For the first time this year, Nigeria’s money supply has experienced a significant drop, a development closely linked to the Central Bank of Nigeria’s (CBN) recent hike in interest rates.
Data from the apex bank reveal Money Supply (M2) dropped marginally to N92.3 trillion in March 2024 from a record N93.9 trillion in February. April data is also anticipated as the apex bank meets to deliberate ton the MPC.
This drop, albeit marginal will be received with relief by officials of the monetary policy committee who meet next week to deliberate on the next course of action for its hawkish interest rate policy. The drop also reflects the intricate dynamics of monetary policy and its impact on the broader economy.
In the past two years, Nigeria has seen a substantial rise in money supply, driven by expansive monetary policies under the Buhari administration. For example, Money Supply (M2) has risen from N51.7 trillion to a peak of N93.9 trillion in February.
The Central Bank of Nigeria, led by Governor Godwin Emefiele, lent the government over N20 trillion through the controversial Ways and Means provision. Additionally, trillions were injected into the economy as intervention funds to stimulate growth and support various sectors.
Money supply, a critical economic indicator, refers to the total amount of monetary assets available in an economy at a specific time. It includes various forms of money, such as cash, demand deposits, and other types of bank deposits that are easily convertible to cash. Economists categorize money supply into different aggregates, primarily M1, M2, and M3, each representing different degrees of liquidity.
According to the latest data, the overall money supply decreased, driven by notable changes in its components. Specifically, quasi money, which includes savings deposits, time deposits, and other near-money assets, saw a significant drop.
Conversely, narrow money (or M1), which encompasses physical currency and demand deposits, showed an increase.
Key highlights from the data
- Money Supply (M2): Experienced a decrease from From N93.9 trillion to N92.3 trillion , reflecting the drop in quasi money despite the rise in narrow money.
- Quasi Money: Decreased from N63.69 trillion to N59.8 trillion, indicating a shift in the types of assets held by the public, likely influenced by higher interest rates.
- Demand Deposits: Increased from N26.8 trillion to N28.8 trillion, suggesting a preference for more liquid forms of money among depositors.
- Currency outside banks: Increased from N3.4 trillion to N3.6 trillion as more Nigerians moved towards cash following the end of the controversial new naira note policy of the apex bank.
Impact of Higher Interest Rates
The CBN’s decision to raise interest rates is a strategic move aimed at controlling inflation by making borrowing more expensive and encouraging saving.
- Higher interest rates typically lead to reduced consumer spending and lower investment by businesses due to the higher cost of credit.
- By tightening monetary policy, the CBN aims to tame inflation and stabilize the economy. However, this shift also highlights the delicate balance required in managing economic growth and controlling inflation.
- As the economy adjusts to these changes, careful monitoring of money supply aggregates will be essential in assessing the long-term impacts of the CBN’s policies.
This monetary tightening can lead to a contraction in the money supply as people and businesses shift their funds into higher-yielding savings accounts and fixed deposits, thus decreasing the more liquid forms of money in the economy.
[Nairametrics]
President Bola Ahmed Tinubu has sent the National Anti-Doping Bill 2024 to the Senate for approval and passage.
In a letter to the Senate, President Tinubu said the bill will provide a legal framework for the establishment of the National Anti-Doping Organisation, an organisation that regulates sporting competitions.
He explained that the establishment of the agency was a requirement for Nigeria to achieve compliance with the World Anti-Doping Code.
The World Anti-Doping Code (Code) is the core document that harmonises anti-doping policies, rules and regulations within sport organizations and among public authorities around the world.
Tinubu noted that the law will help Nigeria avoid the imposition of signatory consequences, inclusion of laws of hosting and participating rights at regional, continental and world championships or major athletic events.
“In accordance with the provisions of section 58 (2) of the Constitution of the Federal Republic of Nigeria, 1999, as amended, I forward herewith the National Anti-Doping Bill 2024 for the kind consideration of the Senate.
“The National Anti-Doping Bill 2024 seeks to create an administratively independent National Anti-Doping organization which is a cardinal requirement for Nigeria to achieve compliance with the World Anti-Doping Code and the international standard for code compliance by signatures.
