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In national broadcast, Nigeria’s Tinubu promises relief as cost of living crisis bites

Published

1 year ago

July 31, 2023

Nigeria’s President, Bola Tinubu, in a nationwide address on Monday, reiterated that his economic reforms were targeted at a lasting legacy for the country despite current hardship.

President Tinubu said it was in the interest of the country that the fuel subsidy be discontinued and other fiscal policies be implemented.

Tinubu said: “I had promised to reform the economy for the long-term good by fighting the major imbalances that had plagued our economy. Ending the subsidy and the preferential exchange rate system was key to this fight. This fight is to define the fate and future of our nation. Much is in the balance.

“Thus, the defects in our economy immensely profited a tiny elite, the elite of the elite you might call them.

“As we move to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary”.

The Nigerian president also stressed that he understood the plight of Nigerians amidst the growing cost of living and was committed to providing succour for the situation.

“Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help, not hurt, the people and nation that I love.

“What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class, and the most vulnerable among us”.

Nigerians depend on cheap petrol to run their largely informal small and medium-scale businesses. For many businesses, operating costs since subsidy removal on May 29 have hit the roof, while the cost of transportation has also been impacted.

There are concerns that while the federal government plans provision of palliatives to cover the private and informal sectors, they may not be sufficient to cushion the impact of the policies. Meanwhile, governments at sub-national levels have been announcing approaches to attempt to cushion the effects on their constituents.

Related Topics:Featured Fuel subsidy Nigeria President Bola Tinubu

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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”