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Editorial Suite

Odds against downstream deregulation - By Chijama Ogbu

 

Profile

Bar. Bello Mahmud: The New Registrar General for CAC

 

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No 2nd Term for YarÁdua – Billionaire Debtors Vow

 

Facts and figures

Federation Account: How They Share N332bn in October

 

The Sharing of N27.8bn on Exchange Rate difference in October 2009

 

List of Federal Perm. Secs and their States - Non from Bayelsa

 

List of Major Debtors in Nigeria

 

Exclusive Interview

No more Needless Borrowing in Public Offices - Aliyu Yelwa, Boss of Fiscal  Commission

 

Monetary

CBN Supports Deregulation, Allows ETB to Rectify Lapses

 

Communiqué No. 66 of the Monetary Policy Committee Meeting

 

List of Major Debtors in Nigeria

 

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SMEDAN Advises Small Businesses on Good Idea

 

Odey Inaugurates Panel on IWMF in Niger Delta

 

Finally FG, States Share $2bn from Excess Crude Account

Honours for EFCC Boss in USA

 

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Kano Spends N1bn on Sports Development as Governor bagged ‘Sardauna’

 

IDB advances N3.15bn loan to KDSG as Governor Approves N18mn for Training 

 

 

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Economic Confidential, June, 2008

 

FEATURES 

 

That N7.7B for NASS Meals and another Priority

By A.G. Umar Kari

 

The other day Economic Confidential exclusively reported that the 2008 Budget Act contains, among other mind boggling allocations, a whopping N7.7 billion earmarked for “refreshments and meals” for federal legislators! This is in addition to the already bloated welfare package and sundry perks enjoyed by the M.P.s. But then, the Orwellian – type “democratic” system we operate requires that we have to pay for the excesses and shenanigans of those elected (and selected) to “serve” us.

 

My concern here is however, not really with the controversial allocation – its impropriety, inappropriateness, insensitivity and poor timing – which, in any case, is a fait accompli, the president having already assented to the budget. The first time I read about it, I pondered for one surreal moment of selfish thought, what that huge sum – N7.7b! – Could do to a beleaguered and wretched community like the one I sweat and toil for – the University of Abuja. A national daily recently reported that 15,000 students (and their hapless teachers and other staff) of Abuja’s premier tertiary institution, wallow in unspeakable sub-human conditions. On a good day the varsity’s temporary mini-campus resembles a refuge camp. Ironically, the university’s permanent site – Africa’s largest in terms of size – has since 1989 remained a vast expanse of virgin land, virtually unaffected by the phenomenal infrastructural development the F.C.T itself has witnessed within the same period.

 

I dare say that the University of Abuja permanent site could literally be sparked to life with N7.7b judiciously spent. An amount like that, though not enough to build the campus, may well turn out to be the lifeline needed by the university to look anything like a decent citadel of learning.

 

For instance, it requires about N100m to build a standard twin lecture theater capable of accommodating 500 students on either wing. If additional N300m were to be allocated to construct other, smaller lecture halls and offices for each of, say 10 of the major departments, N4b would have been enough to ensure that half of the university moved to the permanent site before the next budget is passed! The remaining N3.7b could be enough to construct hostels for 3000 students and even fetch certain categories for basic infrastructure.

 

Perhaps my sums do not add up, given that they were, at best, whimsically and conjecturally arrived at – I not being an architect, engineer or quantity surveyor. The simple fact, however remains that N7.7b is too much a sum to be played around with even by our distinguished senators and honorable members whose narcissism and profligacy border on obsession.

 

Accordingly, the federal legislators should seriously reconsider the obscene refreshment and meal allocation. They could, for instance, test their oft-proclaimed – yet suspect – patriotism and sense of sacrifice by altogether foregoing the N7.7b refreshment and meals vote and donating same towards efforts to build a befitting permanent site for the University of Abuja. Alternatively, and in sync with the due process and rule of law mantra, the 2008 Budget Act be amended to reflect the new development.

 

Should they do that, and refrain from similar reckless, self-serving legislations in future, we might just forgive their seemingly endless iniquities.

   

SPECIAL FOCUS

List of Major Debtors in Nigeria

 

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

 

NEMA@10: The Story So Far

 

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

 

FEATURES

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

* 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