Friday July 31st, 2015
Friday July 31st, 2015

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How far can Buhari go, managing a tough economy?

  /   in Broken Links, News 12:41 am   /   Comments

Buhari

Buhari’s economic managers should consider increasing spending in sectors, projects and programs that boost the economy; generate employment and promote inclusive growth. These sectors include infrastructure, mining, labor-intensive manufacturing, agro-processing, health and education.

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Storm over NLNG dividends, Nigerian politicians are shameless

  /   in Broken Links 12:39 am   /   Comments

1000-naira-notes

The recent controversy over dividend paid by the Nigeria Liquefied Natural Gas Company, NLNG, portrayed Nigerian politicians as neophytes who do not fit well into civilized political culture. In the wake of the controversy, each side of the divide — PDP and APC — sought to outdo each other by a holier-than-thou attitude. In a cultured and disciplined society, Nigerians should have seen beyond these smart alecs who parade themselves as political leaders.

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Moneygram partners Acesss Bank on Big Splash promo

  /   in Broken Links, Business, News 9:32 pm   /   Comments

MoneyGram, in conjunction with Access Bank, has launched a special consumer promo tagged Access Bank MoneyGram Big Splash Promo to reward customers who undertake receive transactions at all branches of the bank between July and December this year.

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Nigerians: Time now to decide what not to import

  /   in Broken Links, News 12:53 am   /   Comments

Emefiele CBN Governor

The Central Bank of Nigeria (CBN) recently excluded some goods being imported into the country from the list of items valid for foreign exchange in the Nigerian foreign exchange markets. The implication of this is that those who import these items can no longer buy foreign currency from banks, bureaux de change or any other official source to pay overseas suppliers of such goods. Instead, they have to source their foreign exchange from outside the banks and bureaux de change. These items are not banned but importers cannot access foreign exchange from Nigerian banks.

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Nigeria, time to try new ideas

  /   in Broken Links, News 12:19 am   /   Comments

MUHAMMADU BUHARI

Nigerians’ expectation from the new government at all levels is that the idea of sharing will be shelved and a new thinking of baking a larger cake for the nation will emerge. But Governors are already at it, talking of excess crude account that is to be shared. They have dragged as usual the yet-to- settle down president into setting up a committee to look into what the governors know too well has been shared. If this government were ready to replace old ways of thinking with the new, the Federal Government would have ignored these jobless governors.

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Re-Governors: No bailout coming from anywhere

  /   in Broken Links, News 12:09 am   /   Comments

naira sign

This is a shame if the federal, states and local governments cannot be trusted with public funds. No wonder those who aspire to hold public offices always make it a do or die affair. How can they be stealing our monies and show off as if they are gods? All I am waiting to see is the so-called change that APC government intends to bring but if not, it will then be a moral burden on them as so many APC members and those decamping from PDP and other parties to APC in order to protect their ill gotten wealth.

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Governors: No bailout coming from anywhere

  /   in Broken Links, News 2:15 am   /   Comments

BUHARI MEETS APC GOVS/GOVS-ELECT—Front row from left: Govs Tanko Al-Makura (Nasarawa); AbdulFattah Ahmed (Kwara); Abdullahi Umaru Ganduje (Kano); National Chairman APC; Chief John Odigie Oyegun; Vice President-elect, Prof Yemi Osinbajo; President-Elect; Gen. Muhammadu Buhari; Gov. Rochas Okorocha (Imo); Speaker and Sokoto Governor Elect, Aminu Tambuwal; Kebbi Governor-Elect Senator Abubakar Bagaudu Atiku and Deputy Governor-Elect, Ngeri. Back row: Governor Kashim Shettima (Borno); Muhammad Bundow Jubrilla (Adamawa); Kaduna State Governor-Elect, Nasir El-Rufai; Governor Rauf Aregbesola (Osun); Governor Mohammad Abubakar (Bauchi); Plateau State Governor-Elect, Simon Lalong and former Governor of Ekiti State Dr. Kayode Fayemi when the President-Elect met APC governors and governors-elect, yesterday in Abuja to kick-start the new government as May 29 hand-over date approaches. Photo: Sunday Aghaeze.

A survey has shown that Nigerian politicians, especially state governors, deliberately involve themselves in flagrant and ostentatious expenditure as a way to show off their class, without the knowledge that their action is responsible for the underdevelopment of the economy.

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Buhari, show Nigerians the right path, they will follow

  /   in Broken Links, News 12:07 am   /   Comments

Buhari

By Omoh Gabriel Ambassador Tom Amolo, the Kenyan Ambassador to Nigeria last week reiterated the need for Africa to look inward when looking for solutions to its problems. Africa he said is capable of assessing itself on the progress made in the areas of good governance and economic development. Amolo said in Abuja during an

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CBN needs out-of-the-box thinking to control informal sector, banks

  /   in Broken Links 3:18 am   /   Comments

CBN Governor, Mr Godwin Emefiele

Former military President, General Ibrahim Babangida was once quoted at a meeting with the organized private sector during the Structural Adjustment Programme SAP, as saying that he did not know why the Nigerian economy had not collapsed.

