CPPE

The Centre for the Promotion of Private Enterprise (CPPE) said the outcome of the Monetary Policy Committee (MPC) meeting on Tuesday would hurt the real sector of the economy which is already contending with numerous macroeconomic challenges. In a statement signed by Muda Yusuf, director of CPPE, the think tank said the increase of monetary policy rate (MPR) from 18.75 per cent to 22.5 per cent and cash reserve ratio (CRR) from 32.5 per cent to 45 per cent pose a major risk to the financial intermediation role of…

The Centre for the Promotion of Private Enterprise (CPPE) on Sunday appealed to the Central Bank of Nigeria (CBN) to peg the customs duty exchange rate at N1,000 per dollar for the rest of the year in line with the federal government’s commitment to ease economic hardship on the citizens. In a statement signed by Muda Yusuf, director of CPPE, the think tank said the current customs duty exchange rate of N1488.9/$ is too high in the context of the current inflation and difficulties facing businesses and citizens.…

The Centre for the Promotion of Private Enterprise (CPPE) on Sunday said the recent decision by the Central Bank to increase the customs exchange rate from N783 to N952/$ would worsen the already prohibitive production and operating costs for businesses in the country. In a statement signed by Muda Yusuf, director of CPPE, the think tank said the decision would also inflict more pain on the citizens, erode profit margins, reduce purchasing power and put the survival of businesses at an elevated risk. Mr Yusuf…

The Centre for the Promotion of Private Enterprise on Sunday urged President Bola Tinubu to reciprocate the thoughtful stance of the labour union by speedily coming up with measures to mitigate the pains of the fuel subsidy removal. In a statement signed by Muda Yusuf, director of CPPE, the think tank said the mitigating measures should be holistic and inclusive and driven by a combination of direct interventions, fiscal policy measures and monetary policy actions. Mr Tinubu had, in his inaugural address on 29…

The Centre for the Promotion of Private Enterprise on Sunday called on President Muhammadu Buhari to immediately intervene to put an end to the hardship caused by the currency redesign policy of the Central Bank of Nigeria (CBN). In a statement signed by Muda Yusuf, director of CPPE, the think tank said the cash scarcity has not only crippled economic activities in the country but has now become a major risk to the livelihoods of Nigerians. He explained that millions of citizens have slipped into penury and…

The Centre for the Promotion of Private Enterprises (CPPE) on Friday lauded the ruling of the Supreme Court on the use of the old naira notes as legal tender. In a statement by Muda Yusuf, Chief Executive Officer of the CPPE, the organization said it welcomed the supreme court ruling as it protects the citizens from a policy which is, “by all accounts, disruptive, repressive and draconian”. The organisation also described the policy as “punitive, cruel and insensitive.” On Friday, the Supreme Court extended the…

The Centre for the Promotion of Private Enterprise on Sunday urged the Central Bank of Nigeria (CBN) to allow Nigerians deposit their old N500 and N1,000 notes at commercial banks across the country. In a statement signed by Muda Yusuf, director of CPPE, the think tank said that the confusion caused by the CBN is inflicting additional pain on already traumatised millions of innocent Nigerians seeking to return the old notes. Last Friday, reports claimed that the CBN had ordered banks to start collecting the old…

The Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, on Sunday said the 10-day extension given by the Central Bank of Nigeria (CBN) for the phasing out of old naira notes isn’t ‘adequate’. In a statement on Sunday, Mr Yusuf criticised the CBN over the numerous gaps identified in the implementation of its naira redesign policy. “The CPPE believes that 10 days is grossly inadequate to make up for the glaring shortcomings of the apex bank in this process,” the…

The Centre for the Promotion of Private Enterprise (CPPE) has said that the imposition of excise duty on all services will make the business community vulnerable. Muda Yusuf, director of CPPE, disclosed this on Sunday in a statement titled “Tweaking the 2023 Finance Bill and Options for Unlocking revenues in 2023”. Mr Yusuf noted that the provision of the bill is too broad, inexact and wide-ranging, adding that there is no jurisdiction around the world where all services are liable to excise duty. According to…

The Centre for the Promotion of Private Enterprise (CPPE) on Sunday expressed concerns over the passage of the 2022 Finance Bill by the National Assembly. A statement by Muda Yusuf, director of the think tank, said the “hasty passage” of the bill calls to question the representation role of the National Assembly, adding that there was no room for public hearing and engagement with stakeholders in the consideration of the bill. On Wednesday, the National Assembly passed the Finance Bill, a legislation that…