2023: FASTEN YOUR SEATBELT; BUMPY RIDE AHEAD In this edition, we asked Tunde Lemo, former Deputy Governor, Central Bank of Nigeria, and Chairman of Titan Bank, to put on his binoculars, take a pe
In this edition, we asked Tunde Lemo, former Deputy Governor, Central Bank of Nigeria, and Chairman of Titan Bank, to put on his binoculars, take a peep into 2023, and share his thoughts with us. Please enjoy.
So, locations like Lagos State and the Federal Capital Territory which have been net beneficiaries of immigrants from other states would by now have more representatives at the National Assembly than other states that reported net emigration. The updated population figures also assist in the provision of infrastructure, sanitation, social facilities like schools and hospitals in the communities and so on.
On the other hand, resorting to domestic borrowing will crowd out the private sector and raise the borrowing rate of the government to unsustainable levels. Nigeria’s foreign loans need to be re-negotiated ahead of due dates. We must not contemplate a DEFAULT as this can be fatal going forward.
Meanwhile, the advantage of proximity that will eliminate freight cost will not give more than seven percent price gain. Nigerians must be ready to pay international prices for fuel just as they have been paying international prices for diesel and jet fuel. The increase will only add between two and three percent to HEADLINE INFLATION, given the proportion of fuel in our CPI basket and the impact will be ONE OFF.
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