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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
Troops arrest eight illegal miners, dismantle site in Abuja
By: Zagazola Makama
Troops of the Nigerian Army have arrested eight suspected illegal miners and dismantled an unauthorised mining site in Gwagwalada Area Council of the Federal Capital Territory (FCT).
Security sources said the operation was carried out at about 7:00 a.m. on Wednesday following credible intelligence on illegal mining activities around the Chaza–Izom axis in Bamburu village, Suleja area.
According to the sources, troops of the 31 Artillery Brigade conducted a patrol to the location, leading to the arrest of the suspects at the site.
Items recovered during the operation include one motorcycle, one 25-litre jerrycan of Premium Motor Spirit (PMS), one 25-litre jerrycan of Automotive Gas Oil (AGO), four water pump machines and one gas cylinder.
“The illegal mining site was subsequently destroyed to prevent further exploitation, while the suspects and recovered items are in troops’ custody for further necessary action,” the source said.
Troops arrest eight illegal miners, dismantle site in Abuja
Troops arrest two suspected terrorists, recover arms in Plateau
By: Zagazola Makama
Troops under Operation Safe Haven have arrested two suspected terrorists and recovered arms and ammunition in Barkin Ladi Local Government Area of Plateau.
Security sources said the suspects were apprehended at about 4:21 p.m. on Wednesday by Sector 4 troops of Operation Peace Enforcement (OPEP) at Gashish, along Kafu Abu Road.
According to the sources, the arrest was based on credible intelligence, prompting troops to act swiftly and intercept the suspects.
The sources added that following the arrest, troops conducted a search of the suspects’ residence at Kadok village, leading to the recovery of two dane guns, one locally fabricated pistol, two rounds of 7.62mm special ammunition and one live cartridge.
“The suspects are currently in custody, while the recovered weapons and ammunition have been secured for further investigation,” the source said.
He reaffirmed the commitment of security forces to sustain ongoing operations aimed at curbing criminal activities and restoring lasting peace in Plateau and its environs.
Troops arrest two suspected terrorists, recover arms in Plateau
Troops arrest suspected spy, recover weapons in Cross River
By: Zagazola Makama
Troops of Operation UDO KA have arrested a suspected spy attempting to infiltrate a military defensive position in Obubra Local Government Area of Cross River.
Security sources said the suspect was apprehended at about 9:55 a.m. on Wednesday at Isabang settlement while allegedly conducting reconnaissance on troops’ locations.
According to the sources, troops of the 245 Battalion intercepted the suspect during a routine security sweep, leading to his arrest.
Items recovered from the suspect include a short locally made pistol, a cutlass, a torchlight and two mobile phones.
“During preliminary investigation, the suspect admitted to being a spy allegedly sent by a criminal group to carry out reconnaissance within the community,” the source said.
He added that the suspect also provided useful intelligence, including the identity of one Christopher Emmanuel, popularly known as “Black Stone,” as a member of the group responsible for a recent attack on troops in the area.
The sources noted that troops have since intensified aggressive patrols across the Odonget general area and its environs to deter further hostile activities.
They reaffirmed the commitment of security forces to sustaining pressure on criminal elements and ensuring the safety of residents.
Troops arrest suspected spy, recover weapons in Cross River
Troops arrest two suspected ISWAP informants in Borno
Troops arrest eight illegal miners, dismantle site in Abuja
Troops arrest two suspected terrorists, recover arms in Plateau
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