The Minister of Aviation deserves public applause for just one thing- mustering the courage to expose a long standing deal between the affluence bureaucrats in government and the British Airways, BA. Those familiar with the industry have confirmed that for a very long time, British Airways has been doing under hand business of giving complimentary tickets to top civil servants and their siblings in favour of their daily patronage of flying first and business class.
The bill before the National Assembly to amend the CBN Act is particularly interesting. It seems the lawmakers are bent on castrating the apex bank for what they perceived as an overbearing leadership of the bank. Why have the lawmakers suddenly realised that the CBN Act needs amendment?
The bill before the National Assembly to amend the CBN Act is particularly interesting. It seems the law makers are bent on castrating the apex bank for what they perceived as an over bearing leadership of the bank. Why have the law makers suddenly realised that the CBN Act needs amendment?
Passing through the Murtala Muhammed International Airport has remained a nightmare for travellers. The ordeal of getting through the arrival bay of the airport is better imagined than experienced. Last Tuesday, scores of prominent Nigerians and foreigners who came into the country on board British Airways had an unpleasant taste of the ordeal at the airport.
The World Bank Board has selected its next President, an American, for the next five years. The selection of Korean-born American health expert, Jim Yong Kim as its new president, has maintained Washington’s grip on the job and leaving developing countries questioning the selection process.
Nigerian Governors are busy bickering over who gets what amount from oil revenue. Northern and Southern governors are at each others’ neck on a new formula for sharing the nation’s oil revenue. The fight over revenue has assumed a dangerous dimension.
There is an economic dreamer out there. His name is Goldman Sachs. In 2004, he dreamt that Nigeria will emerge one of the 20 largest economies of the world in 2025. Another dreamer, Olusegun Obasanjo, then President of Nigeria, though, he did not dream this time around, said 2025 was too long, he said his own dream was 20:2020. So Nigerians were forced to accept the dream in the name of Vision 20:2020.
Just when Nigerians were beginning to embrace the reality of cash-less Nigeria, the Central Bank threw yet another spanner in the wheel of progress of the entire policy. The Bankers’ Committee and the CBN had told Nigerians that from their research findings, about 10 per cent of those who own accounts in banks in the country withdraw more than N150, 000 at a time.
Zenith Bank’s 2011 full year result has given hope to investors in the Nigerian capital market that all is not about negative news in the financials of banks in the country. The bank has declared a dividend of 95 kobo per share. This is modest compared to the past dividend payout by the bank.
The Federal Government’s revised medium term revenue and expenditure strategy before the National Assembly does not appear to have any hope for the ordinary Nigerian. Rather, it is a routine of the usual. Emphasis in the document is still very much on high recurrent expenditure. Little is left for investment in projects that can grow the economy and create jobs.
Northern governors under the aegis of the Nigerian Northern Governors Forum last week unveiled the Northern agenda which is now being seen by discerning minds as the smoke screen for the activities of Boko Haram in recent time. It is fast becoming a trend that any section of the Nigerian society that needs to extract some favour from the federation does so by means of arms, violence or intimidation.
Nigeria appears to be in what economists call a poverty trap, a vicious circle that takes hardwork and massive investment to break. The population is rising faster than the economy can cater for. It is thus breeding poverty and it is spreading like wild fire in the country.
