:33.680 told misses rumor, so again I'm caveating rumor that they went to mister let 365 00:29:33.720 --> 00:29:37.519 me use they went to the guy in child of banking and they told the 366 00:29:37.599 --> 00:29:41.039 guy they want to reduce MPR so they can borrow The guy told them no, 367 00:29:41.519 --> 00:29:44.279 that's why they're going to the Mixture of Finance to do it. That's 368 00:29:44.319 --> 00:29:48.440 what someone told me offline. I can't confirm that, but the whole idea, 369 00:29:48.440 --> 00:29:52.039 I mean, it's a very very simple thing. Look at the center 370 00:29:52.119 --> 00:29:56.599 the pharagram Nigeria borrowing in June twenty fifteen, do you know how much ways? 371 00:29:56.640 --> 00:30:00.200 That means? Borrowings were six hundred and forty eight billion. So when 372 00:30:00.319 --> 00:30:06.039 good Lord jount And handed over power to Buhari, the total amount of money 373 00:30:06.079 --> 00:30:11.160 that the federal government had borrowed from the Central Bank of Nigeria as at June 374 00:30:11.559 --> 00:30:17.799 twenty fifteen was six hundred and forty eight billion. Six forty eight billion, 375 00:30:18.319 --> 00:30:22.279 that's what maybe customs can claim one quarter or whatever. Now when Bury left 376 00:30:22.359 --> 00:30:27.440 office, twenty three children are outstanding, so maybe they printed about twenty two 377 00:30:27.519 --> 00:30:32.079 or twenty one trillion in ira. This was with the CBN and all that 378 00:30:32.200 --> 00:30:37.079 too. That was even quote unquote independent with a board. What will happen 379 00:30:37.519 --> 00:30:41.200 if you appoint a committee or board that's answers to the mistery of finance? 380 00:30:41.319 --> 00:30:45.599 Will I mean, this is crazy, This is scary to me. And 381 00:30:45.759 --> 00:30:49.200 if that happens, our advice people just go and hold the defend currency. 382 00:30:49.279 --> 00:30:52.720 I'll say it right here, Just go and hold the defend currency because there's 383 00:30:52.759 --> 00:30:57.359 going to be massive borrowing and pressure on the nira. If you want to 384 00:30:57.440 --> 00:31:02.480 make naira strong. You've got to a sports but you've also got to spend 385 00:31:02.920 --> 00:31:07.279 properly. You've got to spend properly. You simply can't say, oh, 386 00:31:07.319 --> 00:31:11.279 we're going to tax our way to pay NLC. It's not going to work. 387 00:31:11.680 --> 00:31:15.880 The economy has not expanded, so NLC things a different matter entirely. 388 00:31:17.039 --> 00:31:19.359 I'm not sure where they want to get going to pay NLC. If you 389 00:31:19.400 --> 00:31:23.119 think you're going to tax people that are not having jobs, in groups that 390 00:31:23.279 --> 00:31:26.480 do not have a means to create wealth to pay for NLC, it's not 391 00:31:26.559 --> 00:31:30.079 gonna happen. And I think they know this already. To the are certain 392 00:31:30.240 --> 00:31:34.799 stage to increase spending vere allow with the MPERT, that's the where it is, 393 00:31:36.079 --> 00:31:41.920 or to fall if interestings go up MPR that's the tetal argument has got 394 00:31:41.960 --> 00:31:45.119 to go up. Although I will say it's not caused by monetary policy, 395 00:31:45.359 --> 00:31:53.000 but still it's not a good idea. I've got a non man mediating how 396 00:31:53.079 --> 00:31:56.559 you don't have to read your name long. You guys have to have shorter 397 00:31:56.960 --> 00:31:59.880 names. How are you doing, sir? Please go ahead, Your honey's 398 00:31:59.920 --> 00:32:08.000 up. You've got to flow well, believe me in everyone, Well, 399 00:32:08.359 --> 00:32:15.960 my opinion is pretty short because I'm gonna here for too long. So on 400 00:32:16.240 --> 00:32:22.160 the topic, does Nandreia need an independent central bank? We do not. 401 00:32:23.599 --> 00:32:30.400 And I say this because the way finance is usually operated in the country, 402 00:32:31.119 --> 00:32:37.079 it tends to fall into should I see the wrong places every other time that 403 00:32:37.680 --> 00:32:45.039 it tends it's meant to be shared or something. So in knowing that, 404 00:32:45.359 --> 00:32:51.119 how then do we even end up with the top process that stays? Okay, 405 00:32:51.680 --> 00:32:57.119 we are trying to make this central band that is our one. Should 406 00:32:57.119 --> 00:33:05.039 I see leading financial institution independent? You can't do that. It's already independence 407 00:33:05.160 --> 00:33:09.240 right now. It's independent right now, it is independent right now. Yes, 408 00:33:13.319 --> 00:33:20.319 then it caused a problem that we just say, okay, its problem, 409 00:33:20.599 --> 00:33:22.920 all right, appreciate that, sir. I appreciate that. Thanks for 410 00:33:22.000 --> 00:33:27.200 happening. Yeah, I mean it's right now. It's independent by law, 411 00:33:27.599 --> 00:33:31.400 by statute and all that. By action. Maybe not by action because of 412 00:33:31.480 --> 00:33:36.440 what the past central bank governor did. But the proposal now is to make 413 00:33:36.480 --> 00:33:39.119 it none independent, to make i e. The unchro policy part. So 414 00:33:39.240 --> 00:33:43.799 that means maybe they only do exchange rates, maybe the central bank will only 415 00:33:43.839 --> 00:33:46.240 be chasing BDCs and all that, which doesn't make sense to me. But 416 00:33:46.359 --> 00:33:53.680 that's where they are going to with these proposals. Yeah hmm interesting, okay, 417 00:33:53.880 --> 00:33:59.720 cool, thanks for happening. Appreciate that, sir. All right, 418 00:33:59.720 --> 00:34:01.680 I've got McDonald's. What's in your mind? Then I go back to d 419 00:34:01.799 --> 00:34:04.880 MS. Let me go back to the McDonald you've got the floor. Let 420 00:34:04.920 --> 00:34:08.800 me and I'll go back to DMS real quick. McDonald's. Yeah, go 421 00:34:08.840 --> 00:34:10.800 ahead. I can't I agree to you. How are you doing, sir? 422 00:34:12.920 --> 00:34:17.480 I agree to yeah, go ahead, McDonald's. You got the floor 423 00:34:20.400 --> 00:34:25.280 topic? Can you have me? Yes? Yes, I was expending something 424 00:34:25.400 --> 00:34:30.280 different today, even though from your foot during the week, I was expecting 425 00:34:30.360 --> 00:34:37.960 the rumors like around anyway. But the topic is still not bad. I 426 00:34:38.039 --> 00:34:46.039 don't have much knowledge on there and the financial but I can make one or 427 00:34:46.039 --> 00:34:55.800 two contributions. The problem with you that is not really about depend Then your 428 00:34:55.920 --> 00:34:59.480 orders cutting in announced, mister McDonald's. I'm not sure where you are your 429 00:34:59.559 --> 00:35:02.760 orders caut and out they getting the for your audio? Can you fix that? 430 00:35:02.840 --> 00:35:08.079 Audience comrade back? Yes, sir, no, fix the audience comrade 431 00:35:08.119 --> 00:35:12.079 back, so just fix it the coment back. Let me get you tell 432 00:35:12.079 --> 00:35:14.440 me here, I mean now, yes, please go ahead, off the 433 00:35:14.599 --> 00:35:17.039 head phone. Okay, go ahead, now I was I would going to 434 00:35:17.079 --> 00:35:22.920 say that uh, Nigeria. The problem with us it is not really about 435 00:35:22.559 --> 00:35:27.760 whether we are dependent or independent, whether the institution is dependent or independent. 436 00:35:28.320 --> 00:35:32.960 The problem is we're having a problem of leadership. Okay, because even elective 437 00:35:34.159 --> 00:35:43.039 positions quote unquote and UH are not really independent on on as pat say. 438 00:35:43.199 --> 00:35:45.440 You may be on the paper, you may say they are independent, but 439 00:35:45.559 --> 00:35:53.159 they are not. Not to talk of the talk more of appointed position. 440 00:35:54.480 --> 00:36:00.360 Who appoints, who gives the job? Also who gave him his job. 441 00:36:00.960 --> 00:36:05.960 I mean, let's face, let's the fact here Samucy who gave who gave 442 00:36:06.000 --> 00:36:07.519 him the job? So lut who gave him the job? All this men 443 00:36:07.599 --> 00:36:13.280 are all appointed by the dexecutive man even though they are the the the legislator 444 00:36:13.480 --> 00:36:17.400 screened them. But I mean, you know what letters are if not Roberts 445 00:36:17.400 --> 00:36:22.440 stamp, I mean the I just I just in a in a bunch of 446 00:36:22.559 --> 00:36:28.039 circles that you can't understand. I mean, if if they can you get 447 00:36:28.079 --> 00:36:32.599 me, yes, if they if we have good leadership, if we though 448 00:36:32.639 --> 00:36:37.000 they are not dependent or independent, both of them would segnage very well and 449 00:36:37.159 --> 00:36:43.280 move the country forward. Let me tell you something kad also himself that you 450 00:36:43.360 --> 00:36:46.440 said he is independent when he put one policy of whether I did they one 451 00:36:46.480 --> 00:36:52.440 on tax taxing of transaction bank transactions. It was in the news he said 452 00:36:52.440 --> 00:36:59.719 that the that the wary government, telical government has withdrawn the policy. Is 453 00:36:59.800 --> 00:37:07.480 it the government that made the policy or the central government? It was it 454 00:37:07.639 --> 00:37:09.960 was Table's government that introduced it and and they removed it. So it was 455 00:37:10.199 --> 00:37:15.360 yeah, So it wasn't It wasn't a CBN policy. You can't see the 456 00:37:15.440 --> 00:37:21.079 confusion here. It's not independent. No, there's no confusion. The bank 457 00:37:21.760 --> 00:37:24.800 the banks and asks banks to implement the secular but it was not a ciby 458 00:37:24.880 --> 00:37:30.400 and secular perth. Okay, okay, good if if the if the exequities 459 00:37:30.480 --> 00:37:37.320 are honest to themselves, whether the whether the central bank guy is independent, 460 00:37:37.800 --> 00:37:40.920 I mean they can team up and give us something good that would move this 461 00:37:42.280 --> 00:37:45.599 country forward, like if you go to advanced countries, like you guys, 462 00:37:45.840 --> 00:37:50.320 whether the independent or not independent I mean the other the other August that mass 463 00:37:50.440 --> 00:37:54.280 the essenis of each other, not really who is independent or who is not 464 00:37:54.400 --> 00:37:59.480 independent? See the planning. He had to capture the whole the states. 465 00:38:00.280 --> 00:38:04.239 That's what they are trying to do. They want to They want to I 466 00:38:04.320 --> 00:38:10.239 mean quickly eroad the real I mean they need to independence. We can see 467 00:38:10.440 --> 00:38:15.559 on paper, you understand. They want to gradually erode you so that maybe 468 00:38:15.719 --> 00:38:21.320 if something gets maybe to the court, it to be roaded because there's nothing 469 00:38:21.559 --> 00:38:25.559 there, you know, because they can see what happened with Fily. And 470 00:38:28.400 --> 00:38:32.199 even though the nobody wants to prove that aspect, you understand, they want 471 00:38:32.239 --> 00:38:38.039 to now gradually remove that close on paper, so that in case tomorrow somebody 472 00:38:38.079 --> 00:38:44.679 comes in and sees a whole lot of mess, the person cannot actually indicet 473 00:38:44.960 --> 00:38:50.039 the executive map because powers was already given to him, you understand. So 474 00:38:50.480 --> 00:38:54.320 inasmuch as we say that this is not a good move, but the mood 475 00:38:54.440 --> 00:39:00.360 is that even if they in some countries where they don't have central bank whatever, 476 00:39:00.199 --> 00:39:04.360 you can see that there the executive are still doing the thing well, 477 00:39:04.599 --> 00:39:09.760 and they're moving the country. The grouping our country is we're struggling with our 478 00:39:09.840 --> 00:39:16.239 leadership. That's just our problem here. I hear you, I completely hear 479 00:39:16.239 --> 00:39:19.559 you. I hear you. I mean the point is again it you know 480 00:39:20.880 --> 00:39:24.679 again, we can't kill we can't do two wrongs to make it right. 481 00:39:24.719 --> 00:39:29.280 How that phrase they use a methilet messed up? Yes, we get there, 482 00:39:29.400 --> 00:39:35.239 But we can't allow a ministry or an appointee of the federal government to 483 00:39:35.400 --> 00:39:38.880 set monetary policy. That's just where I'm going to with this. It's it'd 484 00:39:38.920 --> 00:39:43.920 be worse whatever Methilid did. This is going to be on steroids. You 485 00:39:44.079 --> 00:39:51.079 can't allow that because again, deep inside presenting Nobles Hope campaign promises a code 486 00:39:51.119 --> 00:39:59.239 that says they're going to decouple the benchmark that connects oil benchmarking and budgets. 487 00:40:00.000 --> 00:40:04.400 Now you are saying you want to move the monitary policy rate from the CBN 488 00:40:04.800 --> 00:40:07.079 to the ministry. What this is telling me is that somebody is going to 489 00:40:07.119 --> 00:40:13.559 spend a huge amount of money soon. I want cover to do that. 490 00:40:13.719 --> 00:40:22.039 So I'm not comfortable with that, Afreable or what's your take, Afreble, 491 00:40:22.039 --> 00:40:28.000 You've got the floors, uph please go ahead, Chea, do your hand 492 00:40:28.039 --> 00:40:35.079 is up? What's up? Okay? Yeah? Well, this is the 493 00:40:35.199 --> 00:40:43.239 thing. I believe that your intention of creating these spaces to educate people and 494 00:40:43.599 --> 00:40:47.519 what is going to happen to our economy if we allow these people to go 495 00:40:47.639 --> 00:40:53.079 ahead with this? And this is a very good move because there's something I've 496 00:40:53.159 --> 00:40:59.400 learned from our reliance from this government. They will just talk about one thing 497 00:40:59.719 --> 00:41:04.039 and look at how people react to it. If you find out that people 498 00:41:04.159 --> 00:41:09.719 are not really talking about it or they're not reacting negatively because people can only 499 00:41:09.840 --> 00:41:16.280 react properly to things that they understand. Now, there is need. There 500 00:41:16.400 --> 00:41:22.320 is need for people to know that this is calamity that is grewing and this 501 00:41:22.480 --> 00:41:27.559 government seems not okay. The biggest problem we have with this government is that 502 00:41:27.840 --> 00:41:34.320 on the physical side, we don't have economic things. After one year in 503 00:41:34.440 --> 00:41:44.079 office, they've not given any economic policy for us to run with. You 504 00:41:44.199 --> 00:41:47.400 think when we talk about the donner problems and the whole lot of other things 505 00:41:47.880 --> 00:41:53.320 is lack of trust in this government. I continue to tell people that see 506 00:41:53.840 --> 00:42:00.159 doing The other government thinks we are bad, but Nigerian's we are. You 507 00:42:00.400 --> 00:42:05.440 kind of trusting the government people. We are still bringing in money from the 508 00:42:05.559 --> 00:42:12.679 diaspora to invest, but this government, their body language is carrying people away. 509 00:42:13.440 --> 00:42:20.719 People are no longer the aspora remittancy has dropped because people don't trust this 510 00:42:20.920 --> 00:42:27.000 system. Coupled with the fact that the legitimacy of the government and power currently 511 00:42:27.320 --> 00:42:32.079 is questionable, and then you see all these things are beginning to cause trouble. 512 00:42:32.559 --> 00:42:40.199 Inflation has never been this bad in democratic dispensation in Niger. And when 513 00:42:40.280 --> 00:42:44.960 you see people reporting, I see that's thirty percent, forty percent. That 514 00:42:45.199 --> 00:42:47.559 is not true. When we margin it with the price you have at the 515 00:42:47.679 --> 00:42:54.760 market, how is tumato moving from forty thousand to one hundred and fifty forty 516 00:42:54.880 --> 00:43:00.559 percent? That is not true. So this issue is that has to keep 517 00:43:00.639 --> 00:43:05.159 on talking about this and then keep on pushing this government to set up an 518 00:43:05.239 --> 00:43:10.360 economic committee. We have the National Economic Council. I've been I've been talking 519 00:43:10.440 --> 00:43:17.159 about the fact that if the Vice President will continue to head that National Economic 520 00:43:17.280 --> 00:43:22.719 Council, then we have to revisit our constitution make it mandatory that anybody that 521 00:43:22.800 --> 00:43:30.599 will be a vice president almost be from economic background. So I think it's 522 00:43:30.760 --> 00:43:37.960 if not we tink it away entirely from these people and constitute a committee or 523 00:43:37.119 --> 00:43:44.360 a council that will handle distant long term I just I just think it's just 524 00:43:44.440 --> 00:43:47.880 for coordination, because the VP is like an executive. He just coordinates, 525 00:43:49.039 --> 00:43:52.320 you know, Article was the first guy. There is just a coordination thing 526 00:43:52.760 --> 00:43:58.239 right now. The president has created a presidential economicy in which he is managing. 527 00:43:58.639 --> 00:44:02.519 Then he created an economic tax force with somebody else's managing. He's not 528 00:44:02.679 --> 00:44:08.199 there. Then he appointed the powers, That's what I'm saying. So even 529 00:44:08.280 --> 00:44:14.440 appointed a new committee. He's not there, but that committee's job is to 530 00:44:14.679 --> 00:44:19.559 implement the economic plan. That's the ee T. So the president came, 531 00:44:20.039 --> 00:44:24.440 we already have an economic management team. He created a new Presidential Advisory Committee. 532 00:44:24.719 --> 00:44:29.079 Then he created a new tax force. He is not a tax force, 533 00:44:29.320 --> 00:44:31.760 but the tax force job is to implement. So what's the manket team 534 00:44:31.840 --> 00:44:35.960 doing, what's the economic team doing? What's this new tax force doing? 535 00:44:36.039 --> 00:44:38.679 Why do you have a tax force? Duplication is just to say we're doing 536 00:44:38.840 --> 00:44:43.280 work, Just to say hey we are doing something, we're only doing anything. 537 00:44:43.320 --> 00:44:45.559 I don't think it matters if you're an economist. As a VP, 538 00:44:45.760 --> 00:44:50.880 he has access to resources, he can coordinate, he has potential power, 539 00:44:51.000 --> 00:44:53.840 so you can you can tell hey Sex do this, Hey mister of do 540 00:44:53.960 --> 00:44:58.280 this. That's usually why he's there. But the president, in my view, 541 00:44:58.320 --> 00:45:00.400 should be the head of their on the Mike team, not the VP. 542 00:45:00.880 --> 00:45:05.239 What them can be there if it's not. If you're not an economy. 543 00:45:05.280 --> 00:45:06.960 What are you doing? Are you doing? What if you're not in 544 00:45:07.000 --> 00:45:09.320 the economy. Your job is the economy as the president? What else? 545 00:45:09.400 --> 00:45:15.159 Now? All right, let me get mayor of Mayor of ra Mayor of 546 00:45:15.280 --> 00:45:21.800 Rafia City. Isn't in the Middle East? Mayor? Are you from Nigeria? 547 00:45:23.320 --> 00:45:27.880 Mayor of Rafia City? Aftery book and we'll come back to you. 548 00:45:27.960 --> 00:45:31.719 So you can you speak now? Afroble Ale? Going once? Going to 549 00:45:32.039 --> 00:45:35.360 Victor. Your hand is up. What's what's your mind? So Victor? 550 00:45:36.800 --> 00:45:39.239 Yes, I can hear you. Victor who got a proable on the floor. 551 00:45:39.320 --> 00:45:46.639 Victor afterble can you speak? Yeah? Go ahead. That's a quick 552 00:45:46.760 --> 00:45:53.199 comment because I think I think his name was Donald McDonald, remember on the 553 00:45:53.519 --> 00:45:59.199 kind of the great lines between the CB and governor and the executive and made 554 00:45:59.199 --> 00:46:01.000 some good points and the end of the day, the Sybian governor is appointed 555 00:46:01.079 --> 00:46:07.400 by its activity, and that in Agia definitely is the line is are blurred. 556 00:46:08.400 --> 00:46:14.519 But even if we're to accommodated for that, it's still important to keep, 557 00:46:15.360 --> 00:46:20.400 if not the parents when you're looking at and searching foreign investments and market 558 00:46:20.440 --> 00:46:24.760 perception of Nigeria because it has to be seen generally speaking, we don't have 559 00:46:24.920 --> 00:46:30.960 it. In Nigeria, you have the stability and long term economic planning, 560 00:46:30.480 --> 00:46:37.199 and central Bank is very important to that goal. But if we are looking 561 00:46:37.280 --> 00:46:45.719 at just keeping at least on paper legally and giving hope that things can get 562 00:46:45.760 --> 00:46:51.199 batter, things can change for the future regarding economic planning, central black policy, 563 00:46:51.280 --> 00:46:53.039 that you can have long term central black policy that is going toward to 564 00:46:53.119 --> 00:46:57.840 go. It's still important even if the lines are blurred in Nigia, is 565 00:46:57.840 --> 00:47:00.639 still important to keep it that way because once that once, once we cross 566 00:47:00.719 --> 00:47:05.519 that line, sure as you, I don't think it will be something we 567 00:47:05.559 --> 00:47:09.440 can walk back very easily. True. True, yeah, that point, 568 00:47:09.679 --> 00:47:12.880 I mean it's a great point. I know. If it's a great point. 569 00:47:13.000 --> 00:47:15.800 I'm just worried about. Once you do this at the federal level, 570 00:47:15.840 --> 00:47:17.599 know what's going to happen in the state. Then so the governor will simply 571 00:47:17.679 --> 00:47:22.639 say, oh, in that case he's accountent general. The governor just make 572 00:47:22.719 --> 00:47:25.960 himself a compent in general. So all facult comes to governor's office, then 573 00:47:27.039 --> 00:47:30.519 governor will spend fac and governor audit fact. Because if you've killed the checks 574 00:47:30.519 --> 00:47:35.840 and balances suppressional powers that involved physical spending, that's what we're going to do. 575 00:47:35.920 --> 00:47:39.119 Why should the ministry be the one to set one trip policy in an 576 00:47:39.199 --> 00:47:42.920 economy? I mean, why why do we have central banks in the first 577 00:47:42.920 --> 00:47:46.440 but one of those scrap central bank and make it on make Ministry of banking 578 00:47:46.760 --> 00:47:51.119 and then appointed that's missed off the bank or whatever. Why do we have 579 00:47:51.199 --> 00:47:55.320 a central bank that's the application? Their core job is one trip policy. 580 00:47:55.519 --> 00:48:00.960 And once the politicians start to go there, then you don't want to know 581 00:48:00.960 --> 00:48:02.920 what's going to happen four years. These guys are there for four years, 582 00:48:04.039 --> 00:48:07.599 maybe eight. So if you say you are going to give them the power 583 00:48:07.719 --> 00:48:12.039 to spend for four years, of course they're going to spend one hundred years 584 00:48:12.119 --> 00:48:15.840 in four years to win an election. They don't care the next eight years 585 00:48:15.880 --> 00:48:19.119 they are gone. Someone that's going to start the mess up. But how 586 00:48:19.320 --> 00:48:23.280 is pretty and he's gone is in Dawra. His mess is now being cleaned 587 00:48:23.360 --> 00:48:28.880 up by a new president because he had the power to spend. Necesarily let 588 00:48:28.960 --> 00:48:31.719 him spend. Go ahead, sir, no, I just added to it. 589 00:48:31.800 --> 00:48:36.480 But you effectively eradicate any long term economic pandic. True, because you 590 00:48:36.559 --> 00:48:39.480 have a four year cycle. They have no interest in building an economy long 591 00:48:39.559 --> 00:48:45.159 term, there's no incentiveship. You make it, you give yourself the best 592 00:48:45.239 --> 00:48:49.320 case scenario, basically making money available. That's what politicians did. They will 593 00:48:49.360 --> 00:48:52.159 spend as much as the law allows them. They already do. They've reready 594 00:48:52.159 --> 00:48:58.519 done that when they broke the law to do that and nothing has happened. 595 00:48:59.000 --> 00:49:02.480 Yeah, just so now you make it law. You may you even make 596 00:49:02.519 --> 00:49:06.760 it. You say three x revenue or whatever that's going to be confirmed. 