Who is baking the Nigerian cake ?

In a report written by Oyetunji Abioye, readers were told that “the bank stated that a more challenging economic environment would make growth in the region to come down to 3.7 per cent from 4.6 per cent in 2014”. Readers, familiar with this page, surely know that we have not needed to wait for the World Bank to tell us the bad news about the Nigerian economy in 2016. So far in 2015, the economy had managed to grow only about 2.4 per cent; and is heading lower!! Every economic indicator known to forecasters points to a dreadful 2016.

Read More

Toss out TSA, please (2)

Incidentally, if you ask any of its supporters what it is designed to achieve, the answer will be, “to curb corruption”. But will it? If historical experience in Nigeria is to be our guide, the correct answer will have to be “very doubtful”. Let me quickly explain the reasons. While conducting the research which resulted in the book PDP: CORRUPTION INCORPORATED, what was most striking to me was how much corruption was accounted for by transactions and activities which are not reflected in the balances in the bank accounts of Ministries, Departments and Agencies, MDAs.

Read More

Toss out Treasury Single Account, TSA, please (1)

My first articles on the Nigerian economy appeared in VANGUARD on Mondays in the 1980s, shortly before military President Ibarahim Badamasi Babangida, IBB, introduced the Structural Adjustment Programme, SAP. It was the most ambitious economic programme, ever, in our history. Even, till today, nothing has come close to the far-reaching impact of the economic policies.

Read More

Zero-based budgeting and its consequences for 2016

One of my favourite wise cracks is the Law of the Hammer which says, “Give a young boy a hammer and he suddenly decides that everything he sees needs to be hammered immediately. Nigerians voted for change, without obtaining a clear idea of what we wanted changed and when. Commonsense, which incidentally is not common, would suggest that not everything needs to be changed. And surely not all existing systems and structures can be altered at the same time.

Read More

What happened to the 2016 budget?

Governors and presidents need more time. But, our collective stupidity, ably supported by my colleagues in the media, had got us hooked on the hundred days assessment. It is mostly a waste of everybody’s time. I was happy to be watching a television programme when Buhari was in Ghana on the day. Mr Femi Adesina, Buhari’s spokesman was reached and among other things he tried to play down the importance of the hundred days. Sanity at last.

Read More

Mortgaging the States to FG future in name of bail-out (2)

President Buhari turned down the idea of bail-out at first. I must confess to being one of those who thought a bail-out was inevitable – given the empty purses most states were holding. However, it was my position that the states arrived at the same position through different routes. Some took sensible risks which backfired when the price of crude oil tumbled and the monthly revenue allocation from Abuja declined dangerously.

Read More

Mortgaging states to FG in the name of bail-out

Even the village idiot knew that by May of this year, most states were in deep financial problems. Those hyped to be “innovative” and the confirmed wastrels and utterly corrupt suddenly found themselves in the same boat. I was probably the only person in Nigeria who was not surprised. Several articles had been published on this page predicting that outcome. Two, among others will serve as reminders.

Read More

In support of Senate probe of Obasanjo – 2

An army is a nation within a nation…” Alfred De Vigny, 1797-1863. (VANGUARD BOOK OF QUOTATIONS, VBQ, p 14). President Buhari will not probe Obasanjo’s government, not because it will constitute a distraction, as eager propagandists will like us to believe but because of the military tradition of esprit de corps. Once an officer was your superior officer in service, you don’t disgrace him in public. The rare exceptions occur when there is a coup arising out of disagreements among the officers.

Read More

Killing discos? Time for rethink

The story went on to state the reason for the take over. According to the report by Everest Amaefule, “Following the declaration of force majeure by Integrated Energy Distribution and Marketing Company, the core investor in the Yola Electricity Distribution Company, the Federal Government has taken over the beleaguered power firm.”

Read More