APPRAISAL OF THE ECONOMIC IMPLICATION OF ELECTRONIC BANKING IN NIGERIA BANKS (A CASE STUDY OF DIAMOND BANK): CALL FOR FULL MATERIAL ON 08032849308

APPRAISAL OF THE ECONOMIC IMPLICATION OF ELECTRONIC BANKING IN NIGERIA BANKS (A CASE STUDY OF DIAMOND BANK) CALL FOR FULL MATERIAL ON 08032849308 CHAPTER ONE 1.1 BACKGROUND OF THE STUDY Before the emergence of modern banking system, banking operation was manually done which lead to a slow down in settlement of transactions. This manual system involves posting transactions from one ledger to another which human handles. Figures or counting of money which should be done through computers or electronic machine were computed and counted manually which were not 100% accurate thereby resulting to human errors. Most bank then use only one computer in carrying out transactions which ameliorate the sluggish nature of banking transaction. Nigeria do not embrace electronic banking early compared to developed countries. Nigeria adopted electronic banking system in the early 2000s. During the introduction of electronic banking system, the use of raw cash was said to have bred corruption through the “cash and carry syndrome” usually linked with the swift movement of Ghana-must go” bags by some politicians. Such bags as some analyst say, are a major source of corrupt practices as dubious persons seeks to bribe their way to avoid been checked in some sensitive areas or places in a corrupt society. Since electronic banking started in all Nigeria banks, it has been a woe for civil servants; checks show that some staff in establishments such as the national boundary commission for instance, are yet to receive their salaries for the previous months as efforts to electrically transfer salaries into their account have failed according to Ibrahim, D. (2009). “One bank will tell you it has transferred your salaries but the supposed recipient bank will tell you it has not received anything leaving you even more confused”, says John, I. (2009). Olekah, J. (2009) while acknowledging the initial hiccups that dogged the system, advises stakeholders against being discouraged as such “teething problems” are normal. James, A. (2009) a banker reported to vanguard annual report that “we should not destroy electronic-banking by looking at the negative aspects, we must strive towards perfecting it”. James, A. (2009) also says that the volume of data generated by the Government ministry Agencies is much making it a bit difficult for banks to cope, Mathew S. (2009) a worker says in his report to vanguard annual report on banks and cards that government should have done its home work “very well” before introducing the system, “they plugged us into a system they were not prepared for and the result is untold hardship visited on innocent people”. At this juncture, is good to know what e-banking is all about. According to Anyawaokoro, M. (1999). Electronic banking is defined as the application of computer technology to banking especially the payment (deposit transfer) aspects of banking. He also defined electronic banking as a system of banking with an electronic communication network which permits on-line processing of the same day credit and debit transfers of funds between member institutions of a clearing system. According to Clive, W. (2007) in his Academic dictionary of banking, electronic banking is defined as a form of banking in which funds are transferred through an exchange of electronic signals between financial institutions, rather than an exchange of cash, cheques or other negotiable instruments. According to Omotayo, G. (2007) defines electronic banking as a system in which funds are moved between different accounts using computerized on line/real time systems without the use of written cheques. According to Edit, O. (2008) in international Journal of investment and finance, electronic banking is defined as a system by which transactions are settled electronically with the use of electronic gadgets such as ATMs, POS terminals, GSM phones, and V-cards e.t.c. handled by e-holders, bank customers, and stake holders.

NIGERIAN MANY PROBLEMS AND SOLUTIONS TO NIGERIA’S ECONOMIC PROBLEMS

NIGERIAN MANY PROBLEMS AND SOLUTIONS TO NIGERIA’S ECONOMIC PROBLEMS NIGERIAN MANY PROBLEMS Corruption Crime and terrorism, specifically Boko Haram insurgency Unemployment Education and university systems The environment Infrastructure Gender Road accident It would be impossible to thoroughly examine all of these issues in just one article, so think of this as an introduction. By Darwinek (Own work), licensed under CC-BY-SA-3.0 By Darwinek (Own work), licensed under CC-BY-SA-3.0 Nigeria’s Biggest Problem Is Corruption; Very Sad Corruption is at the root of many of Nigeria’s problems in totality. Corruption takes many forms and infiltrates all political institutions and economic sectors. The current ruling government is not performing its functions as promised, and officials are too busy enriching their pockets to govern effectively. In 2013, Transparency International deemed Nigeria one of the most corrupt nations in the world, ranking as 144th in Corruption Perception Index out of the 177 countries measured. Mathematically, it shows that Nigeria was the 33rd most corrupt country in 2013. In the year 2012, a Gallup poll found that 94% of Nigerians thought corruption was widespread in their government. The spoils of political corruption—billions of US dollars—are stashed in foreign bank accounts. The Abacha administration in the 1990s notoriously looted upwards of $3 billion. Since then, government institutions like the Economic and Financial Crimes Commission and the former President Goodluck Jonathan have vowed to eradicate corruption. Even so, as recently as 2013, the Central Bank of Nigeria reported the 76% of the country’s crude oil revenue intended for the Bank was unaccounted for. The most currently released result on the level of corruption in Nigeria has improved when compared to that of 2013 and other