Friday October 31st, 2014
Friday October 31st, 2014
Latest

Sanusi’s $49.8bn alarm and its implications

  /   in Broken Links, Business 12:45 am   /   Comments

CENTRAL Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi

When the governor of the Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi, September 2013 wrote informing the president that the Nigerian National Petroleum Corporation (NNPC) had not remitted $49.8 billion of oil revenue to the Federation Account over a 19-month period, it was meant to be a wake up call for the government to act on what many Nigerians have come to believe is corruption personified.

Read More →
Latest

Who should be the next CBN governor?

  /   in Broken Links, Business 12:00 am   /   Comments

CbnLogo

In recent times, news and analysis of who becomes the next CBN governor has flooded the newsstand. Some of the analyses are informed while many others are just mere speculations and name-droppings. The appointment of a central bank governor in most parts of the world is both a political as well as economic decision.

Read More →
Latest

Time for Nigerians to ditch ethnic arithmetic, state of origin and federal character

  /   in Broken Links 12:00 am   /   Comments

Map of Nigeria

When in the late 70s, General Murtala Muhammed came on the Nigerian political scene, he created an unusual sensation. His words were laden with ‘immediate effect.’ He had a vision of what he thought Nigeria should be that it was not. As a military general, who participated in keeping Nigeria one, he was consumed with the passion of a united Nigeria. A Nigeria that is free from the encumbrance of North-South dichotomy. He wanted to see a Nigeria where there was justice and fair play to all, no matter where they came from.

Read More →
Latest

Why Africa’s financial integration is difficult

  /   in Broken Links 12:20 am   /   Comments

naira-Dollar

There have been talks of Africa’s financial integration for more than two decades, but there aren’t any concerted, credible and encouraging signs that Africa is nearing its goals and objective of financial integration apart from a few disjointed accounts from various analysts’ opinions on Africa’s regional financial integration achievements.

Read More →
Latest

MDAs must publish their accounts in IFRS

  /   in Broken Links 12:00 am   /   Comments

Sanusi

The current confusion in government accounting system is coming from the fact that ministries, departments and
agencies of federal and state governments do not publish their accounts. In a number of these institutions of government, annual accounts are not prepared not to talk of their being published.

Read More →
Latest

The Nigerian class war

  /   in Broken Links 12:51 am   /   Comments

obj-jona-faceoff

The ruling class in Nigeria has never failed to amuse me. Sometimes, they sound genuine. At other times, they just find it difficult to hide their true identity. They are self-centered and self-seeking. Whatever does not benefit them in the main is anti-Nigeria. They portray themselves while in office as lovers of Nigeria more than anyone else.

Read More →
Latest

Auto policy, going round in circle and moving nowhere

  /   in Broken Links 12:15 am   /   Comments

motor-auto

Nigeria, unfortunately, is a country that runs on vicious circles. What beats human imagination is the rate at which the nation’s leaders repeat the same mistakes of the past. It was amazing when the Minister of Trade, Investment and Industry, Dr. Olusegun Aganga, announced to the nation a new automobile policy. It sounded as if

Read More →
Latest

Why Africa’s financial integration is difficult

  /   in Broken Links 12:00 am   /   Comments

There have been talks of Africa’s financial integration for more than two decades, but there aren’t any concerted, credible and encouraging signs that Africa is nearing its goals and objective of financial integration apart from a few disjointed accounts from various analysts’ opinions on Africa’s regional financial integration achievements.

Read More →
Latest

Budget feud for the masses or self interest

  /   in Broken Links 12:00 am   /   Comments

senate-Jonathan

Budgets all over the world are basic estimates that guide either the individual, corporate organisations or nations on their spending pattern. Budget projects the revenue that are being expected and the expenditure that will be following the projected stream of incomes that are likely to be realised from revenue sources.

Read More →
Latest

SURE-P missing Funds: These men in government cannot be trusted

  /   in Broken Links 12:00 am   /   Comments

Corruption1

Governance in developed economies is a pact between the people and their government. The people willingly surrender their individual power to a few elected individuals who they believe will act in their best interest. So, governance around the world, in civilized societies, is a social contract the electorate entered with those elected that they give them the power of attorney to act on their behalf. In these other societies, one man, one vote is respected. The votes of individuals count.

Read More →
Latest

The abuse and misuse of waivers by government functionaries

  /   in Broken Links 12:06 am   /   Comments

Aviation Minister, Princes Stella Oduah taking the oath before presenting her position beforte the House Committee on aviation during the Public Hearing on the procurement of two BMW Bullet-Proof cars by the NCAA at the National Assembly, Abuja. Photo by Abayomi Adeshida

Nigerians, who have not been following trends in Nigeria’s social economic affairs, were stunned by the purchase of armoured cars for the Minister of Aviation and Managing Director of the Federal Airport Authority of Nigeria, FAAN, Mr. George Uriesi. Those who are aware of the capacity of the public servants to help themselves to the best of life at the expense of the majority are not moved by the current out cry. George Uriesi through the minister had pulled wool in the eyes of Nigerians by a grand design of what he called airport re-modeling. As the project took off and it appeared that some work was being done at the airports, the stage was set for the duo to carry out their grand plan of helping themselves with the best.

