Don’t be fooled, states are not richer
By Dele Sobowale Most Nigerians are being fooled right now, as they often are, by the Federal Government; with regard to the monthly allocations to states. Unfortunately, because the hands of many of the State Governors are not clean, they are allowing the FG to blame them unjustly for overall poor performance. Granted, there are a […]
How the inevitable economic downturn will affect you (1)
“We have not seen the impact of the falling oil prices in Nigeria; it will start this month [November 2014]. Dr Ngozi Okonjo-Iweala, Finance Minister, November 13, 2014.
Getting slaughtered again on the Nigerian Stock Exchange?
The current travails of investors in the Nigeria Stock Exchange, NSE, has once again convinced me that Nigerians, including those we regard as the “brightest and the best”, never learn from history. Back in November last year, writing under the title, ANOTHER CAPITAL MARKET CRISIS COMING UP, I warned my Fellow Countrymen about the crisis they now face in the NSE. Once again, I was ignored.
When genius fails, Okonjo-iweala – 3
This is the third in the series titled WHEN GENIUS FAILS. The first two were written in 2008 about two individuals, Professor Chukwuma Soludo and Dr Ndidi Onyuike, Governor of Central Bank and Director General of the Nigerian Stock Exchange respectively, at a time when most people in Nigeria were not aware that banking “Con-SOLUDO-tion” was failing and leading to banking disaster and that the NSE was heading for a crash. Mine was a lone voice shouting in the wilderness – until banking crisis became a reality and the Stock Market collapsed.
States, local governments in a fix
For close to a year now, warnings have been given on this page regarding the impending economic reversal which will affect Nigeria – starting now. The reaction from my Fellow Nigerians had ranged from absolute indifference to a collective snooze. The man speaking in the wilderness, apparently to weeds, had a better audience than this columnist writing in the VANGUARD. I might as well be talking to trees myself. But, suddenly, everybody, except President Jonathan, the Federal Minister of Finance and other card-carrying members of the PDP have come to the realization that we are headed for deep economic trouble –starting now.
Unrealistic crude benchmark, exchange rate
The report written by Sunday Aborisade exhibits the triumph of hope and self-delusion over reality and the verdicts of economic history and experience. Neither one of the two key foundations of our budget can, by any stretch of imagination, be considered reasonable – given global current situation and trends into 2015.
