RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Business

CIBN Calls for Fuel Subsidy Removal and Deregulation of the Economy

Rate Captain by Rate Captain
April 22, 2022
in Business, Economics
Reading Time: 2 mins read
A A
0
CIBN Calls for Fuel  Subsidy Removal and Deregulation of the Economy
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Dr Bayo Olugbemi, President of the Chartered Institute of Bankers of Nigeria (CIBN), has advised the Federal Government to eliminate all subsidies and fully deregulate the economy in the long run in order to assure Nigeria’s success.

The call was made by Olugbemi, who is also the Chairman of the CIBN Council, at the official inauguration of ‘The CIBN Bankers Hall’ at The Polytechnic, Ibadan, Oyo State, on Thursday.

AlsoRead

IMF- Global Economy growth is expected to be slow in 2023

FCTA bans POS operators from residential areas

Breaking: Nigeria’s Inflation surprisingly plunged to 21.34% in December 2022

Recently,  FG has approved an upward review of the budget amount for Premium Motor Spirit (PMS) subsidy for 2022 by N442.72billion, from N3.557 trillion to N4 trillion

The increase in fuel subsidy comes at a time of increased crude oil prices and as the FG abandoned plans to remove subsidy in 2022.

What CIBN is  saying

Dr Bayo Olugbemi stated that it is not only the Nigerian economy that is in tumult, all over the world, there is a problem with the economies, with COVID-19 that is just abating.

He said, “Unfortunately, Nigeria is the worst hit probably because of our mono economy, meaning we have only one major revenue earning which is petroleum products.

“And, of course world pricing is a function of what the refined products would be. And as we know because of the war between Russia and Ukraine, the dollar price of oil is going up and definitely it has to affect the final products.

He added, “Unfortunately, we are not refining in Nigeria. We have to import using dollars and that is the reason why the government is giving subsidies; but for me as a person, as an economist, a banker and a financial expert in the long run, the best would be to diversify the economy and deregulate.”

“There shouldn’t be anything called subsidy because at the end of the day, it doesn’t percolate to you and I. The people at the top are the ones enjoying it.

“Government has no business with subsidies in the long run, it should deregulate the economy fully and ensure there are modular refineries.”

According to the CIBN president, the project, which is being carried out throughout Nigeria’s six geographical zones, marks the institute’s small contribution to the growth of banking and finance education in the country.

“The Institute is mindful of the fact that government alone may not be able to provide all the funding required to provide quality education especially at tertiary level.

“Revamping the educational system in Nigeria is therefore a collective responsibility and we all must play our role,” Olugbemi said.

What you should know

Following the approval of a revised 2022 budget by the Nigerian Senate on Thursday, what was also amended was an upward review of the budget amount for Premium Motor Spirit (PMS) subsidy for 2022 by N442.72billion, from N3.557 trillion to N4 trillion

Also approved, is a new oil price benchmark of $73 per barrel, a reduction in the projected oil production volume by 283,000 barrels per day, from 1.883 million barrels per day to 1.600 million barrels per day

Socioeconomic research firm, SBM Intelligence in its report titled “Growing fuel prices and transport costs: Which way Nigeria” said the costs of fuel subsidy increased by 890% over a five year period (2017-2021) in Nigeria even though fuel prices have only increased by 12.1%.

The report stated that between 2017 and 2018, the cost of fuel subsidy had increased by a whopping 405% yet fuel prices remained constant all through.

Previous Post

Bitcoin Whale Moves Over $600,000,000 in BTC

Next Post

FX Depreciates across P2P Market as Demand for the Dollar increases

Related News

IMF- Global Economy growth is expected to be slow in 2023

IMF- Global Economy growth is expected to be slow in 2023

by Rate Captain
February 1, 2023
0

The International Monetary Fund on Monday 31 January 2023 published its latest economic growth projections for 2023 and 2024 in...

FCTA bans POS operators from residential areas

FCTA bans POS operators from residential areas

by Rate Captain
January 27, 2023
0

The federal capital territory administration (FCTA) has ordered point of sale (POS) operators to limit their operations to commercial zones....

Nigeria’s Inflation Climbs to 19.6% in July 2022

Breaking: Nigeria’s Inflation surprisingly plunged to 21.34% in December 2022

by Rate Captain
January 16, 2023
0

The Nigeria inflation rate in December 2022 eased to 21.34% compared to November 2022 headline inflation rate which was 21.47%....

Ghana’s Inflation Rate Surges 33.9%, the highest in 21 Years

Inflation Will Defy CBN’s Monetary Policy Efforts, To Hit 21.6% – Cape

by Rate Captain
January 13, 2023
0

Cape Economic Research and Consulting has predicted a surge in Nigeria’s inflation amidst the Central Bank of Nigeria’s Monetary tightening...

Next Post

FX Depreciates across P2P Market as Demand for the Dollar increases

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Airtel Africa’s nine-month turnover hits $3.9billion.

Airtel Africa’s nine-month turnover hits $3.9billion.

February 3, 2023
Charges on cash transactions skyrocketed by POS agents.

Charges on cash transactions skyrocketed by POS agents.

February 3, 2023

Popular Story

  • CBN reduces over-the-counter withdrawals to N100k, N500k per week for individuals, companies

    CBN Directs Banks to Start Paying New Naira Notes Over the Counter.

    0 shares
    Share 0 Tweet 0
  • MTN Nigeria Annual profit hits N361.5 billion.

    0 shares
    Share 0 Tweet 0
  • Shell’s annual profit hits $39.9 billion.

    0 shares
    Share 0 Tweet 0
  • Charges on cash transactions skyrocketed by POS agents.

    0 shares
    Share 0 Tweet 0
  • Naira depreciates to N749/$ in the parallel market.

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>