News
Inflation may worsen as Nigeria’s Money Supply hits N101.34m
Nigeria’s Inflation may worsen as the country’s Money supply (M3), which measures the total amount of money in an economy reached an all-time high of N101.34 million in June 2024.
This is according to recent data from the Central Bank of Nigeria, CBN.
The figure showed that M3 increased by 56.15 percent to N101.34 million in June 2024 from N64.90 trillion recorded in the corresponding period of June 2023.
According to financial analysts, when the money supply increases, it can lead to higher inflation.
On a month-on-month basis, the money supply increased by 2.11 percent from N99.23 trillion in May 2024.
The increase in M3 comes despite the monetary tightening of the CBN.
The CBN had issued over N1.5 trillion in Open Market Operation (OMO) bills since Olayemi Cardoso took the helm as governor in September last year to stem inflation and strengthen the Naira.
The country’s core and food inflation stood at 34.19 percent and 40.87, respectively, in June 2024, while interest rates stood at 26.75 percent.
Commenting on the M3 data, analysts at FBNQuest said, “While the increase in CIC may suggest improved economic activity in nominal terms and higher consumer spending, it also highlights the risk of inflation, particularly if money supply growth exceeds real output growth.”
The development comes as the National Assembly recently increased the Nigerian government’s ways and means advance threshold to 10 percent from 5 percent.
As of June 2024, Nigeria’s currency in circulation (CIC) rose to N4.05 trillion from N2.60 trillion in the same period last year.
CREDIT: DAILY POST
News
We’ll be forced to export 97% of our petrol – Dangote Refinery warns
Dangote Refinery has announced that it will need to export 95-97 percent of its Premium Motor Spirit (petrol) due to low interest from Nigerian marketers. The refinery, which processes 650,000 barrels per day, revealed that only 3 to 5 percent of petrol marketers are purchasing its fuel.
Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, shared these details during an X Space session hosted by Nairametrics on Wednesday. He highlighted the challenges facing both the Dangote Refinery and Nigeria’s oil and gas sector.
Edwin explained, “I’m selling 2 to 3 percent to small traders who are willing to buy, while the remaining 95 to 97 percent has to be exported,” referring to the local sales of the refinery’s products.
This situation arises as the NNPCL’s deadline for adjusting the Dangote Refinery’s fuel distribution approaches without a clear plan in sight. It is worth noting that while Aliko Dangote, President of Dangote Group, has announced the refinery’s initial petrol rollout, its distribution to marketers is contingent upon NNPCL’s decisions.
News
FIFA U-20 Women’s World Cup: Round of 16 fixtures confirmed [Full list]
The final sixteen teams for the 2024 FIFA U-20 Women’s World Cup in Colombia have been determined following the conclusion of the group stage.
In recent matches, Ghana triumphed over New Zealand with a score of 3-1, and Japan secured a 2-0 victory against Austria.
As a result, Japan has advanced to the Round of 16, joining the other 15 teams in this knockout stage.
The Round of 16 matches are scheduled for Wednesday, Thursday, and Friday.
The full lineup for the Round of 16 is as follows:
- Spain vs Canada
- Brazil vs Cameroon
- Colombia vs South Korea
- Mexico vs USA
- North Korea vs Austria
- Germany vs Argentina
- Netherlands vs France
- Japan vs Nigeria
News
Nigerian Army debunks reported mass resignation of soldiers
The Nigerian Army has refuted claims of widespread resignations among its soldiers due to issues like corruption and low morale.
In a statement, Major General Onyema Nwachukwu, Director of Army Public Relations, dismissed these reports as unfounded.
A news outlet had alleged that numerous Nigerian soldiers were resigning because of corruption and low morale. However, the statement condemned these allegations as misleading and a deliberate attempt to create discontent and undermine the Nigerian Army’s reputation and the dedication of its personnel.
Major General Nwachukwu clarified that, similar to other military organizations worldwide, service in the Nigerian Army is voluntary rather than mandatory. This means that personnel have the freedom to resign following established procedures.
He explained that the resignation process allows personnel to prepare and manage their entitlements, including pensions and gratuities, as outlined in the Harmonized Terms and Conditions of Service (Officers/Soldiers).
Contrary to the report’s implications, the statement emphasized that Nigerian Army personnel are highly motivated, and their welfare is a priority under the leadership of Chief of Army Staff, Lieutenant General Taoreed Lagbaja.
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