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

By Henry Boyo THE Central Bank of Nigeria offered six and 12-month Treasuries at yields higher than the country’s inflation rate to lure yield-hungry investors and attract dollar inflows. Notably, the CBN sold a total of N204.96bn ($650.67m) in bills, on 19th July 2017. Meanwhile, “Annual inflation rate has reportedly eased to 16.1%. “However, the […]

This process of Naira substitution continuously promotes the presence of surplus naira and induces the disenabling environment of high inflation and interest rates, weaker exchange rate, increasing national debt

THE issue of sustainability of Nigeria’s debt service burden, has returned to the forefront of public discuss in recent years. Instructively, after the controversial, stupendous payment of almost $20bn, to exit a $30b oppressive debt overhang, owed primarily, to a consortium of London and Paris creditors by 2005; Nigeria’s total debt, has rapidly climbed again to well over $60bn, from less than N1trillion domestic and just over $3bn, external debt in 2006.

IT would be heartless to ignore organised Labour’s demand for an urgent upward review of the N18, 000/month minimum wage, which was established over 6years ago, when this income was above the international value of $150 i.e. above $5/day and more than double the poverty bench mark of less than $2/day.

THE crash in crude oil price is usually identified as the major contributor to the prevailing parlous state of our economy; clearly, the drop in oil prices from over $120/barrel to a more humble price below $50/barrel and the significant drop in output, certainly reduced revenue inflow. Thus, one may be tempted to suggest that if “fortuitously”, oil prices soar well above $120/barrel, once more, with production also constantly exceeding 2.5mbd, our revenue base should expectedly flourish and all will be well again.