By: on November 21, 2020
Hope that the country’s economy would rejuvenate, expressed by President Muhammadu Buhari at the presentation of the 2021 budget estimates to the joint sitting of the National Assembly is unrealistic. It certainly is not backed by glaring evidence of an economy in depression and in danger of recession. The government must gird up its loins seriously to avert a looming economic disaster. Presenting the budget estimate, Buhari expressed optimism that the currently depressed Nigerian economy wo...
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By: on August 25, 2020
A statement credited to the Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed, to the effect that the federal government is committed to diversifying from the oil economy in view of the effects of the coronavirus pandemic on the global economy is a welcome development. The much touted diversification of the nation’s economy is long overdue, necessitatiing a declaration of an emergency on the matter. Ahmed, who spoke for the minister through virtual at the capacity building...
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By: on August 25, 2020
•Answer to the COVID-19 challenge Minister of State for Finance, Budget and National Planning, Clement Agba, merely stated the obvious when he told the House of Representatives’ Joint Committees on Finance, Appropriation, Budget and Economic Development and that of Loans, Debt Management that the economy risks another recession if a strong third quarter economic performance was not achieved. He spoke of “spikes in risk aversion in the global capital markets”; “pressure on the foreign exchange...
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By: on July 2, 2020
Pathetically, that call on federal authorities (to breach fiscal responsibility law) actually amounts to preaching to a dyed-in-the-wool violator of selected laws. Disobedience to laws has become a trait in the Nigerian character no thanks to the military regimes of yore, which routinely suspended the constitution and did as they pleased. Tinubu cannot be unaware that the unsatisfactory state of the Federal Government-run national economy arose from persistent disobedience to the CBN Act and ...
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By: on July 1, 2020
Three now distinguishable pathways to managing the economy deserve to be assessed based on their individual actual and/or potential benefits and sustainability. In chronological order, one pathway involves observing the true meaning of fiscal and monetary provisions of the laws since independence, which are today embodied in the CBN Act 2007, the Fiscal Responsibility Act 2007 (FRA) and the Annual Appropriation Act. Adherence to this pathway has been espoused in the Nigerian media since 2001. An...
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By: on May 7, 2020
On Monday, April 27, 2020, British oil and gas giant, BP, became the latest in a growing number of energy firms to declare a massive quarterly loss. Their loss was in the region of $4.4 billion dollars. Bear in mind that this was a conglomerate that posted a $2.6 billion profit in the corresponding quarter of 2019. The challenges that are already engulfing the oil and gas sector will continue to plague that industry for at least the rest of the year, and may reach apocalyptic levels sooner th...
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