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Pity the presidential economic advisory council.

Members of the Presidential Advisory Council, PEAC, have my sympathies despite my serious disagreements with two of the appointees in the past. At any rate, it is a new situation and their success or failure will have lasting impact on all of us alive today and million more unborn for years to come. If a reader sensing espirit de corps in my anxiety for their individual and collective reputations, let me quickly admit guilt. They are my colleagues – practitioners of what one jealous critic had called the “dismal science”. He was furious at the common pronouncements by economists – “on the one hand..and on the other hand….”. “Why can’t you fellows talk of just one hand”, he exploded. So, I start with our usual caveat when making tough recommendations to our principals.

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Pity Nigerian labour and ASUU on minimum wage

The Nigerian Labour Congress, NLC, and Academic Staff Union of Universities, ASUU have my sympathies – even as they amuse me. When the President signed the new Minimum Wage Bill passed by the 8th National Assembly, NASS, into law during the last days of the assembly, he also ordered “immediate implementation”. NLC and ASUU officials were ecstatic. Soon, the gatemen and messengers will be receiving minimum of N30,000 per month and all will be well. I laughed. But, more than that, I told them that there would be no “immediate implementation” of the bill. It would require a few months and a lot of negotiations before anybody will lay their hands on the wage increase promised.“To be quite candid, if one was not aware that President Buhari did not take into account how the Nigerian Presidential system works, his orders would have been taken differently.“After Buhari made his unscheduled departure from office in August 1985, he went into political and social hibernation.

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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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