Acknowledgements and gratitude (1)
This Christmas season I had intended to engage in a critical investigation of religion given the powerful theological significance of the controversial purported birth of Jesus on December 25.
The return of Arunmah Oteh
The Director General of the Securities & Exchange Commission (SEC), Ms. Arunmah Oteh, returned to her post lately, after the two-month suspension from duties because of the fraud-related counter allegations between her and members of the House of Representatives Committee on the Capital Market.
CBN and the Ostrich
Last week, CBN’s Monetary Policy Committee agreed to keep the Monetary Policy Rate (MPR) at 12%, but decided to increase commercial banks’ Cash Reserve Ratio (CRR) from 8 – 12%. In the aftermath of this decision, CBN accused the Money Deposit Banks of not lending to the real sector. CBN governor, Lamido Sanusi decried the reality that “rather than lend to the real economy, the banks have continued to take advantage of the high yields of government securities to direct credit away from the core private sector.”
Is fuel scarcity inevitable this year?
Attrition, social stress and economic losses experienced during extended periods of fuel scarcity would make Nigerians pray that such traumatic situations do not arise. However, we recall the media interview with Dr. Okonjo-Iweala, Finance Minister and Coordinating Minister of the Economy, in June this year; in response to a question as to whether subsidy payments were ongoing, she confirmed that out of N888bn budgeted for subsidy in 2012, N451bn had already been paid out, well before the end of the second quarter!
The orphaned account at JP morgan
The probes by various committees of the National Assembly revealed the depth of the depravity and the reckless lack of accountability in the management of the proceeds from crude oil, which contributes over 80% of our national revenue.
Six new refineries hurray! But not yet Uhuru!
Many Nigerians believe that the ever-present challenges of fuel scarcity and subsidy could be conveniently resolved if new refineries are built, as national demand cannot obviously be met from the antiquated facilities available in existing government refineries. In recognition of this inadequacy, 23 licences for new refineries were approved by the authorities; 20 of these went to investors from the private sector, while the federal government and Chinese investors undertook to build additional refineries in Kogi, Lagos and Bayelsa States respectively.
