Lesleba

Economy: Mr. President’s Unfortunate Mistep

By Henry Boyo   The recent announcement by the Federation Accounts Allocation Committee, of the disbursement of over N760bn to cash famished states, was popularly regarded as a bailout package, despite clarifications from the President’s Media Adviser that the income was actually the constitutional entitlement of the three tiers of government. The payment package apparently […]

LESLEBA

The Oppressive Folly Of Fuel Subsidy

LES LEBA, 08052201997, [email protected], [email protected], [email protected],   www.lesleba.com The data released by responsible Agencies of government on fuel subsidy outlays, have overtime, regrettably remained divergent, such that, it has become a challenge to obtain definitive estimates. Nevertheless, the Finance Minister, Dr. Ngozi Okonjo-Iweala recently explained that the inconsistent figures often quoted were unavoidable because subsidy payment […]

LESLEBA

When $ became cheaper in the black market!

LES LEBA, 08052201997, [email protected], [email protected], [email protected],   www.lesleba.com Nigerians have, become familiar with the irregular cycles of stable supply and intermittent scarcity in the market for various products, ranging from essential commodities, such as sugar, bread and salt to the equally important market for petrol and kerosene. Expectedly, prices of these items spiral whenever there is […]

Lesleba

Naira/Dollar atm cards and inexplicable profligacy

LES 08052201997, [email protected], [email protected], [email protected],   www.lesleba.com One cannot be certain whether Nigerians should celebrate or decry the recent Central Bank of Nigeria’s decision to reduce the existing annual limit on the usage of Naira denominated ATM cards abroad from $150,000 to $50,000, per person. Nonetheless, the directive to banks in CBN’s circular of April 13,2015, […]

Lesleba

Buhari and the economy: which way forward?

LES LEBA, 08052201997, [email protected], [email protected], [email protected],   www.lesleba.com Expectedly, goodwill messages have deservedly, poured in from far and wide to congratulate the clear victor of the 2015 elections, and President Elect, Mohammed Buhari, may not be unduly disturbed that President Jonathan’s inspirational and totally unexpected early acceptance of defeat, ironically, favorably raised the incumbent’s rating as […]

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Guess who is dollarising the economy!

LES LEBA, 08052201997, [email protected], [email protected], [email protected],   www.lesleba.com “….The committee observed that its previous decisions needed time for their effects to fully permeate the economy and therefore “all eleven members unanimously” voted to maintain the current position!! The above is a summary of the conclusion reached by the Central Bank of Nigeria’s Monetary Policy Committee (MPC) […]

Lesleba

Will PDP or APC rescue the economy?

The 2015 election is barely two weeks away and yet, not even close followers of events in the political space can satisfactorily articulate distinctive differences in the ideology of the two major contestants. Instead, Nigerians have been fêted to a reality edition of an otherwise Nollywood dramatization of a “rofo rofo fight” between two wives […]

Lesleba

The tragedy of errors in the fuel market

Les Leba 08052201997, [email protected], [email protected][email protected],   www.lesleba.com Curiously, in an attempt to align with public sentiment, in an election year, government was stampeded by popular demand to concede and accommodate a N10/litre subsidy on a reduced pump price of N87/litre. Clearly, this decision was not thoroughly thought through, as it ignored the significance of […]

Lesleba

Planning to fail with budget 2015

LES LEBA 08052201997, [email protected], [email protected], [email protected],   www.lesleba.com Over the years, both the Legislative and the Executive arms of government have consistently demonstrated their faith in the popular axiom that “he who fails to plan, plans to fail”; consequently, they have, always ensured that an Income and Expenditure plan is passed into law annually; nonetheless, inspite […]

Lesleba

Where is the $7bn cbn loan to 14 banks?

LES LEBA, 08052201997, [email protected], [email protected], [email protected],   www.lesleba.com “The report of the 14 Nigerian banks which were appointed as Asset Managers of Nigeria’s reserves was carried on the back page of The Guardian Newspaper of the 5th of October 2006.  The report confirmed that “already deposits worth $7bn representing part of the Central Bank of Nigeria’s […]

Lesleba

Economic mismanagement in retrospect

LES LEBA, 08052201997, [email protected], [email protected], [email protected],   www.lesleba.com What you are about to read is a true account of the gross impunity that has largely characterised decision making on those matters which affect our nation’s treasury; ironically, such gross mismanagement has lately been extolled in the media as best practice by a former custodian of public […]

Lesleba

Soludo vs Iweala: Between the pot and the kettle

  LES LEBA, 08052201997, [email protected], [email protected], [email protected],   www.lesleba.com The co-ordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala has promptly responded to a recently published article titled “BUHARI VS JONATHAN – Beyond the Election.” The article, by former Governor of Central Bank of Nigeria, Chukwuma Soludo, which purports to proffer solutions to our severe social and […]

Lesleba

T/bills: Who will stop this looting spree?

