An aide of former President Mohammed Buhari has refuted the claim of the Governor of the Central Bank of Nigeria, Yemi Cardoso, who blamed the current economic hardship in the country on the poor handling of the nation’s economy between 2015 and 2023 when Buhari served two terms.

The aide said the money supplied by the CBN during the review period was N7.5tn, far less than the N35tn Cardoso stated.

This came as the latest data from the CBN showed that the total money supply in the Nigerian economy increased by 14.22 per cent to N107.1tn between January and August 2024. The country’s money supply was N93.77tn in January 2024.

At a recent media briefing to disclose the decisions of the September edition of the Monetary Policy Committee meeting of the apex bank in Abuja, Cardoso said, “In 2015, the money supply was about N19tn. And in 2023, it was N54tn. That’s a huge increase, a very, very huge increase, and a substantial amount of that was through Ways and Means.”

According to him, the printing of N35tn led to a huge amount of money in circulation, translating to too much money chasing the same amount of goods.

Cardoso’s remarks referred to the large-scale issuance of money through ‘Ways and Means,’ a process where the CBN lends money to the government.

This approach, not backed by equivalent economic output or productivity, flooded the economy with excess naira, reducing its value, he argued.

But Buhari’s aide, who spoke on the condition of anonymity due to lack of authorisation to comment on the matter, argued that the figures were inaccurate.

The senior aide said the aggregate total of the Ways and Means advances on the Consolidated Revenue Fund was N7.5tn in the eight years Buhari served.

“I have read the story and my thinking is that Nigerians will just be laughing at them. The real position of things is that from the beginning, when the then-acting Governor of the Central Bank of Nigeria (was in office), that issue arose from that moment.

“The CBN was called by the National Assembly, what were their numbers? And the numbers for Buhari were not more than N7.5tn for all eight years.

“The Cable newspaper did a report challenging the National Assembly that they had promised to release a report. They (NASS) said they were going to release a report. The last time we heard that, they said they would release it in September. There are numbers, as given authoritatively by the central bank,” he stated.

The aide backed his argument with a letter that he claimed was the response of the CBN to a request by the Senate on the matter at the time.

The letter, dated January 16, 2023, and titled, ‘Re: The Senate Special Committee on Ways and Means,’ was addressed to the office of the Senate Majority Leader.

It read in part, “All letters received by the CBN for processing of the advances are provided in Appendix 1 & 2. However, kindly note that the figure of -22,719,7033,774,306.90 is the balance of the Treasury Sub-Treasury Account as of December 19, 2022. This account is the account mandated for granting overdraft facilities to the Federal Government account.

“We have also attached a summary page that details the Ways and Means granted between 2015 and 2022 as Appendix 3.”

Buhari’s administration, from 2015 to 2023, faced significant fiscal challenges, including falling oil prices and reduced oil revenues.

To manage deficits, the government increasingly relied on the central bank to finance its spending, printing trillions of naira.

This monetary expansion, according to both Cardoso and Finance Minister Wale Edun, was not matched by productivity, leading to runaway inflation and a weakened currency, which made everyday goods and services less affordable for Nigerians.

Several efforts to get the CBN and presidency officials to react to the claims made by the former ex-President’s aide were not successful, as they had yet to respond to enquiries up till when this report was filed on Saturday night.

Money supply rises

Meanwhile, the total money supply in the Nigerian economy has increased by 14.22 per cent to N107.1tn between January and August 2024, according to the latest figures from the CBN. The country’s money supply was N93.77tn in January 2024.

The CBN also stated that there was a 0.75 per cent month-on-month increase from N106.3tn in July and a 5.6 per cent rise from N101.4tn in June.

Year on year, it was an increase of 65 per cent from N64.8tn recorded in August 2023.

Money supply is the total of all of the currency and other liquid assets in a country’s economy on the date measured. It includes all cash in circulation and all bank deposits that the account holder can easily convert to cash.

The money supply M2, consisting of currency outside banks, narrow money, demand deposits, and quasi-money, is indicative of the growing liquidity in the Nigerian economy.

Hence, this sharp rise in liquidity continues to pose challenges for the CBN’s Monetary Policy Committee as it grapples with balancing economic growth and controlling inflation.

A breakdown showed that currency outside banks stood at N3.8tn, while demand deposits reached N31tn, and quasi-money surged to N72.2tn in August 2024.

At the last MPC meeting, Cardoso blamed the high money supply in the economy as part of the reasons for the high inflation rate in the country.

Checks by our correspondent to confirm this figure using the money supply data on the CBN website showed that the total money supply moved from N18.9tn in January 2015 to N20.03tn in December 2015.

