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CBN Governor, Cardoso denies blame for Nigeria’s economic challenges, promises efforts for recovery

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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has vehemently denied any culpability for the nation’s ongoing economic challenges during the Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday.

This marked the first MPC meeting since Cardoso assumed office in September 2023.

Cardoso, addressing concerns about the economic downturn, asserted that neither he nor his team bear responsibility for the prevailing issues.

Despite Nigeria grappling with surging inflation, food price hikes, a forex crisis, economic hardships, and protests triggered by the removal of the petrol subsidy, Cardoso remains resolute in the CBN’s commitment to restoring fiscal and monetary stability.

In response to questions probing the CBN’s role in the economic challenges faced by Nigerians, Cardoso emphasised the proactive measures being taken by the apex bank.

He acknowledged the identified non-monetary factors driving inflation, including persistent insecurity and infrastructure deficits. The governor underscored the crucial role of coordinated fiscal policies in addressing these underlying issues.

Cardoso’s reassurances come at a time when public discontent over economic conditions has led to protests in various parts of the country. The removal of the petrol subsidy has contributed to the high cost of living, adding to the complex economic landscape.

“I laugh at that question but it’s not a laughing matter,” Cardoso retorted. “And I think it is very important for Nigerians to understand that the Central Bank Governor — I and my team — are not responsible for the woes that we have today; we are part of the solution.

“We are determined to ensure that we work hard to get out of the mess that Nigeria is in. We assumed responsibility in a time of crisis of confidence; there was a crisis of confidence and you may all want to go to bed and wish that crisis of confidence was not there but it was, and we can’t turn back the clock.

“All we can do is do the difficult things to make a bad situation better and I do believe that the efforts that we are making are beginning to bring back confidence because to be frank, without confidence in your business, you are not going to get far.”

 

 

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Customs Surpasses Revenue Target with N5.7 tn Collection

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Comp[t. General Bashir Adewale Adeniyi

 

The Nigeria Customs Service (NCS) has announced a record revenue collection of N5.7 trillion as of November 12, 2024, surpassing its yearly target by 10 percent.

This was disclosed by the Comptroller-General of Customs, Adewale Adeniyi, at the ongoing 2024 Comptroller-General of Customs Conference in Abuja.

Themed “Nigeria Customs Service: Engaging Traditional and New Partners with Purpose,” the conference showcased the Customs Service’s progress in modernizing its operations and fostering collaborative partnerships.

“Today, I stand before you to demonstrate how our commitments in 2023 have evolved into tangible achievements,” Adeniyi stated.

He attributed the revenue growth to a series of reforms, including the implementation of a one-stop solution for cargo alerts, a revamped ICT infrastructure, streamlined inspection procedures, and enhanced automation.

Adeniyi explained that these changes reflect the agency’s commitment to elevating operational transparency and efficiency.

“We pledged to re-align our free trade operations, elevate cargo integrity standards, and expand our scanning capacities,” he said.

“Above all, we promised to usher in a new era of customs operations—one built on transparency, efficiency, and genuine collaborations with our partners.”

As of Tuesday, November 12, Adeniyi confirmed that the NCS collected N5.07 trillion, achieving the anticipated 10 percent revenue surplus.

“This performance validates our partnership-driven approach to revenue collection and trade facilitation,” he added.

Adeniyi also highlighted recent strides in trade facilitation, revealing that six companies have been selected to benefit from the Authorised Economic Operators programme, which provides fast-tracked customs clearance and other trade facilitation benefits.

Similarly, the NCS has processed 21 requests under an advance ruling programme, designed to expedite customs decisions on import and export cargoes before they reach Nigerian ports.

The Comptroller-General expressed optimism about the NCS’s potential to drive further economic growth, citing the agency’s commitment to fostering partnerships and advancing innovative practices within the customs sector.

 

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Half of Shortlisted Directors Fail Federal Permanent Secretary Exam

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Nineteen out of the thirty-eight directors who were shortlisted to fill permanent secretary vacancies within the Federal Civil Service have failed the qualifying examination, a memo from the Office of the Head of Civil Service of the Federation (OHCSF) revealed on Tuesday.

 

The memo, signed by Dr. Emmanuel Meribole on behalf of the examination committee, disclosed that the qualifying exam was conducted on Monday, November 11, 2024.

 

The Federal Government, through the OHCSF, launched the recruitment drive in October to fill permanent secretary vacancies in eight states.

 

Providing insights into the progress, Eno Olotu, Director of Press at OHCSF, stated, “Of the 38 eligible directors who sat for the exam, 19 have passed the first stage and will move on to the second stage, which will assess their competency in using Information and Communication Technology (ICT) in government operations on Wednesday, November 13, 2024.”

 

Olotu highlighted the rigorous three-stage selection process, designed to ensure that only the most capable individuals are appointed to these high-ranking civil service roles.

 

This comprehensive approach, according to OHCSF, aims to elevate the quality of leadership across federal ministries.

 

The directors who advance beyond the ICT proficiency test will face a final stage on Friday, November 15, 2024, where a panel of senior government officials and private sector experts will conduct a final evaluation to determine their suitability for the permanent secretary positions.

 

 

 

 

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Rep Oseni Rallies Support for Ikogosi Development Projects, Calls for Resilience, Unity

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The Chairman of the House Committee on the Federal Road Maintenance Agency (FERMA) and representative of Ibarapa East/Ido Federal Constituency in Oyo State, Engr. Aderemi Oseni, on Saturday urged the community to unite in advancing key development projects aimed at transforming Ikogosi.

 

Speaking at this year’s Ikogosi Day celebration and the launch of a N1 billion development project in Ekiti, the lawmaker, who served as the Chairman of the occasion, emphasised the importance of unity and collective action.

He encouraged attendees to approach the celebration as a call to action for the betterment of their community.

“As we all know, Ikogosi is not merely a town; it is a treasured gem in the heart of Ekiti State and Nigeria as a whole,” he said. “Ikogosi, a historic and vibrant town, plays a vital role in the tourism and economic landscape of Ekiti State. Its rich cultural heritage and unique resources draw visitors and stimulate economic activities that benefit us all.”

 

“Today is not just a celebration; it is a call to action,” he continued. “Let us come together, united in purpose, to support these transformative projects that promise to uplift the Ikogosi community. I urge everyone here to invest their time, resources, and energy in this endeavor. Together, we can build a legacy of self-help and development that future generations will cherish.”

Reflecting on the broader challenges facing the country, Oseni encouraged the people of Ikogosi and all Nigerians to remain hopeful and resilient, assuring them of President Bola Ahmed Tinubu’s commitment to a brighter future for the nation.

“To the good people of Ikogosi and all citizens of Nigeria, I urge you to remain steadfast and hopeful. President Bola Ahmed Tinubu means well for all Nigerians. The APC-led administration’s Renewed Hope agenda holds the promise of a brighter future. Though the beginnings may be challenging, perseverance will guide us toward a prosperous new Nigeria,” he stated.

 

In a statement released by his media aide, Idowu Ayodele, the lawmaker lauded the Ekiti State government under Governor Biodun Oyebanji’s leadership for its transformative efforts in governance and development.

He acknowledged the strides made by the governor and praised his impactful initiatives, which have set Ekiti on a progressive path.

 

“First and foremost, let me commend the Ekiti State government under the leadership of His Excellency, Mr. Biodun Abayomi Oyebanji. The trailblazing development initiatives and effective governance during your tenure have not gone unnoticed,” Oseni remarked.

“Under your stewardship, we have witnessed remarkable progress and commendable governance that have undoubtedly made Ekiti State a shining example of peace and development,” he added.

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