“The enactment of this vital legislation will also help Nigeria avoid the imposition of signatory consequences, inclusion of laws of hosting and participating rights at regional, continental and world championships or major athletic events,” Mr Tinubu added.
The President however urged the lawmakers to consider the bill before the Olympic Games seminar scheduled to be held in Paris in July for Nigerians to be part of the competition.
“It is my hope that this submission will receive the humankind expeditious consideration of the distinguished members of the Senate of the Federal Nigeria for passage of the same to law before the Olympic Games seminar in Paris in July 2024.
“Please accept, distinguished president, the assurances of our highest consideration. Regards”.
President of the Nigeria Football Federation (NFF), Alhaji Ibrahim Musa Gusau, has revealed details of the contract given to new Super Eagles coach Finidi George.
Recall that Finidi was appointed as coach of the Super Eagles on April 19, and was unveiled by the board of the NFF at the Moshood Abiola National Stadium on Monday in Abuja.
Gusau refuted claims making the rounds that the federation only committed the new Super Eagles head coach to a one-year deal.
“I don’t know where the one-year contract information emanated from, all I know is that, as far as our contract with Finidi is concerned, he is going to be in charge of the team till the end of 2026,” Gusau said on Soccer Africa, a popular TV show in South Africa.
“So I don’t think 2026 is going to be a one-year contract.
“The key thing is, in every contract, there must be some indices and some targets that you must put in place for somebody in other for him to get optimal performance.
“And the first target is to qualify the team for next year’s Nations Cup and to get to at least the semi finals of the Nations Cup, as well as qualify the team to the World Cup and to get us the target of playing in the quarter-finals of the World Cup.
“So these are the main targets we put in place for him in the contract, and by the grace of God, we are working hard to see how we can achieve that,” he added.
Speaking further, Gusau also stated that the federation didn’t force George to choose his assistants.
During the unveiling, the NFF also introduced the assistants who will support George: Daniel Amokachi, Benjamin James, Olatunji Baruwa, Chima Onyeike, and Mehmet Ozturk.
“I am very happy when we unveiled Finidi to Nigeria. The NFF Technical Director put all the names on the list, and they chose the best they felt would work. All the names you saw as assistants to Finidi were chosen by him,” Gusau said.
The Super Eagles will host South Africa in their upcoming 2026 FIFA World Cup qualifying fixture at the Godswill Akpabio International Stadium in Uyo on Friday, June 7th.
The three-time African champions will travel to face Benin at the Felix Houphouet Boigny Stadium in Abidjan three days later.
Omowunmi Aloba, the widow of late singer, Ilerioluwa Aloba, popularly known as Mohbad, has blamed her father in-law, Joseph Aloba, for being responsible for the failed autopsy test that could not ascertain the actual cause of the late singer’s death.
Recall that at the last Coroner sitting held in Lagos, the Senior Advocate of Nigeria, Wahab Shittu who is the legal counsel representing Mohbad’s family said that a pathologist, Prof. Sunday Osiyemi, said that the actual cause of the late singer’s death could not be ascertained, giving a number of reasons, including that the body had already decomposed as it took about 21 days before the autopsy was conducted.
When contacted for her reaction to the revelation by the pathologist, Mohbad’s wife, Omowunmi in an interview with Sahara Reporters, lamented in tears that she had been sad and heartbroken since Wednesday after the pathologist’s testimony in court. She accused her father-in-law of being responsible for the inability of the autopsy test to ascertain the cause of her husband’s death, lamenting that the late singer’s father ignored everyone’s plea and hurriedly buried her husband.
‘’I have been sad. I have been heartbroken since yesterday when I got the news on what the pathologist said about the autopsy of my husband. When my father-in-law wanted to take him away, I begged him, I pleaded, I cried. Everybody around that place with me cried. My mother-in-law cried but he pushed her away.
