The increasing length of queues lately in petrol stations nationwide may suggest that the erstwhile liberal availability of petrol may be threatened. Consequently, many car owners now inevitably patronise the ‘black market’ in spite of the higher prices on offer, rather than wait endlessly in frustration at petrol stations!Read More
Nigerians could be forgiven, if their impulsive reaction to the above comparison is a derisive sneer because of the general perception that the Zimbabwean economy was dysfunctional. Indeed, about five years ago, Zimbabwe was the ultimate butt of universal jokes because of the abiding inflationary spiral that had gone haywire at 231,000,000%!Read More
In October 2012, several media reports confirmed that two men were helping Economic and Financial Crimes Commission (EFCC) operatives with information on how they came about $986,000 found on them at Lagos and Kano International Airports respectively.Read More
The Monetary Policy Committee (MPC), at its meeting last week, retained Central Bank’s benchmark interest rate at the industrially destabilising level of 12%, to avert the threat of inflation.Read More
This week, we will closely examine the inference of the sum of $8.9bn (about N1.4tn) that NNPC confirmed it legitimately retained as fuel subsidy between January 2012 and July 2013!Read More
The Punch Newspaper recently carried a report titled “CBN Defended Naira with $26.6bn in 2013.” The report, apparently obtained from the Central Bank’s website, indicated that this amount was sold to currency dealers in 94 foreign exchange Dutch Auctions between January and December 2013.Read More
Similarly, the impact of serial inchoate and generally misguided annual fiscal plans is clearly visible in the parlous state of our economy despite our fortuitous favourable human endowment and abundant natural resources.
Let us, therefore, examine, hereafter, how poor planning and lack of commitment could thwart our expectations for creditable results in two areas; that is, football administration and the war against corruption.
Lamido Sanusi, the CBN Governor, has since withdrawn his earlier allegation that NNPC did not repatriate the sum of $49.8bn revenue from crude oil sales into the federation account. Subsequently, in contrast to the Finance Minister, Dr. Ngozi Okonjo-Iweala’s figure of $10.8, Sanusi later insisted that $12bn of crude revenues still remain unaccounted for!Read More
A letter dated September 25, 2013 written by Lamido Sanusi, Governor of Central Bank, to President, Good Luck Jonathan, was last week, leaked to the media from undisclosed sources.Read More
We have regrettably remained loyal, as a country, to a culture of late budget approval and partial implementation annually. Indeed, since the beginning of our civil dispensation, no fiscal plan received legislative approval and presidential assent before December 31.Read More