Central Bank Of Nigeria Not A Piggy Bank, Expert Says | Nigeria News
Connect with us

Nairanews

Central Bank Of Nigeria Not A Piggy Bank, Expert Says

Published

on

According to a member of the Monetary Policy Committee (MPC)who said that he was struggling to understand the reasons behind the regulator allowing the Central Bank of Nigeria to perform the roll of a “piggy bank”.

cbn

“CBN Not a Piggy Bank” – Expert

central bank of nigeria

Central Bank of Nigeria

National financial data has shown what the MPC member described as a “sharp rise” in the financing of the government by the Central Bank of Nigeria, to balance national deficit this year, said Doyin Salami after the MPC meeting which held between July 24th – 25th, according to a Central Bank Statement that was published on Tuesday. The CBN regulator said that the government’s financial reliance on the Bank had risen twenty times over to 814 billion Naira ($2.26 billion) from the end of 2016, while purchases of the governemt T-bills also increased by 30 per cent to 454 billion Naira.

In his words, “It is clear that the CBN has provided piggy-bank services to the federal government,” Salami said. “Whilst I still wonder what the underlying economics is, I sincerely hope it works.”

He lamented that Nigeria, despite being Africa’s largest oil producer, is struggling to generate adequate revenue in the midst of the worst economic downturn that in about 25 years. Gross domestic product expanded by a 0.6 per cent margin from one year earlier in the three months through June after contracting for the previous five quarters. Following that, the MPC has kept its key rate at a record height of 14 per cent since July 2016 and is scheduled to announce its next policy decision on the 26th of September this year.

searchform

Revenue generated in the first three months of the year was lesser by 36 per cent than what was budgeted by the government and by May, it was even lesser by 45 per cent, the Central Bank disclosed.

Salami, an academic at Latos Business School and recent retiree from the MPC, has before now criticised the policies of the Governor, Godwin Emefiele. He said in January that the central bank was merely pretending to be tightening the nation’s monetary policy while augmenting the supply of money at the same time.

In the latest comments released by Salami, he said that the Central Banks massive injection  of cash into the government do not show up in higher inflation data and currency weakness because the CBN regulator made use of certain “special auctions” that effectively raised the cash-reserve requirements of commercial banks beyond the stipulated 22.5 per cent. Also, consumer-price growth eased up to 16 per cent in July, the statistics bureau reports, September 15th.

“We thus find ourselves at a point where government borrowing from the CBN is neutralized by raising the CRR of banks, thereby limiting private-sector access to credit,” he said. “In other words, the private sector is deliberately crowded out.” (Bloomberg)

NigeriaNewsNg observes that expressed concerns about the CBN’s relationship with the country are rooted on the idea that the government ought to devise more scrupulous methods of handling national deficit without using the CBN as a safety net, especially considering its status as the leading oil trader on the continent.

Please share this info from NIGERIA NEWS, it is VERY important for all
  •  
  •  
  •  
  •  
  •  
  •  

BREAKING

NaijaNews: Top Naija News Today 2019

Published

on

adebutu naijanews.com naijanews

NaijaNews: Top NaijaNews.com Today,

 

APC crisis: Losing election not end of your political career – Oshiomhole

The National Chairman of the All Progressives Congress, APC, Adams Oshiomhole on Monday consoled aggrieved members of the party, who lost during the party’s primary election.

He told them that losing elections was not the end of their political career, adding that they should take a cue from President Muhammadu Buhari, who lost three times before winning the presidential election in 2015.

The former Edo State Governor spoke while receiving the report of the party’s reconciliation committee for the North East from Nasarawa State Governor, Tanko Al-Makura in Abuja.

 

EFCC detains Doyin Okupe

The Economic and Financial Crimes Commission (EFCC) has detained Doyin Okupe, a former aide to immediate past President Goodluck Jonathan.

searchform

This was made known by the Peoples Democratic party, PDP National Publicity Secretary, Kola Ologbondiyan.

According to him, it was the season of assault and harassment of PDP members.

He tweeted, “Media Adviser to the Director General of PDP Presidential Campaign Organisation, @doyinokupe detained by the EFCC

“It is a season of assault, harassment and intimidation for the members of PDP. Details shortly.”

DAILY POST had reported that Officials of the Economic and Financial Crimes Commission (EFCC) on Saturday stormed the home of Doyin Okupe, a former aide to immediate past President Goodluck Jonathan.

 

‘Two men controlling Buhari’ – President under attack as Aisha gets new appointment

Reno Omokri, a former aide to ex-President Goodluck Jonathan has accused President Muhammadu Buhari of bribing his wife, Aisha following her recent revelation that two powerful people were controlling the nation.

Omokri said this after President Buhari, on Monday appointed his wife, Aisha, as a member of the Presidential Advisory Committee on the Elimination of Drug Abuse.

