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[Music] good morning and thank you very much for joining us I am Yuri Fulani and this morning I have to lock we're open gob alongside me toda la Paix is a TVC business TVC news business editor great to have you on indeed what we're going to be talking about Co vide 19 and I'm banking you know it would seem to have thrown a spanner in the works but in due course we'll come to that because money is important and them how it affects business and all of that because the banks are exposed to so many different sectors so many in so many of them and we will look at that and the effect it is having and then even on the ordinary person you know but before all of that here we are we just this is the commencement of the extension of the gradual reopening easing of the conditions of society and um it looks like police in Nigeria are taking no prisoners in terms of um how seriously they are taking this in fact there was a press release from mr. Franken back in a DCP Franken bar forced public relations officer for headquarters in Abuja who was saying that the Inspector General of Police and since I'm quoting from it immediately directly the Inspector General of Police has ordered strict enforcement of the national curfew and interstate movement restrictions orders and placed by the federal government and on well in Lagos in some parts of Lagos we saw you know evidence of that some people even went as far as calling in term of the seriousness I has did to use the term myself but you know doctors or medical workers you know essential people once they broke the curve once the infringed on the hours of the curfew between eight and six six as I was saying the police were taking no prisoners they just as it were moved in even our IV Colonel a reporter she was actually arrested yesterday yes indeed so what we shall so in fact we have Ivy on skype yesterday on skype right now good morning Ivy okay then well I see that you're three are you speaking for the name police station there okay when were you when was the unfortunate mm engagement with the police okay because um as essential workers work dust often tickles you know sometimes we have to report on on these matters but what was the explanation when you no doubt you would have identified yourselves and I hear that you're not just the only one allegedly nurses doctors and other essential workers were also confronted what was the what did you understand from the police officer say she was coming out a different team now what what she tell me what I'm sure you know I was curious to know where was this directed coming from because what the directive we had earlier stated that essential workers were exempted and just you know without any notice without any statement from the police you know you got in the night and arrested or you know plotting the coffee which ones which is usually between 6 to 8 p.m. so she teach no explanation to 8:00 p.m. to 6 a.m. and there was an explanation she said once she was acting on directly now we may be directing was from the ITP surface between signals from the AIT surface or the commission of a policeman okay so yeah I know patience for us that's clear to us because we'd like to get an explanation even I I am hearing I'm hearing reports that one of our drivers was actually arrested this morning again the coffee hours between 8 p.m. and 6 a.m. and oftentimes people are going to have to be on the roads I guess everybody knows that we're broadcasting it doesn't matter whether it's radio whether it's television or whatever the station you have drivers on the road somewhere between 4 a.m. you know 5:00 a.m. which is actually getting to be late that's the way it is but if well as I was saying I I sort of paraphrased or I edited a bit DCP Franken bars statement DCP Franken bar is the first public relations officer in force headquarters Abuja and he had put out a statement that the Inspector General of Police had directed strict compliance no doubt this has to be sorted out right because um as you said there's no statement as to whether have those exemptions been withdrawn we don't know any of that those of course on meeting you know that okay so how did it all end when you say that about eleven o'clock when you you know able to go on your way what did she just walk her finger to you and say you know be careful take or what what is it is the matter to be continued your bill those who are wearing ties the ticking your ties my phone because my office needed to know where I was and my family so there was no I was here to use my phone to the officer who was you know at the counter just came unannounced okay all of you please come out of my tickle kids and you're going to sleep in your class till 6 a.m. tomorrow morning I was like good night as you know that was announced went before she she later after some like about 30 minutes or so she said Kitty now has selectivity and makes everybody a little but that was it and so you could continue hope yes okay I'm just I'm Maggie you would have kept your fingers crossed that you don't meet another checkpoint but upon those that didn't have this particular perspective with that go ahead and arrest you again okay relax for like three as I don't know exactly what happened okay well thank you very much Ivy on and well stay with us if you will because you're on skype so we can actually do a phone calls as well while we're at it but it looks like to me it looks like the police is serving notice that look because remember wait in extending it the part of the statement by the secretary to the government on the head of the PTF on COBE nineteen had said that we determine a the period will be used to explore more persuasive measures among