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Buhari, watch out for the cabal

  /   in Broken Links, News 8:45 am   /   Comments

Sai-Buhari

When in 1999 President Olusegun Obasanjo assumed office as President of Nigeria, one of his intentions was to create a state-backed Nigeria enterprise that could compete with multinationals anywhere in the globe. So, Mr Obasanjo encouraged what came to be known as Corporate Nigeria. Many enterprising Nigerian businessmen were brought close to the seat of government. Many used the opportunity to carve for themselves business empires.

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On APC and Buhari, no excuse for failure, change must be change

  /   in Broken Links, News, Politics 9:06 am   /   Comments

Buhari and Tinubu

The North use the Yoruba to get what they want and then drop them when time comes. MKO; Awo, Obj, and now Tinubu.

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Review operating policies on tanks farms, petroleum distribution

  /   in Broken Links, News 1:06 am   /   Comments

*Traffic congestion on the Berger axis of Oshodi-Apapa expressway due to reconstruction of the road

Apapa traffic gridlock is a symptom of much deeper shortcomings in the management of government business. The Federal Government has for long sold the downstream of the oil sector to a cabal who has ensured that the nation’s refineries would never work. This is to give them the lee way to continue to import refined products and line their pockets with ill-gotten wealth. It is to enable the few that have access to government apparatus to import products and claim subsidy.

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APC and Buhari, no excuse for failure, change must be change

  /   in Broken Links, News 1:21 am   /   Comments

Buhari

Last week, President-elect, Major-General Muhammadu Buhari (retd) surprised Nigerians when he said that he is currently at a loss on how best to tell Nigerians that his promise of turning the economy around quickly upon assumption of office on May 29 may not be feasible. One would have expected the renowned general to know better. He was swept into office by the propaganda of change. Nigerians bought the slogan line, hook and sinker and voted him to power.

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Institute open judicial probe into NNPC

  /   in Broken Links 12:57 am   /   Comments

nnpc

The forensic audit conducted by PWC on NNPC to ascertain the veracity of the alleged missing $20 billion from the Federation account is to say the least, very damaging to the already poor image of the officials of the out-going PDP-led Federal Government. The report was supposedly a fact-finding one but what came out was a smokescreen the government wanted to use to whitewash a very filthy cup for Nigerians to drink with. PWC had qualified the audit saying it did not obtain needed information from NPDC, a subsidiary of NNPC. The qualification of the audit report has cast doubt on the reliability of the report.

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What Buhari must do to move economy forward (2)

  /   in Broken Links 1:58 am   /   Comments

President-elect Muhammadu Buhari (L) waves in Abuja on April 1, 2015. Nigeria's new president-elect Muhammadu Buhari hailed polls that will lead to the first democratic change of power in Africa's most populous nation as "historic" hours after he secured a decisive victory. AFP PHOTO

To ensure that Nigeria’s growth can be wide, inclusive and sustained, the incoming Muhammadu Buhari administration must focus on building infrastructure, institutions and people. Nigeria has big infrastructure gaps, which represented huge costs to businesses and to people. Over the past three decades, per capita output of electricity in Nigeria remained virtually flat. Only 16 per cent of all roads are paved, compared with 58 per cent in South Asia. The investment needs to address this is in the region of billions of dollars.

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What Buhari must do to move Nigerian economy forward

  /   in Broken Links 12:46 am   /   Comments

Buhari-victory

Nigeria’s economic potential is well known. The country’s considerable resource endowment and coastal location ordinarily should allow the emergence of a strong growth pole for Sub-Saharan Africa. Over the years, Nigeria has realised very little of this potential. Instead, its history has been marked by economic stagnation and associated with declining welfare and social instability.

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PDP, APC your promises are vague

  /   in Broken Links 12:10 am   /   Comments

APC-PDP

During the student union election in 1979/80 at the University of Benin, one Liad Tella, who was of the economic and Statistic department thought the university community how sacred facts can and how effective statistic can be used for electioneering campaign.

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Who will fix the economy?

  /   in Broken Links 12:47 am   /   Comments

economy

Certainly the great challenge facing Nigeria today is that of leadership. Leadership at all levels, in government, public sector institutions and businesses run by Nigerians lack effective leadership. Most are there either by chance or through godfatherism.

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Tough times ahead after elections

  /   in Broken Links 4:10 am   /   Comments

economy

The 2015 election will certainly come and go but the after effect may linger for a long time. Whether it is PDP or APC that eventually wins the presidential election, the party that will come to power post-election, had better get prepared for the handling of the economy. As it stands, the nation is on a financial cliff that can fall off any time except a miracle happens. The one commodity that provides life support for the economy has seen its price at the international market fall to as low as $58 per barrel.

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Latest

PDP, APC: Your promises are vague

  /   in Broken Links 1:35 am   /   Comments

Buhari and Jonathan

During the student union election in 1979/80 at the University of Benin, Mr. S.A. Tella, now a professor of Economic and Statistics department taught the university community how sacred facts and effective statistics can be used for electioneering campaign.