597 00:49:07.199 --> 00:49:12.039 There's no disguise limits for them. And that's that public after. That's the 598 00:49:12.079 --> 00:49:15.199 most that's the most dangerous part for me. Even the mantre policy one you 599 00:49:15.280 --> 00:49:17.559 can sleep and wake up with that, but that three X is for me 600 00:49:17.719 --> 00:49:23.960 more dangerous to say that in Nigerian federal government can borrow is it ten percent 601 00:49:24.039 --> 00:49:30.320 of three x? That's dangerous. So if we raised two trillion, they 602 00:49:30.400 --> 00:49:35.360 can borrow six hundred just like that with just by a stroke of a pen. 603 00:49:35.559 --> 00:49:39.119 They just borrow that money. No repayment, no stability, no ability 604 00:49:39.159 --> 00:49:45.920 to pay guide, there's nothing. It's and people are maybe wesa if you're 605 00:49:45.960 --> 00:49:50.800 going back and if you're going by historically, there's no reason why they stand 606 00:49:50.840 --> 00:49:54.039 by that three x. Why not five x. And the bigger issue even 607 00:49:54.159 --> 00:50:00.679 if you were to say let's try it, you know, because independence that 608 00:50:00.760 --> 00:50:04.800 we have hasn't worked. We know we can. We can infer worll like 609 00:50:04.880 --> 00:50:07.159 they happened, and once the politicians realize, okay, this is very bad. 610 00:50:07.199 --> 00:50:12.599 It's too late. Yeah, I mean again, it's not something it's 611 00:50:12.599 --> 00:50:15.000 not something that can be it can we can? This is not like you're 612 00:50:15.039 --> 00:50:19.079 kind of walking back what happened between one trillion and then repacking it, repackaging 613 00:50:19.159 --> 00:50:22.840 as a bond that was being paid and interested. That is almost that is 614 00:50:23.039 --> 00:50:28.119 the best case scenario from what has happened that that that's not going to happen 615 00:50:28.159 --> 00:50:32.519 again. We can't do it twice. The point is that you know right 616 00:50:32.559 --> 00:50:37.599 now, the fort the forty, the forty billions, how much have we 617 00:50:37.719 --> 00:50:42.360 now raised in federal in special bonds to cover a meth LA's printing? It's 618 00:50:42.480 --> 00:50:45.719 there? Will you and I? Anyone holding a NIRA is going to pave 619 00:50:45.840 --> 00:50:49.920 that back. And myth is not going to pay back a couble, no 620 00:50:50.000 --> 00:50:52.880 matter the nonsense is saying it's not going to put back a cob But Harry 621 00:50:52.239 --> 00:50:57.519 is not going to pay back a coble d m I the guys that should 622 00:50:57.559 --> 00:51:00.519 oversee spend the not going to put back a couble. It's a Nigerian population 623 00:51:01.000 --> 00:51:05.440 that's going to pay back those bonds with those high interest rates. I was 624 00:51:05.440 --> 00:51:09.360 trying to pull up the bond to a defederal government's budget report to show how 625 00:51:09.480 --> 00:51:15.000 much we were paying per quarter on loans to the Central Bank of Nigeria. 626 00:51:15.119 --> 00:51:21.159 The last time I looked, it was nearly one trillion that the Nigerian Federation 627 00:51:21.599 --> 00:51:25.360 was paying to the Central Bank of Nigeria for open obligations i e. Before 628 00:51:25.400 --> 00:51:30.719 they passed those bonds, a trillion a quarter how much as to asking for 629 00:51:31.599 --> 00:51:37.079 So the country is just upside down. You just borrow print money and then 630 00:51:37.400 --> 00:51:39.320 you just you leave. You don't look at the president and we pick up 631 00:51:39.360 --> 00:51:43.360 the tab. So people have to pay attention. I don't know how to 632 00:51:43.440 --> 00:51:45.280 make it sound very very simple. For food, on the stand, the 633 00:51:45.519 --> 00:51:53.000 nearer you hold in your hand only has got value because it has reserves or 634 00:51:53.079 --> 00:51:59.920 it has productivity back in it. If you allow a government official to pray 635 00:52:00.239 --> 00:52:05.719 at will without that night I've been backed up by productivity or revenues or growth, 636 00:52:06.000 --> 00:52:10.079 it will become worthless. So all your savings, stock market bonds, 637 00:52:10.559 --> 00:52:16.000 everything will become worthless because a few politicians want to buy important subs. It's 638 00:52:16.039 --> 00:52:22.000 as simple as that. We're screaming it now. We screamed about this. 639 00:52:22.760 --> 00:52:27.760 Ways that means in twenty twenty two no one listened. This I hope does 640 00:52:27.840 --> 00:52:30.840 not happen. And I know sometimes when you make a lot of noise, 641 00:52:31.320 --> 00:52:36.760 the presidency seem to hear and they seem to review before they take action. 642 00:52:36.960 --> 00:52:38.960 I hope there is one time where they will pull back and say we can't 643 00:52:39.039 --> 00:52:44.519 do this. We need to know what's happening before they allow the narrow to 644 00:52:44.679 --> 00:52:47.760 just become worthless. This would make spending go through the roof, especially when 645 00:52:47.760 --> 00:52:51.840 we're not getting moneys coming in as well. Just my take on that. 646 00:52:53.239 --> 00:52:57.559 Appreciate that, afyable appreciate that times. I almost in a while, sir, 647 00:52:58.679 --> 00:53:01.039 thanks for happening. And again, yeah, Victor, you are going 648 00:53:01.119 --> 00:53:07.679 to say something is Victor, Yeah, thank you for me. I think 649 00:53:07.559 --> 00:53:12.440 the economic team, if I myself, I think they're working hard. They're 650 00:53:12.480 --> 00:53:17.400 working through around the clock, and it's just unfortunately they have an impossible job. 651 00:53:19.119 --> 00:53:22.159 The CB and governor with his interventional order, we saw how that affected 652 00:53:22.239 --> 00:53:29.400 the currency, the service exchange rate. But it was just short lived because 653 00:53:29.480 --> 00:53:31.920 at the cross of the matter, we have the spending problem, we have 654 00:53:31.960 --> 00:53:37.599 a revenue problem. We're spending more that we're ending and we're not ending enough. 655 00:53:37.480 --> 00:53:40.440 That's that's just the croux of the matters. I think the whole idea 656 00:53:40.480 --> 00:53:47.800 of giving handing over the independence of recipient the finance minister just so Cannada fishing, 657 00:53:47.920 --> 00:53:52.639 Okay, let's try the governor has tried. Let's try this and see 658 00:53:52.679 --> 00:53:55.960 if it's work. But if we don't adverse the root course of crude because 659 00:53:57.000 --> 00:54:04.280 of the matter how much we spend and our ability to end visa recructor having 660 00:54:04.440 --> 00:54:09.360 security farmers come firm, it just banned into the problem. And two weeks 661 00:54:09.400 --> 00:54:14.159 from now, three months from now, we also there also be another brilliance, 662 00:54:14.280 --> 00:54:17.480 good and a good idea, the in fluted of how to improve my 663 00:54:17.599 --> 00:54:22.280 genan sequidity. So I think thats a cross off the match act. Like 664 00:54:22.440 --> 00:54:25.000 everyople is saying, why stop at three times? If they're you know, 665 00:54:25.400 --> 00:54:30.159 if they passed this in and it goes through, why can't they come next 666 00:54:30.239 --> 00:54:35.440 year and say fifty percent of ten years revenues? What stopped from from doing 667 00:54:35.480 --> 00:54:39.119 that. So it's essentially you don't have a ministry of finance that has the 668 00:54:39.239 --> 00:54:45.599 ability to print whatever it likes. Then why would you hold naira? Why 669 00:54:45.639 --> 00:54:50.079 would any insane person hold naira when it can be printed? What was Iday 670 00:54:50.159 --> 00:54:53.840 doing? What? What was what was the Germans after World War? What 671 00:54:53.960 --> 00:54:58.280 were they doing? Why would you hold naira? If tonk and just printed 672 00:54:58.360 --> 00:55:01.599 no guardrails? Well, we're skating on bed based in ice, and I 673 00:55:01.639 --> 00:55:06.480 don't think they understand the import of what they are saying. Just the news 674 00:55:06.679 --> 00:55:09.679 alone, The news alone is bad, even this cost, this is bad. 675 00:55:10.119 --> 00:55:14.679 And if you keep quiet, these guy's passes them. It's only when 676 00:55:14.760 --> 00:55:17.239 you put pressure and you explain to people what they want to do they want 677 00:55:17.400 --> 00:55:22.119 step back. If you keep quite, the passes nonsense. No information, 678 00:55:22.320 --> 00:55:27.039 sir, what's your on your what's your take on this? No information provided 679 00:55:28.239 --> 00:55:34.000 by the development doesn't have to be that long. I don't I believe it 680 00:55:34.039 --> 00:55:42.599 in everyone believe in what's happening. Okay, say a good day for me. 681 00:55:44.320 --> 00:55:47.800 So on this particular issue, I just I just want to ask a 682 00:55:47.920 --> 00:56:00.480 question. Besides that, it's totally insane from the principle perspace central should be 683 00:56:00.559 --> 00:56:08.280 independent. We've been in a situation since since last year where only the central 684 00:56:08.400 --> 00:56:15.480 bank has been doing anything substantial to to help the economic the inflation and everything 685 00:56:16.119 --> 00:56:22.119 they've done, they use almost every school they can in your standards, central 686 00:56:22.199 --> 00:56:27.679 Bank to kids and the finance. The physical side has not come through with 687 00:56:27.840 --> 00:56:30.960 any policy, any move that makes any sense, that helps at all. 688 00:56:31.840 --> 00:56:37.440 So who is the rives my things? It's a good idea to now hand 689 00:56:37.519 --> 00:56:45.280 over this control to the physical side. It's as if the Milisa of Finance 690 00:56:46.159 --> 00:56:51.639 is on holiday in Nigeria right now. The last thing is impact in the 691 00:56:51.719 --> 00:56:55.320 economy. We are not Could you could just go on holiday and want to 692 00:56:55.400 --> 00:57:00.800 hand that over to the Minister of Finances? Just does he make sense? 693 00:57:00.920 --> 00:57:02.920 You mean you mean you mean the cognative Minister of the economy. I don't 694 00:57:02.960 --> 00:57:06.559 see him, I don't hear from him. I don't feel his impact. 695 00:57:06.639 --> 00:57:10.519 I see the CBN guy trying to make an impact. The Minister of Finance 696 00:57:10.599 --> 00:57:14.639 guy, I see him a World Bank. I am a photo ops. 697 00:57:14.719 --> 00:57:19.360 I've not seen him take action. He controls the customs. Lots of allegations 698 00:57:19.360 --> 00:57:22.239 of corruptions. I guess the custom I don't seen him saying anything there, 699 00:57:22.599 --> 00:57:27.840 he controls this nonsense that are charging fourteen hundred fifteen hundred, I said extregity 700 00:57:27.880 --> 00:57:30.960 for the customs. I don't see him intervening there. He seems to be 701 00:57:31.199 --> 00:57:35.360 lost, so he doesn't know what he's doing. He's a guy that knows 702 00:57:35.599 --> 00:57:39.480 he's been in the legals financial scene for millennias. He knows where the bones 703 00:57:39.480 --> 00:57:43.440 are buried. He knows what to do, so why is not doing anything? 704 00:57:44.039 --> 00:57:45.280 The reason why with celebrity was because he said, this is the guy 705 00:57:45.360 --> 00:57:51.119 that understands the Nigerian financial sector. He can go abroad, make the case 706 00:57:51.119 --> 00:57:53.639 to the friend niversity and citizen Niner's going to change this is all those were 707 00:57:53.719 --> 00:57:59.199 person Let's get FDI in here. But it's the f the CBN that seems 708 00:57:59.239 --> 00:58:00.760 to be the driving seat of all this. What has he done? What 709 00:58:00.960 --> 00:58:08.239 is he doing? That's the mister f contim mister what's it coordinating? Mister? 710 00:58:09.280 --> 00:58:14.840 I'll just say this last that if this passes, I will liquidit all 711 00:58:14.880 --> 00:58:19.159 my investments, all my neglihoodings to just the minimum I need to survive. 712 00:58:19.920 --> 00:58:22.039 I'll go hold and see a faith Frank and the dollar and find my way 713 00:58:22.079 --> 00:58:28.239 out of this country. Well that's your your take on the matter, olimited, 714 00:58:28.360 --> 00:58:30.000 what's your what how are you doing? So welcome Olimena. What's happening. 715 00:58:30.039 --> 00:58:37.760 It's been a while conversation, Yeah, Olympic just your can you hit 716 00:58:37.840 --> 00:58:43.800 your audio up just a bit? Okay, very well, yeah, go 717 00:58:43.880 --> 00:58:50.119 ahead, sir. Yeah, So that's an interesting conversation. So, first 718 00:58:50.159 --> 00:58:54.519 of all, I don't know understand why they brought up that excuse. And 719 00:58:55.239 --> 00:59:01.840 surprisingly you look at the banking commit send me is headed by before a funk 720 00:59:02.000 --> 00:59:07.920 MD that has the experience. So I try to look at the excuse and 721 00:59:07.000 --> 00:59:13.239 reports actually it wasn't amplified as to be a better parted. But this didn't 722 00:59:13.280 --> 00:59:15.039 make a lot of sense to me because you look at the board of the 723 00:59:15.119 --> 00:59:22.000 CIBN. We have the Parment and Secretary of instructing us, we have the 724 00:59:22.159 --> 00:59:30.239 sec we have other discuss even on that, so one begins to wonder what 725 00:59:30.559 --> 00:59:35.559 was were it looking like the American context of the Economic Council. And also 726 00:59:36.599 --> 00:59:40.480 you look at the problem we have been the fact that there's no clear court 727 00:59:40.559 --> 00:59:44.239 policy just that I can listen to those because and what we said, the 728 00:59:44.320 --> 00:59:49.840 truth of the matter is that till as we speak it's very difficult for me 729 00:59:49.960 --> 00:59:53.639 to explain to you what while they are doing policy for the past way is 730 00:59:53.760 --> 01:00:00.360 and that's very very bad. So while you are shown that he's looking at 731 01:00:02.239 --> 01:00:07.039 we also report from it that said that, like you have collect the ethics 732 01:00:08.239 --> 01:00:15.320 probably as to foreign liance, bitch and move those from when you look at 733 01:00:16.360 --> 01:00:22.159 our deputies, when you look at governs spending, and you know, the 734 01:00:22.280 --> 01:00:28.400 argument has always been lack of inconstant. So I have personalize that the CPN 735 01:00:28.480 --> 01:00:32.679 and independent CPN is very very necessary despite the errors of the PHI League, 736 01:00:34.280 --> 01:00:37.719 but the items in science there I tell everybody that wants to see that the 737 01:00:37.840 --> 01:00:44.880 CPN is still the most functional now and departments and the government since I've been 738 01:00:44.920 --> 01:00:51.039 covering, and and that's why oftentimes I try to let people understand that, 739 01:00:51.119 --> 01:00:53.719 see, we need to encourage these guys. You won't have issue because if 740 01:00:53.800 --> 01:00:58.119 that pitution gets it wrong, we are all the serious problem because look at 741 01:00:58.159 --> 01:01:04.199 what we discussed as a dream. Because really, thank you, thanks Lumidia. 742 01:01:04.199 --> 01:01:06.519 I mean that's a good, good point you're raising that, you know, 743 01:01:07.159 --> 01:01:10.639 good point, good, good point. Just let me read a few 744 01:01:10.800 --> 01:01:15.159 DMS for you and maybe illuminate every element a few dams for you. Someone 745 01:01:15.280 --> 01:01:21.199 says, what happens to the eurobond investment? I have some exposure to eurobond, 746 01:01:22.000 --> 01:01:29.400 so my own take the eurobond is directly linked to dollar innings because we 747 01:01:29.480 --> 01:01:34.559 are borrowing in dollars and we're paying back in dollars. We don't print dollars. 748 01:01:34.920 --> 01:01:39.320 So the point is that your eurobonds have a direct correlation to the n 749 01:01:39.440 --> 01:01:45.239 NPC oil output. You should start to get worried with eurobonds. We should 750 01:01:45.239 --> 01:01:50.760 be worried now if the oil output does not increase right now. This event 751 01:01:50.800 --> 01:01:55.000 has bort about a billion right to float to to defend an era. We 752 01:01:55.079 --> 01:02:00.800 are going to pay back next year a billion in principal to the eurobond. 753 01:02:00.920 --> 01:02:07.079 This is my not our usual dollar borrowings dollar exploser that we have, So 754 01:02:07.440 --> 01:02:14.360 I would say for now, for now, the eurobones may be safe because 755 01:02:15.039 --> 01:02:20.679 it's the dollar exposure. But the overall issue with Nigeria is the liquidity that 756 01:02:20.840 --> 01:02:24.920 is not coming in. We are not getting as much liquidity in dollars that 757 01:02:25.079 --> 01:02:30.440 we should have loved. If you compare remittances in the past to today is 758 01:02:30.559 --> 01:02:34.519 down. If you compare oil sales in the past to today, is down. 759 01:02:34.840 --> 01:02:38.599 If you compare FDI to the past till today is down. So those 760 01:02:38.679 --> 01:02:45.639 three big headers are all suffering. FPI's foreign portfolio investment has gone up, 761 01:02:45.039 --> 01:02:50.559 but it has gone up because we are borrowing at twenty percent very very high 762 01:02:50.760 --> 01:02:53.960 interest rate. So net net, we will get the dollars in, but 763 01:02:54.199 --> 01:03:00.719 at what costs. So for eurobonds, I would say for now you might 764 01:03:00.840 --> 01:03:05.320 be said they were prioritized europe bond before they prioritized Nigerian bonds. That's just 765 01:03:05.440 --> 01:03:08.480 the truth. They will do that. So if you are there, I 766 01:03:08.559 --> 01:03:12.239 think you're kind of safe oloving they do you agree? Do you have account 767 01:03:12.320 --> 01:03:16.800 of you? Yeah? I think I have because my major concern is the 768 01:03:17.320 --> 01:03:23.679 minimum which the very past editing able to see summaries to be high because just 769 01:03:23.760 --> 01:03:28.719 like you said, look at the amount of everything that comes you look at 770 01:03:28.800 --> 01:03:35.119 the CB and data and a five percent sorry ninety percent went to tap services 771 01:03:35.639 --> 01:03:40.599 most of our services and you don't be any qualtruy where the optivity is not 772 01:03:40.719 --> 01:03:47.880 to be resident. So with inclation looking at coats, that's that level coming 773 01:03:47.960 --> 01:03:52.679 to play. I think I think I do think it's that and that's why 774 01:03:53.280 --> 01:03:59.480 I'm really very agree with this disc outside particually the presidents he has handed the 775 01:03:59.559 --> 01:04:03.800 optics. Sure that you have a lot of people, don't you where you 776 01:04:03.880 --> 01:04:12.320 tell people that you're stors are heading since we go right and you know it 777 01:04:12.440 --> 01:04:15.480 makes it just like you said, because where is this money coming from that 778 01:04:15.599 --> 01:04:20.320 you have all the outputs. Look at just paid for one point five not 779 01:04:20.480 --> 01:04:27.960 even kids press that number. Saudi is going to nineten just by the fact 780 01:04:28.000 --> 01:04:31.440 that they are tripping costs. So because where do you want to get to 781 01:04:31.559 --> 01:04:36.239 do that for? So I think some peoples will get if you don't sit 782 01:04:36.960 --> 01:04:41.000 that's bye. The fact that you could say the pavents are in there because 783 01:04:41.840 --> 01:04:46.079 that amount of civil service course getting that amount of money, I don't see 784 01:04:46.159 --> 01:04:51.320 the real could win your pains your revenue. That's one personal and I think 785 01:04:51.360 --> 01:04:57.880 we pers. I think your peers are cooling. And the reason why it 786 01:04:57.920 --> 01:05:01.320 looks like it's interesting that you're are gonna us to it are also looking at 787 01:05:02.679 --> 01:05:06.079 being less aggressive so that you are as the batter. But you sally that 788 01:05:06.599 --> 01:05:14.480 reason. I don't see who can keep me wanting The researchers are just hoping. 789 01:05:14.559 --> 01:05:17.719 It looks you can see that the payments look away at pace back against 790 01:05:17.800 --> 01:05:23.360 that is the particular look at the amount of impayments in Psibal. You know, 791 01:05:23.639 --> 01:05:26.239 a lot of people not talking about all the things. So some banks 792 01:05:26.280 --> 01:05:30.039 are surviving because of the girls. And you know, as we also need 793 01:05:30.039 --> 01:05:34.000 to look at the trusted of the economy. We cannot afford to live a 794 01:05:34.079 --> 01:05:39.239 good life. Let's pace right, we need to concur And that's why I'm 795 01:05:39.320 --> 01:05:45.679 really against the governments taking that pass. Gotcha. And the second point someone's 796 01:05:45.719 --> 01:05:50.519 asking about, just again before you go ahead, NLC is asking for four 797 01:05:50.679 --> 01:05:55.320 hundred thousands. You are saying two hundred thousand is red flag for you. 798 01:05:55.400 --> 01:05:59.159 Waste the money four hundred thousand. I don't see where the government of today 799 01:05:59.280 --> 01:06:04.440 gets money from the subsidiary removal. They remove our subtly created revenues for the 800 01:06:04.519 --> 01:06:09.320 government. I assume that was the revenue that are going to use to pay 801 01:06:10.000 --> 01:06:14.280 this new salary increase. But the money for the first year was kept in 802 01:06:14.280 --> 01:06:21.000 a special fund for infrastructure. Currently, as we stand right now, right 803 01:06:21.119 --> 01:06:29.159 now about it, forty or fifty percent of the total revenues of the federal 804 01:06:29.280 --> 01:06:32.639 government goes to pay salaries alone. This is not pensions. It is just 805 01:06:33.320 --> 01:06:41.400 salaries alone of only civil service workers. If you add pensions service wide votes 806 01:06:41.679 --> 01:06:46.239 allow one says you are looking anywhere from sixty percent. Now, I have 807 01:06:46.360 --> 01:06:54.159 not talked about debt repayment on this revenue, on this recurrent revenues. If 808 01:06:54.199 --> 01:06:57.679 you add debt repayment, it's one hundred It's more than one hundred percent. 809 01:06:57.800 --> 01:07:01.480 Witness that when Nigeria sales cruld oil, our total revenues, it's not enough 810 01:07:01.559 --> 01:07:05.920 to pay debt, pay subsidy and pay salary. It's not enough. They 811 01:07:06.000 --> 01:07:11.239 were increasing the salaries, not buy a little, to buy much, nearly 812 01:07:11.280 --> 01:07:14.840 doubling it. Where is the money gonna come from? Even if we increase 813 01:07:14.960 --> 01:07:19.880 V eighty by fifty percent, Where is this extra new money gonna come from 814 01:07:19.960 --> 01:07:25.440 to pay NLC? Do you have any idea? What do I think? 815 01:07:25.480 --> 01:07:28.880 It's worse than where is time? Because if you look at the real cost 816 01:07:28.960 --> 01:07:33.079 of a little of petrol now and you speak to different when I will tell 817 01:07:33.119 --> 01:07:42.159 you that between one and one and one, I look at the price I 818 01:07:42.239 --> 01:07:45.840 almost wanted. Now the person is where is that money? So you're not 819 01:07:45.920 --> 01:07:51.119 really saving money car? And also look at the look at the the FX 820 01:07:51.199 --> 01:08:00.119 market for example, look at the export talked about the most people, and 821 01:08:00.280 --> 01:08:03.280 I cannot be moving like a may be confers. The group of conet that 822 01:08:03.519 --> 01:08:11.000 wein to pretate is constable for importers and those that have business explosion. We're 823 01:08:11.079 --> 01:08:15.159 seeing it hit hard on the edge of companies. And you know the fact 824 01:08:15.199 --> 01:08:21.000 that also we're seeing exodos of foreign most nationals because of row materials costom being 825 01:08:21.039 --> 01:08:27.600 business and insecurity that also stutters. So I think for me, you know, 826 01:08:28.000 --> 01:08:31.359 like it's the socials are simple. The government just wants to first of 827 01:08:31.359 --> 01:08:35.680 all goal. First of all, we need to train the number of aids 828 01:08:35.880 --> 01:08:42.359 by these long fifty fifty ministers that I used to friscal responsibility. That's good. 829 01:08:42.359 --> 01:08:47.079 As for ourselves. Look at the impact from the past more years. 