The World Bank has projected that inflation may hit 25 per cent in 2023 as a result of petrol subsidy removal.
This projection was contained in the June 2023 edition of the Nigeria Development Update.
However, the Washington-based bank noted that although there will be a significant increase in 2023, headline inflation will fall by the first quarter of 2024.
The report read, “The removal of the petrol subsidy is anticipated to cause a temporary increase in inflation in the upcoming months before contributing to disinflation in the medium term. The price increases resulting from the subsidy removal will have a one-time impact on prices, primarily affecting petrol purchases for transportation, power generation, and certain services.
“Headline inflation is expected to rise from 18.8 percent in 2022 to 25 percent in 2023. However, by Q1 of 2024, the subsidy removal will start to have a disinflationary effect, meaning that it will alleviate inflationary pressures despite higher petrol prices.
“This is because the subsidy removal creates additional fiscal space and reduces reliance on financing from the CBN, curbing growth of the money supply. To limit the risk of so-called secondround effects, where one-off price increases trigger more generalized inflation including through wage-price spirals, it will be important to adopt macro-fiscal policy settings that are conducive to price stability.”
The National Bureau of Statistics recently disclosed that inflation in the country rose to 22.41 per cent in May, which is the highest in about 19 years.
The World Bank report also noted that consumer price inflation has surged and is currently one of the highest globally, which is related to Nigeria’s fiscal imbalance and points to the urgency of reform efforts.
It added that the CBN implemented measures to control rising inflation, including raising the monetary policy rate by 700 basis points, but these proved ineffective and monetary policy remained loose overall in the first half of the year.
The bank added, “The loss of purchasing power from high inflation has increased poverty in the short-term, pushing an estimated 4 million Nigerians into poverty between January and May 2023.”
The Washington-based lender also said about 7.1 million poor Nigerians would become poor if the Federal Government failed to compensate or provide palliatives for them, following the removal of fuel subsidy
Who is the new CBN Governor? Unveiling Yemi Cardoso: The Citibank Prodigy And Financial Genius Behind Lagos’ Tax Revolution!
In the buzzing financial district of Lagos, Yemi Cardoso’s name is whispered with a mix of respect, admiration, and perhaps a dash of envy. Today, as the entire country turns its eyes towards the Central Bank of Nigeria (CBN), the question on everyone’s lips is, “Who is the new CBN Governor?” We delve into the life and legacy of Yemi Cardoso, the man now at the helm of Nigeria’s financial future.
Born to a modest family, Yemi’s early life gave little indication of the powerhouse he would become. However, a relentless pursuit of education and an intrinsic passion for finance would set him on a meteoric rise. Starting his illustrious banking career with Citibank, Cardoso swiftly climbed the corporate ladder. His innate understanding of banking intricacies and a knack for strategic planning saw him rise to the esteemed position of Vice President. But the ambitious Cardoso didn’t stop there. He took a bold leap, co-founding Citizens International Bank, and for eight defining years, played a pivotal role as an Executive Director.
Yet, banking wasn’t the only domain where Cardoso left an indelible mark. He answered the call of public service, becoming the first Commissioner for Economic Planning and Budget for Lagos State. It was under his visionary leadership that Lagos underwent a pivotal financial reform, developing its own robust independent tax revenues. This wasn’t just a bureaucratic change – it was a revolution that altered the fiscal landscape of Lagos forever.
But who is Yemi Cardoso, the man behind the accolades and achievements? Beyond the corporate meetings and policy discussions, Cardoso has been a vital consultant and policy expert, aligning with major global development giants like the World Bank, UN Habitat, and even the Bill and Melinda Gates foundation. His expertise has shaped policies and development strategies, making him a revered name on global platforms.
Yet, for all his achievements, Cardoso remains grounded. A recipient of several awards, including a coveted honorary Doctorate Degree from Aston University, his alma mater, and the Global Distinguished Alumni award from Citi, he remains deeply connected to his roots. His Masters in Public Administration from the prestigious Harvard Kennedy School, where he was a celebrated Mason Fellow, is a testament to his commitment to public service and excellence.
As Nigeria stands on the cusp of a new financial era, the appointment of Yemi Cardoso as the CBN Governor isn’t just a political move; it’s a statement. A statement that Nigeria is ready to merge global financial strategies with homegrown expertise. With Cardoso steering the ship, the future of Nigeria’s financial landscape certainly seems promising
BREAKING: Tinubu Nominates Cardoso As CBN Governor
President Bola Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate.
This directive is in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of Nigeria, the authority to appoint the Governor and Four (4) Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.
Furthermore, President Bola Tinubu has approved the nomination of four new Deputy Governors of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending their confirmation by the Nigerian Senate, as listed below:
(1) Mrs. Emem Nnana Usoro
(2) Mr. Muhammad Sani Abdullahi Dattijo
(3) Mr. Philip Ikeazor
(4) Dr. Bala M. Bello
In line with President Bola Tinubu’s Renewed Hope agenda, the President expects the above listed nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy toward sustainable growth and prosperity for all.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
September 15, 2023
EPL: Everton Announce Full Take Over By 777 Partners
Premier League club, Everton has been sold to US private equity firm 777 Partners for over £550 million (€641 million), succeeding Farhad Moshiri.
The Miami-based investment fund said it had signed an agreement with British-Iranian billionaire, Moshiri to acquire his 94.1 per cent stake in the club.
“We are truly humbled by the opportunity to become part of the Everton family as custodians of the club, and consider it a privilege to be able to build on its proud heritage and values,” said Josh Wander, founder and managing partner of 777 Partners.
The firm 777 Partners has a number of clubs in its portfolio, including Italian side Genoa and Belgian team Standard Liege, while they also have stakes in LaLiga club Sevilla and Australian A-League side Melbourne Victory.
Moshiri, a former Arsenal shareholder, first bought a 49.9 per cent stake in Everton in 2016.
By January 2022, he had increased his stake to 94.1 per cent with a £100 million capital injection.
But despite investing nearly €750 million in transfers to build the squad since Moshiri’s arrival, Everton have slipped out of the top half of the table to fight relegation battles in recent seasons.
Everton narrowly avoided relegation from the top flight in each of the last two seasons and are currently 18th in the standings without a win in four games this season
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