Connect with us

News

Money supply hits all time high at 56% to N101trn in June

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

By Kayode Sanni-Arewa

Money supply (M3), which is a broad measure of the total amount of money in an economy, has surpassed N100 trillion, reaching an all-time high for the country.

Data from the Central Bank of Nigeria (CBN) shows that M3 rose to a record N101.34 trillion in June 2024, represents a 56.15 percent increase to N64.90 trillion recorded in the corresponding period of June 2023.
When the money supply increases, it can lead to higher inflation. As more money chases the same amount of goods and services, prices tend to rise. This means that households might face higher living costs for everyday items, reducing their purchasing power, said a Lagos-based economist.
On a month-on-month basis, money supply increased by 2.11 percent from N99.23 trillion in May 2024. M3 is used by economists to estimate the total amount of money available in an economy, which can influence inflation, interest rates, and overall economic activity.

This is despite the monetary tightening of the CBN. The CBN has issued over N1.5 trillion in Open Market Operation (OMO) bills since Olayemi Cardoso took the helm as governor in a bid to stem inflation and prop up the naira, whose steep decline has unsettled the economy.
“The increased money supply is as a result of the expanded government revenue on the back of the persistent naira depreciation and improved performance of the oil sector,” said Ayokunle Olubunmi, head of financial institutions ratings at Agusto Consulting.

Advertisement

The Senate and the House of Representatives on Wednesday doubled government’s borrowing limit from the CBN, known as Ways and means, from five percent threshold to 10 percent amid excess liquidity concerns. Ways and Means is provided by the CBN to finance the Federal Government’s budget shortfalls. This facility allows the government to borrow from the CBN to secure short-term or emergency funding for critical projects.

The CBN’s data revealed that currency in circulation (CIC) rose to an all-time high of N4.05 trillion in June 2024. It jumped by 55.77 percent year-on-year from N2.60 trillion in June 2023. Money in circulation increased by 2.27 percent from N3.96 trillion in May 2024.

“While the increase in CIC may suggest improved economic activity in nominal terms and higher consumer spending, it also highlights the risk of inflation, particularly if money supply growth exceeds real output growth,” analysts at FBNQuest said.

According to a report by FBNQuest indicates continued expansion in liquidity despite the Monetary Policy Committee’s (MPC) hawkish measures to tighten liquidity and control inflation.
Latest data from the Nigerian Bureau of Statistics (NBS) shows an inflation rate of 34.2 percent in June 2024, up from 22.8 percent in June 2023.

Advertisement

According to the data, net credit to the government declined by 10.18 percent to N28.05 trillion in June 2024 from N31.23 trillion in June 2023. On a month on month basis, it dropped by 0.32 percent from N28.37 trillion recorded in May 2024.

Credit to the private sector decreased to N73.12 trillion in one month (June 2024), representing 1.60 percent over N74.31 trillion in May 2024. Against the corresponding period, it rose by 38.46 percent from N52.81 trillion in June 2023

Continue Reading
Advertisement
Click to comment

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49

You must be logged in to post a comment Login

Leave a Reply

News

FG set to blacklist schools, publishers using unapproved textbooks from September

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

 

The Federal Government will begin blacklisting schools, authors, and publishing houses that use or distribute unapproved instructional materials starting this September.

This harsh sanction coincides with the resumption of the 2026/2027 academic session in two weeks, marking the official enforcement of an aggressive new national textbook ranking policy.

Under the new directive, standard licensing from the Nigerian Educational Research and Development Council (NERDC) no longer guarantees a textbook’s entry into classrooms.

Advertisement

Every instructional resource from primary to senior secondary school must now pass a rigorous national evaluation, securing a minimum score of 70% to qualify for the official national ranking.

Speaking recently with education stakeholders—including state commissioners, private school owners, and administrators—the Minister of Education, Dr. Tunji Alausa, emphasized that the policy is central to making Nigeria’s education sector globally competitive.

According to the policy statement obtained by Nigerian Tribune, the government is capping the final approved list to a maximum of six to 10 titles per subject to prevent an overcrowded market.

Once a textbook makes this elite list, it will remain standard for a minimum lifespan of three years to ensure educational stability.

Advertisement

While unranked textbooks are strictly banned in all public primary and secondary schools nationwide, the Federal Government strongly recommends that private institutions adopt these exact standards to maintain uniform educational quality.

Continue Reading

News

Buhari’s minister, Sylva finally dumps APC

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

 

Ex-Minister of State for Petroleum Resources, Timipre Sylva, has dumped All Progressives Congress (APC).

His resignation was contained in a letter dated August 31, 2026, addressed and electronically transmitted to the APC Chairman of Ward 4 in Brass Local Government Area of Bayelsa State.