others to getting people to conform strictly with all those regularly indeed I was also the offices Tillett 11 p.m. because I was a teeny also the news at 10:30 business news as usual so I was also scared Omar or before then and this release are coming from Franken bar saying that it doesn't really affect essential workers dimension journalists help workers I think there was just maybe the communication there was a kind of misunderstanding when somebody passed on information because yesterday I watched the PDF which I do on daily basis and at the sgf boss Mustafa was out to commend the media on what they'd been doing for weeks saying they've been staying out despite the challenges to cover this on daily basis and let people see what's happening live without they're not paying for this we pick it live every day for hours we know how much that cost us to run our generators to run our systems and at the end of the day we're on our way home you now stop us and say we shouldn't go home and sleep and the station I think there was a misunderstanding somewhere and they are to quickly correct themselves because they were not going to be able to manage it how many of us were they gonna arrest yesterday we will let the officers to be myself and support me fear me one convoy and we left to get a little of both yes we just go out find a whole wing of yours first what was it as you said it's probably and as IB was saying that I'm there were subsequent up communication yeah of course it will relax it was bit but still you know yes there was a bit of a bitter taste about yeah the police were serving notice no doubt that look let everybody just see how it is now we don't want them to exceed their powers or goes overboard but I think they were showing that this is urgent it's just that you have to go about it in the right way yeah because journalists are about they are the people that actually informing and advising people as to what's going on how you have to be what this situation is right now can you imagine just now taking those guys off the street now you're talking about journalists for once doctors for nurses nurses these are front line people so as you say something must have gone wrong I've been here medical workers threatened to to to to to down tools today if this continues one way or the other so I'm sure they are waiting but maybe we discount a directive from fan khumba I'm sure maybe do go back to walk and to see anything pops up begin today actually we weren't mad we weren't able to get a phone call and we were trying but um somehow phone calls we wanted to put one or two phone calls on this particular subject but IV we're gonna have to close the shop as it were on this particular subject but thanks a million for coming on and I hope you're not the words were we're having Dean be on the counter for a few minutes okay IV stay safe now right all right it okay so we'll take a break stay with us please we'll be right back and then our focus is going to be banking amidst covet 19 okay welcome back and as we said we'll try and look at UM banking in you know a pandemic we never had this kind of an experience before Tolu developer open jobbing business editor TVC news he's here and we have with us on skype mr. Tesla m-- cheetah Bay mr. Tesla mashita Bay is an investment banker and financial journalist Tolu mr. Tesla good to have you a lot has been said about the banking sector at this time with Kobe 19 and a lot of people are talking about the drawbacks better wage employment aspects and of course what's happening across board now let's start with what are the odds for our economy and indeed the banking sector in the light of several interventions undertaken to support the economy as a whole okay that's a really important question to ask well let's do it from this perspective the projections concerning the economic growth in 2020 is that ninety on economy will decline by between three point four percent at 3.5% right now given that we are also facing a situation where all earnings are expected to decline by 90 percent okay we're also expecting a situation where the Federation allocation committee funds I won't decline to both the federal government and the state governments we expect that costume revenue will drop from 1.5 trillion we estimated to about 1.2 trillion okay and then some national news this is an area of that we heard some nationals as sub-national levels we expect that value-added tax would also decline slightly and I actually could be slightly is because there was a 50% increase in the value-added tasks in 2019 okay so that will ensure that the vast revenues will decline through Sofia so we expected to see that drop from about two point one trillion any is limited to about two trillion okay now connect to the question of how this affects the economy obviously with the GDP declining by over three percent general business activities are going to be moved along the slow lane in 2020 and with business generally slowing down you should expect their banking activities will also slow down significantly now does that sign of the Nigerian economy as being in the dumps not necessarily sometimes when you have situations like this where you have a virus or what I call it Black Swan creating challenges within those challenges are also opportunities and that's the mindset well it's critical is the mindset the mindset that we have towards what is happening to us it's a pure for reset we need to reset our minds and then we set the economy okay so yes the major economic indicators are not looking too favorably you've seen inflation go up significantly that's after it had declined for the first part of 2019 he want you to there was a general decline and in q4 we started seeing if they