830 01:08:47.119 --> 01:08:51.640 So far we cannot mention more than five winister and even those five ministers have 831 01:08:53.359 --> 01:08:59.399 just start there. Both average imputing preasure rate has really educated many that you 832 01:08:59.439 --> 01:09:01.960 are saving. Just like you said, where do you once to add to 833 01:09:02.079 --> 01:09:11.760 zeros? It's four point nine trillion if you take the what Libor is asking 834 01:09:11.880 --> 01:09:17.239 for, they're asking for four point nine trillion in addition four point nine trillion. 835 01:09:18.159 --> 01:09:21.680 I mean, I know this fragments the spend trift. I get that, 836 01:09:23.279 --> 01:09:26.119 But for crying out loud, where we're going to get four point nine 837 01:09:26.239 --> 01:09:30.359 trillion from? I mean, we've not grown the economy. That's this situation 838 01:09:30.600 --> 01:09:34.479 we find ourselves. We've not grown the economy. We've relied on FPI's instead 839 01:09:34.520 --> 01:09:39.760 of fdiyes. We are an important nation, I cannot pay for it's import 840 01:09:39.880 --> 01:09:45.600 where important pms essentially where our education and health is being exported out through invisible 841 01:09:45.680 --> 01:09:49.840 trade. That's where we found ourselves now. And now this SEME economy that 842 01:09:50.039 --> 01:09:57.920 imports everything is supposed to generate brand new four point nine trillion just to pay 843 01:09:58.079 --> 01:10:00.079 workers. Well, this is just goverment workers, This is not private to 844 01:10:00.159 --> 01:10:04.680 the workers. How many SMS can pay for Just think about it. If 845 01:10:04.760 --> 01:10:09.359 an SME guide today, think about yourself. You are a guy that you 846 01:10:09.479 --> 01:10:14.960 make soup or you make a popcorn. You're an SME company. The government 847 01:10:15.119 --> 01:10:17.439 is saying, or the NLC is saying, that you should pay your walker 848 01:10:18.239 --> 01:10:25.720 four hundred and ninety four thousand naira a month. How much do you you, 849 01:10:25.920 --> 01:10:29.079 the owner of the business, make this you as an SME. So 850 01:10:29.159 --> 01:10:33.520 it's a joke and the sad thing that the NLC is right that the salaries 851 01:10:33.600 --> 01:10:36.720 have to go up, but I'm making a false argument. There is no 852 01:10:36.880 --> 01:10:41.560 way in hell Nigeria is gonna pay anybody for ninety four times. We just 853 01:10:41.680 --> 01:10:45.399 can't afford it. But the NLC is correct, salaries have got to go 854 01:10:45.640 --> 01:10:50.319 up. So in between that these two things, there's a conversation around how 855 01:10:50.439 --> 01:10:57.479 can we reduce the size of the government and increase the ded Weald curching covers 856 01:10:57.520 --> 01:11:00.520 of Nigeria Because don't seew they're gonna get out of this in there, didn't 857 01:11:00.560 --> 01:11:03.960 thin they're announced as wage increased, they're going to crash the economy real quick. 858 01:11:04.159 --> 01:11:08.359 I did it only be hanging there as usual where I preached your comments 859 01:11:08.760 --> 01:11:14.520 the like the like, you've got the floors, I've go ahead, all 860 01:11:14.600 --> 01:11:19.159 right, Calum, thank you very much. I won't say that the space 861 01:11:19.199 --> 01:11:24.760 has been very interesting and educative. And see a lot of you guys I've 862 01:11:24.760 --> 01:11:30.000 been speaking has a lot of background in finance and economics. So but for 863 01:11:30.159 --> 01:11:32.880 me, what I want to ask and I'd like to be educated, you 864 01:11:32.960 --> 01:11:39.960 know, to see how we can have resolutions to this. I want to 865 01:11:40.039 --> 01:11:46.800 say that have we taken into constitution how most times government agencies somebody talking about 866 01:11:47.159 --> 01:11:51.359 a lot of corruption and customs. Have you taken time, has anybody done 867 01:11:51.399 --> 01:11:58.079 any serial studies on how government mismanaged funds and how a lot of these funds 868 01:11:58.119 --> 01:12:02.680 are actually stolen, you know, at this level at some of these government 869 01:12:02.760 --> 01:12:09.399 agencies. At the time, I was previewed to do an investigation and I 870 01:12:09.520 --> 01:12:13.359 found that about ninety about eighty five percent of the money that was supposed to 871 01:12:13.399 --> 01:12:16.800 be government revenue was taken from the point you know that this money was coming 872 01:12:16.880 --> 01:12:23.199 in by individuals that work in government agencies. So how can you actually come 873 01:12:23.279 --> 01:12:26.239 up with datas to say, Okay, this is how much we work. 874 01:12:26.439 --> 01:12:30.199 I believe we are working with data that government is making available to us. 875 01:12:30.720 --> 01:12:34.760 How real are these datas? How real are these things? You know when 876 01:12:34.840 --> 01:12:40.359 you have a couple of people taking a larger chunk of this money, you 877 01:12:40.479 --> 01:12:44.600 know in you know, from the very source. And that's why I believe 878 01:12:44.680 --> 01:12:47.520 we have not been able to address or we are saying we don't have capacity 879 01:12:47.600 --> 01:12:50.279 to do a lot of things. So I'm just saying to say that, 880 01:12:50.680 --> 01:12:56.119 how do you even look at government procurement If you want to buy a laptop 881 01:12:56.600 --> 01:13:00.640 of a particular ring that you know the average price is let's say two hundred 882 01:13:00.640 --> 01:13:05.279 thousand. Are government will procure that same laptop for aver two millionaire. We'll 883 01:13:05.399 --> 01:13:10.239 look into all these things to actually see how wealthy nation is, to actually 884 01:13:10.279 --> 01:13:14.119 see how much money you are making. And I don't know too much of 885 01:13:14.199 --> 01:13:17.399 economics, but I work in government. But these are the realities. These 886 01:13:17.479 --> 01:13:20.920 are what I see in government. Of it that saying, I see government 887 01:13:20.960 --> 01:13:25.159 pastartus and for other colleagues, you know, people that are working on this 888 01:13:25.239 --> 01:13:29.239 is the same. It is almost similar story where you have people take it 889 01:13:29.439 --> 01:13:33.079 as government help up make public how they do their procurement processes. I'll tell 890 01:13:33.079 --> 01:13:35.439 you that, okay, this is what we procure the year. You know 891 01:13:35.520 --> 01:13:40.640 where people make procurement, you know, and their procurement is able to even 892 01:13:40.720 --> 01:13:44.359 buy. If we tell you what they use making dream procurement in a year, 893 01:13:44.680 --> 01:13:46.359 you will be shocked. So I don't know how I'm just saying that 894 01:13:46.479 --> 01:13:50.880 I don't know how much and how far this affects all these minimum wasting and 895 01:13:51.199 --> 01:13:56.640 what we end, I mean, what we have in I don't know. 896 01:13:56.880 --> 01:13:59.800 I would I put this now to say this is actually what we have as 897 01:13:59.800 --> 01:14:02.199 a country. This is our reserves this is our more to make the country. 898 01:14:02.279 --> 01:14:06.199 I just want you guys to please educate me on that because I work 899 01:14:06.279 --> 01:14:11.920 for the government. Yeah, and this is what I see that happens in 900 01:14:12.000 --> 01:14:15.800 the government setting all the time. I think you, I think you know 901 01:14:15.880 --> 01:14:17.800 the answer already. You know, why do you think we have a due 902 01:14:17.880 --> 01:14:23.319 process? We have a Bureau of a Public Procurement and we have madam due 903 01:14:23.359 --> 01:14:27.000 process. When all those things were occurring before and the process was a circus. 904 01:14:27.439 --> 01:14:30.560 We try to clean it up by saying there's a due process. Is 905 01:14:30.600 --> 01:14:32.560 how you bid? This, how you win? This is how you advertise 906 01:14:32.640 --> 01:14:36.840 for public tender. I don't think those things are working. There's a veryy 907 01:14:36.920 --> 01:14:40.960 easy way you can fix this. And are you all right? The government 908 01:14:41.159 --> 01:14:46.439 expensive shows are expensive, costly and are fraught with corruption. The way you 909 01:14:46.520 --> 01:14:49.720 can winn this is to say, let the government publishes what it wants to 910 01:14:49.800 --> 01:14:54.439 buy. We want to buy highest busses, and simply say, if you 911 01:14:54.479 --> 01:14:58.439 can give us a way to this costs by ten percent, we'll give you 912 01:14:58.560 --> 01:15:01.239 one percent of the savings as cash. Just probabished on a website and say 913 01:15:01.520 --> 01:15:04.520 this is what the government wants to spend. Anyone that can ensure us how 914 01:15:04.600 --> 01:15:09.039 we can reduce his spending by ten percent, will give you one percent of 915 01:15:09.079 --> 01:15:11.600 the savings, and you will see people will give you a lot of ideas. 916 01:15:11.680 --> 01:15:15.279 But it's all should we say it's all on purpose? Like you know, 917 01:15:15.720 --> 01:15:18.079 this is corruption. You people want to buy a higher's boss. They 918 01:15:18.239 --> 01:15:24.079 boss costs more by when the government buys it than when you walk into the 919 01:15:24.119 --> 01:15:27.840 parking lot to buy people you want to buy books, why not buying bulk? 920 01:15:28.560 --> 01:15:31.439 They don't They go and buy a house from a sua seller. And 921 01:15:31.520 --> 01:15:36.359 I'm being serious here. We see sr sellers are getting contract to supplying things 922 01:15:36.359 --> 01:15:42.800 to the government. A restaurant, a restaurant gets a contract to supply government 923 01:15:42.960 --> 01:15:47.119 goods. The press calls out the restaurant. The press guys arrested, jailled 924 01:15:47.520 --> 01:15:53.760 for calling out a restaurant attached to a very very high president. Government has 925 01:15:53.840 --> 01:15:57.920 been allowed to bid for government contracts. So it's a mess, and you 926 01:15:58.000 --> 01:16:00.000 can fix it. It has to start from the top. If the top 927 01:16:00.239 --> 01:16:04.119 is cleaned, everybody takes direction. When was the process set up? You 928 01:16:04.239 --> 01:16:08.520 know, why isn't it still there? Why don't we hear of deepross anymore? 929 01:16:08.880 --> 01:16:12.039 While were buying jeeps and cars all over the place. When we've said 930 01:16:12.359 --> 01:16:16.239 we want to use local. Last space we had we talked about the local 931 01:16:16.399 --> 01:16:21.479 purchasing. The law in Nigeria says you cannot buy foreign cars and that if 932 01:16:21.520 --> 01:16:26.239 you buy foreign cars for the government, you should go to jail. It's 933 01:16:26.399 --> 01:16:29.359 the it's in the law. I didn't say so, it's in the law, 934 01:16:29.439 --> 01:16:33.399 local content law. It's in the Executive Order O three first by the 935 01:16:33.920 --> 01:16:38.920 by the President of Nigeria. It's there. But still workers did its customs 936 01:16:38.960 --> 01:16:44.079 buying important toyotas. I don't like your hands up, go ahead, so 937 01:16:44.600 --> 01:16:46.319 thank you very much, you know for you know, for saying this. 938 01:16:46.479 --> 01:16:49.880 That's part of the that's one of the major problems. So most times, 939 01:16:50.000 --> 01:16:55.039 most of the data as you the analysts are working with, those datas are 940 01:16:55.119 --> 01:17:00.640 not accurate. They can't even tell you what an average Nigerian and like. 941 01:17:00.760 --> 01:17:03.319 Now, if you look at the way and you're purchasing power has been taken 942 01:17:03.439 --> 01:17:06.880 completely away from the people and of course possing power of the people. I 943 01:17:08.239 --> 01:17:12.680 also have a way of affecting the economy, of growing the economy. Even 944 01:17:12.760 --> 01:17:15.520 if you're saying the small medium skilled business person to run a business, somebody 945 01:17:15.560 --> 01:17:18.039 who will have the at least as it is now, they don't even have 946 01:17:18.119 --> 01:17:23.079 the purchasing power, you know, to even buy whatever service you know that 947 01:17:23.319 --> 01:17:26.880 is going to be rendered. So that's the biggest problem. That the datas 948 01:17:26.960 --> 01:17:30.399 and things we're working with most type is not accurate. I gave you a 949 01:17:30.560 --> 01:17:34.960 very powerful example. I didn't. I did an investigation and I followed that 950 01:17:35.119 --> 01:17:40.520 eighty five percent. I was shocked. Eighty five percent of what was being 951 01:17:40.640 --> 01:17:44.000 made, you know, from the source I've been taken and this is not 952 01:17:44.239 --> 01:17:46.039 the one that was still going to the account. And some people who still 953 01:17:46.319 --> 01:17:50.319 some truth and fraudulent means take it away from you. Know. This is 954 01:17:50.439 --> 01:17:55.039 why I believe that I don't know whether we are a true answer to this. 955 01:17:55.159 --> 01:17:59.039 Accept you are willing to fight for not really you know, the laws 956 01:18:00.199 --> 01:18:02.720 for you because the laws say that when you spend money, you must I 957 01:18:02.760 --> 01:18:06.439 think it's now it's it fifty percent that you must remit automatically to the federal 958 01:18:06.479 --> 01:18:10.399 government once you spend money. But they haven't done that. You know, 959 01:18:11.079 --> 01:18:15.039 we're trying to say that once you're a government's government owned enterprise or MDA, 960 01:18:15.720 --> 01:18:20.319 you must remit a setven percentage by default. Automatic to the feditional account. 961 01:18:20.600 --> 01:18:24.680 How many MBAs are doing that, that's the point. That's where we are 962 01:18:24.800 --> 01:18:29.640 right now. So if they don't get revenues from the MDAs, then they 963 01:18:29.720 --> 01:18:31.000 have no money. They have to go back and borrow. And then when 964 01:18:31.039 --> 01:18:35.960 they are borrowing, it's crowding out the private sector. So interest rates already 965 01:18:36.079 --> 01:18:40.479 high. They are crowding on a private sector and they want the same private 966 01:18:40.520 --> 01:18:44.239 celor to pay minimum wage of four ninety four thousand. Then in addition to 967 01:18:44.359 --> 01:18:47.479 that, they want to now set interest rates from the Mistry of Finance and 968 01:18:47.560 --> 01:18:51.840 also give Mystery of Finance their power to allow them to borrow. So you 969 01:18:51.920 --> 01:18:55.319 can see what's going on. They're not going to get the money through taxes, 970 01:18:55.560 --> 01:18:57.800 so they want to get the money through printing. They're going to just 971 01:18:57.920 --> 01:19:00.359 print the money and say we're borrowing base of last revenue. The levens are 972 01:19:00.399 --> 01:19:04.800 going to keep on inflating because of inflation. So they borrow one now today. 973 01:19:05.359 --> 01:19:10.479 If takes that one now to one artenticable they borrow, or one artenticable 974 01:19:10.960 --> 01:19:15.359 intention takes it to one artisticable they borrow on one artisticable. No wealth is 975 01:19:15.439 --> 01:19:21.479 being created just borrowing on inflated based figures to then spend on the same non 976 01:19:23.680 --> 01:19:29.960 stimulative activities buying private jet fuel, buying casts for for letis that's so the 977 01:19:30.039 --> 01:19:33.520 economy is, the structure is completely off entirely and if you don't fix the 978 01:19:33.560 --> 01:19:39.800 structure, nothing good good part of the economy. The economy structure is fundamentally 979 01:19:40.000 --> 01:19:44.640 flawed. Ken, what's in your mind? Ken? Do ty? Wow? 980 01:19:44.880 --> 01:19:48.000 Thank you? Thank you? In a while? Good thanks, That's 981 01:19:48.079 --> 01:19:54.159 one I've spoken well. But I'm not surprised with what is happening in the 982 01:19:54.199 --> 01:19:59.880 country because they said they were going to continue from where the the other government 983 01:20:00.319 --> 01:20:05.359 stopped, and you know, they're doing exactly that with regards to, you 984 01:20:05.479 --> 01:20:10.039 know, the the monetary side. I mean, I can't even imagine. 985 01:20:10.079 --> 01:20:15.439 I can't even I'm surprised that we're even having this discussion of why why we 986 01:20:15.479 --> 01:20:20.840 should have an independent CPN And I don't even understand it. Why who came 987 01:20:20.960 --> 01:20:28.079 up with that idea to allow the Federal Ministry of Finance to determine what in 988 01:20:28.560 --> 01:20:34.000 see it's it's it's, it's, it's it's it's unbelievable. I can I 989 01:20:34.119 --> 01:20:41.960 mean, I've been reading some of the tweets from from from alumiday over during 990 01:20:42.039 --> 01:20:45.319 the week and I see, I see, I see where this is heading. 991 01:20:46.199 --> 01:20:49.880 Obviously, we know when when you don't have that balance between the physical 992 01:20:49.920 --> 01:20:54.680 and monetary side, we know what will continue to happen to the currency and 993 01:20:54.920 --> 01:21:00.680 it's going to be the desprier in effect, it's it's it's to continue to 994 01:21:00.760 --> 01:21:08.079 boomerang on the pocket of the people and poverty would only continue to deepen the 995 01:21:08.279 --> 01:21:13.079 discussion about the minimum ways. To be honest, we let's just trace it 996 01:21:13.199 --> 01:21:15.880 back because the truth of the matter is that there is so much injustice in 997 01:21:15.000 --> 01:21:20.479 Nigeria, so much injustice, and the people who are opposed to ensure that 998 01:21:20.560 --> 01:21:26.920 there's justice just look away. The first act that they carried out when they 999 01:21:27.000 --> 01:21:31.159 when they came into government was to sign this supplementary budget to tribunal to buy 1000 01:21:31.560 --> 01:21:36.680 to buy vehicles to pay themselves as you know, welcome allowance. That was 1001 01:21:36.720 --> 01:21:40.840 the first thing they did. And then the next thing we had that the 1002 01:21:40.960 --> 01:21:47.279 salaries of judges. Judges, not everybody working in the Ministry of Justice, 1003 01:21:47.520 --> 01:21:53.560 trust the judges. Their salaries were increased without any rank or they didn't request 1004 01:21:53.640 --> 01:21:58.399 for it. It was just increased like that. Just like that no rancor 1005 01:21:58.720 --> 01:22:01.600 and if if we are going to be on the side of justice in terms 1006 01:22:01.640 --> 01:22:08.520 of our minimum which todayclum our minimum, which should be around two hundred and 1007 01:22:08.600 --> 01:22:13.119 eighteen eighteen thousand, that's what should be. Let's see, we want to 1008 01:22:13.199 --> 01:22:19.119 maintain where is the economy from thirty thousand, one hundred and fifty something exchange 1009 01:22:19.199 --> 01:22:23.920 rate, if you convert that to day to the rates we have today the 1010 01:22:24.000 --> 01:22:27.199 black market or rates or you want to use it in the same rate, 1011 01:22:27.439 --> 01:22:30.640 we should be in that range two hundred and eighty. Another data that supported 1012 01:22:30.680 --> 01:22:35.199 that FEG is using Egypt as an example. Egypt is a country that is 1013 01:22:35.640 --> 01:22:40.479 kind of similar to us in size, in terms of some of the problems 1014 01:22:40.520 --> 01:22:43.960 we are having, they are facing the same kind of problems in terms of 1015 01:22:44.039 --> 01:22:46.399 effects and that do they're inny better situation compared to words. But if you 1016 01:22:46.479 --> 01:22:50.479 look at their minimum with they just increase their minimum with in March by fifty 1017 01:22:50.520 --> 01:22:55.399 percent and in dollar terms that is coming to around one hundred and ninety four 1018 01:22:55.520 --> 01:22:58.920 dollars. So if you two hundred and ninety four dollars to day, it's 1019 01:22:59.159 --> 01:23:02.079 to land you around to hundred and nineteen thousand. So a true, A 1020 01:23:02.279 --> 01:23:09.359 true I was a minimum wage today for a and as for the lowest work 1021 01:23:09.399 --> 01:23:14.039 kind n Injuria should be around eighteen thousand. But we know the government cannot 1022 01:23:14.119 --> 01:23:17.880 do that. But but but but but knowingly where that this government cannot do 1023 01:23:18.039 --> 01:23:23.119 that, the first thing they should do coming into into government, if they 1024 01:23:23.239 --> 01:23:27.319 know they are serials with the physical side, is to announce curt to their 1025 01:23:27.399 --> 01:23:30.840 salaries and allowances first. That should be the first thing. Kenny I did 1026 01:23:30.920 --> 01:23:33.800 it, Ghannad did it. These countries they did. They did the same 1027 01:23:33.840 --> 01:23:39.359 thing first and now announced. What that does is that that this signal is 1028 01:23:39.439 --> 01:23:43.039 send to the to the private sector, is that we're in serials government. 1029 01:23:43.800 --> 01:23:46.479 It sends the right message to do to the union and leaders that okay, 1030 01:23:46.520 --> 01:23:50.319 where we want to ask for a minimum wage, we asked for something reasonable. 1031 01:23:50.720 --> 01:23:54.760 The reason why these guys are asking for four hundred and sixty something today 1032 01:23:55.159 --> 01:23:58.680 is they know that they are landing fro covered didn't want to get to should 1033 01:23:58.720 --> 01:24:02.079 be pitching into fifty and to more than eating. That is where they're targeting. 1034 01:24:02.279 --> 01:24:05.439 But of course, going into the negotiation, you can review all your 1035 01:24:05.520 --> 01:24:10.600 cards in terms of what you want to do and and and to be honest. 1036 01:24:10.840 --> 01:24:14.079 Yes, they said he's going to grant the economy. But but we 1037 01:24:14.199 --> 01:24:16.520 need to start. We need to put justice on the table. The government 1038 01:24:16.600 --> 01:24:20.680 needs to put justice on the table. When when when when carrying out this 1039 01:24:20.800 --> 01:24:27.439 kind of this kind of nequisitions. And I mean what I mean, Ken, 1040 01:24:28.079 --> 01:24:31.439 Ken, Ken, There is no way the minimum with Ninetia it's going 1041 01:24:31.479 --> 01:24:35.560 to be two hundred thousand Ira. We're being honest here, No one's going 1042 01:24:35.640 --> 01:24:40.800 to pay. Yes, I agree, I agree because forget forget government even 1043 01:24:40.840 --> 01:24:45.039 one hundred thousands, forget government, forget government. Agree which SMI on which 1044 01:24:45.119 --> 01:24:48.319 which? Who is a semi on this space that would pay his notice? 1045 01:24:48.359 --> 01:24:54.319 Even your house girl is going to end one hundred kid, I agree with 1046 01:24:54.439 --> 01:24:56.760 you. So just look at it that way. When you bring it to 1047 01:24:56.800 --> 01:24:59.880 your house gel level, it doesn't make sense to you. And it's because 1048 01:25:00.720 --> 01:25:03.800 labor in Nigeria is cheap and unproductive. So I get that. You know, 1049 01:25:03.880 --> 01:25:08.720 I'm talking in economic terms. Now. What needs to happen is not 1050 01:25:09.079 --> 01:25:12.640 a minimum wage increase. For now one need to happen that they got the 1051 01:25:13.079 --> 01:25:18.439 NLC and the government have got to pass an austerity budget. What we're doing 1052 01:25:18.520 --> 01:25:25.359 now is that your son tells you, daddy, I need my school. 1053 01:25:25.399 --> 01:25:29.600 I want my allowance to become ten thousand and months. Your son is two 1054 01:25:29.680 --> 01:25:32.680 years it's maybe ten years old. He wants ten thousands. You say, 1055 01:25:32.680 --> 01:25:36.520 okay, you want to go out and borrow to give your son ten thousand. 1056 01:25:36.720 --> 01:25:42.000 Wrong approach. What we need to do is to do an austerity budget. 