Dear Subscriber,
Stick with your workout routine
Making fitness resolutions is simple, but sticking to them is tough. However, no matter how hard we think it is, exercising to stay healthy is not debatable. Yes, it involves a lot of effort and money. From waking up early, to registering at the gym and eating special protein diets, working out is undoubtedly a herculean task, that if not careful you may become discouraged after a few attempts. But rest assured that the outcome is promising, especially when you look in the mirror. The question then is; how do you get back on track when you get into a workout lull? Fortunately, the lifestyle section in this Unity Bank digest provides five tips to help you stay motivated and stick to your workout routine.
Interest rate hikes are worsening recession fears
In line with global trends, the Monetary Policy Committee (MPC) raised the benchmark interest rate (MPR) to 18%p.a.—the highest level since the committee began in 2006. The CBN carefully considered the recent global financial tremor, inflation, the unintended consequences of the last cash crunch, GDP growth, and exchange rate pressures. More importantly, the committee considered the incoming subsidy removal and its attendant inflationary impact. But, while cooling inflation is the flagship move of the CBN, higher interest rates will increase the cost of borrowing for businesses, which could stifle output growth and heighten the risk of a recession. Make no mistake, this is not just about Nigeria, the recession is now a global risk.
No excise duty = stable telecom service charges
The federal government has exempted the telecom industry from paying the 5% excise duty approved in 2020 for all sectors of the economy. This came after considering the numerous taxes and levies riddling the industry. As a result, the operating costs for telecom operators could reduce with a corresponding improvement in market efficiency, contributing positively to economic growth. Currently, the ICT sector contributes 15.7% to GDP, up from 10.9% in 2010.
In this edition of the Unity Bank Digest, we provide you with a healthy dose of economic, lifestyle, and entertainment stories.
Please enjoy your read!
