Connect with us

Uncategorized

Civil societies hail CBN over economic stabilisation

Published

on

Central Bank of Nigeria

Coalition of Civil Society Groups, CCSG, have commended the Central Bank of Nigeria, CBN governor, Mr. Godwin Emefiele for stabilising the nation’s economy through several policies introduced by the apex bank, especially bailout funds for states and the Anchor Borrowers’ Programme, ABP, among others.

Specifically, the group noted that the ABP has scale down the huge foreign exchange spent on importing food items into the country.

Speaking at a press briefing on the groups’ activities in the outgoing year in Abuja, the President and Secretary of CCSG, Comrades Etuk Bassey Williams and Abubakar Ibrahim, said “the continued stemming out of initiatives by the apex bank have been phenomenal”.

The leaders, who were flanked by many members of the Coalition, added that they have noted the efforts of the CBN in boosting the availability of forex to end users through banks’ retail outlets as well as the reduction of the tenor of its forward sales from the hitherto maximum cycle of 180 days, to not more than 60 days from the date of transaction.

“The bailouts for states through the the CBN helped them to meet their obligations. The CBN- initiated Anchor Borrowers’ Programme (ABP) scaled down the huge foreign exchange spent by Nigeria on importing food items following its kick offs in Kebbi, Sokoto, Niger, Kaduna, Katsina, Jigawa, Kano, Zamfara, Admawa, Plateau, Lagos, Ogun, Cross-Rivers and Ebonyi and Imo States, and hence directly impacted on the welfare of Nigerians

“Measures aimed at strengthening the value of the naira against the US dollar in the overall interest of the economy and Nigerians as a whole under Emefiele’s leadership has been remarkable as since February this year, the pumping of money into the forex market, has significantly strengthened the naira against the dollars to closed at N380/$1 at the parallel market last month.

“Also, aside direct sales to BDCs, fuel importers, airlines, manufacturers, agriculture sub-sectors have continued to benefit through the retail-Special Secondary Market Intervention Sales (SMIS), at a marginal rate of N310/$, has continued to help stabilise our economy and boost the nation’s GDP”, the Coalition stated.

It also commended the CBN governor for boosting the federal government’s local investment following the bank’s keeping of the Monetary Police Rate, MPR at 14% as well as leaving the 14 Cash Reserve Requirement, CRR unchanged at 22.5% and liquidity ratio at 30%.

According to CCSG, these efforts massively influence the economic growth and development, adding that the apex bank deserve commendations on these.

It further commended the CBN over its steadfast relationship with other stakeholders through numerous special interventions and operations, emphasising that the resultant effects have positively rubbed off on the economy.

“Also worthy of note is the CBN’s massive interventions in the real sector projects centred around agriculture, micro, small and medium enterprises, MSMEs and infrastructure.

“These included the N300 billion Real Sector Support Facility, RSSF; the N220 billion Micro, Small and Medium Enterprises Development Fund, MSMEDF; the N213 billion Nigeria Electricity Market Stabilisation Fund; N500 billion Non-Oil Export Stimulation Facility; and the N75 billion Nigeria Incentive Based Risk Sharing for Agricultural Lending, NIRSAL”, the Coalition stressed.

The group also commended the Muhammadu Buhari’s administration for taming inflation in the country, just as it called on the National Assembly to set politics aside and ensure quick passage of the recently proposed 2019 budget.

“As all eyes seem glued on the 2019 general elections, we must not forget the budget which is key to the sustenance of the Nigerian people. The late passage in the past which only did harm to us and killed productivity and growth of the nation must be avoided at all cost”, the Coalition warned.

