 All right, straight now to the issue of the moment. In addition to the removal of fuel subsidy, President Tindabu raised significant concerns regarding monetary policy. He provided insight into how his administration plans to handle monetary margins, emphasizing the need for an economic overhaul. His goals include achieving higher GDP growth and substantially reducing unemployment in the country. President proposed accomplishing these objectives through budgetary reform, aiming to stimulate the economy without causing inflation. Furthermore, he intends to implement an industrial policy that utilizes various fiscal measures to promote domestic manufacturing and reduce dependence on imports. Moving on right now, journalist and social commentator Ayodejiake joins me now to discuss further on this development. Many thanks for joining me, Ayodejiake, good morning to you. All right, if you can hear me, we can hear you loud and clear now. Let's start this way, Ayode. The active CBN governor seems to have his work caught out for him to restore economic confidence among all that policy instrument. But just where should he be starting from with lots of expectations from economic players? What are you doing right now as in the first things first? Okay, first, I think it's not the time for us to start jubilating or celebrating governor. And it's also the time for us to celebrate that for the first time in Nigeria, we'll be having two CBN governors. And you ask me why? It's a good thing to know that our president, president, Abola Mehti Nogu, have a vast knowledge and experience in financing and will be asking in the capacity, not as a CBN governor, but will be checkmating the operations and the activities in the space bank, despite the fact that we'll be having a CBN governor. And from his speech, he has said it several times that he will ensure that we have an exchange rate, which I think is key. So there's no gain in saying there's no news as we are at the crossroad. All right, I'll try and reconnect with Ayodeji because there's a whole lot to discuss. Because before the suspension of the CBN governor, a whole lot of issues have actually been on. I have Ayodeji back. Ayodeji, can you hear me? Yeah, I can hear you. Sorry. I think I lost the connection. I was trying to say something. Go ahead. I was trying to say the president has said, the very first thing he has said, and he keeps saying it, is that we are going to have a uniform exchange rate, which I think is key. And if you check what happened recently, whereby we have a newspaper publication from Belly Trust saying the exchange rate jumped to over 600, and the former CBN governor was saying it's still over 400. So this is like when we have a uniform exchange rate, like the president has said, is we have to encourage a lot of investment, and it's also helped the private industry to aid the ground running as the president has always promised. So I think the very first thing the acting governor should do is to ensure that the uniform exchange rate, like the president had mentioned, is put in place and it's currently working to save Nigeria from this economic mess we find ourselves. That I think should be the first step. All right. I'm going to take a very quick break. I'm going to bring you in and we'll come back and we'll talk about the MPC. We'll talk about the interest rate that has actually been increased to 18.5 percent as against inflation of over 20 percent. The Monetary Policy Committee, which the acting guy will now chair, has raised the interest rates to 18.5 percent. The highest in decades, basically it's all to rein in inflation, which stands at over 22 percent. What do you think can be done differently this time around because we keep on increasing interest rates? We've actually gotten the desired effect on inflation. Okay. I think the interest rate of over 18 percent is non-news and it's really eating the economic cloud. And if you, like I said, I think this is the first time Nigerians should be happy that they're having a truly action in the CBN. First we have the president will be checkmating the activities of the Central Bank of Nigeria because they have a vast knowledge about finance and I'm sure that because you understand financing, you'll be able to check the activities despite the fact that we'll be having probably acting governor or governor in the future. So like I said, one thing the governor and the president have said ever since the Zoom office is trying to unify the exchange rates. I think, you know, trying to work on, because you also mentioned that 18 percent interested. It's something that needs to be addressed quickly with the president during his campaign said he will try as much as possible to reduce to over 6 percent. Yes, it's not in my dictionary, like I will say, and these politicians, they have, it's not what we should expect tomorrow morning. But for him to have a visit that you will be reducing the interest rate, 6 percent. Let's just give him the pass mark of about 10. So if the president can work on beginning to about 10, so about 10 percent, I think subsequently there will be a change. And how can you