should not help a bit by qq1 2020 we are looking at inflation that's going to close to 40% and it's likely that he could get up to 18% okay so we are in the inflationary environment we are also in an environment with a slow growth in the economy so you're in what the Economist called stagflation okay mr. cheetah Bay I was going to ask just as you got to there in your opinion would recession with a economic recession beyond the cards Oh certainly certainly certainly recessions defined as two negative quarters in growth of GDP so we haven't seen an idea biostatistics release q1 because yet but it is my guess that q1 figures who see that we grew negatively for the first quarter of the year second quarter he has in going to be worse their economic activities have slowed down even more severely as a result of the knockdowns and the partial lock downs that have occurred supply chains have been disrupted majorly my factory concerns are not able to produce and even fifty percent of capacity so we yes we will see definitely a slowdown in the economy in both q1 and q2 or 2020 so is there gonna be a recession certainly how much can be done to insulate the bank's economy from such shock as government is looking towards reopening the entire economy installation is going to be very difficult the other reason why is this even if you expand liquidity in the economy and demand of there are challenges with supply chains a lot of major manufacturing takes root from imports of raw materials and equipment that disruption is still in place so even if you have the money to buy you're not likely to be able to get those equipments you're not likely to get the raw materials so yes you've got money yes you were to buy the raw materials won't buy the equipment's but they're not available so your money really is neutralized so expat taking the typical Western approach towards stepping off a recession might not work as a matter of fact what you could actually be doing is stoking inflation so you see a rise in inflation and you still see a stagnation in the economy so you're all you're doing is digging in the jointer all already and begin to dig and all that does to push you typically move so that solution may not work favorably but what you need to do is to rethink your strategy rethink their approach to business generally and perhaps we think the overall economy and under this regard mr. cheetah Bay in this regard of what you just said I wonder if you just give us a something of a an overview of what you think the banks are going through because there would have been plans you know December last year maybe November December last year about look 2020 is going to be a year that kind of a thing and then Cove it hit you know it's some banks are having in an Outback contra for the operations especially in the light of how they can do business during coffee 19 great question I need to say something very quickly here the what is going on currently the economic show is not going to affect all banks in the same manner and the reason why it's quite simple some banks as early as 2019 q2 had already started strategies to look at how can do their business is differently they'd already set up foundries tech foundries they've already set up sandboxes digital sandbox and so they already tested how they were going to move forward with a leaner stuff strength actually I can see that is important point actually is access back ok it has about 36 million customers I realized that he has to service this kind of customers it was quick to the take and understanding that it's not gonna be business as usual you've got to provide services you gotta find user experience you gotta try user interfaces that provide excellence at the lowest possible cost I do not like you to do that with a horde of employees what is likely to take us and you see is technology so there are banks like that I think eg I also did a similar strategy but what I say this it doesn't necessarily mean that people will lose jobs in a broad sense yes some jobs will go so but of his Joe will vaporize that acute sort of his jobs will also disappear however there will be the creation of jobs in other areas okay you're gonna see an expansion of jobs in the area in information technology the balloon cuts artificial intelligence they're going to look at coding you go to look at protector okay you're going to look at machine learning people with those skill sets will definitely thrive in the banking sector under this administration under this period of time you also going to see that agency banking will expand not words rora banking penetration technology penetrates in rural areas to get more people into the banking system and enhance Faraj of financial inclusion so what we're going to see is a shift in how banking is conducted and it's shift in the relevant skill ets that banks will be asking for okay so that you won't have a lot less finishes and a lot more techies okay you also likely have four soldiers who be penetrating the rural areas a lot more you know so yes jobs will get lost unfortunately this will be unfortunate but it is the reality mm-hmm momently sorry to interrupt you is the be sorry to interrupt here thank you very much there was a bit of a lag there but just to use this opportunity to say that um we've been joined by mr. Mukhtar more hammered on the phone Mukhtar is a stockbroker and financial analysts good morning to you Mukhtar indeed thank you very much for joining us my pleasure okay just before we continue you you might have you you I hope you heard what mr. cheetah Bay was saying there the new direction that banks are going to have to accommodate in that regard what is what what is your thinking as to how well they are doing preparing for the you