“We also urge other government institutions to follow suit on the giant strides recorded by CBN in 2018 by committing self to the economic progression at all times via hard work and selfless service to the nation”, the group said.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Metro

FG urged to declare state of emergency on federal roads, Senate tasks

Published

on

By

Disturbed by the deplorable conditions of road networks across the country, the Senate on Tuesday, charged the federal government to declare a state of emergency on all federal roads.
This was as the upper legislative chamber mandated  its Committees on Petroleum (Downstream), Federal Roads Maintenance Agency, FERMA and National Planning to investigate the Petroleum Products Price Regulatory Agency, PPPRA on the non-remittance of five percent user charge pump price of petrol.
Besides, the joint committees were also asked to investigate the non remittance of international vehicle transit charge accruing to FERMA and other established state roads maintenance agency.
These resolutions followed deliberations on a motion sponsored under Orders 42 and 52 of the Senate rule by Senator Geshom Bassey (PDP Cross River South)  who lamented the deplorable state of federal roads in the country.
Presenting the motion, Senator Basset expressed concern that several thousands of lives have been lost to road accidents due to bad and un-motorable roads, while bad portion of roads are safe haven for kidnappers and armed robbers on Nigerian highways.
Supporting the motion, Senator Chukwuka Utazi (PDP Enugu North) said the state of the federal highways are highly deplorable and that urgent attention is needed especially within this budget cycle to do something drastic to address the situation.
Utazi said “and like you prayed that the PPPRA should release the fund for totally provided for FERMA to do  it’s job.
“Mr President, the raining season is just gradually coming to an end and this is the opportunity for FERMA to go and start rehabilitating our roads so that Nigerians can move freely.
“This period is also the time for harvest and in order to ensure that farmers that are in the hinterland get to the appropriate market to get adequate prices for their goods, we  have to make sure the roads are properly done.
“You also know that because we don’t have the rail lines that should be in place, most of the goods and services that we move from one place to the other are done through trucking and if you continue to do trucking, you know that the life span of any  major federal highway may not last long.
“This is a very important motion moved at the most appropriate time to get the desired attention and I’m standing here lending my support and full weigh to get that being done knowing fully well that those of us from the south east are the major complainants of the bad roads in this country and we hope that we get the desired attention from FERMA if  this motion scales through.”
In his remark, President of the Senate, Dr. Ahmad Lawan said he believe that every part of the country suffers from this problem of deplorable  roads.
He expressed optimism that the  committees mandated to look into the matter will  swing into action and attend to the issue associated with this motion.
Continue Reading

Metro

SAD… Taraba INEC REC is dead

Published

on

By

The INEC Resident Electoral Commissioner, (REC) in Taraba State, Alhaji Baba Abba Yusuf, is dead.
INEC Secretary, Rose Oriarian-Anthony, said the REC died on Saturday night at the University of Maiduguri Teaching Hospital, Borno State, where he had been on admission.
She said: “The Independent National Electoral Commission regrets to announce the death of the Resident Electoral Commissioner for Taraba State, Alhaji Baba Abba Yusuf.
“He died last (Saturday) night at the University of Maiduguri Teaching Hospital, Borno State, where he was on admission for sometime.
He was buried today (Sunday) September 29 2019 at 4pm in Maiduguri.
Continue Reading

Uncategorized

Transgender: Sade Adu’s daughter finally becomes a man (PHOTOS)

Published

on

By

Izaak and Mum

Sade’s transgender son has shared a heartfelt message of thanks to the soul singer, as he completes his transition from female to male.

Izaak Theo Adu, born Mickailia ‘Ila’ Adu, has spent the past six months in recovery after undergoing phalloplasty surgery, the reconstructive procedure typically undergone by transgender and non-binary people.

After returning home to his family, Izaak shared a sweet photo of himself hugging Sade, 60, along with a message praising the iconic singer for her unwavering support. In the Instagram post, Izaak wrote: ‘It’s been a long hard road but We did it!! We are coming home!!!! ‘Thank you for staying by my side these past 6 months Mumma. Thank you for fighting with me to complete the man I am. ‘Thank you for your encouragement when things are hard, for the love you give me. The purest heart. I love you so much. Queen of queens ♥️ #mumma #lioness #queen#iloveyou.’

Izaak is Sade’s only child from her former relationship with reggae music producer Bob Morgan.

Continue Reading

Trending

Copyright © 2019 Royal News. MODISULT Media Concept 85 Ibrahim Taiwo Road, Ilorin +2348061346946 For events and parties.