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Latest

Nigeria is in a foreign exchange quagmire

  /   in Broken Links, Finance 1:44 am   /   Comments

naira-Dollar

The recent devaluation of the Naira has again brought the vulnerability of the average Nigerian to the fore. Almost every housewife today tells the husband that the exchange rate of the Naira to the dollar has gone up. This is because in the market place, traders adjust prices along the day’s exchange rate swing. Many are wondering why this should be so. In finance, an exchange rate between two currencies is the rate at which one currency will be exchanged for another.

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Sanusi/Soludo: Where to find the unaccounted billions

  /   in Broken Links 12:41 am   /   Comments

sanusi-interview

When in late 2013, Lamido Sanusi, then Central Bank governor wrote to President Goodluck Jonathan asserting that about $20 billion was not accounted for by NNPC, many Nigerians dismissed the claim with a wave of the hand. The Federal Government, incensed by the claim, appointed an audit firm to carry out a forensic audit of NNPC account.

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Latest

Diesel cabal at it again, ripping off Nigerians (2)

  /   in Broken Links 12:16 am   /   Comments

CRUDE-OIL

In this column last Monday, I said that diesel mafias are milking ordinary Nigerians dry by making undue profit through importation. I said that prices of crude has long crashed yet these men in unwholesome diesel trade have refused to let Nigerians get the benefit of falling oil prices by reducing the pump price of diesel.

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Latest

Deregulate petrol price now, or never

  /   in Broken Links, Bus Stop Parliament 12:57 am   /   Comments

Hawkers of PMS along Kashia road, Kaduna

The Federal Government directive last week Monday to slash fuel prices is a sobre and welcome development which Nigerians should all applaud. The projected direct effect of this development is immediate reduction in the cost of public transport fares, transportation of goods and reduced production costs of goods and services. This ultimately should lead to reduction in prices of basic commodities, and increased buying power for the citizenry.

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Latest

The proverbial rains are here; Nigeria which way to go?

  /   in Broken Links 12:17 am   /   Comments

Nigeria-map

Looking at development in the international oil market, Nigeria may be heading for another difficult time from external shock. This time, the impact on the economy may be worse than the impact the 2008 global financial crisis had on it. Oil prices are tumbling and traditional importers of crude oil are either finding alternatives or are over supplied. Nigerian economy may face very difficult time in the next two or so years.

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Of CPC, Coca Cola and invincible hand of Presidency 2

  /   in Broken Links 12:30 pm   /   Comments

1000-naira-notes

When last week I wrote that CPC was wrong to have ordered Coca Kola to pay the sum of N100 million for pushing to the market two half filled cans of Sprite, there were immediate reactions. One was particular and luckily enough he called instead of sending the text message he had intended.

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Latest

Of CPC, Coca Cola and the invincible hand of presidency

  /   in Broken Links 12:39 am   /   Comments

economy

The Consumer Protection agency is now embroiled in a controversy that is leading no where. It has drawn the Council and Coca Cola into a legal battle. The issue in the matter leaves a very sour taste in the mouth.

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Rebuilding Nigeria’s economy is a task that must be done

  /   in Broken Links 12:40 am   /   Comments

JONATHAN

President Goodluck Jonathan in his June 2012 Democracy day broadcast stirred the hornet’s nest. He raised fundamental issues of the economy, some of which with the benefit of hindsight were wishes as usual with Nigerian leaders.

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Latest

The unending woes of Naira exchange rate

  /   in Broken Links, Finance 12:11 am   /   Comments

naira-Dollar

The pressure on the naira at the foreign exchange market might continue to mount and see further depreciation in value of the naira this year. The Naira fell by 200 kobo on Tuesday, as the parallel market exchange rate rose to N180 per dollar from N178 per dollar on Monday.

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Nigerians must search carefully for the next leaders

  /   in Broken Links 12:25 am   /   Comments

Nigeria

The greatest challenge facing Nigeria today is that of leadership. Nigeria needs a leader that the people can identify with and can inspire them to great heights.

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Think of the alternative before making the choice of who leads

  /   in Broken Links 12:17 am   /   Comments

AKWA IBOM STADIUM President of Ghana John Mahama, President Goodluck Jonathan, and President of Cote D’lvoire Alhassan Ouattarra  during the commissioning ceremony of the 30,000 Capacity Akwa Ibom International Stadium, held in  Uyo, Akwa Ibom State. Photo by Abayomi Adeshida

Economists usually begin their thoughts with choices, scale of preference and alternatives forgone. Individuals, households, firms and nations make choices. The choice that each of these entities makes depends on how informed the one making the choice is on available alternatives and the opportunity cost of the choice made. The opportunity cost is the alternative forgone for the purpose of making the choice. There are economic choices as well as political choices.

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I and others, the worm eating up Nigeria

  /   in Broken Links 12:29 am   /   Comments

economy

It was Dr. Martin Luther King, who once said: “Life’s most persistent and urgent question is, ‘What are you doing for others?” Great men that walked on this planet earth have often challenged themselves with this question, and have ruled their conscience in their service to humanity.

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