News
ActionAid Nigeria Responds to CBN’s Interest Rate Hike, Highlights Economic Implications and Proposes Solutions
ActionAid Nigeria Responds to CBN’s Interest Rate Hike, Highlights Economic Implications and Proposes Solutions
By: Michael Mike
ActionAid Nigeria acknowledges the Central Bank of Nigeria’s (CBN) recent decision to raise the Monetary Policy Rate (MPR) to 26.25%, as announced by Governor Yemi Cardoso during the 295th Monetary Policy Committee (MPC) meeting. This marks the third consecutive increase aimed at curbing the surging inflation, which currently stands at 33.69%.
Speaking at its head office in Abuja, ActionAid Nigeria’s Country Director, Andrew Mamedu, noted that, “While the decision to adjust the MPR demonstrates a proactive approach to achieving price and economic stability, it is important to acknowledge its broader implications. We recognise that although inflation is still rising, the month-on-month rate increase is reducing. In the other hand, the increased MPR will inevitably lead to higher borrowing costs for businesses and individuals. Small and Medium-sized Enterprises (SMEs), which are the backbone of our economy, will face heightened challenges in accessing affordable credit. This could stifle innovation, growth, and job creation within this vital sector.
For vulnerable populations, the rising cost of living and food prices, exacerbated by higher interest rates, will further strain their already limited financial resources. This becomes a case of double jeopardy of high inflation and high interest rates. As the cost of borrowing increases, so does the difficulty in securing loans for essential needs, pushing many deeper into poverty.”
To mitigate the impacts of the increase in interest rates and inflation, ActionAid Nigeria proposes that the Federal and State Governments must immediately step-up social protection programs to support the most vulnerable populations. This includes expanding food assistance initiatives, providing targeted financial aid to low-income families, and offering more support to other social sectors, including education, health, and housing.
Andrew Mamedu also reiterated that “It is only fair for the CBN to increase special credit facilities with lower interest rates for SMEs at this crucial time to ensure they can continue to operate and grow. Providing technical and financial support to these businesses will help them sustain their contributions to the economy. Additionally, not many people understand the implications of this hike in interest rates. It is very important for the CBN to collaborate with the National Orientation Agency (NOA) to engage with the public and stakeholders to explain the rationale behind these economic policies. This will foster understanding and patience and enhance transparent communication from the government to manage expectations and build trust and get the citizens to hold greedy businesses and individuals accountable from exploiting the system.
The country director concluded that the fiscal aspects of the economy need to complement the CBN’s efforts in managing monetary policy. This includes improving the ease of doing business, implementing progressive taxation, and ensuring effective budgeting and budget utilisation.
ActionAid Nigeria remains committed to working with the government, private sector, and civil society to address these challenges and promote a more inclusive and resilient economy.
ActionAid Nigeria Responds to CBN’s Interest Rate Hike, Highlights Economic Implications and Proposes Solutions
News
Police arrest three suspected kidnappers in Gombe
Police arrest three suspected kidnappers in Gombe
By: Zagazola Makama
The Gombe State Police Command has arrested three suspected kidnappers following a tip-off from credible intelligence, sources said on Friday.
Police sources said the suspects were apprehended on March 10 at about 10:00 p.m. by operatives working in conjunction with local hunters.
The arrested suspects were identified as Mohammed Abubakar, 29; Mohammed Bello, 23; and Mohammadu Ali, 25, all residents of Galda Village, Fika Local Government Area of Yobe State.
According to the report, the suspects were planning to carry out a kidnapping in an unspecified location in Bauchi State. Upon interrogation, they allegedly confessed to the planned crime.
Police said investigations were ongoing to uncover further details and apprehend any other accomplices involved in the plot.
Police arrest three suspected kidnappers in Gombe
News
Youths attack and kill two army officers while responding to dispute in Cross River
Youths attack and kill two army officers while responding to dispute in Cross River
By: Zagazola Makama
Two army officers, including an intelligence officer, were reportedly killed during a violent clash between youths in a disputed crisis zone between Isabang and Alesi communities in Obubra Local Government Area of Cross River State.
