The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by 250 basis points from 27.25% to 27.50%.

The decision was taken at the 298th meeting of the Monetary Policy Committee (MPC) according to a statement released by the CBN on Tuesday.

The statement disclosed further that the Cash Reserve Ratio (CRR) was retained at 50% for Deposit Money Banks and 16% for Merchant Banks by the MPC.

“The Monetary Policy Committee (MPC) Voted unanimously to raise Monetary Policy Rate (MPR) by 250 basis point from 27.25% to 27.50%; retain Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks. The Committee also retains the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR,” the CBN statement shared via its official account on the X platform read.

The MPC meeting which was presided over by the CBN Governor, Olayemi Cardoso, urged monetary and fiscal authorities in the country to deepen collaboration to achieve price stability.

The MPC also noted that the cost of petrol has continued to impact manufacturers’ production costs.

Meanwhile, the Central Bank of Nigeria (CBN) has instructed commercial banks to prioritize cash disbursements through automated teller machines (ATMs), warning that institutions failing to comply would face penalties.

In a statement issued by the Acting Director of the Currency Operations Department at the CBN, Solaja Olayemi, the apex bank emphasized the need to ensure easier access to cash for Nigerians amidst reports of scarcity.

The CBN also cautioned against supplying naira notes to individuals or groups involved in the illegal hawking of currency.

Naija News reports that the directive comes as citizens lament the scarcity of cash, which has disrupted transactions and heightened economic uncertainty.

In the circular signed by Olayemi, the apex bank said it commenced spot checks to ensure efficient and responsible cash disbursement to the public and prevent the disbursement of mint banknotes to persons hawking naira notes.

The Minister of Finance, Wale Edun and the Minister of Budget and National Planning, Atiku Bagudu, have said the government needs to borrow more to be able to finance its policies.

The two ministers stated that though revenue generation has been on the increase, it would not be enough for President Bola Tinubu’s administration to finance its projects aside infrastructure development.

Edun And Bagudu stated this during an interactive session of the Senate Joint Committees on Finance and National Planning and Economic Affairs on the 2025-2027 Medium-Term Expenditure Framework/Fiscal Strategy Paper.

The Coordinating Minister of the Economy, Edun said, “The revenue effort has been good, but we still need to do better, and in the meantime, we still need to borrow productively, effectively and sustainably.

“Not just infrastructure but also social services, health services, education and intervention in terms of social safety net to help the poorest and most vulnerable.”

On his part, Senator Atiku Bagudu told the lawmakers that the borrowing plans contained in the ₦35.5 trillion 2024 budget, were primarily meant to fund the ₦9.7 trillion deficit.

“Despite revenue targets surpassed by some of the revenue generating agencies, the government still needs to borrow for proper funding of the budget, particularly in the area of deficit and productivity for the poorest and most vulnerable.

“We have a long-term development perspective plan agenda 2050 aiming at GDP per capita of $33,000,” Daily Post quoted Bagudu.

The National Bureau of Statistics (NBS) has revealed that food prices saw substantial increases in October 2024, particularly for items such as beans, eggs, bread, and rice.

This was detailed in the NBS’s Selected Food Prices Watch report for October 2024, which was released in Abuja on Tuesday.

According to the report, the price of 1 kg of brown beans soared by 254.23% from ₦790.01 in October 2023 to ₦2,798.50 in October 2024. On a month-on-month comparison, the price rose by 2.19% from ₦2,738.59 in September 2024.

The average price of medium-sized Agric eggs (12 pieces) also saw a sharp year-on-year increase of 140.21%, climbing from ₦1,112.22 in October 2023 to ₦2,671.60 in October 2024. From September 2024, the price rose by 7.42%.

The cost of sliced bread increased by 103.76%, from ₦760.82 in October 2023 to ₦1,550.24 in October 2024. On a month-on-month basis, the price rose by 1.44% from ₦1,528.19 recorded in September 2024.

