Renewed Inflationary Pressure May Force MPC’s Hands on Interest Rate Obinna Chima The renewed inflationary pressure in the country is expected to be among the key focus at the Central Bank of Nigeria's (CBN) Monetary Policy Committee (MPC) meeting which commences
in Abuja today. The outcome of the two-day meeting would be announced tomorrow. Evidence suggests that higher inflation momentum in the months ahead may continue to build up as rise in banditry threatens food
security in Nigeria. The development may compel the MPC which at its last meeting had signalled the loosening of monetary policy, to reverse its stance. At its last meeting in March 2019, the MPC, in contrast to the expectation of most
analysts, had decided to cut the benchmark Monetary Policy Rate (MPR) by 50 basis points (bps). The MPC members had reached the decision after considering both the global and domestic economic environment.
Precisely, the committee had cut the MPR to 13.50 per cent; retained the asymmetric corridor of +200/-500 basis point around the MPR; retained the Cash Reserve Ratio (CRR) at 22.5 per cent; and retained the liquidity ratio at 30 per cent.
After monthly consecutive drop since January, the Consumer Price Index (CPI), which measures inflation rose to 11.37 per cent year-on-year in April compared to 11.25 per cent in March, according to Continued on page 8
Kachikwu Optimistic Oil Supply Cut Deal Would be Extended... Page 8 Monday 20 May, 2019 Vol 24. No 8806. Price: N250
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How Distressed Oil Sector Loans Damaged Diamond Bank... Page 10
Adamawa, Kano, Ogun, Oyo Top List of Buhari’s Aides Ogun, Edo, Imo dominate boards, agencies' roll South-west, North-west, North-east lead in political appointments Yemi Ajayi Appointees from Adamawa, Kano, Ogun and Oyo States dominated a list of presidential aides approved by President Muhammadu Buhari to work with his administration since he assumed office on May 29, 2015. Documents detailing the distribution of political
appointments made by the president among the 36 states of the federation, and exclusively obtained by THISDAY show that while Adamawa and Kano States have 12 appointees apiece to top the list, Ogun and Oyo States came second with 11 aides each. Continued on page 7
Call NFIU to Order, Governors Urge Buhari Davidson Iriekpen in Lagos and Onyebuchi Ezigbo in Abuja The 36 states governors in the country under the aegis of the Nigeria Governors’ Forum (NGF) have appealed to President Muhammadu Buhari to call the Nigerian Financial Intelligence Unit (NFIU) to order over its decision to prevent them from overseeing
local government funds. The governors in a letter addressed to Buhari, urged him to warn the agency not to dabble into a matter that is beyond its mandate. The Chairman of NGF and Governor of Zamfara State, Alhaji Abdulaziz Yari, who signed the letter on behalf of the governors, expressed Continued on page 8
States Agree on Legislature, Judiciary’s Financial Autonomy... Page 9
HONOUR FOR THE MONARCH... L-R: Alaafin of Oyo, Oba Lamidi Adeyemi III (left), and Oyo State Governor, Senator Abiola Ajimobi, during the inauguration of dualised Ibadan-Oyo/Iseyin-Owode Road named after the monarch, in Oyo, Oyo State... weekend