“With respect to retained earnings, quite frankly, as far as we’re concerned, it helps to build comparability because with other items, with retained earnings, easily, accounting rules allow you to calculate certain things and others take some certain things out from depreciation to amortization to a host of things. So we feel that something that is easily determinable outside of retained earnings does help for comparability. I think that is very important. And frankly for us, we have absolutely no doubt in our minds that we must move to a more transparent system within the banking industry, and this will contribute in no small way.”
News
Future of Nigeria’s economy bright, says CBN Gov Cardoso
Future of Nigeria’s economy bright, says CBN Gov Cardoso
Governor, Central Bank of Nigeria, CBN, Mr. Olayemi Cardoso yesterday said that the future of the country’s economy is bright citing the positive impact of recent reforms in the foreign exchange market and interest rate hikes including improved investors’ confidence, stability of the Naira and reduction in excess liquidity in the economy.
Speaking in Lagos yesterday during a fireside chat at the BusinessDay CEOs forum, Cardoso said that the recent interest rate hikes of the CBN were necessary to stabilise the naira and address the rise in money supply exacerbated by the N23 trillion Ways and Means, and N10 trillion intervention funds.
He however assured that interest rates will soon come down once the rising trend in inflation moderates.
Cardoso said: “The Monetary Policy Committee, MPC is not oblivious to the fact that ultimately we do want the economy to grow.
“The country does need growth. If these hikes were not done at the time they were done. If you recall, naira to dollar was almost tipping over. This helps to stabilise it. That’s number one.
“Number two, very importantly, is that it’s a timing issue. This is not something that I expect would remain with us forever.
Fiscal issues, are being moderated and the ability to soak up all the excess liquidity that we have in the system and be able to balance things out over some time. That’s the important thing for the MPC. I believe that for example, I can tell you that between February and May of this year, the month-on-month, MoM rate of inflation, has gone down 50%.
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“As I said, this is not something that is one size fits all that I can expect, to continue like this. To the extent that the right policies are used, and obviously, with the results we’ve seen the right policies are being used. I believe that in the not too distant future, things will begin to modulate and interest rates will come down.”
Naira stability
Cardoso also assured that the naira will, going forward, experience more stability given elimination of distortions and stakeholders confidence in the new forex market regime.
He said: “When we came into the saddle of leadership at the Central Bank, we looked at the system and found that there was an awful lot of distortion within the system. For example, illicit flows, people not abiding by the rules.
“So we believe that quite a portion of volatility, the wild swings in the exchange rate was due to these malpractices.
News
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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