Bayo Adelabu’s rise in Oyo’s politics has been nothing but phenomenal. He is said to be PBAT’s protégée so it is not surprising that he has been nominated to be the ministerial nominee from Oyo state in a move to take back the Oyo Apc structure from pdp boys( teslim) and hand it over to Ajimobi’s group while also laying the groundwork for Adelabu to be the Apc candidate heading into the governorship election of Oyo state in 2027. On how Adelabu got the ticket in 2019, My source would reveal that The former Head of Service, Soji Eniade was Ajimobi’s

On Forex issue: has floating the naira had any impact so far?. The answer is YES. From a liquidity standpoint, CBN data shows that the total inflows into the Importers & Exporters Window increased by about $270 million to close the month of June at $1.41 billion( more inflow) and Also FPI increased by 340% from a drop of 49% at April. The new FPI position represents an 11.5% percent of the total equity transaction during the month and a 7.07% point increase compared to their total transaction (4.43%) in April. we don’t have data for July, but the above

On dangote’s refinery: why is it important to know when it will commence operations?. While it’s true that commencement of production by the refinery won’t crash the price of fuel, it will help lower fuel prices by an estimate of 1/5 of pump price. So right now fuel sell For around N617, dangote’s refinery is expected to reduce the price by as much as N120. Also the commencement of production by the refinery will help in our forex stability which is very important. What do I mean?. About 40% of our foreX is used in importing fuel. Refining crude

BUDGET DEFICIT AND HOW IT LEADS TO HIGH INTEREST RATES: People have asked me this question, so it’s best I respond now. There are different ways that a budget deficit leads to higher interest rate. Quite complex but I will simplify it. Budget deficit simply means government spending more than it generates. For this year, 🇳🇬’s budget, the government projected revenue is N10 trillion but the Federal Government said they want to spend N22 trillion. The N12 trillion difference is known as the deficit. The big question is, if government won’t be

Just a reminder of why subsidy removal&floating the naira was necessary and imperative. Nigeria’s 2023 budget is N22 trillion with projected revenue of N10 trillion and a N12 trillion deficit(that is more than 50% of total budget). Projected oil revenue is N2.23 trillion pegged at crude production level of 1.7 million BPD. We are barely doing 1.5 million bpd, we also currently have 22 million barrels unsold. This in itself will further increase the deficit. N6.31 trillion was budgeted for debt service, representing approximately 29% of the total

STILL ON ZAMBIA 🇿🇲: Zambia asked for debt restructuring because their debt to GDP is 124%( Nigeria’s own is around 38%) hence not sustainable so They defaulted in repayments. They then asked IMF for more Loans. IMF agreed but with stringent conditions which MUST be followed. The @OpeBee Don't disturb us, please.

As long as he speaks eloquently in Paris, we've no problem with him. We only want leaders with oratory prowess, not performers with sustainable and verifiable positive outcomes.

Free Advice; if you bought $ at black market rate; no point holding on to it. Sell it. According to the advisory policy document of this administration, they plan to get $ to N500-N600 rate. How ?. Grow external reserve to $50 billion by Ramping up oil production, sell assets worth over $17 billion, borrow from multinational at “concessionary rate”. They know people are waiting to speculate, that is why CBN wittingly left the I&E window as a “defacto crawling peg” to ensure stability. They will also use media decoys just like

So I don’t like monetary policy, I consider it boring. I always read up on fiscal issues. But recently during my spare time I find myself reading up on the Great Depression and one of Milton’s Friedman’s postulation on the Great Depression was that it was caused by Feds( our own CBN) because they restricted money supply. I was shocked so I decided to do a research on the Nigerian economy to find out if inflation really affect our growth &the effect of raising interest rate (reducing money supply) on economy, because I believe demand pull

Exactly, the $ rates published by CBN aren’t “pegged rates” but average rate being sold by banks and BDC. Cbn is trying to beat speculators to the game by staying ahead of the curve. With supply lagging and black market still within reach with bank rates, the early signs are

https://twitter.com/finplankaluaja1/status/1669794383749857280

Encouraging and it won’t be catastrophic as peddled by some quarters.That fact that the stock has gained consecutively for 4 days totally a rise of N1.6 trillion shows hope.When we get maximum crude oil output and NNPC sells to the market coupled with rise in diaspora remittance,

One thing we usually conflate is latent demand for effective demand. What we have in Nigeria is a latent demand. Let me explain. Effective demand refers to the willingness and ability of consumers to purchase goods at different prices. It shows the amount of goods that consumers

https://twitter.com/iaboyeji/status/1669501682063925248

are actually buying supported by their ability to pay.
While in latent demand, the willingness to purchase goods may be limited by the inability to afford it or lack of knowledge. By virtue of our population we have latent demand. You can’t have effective demand in an

Great article but permit me to disagree with your last submission. You said and I quote:“The CBN, and by extension,the government, must be willing to watch the naira appreciate&depreciate without intervening.A single intervention could change the entire direction of the policy”.

https://twitter.com/OluwamayowaTJ/status/1669272821170569217

Well there is no where in the world that the central bank doesn’t intervene in the foreX market. what you should have advocated for is that, unlike 2016 where CBN intervened as a regulator, cBN must limit it intervention and where necessary must only intervene as a player/

