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Don’t Tamper With Revised Oil Benchmark, CBN Warns NASS

As the impact of the Coronavirus kicks in, the Central Bank of Nigeria (CBN) has warned the National Assembly (NASS) not to tamper with the revised oil benchmark of $30 per barrel.
The CBN Governor, Godwin Emefiele gave the warning in Abuja at the Monetary Policy Committee (MPC) briefing, yesterday.
Emefiele commended the fiscal authorities for reacting speedily to the threats posed to the economy by COVID-19 by slashing the 2020 by ¦ 1.5trillion and also pegging the crude oil benchmark price at $30 from $57.
The CBN governor then cautioned the legislators not to tamper with the new benchmark price as their past attempts have always been unrealistic.
After the bi-monthly meeting, Emefiele disclosed that members of the committee unanimously agreed to retain all the key rates and parameters changed.
By this development, MPC retained the Monetary Policy Rate (MPR) at 13.5 percent; +200/ -500 assymetric corridor around the MPR; Cash Reserve Ratio (CRR) at 27.5 percent and Liquidity Ratio at 30 percent.
Also, the Monetary Policy Committee of the Central Bank of Nigeria, yesterday, retained the Monetary Policy Rate at 13.5 per cent.
The CBN Governor, Mr Godwin Emefiele, announced the decision of the Committee at the end of its two-day meeting held at the apex bank’s headquarters in Abuja.
He said all members of the committee agreed to retain the current monetary policy stance.
Disclosing the outcome of the meeting, the apex bank boss said the committee held the Cash Reserves Ratio at 27.5 per cent, while the Liquidity Ratio was left unchanged at 30 per cent.
Emefiele said the Committee also left the Asymmetric Window at +200 and -500 basis points around the MPR.
News
RAAMP: Rivers Rated High In Implementation
National Office of The Rural Access and Agricultural Marketing Project (RAAMP) has rated the implementation of the project high in Rivers State.
National Coordinator, Alhaji Aminu Muhammed, said this at the RAAMP sector reform workshop in Port Harcourt on Wednesday.
Aminu Muhammed who was represented by RAAMP National procurement specialist, Engr Irabor Emmanuel, said Rivers State had fulfilled all conditions except one, stressing that the only condition remaining was the drafting of a bill for the implementation of the program.
According to him, Rivers State has a standard office for housing RAAMP, also adequate staffing to ensure effective implementation of the project, adding that what is left is the drafting of two important bills.
He stressed the need for sustainable plan that would be backed up with financing, and urged stakeholders to come up with decisions that would ensure the effective implementation of the project in the state.
Speaking, a World Bank consultant, Graham Smith, said the RAAMP will embark on the repair of several roads, especially the trunk B and trunk C roads for the easy evacuation of agricultural produce.
He said 419 km of such roads had been identified and earmarked for repairs, adding that the cost will run into billions of naira.
In his welcome address, the State Project Coordinator of RAAMP, Mr Joshua Kpakol, said the programme formally took off in Rivers State on the 31st of July, 2024, following the expression of interest by the State Governor and acceptance by the National RAAMP Office.
He said since then, his team had been working tirelessly to meet all the conditions required to access support from development partners which include The World Bank, the French Development Agency and The Islamic Bank.
“RAAMP is more than a project, it’s about connecting lives, empowering communities and driving inclusive growth across Rivers State”.
He said the project will open up “our rural roads, link farmers to market, boost agricultural productivity, reduce post harvest losses and strengthen local economies.
“It will also build the capacity of our institutions to maintain road assets and attract international funding support to ease the pressure on our state budget.”
Kpakol said his team had made significant progress from setting up institutions and conducting data collection and road inventory to carrying out out sensitization across the 23 local government areas as well as developing the road sector reform strategy operational manuals.
He said the workshop would provide opportunity to review and harmonize these efforts, align the policies with global best practices and ensure the long term sustainability of rural roads through proper maintenance, financing and governance.
“As we deliberate today, I encourage everyone to share ideas freely with one goal in mind, building sustainable, efficient and inclusive rural roads sector that transforms livelihood and drives economic growth across Rivers state,” he said.
The event was attended by various stakeholders, including traditional rulers, non-governmental organizations, farmers, etc.
John Bibor
News
Digital Infrastructure Key To Nigeria’s Economic Growth -NIEEE
The Nigerian Institute of Electrical and Electronics Engineers (NIEEE) says digital infrastructure remains a critical driver for sustainable economic development and growth in the country.