do this? We have a lot of, for example, we have a lot of activities around the commercial activities that can aid this. Now, if you check what the president has done, like about two weeks, first, and it's a monthly remarks, presidential remarks, you mentioned that there is nothing like a full subsidy. Now that this will help us to have enough funds, the federal government will have enough funds to do other things, to maybe not palliative. Yes, there have been a lot of issues on palliative, but palliative will definitely not reduce the interest rates. And the other thing is the uniform exchange rate, like I have said, will give peace in the market, in the exit market. So by giving opportunities to a lot of foreign investors and even private investors to be able to balance their businesses. Now, it's quite unfortunate that in this part of the world, it's worrisome that private investors cannot even assess load. Imagine if you are trying to, if you are assessing load to a point of about over 18 percent, I don't know what the personal profit of the private organization will be for them to eat the groundwork. And with this 18 percent, 18.1 percent, if you ask me, if you go around, if you do this visibility study and investigation, we discover that a lot of private companies are filled to exist. So I feel forced. The giant strike, the president are picking force, saying we should have unified exchange rates. Should be the first day. And it's not even time for us to start applauding the acting CBM government, because you have a whole lot to do in this office. So from that, and also, like the first of the move up fund, the president have said it's about, it's about over 11 trillion if I'm not mistaken, which is taking about, I think, almost 50 percent of the story is about three budgets. So if we can have that, if we can give opportunities to private companies to assess load and for the good of it, assess load, definitely we are heading somewhere. OK, so but the president, it is inaugural state when has his eye on, you know, achieving growth for the economy. He's actually targeting 6 percent yearly output growth under how this can be achievable. If you look at the policies the CBN has had over time, you know, our interest rate is about 18.5 percent and the banks are really lending at a high rate. Even with the cash reserve ratio, what the banks has or have, what the CBN is about, 32.5 percent, which is like amongst one of the highest in the world. So if the banks are expected to reserve such amounts, you know, with the CBN, and that means they don't really have so much, you know, to appropriate for loans that to actually stimulate the economy. Do you see Nigeria, the country achieving this task or this tall other over 6 percent and yearly output growth with all of the economic mismatches that we've had over time? All right, I think I lost them, Iodilly. OK, I'll see if we can join him again, because as a whole lot that we really need to talk about the President seems to have the economic blueprint that he wants to achieve with the country and he actually has heeds the ground running with all of that he has said during his inaugural speech. Do we have Iodilly back? OK, so we still need to talk about the issue of Wings means it used to be about 5 percent from what we hear right now. The Senate has actually pegged it has actually approved that it will be pegged right now to a limit of about 15 percent. We need to know about how all of these would actually play out in affecting the economy. And of course, I will see just how that goes in the coming month and I will see just how far should we would be doing concerning that. Thanks for joining us again, Iodilly, can you hear me? All right, before we lost connection there, we're talking about the President retreating his commitment to a 6 percent yearly output growth. And I'm wondering how all of that can be achievable with most of the policy mismatches that we've had with the central bank of Nigeria. OK, I was I was about addressing that question and said, now, don't forget that the President is not in Magickshire. Like I've said, if you ask me, I don't think the 6 percent is possible in a year or two, but we are getting somewhere. If we are 18 percent as we speak now and the President is able to work within a span of a year to at least reduce it to about 14 of the 10, then we are moving somewhere. Then subsequently in the following year, if we can achieve to about 10 percent, definitely it will work. So I think we just need to. Yes, Nigerians are impatient, but we just need to give the President and we need to give the working and the CBN enough time to get their bearing. Like I've said, I think I'm happy and I'm so impressed that the first time Nigeria is having would be having two leaders, two CBN leaders, the President and the CBN Governor, because the President himself have a vast experience in the financing sector. So I think it's going to be a fantastic journey. And like you said, it's quite impossible. I think I've mentioned it for private private investors, private organization, private companies who strive in this it's simply set up and