2013 Budget: Experts Discuss Matters Arising

Three financial Analysts, Odilim Enwegbara, Eghes Eyienyen and Martin Udogie on Saturday examined some of the challenges and controversies surrounding the 2013 budget that was recently signed into law by President Goodluck Jonathan.

While speaking as guests on Channels Television’s weekend programme, Sunrise, the analyst examined the effect of the National Assembly stance of ‘no budget’ for the Security and Exchange Commission (SEC), the oil benchmark controversy between the lawmakers and the presidency, constituency projects and the issue of economic growth.

Recall that President Jonathan on Tuesday assented to the 2013 Appropriation Bill, ending the long-drawn disagreement between the executive and the legislature over the bill.

The president signed the N4.987 trillion budget passed by the National Assembly into law at a quiet ceremony witnessed by a few government officials.

The budget was transmitted to the presidency on January 15 and since then, the executive and the legislature had been holding meetings to resolve some grey areas identified in the document.

Among the areas of disagreement between the executive and the legislature are the inclusion of constituency projects in the budget and the provision of zero budget for SEC.

In the video below Messrs Enwegbara, Eyienyen and Udogie discuss these issues and what the 2013 means for the Nigerian economy.

There are lots of dead woods in the SEC–Market Analyst

Capital Market analyst, Zik Obi, has claimed that there are  lots of incompetent hands in the Security and Exchange Commission (SEC).

The Legal Practitioner who was on our breakfast show Sunrise daily said the Director general of SEC, Ms Arunma Oteh is very much qualified for the position even though the House of Representatives are claiming she is not.

According to the market analyst, a lot of workers in the commission would have loved to rise to the exalted position following Ms Oteh’s suspension, “so there is probably a foul play somewhere because a lot of issues will probably be uncovered with her continued stay in the office hence the protection of individual interest” he argued.

Mr Obi further adds that SEC has been in a bad shape and Ms Oteh is doing or has done a job, warning that her removal will/may further damage the commission’

he concluded.

Launching N5000 note can’t work with the cashless policy- Analyst

Mr. Zik Obi a capital market analyst and legal practitioner has described the cashless policy and the proposed N5000 note as ‘coming at a very wrong time’.

According to the him, it is very wrong to launch the two polices without any sensitization of any kind.

He urge the Central Bank of Nigeria (CBN) to suspend the proposed introduction of N5000 note.

Mr. Zik decried the failure of the apex bank to work with the National Assembly on the N5000 note proposal and warned there’s a lot of problems economically which remain unsolved for CBN than to bother Nigerians with the introduction of new N500o note.