know the technology our emphasis that banks are not going to have to have because whereas it's okay for some you know people's it's much more than you know just being able to buy something of Jamia or of Amazon it's much more than that we're talking about export and import and use that have to be paid and banks not having the right photos so that you could do a lot of that kind of a stuff along the lines that mr. Shido Bey was talking about how far do you think the banks have come in terms of catching up because all of this caught everybody by surprise catching up with the needs of banking in a coded nineteen era new reality I think the banks were prepared before now they were a look at what they've done and when you look at Kobey's 19 him to suddenly maybe too soon for them body half pre-clear because if you if you listen to most of the bank and ease and during the week and after the easing of the lockdown they keep talking about the realistic and projection in terms of the of the electronic platform we just say they have built all of the internal logic invested so much in electronic platform I was talking to one of the bank chairman was telling me how much they are invested in electronic platform even before now they thought about like interestedly talked about the money agent in the rural area have they brought in technology they're also already so some of his backup seen before that them and they were already walking towards it okay about interview now sorry about that though there might be issues when you saw people watching to the bank at the beginning of the evening of the lockdown okay thank you very much I'm sorry to interrupt you but I've got to do so and also you know to say to mr. cheetah Bay stay on the line with us Mokhtar please stay on the line with us we'll take a quick break we'll be right back [Music] okay welcome back still here we've to Delaware oh good you're being TVC news business editor and we're looking at how the scope and quality of banking is going to be affected by the pandemic The Cove in nineteen pandemic we have mr. Tesla mashita Bay on the on our skype and we also have with us mr. McCotter Mohammed on the phone I like to ask you because in all of this would you say in effect that some positivity and efficiency can emerge from Kovac 19 yes certainly there's no doubt every business is going to have to rethink how it's going to conduct itself over the next few years I you consider to be 19 to be a temporary phenomenon it actually is a long-term phenomenon it is not so much long time is insane in the sense that they won't be advancing or that the the the medical aspects of the challenge will not be handled it's wrong some in the sense that it will require a fundamental shift in the way we think about doing business indeed I don't know what you know business people are already complaining about interest rates central bank I don't know central bank that that is in the purview of central bank right because they influence that tremendous now everybody is doing their bit do you think it behooves central bank to influence you know a downward look at commercial you know to persuade commercial banks to begin to look a bit more downward what are what are the parameters here sorry I lost you briefly they repeat that okay interest rates have always guessed a problem businessmen have complained about them being too high and and now I wonder if you think central bank needs to come in and see what it can do to influencing downwards those interest rates because everybody is contributing something to this choices that we find ourselves in the midst of yes that's a new question inter interesting question now like I said earlier we are in a trilemma okay dilemma yeah nobody died never there then we've got actually a trilemma now you increase money supply that's way you in do you reduce interest rates you have to increase money supply but you've got a weakened for an exchange position so people have more money their hands and because we are very important dependent in terms of our industrial and manufacturing inputs that means that there will be much more pressure on the naira and so you're gonna see at the valuation of the naira and then you can see an upward rise in domestic crisis and all the responsibilities of CBN is to ensure that prices don't get out of hand and that you have a stable not inflationary growth that will not be able to happen if the CBM puts more money into the system okay so that's one dilemma do we increase the amount of money supply high powered money what the Economist calls M one or the other aspect of Munda they call em true which it involves credit now do we are more credit we put more money the system now if we do that we have a problem with the external area of our economy exchange rates decline now yes could we for instance say okay you know what yes live with inflation there is a rule of 70 okay and it's very simple if for instance you alive inflation to grow at say 20 percent per annum in three and a half years every single narrow one in your pocket is worth no more than 50 como can we live with that reality that's a nightmare scenario that's a nightmare scenario and as I said it's a real try now you know because if we have a problem with because don't obsidians going to do that don't forget you've got fiscal authorities also pouring money the fiscal I've already talked amia about the decline in revenues so the comments come to ask of fund the budget way or the other where we go already we've seen that the bond market the reset April April auction was oversubscribed by about was four hundred and fifty nine percent or thereabouts and that tells me that there's still a huge amount of pent-up demand for government instruments and