years. In the 2014 result on corruption ranking, Nigeria is ranked 136 out 174 surveyed countries. This implies that Nigeria is the 38th most corrupt nation in 2014. The result was published by Transparency international on Wednesday, 3rd December, 2014. The result shows that former President Goodluck Jonathan administration was making impact to bring down the corruption level in Nigeria. The current president, President Mohammed Buhari, is putting his own efforts to bring corruption in the country to the minimal level. This made few who looted in the past regime to bring back some of the money they embezzled. Election-rigging is not unheard of in Nigeria. The citizens of Nigeria are tired of coming out to cast their votes on election day only to feel their votes haven’t been counted. A Foreign Affairs investigation of the 2007 elections counted around 700 election-related violent acts in the year leading up to the elections, including two assassinations. International observers in 2007 reported rampant theft of ballot boxes, and while in 2011 the situation improved, ballot-rigging was still rampant. During elections, Nigerians and international watchdog groups tell stories of thugs hired by candidates to hijack the ballot boxes and intimidate voters. Many of these thugs are disaffected and unemployed youth. Nigeria Television Authority (NTA) on 2nd October, 2014, reported that European Union (EU) Committed 15 Million Euros (€15,000,000) in the country’s 2015 election. How will the money be utilized? Will the money be solely used for what it is meant for? Only God knows what those who are ruling the election body will use it for what it is made for or embezzle it as corruption in the country is experienced more in public sector. Corruption doesn’t only exist in government, but is pervasive in society. For example, what happens in some companies with a male CEOs when a woman applies for a job? Unless they already know them, some of the CEOs demands special and sexual favors from young women seeking employment and at times do not hire them in the end. Those at the top adopt an attitude of “if I do no not already know you, I’m not going to hire you,” and exploit their power—this is just one illustration. Those who do not have connections to top officials or executives remain jobless, even if they’re university graduates with top marks. Gender and education will be discussed later, but this is a concrete example of how systemic corruption perpetuates a host of problems in Nigeria. The press is hamstrung in its efforts to report corruption and election-rigging. Some have been paid off by the governments they report on, a practice which produces weak news and must be stopped. In 2013 the Committee to Protect Journalists, an American NGO which evaluates press freedom around the world, added Nigeria to their impunity list, a list of of countries where journalists are routinely harassed and murdered with little to no recourse. Though President Muhamed Buhari administration is working hard to see that election-rigging in Nigeria is eliminated, much more needs to be done. Seminars should be organised for Nigerian youths to be taught the dangers of working as thugs for politicians. This is where importance of youth empowerment comes to play. Television channels in the country should be used to educate the nation about corruption and how to stop it. Political candidates found guilty of election-rigging should be punished more frequently and harshly. If convicting corrupt politicians becomes normal others will learn, and with time, election-rigging in Nigeria can be made a thing of the past. It is true that Nigeria is blessed with crude oil (petroleum) but the question is on how correct is the volumes that are exported out of the country. For instance a head in one oil servicing company in the country may export about one thousand barrels of crude oil from the country and went back and gave a report to the government that he exported five hundred barrels. What happens to the remaining five hundred? The money goes into his personal account-corruption in the higher order. Corruption is also rampant among Nigerian businessmen and woman. How many have bought any electronic product with a particular capacity and the product gives him or her result of what is written on it? In Nigeria, many populations of those who deal in electronic products buy products of particular lower capacity and use their own manufactured stickers to high the capacity on the products. For instance, a businessman may buy a Tiger generator of 4.5h.p (horsepower) and change the capacity to 6.5h.p to sell at higher price. In other business sectors, some sell inferior products to costumers to make high profits. There had been lots of cases of misunderstanding in the country’s market places between sellers and buyers because of inferior products sold to the buyers. Boko Haram and Terrorism in Nigeria "Logo of Boko Haram" by ArnoldPlaton - Own work. Licensed under Creative Commons Attribution-Share Alike 3.0. "Logo of Boko Haram" by ArnoldPlaton - Own work. Licensed under Creative Commons Attribution-Share Alike 3.0. Terrorist attacks are on the rise in Nigeria, which is the increased activities of Boko Haram over the past year. Bombings, kidnappings, and other violent activities of Boko Haram prevent many Nigerians from feeling safe. Boko Haram is a well-known agent of destruction in Nigeria. Even a casual observer who doesn’t live in Nigeria has likely heard of Boko Haram’s recent 2014 kidnappings of hundreds of children—mostly girls—from schools and villages in northern Nigeria. On the night of 14-15 April 2014, about 276 Chibok school girls were kidnapped by the Boko Haram. These girls were between 17 to 18 years according to a source. They were secondary school students at Government Secondary School, Chibok, Borno State, Nigeria. Only God knows the nature of what is in-between the legs of the female students at the moment. In the northern part of