Les Leba

Refineries: Dangote to the rescue?

Refineries: Dangote to the rescue? Nigerians may have  heaved a huge sigh of relief with...

As vultures applaud imminent debt trap

Lately, the Federal Government’s enthusiasm for further national debt accumulation...

CBN’s unrelenting stranglehold on the economy!

CBN’s unrelenting stranglehold on the economy! LES LEBA, 0817 002 3569, lesleba@gmail.com, lesleba@swiftng.com, lesleba@lesleba.com,   www.lesleba.com Lately, the...

Super Eagles as the other Nigerian

Super Eagles as the other Nigerian Our governments have spent billions of naira over time to...

Corruption, double speak & banking of public funds!

Corruption, double speak & banking of public funds! The recognition of the current abysmal depth of corruption in public office is probably shared by discerning citizens of this country;

Oby Vs government: The pot and the kettle

Public discourse recently focused on the charge by Dr. Obiageli Ezekwesili (Oby), a former Senior Assistant and Minister in Ex-President Obasanjo’s administration, that the Yar’Adua/Jonathan Presidency had frittered away accumulated

Central Bank’s lion-share of foreign reserves

Central Bank’s lion-share of foreign reserves The Finance Minister, Dr. Ngozi Okonjo-Iweala, declared at a recent meeting of Governors of Central Banks of the West African Monetary Zone in Abuja recently that our reserves have risen to about $44.6bn.

The paradox of too much money and deepening poverty

The paradox of too much money and deepening poverty The anniversary of the 2012 “Occupy Nigeria” fuel subsidy protest was marked recently in Lagos by the Pastor Bakare-led ‘Save Nigeria Group’ with a lecture titled “Nigeria’s Fiscal and Monetary Crisis: the Way Forward”.

Ifueko Omoigui-Okauru: An unusual public servant

Ifueko Omoigui-Okauru: An unusual public servant Every year, Nigeria’s media traditionally celebrate persons adjudged to have distinguished themselves in their respective fields of endeavour or indeed, in their apparent dedication and commitment to their responsibilities as public servants; it is not unusual

How reduced budget deficit will challenge the economy

How reduced budget deficit will challenge the economy In successful economies, budgets are usually laid before the respective national parliaments many months before the commencement of the New Year to provide the lawmakers with adequate time to

Nigerians’ ‘craze’ for dollars

Nigerians’ ‘craze’ for dollars At the conclusion of the 2012 IMF/World Bank Group Annual Meetings in October, the Governor of the Central Bank of Nigeria, Lamido Sanusi, decried the dollarisation of the Nigerian economy. According to Sanusi, who spoke to some Nigerian journalists who were sponsored to that

A fool and his money…

A fool and his money… The other day, a friend narrated a story, which I found stranger than fiction; the story related to the travails of a family who lost a successful and illustrious breadwinner, who, incidentally, died without a Will. The family’s elders were consequently entrusted with the...

Waivers for the rich, hard labour for the poor!

Waivers for the rich, hard labour for the poor! The primary underlying principle of a social contract in a modern democratic dispensation is that of equality of all persons.

Should government sack 50% of civil servants?

Should government sack 50% of civil servants? At the Second Annual Capital Market Retreat in Warri, the Central Bank of Nigeria Governor, Lamido Sanusi, made a strong case against the current dedication of about 70 per cent of the nation’s income to purely consumption by civil servants and politicians,

That insensitive 12% MPR retention

That insensitive 12% MPR retention The other day, the Lagos Chamber of Commerce and Industry was reported to have decried the retention of the Monetary Policy Rate at 12 per cent by Central Bank’s Monetary Policy Committee as “ill-advised and insensitive”.

Deficits with benchmark surpluses: Profligacy or sabotage?

Deficits with benchmark surpluses: Profligacy or sabotage? The debate on the appropriate crude oil price benchmark for the 2013 budget has lately attracted numerous interests in the National Assembly as well as in the media. The government’s Economic Management Team (EMT) has stoutly defended the

Understatement of projected revenue in 2013 budget?

Understatement of projected revenue in 2013 budget? In the light of the usual extended recess during the I-del Kabir, Christmas and New Year celebrations, the Legislature may have, possibly less

IMF’s poisoned pill

IMF’s poisoned pill “We see increase in oil reference price as a threat because the money will be shared by the three tiers of government. It will increase spending and inflationary spending. We think a reference price of $75/barrel is better than $78, and $78 is...

CBN’S quest for retention of absolute power

LES LEBA,  0817 002 3569, lesleba@gmail.com, lesleba@swiftng.com, lesleba@lesleba.com,   www.lesleba.com In...

Currency Trafficking, BDCS & CBN

Currency Trafficking, BDCS & CBN In October, several media reports confirmed that two men are now helping Economic and Financial Crimes Commission (EFCC) operatives with information on how they came about $986,000 found on them at Lagos and Kano International Airports respectively.

AMCON as time-bomb

AMCON as time-bomb The House of Representatives Ad-hoc Committee on the Capital Market recently sounded a shrill alarm that the Asset Management Corporation, AMCON, was a time bomb waiting to explode.

Capital budget imbroglio and subsidy

Capital budget imbroglio and subsidy The appearance of Ngozi Okonjo-Iweala, the Coordinating Minister of the economy at the legislative hearing on the implementation of budget 2012 did not seem to have assuaged the threat of impeachment of President Jonathan by

Sanusi Vs Obj: The pot & the kettle

LES LEBA, 0817 002 3569, lesleba@gmail.com, lesleba@swiftng.com, lesleba@lesleba.com,   www.lesleba.com Former President...

N5,000 note as red herring!

N5,000 note as red herring! CBN’s confirmation of 2013 as the takeoff date of the new currency profile seems to have jolted the nation and Nigerians have unequivocally challenged the raison d’etre for the introduction of the new design notes and coins at a cost estimated at over N40bn; an...

Acquiescence to constitutional violations in public finance

LES LEBA, 0817 002 3569, lesleba@gmail.com, lesleba@swiftng.com, lesleba@lesleba.com,   www.lesleba.com In democratic...
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