1057 01:25:42.920 --> 01:25:47.800 All spending in Nigeria for the next maybe twelve or twenty four months not 1058 01:25:48.239 --> 01:25:57.199 tied to human capital. So it's not held education or anything tied to human 1059 01:25:57.319 --> 01:26:01.640 capital. You suspend it. Roads are good, roads are stimulative roads and 1060 01:26:01.760 --> 01:26:08.760 investments, but you suspend any new project today when you suspend it, no 1061 01:26:09.039 --> 01:26:14.199 import of cars for the government, no useless spending. Once you do that, 1062 01:26:14.800 --> 01:26:18.239 what have you saved? You take that savings, you use that students 1063 01:26:18.319 --> 01:26:24.239 to fund free services for the government, people and for Nigerian So you say, 1064 01:26:24.279 --> 01:26:28.039 if you go to school, will give you a voucher. So you 1065 01:26:28.199 --> 01:26:31.079 take away school fees from the bills of Nigerians. If you go to school 1066 01:26:31.239 --> 01:26:38.760 and bring your past years receipt, will pay when you are able to take 1067 01:26:38.760 --> 01:26:43.960 away education, maybe even rent to say bring your rent, will give you 1068 01:26:44.000 --> 01:26:46.439 a rent subsidy. If you remove those costs from Nigerians and you have an 1069 01:26:46.479 --> 01:26:53.199 austeriety budget, then you focus on growing the economy. If you can grow 1070 01:26:53.319 --> 01:26:58.479 the economy, then you can talk in twenty four months about minimum wage. 1071 01:26:58.560 --> 01:27:00.840 For now, what this is been a cell phone. If you make me 1072 01:27:00.960 --> 01:27:04.520 the more wage, more than even forty key, nobody is going to pay 1073 01:27:04.560 --> 01:27:09.239 that money. It will be on paper, nobody will pay it. I 1074 01:27:09.399 --> 01:27:12.359 agree, I agree hundred percent. That's that should that should have been the 1075 01:27:12.399 --> 01:27:14.479 first step. It is not too late. They can to do it. 1076 01:27:15.039 --> 01:27:18.119 Then they can't go in. That was their direction. But you know the 1077 01:27:18.239 --> 01:27:24.600 lavish spenders. I saw the I saw the convoy of the president. All 1078 01:27:24.720 --> 01:27:30.359 the each car there is worth to hal May millions, about four million something 1079 01:27:30.960 --> 01:27:34.159 the convoy of the president, right, I mean yes, I guess it 1080 01:27:34.199 --> 01:27:36.960 has to be secure as a protected but look at the convent of the president. 1081 01:27:38.279 --> 01:27:40.920 They're telling you work as you don't have money. You know, look 1082 01:27:40.960 --> 01:27:45.279 at the convolve of the lawmakers. Everyone is expend everyone is spending money. 1083 01:27:45.720 --> 01:27:48.680 You can't tell workers you don't have money. That's where the gum has got 1084 01:27:48.760 --> 01:27:54.960 it wrong. I just wanted to look at the convoy of the speaker. 1085 01:27:55.039 --> 01:28:00.039 For example, you cannot compare ma Chrome the president of its like with the 1086 01:28:00.119 --> 01:28:06.239 speaker like you have. I don't see another thing again, is that we're 1087 01:28:06.279 --> 01:28:11.159 not working efficiens. I also look at the stock market. For example, 1088 01:28:11.680 --> 01:28:15.920 we have guys totally is not used in their car. She's not used, 1089 01:28:15.239 --> 01:28:19.680 but it is not used. These are captains of industry year, she's not 1090 01:28:19.840 --> 01:28:27.439 used. You know that. I'm showing there onions that can want efficient the 1091 01:28:27.600 --> 01:28:32.800 greater the economy. Trys resect alcoholic proper efficients in the sector. We want 1092 01:28:33.000 --> 01:28:36.840 people that as well. You be employed ten thousand employees, they have to 1093 01:28:38.000 --> 01:28:43.000 reduce. Git has three thousand employees. He has room to increase. Well, 1094 01:28:43.079 --> 01:28:46.039 did not increased because the economy they are looking at more investment parking. 1095 01:28:46.079 --> 01:28:50.079 That's by the fact that they made mother wanton in the quarter. So these 1096 01:28:50.119 --> 01:28:54.319 are questions we need to ask ourselves. And you cannot blame any of these 1097 01:28:54.399 --> 01:29:00.439 soul complaint because they're edging against the only you know before I drop your mind 1098 01:29:00.720 --> 01:29:06.479 after other see these solutions are straight cause we have successful people that know how 1099 01:29:06.600 --> 01:29:12.199 to run businesses. Look at Big invest look at pay Stack. These are 1100 01:29:12.239 --> 01:29:18.319 examples of the companies that were attracted and before investors and begin where we're not 1101 01:29:18.399 --> 01:29:21.680 making use good good use of these guys. You know, we don't see 1102 01:29:21.920 --> 01:29:28.399 working if you go through the French Republic as well, we call the home 1103 01:29:28.520 --> 01:29:35.960 tickets with bellers enterpreyers from different First speaking countries are giving exposure to the States. 1104 01:29:36.000 --> 01:29:42.640 Has increased Germany just save the put opportunity car for people that have skills 1105 01:29:42.800 --> 01:29:46.560 to come in. And it's getting worse because you look at the new class 1106 01:29:46.600 --> 01:29:51.880 and it's shrinking calus if you look at middle class. I was telling somebody 1107 01:29:51.960 --> 01:29:58.119 that don't think will get that way when it's very unlikely because with inflation is 1108 01:29:58.199 --> 01:30:05.159 in Kada is getting Europe sorry insuation generally and it's teating into many immigrants and 1109 01:30:05.439 --> 01:30:12.399 income. And also the will this market has gone in Africa this year, 1110 01:30:12.880 --> 01:30:17.880 it's been horrible. That's where from Grandad to Nigeria to help to this part 1111 01:30:17.920 --> 01:30:24.760 of Africa, there's at that. So I think primarily primly in simple context 1112 01:30:25.159 --> 01:30:30.600 B's run as the economy, we need to realize that the smaller government that 1113 01:30:30.920 --> 01:30:38.960 can focus on real successful business people all those costs are talking about his solution. 1114 01:30:39.720 --> 01:30:45.000 Then we are positions that were Richard Meal and live on sushi business trips 1115 01:30:45.399 --> 01:30:48.720 only. The point is that we're not joining wealth in the economy. That's 1116 01:30:48.800 --> 01:30:53.119 just the long and short of the economy. Jurating weld, you can increase 1117 01:30:53.199 --> 01:30:57.239 many more where you can spend. Nigeria are spending like a billionaire, but 1118 01:30:57.319 --> 01:31:00.840 we're a gets man. We're spending it when we don't have money. There 1119 01:31:00.920 --> 01:31:04.359 is no money. Look at the budget. All the money you make from 1120 01:31:04.439 --> 01:31:10.199 oil, let me say so slowly. All the money you make from crude 1121 01:31:10.279 --> 01:31:16.279 oil in Nigeria goes to pay salaries, allowances and service white votes of only 1122 01:31:16.800 --> 01:31:24.399 civil servants. The total money from oil and gas Nigeria is going to pay 1123 01:31:24.880 --> 01:31:30.680 salaries, allowances and service wide votes of only civil servants. There is not 1124 01:31:30.720 --> 01:31:35.640 a rich country. We are poor because we have failed to generate wells. 1125 01:31:36.000 --> 01:31:41.359 Down the line, I was trying to add Anniola, and he keeps dropping 1126 01:31:41.439 --> 01:31:45.239 off in your life. Please keep trying to add you keep falling off. 1127 01:31:46.000 --> 01:31:54.520 Just to wrap up, I think finally I think into that problem we have 1128 01:31:56.039 --> 01:32:00.560 and I have become very aggressive that you be come. You know, sometimes 1129 01:32:00.600 --> 01:32:04.720 you look at the revenue of we don't companies around the world. Let go 1130 01:32:04.840 --> 01:32:10.079 for example, that mixed toys mixed more money than you and NBC what times 1131 01:32:10.720 --> 01:32:14.479 you know. I was telling people today that you too had a total revenue 1132 01:32:14.479 --> 01:32:17.760 twenty over thirty one pillion. Now you are for a government projet letter. 1133 01:32:18.880 --> 01:32:23.399 How we are in contract to revenon? Why do you like hyping ourselves because 1134 01:32:23.399 --> 01:32:28.079 we see the problem is that we add ourselves so much that stake life has 1135 01:32:28.199 --> 01:32:31.960 really affected so many things, so we don't really university. The problem is 1136 01:32:32.039 --> 01:32:36.359 that we were coming from the world of fitness when denial was subsidized at the 1137 01:32:36.520 --> 01:32:40.560 man's level. So a lot of things that is coming to ship and people 1138 01:32:40.600 --> 01:32:43.479 who really want to verse that men. We can't do the effort. And 1139 01:32:43.560 --> 01:32:46.279 that's why I think we should take the Chinese approach that stop cutting corners. 1140 01:32:46.520 --> 01:32:51.880 We need to pump up productions. We set to agriculture, basic education, 1141 01:32:53.239 --> 01:32:57.079 trade logiste. True, there are too many. There are too many big 1142 01:32:57.199 --> 01:32:59.920 men that have that are not creating world to Nigeria. Are too many big 1143 01:33:00.119 --> 01:33:03.319 men that are living up the federal government not creating a couple of wealth as 1144 01:33:03.359 --> 01:33:10.520 too many everywhere. Everybody's special adviser on this special it's just a waste, 1145 01:33:11.039 --> 01:33:14.199 just so much waste. Two private jets of Nigeria and Europe. They are 1146 01:33:14.319 --> 01:33:17.439 bad. President, private jet went is bad project? When it's bad? 1147 01:33:17.439 --> 01:33:21.439 Why does Nigeria need two or three or four private jets? Why? Why 1148 01:33:21.520 --> 01:33:26.640 do why most way in podcasts? For customs? Why when you make cars 1149 01:33:26.720 --> 01:33:30.760 locally wrong? The gens everywhere money is being spent and blown. You don't 1150 01:33:30.840 --> 01:33:34.840 see it save with past monthly funk? Where's the money? Can you go 1151 01:33:34.920 --> 01:33:39.760 to your state and that states can say that received from their billion? Where's 1152 01:33:39.800 --> 01:33:43.800 the money? It's crazy? Joe save us a Joe O Day? What's 1153 01:33:43.840 --> 01:33:48.680 up? Joe? Joe? Can I call you? Joseph Joseph O Day? 1154 01:33:48.760 --> 01:33:54.920 What's up? You've got the floor, mister McDonald. Let's go ahead. 1155 01:33:54.920 --> 01:34:02.880 Your hands up? Yeah? Why can I see you playing the devils 1156 01:34:02.960 --> 01:34:08.720 advocate here for the government and I don't like it? See you cannot You 1157 01:34:08.800 --> 01:34:13.960 cannot tell me federal government cannot be or cannot increase mid vanguage. Can they 1158 01:34:14.039 --> 01:34:21.560 are increasing their own salaries see spending. Let's let's let's let me call me. 1159 01:34:23.920 --> 01:34:27.479 Yes, I can hear you. Go ahead make your point now, 1160 01:34:27.880 --> 01:34:38.720 carlum is okay. I can understand tables issues. He inherited a problem. 1161 01:34:39.600 --> 01:34:45.720 But even everybody in this country knew prior to study election that whoever goes into 1162 01:34:45.800 --> 01:34:47.920 that who else I take sugar from? Where is going to inherit this and 1163 01:34:48.000 --> 01:34:53.039 normost problem. You're trying to determine that he wasn't prepared for it. Good. 1164 01:34:53.439 --> 01:34:59.760 Now, why we're still below Carlo? What is happening to our oil 1165 01:35:00.159 --> 01:35:03.479 production? Do you know about the oil tells? Do you know about the 1166 01:35:03.760 --> 01:35:06.960 red to the Do you know that they are the amount of punk cream that's 1167 01:35:08.039 --> 01:35:12.399 going after this illegal export of kludoil is higher than the one that they are 1168 01:35:12.479 --> 01:35:15.479 accounting for pop are or whatever they call it in DPR? Who? Who? 1169 01:35:15.680 --> 01:35:20.000 Who? Who tells us the metering of export of crude? Do you 1170 01:35:20.079 --> 01:35:23.920 know that the record they give you is no record of what we export? 1171 01:35:24.960 --> 01:35:29.439 The point I'm trying to make here is if you wants to succeed, if 1172 01:35:29.479 --> 01:35:33.319 to be honest to himself, to the who haven't gotten the right people around 1173 01:35:33.439 --> 01:35:36.800 him? Let me tell you just I think he's got appointed people based on 1174 01:35:38.039 --> 01:35:41.720 compensating them, them that helped him to get into that office. If it 1175 01:35:41.840 --> 01:35:45.199 means business, if you get the right people here for him to get this 1176 01:35:45.359 --> 01:35:50.199 in down, because see this country is a very rich country. I will 1177 01:35:50.279 --> 01:35:54.439 tell you I'll tell you for a fact, because I'm theologists, all right. 1178 01:35:54.960 --> 01:35:58.159 If do you know the amount of soledingar us the post night you there 1179 01:35:59.399 --> 01:36:03.439 no man here? You I'm coming, I'm coming. If to live is 1180 01:36:03.479 --> 01:36:08.880 interested, he should more pop revenue. Do you know amount of good they 1181 01:36:08.880 --> 01:36:11.800 are centering out of this country and nobody in accounting for it. And he 1182 01:36:11.920 --> 01:36:15.720 keeps the bland eye to it because I think his civil software from legitimacy. 1183 01:36:15.760 --> 01:36:18.560 Because there's some people you cannot fight because he has a problem with them, 1184 01:36:18.600 --> 01:36:21.279 because they can't tell you. He don't know how you came in here. 1185 01:36:21.720 --> 01:36:25.399 You cannot come and tell us. Two you cannot come and standing out business. 1186 01:36:25.560 --> 01:36:28.720 This is the problem has here. Well, if it's if if we 1187 01:36:28.760 --> 01:36:33.680 can can come Mozle of himself, we can we can generate this money in 1188 01:36:33.800 --> 01:36:41.479 this country. We are losing a lot of money here to criminals, even 1189 01:36:41.640 --> 01:36:43.520 in the high see. If you know how much is going out of this 1190 01:36:43.640 --> 01:36:48.800 country is legally you will shed tears. Reason is very high. It's possible, 1191 01:36:49.159 --> 01:36:54.439 it's possible to generate this high revenue in this country by our natural resources, 1192 01:36:54.479 --> 01:36:59.039 and that you don't have, you know, let's just nobody the mark 1193 01:36:59.159 --> 01:37:02.760 Mark let's use football analogy. Mark, let me this way. I like 1194 01:37:02.880 --> 01:37:08.479 what NLS is doing. This demand from NLS is like it's like what what 1195 01:37:08.800 --> 01:37:16.119 what I call opposition opposition tactics, putting them on the hotspot, putting them 1196 01:37:16.159 --> 01:37:20.399 on the horse seats, making them sit up. Because if if if NLS 1197 01:37:20.560 --> 01:37:24.279 go and the last saying okay and just doesn't have money there week, they 1198 01:37:24.640 --> 01:37:28.680 cannot have for they okay, give what the sixty thousand and go and you 1199 01:37:28.760 --> 01:37:30.520 are cool, we'll not think out of the box. So they should give 1200 01:37:30.560 --> 01:37:32.720 them this one that that need to press on this. They should go on 1201 01:37:32.880 --> 01:37:38.880 this track tomorrow. So the trip in this thing many they are to like 1202 01:37:39.079 --> 01:37:43.039 he got want want of foods around himself and they're not doing anything. They're 1203 01:37:43.039 --> 01:37:45.720 not delivering. Can we have to live in out and okay if no money 1204 01:37:45.720 --> 01:37:50.840 is mark Mark Mark Mark, Mark chill out let. Let's just let's just 1205 01:37:50.960 --> 01:37:55.600 get get back on track. The point I'm making this this if more I'm 1206 01:37:55.640 --> 01:37:59.800 telling you I agree that with the NLC that we just have to go. 1207 01:38:00.119 --> 01:38:01.960 What I'm telling you is that the reality is that they can't go up. 1208 01:38:02.640 --> 01:38:06.880 Let's use fooball analogy. Chelsea has got very very good players. At the 1209 01:38:06.920 --> 01:38:12.840 certain point in the season, Chelsea's players were injured, they were not playing. 1210 01:38:13.560 --> 01:38:15.880 So the potential for Chelsea to win Chipsigue is there, but there's no 1211 01:38:16.039 --> 01:38:21.920 money. We have not invested in this economy called Nigeria. We have not 1212 01:38:23.199 --> 01:38:28.720 we haven't grown our oil output. Whether it's Harry's fault or ten Noble's fault, 1213 01:38:29.199 --> 01:38:31.760 we have not invested in Nigeria and we are paying the price today. 1214 01:38:32.239 --> 01:38:36.520 There is no way I'm giving you. It's not an argument. There is 1215 01:38:36.640 --> 01:38:43.840 no way this government today can pay even more than sixty one hundred thousand has 1216 01:38:43.880 --> 01:38:46.920 minimum wage. It's not possible. Look at you to take yourself. What 1217 01:38:47.039 --> 01:38:51.000 they're asking you to do is that your worker, your driver, your minimum 1218 01:38:51.039 --> 01:38:54.800 You pay your drivers one hundred thousand? What is your what do you end? 1219 01:38:54.880 --> 01:38:59.520 What? What do you end from your own personal business or the government. 1220 01:38:59.520 --> 01:39:01.319 I'm not blaming anybody. I'm not giving reality. And it is the 1221 01:39:01.399 --> 01:39:05.439 government's job to create the consis for wealth. I get that, But we 1222 01:39:05.600 --> 01:39:09.800 have to think outside the box. We can't say we can't. We're not 1223 01:39:09.960 --> 01:39:13.840 children. Give my toy or a trantrum. That's what Annalyns is doing. 1224 01:39:14.399 --> 01:39:18.399 Where were they when all these laws were being passed or that increased taxes. 1225 01:39:18.399 --> 01:39:21.840 Did they come out and complain when viet went up the detumanter and complained, 1226 01:39:23.039 --> 01:39:26.880 when the telecom electronic fee came out the de quanter and complain. All those 1227 01:39:26.920 --> 01:39:30.880 things are sapping the disposable income of Nigerians. And if you don't have disposable 1228 01:39:30.920 --> 01:39:34.239 income, where do you noun start to tax? If you've taken a dispossible 1229 01:39:34.279 --> 01:39:38.600 income through levies and fees, where are you going to tax to raise this 1230 01:39:38.800 --> 01:39:41.800 minimum with minimum? With this tax? So you are the one paying the 1231 01:39:41.840 --> 01:39:45.119 minimum with not government till it with not paid minimum with you are the one 1232 01:39:45.159 --> 01:39:47.079 pain the minimum, which is you that are going to tax to pay for 1233 01:39:47.199 --> 01:39:53.399 ninety four So federal workers would enjoy. What about workers in Cartina and Abya 1234 01:39:53.439 --> 01:39:58.720 state? How would they get from their tax to pay so it made in 1235 01:39:58.880 --> 01:40:02.199 lay in abiasity to from the thousand and era. It's not possible. And 1236 01:40:02.399 --> 01:40:05.760 the reality is that we have got to say what is realistic so you can 1237 01:40:05.840 --> 01:40:11.560 give the best approaches. Four hundred and forty will me that everybody sacked. 1238 01:40:11.720 --> 01:40:16.680 Listen in California, this is California, richest states maybe in America maybe if 1239 01:40:16.720 --> 01:40:20.279 you put California was a country to be among the top ten in terms of 1240 01:40:20.399 --> 01:40:27.119 world California they passed the bill here that said that fast food workers will end. 1241 01:40:27.239 --> 01:40:30.479 Is it twenty dollars a twenty hour? So the highest because minimum with 1242 01:40:30.560 --> 01:40:34.520 America is seven. Most states paid twelve to fifteen, California said the most 1243 01:40:34.560 --> 01:40:40.479 paid twenty or whatever? The figures escape me. Now what happened? McDonald's 1244 01:40:40.479 --> 01:40:45.279 many fast food resent California are closing down. They've committed to electronic. If 1245 01:40:45.319 --> 01:40:47.279 you go to McDonald's now you're talking to his screen. You don't talk to 1246 01:40:47.319 --> 01:40:51.479 a human anymore. Because it's so costly. They can't deploy humans, so 1247 01:40:51.560 --> 01:40:57.279 they've sacked a lot of people. They've moved to electronic to reduce costs. 1248 01:40:57.880 --> 01:41:02.479 Nigeria is not California. Were very very cheap, label very unproductively, but 1249 01:41:02.560 --> 01:41:08.640 not the individual. But the label in Nigeria is unproductive because it's still manual. 1250 01:41:10.000 --> 01:41:12.960 Where's the pawers supply to do? Label? In Nigeria, where's the 1251 01:41:13.000 --> 01:41:17.880 past supply? So this unproductive label can only end more if it becomes productive. 1252 01:41:18.640 --> 01:41:23.720 If workers in for instance, nord can make a car an hour, 1253 01:41:24.159 --> 01:41:28.319 their salary will go up automatically, but they can make a can add because 1254 01:41:28.319 --> 01:41:31.640 they have no power supply to make that can hour. So we just do 1255 01:41:31.760 --> 01:41:36.159 don't operate outside the economy. Wees are part of the economy. You can't 1256 01:41:36.159 --> 01:41:39.960 take wages and say we're going to pay with this one hundred thousand, but 1257 01:41:40.079 --> 01:41:43.359 the economy will have only twelve hours parts supply, their economy will have on 1258 01:41:43.439 --> 01:41:47.520 liborhood, their colomy will have only one dollar to five to five thousand. 1259 01:41:47.600 --> 01:41:51.640 It's not possible. It's not possible. I want wages to go up, 1260 01:41:51.960 --> 01:41:57.920 but Nigeria cannot pay that four hundred four point nine trillion from where? Now, 1261 01:41:58.159 --> 01:42:00.359 where we get four financially I'm from. Where are we going to tell 1262 01:42:00.399 --> 01:42:05.199 me where we're going to get four pointancially? I'm from. I think we 1263 01:42:05.239 --> 01:42:12.199 should just change that. Let's face you can't just face government. You can't 1264 01:42:12.199 --> 01:42:15.840 say, because you need to to get this revenue, let's change the topic 1265 01:42:15.920 --> 01:42:20.079 and expanding how they can do. But that's the topic, the topic productivity. 1266 01:42:20.119 --> 01:42:26.359 That's what I've said mcgonna. Whether I would defend or not defend, 1267 01:42:26.479 --> 01:42:29.239 Yeah, you know my stance on the government, what I would defend or 1268 01:42:29.239 --> 01:42:31.239 defend. We have to be realistic. If you want to get more money, 1269 01:42:31.760 --> 01:42:35.680 make the economy productive, that's the answer. You've got to provide power. 1270 01:42:35.800 --> 01:42:41.760 The government has brought past supply, roads, infrastructure and security, so 1271 01:42:42.000 --> 01:42:47.199 the private sector can create the world defend or not defend. There is no 1272 01:42:47.520 --> 01:42:53.359 way you are going to raise four point nine trillion annually. This is not 1273 01:42:53.640 --> 01:42:58.960 one time or annually from this economy Nigeria. There is no way, I 1274 01:42:59.119 --> 01:43:01.319 get it. You're going to go to two hundred so that as if the 1275 01:43:01.720 --> 01:43:05.239 bill will be about maybe two points something trillion, Where would you get to 1276 01:43:05.800 --> 01:43:11.920 trillion in this economy every year? Where where where will we get it from? 1277 01:43:11.920 --> 01:43:17.319 You increase the eighty if you increase But I just said that. I 1278 01:43:17.439 --> 01:43:23.239 just said that. You do an austerity budget. You stop all capital projects 1279 01:43:23.479 --> 01:43:28.279 and you take the money from those capital projects to pay human development initiat. 1280 01:43:28.680 --> 01:43:32.479 I just said it. Now, austerity budget, all this nonsense. Your 1281 01:43:32.560 --> 01:43:39.479 channel a broad for training. It stops any spending not tied towards human capital. 1282 01:43:39.680 --> 01:43:44.880 You stop it, including capital projects. So it will hurt us in 1283 01:43:44.960 --> 01:43:47.039 the long term. But for the next twenty four months, you want to 1284 01:43:47.119 --> 01:43:53.520 stop everything and say we're going to focus on human development index If it's not 1285 01:43:53.640 --> 01:43:59.640 tied to food, education or help stop it. Then you go directly and 1286 01:43:59.680 --> 01:44:01.880 you say, okay, what and what do people need? They need power, 1287 01:44:02.199 --> 01:44:06.520 even if it means you are going to subsidize diesel for industries With that 1288 01:44:06.640 --> 01:44:11.960 money, I want you take from say Ministry of Power, Ministry of Women 1289 01:44:12.039 --> 01:44:15.600 Affairs. You take it from there and you subsidize this for one month. 