Business
Crude Oil Price Increase: Worsening Inflation Imminent – IMF
The world’s foremost financial organisation, International Monetary Fund (IMF) has said that rising oil prices may lead to high inflation and slow growth across the world.
It also stated that the rising oil prices may re-echo the 1970s, when geopolitical tensions caused fossil fuel prices to spike.
In a new report titled, ‘Lower oil reliance insulates world from 1970s-style crude shock’, which was made available to The Tide, IMF said the war in Ukraine and sanctions on Russia are causing substantial economic spillovers, notably for energy.
“For some, rising oil prices may echo the 1970s, when geopolitical tensions also caused fossil fuel prices to spike.
“Memories of the high inflation and slow growth that followed, known as stagflation, have fueled concerns about a possible repeat. Importantly, though, times have changed”, IMF stated.
It continued that Brent crude, the global oil benchmark, had risen to a seven-year high of about $100 before the Ukraine crisis pushed it above $130.
“The Central banks, too, have changed, since the 1970s. More are independent today, and the credibility of monetary policy has broadly strengthened over the intervening decades.
“We expect global growth to be close to the pre-pandemic average of 3.5 per cent, even after our April World Economic Outlook lowered projections, but it still could slow more than forecast, and inflation could turn out higher than expected”, it stated.
By: Corlins Walter
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FG Fixes Uniform Prices for Housing Units Nationwide, Approves N12.5m For 3-bedroom Bungalow ……..Says Move To Enhance Affordability, Ensures Fairness
“The approved selling prices are as follows: One-bedroom semi-detached bungalow, N8.5 million; two-bedroom semi-detached bungalow: N11.5 million and three-bedroom semi-detached bungalow, N12.5 million,” the statement added.
Minister of Housing and Urban Development, Ahmed Dangiwa, stated that priority in the allocation of the housing units would be given to low and middle-income earners, civil servants at all levels of government, employees in the organised private sector with verifiable sources of income, and Nigerians in the Diaspora who wish to own homes in the country.
The Permanent Secretary in the ministry, Dr. Shuaib Belgore, explained that several payment options have been provided to make the houses affordable and flexible. These include outright (full) payment, mortgage, rent-to-own scheme, and installment payment plans.
The ministry further announced that the sale of the completed housing units across the northern and southern regions will soon commence.
“Applications can be made through the Renewed Hope Housing online portal at www.renewedhopehomes.fmhud.
The ministry, however, clarified that the approved prices apply strictly to the Renewed Hope Housing Estates which are funded through the ministry’s budgetary allocation, as against the Renewed Hope Cities in Karsana Abuja, Janguza Kano, Ibeju Lekki, Lagos which are being funded through a Public Private Partnership (PPP).
