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Inflation, Exchange Rates to Decline in 2024, Says CBN

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Central Bank of Nigeria (CBN) says the rising inflation and exchange rates will decline in 2024.

Reports says that the apex bank also projected less revenue from oil exports in the coming year.

CBN Governor, Mr Olayemi Cardoso, stated these on Thursday in Abuja when he appeared before the Joint Committee on Banking, Insurance and other Financial Institutions.

Cardoso said the total trade from Nigerian Foreign Exchange Market (NFEM) stood at N18.

804 billion as at the third quarter of 2023.

According to him, the outlook for the nation’s domestic economy for 2024 is very positive, as both the inflation and exchange rates would absolve the volatile pressures on them and get them stabilised.

“The outlook for the domestic economy remains positive and is expected to maintain the positive trajectory for 2024.

“Inflation pressures may persist in the short-term but is expected to decline in 2024.

“Exchange rate pressures are also expected to reduce significantly with the smooth functioning of foreign exchange market,” he said.

The CBN governor further stated that the unification of the exchange rate windows in June had led to a new approach to the management of exchange rate, aimed at reducing arbitrage, rent-seeking behaviour and speculation in the market.

“The policy aims to create a market where the demand and supply of foreign exchange determines the exchange rate.

“The premium has narrowed and our focus on increasing the autonomous FX supply will lead to more stability and further narrowing of the premium.

“Total trade in the third quarter of 2023 stood at N18.8 billion and exports valued at N10.3 billion, while total imports stood at N8.4 billion,” he said.

“This, according to him, represents positive trade balance which will lead to increase in the external reserves.

Cardoso, however, said that due to domestic prevailing factors, less revenue would be earned from oil exports in 2024.

“We expect less revenue from oil exports due to the production limit of 1.78mbpd in 2024. The OPEC approved quota for Nigeria is 1.8mbpd, which is higher than the 2024 budget assumption.

“However, the country’s production has been below these thresholds. The budget benchmark for 2023 was 1.69mbpd but the highest level of production during the year was about 1.35mbpd in Q3 of 2023.

“The reasons for the underperformance of the oil production target include: crude oil theft and pipeline vandalism, production shut-ins and divestments by major oil companies,” he said.

Earlier, Chairman of the Joint Committee, Sen. Tokunbo Abiru said that the interactive session was organised for statutory briefing by CBN, in line with extant laws.

The Co-Chairman of the Committee, Hon. Mohammed El-Rufai, commended Cardoso and the management team of the apex on measures being put in place to stabilise the nation’s economy. (NAN)

POLITICS

2027: APC Governors Endorse Tinubu

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The Progressive Governors Forum on Thursday at the All Progressives Congress (APC) National Summit held in Abuja endorsed President Bola Tinubu as sole candidate for the 2027 presidential election.

The endorsement, which was moved by Gov. Hope Uzodimma of Imo and Chairman of the forum Chairman, was seconded by Gov.

Uba Sani of Kaduna State.

Uzodimma, who spoke on behalf of the forum, emphasised commitment to mobilising resources and ensuring victory for Tinubu in their respective states.

The governors expressed confidence in Tinubu’s leadership and reforms, promising to deliver their states in the upcoming elections.

This endorsement follows similar moves by other APC regional leaders, including the North Central governors who recently passed a vote of confidence in Tinubu’s administration, praising his developmental strides and inclusive governance approach.

(NAN)

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POLITICS

Senate Passes Bill Establishing FMC Adikpo into Law

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By Eze Okechukwu, Abuja

The Senate yesterday passed into law a bill for the establishment of a Federal Medical Center, Adikpo in Benue state.

The bill which was sponsored by Senator Emmanuel Udende (APC, Benue North East) was read for the third and final time during plenary with an unanimous approval by the legislatures when it was committed to the Committee of the whole.

The bill, according to Udende, seeks to establish a federal medical center in Adikpo which will not only cater for the health needs of the people of Benue North East senatorial zone but Benue state and Nigeria in general and beyond.

“The bill awaiting presidential assent seeks to bring medical care closer to the people, especially in times of emergency.

The distance between Adikpo , a Nigerian boarder town and Makurdi, Benue State capital where a Federal Medical Center exists is over 300 kilometers, so patients who need medical care within the Adikpo axis are on a danger line, hence my resolve to use the instrumentality of the parliament to address the troubling health challenge”, senator Udende said.

He explained that the people of Kwande who share boundaries with the Republic of Cameroon most often are required to seek medical attention outside their country and in most cases are frustrated or cannot afford the cost.

According to senator Udende, the strategic location of the health facility will provide potential economic benefits of trade and cultural exchange, giving its proximity to the Republic of Cameroon.

He stressed that the Federal Medical Centre will also trigger infrastructure development, healthcare and open up the locality in terms of education while expressing concerns that the absence of such institutions on the side of the Nigerian border town has grossly caused underdevelopment.

The senator however commended the senate Committee on Health and Tertiary Institutions for conducting a public hearing which gave rise to the final parliamentary journey of the bill.

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NEWS

NASC: Senate Confirms Nnanna Uzor Kalu as Commissioner For S/east

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The Senate on Tuesday confirmed the appointment of Dr Nnanna Uzor Kalu as a commissioner in the National Assembly Service Commission (NASC) to represent the South-East geopolitical zone.

The confirmation followed the presentation and adoption of the report of the Senate Committee on Establishment and Public Service, chaired by Sen.

Cyril Fasuyi, during plenary.

Kalu’s confirmation was previously stepped down in March due to a petition filed against him.

At the time, the senate had confirmed 12 out of 13 nominees for the NASC, withholding only the nomination from the South-East pending resolution of the matter.

Presenting the report, Fasuyi explained that the petition had been thoroughly investigated and dismissed by the Senate Committee on Ethics, Code of Conduct and Public Petitions.

The committee found no grounds to disqualify the nominee.

“In line with the findings and recommendations of the relevant committees, the Senate Committee on Establishment and Public Service recommends the confirmation of Dr Nnanna Uzor Kalu,” Fasuyi said.

In his remarks, Senate President Godswill Akpabio thanked both committees for handling the issue with diligence and fairness.

He congratulated Kalu on his confirmation and urged him to serve with integrity.

“I urge the newly confirmed commissioner to uphold equity, fairness, and constitutional values while representing the South-East in the commission,” Akpabio said.(NAN)

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