Economy

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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image of dangote, farouk ahmed and mele kyari

NNPC v Dangote: Where the Truth Lies

Economy /

None of these charges is as unkind as those of Ahmed, who, if shame still means anything, should not have uttered the first letter of the “S-word,” never mind the phrase “Sulphur levels.” I’m not sure he can find his way to a viable lab owned by NMDPRA or NNPC because there isn’t one. The regulators rely on third-party labs in Lagos, such as GMO, Sewort, SGS, and others, to vet its imported petroleum products

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labour union workers throw their fists in the air in protest

Why Minimum Wage Is a Bad Idea

Economy /

The argument for minimum wage is that if some folks, especially politicians, have assumed the prerogative of helping themselves to the treasury by ingenious means, what is sauce for the goose must also be sauce for the miserably impoverished gander. Yet, a minimum wage is one slippery slope guaranteed to take the gander from economic misery to wretchedness. Basic Economics by Thomas Sowell makes the point very clear, and the lives of those who might disagree will bear out the evidence.

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An image of a man standing in a dark rrom with no electricity

Rolling Blackouts, Heatwave and Tales from Dead Bulbs

Economy /

One day in the last week of February, for example, the light went off and came back, surging each time at different frequencies, four times in less than 10 minutes. It was as if someone somewhere was testing the supply or that in my confused state, I never quite saw the light come on before it went off again. That was late evening, after work. I’m not counting how many other times this erratic supply may have occurred after I went to bed that night. But the evidence was waiting the next day

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an image symbolically representing the rising cost of living in Nigeria

Cost of living crisis: A personal story

Economy /

Portion control was a frequent point of argument in my house. It’s a problem with men, of course, but it’s worse with African women brought up to believe that the proof of spousal care is in the size of the husband’s weight, measured by the amount of food on his plate. It’s considered taboo in many places, especially in the South of Nigeria, for example, for a man’s plate of soup to have only one piece of meat or fish. Or for his dough, famously called swallow, to appear miserly…the cost of living crisis is finally driving the point home!

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a crystal ball with the cityscape of Nigeria, and 2024 written in the crystal.

What You Might Expect in 2024

Economy, International Affairs, politics, Sports /

In 2023, we had four years’ worth of politics in one year. Apart from a number of senior lawyers in particular who also made four years’ worth of money in one year, swathes of the political elite are broke, exhausted, and stranded. In 2024, they would be desperate for rehabilitation. Otherwise, their teeming supporters will dissipate, and their misery will be complete. Before June, some top politicians who had been discreetly reaching out to President Bola Ahmed Tinubu for favours, would be obliged to take their fate in their own hands and pursue their ambition more openly and less shamelessly. By the end of the year, the scramble for presidential favours would leave an already fragmented opposition in a shambles

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president of nigeria, bola ahmed tinubu and indian Prime minister, narendra modi seated on a backdrop of the g20 india logo

Begging for a seat at the table

Africa, Economy, politics /

Nigeria is not even among the eight countries currently participating in AfCFTA’s Guided Trade Initiative (GTI), a platform that is supposed to boost the region’s trade policy framework. How can Nigeria, which ought to be in the forefront of turning this state of affairs around, but which is sadly one of the laggards in AfCFTA commitments, covet a table at the G-20? And on what terms when, like most of the continent, Nigeria is still largely a market for primary commodities with the inherent disadvantages?

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