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Why higher oil prices cripple the economy

THE crash in crude oil price is usually identified as the major contributor to the prevailing parlous state of our economy; clearly, the drop in oil prices from over $120/barrel to a more humble price below $50/barrel and the significant drop in output, certainly reduced revenue inflow. Thus, one may be tempted to suggest that if “fortuitously”, oil prices soar well above $120/barrel, once more, with production also constantly exceeding 2.5mbd, our revenue base should expectedly flourish and all will be well again.

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The oppresive contradictions in Nigeria’s economy

“Readily available evidence, ironically, indicates that the fundamental cause of our presently distressed economy and precariously sliding Naira exchange rate, is actually that of too much money supply, in both Naira and foreign exchange terms. Evidently, CBN’s management of the supply of money is basically defective, such that the albatross of inflation has invariably remained in double digits for several years, with serious consequences for purchasing power of all Naira incomes, consumer demand, productivity, investment and social welfare.

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Why ERGP is bound to fail (1)

THE Federal Government’s Economic Recovery and Growth Plan 2017-2020(ERGP) was designed with the broad objective of restoring growth, investing in social infrastructure and building a globally competitive economy. The Sunday Sun Newspaper’s Onyedika Aghedo’s interview with this writer on the feasibility of the ERGP follows hereafter.

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The corrupt war against corruption (3)

Last week, we observed that N970 million was budgeted for President Muhammadu Buhari to move around within the country and abroad this year. From that money, N739, 487,784 will be for his international travels and transport alone. Of course, the escalating cost of governance at the federal level also applies across the presidency, from the Vice President, Prof. YemiOsinbajo, to the President’s chief security officer, together with the National Assembly dominated by APC members.

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