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Rational Perspectives

Governors’ demand for dollar payments: The way forward!

Buhari-sanmo-olu

THE discussion, in last week’s column, was about the intention of State Governors to, henceforth, demand payment of their monthly portion of fiscal allocations, in the currency in which the revenue was earned. It is not clear why both CBN and the Revenue Mobilisation and Fiscal Commission, RMFAC, have consistently audaciously breached, the subsisting Constitutional provisions for the disbursement of Government revenue, for so long, even when this breach is, largely, responsible for the present prostrate state of our economy.

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Forex

Forex accruals: Finally, state governors remove their blinkers!!

“T he 36 state governors intend  to demand that “their states’ share and those of the local governments from the Federation account” revenue accruals be distributed in the selfsame currency collected. That intention is borne out of dissatisfaction with net Federation Account (FA) oil export proceeds made available for distribution among beneficiaries, after the unilateral deductions by NNPC of amounts to offset self-styled petrol price under-recovery”. (Guardian Newspaper Editorial of October 28, 2019, titled “Pay Federation Account Oil Accruals in dollars”).

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health, Buhari, budget, job

2020 BUDGET: Sorry, more of the same

The 2020 Appropriation bill, was laid before the National Assembly, on October 8, 2019, by President Muhammed Buhari, who, also instructed all Heads of Ministries and key Departments and Agencies, to make themselves available to defend their respective budgets before Parliament; consequently, budget defence by MDAs is currently ongoing, while the National Assembly Leadership have suggested that their work on the budget should be completed for the President assent, before 31st  of December, so that implementation can commence promptly, from January 1st  2020; evidently, such timely enactment of the budget would be an unusual feat in recent years!

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CBN

CBN claims $2.6bn, not $26bn as diaspora remittances

In the World Bank’s 2018 report, titled  “Nigerians Living abroad sent $22bn home in 2017”, the Bank noted that, the top recipients of Diaspora remittances were India with $69bn, Chile ($64bn), Philippines $33bn, Mexico $31bn, Nigeria $22bn and Egypt $20bn. Notably, however, sub-Sahara Africa, attracts the most expensive average remittance cost at about 9.4 per cent, compared with the global average of 7.1 per cent. The cost of remittance for Nigerian beneficiaries, clearly, exceeds 19 per cent as N305=$1 instead of N360=$1, is ultimately paid to recipients locally.

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Diaspora

$26bn diaspora remittances: Where are the dollars?

The above question was posed in an article in The Punch Newspaper edition of September 9, 2019, by Columnist, Henry Boyo. I have been a daily reader of Punch for the past 10 years and I have not yet, read any comments from anyone on this question. There is need to discuss this issue, as it appears that there is a massive foreign exchange laundering, going on in our banks. As the architect of the Diaspora Remittances in 1996, I am naturally concerned at the abuses disclosed by Mr. Boyo.”

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