Economy

A pig with naira sign in his eyes and a fist full of naira notes

What Will They Eat When They Finish the Money?

Economy, politics /

We are also not told of the extent of scrutiny by the Senate committee – only that the committee was so impressed it may well have approved the N140 billion for three months blindfolded. But the details provided in the LEADERSHIP report of Friday, October 3, capture the elephant in the room. It gives details of the three-month budget, with an imprint all over of the type of concession typically made when parties are in an overwhelmingly delicate position behind closed doors

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an image of the Nigerian map with the book 'The Harold Smith Story'

How to Drink from a Poisoned Cup: Harold Smith and the Nigerian Story

Economy, History /

Okotie-Eboh, whose first appointment as Labour Minister was “like a child presented with the keys of a sweet shop,” sold government assets and pocketed the money without fear of a reprimand because he was as serviceable to British political interests as he was to his own. The British handed over the reins of power to a significant number of notorious politicians who, over the years, would make a fine art of notoriety

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Nigeria’s Top Oil Boss Walking into A Trap

Economy, politics /

Among beneficiaries of the squalid mess – who would also be pleased by another futile round of multi-billion dollar rehabilitation – is a contractor responsible for importing “blend” from Malta, from which the Port Harcourt Refinery produces something like petrol and diesel. This is the trap Ojulari is walking into as he contemplates keeping the refineries.

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a cartoonised image of Bayo Ojulari looking confused

What Happened In the Matter of Bayo Ojulari?

Economy, politics /

The problem with Haske is two-fold, each fold highlighting Ojulari’s naivety. Reports indicate that even though Haske’s company had had problems with NNPCL over some turnkey projects, it was to Haske that Ojulari turned to provide jets that flew the board and management for a retreat in Kigali, Rwanda. If there had been a lull in Haske’s business with NNPCL, Ojulari’s tenure has been something of a Haskean revival

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photo of bayo onanuga and akinwunmi adesina

Adesina, Onanuga and the Matter of Being Better Off

Economy, politics /

In two years, Nigerians will ask themselves if their lives have improved in the last four years of the Tinubu government. It’s a question that strips economics of its jargon, whether GDP or HDI, and goes straight to bread-and-butter issues.
If President Joe Biden’s claim of a better life for Americans, even though essentially statistically correct, was insufficient to save him, then the Tinubu administration must roll up its sleeves

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an image of president tinubu as the face of the one thousand naira note with a caesar gold coin by the side

The Trouble with Giving to Caesar

Economy /

Governors are concerned that the reform may not energise people and enable investment. Manufacturers also have these concerns, including the potential inflationary impact of an incremental hike in the VAT rate from the current 7.5 percent to 15 percent in six years. They worry that it does not address the economic realities of the different regions, may worsen existing inequalities, and may not benefit local economies. I have a slightly different concern. Centralising VAT and tax collection despite genuine concerns about a poor federal structure is ill-advised

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Does it Still Make Sense to Trust Tinubu?

Economy, politics /

I wouldn’t write off the government, however tempting. If Tinubu’s shock therapy has been disjointed, and his economic policies severely criticised by a despairing public, the tax-and-spend remedy by The Financial Times, the West’s standard response to budget deficits – apart from the added trope about transparency and corruption – is hardly the cure in Nigeria’s case for at least two reasons

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