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Inflation may worsen as Nigeria’s Money Supply hits N101.34m

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Nigeria’s Inflation may worsen as the country’s Money supply (M3), which measures the total amount of money in an economy reached an all-time high of N101.34 million in June 2024.

This is according to recent data from the Central Bank of Nigeria, CBN.

The figure showed that M3 increased by 56.15 percent to N101.34 million in June 2024 from N64.90 trillion recorded in the corresponding period of June 2023.

According to financial analysts, when the money supply increases, it can lead to higher inflation.

On a month-on-month basis, the money supply increased by 2.11 percent from N99.23 trillion in May 2024.

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The increase in M3 comes despite the monetary tightening of the CBN.

The CBN had issued over N1.5 trillion in Open Market Operation (OMO) bills since Olayemi Cardoso took the helm as governor in September last year to stem inflation and strengthen the Naira.

The country’s core and food inflation stood at 34.19 percent and 40.87, respectively, in June 2024, while interest rates stood at 26.75 percent.

Commenting on the M3 data, analysts at FBNQuest said, “While the increase in CIC may suggest improved economic activity in nominal terms and higher consumer spending, it also highlights the risk of inflation, particularly if money supply growth exceeds real output growth.”

The development comes as the National Assembly recently increased the Nigerian government’s ways and means advance threshold to 10 percent from 5 percent.

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As of June 2024, Nigeria’s currency in circulation (CIC) rose to N4.05 trillion from N2.60 trillion in the same period last year.

CREDIT: DAILY POST

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Nigerian Govt shuts Eko Bridge, ramps for 8-week repairs

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The Federal Government has announced the closure of the Eko Bridge and Ramps for eight weeks to carry out essential asphalt resurfacing work.

Mrs. Olukorede Kesha, the Federal Controller of Works in Lagos, shared this information in a statement on Saturday. She noted that the resurfacing project is set to begin on Friday, September 20, at 7:00 a.m., and will continue until November 20.

Due to the closure, drivers will need to follow detours and alternative routes. Kesha advised that motorists traveling to the Island from Funsho Williams Avenue should utilize the service lane at Alaka to connect to Costain and access the Eko Bridge.

She explained that some sections of the bridge will be fully closed while others will have partial access.

“This important project aims to enhance road safety and improve the driving experience for motorists,” she stated. The work will involve milling the existing asphalt and laying down new asphalt on both the bridge and ramps to address wear and tear and create a smoother, safer roadway.

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Gov Adeleke appoints new Governing Council Chairman for Osun College of Education

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Osun State Governor, Ademola Adeleke, has appointed Akinwale Sarafadeen Adeyemi as the new Chairman of the Governing Council for Osun State College of Education in Ila-Orangun.

The announcement was made in a statement on Friday by Governor Adeleke’s spokesperson, Olawale Rasheed. The statement described Adeyemi as an experienced educationist and noted that he will succeed Peter Babalola, the former chairman, who was dismissed by the state government earlier this month.

Babalola, who was also a member of the Peoples Democratic Party (PDP) in the state, faced suspension from his local ward in Irewole due to public criticism over alleged financial misconduct before his removal.

The statement highlighted, “Governor Ademola Adeleke has approved the appointment of Mr. Akinwale Sarafa Adeyemi, a seasoned educationist, as the new Chairman of the Governing Council of Osun State College of Education, Ila-Orangun. Mr. Adeyemi replaces Dr. Peter Babalola, who resigned following a controversial term at the college.”

Adeyemi holds both a bachelor’s and a master’s degree in Education from the University of Ibadan and is a retired principal of the Federal Girls College in Ipetumodu. His swearing-in ceremony is scheduled for 10 a.m. on Monday at the EXCO lounge.

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Edo Decides: Police arrest armed political thugs ahead of election

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The police have reported that their operatives apprehended political thugs and seized firearms during overnight operations in Edo State, where the governorship election is taking place today, Saturday.

They also vowed to address illegal weapons possession and prevent any disruptions to the electoral process in the state.

Prince Olumuyiwa Adejobi, the Force Public Relations Officer, shared this information in a statement on Friday night, along with images of the recovered firearms.

He identified the arrested individuals as Edwin Obanor, 43, and Audu Tajudeen, a 41-year-old PDP member from Ugbogbo quarters in Igara Akoko, Edo.

“The Nigeria Police Force has made a significant breakthrough in combating electoral violence in Edo State with the arrests of Edwin Obanor, 43, and Audu Tajudeen, a 41-year-old PDP member,” the statement noted.

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According to DAILY POST, residents of Edo State will be voting for a new governor today, September 21, 2024, who will succeed Governor Godwin Obaseki after his eight-year term ends.

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