Breaking News

Corruption: Which is worse: N400bn bribery or $15bnplus theft?

THE publication of the report of the National Bureau of Statistics’ survey titled, “Corruption in Nigeria; Bribery: Public Experience and Response,” triggered extensive public conversation regarding, the consolidated nationwide value of over N400bn bribes, reportedly paid between April 2015 – May 2016. The 2017 report, estimated that a total of 82.3 million bribes at an average of almost one bribe of N5300 each was paid annually by every adult Nigerian.

Read More

Desperation for forex and 18% treasury bills ‘awoof’!

By Henry Boyo THE Central Bank of Nigeria offered six and 12-month Treasuries at yields higher than the country’s inflation rate to lure yield-hungry investors and attract dollar inflows. Notably, the CBN sold a total of N204.96bn ($650.67m) in bills, on 19th July 2017. Meanwhile, “Annual inflation rate has reportedly eased to 16.1%. “However, the
Read More

To borrow or not to borrow?

THE issue of sustainability of Nigeria’s debt service burden, has returned to the forefront of public discuss in recent years. Instructively, after the controversial, stupendous payment of almost $20bn, to exit a $30b oppressive debt overhang, owed primarily, to a consortium of London and Paris creditors by 2005; Nigeria’s total debt, has rapidly climbed again to well over $60bn, from less than N1trillion domestic and just over $3bn, external debt in 2006.

Read More

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.

Read More

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.

Read More

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.

Read More