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September 20, 2024 CBN Addresses Controversy Surrounding Policy Document

CBN Addresses Controversy Surrounding Policy Document

The Central Bank of Nigeria (CBN) has issued clarifications regarding its "Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025," which was published on September 17, 2024. In a statement on Friday, the CBN announced that it has temporarily withdrawn the document to prevent misinterpretation and confusion among stakeholders.

The bank explained that the guidelines are a compilation of existing policies up to December 31, 2023, not new directives. Some media outlets had misreported aspects of the document, leading to confusion, particularly on issues like the Cyber Security Levy and the connection between fuel subsidy removal and external reserves.

The CBN emphasized that the guidelines are meant to provide a reference for stakeholders and that revisions may occur as necessary. It urged stakeholders to seek clarification before reporting on CBN policies to avoid further misinterpretation.

This clarification followed concerns over the bank's intention to maintain its Ways and Means Advances to the Federal Government at a 5% limit, which contradicts a National Assembly bill that raised the borrowing cap to 10%.

September 20, 2024 I Don’t Regret Saying Edo Election Is Do Or Die Affair – Obaseki

I Don’t Regret Saying Edo Election Is Do Or Die Affair – Obaseki

Governor Godwin Obaseki of Edo State has stated that he has no regrets about calling the upcoming September 21 governorship election a "do or die" affair. The governor has faced criticism, particularly from the opposition party, for his remarks.

Speaking during a monitored program, Obaseki defended his statement, explaining that the election is crucial for the future of Edo State, as he believes the state would be "doomed" if the All-Progressives Congress (APC) wins. He claimed that the opposition has plans to rig the election and warned that the people of Edo would resist any such attempt.

Obaseki also voiced his concerns about police bias ahead of the election, accusing them of unprofessionalism. "It’s a do-or-die affair because if they [the APC] take over, Edo is finished. The level of impunity and recklessness we see in the opposition is alarming," he said.

September 20, 2024 Tinubu Urges Peace and Civility in Upcoming Edo State Governorship Elections

Tinubu Urges Peace and Civility in Upcoming Edo State Governorship Elections

President Bola Ahmed Tinubu has urged all stakeholders in the upcoming Edo State governorship elections to conduct themselves peacefully and respectfully. The election is set for Saturday, September 21, 2024.

In a statement released by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, Tinubu called on candidates, political parties, and supporters to uphold the democratic process and respect the will of the people.

“He believes in the voters’ ability to make informed decisions about their future leaders. President Tinubu emphasizes that democracy thrives on civility, tolerance, patience, and respect for the rules of the game,” the statement read.

The president acknowledged the Independent National Electoral Commission’s (INEC) commitment to holding a free and fair election and urged everyone involved to ensure a peaceful and successful process. He praised the candidates and parties for focusing their campaigns on key issues such as economic growth, improving livelihoods, and contributing to national development.

Tinubu encouraged Edo State citizens to remain peaceful and respectful throughout the voting process and to resolve any disputes through appropriate channels. He also expressed confidence in the professionalism and integrity of security agencies and INEC officials, urging them to remain impartial and protect the integrity of the election.

September 20, 2024 N70,000 Minimum Wage: Tinubu Used Fuel Prices to Betray Workers – NLC

N70,000 Minimum Wage: Tinubu Used Fuel Prices to Betray Workers – NLC

The Nigeria Labour Congress (NLC) has accused President Bola Tinubu of betraying organised labour by using petrol prices as leverage in negotiations. NLC President Joe Ajaero revealed that during discussions on the proposed N70,000 minimum wage, Tinubu offered the option of not raising petrol prices if the wage was accepted. Alternatively, he suggested a N250,000 wage with a fuel price hike, which labour rejected due to the burden it would place on Nigerians.

Ajaero emphasized that the high petrol prices have diminished the benefits of the minimum wage and urged the government to address pressing issues like poverty and hunger. He also criticized attempts to distract the labour movement with baseless allegations of cybercrime and terrorism.

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