Zlatan Ibile, who is one of my husband’s industry brothers, pleaded but he said no. My husband's lawyer pleaded but they said no. Bella Shmurda called on the phone and pleaded but my father-in-law said no. Everybody pleaded with my father-in-law but he refused.
He buried my husband hurriedly. He buried my husband that way. I didn’t even know when he was taking my husband to the morgue. I was inside. I didn’t know when he called the ambulance that took my husband to the morgue. I had to take an Uber to go after them to Ikotun General Hospital.
My husband did not even sleep in the morgue. He was kept outside till morning. I didn’t even know they wanted to bury my husband. I got to know through the media and I ran down there. They had already put him inside a coffin and his neck was even bent.”she said
She argued that if Mohbad had not been hurriedly buried, “the autopsy would have been done and I would have known everything that happened to my husband”.
“I know the autopsy would have revealed everything for the world to see. For somebody that a nurse gave an injection with almost seven people in the same room, the autopsy could not detect it because he was buried hurriedly. They even placed a heavy stone on my husband’s grave. What for? Nobody deserves to be treated that way after death.
For the pathologist to have said that in the years that he had been working, he had never seen somebody buried in such a manner, shows how wicked the people who killed my husband are.
It was my father-in-law and his cohorts that did that to my husband. My husband suffered while alive and suffered in death. His body has been kept inside that morgue for eight months, and now, they could not get the result of the cause of his death because he was buried hurriedly.
How could a celebrity be buried in such a hurry? And to think that his father was at the scene when he was buried and it was raining heavily but he still allowed them to put my husband inside the grave.”he said
Recall that the 27-year-old singer died in controversial circumstances on September 12, 2023. He was buried the next day in Ikorodu. His body was however exhumed on September 21 for an autopsy to be carried out on it to determine the cause of his death
The Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, has said President Bola Tinubu’s economic reforms have started bearing fruits.
He told newsmen on Friday in Abuja that the measures had restored faith in the country’s economy.
A statement by Bola Adebiyi, his Special Assistant on Media, quoted the minister as saying that foreign investors had renewed interest in Nigeria.
“Although the removal of petrol subsidy caused some pain, the policy has increased the quantum of funds available to the three tiers of government to invest in critical infrastructure.
“This critical infrastructure will regenerate the economy; before 29 May 2023, the finances of the government were fragile.
“The payment of subsidies affected the quantum of revenue available to all the layers of government so much that the economy was at a standstill.
“The reform measures were in tandem with the Renewed Hope Agenda and the eight priority areas of the Tinubu administration to regenerate confidence in the economy and provide resources to invest in the productive sector,” he said.
According to Bagudu, both objectives of the reforms have been achieved as the federal, state and local governments have acquired more capacity to support the economy.
According to him, the Federal Government has expanded social investment support to ensure that those at the lower end of the society affected by the reforms are helped to cope.
“All the sectors that will enable the gains to be achieved, including agriculture, infrastructure and security have seen more funding.
“Sectors that secure our future like education, health and social investment have received increased budgetary allocation.
“Programmes were also introduced to support the sectors so that manufacturing activities could resume and agricultural activity could be better supported on a more sustainable basis,” he said.
Bagudu said that part of the steps taken to boost employment included the provision of mortgage funds to regenerate the mortgage sector so that activities there could increase.
He commended the collaboration between the Central Bank of Nigeria and the Office of the National Security Adviser to rein in currency speculators and manipulators, and observed that it had shored up the value of the naira.
The minister pleaded with Nigerians to persevere, saying that the president had persistently empathised with them.
“We must take note that President Tinubu has empathised with the people and assured them that the reforms were not intended to inflict pain on them, but were necessary measures to reposition the economy,” he said.
Manchester City goalkeeper Ederson will miss Sunday’s concluding game of the Premier League season and next week’s FA Cup final, the club announced Thursday.
The Brazilian was forced off with a facial injury during City’s 2-0 win at Tottenham on Tuesday that left Pep Guardiola’s men on the brink of an unprecedented fourth successive English top-flight title.
Scans have confirmed Ederson suffered a small fracture to the right eye socket following a collision with Cristian Romero.
