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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.

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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.

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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.

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Nigeria in deep economic trouble: “FG, states, LGs share N518.5bn for June”

For further reference the states’ allocations in July 2006, were as follows: Abia, N3.96bn; Adamawa, N3.53bn; A/Ibom, N14.44; Anambra, N3.61bn; Bauchi, N4.10; Bayelsa, 13.16bn; Benue, N3.8bn; Borno, N4.1bn; C/River, N3.98; Delta, N15.8bn; Ebonyi, N3.0bn; Edo, N4.2bn; Ekiti, N3.08bm; Enugu, N3.3.29; Gombe, N3.15bn; Imo, N4.37bn; Jigawa, N3.92bn; Kaduna, N4.29bn; Kano, N5.55bn; Katsina, N4.30bn; Kebbi, N3.3.59bn; Kogi, N3.5bn; N3.12bn; N5.49bn; Nass, N2.99bn; Niger, N3.90bn; Ogun, N3.45bn; Ondo N6.95bn; Osun, N3.33bn; Oyo, N4.19bn; Plateau, N3.0bn; Rivers, N23.25bn; Sokoto, N3.72bn; Taraba, N3.4bn; Yobe, N3.39bn; Zamfara, N3.53bn.

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Power consumer advocacy: Matters arising

The story by Okechukwu Nnodim, writing from Abuja went on to say that “The Nigerian Electricity Consumer Advocacy Network, which was inaugurated by the Nigerian Electricity Regulatory Commission about two months ago has collapsed.” Reading the report, it is obvious that the NERC and the members of the Nigerian Electricity Consumer Advocacy Network, NECAN, cannot agree about who is to fund the programme. There is fault on both sides as will be demonstrated presently. But first a few questions need to be answered.

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The welcome change at NERC

It does not require the intelligence of a space rocket scientist to understand that the DISCOs were sold to friends of the former administration, despite the efforts to make the biddings appear transparent. Amadi could not therefore be expected to regulate tariffs in a manner that would jeopardize the investments of the friends of the government and his benefactor.

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Recovery of delinquent credit facilities and the economic calamity ahead

The CBN directive will however result in very painful re-adjustments – at least in the short term. Most of these companies have operated on the principle of not allowing the left hand to know what is happening on the right hand. Each bank had guarded jealously its transactions with the biggest customers. That is precisely what the dubious business people want. Until a loan goes terribly bad, and it is large enough, most banks will not disclose to other banks their experience with the customer. That way, the same customer can dupe several banks at the same time.

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CBN and the n8bn scam (2)

The story went on to reveal that what started as an N8 billion scam had escalated to N12 billion scandal. Most probably, that might not even be the end of the story. Most likely other discoveries or revelations will increase the amount and how long the economic sabotage had been going on within the banking system – with the Central Bank of Nigeria, CBN, as the epicenter of this financial war against Nigeria by a few ndividuals in the banking sector.

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