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November 23, 2023 CBN Governor Yemi Cardoso To Address Nation On Monetary Policy, Naira Fall

CBN Governor Yemi Cardoso To Address Nation On Monetary Policy, Naira Fall

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, is scheduled to make a national address tomorrow, November 24, 2023, at 7 pm, according to a reliable source close to the CBN governor who chose to remain anonymous.

This forthcoming address holds significant importance for Governor Cardoso, marking his inaugural public engagement since assuming the position of CBN Governor over two months ago, following his appointment by President Bola Tinubu.

Governor Cardoso's speech is anticipated to delve into a comprehensive explanation of the CBN's monetary policy and strategic plans, focusing on addressing the challenges facing the national currency, the Naira. Given the economic uncertainties, this communication aims to offer transparency and reassurance to the public.

The announcement follows President Bola Tinubu's nomination of Cardoso as CBN Governor on September 15, a decision prompted by the suspension of the former Governor, Godwin Emefiele, on June 9. Four deputy governors were appointed alongside Cardoso, including Emem Usoro, Muhammad Dattijo, Philip Ikeazor, and Bala M. Bello.

However, since assuming office, Governor Cardoso has been criticised for not convening the bi-monthly Monetary Policy Committee (MPC) meeting, the apex bank's highest policy-making committee. The last MPC meeting took place on July 25. The MPC is instrumental in reviewing economic and financial conditions, determining short to medium-term policy stances, regularly evaluating the CBN monetary policy framework, and effectively communicating policy decisions to the public.

November 23, 2023 Senate Asks Wike To Revisit CCTV Project In Abuja

Senate Asks Wike To Revisit CCTV Project In Abuja

The Senate has urged the Federal Capital Territory (FCT) Minister, Nyesom Wike, to reexamine the Abuja closed-circuit television (CCTV) project, which faced a setback when a N500 million contract for installing cameras within and outside the Federal Capital Territory did not materialize.

This decision follows a motion presented by Senator Ned Nwoko, representing Delta North, who raised concerns about the increasing incidence of kidnappings in the FCT. Senator Nwoko specifically highlighted the recent abduction of his senior legislative aide, Chris Agidy, and 18 others from their residences in the Galadimawa area of Abuja.

According to Senator Nwoko, reliable police sources have confirmed that out of the 19 individuals abducted, 12 have tragically lost their lives, while seven remain in the custody of the kidnappers. In response to this alarming situation, the Senate has called for a collaborative operation involving the Army to intensify search efforts for the kidnapped victims.

Furthermore, the Senate has directed the Inspector General of Police, Kayode Egbetokun, to oversee the implementation of CCTV installation in and around the FCT. This measure aims to enhance security and deter future kidnappings, reflecting the Senate's commitment to addressing the pressing issue of insecurity within the nation's capital.

November 23, 2023 Release Nnamdi Kanu As Christmas Gift To Southeast – Ohanaeze To Tinubu

Release Nnamdi Kanu As Christmas Gift To Southeast – Ohanaeze To Tinubu

On Thursday, the leading Igbo socio-cultural organization conveyed a message to President Bola Tinubu, expressing that the release of Nnamdi Kanu, the leader of the Indigenous People of Biafra (IPOB), would be the most significant Christmas gift for the people of the Southeast.

This plea comes in response to remarks by Chief of Defense Staff Christopher Musa, who accused self-proclaimed Biafra agitator Simon Ekpa of undermining security efforts in the Southeast. Ohanaeze, however, contends that showing mercy to Kanu would simplify Musa's task and diminish Ekpa's influence.

Ohanaeze argued that Kanu's release would end the Southeast's artificial security challenges, fabricated by criminals exploiting his name as a pretext. In a statement endorsed by the factional Secretary-General, Okechukwu Isisguzoro, Ohanaeze lamented that killer herders and criminals have exploited the Biafra agitation to terrorize the Southeast.

The statement urged President Tinubu, as a respected political figure, to consider the plight of the Southeasterners and release Kanu promptly, allowing them to celebrate Christmas and the New Year in a peaceful environment. Ohanaeze emphasized that restoring peace through Kanu's release would make the services of the Chief of Defense Staff and Security Chiefs unnecessary in the region.

Expressing dismay over the unjust suffering inflicted by Fulani herders and criminals, Ohanaeze highlighted the alarming discovery of over 70 individuals brutally murdered by herders operating from the Lokpanta Cattle Market in Leru Umunneochi, Abia State. The organization called on Tinubu to address the failures of past administrations that contributed to the current insecurity challenges in the Southeast, citing a loss of over 42 trillion naira since Kanu's incarceration and the criminal invasions by Fulani herders during the Buhari administration.

Ohanaeze Ndigbo believes that the release of Nnamdi Kanu would not only bring comfort to the people but also reinstate confidence in the leadership's commitment to the welfare and security of the Igbo community.

November 23, 2023 Senate Approves 2024-2026 Mid-Term Fiscal Plan

Senate Approves 2024-2026 Mid-Term Fiscal Plan

The Senate has passed the 2024–2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), with a borrowing plan of 7.8 trillion naira for 2024, a nine trillion-naira deficit, and a federal government total expenditure of 26 trillion naira.

The Senate President, Godswill Akpabio, announced approval for 2024, the oil price benchmark of 73 dollars per barrel of crude oil, 1.78 million barrels per day, and sustained as contained in the MTEF/FSP documents.

He equally announced a special intervention of 200 billion naira, 7 billion naira, and an exchange rate of 700 naira for a US dollar.

The Senate also resolved that all items locally produced should be banned from importation.

The joint committee chaired by Senator Musa Sani also observed that many of the Federal Government’s revenue-generating agencies engaged in arbitrary, frivolous, and extra-budgetary expenditures.

It consequently recommended that a review of the laws of all revenue-generating agencies be carried out.

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