By 2023, the figure increased from N52.83tn in January 2023 to N78.83tn as of December 2023.

Increased liquidity in the system can stimulate short-term economic growth by making credit more accessible to businesses for expansion and investment. This can, in turn, boost production, job creation, and overall economic activity.

However, the downside is that too much money circulating in the economy can fuel inflation, especially if production does not keep pace with the rising demand for goods and services.

...seeks perfect gift

Dignitaries, prominent clerics, friends and family members celebrated with the founder of Living Faith Church Worldwide, also known as Winners Chapel, Bishop David Oyedepo on September 27, as he marked his 70th birthday.

The birthday celebration was held at the church’s headquarters in Ota, Ogun State, and the auditorium was filled to the brim as guests all dressed in white and blue attires rejoiced with the popular cleric.

Although before his birthday, Oyedepo had requested his members to win souls as birthday gifts for him, he was blessed with several gifts, including a luxurious Rolls Royce Cullinan and N1bn donation towards feeding 50,000 people at Canaanland.

Earlier, President Bola Tinubu had lauded Oyedepo’s legacy in grooming leaders and his church’s contributions to education, health, and entrepreneurship.

Basking in the love and celebration, the birthday boy danced gleefully to music by Adeyinka Alaseyori and Nathaniel Bassey.

In his remarks at the event, Oyedepo said, “I give glory to God. I am a representative of the icon of icons, who is Jesus; my glory and lifter of my head. I am simply fronting for him. He is the one behind the scenes working 24 hours every day. A man cannot be any more than the grace of God at work in him. I will never pose to be an achiever but one who is a beneficiary of God’s grace.”

His wife also expressed pride in being in spouse, stating that she wishes to have a mansion beside his in heaven.

Guests at the event include former President Olusegun Obasanjo, governors of Lagos, Ogun and Delta states, Dapo Abiodun, Babajide Sanwo-Olu and Sheriff Oborevwori respectively; Inspector General of Police, Kayode Egbetokun; and top clerics such as the General Overseer of the Redeemed Christian Church of God, Enoch Adeboye and his wife, Foluke; Poju Oyemade, Jerry Eze and Matthew Ashimolowo.

Football fans have a thrilling Sunday ahead, with key fixtures including a Madrid derby among others scheduled across Europe’s top leagues.

In the Premier League, Ipswich Town will face Aston Villa at 14:00. Villa, coming in as the favourites, will aim to secure an important away win.

The spotlight later shifts to a much-anticipated clash between Manchester United and Tottenham Hotspur at 16:30, in what promises to be an intense encounter.

In La Liga, action kicks off at 13:00 as Celta Vigo hosts Girona. Girona enters the match as the favourites, while Celta hopes to upset the form book. Later, at 15:15, Athletic Club takes on Sevilla, followed by Real Betis facing Espanyol at 17:30. Both Sevilla and Espanyol are considered favourites in their respective matches.

The day in Spain wraps up with a blockbuster Madrid derby at 20:00 as Atletico Madrid locks horns with Real Madrid, with Los Blancos tipped to edge out their rivals.

Germany’s Bundesliga offers two key matches, starting with Holstein Kiel against Eintracht Frankfurt at 14:30. Frankfurt is expected to dominate the tie. Hoffenheim will then take on Werder Bremen at 16:30, where Hoffenheim is favoured to come out on top.

Over in Italy’s Serie A, Torino plays Lazio at 11:30, with Lazio tipped as favourites. Later, at 14:00, Como faces Hellas Verona, and Roma battles Venezia, with Verona and Roma expected to triumph. Fiorentina, the favourites, will visit Empoli at 17:00 before Napoli closes the day with a 19:45 fixture against Monza, where Napoli is widely expected to secure a win.

In Ligue 1, Toulouse will host Lyon at 14:00, with Lyon considered favourites. The afternoon will see two simultaneous matches at 16:00, as Reims takes on Angers and Nantes plays Saint-Etienne. Both Reims and Saint-Etienne are expected to take the points.

The day will conclude with Strasbourg facing Marseille at 19:45, with Marseille tipped to secure the victory.

With major teams in action and crucial points at stake, it promises to be an electrifying day of football across Europe.

The FCT police command has dismissed rumours of an alleged plan by some persons to abduct students from University of Abuja.

In a statement on Friday, Josephine Adeh, FCT police spokesperson, described the report as “baseless”.

“The report is nothing but baseless publications propagated by rumour mongers aiming to create unfounded panic and apprehension among FCT residents and university community,” she said.

Adeh restated the command’s commitment to safeguarding the lives and property of FCT residents.

