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.

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.

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.

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.

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agencies of federal and state governments do not publish their accounts.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.

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.

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 […]

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.

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.

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.

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.

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.

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.

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.