In the first part of this article, which was published last week, we gave a brief narration of how Lamido Sanusi and his predecessors as Central Bank Governor brazenly discountenanced alternative advocacy that could redeem and positively transform our economy.

The advocacy for a deregulated foreign exchange market to facilitate economic growth and social welfare enhancement commenced over ten years ago. In spite of the validity and strength of the prescription, those government agencies responsible for monetary and fiscal policies have buried their heads deep in the sand, so that they cannot hear or indeed, see the progressive rationale of the argument.

In mid February, President Jonathan requested National Assembly approval for a loan of $7.9bn from motley of International Development Banks. The funds, according to Mr. President, would be dedicated to the completion of various pipeline projects.

Nigerians have largely been agitated by CBN’s advance notice of daily cash withdrawal/deposits limits of N150,000 and N1 million for individuals and corporate bodies respectively, as from June 2012, in place of current limits of N1 million and N10 million respectively.

Some critics would define the emerging characteristic features of the 2012 budget as unexpectedly inchoate and belated! A host of admirers had hoped that the return of the vibrant Ngozi Okonjo-Iweala from the respected citadel of the IMF would signal the advent of progressive growth in economic and social welfare!