MICRO FINANCE unknown to many is the sole panacea to mass poverty eradication in human society.The blog specifically focuses on the industry around the world but with more bias on Africa-unarguably the poorest region of the world.
May 3, 2024
ARTIFICIAL MOUNTAINS.part two
I doubt the current administration of tinubu will finish that laudable projects like Lagos Calabar project he had begun.Many investment had been ruined along the coastal corridor and every available investment is been destroyed leaving the country badly damaged than ever before.With astronomical cost of twenty trillion in eight years I want to believe the administration lack capacity to finish that project simply because it does not have fund generating capacity.He left many abandoned projects behind in Lagos excluding Enron project and all politicians share the same prejudice.
Look at the article below written by Sona Olumhense the most radical postscript columnist now in Nigeria said it all.The thought of the nation.Read through especially the last paragraph and sentence.The project is April fool.
ARTIFICIAL MOUNTAINS
We are endangered species in this part of the world and I think we should state categorically the way it should be stated the mountain of debt gripping States and federal government in Nigeria is quite alarming and the blogger Ibikunle Abraham Laniyan laments the unbearable situation in this part of the world.Enjoy the reading.
We are a nation of many flaws and a flaw of many flaws in this context making unnecessary mistakes, fauxpass upon fauxpass and we move from flaw to flaw from one stigma to stigma,from foible to foible.My concern is when are we going to stop deliberately making mistakes I mean avoidable mistakes and avoidable flaws and have a softlanding make the country a thing of pride for its endangered citizens ?I doubt that even eternity may not be sufficient to answer that question.
However debts are just too many to ignore and we Ve frustrated with far too many debts and I was wondering could we survive with this protrusion of artificial mountain? Almost all states in the country are highly indebted including the top ten poorest states of the federation and does not spare we know the richest states which believe since they have a lot of money they could afford to undertake the rising burden of this artificial mountains with artless without fear or foe.
I had lamented in one of my pieces the spate of incompleted projects nationwide tied to this baseless spring of artificial mountains callously burgeoning nationwide.A professor of economics had provided the terrible data on the State of this burden and I think with the current APC three administrations so far the epilepsy or pandemics isn't ready yet to stop.
The don from the university of Ibadan Prof ademola gave the figure several years to 8million abandoned in two decades alone.At over 60years since independence who can stop us not to believe every two decades we abandon ten million worth of projects in a total of thirty million abandoned projects littering the nooks and crannies of the country?
We agree that is the source of our corruption and a compound reason behind this monumental balloon government debt In the punch newspapers with snapshots in this piece a senator lamented the State of Kaduna State economy battered by over 800billion naira debt left behind by its erstwhile governor a spillover of the uneconomic loan of 350million borrowed by that behemoth state government.Having read through the interview I was baffled once again to think Nigeria has a good future nor any responsible past to lean on.The current federal government inherited 87trillion currently ballooned above 100tr.naira at current rate of the exchange.
Just read the interview in the insertion.
May 1, 2024
MY CHOICES part 1
Take a look at my choice essays,news,reports, interviews over the last one month or and enjoy the reading.
April 30, 2024
April 26, 2024
FOREIGN EXCHANGE VOLATILITY REBOUND OF CURRENCY SUBSIDY.part one
We re back to volatility rebound the inherent risk in the short-lived gain of naira appreciation and the bureaucrats should not be trusted for the method of defending the naira.The same unworkable principles that could not prevent Russian foreign reserves from being wiped out at a particular period.The gain that made naira the best performing currency in the world came at a great cost of dwindling foreign reserves and the nightmare of currency subsidy has just begun from 950 or a thousand naira to 1,234 to 1,300.The problem with Nigeria for allied boom is the challenge of sustainability.Azuka below in the postscript did a good job in unveiling the nightmare.
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