Tuggar: Impending Joint Statement will Clarify Issues on Nigeria’s Visa, Flights Engagement with UAE Chinedu Eze The Minister of Foreign Affairs, Yusuf Tuggar, yesterday stated that discussions between Nigeria
and the United Arab Emirates (UAE) on visa and flights issues are still on-going and yet to reach the level of lifting visa restrictions and that when both countries
complete discussions, they would issue a joint statement. This is contrary to earlier report that the UAE had lifted the visa ban after President Tinubu met
with UAE’s President, Mohamed bin Zayed Al Nahyan in Abu Dhabi The CNN also reported yesterday that a UAE official
who asked not to be named said: "There are no changes on the Nigeria/UAE travel status so far.” Last October, the UAE banned
visa issuance to citizens from Nigeria and 19 other African countries. Flights between both Continued on page 5
With N996.44bn Obligation, Lagos Tops List of States with High Domestic Debts...
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Record High Inflation Rate of 25.80% Welcomes New Team at CBN James Emejo in Abuja The Consumer Price Index (CPI) which measures the rate of change in prices of goods
and commodities has revealed that Nigeria’s inflation rose to 25.80% in August 2023, 1.72% points higher than the 24.08% recorded in the previous month.
This is coming as a new leadership of the Central Bank of Nigeria under Olayemi Cardoso takes off, with combating inflation as one of its mandates.
According to the CPI report released yesterday by the National Bureau of Statistics (NBS), the significant inflation increase in August was largely caused by
the removal of petrol subsidy and liquidity challenges in the foreign exchange market on consumer prices. Month-on-month inflation rose
to 3.18% in the review month from 2.89% recorded in the previous month. Continued on page 5
Olayemi Cardoso, Ex-CitiBanker, Steps inEmem AsUsoro, New Governor of Troubled CBN Muhammad Dattijo, Philip Ikeazor and Bala Bello are deputy governors Tinubu seeks senate confirmation of nominees
Ahamefula Ogbu in Lagos and Deji Elumoye in Abuja With the Central Bank of Nigeria (CBN) under investigation and ‘house cleaning’, exchange rate at record high of over N950/$, arbitrage at over N200/$, runaway inflation at 25.8%, President Bola Tinubu yesterday tapped experienced former CitiBanker, Olayemi Cardoso, as new Governor at uncertain times. He surrounded Cardoso with the experienced banker Philip Ikeazor; development economist, Muhammad Dattij; renowned accountant Bala Bello; and the young/daring Emen Usoro, as deputy governors. Cardoso was at various times Chairman of CITIBANK and also served as Commissioner for Budget and National Planning when Tinubu was Governor of Lagos
State,1999 to 2007. He takes over from Godwin Emefiele, who has been on suspension as CBN Governor since June 9, 2023. According to a press release issued yesterday by presidential spokesperson, Ajuri Ngelale, Cardoso’s nomination will be forwarded to the Senate for confirmation in line with the provisions of the 1999 constitution of the Federal Republic of Nigeria (As amended). “Cardoso's appointment is in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of Nigeria, the authority to appoint the Governor and four Deputy Governors for the CBN, subject to confirmation by the Senate of the Federal Republic Continued on page 5
Tinubu Heads to New York Tomorrow for UNGA... Page 5 CARDOSO…