“The MPC judges that demand side pressures have recently increased, citing activity greater than the economy’s capacity, higher inflation numbers and faster growth of money supply” The Central Bank of Egypt hiked overnight interest rates by a greater-than-expected 300 basis points on Thursday, warning that inflationary pressures were building. The rate hike may signal the central bank may be preparing for a further weakening of the currency. The bank’s Monetary Policy Committee (MPC) raised the deposit rate to 16.25% and its lending rate to 17.25%, it said in a statement. “The MPC judges that demand side pressures have recently increased,”…
Author: TheStories
Egyptian government says it targets GDP growth at 5.5% in fiscal year 2023/24. Its finance minister, Mohamed Maait said this in a statement on Saturday. According to him, Egypt also aims at narrowing the budget deficit to 5% in the medium term. Reuters
For the past two weeks, the gregarious Muhammed Gudaji Kazaure, a lawmaker representing Kazaure, Roni, Gwiwa and Yankwashi Constituency of Jigawa State in the House of Representatives and one of the most vibrant members of the House, has been trending. He came out with some papers and a story that sounded like a tale by moonlight. In an interview with BBC Hausa two weeks ago, the lawmaker disclosed that he was the secretary of a Presidential Committee on the Reconciliation and Recovery of All Stamp Duties. He also alleged that critical institutions such as the Central Bank of Nigeria (CBN),…
I heartily rejoice with our Christian brothers and sisters on the occasion of this year’s Christmas. Many of us look forward to this festive season as a time to travel, share gifts, spend quality time with family and friends, attend special carols and events, and generally relive the good moments of the year. In whatever circumstances we find ourselves, Christmas is a period when we come together to rejoice and set aside our differences. For me and my family, this year’s celebration is unique. It is my last as your elected President. Twenty-two weeks from now, this administration will hand over…
Jigawa state governor, Muhammad Badaru on Friday, signed the state’s N178.5 billion budget for the 2023 fiscal year into law. Badaru signed the budget after it was passed to him by the State House of Assembly. The governor expressed satisfaction with the state budget performance in the last seven years of his administration. Badaru said that the 2023 Budget was designed to consolidate all the gains made in the last seven years, particularly in the area of physical and human capital development. “This budget will be used to complete ongoing projects and numerous new ones across the state. “In the last seven years, we…
I wish I know the real story of the naira redesign narrative. Recall that the CBN had on December 6 announced a new policy limiting over-the-counter cash withdrawals by individuals and corporate entities and asking Nigerians to accept a new reality – that future life would be spent in a cashless society. Then on Wednesday, the amounts were raised following concerns that Nigeria is a cash society and tens of millions of Nigerians are without bank accounts and have no alternative mode of payment for personal needs and petty businesses. The Central Bank has one of the best research departments…
The National Assembly (NASS) has postponed the passage of the 2023 budget until Wednesday, December 28th, 2022. The postponement may not be unconnected with Wednesday’s transmission of a supplementary bill of N819.5 billion which the upper chamber is expected to incorporate into the main appropriation budget. Meanwhile, President of the Senate, Ahmad Lawan and Speaker of the House of Representatives, Femi Gbajabiamila had promised that the 2023 budget would be passed on Thursday before the National Assembly (NASS) members went for Christmas and New Year break.
ASHENEWS reports that the Imo State Command of the Nigeria Police has dismissed seven policemen who were arrested in a bank at Umuahia, Abia state on November 8, 2022 for performing illegal duty and conspiring to extort money from an innocent victim. A statement by the spokesperson of the command, CSP Michael Abattam on Thursday, said the policemen were defaulted, tried and found guilty of the charges leveled against them and were summarily dismissed. It also said that the officers were dismissed for the offence of Discreditable Conduct, Corrupt Practices and Leaving Beat and later charged to the Magistrate Court,…
Benue state governor, Samuel Ortom on Thursday, signed the 2023 budget of N179 billion into law. The governor disclosed that the recurrent expenditure was pegged at N106 billion while capital expenditure was N73 billion. He appreciated the state assembly for passing the budget speedily, stressing that he was grateful to them. “We have no other business than to serve the people and whatever we do is for the good of the people. “I have assented to the appropriation bill to make it a law,” Ortom said. Earlier, the Deputy Speaker, Mr Christopher Adaji said that the assembly was making laws for…
“Within the weeks in focus, the Nigerian troops recovered 20 AK47 rifles, two G3 rifles, five FN rifles, two QJC guns, one gun truck, 2,411 rounds of 7.62mm special, 143 belted rounds of 7.62mm NATO, one barreta pistol, 26 AK47 magazines, four bandoliers, four 36 hand grenades, among others.” ASHENEWS reports that the Troops of Operation Hadin Kai (OPHK) also eliminated 103 Boko Haram/Islamic State of West Africa State Province (ISWAP) in the past three weeks in the Northeast of the country. The troops also apprehended 22 terrorists including four commanders and 18 collaborators within the theatre during the period,…