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Economy

End Cash Crunch Within 7 days or …. NLC Threatens FG, CBN

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The Nigeria Labour Congress has issued a seven-day ultimatum to the Federal Government to end the cash crunch in the country.

NLC President, Comrade Joe Ajaero issued the ultimatum on Monday in Abuja, at the opening session of the Central Working Committee (CWC) meeting of the labour union.

Ajaero, who frowned at the difficult situation foisted on Nigerians as a result of the cash swap policy of the Federal Government, warned that on the expiration of the seven days, workers would be directed to stay away from work if nothing is done to ameliorate the situation.

The NLC president equally criticised the current fuel scarcity in the country, lamenting that workers and Nigerians are being pushed to the wall.

Joe Ajaero
NLC President

“On this issue of fuel scarcity and cash crunch, Congress wish to inform the Federal Government that we will no longer keep quiet.

“NLC is giving the CBN and the FG seven working days, if they fail to do the needful at the expiration of the seven days, all workers in Nigeria should stay at home,” Ajaero stated before the meeting went into a closed-door session.

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Economy

Senate Confirms Nomination of Yemi Cardoso as CBN Governor

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The Senate on Tuesday confirmed the nomination of Dr Olayemi Michael Cardoso as the Governor of the Central Bank of Nigeria, CBN.

This is as questions are being raised as to the legal status of suspended CBN Governor Godwin Emefiele whose sack or resignation hasn’t been confirmed by the Federal Government.

According to the CBN Act, the President requires the endorsement of 2/3 majority of the Nigerian Senate to remove the Governor. There are other conditions that may lead to his removal, none of which has been established.

Cardoso was screened alongside four nominees for the positions of CBN Deputy Governors, to steer affairs of the apex bank in the next five years.

The deputy governors include: Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.

Recall that last week, Cardoso resumed as the CBN governor in an acting capacity pending his screening and expected confirmation by the Senate.

Meanwhile, the Senate has also scheduled the screening of two additional ministerial nominees by President Bola Tinubu for Tuesday, October 3, 2023.

The President, while the National Assembly was on break, appointed the duo of Dr. Jamila Ibrahim and Ayodele Olawande as Minister of Youths and Minister of State for Youths respectively.

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Economy

Cost of Living: Kogi, Lagos and Rivers Dwarf Other States in NBS Report

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By Elizabeth Okwe

The Nigeria Bureau of Statistics (NBS) has revealed that Kogi, Lagos, and Rivers are the most expensive states to live in, based on inflation rates for August 2023.

In its latest Consumer Price Index data released on Friday, the NBS said on a year-on-year basis, Kogi led the way with the highest all-items inflation rate at 31.50 per cent, followed closely by Lagos at 29.17 per cent and Rivers at 29.06 per cent.

In contrast, Sokoto recorded 20.91 per cent, Borno 21.77 per cent, and Nasarawa 22.25 per cent, recorded the slowest rise in headline inflation on a year-on-year basis.
When examined on a month-on-month basis, the trend continued, with August 2023 seeing the highest increases in Kwara at 6.07 per cent, Osun at 4.36 per cent, and Kogi at 4.35 per cent.

While Sokoto recorded 1.38 per cent, Borno at 1.73 per cent, and Ogun at 1.89 per cent recorded the slowest rise in month-on-month inflation.
Specifically for food inflation, the figures for August 2023 showed a similar pattern, with Kogi again taking the lead with the highest year-on-year basis food inflation rate at 38.84 per cent. Lagos followed closely at 36.04 per cent, and Kwara at 35.33 per cent.
On the other hand, Sokoto 20.09 per cent, Nasarawa 24.35 per cent, and Jigawa 24.53 per cent recorded the slowest rise in food inflation on a year-on-year basis.

On a month-on-month basis for the same period, Rivers at 7.12 per cent, Kwara at 5.89 per cent, and Kogi at 5.80per cent recorded the highest increases, while Sokoto recorded 0.50 per cent, Abuja at 1.30 per cent, and Niger at 1.40 per cent experienced the slowest rise in food inflation.
The report noted that the surge in food inflation can be attributed to the significant price hikes in various essential food items, including oil and fat, bread and cereals, fish, fruit, meat, vegetables, potatoes, yam, and other tubers, vegetables, milk, cheese, and eggs.

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Tinubu Nominates Olayemi Cardoso to Replace Emefiele as CBN Governor

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Cardoso

By Elizabeth Okwe and Ojone Grace Odaudu

President Bola Tinubu has nominated Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate.

A statement issued on Friday by Special Adviser to the President on Media and Publicity, Ajuri Ngelale, said the directive is in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of Nigeria, the authority to appoint the Governor and Four (4) Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.

Currently Chairman of the Board of Directors of Citibank Nigeria, Dr Yemi Cardoso is a financial and development expert with over thirty years’ experience in the private, public and not-for-profit sectors.

Furthermore, President Bola Tinubu has approved the nomination of four new Deputy Governors of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending their confirmation by the Nigerian Senate, as listed below:

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(1) Mrs. Emem Nnana Usoro

(2) Mr. Muhammad Sani Abdullahi Dattijo

(3) Mr. Philip Ikeazor

(4) Dr. Bala M. Bello

“In line with President Bola Tinubu’s Renewed Hope agenda, the President expects the above listed nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy toward sustainable growth and prosperity for all”, the statement added.

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