The credit score for the idea of Negative Capability rightfully belongs to a different “J K” (John Keats) who outlined it as the potential of residing with uncertainty. In Africa, we have now turned it the other way up. A living proof was the entrance web page report in “Daily Trust” newspaper on September 7, 2023.
Headline: “Husband rushes to kano court as wife threatens to re-circumcise him”
“One resident of the Kano metropolis, Malam Ali, has rushed to a Sharia Court sitting in Rijiyar Lemo in search of the courtroom to cease his spouse from her menace to renew his circumcision.
Malam Ali informed the courtroom that his spouse has been threatening him for lengthy that she would renew his circumcision, including that she even purchased a pointy knife and stored it inside the home.
He mentioned from that point he has been sleeping with one eye each time he’s in her home, as he has two wives.
After listening to the grievance from the husband, the courtroom presided over by Malam Sunusi Danbaba Daurawa adjourned the matter until October 4, for additional listening to.
Speaking to journalists after the courtroom session, the husband mentioned he checked her room and took away the sharp knife to avoid wasting himself however he isn’t but snug.
“I don’t know what occurred; she simply mentioned she should renew it. I nonetheless love my spouse and we live peacefully. This is the one problem I’m going through together with her.
Read additionally: NDDC, KPMG associate for world finest practices, company governance
“That is why I decided to report her to the court if they can stop her,” he mentioned. However, the spouse refused to handle journalists on why she is making an attempt to renew his circumcision.”
However, we should always thank KPMG for a extra sombre and chic illustration of Negative Capability.
(i) Headline: “PUNCH” newspaper of Tuesday, September 12, 2023 GDP progress: FG’s 6% goal in 4 years not possible, says KPMG
A multinational consulting agency, KPMG, has said that the financial aim of President Bola Tinubu to develop the Gross Domestic Product progress price of the nation by six per cent is over-ambitious and as such can’t be achieved in 4 years.
The firm, in its difficulty “Eight Flashnotes” launched on Friday, noticed that the federal government’s plan, which suggests rising the worth of actual GDP from N74.6 trillion in 2022 to N92.5 trillion by 2026, representing a rise of N17 trillion in 4 years, is “not feasible”.
It famous that whereas the GDP progress of three per cent is assumed within the first yr going by World Bank’s projection for 2023, the economic system will then must develop by a mean of seven per cent for the next three years and shifting progress from a forecasted three per cent in 2023 to at the very least seven per cent in 2024 and afterwards, which appears overly bold, including that the very best GDP progress price to be achieved inside the subsequent 4 years could be between 4 to 4.5 per cent.
The notes learn, “We are of the opinion that there is very limited space to attain a 6 pet cent average real growth rate in four years or an increase in real GDP by N17trillion and an average GDP growth rate of between 4-4.5% at the best is more feasible in the next four years. Even this will require the country to get its policies right and keep consistent faith with macroeconomic reforms.”
It careworn {that a} difficult macroeconomic atmosphere and numerous constraints reminiscent of inflation, subsidy removing, and infrastructure limitations are a few of the challenges the federal government would face to take care of a positive and delicate steadiness throughout financial variables.
Giving additional causes, the multinational firm mentioned, “For instance, to develop authorities income to develop authorities consumption and funding, it would enhance taxes and /or borrow from the personal sector. However, rising taxes can decrease buying energy and gradual consumption expenditure progress. At the identical time, personal funding could also be curtailed as business earnings are squeezed from slowing demand, larger prices from larger taxes, and better rates of interest as authorities borrowing crowds out private-sector lending after which pushes charges up.
“GDP, utilizing the expenditure method, is the cumulation of family and authorities consumption expenditure, personal and public funding, and web exports which suggests the president must introduce insurance policies and take choices that can result in progress throughout these variables. However, taking choices in a single variable can result in a decline in one other.
“The initiatives authorities and the personal sector might also must put in place to cushion the consequences of the removing of petrol subsidy might also worsen the prices of businesses and go away much less for enlargement within the short-to-medium time period which covers the length of the president’s first time period and the main target of his progress targets.
“Household consumption expenditure which is the largest share of GDP and the easiest to grow is however constrained by high double-digit inflation which is expected to get worse with the subsidy removal, the implementation of the finance bill 2022 and the unification of the FX rate whenever it is implemented within the next four years, in addition to the perennial supply and transportation bottlenecks, security concerns and power and other infrastructural constraints to doing business in Nigeria will affect costs of production and price of goods and services,” KPMG concluded.
Subsequently, one thing near a reprieve was delivered on the entrance web page of “Vanguard” newspaper on August 29, 2023.
