President Bola Tinubu has appointed Tope Fasua, a Daily Trust Columnist, as Special Adviser on Economic Affairs in the office of the Vice President. Fasua, who is also the secretary of the Daily Trust Board of Economists, tweeted this via his verified X handle. He wrote, “So, yours truly has been appointed Special Adviser to…
By Rislanudeen Muhammad The Misery Index measures the social and economic costs for individuals living in a particular country. It helps in understanding the extent of socio-economic hardship in a country. It is meant to measure the degree of economic distress felt by people, due to the risk of (or actual) joblessness as well […]
Some analysts were of the opinion that an administrative will amount to a waste of time, insisting that even the composition leaves much to be desired.
The minority caucus in the House of Representatives agreed with this observation, saying the Economic and Financial Crimes Commission (EFCC) must do its work of unravelling financial malfeasance in government instead of allowing the political class to reduce a serious financial misconduct to the normal ritual of setting up a committee that will not lead to anywhere.
Amaechi, Hadiza must come out clean
The PDP in a statement by its spokesman, Kola Ologbondiyan, said the alleged looting of over N165 billion at the NPA must be thoroughly investigated by the EFCC which is saddled with such responsibility.
rise in the food index was caused by increases in prices of bread and cereals, potatoe
By
Tue Mar 16 2021
Inflation rate has risen to 17.33 per cent in February, 2021 from the 16.47 per cent recorded in January 2021.
The consumer Price Index (CPI) data released Tuesday by the National Bureau of Statistics (NBS) showed that core inflation, which measures inflation without volatile items, rose from 11.85 per cent in January, 2021 to 12.38 per cent in February 2021 .
Similarly, food inflation skyrocketed to 21.79 percent in February 2021 from 20.57 per cent in January 2021.
An economist and also a member of Daily Trust Board of Economists, Dr. Rislanudeen Muhammad, said rising inflation and unemployment implies stagflation which means that the normal Keynesian policy mix typically preferred to deal with economic challenges like Nigeria’s that is suffering from weak, crawling Gross Domestic Product (GDP) growth may not work.
According to a circular dated March 5, 2021 and directed to all Deposit Money Banks (DMBs), International Money Transfer Operators (IMTOs) and members of the public, the apex bank said the new scheme was an effort to sustain the encouraging increase in inflows of Diaspora remittances into Nigeria.
The circular, issued by the Trade and Exchange Department of the CBN, stated that the scheme was an incentive for senders and recipients of international money transfers.
Accordingly, all recipients of Diaspora remittances through the CBN licenced IMOs, shall henceforth be paid N5 for every $1 received as remittance inflow.
“In light of this, the CBN shall, through commercial banks, pay to remittance recipients the incentive of N5 for every $1US remitted by the sender and collected by a designated beneficiary.