₦airaland Forum

This is madness........

South Africans have suddenly turned into a beast. I regret writing a project on the torture they faced from the white minority during the aparthied regime.

Nigeria and the politics of squandermania
By Editorial board
currencies
ALTHOUGH political campaigns have come
to an end, the report the other day that media
advertisements by all the political parties in the
just concluded elections alone might have
gulped N4.9 billion of party finances, is a
scandalous development that should warrant
campaign finance reforms.
This proposal has become imperative when one
considers the level of impropriety, unethical
professional practices, fiscal indiscipline and
blatant absence of accountability and probity in
the collection, disbursement and management of
campaign funds.
Moreover, given the parlous state of the nation’s
economy, the indiscriminate and obscene
extravagance displayed by politicians, calls for a
probe into the source of funds so wantonly
expended.
Reports analyzing the data gathered from
advertising agencies and regulatory bodies
suggested that the print media raked in about
N1.382 billion of the total amount.
Of this amount, the All Progressives Congress
(APC) was said to have spent N332. 503
million on its presidential candidate, while the
Peoples Democratic Party (PDP) was alleged to
have expended N1.049 billion.
Campaign rallies of the two parties were said to
have gulped N1.057 billion for PDP and
N595.082 million for the APC, while outdoor
campaigns for both parties took N224.36
million.
Amount spent for the coverage of broadcast
campaign for the presidential candidates were
N508. 35 million for PDP and N391.05 million
for APC, while electronic media adverts
allegedly gulped N733.9 million for PDP and
N555.6 million for APC.
This brings the supposed total of the amount
spent on political advert to N4.973 billion, with
PDP accounting for N3.549 billion and APC
N1.424 billion.
By all means, this sum is a conservative figure
of campaign expenses, for it excludes the
amount spent on political adverts that did not
pass through regulatory bodies. It also does not
include syndicated articles and news stories,
extra-media image-laundering activities and
other payments that lubricate campaign
activities.
Moreover, when the money spent on ‘bread and
butter’ gratification of the masses is considered,
the amount spent on the last political campaigns
would far exceed the stated figures.
This development, by any standard, is an
obscene use of money and a flagrant abuse of
the electoral process. It offends the moral
sensibilities of well-meaning Nigerians, and is
capable of causing disaffection between the rich
and the poor.
More worrisome are the willful and flagrant
violation of the Electoral Act and the non-
prosecution of defaulters by the electoral
commission. In fact, Sections 87 – 91 as
amended contain provisions that require parties
to open their books to the electoral body from
time to time and also regulate the amount of
money political parties should spend.
However, cognizant of the absence of diligent
monitoring of political financing, politicians
have devised strategies to circumvent the
Independent National Electoral Commission
(INEC), by using looted funds to sponsor and
finance phantom non-governmental
organizations and civil rights bodies, which act
as fronts to mobilize voters on behalf of their
sponsors.
In the same vein, businessmen, expectant of
quick and sumptuous returns, have colluded
with politicians to turn the electoral process into
an investment. It is suspected that some
financiers have even doled out hundreds of
millions of naira in support of their political
cause.
The question is, in an economy that is in need
of revitalization, from where did such business
persons get the money and what price would
the tax-payers eventually pay in return?
Furthermore, the excessive use of money,
especially to garner support, portrays the
electorate either in its collective sense or in the
capacity of individual members as instruments
and means to be used and dispensed with. The
electorate become cannon fodders for the
politicians to shoot themselves to power, albeit,
dubiously.
Again, by the avalanche of lies and untruths
unleashed to convince the masses, politicians
present a non-existent state of affairs; and by
willfully peddling falsehood, politicians deceive
and disrespect the public and do harm to their
status as human beings.
Besides, money politics promotes a value
disorientation that undermines genuine
development and growth. As experience has
shown, politicians who rode on the crest of
excessive campaign spending to elective
positions are likely to recoup or pay back
money spent on campaigns before settling down
to the business of governance; at the end of
which governance is put in abeyance.
Furthermore, the integrity deficit that is
associated with this scandalous political
spending, with its consequent value
misplacement, has come to reinforce the
perception that politics is the profession of the
treacherous, a solace for the deceitful and a
haven of the incompetent.
Implicated in all this are political action
committees of parties that have made money the
god of politics, and upturn the moral table.
To wriggle out of the moral quagmire in which
the polity has found itself in campaign
financing, there is need to curtail the activities of
these committees.
Nigeria cannot afford to have all shades of
suspicious groups fronting as financiers of
political parties. Every political action
committee must be made to account for any
donation given to its party.
To successfully track funds, their sources and
deployment for acts noble or otherwise, there is
need for expeditious action to be taken on the
promulgation of the long-awaited Financial
Intelligence Unit Act.
Apart from the stipulations of the Electoral Act,
INEC must put a ceiling on what an aspirant for
any electoral position should spend as campaign
funds.
To give credibility to political financing and
create a sense of probity and inclusion amongst
party members, the faithful should be made to
contribute to the financial well-being of their
parties through periodic payment of dues.
Parties should seek obligatory financial
membership and inculcate the value of internal
democracy in their management of funds.
What obtains now is a scandal that does not
augur well for democracy.

Cruize306:
What is really happening in Rivers State? Why will a civil servant be denied his wages even after the second week of the month?

