Saturday, May 6, 2017 08:00 AM / Proshare
From the Editor’s Desk
On March 26, 2016, the 7th Senate passed the 2016 budget and on May 6th it was assented by the President. This in effect makes Nigeria a country without a budget from May 7, 2017.
The ripple effect of a budget delay in 2016 put fiscal policy in a hard pressed position. It would have thus been expected that such circumstance like a legislative lag would have been avoided.
After all, the earlier lag was in part responsible for pushing the economy to the trough (recession) experienced at the moment. Once again, this scenario provides cracks for implementation lags and lengthens the period of the effect lags. More disturbing is that, it hinders fiscal policy, especially capital expenditure from straightening the existing trough. It, therefore, poses a drag down to a possible recovery.
Presently, with oil skirting around $45 per barrel and Nigeria’s labour productivity currently standing at $3.62, it implies that there is certainly no room for self-inflicted drags to growth such as a legislative lag or an implementation lag.
Here are the happenings expected this week.
Monday, May 8, 2017
The presidential committee headed by Vice President Yemi Osinbajo investigating the suspended Secretary to the Government of the Federation (SGF), Babachir Lawal, and Director-General of the Nigerian Intelligence Agency (NIA), Ayodele Oke is expected to turn in their report today.
Tuesday, May 9, 2017
The report of the Joint Committee on Appropriations and Finance on the 2017 Appropriation Bill would be laid before the Nigerian Senate today in Abuja, while the Securities and Exchange Commission (SEC) Capital Market Committee (CMC) Meeting, the first in 2017 holds.
Diamond Bank Plc will engage the investing community via its conference call today while Deloitte’s Training on Principles, Practice and Recent Developments in Tax Assessments for Companies in Nigeria holds.
Wednesday, May 10, 2017
The SEC CMC interactive session with the media holds today at the SEC Office in Lagos, while the West Africa CIO Summit, an highly-focused ‘C’-level event for the West Africa leading technology thinkers holds today.
The Debt Management Office will reopen previous bonds issues and sell 40 billion naira of bonds due in 2021 and 50 billion naira each of bonds due in 2027 and in 2037, through its Dutch auction system today.
MedView Airline Plc will hold its first Annual General Meeting (AGM).
Thursday, May 11, 2017
The Lagos Chamber of Commerce and Industry Workshop on HR Transformation: Strategic Business Partner holds today.
Friday, May 12, 2017
The National Bureau of Statistics is expected to release the Full Year 2016 States Disaggregated Internally Generated Revenue today.
Saturday, May 13, 2017
The Lagos Digital Marketing Training holds today.