Governor of the Central Bank of Nigeria, CBN, Mr. Lamido Sanusi, yesterday, warned that Nigeria’s economy will be greatly endangered if the independence of the apex bank was undermined.

Economic activities in 2014 among economic operators is been stifled by apprehension over political activities in preparation for the 2015 elections, as well as possibility of decline in crude oil price and the impact on government revenue, external reserves and exchange rate of the naira.

In the last three months, local governments, states and federal government officials have been at each others’ neck over short falls in revenue allocation from the federation account. The war of words is as a result of panic by state governments that they may not be able to meet their obligations to their workers if the federation account allocation continues to dwindle. The current panic stems from the fact that if the revenue shortfall from the federation allocation committee to states falls below some levels, it will result in many of the states not being able to pay their employees.

Feelers from some state governors at the weekend suggest that unless President Goodluck Jonathan issues an urgent directive to the Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, to release funds due to the 36 states, the President risks further isolation from this group of elected public officers.

Russia’s economy minister said on Monday that dramatically slowing growth indicated the country had entered a period of possibly prolonged stagnation but that an outright recession was avoidable.

…Says Jonathan needs inclusive growth to tackle poverty, create jobs …
Ndubisi Ifeanyi Nwokoma is Professor of Economics and Head of the Department of Economics, University of Lagos. He is a Fellow, Chartered Institute of Stockbrokers. Until recently, he worked at the United Nations Economic Commission for Africa, Addis Ababa , Ethiopia, as Chief of Financing, Industry and Investment in the Economic Development and NEPAD Division on a Leave of Absence from the University between 2010 and 2012. He also worked with Nigerian Stock Exchange, Lagos as the Special Assistant to the Director General/Chief Executive Officer.

There is one thing many Nigerians agree upon without any dissent either in thought or action: that is that the country does not deserve the lowly place it is in today in view of its natural blessings. God has provided Nigerians with a fertile land and the people, with abundant raw talents to be developed at will.