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Nairaland Forum / Nairaland / General / Politics / Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out (20383 Views)
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Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by 1Ebiscoo: 10:06am On Jul 25, 2018 |
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Tuesday, warned the Federal Government to learn to save heavily from current improved crude oil sales for the rainy day. CBN Governor, Mr Godwin Emefiele, who read the communique of July MPC meeting in Abuja, said the committee, while discussing the economic report, observed that as the prices of crude oil increased in 2017 and 2018, the monthly allocation to various levels of government also increased, suggesting that Federal Government was not conscious of saving for the rainy day. He said the committee had called on the apex bank to continue to build on the progress already made in arresting the trend to sustain the moderation in food inflation. Emefiele said the MPC noted with satisfaction the fourth consecutive quarters of growth of real Gross Domestic Product (GDP) and the positive growth outlook in the domestic economy. “This is shown by the sustained improvement in the manufacturing and non manufacturing purchasing managers indices in the second quarter of the year,” he said. He said the committee was, however, concerned about the liquidity impact of the 2018 expansionary fiscal budget and increasing FAAC distributions due to rising prices of crude oil as well as the build up to election related activities. On the declining foreign reserves from $47.7 billion in May to $47.2 billion in June, Emefiele said the development had nothing to do with politics as being insinuated. “What is happening is as a result of US Federal Reserve Bank normalisation. Since the interest rate has gone up in the US, and other advanced economies, in an attempt to stimulate their economies, these money that moved into the emerging economies are now being taken back and this means there will be so much outflow of cash than inflows. And of course we have our own share of it. “But it must be noted that Nigeria has performed better than other emerging markets around the world, with a stabilised exchange rate because we have been able to build enough buffers to support our currency and that is why the exchange rate has remained stable. “Countries like South Africa and others have had their currencies depreciated but the Naira remains stable at N360/$ at this time,” he added. On currency swap update, the CBN Governor said: “China remains Nigeria largest trading partner and we are saying that those trading can be paid for using renminbi instead of dollars, because people who are importing using renmimbi we are offering some discounts since we have this soft deal with the Bank of China and we are encouraging people to embrace the use of renminbi for trade between Nigeria and China.” PLEASE READ MORE>>>http://www.mcebisco.com.ng/2018/07/nigerian-government-not-willing-to-save.html 2 Likes
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Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by Atlanticfire: 10:09am On Jul 25, 2018 |
Same story every year. Doing what they accused pdp of doing. 152 Likes 11 Shares |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by Mutemenot(m): 10:09am On Jul 25, 2018 |
![]() 19 Likes 2 Shares |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by rottennaija(m): 10:11am On Jul 25, 2018 |
Misleading headlines... @op, change your headline to reflect on the content of the statement made 14 Likes 3 Shares |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by rottennaija(m): 10:13am On Jul 25, 2018 |
Atlanticfire: Read the content first before commenting. The headline is deliberately misleading. 19 Likes 3 Shares |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by Merimental(m): 10:26am On Jul 25, 2018 |
" Naira remains stable at N360/$ at this time,” celebrating mediocrity...d same naira was 180 against dollar b4 d dey came in... 81 Likes 8 Shares |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by joeace2020(m): 10:47am On Jul 25, 2018 |
Ground Hog day How about learning how to make 2D animation video explainers for Nigerian small businesses and also selling on fiverr to cients around the world? Visit my training thread using my signature link. 1 Like
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Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by Iamkuttie(m): 10:47am On Jul 25, 2018 |
That is btw If you like use your Boyfriend's picture as your Dp. E no concern us, we don enter Gate wey they write "Beware of Dogs" tire ![]() ![]() ![]() 1 Like |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by HajimeSaito(m): 10:48am On Jul 25, 2018 |
![]() Ride on Dull-ardino. Zombies, please stand by your "messiah" at this critical hour when he needs you the most. He must accomplish his mission of evil for this country. More deaths in the Middle Belt, more economic and financial woes, more vote rigging, more corruption etc. Dull-ardino till 2023 because zombies will NEVER understand how "capable" their Oga is until they start eating food from dustbins and drinking drainage water. 9 Likes
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Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by Nobody: 10:48am On Jul 25, 2018 |
Exactly what works in this country sef? 1 Like |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by lazynairalander1: 10:48am On Jul 25, 2018 |
Hmmm. What a country we are living in.
