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MPC Raises Lending Rate To 12 %

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14 years ago

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The Monetary Policy Committee (MPC) at the end of its meeting on Monday in Abuja raised lending rate from 9.25 per cent to 12 per cent

Malam Sanusi Lamido Sanusi, the CBN Governor, while addressing newsmen on the outcome and decisions of the meeting noted that the Cash Reserve Ratio (CRR) had also been raised from four per cent to eight per cent.

“The Monetary Policy Rate (MPR) is raised by 275 basis point from 9.25 per cent to 12 per cent by a vote of eight and one in favour of the status quo.

“Seven members of the committee voted for increasing the CRR from four per cent to eight per cent beginning from Oct. 11, while two members voted for an increase to six per cent.

“ CRR is, therefore, raised to 8 per cent.

He said that the committee also decided that the net open position decision had been reduced from five to one per cent of shareholder’s funds with full compliance from Oct. 14.

Sanusi added that the reserve averaging method of computation was suspended in favour of daily maintenance till further notice.

Commenting on the currency, he said that in Africa, the Nigerian currency alongside that of Gabon, South Africa and Kenya, among others had been under pressure.

He said that the apex bank remained committed to ensuring exchange rate stability, adding that most members of the committee favoured stability of the currency.

“The naira has come under increasing pressure and has recently traded outside the band of N150 plus or minus three per cent.

“In the committee’s view, the increasing pressure on the domestic currency has been emanating from a number of sources not all of which can be addressed by purely monetary intervention. ’’

On petroleum subsidy, he said that there was need for government to stop the subsidy to ensure the growth of the economy.

He said that passage of the Petroleum Industry Bill (PIB) and removal of subsidies on petroleum products would add 10 billion dollars to national reserves annually.

“The petroleum subsidies for 2011 alone is estimated to be about six billion dollars. ’’

Sanusi added that it had become imperative for an enabling legislation for correcting fiscal terms to be put in place under the PIB to ensure international best practices, noting that the committee had urged the labour unions to have genuine concerns on the impact of removal of fuel subsides on the society.

“The reality is that the country can no longer afford to pay the subsidies.

“We have to make an economic choice; we cannot continue spending one trillion in subsidy and leave the next generation to pay the price.

“We can stop paying the subsidy now, build refineries and infrastructure for them and as we build capacity and start producing locally, we make sure we bring down the cost.

“Its really about a decision, its either we make the sacrifice now or the economy pays later.’’

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NPA Assures On Staff Welfare 

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1 week ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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1 week ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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1 week ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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