Over the years, the unyielding price of fuel products in Nigeria has instigated much acrimony between the government on one side and Labour and the people on the other. Fuel prices have risen steadily from less then 50kobo/litre to the current subsidized price of N97/litre; every government, be it military or civilian, has one time or the other had to contend with the threat or indeed a successful call for strike by Labour.
In the light of the ongoing constitutional amendment by the National Assembly to whittle down the perceived excessive powers of the apex bank in the CBN’s 2007 Act, we concluded last week in this column that the issue of good governance will not depend on whether the Chairman and Directors of the apex bank were external directors.
A bill to amend the Central Bank of Nigeria Act on Wednesday passed through second reading at the House of Representatives.
In the same manner that the Judiciary is regarded as the last hope of the common man, so also the Media has often been described as the voice of the people, but the role of the Media exceeds the mere expression of public expectations.
The Nigerian government propaganda machine quickly succeeded in generating media frenzy in the campaign for our current Finance Minister, who also doubles with powerful portfolio of Coordinating Minister for the Economy.
It may not be enough to explain that Sovereign Wealth Fund is similar to personal or family savings because the majority of our poverty stricken citizens, who live on the proverbial $2 a day have never been blessed with surplus income to permit the luxury of savings for the basic need of food for more than a day or two at any one time!
In the first part of this article, which was published last week, we gave a brief narration of how Lamido Sanusi and his predecessors as Central Bank Governor brazenly discountenanced alternative advocacy that could redeem and positively transform our economy.
Some critics would define the emerging characteristic features of the 2012 budget as unexpectedly inchoate and belated! A host of admirers had hoped that the return of the vibrant Ngozi Okonjo-Iweala from the respected citadel of the IMF would signal the advent of progressive growth in economic and social welfare!
In the first part of this article, which was published last week, we gave a brief narration of how Lamido Sanusi and his predecessors as Central Bank Governor brazenly discountenanced alternative advocacy that could redeem and positively transform our economy.
The advocacy for a deregulated foreign exchange market to facilitate economic growth and social welfare enhancement commenced over ten years ago. In spite of the validity and strength of the prescription, those government agencies responsible for monetary and fiscal policies have buried their heads deep in the sand, so that they cannot hear or indeed, see the progressive rationale of the argument.
In mid February, President Jonathan requested National Assembly approval for a loan of $7.9bn from motley of International Development Banks. The funds, according to Mr. President, would be dedicated to the completion of various pipeline projects.
Nigerians have largely been agitated by CBN’s advance notice of daily cash withdrawal/deposits limits of N150,000 and N1 million for individuals and corporate bodies respectively, as from June 2012, in place of current limits of N1 million and N10 million respectively.
Some critics would define the emerging characteristic features of the 2012 budget as unexpectedly inchoate and belated! A host of admirers had hoped that the return of the vibrant Ngozi Okonjo-Iweala from the respected citadel of the IMF would signal the advent of progressive growth in economic and social welfare!
The first part of this article was published last week; the following is the concluding part of Peter Alexander Egom’s “Market Law for Job Creation in Nigeria”. Please read on.
