Browsing: Central Bank of Nigeria

In October, the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, said he expected inflation rates to fall at a faster pace and reach high single-digit rates by the middle of 2018.

Ughamadu noted that, “By virtue of the operations of the NNPC, the Corporation had made series of compelling cases to the Presidency and the Central Bank of Nigeria to allow certain categories of accounts operate outside the TSA, as they contain co-mingled funds governed by detailed agreements with local and international implications.”

The committee has also directed the NNPC to produce proof the breach was carried out with the approval of President Muhammadu Buhari, who is the substantive Minister of Petroleum Resources.

‎”Independent revenue has continued to lag behind with low level of remittances. The GDP growth rate planned for 2017 was 1.7percent and at the end of 1st quarter, we have achieved 1.4percent, giving a positive indication that we will attain the 1.7 percent target and possibly surpass.”

“On the argument to hold the rates, the committee believes that the effect of fiscal policy action towards stimulating the economy has begun to manifest as evidenced in the exit of the economy from the 15-month recession.”

“This plan, akin to the Saudi Arabian government’s economic diversification plan, should include a clear strategy with interlinked policies, trade, industrial, fiscal and far reaching structural and governance reforms of the NNPC that could include partial privatization”

The Committee noted that while the DPR’s official account for the remittance of oil royalties was with JP Morgan, its investigations has uncovered a second account with the Federal Reserve Bank of New York purportedly opened by the agency.

“If we remain resolute with our efforts, policies and actions, we can attain a foreign exchange (forex) reserves position of about $40 billion by end 2018.”

The Federal Government said since Nigeria was last rated by Moody’s as B1 stable in December 2016, the country had successfully emerged from a protracted recession and recorded important improvements across a broad range of indices.

Oscarline Onwuemenyi 09 November 2017, Sweetcrude, Abuja – For the first time in the Nigeria’s chequered budgeting history, the Federal…