Read More →
Latest

Stealing has restrained government from collecting taxes

  /   in Broken Links 12:40 am   /   Comments

Crowd at the  Abubakar Gunmi Central Market in Kaduna State on June 24 after relaxation of 24hrs curfew engendered  by multiple bomb attacks which killed many in the state  Photo by Olu Ajayi.

One of the sessions at the just concluded IMF/World Bank Group Annual Meetings is how developing countries can raise their tax base in order to generate revenue for meaningful development of infrastructure. The panelist examined issues around tax evasion by corporate bodies, especially in extractive industry. They came to the conclusion that many companies in the extractive industry in Africa do not pay adequate tax. Also the tax base is weak and many citizens do not pay their taxes.

Read More →
Latest

What is the Nigerian dream, hope and future

  /   in Broken Links 8:31 pm   /   Comments

Jonathan and Okonjo-Iweala

This article was first published last November. As Nigerians prepare for a national dialogue the hopes and wishes of Nigerians is that the conferees come up with a Nigerian dream that give every Nigerian a sense of hope and inspire patriotism.

Read More →
Latest

Who should be at the national dialogue

  /   in Broken Links 12:03 am   /   Comments

National-Dialogue

President Goodluck Ebele Jonathan has yielded to the desire of many for a national dialogue.
Many who in the past fanned the embers of tribalism, nepotism and disunity in Nigeria have already prepared for a showdown at the national meeting. The meeting should essentially be how to remove the nation’s economy from the hands of politicians.

Read More →
Latest

Nigeria will survive without oil, can we please think?

  /   in Broken Links 12:52 am   /   Comments

Jonathan and Okonjo-Iweala

In the last three months, local governments, states and federal government officials have been at each others’ neck over short falls in revenue allocation from the federation account. The war of words is as a result of panic by state governments that they may not be able to meet their obligations to their workers if the federation account allocation continues to dwindle. The current panic stems from the fact that if the revenue shortfall from the federation allocation committee to states falls below some levels, it will result in many of the states not being able to pay their employees.

Read More →
Latest

Let every company source its own foreign exchange

  /   in Broken Links 5:24 am   /   Comments

naira-Dollar

Last week, I wrote on this column that Nigerians’ penchant for foreign goods has continued to put pressure on the nation’s external reserves and the exchange rate. In the article, I asked for how long the CBN will continue to defend the naira. Some readers wrote in to say that the article was more of a question and did not suggest solution.

Read More →
Latest

For how long will CBN continue to defend the naira?

  /   in Broken Links 12:25 am   /   Comments

CBN Governor

Nigerians’ penchant for foreign goods has continued to put pressure on the nation’s external reserves and the exchange rate. In the last four months – April to August- a total of $14.95 billion left the shores of Nigeria as payments made by Central Bank of Nigeria on behalf of the public. Of this amount, cash sales to Bureaux de Change, where those who purchase foreign exchange in small quantity buy from, amounted to $2.2 billion while letters of credit for direct importation amounted to $157.5 million.

Read More →
Latest

Is interest rate another ghost hunting Nigeria?

  /   in Broken Links 12:15 am   /   Comments

sanusi1

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, while inspecting a cold rolling mill facility in Ilorin last week was reported to have said that the current regime of interest rates in the country was too high for the productive sector of the economy. She described the 20 percent lending rate being charged by commercial banks on loans obtained by industries as outrageous.

Read More →
Latest

What is wrong with Nigeria and its leaders?

  /   in Broken Links 12:10 am   /   Comments

cartoon-leaders

Nigerians’ taste for foreign goods has been the bane of the economy. Many prefer goods and services made abroad to locally produced goods even when such goods are of lower quality. This has had a serious effect on the nation’s reserve. The continued depletion of the external reserves of the nation and the ever growing army of unemployed youths is as a result of this trend that has bedeviled our economy.

Read More →
Latest

Poverty is no excuse for not buying insurance – Adetimehin

  /   in Broken Links, Finance   /   Comments

File photo: Victims of Oko Baba watching haplessly as fire destroys their abode

Nigerians have been told to stop using poverty as an excuse for not having any form of insurance cover because the poor are more vulnerable to huge loss in the event of disaster.

Read More →
Latest

Pooling wools over Nigerians’ eyes

  /   in Broken Links 12:11 am   /   Comments

Oil-Thief-cartoon

In recent times, some incoherent and discordant tunes have been coming out from government quarters for Nigerians to dance to. One of such many tunes is the oil theft and oil production figure. While the Minister of Finance and Coordinating Minister of the Economy wants us to believe that oil production is down, so much as to affect the 2013 budget to the point that government may not be able to function properly, her counterpart in the Ministry of Petroleum Resources is saying though there is crude oil theft going on, production has not fallen far below the budget target of 2.52 million barrel per day though it could be better.

