“While the FCCPC cannot directly regulate prices, the Commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions.”

The Economic Team of President Bola Ahmed Tinubu is here to showcase the progress so far of his bold, courageous and strategic reforms of the Nigerian economy in order to get it stabilise and get investment in to get it growing again.”

“Don’t worry about that. Yes, we know we have the challenge of inflation – it’s okay, we will bring it down. We are reengineering our revenue, it is getting better, and we are taking our sovereignty and respect back around the world – not that we have to go there and hire them to do the job for us, we are doing it ourselves.”

“Total Comprehensive Income closed at ₦1.18 trillion for 2023, a growth of 1,122% relative to ₦96.96 billion in 2022.”

“Those who want the Naira to be N400 to the $ are living in a dream world. Even discounting for the negative impact of speculative attacks on the value of the Naira, the exchange rate will (and should) reflect its market value in reality, not the artificiality that the central bank sought to maintain to please economic illiterates in political power at the time.”

“With backlog FX settled, Naira is set to appreciate further, faster. Currency speculators should quickly dump their stock of dollars to avoid sorrows and tears.”

At the first meeting of the committee under the new administration, the Monetary Policy Rate (MPR) was raised by 400 basis  points from 18.75 percent to N22.75 percent.

“We are committed to doing that and I can tell you that just today, we paid out $0.4 billion to those that were identified, and we are committed to continuing doing so in one form or the other to those genuinely identified and proven cases.”

“Importing food abroad at this point will help reduce the hyper-inflation of food in the country. FG should allow the importation of food items for Nigerian consumption within the next two weeks.”

“Freeing the market is the right thing to do. And the reason we’re where we are is that something that I thought we had done before we already freed it was reintroduced. The control was reintroduced and that is what we now have to find our way out of.”

“What I think is important to say at this time is that food prices in particular are elevated and we all know why. It is part of the generally expected rise in inflation as the macroeconomic measures, as the reform measures, the corrective measures to put the economy on a straight path take effect.”

“From my own experience banking industry in year 2000 to join the cabinet of Chief Obasanjo. So, my experience then, banks have really contributed in no small way in destroying the economy of Nigeria because for some of our colleagues it is not about Nigeria.”

“This doesn’t happen in other countries, raiding market and all. You are only making it more difficult because there is what we call illicit premium in a currency. You leave them do what they want, a speculator can make money and a speculator definitely will lose money.”

“Don’t forget that this budget is a ‘dollarised’ budget, especially in terms of the income. And when it comes to the terms of the expenditure, it’s in naira.”

The rate, which has already been reflected on the Customs portal today, February 21st, 2024, has further dampened the hope of the despondent customs brokers and their importers that the Apex bank has finally eased its foot on the pedal.