Similarly, 1 kg of local rice saw a year-on-year increase of 137.32%, rising from ₦819.42 in October 2023 to ₦1,944.64 in October 2024. The price of rice also rose by 1.56% compared to September 2024, when it was ₦1,194.77.

Additionally, the report highlighted that the price of 1 kg of boneless beef surged by 98.73% year-on-year, from ₦2,948.03 in October 2023 to ₦5,858.58 in October 2024, marking a 3.99% increase from the ₦5,633.60 recorded in September 2024.

On a state-by-state basis, the report showed that Bauchi had the highest average price for 1 kg of brown beans at ₦3,750.00, while Yobe had the lowest at ₦1,749.52.

Niger recorded the highest price for medium-sized Agric eggs at ₦3,450.00, and Adamawa had the lowest at ₦2,050.00. For sliced bread, Rivers recorded the highest average price at ₦1,867.14, while Yobe had the lowest at ₦960.07.

Further analysis by zone showed that the South-South region had the highest price for 1 kg of brown beans at ₦3,274.39, while the North-East recorded the lowest at ₦2,294.29.

The North-Central and South-East regions had the highest average price for medium-sized eggs, while the South-West had the lowest.

The South-South region also had the highest average price for sliced bread at ₦1,829.25, while the North-East had the lowest at ₦1,360.85.

For local rice, the South-East and South-West regions recorded the highest prices for 1 kg of loose rice, at ₦2,146.08 and ₦2,011.05, respectively. The North-West recorded the lowest at ₦1,763.62.

In response to the rising food prices, the federal government had introduced a 150-day duty-free import window for specific food commodities, including maize, cowpeas, wheat, and husked brown rice, starting in July 2024.

However, experts suggest that addressing systemic issues such as insecurity, foreign exchange, and transportation costs would provide more sustainable solutions to food price inflation and ensure long-term food security.

A former presidential aide, Doyin Okupe, has submitted that the reforms initiated by President Bola Tinubu are in the best interest of Nigeria and Nigerians.

According to him, Tinubu met a dying economy where 98% of revenue was going into debt servicing, and therefore, the President had to take drastic action to save the country from total collapse.

Okupe submitted that it is unfair and almost wicked for Nigerians to judge President Tinubu since his administration has barely stayed 18 months in office.

Speaking during an interview with Arise TV on Monday, Okupe submitted that dollar to naira exchange rate could have risen as high as ₦17,000 to one dollar, and fuel could cost up to ₦4,000 per litre if not for the intervention of President Tinubu’s economic reforms.

“I heard people complain that the dollar is N1,700; it could have been worse, it could have been N17,000. That fuel is N1,000; it could have been worse; it could have been N3,000 or N4,000 per liter if these reforms had not been in place and has checked the escalating hyper-inflation in which we entered into.”

The former chieftain of the Labour Party said the country was socially and economically finished before Tinubu came into power and started the recovery process through his reforms.

Okupe also accused former President Muhammadu Buhari of printing up to ₦30 trillion during his time in power just to shield the true economic situation away from Nigerians.

“Bola Tinubu has come with very serious reforms that will take the country away from the situation in which it had been undergoing for the past eight to ten years,” he said.

Watch the video below.

After multiple delays, the Port Harcourt Refinery is finally set to start production.

Checks revealed that the Port Harcourt Refinery has missed seven deadlines for commencing production as of October 2024.

The Nigerian National Petroleum Company Limited (NNPCL) had set multiple dates for the refinery’s operational start, including promises made in March, August, and September 2024, all of which passed without fulfillment.

However, in a message from an impeccable source, seen by LEADERSHIP, the NNPC said: “Today (Tuesday) marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation.

“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”

Rehabilitation of the Port Harcourt Refinery began in 2021. The contractor overseeing the project, Maire Tecnimont SpA, had been working on the facility since a $1.5 billion contract was signed in April 2021.

Despite announcements of mechanical completion in December 2023, the refinery did not start production due to what the NNPCL called “ongoing safety checks and delays in the final stages of rehabilitation.”

