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Finance Minister denies disagreement with CBN, MPC over interest rate


Contrary to the perception in some quarters that the Central Bank of Nigeria and its Monetary Policy Committee, are working at variance with the nation’s fiscal authorities on the much desired economic transformation, the Minister of Finance, Mr Kemi Adeosun, at the weekend, said Nigeria’s fiscal and monetary authorities have been working in harmony to pull the country out of its current precarious financial situation.
Adeosun who spoke to Nigerian journalists in the United States of America at a wrap-up session of the 2016 annual meetings of the International Monetary Fund (IMF) and the World Bank, wondered how many Nigerians had misinterpreted the decision of the MPC to retain its benchmark rates of MPR at 14 percent, CRR at 22.5 per cent and Liquidity ratio at 30 per cent as a sign of disagreement with her ministry.
“ I don’t see a disharmony here because what I said was blown out of proportion. I am not a member of the committee and I don’t see what they do. But we are all working together with one objective, which is to get the economy growing. Obviously there would be times of dislocation in any economy, but overtime, things  would  work together in harmony on a number of fronts,” she said.
The minister said she only expressed her opinion on what she felt would enable her achieve the objective of moving the economy forward, but really had no intension of dictating how MPC would do its job.
Adeosun who as the Finance Minister was head of Nigerian delegation to the annual meetings of the World Bank and the IMF said “when you’re doing expansion, you obviously need low interest rate and that is general economics. If you actually listened to me, I said monetary policy committee is independent, the members of the committee know what they are seeing on the monetary supply side. But, do I still need lower interest rate now, yes! I do. And for as long as I am running a deficit financing, I need low interest rate.”
According to her, that also does not mean that they should lower interest rate at once, stressing there was never a call on my part for the MPC to lower interest rate.
She said “They asked me what I wanted and I said I needed lower interest rates. Remember that I am borrowing externally and internally, so one of the things that we have always said is that we need to come out of the naira and borrow internationally because the rates are now very low to allow that. Many countries even have negative interest rate and so that is an opportunity for us.”
The minister said  just because the monetary policy  committee finds itself  in a situation where its members are looking at their indicators like inflation and money supply among others, they make their decisions based on that and that is always respected.
She promised further closer collaboration with the monetary authorities to ensure that Nigeria  pulls through its dire economic predicament.
For his part, CBN governor Godwin Emefiele said there is no disharmony, stressing both the apex bank and the ministry of finance were all poised to see to it the country actually achieve growth in the Nigerian economy.  He said “If you read my vision statement just about three days after I assumed office, one of the core issues that I raised at that the conference, was that we would try to pursue a low interest rate regime. We feel that when people are able to access loans at low interest rates, it helps improve growth, reduce unemployment, boost industrial capacity and the rest. Of course, I’m trying to say it is something that eventually we would have to look at, but based on the numbers that the monetary policy committee saw – based on the data that was available – the MPC felt we can pursue growth through another angle.
It has nothing to do with disharmony. I feel it is important for me to also join the minister in restating all that”

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12-year-old boy kills landlady as condition to be initiated into a cult

Ethiope East Local

A 12-year-old boy, who allegedly robbed and killed his landlady at Abraka, Ethiope East Local Government Area, Delta State, yesterday, was among those paraded for various offences by the state Police Command, yesterday.


The state Commissioner of Police, Mr. Zanna Mohammed, who briefed reporters on the arrest of over 60 kidnappers, robbers, murderers, cultists and ritualists in the last three weeks, said the teenager confessed that he committed the act because a cult group told him that one of the conditions for initiation was that he must have been involved in a criminal act.

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Super Falcons striker, Asisat Oshoala, comes to Falz defence with regards to statement about glorifying fraudsters

Asisat Oshoala

Nigerian professional footballer, Asisat Oshoala, who plays as a forward in the Chinese Women’s Super league for Dalian Quanjian F.C., took to her Instagram to express deep concern about how people are now proud to be fraudsters.



In Falz’ defense, she insisted fraudsters shouldn’t be glorified.

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Zimbabwean Church leader in s*x scandal as photos naked photos and sex acts with 33 girls is exposed

Church leader
A Zimbabwean church leader, Nyasha Light Nyatsungo is enmeshed in a sex scandal and might also be facing legal action, after his ex-girlfriend flooded social media with his nude photo.
It was gathered that the Nyatsungo allegedly sent a nude picture of his Cape Town based ex–side chick, Shingi Mavenge, to his other girlfriend only identified as Beula who later broadcasted it on social media.
According to H-Metro, in an apparent fit of rage, Mavenge posted a WhatsApp chat she had with Nyatsungo’s wife identified as Nyasha Nhahumbi as well as a group chat with some of her former lover’s concubines.
According to Mavenge, she has gotten information that Nyatsungo has at least 33 girlfriends and has ditched his wife of eight years.
She adds that Nyatsungo bedded a girl who was their neighbour as well.
Mavenge said that the church leader’s wife revealed that they even consulted their local pastor in Mutare who failed in his attempts to mend Nyatsungo’s ways.
According to H-Metro, Nyatsungo, a married father of two, has denied ever circulating the picture, labelling Mavenge as a bitter woman whom he just flirted with on Facebook and nothing more.
“This Nyasha guy must be stopped in his tracks. He is going to pay for all the damage that he has done to me. He was the only one who had that leaked picture and I am shocked why he would forward it to some other girl,” fumed Mavhenge who is working on taking legal action.
“I started dating this guy in 2015 and never knew he was married. He lied.”  fumed Mavenge yesterday.
“That guy is full of lies and at some point, we opened a group chat with his wife and some of his girlfriends. He normally targets single mothers” added Mavenge.
H-Metro was furnished with six other cellphone numbers of his girlfriend that include Fadzai, Mutsa, Essy, Juliana, Barbra among others. Mutsa confirmed she once had a relationship with Nyatsungo have since terminated it since she discovered he was married.
Mavenge confirmed they met once in Johannesburg when she had to fly from Cape Town to meet her man sometime in April.
“That night he didn’t even have money. I had to pay the R800 for the accommodation as he had no money. He wanted to have sex with me but I flatly refused. He even wanted it without protection and I said No. he looked terrible with clothes in a plastic shopping bag. I want to write a letter to Pastor Rex who is the head of (the church) in Harare so that this guy be stopped with his tricks and lies,” added Mavenge.
When contacted over the phone in Mutare Nyatsungo confirmed he knew Mavenge but never had a relationship with her.
“I know her and we once flirted on Facebook. We never had a relationship as she is alleging. I don’t know why she is bitter. I haven’t seen the nude pictures she is talking about but I heard about it from Beula. We live in a democratic country. She can go ahead and sue me if she feels her rights have been infringed upon. All the allegations she is making are false and I don’t know her motive in trying to tarnish my image,” said Nyatsungo.
He said he was still with his wife whose phone rang without response yesterday afternoon. Despite his denials, H-metro was furnished with pictures of Nyatsungo and Mavenge, the time they met in April.

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