FG is Tackling Growing Inflationary Pressure, Says Finance Minister Says crude oil theft, subsidy deductions responsible for poor 2022 budget performance Laments effects of rising diesel cost on food prices Highlights measures to make ports attractive Udora Orizu in Abuja The Minister of Finance, Budget and National Planning, Zainab Ahmed,
yesterday said that mechanisms have been put in place to tackle the growing inflation in Nigeria. Ahmed who made the disclosure
while appearing before the House of Representatives Committee on Finance for the 2023 budget defence, pointed out that rising price of diesel
was affecting food prices. in response to the rising inflation, the Central Bank of Nigeria (CBN) had last month raised the Monetary
Policy Rate (MPR), otherwise known as interest rate, by 150 basis points, to 15.5 per cent from 14 per cent. The CBN had also raised banks’
Cash Reserve Requirement (CRR) by 750 basis points to a minimum Continued on page 47
Obajana: Court Halts Move to Shut Down Dangote Cement by Kogi Govt ... Page 47 Thursday 27 October, 2022 Vol 27. No 10061. Price: N250
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Atiku Takes Presidential Campaign to United States... Page 50
FG: Nigeria Won’t Be Stampeded By US, UK Travel Advisories Says despite terrorists' attacks, Nigeria still safe US authorises departure to citizens, encourages personal exit plan Deji Elumoye, Kingsley Nwezeh and Adedayo Akinwale in Abuja The Nigerian government, yesterday,
reacted, yet again, to the updated travel advisory by the United States Department of State and the United Kingdom for their
citizens to reconsider travelling to Nigeria due to terrorism and general crime, saying it would not be stampeded by whatever any
foreign government tells its citizens. Minister of Information and Culture Minister, Alhaji Lai Mohammed, said this while fielding questions
from State House correspondents after the weekly Federal Executive Council (FEC) meeting presided by Vice President Yemi Osinbajo.
Mohammed said despite attempts by terrorists to embarrass the governContinued on page 47
In Ambush of Vote Buyers, Ransom Takers, CBN Voids Naira Notes by End of January Redesigns N200, N500, N1,000 notes, says 80% currency in circulation outside banks’ vault Emefiele: new bills out December 15, existing banknotes expire January 31 Halts charges for cash deposits to encourage transition EFCC hails, stands ready in banking halls for money launderers Analysts urge financial intelligence unit to monitor illegitimate transactions Nume Ekeghe in Lagos, James Emejo and Kasim Sumaina in Abuja In an apparent move to tackle votebuying and control the amount of money in circulation, the Central Bank of Nigeria (CBN) yesterday announced a redesign of the currency in the variation of N200, N500 and N1,000. But beyond the reasons adduced are the far-reaching implications of the effects of the dramatic move that took the business community and the entire nation by surprise. Campaign financing, money laundering, terror financing, payment of huge sums of monies to kidnappers as ransom are going to be adversely affected by the change. For once, those who have starched huge cash ahead of the 2023 elections for vote-buying and prosecution of Continued on page 47
REDESIGNING THE NAIRA... L-R: Deputy Governor, Financial System Stability (FSS), Central Bank of Nigeria (CBN), Mrs. Aisha Ahmad and Governor, Mr. Godwin Emefiele, while briefing the press on redesigning of the naira banknotes at the CBN head office in Abuja...yesterday