Read More →
Latest

Okonjo-Iweala or Jonathan, who is fooling Nigerians?

  /   in Broken Links 12:20 am   /   Comments

Jonathan and Okonjo-Iweala

When the current economic management team of the Jonathan administration took office to manage the Nigerian economy, they vowed to check presidential arbitrariness and impunity with which waivers and concessions were being dished out to party faithful.

Read More →
Latest

Nigeria’s politics of zero-sum game

  /   in Broken Links 12:16 am   /   Comments

sanusi1

What makes economics an interesting science of behaviour is its attempt to predict the behaviour of economic agents. In the attempt to predict how certain economic actors will behave in a given situation, economic statisticians introduced the theory of probability. Using probability and permutations, the concept of zero-sum game emerged. In the game of zero-sum, the winner takes all.

Read More →
Latest

Consumer credit and mortgage financing can help fight corruption

  /   in Broken Links 12:12 am   /   Comments

*CBN Governor, Sanusi Lamido

Working in Nigeria is quite interesting and as well, very challenging. Public sector workers have to use their meager salaries to fend for themselves, their immediate family and extended family. In a country where the minimum wage is 18, 000 naira and the rate of inflation runs sky high, the average public sector worker finds it challenging and begins to cut corners to meet up with his daily expenses.

Read More →
Latest

No to NNPC’s exemption from remitting operating surplus request

  /   in Broken Links 12:17 am   /   Comments

nnpc-cartoon

The Nigerian National Petroleum Corporation’s (NNPC) request to the National Assembly for it to be exempted from remitting its operating surplus to the consolidated revenue fund is to say the least, absurd and unthinkable. The rationale for the request smacks of disrespect to the nation and to say the least, a cover up for the ever increasing level of corruption in the country. If all agencies of government come up with one excuse or the other for them to be exempted, who then will foot the bill of the nation?

Read More →
Latest

Naira redenomination is now

  /   in Broken Links 12:15 am   /   Comments

naira-Dollar

In 1986, Nigeria was cash-strapped and could not pay for import; It embarked on import licensing. Foreign exchange rationing was the order of the day. It bred favouritism and there was need to change the system. Western economists came in to advise the country. Their prescription for Nigeria was to adopt the ill-fated Structural Adjustment Programme. They immediately saw the naira as an over valued currency. Then the naira was about the same value with the dollar.

Read More →
Latest

We can stop corruption

  /   in Broken Links 12:00 am   /   Comments

Corruption

When the founding fathers of Western civilization adopted the capitalist philosophy, they realised that a free market economy is not efficient in resources allocation. They put in place social and economic measures to provide for those who may be left out of market provisions. Economics, generally, is of philosophical interest in three main regards.

Read More →
Latest

Look inward for solution to poverty in Nigeria

  /   in Broken Links 12:10 am   /   Comments

President Jonathan; Senate President, David Mark and Speaker, House of Reps, Hon Aminu Tambuwal

Nigerian leaders and policymakers have often looked outside for solutions to the nation’s ever rising poverty. They have not engaged themselves in out- of-the-box thinking. How to position themselves and members of their families is what concerns them the most. They engage Western trained economists to examine the Nigerian situation with theories based on Western culture and find it difficult to explain the situation in the country.

Read More →
Latest

Where is Nigeria’s industrial policy Mr. President?

  /   in Broken Links 12:08 am   /   Comments

Jonathan: Battle ready?

A productive economy is one that is based on solid manufacturing. A well planned industrial policy enables nations to focus on areas they have a comparative advantage and develop the value chain along that line. Nigeria has not had a comprehensive industrial policy. In fact, in several aspects, the nation in its quest for development has no sectoral policy direction.

Read More →
Latest

Dark cloud over 2013 budget as Nigeria loses US crude oil market

  /   in Broken Links 12:11 am   /   Comments

budget-2013

Last week at the OPEC meeting in Vienna, the Minister of Petroleum resources was reported as expressing concern over China and America sourcing energy from shale oil. Early in the year this column raised alarm over the development. We reproduce this article first published in January 2013 as a reminder that Nigeria should diversify its economy as fast as possible.

Read More →
Latest

Nigerian economy on a debt cliff

  /   in Broken Links 12:11 am   /   Comments

sanusi1

Nigerian economy is on the stranglehold of debt. At the national, sub-national, corporate and individual levels, debts owed to banks have held the economy to a stranglehold, impeding real economic growth though policymakers are not admitting same. Since the financial crisis of 2008, corporate indebtedness has almost wiped out the assets of companies in the country.

Read More →
Latest

Low interest rate or high inflation: Which is better for the economy?

  /   in Broken Links 12:09 am   /   Comments

Xmas-shopping-oshodi

Economics is a science of choice. Decision making involves making a choice. Among competing wants, preference has to be put on scale and selection made on the best alternative. Every being on earth makes economic decisions. Housewives in particular make several choices based on available resources.

Read More →