What's wrong with this picture?
This headline from Vanguard in Lagos is a vivid illustration (even if it's not a picture) of a serious problem that seems difficult for some outside observers to understand.Nation Spends N201 Billion On Fuel Imports
THE Central Bank Monetary Policy Committee, yesterday, expressed concern that $1.34 billion was spent on importation of refined petroleum products between January and March 2011…
The total supply to the Whole Dutch Auction segment by the CBN amounted to $5.145 billion from January through March 16, 2011, while demand stood at $6.815 billion during the same period. Of the amount supplied, $1.34 billion was spent on importing refined petroleum products alone, which has adverse implications both for the reserves position and government finances as a result of the huge subsidy implications"…
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Labels: capacity, economics, Nigeria
posted by Ken Wedding @ 5:48 AM
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