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Showing posts with the label buhari

Naira Fall Against The Dollar

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The Naira has been on free fall against the dollar for some time now, falling as far as a dollar to N350 of the parallel market. The question most people are asking is why the dollar is falling at such a pace now, who is to blame? Is it the present government? While the present government should assume responsibility and find a way to fix the economy, it should be noted that it is not a situation created by the present government, rather a situation they find themselves due to global market demand and Nigeria lack of investment in other sectors of the economy overtime. Nigeria major export is known to be crude oil which makes almost 75% of the country income. Over the years the oil market has been booming and Nigeria oil has been of great demand thus the country has lots of foreign reserves and can cater for the demand of foreign currency by Nigerians. It should be also noted that Nigeria is a major importing country. We import lots of good from luxury items such as wine, clothing’s…

THE BUDGET AND THE ECONOMY

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The controversy surrounding the budget and the massive corruption discovered in it is something of a major concern, especially now with the present economic situation experiencing in the country following the fall in oil prices. Many have called for total withdrawal of the budget and for every ministry to go back and work on its departmental budget before compiling the whole budget, as many ministers have come to disown the whole or part of the budget concerning their ministries.

Recent cases have shown many minister are not aware of what is contained in the budget of their ministry, as was that of the minister of health, who in a Senate hearing disown the budget as it contains a lot of discrepancies and also the Minister Of information and culture, Lai Mahammed has also deny knowledge of almost N300 million budgeted for acquiring computers, as he said he does not know where that is coming from and believe the amount is too much for such a project.

The problem with the budget is that …