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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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Troops ambush terrorists along Marte–Dikwa road, recover logistics in Borno

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Troops ambush terrorists along Marte–Dikwa road, recover logistics in Borno

By: Zagazola Makama

Troops of Operation Hadin Kai have successfully ambushed Boko Haram/ISWAP terrorists along the Marte–Dikwa axis of Borno, forcing them to flee and abandoning logistics items.

A military source said the operation was conducted in the early hours of Thursday by a combined team of 50 Task Force Battalion/24 Task Force Brigade and 134 Special Forces Battalion, supported by volunteer forces.

The source disclosed that the troops, who had laid in wait at Momoh village along the Marte–Dikwa road, made contact with the insurgents moving on bicycles at about 12:45 a.m.

“On sighting the terrorists, the troops engaged them decisively, compelling them to retreat in disarray,” the source said.

He added that troops immediately carried out exploitation of the general area, leading to the recovery of eight bicycles believed to have been used by the insurgents for mobility, as well as some beverages suspected to be part of their logistics supply.

The Marte–Dikwa axis has remained a critical corridor in counter-insurgency operations, with sustained military pressure limiting the activities of insurgents in the area.

The source reaffirmed the commitment of troops to sustain aggressive operations to deny terrorists freedom of action and ensure the safety of communities across Borno.

Troops ambush terrorists along Marte–Dikwa road, recover logistics in Borno

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Army troops neutralized 8 Boko Haram in Borno failed attack, recover arms

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Army troops neutralized 8 Boko Haram in Borno failed attack, recover arms

By: Zagazola Makama

Troops of Operation Hadin Kai have successfully repelled a coordinated attack by Boko Haram/ISWAP terrorists on a Forward Operating Base in Mandaragirau, Borno, killing several insurgents and recovering arms and ammunition.

A military source told Zagazola Makama that the attack occurred in the early hours of Saturday when terrorists advanced from multiple directions toward the base.

According to the source, troops who had taken ambush positions engaged the insurgents with superior firepower, forcing them to retreat in disarray.

“The troops demonstrated resilience and tactical superiority, effectively repelling the assault and immediately launching a counter-exploitation along the terrorists’ withdrawal route, inflicting further casualties on the fleeing insurgents,” the source said.

He confirmed that no personnel of the Nigerian military was killed during the encounter, although one Mine-Resistant Ambush Protected (MRAP) vehicle was hit by a rocket-propelled grenade.

The source added that at least eight terrorists were neutralised during the operation, while troops recovered seven AK-47 rifles, eight magazines, four RPG bombs, and a cache of ammunition.

“Blood trails were observed along the withdrawal routes, indicating that several other insurgents escaped with gunshot wounds,” he said.

He further disclosed that injured personnel from the encounter were currently receiving treatment at a military medical facility in Biu.

Zagazola gathered that additional bodies of fleeing terrorists were sighted along their escape corridors toward the Timbuktu Triangle, a known insurgent enclave. We saw four more bodies,” said sources.

The military sources also revealed that abandoned weapons and casualties were observed in Garin Mallum and Garin Gajere, suggesting heavy losses suffered by the insurgents during the failed attack.

The military leadership urged to sustain the operational tempo, retain the initiative, and consolidate on the gains recorded against the insurgents.

Army troops neutralized 8 Boko Haram in Borno failed attack, recover arms

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Nigeria Positions Itself for Global Space Leadership at Satellite Week 2026

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Nigeria Positions Itself for Global Space Leadership at Satellite Week 2026

By: Michael Mike

Nigeria is set to sharpen its policy direction in the global space ecosystem as Nigerian Communications Satellite Limited prepares to host the 2026 Nigerian Satellite Week in Abuja.

The Managing Director of Nigerian Communications Satellite Limited, Jane Egerton-Idehen, disclosed this in a statement issued by the agency’s Head of Corporate Communications, Stephen Kwande, noting that the event will convene top government officials, regulators, and international stakeholders to shape the future of satellite governance and digital infrastructure.

Egerton-Idehen said the forum is coming at a critical time when countries around the world are strengthening their space capabilities as part of broader national development strategies.

According to her, satellite technology is increasingly linked to economic growth, national security, and digital connectivity, making strategic investments in space infrastructure a priority for many nations.

She explained that the conference is expected to attract high-level participation, including cabinet members, defence authorities, development finance institutions, and technology innovators from across Africa.

The NIGCOMSAT boss also highlighted Nigeria’s growing influence in global space policy, pointing to her emergence as Vice Chair of the Global Satellite Operators Association as a sign of the country’s expanding role in international satellite governance.

She further cited ongoing collaboration between Nigeria and the Kenya Space Agency as part of broader efforts to strengthen partnerships within Africa’s evolving space ecosystem.

Egerton-Idehen described the upcoming satellite week as both a reflection of Nigeria’s 20-year journey in satellite development and a strategic platform to define the country’s next phase in an increasingly competitive global space economy.

Nigeria Positions Itself for Global Space Leadership at Satellite Week 2026

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