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NECA urges CBN to tackle supply-driven inflationary factors

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The Nigeria Employers’ Consultative Association (NECA) has urged the Central Bank of Nigeria (CBN) to collaborate with relevant government agencies in addressing supply-driven inflationary factors.

The Director-General, Mr Adewale-Smatt Oyerinde, said this in a statement on Wednesday, in Lagos.

He said that such factors include high energy prices; high costs of logistics and Foreign Exchange pressure, among others.

Oyerinde was reacting to the decision by the Monetary Policy Committee of CBN to raise the Monetary Policy Rate (MPR) by 25 basis points to 18.75 per cent.

According to him, such increase can be chaotic to the growth trajectory of the nation.

“It is apt that the apex bank collaborate with fiscal authorities in addressing the fundamentals behind the persistent increase in consumer prices, which has defied the policy measures put in place by previous rate hikes.

“Tightening monetary policy stance by raising the anchor rate has proved ineffective, as inflation has been rising steadily and could climb as high as 25 per cent before year end.

“The focus of CBN should be on tackling the structural drivers of inflation, mostly the supply-side, “ he said.

The NECA boss said it was understandable that CBN’s stance in raising interest rate was needed to attract foreign inflows into the economy to moderate pressure on the foreign exchange rate.

He said, however, that in the light of hardship being experienced by the populace, it would have been appealing that CBN retained the MPR for a while, to observe the impact of the current executive orders on the economy.

“In our view, high cost of borrowing is injurious for business growth; amid tough business conditions, small and medium enterprises need to be supported with relatively low interest rates to stimulate access to liquidity.

“The focus should be driving up investment and ensuring the sustainability of local businesses as one of the key elements to improving economic stability, “ Oyerinde said.

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Peter Obi Celebrates Pastor E.A Adebayo On His 82nd Birthday

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On behalf of my family, I sincerely rejoice and celebrate the Revered Servant of God and Father in Faith, Pastor Enoch Adeboye @PastorEAAdeboye , as he marks his 82nd birthday anniversary today.
Undoubtedly, Papa Adeboye has remained a source of inspiration to many.

His far-reaching influence on millions of people within and outside Nigeria is immeasurable. As a servant of God and shepherd of His flock, Papa Adeboye has continued to spread the gospel of brotherly love, unity, and peaceful coexistence among all.

I, therefore, join the entire Christendom, especially the Redeemed Christian Church of God, to celebrate his remarkable life of impact on the nation.

I pray God to grant him more healthy and fruitful years as he continues to pray for our dear nation and contribute towards our development, peace, and progress. -PO

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We Will Not Rest Until LP Takes Over Govt And Provide Quality Leadership – Abure

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The National Chairman of the Labour Party, LP, Julius Abure has vowed to ensure the party takes over power in Nigeria and provide quality leadership.

He spoke while addressing journalists in Umuahia, Abia State, following a meeting with Governor Alex Otti and members of the National Working Committee (NWC) of LP.

He said, “We will not rest until we are able to take over government and provide the people quality leadership that will work for the country.

“How do you reconcile a situation where we export crude oil only to import refined products at high costs. Nigeria’s problem is bad leadership, and once we get it right, every other thing will be fixed.

“Today, you can see that Nigeria is not moving as it should. A bag of rice sells for N120, 000 while minimum wage is N30,000. A tuber of yam that previously sold for N500 is now N1200.

“Life has become very difficult in Nigeria; security challenges are enormous; inflation is very high; unemployment is increasing, and people now find it increasingly difficult to feed. This is the reality in Nigeria today under APC Government.

“We will provide a leadership that will fight poverty and fight hunger; a leadership that will empathize with the people and liberate them.”

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