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

MTN Nigeria now more valuable than all Nigerian Banks combined

Oil Marketers, Airlines reach loggerheads over local Aviation Price

CBN Issues Regulatory Guidelines for Open Banking in Nigeria to Ensure Financial Inclusion

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

MTNN Share Price gains 1.21% after CBN granted the final approval of its MoMo PSB

MTN Nigeria now more valuable than all Nigerian Banks combined

by Rate Captain
May 23, 2022
0

is now worth N5 trillion making it more valuable than all banks, insurance companies, and the entire financial services companies...

MOMAN Debunks Rumor of Aviation Fuel Selling at N700 per Litre

Oil Marketers, Airlines reach loggerheads over local Aviation Price

by Rate Captain
May 20, 2022
0

  Nigerian airline operators are currently at cross-purposes with oil marketers over the rising prices of the aviation fuel, also...

CBN Issues Regulatory Guidelines for Open Banking in Nigeria to Ensure Financial Inclusion

by Rate Captain
May 19, 2022
0

The Central Bank of Nigeria has issued the regulatory framework for Open Banking in Nigeria in its efforts to enhance...

Ghana begins the purchase of the Yellow Metal in a bid to strengthen its currency

Ghana begins the purchase of the Yellow Metal in a bid to strengthen its currency

by Rate Captain
May 19, 2022
0

Ghana has started the bulk purchase of the yellow metal-Gold, to raise the gold component of its reserves in a...

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

BNP Paribas has joined JPMorgan’s blockchain-based network.

BNP Paribas has joined JPMorgan’s blockchain-based network.

May 23, 2022
CBN say Nigeria would reap the benefits of a rising oil price

Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to aid Russia

May 23, 2022

Popular Story

  • Tether, USDT market cap has dropped by US$10B since UST collapse

    Tether, USDT market cap has dropped by US$10B since UST collapse

    0 shares
    Share 0 Tweet 0
  • Experts predicts the death of Shiba Inu

    0 shares
    Share 0 Tweet 0
  • MTN Nigeria now more valuable than all Nigerian Banks combined

    0 shares
    Share 0 Tweet 0
  • Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to aid Russia

    0 shares
    Share 0 Tweet 0
  • BNP Paribas has joined JPMorgan’s blockchain-based network.

    0 shares
    Share 0 Tweet 0
Rate Captain

RateCaptain

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

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

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

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

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.