in the situation where the government saying look there is a high level of foreign exchange risk based on the Cobie situation we are coming back to the domestic markets to borrow money rather than go to the foreign market so when they come back to the domestic market was going to happen they will compete with the private sector economy schools is crowding out defense know what your domestic money market that money you borrowed is no longer available to the private sector so interested not be forced to go back up so it's really a complicated situation I have a final question for you for me but I won't talk to me stop Mukhtar now mr. Mukhtar he brings me to the fiscal and the monetary side we we've talked about this energy before now do you see them synergizing at this time when we really need them to walk hand in hand to make sure that they deliver dividends of democracy to Nigerians particularly regards to banking finance and the entire economy talk about this on your program before I don't think they have I don't think they are trying to they are going to do that because they like mr. Stavis a dynamic dilemma and the physical Authority since you have a lot to do all they think about the fiscal Authority is good and see how we can get more money and try to do infrastructure and other things but now the dilemma is the even lesibian in service saying look you should be careful ammaji born before now now this is the challenge now we have remember that our foreign debt at the time that we had exchange rate officially been severe actually was 305 that was the use of calculator for English now foreign that the Chilean up brought down magic to 360 studies the original so now what do we see then are we not see that our foreign debt of automatically cannot because practically did arrive in the value so when you look at that then what is the physical authority are supposed to do they are supposed to provide the enemy environment for for for the growth of the economy especially in the area of employment unfortunately did they have they also stranded in that area because they are not able to do do do that because it only been house they don't even have the driving of the finance to do that so both sides are couldn't think of what they have to do but I think boring is the only option and differentially and select boring unlike their boring in the domestic market and literally they said it again they're going to be completely with the private private sector we definitely need this money more than them because the fact that the private sector they wanna be the infamous fact of I common which is seems to be the driver by a comma B so if they are competing with them then we can have a lot of challenge sorry tiny dilemma to fight inflation it is correct you want to put more money into the system that if you look infrastructure so both of them will need to look at where they can be okay we're talking about borrowing and I saw that mr. suitabie was nodding an agreement when you were speaking where are we going to be doing this borrowing from there are people who are scared that I hope you are not going to be knocking China's door again we just talked about that area Mr abhi okay great for me why do we need to let me be a bit about God here so much sake a venir the Federal Government of Nigeria and federal and inverse take cognizance of Nationals have a lot of assets that are I do why should we have a federal prison sitting in prime property in Equis why should we have a Federal Police College that takes about a quarter of prime property McKenna I'm not using this as examples why should state governments have high high rise monuments in Abuja why can't we does seem we sell-off that don't I said non-critical and on strategy that provides us with greater amount of liquidity so he's sort of looking losses sort of look inward yeah look with new eyes because this is the new normal that we are approaching Mach down on the phone finally your thoughts on on mr. cheetah base point there that look borrowing perhaps but we also can benefit from looking inward I think I don't I don't know i we we did not the federal government doing Subaru but you need to look at the type of boring they are doing if you remember that appallingly did even from the World Bank its money that it means that money that government of living sleep already in the World Bank today we have given them at a very low interest rate the whole world economy is going to go into recession whether we like it or not now the cause of one is going to go down so that look when you want to sell those assets who are going to buy the asset we must begin to look at we are gonna buy the effect is the same all my children that will complain because at the end of the day it should still be the super money but I people think upon government I would get up at it I will keep on complaining leading for me if you want to put assets to prefer to begin to build up the economy is a good thing to do but when you're talking of assets you need to look at those assets hard critic are they to your national security also not just thinking about what you can get from them so that's where the challenge is going to come from okay I want to thank you very much Mukhtar mr. a mocktail Mohamed stockbroker and financial analyst for joining our program thank you very much as always you're welcome okay so we still have an hour okay you're still with us yes great I like you too to advise sector players that may be yet to key into this new normal yet to strategize there are businesses in line with this reality what will be advice to them because some are not sets for this well you know and like I said before I have a couple of uses that some people might seem extreme but perceive