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How CBN Contributed To Rising Inflation – Ex CBN Deputy
Kingsley Moghalu, the former Deputy Governor of the Central Bank of Nigeria (CBN), has attributed the country’s inflation to the ongoing practice of the apex bank financing the federal government’s deficits.
According to Moghalu, as long as the government continues to rely on ways and means to address its deficits, inflation will persistently increase.
He further emphasized that inflation is not solely defined as an excessive amount of money pursuing a limited number of goods, but also involves a cost-push element.
Kingsley Moghalu, a political economist and former presidential aspirant made this known during an interview with ARISE TV.
Recall hat in the first 10 months of 2022, the Federal Government of Nigeria borrowed a total of N6.3 trillion from the Central Bank of Nigeria (CBN) through the practice of ways and means advances.
Additionally, in May 2023, the Senate approved a CBN loan amounting to N22.7 trillion, which had been utilized by the executive arm of the government.
In May 2023, the Nigerian Senate made amendments to the CBN Act, specifically increasing the borrowing threshold for the federal government through ways and means.
The amendment raised the threshold from 5 to 15 percent, allowing the government greater flexibility in accessing funds through this mechanism.
Moghalu highlighted that amidst the removal of petrol subsidy and the floatation of the naira, the inflationary impact is the most significant and immediate threat.
He said “So, inflation in Nigeria is going to just continue to shoot up in the immediate time, that is a fact.
“This becomes a challenge because in order to attract capital, when you have a very stiff rise in inflation, most times you need to keep interest rates high for a while, but Nigeria’s economy is very funny, it doesn’t always follow the textbooks.”
Moghalu said there were many reasons for the continuous surge despite raising interest rates.
According to the economist, what is causing this current round of inflation is “not the standard definition of inflation of too much money chasing too few goods only, there is also a cost-push factor.
Moghalu said, “Also, the central bank itself was contributing to inflation through the monetary phenomenon of illegal financing of the federal government’s massive deficits to the tune of N23 trillion, in ways and means lending”.
“Of course, you’re contributing to inflation with one hand you say you’re fighting inflation with the other hand. Why was the ways and means lending so high? It is because you have a government that could not manage its fiscal books and there you have the fiscal period of the price ladder being also relevant in addition to the quantity theory of money and how they play out in the market that causes inflation.”
In support of his argument, the former Deputy Governor of the Central Bank of Nigeria stressed the importance of the apex bank’s independence from government influence in effectively managing inflation.
According to him, maintaining the autonomy of the central bank is crucial to ensuring sound monetary policies and mitigating inflationary pressures.
He added “If the federal government is far more responsible, and disciplined with the budget and with spending, it will help the central bank to manage inflation, but then the federal government is just spending or borrowing like a drunken sailor, and then the central bank alone has to manage the inflationary consequences. It becomes very difficult.”
Former Inspector General of Police, Usman Alkali Baba, has formally declared his intention to contest the 2027 governorship election in Yobe State, promising to tackle insecurity and rebuild the state’s economy.
In a statement released Tuesday following a consultation meeting in the state, the retired police chief said his ambition is driven by a desire to restore peace, strengthen institutions, and accelerate development across all sectors.
Alkali pledged to “wipe out insurgency” and revive economic activities disrupted by years of insecurity, noting that his administration would prioritise intelligence-driven security and community partnerships.
“My vision for Yobe State is clear. I want a state where security is strengthened through intelligence and community partnership. I want a state where farmers can return to their farms with confidence, traders can move freely, and children can go to school without fear,” he said.
The former police boss emphasised his experience in national security management, stating that his years in public service have equipped him with the discipline and strategic thinking needed to govern effectively.
According to him, Yobe State requires leadership that understands security, institutional coordination, and human development, adding that insecurity has significantly hindered growth and deepened poverty in the region.
He also outlined plans to boost agriculture, expand infrastructure, and invest in education and youth empowerment. Alkali promised to provide microcredit support for women and equip young people with technical skills and startup kits to drive commerce and industry.
On healthcare, he pledged to combat child-killer diseases, including polio, and introduce free maternal healthcare services, as well as free medical care for children aged zero to five.
“Mothers will not die during childbirth, and children will live and thrive. They will go to school and graduate in a safe and secure environment,” he assured.
Alkali further stated that his administration would focus on inclusive governance, ensuring development reaches all local government areas without discrimination.
While expressing readiness to build on the achievements of the current administration, he maintained that governance must go beyond rhetoric and propaganda, stressing that it requires “vision, action, and the courage to make tough decisions.”
Bayern Munich have made a strong statement over the future of winger Michael Olise, with Vice-President Karl-Heinz Rummenigge insisting the club would reject even a €200 million offer for the player.
The comments, reported by transfer expert Fabrizio Romano on Monday, highlight Bayern’s long-standing policy of prioritising sporting stability over financial gain.
SEE ALSO: BREAKING: Chelsea Hit With £10.75m Fine, Transfer Ban
Rummenigge explained that the club’s position is rooted in a historic decision made in 2009, when Bayern received a massive bid from Chelsea for Franck Ribéry.
After internal discussions involving then CFO Karl Hopfner and former president Uli Hoeneß, the club chose to reject the offer — a decision that shaped its modern transfer philosophy.
According to him, that principle remains unchanged today.
He stressed that Bayern do not consider selling players who are essential to the team, adding that even a record-breaking €200 million bid would not change their stance on Olise.
The statement is expected to fuel further transfer speculation across Europe, but Bayern officials maintain that Olise is a key part of their long-term sporting project and not for sale.
Bayern Munich continue to uphold their “untouchable players” policy, while Michael Olise remains central to their squad plans.
The Fédération Royale Marocaine de Football (FRMF) has defended its position following the controversial ruling by the Confederation of African Football Appeal Board over the disputed 2025 Africa Cup of Nations final.
In a statement issued on Wednesday, the Moroccan football authority said its appeal was strictly aimed at ensuring the proper application of competition rules, and not to question the sporting merit or performance of any team involved in the final.
The federation emphasized its commitment to fairness, transparency, and the stability of African football competitions, noting that its actions were guided by respect for established regulations.
ALSO READ: JUST IN: Senegal Stuns Hosts Morocco To Lift AFCON 2025 Trophy
“The Federation reiterates that its approach has always been grounded in respect for the rules and stability of African competitions,” the statement read.
FRMF also praised all participating nations in the tournament, describing the 2025 AFCON as a significant milestone in the growth and development of football across the continent.
However, the body revealed that a more detailed position would be made public after a scheduled meeting of its governing organs.
The statement is expected to further clarify Morocco’s stance and outline any possible legal or administrative steps moving forward.
The CAF Appeal Board’s decision has continued to generate widespread reactions among football stakeholders, with growing calls for clearer regulations, improved transparency, and consistency in the administration of African football.
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