NEWS
FG’s Finance Team in Reps, Defend Current High Cost of Living
By Ubong Ukpong, Abuja
The federal government’s finance team led by Minister of Finance, Wale Edun, and the Minister of Budget and National Planning, Atiku Bagudu, on Tuesday , defended the current high cost of living,just as they assured Nigerians of the federal government’s resolve to address the present high cost of living being witnessed in the country.
Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), and Zacch Adedeji, Chairman, Federal Inland Revenue Service (FIRS), also joined the ministers to allay the fears of Nigerians about the current inflation.
The government agents spoke when they appeared at the sectoral debate organised by the House of Representatives for the finance sector and stakeholders on the current cost of living at Plenary in Abuja on Tuesday.
Speaking, Edun, who is also the coordinating minister of the economy, said, “Where we are as a nation is a much better place than we were in May 29, 2023.”
He added that Nigeria as a country was on the road to economic disaster by way of subsidy on fuel, adding that it was expected that there would be challenges as a result of subsidy removal.
Edun said that inflation had increased and the cost of living had spiked, but stated that President Bola Tinubu was committed to protecting the poorest and the vulnerable.
“As things improve, there will be further intervention on behalf of the vulnerable to assist in the cost of living.
“Let us be confident, calm, and assured that Nigeria will change in terms of economic management and that there will be intervention in every sector.”
According to him, there is a need to tackle inflation because full inflation accounts for 33 percent of the consumer price index.
He said there was a need to return to production, adding that industry however, required energy to function optimally and that the President was also committed to using state power to subdue vested interests in the oil sector.
On his part, Bagudu said the president was committed to national development, adding that the president reckoned with the challenges of the living conditions of the people.
“What is happening in our country is obvious to someone visiting a construction site; we are very clear that we are on the right path and the challenges of the moment are being tackled.
“We are getting support from international partners, and they are all acknowledging the commendable steps that the president is taking.
“We have seen investments in the rail sector, the NNLG, and we assure you that we will overcome the challenges of the moment and sustain the economic growth as promised by the President,” he said.
In a related development, Cardoso expressed confidence that positive outcomes from the administration of Tinubu were already emerging and would further emerge in the near future.
“The concern as per the cost of living is genuine, and the urgency of the matter is not lost on us at the CBN, and we are working tirelessly to bring up a lasting solution.
He said inflation was expected to decline in 2024, adding that this would be aided by improved agricultural productivity.
He said that the challenges of the exchange rate had been tackled, adding that they were fueled by speculation, increased forex demand, increased capital outflow, excess liquidity, and increased demand, among others.
He said the CBN was addressing the forex demand by clearing forex operations and adjusting the remuneration standard deposit, among others.
Speaking, the FIRS boss, Mr Adedeji, said the service was not a revenue-generating agency but a revenue-collection agency, adding that the agency was doing a lot to increase the nation’s revenue base.
According to him, the target for 2023 revenue was N10 trillion, and we achieved N12.3 trillion because of the decision taken by the president.
Adedeji said the president took the decision to rectify the distortion in the economic parameters and remove the fuel subsidy.
According to him, we have over performance from VAT collection and company income tax. We have the target of collecting N19.2 trillion in 2024.
The chairman added that the N19.2 trillion target was based on the fact that it would not collect new taxes but bring more people into the tax rate.
He said less than 60 companies, as of today, contribute less than 60 percent to the nation’s company income tax.
Meanwhile, Rep. Benjamin Kalu, the Deputy Speaker of the sectoral debate with the Ministers of CBN and FIRS, said it was imperative to recognize the urgency and importance of the agenda before it.
He said, “We must also confront the stark realities of the economic, fiscal, and revenue challenges that our beloved nation, Nigeria, is currently facing.
“In the face of global economic shifts and domestic challenges, it is clear that robust reform measures are not just beneficial but imperative.
“We are at a pivotal moment where the decisions we make and the policies we implement will impact the lives of millions of Nigerians”
He said the reform should not only address immediate needs but also lay a resilient and dynamic framework that would adapt to future challenges and opportunities.
According to him, these measures should stimulate growth, foster innovation, and uplift the lives of every Nigerian.
By Tambaya Julius, Abuja
The Nigeria Customs Service (NCS) has dismissed a purported recruitment update circulating on social media, describing it as false and not originating from the Service.
The Service, in a statement, urged members of the public to disregard the misleading information and refrain from sharing unverified content capable of misleading prospective applicants and the general public.
The NCS advised Nigerians to rely solely on information published through its official communication channels for accurate updates on recruitment exercises and other activities of the Service.
It reiterated that its verified social media platforms remain the authentic sources of information and urged the public to always verify recruitment-related announcements before acting on them or sharing them with others.