check my SIGNATURE |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by lielbree: 10:48am On Jul 25, 2018 |
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Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by FriendNG: 10:48am On Jul 25, 2018 |
Save what. Our reserves are increasing and you still claim we are not saving. 5 Likes |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by okerekeikpo: 10:48am On Jul 25, 2018 |
Buhari will finish this country 7 Likes 1 Share |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by 1x2x3: 10:49am On Jul 25, 2018 |
A country without future or plans. No development road map..... Anywhere belle face. 13 Likes |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by Apina(m): 10:49am On Jul 25, 2018 |
The same story every year while expecting a different outcome ![]() Any one noticed that nairaland pages now begin with the number 1 ![]() 4 Likes |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by NOETHNICITY(m): 10:50am On Jul 25, 2018 |
Another misleading headline 3 Likes 2 Shares |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by LastSurvivor11: 10:51am On Jul 25, 2018 |
What are we saving, is it same Nigeria that overtook India in the world poorest people few weeks back? Abeg sell or divide the country, Nigeria has no collective vision but just individual mentality.. 2 Likes |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by gurunlocker: 10:51am On Jul 25, 2018 |
I thought Mr Integrity is doing things differently? How come this is happening? 6 Likes |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by laris: 10:52am On Jul 25, 2018 |
People should learn to read before drawing conclusions 3 Likes 1 Share |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by babyphaze07(m): 10:52am On Jul 25, 2018 |
This govt is just impossible. They accuse last administration of not saving and they are not doing same. The dollar being stable at #360 is still not good enough. Mismanagement of funds is sure a cankerworm in a Nigeria. 4 Likes |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by PassingShot(m): 10:52am On Jul 25, 2018 |
Hogwash. Useless lazy journalism. "observed that as the prices of crude oil increased in 2017 and 2018, the monthly allocation to various levels of government also increased, suggesting that Federal Government was not conscious of saving for the rainy day." The report is an imagination of the writer. The writer drew his/her conclusion with the emboldened part of the above statement - "suggesting that the FG was not conscious of saving for the rainy day". 9 Likes 1 Share |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by Nobody: 10:53am On Jul 25, 2018 |
See eh the CBN Governor is sounding a note of warning ahead of the election because every election period we BLOW serious money.We are yet to recover from the BLOW Money incidence of the last election and now we are here again another election. 1 Like 1 Share |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by Racoon(m): 10:53am On Jul 25, 2018 |
Simply because the government of the day is filled with super looters. 3 Likes |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by predatorX: 10:54am On Jul 25, 2018 |
FriendNG: This is a Fulani dollard and a Buhari worshipper. Saving on external reserves while internal debt is at its highest is intelligent economics, right? 3 Likes |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by Ifunnaede: 10:54am On Jul 25, 2018 |
We will cry someday 1 Like |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by BruncleZuma: 10:54am On Jul 25, 2018 |
Ipob CBN 3 Likes |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by HypocriticalMod: 10:54am On Jul 25, 2018 |
It's only to spend the govt know how to do, developement we are not seeing. What are they spending on? ![]() 4 Likes |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by atobs4real(m): 10:55am On Jul 25, 2018 |
Resign if your name will be dent. 1 Like |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by sotall(m): 10:55am On Jul 25, 2018 |
Ok |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by rdronline: 10:56am On Jul 25, 2018 |
Please someone should help me tell Emefiele that raining days are here already and there is no need to save for today again. FG should wait till after August break when dry season will be ushered in before thinking of saving. Ire o! 2 Likes |
Re: Nigerian Government Not Willing To Save For Rainy Day – CBN Cries Out by santricedupas(m): 10:56am On Jul 25, 2018 |
redenominate the naira like Ghana cedis first, before all these trashs. |
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