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Economy

Cardoso rejects calls for CBN to return to intervention programmes

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The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has defended the apex bank’s return to orthodox monetary policy and warned against renewed calls for interventionist programmes, saying such measures previously distorted the institution’s balance sheet and weakened policy effectiveness.

Cardoso made the remarks during the opening session of a Monetary Policy Committee workshop held on May 21, 2026, according to a statement issued by the CBN on Sunday.

The statement said the governor reaffirmed the bank’s commitment to orthodox monetary policy, transparency and evidence-based decision-making, describing the ongoing reforms as critical to restoring confidence in the Nigerian economy and strengthening macroeconomic stability.

The workshop, themed “Strengthening Monetary Policy Effectiveness Towards Sustainable Macroeconomic Stability,” brought together MPC members, deputy governors, directors and other stakeholders to discuss ways of improving monetary policy effectiveness amid evolving domestic and global economic conditions.

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According to the statement, Cardoso reflected on Nigeria’s recent monetary policy history and highlighted the challenges facing the bank when the current administration assumed office. These, he said, included weakened institutional autonomy, reduced policy credibility and reliance on unorthodox monetary tools.

The statement read, “According to him, these challenges blurred the distinction between fiscal and monetary responsibilities, reduced transparency, and limited the effectiveness of policy interventions. He also observed that the foreign exchange market was opaque and inefficient, while weak fiscal-monetary coordination further constrained economic outcomes.”

The CBN noted that these structural weaknesses contributed to rising inflationary pressures, exchange-rate volatility and an erosion of investor and public confidence.

However, the statement said reforms introduced by the current leadership had begun reversing those trends.

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It explained that the apex bank had restored a more orthodox approach to monetary policy under the current MPC framework, with renewed emphasis on conventional instruments and the Monetary Policy Rate as the primary signalling tool.

The statement added that improvements in liquidity management, forward guidance and policy communication had enhanced transparency and helped anchor expectations among households, businesses and investors.

“As a result, the Governor noted that inflation, while still elevated and requiring close monitoring, has begun to moderate, and exchange-rate stability has improved. Enhanced transparency in the foreign exchange market has also supported more efficient price discovery and reduced volatility, contributing to a gradual restoration of confidence,” the statement read.

The apex bank further stated that the economy’s growing resilience to external shocks, including recent geopolitical developments in the Middle East, reflected the impact of ongoing reforms and improved policy coordination.

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Beyond monetary policy outcomes, the statement highlighted progress in strengthening the institution’s internal processes.

It noted that decision-making within the bank was increasingly anchored on data-driven analysis and structured deliberation, while communication practices had become more consistent and predictable.

According to the statement, those efforts align with the CBN’s medium-term objective of transitioning to a more explicit inflation-targeting framework, a process that will require deeper institutional reforms, stronger collaboration and sustained technical work.

The statement also quoted Cardoso as describing the recently concluded banking recapitalisation exercise as evidence of effective policy coordination, extensive stakeholder engagement and the diligence of the bank’s financial-sector supervision teams.

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Reiterating the bank’s commitment to orthodox monetary management, Cardoso cautioned against a return to interventionist measures.

“The Governor reiterated the Bank’s focus on orthodox monetary policy and cautioned against renewed calls for interventionist measures, noting that such programmes had previously distorted the Bank’s balance sheet. He stressed that the institution’s renewed credibility over the past two and a half years has largely stemmed from its disciplined reliance on conventional policy tools,” the statement read.

The governor also reaffirmed the bank’s commitment to transparency, evidence-based policymaking and institutional strengthening, stressing the importance of continuous learning and adaptation in achieving sustainable macroeconomic stability.

According to the statement, he expressed confidence that the workshop would generate practical insights to strengthen the implementation of monetary policy and support sustainable economic growth.

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Earlier in his welcome address, the Deputy Governor for Economic Policy, Dr Muhammad Abdullahi, emphasised the importance of broad-based participation in monetary policy discussions.

