Economy
TINUBU SUSPENDS EMEFIELE AS CENTRAL BANK GOVERNOR
President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect.
The notice of his suspension was contained in a statement by the Director of Information in the office of the Secretary to the Government of the Federation, Mr Willie Bassey.
According to the Statement, Emefiele’s suspension is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.
Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), Mr Folashodun Shonubi who will act as the Central Bank Governor pending the conclusion of investigation and the reforms.
Folashodun Shonubi
Ag. Governor, CBN
Emefiele was one of the top officials who met with Tinubu on his first day in office as president.
During his inaugural speech, Tinubu said the current 18.5 percent interest rate of the CBN is “too high”.
Tinubu said it needed to be adjusted downwards to encourage investment.
He described the interest rate as “anti-people” and “anti-business”.
“Monetary policy needs thorough house cleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy,” Tinubu said.
“Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.”
The president also said his administration will review the naira redesign policy.
In the build-up to the last general election, members of Tinubu’s party — the All Progressives Congress (APC) — accused Emefiele of using the policy to hurt the chances of the president in the poll.
The Federation Account Allocation Committee said it disbursed N1.358.075 trillion to the three tiers of Government in Nigeria as July allocation.
The was contained in a statement by the Director of Information and Public Relations, Ministry of Finance, Mohammed Manga on Friday.
The disbursed N1.358.075 stems from the total gross N2,613.791 trillion revenue generated in July 2024.
In the period under review, the distributable allocation comes from Statutory Revenue of N161.593 billion, Value Added Tax revenue of N528.307 billion, N18.818 billion from Electronic Money Transfer Levy (EMTL), N581.710 billion from Exchange Difference and N13.647 billion.
The federal government received N431.079 billion, states got N473.477 billion, local government councils got N343.703 Billion, while the oil-producing states received N109.816 billion, representing 13 percent derivation or mineral revenue.
This is a slight increase from the figure distributed in June, which stood at N1.354 trillion.
A further analysis of July’s allocation showed that the sum of N99.756 billion was given for the cost of collection by the Government’s revenue-generating agencies, while N109.816 billion was allocated for transfer intervention and refunds.
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