LES LEBA, 08052201997, [email protected], [email protected], [email protected],   www.lesleba.com The contradictions in our failed economy are probably best captured by the stark reality of deepening poverty and unbridled rate of unemployment despite the celebrated recent increase in our Gross Domestic Product, with increasing revenue and bountiful external reserves to boot for almost two decades! We may recall […]

Lesleba

Is diversification of the economy possible?

LES LEBA, 08052201997, [email protected], [email protected], [email protected],   www.lesleba.com In the wake of public concerns on the impact of the tumbling prices of oil on government revenue and expenditure in the 2015 budget, the finance and coordinating Minister of the economy, Dr. Okonjo Iweala, recently informed a joint Legislative Committee on Finance and National Planning that “We […]

Lesleba

What is the dollar exchange rate?

LES LEBA, 08052201997, [email protected], [email protected], [email protected],   www.lesleba.com The CBN recently restricted direct sales of its official dollar reserves to some sectors of the economy; consequently, the importation of electronics, information technology, generators, and telecom equipment, finished products and invisible transactions will henceforth be funded with higher priced dollars from the Interbank foreign Exchange market. The […]

Lesleba

Tortoise folklore as metaphor of national leadership

LES LEBA, 08052201997, [email protected], [email protected], [email protected],   www.lesleba.com Regrettably, the virtue of selflessness which largely characterised public service at the dawn of Nigerian’s Independence in 1960, has since been replaced by the ignoble culture of greed and every man for himself. This sad transformation is aptly captured in an earlier article, published in November 2012, with […]

Lesleba

Greed and the N65 atm levy

LES LEBA 08052201997, [email protected], [email protected], [email protected],   www.lesleba.com The financial Punch of Monday 8th September, 2014, carried a story titled “12 banks earn N1.4tn in six months”; the report explained that published trading results showed that 12 banks made a combined after tax profit of N223bn between January and June 2014. Apparently, this consolidated profit […]

Lesleba

Of economic contradictions and mute victims

LES LEBA 08052201997, [email protected], [email protected], [email protected],   www.lesleba.com A popular indigenous artiste cautioned in one of his lyrics that one cannot sow cocoyam and hope to harvest rice. Notwithstanding the above wise counsel, Nigerians inexplicably hope and believe that in spite of over 70 per cent of our population, reportedly, currently living on less than […]

Lesleba

The realistic path to economic prosperity

LES LEBA 08052201997, [email protected], [email protected], [email protected],   www.lesleba.com Our parlous economic state has been attributed by some observers to our heavy dependence on increasing oil revenue and our inability to stimulate the performance of our industrial and agricultural subsectors, particularly the small and medium enterprises and thereby, also diversify the productive sectors of our economy. […]

Lesleba

Too much talk about dollar certificates?

LES LEBA 08052201997, [email protected], [email protected], [email protected],   www.lesleba.com The regular readers of “Economic Renaissance” will already be very familiar with our strident unceasing advocacy that a simple reform of our payments system will positively transform the economic and social welfare of our people beyond the faltering expectations of the current managers of our economy. Last  […]

Lesleba

The strategic blunders by cbn’s monetary policy committee

LES LEBA 08052201997, [email protected], [email protected], [email protected],   www.lesleba.com The Federation Accounts Allocation Committee last week approved the sum of over N755bn for sharing among the three tiers of government. Ordinarily, the distribution of this relatively sizable revenue would elicit hope that the economy will become positively impacted, as the various tiers of government would be […]

Lesleba

Boko Haram as excuse for $1b loan

LES LEBA 08052201997, [email protected], [email protected], [email protected],   www.lesleba.com There can be no denial of the threat of the Boko Haram insurgency to security, the economy of the north-eastern states, particularly, has become seriously dislocated while thousands of people in several communities have become viciously traumatized by the indiscriminate killings of kith and kin and the […]

LEBA

The darker sides of the “safe schools initiative”

LES LEBA 08052201997, [email protected], [email protected], [email protected],   www.lesleba.com The “Safe Schools Initiative” (SSI) is a brainchild of Gordon Brown, former UK Prime Minister who now serves as United Nations Special Envoy for Global Education. The SSI was earlier launched at the World Economic Forum Africa in April/May this year in Abuja, in response to the […]