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Obaseki faults CBN’s new monetary policy
![](https://naijablitznews.com/wp-content/uploads/2024/03/Godwin-Obaseki.jpg)
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.”
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President Tinubu Speaks On Ajuri Ngelale’s Indefinite Leave Request
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By Kayode Sanni-Arewa
President Bola Ahmed Tinubu’s administration has endorsed Ajuri Ngelale, the President’s Special Adviser on Media and Publicity, indefinite leave request.
Recall Ngelale, in a statement on Saturday, announced an indefinite leave of absence.
He proceeded on the leave to attend to pressing medical matters affecting his immediate family.
In a statement he posted on his general communication WhatsApp platform on Saturday, Ngelale revealed that he submitted a memo to the Chief of Staff on Friday.
He noted that the memo was a means of notifying him of the decision to pause his functions, including his roles as Special Presidential Envoy on Climate Action and Chairman of the Presidential Steering Committee on Project Evergreen.
Ngelale explained that the decision was after consultations with his family due to a worsening medical situation at home.
He expressed hope to return to full-time national service when circumstances permit.
In a statement posted on X by Tinubu’s Special Assistant on New Media, Olusegun Dada and signed by the Presidency, Tinubu approved Ngelale’s request.
Tinubu stated that he fully understands his Chief spokesperson’s reason and sympathizes with the circumstances that have led to this seemingly difficult decision.
The statement read: “The President has received the memo from Chief Ajuri Ngelale, Special Adviser to the President on Media & Publicity and Official Spokesperson of the President as well as Special Presidential Envoy on Climate Action, informing of his decision to proceed on an indefinite leave of absence for personal and health reasons.
“The President accepts his reasons for the leave, fully understands them and sympathizes with the circumstances that have led to this seemingly difficult decision.
“While extending his heartfelt prayers and best wishes to Chief Ngelale and his family during this challenging moment, the President hopes for a speedy recovery and full restoration to health.
“The President notes his tireless efforts and dedication in serving the nation, and thanks him for the remarkable contributions he made in his various capacities, especially in advancing national discourse and leading efforts on climate action and other key initiatives.
“The President wishes him well in all his future endeavors.
“During this period, we kindly ask that the wish for privacy of Chief Ngelale and his family be respected.”
News
Confusion As FG Denies Ownership Of Yacht Spotted In France With Nigerian Flag
![](https://naijablitznews.com/wp-content/uploads/2024/09/Screenshot_20240907-235621.png)
…says it belongs to an undisvcosed private individual
By Kayode Sanni-Arewa
The presidency, on Saturday, denied ownership of a yacht spotted hoisting Nigerian flag in St-Tropez, a coastal town in France.
There had been reports of a “presidential yacht belonging to the Nigerian government being used for vacation at St Tropez” on social media.
Senior Assistant to President Bola Tinubu on digital and new media, Otega Ogra, in a post on X, said the yacht belongs to a private individual.
The presidential aide said flags used by the president or armed forces do not contain the coat of arms like the one on the yacht.
Ogra said on Saturday, “There have been false claims circulating that a private individual’s yacht was spotted in St. Tropez is a Nigerian government yacht. Here are some points to consider in order to discern the truth.
“The 42m Bennetti yacht currently being shared online has been privately owned for around 5 years since it was constructed.
It is important to note that this specific yacht has no connection or ownership ties to the Nigerian government, president or armed forces. Any claims or assertions suggesting otherwise are simply not true and inaccurate.
“It is not uncommon for luxury yachts to fly the flag of the owner’s country as well as the flag of the country in which they are registered.
“The official Nigerian flag is Green-White-Green without a coat of arms in the middle. Flags representing the Nigerian President or the Armed Forces do not contain a coat of arms in the center. Placing anything in the center of the flag is a clear deviation
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Constituency Devt: Senator Manu fulfils promise, installs solar energy as alternative source of power for constituents(Photos)
![](https://naijablitznews.com/wp-content/uploads/2024/09/Screenshot_20240907-234433.png)
By Kayode Sanni-Arewa
In a bid to enhance better life for his constituents, Senator Manu Haruna has facilatated installation of solar energy in Takalafiya community in Bali Local Government Area of Taraba State.
Senator Manu who represents Taraba Central Senatorial District in the National Assembly fulfilled his promise of ensuring the energy needs of his constituents are adequately taken care of.
This initiative reflects his unwavering commitment to addressing the energy needs of his constituents by providing a reliable and sustainable power source.
The solar energy project is expected to improve the quality of life in the community, enabling access to electricity for homes, schools, and local businesses, while also promoting environmental sustainability.
This project is part of Senator Haruna’s broader efforts to enhance infrastructure and development in Taraba Central.
Manu is also working tirelessly to make sure areas not connected to the national grid are connected within the shortest period possible.
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