1290 01:44:15.760 --> 01:44:18.479 You are growing the economy right now. It's like your house is burning, 1291 01:44:18.840 --> 01:44:24.000 but you're going to prize tile in Italy. Your house is burning, you 1292 01:44:24.000 --> 01:44:30.720 should be worried about what your prisent tile in Italy. You are important austerity. 1293 01:44:30.800 --> 01:44:33.159 This is on Nigeria in ninety three. We are afraid of hostility because 1294 01:44:33.199 --> 01:44:38.159 austraity makes us lose elections. That's why we don't do it. Ask any 1295 01:44:38.239 --> 01:44:44.439 economists. What Nigeria needs today is an austerity budget, not high fluting budget. 1296 01:44:44.520 --> 01:44:47.920 What you have ministers doing farm and it You don't need all that basic 1297 01:44:48.560 --> 01:44:55.199 basic needs. What do we need today? Food water security, not even 1298 01:44:55.239 --> 01:45:00.199 power, food water security. I wouldn't have it if you don't face those 1299 01:45:00.279 --> 01:45:02.680 three things. What are you talking about? What are we doing on Twitter? 1300 01:45:08.199 --> 01:45:11.560 Do you think this is ready for? What? Mark that's not with 1301 01:45:12.720 --> 01:45:15.520 the body language. But that's what you're asking me questions. Have answered you. 1302 01:45:16.039 --> 01:45:19.279 I said of starty budget, and I'm not doing politics here. I'm 1303 01:45:19.319 --> 01:45:21.800 not dependent. I'm telling you what needs to happen as an economy. I'm 1304 01:45:21.800 --> 01:45:27.239 not an economist. Wanted to happen on the economic strength holding the peace idea. 1305 01:45:28.000 --> 01:45:30.039 Yeah, I think a lot of people are missing the fact that you're 1306 01:45:30.079 --> 01:45:33.720 not defending government here, and the fact that we're just being like, look 1307 01:45:33.800 --> 01:45:44.039 at the news from char school. They're going to connect administ that doesn't crazy. 1308 01:45:44.880 --> 01:45:51.600 This is goment Ministry of Finances owing in power, which they're only school. 1309 01:45:53.640 --> 01:45:57.520 I was. I was talking to someone that says that's look at government's 1310 01:45:57.520 --> 01:46:03.079 application has been See the time I've been looking at what you're from that time 1311 01:46:03.119 --> 01:46:09.359 to the present, we've never had any implementation of just we'd never add even 1312 01:46:09.520 --> 01:46:14.640 the pod we don't you would, we don't meet. So the fact that 1313 01:46:15.239 --> 01:46:18.239 it's not that colony defending any pot, you're reprotective. That's I understand the 1314 01:46:18.319 --> 01:46:25.079 fact that I just see anything we talk about the government, we the field 1315 01:46:25.159 --> 01:46:29.640 that sometimes we are sought for them unite that they have going helped the matter. 1316 01:46:29.920 --> 01:46:32.880 I agreed. And that is why the optics really upsets me, because 1317 01:46:33.079 --> 01:46:38.560 if the president came to power, for example, we ensured that the office 1318 01:46:38.640 --> 01:46:44.119 wife you were was more fugal, it will be ent sell this reforms. 1319 01:46:44.239 --> 01:46:46.079 But right now people are not buying it. And I'll just study. What 1320 01:46:46.199 --> 01:46:50.399 realize is that right now before comment can meet the present obligation. That's why 1321 01:46:50.439 --> 01:46:56.600 you see government selling savings one that's twenty percent, just to get more funds 1322 01:46:56.600 --> 01:46:59.920 to meeting for you to talk. The matter is that we are not getting. 1323 01:47:02.560 --> 01:47:06.199 It's cold cold reality. We where we can, we can, we 1324 01:47:06.279 --> 01:47:10.000 can talk from here till next year, but don't see where the goverment is 1325 01:47:10.000 --> 01:47:13.920 going to get two point three trillion A y a Y. So the man, 1326 01:47:13.960 --> 01:47:16.279 how are you doing, sir? Ay? Everyone? How are you 1327 01:47:16.359 --> 01:47:20.119 sir? I'm fine? How are you all going? Well? Where where 1328 01:47:20.239 --> 01:47:23.760 cop? Well, we're looking for two point three trillion? Do you have 1329 01:47:23.880 --> 01:47:27.920 two point three trillion? The topic of the topic of today was was the 1330 01:47:28.039 --> 01:47:31.119 Central Bank of Nigeria wants to be the part is gonna be taken away from 1331 01:47:31.199 --> 01:47:35.279 them given to the mysture of finance. We are tying that into the fact 1332 01:47:35.279 --> 01:47:40.359 that the government wants to borrow money because they take it to the mystery of 1333 01:47:40.520 --> 01:47:45.960 finance, they can borrow easier without oversight. Do you want to talk about 1334 01:47:45.039 --> 01:47:49.399 that or are you talking about the minimum which which saw your mind? Let 1335 01:47:49.439 --> 01:47:56.239 me take this from every angle. Look, we can all leave wine and 1336 01:47:56.359 --> 01:48:00.399 wine and wine and wine continuously, but we are all more seriously enough to 1337 01:48:00.479 --> 01:48:05.079 take to move this country forward. It's like, let me put it this 1338 01:48:05.199 --> 01:48:11.520 way. The thing Nigeria needs is the right mindset. Honestly, this is 1339 01:48:11.760 --> 01:48:16.239 just what Nigeria needs, the right mindset because when we look at every I 1340 01:48:16.319 --> 01:48:19.319 mean leaders across the group, there are people, there are people with the 1341 01:48:19.399 --> 01:48:24.840 right mindset. This is just what Nigeria needs. Because I always tell people 1342 01:48:24.920 --> 01:48:27.800 that whether I think who was the one that I wanted to drink three election 1343 01:48:27.960 --> 01:48:30.840 or whoever I want, still Nigeria will still be moving at this piece. 1344 01:48:31.760 --> 01:48:36.600 Why because things have like are messed up, like real good. A lot 1345 01:48:36.600 --> 01:48:41.199 of things are just really messed up. So what we just have to be 1346 01:48:41.279 --> 01:48:45.560 doing right now is to train the next generation to have the right mindset because 1347 01:48:45.720 --> 01:48:47.960 like I tell people, like seventy percent of Nigerian's are crooket They have a 1348 01:48:48.039 --> 01:48:51.600 crooked mindset. So it's not all about government. Government, the government that 1349 01:48:53.119 --> 01:48:56.880 the overage Nigeria and our outbeit when he also wants to get in, I 1350 01:48:57.119 --> 01:49:00.560 just have his own share of national kit. It's not like every body yeah 1351 01:49:00.560 --> 01:49:03.359 any like every everybody mus well for Nigeria out there. So the over Nigeria 1352 01:49:03.399 --> 01:49:05.920 wants to get in, I just have his own share of national kid. 1353 01:49:06.279 --> 01:49:09.640 So what we have to just be doing right now is to be training the 1354 01:49:09.720 --> 01:49:12.960 right next generation to have the right mindset, because I mean they are the 1355 01:49:13.000 --> 01:49:15.920 only hope of the country. Because I mean seventy percent of Nigeia is currently 1356 01:49:16.000 --> 01:49:19.039 we don't have the right mandset. Everybody is looking for who to cheat, 1357 01:49:19.319 --> 01:49:23.960 to cheat this person, cheat the other person. So I mean this is 1358 01:49:24.079 --> 01:49:27.000 our problem. Honestly, it's not about the leaders. They don't It's not 1359 01:49:27.039 --> 01:49:29.319 about the leaders they don't know. I mean when you travel around, we 1360 01:49:29.399 --> 01:49:32.560 see what is happening. If if the government should agree for this four ninety 1361 01:49:32.600 --> 01:49:35.800 four, trust me, by tomorrow, the I mean prices of things in 1362 01:49:35.840 --> 01:49:40.800 the markets will rise. Why because now the people are having the purchasing power. 1363 01:49:41.319 --> 01:49:45.319 So we're all like we need to really get things done ourselves and think, 1364 01:49:45.439 --> 01:49:46.760 I mean deeply, it's not about God Man, god Man, godment, 1365 01:49:46.800 --> 01:49:50.520 God pat we can wind from tomorrow like I will tell people it's not 1366 01:49:50.600 --> 01:49:55.760 and it's not about who means honestly, come twenty twenty seven, whatever means 1367 01:49:55.800 --> 01:49:59.760 the country was to be moving at this loop piece? Why because everything is 1368 01:50:00.199 --> 01:50:03.600 corruption is not about government is just one percent. I tell people government is 1369 01:50:03.720 --> 01:50:08.039 just one percent. It's the other ninetyers that are nineteen nine percent. Let 1370 01:50:08.079 --> 01:50:13.560 me ask you a question. Let me ask you a question. Yeah, 1371 01:50:13.600 --> 01:50:15.199 let me ask you a question. If you don't mind, let me ask 1372 01:50:15.239 --> 01:50:17.279 the question. Do you think that if somebody else had one? This is 1373 01:50:17.319 --> 01:50:20.760 a question always get if somebody else had one, we had, we had 1374 01:50:20.840 --> 01:50:25.159 tenable, we had a ticket, we had Peterby. Do you think if 1375 01:50:25.199 --> 01:50:29.159 somebody else had one that would have the same it would have the same problems? 1376 01:50:29.239 --> 01:50:33.199 Yes, but would we have would the response have been different? What's 1377 01:50:33.239 --> 01:50:38.680 your take on this? Honestly, the response will be different maybe from like, 1378 01:50:39.159 --> 01:50:42.520 but it wouldn't really make that much of it. I mean difference honestly 1379 01:50:42.560 --> 01:50:46.039 because they are brought and let's be realistic with ourselves. This has been the 1380 01:50:46.159 --> 01:50:50.159 way since I mean, like back in two thousand and five. You have 1381 01:50:50.239 --> 01:50:55.520 to see dropped. They said something decided like from nineteen sixty that we gained 1382 01:50:55.560 --> 01:50:59.920 independence. So two thousand and five, like the country has been robbed. 1383 01:51:00.239 --> 01:51:02.880 Was it five hundred million billion dollars or something like that? I can't remember 1384 01:51:02.960 --> 01:51:08.680 correctly. So like imagine the country is not like like mister who is the 1385 01:51:08.760 --> 01:51:12.199 person that spoke mc donald, he said something. He said, it's not 1386 01:51:12.319 --> 01:51:15.920 like an Anginia is nourish, Nigeria is rich. I mean, Nanginia is 1387 01:51:15.960 --> 01:51:17.560 rich. Look at Japan. Were started with Japan. Look at Japan today, 1388 01:51:17.920 --> 01:51:21.760 Look at Japan today. So it's not about I mean I tell people 1389 01:51:23.119 --> 01:51:26.600 the quality of leaders, the quality of people everybody and most I do also 1390 01:51:26.640 --> 01:51:29.399 put any of them and you're one of them. The quality of people who 1391 01:51:29.439 --> 01:51:32.039 are voting into office is a problem. We need to begin to help people 1392 01:51:32.079 --> 01:51:35.880 with the right mindset. It's not about having a PhD with in your memory. 1393 01:51:36.399 --> 01:51:40.800 Is about what what can you give? And it speaks for if someone, 1394 01:51:41.239 --> 01:51:45.279 It speaks for itself. You don't joke. In Nigeria's we are more 1395 01:51:45.479 --> 01:51:49.840 like we always I mean wrap ourselves, I mean behind the emotions and many 1396 01:51:50.000 --> 01:51:54.279 and some other things. But we have to be realistic in our takes on 1397 01:51:54.399 --> 01:51:58.159 things because this would definitely not change. It's not about praying and praying and 1398 01:51:58.239 --> 01:52:00.960 praying is not about saying which being good for the country. It's about actually 1399 01:52:01.119 --> 01:52:04.479 working, all right, It's about actually working. That's why we most train 1400 01:52:04.600 --> 01:52:10.199 the next generation. That is when inger will progress. Thank you very much. 1401 01:52:10.359 --> 01:52:12.840 Why good comments. I appreciate you where you're calling it from? Just 1402 01:52:13.159 --> 01:52:18.720 just to ask what did you say where you're calling from. I'm calling from 1403 01:52:18.760 --> 01:52:23.920 Zari right, nice, nice a y. I appreciate that. Thanks for 1404 01:52:23.960 --> 01:52:26.239 thanks for helping. I can you've got the floor? Why? Thanks so 1405 01:52:26.319 --> 01:52:31.680 much? I can got the floor. So what I want to say is 1406 01:52:32.600 --> 01:52:42.439 I tell you are right that the government can increase increase the salaries. That 1407 01:52:43.279 --> 01:52:47.039 so you can increase the minimum So you are sort of half two three quarters 1408 01:52:47.119 --> 01:52:53.199 right. I think what you're not saying is that the government can increase minimum 1409 01:52:53.279 --> 01:52:58.000 which by printing money. Whether of implication is going to be that the price 1410 01:52:58.079 --> 01:53:02.119 of everything will go. So if the government wants to say minimum wage is 1411 01:53:02.159 --> 01:53:05.960 one million, they can't do it tomorrow. The problem is that it will 1412 01:53:06.119 --> 01:53:11.960 print and prints and prints, and that one million will become like thirty thousand 1413 01:53:12.840 --> 01:53:17.800 or nineteen eight true. That was before. So the question is when people 1414 01:53:17.840 --> 01:53:21.319 say, oh, they can that if you're going to tax this, government 1415 01:53:21.399 --> 01:53:26.319 can do this, government can do that. What they are not saying and 1416 01:53:26.520 --> 01:53:30.319 what they are not really thinking, is the trade off you if you increase 1417 01:53:30.720 --> 01:53:34.840 which on a thousand, if the government agrees to it, and the comments 1418 01:53:34.880 --> 01:53:43.239 that we paid it just means that they are going to print money and inflation 1419 01:53:43.439 --> 01:53:46.600 will increase from here. Now. The other thing too is this idea that 1420 01:53:47.039 --> 01:53:51.640 Nigeria is in rich country. Sorry, Nigeria is not a rich country. 1421 01:53:53.000 --> 01:53:58.760 If you look at reserves of a lot of natural resources, looking nineteen about 1422 01:53:58.840 --> 01:54:01.880 what ifore natural sources. If you look at the results of natural resources in 1423 01:54:01.960 --> 01:54:06.399 the world, it's only a handful, only handful that I can say Nigeria 1424 01:54:06.520 --> 01:54:13.479 is like top five in the world or even top ten's it's literally just like 1425 01:54:13.600 --> 01:54:16.079 a handful, maybe like four or five. So you'll be talking of maybe 1426 01:54:16.119 --> 01:54:19.640 a natural gas for instance, You'll be talking of a cold for instance, 1427 01:54:20.039 --> 01:54:24.880 but when you're talking aboulithium, they're talking of lithium for instide. Everybody's talking 1428 01:54:24.960 --> 01:54:30.439 about how we should protect littlem experts. All of that. Nigeria doesn't have 1429 01:54:30.960 --> 01:54:35.319 much in the way of a lot of these natural resources. We have incizeable 1430 01:54:35.640 --> 01:54:41.000 commercial amounts agreed, but there are not world pitching. They are not enough 1431 01:54:41.079 --> 01:54:44.319 that we can say, oh, if we limit the exports of this is 1432 01:54:44.359 --> 01:54:46.680 going to increase the world price. Or you look at even cocoa. You 1433 01:54:46.800 --> 01:54:50.279 and I know that cocoa now or a few weeks ago was reaching ten thousand 1434 01:54:50.399 --> 01:54:57.159 US dollars. It was because of the filled crops in the Ivory coast and 1435 01:54:57.239 --> 01:55:01.680 Ghana now. It wasn't because of my before in the early sixties. If 1436 01:55:01.800 --> 01:55:05.359 Nigeria said the price of people is twenty thousand years dollars, that's what it 1437 01:55:05.359 --> 01:55:11.680 would be. No body. So this idea, this idea that is still 1438 01:55:12.000 --> 01:55:16.680 ingreded in Nigerian's that Nigeria is somehow in rich country. We should disabuse our 1439 01:55:16.760 --> 01:55:21.960 minds of it. It's affecting we were thinking and I have to add them 1440 01:55:23.119 --> 01:55:28.079 add towards lumiday is saying. Olmitia was talking about how we should increased production. 1441 01:55:28.920 --> 01:55:31.039 I agree with you, increased production. But it seems that all our 1442 01:55:31.119 --> 01:55:39.760 conversation about production in this country is always about agriculture. It's always about agriculture. 1443 01:55:39.920 --> 01:55:44.119 The thing is, if you think about the geopolitical reality that we're facing 1444 01:55:44.199 --> 01:55:48.119 today. War was everywhere to the Russia, Ukraine, Tan and possibility that 1445 01:55:49.399 --> 01:55:55.279 we could have the South China Sea become a war zone in a few years 1446 01:55:55.359 --> 01:55:58.199 time. You and I know that if that kind of thing would happen, 1447 01:55:58.520 --> 01:56:04.960 even process good or high end goods like laptops, flash drives, mouse servers, 1448 01:56:05.359 --> 01:56:10.560 so many things will increase in price and will be in a serials mess 1449 01:56:10.680 --> 01:56:14.880 right now. So what Nigeria could be doing at these points that will not 1450 01:56:15.000 --> 01:56:20.520 cost us more money? Saint Ambassador's same foreign emissaries to all the African capitals 1451 01:56:20.560 --> 01:56:28.159 to try to get concernsus about the the Africa Ritard Agreement, to try to 1452 01:56:28.319 --> 01:56:32.680 ratify it and to ensure that we transmitter as well to move Africa towards a 1453 01:56:32.800 --> 01:56:44.000 free trade a situation. And Nigeria should also increase manufacturing. And I'd say 1454 01:56:44.079 --> 01:56:49.199 this, I know this is quite quite an I say it's quite a controversial 1455 01:56:49.199 --> 01:56:54.600 of view, but I think if you look at the the composition of our 1456 01:56:54.680 --> 01:56:59.039 GDP as the country for a poor country like like Nigeria, we actually invest 1457 01:56:59.199 --> 01:57:03.279 very little. We don't invest up to twenty five percent of our GDP there's 1458 01:57:03.319 --> 01:57:09.680 no money. Now. You cannot become a rich country investing at seventeen eighteen, 1459 01:57:09.800 --> 01:57:15.119 nineteen twenty percent. We have to find policies that encourages investment, that 1460 01:57:15.319 --> 01:57:19.760 prioritizes investment over consumption and over government spending and all of that, because it 1461 01:57:19.880 --> 01:57:25.760 is increased investment that we increase the export was to get the dollars that will 1462 01:57:25.760 --> 01:57:28.840 bring into the country that we can then invest in that sectors and all of 1463 01:57:28.880 --> 01:57:31.399 that. If you look at Korea, if you look at Japan, if 1464 01:57:31.439 --> 01:57:34.520 you look at Vietnam, if you look at China, if you look at 1465 01:57:34.960 --> 01:57:40.279 the Taiwan, this is what they've been doing over and over and over again. 1466 01:57:41.199 --> 01:57:45.760 Investment rates of thirty five, forty five, fifteen in some cases at 1467 01:57:45.800 --> 01:57:48.159 one point then it droves down to fourteen forty five, thirty five, So 1468 01:57:48.279 --> 01:57:51.000 between ty five and forty five percent, that's really what we should be going 1469 01:57:51.119 --> 01:57:57.840 for. But this idea of will increase, will increase consumption, will increase 1470 01:57:57.880 --> 01:58:03.159 consults at the expense of of the investment is literally robbing pet out of paper. 1471 01:58:03.720 --> 01:58:08.399 It's like eating your seitcom. You have one con and you're eating the 1472 01:58:08.560 --> 01:58:13.079 whole corn because oh, you're hungry. Today. That is literally what a 1473 01:58:13.119 --> 01:58:16.279 lot of Nigerians are advocating for when they're saying, oh, we just boost 1474 01:58:16.319 --> 01:58:20.159 consumption post consumption. Yes, you grew your economy in the short term, 1475 01:58:20.319 --> 01:58:26.479 but to affect your long grown growth. And you and I know long grown 1476 01:58:26.520 --> 01:58:30.680 growth will affect our children, to affect our grandchildren and whatnot. What we're 1477 01:58:30.920 --> 01:58:34.560 suffering today as a country is the result of decisions made twenty thirty years ago 1478 01:58:35.680 --> 01:58:40.159 and even the decisions made today. We should never ever forget that when we 1479 01:58:40.279 --> 01:58:45.720 talk about we will talk about, oh, boose consumption post consumption, because 1480 01:58:45.720 --> 01:58:48.640 if you do that at the expense of investment, we will suffight in the 1481 01:58:48.760 --> 01:58:53.800 long growth. Thank you, good point. Okay, I mean it's not 1482 01:58:54.199 --> 01:58:57.520 where I'm making this point of one of our game. I want the workers 1483 01:58:57.600 --> 01:59:01.399 to end one million a month. We can't afford it. I mean it's 1484 01:59:01.560 --> 01:59:06.159 as simple as that. We can't afford it because the economy does not generate 1485 01:59:06.640 --> 01:59:12.680 wealth. The workers in Nigeria are unproductive, not because they are lazy, 1486 01:59:13.119 --> 01:59:16.479 but because the economy is still manual the normal. If you think of a 1487 01:59:16.640 --> 01:59:20.760 farmer in Nigeria, what comes to your head. It's a guy in the 1488 01:59:20.880 --> 01:59:27.680 rural area with a whole. That's it. Think of a farmer in Ohio. 1489 01:59:27.960 --> 01:59:31.439 What comes to your mind. It's a guy on a tractor on acres 1490 01:59:31.479 --> 01:59:38.319 of fields of width. So you can't grow weld when you're when you can't 1491 01:59:38.359 --> 01:59:41.720 even grow food to feed your baby. You've got to first of all, 1492 01:59:41.880 --> 01:59:45.199 eat before you can talk about building roads and boie start. I want to 1493 01:59:45.239 --> 01:59:49.359 pick on a Boian. I'm so sorry if you have from a boie typifies 1494 01:59:49.479 --> 01:59:56.479 what's wrong with the economy. A boie with the poorest state in southern Nigeria, 1495 01:59:56.800 --> 02:00:00.439 the whole of the South. That the poorest state is going to spend 1496 02:00:01.399 --> 02:00:08.159 fifty billion naira. If you add the runway extension to what they've done on 1497 02:00:08.279 --> 02:00:14.520 an airport, fifty billion is one of the largest persons of rice in Nigeria. 1498 02:00:14.680 --> 02:00:17.359 Backlicky rice. That's a boy. They've got salt, that's a boy. 1499 02:00:17.960 --> 02:00:24.279 If they took ten percent of fifty billion and invested in rice mills, 1500 02:00:24.840 --> 02:00:28.640 small ones for all the guys in air Boie, they will create wealth in 1501 02:00:28.760 --> 02:00:32.199 the rural years in air Boie. That would then drive consumption, that would 1502 02:00:32.199 --> 02:00:38.560 then drive education that would then drive long term wealth creation. The boy, 1503 02:00:38.960 --> 02:00:43.439 but no the governor and the leaders in the boy have gone through fifty billion 1504 02:00:43.920 --> 02:00:47.920 naira airport in a boy how many planes like the Nugu talk less a boie. 1505 02:00:48.920 --> 02:00:51.199 But this is the problem when you That's what I can say. If 1506 02:00:51.239 --> 02:00:57.680 you invest wrongly, then of course the outcomes in ten years are gonna hurt 1507 02:00:57.760 --> 02:01:00.960 you. In nineteen seventy six, one went to Guyana. There was a 1508 02:01:01.079 --> 02:01:04.760 strike. His plane landed and no one could feel the spain. Go One 1509 02:01:04.880 --> 02:01:12.079 paid their six months salary and told them our problem Nigeria is not money, 1510 02:01:12.399 --> 02:01:15.640 it's how to spend money. It's a true quote. Google it true quote. 1511 02:01:15.680 --> 02:01:20.560 He paid six months in Guyana. But in those six months, Legos 1512 02:01:20.600 --> 02:01:26.319 did not built. He didn't build underground subway in Legos. He didn't build 1513 02:01:26.600 --> 02:01:30.199 GSM in Nigeria in the seventies there are many things. How many pots did 1514 02:01:30.279 --> 02:01:34.760 he built in Nigeria? But he was prancing around the world ten other problem 1515 02:01:34.880 --> 02:01:40.760 is not money but how to spend it. Today we have no express road 1516 02:01:40.840 --> 02:01:45.680 in Nigeria going from the east to the west of Nigeria. There is none. 1517 02:01:45.079 --> 02:01:48.479 The nearest you have is legosy Baden, the one from a Badon to 1518 02:01:49.000 --> 02:01:53.199 that's not an express rood that's a four lane road. We don't have any 1519 02:01:53.239 --> 02:01:57.600 express roads. The Legos Ports. The road from the Legos Ports toward Jata 1520 02:01:57.880 --> 02:02:02.199 is ten lanes ten then the road from Legos to a bad one. It's 1521 02:02:02.239 --> 02:02:06.479 four lane just for nonsense lanes. But it is a country that had money. 