Connect with us


Rewane backs subsidy removal, seeks proper utilisation of funds



Fuel pump

Mr Bismark Rewane, the Managing Director/ Chief Executive Officer, Financial Derivative Company Ltd., has supported the Federal Government’s removal of petrol subsidy.

Rewane, however, called for proper utilisation of the funds.

Rewane spoke at the Environmental, Social and Governance (ESG) workshop organised by the Securities and Exchange Commission, in collaboration with the Financial Centre for Sustainabilities, Lagos.

Tbe event held on Thursday in Lagos.

He said the policy change was inevitable.

Rewane said that the funds should be well-channelled to spur economic activities.

He said that Nigeria was in dire need of institutional reform as the next step to achieve economic stability and growth.

Rewane said the negative impact of policy change would be more pronounced on economic growth in the third quarter of 2023, adding that Nigeria’s growth in 2023 would be projected at 3.1 per cent.

He added that headline inflation might climb toward 24 per cent, saying that disposable income would decline as inflation would soar.

Rewane spoke on: “ESG and Sustainable Finance Framework – Opportunities in the Nigerian Capital Market.”

He said that implementation of reforms had improved confidence in the capital market.

According to him, Nigerian capital market growth will be supported by privatisation and government sale of assets.

He added that the capital market might witness listing of companies in the upstream petroleum industry such as Nigeria National Petroleum Company Ltd., Shell Nigeria and Chevron Nigeria, as well as currency convertibility.

Rewane said that increased activities and volatility in the capital market would spur large gains and losses and reduce abuse of market laws.

He emphasised that the economy should be run by credible and competent individuals to sustain growth and development.

On monetary policy and effective interest rates, Rewane said that the Central Bank of Nigeria had de-emphasised orthodox monetary policy in its commitment to aggressively pursue inflation target.

He said there had been effective exchange rate management, increase in interest rate and less fiscal deficit monetisation.


Steel manufacturers hail Tinubu over $14bn deal



Kamoru Yusuf

The Basic Metal, Iron and Steel Products Manufacturer, a sectoral arm of the Manufacturer Association of Nigeria, (MAN) has commended President Ahmed Bola Tinubu for his overwhelming performances and efforts towards the nation’s economic growth at the just concluded Nigeria-India economic roundtable meeting in India.

The group also commended the president for attracting the sum of $14 billion investment to boost the nation’s economy adding that the feats recorded by the Bola Tinubu-led government within 100 days of its inauguration will no doubt accelerate economic recovery and business growth in the steel sector.

This is contained in a statement issued on Sunday by the Chairman of the group, Dr. Kamoru Yusuf MON, stressing that, “Iron and Steel sector, if given the required attention and necessary support, is capable of ensuring accelerated growth of the nation’s economy.

Dr. Yusuf, who is also the Group Managing Director of KAM Holding Limited, a wholly owned indigenous Iron and Steel Industry in Nigeria added that, “President Tinubu has by all standards demonstrated his love and readiness to support industrialists. We, in the Iron and Steel sector of the Manufacturers Association of Nigeria, (MAN) are ready to support his administration with data, workable templates and roadmaps that will support Mr. President in his endeavour to succeed in his mandates to Nigerian citizens.

“As major stakeholders in Nigeria’s Project, we received this news with huge excitement and sense of fulfillment and hope that the breakthrough will further change the game of operations as ‘Risk Takers’ in the nation’s business environment. We pledge our unalloyed support to your administration towards ensuring and providing enabling atmospheres for industrialists to continue to thrive.”

The statement also emphasised that, “President Tinubu’s exceptional efforts in attracting such a substantial investment for Nigeria’s steel sector deserves standing ovation and applause.”

The group therefore promised to continue to support the Minister for Steel Development, Alhaji Shuaibu Audu, in the discharge of his duties at all times.




Continue Reading


Ex-CBN director urges FG to reduce cost of governance



Dr Titus Okunrounmu, Former Director of CBN

Dr Titus Okunrounmu, former Director, Budgetary Department at the Central Bank of Nigeria (CBN), has advised the Federal Government to reduce the cost of governance in order to stem the country’s debt profile.

Okunrounmu, who gave the advice while speaking with the News Agency of Nigeria (NAN) on Thursday in Ota, Ogun, described the list of ministerial portfolio on Wednesday as over bloated for a country with huge debt profile.

According to him, funding the nation’s recurrent budget with borrowing does not need these large number of ministers and bloated special assistants, which inevitably must allow for allowances and official vehicles.

“These excess baggage was not projected for in the 2023 Federal Budget and the revenue estimates could not cover the recurrent budget.

“In addition, the federal government needs financial discipline to curb corruption in the Ministries, Departments and Agencies (MDAs) to reduce debt profile in the country,” he said.

Okunrounmu advised the federal government to redouble its efforts and work against policy somersault to encourage influx of foreign investors into the country.

Continue Reading