So I want to believe you are speaking in the setting of inflation control ?. First off CRR can’t be cancelled. It is the primary Monetary tool used for money supply for which the CBN exerts it influence, so if at all, it can only be lowered. Our recent Devaluation will not affect

https://twitter.com/ayomide/status/1669442542193070105

inflation that much because most Nigerians actually transact using the black market rate. At a point less than 30% of foreX was sourced using the bank,while 70 % of foreX came from “autonomous sources”.So as long as the arbitrage of the black market is curtailed,the inflationary

On the balance of equity and competence Mr samaila zubairu weighs evenly and meritoriously for the position of the finance minister. He is the President and Chief Executive Officer of Africa Finance Corporation. Under Mr. Zubairu leadership, AFC’s total assets have grown exponentially from US$4.1 billion when he joined to $8.7 billion (2021), and net income has nearly doubled from US$129 million (2018) to US$210 million (2021) in spite of the economic shocks caused by the COVID-19 pandemic and Ukraine War.
Prior to

Backstory: beyond the politics of this event, it is imperative to understand the import of this news. The Nigerian Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA) gave out two licenses to two companies. They are Nigerian National Petroleum Corporation (NNPC)

https://twitter.com/mario9jaa/status/1668739119248293888

Exploration and Production Limited and Belema oil producing limited. The license amongst other things will enable them to 1) explore new frontiers for oil, and also establish a Hybrid export terminal. For Belema oil, the Belema Sweet Export Terminal Project will be designed to

Nigeria currently has two transnational gas pipeline projects. Nigeria-Algeria gas project and Nigeria-Morocco gas Project. Duration for the Nigeria - Algeria has project is 4 years and it’s estimated to cost around $12.5 billion, while the Nigeria-Morroco gas project will take

https://twitter.com/opebee/status/1667919309774151680

25 years and its estimated to cost $13 billion.
The project to Europe through Algeria alone is expected to supply Atleast 30 billion cubic meter of gas volume annually. Going by todays estimate, it will generate $60 billion dollars. The estimated volume of supply through the

We are conflating issues here please. We know Nigeria air is in the offing. The real question is was Sirika honest with the level of preparedness?. Was he honest with the intentions of the plane flying into Nigeria on 26th of may?. Sirika knows what he is doing by throwing up

https://twitter.com/PastorMarvy/status/1667937498381664257

The allegation against Hon Nnolim. A diversion from the main substance of deception and the unwarranted stunt he pulled on May 26th. I insist that Nigeria Air is no where close to what was touted by Sirika and the theatrics of May 26th was unjustifiably in bad faith. Sirika had

There is no where in the world where a country develops rapidly without “protectionism”, ditto china. Again you must never treat a problem in isolation. You listed the problem of protectionism, but what is the opportunity cost to the economy when we continue with importation?.

https://twitter.com/finplankaluaja1/status/1667926386747777026

With protectionism, there will be that initial “pain” due to inflation, but did you also consider job creation&growing our local currency while saving or divesting forex into other productive use that comes with protecting local markets?. Why not advocate for policies that will

Hmm, a lot to say, would have to break it into several threads. Where do I start from?. This is clearly a policy written by Mrs Olu Verheijen. This is an audacious statement if we are assessing it quantitatively. To aim 4 million barrels per day of oil and 12 billion cubic feet

https://twitter.com/nairametrics/status/1667530264921120768

per day of gas production capacity by 2030 is no mean feat. But this is a pointer to a lot of things. We can deduce that Mele kyari is clearly going as this policy gives a direction in that area. for the first 100 days the policy explicitly advises PBAT to ”Head-hunt competent,

Wale Adeyemo: born in Ibadan and serves as the current Deputy Secretary of the Treasury of USA(same as minister of state for finance). Got his Law degree from Yale university. No formal education in economics yet was/is in charge of the formulation of several economic policies& Reforms. His career began in the early days of the Obama Administration, during the depths of the Great Recession.Rising through a variety of leadership roles at Treasury,Adeyemo became Senior Advisor and Deputy Chief of Staff under Secretary Tim Geithner & Secretary Jack Lew,as

On this subsidy removal, I hope the money saved won’t be pass down as part of FAAC allocation to states, but I doubt, since we are now talking about a new minimum wage. When oil prices were hitting the roof, Nigeria established the excess crude oil account (ECA). The governors Insisted on the sharing the money,yet there is nothing to show for it. That is why I will continue to appreciate the idea of the Nigeria Sovereign Investment Authority(NSIA). Started off with a seed fund of $1 billion and have been able to diversify their portfolios leading to a

FIXED OR FLOATED EXCHANGE RATE: Again we had trade surplus for the last quarter. Simple put; we made more forex than we needed. So what then is happening to foreX ?. CbN is trying to sell forex below market price (through a fixed rate) making it difficult for people to fully repatriate forex. Why will a business Man get foreX from the parallel market and he is expected by CbN sell same foreX below black market rate ?. This has led to “hoarding” and a lot of back Channel transactions, of course not also vitiating the alleged corrupt racketeering of