(ii) Headline: “KPMG downgrades Nigeria’s GDP progress to 2.65%
Read additionally: X KPMG retired companions as prisoners of struggle in Nigeria versus Niger battle
“KPMG, world’s main accounting agency, has downgraded its 2023 Gross Domestic Product (GDP) progress forecast for Nigeria to 2.65 % from its earlier projection of two.85 %.
The agency cited the contraction in oil manufacturing, the affect of subsidy removing and international removing and international trade (FX) reforms on households, in addition to additional enhance in inflation price for the remainder of 2023, amongst different issues as causes for the downgrade.
Giving these positions in its flash word titled; “Underwhelming Q2 2023 GDP Growth Recorded”, the agency said: “Second quarter of 2023, Q2’23, GDP outcomes are broadly in step with our earlier downward revision of 2023 GDP to 2.85 %.
“Nevertheless, we’re adjusting our 2023 forecast additional downwards to 2.65 %.
“Firstly, half-year 2023 (H1’23) GDP at the moment stands at 2.41 % and would require a mean progress in H2 2023 of three.30 % and three.50 % to finish the yr at 2.85 % and three.0 % respectively for 2023 which we consider is difficult and unlikely.
“Q2 2023 is nonetheless the quarter the place the affect of Subsidy removing, FX unification and different reforms of the brand new administration had it main affect on squeezing family consumption demand and corporations’ prices of operations in addition to lowered personal funding as corporations continued to undertake a wait and see method, tweak methods to deal with rising prices and lowered demand for his or her items and providers and struggled to search out FX to function. These elements will possible constrain non-oil progress provided that family consumption and personal funding represent the most important share of GDP.
The affect of subsidy removing was evident within the largest contraction in highway transportation GDP because the new GDP collection.
Though, subsidy was solely eliminated in June 2023 representing one month affect of the three months of the quarter, highway transport GDP contracted by – 55.14 % in Q2 2023, representing the largest contraction in highway transport GDP in historical past.
This contradicts the muted outcomes recorded with respect to inflation for that very same month which in line with NBS was not anticipated to completely replicate on the CPI although methodologically, the inflation price in every sector is used to deflate nominal GDP for that sector.
At the identical time, there was muted authorities capital funding within the economic system in Q2 2023 and the primary half of Q3 2023 up to now, with new administrations on the Federal and State degree settling down in Q3 2023.
Furthermore, oil manufacturing has began Q3 2023 with an extra contraction in July 2023 and if this development continues for the remaining two months of Q3 2023, we can have a state of affairs the place non-oil sector progress and oil sector progress underperform.”
Read additionally: X KPMG retired companions as prisoners of struggle in Nigeria versus Niger battle (2)
We owe Tunde Asaju an enormous debt of gratitude for his superlative Tribute titled: “requiem for a patriot” on the entrance web page of “Daily Trust” newspaper on September 5, 2023:
“It just isn’t typically {that a} meteor drops from the star-studded firmament of the Nigerian army with out flags flying at half-mast. It was the case when September final yr Major General Abdullahi Iyanda Muraina handed instestate at a Dubai hospital. Until his retirement and subsequent demise, the extremely embellished General served on the Army Pay Records. He was at totally different occasions the chief of accounts and price range on the military headquarters, a place that should have sharpened his business sense. His enemies tried unsuccessfully to soil his information with the 2016 arms procurement contract investigation, however he swam ashore right into a peaceable retirement with out as a lot as a day with interrogators of the dreaded EFCC.
Among the chattels credited to him had been eight (8) posh homes in Abuja’s elite districts conservatively valued at N1 billion every. He had houses in Ibadan, his home city; farmlands and at the very least one gas station on the busy Abuja-Keffi freeway. Among the six autos he left behind, two had been bulletproof vans to be shared amongst his two wives.
For an accountant far faraway from the battlefront, these had been modest investments that ensures a retirement from poverty. Unfortunately, loss of life snatched him earlier than he might get pleasure from his blessings. Last week, solicitors to his two wives positioned a full-page advert within the media asking judges who weren’t aware of how the wealth had been amassed to determine the way it ought to be shared. What an awesome loss to the nation, prudence within the army and a possible circus for his enemies as they watch how the courts share the hard-earned wealth of a prudent and patriotic officer/accountant!
The full web page commercial below reference was on the entrance web page of “ThisDay” newspaper on September 1, 2023:
Headline: “public notice: caveat emptor” intestate distribution of the property of late Major-General Abdullahi Iyanda Muraina [rtd]
