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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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What happened to deregulation?

Jonathan has been confronted with the same spurious arguments and proposals that will ensure that deregulation and its beneficent impact will never become a reality! For example, it is unrealistic to expect that government could provide adequate infrastructural supports like functional power service, better roads, better schools, more refineries, etc, etc before deregulation! It is impractical to expect the realization of all the above in the next five or even ten years with subsisting monetary framework, economic policies and our revenue profile.

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The Born Again Farouk Muttalab and World Peace!!

The American authorities must be cautious that the predictable life term or long term jail sentence or indeed execution of Muttalab would not only turn Farouk into a martyr worthy of emulation by other young Islamic fundamentalist prospects, but may also make the U.S. to miss a great opportunity to enlist the young Nigerian in counter propaganda against terrorism, and suicide attacks and the deliberate promotion of Islam as a religion of peace among young Muslims.

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THE PUTRID MESS ALSO IN CBN! (4)

In other words, bank could now keep only 2% of their assets as cash! Serious analysts would consider such accommodation as patently reckless and skating on thin ice, especially in a country with a heavily cash dependent economy; liquidity ratio of banks was similarly inappropriately reduced from 40%… to 25% and government treasury bills holdings were also admitted as a component of liquidity ratio.

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The putrid mess also in CBN! (3)

The critical failure of the CBN is in its key role in managing price stability in the economy; price stability is defined as ”the ability of a Central Bank to moderate inflation, attain stable interest and exchange rates and create a conducive climate for long term growth and development” (Section 2 of the CBN Act 2007). Indeed, the failure of CBN in its role of banking supervision, regulation and currency management are, in fact, the symptoms of failure in the management of price stability.

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CBN, stop this nonsense

The incumbent Central Bank Governor, Lamido Sanusi, has stubbornly decided to continue the destructive and suicidal monetary and foreign exchange market policies of his predecessor. In this event, this article, which was first published in 2006, with progressive supplementary comments in this column on 23/3/2009, is today 18/1/2010 reproduced for objective public evaluation!

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