Details Later…

Atiku Abubakar, the 2023 presidential candidate of the Peoples Democratic Party (PDP), and Peter Obi, the Labour Party (LP) candidate, are reportedly in discussions about forming a new political party ahead of the 2027 elections.

According to sources, the two leaders recently met to deliberate on the possibility of adopting a fresh political platform. 

They are scheduled to meet again in Yola, Adamawa State, on Saturday, November 30, where Obi will serve as the keynote speaker during a ceremony marking Atiku’s 78th birthday.

The event, taking place at the American University of Nigeria (AUN) owned by Atiku, is reportedly intended to demonstrate their continued camaraderie.

According to The Sun, The Africa Report disclosed that a spokesperson for the duo acknowledged that a potential merger is being considered but declined to share specific details.

Since their defeat to President Bola Tinubu and the All Progressives Congress (APC) in 2023, Atiku and Obi have explored avenues for collaboration. The discussions are seen as a response to internal challenges within their respective parties.

The PDP has faced a prolonged crisis, with its current national chairman, Umar Damagum, being an ally of Nyesom Wike, the Minister of the Federal Capital Territory.

Wike has been a vocal critic of Atiku’s presidential bid and supported Tinubu in the last election.

Similarly, the Labour Party has struggled with internal discord, as Obi’s relationship with the party’s chairman, Julius Abure, has soured.

The talks between Atiku and Obi are reportedly advancing, with election preparations set to commence in just over a year. Former Kaduna State Governor Nasir El-Rufai is also said to be involved in these discussions, signaling the possibility of a significant political realignment.

[NAIJA NEWS]

The Ministry of Education has warned that any student found guilty of physical assault leading to bodily injury will be suspended indefinitely from Unity Colleges.

A memo signed by the Permanent Secretary, Nasir Gwarzo, which was obtained by our correspondent in Abuja, said the ministry’s attention was drawn to the alarming rise in cruel acts of physical assault among students.

In response, the ministry resolved to take a tough stance on the issue, stressing that such behaviour would no longer be tolerated.

On November 7, 2024, the Federal Government ordered the immediate suspension for six weeks of 13 students allegedly involved in the bullying of their fellow students in Senior Secondary School 1 at the Federal Government College, Enugu.

The Minister of Education, Dr Tunji Alausa, ordered the suspension to pave the way for a thorough investigation into the incident.

The directive followed the circulation of a disturbing video on social media platforms, where a group of students were seen assaulting a student.

The development came as reports of bullying in private and government colleges intensified in the country.

In a bid to curb the growing menace of student-on-student violence, the ministry said it deemed it necessary to introduce more severe penalties to address the escalating problem of student violence.

“The attention of the ministry has been drawn to the cruel and inhuman acts of physical assault that inflict bodily injury on other students by fellow students or groups of students.

“In addition to the punishments in the ministry’s approved uniform guidelines for offences and punishments, the ministry has directed that henceforth, any student or group of students found culpable of physical assault leading to bodily injury on another student or group of students will be suspended indefinitely from the college.

“Ensure that you comply strictly with the content of this circular and inform the SBMC members and parents accordingly.

“College administrators have been instructed to strictly comply with the new directive and to inform Student-Based Management Committee members and parents accordingly,” the statement read.

The Nigerian National Petroleum Company Limited has requested an additional subsidy refund of N1.19 trillion for July 2024, citing exchange rate differentials on Premium Motor Spirit importation and joint venture taxes, according to findings by The PUNCH.

But state governments tackled the national oil company over the latest request, as they raised concerns over NNPCL’s accounting practices.

These findings were based on the Federation Account Allocation Committee Postmortem Sub-Committee report for September 2024, which was obtained by The PUNCH on Monday.

The report revealed that exchange rate differentials stood at N4.56tn as of June 2024 (due to under-recovery on petrol imports between August 2023 and June 2024), but this figure increased to N5.31tn by July 2024.

