Tag: ECONOMY

‘Interest rates to remain high until inflation rate falls’ – Cardoso

Aminu Imam
CBN gov, Cardoso

… Reiterates commitment to monetary stability Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, had said interest rates would remain high until inflation rate comes down. Cardoso, who stated this in a Financial Times report yesterday.  also said orthodox policies would be implemented to tame inflation, said there is “every indication” that MPC would “do whatever is necessary” to rein in inflation. The CBN boss said, “They will continue to do what has to be done to ensure that inflation comes down. “Let’s face it: for a long period…

Read More

Economic Hardship: Tinubu vows to continue taking difficult decisions

Aminu Imam
Tinubu vows

President, Bola Tinubu has vowed that his administration will continue to make difficult decisions on behalf of Nigerians, even if such decisions cause short-term pains. The Nigerian leader, who spoke during a meeting with Prime Minister Mark Rutte, of the Netherlands in The Hague, on Thursday, said the confidence he has in Nigerians gave him the courage to make difficult decisions on their behalf, given his full awareness of the “need to give them the long-term tools they need to succeed”. ?His re-assurance is coming in the wake of economic…

Read More

Bleeding Economy: Stakeholders want stiffer penalties for crude oil thieves

Aminu Imam
crude oil thieves

Stakeholders and groups have called for tougher measures to contain the massive oil theft in Nigeria, not only to eradicate the scourge but to bring perpetrators to justice. Nigeria has consistently blamed massive oil theft, declining investment, and outright sabotage for its inability to meet 1.5 million barrels a day bpd OPEC quota. This is as Civil Society Organisations (CSOs) in the country have explained why oil bunkering and oil theft persist in Nigeria, attributing it to corruption and the activities of State actors. According to the CSOs, no country…

Read More

Nigeria’s Economic Challenge: “The worst is over” – Shettima 

Aminu Imam

Vice-President, Kashim Shettima, has assured Nigerians that the worst is over in the economic challenges bedevilling the nation. Shettima, who gave the assurance at the official launch of the National Design and Innovation Competition at the Presidential Villa, Abuja, noted that Nigeria’s youthful population, with an average age of just 19 years old, “is an age group that is pregnant with ideas for innovation and for the social and economic transformation of Nigeria”, adding that, “Innovation drives manufacturing and Nigeria is brimming with possibilities and opportunities”. He pledged the federal…

Read More

“I will crash petrol price, eliminate hardships” – Tinubu promises

Aminu Imam

President Bola Ahmed Tinubu has vowed to find a lasting solution to the tough times facing Nigerians, saying that he was quite aware of the myriad of socio-economic and political problems Nigerians are grappling with. He stated this yesterday at the 11th Convocation Ceremony of the Michael Okpara University of Agriculture, Umudike (MOUAU), Abia State, where four sets of graduands participated in the ceremony. Tinubu, who was represented by the Executive Secretary of the Agricultural Research Council of Nigeria (ARCN), Professor Garba Sharubutu, said he was not resting on his…

Read More

“CBN doesn’t have a magic wand to solve current economic challenges” – Cardoso

Aminu Imam

Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has stated the Bank does not have a magic wand to solve Nigeria’s current economic challenges. The apex bank’s chief said this in an emailed speech on Tuesday according to reports from Reuters. He said, “The CBN does not have a magic wand that can be waved at the current economic challenges”. Nigeria currently battles a depreciating naira, double-digit inflation poised to reach 30% according to KPMG analysis, and an N87 trillion debt. However, he explained that the CBN can…

Read More

FG targets $1tr economy by 2026, $3 trillion by 2030

Aminu Imam

The Federal Government has proposed to appropriate the sum of N5.095 billion for the purchase of a presidential yacht under the capital expenditure Nigeria Navy and N5.5 billion for education loan funds in the 2023 supplementary budget. According to the 2023 supplementary appropriation details of Ministries, Departments and Agencies (MDAs) spending, the Nigerian Navy proposed a capital expenditure of 42.3 billion and a recurrent expenditure of N20.42 billion, making a budget of around N62.8 billion. Other items in the budget proposal from the Nigerian Navy include the purchase of vehicles,…

Read More

How to reset Nigeria’s economy – Lamido Sanusi

Aminu Imam

The 14th Emir of Kano and former Governor of the Central Bank of Nigeria (CBN), Lamido Sanusi, says reduced dependence on petrol will be the long-term solution to the petrol subsidy removal crisis. Sanusi, who made the assertion at the Distinguished Lecture Series of the Nigerian Institute of International Affairs (NIIA), on Thursday in Lagos, said, “In the short-term, the most effective measure to offset the removal of fuel subsidies is cash transfers. “The design of individual cash transfer programmes varies considerably in reach and coverage”. The lecture series, which…

Read More

Terrorism, poorly regulated economy threat to food security – Expert

Abdul-Azeez Ahmed Kadir

A Medical Imaging Scientist, Dr Livinus Abonyi, has identified terrorism and poorly regulated economy as major threats to the realisation of food security in the country. Abonyi said this on Monday in an interview in Lagos as the World Food Day (WFD) is celebrated globally. The theme of this year’s celebration is, “Water is life, Water is food. Leave no one behind.” The theme aims to highlight the critical role of water for life and water as the foundation of our food. Abonyi, a Lecturer at the Lagos State College…

Read More

Hajj not a capital flight

Abdul-Azeez Ahmed Kadir

By; Fatima Sanda Usara The National Hajj Commission of Nigeria (NAHCON) observed with dismay how some media outlets, for whatever reasons, have carried on with campaigns of calumny against the Commission despite several press briefings and press releases clearly explaining reasons and solutions to hitches encountered in the 2023 Hajj operations.  In its bid to carry the press along, who in turn it is believed would clarify issues for their readers, NAHCON had kept the press updated about all knotty issues even before they become obvious, and sometimes only after…

Read More