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We must first fight inflation before talking about economic growth – CBN

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The Central Bank of Nigeria has said it is all out to tackle rising inflation in Nigeria.

The acting director of the Banking Supervision Department of CBN, Dr Adetona Adedeji, disclosed this on Friday on the bank’s second episode of the talk podcast on its YouTube page.

He affirmed the bank’s decision to prioritise combating inflation over tackling rising unemployment rates.

During his talk, Adedeji emphasised that the Central Bank’s primary goal is to curb inflation, acknowledging the potential for impacts in other areas.

“The ultimate objective is for us to combat inflation. That is what the central bank is doing today. Whatever it takes to fight inflation, we are going to do that. It may have some impact in some areas.

“We can’t fight two things at the same time. There will be trade-offs. If you are fighting inflation, you can’t fight unemployment simultaneously. Even if you fight unemployment, it cannot reach the desired level. So, you have to choose either to fight inflation or unemployment. These two are macroeconomic objectives that are very critical to the development of the economy.

“But we are saying if we are talking of economic growth, it is because the economy is still relevant and available, which is why you are talking of economic growth. But if you look at an economy hit by inflation, you will not even talk of economic growth.

“So, it is essential that we concentrate and fight inflation. By bringing inflation down, we start talking of economic growth,” he said.

Meanwhile, despite the CBN consistently raising interest rates, which stood at 24.75 per cent in March, the country’s inflation increased to 33.20 per cent in the same month.

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Sanwo-Olu Congratulates Afenifere leader, Fasoranti at 98

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  1. Lagos State Governor, Mr. Babajide Sanwo-Olu, has rejoiced with elder statesman and Afenifere Leader, Chief Reuben Fasoranti, on the occasion of his 98th birthday.

The Governor described Pa Fasoranti, who clocks 98 years on Saturday, as a living legend and pride to the Yoruba race and Nigerian nationalist movement.

Governor Sanwo-Olu, in a congratulatory message issued on Friday by his Special Adviser on Media and Publicity, Mr. Gboyega Akosile, said Chief Fasoranti is worth celebrating for his impactful life and contribution to the growth and development of Yorubaland and Nigeria, adding that his leadership of the pan-Yoruba socio-cultural organisation, Afenifere is inspiring.

He said: “On behalf of my family, the government, and the people of Lagos State, I celebrate the Afenifere Leader and elder statesman, Chief Reuben Fasoranti, on his 98th birthday.

“Baba Fasoranti deserves all the accolades on his 98th birthday as a respected elder statesman and a colossus in politics and education. He is an uncompromising democrat and progressive.

“The Yoruba race is fortunate to have a leader like Chief Reuben Fasoranti directing the affairs of Afenifere, because of wisdom and high moral values.

“Baba is highly committed to the growth and development of the Yoruba race and the country at large. At 98, Baba Fasoranti is still very interested in the progress of the Yoruba race and Nigeria.

As Chief Reuben Fasoranti celebrates his 98th birthday, I pray that God will give him good health to enable him to contribute more to the growth, development, and progress of Yoruba land and Nigeria.”

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Fuel Scarcity: Ogun FRSC command frowns at motorists storing fuel in their vehicles

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The lingering fuel scarcity in the country has made motorists resort to storing fuel in their vehicles to avoid queing at filling stations.

In a frantic effort to avoid disasters that could arise as a result of such act, the  Federal Road Safety Corps (FRSC) Ogun Command,  has sternly warned against storing fuel in vehicles.

Mr Anthony Uga, the Sector Commander warned motorists during a sensitization program for motorists at the Kuto park, Abeokuta on Friday, May 10, 2024. In his statement, he noted that ” The essence of this workshop is to build the conscience of the motorists public in Ogun to avoid carrying fuel in jerican and to say no to night journey , overloading and to install speed limit device because of the inherent benefits” .

While still speaking, he keenly pointed out that acts of storing fuel in vehicles and moving around with it is a “high risk” coupled with overspeeding. According to him, “If there are little infractions on the road, the vehicle could burst into flames and could result into loss of lives.

Mr Uga made it clear during the meeting that the FRSC has a mandate to ensure that the lives of motorists are safe on the road and that any act that negates their mandate will be frowned at.

Alhaji Taofeek Agbogunleri , representing Road Transport Employers Association of Nigeria (RTEAN), Kuto park, praised the FRSC for the initiative and promised that their association would talk to members to ensure they comply with traffic regulations.

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FRSC Ogun command warns motorists against carrying petrol in vehicles

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The Federal Road Safety Corps (FRSC) Ogun Command has issued a stern warning to motorists regarding the storage of petrol in containers within their vehicles. This cautionary measure aims to prevent potential fire disasters on the roads.

Mr Anthony Uga, the Sector Commander of FRSC Ogun Command, emphasized the hazards associated with storing fuel inside jerricans and vehicle compartments during a sensitization program held at Kuto park in Abeokuta.

Uga underscored the critical need to educate the motoring public about the perils of this practice, citing the risk of vehicles bursting into flames even with minor infractions on the road.

The FRSC is determined to enforce compliance with safety regulations, including the prohibition of carrying petrol in vehicles. Any violators will face strict penalties in alignment with FRSC mandates and regulations.

Uga urged motorists to install speed limit devices in their vehicles, emphasizing their effectiveness in reducing road traffic accidents.

Alhaji Taofeek Agbogunleri, representing the Road Transport Employers Association of Nigeria (RTEAN) at Kuto park, commended the FRSC for its proactive engagement. He pledged continued efforts to educate members on adhering to traffic rules and regulations.

The FRSC’s warning serves as a crucial reminder for motorists to prioritize safety on the roads by refraining from storing petrol in vehicles and complying with speed limit regulations. Such proactive measures aim to mitigate road accidents and safeguard lives.

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