Is 2018 budget from same template for slow death? – Henry Boyo

The 2018 Appropriation bill will be laid before the National Assembly by President Muhammadu Buhari on Tuesday 7th November 2017. However, the above title, which was published in December 2016, was this writers’ overview of the proposed 2017 budget. Please read on.

Will $5.5bn loan revive the economy?

IT would be heartless to ignore organised Labour’s demand for upward review of the N18,000/month minimum wage, which was established in 2011, when this income was well over $100 i.e. above $3/day and well above the international poverty bench mark of less than $2/day.

‘MY brother, Nigeria is   managing debt not wealth because a big hole was dug in her pocket after the jamboree called FESTAC, 77. The  TB is government borrowing to finance the deficit. If you understand public finance well, you will know it is the function of CBN to ensure the economy is well funded. So many of this your criticism of CBN do not add up in the context of Nigerian financial system which is why nobody in authority seem to pay attention to your criticisms and opinions. Have a nice day”

Barely eleven years ago, Nigeria was compelled by pressure, from International creditors, particularly the London and Paris club, to ‘voluntarily’ part with almost $12.4bn allegedly owed, so that another $18bn debt could be written off, from the country’s total external debt of about $30bn.

THIS article was first published in June 2006 and republished, annually, since then on the Anniversaries of Democracy and Independence Days; but, its content has become increasingly relevant this year. Hopefully, this will once more represented as a wakeup call to abort the inevitable dire consequences which will jeopardize our relationship as a nation and thereby forestall an inevitable frustration of the hope of our people for a better life. Please read on! 

It would seem a cynical denial of reality, for anyone, to suggest that, the prevailing, oppressively high cost of borrowing, is caused by an unexpected burden of the presence of too much money.

BENJAMIN Mkapa, Tanzania’s former President, has warned Nigeria to resist pressure to sign the Economic Partnership Agreement, (EPA), with the European Union, because according to him, such contracts are counterproductive. Mkapa sounded this warning as guest speaker at the 45th Annual general Meeting of the Manufacturers Association of Nigeria (MAN) on September 14, 2017 in Lagos.

The ‘National Bureau of Statistics’ latest overview of National Productivity between April-June 2017, has revealed that, the steady decline in output of goods and services, which began in March 2016, has now been thankfully reversed by June 2017.

PETROLEUM marketers  have announced, in their communiqué of  August 29, 2017, that they would commence mass retrenchment, unless government pays their over $2bn outstanding invoices, and also settles interest charges, on delayed payment and related exchange rate differentials.   Nonetheless, government’s present lean revenue expectations may compel the need, to additionally borrow N720bn domestically or $2bn externally and oppressively compound the already crippling deficit of N2.32tn in the N7.4tn 2017 budget.

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.

Tomorrow, August 22, 2017, will make 15 years, since the advocacy, ceaselessly canvassed in this column, for a payments reform, that would regenerate and rapidly propel inclusive economic growth, was presented to government.

THE Federal Executive Councils’ approval to borrow $3bn from external sources, to refinance an estimated N915bn ‘Naira denominated’ Treasury bills, was announced to the media by Finance Minister, Mrs. Kemi Adeosun, last Wednesday.

Thus, in place of real production that boosts overall economic prosperity, the manifest avenues of making easy money have become multiple rate currency practices, dollarisation and domestic dollar debt market