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FG Not Willing To Save For Rainy Day – CBN Cries Out

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The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Tuesday, warned the Federal Government to learn to save heavily from current improved crude oil sales for the rainy day.

CBN Governor, Mr Godwin Emefiele, who read the communique of July MPC meeting in Abuja, said the committee, while discussing the economic report, observed that as the prices of crude oil increased in 2017 and 2018, the monthly allocation to various levels of government also increased, suggesting that Federal Government was not conscious of saving for the rainy day.

He said the committee had called on the apex bank to continue to build on the progress already made in arresting the trend to sustain the moderation in food inflation.

Emefiele said the MPC noted with satisfaction the fourth consecutive quarters of growth of real Gross Domestic Product (GDP) and the positive growth outlook in the domestic economy.

“This is shown by the sustained improvement in the manufacturing and non manufacturing purchasing managers indices in the second quarter of the year,” he said.

He said the committee was, however, concerned about the liquidity impact of the 2018 expansionary fiscal budget and increasing FAAC distributions due to rising prices of crude oil as well as the build up to election related activities.

On the declining foreign reserves from $47.7 billion in May to $47.2 billion in June, Emefiele said the development had nothing to do with politics as being insinuated.

“What is happening is as a result of US Federal Reserve Bank normalisation. Since the interest rate has gone up in the US, and other advanced economies, in an attempt to stimulate their economies, these money that moved into the emerging economies are now being taken back and this means there will be so much outflow of cash than inflows. And of course we have our own share of it.

“But it must be noted that Nigeria has performed better than other emerging markets around the world, with a stabilised exchange rate because we have been able to build enough buffers to support our currency and that is why the exchange rate has remained stable.

“Countries like South Africa and others have had their currencies depreciated but the Naira remains stable at N360/$ at this time,” he added.

On currency swap update, the CBN Governor said: “China remains Nigeria largest trading partner and we are saying that those trading can be paid for using renminbi instead of dollars, because people who are importing using renmimbi we are offering some discounts since we have this soft deal with the Bank of China and we are encouraging people to embrace the use of renminbi for trade between Nigeria and China.”

-NAN

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Ezekwesili Reacts To Nigerian Govt’s Threat To Sanction CNN

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Ezekwesili Reacts To Nigerian Govt’s Threat To Sanction CNN

Former Nigeria’s Minister of Education, Dr. Obaigeli Ezekwesili

Former Minister of Education, Oby Ezekwesili, has reacted to a statement by the Nigerian government demanding that CNN be sanctioned.

On Thursday, Minister of Information, Lai Mohammed, expressed that CNN should be sanctioned for its investigations which he described as irresponsible journalism.

Also Read: #EndSars: UK Parliament Set To Debate The Sanction Of Buhari’s Regime Over #LekkiMassacre

The minister also insisted that there was no mass killing at Lekki toll-gate, adding that it was a ‘Massacre with no bodies’

Reacting to the development, Ezekwesili, mocked the government over its threats at CNN.

She queried the reason for Judicial panels on the #EndSARS crisis if the government has closed its minds to information based on evidence.

She wrote:

https://twitter.com/obyezeks/status/1329409799440769024

 

 

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Man shares chat with mother who is trying to hustle a girl for him to marry

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A Nigerian man identified as Opata Efungwu has shared his chat with his mother who is trying so hard to get a lady for him to marry.

From the chat with he shared, his mom sent a photo of a lady to him, and asked him to decide if he would want to see her when he comes home for Christmas.

“Check if you will like to see this girl in December when you come home for Christmas or not. If you will like to have her number or not. I still want to show you another person if you want me to”, his mom wrote.

Sharing the conversation on his Instagram page, he wrote;

“This life if someone told me when I was younger that a time will come when my mom will be hustling girls for me, I would never have believed it”.

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Strippers Spotted At Wedding Reception In Nigeria

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Stripper Pole

Stripper Pole

A video circulating on social media captures the moment some strippers were seen performing at a wedding reception in Nigeria.

Information Nigeria learnt that the brother of the groom thought it wise to entertain guests by hiring strippers to perform at the afterparty of the wedding.

The man decided to make the unusual move which has got people talking.

In the video, the strippers rocked skimpy outfits as they showed off their dance skills to the pleasure of the guests.

The web user, who made the video available tweeted;

“Lord wash my eyes.

A friends brother legit had strippers as entertainment at his wedding reception
Yo”

Read Also: Nigerian Professor Arrested For Spending $185k Research Money On Strippers

Watch the video below:

https://twitter.com/wyld__flower/status/1327923856137449474?s=21

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