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Depression, recession

Recession is here will depression follow?

EVEN the village idiot now knows that Nigeria is an unhappy country falling every day. Suddenly, no economic index is favourable. Unemployment is high and getting worse. Exchange rate has remained stubbornly high; prices of goods are rising; external reserves are dwindling; Excess Crude Account, ECA, is being steadily depleted and debts are at the highest level since Dr Ngozi Okonjo-Iweala got us out of the debt trap in 2004. 

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slaves

How Yar’Adua, Jonathan and Buhari got Nigeria into deep trouble

THREE Nigerian presidents, named above, their  ministers of justice, as well as ministers of finance, have finally landed 190 million fellow citizens in boiling water financially from which only God can deliver us. This predicament readily brings to mind that observation by Honore De Balzac, 1799-1850 in Lost Illusions: “I am beginning to wonder how many fools it takes to make the term “My Fellow Citizens”.

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Nigerian Stock Exchange SEC)

Will the last investor on the NSE please put out the lights?

WHEN in 2016 the forecast of a continuous decline in stock prices was made, a friend asked me when it will end and a recovery gets underway. The answers provided were simple. The bad news for investors, whether in the capital market or elsewhere, will continue as long as Nigeria has a Federal Government whose leaders don’t understand how modern economies work.

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Amcon

Getting somewhere at last with AMCON

WE must, therefore, not shrink from accusing our friends or praising our enemies, nor need we be afraid of praising or blaming the same people at different times since it is impossible that men who are engaged in public affairs should always be right and unlikely that they should always be in the wrong. We must, therefore, detach ourselves from the actors in our story and apply to them only such statements and judgments as their conduct deserves – Polybius, 200-118 BC.

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Amcon

Amcon should name chronic debtors now

The Asset Management Corporation of Nigeria, AMCON, which acquired about 13,800 non-performing loans from banks in 2010 eventually had N5trillion debt to recover from the debtors nationwide. Some notorious deadbeats are indebted to more than one bank. The N5 trillion involved is more than double the loans the Federal Government will be incurring this year to support the 2019 budget.

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