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Notes on the Coming Economic Crunch Postscript By Waziri Adio, Email: waziri.adio@thisdaylive.com Despite the spirited attempts by some officials to put a calm face on things, something is coming at us, and it is not pretty. It is a major economic crisis, fuelled by the slump in the price of crude oil. The coming crisis may be short or it may be long. But come, it will. So we need to brace up for the uncertainties of the lean time, a period that will be made even more unpleasant by the fact that we have left ourselves very little wriggle room. We need competent and clear-headed management of the economic crisis to ensure that it does not complicate existing crises on the social and security fronts. The omens have been in plain sight for a while now, with dwindling oil revenues at a time of sustained high oil prices, with persistent wrangling over allocations at the Federation Accounts Allocation Committee (FAAC), with the consistent depletion of the...

In Africa like the world over there is always more than meets the eye. The recent debate over the Nigerian Petroleum Industry Bill divided (PIB) the elite along the usual north-south lines. The major debacle was the request for another 10% to be given to the host communities of the Niger-Delta. Senators of all hues and stripes have taken different positions. What interests me today is the ownership of Nigerian oil mining leases (OML). Let Senator Enang talk about the rest.... Senator Ita Enang,  Chairman Senate Committee on Business and Rules The sparring between senators over the Petroleum Industry Bill (PIB) got messier Wednesday as Chairman, Senate Committee on Business and Rules, Ita Enang, accused northerners of reaping the benefits of indigenous crude oil exploration and production in the Niger Delta at the expense of indigenes of the area. At the resumption of debate on the bill, which has divided the senators along the fault line between the North and...