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Governor of Oyo State Slashes Salaries of Senior Political Appointees

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Governor of Oyo State Slashes Salaries of Senior Political Appointees

Governor Seyi Makinde of Oyo State has slashed the salaries of senior political appointees in his administration by 50 percent.

The Governor made the announcement while addressing workers at a Workers’ Day event at the Nigeria Labour Congress (NLC) Secretariat in Ibadan, the state capital. He also confirmed that the state’s lawmakers also agreed to cut their salaries by 30 percent.

Also Read: The President of Kenya and the Vice Takes 80% Salary-cut to Fund the Fight Against Coronavirus

Makinde disclosed that his government is working hard to mitigate the shock of the pandemic on the state’s economy, and will also ensure that salaries would continue to be paid regularly by the 25th of every month.

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Economy

BREAKING!! No COVID-19 Vaccine, No Salary — Government Tells Civil Servants

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The Togo government said that #COVID19 vaccines are not needed, but warns civil servants that if they do not get the vaccine, they will lose their jobs.

“Togo government says #COVID19 vaccines are not mandatory but tells civil servants that they will not receive their salary if they do not get the vaccine.”

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Economy

Twitter makes Ghana its headquarters in Africa, Nigerians React

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Twitter makes Ghana its headquarters in Africa, Nigerians React

Twitter announced today that the company is now in Africa, with its headquarters in Ghana.

“Twitter is now present on the continent. Thank you Ghana and @NakufoAddo,” Twitter CEO, Jack Dorsey tweeted today, April 12.

Abubakar Suleiman, the CEO of Sterling Bank, has weighed in on the conversation about Twitter making Ghana its headquarters in African.

Nigerians reacted to the fact that Ghana, and not Nigeria, was chosen to be the headquarters.

Then Suleiman tweeted: “First you tell the world Nigeria is a zoo.. Then you hear @TwitterSF has chosen @GhanaPresidency as their WA headquarters & you are wondering why.

ALSO READ;

“If you can’t sell yourself, nobody will buy you. Nigeria remains the heartbeat of Africa, our current struggles notwithstanding.”

Bank CEO, Abubakar Suleiman blames Nigerians who bad-mouth the country for Twitter’s decision to make Ghana its headquarters in Africa

See Nigerians Reactions Below;

A number of his followers took to the comments to disagree with him and he doubled down, writing: “I think everyone sells. And we should showcase the good things in our country even as we critic the shortcomings..”

 

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Economy

CBN crashes liquidity mop-up activities, raises treasury bills

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CBN reduces liquidity mop up activities through Treasury bills

The Central Bank of Nigeria (CBN) drastically reduced its liquidity mop up activities through treasury bills by 81 percent, year-on-year, y/y, to N793 billion in the first quarter of the year (Q1’21).

The apex bank, among other things, controls money supply (liquidity) in the economy by issuing or purchasing secondary market treasury bills, also known as Open Market Operations (OMO) when it wants to reduce money supply, while it injects liquidity by purchasing OMO treasury bills.

The CBN reduced the amounts of OMO bills offered by 80 per cent, y/y, to N858 billion in Q1’21, from N4.26 trillion in Q1’2020.  Similarly, the amount of bills sold fell by 81 per cent, y/y, to N793 billion in Q1’21  from N4.44 trillion in Q1’2020.  In the same vein, the amount of OMO TBs demanded by the banks and FPIs  (public subscription)  fell by 41 per cent, y/y, to N3.13 trillion in Q1’21 from N5.31 trillion in Q1’2020.

Further analysis of OMO TBs sold in Q1’21 showed that the CBN offered N103 billion worth of 91-Days bills but sold N85 billion while the public subscription stood at N248.6 billion.

Meanwhile the apex bank raised yields (interest rate) on the  OMO TBs apparently to increase the attractiveness of the bills to foreign portfolio investors, FPIs, and enhance foreign exchange inflow.  Financial Vanguard analysis showed that average yield (stop rate) for  OMO bills rose  by 4.55 percentage points to 8.53 per cent at the end of March from 3.98 per cent at the end of December last year.

The CBN raised the stop rate for 91-Days OMO bills by 5.3 percentage points to 7.0 per cent in  March from 1.61 per cent in December. It also raised the stop rate for  182-Days OMO bills by 4.05 percentage points to 8.5 per cent in March from 4.45 per cent in December. Similarly, the stop rate for  365-Days bills rose by 4.2 percentage points to 10.1 per cent in March from 5.9 per cent in December.

These were in sharp contrast to the downward trend recorded last year  when average yield on OMO TBs crashed by 8.13 percentage points as the CBN slashed stop rate for  91-Days, 182-Days, 365-Days OMO bills respectively  by 9.87 percentage points, 7.15 percentage points and 7.36 percentage points respectively from 11.48 per cent, 11.6 per cent and 13.26 per cent at the beginning of the year.

While citing this reversal in the yields on OMO TBs and other fixed income instruments as a factor behind the negative performance of the Nigeria Stock Exchange, NSE, in Q1’21, analysts at United Capital Plc,  projected that the upward trend in yields on fixed income instruments will persist in Q2’21. They said:

“Like we noted, the bearish sentiment in the equity market has been stoked by fast-paced reversal in the yield environment. The peak of the reversal appears to be distant even though the pace of increase at recent auctions (Bonds & T-bills) seems to have slowed. We expect upward pressure on yields to garner pace later in Q2-2020 depending on the outcome of the May MPC meeting as well as data from economic recovery.”

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