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Economy: Nigerians to the Slaughter Slab?

The Nigerian case is in sharp contrast to the UK response; for example, there is no attempt to curtail the heavy overheads and operational expenses of government at any level. Indeed, quarterly allowances for members of the House of Reps are being considered for upward review from N27.2m per quarter to N42m (see ThisDay, 24/5/2010, pg 1 – re: Jumbo Pay) Abuja Airport Road is being ‘expanded’ with over N250bn, while the airport runway itself will be upgraded with almost N50bn after a downward review from about N60bn. Meanwhile, education and health enjoy less budget allocations than the Abuja runway and Airport Road!

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Why adequate power will remain elusive!

Inadequate power supply has chocked the development and growth of Nigeria’s economy, particularly in the last two decades. The Punch Newspapers editorial of 22/3/2010 explicitly paints this reality. That editorial specifically notes that “Poor power supply has been at the heart of the nation’s wobbly manufacturing sector whose capacity utilization has today plunged to 29 per cent.

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The predictable failure of Vision 2020

The Dream Economy envisioned in government’s “‘Vision 20:2020’ seeks to position Nigeria as one of the top 20 economies in the world by the year 2020. In economic terms, this translates to having a Gross Domestic Product (GDP) of at least US$900 billion by that date compared to about US$212 billion as at 2008”…. (Source: Nigeria Vision 2020 Economic Transformation Blueprint – pg. 26, work-in-progress as at 5/10/2009.

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BUDGET 2010: “Mugu” Smiles back into debt trap!

“In spite of the effusive enthusiasm of this Administration, some Nigerians refuse to celebrate the recent debt relief conditions granted by our major creditors of the Paris club. “Under the terms of the Paris club deal, Nigeria will see $18bn of its total debt of $30bn cancelled on condition that it pays the remaining $12.4bn between now and March 2006.

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POLYMER CURRENCY: Waste, deceit and commonsense

I will begin this week’s article with a reference and excerpt from veteran journalist, Bisi Lawrence’s piece titled “Oh to spray again” in Saturday Vanguard edition of 10/10/09 . The indefatigable Bizlaw had failed after several attempts to take value for his naira coins at various locations, from exquisite shopping malls to your regular petrol attendants and pepper sellers!

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BUDGET 2010: “Mugu” smiles back into debt trap!

“In spite of the effusive enthusiasm of this Administration, some Nigerians refuse to celebrate the recent debt relief conditions granted by our major creditors of the Paris club. “Under the terms of the Paris club deal, Nigeria will see $18bn of its total debt of $30bn cancelled on condition that it pays the remaining $12.4bn between now and March 2006.

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