Nigeria Content Online

Unease over the
outlook for the country after the April general election is due to a
variety of reasons. One source of worry is the fact that the political
class is not acting differently – albeit it was always something of a
stretch to have imagined that without incentives to the contrary, they
would have gone through a damascene experience.

The elections’
arbiter – the Independent National Electoral Commission (INEC) – after
having raised so much hope in the possibility of free and fair
elections, through its single-minded commitment to using direct data
capture machines for the voter registration exercise, is no less
confused. Indeed, if the differing announcements on the composition of
party slates offer any clue, INEC itself may be part of the general
confusion.

However, more
worrying have been the party platforms themselves. In spite of the
common grounds that these cover, they do not offer a roadmap to
anywhere. Where the right questions are asked, there’s much agreement
on the cheerless state of the domestic economy. Agriculture alone
contributes close to half of the 7% output growth that the economy has
notched up in the last three years. A fifth part of annual output
growth is again the result of hydrocarbon exploration.

So all you need to
grow this economy faster than the current global norm is for the rains
and the rigs to hold steady. Is it surprising, therefore, that this
“stellar growth” has produced few jobs? Still, on the evidence of
stronger currents in the rural-urban drift, there are those who would
challenge the putative performance of the agric sector, and hence of
its contribution to domestic output growth.

Recovery in other
sectors of the economy is therefore necessary, if growth is to generate
the employment levels needed to absorb most school leavers. Efficient
investment in infrastructure is essential to this task. This is as much
about roads, rails, and power from the mains, as it is about social
infrastructure.

Our schools must
work, not because students go through them, but because the competences
learnt in those hallowed places have use in the real economy.
Similarly, the healthcare system must conduce to a healthy population,
not because we then site a hospital in every neighbourhood, but because
every healthcare facility offers cost-effective interventions.

These latter points
are missed by all the party policy documents that I have seen so far.
In all, there is a premium on government provision of everything,
especially in the health and education sectors. Now, in our present
circumstance, this is an understandable reaction. An unconscionable
governance failure over the years has led to massive underinvestment in
these sectors; and there is thus a crying need if we must correct the
lapses of the past for an increase in public investment in these
sectors.

Still, going
forward, it would be a sin worse than the under-investment in the past
to ignore the extent of private sector provision in these sectors
today. In most cases, including crime prevention, private sector
operatives have stepped into the breach created by governance failure.

Instead, then, of
seeking to restore the public sector’s old role as prime provider in
these sectors, appropriations for the sectors should aim to develop the
public sector as regulator, rather than as service provider. Standards
development, monitoring, and enforcement then become the critical
competences that the civil service should grow.

Although the
regulatory function places a premium on the allocative efficiency of
competitive markets, it requires in addition that a competent regulator
should look out for collusive, price-fixing amongst private sector
service providers.

There would, of
course, be plenty of people who would not be able to afford the prices
in a market for social services. This is where the appropriations for
these sectors come into their own: as means-tested augmentation for
families who cannot afford to send their children/wards to these
schools, and/or use the private health facilities.

On this reasoning,
it is hard to contemplate the use of government’s spend to set up
publicly-funded facilities in direct competition with private service
providers.

The Federation
Accounts Allocation Committee yesterday expressed worry that the
controversy over the N450billion debt of the Nigerian National Petroleum
Corporation is still lingering, more than a year since the initial
ultimatum was issued. At its meeting in December 2009, the committee had
asked the past group managing director of the corporation, Mohammed
Barkindo, to furnish it with the repayment schedule by January 12, 2010.

Since then, two new
chief executives, who have since succeeded Mr. Barkindo (Shehu Ladan and
the incumbent, Austen Oniwon), have received similar ultimatums without
any positive result.

Last December, the
committee resolved to, again, write the NNPC’s management to remind it
of its demand for a schedule for the repayment of the debt.

Last ultimatum

But at the end of
its meeting yesterday in Abuja, the chairman, Comissioners of Finance
Forum and Taraba State Commissioner for Finance, Rebo Usman, told
reporters that members of FAAC are becoming increasingly concerned that
the issue has remained unresolved.

“We have resolved to
extend our last ultimatum by another one month for NNPC to come up with
a repayment schedule. After that, the whole nation will hear from us,
because it is an issue we cannot just sweep under the carpet.