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She added that personnel and equipment have been deployed to enhance security within the FCT.

She asked residents to remain vigilant and report suspicious activities to the FCT police command.

Seyi Makinde, governor of Oyo state, has asked Nyesom Wike, minister of the federal capital territory (FCT), not to “put fire” in his state.

In August, Wike warned governors elected on the platform of the Peoples Democratic Party (PDP) against interfering in the affairs of the party in Rivers state.

Wike and Siminalayi Fubara, governor of Rivers state, have been at loggerheads over the control of the party’s political structure in the state.

The rift between both chieftains of the PDP has created two factions in the Rivers house of assembly, with each camp electing a speaker loyal to the minister and the governor.

Bala Mohammed, governor of Bauchi state and chair of the PDP Governors’ Forum, had said the party’s structure in Rivers state will be handed over to Fubara.

Displeased by Mohammed’s comment, Wike said he would “put fire” in the states controlled by governors of the PDP siding with Fubara.

Mohammed would later reply to the FCT minister’s threat, saying he had enough water to quench Wike’s fire.

But speaking on Saturday at an event organised in honour of the minister by the Ijaw Peoples Congress in Port Harcourt, Makinde pleaded with Wike to spare Oyo state should he decide to make bold his threat.

“I came to identify with my brother, the celebrant of today, the honourable minister of the federal capital territory and the immediate past governor of Rivers state,” Makinde said.

“When I showed up yesterday, I told him I brought peace offering because he has been boasting that he will put fire in some states. I said, please, don’t put fire in Oyo state.”

‘I’M BIGGER THAN ALL OF YOU’

Addressing the crowd, Wike said he is more powerful than all the governors siding with Fubara.

“All those who are moving around saying they are supporting somebody… you know it is not correct. You know some people don’t have shame. I cannot serve your boy,” Wike said.

“Now, they are not even waiting, they are even rushing after the boy. They are not even waiting for the boy to call them. They are now rushing to the boy. People don’t have integrity.

“Don’t ever think that they’re fighting me. They are not fighting me. I am too big. If you don’t recognise somebody bigger than you, you know you are sick. I’m far bigger— all of them put together. They cannot stand it.

“When people said they will put hand here (in Rivers). I told them: if you come here and put your hand, hand too will enter your place (state). Now they are crying.”

Wike claimed that the PDP lost the governorship election in Edo to the All Progressives Congress (APC) because governors of the party lacked strategy.

“Instead of them (governors) concentrating on how they would win election in their state, they were holding meetings elsewhere to discuss Rivers state,” he said.

“Who is the loser? This is a warning to others. Don’t touch Rivers state. It is a special state to God.”

The Nigerian National Petroleum Company says the country can get up to three million barrels per day of crude if all the stakeholders in the oil sector work in synergy.

The country currently produces an average of 1.3 million barrels per day (bpd), according to data from the Organisation of Petroleum Exporting Countries (OPEC).

Olufemi Soneye, NNPC’s chief corporate communications officer, spoke at an interactive session with reporters covering the national assembly in Abuja on Saturday.

Soneye said the country is now averaging 1.7 million bpd because of a recent directive President Bola Tinubu gave to security agencies.

“Three million barrels oil production per day is achievable in Nigeria if all the stakeholders work in synergy for that purpose from the security agencies both government and private owned, to oil companies and host communities,” he said.

“With the expected synergy from all the relevant stakeholders in the war against oil theft and pipeline vandalism, the enabling environment would be in place for optimal oil production to the volume of 2.5 to 3 million bpd.

“At a time, we felt that Nigeria was in trouble as far as oil theft was concerned, but with the intensity of the war against it (crude oil theft) has allayed our fears.”

Murtala Muhammad, NNPC’s deputy manager, command and control centre, said in six months, over 8,000 illegal refineries and 5,800 illegal oil pipelines were found and destroyed

Popular singer Bankole Wellington a.k.a Banky W is the latest of Nigerian entertainers who have relocated abroad with his family in recent times.

Few years back, the likes of actress Omotola Jalade-Ekeinde, Emem Isong-Mosidi, Joseph Benjamin, singer Tekno, Princess Chineke, Bukky Wright, Prince Eke, Jeta Amata among other top entertainers have left the shores of this country for reasons that are not unconnected with the worsening economic situation, insecurity and unending cases of kidnapping in the country.

Also, many other entertainers have said they relocated abroad in search of a better life. And the EME boss is no exception. The singer however revealed in an instagram post that relocating to America with his family was to enable him pursue a Master’s degree at Georgetown University in Washington DC.

