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Editorial Suite

Still a long shot to stable electricity By Chijama Ogbu

 

Facts and Figures

Again FG, States Share N354bn in November

 

FAAC: The Sharing of N266bn Statutory  and VAT Allocation in Nov 09

 

FAAC: The Sharing of N27bn on Foreign Exchange Difference in Nov 09

 

Corruption Index: The Ranking of Nigeria from 1995 – 2009

 

Hurray… Nigeria is No More Most Corrupt Nation

Table of Clean and Corrupt Nations 2009

 

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Update on Banking Reforms

 

National 

Daring Scammers Forged Senate President’s Cheque … As EFCC Arraigned Nigerian Ambassador on Corruption Charges

 

Love Scam: Australian Victim Receives $9,300 from Unilag Graduate

 

Nigeria Canvases for Investment in Agriculture

Economists Call for Sincerity on Deregulation

 

NEMA Graduates Search and Rescue Officers

 

FG Earmarks N1.5bn for Year 2009 Pest Control Exercise

 

More Agitations over New Auditor General ...As Tenure of Acting Incumbent Expires

 

Nigerian Macroeconomics Improve- Minister ... As Baroness Chalker Commends Amnesty

 

Madam Rebranding Akunyili Confesses on Deteriorating Educational Sector

 

A Nigeria's Graduate in $2.5m Internet Scam ... As Hacker Attacks Police Website

 

Amnesty: Barrel of Crude Jumps to 1.84 million... As Koreans Opt Out-of-Court Settlement Over Oil Licence

 

Odey Urges States to Give Attention to Environmental Issues

 

States

Kano has highest Allocation for Agriculture

 

Osun Presents N113bn budget to Legislators

 

Kaduna Rail Service Commended

 

Anambra Releases N100m for Laboratories

 

Delta to Rehabilitate FG Roads

 

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Global Economic Crisis an Opportunity to Reposition Nigeria- Minister

 

 

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Economic Confidential, December, 2009

FEATURES

 

A TIME FOR NATIONAL APPRAISAL

By McDonald Koiki,

 

 

As the year is being rounded off, it would be proper for everyone to do some sort of appraisal, so as to be able to identify the things have been done wrongly so as to be able to correct and avoid such pitfalls in future, but sadly enough, such appraisals are hardly done by those entrusted with the administration of Nigeria. In fact, the only kind of appraisal done by them is to see which areas of the economy they have failed to loot, in order to perfect their looting skills in those areas.

 

I would like us to cast our minds back to the General Sani Abacha’s regime which was regarded as Nigeria’s “dark age”. Yet, during that “dark age”, the late General constructed the Gwarinpa housing estate (described as largest estate in Africa). Instead of building more houses, former President Olusegun Obasanjo through his very loyal mallam sold off the houses, thereby destroying the legacy of his fellow and younger General, exhibiting lack of idea and extreme misuse of public office. As if these were not enough, till date neither Obasanjo nor Mallam El-Rufai has been able to account for the proceeds of their infamous sales. Yet, this same mallam is out there in the U.S feeling untouchable, claiming that he has nothing to hide and therefore when he is ready to come back to Nigeria he will do so and nothing will be done to him by the EFCC or anybody.

 

With all the allegations leveled against him at home, El-Rufai has decided to spend some money to hire an international lawyer, Mr. Robert Amsterdam who says; "I have authored the following White Paper to accomplish several goals: 1) to present Nasir El-Rufai and his accomplishments to the world, 2) to summarize the motives behind the attack on his reputation, 3) provide ample evidence to prove his innocence of all these libel and slander, and 4) make it clearly understood that this case is much larger than just one person - that this fits into a historical pattern of the Nigerian pendulum which swings in one moment toward reform, before plummeting back to the status quo," explained Mr. Amsterdam in his preface to the paper. His forth point clearly accuses the entire country of inconsistency of purpose and values.

 

The above example of administrative discontinuity, lack of ideas and extreme misuse of public offices is common place in Nigeria government.  But somehow, I am positive that there is going to be a paradigm shift in the way we do what we do in this country, this hope can be seen firstly in Donald Duke the former governor of Cross Rivers State, for his innovative, dynamic and committed service to his State. The Obudu Cattle Ranch and the Tinapa Business Resort valued at N56 billion (US$470 million), located within the Tinapa Free Zone and Resort in Calabar are results of innovation, dynamism and patriotism. Secondly, an example of continuity in good governance is evident in Tinubu/Fashola’s administration of Lagos State. These two instances are indications that there are brighter days ahead, like a spark of fire; it only requires time to grow into a wild bush fire. The question now is how long will it take?

 

These three governors above have set standards for others to emulate; their achievements have raised a lot of questions on the minds of Nigerians, why are such developments (the type in Calabar and Lagos) not replicated in other states of the country? What happens to the monthly allocation from the Federation Account to the states? What elements are present in Donald Duke, Tinubu and Fashola but missing in the other 34 State governors? Are the remaining 34 State governors not ashamed of being in the office without anything to show? It is time for change! Let us change our ways of thinking and our ways of doing things, I believe we need a complete overhaul of the system.