“Very soon, the
Petroleum Industry Bill (PIB) will be passed into law. When that
happens, it will become more difficult for FAAC to track that money. We
are very serious about it, and we believe this extension is going to be
the last,” he declared.

Though Mr. Usman did
not say what options are open to FAAC should NNPC fail to meet the
deadline, he said the latest ultimatum is final, as it was issued by
states of the federation as well as other FAAC member, including the
federal government, who have warned that they would rise against the
NNPC if nothing happens.

Unresolved differences

The reconciled
industry audit of NNPC operations covering 2006 and 2008 published
recently by the Nigerian Extractive Industries Transparency Initiative
(NEITI) showed that the sum of $932.2million was captured as the total
unresolved differences for petroleum profit tax (PPT), royalties and
signature bonuses, apart from a total oil and gas income of $344.686
million for the period. According to the report, the NNPC was unable to
explain the differences of about 3,092,304 barrels between the volume of
total oil allocated by the corporation and the volume actually lifted
by companies for the period. However, Minister of State for Finance
Yawaba Lawan-Wabi assured that the forensic audit ordered by the
presidency on NNPC accounts was nearing completion, as the report of the
audit is currently being analyzed by the appropriate authorities,
pending a formal publication. The minister did disclose when to expect
the audit report.

January revenue allocation

On the revenue
allocation for the month of January, Mrs. Lawan-Wabi, said though
N610.801billion was gross revenue for the month, total distributable
revenue stood at about N414.305billion, including value added tax (VAT)
of N48.763billion and statutory allocation of N354.237billion, which was
higher by N5.071billion, or 1.45 percent compared to the allocation for
last December.

The gross revenue,
she said, is higher than N581.561billion from the previous month by
N29.240billion as a result of higher prices of crude oil in the
international market above the $60 per barrel benchmark in the 2010
budget.

The minister said
the sum of N11.305billion was proposed as augmentation to the allocation
as a result of the shortfall in the N354.237billion revenue from the
official ceiling of N369billion pegged last year as monthly
distributable allocation for the three tiers of government.

More
private companies have expressed their interest in the electricity
companies being offered for sale by the federal government ahead of the
February 18 deadline for receipt of applications.

In December last
year, the government, through the Bureau for Public Enterprises, called
for interested buyers for 51 per cent stake in 11 electricity
distribution companies, while concessionaires are sought for four
thermal power stations and two hydro power stations.

Efforts to get the
actual number of firms that have indicated interest were not successful
as Chukwuma Nwoko, BPE spokesperson, refused to divulge the figure.

However, Global
Utilities Management Company (GUMCO), a subsidiary of Vigeo Group, last
week, officially indicated its interest in the bid.

The chairman of the
Vigeo Group, Victor Osibodu, said the company is partnering with two
Indian companies to achieve its goals, and compete favourably with other
companies who have shown interest. Nigeria’s power sector has been
plagued by several problems that have prevented it from operating at
optimum level. In a bid to address the difficulty of inadequate electric
power supply, President Goodluck Jonathan last August presented a
Roadmap on the Power Sector Reform.

A major thrust of
the Roadmap, which foundation was laid in 2005 by former president,
Olusegun Obasanjo, was the privatisation and concession of the
distribution segment of the market while concessioning the generation
and transmission outlay.

Mr. Nwoko said in
addition to the offer of a minimum of 51 per cent of the companies,
bidders will be expected to submit proposals that reflect information on
their strategy for meeting the efficiency targets that will be
specified in the Request for Proposals.

“Care will be taken,
by working closely with NERC, to ensure that a monopoly or oligopoly of
market power in the generation sector is not acquired through these
divestitures. The competitive bulk procurement of electricity by the
Bulk Trader; and the bilateral contracting of electricity between
generating and distributing companies – all overseen by a
fully-empowered independent sector regulator through the Multi Year
Tariff Order (MYTO) mechanism – are the key guarantors that electricity
will be generated into the grid on a competitive, commercial and
consumer-oriented basis,” he said.

However, the
National Union of Electricity Employees (NUEE) has vowed to resist any
attempt to sell off the firms. The NUEE secretary general, Joe Ajaero,
said the workers are against the planned sale when labour issues have
not been addressed.

“Have they sold
them? Let them submit their letters of interest and let them take over.
We insist that nothing can take place there. All those noise they are
making just ends at the pages of newspapers. You cannot transfer
ownership when you have not addressed the pending issues of those
working there,” Mr. Ajaero said.

