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