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Budget 2018 to be submitted in January? (1) – Dele Sobowale

ASO Vakporoye claimed   to be speaking for the Minister who, naturally, was unavoidably absent to deliver the bad news himself. But, is it possible that Vakporoye received the wrong script from the Minister’s office? We waited for three days for a disclaimer but none came. So, it is a fact that the 2018 budget will be delivered late. After the very late passage of the 2017 budget in late May this year, and the adverse consequences still unfolding, economic policy observers would have thought that the Federal Government will not be the cause of any delay in getting another budget passed on time in 2018. We were wrong.

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Nigeria lacks sales people to sell made-in-Nigeria products – 1

President Buhari spoke in favour of it. Vice President Osinbajo is in support. In fact, it will be difficult to find any well-informed Nigerian who disagrees with the campaign to “Buy Made In Nigeria Goods”. Then, why has our import bill been rising and few people actually patronize those products? The answer is simple: we have no sales people who can sell Made In Nigeria Goods – which is like moving a mountain. We lack the sales people because we keep on making several mistakes.

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No alternative to airport concessioning

‘BETTER late than never” remains the word of wisdom when a measure long delayed had caused immeasurable damages to a nation until it can no longer be avoided. For too long and out of fear of a small minority of selfish individuals calling themselves Labour Unions, governments continued to operate commercial enterprises long after it had become glaring to all other stakeholders that governments are incapable of running businesses successfully.

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Naira

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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Naira

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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naira

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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