Business
UPDATE: House of Reps Meets With CBN Governor Cardoso, Economic Team
The Central Bank Governor, Olayemi Cardoso, is currently meeting with the House of Representatives, speaking on the state of the economy.
Appearing before the lawmakers during plenary in Abuja, Cardoso briefed them on the free fall of the naira and other issues affecting the monetary side of the economy.
He was summoned alongside the Minister of Finance and Coordinating Minister for the Economy, Wale Edun; the Minister of Budget and National Planning, Atiku Bagudu and the Chairman of the Federal Inland Revenue Service, Zacch Adedeji.
Earlier, the lawmakers expressed worry about the continued fall of the nation’s currency.
Cardoso said the economy must earn through exports to boost the naira, stating that the CBN plans to instil Confidence through stability in consumer prices and foreign exchange market.
He believes that the policy measures of the bank are expected to impact positively on inflation.
In his remarks, the finance minister said the country is in a better place economically than it was on May 29, 2023.
Edun said the country was on the road to disaster before President bola Tinubu came into office, but agreed that there has been a rise in the cost of living.
Noting that there will be further interventions to assist the poor in the country, the minister stated that special attention is being paid to the power sector to boost investors’ confidence.
Last week, Speaker Abbas Tajudeen announced that the sectorial debate for the financial sector “will assess the nation’s readiness to mobilise the necessary financial resources for implementing the budget.”
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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