Positive Outlook

Vetiva Capital
Management Limited, a finance firm, says the success of the process
would be closely linked to consistency in policy implementation and
political continuity.

“The Roadmap broadly
outlines a programme schedule, which if properly implemented and
timelines are adhered to, will be expected to bolster power generation,
transmission, and consumption in Nigeria significantly.”

The firm identified
the delay in the outcome of the reforms to the stalled funding of the
National Integrated Power Project (NIPP), for more than two years amidst
allegations of corruption.

“Consequently, a key
risk to its success would be changes in the present proponents of the
Power Roadmap, especially as we approach the elections. If this risk
element crystallizes and a change is effected, we are likely to see the
process being altered or suspended completely again, as the new leaders
at the helm of affairs would come in with their own strategies,” it
says.

Sunday Salako, a
member of the National Economic Management Team (NEMT), however, said
people are tired of roadmaps and visions.

“People want to see
things happen. Last week, I was in Ghana for a whole week and there was
no power outage. The truth is staring us in the eye and we should
actually be challenged. How did they do it? I think that is what we need
to do now,” Mr. Salako said.

Egypt’s core annual inflation rose to 9.74 per cent in the year to January from 9.65 per cent in December, the Central Bank said on its website on Thursday.

Core inflation affected subsidised goods and volatile items including fruit and vegetables.

Urban consumer price inflation, the most closely watched indicator of prices, rose to 10.8 per cent year on year in January from 10.3 per cent year-on-year in December, CAPMAS said earlier.

Growth in South Africa’s manufacturing output slowed to just 0.2 per cent in December and was far below analysts forecasts, showing the vital sector still struggling to recover from a recession in 2009.

The number is likely to affect economic growth estimates for the fourth quarter of 2010, but analysts said on its own it was unlikely to shift expectations that interest rates would stay on hold for the next couple of months.

“It’s a bit of a shock. Certainly, we had seen that the PMI (Purchasing Managers Index) number did weaken a little bit in December but it was still above 50,” said Stanlib economist, Kevin Lings.

The Enugu State government is to disburse N1 billion to farmer cooperative groups as part of efforts to ensure the success of the Enugu-Songhai Initiative.

The chairman of the State Assembly committee on agriculture, Okey Nwoke, told the News Agency of Nigeria (NAN) in Enugu on Wednesday that the fund would be accessed from the CBN.

He said that the fund would be used to procure agro-allied inputs for the smooth take off of the Songhai Initiative.

Mr. Nwoke said the exercise was delayed to enable government tidy up the “grey” areas for smooth disbursement of the fund to genuine farmers who were trained for six months at Songhai farms in Benin Republic.

Internal
communication is an important tool for imparting the culture and values
of an organisation to its employees. This way, employees can be
enlisted to share in the company’s vision and goals.

The focus of this
column last week was on living the brand, but without a functional
internal communication mechanism, there is no way employees can live
the brand well. Internal communication enables the employees to know
what is required of them as they need to be thoroughly immersed in the
firm’s vision. It is very vital for the employees to know where the
organisation is headed. This helps the staff to work with one focus:
the success of the company.

Something happened
some days ago when I went to one of the big banks. The couple seated
beside me commented on an employee who no longer worked with the
branch, hence the much delay they experienced that day at the branch.
Most of the challenges that some organisations face are better
addressed through internal communication before it creates credibility
problems. For instance, the case of the poor customer disposition of
some QSR’s staff discussed last week.

When staff members
are not focused, it creates huge perception challenge for the
organisation. Most employees are just employed without a proper
induction, which later translates into serious adverse effects for the
company. How can employees live the brand when they do not know what
the organisation stands for? This can only come through a proper
internal communication mechanism.

Every organisation
is expected to adopt a specific internal communication approach that
will help it achieve its goals. Employees need to be updated on a
regular basis about the developments in the company, while also being
encouraged to express their views and opinions, especially in
face-to-face staff meetings.

This goes a long
way in empowering them to perform optimally. When their ideas are
welcome, they have a sense of belonging which helps them put in their
best on the job. Internal communication is indeed a motivational tool
when employees are involved in decision making process of the
organisation.

Charity begins at home

Employees who are
on the lower rungs of the ladder should not be alienated, as this makes
them unwilling to buy into the company’s goals and objectives. It is
also a step in the wrong direction when they obtain information about
their organisations through external sources. It is better to sell an
idea to your employees first before you take it outside.

