Business
Economist Urges CBN to Release 2023 Financial Statement
Economist Kelvin Emmanuel has urged the Central Bank of Nigeria (CBN), under the leadership of Governor Olayemi Cardoso, to promptly release its financial statement for the year 2023. Emmanuel made this request through his official X handle on Wednesday.
He highlighted that this call aligns with the CBN Act of 2007, which mandates that the apex bank must submit its annual accounts, certified by an auditor, to both the National Assembly and the President.
Emmanuel emphasized the importance of making these accounts public to assess the improvements in the CBN’s balance sheet. This includes scrutinizing the differences between the gross and net external reserves, as well as the impact of FX swaps and forwards involving external asset managers.
Furthermore, Emmanuel pointed out that it is crucial for Nigerians to have transparency regarding the details of loans related to foreign exchange (FX) currency positions held by banks on behalf of their customers.
Additionally, there should be clarity on the FX non-deliverable forwards that banks have with the CBN for their customers.
He referenced Sections 50(1) and 50(3) of the CBN Act, which stipulate that the bank must submit its annual accounts to the National Assembly and the President within two months after the end of each financial year, and ensure these accounts are published in the Gazette as soon as possible.
It is worth noting that in August 2023, the CBN had released its financial statements for the period 2016-2022, following a probe led by Jim Obazee into the activities of the bank under the former governor, Godwin Emefiele.
This scrutiny had led the Auditor General of the Federation to request an explanation for a missing $4.5 billion in Nigeria’s foreign reserves between 2018 and 2019.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
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