He will miss Sunday’s league game at home to West Ham and the FA Cup final against Manchester United at Wembley the following week.
[DailyTrust]
Nigerian singer, Oritsefemi Majemite Ekele, popularly known as Oritsefemi, has claimed that his estranged wife, Nabila Fash, had 21 miscarriages during their marriage.
He stated that despite the number of miscarriages his ex-wife had, she claimed that he could not impregnate her.
The ‘Mercies Of The Lord’ crooner disclosed this in a recent interview with media personality, Chude Jideonwo.
“Nabila had about 21 miscarriages. And she still said that I couldn’t get her pregnant,” he lamented.
DAILY POST recalls that Nabila filed for a divorce from Oritsefemi in 2022 after he allegedly fathered a child with another woman.
In a chat with Daddy Freeze, Nabila revealed that the singer got intimate with another woman on their matrimonial bed while she was away at work.
She had cited infidelity and domestic violence as the reasons for her divorce suit.
The couple tied the nuptial knot in a lavish ceremony in November 2017.
Norwich City have sacked boss David Wagner less than 24 hours after their crushing Championship play-off defeat by Leeds.
BBC Sport understands the Canaries have acted following Thursday’s 4-0 semi-final second-leg loss which left them facing a third successive season in the second tier.
Arsenal coach Carlos Cuesta is of interest as a replacement having worked with sporting director Ben Knapper when he was loans manager at the Gunners.
Wagner was on borrowed time after Knapper replaced Stuart Webber in November but managed to guide the Canaries to a sixth-placed finish.
An official club statement is expected later on Friday.
[TheNation]
Nigerians across social media are now reacting to the clip of beggars seen appealing to people on TikTok for alms.
The video, which was generated from one of the live done by the beggars, went viral on Thursday and has since then been discussed among Nigerians.
In the clip, the lead beggar who appeared to be disabled directed two others behind him who could barely walk too.
He was seen rolling on the floor and begging for gifts on the app in the Hausa Language.
However, not pleased with their action, some Nigerians have queried if someone was behind the account opening, using them to get sympathy and gifts from their unsuspecting victims.
D great Bundee, a user who tweeted on X with the handle #greatbundee, said, “Definitely a syndicate using handicaps to exploit people.”
Another user who tweeted anonymously as #Ojamzey said, “This is corporate begging.”
On X.com, a user #nanaquophie121 opined, “Top business strategy. Open a TikTok account for the disable. Let them go live and boom 60-40!”
A user on Facebook with the name Techy tech wrote, “All business Dey online now na, wetin Una Dey expect, don’t be surprise say den get manager.”
Another Facebook user, Punterian, said, “The ones that don’t need help are getting gifts, why won’t they get involved & benefit when na them be the actual beggars.”
“When they found out that the ones that don’t need help were gifted… so those who needed help had to step up,” Sperotti, a user on X, said.
“At this point, it’s clear it’s an organised crime,” Rocky Amartey said on Instagram.
[Punch]
The Federal High Court sitting in Lagos has held that a Central Bank of Nigeria, CBN, regulation, which requires financial institutions to demand and collect the social media handles of their customers, as part of the standard Know-Your-Customer procedure, is not a breach of the right to privacy.
Justice Nnamdi Dimgba dismissed a suit filed by a Lagos-based lawyer, Chris Eke, demanding a declaration that the regulation as contained in Section 6(a)(iv) of the Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023, is undemocratic, unconstitutional, null and void, to the extent of its inconsistency with Section 37 of the 1999 Constitution of the Federal Republic of Nigeria (as amended).
The applicant had also prayed the court to grant an order of perpetual injunction, barring CBN from enforcing the regulation which requires financial institutions to request customers’ social media handles as part of normal bank customer due diligence requirements.
The CBN, in its response to the suit, filed a notice of preliminary objection, challenging the competence of the suit. The apex bank also disagreed that the said regulation constitutes any interference with the private life of the applicant, as claimed.
In his judgment, Justice Dimgba held that the notice of preliminary objection had merit, and he subsequently struck out the suit.
