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Yemi Cardoso Reveals CBN’s Shift Away From Development Financing
Yemi Cardoso Reveals CBN’s Shift Away From Development Financing....KINDLY READ THE FULL STORY HERE▶
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has provided insight into the future direction of the country’s apex bank.
In a document obtained from the CBN, Yemi Cardoso, the new CBN governor, explained that the CBN would shift its focus away from direct involvement in development finance interventions.
The document, titled “Preliminary Assessment of the Challenges Facing the CBN,” highlighted the need to distinguish the roles of monetary policy and fiscal intervention and refocus the CBN on its core mandate to support economic growth. This refocusing involves transitioning the CBN from directly financing development projects to a more limited advisory role.
A source within the Central Bank of Nigeria (CBN) emphasized that the CBN had previously been involved in providing funding for various developmental projects, which blurred the lines between its roles in monetary policy and fiscal matters. To address this, the CBN is considering transitioning to a more limited advisory role, providing guidance and expertise to facilitate economic growth.
This advisory role could include offering recommendations on policy measures, regulations, and strategies that support economic development. By limiting its direct involvement in development financing, the CBN aims to avoid potential conflicts between its monetary policy role and fiscal matters, allowing it to focus on its primary mandate of maintaining price stability, promoting financial stability, and ensuring the soundness of the banking system.
The official who is familiar with Cardoso’s agenda added that this shift toward an advisory role will allow the CBN to leverage its expertise and provide valuable insights to policymakers and other stakeholders, helping to make decisions that promote sustainable economic growth.
Yemi Cardoso’s document also outlined specific advisory roles for the CBN, such as acting as a catalyst in the creation of specialized institutions and financial products to support emerging sectors of the economy, facilitating new regulatory frameworks to unlock dormant capital in land and property holdings, and accelerating access to consumer credit and expanding financial inclusion.
The CBN’s advisory role would also extend to de-risking instruments to increase private sector investment in various sectors, including housing, textiles, clothing, food supply chain, healthcare, and educational supplies. Cardoso highlighted the potential for rapid industrialization in these sectors.
Additionally, the CBN would exercise “convening power” to bring key multilateral and international stakeholders into government and private sector initiatives.
Before delving into his plans as the CBN governor, Cardoso identified some challenges facing the apex bank, including issues related to corporate governance, diminished institutional autonomy, the need to refocus the CBN on its core functions, discontinuation of unorthodox monetary policies, unorthodox use of Ways and Means spending, backlog of foreign exchange (FX) demand, lack of clarity in fiscal and monetary relationships, inflation and price stability, access to the FX market and FX price discovery, and the current state of the financial system.
In response to these challenges, the source stated that one of the main tasks for Cardoso is refocusing the CBN on its core functions. Over the years, the CBN has been involved in various activities beyond its primary mandate, including developmental projects and unorthodox monetary policies. Addressing these challenges requires a shift toward evidence-based policymaking, discontinuation of unorthodox measures, and implementing a more transparent and market-driven approach to foreign currency management.
Cardoso’s vision includes implementing fiscal reforms and growth targets to achieve a $1 trillion GDP within eight years. His proposals are based on an analysis of macro-economic indices in countries with large populations and similar characteristics to Nigeria, such as moderate inflation, sizable foreign reserves, and the ability to rebound from economic downturns quickly.
Overall, Cardoso’s vision for the CBN involves a refocused role, evidence-based policymaking, and a transparent approach to foreign currency management to support economic growth and enhance the CBN’s effectiveness in fulfilling its core functions.
The National Vice-Chairman of the All Progressives Congress (APC) in the South-East, Dr Ijeomah Arodiogbu, has maintained that there is no constitutional provision preventing Imo State Governor, Hope Uzodimma, from contesting the Imo West senatorial seat in the 2027 elections while still serving as governor.....KINDLY READ THE FULL STORY HERE▶
News reports that Arodiogbu, who also serves as the South-East Co-Zonal Coordinator of the APC Presidential Campaign Council, made the clarification while responding to arguments questioning the governor’s eligibility.
He cited Section 183 of the 1999 Constitution, which states that “the Governor shall not, during the period when he holds office, hold any other executive office or paid employment in any capacity whatsoever.”
According to him, the provision only prohibits a sitting governor from occupying two offices simultaneously and does not prevent the person from seeking a party nomination, contesting or winning another election.
Arodiogbu also referenced Section 68(1)(f) of the Constitution, which requires a lawmaker to vacate his legislative seat upon assuming an executive position.