The NNPCL attributed the rise to fluctuations in foreign exchange rates and unresolved subsidy payments from previous months.

The total figure adds to concerns over the fiscal impact of subsidy payments on the Federation Account.

Exchange rate fluctuations and the rising cost of importing PMS have continued to strain government revenues, raising questions about the sustainability of the partial subsidy framework.

Committee raises concerns

The FAAC Sub-Committee raised concerns over NNPCL’s accounting practices, noting discrepancies in the figures submitted.

The NNPCL’s report included N1.19tn as a balance brought forward, contributing to the overall claim of N5.31tn.

However, the Sub-Committee noted that this amount had not been included in earlier FAAC reports and was therefore not recognised in its deliberations.

The report read, “As of June 2024, the Exchange Rate Differentials stood at N4,558,597,379,030.6. This amount increased to N5,309,418,715,637.13 as of the July 2024 Federation Account.

“Note that NNPCL’s request for the application of Weighted Average Rate covers the period August to June 2024. Also, recall that all outstanding payments against NNPCL as of May 2024 were referred to the Presidential Alignment Committee for reconciliation.

“However, the Sub-Committee observed that NNPCL in their report included the sum of N1,186,540,693,485.36 as an amount brought forward totalling N5,309,418,715,637.13 in their ledger. FAAC Postmortem did not recognize the Balance Brought Forward because it was not included in the FAAC report earlier submitted.”

During the September meeting with agencies, the NNPCL informed the FAAC Postmortem Sub-Committee that the N1.19tn figure was an actual under-recovery amount, which included adjustments for June and July 2024.

This amount, the NNPCL said, was used as the opening balance in its report.

In response, the Sub-Committee recommended that the NNPCL re-submit the figure for consideration at the next plenary.

The report noted, “During the monthly reconditioning meeting with Agencies, NNPCL informed the meeting that the amount submitted to the Presidential Alignment Committee for under-recovery was estimated. The actual under-recovery of N1,186,540,693,485.36, including June and July 2024, resulted in the opening balance in the NNPCL report.

“The Sub-Committee resolved that since NNPCL’s earlier report to FAAC did not include the sum of N1,186,540,693,485.36 brought forward, NNPCL should re-submit the amount for FAAC Plenary noting.”

Missing documentation

Further scrutiny of the NNPCL’s claims revealed additional issues. Minutes of a previous FAAC meeting indicated that as of June 2024, the NNPCL had reported an outstanding claim of N4.34tn against the Federation.

The claim, which was tied to exchange rate differentials, lacked essential details, including the volume of PMS imported, pricing, and sales values.

The Federal Commissioner of the Revenue Mobilisation, Allocation, and Fiscal Commission stated that the omission of these details made it difficult for the Sub-Committee to justify the figures submitted.

Consequently, the sub-committee directed the NNPCL to provide all relevant information to enable further assessment of its claims.

The FAAC Postmortem Sub-Committee has emphasised the need for transparency and accountability in subsidy-related reporting.

It noted that the discrepancies in the NNPCL’s submissions had delayed the reconciliation process, which had already been referred to the Presidential Alignment Committee.

The sub-committee also urged the NNPCL to ensure the inclusion of all outstanding amounts and a comprehensive breakdown of its PMS importation records in future reports.

The minutes for one of the FAAC meetings, which was seen by The PUNCH, noted, “The Federal Commissioner, RMAFC, informed the meeting that NNPC Limited reported to the Sub-committee that it had an outstanding claim of N4,344,519,176,167.32 against the Federation as a result of exchange rate differentials as at June 2024.

“He stated that the Sub-committee observed that the details of the PMS volume, price, and sales value were not provided in the June 2024 Report of NNPC Limited to justify the exchange rate differentials recorded. He concluded that the Sub-committee had resolved to request NNPC Ltd to provide the relevant information for further consideration.”

The PUNCH earlier reported that Nigerian National Petroleum Company Limited demanded a refund of N4.71tn from the Federal Government to settle outstanding debts used to import Premium Motor Spirit, popularly called petrol, into the country.

