Africa Press-Nigeria:<\/p>\n
A former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, on Saturday stirred controversy on Twitter when he took on Nigerians who criticised his recent wish that crude oil prices, which plunged to the lowest level since 1989, should remain low.<\/p>\n
On Wednesday, crude oil prices of the Organization of Petroleum Exporting Countries (OPEC) basket of 12 crudes dropped to about $16.05 per barrel before staging a dramatic recovery to about $34 per barrel late on Friday.<\/p>\n
The unexpected price rally followed reports of an emergency meeting called by Saudi Arabia, OPEC\u2019s largest producer, scheduled for Monday next week with Russia and other non-OPEC allies, to attempt to broker a truce on production output cuts to strengthen prices and stabilize the declining oil market.<\/p>\n
But, in a tweet through his handle:@MoghaluKingsley to justify his earlier prayer that oil price should crash to the bottom, the Young Progressive Party (YPP) presidential candidate for the 2019 presidential elections, said:<\/p>\n
\u201cOil is now at $34, and some mumus are saying thank God He didn\u2019t answer my prayer that oil should crash. Too bad they missed the point (which is why we have mumus.) Oil may get to $50, and then down again to $30. What will you say then? No way to run an economy. #Diversifyeconomy\u201d<\/p>\n
Nigerians react
\nMany Nigerians who reacted to the comment condemned Mr Moghalu for insulting his critics over the issue.<\/p>\n
Susan Henshaw (@SusanHenshaw50) said: \u201cWhat did you or your government do towards diversifying the economy or discouraging the dependence on oil. ONE thing. ONE. What suggestion have you put forward in all the years since, other than espousing the break-up of Nigeria and other bad faith?\u201d<\/p>\n
For OlasunKanmy\u2122 (@kanmyexcellent): \u201cSadly, your opinions so far shows you didn\u2019t really follow government activities. Former & the current Finance Ministers consistently emphasized diversification through Agriculture|ICT. Using derogatory words against fellow compatriots shows lack of respect for others opinions & intellectual arrogance.\u201d<\/p>\n
Margaret Ikpeme (@MargaretIkpeme8) said: \u201cOkay Prof. But you don\u2019t need to call your fellow citizens who don\u2019t reason along with you mumu. You are a leader and may come to seek our votes. Please carry us along until we can comprehend like you. Your experience is far above some of us, especially in this economic growth.<\/p>\n
Olaudah Equiano\u00ae (@RealOlaudah) \u201cSir I understand your frustrations, but you need to manage your emotions better. This tweet could\u2019ve been done better, without those abusive words. Remember you mentor people out here. Remember also your pedigree, & where you\u2019re aspiring to. Shalom.\u201d<\/p>\n
General Adio Dudu (@balogzy_1) said \u201cAs expected, no suggestions yet. For someone who had the opportunity to do things differently you failed yourself but you now have the temerity to call those who see things differently from you \u201cmumu\u201d, that belittled you.<\/p>\n
AWATY (@clement_bolaji) \u201cIt is very unfortunate that a former Presidential candidate calling his fellow citizens \u201cmumus\u201d. The same people he would have be their president if he had won the election. It simply tell us your level of emotional intelligence and how irrational and incompetent you are.\u201d<\/p>\n
Ifeanyichukwu S.Agwu (@IfeanyichukwuSA) \u201cGosh I can\u2019t imagine this man was a Deputy Governor of the CBN. What did you do there please? Sit on the table and look serious. How many years were you there? I didn\u2019t hear one dot or tittle of reform in your time at the CBN. Please go reform your LGA1h\u201d.<\/p>\n
Naira devaluation
\nIn his response to a question by Arinola Awokoya (@iyaboawokoya) on: What government should do further diversify the economy, Mr Moghalu called for the devaluation of the Naira and the scrapping of the FOREX restriction policy of the CBN on 42 items.<\/p>\n
A former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, on Saturday stirred controversy on Twitter when he took on Nigerians who criticised his recent wish that crude oil prices, which plunged to the lowest level since 1989, should remain low.<\/p>\n
