Digital Currency Gains Traction as CBN Appoints Technical Partner IMF urges caution on adoption of cryptocurrency as national currency Ndubuisi Francis and currency, also known as e-Naira. Emefiele said the Central Bank targeted social interventions, as well been a long and thorough process cent of central banks were consider- James Emejo in Abuja CBN Governor, Mr. Godwin Digital Currency (CBDC) would as improvement in monetary policy for the apex bank following its ing adopting digital currencies in Emefiele, disclosed this in Abuja. bring about increased cross-border effectiveness, payment systems resolve in 2017 to digitise the local their countries. The Central Bank of Nigeria But the International Monetary trade, accelerate financial inclusion, efficiency, and tax collection. currency after extensive research The CBN pointed out that the (CBN) yesterday announced the Fund (IMF) cautioned that coun- and lead to cheaper and faster CBN’s Director, Corporate Com- and exploration. selection of Bitt Inc. from among formal engagement of global fintech tries seeking to adopt the digital remittance inflow. He said the munications Department, Mr. Osita Nwanisobi said CBN’s decision highly competitive bidders was company, Bitt Inc., as technical currency should be wary of its digital money, also known as Nwanisobi, explained, in a state- was in line with an unmistakable partner for its proposed digital disadvantages. cryptocurrency, would lead to easier ment, that the e-Naira project had global trend in which over 85 per Continued on page 40 N1.5 Trillion Spent on COVID-19 Management, Says FG... Page 5 Tuesday 31 August, 2021 Vol 26. No 9640. Price: N250 www.thisdaylive.com T RU N TH & REASO Insecurity: We’re Lucky to Have Buhari in Govt, Says Shehu of Borno Declares president’s administration has changed the tide Lawan applauds ongoing surrender by terrorists, rallies support for initiative Deji Elumoye in Abuja of Borno State were lucky to have significantly. Haram terrorists turning themselves be encouraged to end insurgency courtesy call over the loss of his President Muhammadu Buhari This is as the President of the in to the Nigerian troops, saying in the NorthEast. elder brother, said his people had The Shehu of Borno, Abubakar El- in government as his reign has Senate, Dr. Ahmad Lawan, has the move should be seen as a The Shehu of Borno, who Kanemi, yesterday, said the people changed the tide against insecurity also lent his support to the Boko welcome development and should spoke when Lawan paid him a Continued on page 40 CJN Moves to Save Judiciary, Summons Justices over Conflicting Court Orders Says NJC has always warned judicial officers to be circumspect in granting Exparte NBA threatens to sanction erring senior members SANs welcome Muhammad’s intervention Tobi Soniyi, Alex Enumah and Adedayo Akinwale in Abuja In obvious reaction to THISDAY lead report yesterday, the Chief Justice of Nigeria (CJN) Justice Tanko Ibrahim Muhammad im- mediately swung into action by summoning six Chief Judges of State High Court in the country in a bid to halt the apparent decay in the judiciary, often occasioned by indiscriminate granting of court orders and injunctions by some pliable judges who have by their dishonourable conduct brought the Bench to disrepute. Some of the states Chief Justices invited before the NJC include that of Rivers, Anambra, Jigawa, Kebbi, Continued on page 40 Cholera: NCDC Records 2,035 BRIEFING ON ECONOMIC RECOVERY... Deaths, 58,698 L-R: Statistician General of the Federation, Dr Simeon Harry; Minister of Information, Culture and Orientation, Alhaji Lai Mohammed ; Minister of Finance, Budget and National Planning , Cases... Page 5 Zainab Ahmed; and Minister of State,Budget and National Planning, Clement Agba, during a press briefing on the economic recovery in Abuja... yesterday. PHOTO: GODWIN OMOIGUI 2 THISDAY • TUESDAY AUGUST 31, 2021 THISDAY • TUESDAY AUGUST 31, 2021 3 4 THISDAY • TUESDAY AUGUST 31, 2021 TUESDAY, ͻ͹˜ͺ͸ͺ͹˾THISDAY 5 Group News Editor: Goddy Egene Email: [email protected], 0803 350 6821, 0809 7777 322 NEWS NIMASA VISITS OBASEKI… L-R: Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh; Edo State Governor, Mr. Godwin Obaseki; Chairman, NIMASA, Barr. Margaret Orakwusi and the Special Adviser to the Director General of NIMASA on Communications Strategy, Ubong Essien, during a courtesy visit at the Government House in Benin City, Edot State...yesterday N1.5tn Spent on COVID-19 Management, Says FG Declares economic activities back to pre-pandemic levels Predicts 5% GDP growth in Q3 Iyobosa Uwugiaren in Abuja Ahmed took a holistic look at According to the NBS Q2 GDP “Overall, a total of 42 out of conditions expected as economic that is happening now and the the recent second quarter (Q2) report, the economy grew 5.01 46 economic activities expanded activities and normalcy