Banky W’s relocating to America with his family has raised concerns about the steady mass exodus of Nigeria citizens, including celebrities. His joining the trend, however, speaks volumes of the hopeless situation that Nigerian youths have found themselves.

The federal government has declared Tuesday, October 1, as a public holiday to commemorate Nigeria’s 64th independence anniversary.

Olubunmi Tunji-Ojo, minister of interior, announced the holiday on Saturday in a statement by Magdalene Ajani, permanent secretary in the ministry.

The minister praised patient and hardworking Nigerians, adding that their sacrifices would not be in vain.

He also “reiterated the need for Nigerians to reflect on the labour of our heroes past and be inspired for the tasks ahead, realising that a Nigeria of our dream can only be built when we unite”.

“While wishing Nigerians a Happy Independence Day Anniversary, Dr. Tunji- Ojo urged the citizens to continue to be steadfast in nation-building,” the statement reads.

The federal government had announced that this year’s Independence Day anniversary will be a “low-key event” due to the economic hardship and spiralling inflation bedevilling millions of households.

THE Federal Government has made clarifications on the recent increase in passport fees, saying it is not feasible for the government to subsidise the issuance of the travel document.

Many Nigerians had criticized the government for increasing the passport fees by about 45 per cent.

Minister of Interior, Olubunmi Tunji-Ojo, speaking at a news conference on Friday in Abuja, said the fee adjustment was caused by the high exchange rate between the dollar and the naira.

Recall that in August, the Nigerian Immigration Service (NIS) announced an upward review of the fees for Nigerian Standard Passports.

With the new payment structure, the cost of a 32-page passport booklet with a five-year validity was hiked from N35,000 to N50,000, while a 64-page passport booklet with a 10-year validity rose from N70,000 to N100,000.

Tunji-Ojo maintained that the Federal Government could not subsidise passport fees for Nigerians, stressing that the travel document is an individual thing and not the same as National Identity Card that is produced free for Nigerians.

While also noting that the government was not exploiting Nigerians but simply covering the cost of passport procurement, the Minister, however, explained that the price increase did not affect the fees for Nigerians living abroad.

He said: “The increase in passport fees is a matter of cost-benefit analysis, especially when considering the exchange rate between the dollar and the naira.

“If the government were to subsidise anything, I don’t think it should be passports. The increase is just from N35,000 to N50,000 —only about 45%. There has been no increase for Nigerians abroad,” Tunji-Ojo said.

He added that Nigerians in the diaspora, particularly those in the United States, Canada, and the United Kingdom, would soon enjoy more seamless passport acquisition processes.

“We are going to pre-launch these automated systems very soon. By October, they will be fully operational. In London, for instance, we have 16,000 Nigerians applying for passports, while the capacity of our systems at the Embassy is about 200.

“But now that we have this system in place, Nigerians will no longer need to undertake multiple journeys across the world to acquire a passport,” he stated.

He debunked claims on passport booklet scarcity while responding to a question, saying the NIS current has over 80,000 passports in stock.

He also noted that all passport backlogs had been cleared and that the Nigeria Immigration Service no longer owes its service providers for the printing and supply of passports.

Nigeria will be celebrating its 64th Independence Day on October 1, 2024.

While the government prepares for the traditional celebrations, certain groups have slated this day to begin sustained protests against the current hardship, which they attribute to ‘bad governance.’ This planned protest, tagged #FearlessInOctober or EndBadGovernanceProtestInNigeria 2.0, follows a similar 10-day protest in August where thousands across various states expressed grievances against government policies.

The August protests focused on reversing government policies, including the removal of subsidy on petrol, floating the naira, and increasing electricity tariffs. Despite passionate pleas and cautions from authorities, protests turned violent, with attacks on persons and infrastructure.

To prevent a repeat of the August violence, the presidency is engaging with protest organizers to reach an understanding before October 1. Special Adviser Bayo Onanuga said that the government supports peaceful protests but is apprehensive about potential riots.

“Government is not against any peaceful protest by Nigerians. After all, it is their fundamental right to stage any protest.

“But government is always apprehensive about such protests degenerating into a riot as we experienced in August or the 2020 EndSARS protest in many parts of the country.

“Security agencies have been discussing with some of the organisers and they are being monitored so that they do not plunge the country into chaos or allow themselves to be used by internal and external forces which want to subvert the country and the 16-month-old administration”, he said.

He highlighted that economic reforms have started yielding dividends, citing indicators from the Central Bank of Nigeria (CBN) and the National Bureau of Statistics (NBS).

Since the August protests, the economic situation has worsened. Petrol prices have risen to over N1,000, and the exchange rate exceeds N1,600