Our amiable Gov. Rotimi Amaechi pls do something about this situation. You're our hero, father and shepherd. Merci

Alert! Alert! Alert! Alert!
The phones have stopped
Buzzing........
Nobody to explain to us
How long will this linger
Not too long again
Joy will soon come
We will soon rejoice
And our faces will be
Filled with smiles again
Trouble may last
But joy cometh in the morning
They cannot kill our spirit
Because we are noble and strong

I thought they said the nanny was 23 abi 25yrs old? Hw come am seeing this old mama?

dexpee4life:
this "Shortage of Cash in the Vault" is not what my wife and family will understand. Texy, I need simple terms to use in place of "Cash shortage" and "Vault" so as to make them understand. Or abi, I should consult you to come and explain to them in simple terms

My brother! Me sef tire oooo. Everything boils on the government insensitivity on the plight of the common man. Its so unfortunate that we are the ones that are being used as the sacrificial lamb;notwithstanding let's keep hoping until this week runs out. if U fit find were u go borrow cash;jst go borrow. God bless u...cheers#

dexpee4life:
are the banks on strike

The banks are not on strike;its just that there is shortage of cash in the vault of some banks. Let's see what today has for Us.

No problem...let Dem go to the lagoon.

wealthyprince:
Ecobank...good evening. how is network now? am assuming is network that is holding you people because you have always be on point. whether na Internet or Man made network....allow the net to work o since it has being working because me I wan "cash" fish.

still waiting .....just a little - little patience .

greetings to you all.

Today has come and gone. Tomorrow remains uncertain. Let's see what this new government has for us. I just pray this delay shouldn't continue with this new gov't.

Jehofah! See face like new masquerade. I fit cry

Cash Shortage Hits Banks, Overnight
Lending Rate Jumps
by Adesiji77: 9:45am
Overnight lending rate jumped to 78.5 per cent
on Tuesday, up from 60 per cent on Monday,
statistics from the FMDQ OTC showed
The increase came two days after the Central
Bank of Nigeria debited banks about N72bn to
enforce its Cash Reserve Requirements policy.
The development has triggered a surge in
demand for funds on the interbank market,
according to financial market dealers.
The CBN requires banks to set aside 75 per
cent of public sector and 15 per cent of private
sector deposits in cash in their respective
accounts with the central bank.
Data from the FMDQ showed that overnight
lending rate stood at 27 per cent on Friday
before the CBN withdrew the funds.
Traders said that the liquidity shortage was
compounded by lack of cash flow to the
banking system because there were no Treasury
bills maturing during the past week.
An analyst at Ecobank Nigeria, Mr. Kunle
Ezun, said the increase in overnight lending rate
was a reflection of the market, adding that the
recent cash withdrawal by the CBN had led to
liquidity squeeze in the market.
He, however, said the situation might change in
coming days as payment for maturing treasury
bills would pump liquidity into the market.
http://www.punchng.com/business/money/cash-
shortage-hits-banks-overnight-lending-rate-
jumps/
(

We the good people of Oil rich Rivers state are not complaining;we voted for them because we are tired of Amaechi's tyrannical qualities and his evil treatment on pensioners and civil servants. The bad part is that most of u in the west don't know Amaechi very well;that's why u adore him.

PaulThor:
why all this rhetorics when all we want to see is alert..... pfft....

Am telling U..... Don't know what is really happening. Let's still hope that alert will come.

Cruize306:
If una make us vex we go pay b4 Zenith next month ooh... Make none of una challenge my bank

Lol! My broda I jst tire. Jst imagine wen u dey expect alert den MTN begin buzz u with their useless messages.

No wonder have not gotten last month salary alert from Ecobank. Nigeria and bad news! Nah wah oooo!!!

waliezi:
. 4 how long?

U don see am nah!

End never shall wonder; it amazes me to see banks like IBTC,Firstbank paying so early.....the alert will start flowing. Everyone in the house should just keep calm.

Nobody is ugly......just make money like Timaya and chicks will hover around u.

The Op just reminded me of a copper(girl) that slept in my house;she actually used a big bible to demarcate the bed. I didn't touch her though but we later became best of friends.

Mutation

gold360:
mydear dz is beyond injustice..it seems lyk animal farm..SUM TEACHERS ARE MORE EQUAL DAN D ODAS....not cool @ all

Don't worry just be patient...

Jst heard IBTC has paid......can anyone confirm.

dexpee4life:
Now that there is Peace in the House, Alerts will Start Flowing starting with Union Bank, followed by UBA and others

Lol! But am surprised that first bank paid early. Kai! My darling Ecobank;wata gwan! Let's just wait till 4 o'clock.

gold360:
ok..its been a while..how u dey?..warm wishes..

Hahahahahah! Dats the spirit

joyblinks:
Tekena na dis beer dey cause biggy belle oo. Am concerned about u guys gettng pot belly. So make ona drink water when ona see.

Lol! I don dey drink beer from the dayz of Adam yet my belle Neva big oooo.

gold360:
bro..me no get any qualms oh...ok mr.cruize here's my hand of friendship.lets bury d past n move on..

Imbre cruize abeg for my sake just forget the past. I believe say we be all guy men. Infact I for like see una make we siddon drink beer.

gold360:
its ur father who up til nw culd'nt detect dat his suposed 39 yrs old son is actualy a bastard,dat is d real MONKEY

As an elder statesman;Am begging u guys to stop this war.

GEJ surrounded himself with Evil men that are corrupt to the core. GMB should learn from that and do away with corrupt persons in his cabinet. Naija will be great again.

Lol! U learn to book space.

Piom piom.....suck the priwinkle out of da shell