States can lessen their financial burdens by aggressively weaning their payrolls of ghost workers.
Middlemen take advantage as several factors limit palm oil production in Akwa IbomSCORECARD: Under Tinubu, Nigeria’s education sector yet to see renewed hopeSPECIAL REPORT: Rising cost of sanitary pads impedes menstrual hygiene among Nigerian womenBanditry: Can we do it differently?, By Wole OlaoyeMiddlemen take advantage as several factors limit palm oil production in Akwa IbomSCORECARD: Under Tinubu, Nigeria’s education sector yet to see renewed hopeSPECIAL REPORT: Rising cost of sanitary...
What then should be the win-win pact for all the parties involved with the extant complex variables is the conundrum. Indeed, there is no easy solution. However, blame nobody but the president, with his dual policies of fuel subsidy removal on 29 May, 2023, which the government however still pays, and a badly managed liberalisation of the foreign exchange market. Inflationary pressures have defied CBN’s monetary policy measures to tame them.
A recent audit report of the Nigeria Extractive Industry and Transparency Initiative shows that a staggering sum of $1.4 billion in gas royalties and flaring penalties for 2021 remain uncollected. Details of these anomalies for 2022 and 2023 are not yet known, amid the country’s borrowing binge from the World Bank and other international creditors.
An overhaul of the internally generated revenue mechanism is crucial in the emergent fiscal regime with the new minimum wage, to ramp up the revenue base. Many of the states have suspect revenue accounting or returns systems that undermine their treasuries, which should not be condoned.
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