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Sobowale On Business

Who will tell Buhari the truth about the economy? — 1

President Buhari, while reminding the Ministers and CBN Governor that reviving the economy was one of the major planks on which the campaign of his party was based, expressed gladness that things were looking up after two years of serious work —Femi Adesina, Special Adviser on Media and Publicity.

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Questions on FG spending on feeding Pupils

Last week, some newspapers published what Alhaji Lai Mohammed would call “fake news” but which economists, being mostly quantitative in their thinking, would dismiss as deliberate and misleading use of statistics laden with half-truths and untruths. The source of the report was the Presidency – Osinbajo’s half of it. The author, as usual, was Mr Laolu Akande, Senior Special Assistant to the Acting President.

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FG refinances debt and adds more loans

THE recent announcement by the Federal Minister of Finance of the government’s decision to refinance the country’s debt by borrowing dollars at seven per cent instead of locally at between 13 and 18.5 per cent would have been commendable if it was not just a mere paper exercise which would still not reduce the quantum of debt the country is owing. On paper it would reduce the cost of borrowing, but at maturity it would require the country to source for dollars to repay.

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FG refinances debt and adds more loans

THE recent announcement by the Federal Minister of Finance of the government’s decision to refinance the country’s debt by borrowing dollars at seven per cent instead of locally at between 13 and 18.5 per cent would have been commendable if it was not just a mere paper exercise which would still not reduce the quantum of debt the country is owing. On paper it would reduce the cost of borrowing, but at maturity it would require the country to source for dollars to repay.

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FG refinances debt and adds more loans

THE recent announcement by the Federal Minister of Finance of the government’s decision to refinance the country’s debt by borrowing dollars at seven per cent instead of locally at between 13 and 18.5 per cent would have been commendable if it was not just a mere paper exercise which would still not reduce the quantum of debt the country is owing. On paper it would reduce the cost of borrowing, but at maturity it would require the country to source for dollars to repay.

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Minister Audu Ogbeh’s complaint about the future

THANK God somebody at the topmost level of the Federal Government has finally put on his thinking cap. But for those wedded to the illusion of Nigeria exporting 2.3 million barrels of crude oil in 2018, Ogbeh’s alarm, despite its frightening implications, is a step in the right direction. Anybody who has conducted research into the trend in the global automobile sector would be alarmed by the rapid rate at which the leading auto manufacturers – Toyota, General Motors, Ford, Volvo – are moving towards marketing electric cars. Volvo is far ahead of the others who will now scramble to catch up.

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Economic devastation of Apapa wharf by governments – 2

READING that statement by the white man who was migrating to Europe, I was temporarily livid with rage. The man was a racist quite all right. But, he was also telling the truth. African leaders have destroyed all the good structures the colonial masters left. While European Houses of parliament are still as pristine as they were six hundred years ago, ours less than one hundred years are uniformly eye-sores. If governments cannot maintain the structures close to them, is it any wonder that they almost always destroy those far away? The tragedy of Apapa Wharf is another reminder that governments, Federal and States have destroyed more than they built. There are no monuments for visitors to see.

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Open letter to the president of Nigeria — who ever he is

THE four paged advertisement was not signed by anybody or Ministry or the Presidency. The shameless purveyors of a great deal of the half-truths and outright falsehoods in the narrative could not summon the courage to claim responsibility for it. But, given my close study of this particular government, it bears all the finger prints of two people – the first is a Federal Minister; the second is a Senior Special Adviser to a very, very, very top official of Buhari’s government. The last time the President or Head of State of Nigeria was served by such individuals who have no regard for truth was during the Abacha regime. That horrible government had a Senior Special Adviser, Wada Nas, who was nicknamed by me as Wada Nasty. It also had a Minister of Information, who could not distinguish between lai and falsehood.

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State of the Nigerian economy at half-way mark – 5

TODAY is June 4, 2017 and a national newspaper announced that the Presidency does not intend to reject the 2017 Budget without telling the people of Nigeria when it will be signed. On the day the National Assembly, NASS, approved N7.441trn, the Deputy Senate President made a self-evident truth that passing the appropriation bill is one of the most important functions of the legislature. He might have added that it is also one of the most important jobs of the Executive branch.

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