Business
CBN Warns FG Against Rising Debt, Recession …As MPC Increases Cash Ratio To 27.5%

The Central Bank of Nigeria (CBN) has cautioned the Federal Government on its borrowing.
Addressing journalists at the end of the Monetary Policy Committee (MPC) in Abuja last Friday, CBN Governor, Mr Godwin Emefiele, cautioned that “public debt was rising faster than both domestic and external revenues.”
Members of the MPC advised the Federal Government “to tread consciously in interpreting the debt to GDP ratio.”
According to the CBN governor, “the MPC looked at the debt to revenue and felt that there is always a tendency for us to say that our debt level is not high particularly when you begin to compare it to GDP. But we have to begin to look at other ways through which we can raise revenues to be able to fund fiscal operations and that is what the MPC is saying.”
The committee, Emefiele noted, is concerned about “the rising burden of debt services and urged the fiscal authorities to strongly consider building buffers by not sharing all proceeds from the Federation Account at the monthly FAAC meetings to avert the macroeconomic downturn in the event of an oil price shock.”
Also at the meeting, Emefiele announced that the decision has been taken to increase Cash Reserve Ratio (CRR) from 22.5% to 27.5%.
Cash Reserve Ratio (CRR) is a specified minimum fraction of the total deposits of customers, which commercial banks have to hold as reserves either in cash or as deposits with the Central Bank.
The committee, he said “is confident that increasing the CRR at this time is fortuitous as it will help address monetary induced inflation whilst retaining the benefit from the bank’s loan to Deposit Ratio policy, which has been successful significantly, increasing credit to private sector as well as pursuing market interest rate downwards.”
The committee encouraged the management of the banks “to be more vigorous in its drive, improve access to credit through its pursuit of the LDR policy as doing this would help not only in creating job opportunities but also help in boosting output growth and in moderating prices.”
The CBN governor lamented that the “committee felt that there will be a lot of liquidity in the market and there was a need for the bank to do something to mop the excess liquidity to level that it considers optimal to be able to run the economy in a way that the level of excess liquidity does not become injurious to the economy.”
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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