Bank of America warns Nigeria inflation may hit 30%
The Central Bank of Nigeria will have to increase interest rates by at least 700 basis points before the end of the year to fight inflation. This is according to Tatonga Rusike, the Bank of America sub-Saharan Africa Economist, in an interview with Bloomberg on Monday.
- Bank of America warns Nigeria inflation may hit 30%
- Katsina governor orders implementation of TSA
- Guinness Nigeria appoints Hodgins as non-executive director
- China to restrict exports of chipmaking materials as US deliberates on new restrictions
- Four killed, four wounded in Philadelphia shooting – Philadelphia Inquirer
Rusike said the hike was a necessary tool to fight the rising inflation, which has taken a dangerous dimension after the petrol subsidy was removed and the foreign exchange system was unified.
The economist noted that at the current trend, inflation, which was 22.4 percent in May, will likely hit 30 percent by the end of the year, noting that the nation’s apex bank may need to push up rates.
He advised that the monetary authority should quickly intervene with this rate hike, warning that refusal to do so may prevent foreign investors from investing in the country.
Read also: Aggressive interest rate hikes unlikely amid 30% inflation forecast
Katsina governor orders implementation of TSA
In a circular issued on Monday in Katsina State and titled “Treasury Single Account Direction Notice 2023,” the state governor, Dikko Radda, announced the commencement of Treasury Single Account (TSA) in the state with immediate effect.
This policy will be expected to sanitise the state’s finances and ensure accountability and effective management of the state’s finances.
According to the governor, the measure is in the exercise of the powers conferred on him by the provisions of Section 5(2) of the 1999 Constitution, as amended.
“Without prejudice to Section 120 of the 1999 Constitution (as amended), all revenues and monies accruing and forming the Consolidated Revenue Fund, including funds from excess crude accounts, grants, or donations for Katsina State, shall be paid into a unified account to be referred to as the TSA.
“Out of which all expenditure incurred or approved to be incurred shall be defrayed or paid.”
He directed the Accountant General of the state to prescribe the framework within which Ministries, departments, and Agencies will henceforth conduct their bank and cash management under the TSA regime.
Guinness Nigeria appoints Hodgins as non-executive director
Guinness Nigeria Plc has announced the appointment of Joan Hodgins, Diageo’s Global Talent Director, as a Non-Executive Director and Vice Chair of the Board effective July 1, 2023.
In a statement on Monday in Lagos, the company also announced the retirement of Dayalan Nayager from his position as a member of its Board of Directors, effective June 30, 2023.
Hodgins appointment is expected to strengthen the company’s board, especially as she brings on board her vast wealth of experience in the areas of human resources management, people, and talent.
China to restrict exports of chipmaking materials as US deliberates on new restrictions
As the trade war between Washington and Beijing intensifies, the commerce industry of China announced on Monday that it will control exports of some metals widely used in the semiconductor industry.
According to some media reports, China said that the control was targeted at protecting national security and interests, which in essence will require exporters to seek permission to ship some gallium and germanium products.
The move to manage exports of the rare elements that Beijing classifies as strategic comes as Washington deliberates more on the new restrictions on the shipment of high-tech microchips to China, according to media reports.
Four killed, four wounded in Philadelphia shooting – Philadelphia Inquirer
Four people were killed and four others were injured in a shooting on Monday night in Philadelphia, and a suspect was taken into custody, local news media outlets reported, citing police.
Reuters reported based on an email correspondence with the spokesperson for the Philadelphia Police Department that indeed there were “multiple gunshot victims,” but said no further details were immediately available.
Just before 8:40 p.m., police officers said they had apprehended a male suspect wearing a ballistic vest and recovered a rifle and handgun in a nearby alleyway, The Philadelphia Inquirer reported.
Multiple sources, especially the Inquirer and Philadelphia television station WPVI, reported that two of the people shot were juveniles, but it was not clear whether they were among the dead.