The judge said in his view, the provision of a social media handle is the same as the provision of email address, phone numbers and other means by which a potential customer of a bank can be contacted and or due diligence, to determine if the person is a fit and proper person for the bank to do business with, and as such, the regulation does not amount to an infringement on the right to privacy.
Justice Dimgba held that the essence of having a social media account was for one to be publicly visible communication-wise, and it would be highly unreasonable to hold the CBN in breach of privacy for it.
According to the judge, “the Applicant claims that the requirements on the CBN Regulations for financial institutions to request and collect the social media handle of its customers as part of KYC infringes on his right to privacy.
“This claim is very ambitious and amounts to a very far throw. The said Regulations are directed to and apply to financial institutions. It does not apply to private individuals such as the Applicant.
“Even if, as appears to be argued, that the Regulations itself would inevitably affect the Applicant, this claim is speculative for the simple reason that in nowhere in the affidavit in support was it stated that the Applicant operates an account with a financial institution and that the said institution had demanded his social media handle. So the suggestion that he would be affected by this Regulation, albeit negatively, is very speculative and at large.
“There is also no deposition to the effect that any financial institution had begun to implement this Regulation and that its implementation had begun to create disruptions and inconvenience against the general population, in which case one could infer that the suit should be legitimated as a public interest litigation.
“Assuming even that the banks had begun to implement these regulations, the applicant assuming he maintained any bank accounts or sought to open one, but is being hindered or irritated by the requirement of the Regulation to avail his social media handle as part of KYC, the Applicant still had a choice, which is to refuse to do business with any bank insisting on the information as part of its social media handle, but to seek other alternatives.”
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The Leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, on Friday urged President Bola Tinubu to intervene in the political crisis currently ravaging Rivers State to avoid possible bloodbath.
Primate Ayodele warned that the crisis may lead to political assassinations and bloodbath if it is not well handled.
In a statement by his media aide, Oluwatosin Osho, Ayodele urged the Minister of the Federal Capital Territory, FCT, Nyesom Wike, to sheath his sword as a matured politician because fighting his successor, Governor Sim Fubara, is totally wrong.
He said Fubara is God’s project and cannot be removed from his seat because God is fighting for him.
According to Ayodele: ‘’President Tinubu should intervene in the Rivers’ politics so that it won’t lead to political assassination and bloodbath. The president should do the right thing without being partial because any insurrection in the state will have a huge impact on Nigeria as a country.
‘’Wike is old enough to calm down, he is doing the wrong thing fighting Fubara because he can’t win. Fubara is God’s project and cannot be removed by anyone because his maker is fighting for him.’’
He described the crisis as an unnecessary comedy that will take a new turn soon if not managed.
The prophet called on both parties to sheath their swords to avoid a situation they will not be able to control.
Furthermore, he asked Fubara to stop replying to Wike but focus on governance and delivering the dividend of democracy to the people of Rivers State.
Primate Ayodele also warned the governor to be careful of people surrounding him currently because they will be used against him.
”Fubara shouldn’t reply to Wike, He has overcome him already. He should focus more on governance and watch his back because those that are aligning with him will still be used against him,’’ he added.
Conference of Speakers from 36 State Houses of Assembly has urged President Bola Tinubu to make sustainable policies that would end the suffering of Nigerians.
The conference made this call in a communiqué signed by its chairman and Speaker of the Oyo State House of Assembly, Hon. Adebo Ogundoyin, at the end of a meeting attended by 29 speakers in Abuja.
It also called on the Federal Government and State governments to enact sustainable policies with equal measure of courage to ameliorate the sufferings of the people.
This is also as they have admitted that the economic challenges faced are due to the removal of petroleum product subsidy by the Federal Government and the floating of the exchange rate, which has led to harsh consequences for the populace.
The meeting had deliberations on a wide range of issues concerning good governance in the country.
According to the communiqué, “While the Conference acknowledges the courage of Mr President in his economic policies taken so far, such as the removal of petroleum product subsidy and the floating of the exchange rate, the unintended consequences of these policies are too harsh on the populace.”
