NEWS
CBN Panders To Dangote, Considers Halting Interest Rate Spike
The worrisome increase in interest rates might be halted in no distant time, going by the words of the Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso.
This surfaced on micro-blogging site, X, on Monday, where Imran Muhammad reported that the CBN would take the legs-off-the-pedal on raising interest rates soon.
According to Muhammad, Dr. Cardoso, indicated that measures will soon be implemented to ease the upward trajectory of the benchmark interest rate.
He reports that Dr. Cardoso made the disclosure on Saturday in Lagos during the unveiling of a book called ‘The Power of One Man: How Soludo’s Consolidation Revolutionized Nigerian Banks into Global Competitors’, written by Ray Echebiri.
Biztellers reports that the CBN might have been swayed by the submission of President Dangote Group, Alh Aliko Dangote last week, when he decried the excruciatinge interest, which he pointed out was frustrating to entrepreneurs.
Dangote had categorically told the government, “Nobody can create jobs with an interest rate of 30 percent. No growth will happen. No Power. No prosperity. No affordable financing. No growth. No development.”
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Less than five days, after Dangote’s submission, the CBN has reacted, outlining that the objective of halting further increases in lending rates.
The fulcrum would be to mitigate the threat of hyperinflation and its resulting impacts, Biztellers reports.
The CBN governor, was represented at the event by, the Deputy Governor of Financial Stability, Phillip Ikeazor.
He emphasized the significance of maintaining the current interest rate.
He said, “Once you do not tame and control inflation and you get into hyperinflation, it takes you several years to get out of it. There is still a South American country that still has significant oil reserves but they are in hyperinflation and I think everyone is aware of what is happening in that economy. We have another country in East Africa which is also in hyperinflation. We know how hard they are struggling to get out of that.
“For us as a central bank, we are focusing on our core mandate of price stability, maintaining a stable exchange rate, and, of course, economic growth. But it is a question of sequencing.
“It is very important that we do not enter hyperinflation. Once you enter hyperinflation, the transmission of monetary economic tools will become completely ineffective. It is important that we avoid that.
“That will be as long as we can control and can reverse galloping inflation. Once we can do that, then we maintain. We are all aware that in the Western world, we did have rate hikes to be able to control theirs and they maintained it for a very long time. It is only now that they have stopped rate hikes but they have not even started dropping the rates as we speak.
“It is important that we tighten and hold on for a little while and in no distant future, we will be able to slow down on the rate hikes.”
Hajiya Fatima Aliyu Aminu Garu, the wife of Hon. Aliyu Aminu Garu, who represents Bauchi Federal Constituency, has come under fire for her recent empowerment initiative involving the distribution of sugarcane sticks to local youths.
The event, which was captured in photographs, has sparked ridicule and criticism from various quarters.
The Bauchi State Chapter of the Peoples Redemption Party (PRP) has publicly condemned the initiative.
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In a statement, Abdulazeez Haruna, the PRP State Secretary, criticized the gesture as falling “far short of the expected standards of representation for the people of Bauchi Federal Constituency.
“As a party, we believe that genuine representation goes beyond mere tokenism and selective empowerment programs. The people of Bauchi Local Government Area/Federal Constituency deserve more than just meagre handouts and superficial gestures. They deserve meaningful developmental initiatives that address their pressing needs and concerns.”
“We are calling on Hon. Aliyu Garu to account for his actions and inactions in the National Assembly. Specifically, we demand to know what tangible developmental initiatives he has brought to the people of Bauchi Local Government Area since his election. How many bills has he sponsored that have positively impacted the lives of the people? What concrete projects has he initiated or supported to improve the welfare and livelihoods of the constituents?
“We urge Hon. Aliyu Garu to demonstrate his commitment to serving the people by working towards tangible benefits that transcend mere tokenism and handouts. We also call on the people of Bauchi Local Government Area/Federal Constituency to hold their representative accountable for his actions or lack thereof. It is time for a change in representation that truly reflects the aspirations and needs of our constituents.
“While we stand ready to provide a more effective and people-centered representation to the good people of Bauchi Local Government Area in particular and Bauchi State at large, we equally demand better representation from Hon. Aliyu Garu and all other public office holders who have been entrusted with the responsibility of serving the people.”
Benue State Governor, Hyacinth Alia, has reaffirmed his administration’s confidence in the leadership abilities of women, as he appointed Barrister Aber Deborah as the first female Secretary to the State Government (SSG).
Speaking at the swearing-in ceremony held at the Old Banquet Hall of the Benue State Government House in Makurdi on Thursday, Governor Alia emphasized that the appointment underscores his commitment to promoting gender inclusion and merit-based leadership.
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He noted the significant contributions of women to society, stating that Aber’s historic appointment reflects the government’s dedication to advancing diversity in governance.
He said, “As the first woman ever to be appointed as Secretary to the State Government in Benue State, Barr. Aber Serumun Deborah’s appointment is a testament to the confidence I, and indeed this administration, have in the abilities of the women of Benue.
“We recognize the important roles women play in our society, and this appointment reflects our determination to elevate merit and diversity in leadership.”
Governor Hyacinth Alia expressed his strong confidence in the newly appointed Secretary to the State Government (SSG), Barrister Aber Deborah, stating that she will play a key role in coordinating government activities, promoting collaboration among ministries, and driving policies for the sustainable development of Benue State.
He assured her of the administration’s full support as she takes on her responsibilities.
Governor Alia also called on public servants, stakeholders, and the people of Benue to rally behind the new SSG and his administration, emphasizing that the task of building the state requires collective effort.
He urged everyone to work together in advancing the state’s progress and development.
In her response, Barrister Deborah expressed gratitude to God and Governor Alia for the opportunity to serve as Benue State’s first female SSG.
She pledged to lead her office with diligence and dedication, aligning her efforts with the administration’s blueprint.
Deborah also expressed her commitment to laying the groundwork for a better and more prosperous Benue State.
King Charles III welcomed President Bola Tinubu to Buckingham Palace in the United Kingdom.
Olusegun Dada, the president’s new media aide, shared a photo of their meeting on X on Thursday.
The aide noted that their discussion focused on the ongoing diplomatic relationship and collaboration between Nigeria and the UK.
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Dada wrote, “President Bola Ahmed Tinubu visited His Majesty, King Charles at Buckingham Palace. The significant meeting, highlighting the continued diplomatic ties and partnership between Nigeria and the United Kingdom.”
The meeting, which emphasized the enduring partnership between the two nations, follows their previous encounter in November 2023, just before the 28th United Nations Climate Change Conference (COP28) in Dubai, UAE.
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