There should be a
proper integration between internal and external communication.
Employees need to understand the brand promise and the customer
deliverables. When they believe in the brand, they will help the
company carry it out through interface with the customers.

There is also a
nexus between internal communication and internal branding. Internal
branding campaign is desired to connect with the staff members in order
to boost their morale and level of satisfaction while on their jobs.

The whole essence
is to explain the company’s strategic direction as well as its vision.
It fills in the gap for the employees and as a result, they have a good
grasp of the brand values which is ultimately delivered to the
consumers. Internal branding immerses the internal audience in the
brand first and enlist their commitment to its vision.

Without a
structured internal communication, consumer experience will suffer,
which portends serious danger to the corporate image of an
organisation. Internal communication helps when employees are not
connected to the company’s vision or when there is noticeable low
employee morale. These can be properly addressed through engagement
sessions to deepen the enthusiasm of the employees.

The ultimate impact
of internal communication is the memorable and exciting experience it
gives the customer. It is what is deposited in the employees that they
manifest to the customers. So, where do we go? Organisations need to
relate with their employees more and immerse them in the vision of the
comapany through internal communication.

Ayopo, a communications strategist and public relations specialist, is the ceo of shortlist ltd

When two people become a couple, they
confront a myriad of financial choices and decisions. Are you engaged?
How much do you know about your fiance’s financial situation? After the
excitement of the wedding ceremonies, it will be time to face your
financial future together. Research shows that money matters have some
part in most divorces yet, most couples go into marriage without ever
broaching this subject. It may not be romantic, but it is important.
Here are some of the money issues that you should discuss with your
fiancé or your spouse.

What is your attitude toward money?

You do not just develop good or bad
money habits by chance; attitudes to money are formed very early on in
life and usually develop over many years. You may not even realise the
full effect of your childhood experiences, circumstances, and your
parent’s attitude towards money. Indeed, many people simply assume the
savings and money management habits of their parents. Were they very
frugal, disciplined savers, or were they spendthrifts? Your attitude
toward money can have a significant impact on the financial decisions
you make.

What are your financial goals?

What are your short, medium, and
long-term goals? Where do you see yourselves five, 10, 20 years from
now? Financially, this can mean owning your own home, educating your
children and planning for your retirement.

In relationships, there may be
different goals and priorities. One may be averse to debt whilst for
the other debt is a way of life. He might want a flash car, whilst she
feels more secure with money in the bank. She might spend all the
housekeeping money on jewellery, shoes and bags whilst his priority is
to give the children a sound education. He may view the new home cinema
as their greatest new asset, whilst her priority is to make a down
payment on their own home. If the differences are fundamental, this
will be a source of conflict. At the same time, be conscious of the
fact that it shouldn’t be all about scrimping and saving towards the
future; treat yourselves as well.

Who will manage the family finances?

Women often enter marriage assuming
that their spouse will handle all money issues and thus delegate almost
total responsibility and sit on the sidelines without being involved.
Determine who is best able to manage the routine everyday financial
matters. Teamwork is essential and shared duties work well for some
families, but even if one party is more involved, both should have a
general overview of the total picture. Periodic meetings are important
so you know where you stand financially and can see whether you are
actually moving closer towards your family goals.

How do you feel about budgeting?

It is surprising how many married
couples get by without a budget. Through budgeting, you have a better
idea of what is coming in and how much can be spent. You should both
know how much you pay for your rent or mortgage, utility bills,
insurance, and so on. Budgeting responsibilities should be shared such
that neither partner should feel that they have to shoulder the entire
responsibility. Periodic meetings, say at least once a month are useful
to review bank balances, any outstanding debt, routine expenses as well
as any major expenses that need to be carefully planned for.

How much debt are you bringing to the marriage?

Many people do not discover the full
extent of their spouse’s financial obligations until they are married.
Debt brought into marriage can be a major source of strife if not well
handled. Each partner should know the debt load the other one carries,
as once you are married, that debt load is shared. Whilst you are not
legally responsible for the loans opened in your spouse’s name, it
could certainly affect your eligibility for joint loans such as a
mortgage. It should be a priority to try to deal with it together and
bring it under control.

Who pays for what?