the country, students cannot complete their studies because of the looming threat of kidnapping and murder. The news report from Channels Television of Nigeria (The best television station of the year) on June 18, 2014, had it that Boko Haram killed 15 students from bomb blast in a school at Kano state of the country. What is Boko Haram? It is a militant Islamist movement with ties to Al-Qaeda whose name translates into "Western education is forbidden." Their ideology is based on a fundamentalist Sunni Islam, and their intent is to establish an Islamic state in Nigeria and cleanse the country of any and all Western influence. Boko Haram’s campaign of bombing, shootings, and kidnapping was launched in July 2009, but has recently intensified. On 1 May 2014, International Workers’ Day, a car bomb blast in Abuja killed at least 19 people at a bus station. The summer of 2014 has been especially violent, with bombings, massacres, and mass shootings being committed on a near-weekly basis. In July 2014, Human Rights Watch estimated 2,053 people had been killed in 95 separate Boko Haram-linked attacks in the first half of 2014 alone, and the number is likely much higher by now. Thousands more have been displaced by the violence. There was bomb explosion at the Bauchi Central Market on December 22, 2014 at about 17:30hrs. As a result of the blast, the market was in flames. At the early hours of the bast, 19 persons died in the incidence and 25 injured. Boko Haram in the most recent time has adopted new method of terrorizing Nigeria. These wicked souls now use children for carrying out their evil motives of suicide bombing. When they enter any community, they make sure that they gather enough little children to work for them. According to a Nigerian newspaper report, on Sunday 22 February 2014, a girl of not more than eight years indulged in suicide bombing in Potiskum market which killed about five and injured many. Crime and Problems of Public Safety in Nigeria The Nigerian crime problem gives many citizens in this country sleepless nights. In many places, people feel they can no longer walk around their own neighborhoods unharmed. Public safety is the most fundamental responsibility of any state, and Nigeria has failed in this regard. Please bear with a personal anecdote on the subject. I have a friend by the name of Sampson C. On 13 June 2013, Sampson was heading to a night vigil at Onitsha in Anambra when a group of young men stopped him. They took everything he had on him. He pleaded with them saying, “Collect everything you want, but give me my wallet back because I have some important documents in it.” The young men refused, and took the documents which were of no use to them. This situtation is pitiable and is a typical example of rampant petty crime in Nigeria. As of 2004, Nigeria has a high murder rate: 17.7 homicides per every 100,000 people. Mugging and piracy are endemic. An overall increase in crime against foreigners in particular led the US State Department to consider the situation in Nigeria as “critical” in 2013. People around the world cannot even browse the Internet without fear of being scammed by Nigerians looking to make money overnight. One cause of Nigerian crime is the drug trade, in which organized criminal groups in Nigeria are heavily involved. According to the American FBI, ethnic Nigerians in India, Pakistan, and Thailand provide Nigerian gangs with easy access to 90% of the world's heroin supply. People engage in illegal and bad activities when they are frustrated with legitimate options. Lack of opportunity makes them indulge in criminal acts, and their actions make the whole nation look bad. Instead of allowing persistent unemployment to continue, the government should increase security in the country and hire youth as security agents. Kidnapping activity in Nigeria is growing fast like grasses in the river side that have water in abundance. This has come to the extent of kidnapping the country’s kids to be released on ransom. The Lawanson Road, Itire abode of the Orekoyas, whose three children were kidnapped by a housemaid last Wednesday, 24 hours after she was employed, became a Mecca of sorts of yesterday, following news of their discovery (Vanguard News, April 16 2015). This is a kidnapping incident that took place in Lagos state of Nigeria, whereby a housemaid kidnapped 3 children and demanded fifteen million naira as ransom (N15 million), and after payment of the ransom the children released in an uncompleted building in the state. Unemployment in Nigeria Unemployment is a hot issue in Nigeria, and many people are frustrated with widespread joblessness. Unemployment in Nigeria is like a disease that the cure is not yet discovered. According to official statistics, 24% of Nigerians are unemployed. These numbers are worse for young people. Official Nigerian statistics say 38% of those under 24 are unemployed, but the World Bank estimates this number to be closer to 80%. In March 2014, 16 people were killed in stampedes when 500,000 desperate job-seekers rushed to apply for under 5,000 vacancies at the Nigeria Immigration Service. Students at tertiary educational institutions often graduate into joblessness and low morale. There is a great challenge in Nigeria education. Many Nigerian graduates did not learn good skills during their studies. They were busy reading only textbooks without knowing the applications of what they read. They apply for jobs for which they aren't hired because they lack skills. Graduates often must stay in their parents’ homes for a long time, with mounting frustration and pessimism. This negativity is one of the major root causes of crime among young people in Nigeria, as they turn to unscrupulous activities because there is nothing else to occupy their time or generate income. Each year, 200,000 students graduate from universities, but many fail to find a job, and some will seek out less-than-honorable means of supporting themselves. Encouraging acquisition