Ben Bruce, lawmaker representing Bayelsa central senatorial district, says the “hurried implementation” of the Treasury Single Account (TSA) may be one of the reasons the country is in economic recession.
Taking to Twitter on Thursday, Bruce said: “Nobody locks up money in a vault in a recession. In fact, the hurried implementation of TSA may be part of the reason we are in a recession.”
He added: “We must make it easier, not more difficult, for business to obtain credit.”
He said Nigeria’s current interest rate is ridiculous for a country in recession.
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“Now that we have found ourselves in a recession, we must do the commonsensical thing to do and spend our way out of the recession.”
Nobody locks up money in a vault in a recession! In fact, the hurried implementation of TSA may be part of the reason we are in a recession.
— Ben Murray-Bruce (@benmurraybruce) September 8, 2016
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We must make it easier, not more difficult for business to obtain credit. Our current interest rate is ridiculous for a nation in recession!
— Ben Murray-Bruce (@benmurraybruce) September 8, 2016
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Now that we have found ourselves in a recession, we must do the commonsensical thing to do and spend our way out of the recession.
— Ben Murray-Bruce (@benmurraybruce) September 8, 2016
We politicize everything in Nigeria. It is our undoing because the economy should bow to politics, politics should not bow to the economy!
Advertisement— Ben Murray-Bruce (@benmurraybruce) September 8, 2016
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2 comments
The Honorable, owing billions in debt to banks and defaulting on repayment is another version of locking up money in vault.
It’s apparent that the Minister of Finance has no clue about how to tackle the economic meltdown except to ask for time and patience from hapless Nigerians. She is only concerned with ghost workers and reducing cost. Her submissions are so pedestrian that they are almost laughable. Earlier she claimed that government had saved over N2trillion on TSA implementation but she had to reverse that when she realized that the money belonged to the different agencies of government and therefore not free money. Her team proposed a N6trillion budget they had no way of funding and are barely able to do 35% implementation, what were they thinking? Her answer to the recession is to set up efficiency units to track spending of consumables like paper of the Ministries. It’s clear she is in way over her head, she needs to be relieved of her duties NOW! As for the CBN governor he secretly hired all the children of the Nigerian political elite to ahide his incompetence at his job. Policy flip flops have been the hallmark of his career as CBN governor. He is also overdue for SACK! The truth is the President needs to rejig this lackluster cabinet. The economic situation in Nigeria is a national emergency which is not being treated as such.