Latest News On Petrol Price Reduction Update By CBN Governor, Cardoso - 25th January 2024
Thursday, 25 January 2024
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In a significant announcement on January 25, 2024, Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), hinted at a potential reduction in fuel prices and a decrease in inflationary pressures throughout 2024. The governor expressed confidence in the positive outcomes of the bold reforms being undertaken to address economic challenges sustainably.
During his keynote address at the launch of the Nigerian Economic Summit Group’s (NESG) Macroeconomic Outlook for 2024 in Lagos, Governor Cardoso highlighted the expected operational status of both government and privately-owned refineries in 2024. This, he believes, will play a pivotal role in the anticipated moderation of pump prices for premium motor spirit (PMS), commonly known as petrol. CONTINUE READING.....
The CBN governor emphasized the central bank's commitment to inflation targeting, aiming to rein in inflation to 21.4 percent. He outlined that improved agricultural productivity, along with eased global supply chain pressures, is expected to contribute to the decline in inflation in 2024. This, in turn, is projected to boost consumer confidence and purchasing power.
The return to a conventional monetary policy approach focused on achieving price stability is part of the CBN's strategy for sustainable economic growth. Collaborative initiatives with the Ministry of Finance and the Nigerian National Petroleum Corporation Limited (NNPCL) to ensure foreign exchange inflows are returned to the central bank are reportedly yielding positive results. CONTINUE READING.....
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Governor Cardoso expressed optimism about Nigeria's economic trajectory, projecting a real GDP growth of 3.76 percent in 2024. The services sector is expected to dominate, driven by factors such as mobile money adoption, increased government partnerships, and expanded digital lending offerings.
Simultaneously, the federal government aims for a 77 percent increase in Internally Generated Revenue (IGR). Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared this target during the opening of the 2024 Strategic Management Retreat of the Federal Inland Revenue Service (FIRS). The government's hope is to achieve an 18 percent tax-to-GDP ratio from the current 10 percent, focusing on domestic revenue mobilization and reducing reliance on expensive debts.
These developments align with the government's commitment to infrastructure development and social services. The restructuring of tax collection methodologies by FIRS, aimed at simplifying the taxpayer experience, is anticipated to contribute significantly to achieving the revenue target.
As the nation anticipates positive economic shifts, the reduction in fuel costs and inflation could mark a turning point for Nigeria's economic landscape, fostering resilience and efficiency across various sectors.
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