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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
Police recover 15 rustled cows in Zamfara
By: Zagazola Makama
The Police Command in Zamfara says its operatives have recovered 15 cows rustled by armed bandits during an attack on Gidan Kwagiri village in Damba District of Gusau Local Government Area.
Security sources said the incident occurred at about 1:30 a.m. on Feb. 15 when the bandits invaded the community and carted away cows and sheep belonging to residents.
According to the sources, upon receiving the report, the Divisional Police Officer (DPO) in charge of Damba Division mobilised personnel alongside patrol teams from the Department of Operations to pursue the attackers.
The team was said to have successfully recovered 15 cows, which were subsequently handed over to their owners.
Efforts, however, are ongoing to track down the suspects and recover the remaining rustled animals, while security patrols have been intensified in the area to forestall further attacks.
Police recover 15 rustled cows in Zamfara
Operation Whirl Stroke arrests cow rustling suspects fuelling violence in Benue
By: Zagazola Makama
Troops of the Joint Task Force (JTF) Operation WHIRL STROKE have arrested suspects linked to cattle rustling in Benue State, following two separate security incidents in Guma Local Government Area.
Security sources said that on Feb. 15, troops responded to an attack on herders at Amua Village, located between Daudu and Umenger/Ukpiam. The attack left one herder dead, while another sustained gunshot wounds and was evacuated to Keana in neighbouring Nasarawa State for urgent medical attention. The remains of the deceased were handed over to community representatives for burial according to local customs.
In a related operation on the same day, troops stationed at Ukpiam acted on intelligence provided by vigilant youths concerning suspected cattle rustling. The troops arrested a 23-year-old suspect, Terngu Aondohemba, who reportedly confessed to killing two cattle belonging to Fulani herders. He also implicated two accomplices, Akpehe and Ashinge, who are still at large.
Further investigation led security operatives to Korje Village in Daudu, where Mrs. Mercy Onban, wife of the alleged buyer of the stolen meat, was apprehended along with the recovered meat exhibits. Both suspects remain in custody pending further investigation.
The Force Commander of the Joint Task Force, Major General Moses Gara, condemned the attacks and criminality, affirming the commitment of Operation WHIRL STROKE to halting killings and cattle rustling in the Joint Operations Area.
He urged community leaders to strengthen collaboration with security agencies, stressing that timely intelligence sharing is critical to restoring lasting peace. Major General Gara also reassured law-abiding residents of the strong resolve of the Joint Task Force to protect lives and property across the region.
Operation Whirl Stroke arrests cow rustling suspects fuelling violence in Benue
Federal Government arraigns Nasir El-Rufai over alleged phone interception
By: Zagazola Makama
The Federal Government has charged former Kaduna State Governor, Mallam Nasir El-Rufai, before the Federal High Court, Abuja, over alleged unlawful interception of phone communications belonging to the National Security Adviser, Nuhu Ribadu.
Court documents showed that El-Rufai, 65, appeared as a guest on Arise TV’s Prime Time Programme on Feb. 13, 2026, where he reportedly admitted to involvement in the interception and to knowing individuals who carried out the act without reporting them to security agencies.
The charges, filed under TABU DET CR/99/2026, include: Count One, Allegedly admitting during the television interview that he and his associates unlawfully intercepted the phone communications of the National Security Adviser, contrary to Section 12 (1) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.
Count Two, Allegedly stating that he knew individuals who unlawfully intercepted the same communications but failed to report them, in violation of Section 27(b) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024. Count Three, Allegedly using technical systems to compromise public safety and national security, and instilling apprehension among Nigerians, in breach of Section 131(2) of the Nigerian Communications Act, 2003.
The case, filed by a team of Federal Government lawyers led by ME Ernest, OM Owan, UM Bulla, CS Eze, and VE G. Orubor, is set to proceed with investigations and trial proceedings.
Authorities said the matter falls under the jurisdiction of the Abuja Judicial Division of the Federal High Court, where the accused will be required to respond to the charges.
The trial is expected to attract significant public attention given the high-profile nature of the accused and the sensitive security issues involved.
Federal Government arraigns Nasir El-Rufai over alleged phone interception
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Police recover 15 rustled cows in Zamfara
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