On Wednesday, crude oil prices of the Organization of Petroleum Exporting Countries (OPEC) basket of 12 crudes dropped to about $16.05 per barrel before staging a dramatic recovery to about $34 per barrel late on Friday.<\/p>\n
The unexpected price rally followed reports of an emergency meeting called by Saudi Arabia, OPEC\u2019s largest producer, scheduled for Monday next week with Russia and other non-OPEC allies, to attempt to broker a truce on production output cuts to strengthen prices and stabilize the declining oil market.<\/p>\n
But, in a tweet through his handle:@MoghaluKingsley to justify his earlier prayer that oil price should crash to the bottom, the Young Progressive Party (YPP) presidential candidate for the 2019 presidential elections, said:<\/p>\n
\u201cOil is now at $34, and some mumus are saying thank God He didn\u2019t answer my prayer that oil should crash. Too bad they missed the point (which is why we have mumus.) Oil may get to $50, and then down again to $30. What will you say then? No way to run an economy. #Diversifyeconomy\u201d<\/p>\n
Nigerians react
\nMany Nigerians who reacted to the comment condemned Mr Moghalu for insulting his critics over the issue.<\/p>\n
Susan Henshaw (@SusanHenshaw50) said: \u201cWhat did you or your government do towards diversifying the economy or discouraging the dependence on oil. ONE thing. ONE. What suggestion have you put forward in all the years since, other than espousing the break-up of Nigeria and other bad faith?\u201d<\/p>\n
For OlasunKanmy\u2122 (@kanmyexcellent): \u201cSadly, your opinions so far shows you didn\u2019t really follow government activities. Former & the current Finance Ministers consistently emphasized diversification through Agriculture|ICT. Using derogatory words against fellow compatriots shows lack of respect for others opinions & intellectual arrogance.\u201d<\/p>\n
Margaret Ikpeme (@MargaretIkpeme8) said: \u201cOkay Prof. But you don\u2019t need to call your fellow citizens who don\u2019t reason along with you mumu. You are a leader and may come to seek our votes. Please carry us along until we can comprehend like you. Your experience is far above some of us, especially in this economic growth.<\/p>\n
Olaudah Equiano\u00ae (@RealOlaudah) \u201cSir I understand your frustrations, but you need to manage your emotions better. This tweet could\u2019ve been done better, without those abusive words. Remember you mentor people out here. Remember also your pedigree, & where you\u2019re aspiring to. Shalom.\u201d<\/p>\n
General Adio Dudu (@balogzy_1) said \u201cAs expected, no suggestions yet. For someone who had the opportunity to do things differently you failed yourself but you now have the temerity to call those who see things differently from you \u201cmumu\u201d, that belittled you.<\/p>\n
AWATY (@clement_bolaji) \u201cIt is very unfortunate that a former Presidential candidate calling his fellow citizens \u201cmumus\u201d. The same people he would have be their president if he had won the election. It simply tell us your level of emotional intelligence and how irrational and incompetent you are.\u201d<\/p>\n
Ifeanyichukwu S.Agwu (@IfeanyichukwuSA) \u201cGosh I can\u2019t imagine this man was a Deputy Governor of the CBN. What did you do there please? Sit on the table and look serious. How many years were you there? I didn\u2019t hear one dot or tittle of reform in your time at the CBN. Please go reform your LGA1h\u201d.<\/p>\n
Naira devaluation
\nIn his response to a question by Arinola Awokoya (@iyaboawokoya) on: What government should do further diversify the economy, Mr Moghalu called for the devaluation of the Naira and the scrapping of the FOREX restriction policy of the CBN on 42 items.<\/p>\n","protected":false},"excerpt":{"rendered":"
Africa Press-Nigeria: A former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, on Saturday stirred controversy on Twitter when he took on Nigerians who criticised his recent wish that crude oil prices, which plunged to the lowest level since 1989, should remain low. On Wednesday, crude oil prices of the Organization of […]<\/p>\n","protected":false},"author":62,"featured_media":2887,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,29],"tags":[503,228],"class_list":["post-23509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-cbn","tag-oil-production"],"yoast_head":"\n