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Law and the Financial Act 2020
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By Obadiah Mailafia
Law’s empire covers all those rules, institutions and norms that define the legal order of a society. Economics, on the other hand, is the science of reconciling scarcity and wants to enhance the wealth of nations.
Richard Posner at Chicago Law School was a pioneer in the study of law as a social tool to promote economic efficiency. Economist and Nobel laureate Joseph Stiglitz has argued that the structural challenges facing the American economy, for example, have to do with the inefficient rule-making that underpins American capitalism. Daron Acemoglu and James Robinson, in their book,
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Sunday Aborisade, Abuja
The Governor of Central Bank of Nigeria, Godwin Emefiele, is expected to lead top management staff of the Central Bank of Nigeria to the Senate today (Tuesday).
They are expected to explain details of the alleged missing $9.5m interest which accrued from Petroleum Profit Tax investment.
They will appear before the Senate Public Account Committee to explain the alleged disappearance of the principal sum deposited, the tenor and rate of interest.
The Chairman of the Senate panel, Senator Mathew Urhoghide, had while scrutinising the 2016 auditor-general’s report last week, declared that details of the PPT investment were shrouded in secrecy,