1522 02:02:06.600 --> 02:02:11.600 There is no road ten lane road in Nigeria outside Legos and Abuja. 1523 02:02:12.039 --> 02:02:16.399 Show me the one ten lane outside Legos and Abuja, a country that has 1524 02:02:17.239 --> 02:02:23.800 crude oil revenues. So why you don't spend on activities that generate welld You 1525 02:02:23.880 --> 02:02:28.359 can just wake up and say you want four hundred thousand n minimum wage. 1526 02:02:28.520 --> 02:02:31.399 What NLC is saying is this NLS is saying that the road in Niger are 1527 02:02:31.520 --> 02:02:35.880 bad, so they should buy every worker and suv. That's what NLC is 1528 02:02:35.920 --> 02:02:41.239 saying, buy us suv because roads are bad. What about fixing the damn 1529 02:02:41.359 --> 02:02:44.560 road so you don't have to buy an suv. That's what should be fighting 1530 02:02:44.600 --> 02:02:48.399 about. Long and short, we need an austerity budget. We have to 1531 02:02:48.439 --> 02:02:55.560 stop spending money on nonsense and come to our senses and spend money right. 1532 02:02:56.000 --> 02:03:00.199 You can't be spending money on private jet when your citizens cannot feed you want 1533 02:03:00.199 --> 02:03:02.720 to back of risis. People are is in kissop soon sign me video. 1534 02:03:02.960 --> 02:03:06.359 Do you know what ky soap is? Palm oil soup? Key Soup plies 1535 02:03:06.520 --> 02:03:11.800 to take that back today Key Soup, I were talking of coastal road with 1536 02:03:11.960 --> 02:03:16.920 Key peoplizing baitting with case just palm oil and the soul for I want to 1537 02:03:16.920 --> 02:03:21.479 say, that's what you guys are funny. You're found the kid from where? 1538 02:03:21.760 --> 02:03:25.479 How you want to see them? Who is? Nobody's going to government 1539 02:03:25.520 --> 02:03:29.000 here, but you won't see it if government gives like I can, if 1540 02:03:29.000 --> 02:03:30.920 they give you that money, they will come back and text you. Now, 1541 02:03:31.159 --> 02:03:35.479 why do you think our topic today is the SA Nigeria into independent central 1542 02:03:35.560 --> 02:03:41.960 Bank. They want to position themselves to print money to pay workers. That's 1543 02:03:42.000 --> 02:03:45.640 what they're taking away MPR and Montreal policy from the CYBI and to the Ministry 1544 02:03:45.640 --> 02:03:49.079 of Finance. Because the militual of Finance, who don't coordinate the printing of 1545 02:03:49.520 --> 02:03:54.720 to pay workers. What's the end goal? Inflation? They might they will 1546 02:03:54.760 --> 02:03:58.520 give money with the right hand, they will take their left hand via inflation. 1547 02:03:59.239 --> 02:04:01.159 Guys, wake wake up, this is not hard to understand. Wake 1548 02:04:01.239 --> 02:04:05.079 up. Jk Ov, jk Ov, You've got the floor, JK, 1549 02:04:05.359 --> 02:04:12.239 what's her mind? Hi, thank you very much. I hope you can 1550 02:04:12.319 --> 02:04:15.199 hear me very well. Yes I can, all right, thank you? 1551 02:04:15.359 --> 02:04:21.279 All right. So I actually decided to get Mike because of the last two 1552 02:04:21.359 --> 02:04:28.520 speakers. But I guess going by the topic, I guess we have to 1553 02:04:28.600 --> 02:04:32.680 function like probably other major economist function in the world. So if they don't 1554 02:04:32.680 --> 02:04:38.359 function independently, we have to figure out a way to make our central back 1555 02:04:38.439 --> 02:04:43.600 and still be connected to the government instead of being independent. Right, But 1556 02:04:43.720 --> 02:04:48.039 I'm going to just counter it to the last two speakers from the guy before 1557 02:04:48.079 --> 02:04:51.439 the last one said, I don't know why I came up with that, 1558 02:04:51.560 --> 02:04:56.560 because that's totally different from the topic. I think that's been political. If 1559 02:04:56.640 --> 02:05:00.079 you say, oh, if a different person won the last election, and 1560 02:05:00.439 --> 02:05:02.039 it would have been the same, but clearly you know that's a big lie. 1561 02:05:02.439 --> 02:05:05.920 It would have been the same thing because when this government came in with 1562 02:05:06.600 --> 02:05:12.079 how they all you know, the way they started building govern made houses for 1563 02:05:12.199 --> 02:05:15.520 the uh this pending. You you saw how do you spending ways from the 1564 02:05:15.600 --> 02:05:18.840 beginning, So how do you want to tell me if a different person won 1565 02:05:18.920 --> 02:05:23.359 the election. I don't know about article, but we know about the or 1566 02:05:23.439 --> 02:05:27.119 that candidates. I don't want to call names, but article might be a 1567 02:05:27.199 --> 02:05:30.520 bit close to this kind of UH, this particular government. But we know 1568 02:05:30.880 --> 02:05:35.399 the labor governments would have done things a lot different because I think at the 1569 02:05:35.520 --> 02:05:41.000 end of the day, boison to how you how you manage your economy and 1570 02:05:41.199 --> 02:05:45.039 how you want to do your expenses, that is how you will end up 1571 02:05:45.079 --> 02:05:48.199 being in this situation we are in today. And if you go back even 1572 02:05:48.279 --> 02:05:54.479 from when this government came in started with UH some cities gone, with all 1573 02:05:54.520 --> 02:05:59.399 those crazy policy policies, some assaults of every kind, and how do you 1574 02:05:59.479 --> 02:06:01.119 want it? How do you expecting it to be different? It came in 1575 02:06:01.199 --> 02:06:04.680 and said subsidies gone, without you know, any kind of question or any 1576 02:06:04.840 --> 02:06:11.760 any plan to question the potential inflation that that will result from that. So 1577 02:06:11.960 --> 02:06:15.560 no plans, you know, and you don't say it's going to be the 1578 02:06:15.600 --> 02:06:17.000 same. You know, that's a big life. And then the last guy 1579 02:06:17.079 --> 02:06:21.720 said Nigeria is a poor country. If you just take if you go to 1580 02:06:21.960 --> 02:06:26.960 go to Nigerai is definitely not a poor country and is a very rich country 1581 02:06:27.239 --> 02:06:30.680 with poor leaders. With that of leaders, we have some of the worst 1582 02:06:30.760 --> 02:06:36.239 leaders in the world with no imagination and no vision. The guys. Capital 1583 02:06:36.560 --> 02:06:43.399 is in nineteen seventeen. It was better before, so we were poor now 1584 02:06:44.319 --> 02:06:46.399 ten years ago it was different from what it is today. Ten years ten 1585 02:06:46.479 --> 02:06:51.600 years ago it was about five hundred billion, right, today's behalf of that? 1586 02:06:53.199 --> 02:06:56.720 Right? But we're poor. Yeah, but we're poor. Are we 1587 02:06:56.840 --> 02:07:00.960 reach this Nigeria poor country? Reaching because we are poor? No? What 1588 02:07:00.439 --> 02:07:04.960 is the country? I will just get well, I don't ask him managing 1589 02:07:04.960 --> 02:07:10.640 the economics terribly and I was doing before. I was doing somewhere before you 1590 02:07:10.760 --> 02:07:14.760 before you before you're caught in right because today, of course it's low and 1591 02:07:14.920 --> 02:07:19.840 before it was it wasn't that law? Right? Google today? What the 1592 02:07:20.079 --> 02:07:25.199 what's Dubai Dubai? I don't know how big Dubai is, but we all 1593 02:07:25.279 --> 02:07:29.680 know Dubai as as to buy it is not even the country is the city? 1594 02:07:29.800 --> 02:07:31.920 Right? Google today? How much you made from tourism in twenty twenty 1595 02:07:32.000 --> 02:07:36.640 two? It's over forty billion dollars? If everybody want to if you if 1596 02:07:36.680 --> 02:07:40.920 you don't know to know, we all know Nigeria has a better climate than 1597 02:07:41.039 --> 02:07:44.920 Dubai. Right, but if we if we if we have any kind of 1598 02:07:45.119 --> 02:07:50.760 little leader with with with a good sense of vision and then start making tourism 1599 02:07:50.840 --> 02:07:54.560 even just tourism alone. We're not going to oil. We're not going to 1600 02:07:54.760 --> 02:07:59.760 because we're not just tourism alone, because we like people a big breath our 1601 02:08:01.119 --> 02:08:05.800 uh give us the old idea of how much just uh uh. The Netherlands 1602 02:08:05.880 --> 02:08:11.079 mixed from agricultural alone every year over one hundred billion dollars. Never, I 1603 02:08:11.119 --> 02:08:13.279 mean, I think nine stateies bigger than Netherlands. According to him, I 1604 02:08:13.359 --> 02:08:16.000 mean, we we all go good. That it's true. Right, So 1605 02:08:16.079 --> 02:08:20.279 we're talking about there is agriculture, there is we have oil, we have 1606 02:08:20.720 --> 02:08:22.439 we have the port of the best climate in the world. Right, and 1607 02:08:22.520 --> 02:08:26.039 then we can't do not anybody. Then it's ours the poor country. Know, 1608 02:08:26.279 --> 02:08:28.199 we are pooraders. I can even do nothing. That's why we are 1609 02:08:28.279 --> 02:08:33.159 in the situation where where where we find ourselves today. Don't tell me that 1610 02:08:33.039 --> 02:08:39.319 jurants rich country. This is Arsenal. It's as successful for book club. 1611 02:08:41.960 --> 02:08:46.199 Said that again, it's Arsenal. It's successful for book club. By the 1612 02:08:46.279 --> 02:08:48.760 way. By the way, I'm an Arsenal fan, so I will tell 1613 02:08:48.760 --> 02:08:52.640 you. I can still tell you why we why they find themselves in stitutions 1614 02:08:52.640 --> 02:08:56.520 alread they are today. You don't keep us for over twenty years and expects 1615 02:08:56.600 --> 02:09:01.000 any mir Why why not answer my question from twenty two thousand and everything started 1616 02:09:01.079 --> 02:09:03.279 going down here because it's my wouldn't pain you don't even invest? No, 1617 02:09:03.399 --> 02:09:07.840 I hear you, but but but but it's Arsenal. It's Arsenal is successful 1618 02:09:07.880 --> 02:09:15.399 football club. Okay, the lack of success we all know that, right, 1619 02:09:15.560 --> 02:09:20.439 but because they kept a manager that wasn't I know what I'm asking there? 1620 02:09:20.640 --> 02:09:24.239 Success? There is successful football football. You know we're having today? 1621 02:09:24.319 --> 02:09:28.680 We have the property is rising? Anything? You know they're successful enough. 1622 02:09:28.800 --> 02:09:33.920 I wouldn't say they're successful enough. I think I wouldn't say that. I 1623 02:09:33.159 --> 02:09:37.119 didn't. I didn't The Top ten was the wealthy club in the world, 1624 02:09:37.199 --> 02:09:39.600 right, but I didn't. I didn't ask you that wealthy. I just 1625 02:09:39.840 --> 02:09:43.840 I just didn't take a lot. They didn't get a lot of trophies. 1626 02:09:43.880 --> 02:09:48.199 You can't see that. I just yeah, asking the top ten every year, 1627 02:09:48.319 --> 02:09:54.199 I think I should, right go ahead, Yeah, so don't don't 1628 02:09:54.239 --> 02:10:03.920 say guy, hold on, hold on speaker all you see like your argument. 1629 02:10:05.119 --> 02:10:07.439 I listened to what you said, and I want I listen to work. 1630 02:10:07.239 --> 02:10:11.359 I can't tell authorities. You need that NAG no rich country potential and 1631 02:10:13.159 --> 02:10:16.960 outputs now don't. Now if you look at the richest country in terms of 1632 02:10:16.079 --> 02:10:20.039 natural resources, we have about one United country. NAG is not on the 1633 02:10:20.079 --> 02:10:28.760 top put you could check it ci cie. We searched, there's world you 1634 02:10:28.880 --> 02:10:31.119 graphical you could check that. Now, the richest country in the world in 1635 02:10:31.159 --> 02:10:37.359 terms of natural Russia. Now we talk of outputs. The richest country in 1636 02:10:37.479 --> 02:10:41.359 terms of GDP is the United States. Now the GDP per capital. Now 1637 02:10:41.479 --> 02:10:46.279 the problem with NADIA is that you should not be where it is. But 1638 02:10:46.399 --> 02:10:50.279 we are saying that the way we're pushing ourselves like this kind of states meant 1639 02:10:50.439 --> 02:10:56.479 this well, a lot of what's missed the point because your naturally it's not 1640 02:10:56.600 --> 02:11:01.119 the rich country and in terms of all ammipations that I should if you look 1641 02:11:01.199 --> 02:11:09.560 at the network of Russian natural resources dollar teens is twenty times what they're doings 1642 02:11:09.600 --> 02:11:13.279 less of what they're doing they're not even ustilizing and one twenty of it. 1643 02:11:13.600 --> 02:11:16.079 But if you look at the United States, for example, United States, 1644 02:11:16.800 --> 02:11:20.319 I think it's the total fourts riches country terms of natural resources, but if 1645 02:11:20.319 --> 02:11:24.680 you look at their output, it's much than the Russian. What can you 1646 02:11:24.760 --> 02:11:28.680 try to tell you is that see the world judges output rather than potential. 1647 02:11:28.239 --> 02:11:33.479 When you say leaders and everything, nobody cares outside human capital is natural resources 1648 02:11:33.520 --> 02:11:37.840 too. The richest countries in the world I have really invested human capital. 1649 02:11:39.279 --> 02:11:43.720 Everybody has gone beyond natural resources. Just watch time won Japan is dream. 1650 02:11:43.119 --> 02:11:48.920 I did the top biggest companies in the world, for example, four of 1651 02:11:48.079 --> 02:11:54.640 them are tech companies, the other true out their unco Google, Apple, 1652 02:11:54.960 --> 02:11:58.560 Microsoft. So what are you saying? This has companies by brain human capital. 1653 02:11:58.680 --> 02:12:05.399 So when people are saying that, you hold on a second, if 1654 02:12:05.600 --> 02:12:09.239 what what? What's your arguments? Right? We don't think we have if 1655 02:12:09.359 --> 02:12:11.800 if we if we got it right, like I forgot good leaders to make 1656 02:12:11.840 --> 02:12:13.800 things work, we would have been where we are to this. Yeah, 1657 02:12:16.079 --> 02:12:18.800 you are really right? Okay, So because in the in the in the 1658 02:12:20.239 --> 02:12:24.279 early eighties and there backs we're better than China and other countries or whatever. 1659 02:12:24.439 --> 02:12:26.439 And to where are we to do? We are nothing because we are bad 1660 02:12:26.479 --> 02:12:30.479 leaders and we couldn't get it right, not because we are not, but 1661 02:12:30.600 --> 02:12:35.159 we're not. I think I think the potential yeah, but the point is 1662 02:12:35.199 --> 02:12:39.239 that if we are better leaders won't be where we are to that record, 1663 02:12:39.439 --> 02:12:43.920 you are rich country when we got this right. Bro, you've got to 1664 02:12:43.000 --> 02:12:46.800 allow orders to speak. I don't want to mutube, but you've got to 1665 02:12:46.800 --> 02:12:50.279 allow for to make a point. You just can't keep going on provide power 1666 02:12:52.840 --> 02:12:56.800 the point I don't want to. Let's not don't an argument. Well, 1667 02:12:56.960 --> 02:13:00.600 trying to get towards this. It's in effect. It's what results. You 1668 02:13:00.680 --> 02:13:03.119 have to show results. You have to show results and say yes, we're 1669 02:13:03.239 --> 02:13:07.520 ritual poor. What's the point of potentials? If kids are eating from garbage 1670 02:13:07.560 --> 02:13:11.479 dumps, where kids can go to school, where there's no water in any 1671 02:13:11.560 --> 02:13:18.560 public tap in any local government area in Nigeria, any local government Nigeria none 1672 02:13:18.680 --> 02:13:22.960 has running clean water from the tap that you can drink or give to your 1673 02:13:24.000 --> 02:13:26.960 baby. Then how we're talking about that a rich potential. You can go 1674 02:13:28.079 --> 02:13:33.039 to the market and spend potential in Ghana, in Togo just near us here. 1675 02:13:33.079 --> 02:13:35.560 The countries seems to work and they're just near us here. They have 1676 02:13:35.680 --> 02:13:41.279 the same almost the same tribe that we have in Nigeria Cameroon, same thing. 1677 02:13:41.560 --> 02:13:45.880 I was shocked. Cameras pat deep is higher than Nigeria. Cameroon that 1678 02:13:46.039 --> 02:13:48.640 has a bad leadership. But it's called be not bad. So why do 1679 02:13:48.760 --> 02:13:54.840 I do you have a hire better per capita than Nigeria. Let's I don't 1680 02:13:54.840 --> 02:13:58.119 want to give excuses. I'm just trying to get a point from you. 1681 02:13:58.479 --> 02:14:01.880 Only you've got the floor. Ovia. I appreciate your comments, I really 1682 02:14:01.960 --> 02:14:05.079 do. Thank you so much for helping there ahead. Yeah, yeah, 1683 02:14:05.119 --> 02:14:11.319 thank you so much. Thank you. Nice conversations. My view is does 1684 02:14:11.479 --> 02:14:22.720 Nigeria need an independent central bank? The question has to be answered in relationship 1685 02:14:22.920 --> 02:14:33.159 to what's our developmental policies are as a nation. Okay, so I may 1686 02:14:33.279 --> 02:14:43.000 not frown at what can be classified and in sexuous relationship between the central bank 1687 02:14:43.119 --> 02:14:50.840 and the developmental policies of the government of the nation, and we have seen 1688 02:14:50.920 --> 02:14:56.239 many nations that have done this. Alternatively, we can have the independent central 1689 02:14:56.359 --> 02:15:07.479 bank, but we most have a development bank that will necessarily channel government funds 1690 02:15:07.279 --> 02:15:16.079 towards developmental projects. Thank you. I mean that's the point again. See 1691 02:15:16.119 --> 02:15:22.039 what Nigerians I don't hear from is this we need an austerity budget. This 1692 02:15:22.279 --> 02:15:24.319 spending money is not going to take us anywhere. There is no money to 1693 02:15:24.439 --> 02:15:28.720 pay labor, but there should be no money to pay the government too tingobook 1694 02:15:28.720 --> 02:15:33.079 cannot drive around in air conditioned SUVs and tell NLCRE he has no money, 1695 02:15:33.319 --> 02:15:37.960 he can't do that. And labor can only step down when they see that 1696 02:15:37.159 --> 02:15:43.720 everybody is in the pain together. This has got to be a complete should 1697 02:15:43.720 --> 02:15:50.840 we say on stop them stoppage of spending Nigeria. You can't buy an suv 1698 02:15:50.079 --> 02:15:54.880 for everybody because the roads are bad. That's what Label is asking for to 1699 02:15:56.000 --> 02:15:58.920 pay one hundred thousand LGD. You can't get that money if you like shut 1700 02:16:00.039 --> 02:16:03.239 down the country for one and that's the problem. They're gonna shut down the 1701 02:16:03.359 --> 02:16:07.640 economy to get some that they would never ever get. They are not going 1702 02:16:07.680 --> 02:16:11.560 to get four ninety four thousand monthly. They won't get two hundred thousand monthly. 1703 02:16:11.000 --> 02:16:15.640 I don't I think it should be. I think should be should get 1704 02:16:15.680 --> 02:16:20.359 more, but Nigeria cannot afford it. And the answer is not the labels 1705 02:16:20.359 --> 02:16:24.439 strike. The answer is to demand productivity from the government. Demand that the 1706 02:16:24.520 --> 02:16:30.600 government provides power to industries twenty four to seven. Demand it, Go and 1707 02:16:31.000 --> 02:16:33.840 demand it. You can't have private jets and there's no power supply, but 1708 02:16:33.959 --> 02:16:39.159 you can just go and shut down the road. We will all suffer that's 1709 02:16:39.239 --> 02:16:41.799 the point. Your narra will lose value, your deliver we can go weaker 1710 02:16:41.959 --> 02:16:46.559 if you shut on the government. I'm not depending governments. I'm telling you 1711 02:16:46.639 --> 02:16:48.479 what will happen. This narra you're depending will get to two thousand n eer 1712 02:16:50.000 --> 02:16:52.799 for one. When you keep one shutting down the economy, shutting out the 1713 02:16:52.920 --> 02:16:58.680 parts, not exporting, not doing business, you are killing the economy more. 1714 02:16:58.520 --> 02:17:03.200 You are my genius too. Veriments, you've got the floor again. 1715 02:17:03.239 --> 02:17:07.840 I name right, very mus Go ahead, sir, Veriments. Are you 1716 02:17:07.959 --> 02:17:13.520 there? Yeah, we're talking. We're talking CBN. We're talking CBN sort 1717 02:17:13.520 --> 02:17:18.840 of saying that they want to just lawmakers want to take away the power of 1718 02:17:18.920 --> 02:17:22.879 certain munty policy rates and of course ways and means from the CBN to Mistry 1719 02:17:22.920 --> 02:17:26.440 of Finance. We are saying it's because they want to do a lot of 1720 02:17:26.559 --> 02:17:31.319 spending and they don't want anyone handing in their way. What's your take on 1721 02:17:31.399 --> 02:17:41.600 this? Yes, I've been following up the news and the news of events 1722 02:17:41.399 --> 02:17:50.879 as regards that, you know, so it's very clear that the government of 1723 02:17:50.000 --> 02:17:58.959 the day is not really interested, you know, boosting of any form of 1724 02:17:58.040 --> 02:18:07.559 productivity. We are more interested in consumption. And you one of one of 1725 02:18:07.639 --> 02:18:11.760 the ways where countries get stronger, our countries, you know, become better 1726 02:18:11.040 --> 02:18:16.000 is by their institutions and even the independence of the institutions to be able to 1727 02:18:16.159 --> 02:18:22.799 check meets different policies of government. Being we are in the democratic government, 1728 02:18:22.920 --> 02:18:30.719 so taking away in the independence of institutions, you know, are merging them 1729 02:18:30.840 --> 02:18:35.520 with you know, adding to the powers of the government and the center. 1730 02:18:35.239 --> 02:18:39.520 You know, it's definitely not the good idea. Someone says power corrupt, 1731 02:18:39.879 --> 02:18:48.879 but absolute power corrupts absolutely, you know, So strengthening our institutions need to 1732 02:18:48.959 --> 02:18:52.680 do the strengthen the more at this time, at this period, at this 1733 02:18:52.760 --> 02:18:56.760 point in time by making them more independent, you know, able to act 1734 02:18:56.840 --> 02:19:01.840 on their own. Taking away that power at this point in time. Surely 1735 02:19:01.879 --> 02:19:07.719 when we are going through you know, so much financial crisis is not It's 1736 02:19:07.760 --> 02:19:11.239 definitely not the best. It's definitely not the best at this point in time. 1737 02:19:11.319 --> 02:19:16.280 So of course I don't I don't personally, I don't agree. I 1738 02:19:16.319 --> 02:19:22.159 don't agree with I don't agree with that without issues. So also I actually 1739 02:19:22.239 --> 02:19:26.840 want to you know, normally I'm not there listener, but I also wanted 1740 02:19:26.920 --> 02:19:31.159 to respond to one of you know, the speakers with somebody else. I 1741 02:19:31.239 --> 02:19:37.559 was ready to responded to, you know, the speakers saying without even trying 1742 02:19:37.600 --> 02:19:41.000 to make the conversial more political, but saying that whatever government of the day 1743 02:19:41.360 --> 02:19:46.159 is power things, we still continue to wait are you know? Of course 1744 02:19:46.159 --> 02:19:52.639 it's not it's not true. And he also talkers talked about changing our mindset 1745 02:19:52.079 --> 02:19:56.719 and and that we need to focus on the coming generation, you know, 1746 02:19:58.040 --> 02:20:03.040 to change our mindset because we really Jersey today above us we are gone. 1747 02:20:03.360 --> 02:20:05.799 So but I believe that is why spaces like this I won't important, you 1748 02:20:05.879 --> 02:20:07.959 know, we don't have to wait for the next generation to change myself, 1749 02:20:09.079 --> 02:20:13.319 change education, education ourselves and giving knowledge is the right way, you know, 1750 02:20:13.520 --> 02:20:18.280 to call the government of the day, you know, you know, 1751 02:20:18.399 --> 02:20:24.600 to other you understand, because one of the reasons I believe Nigeria I've also 1752 02:20:24.639 --> 02:20:28.440 gotten into the mess we have gotten into so far is the the the lack 1753 02:20:28.520 --> 02:20:33.920 of cynic participation in governor's you know, we we actually need to speak out 1754 02:20:33.079 --> 02:20:37.040 more, you know, and let it go into that. Look, we 1755 02:20:37.159 --> 02:20:39.360 know all these things that are happening and speak out and saying these are all 1756 02:20:39.440 --> 02:20:43.079 right, okay, well let's go there. You guys, you guys my 1757 02:20:43.319 --> 02:20:46.680 dms are let's go there. I'm really the d MS. Let's go there. 