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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 repel bandits, rescue six kidnapped victims on Yankara-Funtua highway in Katsina
By: Zagazola Makama
Police in Katsina State have successfully rescued six kidnapped victims after intercepting an armed bandit attack on Yankara-Funtua highway in Faskari Local Government Area.
Sources said on Jan. 24 at about 1:25 a.m., unidentified armed bandits blocked the highway and abducted six occupants of a green Honda Civic, registration number AAA 518 BC, en route from Funtua to Faskari.
The DPO Faskari, on routine patrol, promptly engaged the hoodlums in a tactical gunfight.
The bandits were overpowered and fled into the bush, abandoning their mission. All six victims, Rabi Hamisu, Safare Musa, Abubakar Samaila, Shehu Umar, Sara’u Yahaya, and Ibrahim Babangida, were rescued unharmed and safely returned to their homes.
Intensive patrols continue in the area, while efforts to apprehend the fleeing suspects are ongoing.
Police repel bandits, rescue six kidnapped victims on Yankara-Funtua highway in Katsina
Suspect arrested for trespassing, attempting robbery at Bauchi Emir’s palace
By: Zagazola Makama
A 20-year-old man, Umar Hamza, was apprehended Wednesday night for trespassing and attempting to steal from the Emir of Bauchi’s residence.
Sources said Hamza entered one of the Emir’s son’s rooms carrying a bunch of keys and tried to commit theft around 8:20 p.m. on January 23.
He was intercepted shortly after the act and taken into the Police custody for questioning.
Police said Preliminary inquiries indicate the suspect intended to steal from the palace.
Suspect arrested for trespassing, attempting robbery at Bauchi Emir’s palace
VP Shettima Returns To Abuja, Says Nigeria Firmly Back On Global Economic Frontline
By: Our Reporter
Vice President Kashim Shettima has returned to Abuja after a week-long diplomatic and economic mission to Guinea-Conakry and Switzerland.
This is just as he said Nigeria has reclaimed a frontline seat in global and regional policy conversations.
VP Shettima arrived at the Nnamdi Azikiwe International Airport on Saturday after representing President Bola Ahmed Tinubu at the inauguration of Guinea’s President, Mamadi Doumbouya, and leading Nigeria’s delegation to the 56th World Economic Forum (WEF) Annual Meeting in Davos.
According to the Vice President, the trip is part of Nigeria’s renewed commitment to regional solidarity in West Africa and its determination to reposition the economy under President Tinubu’s Renewed Hope agenda.
The Vice President had departed Abuja for Conakry, where he attended President Doumbouya’s inauguration, reaffirming Nigeria’s leadership role within ECOWAS, while opening new pathways for bilateral cooperation in agriculture and manufacturing.
From Guinea-Conakry, Senator Shettima proceeded to Davos, Switzerland, where he led the Nigerian delegation at the WEF 2026.
One of the highpoints of his engagements in that country was the commissioning of Nigeria House Davos, the Nigeria’s first-ever sovereign pavilion on the Davos Promenade, designed as a permanent investment hub showcasing opportunities in solid minerals, agriculture and the digital economy.
At a high-level WEF session titled, “When Food Becomes Security,” the Vice President outlined Nigeria’s new national food security framework, describing agriculture as a strategic pillar of national security and macroeconomic stability.
Vice President Shettima also joined former President Olusegun Obasanjo, former Vice President Yemi Osinbajo and Minister of Finance, Mr. Wale Edun, to advance the Accra Reset Initiative, a forum advocating African industrialisation driven by domestic capital and value chains rather than foreign aid.
On the economic front, the Vice President told investors that Nigeria’s macroeconomic indicators were stabilising, citing a projected 4.4 per cent GDP growth in 2026 and a decline in inflation to 12.94 per cent.
He also pointed to Nigeria’s imminent transition into a net exporter of refined petroleum products, anchored by the Dangote Refinery, and the growing export of digital talent.
VP Shettima Returns To Abuja, Says Nigeria Firmly Back On Global Economic Frontline
Bandits raid Kitibawa community in Katsina despite peace deal
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Police repel bandits, rescue six kidnapped victims on Yankara-Funtua highway in Katsina
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