Thursday, 25 January 2024
Customs Inaugurates Senior Course 10, Junior 18 at NCCSC Gwagwalada
CBN Governor Anticipates Petrol Price Reduction in 2024, Unveils Positive Economic Outlook
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, announced on January 24 at the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report in Lagos, that the pump prices of Premium Motor Spirit (PMS) petrol are expected to see a reduction this year. Cardoso attributed this to the commencement of operations by both government and private-owned refineries.
In the statement, Cardoso highlighted the potential far-reaching implications of the expected stabilization or reduction in fuel costs, emphasizing its significant contribution to overall economic efficiency and resilience. He mentioned that while the Dangote Refinery has already commenced production, the Port Harcourt Refinery is expected to begin production soon.
Cardoso also addressed the undervaluation of the naira, which currently exchanges around N1,370 to the dollar in the parallel market. He expressed confidence that coordinated measures on the fiscal side, coupled with efforts by the apex bank, the Ministry of Finance, and the NNPC, will expedite genuine price discovery in the near term.
The NESG 2024 Macroeconomic Outlook Report, as summarized by Dr. Olusegun Omisakin, the Chief Economist at NESG, outlined the economic outcomes of achieving a stable and appropriate exchange rate pricing in Nigeria. The report recommended measures such as enhancing market liquidity, reducing administrative restrictions, and ensuring efficient allocation of FX reserves to stabilize the exchange rate.
Cardoso acknowledged the challenges facing the economy but assured that the ongoing bold reforms are aimed at addressing these challenges sustainably. He highlighted positive outcomes, including upgrades in Nigeria's ratings by international agencies and commended the reforms' direction.
The report also touched on various economic aspects, projecting a slight moderation in GDP growth in 2024, despite outperforming expectations in 2023. Cardoso attributed the positive outlook to key reforms, improved crude oil prices, and production, with the oil industry expected to drive economic growth.
In addressing inflationary pressures, Cardoso mentioned the CBN's inflation-targeting policy, which aims to rein in inflation to 21.4 percent in 2024. Improved agricultural productivity and easing global supply chain pressures are expected to contribute to decreasing inflation, benefiting businesses and consumers.
Cardoso also highlighted the expected stability in the foreign exchange market for 2024, crediting it to reduced petroleum product imports and the recent implementation of a market-determined exchange rate policy by the CBN.
The NESG's Macroeconomic Outlook Report emphasized the necessity of economic transformation, resonating with the CBN's newly launched 5-year strategy for 2024-2028. The report stressed the importance of stable exchange rates, supporting economic growth, employment, and fostering social cohesion. It also advised on achieving a minimum revenue-to-GDP ratio of 15 percent and reducing the current high public debt service-to-revenue ratio for economic development and stability initiatives.
FCT Police Dispels Bomb Rumors in Maitama Incident, Cites Overheated Refuse Bin as Cause
Updating the public on the alleged explosion that occurred on 24/01/2024 around 1145 hrs near a refuse dump outside the Bureau of Public Enterprise premises in Maitama, Abuja, the FCT Police deployed a rapid response team and members of the Explosive Ordnance Disposal Unit to assess the situation.
Preliminary findings revealed that the overheated metal refuse container activated under intense heat, resulting in an explosion that caused injuries to two refuse evacuators. The injured individuals are currently receiving medical attention at Maitama General Hospital.
In light of the incident, the FCT Police Command issued a cautionary statement urging the public to avoid using metal refuse bins. Instead, they recommended the use of plastic or rubber containers for waste disposal,citing a reduced risk of incidents related to overheated metal refuse containers.
Tragic Loss: Nigerian Student Saheed Wahab Passes Away a Day After Beginning Master's Journey in the UK
Saheed Wahab, a Nigerian man, is reported to have passed away a day after embarking on his journey to the United Kingdom to pursue a master's degree. Originally from Ilorin, the capital of Kwara State, Wahab commenced his studies at Teesside University in the UK on January 15, 2024, and succumbed to his demise on Tuesday, January 16, 2024, as disclosed by the Nigerians in the UK Community.
In a statement shared on their social media handle, the community expressed their sorrow over the tragic news, stating, “Following the unfortunate news we received regarding the passing of Mr. Saheed Wahab, a Teesside University student who lost his life a day after arriving in the United Kingdom from Nigeria."
The cause of Wahab's death remains undisclosed in the statement, and the community refrained from attributing it to any specific reason. However, they affirmed their efforts in reaching out to the deceased's family in Nigeria for funeral arrangements.
The statement read, "We have contacted his wife and family members in Nigeria, and they have granted us permission to coordinate the funeral service on their behalf here in the United Kingdom. Additionally, we have established communication with the coroner overseeing his remains."
In the aftermath of his passing, the community has scheduled the Janazah (funeral) arrangement for Thursday, January 25, 2024, at Jamia Masjid Al Madina, 133a Waterloo Rd, Middlesbrough TS1 3JB.
Seeking support for the funeral expenses, the community appealed for financial contributions, stating, "In light of the above, we humbly request financial assistance for his burial. Please consider donating generously to the account provided below, and may the Almighty accept it as an act of worship, rewarding us accordingly. Ameen."
Wednesday, 24 January 2024
MMA Customs Command Rakes In N90BN In 2023
COWA: Launches National Secretariat in Grand Ceremony
Tuesday, 23 January 2024
PTML Customs Command Generates N256BN As Revenue For Year 2023, Made 158. 4M Seizures
Sunday, 21 January 2024
NIMASA, Shippers' Council Says Review Of Enabling Act Will Enhance Agencies Performance
Saturday, 20 January 2024
FOU ZONE 'C' RECORDS OVER 5 BILLION SEIZURES IN 2023, DECORATES 49 PROMOTED OFFICERS
MWUN PAYS COURTESY VISIT ON FORMER PRESIDENT GENERAL
Thursday, 18 January 2024
FOU ZONE 'C' RECORDS OVER 5 BILLION. SEIZURES IN 2024, DECORATES 49 PROMOTED OFFICERS
Wednesday, 17 January 2024
CG Adeniyi To Resurges Polo Games Development in Customs
Sunday, 14 January 2024
“Your promotion is a privilege“ - Comptroller Shuaibu
Public Relations Officer, Hammed Bukoye Oloyede, stated that Comptroller Shuiaibu charged the officers to redouble their efforts and see their promotion as a call to higher responsibility.