The statement quoted Abdullahi as saying that facilitators at the workshop were drawn from policy, research and professional practice, adding that the diversity of perspectives was essential for informed dialogue, rigorous analysis and collaborative engagement.

He explained that the workshop was designed to provide a platform for structured dialogue, technical exchange and shared learning.

According to the statement, Abdullahi noted that the workshop theme was particularly relevant in the current environment, where monetary policy is influenced by evolving domestic economic conditions, global spillovers and heightened uncertainty.

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He added that the theme reflected the bank’s commitment to continuous improvement in policy formulation and implementation and expressed optimism that the outcomes of the workshop would support ongoing efforts to strengthen policy analysis and execution within the CBN.

The two-day event featured technical sessions led by experts with practical experience in monetary policy and financial markets. Discussions focused on policy transmission mechanisms, financial market development, analytical frameworks and institutional processes tailored to Nigeria’s economic environment, the statement added.

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Economy

Over 5,000 fibre cuts recorded in six months – NCC

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The Nigerian Communications Commission (NCC) has disclosed that more than 5,000 fibre-optic cable cut incidents were recorded across the country in the first six months of 2026, with road construction, excavation and related civil works identified among the major causes.

The Executive Vice-Chairman of the NCC, Dr Aminu Maida, disclosed this on Tuesday at a stakeholders’ workshop on the protection of fibre-optic cables during road construction, excavation and other activities in Nigeria.

Maida said the high number of incidents required stronger collaboration between telecommunications operators, road contractors, government agencies, regulators and security institutions to prevent further damage to critical telecommunications infrastructure.

According to him, many of the incidents occurred because of inadequate coordination among stakeholders involved in road and other construction activities. He said the consequences of fibre cuts extended beyond the immediate physical damage to cables, stressing that they could disrupt essential services and affect millions of Nigerians.

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The NCC boss recalled the nationwide telecommunications disruption in February 2024, when fibre cuts, including those caused by road construction, affected one of the major telecommunications operators. He said millions of subscribers were unable to make calls, send messages or access the internet for several hours, while subscribers who moved to alternative networks caused congestion on those networks.

According to him, the incident demonstrated how damage to one network could quickly have wider national consequences.

“In the first six months of this year alone, more than 5,000 fibre cut incidents were reported from road excavation, construction, and related civil work. A damaged fibre cable is therefore not simply a cost to an operator, it is a cost to Nigerians and to the wider economy.

“Those affected were not numbers in an incident report. They were parents, businesses, workers, and citizens cut off from people and services on which they depended on,” Maida said.

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He stressed that preventing fibre cuts should be prioritised rather than waiting to repair damaged infrastructure after incidents had occurred.

Maida said telecommunications operators must provide accurate information on the location of their infrastructure and respond promptly when contacted before construction begins. He added that contractors must check for underground infrastructure before excavation and make adequate plans for its protection.

The NCC chief also urged regulators and security agencies to provide guidance and ensure accountability, stressing that coordination should form part of the design and execution of every relevant infrastructure project.

He said the commission remained committed to working with public and private stakeholders to make coordination a standard practice in road construction and other civil works.

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Earlier, the Director of Critical National Assets and Infrastructure Protection in the Office of the National Security Adviser, AVM Effiong Ewa, said the protection of fibre-optic infrastructure was a shared national responsibility.

Ewa noted that telecommunications infrastructure had been designated as Critical National Information Infrastructure, warning that negligence or interference that exposed the assets to damage could constitute an offence under Nigeria’s legal framework.

He called for strict adherence to established protocols, guidelines and procedures during construction and maintenance activities.

Also speaking, the Permanent Secretary, Federal Ministry of Works, Mr Rafiu Adeladan, said the ministry recognised that road and telecommunications infrastructure often operated within the same physical space.

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He said excavation, grading, reconstruction, utility relocation and other road activities could inadvertently damage vital fibre-optic infrastructure where adequate coordination and precautions were not in place.

Adeladan called for stronger mechanisms for coordination and information sharing before and during road construction activities. He said road contractors, consultants and relevant agencies should have access to accurate information on the location of telecommunications infrastructure before excavation begins.

