The news broken by the National President, Air Transport Services Senior Staff Association of Nigeria (ATSSSAN), Mr Benjamin Okewu, last week that the Federal Government might float a national carrier by December, came as a surprise to those who are well informed of the fate of Nigeria Airways.

Currency denomination may not be the direct cause of inflation but it can provide a perfect platform and unnecessary spook of the economy if not carefully managed. To claim there is no link between inflation and currency denomination is sheer ignorance or outright intentional untruth.

Last week, this column carried an article titled “CBN currency redesign move is self seeking, no foreseeable gain”. There were several reactions. Today, we bring you one of those reactions. We believe the reading public has right of reply.

The recent pronouncement of the Central Bank of Nigeria Governor, Sanusi Lamido Sanusi of the intention of the CBN to redesign the nation’s currency, has provoked lots of argument from both the informed and the not so well informed. The CBN has proposed to issue a N5,000 note and to coin N5, N10, N20 etc.

On Thursday, the United States of America’s Securities and Exchange Commission openly displayed America’s displeasure on corporate bribery by accepting the rule that companies listed in US Stock Exchange must disclose their payments to government officials.

The current struggle between the Minister of Power and Power Holding Company of Nigeria, PHCN, is to say the least, a show of shame. The ministry had allowed some level of illegality to be perpetuated by the management of PHCN without doing any thing about it.

In traditional economic management, nations build up foreign reserves to back up their currency. In the early stages of macro economic management, gold was used as a standard to back up national currency. All that has gone. It is now how much reserve you have.

Just as Nigerians are beginning to pick their pieces together from the ashes of the 2008 global financial melt down and the subsequent turmoil in the Nigerian capital market, Fitch Rating Agency to which banks submit themselves for evaluation in order to get attention has raised a fresh alarm over growing loan portfolio in the banks that can trigger off another round of non performing loans crisis.

Nigerians face a lot of challenges every day. Life, the most important thing in other societies is nothing here. Nigerians die in droves by the day due to serious security challenges the nation is faced with. Nobody has had the courage to ask for the impeachment of the President for not protecting lives and property he swore to as the number one citizen of Nigeria to whom all Nigerians collectively surrendered their sovereignty. The House of Representatives does not see this as serious enough to task Mr. President.

Perhaps, a revolution of Nigeria’s fiscal federalism is in the offing. May be, just may be, if the power that be can see it and tap into it to develop Nigeria’s non oil revenue sources. The only good news that has come into focus in Nigeria public finance is the one informing the nation that FG, States; Local Government Councils are billed to share N1.7billion revenue from solid mineral.

The Federal Government, apparently, is walking a financial tight rope as it will soon be faced with inadequate financial resources to meet its obligations to the Nigerian people. Expectations are that the Federal Government will continue with fuel subsidy. But as it is now, Nigerians may soon find out that this government cannot meet their expectations.

The changes at the NNPC last week Tuesday can best be described as cosmetic. Sacking the executive management of NNPC and replacing them with the same old stock of management amounts to scratching the surface of the monumental and colossal fraud in the corporation.

Nigerians are not a corrupt people, not all. Corruption is not the character of an average Nigerian. Many will attest to the fact that out there are many with impeccable character, integrity and honour. Men with integrity, who will do everything to protect their family names, abound in this country.

On March 12, 2012, this column warned on harder times ahead. The Minister of Finance and Coordinating Minister of the economy, Dr Ngozi Okonjo-Iweala, has come out to say that the road ahead will be rough for the nation going by happenings in the international market place. Below is what this column said after the 2012 budget was passed.

The Federal Government in its reaction to the plane crash two Sundays ago, has set up a panel to conduct an audit of airlines in the country. The audit panel has six months to do its work and submit its findings to government. Nigerian government is known for reacting to situations instead of being proactive.