• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Thursday, July 17, 2025
NewsOnline Nigeria
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
NewsOnline Nigeria
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
Home Economy And Business

Yemi Cardoso Blames Nigeria’s Current Economic Woos On Emefiele, Buhari

Cardoso further alleged that the interventions led to rising inflation and interest rates.

by NewsOnline Nigeria
July 11, 2024
in Economy And Business, Top Stories
0
Yemi Cardoso

Yemi Cardoso has blamed Nigeria’s economic woos on Emefiele and Former President Buhari’s decisions of the controversial N27 trillion Ways & Means and N10.5 trillion interventions.

 

NewsOnline Nigeria reports that the Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, has said Nigeria’s economy is currently suffering from the consequences of wasteful N27 trillion Ways and Means advance and N10 trillion intervention under the past government.

 

This Nigeria news platform understands that Cardoso further alleged that the interventions led to rising inflation and interest rates.

 

ALSO: NLC Speaks On 250,000 Minimum Wage After Meeting With President Tinubu

 

Cardoso disclosed this on Thursday while speaking at a CEO Forum in Lagos.

 

He explained that the country’s high interest rate which stood at 26.25 percent in May is driven by increased money supply and subsequent inflation, which forces the Monetary Policy Committee (MPC) to maintain elevated rates.

He absolved himself from the decision taken by the MPC over tightening monetary policy measures.

According to him, Nigerians must understand that the surge in Ways and Means and intervention programs has consequences.

Cardoso further clarified that the MPC’s primary mandate is to reduce inflation, and its decisions are based on data trends rather than emotions.

“Interest rate is not set by the governor of the Central Bank. The interest rate is set by the members of the monetary policy committee.

“Thankfully, we have a monetary policy committee comprised of independent-minded people who are solely driven by data.

“The MPC has made it very clear that for them the major issue is taming inflation and has also made it very clear that they will do whatever is necessary to tame inflation.

“Sadly, we have a situation where a lot of money supply went into the system. We all saw ways and means soared to N27 trillion. We saw interventions of N10.5 trillion. It has its consequences. In large respect, that is what we are paying for now,” Cardoso said.

Recall that under the embattled former CBN Governor, Godwin Emefiele, Nigeria’s borrowing from the apex bank rose to N27 trillion.

On June 25, the Debt Management Office blamed the scrutinization of N4.90 trillion ways and means loan and foreign exchange differences for the surge in Nigeria’s debt by N24 trillion to N121 trillion at the end of the first quarter of 2024.

Previous Post

BREAKING: NLC Speaks On 250,000 Minimum Wage After Meeting With President Tinubu

Next Post

BREAKING: Sultan of Sokoto Powers To Appoint District, Village Heads Removed

Next Post
Sultan of Sokoto Powers

BREAKING: Sultan of Sokoto Powers To Appoint District, Village Heads Removed

Trending Stories

Bayo Onanuga

President Tinubu’s Aide, Bayo Onanuga Under Fire Over Comments Against Late Buhari

Yemi Cardoso

Yemi Cardoso Blames Nigeria’s Current Economic Woos On Emefiele, Buhari

CAC

BREAKING: CAC Exposes Fake Firms Using Forged Incorporation Certificates (FULL LIST)

Naira

Dollar To Naira Black Market Exchange Rate Today, 16 July 2025

Peter Obi

Peter Obi Explains Absence at Buhari’s Burial, Visits Family in Daura

Abdulsalami Abubakar

BREAKING: Abdulsalami Abubakar Reportedly In Critical Condition In London

Former President Mummadu Buhari

Live Updates From Former President Mummadu Buhari’s State Burial In Daura (LIVE VIDEO)

Governor Ademola Adeleke

BREAKING: Governor Ademola Adeleke Reportedly Begging To Join APC In Osun

Naira

Dollar To Naira Black Market Exchange Rate Today, 17 July 2025

2027 Elections

Buhari’s Death Marks Turning Point for APC Ahead of 2027 Elections

Latest Stories

Governor Seyi Makinde

Governor Seyi Makinde Speaks On Atiku’s Exit From PDP Ahead of 2027 Elections

John Odigie-Oyegun

Former APC National Chairman, John Odigie-Oyegun Officially Joins ADC

Governor Ademola Adeleke

BREAKING: Governor Ademola Adeleke Reportedly Begging To Join APC In Osun

Big Brother Naija

Big Brother Naija Set to Launch Milestone 10th Season with ₦150 Million Grand Prize

UBA’s AI Chatbot LEO

UBA’s AI Chatbot LEO Becomes First in Africa to Enable Cross-Border Payments

GTCO

GTCO Emerges First Listed Financial Institution on NGX to Cross N100 Per Share

President Tinubu

BREAKING: President Tinubu Summons Special FEC Session To Honour Buhari

FirstBank

FirstBank Deepens Partnership with UN Global Compact to Advance Sustainable Finance and Catalyze Development Capital

Atiku

APC Knocks Atiku Over PDP Resignation, Says Move Won’t Disrupt Party’s 2027 Dominance

Peter Obi

Peter Obi Reveals Last Conversation With Late Former President Buhari

NEWSONLINE NIGERIA

Get the Latest Naija News, Breaking News, Top Stories, World News, Business, Politics & Entertainment from NewsOnline Nigeria.

RELEVANT PAGES

  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

ALERT US

Important Press Releases, Special Investigations: admin@newsonlineng.com

OFFICE ADDRESS

13 Poland Street, London, United Kingdom (UK)

Copyright © 2025 NewsOnline Nigeria

No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports

Copyright © 2023 Newsonline Nigeria