as extreme but basically every business has to be think it's business model there is no as new there's no going back to the old ways of doing things we've simply got to think through the way we used to do it and see how we can do it in the different way that does not compromise our sustainability as as institutions and as organizations I give a clear case if I was important for instance can I look for an unearned sausages I say you know what this nitrogen supplier has some challenges let me refresh the supply let me provide him with some support so now you can provide me with inputs at the high level that I would working receive in other words there's gold still needs there's still me for investment in our supply chains domestic one thing that covetous taught us is that we can't depend on foreign supply chains supply chains need to be domesticated okay so no and I can tell you we have those opportunities in Nigeria with a lot of queer situation Nigel is the largest producer of cassava but we're not the largest exporter Ghana is the largest exporter house okay one moment please mr. suitabie about to bring Matthew okorafor on who has called him from arrow to coup morning mozzie good morning sir good morning the studio and others to monistic entirely lettuces - speciality see World Bank aramid also mousse so packing what was the focus about the indices and economic variables that the words shut you conscious of what sectors should be talking about recession within this system of Kubik night and D that we only talk about social baby from 2021 but for this year 2020 that is the title now you ask yourselves from which some occurrences made go to AI other intelligence from in terms of work for their own production which is very it is applicable as is what we should go through because yeah sure about the manpower how much I'll do together with you see that you reduce because not some tells ago I was up I was checking that SME these swarm leaders that CPM given your money but object to this def not assess that money now what is happening now come back till attorney packing since the ones we are talking about our companion document how many people can access their money 90 bucks people jackass have aspired and if you have access to the bank to do what to do so people you have to decide Raja let's we kick you can do because of the publisher you cannot have access into the back now private sectors as taxes we went forward for this country as media culture let all these days look in water top that unless that own natural resources for knowledge sorry mass it will give me I've got to interrupt you and I want to thank you for calling again we have to sort of ration out the time we have mister see today you were listening to that me you know would you like to comment I mean what's another point I'll be raising we've got to look inwards it's time for us to recalibrate we've got to see a new feature you've got to see a new destiny I'm gonna see a destiny that is dependent on others that is the simple reality some good-looking words recalibrate the government should be calibrate private sector can be pleased everybody has to think okay what other sources available to mystically so resources to move our individual states the Federation and our companies forward given that's gonna be the new normal that is a sort of signaling that is going to have to be the new normal precisely because we're not as you said at the top I think Kovach 19 is not going away in another six months we in fact those who are saying that you might as well begin to think about living finding a way to live with Kovac 19 we might not find a cure for goodness sake precisely precisely that's not that's my point so how would you dimension a world with kobe 19 what kind of services are required what kind of businesses need to be I've also seen five events should e can you hear me say to me yeah I've also had this argument from analysts saying that for banks this year should just be a year of survival and not a year of thinking of profitability I don't know how that comes to you okay great q1 2026 banks saw their profits decline six bands so much NAB growth in profit one bank has not released these q1 reserves yet that's for those instead only Nigel's book exchange so it tells you that there will be differential performances amongst the bands some banks had started early to rethink their business processes unfortunately for them there any movement that's why I called the advantage of first mover the early movement has enabled them to still maintain some amount of profitability now those bands that were late to the party unfortunate for them they go to see profits decline significantly hopefully they won't make losses but there will be a major decline in their profitability okay and so what are they going to do they don't really think the whole business model but there will be job losses that's the reality it's unfortunate like I could say it's not something I want to see you know because normally in a recession you want to grow the economy you want to spend money so you can grow the economy and reduce the amount of jobs that are lost but we only bind the money simply not there all prices have dipped although name sorry rises around $20 now but hey we can't rely on that so yes assume this is a new normal low oil prices okay no fiscal revenues from the Federation accounts states need to improve the internet generated revenue but why the improving revenues they've also got to come down on costs there's going to be slipping down of the public sector inevitably but they must also be a transitioning to a gradual opening up of the private sector because rightly pointed out that interest rates are likely to go down because they will