Speaking at the conference, the Speaker of the House of Representatives, Hon. Tajudeen Abbas, who was represented by the Chairman, House Committee on Inter-Parliamentary Relations, Hon Mark Esset, stated that the issue of state legislative autonomy will be prioritized in the ongoing constitutional review, adding that it will be part of the key issues that will be on the front burners.
While speaking on the merits of the forum, Esset explained that the forum symbolizes a vital convergence of minds dedicated to advancing democratic processes and promoting good governance.
“In this critical time that the 10th National Assembly is undertaking the review of the constitution of the Federal Republic of Nigeria and knowing the important role the State Houses of Assembly plays, one of the key issues that is on the front burners of the constitutional review is the enactment of the state Houses autonomy, which is the key issue or key point the Houses of Assembly seek to achieve.
“The National Assembly has done it before; unfortunately, it was lost, but I assure you that the National Assembly under the leadership of Tajudeen Abbas, the state parliament autonomy will be a reality.
“In today’s interconnected world, the importance of inter-parliamentary cooperation cannot be overstated. Through collaborative efforts, shared experiences, and mutual support, we can address common challenges and work towards sustainable development and prosperity for our people,” he said.
Governor Sim Fubara of Rivers State has described himself as the most abused person in the State but has remained calm in the face of serious provocations.
He, however, urged people of the state to remain calm and allow peace to reign because he is against trouble.
The governor’s remark came on the bedrock of his rift with his predecessor and Minister of the Federal Capital Territory, FCT, Nyesom Wike.
Fubara and Wike have been at loggerheads over the political control and resources of the state.
Amid the cold war, despite President Bola Tinubu’s intervention, the governor declared that his enemies had been defeated.
He noted that his political rivals in the state now sleep with their eyes open and are restless.
However, speaking during the flag-off of the construction of Elele-Omoku Road on Thursday, Fubara said: “As a matter of fact, I am the most abused, ‘mumu governor wey no know wetin to do with power,’ Is it not?
“Have I said anything? So, please just endure until when you finish you go your way, I don’t want any trouble.”
The governor vowed never to allow his detractors to cause political tension in the state.
Fubara disclosed assuring Tinubu that he would take the path of peace and not renege on the promise.
Elder statesman, Atedo Peterside has berated the federal government over the payment of N90 billion to subsidise the cost of the 2024 Hajj pilgrimage.
The founder of Stanbic IBTC Bank Plc said the Bola Tinubu-led federal government has continued to repeat the mistakes of past administrations, thereby sending a conflicting signal to Nigerians.
Recall that Vice President Kashim Shettima announced that President Bola Tinubu had approved N90 billion to subsidise the cost of the 2024 hajj pilgrimage.
Shettima made this known on Wednesday during the 2024 inaugural hajj airlift at the Sir Ahmadu Bello International Airport in Birnin Kebbi, Kebbi capital.
Speaking in an interview on Channels Television on Thursday, Peterside said the government continues to make the mistakes of past administrations in terms of spending public funds.
He said the government keeps saying it inherited a difficult economy, while its expenditure does not show the seriousness required to rescue the economy.
Peterside, however, said he has no personal issue with pilgrimage, noting that the religious tradition is a privilege.
He said: “I have nothing against pilgrimage. Our economy is in big trouble. The government is trying to convince people that it inherited a difficult economy, and that is trying to correct the mistakes of the past.
“It gets very worrying when you say you are trying to correct the mistakes of the past, and every now and then, you repeat another mistake of the past, thereby sending a conflicting signal.
“That perhaps you are not serious about trying to correct all past mistakes. As soon as investors and everybody is about to take them very seriously they do something else that causes everybody to worry.
“This is not the first item. It is one in a series. You remember the luxury SUV cars, jamboree trip to New York and Dubai, and supplementary budget that came out with items nobody understood why they were priority. It is part of the trend.
“It is not about religious pilgrimage; it is a setback for the economy by sending the wrong signal. It is an own goal.”