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February 22, 2024 Senate Confirms Cardoso, Yuguda, 10 Others As MPC Members

Senate Confirms Cardoso, Yuguda, 10 Others As MPC Members

The Senate has officially endorsed the appointment of 12 individuals to serve as members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).

This endorsement follows the consideration of a report from the Committee On Banking, Insurance, and Other Financial Institutions during Thursday's plenary session.

The confirmation of these new MPC members comes just ahead of the inaugural policy meeting of the apex bank under its new governor, scheduled for February 26 and 27, 2024.

The appointed members are:

  1. Olayemi Cardoso – Chairman
  2. Muhammad Sani Abdullahi – Member
  3. Bala M. Bello – Member
  4. Emem Usoro – Member
  5. Philip Ikeazor – Member
  6. Lamido Yuguda — Member
  7. Jafiya Lydia Shehu – Member
  8. Murtala Sabo Sagagi – Member
  9. Aloysius Uche Ordu – Member
  10. Aku Pauline Odinkemelu – Member
  11. Mustapha Akinwumi – Member
  12. Bandele A.G. Amoo, - Member

In November 2023, Cardoso, newly appointed CBN Governor by President Bola Tinubu in September 2023, expressed concerns about the effectiveness of the MPC meetings under his predecessor, Godwin Emefiele.

“For quite some time, the MPC meeting has not been effective,” he said, highlighting that the CBN Act 2007 mandates four annual MPC meetings, a requirement the bank met in 2023.

“Our focus is on ensuring that these meetings are useful and effective,” he emphasized.

However, renowned economist and Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, suggested that the MPC should convene more than four times a year to assess economic and financial conditions and curb rising inflation.

February 22, 2024 Obi Criticizes Police Over Abure’s ‘Humiliating’ Arrest: Calls It The ‘Height Of Rascality’

Obi Criticizes Police Over Abure’s ‘Humiliating’ Arrest: Calls It The ‘Height Of Rascality’

Labour Party's 2023 presidential candidate, Peter Obi, has strongly condemned the "humiliating" arrest of the party's National Chairman, Julius Abure. In a series of posts on X (formerly Twitter), Obi characterized the arrest in Benin City, Edo State, as the "pinnacle of rascality."

Videos circulating online depicted Abure being forcefully handled by police officers, while LP supporters attempted to prevent his arrest. The police alleged that Abure was apprehended for attempted murder, illegal possession of firearms, and related offenses. Following protests by LP members at the Zone 5 office in Edo, Abure was released on bail early Thursday.

Expressing his dismay on social media, Obi stated, "Watching the distressing image of our National Chairman lying on the ground in the name of arrest is unacceptable." He condemned the act as "undesirable, demeaning, and unequivocally intolerable," emphasizing the need for condemnation by all decent and civilized individuals.

Obi asserted that such actions epitomize lawlessness and tarnish Nigeria's already regrettable reputation. He stressed the importance of denouncing and addressing such behavior to uphold justice and respect for individual dignity within society.

While acknowledging the need for constitutional authorities to fulfill their duties, Obi emphasized the importance of adhering to due process, civility, and established arrest procedures. He underscored the significance of respecting the rights and dignity of citizens, as well as the presumption of innocence before the law.

As a leader within the Labour Party, Abure represents the political opposition in Nigeria, and political parties should be accorded due respect as institutions of democratic statehood, according to Obi. He urged that Abure be granted bail based on his status while investigations into the alleged offenses continue, emphasizing the importance of not stifling Nigeria's political opposition.

February 22, 2024 Give Tinubu Time To Achieve Results, Gowon Tells Nigerians

Give Tinubu Time To Achieve Results, Gowon Tells Nigerians

In a recent meeting with President Bola Tinubu at Aso Rock, former Nigerian Head of State, Yakubu Gowon, emphasized the importance of patience and understanding from the Nigerian populace.

He urged citizens to allow President Tinubu ample time to address the myriad challenges facing the nation. Gowon, speaking to state house correspondents, stressed that eight months into Tinubu's presidency is too early to expect definitive solutions to all of Nigeria's issues.

Acknowledging the criticisms levelled at the government, Gowon assured Tinubu not to be unduly concerned, affirming that the administration is exerting its utmost efforts to tackle the country's problems. He underscored the inevitability of public scrutiny but encouraged Nigerians to grant the president the necessary time to implement effective solutions.

As a key architect of the Economic Community of West Africa (ECOWAS), Gowon also discussed regional concerns with President Tinubu during their meeting. He highlighted the urgency of addressing current challenges within the West African bloc and expressed his willingness to collaborate with Tinubu in finding viable solutions.

Clarifying recent reports, Gowon debunked allegations suggesting his reluctance to attend an ECOWAS press conference, which implied obstruction of ECOWAS initiatives. He clarified that there was a misunderstanding, affirming that Tinubu had briefed him on his role at the meeting. Gowon assured his commitment to fulfilling his obligations at the ECOWAS headquarters later that day.

February 21, 2024 Senate Rejects Planned Increase In Electricity Tariff

Senate Rejects Planned Increase In Electricity Tariff

The Senate has expressed strong opposition to the proposed plans by the Ministry of Power to increase electricity tariffs and remove subsidies from electricity, considering the current economic challenges facing the nation.

This stance was reached following the Senate's deliberation and approval of a motion presented by Senator Aminu Abbas (PDP, Adamawa Central) during a plenary session. The motion emphasized the necessity of maintaining subsidies on electricity in Nigeria for the foreseeable future.

Last week, Minister of Power Adebayo Adelabu disclosed during a press conference in Abuja that sustaining the current electricity subsidy in Nigeria would be challenging. He cited the substantial indebtedness of the country's power sector to electricity-generating and gas companies, amounting to over N3 trillion.

Adelabu further explained that a significant portion of the debt, approximately 60%, was owed to gas suppliers, with a legacy debt existing before 2014 amounting to $1.3 billion, equivalent to close to N2 trillion at the current exchange rate.

The Senate's spokesperson, Yemi Adraamodu, affirmed the Senate's stance, asserting that any increase in electricity prices would exacerbate the challenges faced by Nigerians and would not be tolerated.

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