However, the NNPCL clarified that the N4.71tn was just an estimate, and the actual figure was N4.34tn, which increased to N5.31tn by July 2024.

This development means that the government has been supporting fuel imports by covering the difference between the projected rate and the actual expenses incurred by the NNPCL for importing petroleum products into the country.

This difference in cost, which ordinarily should be reflected in the retail price of the product and borne by final consumers, contradicts the government’s claims that subsidies have been eliminated.

This revelation also comes amid challenges faced by the petroleum company to ensure the adequate supply of PMS to marketers for distribution nationwide.

On May 29, 2023, during his inauguration, President Bola Tinubu publicly declared that “subsidy is gone,” signalling the end of barriers that had been restricting the nation’s economic growth.

However, this claim has been contested by the International Monetary Fund, the World Bank, and other authoritative figures, who argue that the government had quietly reintroduced fuel subsidies.

In June, a proposed economic stabilisation plan document stated that the government planned to spend about N5.4tn on fuel subsidies.

The N5.31tn demanded by the NNPCL for petrol under-recovery is about 98.33% of what the Federal Government had planned to spend on fuel subsidies this year.

Between January and June 2023, the Federal Government spent about N3.6tn on fuel subsidy, which was far more than the N2tn spent for the entire year of 2022.

In the approved Medium-Term Expenditure Framework, the Federal Government admitted that the petrol subsidies have remained a major challenge.

It noted that the final 2023 dividend for the Federal Government from the NNPCL was withheld to settle fuel subsidies.

The MTEF document noted, “Despite recent reforms, petrol subsidies continue to have a significant adverse impact on oil revenues. Recently, the 2023 final dividend due to the federation was withheld for payment of fuel subsidies.”

Amidst the increasing cost burden on the government for petrol under-recovery, and despite promising to bring down the price of petrol during his campaign, President Bola Tinubu has repeatedly increased petrol price by about 505.71 per cent – from N175 in May 2023 to N1,060 in October 2024 – inflicting more pains on the already impoverished Nigerians.

Segun Sowunmi, a former spokesman for Atiku Abubakar, revealed that he had discussed the possibility of the former PDP presidential candidate running in the 2027 election.

Sowunmi, a former Ogun State gubernatorial aspirant, however, stated that Atiku has yet to provide a clear response.

Sowunmi made this disclosure in Abuja on Monday during the launch of the National Opposition Movement Coalition, a platform dedicated to strengthening opposition politics and promoting credible democratic and electoral processes ahead of the 2027 elections.

According to Sowunmi, the decision to contest the presidency should not focus solely on Atiku but rather on individuals with a clear vision for Nigeria’s development.

“Who would have thought that Tinubu, considering his background and history, would be in the villa today? It shows that leadership transcends any one individual,” Sowunmi remarked.

“Atiku hasn’t told me he’s running. I’ve asked him twice, and I’ll ask him once more. If he doesn’t give an answer, that’s it.”

Reflecting on the 2023 elections, Sowunmi recounted his efforts to convince former Anambra State governor, Peter Obi, to contest for the presidency under the PDP.

“I traveled across the Southeast, urging PDP members from the region, including His Excellency, Peter Obi. I visited him over five times, encouraging him to purchase the nomination form to gauge the Nigerian people’s support,” he shared.

Although Obi eventually joined the Labour Party without informing him, Sowunmi commended the former governor for bringing the Southeast’s aspirations into national discourse. However, he emphasized that leadership demands more than rhetoric, urging support for candidates based on their ability to deliver tangible results.

Sowunmi explained that the National Opposition Movement Coalition was born out of the urgent need to safeguard Nigeria’s democracy amidst growing concerns about the country’s electoral and governance systems.

He criticized the Independent National Electoral Commission (INEC) for failing to uphold election integrity despite improvements in its guidelines and operational manuals.

He also expressed concern over the declining credibility of the judiciary, which he described as crucial for maintaining balance and preventing government overreach.