Teaching Comparative Government and Politics

Monday, March 28, 2011

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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