Home / Tuesday

Tuesday

Adeosun’s war against tax evasion

Mrs. Kemi Adeosun has declared a war that would be very difficult to win. The minister of finance is determined to step on powerful toes in a desperate bid to break the jinx of Nigeria’s abysmally low tax revenue. Adeosun ...

Read More »

Sack the DisCos

Nigeria’s cash-strapped power distribution companies (DisCos) might have taken their billing scam a few notches above the limits of consumers’ tolerance.  They have finally dragged the senate into the fray over scandalous electricity bills.  Last week the issue of fraudulent ...

Read More »

The debt burden of 2017 budget

The 2017 Appropriation Bill has finally lumbered its way out of the National Assembly. The National Assembly padded the bill with N143 billion. Out of the padded N143 billion, the lawmakers appropriated N10 billion to their arm of government. The ...

Read More »

GenCos and DisCos: Time to wield the stick

Two weeks ago, the minister of power, works and housing, Mr. Babatunde Fashola held the monthly ministerial meeting with operators of the power sector in Jos, Plateau State. Developments at the meeting paint a frightening picture of the future of ...

Read More »

Naira exchange rate: CBN’s one-handed war

The Central Bank of Nigeria (CBN) is doing a fierce, but one-handed battle to stabilize the naira.  Since February, the CBN has pumped well over $2 billion into the market to halt the naira’s journey down the precipice. For obvious ...

Read More »

Magu before the Sanhedrin

The federal government has handed Ibrahim Magu over for trial by the men and women he is either investigating or prosecuting.  Some of the senators drilling the acting chairman of the Economic and Financial Crimes Commission (EFCC) are either being ...

Read More »

Naira’s laborious climb

The naira climbed laboriously in the parallel market last week.   By the beginning of the week, the currency of Africa’s largest economy had appreciated almost by 15 per cent in one week.  It climbed to a record N425 to the ...

Read More »

CBN and naira exchange rate

The naira was Africa’s worst performing currency in 2016. In the closing weeks of February the naira suffered its greatest humiliation in the parallel market as it tumbled to a record low of N520 to the dollar. The tacticians in ...

Read More »

DisCos, GenCos’ bitter pill for FG

Electricity distribution companies (DisCos) have handed the Nigeria Electricity Regulatory Commission (NERC) a long list of demands for taking Nigeria out of its eternal darkness.  Probably the most nauseating item in the list is what is derisively tagged the “mother ...

Read More »

How Trump’s unruly tongue hiked oil price

Donald Trump, America’s mercurial president, rode the storm into the White House last week.  His inauguration was greeted by unprecedented global protests against the hatred and racial bigotry he preached during the turbulent presidential election campaigns. Trump’s unguarded utterances strangely ...

Read More »

Obazee, FRC code and the GOs

Jim Obazee knows accounting like his palm.  His command of the subject gives him a measure of self-confidence that borders on arrogance. Accountants are trained to live with the slogan: “Don’t doubt, but verify”.  They do not trust anybody – ...

Read More »

Naira’s crisis of confidence

The naira had its worst outing in 2016. In terms of its value against the U.S. dollar, it was Africa’s least performing currency in 2016.  On one frenzied day in December, the naira traded at N502 to the dollar in ...

Read More »

Jet A-1 woes

Wednesday, December 14, 2016 was one of the worst days to travel by air in Nigeria.  The perennial scarcity of aviation fuel which has crippled Nigeria’s aviation industry, reached its peak on that day.  Arik Air which uses 500,000 litres ...

Read More »

Power failure: Sack DisCos and GenCos

By November 1, 2016, power consumers had endured for three gruesome years the incompetence and poverty of the distribution companies (DisCos) and generating firms (GenCos) that rose from the ruins of the Power Holding Company of Nigeria (PHCN). That is ...

Read More »

OPEC: Doing first things last

The Organisation of Petroleum Exporting Countries (OPEC) has shown the world that sometimes it pays to do first things last.  In 2008 when oil prices suddenly plummeted from an all-time high of $147 to $50 per barrel, production cut was ...

Read More »

DisCos, NERC as merchants of bad news

Operators and regulator of Nigeria’s power industry are merchants of bad news.  They have a penchant for intimidating consumers with bad news.  Last week, they reeled out a catalogue of their unwanted wares as some parts of the country wallowed ...

Read More »

Proposed national carrier: Matters arising

Nigeria’s aviation industry is neck-deep in financial turmoil.  The financial asphyxiation choking life out of the country’s airlines is worsened by the tumbling value of the naira and dearth of infrastructure in the industry.  Aviation fuel is still imported at ...

Read More »

The trouble with the naira

The naira has continued its journey down the precipice despite palliatives slapped together by the Central Bank of Nigeria (CBN) to stabilise it.  It labored to close the week at N305 to the dollar in the inter-bank market. At the ...

Read More »

Tariff hike: DisCos playing with fire

The privatization of Nigeria’s distressed power sector has become one huge burden on the economy.  Architects of the project expected private investors to breathe life into the cash-strapped industry by building more power plants and upgrading the archaic distribution facilities. ...

Read More »

Tenuous gains Vs power sector debt contagion

The managers of Nigeria’s embattled power sector are men who can squeeze water out of the rock. Power supply has improved significantly in the last three months despite the devastating effect of sabotage by the gunmen in the Niger Delta. ...

Read More »

Recession: Nigerian ports to the rescue

Since 1973 when the Arab-Israeli war conjured an alarming escalation of oil prices, Nigerian rulers have fixed their eyes on the oil wells of Niger Delta as the only source of income. Even the ports, through which 90 per cent ...

Read More »

The second coming of fuel subsidy

The debate has flared up again. There is fresh agitation for fuel price hike.  Fuel marketers fired the first salvo. Last week, they insisted that the official rate of the naira has tumbled below the reference exchange rate that dictated ...

Read More »

Hard times ahead

The months ahead are going to be exceptionally stressful for Nigerians. Things would be extremely difficult for the 110 million people living below poverty line and others at the lower rung of the social strata. Nigeria’s economy is technically in ...

Read More »

Ribadu’s return to APC

The return of Mallam Nuhu Ribadu to the All Progressives Congress (APC) is a national issue, but it has come along with some serious political hullabaloo in Adamawa state. Adamawa APC is fragmented into three groups: Governor Muhammad Jibril Bindo’s ...

Read More »

Flexible exchange rate: Some hail, some wail

Britons are fantastically selfish and lethargically xenophobic.  They loath uninhibited flows of emigrants from poorer European countries like Romania, Hungary, Poland, Serbia and Croatia into Britain.  European Union laws encourage member states to be their brothers’ keepers, but British voters ...

Read More »

Flexible exchange rate: The challenges ahead

A Nigerian conglomerate needed $75 million for expansion.  The conglomerate recently shut down two of its subsidiaries for lack of forex to import raw materials and power infrastructure. The company approached British investors and by 2015 they agreed to fund ...

Read More »

The dilemma of Chris Ngige

Chris Ngige has a tall ambition.  Nigeria’s minister of labour wants to retain the existing jobs in the country if the economy cannot create new ones.  But the news from the economy is all about retrenchments. Globally, the banking industry ...

Read More »