1758 02:20:46.760 --> 02:20:50.760 So let us be very very frank. The first budget of the president, 1759 02:20:50.920 --> 02:20:56.840 the favorite first budget was where we were seeing was buying SUVs for the 1760 02:20:56.040 --> 02:21:01.280 First Lady's office. First, his office does not need subs. If he 1761 02:21:01.360 --> 02:21:05.319 needs subs, she can get them without the budget. But why did they 1762 02:21:05.399 --> 02:21:11.600 put that in the budget because to make the point that we can. That's 1763 02:21:11.639 --> 02:21:16.719 the reason that we can, because you don't need further going to buy the 1764 02:21:16.920 --> 02:21:20.040 First Lady of Nigeria and suv for our office. But they put it there, 1765 02:21:20.360 --> 02:21:24.159 and that I think has set the tone for the government till today. 1766 02:21:24.840 --> 02:21:31.719 The optics are not right. Tillubu always says sacrifice, give me time. 1767 02:21:31.040 --> 02:21:35.040 But he bought the yacht, he bought SUV's, He's traveled abroad. There 1768 02:21:35.159 --> 02:21:39.559 is no He took a thousand or so people to visit thor how was that 1769 02:21:39.639 --> 02:21:43.639 competitive for climate change? He took them there. The point is that he 1770 02:21:43.840 --> 02:21:48.639 does not give the vibes of a guy that wants to save money, but 1771 02:21:48.799 --> 02:21:52.440 he's asking his nation to save money. That's where I think is his biggest 1772 02:21:52.680 --> 02:21:58.120 problem, Noble, is that his optics do not match his words or his 1773 02:21:58.239 --> 02:22:01.559 policy. I don't No one listens to him, and that's a big problem. 1774 02:22:01.600 --> 02:22:03.120 That's why NLC is doing what they're doing. I get what else is 1775 02:22:03.159 --> 02:22:05.959 doing. They want maybe one hundred thousand, so they're asking for a one 1776 02:22:07.040 --> 02:22:09.200 hundred thousand. In the end, they will come to because Federgunta says sixty 1777 02:22:09.280 --> 02:22:13.200 thousand, so might comp maybe a hundred thousand. They'll ever, they'll go 1778 02:22:13.280 --> 02:22:18.600 home. But this just shows that governance is about what you say, how 1779 02:22:18.719 --> 02:22:22.760 you say it, and what you do. Tinubu is not giving the vibes 1780 02:22:22.840 --> 02:22:26.159 of a guy that can do austerity budget. I think he still believes he's 1781 02:22:26.200 --> 02:22:31.479 running legal state and Lego State was the richest state in Nigeria. So Lego 1782 02:22:31.559 --> 02:22:37.440 States could buy jeeps, could have high recount expenditures and get away with it 1783 02:22:37.040 --> 02:22:43.120 because Lego State has revenues pouring in. Nigera doesn't have revenues pouring in. 1784 02:22:43.719 --> 02:22:48.959 I was shocked to see that Nigera does not make up to one trillion naira 1785 02:22:50.239 --> 02:22:54.680 a quarter from oil seals. They don't, they don't. That's the federal 1786 02:22:54.760 --> 02:22:58.120 government. They don't make up to a trillion a quarter from oil seals and 1787 02:22:58.159 --> 02:23:01.159 I went to the Jason worer Less portentation. So I think that's a problem 1788 02:23:01.280 --> 02:23:07.799 this man is having. Dependent is having that people don't believe his austerity or 1789 02:23:07.280 --> 02:23:11.760 hang with me vibes. So that's why label would ask for a one hunred 1790 02:23:11.760 --> 02:23:16.479 thousand. I think even if it does, mister Article or mister Peter Robida 1791 02:23:16.559 --> 02:23:24.360 had come in and had pursued a more austerity based budgeting and governance, perhaps 1792 02:23:26.040 --> 02:23:30.440 perhaps I said, okay, let's give it maybe betweeny four months and then 1793 02:23:30.520 --> 02:23:31.559 see what's going to happen. The way it is now, Libery is saying 1794 02:23:31.600 --> 02:23:35.399 let's get our own shop. They keep aditing scatters, That's how I see 1795 02:23:35.440 --> 02:23:39.520 them going. This does my view, and it just shows you that you've 1796 02:23:39.520 --> 02:23:45.239 got to run a government with public perception in mind. You can't spend all 1797 02:23:45.319 --> 02:23:48.879 their money and then come back and say, oh bear with me, give 1798 02:23:48.959 --> 02:23:54.559 me more time. What press your what piece? Sorry? Sir? What 1799 02:23:54.799 --> 02:23:56.879 piece? You got the floor? Please? Go ahead? Hey? Hi? 1800 02:24:00.399 --> 02:24:05.040 Yes, So I think my own contribution is more of a question, 1801 02:24:05.520 --> 02:24:13.159 and my question the question is I have it. Why is Niger's economy resilient 1802 02:24:13.520 --> 02:24:20.159 or as resilient as it is? Right this? I feel that the figures 1803 02:24:20.600 --> 02:24:28.879 GDP capital are not its say that they're not They're not correct, Okay, 1804 02:24:28.200 --> 02:24:35.319 because if it is really true that the capital figures are that lord, the 1805 02:24:35.360 --> 02:24:39.680 digit figures are and the poor people are so high, but that means that 1806 02:24:39.760 --> 02:24:45.959 they shouldn't really be able to take as many shocks like inflational shocks and the 1807 02:24:46.040 --> 02:24:50.040 four X shocks as they are able to you know, assimilate. Okay. 1808 02:24:50.479 --> 02:24:54.440 Like my first the first time I was so spicious of the numbers was I 1809 02:24:54.479 --> 02:24:58.040 think during COVID and when they in lockdown. I'm like, wait, I 1810 02:24:58.079 --> 02:25:01.600 guys supposed to be have a lot of poor people. How did these people 1811 02:25:01.639 --> 02:25:07.280 survive this? Okay? And after COVID? Fine, now so now we 1812 02:25:07.360 --> 02:25:13.239 have the show and inflation shop and they're still able to soviet it. And 1813 02:25:13.399 --> 02:25:18.680 so there's something happening in the economy that you know, people are not really 1814 02:25:20.159 --> 02:25:24.479 I don't know, I don't think we're getting the data right. And so 1815 02:25:24.920 --> 02:25:28.879 because even you know, there's still traffic, there's still a lot of bars, 1816 02:25:30.000 --> 02:25:33.639 like it's still very very active in Nigeria, right, and so I'm 1817 02:25:33.760 --> 02:25:37.319 just so that's my question, like why why is the economy so resilient? 1818 02:25:37.399 --> 02:25:41.559 I feel that our numbers are not accurate. And no, I don't think 1819 02:25:41.559 --> 02:25:43.479 it happened to the numbers. I think it's there's a black economy in Nigeria. 1820 02:25:43.920 --> 02:25:50.239 Every Nigerian has got a side gig because that's the only way Nigeria reflects 1821 02:25:50.280 --> 02:25:52.360 in the data. It doesn't because it's not captured. That's why when we 1822 02:25:52.520 --> 02:25:58.280 rebased the GDP, I think on the passenger, the GDP doubled because we 1823 02:25:58.440 --> 02:26:03.079 now captured Nollywood. We captured all those service sectors and then that grew the 1824 02:26:03.159 --> 02:26:07.879 GDP. That's what we call so because many sectors are not captured. Vocanizer 1825 02:26:07.239 --> 02:26:13.120 that is doing buying a go, it's not captaining a GDP because it's not 1826 02:26:13.239 --> 02:26:16.159 how would they capture that. It's not using a card and all that. 1827 02:26:16.440 --> 02:26:22.079 Like if we're not we I think we're using for metotologies to account for our 1828 02:26:22.159 --> 02:26:28.639 GDP and we're not really accounting for it. In the Ninetrian we how discussions 1829 02:26:28.639 --> 02:26:37.639 around the economy is not Nigerian accurate data. I agree that might not be 1830 02:26:37.680 --> 02:26:41.440 one hundred percent accurate, but GP is a Nigerian concept. GDP is a 1831 02:26:41.559 --> 02:26:45.440 foreign concept and you are trading foreign you're looking for foreign revenue. So you 1832 02:26:45.520 --> 02:26:48.239 have to use a foreign concept. You know, get what I'm saying. 1833 02:26:48.559 --> 02:26:52.200 You can't say it's not just it's not it's like it has to have like 1834 02:26:52.120 --> 02:26:58.280 there has to be some pro no, you know, if this happens in 1835 02:26:58.280 --> 02:27:03.399 the economy that way, you can't say that you can't plan based on those 1836 02:27:03.479 --> 02:27:09.760 figures. Just different. You can't say you're playing football and they said because 1837 02:27:09.799 --> 02:27:11.959 you are in Nigerian and the pitch is bad, you can pick up the 1838 02:27:11.959 --> 02:27:13.959 football with your hand and run to the other posts. You can't say that 1839 02:27:15.120 --> 02:27:18.200 the rules of soccer are universal. Same with the rules of GDP. You 1840 02:27:18.319 --> 02:27:22.520 measure output, so you go measure that output and you give it a return. 1841 02:27:22.639 --> 02:27:26.719 That's just it. It's your pa using the same figures a B. 1842 02:27:26.040 --> 02:27:31.559 It's your pa Ghana. They are all doing the same foreign GDP figures where 1843 02:27:31.600 --> 02:27:35.280 they're doing which is also the thing I'm saying right like we are using western 1844 02:27:35.799 --> 02:27:39.159 Okay, so used to look continent, I used to local money. Now 1845 02:27:39.239 --> 02:27:45.719 we're Africans our own will because you are looking for Western money and Western markets. 1846 02:27:45.840 --> 02:27:48.120 If you don't want not not Core does not do GDP, now does 1847 02:27:48.600 --> 02:27:52.000 it. Ret doesn't do GDP because they don't want Western money. They want 1848 02:27:52.040 --> 02:27:54.719 their own local That's what I end up living in the hermit's kingdom. So 1849 02:27:54.920 --> 02:27:58.479 if you want to if like you're coming to my house and I say you 1850 02:27:58.559 --> 02:28:03.120 must where blue and you want something from me, you wear blue. If 1851 02:28:03.159 --> 02:28:05.959 you got to stain your house, you can wear white. But if you 1852 02:28:05.040 --> 02:28:09.200 want to go to the West to raise capital to open up that trade route, 1853 02:28:09.200 --> 02:28:13.600 then you have to follow their own guidelines. So I think that I 1854 02:28:13.639 --> 02:28:18.120 don't really agree that the point of that data is to get West money. 1855 02:28:18.559 --> 02:28:22.680 I think that economics is a science, and as a science it should have 1856 02:28:22.840 --> 02:28:28.239 methodologists that tell the truth. Okay, that are accurate and like you know 1857 02:28:28.319 --> 02:28:31.440 they are true, they are valid, right, And so if it's not 1858 02:28:31.680 --> 02:28:33.639 based on whether you want to get money from the West, it's a science. 1859 02:28:33.680 --> 02:28:37.760 Economics is a science. What is wrong? Give me an example of 1860 02:28:37.879 --> 02:28:41.559 what stumbers are not? Give me an example. Give me an Give me 1861 02:28:41.559 --> 02:28:43.559 an example. Which number have you seen is wrong? Give me an example. 1862 02:28:45.559 --> 02:28:50.600 The waiting gurn economy is Give me an example is very very I give 1863 02:28:50.639 --> 02:28:54.520 the example of COVID right at the time, where the poorest country in the 1864 02:28:54.559 --> 02:28:58.040 world. Okay, like we wear the number of poor people in the world 1865 02:28:58.159 --> 02:29:03.719 according to it, and then we lockdown, right, and the government like 1866 02:29:03.799 --> 02:29:05.840 it's not saying, all we have some social study system and everybody go tow 1867 02:29:05.920 --> 02:29:09.079 thousand, five hundred dollars. Has happened in the West that didn't happen. 1868 02:29:09.559 --> 02:29:16.920 Nijer didn't lock Nijera didn't lockdown, well, large parts of lockdown. Nija 1869 02:29:16.959 --> 02:29:18.680 didn't lockdown. I was, I was, I was in lockdown. I 1870 02:29:18.840 --> 02:29:22.520 was in America doing the lockdown, and I was and I called Nigerians. 1871 02:29:22.559 --> 02:29:26.399 I wanted the same thing. America locked down, NIJA didn't lockdown. Maybe 1872 02:29:26.479 --> 02:29:31.159 maybe they stopped traffic, but now Nija didn't. Nija didn't lockdown, like 1873 02:29:31.239 --> 02:29:35.319 have the West lockdown? So and again that's that's a very very wide game. 1874 02:29:35.360 --> 02:29:37.280 I wanted to give an example to say, Okay, maybe there's no 1875 02:29:37.360 --> 02:29:39.639 demand. Was in work here or supposing walk here? It's the same thing, 1876 02:29:39.719 --> 02:29:46.280 bro. If the economic is a study of human beings, demand choices, 1877 02:29:46.520 --> 02:29:52.680 outputs, cassy's the same everywhere. If you saw you reap universal principles, 1878 02:29:52.719 --> 02:29:56.399 we can't. You can't hide behind it's a Western science. We can't 1879 02:29:56.440 --> 02:30:01.239 do that one here. If you don't, we can't Western science I'm saying 1880 02:30:01.319 --> 02:30:07.239 that the Western people that propounded this concept, we're doing it from their own 1881 02:30:07.239 --> 02:30:11.799 perspective, under our own But augur as that twenty l as at twenty fourteen, 1882 02:30:11.879 --> 02:30:16.799 this Western science was delivering positive results in Nigeria. Twenty fourteen, capt 1883 02:30:18.040 --> 02:30:22.760 was nearly three thousand GDP was booming. Nigeria was listed as top three in 1884 02:30:22.879 --> 02:30:30.200 the entire world to grow using the same Western science. Then now it's not. 1885 02:30:30.639 --> 02:30:33.959 Now now it has crushed the same Western science for the absolute number. 1886 02:30:35.040 --> 02:30:39.479 Who is that you can't plan with it? It doesn't call you much. 1887 02:30:39.559 --> 02:30:43.079 But we've been partying with it before. No, Augur Okay, I hear 1888 02:30:43.120 --> 02:30:46.879 you. I don't know what we've been planning with it before. It has 1889 02:30:46.959 --> 02:30:50.319 been working for us before. In the nineteen sixties. It worked for us, 1890 02:30:50.479 --> 02:30:52.399 So we can't just wake up and now say doesn't work for us. 1891 02:30:52.719 --> 02:30:58.239 I hear it. Just think this dig was less than eight hundred okay, 1892 02:30:58.760 --> 02:31:03.120 now, lest yes, we still went to a civil war right and after 1893 02:31:03.200 --> 02:31:05.959 three years were were able to come out on kids. Despite the fact that 1894 02:31:07.079 --> 02:31:11.479 they said it was what do you mean countries that kind of what do you 1895 02:31:11.559 --> 02:31:16.079 mean? On scale? They find they find on scape, they find on 1896 02:31:16.239 --> 02:31:18.120 Skith in financial terms. For me, they find that on Skith. What 1897 02:31:18.159 --> 02:31:24.440 do you mean by ski relatively? How they define it from? How define 1898 02:31:24.440 --> 02:31:28.159 it from me? Because people were as in appart from the wares, the 1899 02:31:28.200 --> 02:31:33.000 rest of Nigeria like people were not having a shortages like that Nigerian That's that's 1900 02:31:33.120 --> 02:31:37.760 where we started Ways and Means from Auga. The Nigerian Federal government borrowed from 1901 02:31:37.799 --> 02:31:43.639 the central bank one dollar a poundles I think, how we're peggy, We 1902 02:31:43.760 --> 02:31:48.520 didn't have a currency crisis. I'm explaining to you now. I'm explained to 1903 02:31:48.559 --> 02:31:52.920 you why the Federal Government of Nigeria borrowed from the Central Bank of Nigeria to 1904 02:31:54.000 --> 02:31:58.559 prosecute the war. That's exactly where Ways and Means came from. So look 1905 02:31:58.600 --> 02:32:03.920 at the how come there was because they borrowed from the Central Bank of Nigeria. 1906 02:32:05.000 --> 02:32:07.920 And I'm giving you the answer directly. Go and pull up the Central 1907 02:32:07.920 --> 02:32:13.920 of Nijas balance sheet. Oga Aga, you are interrupting, Let me talk, 1908 02:32:13.159 --> 02:32:16.479 then you talk. You've talked, I don't interrupt you. The Nigerian 1909 02:32:16.719 --> 02:32:24.440 Federal government borrowed from the Central Bank of Nigeria. That was why there was 1910 02:32:24.520 --> 02:32:28.559 no inflation. Look at the Central Najas balance sheet. Go and pull it 1911 02:32:28.680 --> 02:32:31.760 up from nineteen sixty to nineteen sixty five, then put off nineteen seventy. 1912 02:32:31.840 --> 02:32:37.399 You city increase in the balance sheet. That's where ways and means this whole 1913 02:32:37.440 --> 02:32:41.639 idea of borrowing, that's the genesis of all that stuff from borrowing from the 1914 02:32:41.680 --> 02:32:46.479 Sybyan. Remember the Cibya was independent before the war. You had central banks 1915 02:32:46.600 --> 02:32:52.399 for the western, Midwest, northern and eastern region. It wasn't like you 1916 02:32:52.479 --> 02:32:56.120 have you have it today. So there's a lot of history mess people. 1917 02:32:56.159 --> 02:32:58.680 Let's move on when we can talk about all that stuff. Candy, you've 1918 02:32:58.760 --> 02:33:09.959 got flow, what's up live in in everybody. I just want to make 1919 02:33:09.000 --> 02:33:15.479 a brief submission. I think we make a lot of excuses for this government, 1920 02:33:16.040 --> 02:33:20.920 like why can't we arrive at a hundred ky for minimum? Which is 1921 02:33:20.959 --> 02:33:24.280 that too much to export? Yeah? I believe we've had a cumulated bad 1922 02:33:24.399 --> 02:33:28.280 governance in this country. It has really affected the way we see things. 1923 02:33:28.360 --> 02:33:33.680 We need so much excuses for this government. The government has been very, 1924 02:33:33.879 --> 02:33:39.719 very hostile for businesses that are even trying to survive. We know most economies 1925 02:33:39.760 --> 02:33:45.680 are run by small businesses, estames. They contribute a lot to the government, 1926 02:33:45.959 --> 02:33:50.760 and sometimes private sectors pay better than federal government. Or what does the 1927 02:33:50.799 --> 02:33:54.680 government, What does the government do creating a very very harsh environment, hostile 1928 02:33:54.799 --> 02:34:01.559 environment for businesses? When GSK was living, what were they decided? One 1929 02:34:01.639 --> 02:34:05.959 decided insecurity, forest cancity, when P and G was living as well, 1930 02:34:07.079 --> 02:34:13.879 PNG are excited pot congestion, forest cancity, insecurity. I was reading a 1931 02:34:13.959 --> 02:34:18.159 report like last week when they were analyzinged to know was one year in office, 1932 02:34:18.920 --> 02:34:24.280 over one point four million small businesses of how to shut down? What 1933 02:34:24.520 --> 02:34:28.000 is the government doing about this? Nothing? They've never addressed any of these 1934 02:34:28.079 --> 02:34:33.559 things. The other day, mister Bani was putting out the numbers. You 1935 02:34:33.639 --> 02:34:37.239 look at inflation numbers, they're taggery. What's the government doing? Nothing? 1936 02:34:37.840 --> 02:34:41.959 No address, They don't even talk to businesses, They don't even talk to 1937 02:34:41.079 --> 02:34:46.040 people. How do you expect people to even come up with a minimum which 1938 02:34:46.040 --> 02:34:50.559 you're trying to arrive at. It's not possible. It's not possible when you 1939 02:34:50.680 --> 02:34:56.360 create the environments. Definitely. So you're an accountant, So let's let's you 1940 02:34:56.399 --> 02:35:01.079 an accountant, So let us maybe let's have a discussion about the numbers of 1941 02:35:01.159 --> 02:35:07.000 it. Look at the point I'm making the government today has failed to generate 1942 02:35:07.079 --> 02:35:11.920 wealth. The government for eight years before them failed to generate weld. It's 1943 02:35:11.959 --> 02:35:18.520 the same political party, so no excuses. The point I'm trying to make 1944 02:35:18.639 --> 02:35:24.159 to is this, we cannot pay NLC or any worker even a hundred thousand 1945 02:35:24.360 --> 02:35:30.440 because the realities that we cannot. Not that we should not, but we 1946 02:35:30.719 --> 02:35:35.159 simply cannot if we go ahead. That's why I believe that's where I'm stopping. 1947 02:35:35.719 --> 02:35:43.000 If we create a stable environments, investors were coming, and when investors 1948 02:35:43.120 --> 02:35:46.200 coming, will have a boom in the economy. Definitely, government cannot employ 1949 02:35:46.200 --> 02:35:50.639 everybody and paying that minimuments. Even if we arrive at two hundred and fifty 1950 02:35:50.680 --> 02:35:54.000 k, government will not employ everybody. But when government put out policies are 1951 02:35:54.079 --> 02:36:00.920 favorable, businesses will adhere to these policies. When the governments it's all about 1952 02:36:01.000 --> 02:36:03.559 freebilities, they don't even care about people, They don't care about businesses. 1953 02:36:03.959 --> 02:36:07.239 How do you expect those businesses to pay that amount of money. It's never 1954 02:36:07.360 --> 02:36:11.479 going to work. It's never going to work. I hear the count like 1955 02:36:11.600 --> 02:36:16.440 Singapore, how was it transformed in the problem from tired work country to a 1956 02:36:16.479 --> 02:36:18.680 Second World country? And almost moving to the first word country, what did 1957 02:36:18.719 --> 02:36:24.680 they use? How many non natural resources do they have? Would you would 1958 02:36:24.680 --> 02:36:28.000 you say as an account of if you were advised in the company and the 1959 02:36:28.120 --> 02:36:33.479 company could not afford wages and the company had very very bad management, I 1960 02:36:33.559 --> 02:36:37.639 mean, you wouldn't advise them to increase wages because I would kill the going 1961 02:36:37.760 --> 02:36:41.920 concerns. And that's why I'm that's where I'm going to because again definitely, 1962 02:36:41.040 --> 02:36:45.440 when you look at the numbers, you take your decisions from the numbers. 1963 02:36:46.440 --> 02:36:50.120 Either you do it withall with the management to set the business to the right 1964 02:36:50.200 --> 02:36:54.559 direction, or you leave the management and the business goes down. There are 1965 02:36:54.559 --> 02:36:58.200 no two worries about it. Gotcha? So and that's the point I'm making 1966 02:36:58.280 --> 02:37:03.840 that Nigeria, if NAJA as a company as a going concent that's going to 1967 02:37:03.920 --> 02:37:07.920 be the number one thing because you can operate as a loss. You can 1968 02:37:07.000 --> 02:37:11.000 operate as a loss healthy and still be healthy. But Nigeria, if we 1969 02:37:11.319 --> 02:37:20.200 if we paid this inflation is going to go to forty percent. And know 1970 02:37:20.280 --> 02:37:26.120 the wahala the market money increase prices for everybody, not just for civil servants. 1971 02:37:26.559 --> 02:37:31.719 The dollar, this dollar that we're managing, we're saying fifteen hundred. 1972 02:37:31.719 --> 02:37:35.319 I keep your all like it will go to nearly three thousand because people would 1973 02:37:35.319 --> 02:37:39.520 simply take this money and go and buy dollar. That's what will happen. 