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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 neutralise six bandits, recover rifles as arson attacks escalate in Zamfara
By: Zagazola Makama
Troops operating under Project Garkuwan Arewa have neutralised six bandits and recovered seven AK-47 rifles during a security operation in Tsafe Local Government Area of Zamfara State, the News Agency of Nigeria (NAN) reports.
A security source told Zagazola Makama on Sunday that the operation, conducted in the villages of Gangara, Tsageru and Sungawa, followed credible intelligence on hostile bandit activities in the area.
“Troops neutralised six bandits identified as Musa, Shehu, Nasiru, Yusuf, Mantagora and Siddiq. Seven AK‑47 rifles were also recovered during the operation,” the source said.
He said despite the setbacks suffered by the criminals, remnants of the bandit group resorted to burning farmlands and properties in surrounding communities in a bid to intimidate residents and regain control.
According to the source, local vigilante operatives are assisting troops in tracking fleeing bandits, some of whom have taken refuge within Gangara town, resulting in intermittent gunfire exchanges.
Security authorities described the attacks as retaliatory actions aimed at destabilising rural communities and warned of increased risks of civilian casualties if the criminals are not cleared from the area.
Troops have since intensified ground patrols in Gangara, Tsageru and Sungawa, while coordination with local intelligence networks has been strengthened to provide early warning on bandit movements.
Operations to track and apprehend fleeing suspects are ongoing.
Troops neutralise six bandits, recover rifles as arson attacks escalate in Zamfara
PRESIDENT TINUBU ORDERS THE WITHDRAWAL OF POLICE OFFICERS GUARDING VIPS FOR CORE POLICE DUTIES
By: Our Reporter
President Bola Ahmed Tinubu has ordered the withdrawal of police officers currently providing security for Very Important Persons in the country.
Henceforth, police authorities will deploy them to concentrate on their core police duties.
The presidential directive was issued at the security meeting President Tinubu held on Sunday with the police, Air Force, army chiefs and the Director-General of the Department of State Services, DSS, in Abuja.
According to the Presidential directive, VIPs who want police protection will now request well-armed personnel from the Nigeria Security and Civil Defence Corps.
Many parts of Nigeria, especially remote areas, have few policemen at the stations, thus making the task of protecting and defending the people difficult.
In view of the current security challenges facing the country, President Tinubu is desirous of boosting police presence in all communities.
Already, President Tinubu has approved the recruitment of 30,000 additional police officers. The federal government is also collaborating with the states to upgrade police training facilities nationwide.
Sunday’s meeting was attended by the Chief of Army Staff, Lt General Waidi Shaibu; the Chief of Air Staff, Air Marshal Sunday Kelvin Aneke; the Inspector General of Police, Kayode Egbetokun; and the Director-General of the Department of State Services, Tosin Adeola Ajayi.
PRESIDENT TINUBU ORDERS THE WITHDRAWAL OF POLICE OFFICERS GUARDING VIPS FOR CORE POLICE DUTIES
VP Shettima Departs South Africa To Represent President Tinubu At AU-EU Summit In Angola
By: Our Reporter
Following the conclusion of his engagements at the 20th summit of the G20 Leaders in South Africa, Vice President Kashim Shettima has departed Johannesburg for Luanda to represent President Bola Tinubu at the AU-EU Summit scheduled for Angola.
The Vice President will join other Heads of State and Government from the African Union (AU) and the European Union (EU) for the 7th meeting of the two bodies, scheduled to take place from November 24 to 25, 2025, in the Angolan capital, Luanda.
The AU and EU meeting will bring together young leaders, innovators and Civil Society Organisations to brainstorm on some of the shared challenges of the two unions.
It will also provide recommendations on how to address issues related to climate change, inclusivity in development, infrastructure, the digital economy, the creative industry, manufacturing, and agribusiness.
The Vice President will return to Nigeria at the end of the AU-EU summit.
VP Shettima Departs South Africa To Represent President Tinubu At AU-EU Summit In Angola
Troops neutralise six bandits, recover rifles as arson attacks escalate in Zamfara
PRESIDENT TINUBU ORDERS THE WITHDRAWAL OF POLICE OFFICERS GUARDING VIPS FOR CORE POLICE DUTIES
VP Shettima Departs South Africa To Represent President Tinubu At AU-EU Summit In Angola
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