Sources told Zagazola Makama that the incident followed a conflict on March 11 when Ibrahim Musa, a 25-year-old miner from Kusa, who deals in tin ore at Ekuri village, was allegedly beaten by youths at a village checkpoint and had his mined minerals seized.
The miner reportedly reported the attack to soldiers stationed at 245 Battalion, Edor Barracks, near Jenifer Etuh’s Hospital in Ochon. Troops responded by moving into the forest to arrest four youths allegedly involved in the attack.
Residents said other youths blocked the access road to prevent the arrest and attacked the soldiers. In response, they fired which resulted to the injuries of four persons, including Christopher Agara, 27, and Ogobi Egbe, 30, while two others were evacuated for native treatment.
The attack resulted in the deaths of two soldiers.
Additional troops have since deployed additional personnel to restore order in the area, and normalcy has reportedly returned.
Youths attack and kill two army officers while responding to dispute in Cross River
News
New Tax Regime to Ease Burden on Workers, Small Businesses — Tegbe
New Tax Regime to Ease Burden on Workers, Small Businesses — Tegbe
By: Michael Mike
Chairman of the National Tax Policy Implementation Committee (NTPIC), Joseph Tegbe, has said Nigeria’s new tax regime is structured to reduce the financial burden on workers and small businesses while strengthening the country’s fiscal stability and economic competitiveness.
Speaking at the BusinessDay Tax Reform Conference 2026 themed “Navigating the New Tax Regime: What It Means for Your Wallet,” Tegbe described the reforms as the most far-reaching restructuring of Nigeria’s tax system in decades. He noted that the initiative is aimed at simplifying tax processes, promoting fairness, and creating an environment that supports economic expansion.

According to him, the reforms are anchored on four major legislations — the Nigeria Tax Act, 2025, Nigeria Tax Administration Act, 2025, Nigeria Revenue Service (Establishment) Act, 2025 and the Joint Revenue Board of Nigeria (Establishment) Act, 2025 — which collectively introduce a more coordinated and transparent tax administration framework.
Tegbe explained that the new structure provides targeted reliefs for individuals and small enterprises, ensuring that low-income earners and emerging businesses are not overburdened by taxation.
Under the new regime, individuals earning below ₦800,000 annually will be exempted from personal income tax. Workers will also benefit from a rent relief allowance of up to 20 per cent, capped at ₦500,000, among other incentives designed to ease financial pressure on households.
Small businesses are equally positioned to gain from the reforms. Companies with annual revenues below ₦100 million and assets not exceeding ₦250 million will be exempted from Company Income Tax, while nano-enterprises with annual earnings below ₦12 million will not be required to pay income tax.
Despite these relief measures, Tegbe stressed that individuals and businesses within the exempted thresholds must still maintain proper documentation of their earnings and comply with the requirement to file tax returns.
He noted that beyond the tax reliefs, the reforms will also strengthen institutional coordination among key agencies including the Nigeria Revenue Service, the Joint Revenue Board of Nigeria, the Tax Appeal Tribunal and the Office of the Tax Ombud. He added that increased digitalisation of tax processes will improve transparency, efficiency and compliance across the system.
According to Tegbe, the broader objective of the reforms is to create a tax structure that supports enterprise development, encourages investment and enhances Nigeria’s ability to mobilise revenue for national development without placing excessive strain on citizens.
“The goal is to build a tax system that works for everyone — one that supports government in delivering development while also protecting the financial wellbeing of ordinary Nigerians,” he said.
Other dignitaries at the conference included Executive Secretary of the Joint Revenue Board of Nigeria, Olusegun Adesokan; Acting Executive Chairman of the FCT Internal Revenue Service, Michael Ango; renowned economist Uche Uwaleke; and policy expert Sam Amadi, among others, who also contributed to discussions on the implications of the new tax framework for businesses and households.
New Tax Regime to Ease Burden on Workers, Small Businesses — Tegbe
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