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ActionAid Nigeria Responds to CBN’s Interest Rate Hike, Highlights Economic Implications and Proposes Solutions

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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

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Four Killed, Three Injured in Attack on Illegal Mining Site in Plateau

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Four Killed, Three Injured in Attack on Illegal Mining Site in Plateau

By Zagazola Makama

Four persons have been killed and three others injured following an attack by unknown gunmen at an illegal mining site in Barkin-Ladi Local Government Area of Plateau State.

Security sources said the incident occurred at about 1:30 p.m. on May 2 at Mazat mining site, where the victims were reportedly engaged in unauthorised mining activities.

The sources disclosed that the assailants opened fire on the victims, killing four on the spot while three others sustained varying degrees of gunshot injuries.

According to the sources, the injured victims—two females and one male—were rushed to a nearby hospital for medical attention and are currently receiving treatment.

They added that the corpses of the deceased have been deposited at the hospital morgue for autopsy.

The sources further noted that security operatives were mobilised to the scene, while additional deployments have been made to track down the perpetrators.

They reiterated that night mining activities remain prohibited in the state, stressing that investigations into the incident are ongoing.

Four Killed, Three Injured in Attack on Illegal Mining Site in Plateau

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Security Operatives Repel Attack in Benue Community Over Land Dispute

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Security Operatives Repel Attack in Benue Community Over Land Dispute

By Zagazola Makama

Security operatives have repelled an attack on Okpute Ainuette community in Oju Local Government Area of Benue State following a renewed land dispute with a neighbouring community.

Security sources said the incident occurred at about 9:15 a.m. on May 2 when armed men, suspected to be from a community in Obi Local Government Area, invaded the area.

The sources disclosed that operatives swiftly responded to a distress call and mobilised to the scene, where they engaged the attackers in a gun duel.

According to the sources, the assailants fled into nearby bushes after being overpowered by superior firepower.

They added that no casualty was recorded during the encounter.

The sources further said security teams have commenced combing operations in surrounding bushes to track down and arrest the fleeing suspects.

They noted that additional deployments have been made to reinforce ongoing operations in the area, with efforts focused on restoring calm and preventing further clashes between the communities.

Security Operatives Repel Attack in Benue Community Over Land Dispute

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“Act Now or Lose the North”: KACRAN Issues Stark Warning as Insecurity Spirals Out of Control

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“Act Now or Lose the North”: KACRAN Issues Stark Warning as Insecurity Spirals Out of Control

By: Michael Mike

The Kulen Allah Cattle Rearers Association of Nigeria (KACRAN) has called on Northern leaders to set aside political differences and take decisive, collective action to address the worsening insecurity in Nigeria’s North-West and North-Central regions.

In a strongly worded press statement at the weekend signed by its National President, Hon. Khalil Mohammed Bello, the association expressed deep concern over the prolonged crisis, which it said has led to the deaths of thousands of innocent citizens, the destruction of property worth trillions of naira, and the widespread rustling of livestock—the primary source of livelihood for millions of families.

KACRAN described the situation as both tragic and avoidable, warning that continued inaction could inflict irreversible economic and political damage on the region.

The association particularly highlighted a disturbing report by Amnesty International concerning an incident in Kwara State, where several pastoralists—including women and children—were allegedly detained at a National Youth Service Corps (NYSC) orientation camp. According to the report, more than 150 detainees reportedly died due to disease and poor living conditions.

KACRAN called for a full, transparent investigation into the incident and demanded the immediate release of innocent individuals still in detention.

Central to KACRAN’s message is the assertion that Northern Nigeria possesses the resources and leadership required to end insecurity if there is genuine commitment. The group pointed to the region’s pool of experienced leaders—including former Heads of State, military officers, traditional rulers, and business figures—as critical assets that must be mobilized.

“The solution lies with us,” the statement emphasized, urging Northern stakeholders to take ownership of the crisis rather than shifting blame.

While calling for regional responsibility, KACRAN acknowledged efforts by President Bola Tinubu noting key security appointments and significant budgetary allocations—reportedly exceeding ₦5 trillion—to the defence sector as evidence of federal commitment.

However, the group cautioned that relying solely on the Federal Government without complementary local action would delay meaningful progress.

KACRAN also underscored the importance of dialogue, citing relative peace achieved in areas such as Birnin Gwari in Kaduna State and parts of Katsina State as proof that collaborative engagement among leaders can yield results.

Despite the reported incident, the association praised the Kwara State Government for its efforts in livestock development, particularly the creation of a dedicated ministry. It said these initiatives demonstrate goodwill toward pastoral communities, while urging authorities to ensure justice and prevent future occurrences.

KACRAN stressed the enduring unity of Northern Nigeria, warning against allowing political divisions to undermine shared heritage and coexistence.

“The North must not allow politics to destroy a house we all inhabit,” the statement read, calling for urgent action to restore peace, mutual respect, and stability across the region.

The association expressed hope that its appeal would galvanize leaders into coordinated action capable of ending the cycle of violence and rebuilding trust among communities.

“Act Now or Lose the North”: KACRAN Issues Stark Warning as Insecurity Spirals Out of Control

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