Something as basic as the handling of
everyday household expenses is a source of friction in many families.
How will you handle routine household expenses? You both earn, but how
much should each person contribute? Are you both doing your “share”?
Should it be equal amounts no matter what each person earns, or a
certain percentage? If you earn significantly more or less than your
spouse, it seems only fair to contribute amounts in proportion to your
respective incomes to reflect this imbalance.

Some couples assign expenses – you pay
the rent and school fees, whilst I’ll pay for groceries, utility bills,
and so on. Other couples use one partner’s income for all expenses and
apply the other income to build up savings and investments.

Will you have separate or joint accounts or a combination of the two?

Will you open a joint account and pool
both incomes or have separate accounts? Having a joint account combined
with individual accounts for personal expenses is a good compromise as
each partner takes some responsibility for the household budget, yet is
still able to retain some autonomy. Partners contribute a certain
amount of their monthly salary into the joint account to cover routine
household expenses such as food, utility bills and so on. Some couples
decide to pay their salaries into the joint account and then pay
themselves a monthly allowance.

Remember that parties to a joint
account have a right to withdraw all the money in the account. It is
for this reason that the use of joint accounts is usually limited to
people who have built a solid level of trust. Look critically at the
options and try to come to a compromise that will suit your
relationship.

Will you set spending limits?

Do you have to account for everything
you spend to your spouse? If you show up with an expensive new TV or a
car, could this be a cause of tension? Everyone needs some personal
spending money that doesn’t have to be accounted for. The amount will
vary depending on the couples’ resources and lifestyle. Some couples
set spending limits on how much either can spend without consulting
each other.

Even though there may be the occasional
conflict about money, it is really about how best these conflicts can
be resolved. With careful planning, clear communication and compromise,
you can avoid many frustrating conversations. There is no one size fits
all when it comes to finances in relationships; even the best system
may not always be appropriate so be prepared to modify your system as
your relationship and financial situation evolve. Try to find the right
balance that works for your situation; if one option doesn’t work, try
another. The financial decisions that you make now can have a lasting
impact on your financial future as you go through life together.

Happy Valentine Day!

Following the
extension of trading period at the Nigerian Stock Exchange (NSE) last
December from two and half hours to four and half hours, trading
analysis showed that some sectors of the NSE have improved
significantly in their performance.

The NSE is the
second most capitalised market in Africa after Johannesburg Stock
Exchange, which is open for five hours, and the third place Cairo Stock
Exchange; opens for five and half hours in comparison.

A market assessment
carried out recently by analysts at Proshare Nigeria Limited, an
investment advisory firm, revealed that more sectors of quoted equities
at the Exchange witnessed growth in value. The figures traded in the
following sectors, last Thursday, when compared with the average
figures recorded prior to extended trading hours on December 6th showed
that Automobile & Tyre sector had 937.59 per cent value growth,
Packaging sector 604.90 per cent, Construction 566.02 per cent,
Commercial Services 199.69 per cent and Maritime sector 195.26 per cent
value growth. Other sectors that witnessed significant growth include
the Foreign Listings, Engineering Technology, Breweries,
Food/Beverages, and Mortgage.

Wole Tokede, the
Exchange’s spokesperson, last Thursday, said the extension “has
continued to yield positive results as the market has continued to
record improvement in volume, value and the number of deals.”

The Interim
Administrator of the NSE, Emmanuel Ikazoboh, had also said the
extension “was a strategic move to reposition the market for enhanced
competitiveness which would give foreign investors, especially those in
the United States of America opportunity to participate in the Nigerian
market.” Available data for the two months preceding the extension of
the trading hours with the two months of the extension shows that the
volume of shares traded recorded a growth of 31.93 per cent. The market
recorded 13.892 billion shares in the two months preceding the
extension while the volume of shares transacted in the two months after
the extension rose to 18.328 billion units.

The market value
also recorded a growth of 16.81 per cent in the review period. As
against the value of N147.142 billion recorded in the two month prior
to the extension, shares value now stand at N171.875 billion in the two
months after the extension. The Exchange also recorded growth in the
number of deals in the review period. A total of 171.875 billion deals
were executed in the two months of extension compared to a total of
147.142 billion deals executed in the two months before the extension.
This represents a growth of 16.81 per cent.

Indigenous investors

Meanwhile, some
operators at the nation’s capital market said that while the Exchange
management is focusing on attracting more foreign investors through
trading hour extension, it should place more priority at protecting
indigenous investors.