On his part, the Permanent Secretary, Federal Ministry of Communications, Innovation and Digital Economy, Engr Nadungu Gagare, said protecting telecommunications infrastructure was not the responsibility of one institution, but required collaboration among government ministries, regulators, security agencies, construction companies, utility providers and other stakeholders.

Gagare said the Federal Government had established a tripartite standing committee on the protection of fibre-optic infrastructure to strengthen collaboration and promote a coordinated approach to infrastructure protection.

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He said the committee would also promote compliance with established standards and right-of-way regulations, improve information sharing and support measures to prevent avoidable damage.

The workshop, organised by the Federal Ministry of Communications, Innovation and Digital Economy in collaboration with the Federal Ministry of Works, NCC, Office of the National Security Adviser and Nigeria Security and Civil Defence Corps, is aimed at developing practical measures to protect fibre-optic cables during road construction and other civil works.

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NRS boss, Adedeji under fire over Nigerian economy comment

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Nigerians have tackled the Executive Chairman of the Nigeria Revenue Service, Zacch Adedeji, over his recent comment about critics of economic reforms under President Bola Ahmed Tinubu.

DAILY POST reports that in a viral video, Adedeji questioned critics of Tinubu’s economic reforms about what they would have done differently.

“That is what I get worried about when I listen to some people about the economy and everything.

“Just ask them, what would they do differently? Mr President, I don’t want you to wonder. You have elevated the system from what they know and wonder,” Adedeji told President Tinubu.

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Adedeji’s comment triggered reactions from Nigerians on X.

Reacting, a development professional and former Director-General of the Bureau of Public Service Reforms, Joe Abah, described Adedeji’s comment as insensitive.

“If true, this is a deeply insensitive statement.

“But to answer the question of what I would have done differently, I can just look at the UK’s Andy Burnham, who is trying to tackle the cost of living.

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“In just 19 days, he has removed the 5 percent VAT on domestic electricity (it is 7.5 percent in Nigeria); capped bus fares at £2 per ride by reimbursing private sector operators for the difference in real costs; pledged a 20 percent cut in business rates for pubs and clubs (an important part of British social life); maintained and adjusted Universal Credit to favour the poorest and most vulnerable.

“So, I would have used the increasing tax revenue to tackle the cost of living. That is what I would have done differently at my own level. Hope that helps,” he said on X on Saturday.

Similarly, a lawyer known, Vena Ikem wrote on X: “He should ask himself what all the millions of dollars he is spending mean to the tax he is collecting even from poor people. If karma truly fulfils, this man will get his just deserts in the land of the living. This arrogance is from getting away with stealing tax money.”

Also, Adekunle Oderinde wrote on X: “The entire convoy of Zacch Adedeji is more expensive and longer than the convoy of UK Prime Minister, yet he is talking about suffering Nigerians complaining about the effects of the policies of his principal, President Tinubu, who drives an expensive and long convoy on scarce resources.”

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RMAFC gives NUPRC 48 hours to dissolve host community trust

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The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has ordered the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to dissolve a disputed Host Community Development Trust within 48 hours, following allegations that it was established without proper consultation with the affected oil-producing communities.

The order was issued during an investigative hearing in Abuja into the operations of Sterling Oil Exploration and Energy Production Company (SEEPCO) and the implementation of the Host Community Development Trust provisions of the Petroleum Industry Act (PIA).

Speaking at the hearing, RMAFC Chairman Dr Mohammed Bello Shehu said the Commission would continue to protect the interests of oil-producing host communities and ensure they receive the benefits guaranteed to them under the law.

According to a statement issued on Friday by the Commission’s Head of Information and Public Relations Unit, Maryam Umar Yusuf, Dr Shehu described the investigation as a national assignment aimed at promoting accountability in the management of Nigeria’s petroleum resources.

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He said the Commission would continue to strengthen its oversight of oil companies and government institutions responsible for implementing the provisions of the Petroleum Industry Act, adding that transparency and accountability remain essential to protecting national revenue and restoring public confidence in the petroleum sector.

