Lately, the Federal Government’s enthusiasm for further national debt accumulation has become more strident, especially after the IMF’s suggestion that Nigeria is currently under-borrowed, and therefore recommended increasing the borrowing threshold of 20% of gross domestic product to about 56% of GDP.

In the light of government’s reticence to our persistent recommendation for the adoption of dollar certificates for the payment of distributable dollar-derived revenue, a regular reader of this column has suggested reasons why certain stakeholders would oppose the proposition to fundamentally alter the payment system and thereby lift the irrepressible perennial burden of surplus cash and its attendant adverse collaterals such as inflation, high cost of funds, rising national debt, weaker exchange rate, rising unemployment, N2000bn annual fuel subsidy and deepening poverty nationwide!

President Goodluck Jonathan, State Governors and members of the Legislature last week celebrated May Day with organized Labour, with the usual spectacle of march-pasts and copious speeches! Labour, on one hand, demanded for positive results in the areas of employment, security and corruption, so that the Nigerian economy can thrive and soar from the impact of such good Governance.

The concept of moral hazard is defined as a situation where there is a tendency to take undue risk, because the costs are not borne by the party taking the risk.

In the second quarter of 2012, the Legislature considered a bill for amending the existing 2007 CBN Act; the bill attracted a lot of media attention in response to the exuberant controversy surrounding it.