By Tambaya Julius, Abuja
Nigeria’s broad money supply (M3) increased for the second consecutive month, rising to N133.25 trillion in June 2026 from N129.21 trillion recorded in May, according to the latest Money and Credit Statistics released by the Central Bank of Nigeria (CBN).
The latest data showed that money supply expanded by N4.
04 trillion month-on-month, despite the apex bank’s decision to maintain its benchmark Monetary Policy Rate (MPR) at 26.5 per cent.The increase reflects the continued growth in liquidity within the economy, even as the CBN maintains a cautious approach aimed at controlling inflation, managing liquidity and sustaining macroeconomic stability.
Broad money supply, also known as M3, includes currency in circulation outside banks, demand deposits, savings and time deposits, as well as foreign currency deposits.
CBN figures also revealed a significant year-on-year growth in money supply, with M3 rising from N117.25 trillion in June 2025 to N133.25 trillion in June 2026.
This represents an increase of approximately N16 trillion, or 13.59 per cent, over the one-year period.
A breakdown of the statistics showed that M2, which comprises narrow money (M1), quasi-money, demand deposits and currency outside banks, rose to N133.24 trillion in June from N129.20 trillion in May.
The expansion in liquidity was largely driven by growth in quasi-money and domestic assets during the period under review.
Quasi-money increased from N84.58 trillion in May to N88.54 trillion in June, while demand deposits recorded a marginal rise from N39.43 trillion to N39.78 trillion.
However, currency held outside the banking system declined from N5.19 trillion in May to N4.92 trillion in June, indicating that more funds remained within the formal banking system.
Further analysis of the CBN data showed that net domestic assets grew by 4.37 per cent, rising from N102.26 trillion in May to N106.73 trillion in June.
Net foreign assets recorded a slight decline of 1.56 per cent, falling from N26.95 trillion to N26.53 trillion during the same period.
Overall, broad money supply expanded by 3.11 per cent month-on-month, highlighting sustained liquidity growth despite the CBN’s restrictive monetary policy measures.
The money supply figures came days after the apex bank retained the Monetary Policy Rate at 26.5 per cent at the conclusion of its 305th Monetary Policy Committee (MPC) meeting.
The committee also kept all other monetary policy parameters unchanged, signalling its commitment to sustaining the disinflation process while protecting macroeconomic stability.
Analysts noted that the continued rise in money supply presents a challenge for the CBN as it seeks to strike a balance between supporting economic activities, managing liquidity and preventing renewed inflationary pressures.
By Tambaya Julius, Abuja
The Senate Committee on Sports Development has criticised the National Sports Commission (NSC) and the Nigeria Football Federation (NFF) for failure to honour invitations to appear before it, warning that continued disregard for legislative oversight could attract disciplinary action.
The committee, chaired by Senator Abdul Ningi (Bauchi Central), expressed its displeasure during a meeting on Wednesday, describing the absence of officials from both organisations as unacceptable and an impediment to the committee’s constitutional oversight functions.
Ningi revealed that separate invitation letters were sent to the Chairman of the NSC, Mallam Shehu Dikko, and the Commission’s Director-General, Bukola Olopade, to remove any ambiguity over who should represent the agency before the committee.
He dismissed the explanations submitted by the Commission for its absence, insisting that they were unsatisfactory.
“The committee will not tolerate attempts to frustrate its constitutional oversight responsibilities,” Ningi said.
He warned that the repeated absence of senior officials was preventing the committee from effectively carrying out its legislative mandate, adding that such conduct could warrant disciplinary action by the Senate.
“It is becoming a practice that requires Senate disciplinary action against these agents of government,” he said, stressing that accountability must be upheld.
Committee members unanimously backed the chairman’s position, insisting that the leadership of both the NSC and the NFF must appear before the panel to explain issues relating to their finances and operations.
As part of its ongoing investigation, the committee directed the NSC to submit evidence of its approved budgets for 2023, 2024, 2025 and 2026, along with details of budget releases for the same period.
It also requested records of funds released to all sporting federations, including basketball, volleyball, boxing, judo and hockey, as well as evidence of statutory federal government subventions to the federations.
To verify the records, Sen. Ningi instructed the Clerk of the Committee to write to the Accountant-General of the Federation requesting comprehensive details of all funds released to the NSC from 2023 to date.
The committee further directed the NFF to provide detailed appropriations and releases for Nigeria’s participation in the 2025 Africa Cup of Nations (AFCON), as well as comprehensive expenditure records for the 2026 FIFA World Cup qualifying campaign and the Women’s Africa Cup of Nations (WAFCON).
Ningi said a new date would be communicated to the NSC and NFF for their appearance before the committee.
Addressing National Assembly correspondents after the meeting, the senator maintained that the attitude of both organisations was unacceptable.
He reiterated that the Constitution of the Federal Republic of Nigeria empowers the National Assembly to exercise oversight over all Ministries, Departments and Agencies of government, including the National Sports Commission and the Nigeria Football Federation.
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