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.

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.

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.

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.

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.

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.