News

Obaseki faults CBN’s new monetary policy

Published

9 months ago

March 5, 2024

The Governor of Edo State, Godwin Obaseki, has faulted the Central Bank of Nigeria for raising the Monetary Policy Rate by 22.75 per cent.

Obaseki contended that the decision is not the answer to the ongoing economic challenges in the country.

He supported boosting local production to meet the demand for goods and services.

The governor gave this opinion in a speech as a guest speaker during the Annual Dinner of Edo Zone Bankers Committee in Benin City, the Edo State capital, as shared in a video posted on his official Twitter account on Monday.

He said, “I understand that the monetary rational for increasing MPR but fundamentally and fiscally, it is not going to lead to growth in our economy.

“We must focus on the fundamentals which is increasing production, making sure our citizens produce the goods and services we consume and depend less on import.

“Our economic policy and monetary policy cannot be determined by exchange rate alone. So, this whole issue of increasing the cash reserves in a bid to tighten liquidity is going to be detrimental to our economy. I understand the challenge the monetary authorities face but unfortunately you cannot plan with one hand.

“The economy is about the fiscal and monetary policies, both must work hand in hand and when they don’t, as they don’t in Nigeria, we will have crises. So, we should focus on fiscal issues so that we can grow our economy out of the challenges we have.”

Last week, the Central Bank of Nigeria’s Monetary Policy Committee raised the benchmark interest rate by 400 basis points to 22.75%.

The CBN Governor, Olayemi Cardoso, revealed this during the announcement of the first MPC meeting of the year in Abuja on Tuesday.

Cardoso said the committee voted to adjust the asymmetric corridor around the MPR to +100 to -700 from plus 100 to -300 basis points and raised the cash reserve ratio from 32.5 per cent to 45 per cent.

The MPR has been 18.75 per cent since the last MPC meeting between July 24 and 25, 2023.

With inflation at 29.90 per cent, Cardoso mentioned that the latest MPR adjustment is aimed at addressing the country’s inflation rate.

Obaseki added, “We should not panic too much because of foreign exchange, we must focus on how we can do things within our economy, how we can grow our economy to earn more foreign exchange. Foreign exchange is our problem, but I believe that creating jobs for young people should be more of a priority for us a people at this time.”

News

Reps Urge FG To Make Available Reliable Data On Housing Deficit

Published

4 hours ago

November 26, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives has called on the Federal Government to provide scientific, verifiable data on the housing deficit and improve access to affordable housing in the Nigeria.

This resolution was sequel to the adopting of a motion by Rep. Emmanuel Ukpong-Udo, member representing Ikono/Ini Federal Constituency of Akwa Ibom State, on the “Provision of affordable housing in Nigeria,” Tuesday at plenary.

Rep. Ukpong-Udo who noted that data is considered an important factor in the planning and execution of projects across all tiers of government, said the housing sector in Nigeria, with a huge deficit, lacks veritable data for planning and execution of housing policies and strategies.

He stated: “The House is aware that according to the world population review, over 24 million people in Nigeria are homeless, with no appropriate access to proper dwelling with some basic social amenities.

“The House is worried that Nigeria is among the top 10 countries with homeless populations, leading with 24 million, followed by Pakistan, Egypt, Syria, and Congo.”

The House also expressed displeasure that the country relies on the World Bank report for housing data, and that for a nation to grow and enjoy stability, there is the need to have its housing data as well as a market that works efficiently and provides decent shelter for its citizens.

The House unanimously adopted the motion and mandated its Committee on Housing and Habitat to liaise with the Federal Ministry of Housing and Urban Development to address the lack of credible, scientific, and verifiable data on the state of housing in the country and ensure access to decent and affordable housing.

News

Provide Adequate Security For Transmission Towers Across Nigeria – Reps Tell FG

Published

4 hours ago

November 26, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives has charge the Federal Government through the Ministry of Interior, to urgently provide adequate security for Transmission Towers across the country to avoid future occurrences of vandalism.

This was sequel to the adoption of a motion of urgent public importance by Rep Oboku Oforji, lawmaker representing Yenagoa/Kolokoma-Opokuma federal constituency of Bayelsa State on Tuesday at plenary.

In his lead debate, Rep. Oforji noted that on July 29, 2024, residents of Yenagoa and Bayelsa State in general woke up to a total blackout occasioned by the collapse of a Transmission Station between Emezhi and Mbaima in Ahoada East Local Government Area of Rivers State and three others between Igbogene and Nedugo Agbia in Yenagoa Local Government Area of Bayelsa State.

According to him, the Bayelsa State Government in collaboration with the Transmission Company of Nigeria, swiftly swung into action to address the challenges that has culminated in dwindling of socio-economic activities in the state.

He further noted that saddened that on the 19th of November, 2024, just as the work was nearing completion, at Ula-Akpata, in Ahoada East Local Government Area of Rivers State, some hoodlums went and vandalised a section of the lines.

The motion reads in part: “By this development, the woes of the residents of Bayelsa State still subsist for one or two days, because as we speak the people of the State are in total blackout, this has been the situation for over 4 months.

“The efforts of the Bayelsa State Government in mobilizing financial and material resources to support the Transmission Company of Nigeria (TCN) is highly commended. However, proactive measures must be taken to forestall future occurrences of vandalism of these Transmission Towers.

“As a representative of my people this brings to mind the provisions of Chapter II of the 1999 Constitution of Nigeria (as amended) which talks about our economic and social rights as citizens, which I believe should not be taken for granted by the government”.

The House adopted the motion and mandated its Committees on Interior and Power to ensure compliance.

News

JUST IN: Tinubu Heading For France

Published

5 hours ago

November 26, 2024

Naijablitznews

President Bola Ahmed Tinubu will depart Abuja on Wednesday for a state visit to France.

According to Bayo Onanuga, Special Adviser to the President on Information and Strategy, President Emmanuel Macron invited his Nigerian counterpart to the European country.

Onanuga said the three-day visit will focus “on strengthening political, economic, and cultural relations and establishing more opportunities for partnership, particularly in agriculture, security, education, health, youth engagement and employment, innovation among others”.

“President Tinubu who will be traveling with the First Lady Sen. Oluremi Tinubu, will be received on Thursday at the 350-year-old French military museum, Les Invalides and Palais de l’Élysée, by Macron and his spouse, Brigitte, for initial ceremonies that will dovetail into bilateral meetings.”

“During the visit, President Tinubu and President Macron will harmonise positions on stimulating more interest in exchange programmes that focus on skill development for youths and improving their competencies in automation, entrepreneurship, innovation, and leadership.

“Both leaders will participate in political and diplomatic meetings highlighting shared values on finance, solid minerals, trade and investments, and communication. They will also witness a session by the France-Nigeria Business Council, which oversees private sector participation in economic development.

“Brigitte and Nigeria’s First Lady will discuss the latter’s passion for empowering women, children, and the most vulnerable through the Renewed Hope Initiative,” the statement read.

Tinubu and his wife who will be hosted to a state dinner by the French leader before their departure, will be accompanied by top government officials.