He argued that the provision recognises the possibility of moving between executive and legislative offices, provided the two positions are not held at the same time.
He said, “There is no constitutional impediment against Senator Hope Uzodinma’s aspiration. The Constitution does not require a sitting governor to resign merely because he desires to contest another election. What it forbids is dual occupancy of offices.
“Should he win the senatorial election, he would resign as Governor before taking the oath of office as a Senator. That is the clear position of the law.”
The APC chieftain further stated that appellate courts, in interpreting Sections 66, 107, 137, 182 and 183 of the Constitution, had held that resignation was only necessary when a candidate was about to assume a new office.
He added that no provision of the Electoral Act imposes a general restriction on a sitting governor seeking election into the Senate.
Arodiogbu also argued that Uzodimma’s tenure, which is expected to end in January 2028, does not constitute a legal obstacle, insisting that any transition would be carried out in accordance with the Constitution after the inauguration of the new National Assembly.
He said, “The law is clear, the Constitution is clear, and the judicial authorities support this position.
“Those peddling the contrary view are either deliberately misinterpreting the Constitution or attempting to create political distraction. Senator Hope Uzodinma remains free to pursue his legitimate political aspiration without any constitutional disability.”
He reaffirmed the APC’s support for Uzodimma as its candidate for the Imo West senatorial seat and urged party members to disregard what he described as speculative legal arguments.
Meanwhile, the Federal High Court in Abuja had, on October 29, ruled that former Imo State Governor, Rochas Okorocha, won the APC senatorial primary for the district.
The Imo State Government has indicated that it would appeal the judgment.
Human rights activist and chieftain of the Nigeria Democratic Congress (NDC), Aisha Yesufu, has vowed that the party will adopt a tougher approach ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶
Yesufu declared that the NDC would be both refined and rugged, insisting that no group or individual had a “monopoly of madness.”
She warned that the party would not tolerate intimidation or attacks against its members, adding that supporters would stand their ground whenever they were threatened.
Naija News reports that she made the declaration on Thursday following an attack on NDC supporters ahead of the party’s town hall meeting at the Classic Event Centre in the Oregun area of Lagos State.
According to Yesufu, the political campaign was not solely about the party’s presidential candidate, Peter Obi, but belonged to everyone supporting the movement.
She said, “In 2023 we were refined, in 2027 we will be refined and rugged. Nobody has monopoly of madness and anybody wey say him dey crase we go send am go psychiatric hospital. We are not slaves, we are citizens. This campaign is not Peter Gregory Obi campaign, it is our campaign.”
Recall that the NDC town hall meeting in Oregun, Lagos State, turned violent after suspected political thugs invaded the venue and attacked party supporters.
According to The Cable, the attackers, who were armed with cutlasses, cudgels and stones, disrupted the event and forced participants to flee for safety.
Chairs and other items at the venue were reportedly scattered during the attack.
The incident allegedly left some supporters injured and several vehicles damaged. A journalist covering the event was also reportedly assaulted, while his recording equipment was taken.
The confrontation later spread to Kudirat Abiola Way, disrupting traffic before police operatives arrived and fired tear gas to disperse the crowd.
The Zamfara State Commissioner for Commerce, Tasiu Musa Shinkafi, has died at the age of 50.....KINDLY READ THE FULL STORY HERE▶
Shinkafi reportedly passed away on Wednesday in Kaduna State following a brief illness.
News reports that Governor Dauda Lawal announced the commissioner’s death in a statement issued through his spokesperson, Sulaiman Bala Idris.
Reacting to the development, Lawal expressed sadness over the loss, describing Shinkafi’s death as an irreparable loss to the state government and the people of Zamfara.
The governor noted that the late commissioner’s contributions to governance, politics and public service would remain memorable.
He said, “With heavy hearts and in total submission to the will of Almighty Allah (T), we received the shocking news of the passing of the Commissioner for Commerce, Tasiu Musa Shinkafi.
“Tasiu’s death is a great loss not only to his family and the state government, but also to the people of Zamfara.
“He will be remembered for his dedication, honesty, and commitment to Zamfara State.
“He served diligently as Commissioner for Youth and Sport before being redeployed to the Ministry of Commerce.
“As a valued member of my administration and a brother in service, his contributions to governance, politics, and public service will be remembered.
“May Almighty Allah forgive his shortcomings and give his family the strength to bear this great loss.”
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