of skills will go a long way in solving Nigerians unemployment challenge. Both the government and the individuals should work hand in hand to reduce unemployment. Another alternative to solving unemployment issue in Nigeria is through self-discovery. Embracing the opportunities offered by the internet is a welcomed idea in solving Nigerians unemployment challenge. Among them include application design and online publication. Online publication helps in discovering how to write. Nigerians can write on Hubpages which is where this article is published. People who are interested can signup and the site management will train them on how to use the platform and make money through advertisement placed by merchants. This forum does not require any money to start-up and the management directs the writers on how to get paid. Nigerian primary school enrollment by state. By ClosingTime (Own work), licensed by CC-BY-SA-3.0 Nigerian primary school enrollment by state. By ClosingTime (Own work), licensed by CC-BY-SA-3.0 Problems in Nigeria's Educational System and Universities There is also a lot of corruption in the Nigerian educational system, particularly universities. Lecturers are known to collect money from students in exchange for good grades. Some say they have to bribe university administrators in order to have their exam results compiled and submitted to the (required) National Youth Service Corps. In August 2014, Nigeria’s own Independent Corrupt Practices and Other Related Offences Commission (ICPC) reported that corruption was endemic to Nigerian universities, due to continual failure to make violators accountable for their actions. The Chairman of the ICPC’s University System Study Review, Professor Olu Aina, said there was a lack “political will” to deal with corruption violations, few internal checks and balances in universities to prevent corruption, and little external oversight of corrupt practices. Beyond political corruption, the Nigerian education system suffers in other ways. It compares poorly not only to those of developed Western nations, but also to other African countries like Ghana and South Africa. In 1997 and 2000, federal government expenditure on education was below 10% of the overall budget. The money appropriated to the education sector in the 2013 budget was ₦426.53 billion which amounts to only 8.67% of the total budget (₦4.92 trillion). The United Nations Educational, Scientific, and Cultural Organization (UNESCO) recommends that the education sector accounts for 26% of national budgets in order to impact national development. What proportion of Nigerian students quite from school? According to Channels Television Station report on 9th September 2014, over 10.5 million Nigerian children are out of school. This shows the literacy level of the country. According to the guest on Channels Television who gave the statistics, he stated that the problem of Boko Haram in Nigeria today is because they were not in schools when they were young. He went further to say that they were fed with wrong information and because of that lacked knowledge, and when they lacked knowledge they lacked wisdom. So, they are a problem to the country because they lacked knowledge which they would have gained if they went to school (Boko Haram). Inadequate Infrastructure in Nigeria Infrastructure may seem a trivial issue following other problems like Boko Haram, but how can a country progress without a reliable power supply? The power sector is corrupt and mismanaged, and many workers in the electricity sector are not equipped with the proper skills or training. Domestic production suffers in these conditions, but many foreign companies also find it difficult to conduct business in Nigeria because of frequent power failures. This problem keeps Nigeria a Third World country from year to year. Also, what do we have to say on the state of Nigerian road networks? Business suffers without a dependable road system. Corruption and the embezzlement of public funds keep roadways in disrepair. In 2011, the World Bank reported that only 67% of paved roads and 33% of unpaved roads were in good or fair condition. Between 2001 and 2006, only $50 million of the needed $240 million were allocated for road maintenance. Similar issues of inadequacy and corruption can be seen in the water resources and railways. Nigeria needs to tackle the challenge its infrastructure problems by providing the proper funding and cracking down on the embezzlement of public funds earmarked for infrastructure. Any engineer or contractor that fails to do his work well should be taken to task. Nigeria needs more power and better roads. The workers in these sectors should be paid well, and those with good skills and strong ethics should be rewarded. Citizens should carry out a peaceful movement, telling the government how important the power supply is to the country. Environmental and Public Health Issues in Nigeria The environmental and health standards of Nigeria are in a bad state. In 2013, Amnesty International reported that Nigeria experiences hundreds of oil spills per year in the Niger Delta, largely due to pipe erosion, sabotage, and neglect by oil companies. Oil spills weaken the micro-organisms and the soil nutrients, and this weakening harms communities who fish and farm the Delta as well as the overall economy. Littered waste is scattered all over the roads and streets in Nigeria. Improperly disposed garbage contributes to the spread of disease. The health system in Nigeria does not adequately serve the population. The average Nigerian life expectancy is 38.3, according to the World Health Report, one of the lower life expectancies in sub-Saharan Africa. Infant mortality has been on the rise side the 1990s, and the maternal mortality rate is one of the highest in the world. The Nigerian health system is poorly funded, and this lack of resources creates a “brain drain”: talented doctors and nurses find jobs in developed countries, leaving