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
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.
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
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
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
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
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
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
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
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