The Committee has the former Military Administration of Lagos, Brig. Gen. Buba Marwa, retd, as its chairman.

Inaugurating the two committees at the Presidential Villa in Abuja, the President called for collective action to help those enslaved by drugs build a new life.

This is coming at a time when Aisha stirred reactions from all corners after she disclosed that two powerful people were frustrating her husband’s efforts.

Mrs Buhari, who had made the claim at a conference organized by Project 4+4 in Abuja on Tuesday last week, however, failed to mention the names of the said powerful persons.

Reacting ,Omokri querying Aisha’s appointment, accused Buhari’s government of bribing the First Lady.

The former presidential spokesman, on his Twitter page wrote: “A week after Aisha Buhati raised the alarm that a Two man cabal is holding her husband hostage and taken over his government, her husband, President Buhari appoints her into the Presidential Advisory Committee on the Elimination of Drug Abuse.

“Will this bribery work?”

 

ASUU: I will deal with labour crisis if elected in 2019 – Atiku Abubakar

The Peoples Democratic Party, PDP, Presidential candidate, Atiku Abubakar has expressed worry over the lingering industrial impasse between the Federal
Government and labour unions in critical sectors of the country.

In particular, the former Vice President expressed his worry about the “deadlock between the Federal Government and the Academic Staff Union of Universities (ASUU), which is altering the future of our youths and putting families under undue pressure.”

Atiku said he had already “set out templates to handle all related issues and ensure an end to incessant labour crisis, ensure industrial harmony and greater productivity in all sectors, immediately he is elected into office as President.”

 

2019: PDP rejects Kashamu as Ogun governorship candidate, insists on Adebutu

The Peoples Democratic Party (PDP) has rejected Senator Buruji Kashamu as its governorship candidate in Ogun State.

This was contained in a statement by the party’s National Publicity Secretary, Kola Ologbondiyan, on Monday following a rally held by the Senator in Ijebu Igbo town in the state.

PDP accused Kashamu of being desperate to destabilise it, describing the rally as “the height of ridicule”.

The party noted that its National Chairman, Uche Secondus, has since handed over the real flag to its “authentic” candidate, Ladi Adebutu.

“Nigerians are aware that Senator Buruji never purchased PDP nomination form; never participated in our governorship primary or in any process related to nomination of governorship candidate of our party or any position whatsoever,” the statement said.

The party also alleged that the senator was being sponsored as an agent to cause confusion among its members in the state.

It urged its supporters in the state to “completely disregard Senator Buruji” and continue in their support for “the PDP governorship candidate, Ladi Adebutu, who is already coasting to victory.”

Please share this info from NIGERIA NEWS, it is VERY important for all
  • 6
  •  
  •  
  •  
  •  
  •  
    6
    Shares
  • 6
    Shares
Continue Reading

Headlines

Unilorin Student Creates A Website That Pays You For Reading News

Published

on

A 500 level Quantity and Surveying Student of the University of Ilorin, who is also the Publisher of NigeriaNewsNG, Micheal Ekundayo on Wednesday his own News App, known as NigeriaNewsApp.

NIGERIA NEWS App is an is a brainchild, of NIGERIANEWSNG an online media platform that is renowned for credible, factual, timely and investigative reportage of News Stories.

Nigeria News App is creatively designed to reward readers for time spent on the App. Nigeria News App is modelled to reward readers with a token, in a bid to encourage readers and also create wealth.

The website was built with the template of one of the most visited websites in Nigeria, Nairaland has the different section, politics, entertainment, business, Hausa news, among others.

searchform

Speaking at the launch of the App, at his room dorm in Ilorin on Wednesday, Ekudnayo said, “I want to create an opportunity for all Nigerians to kill two birds with a stone, my reading the latest news from major sources, they are also being paid a contribution to trend issues in Nigeria”

Speaking further, Ekundayo said “I am positive that the idea will be self-sustainable”. He added that he coded the website in such a way that he earns from foreign advertisement potential through Google.”
He concluded by urging members of the public to “take advantage of this opportunity and register on Nigeria News App now and get paid by just reading the latest news”.

Nigeria News App gives you the opportunity to earn from every task performed on the website. An average Nigeria News App subscriber will be rewarded with N50, daily for accessing the site daily. Case-in-point, A subscriber that log on Nigeria News App for 30 days in one month, will be rewarded with N1500.

Also, Nigeria News App will also reward readers with N2 for every comment made on each news or post read.
News lovers now have the opportunity on a platter to make money from the things they love doing. Reading news leisure time can definitely fetch you some money with the introduction of Nigeria News App.

However readers are expected to register on one of the plans, which starts with a minimum of #1600, and the maximum of #5000.

Please share this info from NIGERIA NEWS, it is VERY important for all
  •  
  •  
  •  
  •  
  •  
  •  
Continue Reading
Advertisement

contact us

email for nigerianews

NigeriaNews_net

Advertisement

Trending