Nigerian hospitals in the hands of their less-talented colleagues. Within Nigeria, good doctors are disproportionally concentrated in cities, leaving rural areas underserved. In the recent time, there is a health challenge in the country resulted by Ebola virus. This disease entered the country through an official from Liberia, Patrick Sawya. The doctors in the country are doing the much they could to bridge the spread of the disease. At the initial stage when the disease was contacted by few Nigerians, there came a rumour that the disease can be cured by table salt. Many citizens of the country dissolved salt in water and drank and some took bath with it and this led to the death of about eighteen while many others hospitalized, which is more than what have been killed by the virus. The statistics of people who have been killed by the virus as of on 17th September 2014 is seven and fifteen infected recorded in Lagos state of Nigeria. African Development Bank (ADB) issued one million dollars to Nigeria in September 2014 to assist in fight against Ebola virus. The government needs to play a bigger role in providing proper waste disposal systems and better healthcare, particularly in neglected rural areas. Environmentally sustainable disposal practices, like recycling, should be adopted. Those who vandalize oil pipelines should be pursued more aggressively and punished for causing oil spills. Bush burning must be limited so that the micro-organisms that promote crops output can thrive. Hospitals need better funding. The state must take steps to keep qualified young doctors in the country, perhaps by giving them more important roles in public health administration. A classroom of midwives at the Jigawa State School of Midwifery in northern Nigeria. In 2012, the British Government launched Women for Health to support female health workers in Nigeria. A classroom of midwives at the Jigawa State School of Midwifery in northern Nigeria. In 2012, the British Government launched Women for Health to support female health workers in Nigeria. Nigerian Women's Issues Many people in Nigeria still believe that only men should be in positions of power. There are many causes of gender inequality in Nigeria. Some archaic traditions and customs do not permit women to occupy top professions or political offices. As a result, women in Nigeria face discrimination and violence. Unemployment in Nigeria affects the women most when compared with that of men. This is due to the fact that some women are neglected due to their sex and weaknesses. Because of such, the wife of former President Goodluck Jonathan, Patience Jonathan, and other women in the country came up to empower Nigeria women to the best of their capacities. As of 2011 there are only 32 women (out of 469) in the national parliament. Women’s status in Nigeria is improving in some ways, though. In 2011, President Jonathan appointed a cabinet made of 33% women, something unheard of previously. With women’s participation in politics and elections slowly increasing, we may see more female candidates for office in the future. The old customs and beliefs about women’s roles need to be updated. Civic Pride and Patriotism in Nigeria Nigeria suffers from a deficit of civic pride and collective responsibility. Wealthy Nigerians do little to use what they have to help the masses. Instead, they transfer their money to foreign banks rather than making it useful for the nation. When these wealthy men want to go on holiday, they travel to United States or Canada, and many immigrate to the developed world rather than spend their money here. Citizens should cherish the goods manufactured in Nigeria, and wealthy Nigerians should invest their money in local industry to encourage development. With this, more jobs will be created for the masses. Economic freedom should be encouraged in the country for better business growth. This lack of civic engagement has real economic consequences. The masses do not purchase the goods manufactured in Nigeria because they believe they are inferior. Instead they spend money on goods created in Europe, which doesn’t benefit businesses or ordinary workers in Nigeria. When local industry is discouraged, the Nigerian government spends more on imported goods. Even as an exporter of crude oil, Nigeria imports its refined oil from other countries. Road Accident: Trending Problem in Nigeria Road accident is another trending challenge in Nigeria. Many citizens of Nigeria have lost their lives in road accidents. Before, it was air accidents by flights that were being experienced in the country until the government of the federation looked into it and had the problem tackled. So many have their future shattered and others have lost focus because of careless accidents by road in the country. At around 3p.m on Sunday 31st May, 2015, break failure on a tanker carrying petroleum product killed not less than 80 people at Upper Iweka, Onitsha Anambra state of Nigeria. There was death of over 20 university undergraduates from University of Nigeria Nsukka on road accidents. The accident occurred on Tuesday, 2nd of June 2015. These students were the hope of their parents whom have been training them for years in the university. The instances given are just few among many road accidents that take place in the country. High statistics of lives are being lost in Nigeria on road accidents every year. The government of Nigeria should implement and enforce law that will be guiding drivers who drive on the roads. This should include monitoring every transportation company to make sure that they have qualified automobile engineers that check their cars before they embark on any transportation. Also, the time through which the vehicles run on the highways should as well be taken care of. Nigeria has lost a lot of lives through tankers transporting highly inflammable liquids and we do not want more of that tragic experience any longer. Cars which travel by roads should be “healthy” enough to prevent lost of lives. The Way Forward: the Youth Can Transform Nigeria The only way Nigeria can solve its many problems is by giving the youth more opportunities to participate in the government, economy, and society. Young people are the prime beneficiaries of school improvement, and the percentage of youth in higher learning institutions is currently very high. If young people were in charge, the educational system in Nigeria would not be in its current state, and unemployment would be reduced. At the same time, young people shouldn’t wait for good things to come to them, but need to take individual initiative. Youth empowerment and initiative will improve life for all Nigerians. Nigerian government officials and other elites need to share power with the country’s youth and listen to young peoples’ ideas for how to better the country. The young men and women of Nigeria are tomorrow’s elders and, if included, could transform Nigeria. Without the energy of youth, society will decay and perish. In addition to minimizing of corruption in the country, Nigerians should cultivate the habit of being patient. Why many indulge in corrupt practices is because they are impatient and want to make quick money. In developed countries of the world like the United States, many Nigerians are locked up in the prisons and some have been killed because of the corrupt practices they practiced. Conclusion Discussed are the major challenges that Nigeria is facing for some time now. These challenges are many though not all of them were properly detailed out. On the other hand, the piece is backed-up with the possible solutions to arrest the challenges. It is believed that the situation of the country will get better if these solutions are put into action by both the government and citizens of Nigeria. Nigeria is our country and we can build it with combined effort. SOLUTIONS TO NIGERIA’S ECONOMIC PROBLEMS Over one month now, President Buhari is yet to unveil his economic plan and policy direction in spite of growing concerns by investors and the business community. President Buhari need to be offered some solutions to the current economic crisis that threatens to ground the country. ‎I will attempt to make a contribution because I share the sentiment that President Buhari’s refusal to announce his economic plan and policy direction as soon as he was inaugurated on May 29, 2015 spell doom for the Nigerian economy which is beginning to have a toll on businesses, investment and the people of Nigeria. President Buhari needs to reduce the cost of governance by 50 per cent. Though he and some state governors have announced a cut in their salaries and allowances, this is a step in the right direction. However, he has to take it a step further and explore every legal means to get the Revenue Mobilization Allocation and Fiscal Commission to effect the reduction of the emolument, salaries and allowances of all members of the National Assembly as well as those of past public office holders. It is important to state that Nigerians have to assist the President by mounting pressure on members of the National Assembly and every public office holders. The monies that accrue as a result of saving 50 per cent will assist the president in meeting up with his campaign promises ‎some of which include tackling insecurity and unemployment, improving governance, and ensuring transparency and accountability among others. And while that is going on, government agencies that are critical to revenue generation such as Nigerian National Petroleum Corporation, Nigeria Custom Service, Federal Inland Revenue Service, Central Bank of Nigeria, Nigerian Maritime Administration and Safety Agency, Nigeria Liquefied Natural Gas, Nigerian Ports Authority etcetera must be audited, regulated, revamped and have improved oversight. This will ensure that corruption which pervades these agencies is curbed and every Kobo that is generated is adequately accounted for. President Buhari’s economic plan needs to be robust and aimed at effectively tackling the problems that have bedeviled the Nigeria economy for a long time.‎ He needs to go beyond his economic policy as stated in his party manifesto and as presented to members of the business community during the election campaign. The National Economic Council was recently inaugurated by President Buhari as prescribed by the constitution‎. Edo State Governor, Comrade Adams Oshiomhole and three others were commissioned to probe the last administration with respect to revenue disbursements, allocation and appropriation. This has led to claims and counterclaim between Governor Oshiomhole and the immediate past minister of finance, Dr. Ngozi Okonjo-Iweala, this is not the right approach considering the precarious economic situation that Nigeria find herself after the Jonathan administration. This approach is against the spirit of President Buhari’s speech at the inauguration of the National Economic Council in which he said that his administration is fully committed to embarking on sustainable visionary initiatives and programmes that will restructure and transform the nation’s economy‎. The NEC has a mandate to advise the President concerning the economic affairs of the Federation, and in particular on measures necessary for the co-ordination of the economic planning and programmes of the various Governments of the Federation‎. Suffice it to say, President Buhari cannot rely on the advice of members of the NEC most of whom are State Governors who currently have to address the economic problems in their states where their financial expertise and economic initiatives are being awaited by vast majority of their citizens. Over four years after the inauguration of NEC under the Jonathan administration, we have seen what the NEC is capable of doing to the national economy.