returned improvement of funding of this The federal government yesterday 2021 Gross Domestic Product per cent (year-on-year) in real during the quarter, compared to across major economic sectors, year’s budget, the third quarter revealed that it spent over N1.5 (GDP) report released by the terms in the second quarter of only 13 at the same time last year, and local conditions continued of this year is going to record a trillion in managing the effects of National Bureau of Statistics the year (Q2 2021), compared while 37 activities performed to improve to allow business tremendous success. COVID-19 in the country. Minister (NBS), which showed a 5.01 to the -6.10 per cent recorded better than they did last quarter activities, the Nigerian economy “In managing an economy, of Finance, Budget and National per cent growth. She said the in Q2 2020. This marked three (Q 1).” would maintain a steady path you don’t expect magic if there Planning, Mrs. Zainab Ahmed, growth rate was an indication consecutive quarters of growth The minister explained further to more inclusive growth. is no adequate funding of the disclosed this during a media that business and commercial following the negative growth that the non-oil sector was a On the growing domestic and economy. So far so good, this briefing in Abuja. activities had fully returned to rates of -6.10 per cent and -3.62 major driver of growth during external borrowings, the minister year has been recording timely The briefing was attended pre-pandemic level. per cent in Q2 2020 and Q3 2020 the quarter, recording a growth maintained that the federal releases of budgetary allocations by Minister of Information and The minister also predicted that year-on-year, respectively. rate of nearly seven per cent. This, government was borrowing for all MDAs and we expect that Culture, Alhaji Lai Mohammed; if necessary economic measures Explaining the specific activities, according to her, represents the responsibly, saying, “if we don’t to have multiplier effects on other Minister of State for Finance, and policies were put in place and which recorded growth during the fastest growth in the non-oil sector invest now, we will regret it later.” sectors of the economy. So, what Budget and National Planning, sectors, such as agriculture, were quarter under review, the finance since Q3 2014. Speaking on the cost of we need to do to encourage this Mr. Clem Ikanade Agba; and the improved upon, the economy minister said trade, transportation, “When these estimates are managing the effect of COVID-19, is to look at other sectors that are newly appointed Statistician– would maintain a five per cent coal mining, metal Ores, and considered along with declining the minister revealed that the not performing; for instance, in General of the Federation, Dr. growth rate in the third quarter insurance recorded double-digit inflation rate, which slowed from federal government spent over Q2, agriculture performance was Simon Harry. (Q3) of the year. growth. 18.17 per cent at the end of Q1 to N1.5 trillion in managing the not encouraging. Ahmed stated, “The report, 17.75 per cent at the end of Q2, effects of the pandemic. “But with improvement in however, also indicate that and as at July, which stands at Speaking at the occasion, funding, we are hoping that some activities, such as oil 17.38 per cent, it is clear that the the statistician-general said the agriculture and other sectors Cholera: NCDC Records refining, crude petroleum, and economic recovery is gradually federal government only needed under it will improve. Overall, natural gas production, as well picking up steam.” to improve and sustain its revenue we are expecting that by end of as financial services, recorded Ahmed was hopeful that drive. the year, the economy will able 2,035 Deaths, 58,698 Cases negative quarterly growth. with favourable global economic According to Harry, “From all to grow above five per cent.” Onyebuchi Ezigbo in Abuja (454), Yobe (216), Sokoto (196), Jigawa (187), Kano (80), Niger A total of 2,035 deaths through (79), Borno (30), FCT (11), cholera was recorded in the Adamawa (6) and Kebbi (3). country as of last Friday, the Of this, there were 35 RDT NNPC’s Project Funding Shortfall, Nigeria Centre for Disease confirmed cases from Katsina Control (NCDC) has disclosed. (14), Yobe (7), Adamawa (6), According to the latest Cholera Zamfara (4), Borno (2), Jigawa JV Cost Recovery Hit $1.84tn in July epidemic report by the NCDC (1) and FCT (1).” yesterday, the total number Also the disease control of suspected cases of Cholera centre stated that 13 culture OPEC may leave supply volume unchanged for September infection in the 23 states of the confirmed cases were from Yobe Emmanuel Addeh in Abuja in May, $202 million in June, was 8.4 million barrels, an and continues with its planned federation was 58,698.