Business
Finance Minister Promises Affordable Food and Lower Inflation Under Tinubu’s Government
Finance Minister Wale Edun has assured that President Bola Ahmed Tinubu’s administration is committed to ensuring that food remains both available and affordable for Nigerians.
Speaking at the National Economic Dialogue 2024 organized by the Nigerian Economic Summit Group in Abuja on Wednesday, Edun emphasized the government’s dedication to continuing the trend of decreasing inflation rates.
Despite Nigeria’s 25 years of democratic governance, Edun acknowledged that the nation’s economy remains on a growth trajectory. He highlighted the administration’s focus on not only sustaining but accelerating progress in this area.
“While democracy is not the sole method for organizing a society, it is widely regarded as the most effective. We are continually striving to enhance our democratic practices, and today’s dialogue represents a step in that direction,” Edun remarked.
The Minister noted that there has been a reduction in inflation, with recent data from the National Bureau of Statistics indicating a drop to 33.40 percent as of July. This decline is a positive sign, and the government is determined to maintain this downward trend in inflation, particularly concerning food prices.
Edun reiterated that making food more accessible and affordable is a key priority for the administration in the short term. However, despite these efforts, many Nigerians continue to face economic hardships due to high prices for goods and services.
The government’s ongoing commitment is to address these challenges and improve economic conditions for citizens.
The US Dollar and Bitcoin rise again as Trump reportedly wins the presidential election with 279 Electoral College votes against Kamala Harris’s 22. Major investors have now returned and do no longer need to be cautious.
Investors now anticipate Trump’s policies economically, Dollar has now strengthen again and is now against Euro and Pound which were gaining benefits over Dollar being weak. With Trump’s win, crypto and Bitcoin have strongly risen and are set with expectations higher prices and a boost in U.S savings returns.
The Upcoming United State Presidential has caused USD to be weak due to the investors being cautious of the outcome. Meanwhile other countries are gaining strength in their currency and benefitting from this weakness. Euro and GBP keeps rising and gaining against USD.
Gold prices still remain stables despite the recent deadline and the Australian inflation keeps rising. Markets are now watching the political movement to serve as guidance.
Security Expert, Dr. Kingsley Aguoru has advised the Central Bank of Nigerian (CBN) and Economic and Financial Crimes Commission (EFCC) to stop the use of online transactions through Card Pins as it results to a security risk.
He emphasized the risks we can be exposed to, phishing and cyber threats, he states that the use of one-time passwords can serve as an aid in this to better the security.
The expert shares that pins are only safe when in use for ATM and Pos but not online, due to cyber risks. He expressed that information can be leaked from the continuous use of sharing pins online.
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