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2018 Budget: Full of sound and fury, signifying nothing -By Jekwu Ozoemene

  The first reality check on the 2018 budget proposals is the illusion of a “record budget” or “record spend” as propagated by some sections of the local and foreign media. To detonate this myth, we have to adjust for the years when Nigeria’s official exchange rate increasingly disconnected from the parallel market rate that […]

  Nigerians habitually look forward to the budget process with much expectation that “things” will become “better”, once the annual budget is passed and duly implemented. Regrettably, however, Nigeria’s fiscal plans do not become law until well into each accounting year. Consequently, comprehensive implementation of capital projects, within the budget year, becomes a serious challenge, […]

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  On November 7, President Muhammadu Buhari, in accordance with Section 81 of the Constitution of the Federal Republic of Nigeria 1999, as amended, presented the 2018 federal Appropriation Bill to the National Assembly. The budget expenditure is in the sum of N8.612tn which is a 16 per cent increase over the 2017 figure; retained […]

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We all heard about the director in Kogi State civil service who committed suicide after being owed his remuneration for 11 months. Another civil servant in Kogi was shown on social media weeping over his dead daughter, whose hospital bills he could not afford because he was being owed as well. I received two separate […]

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  The 2018 Appropriation Bill will be laid before the National Assembly by President Muhammadu Buhari on Tuesday, November 7, 2017. However, the above title, which was published in December 2016, was this writer’s overview of the then proposed 2017 budget. Please read on. “A fiscal plan should be a clear and precise statement of […]

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  What do you think of the Federal Government’s plan to borrow another $5.5bn, to service existing debts and sustain recovery from recession? I would like to think that government knows what it is doing; however, when you examine the platform on which government bases its expectations, it becomes arguable whether or not the eminently […]

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Bailout: Will the Paris Club refund make any difference? -By Uche Uwaleke

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Concerned about the failure of many state governments to pay salaries of civil servants, President Muhammadu Buhari, according to media reports, has given his nod that the third tranche of what has become known as the Paris Club Refund be released to them. Although sub-national governments are entitled to these refunds as they arose from […]

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Oppressive minimum wage and the futility of an increase

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  It will be heartless to ignore organised labour’s demand for an upward review of the N18,000/month minimum wage, which was established in 2011, when this income is well over $100 i.e. above $3/day and well above the international poverty benchmark of less than $2/day. Regrettably, as the naira crashed from N155 to the current […]

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Issues in the MTEF 2018-2020

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  The Federal Executive Council-endorsed Medium Term Expenditure Framework 2018-2020 has now been laid before the National Assembly awaiting parliamentary approval in accordance with the Fiscal Responsibility Act. The MTEF will derive the force of law when approved by the lawmakers and its key parametres will be the basis of the policy, revenue and expenditure […]

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Does CBN fund govt deficit with Treasury Bill auctions? -By Henry Boyo

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  “My brother, Nigeria is managing debt not wealth, because a big hole was dug in her pocket after the jamboree called FESTAC ‘77. The TB (Treasury bill) is government borrowing to finance the deficit. If you understand public finance well, you will know it is the function of the CBN to ensure the economy […]

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