‎ President Buhari however need to constitute an economic team that will work towards improving all the economic measures and indices of the country. Inflation rate should be single digit, unemployment rate should be reduced to less than 10 per cent. The rate of poverty should also be brought down from 70 per cent to at least 30 per cent. Our budget deficit should have a turnaround to surplus. This is actually achievable provided the President has the right economic team who will come up with interventions and initiatives with the ultimate goal of improving our economic indices and by extension provide a new lease of life for the Nigerian people. Past administrations have paid a lip service to reducing the rate of unemployment.‎ President Buhari should leverage on the successes recorded in the agricultural sector under the watch of the immediate past minister of agriculture and president-elect of African Development Bank, Dr. Akinwunmi Adesina by expanding this sector and creating jobs under an agricultural youth empowerment program for the teeming unemployed youths in the country who are willing to be engaged and earn a income. Expansion of the mining sector and investment in public works/infrastructural development is capable of generating the needed employment that will help change the current rate of unemployment. These are some of the initiatives expected in the President’s economic plan. President Buhari also need to focus on the capital market with a view to lowering the exchange rate which currently stands at N230 to $1.‎ Reducing our deficit and ensuring a balanced budget is also capable of promoting investment in education and healthcare of Nigerians. All of these investments in educational initiatives, science and technology research as well as the expansion of the National Health Insurance Scheme have to be made for the long term in order to achieve the expected outcome. The President in his economic plan have to have a short term, medium term and long term initiatives in his bid to ‎fulfilling his campaign promises. One of the reasons why Nigeria remains underdeveloped is due to its agrarian economy, President Buhari must encourage the export of Nigerian products and strengthen the manufacturing sector. Though the initiation of a power sector reform is critical to the expansion of the manufacturing sector and it’s amazing what would happen to the Nigerian economy if power is improved to support the manufacturing sector. The Buhari administration would by adopting these solutions and through the development of both private sector and small businesses initiatives create the condition for economic growth. President Buhari need not be deceived as to the right solutions to nigeria’s economic recession. ‎Though the President’s economic plan is yet to be unveiled as earlier stated; I believe these solutions would be valuable in shaping his economic direction. We can recover from the current economic crisis if President Buhari diversifies the economy and repair the refineries so that the impact of the drop in crude oil prices which is presently having a toll on the economy will be cushioned. It is up to the President to act and respond appropriately. The President’s economic plan should also improve housing and home ownership for Nigerians.‎ This is quite important because many poor Nigerians have to go for many years without a mortgage plan and this is hurting the economy. ‎Finally, President Buhari must cut income tax, raise the minimum wage and develop transportation initiatives across the country. Exploring a light rail system across the country with the help of industrialized nations will go a long way in addressing nigeria’s economic challenges

WASHINGTON, DC – Today, President Barack Obama announced his intent to nominate Carla D. Hayden as Librarian of Congress.

President Obama Announces His Intent to Nominate Carla D. Hayden as Librarian of Congress WASHINGTON, DC – Today, President Barack Obama announced his intent to nominate Carla D. Hayden as Librarian of Congress. President Obama said, “Michelle and I have known Dr. Carla Hayden for a long time, since her days working at the Chicago Public Library, and I am proud to nominate her to lead our nation’s oldest federal institution as our 14th Librarian of Congress. Dr. Hayden has devoted her career to modernizing libraries so that everyone can participate in today's digital culture. She has the proven experience, dedication, and deep knowledge of our nation’s libraries to serve our country well and that’s why I look forward to working with her in the months ahead. If confirmed, Dr. Hayden would be the first woman and the first African American to hold the position – both of which are long overdue.” Carla D. Hayden, Nominee for Librarian of Congress, Library of Congress: Dr. Carla D. Hayden is CEO of the Enoch Pratt Free Library in Baltimore, Maryland, a position she has held since 1993. Dr. Hayden was nominated by President Obama to be a member of the National Museum and Library Services Board in January 2010 and was confirmed by the Senate in June 2010. Prior to joining the Pratt Library, Dr. Hayden was Deputy Commissioner and Chief Librarian of the Chicago Public Library from 1991 to 1993. She was an Assistant Professor for Library and Information Science at the University of Pittsburgh from 1987 to 1991. Dr. Hayden was Library Services Coordinator for the Museum of Science and Industry in Chicago from 1982 to 1987. She began her career with the Chicago Public Library as the Young Adult Services Coordinator from 1979 to 1982 and as a Library Associate and Children’s Librarian from 1973 to 1979. Dr. Hayden was President of the American Library Association from 2003 to 2004. In 1995, she was the first African American to receive Library Journal’s Librarian of the Year Award in recognition of her outreach services at the Pratt Library, which included an afterschool center for Baltimore teens offering homework assistance and college and career counseling. Dr. Hayden received a B.A. from Roosevelt University and an M.A. and Ph.D. from the Graduate Library School of the University of Chicago.