circle. So what we can't hide, we can't hide from the fact that the major stream of income Nigeria is having to come from the NMPCL. So I'm good enough. What I think we can go there and say there's nothing like false hopes that they get for this with the President. So if you give them the opportunity, we can eat forest to the NMPC, to the PMS and through gas. So by doing this, we have enough money, we have enough reservation and our companies, our businesses, who have affordable and accessible. So I'm not expecting the President in the span of one year to reduce the interest rate to six percent. It's not an action, but I'm envisaging that in the next two years, in the next three years, if we can draw from 18 percent to about nine or 10, then we are heading somewhere. All right. So let's talk about governments and borrowings, specifically the issue of ways and means that has been in the news recently. With the HST amendment of the statutory provision extending the borrowing limits to 15 percent of the previous year's revenue of the federal government, wouldn't this be more burden on the Central Bank of Nigeria? Come again, I didn't hear that. The line was breaking. Sorry. I was talking about the ways and means. It used to be about five percent, but not too long ago, the Senate has actually approved and brought it up to about 15 percent. The borrowing limits to about 15 percent of the previous year's revenue of the federal government. I'm thinking, don't you think it would be a bit more of a burden on the Central Bank of Nigeria? Now, if recently, I think the former, you'll be former now because they are having their election, as you speak. The former Senate President Lavan mentioned during the bariatric service that, you know, they are not robust and Senate. Due to the fact that the previous administration had a lot of borrowing and they had to, you know, they had to ascend to the borrowing request, but from his dismissal immediately, that there is no way they could run the government, the government, the previous administration could run the government without borrowing. Now, come to think of it, we have we have a budget of about a national century budget of over three trillion. And as you speak, I can bet you that Nigeria is broke. Now, look at it. The president, even yesterday that that is supposed to be that was a misalibated democracy day yesterday and two days ago, the presidency mentioned that it's going to be celebrated low key, which simply means that there is no need for us to jump your car and there's no money. As you are broke, we need to set this record straight. So what if you say it's going to be a burden on the central central bank? Yes, maybe yes, but that is why we have we have professionals as leaders. Yeah, I'm not having any issue that there shouldn't be as an engineering background, but that man has been in the financing sector for over 30 years, over three decades, over 30 years. So which I'm banking on his experience, and we here at Nigeria also banking on the president's experience, which he has in the finance sector. So I feel yes, it's going to be much of a burden on the central bank, but the best hand on ground we are going to survive this. All right, very quickly as we round off now, you know, at the start of the year, it was Cashlight, Barra redesigned, Nigerians were actually going through a whole lot, even the president when he was doing his campaign, he was actually not really in support of how CBN had actually gone about it. Now, we have about six months to the issue December 31st. The new bank notes are still running side by side with the old ones, you know. But Nigerians are still saying that they are technically not seeing the new currency that are practically out of circulation. We have until the end of December, that's about six months, if I'm not wrong. What does Shonubi have in his hand? How does he actually handle all of that and with this whole narrow-reason policy or what should he be doing differently? I think for Shonubi, I admit the fact that the narrow-reason notes was a total failure under the previous CBN government. And yes, it is good that we now have the opportunity to tender the old and the new narrow notes. So what Shonubi can do as it's picked now, the narrow-reason notes, we see half-time, if you ask me. Now, you can redesign notes when the economy is having issues. We see half-time, let's continue spending. Well, for me, if you ask me, I can't even tell you the last time I saw the new notes if you ask me. So which simply means that the new notes does not even exist or maybe it's still existing. I don't know. And Nigerians will tell you they don't know. So what? All right, we seem to have lost them again. But unfortunately, we are out of time. Actually, just wanted to get him his thought concerning what Shonubi could have done or can do concerning the narrow-reason. We have a belly December 31st. I'm just staring at us in the face. Well, thank you, Ayodeji, once again for your time. But that's the most we can take on the show for today. We'll return again same time tomorrow. My name is Justin Acadone. See you again next time. Bye for now.