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CBN’s financing of the fiscal deficit fueling rising inflation in Nigeria- World Bank
The World Bank has said the Central Bank of Nigeria (CBN) financing of the fiscal deficit has continued to fuel inflation by increasing liquidity in the money market.
The Bank also noted that interest payments on the Nigerian government’s borrowing from the CBN will gulp over 62 percent of its total revenue by 2027.
The Brittonwoods institution made this known in the latest edition of its Nigeria Development Update (NDU) titled, ‘Nigeria’s choice’.
With the Nigeria’s government borrowing from the apex bank through its Ways and Means advances, to finance budget deficits, there hacve been concerns that its stock of loans may be heading to unsustainable levels if left unchecked .
In its latest report, the World Bank said interest payments on such advances will increase by 2.4 percent points of the gross domestic products (GDP) between 2018 and 2027.
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Just last year, some economic experts had warned that Nigeria’s advances to the Federal Government in the seven years of the Muhammadu Buhari administration grew to over N23.8 trillion, in a trend seen as a violation of the fiscal responsibility law, triggering inflation and aggravating the country’s debt burden.
In a similar vein, the International Monetary Fund (IMF) had last November, warned that the CBN’s continued financing of the country’s deficit through Ways and Means will complicate government’s effort to contain inflation. The global institution added that financing of the fiscal deficit through Ways and Means continues to fuel inflation by increasing liquidity in the money market.
The report added that at least five million Nigerians were pushed into poverty as a result of rising inflation between January and September 2022.
The World Bank estimates that between 2020 and 2021, inflation left about eight million more Nigerians below the poverty line by increasing the total number of poor people to about 90 million.
But higher inflation in 2022 is estimated to have pushed an additional five million Nigerians into poverty between January and September 2022, largely through higher prices of foods especially in urban areas.
The report said that inflation is partly the result of monetary, exchange rate and fiscal policy decisions.
“After loosening monetary policy through September 2020 to help combat the economic impact of the pandemic, the CBN left its monetary policy rate unaltered until May 2022, making it one of the last emerging economies to begin tightening policy,” the report said.“CBN has implemented measures to curtail inflation, raising the monetary policy rate by 500 bps and the cash reserve ratio by 500 bps.
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Tinubu not telling Nigerians the truth, says Sule Lamido
Tinubu not telling Nigerians the truth, says Sule Lamido
President Bola Tinubu has been accused of not being forthright about the true state of Nigeria under his administration.
Former Jigawa State Governor and senior Peoples Democratic Party (PDP) member, Sule Lamido, made the accusation while speaking on the BBC Hausa programme Gane Mini Hanya.
Lamido criticized both Tinubu and former President Muhammadu Buhari for what he described as a lack of transparency in governance.
“Buhari’s and Tinubu’s governments are not being transparent with Nigerians unlike during the time when PDP was in power where everything was transparent and open to all Nigerians,” Lamido said.
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He accused the two administrations of relying on propaganda rather than providing citizens with accurate information.
Lamido also expressed concerns over President Tinubu’s recent loan requests, questioning the logic behind them. “If Nigerians are being told the truth then there is nothing wrong with that, but how would you budget N30tn, generate N50tn and then request loan when you have a surplus of N20tn,” he said, referencing last year’s budget.
He described the situation as “reckless” and “selfish,” adding, “This recklessness and clear-cut selfishness is not done anywhere in the world, but yet you find (some) Nigerians supporting it. Visit social media and see how APC is being criticised, being referred to as calamity, yet you find some protecting it.”
Tinubu not telling Nigerians the truth, says Sule Lamido
News
Nigeria Customs Service begins 2025 recruitment [How to apply]
Nigeria Customs Service begins 2025 recruitment [How to apply]
The Nigeria Customs Service (NCS) has announced the commencement of its recruitment exercise, assuring Nigerians that the process is entirely free and fair.
The agency has cautioned the public to be vigilant against scammers who may attempt to exploit unsuspecting applicants during the recruitment period.
Applications are invited for positions in the Superintendent, Inspector, and Customs Assistant cadres as part of the Service’s plan to recruit 3,927 officers in 2025.
This initiative is aimed at enhancing trade facilitation and supporting Nigeria’s economic recovery efforts.
“Our recruitment is entirely free and fair. At no stage do we charge fees. Anyone requesting payment is a scammer,” the agency emphasized, urging applicants to be wary of fraudulent schemes.
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The NCS outlined eligibility criteria, stating that applicants must be Nigerian citizens by birth, possess a valid National Identification Number (NIN), and have no criminal record or ongoing investigations.
Academic qualifications for the three cadres are as follows:
Superintendent Cadre: A university degree or Higher National Diploma (HND) along with an NYSC discharge or exemption certificate.
Inspectorate Cadre: A National Diploma (ND) or Nigeria Certificate in Education (NCE) from an accredited institution.
Customs Assistant Cadre: At least an O’Level certificate (WAEC or NECO).
In addition to these qualifications, the NCS stressed that all applicants must be physically and mentally fit, providing evidence of medical fitness from a recognized government hospital.
Nigeria Customs Service begins 2025 recruitment [How to apply]
News
Tinubu to critics: I won’t reduce my cabinet size
Tinubu to critics: I won’t reduce my cabinet size
President Bola Tinubu on Monday unequivocally responded to critics who described his cabinet as “bloated” by saying he is unprepared to reduce the size of his 48-man cabinet.
“I am not ready to shrink” the size of my cabinet, Tinubu said during a media chat at his Bourdillon residence in the highbrow Ikoyi area of Lagos State.
“I am not prepared to bring down the size of my cabinet,” the former Lagos governor said, arguing that “efficiency” has been at the core of his selection of ministers.
The president also said he has no regret removing the petrol subsidy in May 2023, saying Nigeria cannot continue to be Father Christmas to neighbouring countries.
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“I don’t have any regrets whatsoever in removing petrol subsidy. We are spending our future, we were just deceiving ourselves, that reform was necessary,” he told reporters.
Tinubu appointed 48 ministers in August 2023, three months after his inauguration. The Senate immediately screened and confirmed the ministers. One of the ministers, Betta Edu, was suspended in January while another, Simon Lalong, moved to the Senate.
There were calls for the President to reshuffle his cabinet as many Nigerians have not been impressed by the performance of some of the ministers, especially in the face of unprecedented inflation, excruciating economic situation and rising insecurity.
In October 2024, Tinubu re-assigned 10 ministers to new ministerial portfolios and appointed seven new ministers for Senate confirmation. He also sacked five of his ministers but critics insist that the President’s cabinet remains large, especially with the creation of a Livestock Ministry with a minister.
Tinubu to critics: I won’t reduce my cabinet size
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