
President Bola Tinubu is currently presiding over a Federal Executive Council meeting at the State House in Abuja, marking the council's first gathering in over two months. Prior to the meeting, President Tinubu administered the oath of office to two new Federal Commissioners of the Revenue Mobilisation, Allocation and Fiscal Commission: Amina Gamawa, representing Bauchi State, and Abdullahi Mukhtar, representing Kaduna State. The Secretary to the Government of the Federation, George Akume, indicated that the agenda also included the swearing-in of newly appointed Federal Commissioners of the National Population Commission. Vice President Kashim Shettima, cabinet ministers, and other senior government officials are attending the meeting.
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This summary was AI-generated from a story originally published by Punch Nigeria.
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Prof Uche Uwaleke, President of the Capital Market Academics of Nigeria, has called on the Central Bank of Nigeria to gradually lower interest rates and revitalize development finance through specialized institutions. He warned that high borrowing costs are hindering investment, business expansion, and job creation. Speaking in Abuja, Uwaleke argued that Nigeria's inflation is increasingly structural and cannot be effectively addressed solely by repeated interest rate hikes. He advised that monetary policy should rely less on increasing the Monetary Policy Rate as the primary inflation control instrument, suggesting a cautious moderation of interest rates supported by fiscal measures to tackle supply-side bottlenecks. Uwaleke also stressed that the CBN's focus on price stability should not lead to abandoning targeted financing for productive sectors. He recommended that the CBN facilitate development finance interventions through existing Development Finance Institutions, allowing these specialized bodies to finance agriculture, manufacturing, exports, housing, and small businesses, rather than directly administering intervention programs. While commending the CBN's reforms, including clearing foreign exchange obligations, discontinuing Ways and Means financing, banking sector recapitalization, and foreign exchange reforms, Uwaleke noted that the benefits of these reforms have not yet reached many Nigerians. He highlighted that economic success should also be measured by impr
Pastor Enoch Adeboye, General Overseer of the Redeemed Christian Church of God, stated that terrorism and kidnapping have spread from northern Nigeria to the South, indicating the security crisis has reached his doorstep. Speaking at the US-Nigeria Faith Heroes Award Gala in Washington, D.C., Adeboye expressed concern over the worsening security situation. He defended President Bola Tinubu against criticism, asserting that the President has fulfilled his responsibility by directing the military to address the issue. Adeboye revealed he discussed the country's security challenges with President Tinubu and First Lady Oluremi Tinubu, suggesting the President issue a 90-day ultimatum to military commanders to eliminate terrorism or resign. He also alleged that influential individuals, including politicians and businessmen, are financing terrorism and urged the government to pursue them. Additionally, Adeboye called on the United States and other countries to support Nigeria's efforts in combating terrorism and restoring security.