 

Governor Liyel Imoke of Cross Rivers State has a great responsibility on his shoulders to ensure consolidation and continuity of the standard handed to him by Donald Duke, almost about three years since he became the Cross Rivers State Governor, can it be said that the former minister is doing well in his current position? In my view, I believe that Imoke needs to sit tight so as to be able to maintain and improve on the standard handed to him. Almost three years after it was launched, that beautiful edifice called Tinapa is still underutilized; most of the spaces or shops have not been taken up, Tinapa is expected to be the “Dubai of Africa”, but right now it is far from it. Lack of maintenance culture is beginning to set in at Tinapa, for instance; the foot bridge connecting the Tmart to the Nollywood section has been sealed off because the bridge needs repairs. I believe things would have been different if the initiator was there.

 

Recently, there has been this issue of pro and anti Yar’Adua resignation campaign. According to the anti Yar’Adua’s resignation campaign, Nigeria is not the first nation to have a sick president, they cited the example of former Cuba president, Fidel Castro who ruled his nation from a sick bed for about three years before handing power to his younger brother - Brigadier-General Raúl Modesto Castro Ruz (Rtd). Now let us truly appraise ourselves by asking one pertinent question, should Nigeria be reduced to Cuba with a population of 11,451,652, an area of 110,860 sq km and an ethnic composition of mulattos , whites (primarily of Spanish descent), blacks and Chinese. While Nigeria on the other hand has a population of over 150,000,000, an area of 577,355 sq miles (two and a half times the size of California) and more than 250 ethnic groups, there are no bases for comparing these two nations.

 

Nigeria population is highly educated and knowledgeable; they are not people you can toy around with. Nigerians hold key positions in various fields of endeavour around the world, talk about the Ngozi Okonjo-Iwealas of Nigeria, the Professor Wole Soyinkas, the Emeka Anyaokus, the Philip Emeagwalis to mention just a few of them, these are enlightened people. Therefore, the supporters of both sides of the Yar’Adua’s resignation campaign should reappraise themselves and decide on the best for this country. Nigeria belongs to all of us; hence we must not allow a small group of people with their selfish interest impose their decision on the greater number of Nigerians, neither should Nigeria be considered nor handled as a family property by those who have been elected to rule.

 

This call for appraisal goes out to everyone, the development and success of Nigeria is our collective responsibility, we must stand up, appraise ourselves and decides on the best.

 

I wish President Umar Musa Yar’Adua a quick recovery.

 

McDonald Koiki,

mckosa2001@yahoo.com

 

   

SPECIAL FOCUS

List of Major Debtors in Nigeria

 

Questions and Answers on the Examinations of the 14 Banks by CBN

 

List of Bad Debtors in Federal Mortgage Bank of Nigeria (FMBN)

 

NEMA@10: The Story So Far

 

FEATURES

Still on El-rufai and Ribadu on President Umaru YarÁdua By Yushau A. Shuaib

 

El-Rufai’s Tantrums This Time Around By M. Sani Zorro

 

A Time for National Appraisal By McDonald Koiki

 

Prospects For Domestic Petroleum Refining In Nigeria- By Ekpen J. Omonbude Phd

 

Revitalizing Entrepreneurship in Ilorin Emirate By Engr. Yusuf O. Sagaya (MFR)

 

Exchange Programmes By Chinedu Vincent Akuta

 

The limit of Sanusi’s capitalist reforms By Kola Ibrahim

 

The Other Side of Recapitalisation By Abubakar Jimoh

 

 

Africa's Foreign Reserves: In Reserve For Who?By Chika Ezeanya

 

Churches and Mosques Should Pay taxes - Mcdonald Koiki

 

Deregulating Robbery in Nigeria By Kola Ibrahim

 

Understanding Monetary Policy By Abubakar Jimoh

 

The Making of Ideal Economic Policies By: Salim Salihu Muhammed

 

The Putrid Mess Also in CBN By Les Leba

 

Still on Early Warning Alert System in Nigeria By Yushau A. Shuaib

 

District 9 and the Can of Wild Paradox by Segun Imohiosen

 

Nigeria: Time to Check to the Drift By Dansulieman Mohammed

 

Golden Casket: Between Gani Fawehinmi and Wacko Jacko- By Yushau A. Shuaib

 

NIGERIA@49: Tracing the Economic Intervention- By Abubakar Jimoh

 

NASENI: Striving to end Nigeria’s reliance on foreign good – By Umar Kari

 

Macroeconomic Framework for an Independent Economic Recovery- Salihu Muhammad

 

When Sony Undermines Campaigns of Akunyili and Aoandoka- By McDonald koiki

 

Archetypal Resurgence: The Lamido Sanusi Revolution- By Segun Imohiose

 

Banks and Money Laundering- By Les Leba

 

Oronsaye’s Civil Service reform- By hussaini Sani kagara

 

New Policy in the Civil Service: Hypocrisy at Work? –By Tope Ajakaiye

More Features

 

TAX MATTERS

*Re: Churches and Mosques Must Pay Taxes By Dr. John Edemode

* Church and Mosque Not Exempted from Tax - FIRS

… Use of Consultants for Tax Collection is an Aberration

*Finance Minister Advocates Partnership on Tax Issues

*FIRS Reopens PAN, Vows to Prosecute Defaulters

*How We Generate N808bn in Tax Revenue Within Six Months- FIRS Boss

*FIRS Generates Taxpayers Numbers for Bank Customers

*Historical Milestone as Online Tax Payment Begins

*FIRS Seals Two Oil Companies Over $610m Tax Arrears

*Firms Owed Govt N260b in Taxes

*Tax Identification Number to Reduce Tax Evasion- FIRS Boss

*Revenue Agencies to Make Full Disclosure- Finance Minister

*FIRS Delists 2 Banks over Non-Remittance of Tax