Dr Shehu commended members of the Commission’s Investment Monitoring Committee for their work and expressed optimism that the investigation would help ensure that host communities receive the full benefits provided for under the Petroleum Industry Act.

The Chairman of the Investment Monitoring Committee and Federal Commissioner representing Anambra State, Dr Ekene Enefe, led the investigation into SEEPCO’s compliance with the law establishing Host Community Development Trusts.

He said the era in which oil-producing communities endured environmental degradation and social hardship without corresponding development must end.

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According to him, both petroleum operators and regulatory agencies must fully fulfil their legal responsibilities to affected communities.

The Committee also expressed concern about SEEPCO’s repeated failure to honour invitations to appear before it, despite earlier engagements.

Dr. Enefe warned that no operator would be allowed to evade legitimate oversight by the Commission.

Addressing officials of the NUPRC, he said RMAFC’s constitutional responsibility requires it to hold every institution in the petroleum industry accountable for the proper discharge of its duties.

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He then issued a direct order to the regulator, saying: “We are going to give you 48 hours to dissolve that host community development trust.”

Dr. Enefe also faulted SEEPCO for what he described as its failure to meet obligations owed to host communities.

He said the company would receive a formal notice directing it to settle all outstanding obligations. “We are going to write them, and we are going to give them an ultimatum to pay up what is owed the host communities,” he said.

Enefe added that after completing its investigation, the Committee would forward its findings and recommendations to the appropriate authorities, insisting that the Commission would carry out its constitutional responsibilities without fear or favour.

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Earlier, the NUPRC delegation, led by the Director of Host Communities, Mrs. Ufondu Ejiro, defended the Commission’s handling of the Host Community Development Trust.

She told the Committee that the trust had been legally incorporated, properly funded and established in line with the Petroleum Industry Act.

According to her, the Commission received and reviewed documents covering community consultations, governance arrangements, funding plans and Community Development Plans before approving the trust.

She also presented records of contributions to the trust and maintained that the regulator had carried out its responsibilities in accordance with the Petroleum Industry Act and the Host Community Development Regulations.

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However, the affected host communities rejected the regulator’s position. Speaking on their behalf, legal representative Mr. Peter Chukwudi argued that several individuals presented as community representatives were not recognised by the affected communities.

He also disputed claims that adequate consultations had taken place before the trust was established.

Chukwudi questioned the level of development in the oil-producing communities despite years of petroleum exploration and urged the Committee to thoroughly investigate the issues raised by residents.

Also speaking, the Anambra State Commissioner for Petroleum and Mineral Resources, Prof. Charles Ofoegbu, called for stronger cooperation between the NUPRC and the Anambra State Government in verifying genuine community representatives and monitoring compliance with legal obligations.

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He also called for greater openness in the calculation of statutory contributions, operational expenditure and the execution of community development projects, saying the state government has a responsibility to protect the interests of its oil-producing communities.

The Federal Commissioner representing Rivers State, Ambassador Desmond Akawor, said there appeared to be a communication gap between the regulator and state governments, adding that closer cooperation would improve oversight of petroleum operations.

He also expressed disappointment at SEEPCO’s absence from the hearing and urged all parties to cooperate fully with the ongoing investigation.

The Federal Commissioner representing Kogi State, Abdulazeez Idris King, questioned whether documents submitted by operators alone were sufficient to confirm that genuine consultations had taken place before community representatives were recognised.

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Similarly, the Federal Commissioner representing Jigawa State, Hauwa Umar Aliyu, called on regulatory agencies to maintain professionalism, fairness and impartiality while carrying out their statutory duties.

She said regulators must inspire public confidence by giving equal attention to the interests of host communities as well as those of oil companies.

In his closing remarks, Dr. Enefe assured all stakeholders that every submission and documentary evidence presented before the Committee would be carefully examined before recommendations are made.

He said the Committee would continue its work until all relevant facts had been established, adding that the investigation forms part of RMAFC’s broader efforts to improve transparency, strengthen accountability and ensure that oil-producing communities receive the benefits guaranteed to them under the Petroleum Industry Act.

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