post copy 19 they will be greater liquidity it'll be a lot of liquidity but how do you attract that liquidity to Nigeria and for me that's a very important issue you need to make a business case okay one moment mr. mr. she debate sorry to interrupt you Edward has called him from boney Island mr. Elwood yeah good morning sir thank you very much for calling in go ahead please the observational question I was actually listening to you on our recovery measures at a time like this and I was listening to this for Speaker I request I agree with him when he said that Gaddafi for speaker that cookies nights in the post given an effect on economy is gonna be very drastic right agreed I also agreed with him when he said that we have it we have to reset any country that want to recover with definitely very sad moment for a lot of force and I think at a time like this we have to focus on our SS parameters that is exactly because I see believed an Adidas and a better opportunity than even more better than a lot of other developed countries considering our on task parameters considering our top resources so I should think like we have to focus on our good parameters see how we can amplify them at the same time focus on those parameters that Tsingtao economies see how we can reduce them number one let's look at him talking about those parameters look at the kernel work we can start by kind of encouraging Assamese businesses local businesses local manufacturers there by amplifying our gdt if we could get phone possibilities and our logs reach we could also get found below phone for this if actually main businesses need to recover then we'll to look at adapting we also need to look at we look at NAPA for this and power supply if we encourage our power supply we can do a lot with all of these things talking about a shrinking our meaner all those parameters are also affect us negatively we've got excesses Nigerian government running Nigerian government is consuming a lot on our on our budget they look at those things we cannot be spending that much in running government I've got to interrupt you again forgive me as I said it's all about trying to manage it so that we can get as many colors as possible again this is really going along the lines of mr. cheetah Bay really looking inward seeing what can be done and then big government reducing the size of government cost of governance too much you know is there anything as mr. Shido Bay was pointing out we really got to begin to look inward and see what can be done to save resources do we need the kind of large government do we have do we need all the mm luxury that is the attendant rapido query if you look at the amount that was shared this month by the three tiers of government it was a drop from what we used to have okay clearly the governor's ain't gonna get what they used to get so definitely they can't spend the we used to spend which so it's also a new normal it is part of the new normal and Mister as mr. sheet abhi was saying will never go back to the way things were before and it not just mr. abhi this has been the refrain that you think coming from all around the world there's going to be a new way of doing business a new way of looking at these things and we're talking about banking now but hey banking the health of banking depends on the health of the sector's it is exposed to exactly you know we exposed heavily exposed to oil and gas sector Manufacturing's but all the other ones that I can't amend services and all of that now if all of that begins to go under a banking can't exist as an entity on itself I see that you you agree with some of that mr. Lawry in AG boom good morning sir good morning sir good morning thank you very much for putting in go ahead make a contribution to your program yes sir but keep it short please okay now I want to talk I want to talk about this with mass effect oh please okay please about this banking something the way the one who pretend to come up to tell us the truth you would be too many banking now let me welcome to you we don't know exactly what is happening that is one I want to give example I suspect most of their branches were closed their pipes and clapping directives and secondly about the police habitude please opposed to up to them I did say keep it short you've just gone right back to the vest but he was going more towards individual banking yeah you know and some of the difficulty I believe that the banks are just trying to be very careful so that maybe one incident happened somewhere they can open another branch so that was why you know at first they were limited branches that were opened but I think I thought now they've increased those branches and I think it's better than before because I was also not able to enter the first week but now I'm able to go into the bank I'm able to do my transactions I think is that because you're to do business correspondence really about you I have to follow this line okay about it's moving and getting bad things are getting yes I couldn't try it the first few days okay but I think now it's it's it's getting better at least somewhere around here any cager okay I think we're gonna have to leave it and we want to thank mr. Mukhtar Mohammed who joined us on the phone earlier and thanks to mr. Tesla Bay who continues to be with us we barely scratched the surface of such an interesting and important subject but we want to thank you very much mr. Tesla mashita B for being on our program indeed and so that's why we're gonna have to leave it apart from you know indeed apart from asking them thank you all for coming back apart from asking them to please join us tomorrow when we'll have a fresh addition so on behalf of to Lou and I be safe see you tomorrow [Music]