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CBN Governor, Cardoso denies blame for Nigeria’s economic challenges, promises efforts for recovery
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.”
President of the Senate, Godswill Akpabio, has strongly condemned the brutal killing of 16 travellers in Edo State, describing the act as senseless, barbaric, and unacceptable.
Akpabio, in a statement issued by his Special Assistant on Media, Jackson Udom, expressed deep sorrow over the incident and called for swift justice to assuage the pain of the victims’ families.
“I am deeply saddened and disturbed by the gruesome murder of 16 travellers in Edo State. This senseless act of violence is unacceptable and has no place in our society,” he said.
The Senate President urged security agencies to conduct a thorough investigation and bring the perpetrators to book without delay.
“I condemn in very strong terms this heinous crime and urge the relevant authorities to ensure that those responsible are held accountable for their actions. Justice must be served to prevent further occurrences and reassure Nigerians of their safety.”
Akpabio further emphasised the need for unity in the face of violence, calling on Nigerians to resist divisions that could arise from such tragic events.
“As a people, we must work together to promote peace, unity, and understanding. We cannot afford to let such acts of violence divide us or undermine our collective efforts to build a better Nigeria.”
He extended his condolences to the bereaved families, the government, and the people of Edo State, praying for divine comfort in their time of grief.
“My heartfelt condolences go to the families of the victims, the government, and the people of Edo State. May God grant the departed peaceful rest and give their loved ones the fortitude to bear this irreparable loss.”
As Muslims around the world celebrate Eid-ul-Fitr, marking the end of the holy month of Ramadan, the lawmaker representing Ibarapa East/Ido Federal Constituency in the House of Representatives, Engr. Aderemi Oseni has urged the Muslim faithful to uphold the virtues of Ramadan in their daily lives.
According to a statement on Sunday by his media aide, Idowu Ayodele, the lawmaker congratulated the Muslim Ummah on the successful completion of the month-long fasting and encouraged them to reflect on the values of sacrifice, self-discipline, and devotion to God, which Ramadan represents.
He emphasised that Ramadan is not only about fasting but also about fostering compassion, patience, and love for one another—values he described as crucial for national unity and development.
“As we celebrate this year’s Eid-ul-Fitr, I encourage my Muslim brothers and sisters to continue embodying the noble virtues of Ramadan. Let the spirit of sacrifice, empathy, and community service guide our actions beyond this season,” the statement read.
Oseni, who chairs the House Committee on the Federal Roads Maintenance Agency (FERMA), also underscored the importance of national cohesion, urging Nigerians to work together to promote peace and stability. He called on leaders at all levels of government to implement policies that address economic challenges, security concerns, and infrastructural development.
He further reassured his constituents in Ibarapa East/Ido of his commitment to quality representation, pledging to continue advocating for policies that prioritise their welfare and development.
Oseni also appealed to religious leaders to use their platforms to preach unity and patriotism, stating that Nigeria’s progress depends on the collective efforts of its citizens in fostering tolerance and peaceful coexistence.
“Eid is a time of joy, reflection, and gratitude. Let us celebrate responsibly while remembering to extend kindness to the less privileged. May Almighty Allah accept our prayers and grant our nation lasting peace and prosperity,” he added.
A chieftain of the All Progressives Congress (APC) in Oyo State and former House of Assembly candidate for Ibadan South-West Constituency I, Hon. Oladiran Alabi, has congratulated Muslims on the occasion of Eid-el-Fitr, urging Nigerians to embrace unity and peaceful coexistence.
In a statement on Sunday, Alabi commended the Muslim faithful for their devotion and sacrifices during the holy month of Ramadan, stressing the need to uphold the values of love, tolerance, and compassion beyond the fasting period.
He said, “The end of Ramadan is a time for reflection, gratitude, and renewed commitment to the principles of Islam. I felicitate with my Muslim brothers and sisters and pray that Almighty Allah accepts their supplications and rewards them abundantly.”
Alabi also emphasised the importance of unity in addressing Nigeria’s socio-political and economic challenges, urging leaders and citizens alike to foster harmony irrespective of religious and ethnic differences.
“Our strength as a nation lies in our unity. It is imperative that we work together to promote peace and development. I call on all Nigerians to prioritise national interest above personal or sectional gains,” he added.
He further urged political leaders to implement policies that would improve the welfare of the people, enhance economic growth, and strengthen security across the country.
The APC stalwart prayed for a peaceful and prosperous Nigeria, wishing the Muslim community a joyous and spiritually fulfilling Eid celebration.
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