Headlines
Focused on Robust Monetary Policy, Building Strong Financial System,’ says Central Bank Chief Emefiele
By Derrick Bangura
Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), emphasized on Monday that he is now focused on creating a stable monetary policy and fighting inflation, which he stressed is still a worldwide issue.
On the same day, Emefiele announced that the federal government had disbursed a total of N948 billion to 4,478,381 smallholder farmers to enhance food production in Nigeria via his verified Twitter profile, @GodwinIEmefiele.
Emefiele claimed in the tweet that in an increasingly unpredictable global economy, he was dedicated to building a solid financial system. In the apex bank’s self-sufficiency and import substitution effort, he said he was also focused on strengthening development finance and aiding farmers and industries.
He added that he remained committed to raising N15 trillion for the Infrastructure Company (InfraCo) to boost infrastructure financing in the country.
The CBN governor furthermore stated that he was committed to delivering a world-class International Financial Centre (IFC) in Lagos as well as providing the administration of President Muhammadu Buhari with the needed support to finish strong.
Earlier in February, Emefiele, while reacting to speculations around his purported interest in the 2023 presidential race, had said it was the prerogative of President Muhammadu Buhari to execute his succession plan in line with global best practice, for good governance and continuing peace and progress of the country.
The CBN governor stressed that he was focused on his job, even as he pledged to continue to support the federal government’s economic recovery drive.
Meanwhile, at the Ekiti State University, Ado Ekiti, while presenting a convocation lecture titled, “The Role of Central Bank in Managing Economic Downturns,” to mark the 40th anniversary of the university on Monday, Emefiele revealed that the federal government had disbursed a total of N948 billion to 4,478,381 smallholder farmers to boost food production in the country.
He added that apart from encouraging farming, the programme had generated an aggregate of 12.5 million direct and indirect jobs for the Nigerian youth.
The CBN governor said under the credit facility to help households and businesses that suffered significant losses during the pandemic, the central bank had disbursed N368.79 billion to 778,000 beneficiaries.
Giving the breakdown of how the facility was disbursed, Emefiele revealed that 648,052 households and owners of small and medium scale Enterprises (SMEs) benefited from the federal government-driven policy.
He stated, “As you all know, one of the major challenges facing Nigerian economy is over-reliance on revenues and foreign exchange earnings from the sale of crude oil, even though the petrol represents just 10 per cent of our Gross Domestic Product (GDP).
“More so, the non-oil sector, particularly agricultural and manufacturing sectors, which contributes about 30 and 13 per cent to our GDP, have been confronted with low investments, inadequate credit to real sector and weak infrastructure.
“Furthermore, with an annual population growth rate of 2.8 per cent, it was important that all efforts are made available for Nigerians, particularly in sectors that had the potential to absorb youths.
“We were aware that if necessary support was given to households and business, productivity will rise and investment will flow into our economy.”
Emefiele hinged the current economic downturn and hardship on the economic recession of 2015-2017 and the COVID-19 pandemic that led to revenue drop and reduction in foreign investment portfolio.
Olanipekun said though the university was experiencing some challenges, no effort would be spared to keep the flag flying in its resolve to be a good citadel of learning for Nigerians.
Chairman of the occasion and Catholic Bishop of Ekiti Diocese, Most Reverend Felix Ajakaye, urged the governments to be more pragmatic in the implementation of its policies for them to be impactful on the citizens.
“Our thought and actions must be practical-oriented. We have to go beyond lectures by being practical in dealing with policies that can benefit poor Nigerians,” the Bishop advised
President Bola Tinubu, on Tuesday arrived in Katsina to receive the remains of the former President Muhammadu Buhari, who passed away in London on Sunday at the age of 82.
Just hours before the burial of former President Muhammadu Buhari, heartfelt tributes have continued to pour in from beneficiaries of his many charitable deeds, with many describing him as a man who never turned his back on the needy.
Speaking to the News Agency of Nigeria (NAN) on Tuesday, Aminu Daura, a respected community elder, recalled how Buhari consistently provided foodstuffs during Ramadan for families, friends, widows, and orphans in his hometown.
“He never made noise about it, but many homes had food on their tables during fasting period because of him,” Daura said.
Abdullahi Sani, a physically-challenged man who received a tricycle from the Buhari Foundation in 2021, was overcome with emotion while speaking to NAN.
“I can move around and feed my family today because of Baba Buhari. I pray to Allah to reward him for giving hope to people like me,” he said, in tears.
Hajiya Fatima Yahaya, another resident, remembered Buhari’s acts of kindness during festive seasons.
“Even after he left office, his aides ensured that the usual support still reached us every year. He always remember his people,” she said, referring to his distribution of Sallah rams and food items to indigent families during Eid celebrations.
Other residents of Daura also shared memories of how the late former president quietly paid school fees and medical bills for struggling families, actions rarely publicized.
“Some of us benefited from his silent interventions. He was a true father and a great figure in the society,” said Ali Saidu.
On Monday night, Imams across various mosques in Daura held special Qur’anic recitations, praying for the forgiveness of Buhari’s sins and his eternal peace.
The Chief Imam of Daura Central Mosque, Sheikh Musa Kofar Barau, described Buhari as a humble leader whose legacy of service and compassion would remain alive in the hearts of the people.
Buhari is scheduled to be buried later on Tuesday in his hometown of Daura, Katsina State, in line with Islamic rites. The community is bracing to welcome thousands of mourners from across Nigeria and beyond.
His Majesty King Mohammed VI of Morocco has extended heartfelt condolences to President Bola Tinubu, the family of the late former President Muhammadu Buhari, and the entire Nigerian people following Buhari’s death.
In a message of sympathy, the Moroccan monarch described the passing of the former Nigerian leader as a “sad occurrence,” expressing deep sorrow over the loss.
King Mohammed VI hailed Buhari as “an illustrious leader who worked untiringly to serve his country’s best interests and lead his people toward further progress and prosperity.”
He added: “Our thoughts and prayers are with you and the bereaved. I share your grief and want you to know how much I appreciated the working sessions I had with the deceased.”
Reflecting on their bilateral engagements, the king noted that his collaboration with Buhari led to the launch of promising development projects, “ushering a new era grounded in friendship and close cooperation between our two sister nations.”
Tinubu arrives Katsina to receive Buhari’s body for burial
“He Never Turned His Back on the Needy” — Tributes Pour In Ahead of Buhari’s Burial
King Mohammed VI Mourns Buhari, Praises Legacy of Nigeria’s Former Leader
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