The Economy Is Wobbling, And The Govt Is Fumbling

 By Ugoji Egbujo

While the naira gasped for breath, the nation sent 400 tourists to Dubai to fill the gallery in a climate change conference. Two weeks ago, the President dabbed powder on the wound. He announced a cut in his entourage and those of his wife and ministers. The general attitude of the country to the looming disaster seems surreal.

At N1400 for a dollar, alarm bells should be ringing. But in the highest offices in the land and amongst politicians, the dollar has become the preferred instrument of settlement and lubrication. Nothing moves the leaders of this country. In the middle of this economic tornado, a minister signed off air tickets to a non-existent Kogi airport. The new government met a mess. But it has been sloppy and haphazard.

Nigeria: Using Torchlight In Broad Daylight

 By Owei Lakemfa

There is a country called Nigeria. For three decades, its coffers were daily looted in the guise of fuel subsidy. The looters are known by name and some are known faces. The companies they use in looting are registered and have addresses. Rather than bring the criminals to book, government decided to remove the subsidy.

Thus, the people are forced to pay astronomical prices for fuel, while the subsidy looters keep their loot and are free to forage for other things to loot. This is the truth. There is also the lie; that fuel subsidy has now been removed. The truth is that it is impossible to remove fuel subsidy no matter how much the people are visited with high fuel prices.

What Did Sanwo-Olu Come To Lagos With?

 By Ochereome Nnanna

The first story is about a young Nigerian 45 years ago, and you see the coincidence in the story, 45 years ago, a young Nigerian came to Lagos all the way from another mega-city, Kano, who saw the prosperity, and diversity of our country, who came with nothing but in 45 years has built the biggest empire in the world — Babajide Sanwo-Olu, Governor of Lagos State.

*Gov. Babajide Sanwo-Olu and his wife, Dr. Ibijoke Sanwo-Olu

Ordinarily, this statement, which Governor Sanwo-Olu made amidst befitting accolades for Alhaji Aliko Dangote for finally delivering the world’s largest refinery in Lagos, should not raise eyebrows. So, why is it arousing mixed feelings? The reason is obvious. It is a bitter reminder of the fallout of the just-concluded elections, particularly in Lagos, where Sanwo-Olu, his political principal, Bola Ahmed Tinubu, and his political party, APC, used ethnic bigotry and violence to save themselves from being shipped out of power by Lagos residents who are tired of their oppressive rule.

Stealing The Nation!

 By Nnimmo Bassey

To say that Nigeria is being stolen is an understatement. It is a sordid situation. Shocking stories from the oil and gas sector continue to hit the news. Rather than being numbed by the monstrous pillaging of the nation, Nigerians should wake up to the wake-up call, especially in an election season.

By some deft choreography, the blame for the stealing and pollution in the oil field communities of the Niger Delta has been deflected to the poor communities.

This devious deflection has been so successful that the Petroleum Industry Act (PIA), which has the fingerprints of multinational oil companies all over it, criminalizes communities and holds them up as being responsible for interferences that may occur on oil facilities in their territories. 

The Way Out Of Naira’s Deepening Woes

 By Faith Omoniyi

In recent times, Naira has been defined by its continuous downward spiral. The Naira has plummeted from $1/N198 to $1/N430 in the parallel market during the last six years. This increase equates to a 209% depreciation. The depreciation is due to a reduction in global oil prices, a lack of foreign currency income, and higher inflation in the country. The downward trend of the Naira is set to continue if proper economic measures are not in place. Increasing  Nigeria’s export potential and reducing the inflation rate are viable options for getting Naira back on track.

Overbearing weight on Oil
Low export potential is one of the causes of the Naira’s depreciation. According to the National Bureau of Statistics (NBS), in 2021, Nigeria’s imports exceeded exports by N1.94trn. Nigeria’s foreign exchange earnings are derived primarily from the export of petroleum. However, Nigeria still spends $14.95 billion on the import of petroleum products annually. Nigeria needs to build refineries to shelve this figure or collaborate with private companies like Dangote and BUA that are building refineries.