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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
News
Troops clear bandits’ camps, rescue victims, recover arms in Bauchi
Troops clear bandits’ camps, rescue victims, recover arms in Bauchi
By: Zagazola Makama
Troops under Operation WUTAN DAJI have cleared several bandits’ camps, rescued kidnapped victims and recovered arms during clearance operations in Bauchi State.
Security sources said troops of 33 Artillery Brigade Garrison, in conjunction with elements of the Brigade Headquarters and a team from the Office of the National Security Adviser (ONSA), carried out the operation in Kumbodoro forest and Kumbodoro village.

According to the sources, the operation was led by the Commander, 33 Artillery Brigade, Brig.-Gen. S.S. Shehu, as part of ongoing efforts to rid the area of criminal elements.
They added that several bandits’ camps, including Azuge camps, were cleared during the operation, while a number of the criminals were neutralised.
Items recovered include four skeletal rifles, four dane guns, two pairs of boots, three helmets, a power bank, a Startimes decoder, one FN rifle magazine, one AK-47 magazine, communication links, a jackknife, six mobile phones, arrows, radio chargers, ATM cards, photographs, identity cards, as well as several pairs of security agency uniforms and leg chains.

The sources further disclosed that eight kidnapped victims were rescued during the operation.
They said troops are currently holding position within the Kumbodoro forest to consolidate gains from the clearance mission.
In a related development, the sources said troops deployed at Duguri, in collaboration with local vigilantes, recovered 36 cows at Mushen Kura village following information that the animals were roaming the area.

“The cows are suspected to have fled from bandits’ camps due to the ongoing operations and are currently in custody for further action,” the sources said.
They noted that troops’ morale and combat efficiency remain high, while operations continue to deny bandits freedom of action in the region.
Troops clear bandits’ camps, rescue victims, recover arms in Bauchi
News
Joint security forces raid herders’ camp in Rivers, recover arms and ammunition
Joint security forces raid herders’ camp in Rivers, recover arms and ammunition
By: Zagazola Makama
Joint security operatives under the Joint Task Force, South-South, Operation Delta Safe, have raided a suspected herders’ camp in Ikwerre Local Government Area of Rivers State, recovering arms and ammunition.
Security sources said the operation was carried out at about 1:30 p.m. on April 12 along the IPO community axis by troops of 6 Division Garrison in collaboration with personnel of the Air Force, Navy, Police, Department of State Services (DSS) and Civil Defence Corps.
According to the sources, the raid targeted identified herders’ and cattle rearers’ camps in the area.
They added that items recovered during the operation include one AK-47 rifle, one pump-action gun, 274 rounds of 7.62mm special ammunition and four mobile phones.
The sources noted that the operation is part of ongoing efforts to curb illegal possession of firearms and enhance security across the Niger Delta region.
Joint security forces raid herders’ camp in Rivers, recover arms and ammunition
News
Zulum establishes quarry centre, procures 70 trucks for infrastructure development
Zulum establishes quarry centre, procures 70 trucks for infrastructure development
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, has announced the establishment of a quarry centre in Pulka, Gwoza Local Government Area, to accelerate infrastructure development in the state.
Zulum made this announcement on Monday while flagging off the distribution of 70 brand-new Howo pickup trucks to the Ministry of Works and the State Road Maintenance Agency (BORMA) at the Government House.

The 70 Howo trucks are designed to boost the operational capacity of the Ministry of Works and its supervising agencies. The trucks will enable the swift delivery of materials to sites and faster intervention on distressed roads.
According to the governor, the quarry centre will provide locally sourced materials including granite, gravel and sharp sand to support ongoing and future road projects, reducing dependence on external suppliers and cutting costs.
“We have achieved a lot in health, education, agriculture, security, and road construction among others. However, we still have challenges of constructing roads within the state, especially in rural communities,” Zulum said.
“My administration has established a quarry plant in Pulka with a processing capacity of 120 tons per hour. The State Government spent at least 3 billion to establish the quarry plant”, he added.
According to the governor, due to the prevailing insecurity, most contractors are not willing to work in Borno.

“You know, no serious contractor will take the risk of deploying his equipment to most of the implementing areas, so this is the reason we are here”, the governor reinstated.
“So, we have no option but to strengthen the capacity of the Ministry of Works, the capacity of Borno State Road Maintenance Agency (BORMA), the capacity of special projects, monitoring departments and other MDAs that are responsible for road construction.”
The brief ceremony was attended by the Secretary to Borno State Government, Bukar Tijani, Acting Chief of Staff, Dr Babagana Mustapha Mallumbe, Permanent Secretary Ministry of Works, Engr Baware, BORMA Chairman, Engr Sadu Auno, the Special Adviser on Monitoring and Evaluation, Engr Bukar Gujubawu and other senior officials.
Zulum establishes quarry centre, procures 70 trucks for infrastructure development
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