**Project ambitious $1trn GDP in 8 years 

***Vows to halt Naira free fall, embrace culture of compliance

The newly confirmed Governor of Central Bank of Nigeria (CBN), Olayemi Michael Cardoso, has indicated that under his watch the apex bank would adopt short term measures to address the country’s foreign exchange crisis. 

He said the Apex Bank will be repositioned to grow the size of the Nigerian economy to an ambitious value of $1 trillion in Gross Domestic Product, GDP in the next eight years.
He also vowed to embrace a culture of compliance, halt the continuous fall of the Naira in the foreign exchange market and tackle the rising inflation rate.
Cardoso and four deputy CBN governors were on Tuesday confirmed by the Senate after two hours of screening during plenary. 
Those confirmed alongside Cardoso are Mrs. Emem Nnana Usoro, Mr. Muhammad Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.

Speaking while responding to inquest by senators during the screening, Cardoso said the foreign exchange crisis was worrisome, and that there must be a stable exchange rate for the country to prosper. 

In addressing the forex crisis, Cardoso said the new management of the apex bank will immediately look at short term measures, which he said were operational and system related. 

He said the CBN would come up with rules that are open and transparent and that any of the players in that business understands.

Cardoso said, “On the issue of foreign exchange, which everybody has been talking about, is very worrisome. We need to have an exchange rate that is very stable to have a country that we all dream of. 

“There are two very important issues that we will have to address if we are confirmed. It is what I will term operational and system related issues. 

“We are aware that there are unsettled obligations by the CBN. Whether it is $4bn, $5bn or $7bn, I don’t know but definitely the immediate priority is to ascertain the extent.

“We need to find a way to take care of that. It will be naive for us to be expecting to succeed if we are not able to handle that side of the foreign exchange market.

“Secondly, we have to come up with rules that are transparent, that any of the players in that business understands.

“We cannot reasonably expect that serious foreign investors, portfolio investors, who generally have an impact on your market, will do so if you do not have an open, transparent system that everybody understands and can rely on.

“In setting up those guidelines, one will also have to carry stakeholders along. We should be ready to engage people, get stakeholders together and share views and promptly come up with strategies. 

“The two things, which appear simple, are far more important than they appear. 

“These two measures, which are the immediate steps that we will take, will go a long way to ease off the situation we are having right now in terms of wanting investors to come in. 

“Those that want to do business in Nigeria, they want to see this is clear, and if they don’t they will hold on to their money. 

“These are the short term measures. Once we get in, it is what we will address. I know that the impact will engender greater liquidity coming into the market. Those seeming withholding confidence will come back here. They will see that the cost is clear.”

On the issue of inflation and costs of goods, Cardoso said that the management would adopt evidence-based monetary policies.

“There is the need to significantly revamp the infrastructure in the central bank with respect to data and to ensure that our data gathering capacity is significantly enhanced so that we can make decisions based on proper data. This is key in measuring inflation.”

He further said reliable studies have shown that in the past 10 to 15 years at least 50 per cent of inflation has been as a result of money supply and deficit financing.

“This is a big problem and it’s something we have to face frontally.”

He pledged that the CBN would work in collaboration with the fiscal authorities to address deficit financing. 

Cardoso also said the economic policy proposal of the administration identified a set of physical reforms and growth patterns that is targeted to achieve $1trn GDP within 8 years. 

He said the apex bank had, for the past few years, deviated from its core mandates and not complied with the CBN Act. 

“We have seen the effect of not doing things rightly. The new management of CBN will have zero tolerance for non-compliance to guidelines,” he said. 

In his remarks, Senate President Godswill Akpabio urged the Senate Committees on Banking, Insurance and other Financial Institutions to carry out a thorough oversight of the apex bank to ensure that things are done properly.

The Membership Council of the Institute of Corporate Administration has approved the conferment of Fellowship Award on the Director of Press and Public Relations of the Federal Ministry of Sports Development, Abuja, Mr Mohammed Manga.
Assistant Director of Press and Public Relations. Mrs Grace Njoku in a statement indicated that the award is in recognition of his dedication and commitment to public service and service delivery in the country.

According to the statement, the approval for the conferment of the Award on him by the Council follows series of evaluations of his stellar performance, hard work, upwardly mobile and visionary approach to administrative matters such as strict adherence to professionalism in the discharge of his assigned duties followed with positive results as well as public spiritedness

“The offer qualifies the spokesman of the Federal Ministry of Sports Development, as a senior member of the Institute and he can thus append FCAI after his name.

“The Award for Distinguished Professional Contributions to Public Service and Fellowship is conferred on individuals who currently occupy supervisory, managerial or leadership positions in the public or private sector, academia or armed forces and have exceptionally distinguished themselves in their fields of endeavour

While presenting the Award to the Ministry’s Permanent Secretary, Alhaji Ismaila Abubakar today in his office in Abuja, the Chief Accounting Officer, reminded him to see the Award as a call to higher responsibility.

“Let me first of all congratulate you on the Award of Fellowship. It is an Award well deserved, but remember, Awards are meant to spur people to do more. I therefore challenge you to redouble your efforts.
“Keep on the good work and ensure you impact this spirit to those working under you. Be focused, resolute, humble, and always uphold professionalism in the conduct of government business*, he said.

It would be recalled that the Director, Press and Public Relations of the Federal Ministry of Sports and Youth Development, Mr Mohammed Manga was honoured with the Spokespersons’ Award for year 2022 by IMR’s Image Merchants Promotion Limited after he emerged top best in the Resident Information Officers’ (RIO) category to become the first to win the Spokespersons Communication Award (SCA) out of the 145 entries screened by the panel of judges.

President Bola Tinubu has named 18 Special Advisers and Senior Special Assistants in New appointments to help execute the Federal Government’s agenda across various sectors of the economy.

The Director of Information at the Office of the Vice President, Olusola Abiola gave the indication in a statement released on Monday
The team, which comprises 6 Special Advisers and 12 Senior Special Assistants, will be stationed in the Vice President’s office to support the implementation of the Tinubu administration’s “Renewed Hope” agenda.

The appointments in the Vice President’s office include:

Rukaiya El-Rufai, Special Adviser (SAD) to the President on NEC & Climate Change
Tope Kolade Fasua as Special Adviser (SAD) to the President on Economic Matters
Aliyu Modibbo Umar, Special Adviser (SAD), General Duties
Hakeem Baba Ahmed, Special Adviser (SAD) on Political Matters
Jumoke Oduwole, Special Adviser (SAD) to the President on PEBEC & Investment.
Others are:

Sadiq Wanka, Special Adviser (SAD) to the President on Power Infrastructure, Usman Mohammed, Senior Special Assistant to the President on Administration & Office Coordination, Kingsley Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications
Ishaq Ahmed Ningi, Senior Special Assistant to the President on Digital Media & Emergency Management
Peju Adebajo, Senior Special Assistant to the President, Investment & Privatisation
Mohammed Bulama, Senior Special Assistant to the President on Political/Special Duties, Kingsley Uzoma, Senior Special Assistant to the President, Agricbusiness & Productivity Enhancement
Gimba Kakanda, Senior Special Assistant to the President, Research & Analytics
Temitola Adekunle-Johnson, Senior Special Assistant to the President, Job Creation & MSMEs.

The list of appointments in the Vice President’s office is completed by:

Nasir Yammama, Senior Special Assistant to the President, Innovation, Zainab Yunusa, Senior Special Assistant to the President on NEC, Mariam Temitope, Senior Special Assistant to the President, Regional Development Programmes, Bashir Maidugu, Deputy State House Counsel (Senior Special Assistant to the President).