1974 02:37:39.680 --> 02:37:43.440 They will simply take this four hundred k and go and buy dollar. So 1975 02:37:43.799 --> 02:37:46.920 it doesn't make any sense. And I again, if you're a worker, 1976 02:37:48.399 --> 02:37:54.079 I completely agree your salary is too low. But the medicine and an ELSI 1977 02:37:54.159 --> 02:37:58.799 is trying to give you, which is to increase your salary, said it's 1978 02:37:58.879 --> 02:38:01.639 nothing. I remember when I was I don't know how old I was. 1979 02:38:03.280 --> 02:38:05.479 My father, my mother was a Christmas. As long as when you do 1980 02:38:05.639 --> 02:38:09.840 a new year, they do the better. Read this budget during the new 1981 02:38:09.920 --> 02:38:13.799 year. They were waiting that particular night to listen to the budget. Why 1982 02:38:13.879 --> 02:38:16.159 because that was when I'm going to announce the minimum wage. I think the 1983 02:38:16.200 --> 02:38:20.879 minimum wage was increased to three naira. I remember I was this little kid. 1984 02:38:22.159 --> 02:38:24.120 I remember they said three era and then the poor scream all over the 1985 02:38:24.200 --> 02:38:28.239 whole town. It's now trein era minimum wage and something like that. Today 1986 02:38:28.319 --> 02:38:35.440 we're talking thirty thousand and ira and we're poorer. We are doing the wrong 1987 02:38:35.680 --> 02:38:39.719 thing. If you are going the wrong direction, going faster will not solve 1988 02:38:39.760 --> 02:38:43.680 the problem. We have to change the car and start to come the right 1989 02:38:43.799 --> 02:38:50.680 direction. The problem in Nigeria is this lack of physical federalism and all this 1990 02:38:52.040 --> 02:38:58.399 nonsense federal character, land use Act, census, tying fack to land masks 1991 02:38:58.719 --> 02:39:05.719 and minimum responsibly and not derivation. You have created babies that are waiting for 1992 02:39:05.799 --> 02:39:11.280 feeding bottles for Abuja. There is no wealth being created. Is state governor 1993 02:39:11.479 --> 02:39:15.719 will sit down, wait for a location, my Buja get the location and 1994 02:39:15.840 --> 02:39:18.959 going go and build shop right and then actually have the got to come and 1995 02:39:18.000 --> 02:39:22.879 commisioner shop rights as a dividend of democracy. It's not working. There's no 1996 02:39:24.000 --> 02:39:28.000 wealths being created. You've got to go back. Even if you don't want 1997 02:39:28.000 --> 02:39:31.639 to fix these laws that are the problem. Say we are going to pass 1998 02:39:31.719 --> 02:39:35.319 an austrative budget. Whether you are federal states, look at goment, stop 1999 02:39:35.680 --> 02:39:41.360 all the spending, stop everything and only for the next twenty four months focus 2000 02:39:41.440 --> 02:39:48.120 on human capital development issues. Then target critically infrastructure. We're going to fix 2001 02:39:48.360 --> 02:39:50.840 power, We're going to fix roads. End of story. If it's not 2002 02:39:52.120 --> 02:39:56.639 held or education, stop it. What is human internial ministry? What the 2003 02:39:56.719 --> 02:40:00.719 heck are they doing? Ministery of this mystery of that. What are they 2004 02:40:00.840 --> 02:40:05.840 doing even education? How much education budget is going to the actual students. 2005 02:40:07.120 --> 02:40:11.239 How much is going to the minister's convoy, the minister's per diem, minister's 2006 02:40:11.239 --> 02:40:13.440 accommodation, how much is going to recurrent how much is going to schools? 2007 02:40:13.920 --> 02:40:18.399 You have seen you be in schools all over the federation, poor state. 2008 02:40:18.079 --> 02:40:24.280 But what's this spending every this year? Deficit budget? And people don't understand 2009 02:40:24.319 --> 02:40:26.600 that this deficit. Body is the problem. Is the problem where we're spending 2010 02:40:26.680 --> 02:40:31.399 on salaries every increase. I'm giving you your data. Oil money is going 2011 02:40:31.479 --> 02:40:37.000 to pay only civil servants. Oil money in Nigeria goes to pay only civil 2012 02:40:37.280 --> 02:40:41.440 So why you're on air presentation for only civil servants? Cindy, please go 2013 02:40:41.440 --> 02:40:43.879 ahead, And no, I don't want to stop your Yeah, no, 2014 02:40:45.120 --> 02:40:48.200 yeah, it's just I wanted to make as well. I just wanted to 2015 02:40:48.319 --> 02:40:54.559 talk about some numbers for companies that lived. Let's look at company like JSK. 2016 02:40:54.840 --> 02:40:58.520 JSK has been in Nigeria for a very long time. Sorry, can 2017 02:40:58.559 --> 02:41:01.879 you hear me? Yes, okay, just Care has been Nigeria for a 2018 02:41:03.040 --> 02:41:05.600 very long time. When they were leaving, I'm sure they would have looked 2019 02:41:05.639 --> 02:41:11.200 at the numbers done their budgets, compare budgets to actual results and realize that 2020 02:41:11.840 --> 02:41:16.280 whatever they are doing is unrealizable. And they would have done be forecasting and 2021 02:41:16.440 --> 02:41:20.040 saying that even if we continue, we are never going to actualize our results 2022 02:41:20.239 --> 02:41:24.280 where we want to be. So the best bed is to leave. And 2023 02:41:24.399 --> 02:41:26.840 when they leave, When these companies leave, what's the effect. What's the 2024 02:41:26.920 --> 02:41:31.760 effect on Nigeria's what's the effect on even the GDP? What's the effect? 2025 02:41:31.879 --> 02:41:35.440 Is going to cut? It boils down? It comes back to everybody. 2026 02:41:35.680 --> 02:41:39.840 People are worsaw, people are poorer. And what happens f I REST has 2027 02:41:39.879 --> 02:41:43.239 a budget, mind you, f I REST will realize this money. Whether 2028 02:41:43.360 --> 02:41:48.000 you like it or not. They'll spread their money across the existing businesses. 2029 02:41:48.559 --> 02:41:52.680 They don't care if your business closes. They will realize their budget. You 2030 02:41:52.840 --> 02:41:58.479 find out that sometimes it tax controllers. Promotion is contingent upon the amount of 2031 02:41:58.559 --> 02:42:01.799 money he generates. Is it going to generate? It's money when all these 2032 02:42:01.879 --> 02:42:05.079 businesses are shutting down, it's going to come back to all the existing businesses. 2033 02:42:05.639 --> 02:42:09.959 So, however, what I want to say is the environment is very 2034 02:42:09.280 --> 02:42:13.280 hostile for businesses. We saw what they did to Landmark. How do you 2035 02:42:13.360 --> 02:42:16.760 expect investors to come out to such an environment to do business? It's not 2036 02:42:16.840 --> 02:42:20.479 possible. If you could do that to your own what would you do to 2037 02:42:20.559 --> 02:42:24.639 it foreigner? And that's what I also one who invest in Nigeria. All 2038 02:42:24.719 --> 02:42:30.239 these things could boost the GDP, But what are we doing? Nothing? 2039 02:42:30.719 --> 02:42:35.520 It's just privorabilities. The government travels today there in Saudia, Arabia tomorrow they 2040 02:42:35.520 --> 02:42:39.360 are paying for this, their paying for and that's so three things that would 2041 02:42:39.399 --> 02:42:43.559 not benefit anybody or the economy. But what do we do is sit down 2042 02:42:43.879 --> 02:42:48.600 watch that's it? Well, thank you, thanks, thanks, thanks for 2043 02:42:48.760 --> 02:42:52.360 hanging in the wonderful comments. How can you you haven't known your mind? 2044 02:42:52.399 --> 02:42:54.040 You want to get out? Let me just get you in before I move 2045 02:42:54.079 --> 02:42:58.159 on? Can you you want to say something? Okay, so I quickly 2046 02:42:58.239 --> 02:43:03.000 want to talk about what world pieces saying. The thing is our actually argue 2047 02:43:03.079 --> 02:43:09.760 that Nigeria's gdpeper capital is actually about rights. It's not even slightly lower. 2048 02:43:09.399 --> 02:43:13.719 There's so many metrics you can used to know that our gdpeoper capital is actually 2049 02:43:13.799 --> 02:43:22.600 quite low. If you look at the consumption of of setting durable good things 2050 02:43:22.719 --> 02:43:28.840 like washing machines, things like number of cars, porchasess GSM usage, SM 2051 02:43:28.959 --> 02:43:33.200 usage, even the kind of GSM people are using, sef how many Nigers 2052 02:43:33.239 --> 02:43:39.040 are using iPhones, how many Nigrants are using some song S nineteen, not 2053 02:43:39.159 --> 02:43:43.520 to talk of S twenty. These things you will used to know. Why 2054 02:43:43.719 --> 02:43:46.639 is shop right? Why do you shop pride leave Nigeria? It is not. 2055 02:43:48.159 --> 02:43:52.559 It's not only just because show price is just just so that glutals low. 2056 02:43:52.920 --> 02:44:00.360 They's so that consumption when you're adjusted for inflation, so real consumption was 2057 02:44:00.399 --> 02:44:03.959 actually lower. So you can't just simply say all things are those things that 2058 02:44:05.360 --> 02:44:11.120 that does manufacturing. The thing is this, yes, our economic data are 2059 02:44:11.200 --> 02:44:16.479 not exactly accurate, but generally speaking, that're going in the right way in 2060 02:44:16.639 --> 02:44:20.520 terms of accuracy. We're actually getting more accurate instead of less accurate over time 2061 02:44:22.000 --> 02:44:24.799 because more and more people are shining their eyes on the on the different parts 2062 02:44:24.840 --> 02:44:30.479 of our of our economy. So this idea that somehow is just manufactured, 2063 02:44:30.879 --> 02:44:35.360 that it is not manufactured. And and the thing is, unfortunately, I 2064 02:44:35.520 --> 02:44:41.600 just think that our basic grasp of economic ideas in Nigeria is very very poor. 2065 02:44:43.159 --> 02:44:48.680 Like you heate casually every everywhere, no on the on the issue of 2066 02:44:48.719 --> 02:44:52.479 Demander said that was talking about Nigeria being rich and everything. You call the 2067 02:44:52.600 --> 02:45:01.319 dr C a rich country. The dr C has has everything everything that we 2068 02:45:01.479 --> 02:45:05.280 call everything. You can't see that, Bob. I'll rest my case on 2069 02:45:05.360 --> 02:45:07.559 this, thank you. Yeah, but in the end, this single Singapore 2070 02:45:07.600 --> 02:45:11.680 has nothing but rocks, rats and human beings and the original Nigeria. So 2071 02:45:11.799 --> 02:45:16.000 we can't say because we have natural endowments that we're rich. Saudi has got 2072 02:45:16.079 --> 02:45:20.239 crude oil, they are rich. So you've got to show walkings. You 2073 02:45:20.399 --> 02:45:24.399 just can't be because you have potential, then you are rich. It has 2074 02:45:24.520 --> 02:45:28.360 not has potential. They're not one Champions League. Sorry about sorry people, 2075 02:45:28.440 --> 02:45:31.600 but that's just the truth. Clock to one. You've got the floor, 2076 02:45:31.680 --> 02:45:39.280 sir, mister Muda. Where are you calling from, Sir mister Muda. 2077 02:45:39.360 --> 02:45:43.440 You've got the floor if you want to speak or we can move on to 2078 02:45:43.959 --> 02:45:52.959 Yeah, go ahead, you're from muted in your mind, I say, 2079 02:45:52.000 --> 02:46:01.360 up your hand, okay, yeah, I just beautiful conversation and I just 2080 02:46:01.520 --> 02:46:09.680 wanted to, yeah, to highlight that we can be doing multiple things at 2081 02:46:09.680 --> 02:46:15.879 the same time. There is never a time that the government or the country 2082 02:46:16.040 --> 02:46:26.520 cannot two person different things. Now we have seen nations of the world okay, 2083 02:46:26.879 --> 02:46:37.559 actively actively be promoting and supporting specific industries that they have looked at and 2084 02:46:37.760 --> 02:46:45.600 classified important enough for them and the efficient we see them being intentional in giving 2085 02:46:45.840 --> 02:46:50.479 subsidies. I have not said that we should give subsidies, but we must 2086 02:46:50.639 --> 02:47:00.520 have an industrial policy that is geared towards giving us competitive advantage in specifically areas 2087 02:47:01.680 --> 02:47:09.879 so we can shine out those services and products at the lowest FOP. This 2088 02:47:11.120 --> 02:47:16.239 will enable us exports. We most exports. We have to export. We 2089 02:47:16.559 --> 02:47:22.719 have to figure out ways of heading foreign revenue. So the government has to 2090 02:47:22.799 --> 02:47:33.559 be intentional and being intentional and in driving resources towards those specific areas. And 2091 02:47:33.719 --> 02:47:37.600 they and there are many. Every part of Nigeria can get one. So 2092 02:47:37.760 --> 02:47:43.840 it's not it was all the all those that will want to balance put and 2093 02:47:43.959 --> 02:48:00.680 on put. Okays. A woman's hiding a woman. Oh, I can't 2094 02:48:00.719 --> 02:48:05.239 hear you going once my let's get thinking winky, not the name, thinky 2095 02:48:05.280 --> 02:48:11.840 winky. What's up? Hey? Guys? If you if you request to 2096 02:48:11.920 --> 02:48:16.479 speak, you should speak tinky winky. You don't speak, clocked one? 2097 02:48:16.719 --> 02:48:20.520 Are you right to speak? All right? I was gonna take a move, 2098 02:48:20.559 --> 02:48:24.760 you guys so I'm not gonna speak, just take you off mine. 2099 02:48:28.920 --> 02:48:35.760 Yeah. So this argument about what the government is doing right wrong, like 2100 02:48:35.920 --> 02:48:39.639 we've always said it, but I understand the fact that a lot of people 2101 02:48:39.120 --> 02:48:43.639 are really on the personal governments, So no matter how you speak, they 2102 02:48:43.719 --> 02:48:50.799 expect nothing less than that. But united is that you also need to deal 2103 02:48:50.879 --> 02:48:54.079 with that. Looking how can we be uh, sister, my efficient. 2104 02:48:54.120 --> 02:49:00.520 I listen to what the sister was talking about, lady, and united. 2105 02:49:01.319 --> 02:49:03.760 I lighted these problems over and over. In fact, that was why if 2106 02:49:03.799 --> 02:49:09.079 people will for you what you see or what I see or what are reating 2107 02:49:09.719 --> 02:49:13.559 is that we always compare about the politics, spending, the cost of all 2108 02:49:13.600 --> 02:49:18.520 these things that we're bringing. But now that we have issues like this, 2109 02:49:20.239 --> 02:49:26.239 the question a maxim solutions. How do you how should government come about this? 2110 02:49:26.520 --> 02:49:31.879 And using solution we have right now is to cut costs. Because now 2111 02:49:33.000 --> 02:49:35.079 if you look at all the outposts right now, it's less than one point 2112 02:49:35.120 --> 02:49:41.200 three million dollars a day, and you understand that it's about media. Look 2113 02:49:41.239 --> 02:49:46.719 at our population. Our population is not slowing down the only thing that's growing 2114 02:49:46.799 --> 02:49:50.000 first time, and there is population when we are if you look at the 2115 02:49:52.159 --> 02:49:56.799 interest rates that recipient has been appified. At some point it's going to cool. 2116 02:49:56.200 --> 02:50:00.079 So when it colds down, MISSPI will take their backs down. Go. 2117 02:50:00.920 --> 02:50:05.479 So the question is why is the government. Why are we not talking 2118 02:50:05.559 --> 02:50:11.200 again that government. We need to say something costs seriously. Story we spoke 2119 02:50:11.200 --> 02:50:15.959 about it. I was telling someone you cannot fight inflation and good the economy. 2120 02:50:16.000 --> 02:50:18.239 It doesn't work. I don't know the kind of gets people about, 2121 02:50:18.719 --> 02:50:22.760 because when you're fighting inflation, you're tightening something. It's just like somebody tightening 2122 02:50:22.799 --> 02:50:28.159 your bills out, you typing your pills and reaing like a good point you 2123 02:50:28.239 --> 02:50:31.840 had at vomit or something happens the cut up. So we cannot typen the 2124 02:50:31.879 --> 02:50:37.520 economy at the same time goody, and we all know that we are fighting 2125 02:50:37.559 --> 02:50:41.120 inflation as we caught in. So I think the bottom line is that the 2126 02:50:43.399 --> 02:50:48.639 the publisher arrested, you can down crypto markets as worsen head off the system. 2127 02:50:50.399 --> 02:50:54.959 All employments is very high, private is high. Complains that I won't 2128 02:50:54.959 --> 02:51:01.399 making money are complaining. So I think we all to put our hands on 2129 02:51:01.440 --> 02:51:03.920 the desk and find things we can do. Personally myself, for example, 2130 02:51:05.440 --> 02:51:09.520 I've got to look at how to improve my own because the truth of the 2131 02:51:09.639 --> 02:51:13.959 matter is that a love of Nigeria is a job place. People are hungry. 2132 02:51:13.319 --> 02:51:18.520 When we don't talk about food inficial we're spoken about we are Nobody are 2133 02:51:18.520 --> 02:51:24.399 spoken about food inflash Inflasire is the most important pasicly with Nigeria, people are 2134 02:51:24.399 --> 02:51:28.600 spoken about that. So the question is when we don't talk about the most 2135 02:51:28.600 --> 02:51:31.559 important thing and we talk about FX, we talk about hims, we talk 2136 02:51:31.600 --> 02:51:35.920 about because we are in the country, it doesn't really help. And I 2137 02:51:35.040 --> 02:51:41.639 think that is why it's very important for us to really take distance serials and 2138 02:51:41.799 --> 02:51:46.280 that those with this, all these musicians, all these people are all the 2139 02:51:46.719 --> 02:51:52.079 social gimmix that we don't media. It's not good to airpose. The truth 2140 02:51:52.159 --> 02:51:56.120 of the matter is that we are poor, which accept it and act on 2141 02:51:56.239 --> 02:51:58.920 it because when we don't keep you really pick life, we're going to enter 2142 02:52:00.079 --> 02:52:05.159 serial struggle and I pray won't get it. Thank you, well said, 2143 02:52:05.920 --> 02:52:09.399 well said. We've just got to do the hard work. Let we're rounded 2144 02:52:09.479 --> 02:52:11.959 out. Now, we're going to be out of here in about say, 2145 02:52:13.079 --> 02:52:16.000 five minutes, S three, S three. I've got you on point. 2146 02:52:16.040 --> 02:52:20.280 Do you want to did you say? Three? Okay? Good evening, 2147 02:52:20.479 --> 02:52:26.319 everyone can you guys hear me loud and clear? Go ahead, all right, 2148 02:52:26.840 --> 02:52:31.520 thank you, thank you to everyone that has been contributing really insightful. 2149 02:52:33.479 --> 02:52:35.959 Well, what I just wanted to add was that in all these things, 2150 02:52:37.479 --> 02:52:43.959 like, we shouldn't just forget the the basic like if we're breaking it down 2151 02:52:45.000 --> 02:52:48.719 to the basic course of all these problems we are having, if it wants 2152 02:52:48.799 --> 02:52:54.200 use or comes to reason and get down to the point of it's very simple. 2153 02:52:56.079 --> 02:53:01.639 Someone awesome people somewhere and taking what don't belong to them. That's just 2154 02:53:01.799 --> 02:53:07.440 the issue. Money, no day money, no day money, no d 2155 02:53:07.000 --> 02:53:13.280 They still don't care. They're still putting their hands in the honeypot and taking 2156 02:53:15.479 --> 02:53:18.639 what doesn't belong to them. Okay, now this has dreamed. Dude, 2157 02:53:20.000 --> 02:53:24.600 they still extend their hands to the bottom of the pot and scrape. They're 2158 02:53:24.600 --> 02:53:28.479 still scraping these crap. So fire on the mountain. There's fire on the 2159 02:53:28.559 --> 02:53:35.879 mountain. They don't care if God has messy on us and purchases their hats. 2160 02:53:37.000 --> 02:53:41.200 This one, now, I'm sorry to be talking about hypothetical. I 2161 02:53:41.399 --> 02:53:46.520 just have to. So if God touches their hearts for us on our behalve 2162 02:53:46.600 --> 02:53:52.000 and they just all of them come together and decide to stop taking what doesn't 2163 02:53:52.040 --> 02:53:58.120 belong to them. Do you know that even the process, the process of 2164 02:53:58.360 --> 02:54:07.200 them ceiling, that process is what makes them incompetence in their job. Take 2165 02:54:07.280 --> 02:54:13.879 for example, this guy from Cookie. Imagine the time and and and effort 2166 02:54:15.040 --> 02:54:20.879 to taking him to be making the deals with the principle of his children's school 2167 02:54:22.040 --> 02:54:26.319 just so that I can say phone one or two million dollars time you would 2168 02:54:26.319 --> 02:54:31.760 be using time you would have too his states looking to the problems that are 2169 02:54:31.440 --> 02:54:39.159 a psiding his states. So that's just the issue. That's just the main 2170 02:54:39.319 --> 02:54:43.520 issue. If this people comes, if they stop and say, okay, 2171 02:54:43.559 --> 02:54:46.959 these ones are coming in, they will not have They do not have the 2172 02:54:48.360 --> 02:54:50.840 the the clarity of mind to say, okay, this is what we're supposed 2173 02:54:50.840 --> 02:54:54.879 to do. Is what we're not supposed to do. But they are just 2174 02:54:54.000 --> 02:55:00.719 after one thing, which is how to take that's that's just round up. 2175 02:55:01.520 --> 02:55:07.680 Close all right, thank you, You're very very welcome, very welcome. 2176 02:55:07.799 --> 02:55:09.239 Yeah, all right, guys, so about to close. Just just get 2177 02:55:15.319 --> 02:55:18.120 uh cinny, do you want to saydthing real quick? For's gonna be then 2178 02:55:18.200 --> 02:55:22.680 you and I want to call today, Yes, thank you. I just 2179 02:55:22.760 --> 02:55:28.559 wanted to ask mister, how do we fight food inflation given the level of 2180 02:55:28.680 --> 02:55:39.200 insecurity in the country. Can I just something quick, like I've always alighted, 2181 02:55:39.639 --> 02:55:45.399 Yes, insecurity is the problem because an excuse we have we have three 2182 02:55:46.520 --> 02:55:48.799 We have three syst in the southeast for example, that spends more money on 2183 02:55:48.959 --> 02:55:56.360 invents management than agriculture. We have in the Southwest spend more money on social 2184 02:55:56.440 --> 02:56:03.079 affairs than our culture. So you say its curatey, Sometimes it does baffles 2185 02:56:03.159 --> 02:56:07.479 me because I don't has the food intuition than what you have in legals example, 2186 02:56:07.600 --> 02:56:15.520 as if food intuition what you have with legalsh the invasion environment you have, 2187 02:56:16.719 --> 02:56:20.319 So yeah, it curate is the problem. Excuse because on the investment, 2188 02:56:20.959 --> 02:56:28.959 lack of lack of efficient workers output Faizer inquivement system as also a provider, 2189 02:56:30.040 --> 02:56:33.479 so we have to tackle those things. So I think it's just the 2190 02:56:33.600 --> 02:56:39.000 fact that coverment does not have to real to address because you know, the 2191 02:56:39.079 --> 02:56:41.520 south part is that the consciously is the state that look a covement and culture. 2192 02:56:41.559 --> 02:56:45.600 So the government looks like the article. But I think the president come 2193 02:56:46.120 --> 02:56:50.520 put the emergency is OK? All right, then real quick, let me 2194 02:56:50.760 --> 02:56:52.639 let them just see if this real quick. All right, so let me 2195 02:56:52.680 --> 02:56:56.159 shut down the recording and I'll come back to the space. I'm not going 2196 02:56:56.200 --> 02:57:00.360 to shut the space down. Thanks for listening to this week's top. We've 2197 02:57:00.360 --> 02:57:05.520 been talking about student Nigeria have an independent Central Bank of Najera because of reports 2198 02:57:05.600 --> 02:57:11.799 that should at the lawmakers in Niger want to transfer monitoring policy over to the 2199 02:57:11.959 --> 02:57:16.799 Ministry of Finance and not the central Bank. We've said this is because they 2200 02:57:16.959 --> 02:57:20.840 plan to borrow more from the ways and means and also would like to do 2201 02:57:20.040 --> 02:57:24.920 more spending. So recently, MPR would make it cheaper for them. It's 2202 02:57:24.040 --> 02:57:28.879 bad news. It would increase ablosity of money, it would make now lose 2203 02:57:28.079 --> 02:57:31.840 value, it would add to inflation, so we are against it. So 2204 02:57:31.959 --> 02:57:37.760 we're educating folks. You need to ask questions and ensure this does not happen. 2205 02:57:37.520 --> 02:57:41.120 So I hope you guys would join us next week when we come to 2206 02:57:41.159 --> 02:57:45.280 your topic. We're bringing in some climate guys and we're going to tie in 2207 02:57:45.479 --> 02:57:48.200 climate, the economy and investment. So that's what's going to happen next week. 2208 02:57:48.559 --> 02:57:52.959 I hope you guys would join us then. On that note, I'll 2209 02:57:52.000 --> 02:57:56.159 see you guys next week. Thank you. So much. My name is 2210 02:57:56.280 --> 02:57:56.559 Kluaja. You guys have a good