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Does CBN Mastermind The Brazen Rape Of The Treasury?

Lesleba

BY HENRY BOYO It would come as a huge surprise to Nigerians if anyone suggested that surplus money constitutes the greatest impediment to the creation of more jobs to enhance the quality of economic and social welfare of our people. Nonetheless, the constitutional custodian of money supply, i.e. CBN, would readily admit that the incurable presence of surplus money supply ...

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Is MTN A Victim Of Regulatory Overkill?

Lesleba

BY HENRY BOYO Media reports, from both local and foreign sources, have lately suggested that MTN, arguably, Africa’s largest mobile telephone network, may be confronting, possibly, the greatest threat since its inception and its bountiful global success, particularly, in their Nigerian operations where they have registered over 62million subscribers. However, the mobile conglomerate’s well laid apple cart, presently appears threatened, ...

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Devalue ?, Remove Subsidy And ‘Kill’ Nigerians

LESLEBA

BY Henry Boyo The IMF’s speculated positive prescriptions have yet to manifest as sustainable, socially empowering or employment generating models anywhere on our continent. Thus, IMF Africa Director, Mrs. Atoinette Sayeh’s recent observation on Naira Exchange rate management may provide an insight into this formidable international financial regulator’s plan for Nigeria’s economy. Sayeh reportedly noted at a press conference in ...

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Will APC allow credible elections?

LESLEBA

By Bola Bolawole Credible elections are a fulcrum of democracy. Without it, democracy cannot be said to be alive and well. The people must be allowed to freely choose their leaders; to retain, remove or replace them and to do this at their pleasure without any fear of a likely reprimand from any quarters. Free and fair election is like ...

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Collegiate Presidency And National Harmony

By Henry Boyo There can be no end in the foreseeable future to a do-or-die fight for the presidency of our nation.  The unbridled struggle for the position of top dog has generally been motivated by the attraction of the prospect of almost absolute power over our lives and our nation’s resources, particularly the proceeds from the oil wells of ...

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That Bark By J.P Morgan!!

Abraham Nwankwo, DG, DMO

By Henry Boyo The threat, earlier this year, by the United States-based international banking mogul, J.P Morgan to phase out Nigeria from its Government Bond Index for emerging markets (GBI-EM) was made good last Tuesday, 8th of September. In response to JPM’s “negative alert”, foreign portfolio investors, benchmarked on the bank’s index, would expectedly become reluctant to lend money to ...

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65 More Refineries! Hurray!…. But!!

Kachikwu

By Henry Boyo The release of licenses, in June this year, to 65 Nigerian companies to establish local refineries must be welcome news to everyone who is unhappy with the overwhelming Foreign Exchange bill for our fuel imports. The successful licensees, according to a report in the Vanguard edition of August 28th 2015, were apparently selected from “285 applications which ...

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Economy: Mr. President’s Unfortunate Mistep

Lesleba

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 included the sum of $2.1bn ...

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Mr. President: Beware Of The Day Of Subsidy Removal

Buhari

By Henry Boyo   According to recent media reports, almost N5tn was disbursed as subsidy payment on fuel consumption between 2006-2012. Thus, the annual average provision of about N1tn is probably equivalent to about one fifth of total federal budget in the same period. In effect, subsidy payments clearly exceeded the consolidated annual allocations for health, education, transport and agriculture. ...

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Salary Arrears: What Manner Of Bailout?

Lesleba

By Henry Boyo   The Executive Governors of more states in the Federation, unabashedly admitted recently, that, all is not well with their finances; indeed it has become, sadly evident, that civil servants in some states are owed several months salary arrears. The devastating impact of such experience on personal dignity, and self confidence will be appreciated by anyone who ...

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The Oppressive Folly Of Fuel Subsidy

LESLEBA

LES LEBA, 08052201997, lesleba@gmail.com, lesleba@swiftng.com, lesleba@lesleba.com,   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 is a continuous, rolling process, ...

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When $ became cheaper in the black market!

LESLEBA

LES LEBA, 08052201997, lesleba@gmail.com, lesleba@swiftng.com, lesleba@lesleba.com,   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 a supply deficit, while, prices ...

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Naira/Dollar atm cards and inexplicable profligacy

Lesleba

LES 08052201997, lesleba@gmail.com, lesleba@swiftng.com, lesleba@lesleba.com,   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, may mean nothing to possibly ...

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Buhari and the economy: which way forward?

Lesleba

LES LEBA, 08052201997, lesleba@gmail.com, lesleba@swiftng.com, lesleba@lesleba.com,   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 a statesman beyond the pedestrian ...

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Guess who is dollarising the economy!

aaa

LES LEBA, 08052201997, lesleba@gmail.com, lesleba@swiftng.com, lesleba@lesleba.com,   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) at its latest meeting held ...

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Will PDP or APC rescue the economy?

Lesleba

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 in a polygamous setting. Ironically, ...

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The tragedy of errors in the fuel market

Lesleba

Les Leba 08052201997, lesleba@gmail.com, lesleba@swiftng.com,  lesleba@lesleba.com,   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 Naira exchange rate on the ...

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Planning to fail with budget 2015

Lesleba

LES LEBA 08052201997, lesleba@gmail.com, lesleba@swiftng.com, lesleba@lesleba.com,   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 of their apparent loyalty to ...

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

Lesleba

LES LEBA, 08052201997, lesleba@gmail.com, lesleba@swiftng.com, lesleba@lesleba.com,   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 share of foreign reserves estimated ...

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Economic mismanagement in retrospect

Lesleba

LES LEBA, 08052201997, lesleba@gmail.com, lesleba@swiftng.com, lesleba@lesleba.com,   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 funds. Please read on. “Media ...

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Soludo vs Iweala: Between the pot and the kettle

Lesleba

  LES LEBA, 08052201997, lesleba@gmail.com, lesleba@swiftng.com, lesleba@lesleba.com,   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 economic challenges, simply echoed the ...

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T/bills: Who will stop this looting spree?

Lesleba

LES LEBA, 08052201997, lesleba@gmail.com, lesleba@swiftng.com, lesleba@lesleba.com,   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 that despite the paltry $4bn ...

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Is diversification of the economy possible?

Lesleba

LES LEBA, 08052201997, lesleba@gmail.com, lesleba@swiftng.com, lesleba@lesleba.com,   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 have calculated that in order ...

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What is the dollar exchange rate?

Lesleba

LES LEBA, 08052201997, lesleba@gmail.com, lesleba@swiftng.com, lesleba@lesleba.com,   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 CBN’s apparent objective is to ...

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Tortoise folklore as metaphor of national leadership

Lesleba

LES LEBA, 08052201997, lesleba@gmail.com, lesleba@swiftng.com, lesleba@lesleba.com,   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 the above title; this month ...

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