Tunde
Oladapo-Dixon, chief executive officer, StockPicks Consulting, a
stockbroking firm, said, “Although it is good for the NSE to woo
foreign investors to the market for some capital projects, the main
focus for capital market authority should be to encourage indigenous
investors who will not take their funds out of the market in a long
time because the market actually is a long time investment.” Mr.
Oladapo-Dixon said more priority should be given to local investors
because “it was these same foreign investors that left our market to
crash when they pulled out their funds aftermath the financial crisis
in their countries.” He said local investors want their confidence
guarded jealously in the market.

Analysts at Asset and Resource Management Company, a fund
management firm, said for the nation’s capital market to reach its full
potential, “regulators must constantly focus on promoting a system that
instils confidence by continuously adapting existing or formulating new
rules to promote market discipline.”

Despite the
decision by the National Assembly to cut the budget proposals by
government ministries, departments and agencies (MDAs) by 50 per cent,
the Finance Minister, Segun Aganga, insists the country is buoyant
enough to finance government business.

Many of the
ministries and agencies had their 2011 appropriation sliced in a manner
that members of the various committees say was indicative that the
country is broke and can ill-afford funding the budget.

“The 2010 budget,
in my opinion, is a failed budget,” lamented the chairman, Senate
Committee on Environment, Grace Bent, while appraising the 2010 budget
of the Environment ministry last Thursday.

Mrs Bent’s view was
re-echoed by most of her colleagues in other committees and she finds
it worrisome that the Environment ministry, like many others,
implemented only 47 percent of its capital budget for the year, about
six weeks before the expiration of the 2010 fiscal year, as against 100
per cent recorded in the recurrent expenditure and overhead budget.

Indications are
that out of the total allocation of N29.522 billion in the 2010 budget,
the Finance Ministry has only released N10.115 billion to the ministry
till date.

The Environment
minister, John Odeh, blamed the poor performance of the budget on the
Finance ministry’s failure to release the capital budget in full due to
complaints of shortfall in the country’s revenue.

Mr Odeh’s
counterpart in the interior ministry, Emmanuel Iheanacho, also
announced 100 per cent implementation in recurrent expenditure, while
the capital expenditure was about 43 per cent. Mr Iheanacho’s complaint
was that the Finance ministry released only 50 per cent of the
ministry’s 2010 capital budget, because of the shortfall in the
country’s revenue, though the recurrent and overhead budgets were
released and fully expended.

Prudent management

However, Mr Aganga,
explained that the decision to slice the ministries and agencies’
budget is part of the measures being pursued by government to ensure
discipline and prudence in the management of the country’s finances.

“The truth is that
Nigeria is not broke. The question that one needs to ask is: The ones
that they (ministries) got last year, have they used it? Or how well
did they use it? There is no doubt that the country is making more oil
revenue today because commodity prices are going up. But what one
should know is that we are running a deficit budget, which is the
highest ever budget in the history of the country.

“Besides, this is
an expansionary budget because of what government is doing. We must
learn to live within our means. What government is doing is trying to
reduce the huge cost of running business, by emphasising fiscal
discipline and prudence, without necessarily compromising quality in
the implementation of the budget.” Mr Aganga said. During the recent
presentation of the overview of the 2011 budget by President Goodluck
Jonathan, the finance minister pointed out that this year’s budget was
underpinned by the four pillars upon which the country’s economic
growth strategy and government’s reform agenda rests.

Apart from the
determination to make Nigerians feel the tangible benefits of the
country’s economic growth, the minister said government will optimise
necessary capital spending by rationalising recurrent expenditure,
while accelerating the reforms to enhance the quality and efficiency of
public expenditure as well as promote greater prudence in the
management of the nation’s financial resources.

The minister had
argued before the law makers that government was withholding funds from
those ministries that did not show sufficient capacity to utilise past
releases, with some of them accounting for as low as 23.3 percent
implementation of the budget.

“Government has
been very lousy with budget implementation. This is a failed budget of
a failing nation,” observed Bukar Abba Ibrahim, a senator, who claimed
that a cut in the capital budget of the ministries was suggestive that
the nation cannot afford it.

“Why would the
Finance ministry not be able to cash back the capital budget of the
2010 appropriation, despite the claim by the Finance minister that the
country is buoyant enough to fund government’s business and considering
that crude oil price has been stable above the budgeted benchmark?” Mr
Ibrahim noted.