Columns

Reforming Central Banking in Nigeria, By Uddin Ifeanyi

...this tension between the economy’s need for growth, and the monetary authority’s responsibility for holding prices down, points to a major central banking reform requirement. Without question, my vote is for central bank independence. This way, we ensure that monetary policy is not in hock to the fiscal Today, the…
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Columns

A Shrinking Economy, Thinning Middle Class, and a Growing Underclass, By Uddin Ifeanyi

On one hand, the administration’s policies are destroying jobs. On the other, by supporting inflation, monetary policy regularly deeps its hands into the people’s pockets, apparently using the ill-gotten proceeds to support its exchange rate policy. Out on housekeeping chores Saturday, I’d barely gotten out of my vehicle at the…
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Columns

Waltzing Out of Recession Through Lower Consumer Prices, By Uddin Ifeanyi

...both functionaries of state may have been less than responsible in raising hopes prematurely. This is especially so, because even their reading of their preferred index, inflation, is tendentious. A perfunctory reading of the National Bureau of Statistics’ numbers for inflation would show that the outlook for domestic prices are…
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Columns

Of Medium-term Visions and Annual Budgets, By Uddin Ifeanyi

Over the last 57 years, political governance has been a mug’s game. Medium-term visions are used to narcotise the people, while a corrupt and inefficient political and bureaucratic class proceed as usual. For confirmation, look at the process by which the annual budgets are approved. If there is that quality…
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Columns

Falling Domestic Prices, Alternative Facts, By Uddin Ifeanyi

Whatever the impetus was for price rises last year, when inflation is measured this year against the respective months for 2016, the huge increases in the “base” numbers for this measure would mean that increases this year will appear smaller — barring further structural or secular shocks to prices. This…
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Columns

The IMF’s 2017 Nigeria Scorecard, By Uddin Ifeanyi

Worse, though, than the fear that the public sector may not optimise additional debt issues is the Fund’s claim that last year, the federal government’s interest payments-to-revenue ratio doubled to 66 percent. I must confess to having looked forward to the publication of details of IMF’s 2017 Article IV Consultation…
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Columns

Why I’m Not Celebrating the Naira’s Recovery, By Uddin Ifeanyi

In essence, nothing has changed. Managers of our economy have not learnt any lessons from the straitened circumstances we found ourselves in after the bottom fell out of the global oil market in 2014. Everywhere I went last week, talk was all about how the naira was making a remarkable…
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