In the letter, Sylva accused the ruling party of abandoning the ideals on which it was founded, saying he could no longer remain in the party.

Advertisement

He also described the APC as a floundering ship whose fate appears irredeemable by the load of its iniquities.

The resignation letter were also sent to the National Chairman of the APC, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC) and the Bayelsa State Chairman of the party.

The former Governor of Bayelsa State said his decision followed extensive consultations with his family, associates, colleagues and sympathisers.

“Having consulted widely with my family, associates, colleagues and sympathisers, I wish to formally tender my resignation from the All Progressives Congress (APC), with immediate effect,” he stated.

Advertisement

Sylva, who described himself as a founding member of the APC, accused the current leadership of abandoning the ideals that initially attracted him and other Nigerians to the party.

He said their actions have shown that the basic standards of morality and decency have been abandoned by the leaders who now believe that ‘all is fair in politics.’

“As a founding member of the APC, and one who joined other well-meaning Nigerians in building the Party with sweat and money, it is deeply saddening to witness how the ideals we espoused have been so thoroughly and unrecognisably thwarted.

“Moreover, I cannot, in all good conscience, continue to belong to a Party whose leaders believe that ‘all is fair in politics,’ and have consistently demonstrated that belief in practice.

Advertisement

“All cannot be fair in any endeavour of life. The demands of basic decency and morality forbid it,” he said.

Sylva alleged that the current APC leadership and the federal government have disappointed a lot of Nigerians.

“The present Government, formed under the banner of the APC we once loved, has disappointed the vast majority of Nigerians. And I can see neither a credible attempt nor any possibility of a revamp.

“I am therefore left with no other choice than to jettison a floundering ship whose fate appears to have been sealed by its irredeemable load of iniquities,” he said.

Advertisement

The former Governor called on Nigerians to vote out the APC in the 2027 elections and free the country from a political stronghold.

“I have no doubt that, in the coming election, Nigerians will vote for Nigeria and free the Country from this stranglehold on our beautiful country,” he stated.

He also accused the EFCC of conducting itself like an arm of the APC rather than an independent institution of state.

Sylva acknowledged that his resignation could expose him and his associates to increased scrutiny or investigation by the anti-graft agencies and other security forces.

Advertisement

“I am deliberately putting the EFCC in copy of this letter because, of late, it has conducted itself more as an organ of the APC than as an institution of State.

“I am fully aware that this action of mine may invite a redoubled witch-hunt against me and my associates, but that is a risk I am willing to take,” he stated.

Continue Reading

News

SAD! Unknown gunmen k!ll popular comedian, Aiza in South East

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

 

Unknown gunmen have struck in Awka, the Anambra State capital, killing popular comedian Isaac Nwosu, a.k.a Aiza, and one other person.

The ace comedian, who was gunned down with the other victim on Sunday, August 30, 2026, is widely known in Awka and its environs by both residents and politicians who hired him during campaigns to promote their candidacy.

He came to limelight in the political field of Anambra State in 2003 when he threw his weight behind former Governor Peter Obi during his battle in court to return to office.

Advertisement

The Anambra State Police Command has condemned yesterday’s killings in the strongest terms. The Command in a statement this Monday morning by the state Police Public Relations Officer (PPRO), SP Tochukwu Ikenga, said it has intensified the ongoing manhunt for the perpetrators.

It called for the support and cooperation of members of the public to assist in bringing the suspects to justice.

According Ikenga, information gathered so far reveals that three unidentified persons, travelling in a silver-coloured Toyota Corolla, with registration number yet to be ascertained, reportedly shot two persons at separate locations within Awka.

He said: “Upon receipt of the distress information, Command operatives immediately mobilised patrol teams to the affected areas and commenced efforts to track down the assailants.

Advertisement

“Upon arrival at the scenes, the operatives recovered the bodies of the victims along Capital City Road, Amaenyi, and S.M. Okeke Street, Amaikwo, Awka, respectively. The victims were taken to a hospital, where they were subsequently confirmed dead by medical personnel.

“While one of the victims is yet to be identified, the second victim has been identified as Isaac Nwosu, male, also known as “Aiza.”

The operatives also recovered from the scenes the sum of N7,550, one Moniepoint ATM card and a pair of slippers”, the statement added.

Meanwhile, the Commissioner of Police in the state, CP Nnanna Oji Ama, has condemned the dastardly act and described the killings as unacceptable and a direct affront to the peace and security of the State.

Advertisement

He further directed the transfer of the case to the State Criminal Investigation Department (SCID), Awka, for discreet and comprehensive investigation, even as security operatives have intensified patrols, surveillance and intelligence gathering across Awka and adjoining areas.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News