Cardoso, Kyari, Lokpobiri Face Senate Committee Over Oil Sector Sabotage Allegations

Cardoso, Kyari, Lokpobiri Face Senate Committee Over Oil Sector Sabotage Allegations....KINDLY READ THE FULL STORY HERE▶

Central Bank of Nigeria (CBN) Governor Olayemi Cardoso, Nigerian National Petroleum Company Limited (NNPCL) CEO Mele Kyari, and Minister of Petroleum Heineken Lokpobiri appeared before a Senate Adhoc Committee investigating alleged economic sabotage within the Nigerian petroleum industry. The session, held on Wednesday, was led by Senator Opeyemi Bamidele, Chairman of the Senate……… CONTINUE READING

During the session, Bamidele emphasized that the investigation would be thorough and that no individual would be exempt from scrutiny. The focus was on evaluating the NNPCL’s Direct Sale and Direct Purchase agreements and assessing the transparency and compliance with the Petroleum Industry Act.

In a related development, CBN Governor Cardoso assured that interest rates would soon decrease from the current 30 percent. Cardoso explained that the rate was set by the CBN’s Monetary Policy Committee (MPC), not by him personally. He addressed concerns voiced by Dangote Group Chairman Aliko Dangote and former Labour Party presidential candidate Peter Obi, who criticized the high interest rates as detrimental to job creation and the viability of Micro, Small, and Medium Enterprises (MSMEs).

Cardoso highlighted that the MPC’s decisions are data-driven, not influenced by emotions. He noted that previous increases in money supply and government interventions had contributed to the current high interest rates. He assured that while the current rates are challenging, they are intended to stabilize the economy and curb inflation. Cardoso expressed confidence that, with appropriate policies in place, interest rates would eventually decrease.

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