The President of NIEEE, Dr Felix Olu, said this at the closing ceremony of the 2025 International Conference and Exhibition of Power and Telecommunications (ICEPT) held on Thursday in Osogbo.
The Tide source reports that digital infrastructure refers to the underlying systems and structures that enable the flow, processing, and exchange of digital information like network, data centres, cyber security, among others.
Olu explained that digital infrastructure served as the platform for digital and knowledge sharing, while it was also the fuel which triggered economic growth in many developed countries worldwide.
According to him, stakeholders must join hands together to improve the country’s digital infrastructure by bridging the gaps to align with population growth.
“We have identified four areas that need urgent attention, including challenges in funding, deficit of manpower, maintenance management, and policy implementation.
“There are three major areas we need to focus on: adequate funding of the digital economy, stable power, and manpower development through training more professionals”, he said.
According to him, accelerated economic growth and development will follow once critical steps are taken to address the current digital challenges.
The Tide source reports that a national discussion on digital infrastructure was held, featuring various experts from different fields suggesting ideas to improve digital infrastructure in the country.
A communiqué was also issued at the end of the conference on contemporary issues in power, communications, and energy.
The communiqué highlighted the need for integrating Artificial Intelligence (AI), Machine Learning, and automation in Information and Communication Technology (ICT) to enhance efficiency in the energy and industrial sectors.
It also called for research-industry collaboration to accelerate the deployment of clean energy technology and digital transformation initiatives, among others.
News
Group Harps On Empowerment Of Girl Child
In a bid to encourage young females to embrace skill development and financial independence, the Rivers Secondary School Old Boys and Girls Association, Set of 1983 Association (ROBGA ’83) has called for a redefinition of womanhood beyond societal expectations of marriage.
Speaking at a conference held recently in commemoration of the International Day of the Girl Child 2025, themed, “The Girl I Am; The Change I Lead,” Barrister Ngozi Ajayi emphasized that empowering the girl child remains one of the most effective ways to achieve sustainable development in society.
She noted that for generations, womanhood had been narrowly defined by traditional norms that placed marriage as the ultimate goal for women. However, she said the new era demands that girls focus on acquiring skills, pursuing education, and attaining financial confidence.
“Empowering the girl child is more than a call for equality; it is an investment in sustainability,” she stated.
Ajayi urged girls to cultivate the habit of saving and prudent money management, stressing that financial empowerment gives the girl child both a voice and control over her future.
“Money power gives the girl child a voice that cannot be silenced and a future that cannot be defined for her,” she said.
According to her, every girl who learns, earns, and leads becomes a catalyst for economic transformation. She added that financial literacy and self-reliance are key to achieving gender balance and national growth.
She described the girl child as a “nurture being” who plays a vital role in family and nation building.
“When a girl doesn’t have money power, things become difficult,” she added.
Ajayi further advised young girls to channel their energy into career development or learning lucrative skills that would enable them to generate income and secure their future.
“Without money power, the voice of the girl child won’t be heard,” she emphasized.
Also speaking at the event, Barrister Ibiwari Waribo stated that the girl child is expected to be an asset and not a liability in today’s world. She urged the girls to do everything positive within their power to avoid becoming a liability to themselves or society.
“The girl child should strive to be an asset and not a liability,” she advised.
Mrs Agnes Tuboalabo explained that the Nigerian government has introduced a new institutional curriculum that requires students to choose and learn at least two skills. She noted that the implementation has already begun at the federal level and is now being extended to state levels.
“The use of this new curriculum has started at the federal level and is now being brought to the states,” she said.
“You must take advantage of this opportunity because it positions you as future business owners rather than job seekers.”
She encouraged the girls to grab hold of this opportunity, emphasizing that skill acquisition makes them self-sufficient and prepares them to thrive beyond the classroom.
Dr( Mrs) Ibinabo Ogolo, Secretary – General of ROBGA ’83, created an interactive session where the girls discussed the various skills they had acquired. She guided them on how to practice and monetize these skills, while encouraging those without skills to acquire one and become women of value.
“A woman of skill and value is a woman of influence,” she said.
“Acquiring a skill gives you confidence, independence, and relevance in today’s world.”
She maintained that a skilled, independent, and confident woman not only uplifts her family but also contributes significantly to the economic and social growth of her community.
“We are here to help the girl child navigate interpersonal relationships with through skills acquired and lead effectively, ” she added.
Observers at the conference agreed that empowering girls through education, skill acquisition, and financial literacy would help bridge inequality gaps and build a more sustainable society for future generations.
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