White House 'passive' in combating possible ObamaCare fraud, watchdog says Published February 24, 2016 Associated Press

White House 'passive' in combating possible ObamaCare fraud, watchdog says Published February 24, 2016 Associated Press WASHINGTON – With billions in taxpayer dollars at stake, the Obama administration has taken a "passive" approach to identifying potential fraud involving the president's health care law, nonpartisan congressional investigators say in a report due out Wednesday. While the Government Accountability Office stops short of alleging widespread cheating in President Barack Obama's signature program, investigators found that the administration has struggled to resolve eligibility questions affecting millions of initial applications and hundreds of thousands of consumers who were actually approved for benefits. The agency administering the health law -- the Centers for Medicaid and Medicare Services -- "has assumed a passive approach to identifying and preventing fraud," the GAO report said. In a formal written response, the administration agreed with eight GAO recommendations while maintaining that it applies "best practices" to fraud control. The report is being released by Republicans on the House Energy and Commerce Committee in connection with a hearing on the Department of Health and Human Services budget. A copy was provided to The Associated Press. GAO "raises many red flags," said committee chairman Rep. Fred Upton, R-Mich. "Perhaps the most unsettling is that while HHS agrees there are many vulnerabilities, the agency has no urgency or plan to fix these critical errors." The health care law provides subsidized private insurance to people who don't have access to job-based coverage, provided that they are citizens or legal immigrants, and fall within a certain income range. The GAO report raised numerous questions about the government's system for verifying eligibility for those benefits. Advocates for low-income people say the problem isn't fraud, but a convoluted documentation system that leaves out hundreds of thousands of consumers legally entitled to benefits because their personal information may not exactly match what's in government files. About 12.7 million have signed up for coverage this year. When people apply for coverage through HealthCare.gov and state insurance exchanges, a behind-the-scenes electronic system called the "data services hub" pings federal agencies such as Social Security, IRS, and Homeland Security to verify their personal details. In a key finding, the GAO said that the administration does not aggregate, track and analyze the results of data hub inquiries -- instead just using the responses to process individual applications. By not tracking, the administration "foregoes information that could suggest potential program issues or potential vulnerabilities to fraud," GAO said. Its investigators approached the individual agencies assigned to verify personal information and found large numbers of inquiries in which the data hub could not confirm details. For example, for the 2014 coverage year Social Security could not verify citizenship for about 8.2 million inquiries in which the applicants claimed they were citizens, the report said. (For 2015, that number was down by more than half, to 3.6 million.) At IRS, income and family size information -- critical for health insurance subsidies -- was not available for inquiries representing 30.7 million people in 2014. GAO said the number hadn't changed much for 2015. It was down to 29.2 million. All those inquiries don't result in final applications, much less ones that get approved. And HealthCare.gov is legally permitted to approve applications with unresolved documentation issues. Consumers then get about three months to straighten out paperwork issues. However, GAO concluded that the process for resolving documentation issues does not appear to be highly reliable. The investigators' analysis determined that 431,000 applications from 2014 still had unresolved paperwork issues in April of 2015, months after the coverage year had ended. Those applications involved $1.7 billion in taxpayer subsidies. In addition, there were 35,000 applications with unresolved questions involving matching Social Security numbers, which represented $154 million in subsidies for insurance premiums. Finally, there were about 22,000 applications where it wasn't clear if the beneficiary was serving a prison sentence. Those accounted for $68 million in subsidies. (Prisoners are not eligible for coverage under the health care law.) It would be a clear waste of taxpayer dollars if "Obamacare" subsidies are going to prisoners, Upton said. HealthCare.gov "is at risk of granting eligibility to, and making subsidy payments on behalf of, individuals who are ineligible to enroll," said the report.

Okonjo Iweala: I Can Help Buhari Achieve Lasting Economic Development.

Okonjo Iweala: I Can Help Buhari Achieve Lasting Economic Development. Nigeria’s Former Coordinating Minister for the Economy Dr. Ngozi Okonjo-Iweala, has enumerated how the government of a developing country can attain sustained development. Speaking in a recent interview, the ex Finance Minister identified structural reforms, institution building and the need to achieve macro-stability as the requirements to achieve sustainable development in any nation. She stressed that any policy maker that wants to sustain development, and leave a lasting impact, really needs to put in systems, processes, and institutions that would drive development going forward. Responding to a question on how the immediate past government she worked under was able to drive growth, she said they looked at “the missing pieces,” and resolved that in order to drive Sustainable Development Goals (SDGs), “you need to diversify your economy away from one resource, you need to strengthen your revenue management framework, you need to present leakages.” “We put into place financial management systems with biometrics that really began to build a framework that would take us away from cash management with the problems of corruption and leakages to electronic management systems for finance. “The second thing we tried to do or beginning to do was some of the structural reforms that would be necessary for the economy. We tried to look at what were the biggest sources of fiscal drain, we looked at enterprises, and we looked at those places in the economy where we needed to tackle issues that could unleash private sector investment.” ALSO She explained that the Development Bank of Nigeria was established to support operators of small and medium scale enterprise (SMEs) so that they would be able to grow. “This is another trend that is critically important: how do you foster growth within an economy, how do you help informal enterprises to grow and create more jobs, because often it’s not the huge businesses that create the most jobs. So, building an institution that can begin to plug the gap and be sustainable – the same as many countries have done: the German’s have KfW, the American’s have the Small Business Administration. “We don’t have these kind of things in our countries, and because we’re missing these institutions that means we continue to struggle. So the second lesson that I’d say we learned that is important for development is to really look for what is missing institutionally from your economic landscape, and try to put them in, because without those institutions built, you will not be able to develop. And then undertake the right structural reforms in those regulatory reforms, freeing up space for business that will enable your private investment to take place, because the government create the jobs needed,.