Tuesday, November 29, 2022
CEM REPORT, ENERGY | Subsidy makes petrol much cheaper in Nigeria than in the neighbouring countries, the World Bank has said. The bank explains that this has created enormous financial incentives for smuggling and benefitting criminal syndicates at the expense of the public. According to the World Bank in its Nigeria...
CEM REPORT, FINANCE | The Central Bank of Nigeria has revealed plans to reduce the volume of N500 and N1000 in circulation. This is as the bank also said the new redesigned note will be launched by President Buhari on the 23rd of November 2022. Speaking during a media briefing after...
CEM REPORT, FINANCE | The Central Bank of Nigeria (CBN), has raised its benchmark lending rate to 16.5 percent. This is an increase of 100 basis points from 15.5 percent and the highest since 2001. While reading the communique of the last MPC meeting of the year in Abuja on Tuesday,...
CEM REPORT, FINANCE | Minister of Finance, Zainab Ahmed, has been summoned by the Senate to explain an allocation of N206 billion inserted into the 2023 budget. The Senate committee on Special Duties resolved to summon the Minister during the budget defence session of the Humanitarian Affairs ministry on Monday. The...
CEM REPORT, TRANSPORTATION | Officials of the Lagos State Traffic Management Authority (LASTMA) have been summoned before a seven-man investigative panel to answer on extortion allegations. According to the General Manager, LASTMA, Bolaji Oreagba, who disclosed this over the weekend, all evidence would be thoroughly scrutinised by the panel and...
CEM REPORT, FINANCE | The Central Bank of Nigeria (CBN) has been advised to halt further intervention in the private sector. The International Monetary Fund (IMF) in a statement published recently recommended policies which it claims are measures that will effectively tighten the monetary policy stance of the nation. Similarly, the...
CEM REPORT, ECONOMY | Nigeria’s projected GDP growth for 2022 has been lowered by 0.4% to 3% by the International Monetary Fund (IMF). IMF revised its earlier projection from 3.4% as a result of Nigeria’s inab6to meet its oil production obligations and the recent flooding which has affected agriculture production. A...
CEM REPORT, ENERGY | Nigerian National Petroleum Company Limited  (NNPCL), has said collaborators within the system have strengthened the continuous crude oil theft ravaging the country. This is as the company also alleged that crude oil thieves employ technology to ensure efficiency. According to the group Managing Director and Chief Executive...
CEM REPORT. HEALTH | Antimicrobial Resistance (AMR) related death within the year was highest in Western Africa at 27.3 deaths per 100,000 persons. This is as available evidence and projections suggest that by 2050, AMR could cost $300 billion to $1 trillion yearly globally. According to The Lancet publication in 2022...
CEM REPORT, FINANCE | The Code of Conduct Bureau (CCB), has been petitioned against 30 state governors and the Federal Capital Territory, FCT, for allegedly failing to remit $3.1 billion paid to their local government areas, regarding the Paris/London Club refunds. The petition addressed to the CCB Chairman, the Chairman/CEO,...