Wale Edun: Tinubu's Govt Has Revamped Nigeria's Economy Says Nigeria's total debt stock dipped by 15% in dollar term Puts outstanding Ways and Means at N3.4tn DMO: FX, interest rates, securitisation of Ways and Means pushed up public debt Multilateral creditors owed $20.82bn, China $5bn
Ndubuisi Francis and Deji Elumoye in Abuja
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale
Edun, yesterday, painted an optimistic outlook of the country's economy, saying it has been revamped, citing what he called positive trends in key economic indicators.
Edun made the submission while speaking to reporters at State House, Abuja, after the Federal Executive Council (FEC) meeting chaired by President Bola Tinubu.
The minister’s declaration came as the Debt Management Office (DMO) explained that the ongoing economic reforms by the federal government, which had impacted
foreign exchange (FX) and interest rates, partly contributed to the latest spike in public debt stock. DMO alluded to the depreciation in the official naira exchange rate, from
N899.39/$ in Q4, 2023 to N1,330.26/$ in Q1, 2024. Edun explained the worrisome Continued on page 9
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Five Persons Shot Dead, Dozens Wounded as Protesters Storm Parliament in Kenya Emmanuel Addeh in Abuja
L-R: H.E Elder Simon Achuba (Nat. Publicity Secretary), H.E Amb Omolade Oluwateru (Member, BoT), H.E Abdulmalik Mahmud (BoT Chairman), H.E Dame Pauline Tallen, OFR, CON, (Member, BoT) H.E Chris A. Akomas, PhD, FNIM (National Chairman), H.E Alhaji Sule Iyaji (member, BoT), H.E Barr Hazeem Gbolarumi (Deputy Nat.Chairman, South), H.E Barr Mukhtar Shehu Shagar, CFR (Deputy National. Chairman, North), and Hon. Kenneth Ibe-Kalu (Director-General) when the Forum of Former Deputy Governors of Nigeria held its second Joint Board of Trustees/National Executive Committee meeting in Abuja… recently
A bill to raise taxes in Kenya descended into violence yesterday, with police firing on demonstrators trying to storm the legislature, killing at least five. In chaotic scenes in the capital Nairobi, protesters overwhelmed police and chased them away in Continued on page 9
To Resolve FX Liquidity Pressures, CBN Orders Banks, IMTOs to Settle Diaspora Remittances in Naira Move to boost access, strengthen local currency Provides option for same day settlement Cardoso: CBN will adhere to conventional methods to tame inflation Optimistic on achieving price stability James Emejo in Abuja The Central Bank of Nigeria (CBN) yesterday directed Deposit Money Banks (DMBs) and International Money Transfer Operators (IMTOS) to pay all diaspora remittances in Naira and match with the corresponding foreign currency inflows going forward.
This was as the CBN Governor, Mr. Olayemi Cardoso, yesterday reaffirmed the determination of the Monetary Policy Committee (MPC) to subdue inflationary concerns through conventional methods. The central bank disclosed its directive to all DMBs and IMTOS Continued on page 9
ZENITH BANK GROUP CEO VISITS MR GOVERNOR...
L-R: Group Managing Director/CEO, Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, with the Governor of Lagos State, Mr. Babajide Sanwo-Olu during a courtesy visit to the Lagos State Government House ... yesterday.