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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
Five Militants Killed in Attack Near Ayorou as Local Official Abducted in Niger Republic
Five Militants Killed in Attack Near Ayorou as Local Official Abducted in Niger Republic
By: Zagazola Makama
At least five local militia members were killed following an attack by suspected Islamic State-linked gunmen in Seno village near Ayorou in Niger Republic’s Tillabéri region.
Local sources said the attack occurred at about 6:00 p.m. on May 17, 2026, when armed militants stormed the village, located approximately six kilometres from Ayorou, and targeted traders and local security volunteers operating in the area.
According to preliminary reports, at least five members of local self-defence groups engaged in securing the community were killed during the assault.
The incident came hours after the reported abduction of a local official identified as Moussa Koukou, said to be the perimeter manager of Diomana.
Sources disclosed that Koukou was kidnapped at about 11:00 a.m. while travelling in a Toyota RAV4 vehicle within the area.
Security sources believe the attack and abduction may be linked to ongoing activities of extremist groups affiliated with the Islamic State operating across the volatile Tillabéri region near the borders with Mali and Burkina Faso.
No official statement had been issued by Nigerien authorities as of the time of filing this report, while monitoring and security operations were said to be ongoing in the affected communities.
Five Militants Killed in Attack Near Ayorou as Local Official Abducted in Niger Republic
News
Primaries: Aspirants protest imposition of Reps candidates in Adamawa
Primaries: Aspirants protest imposition of Reps candidates in Adamawa
The Forum of House of Representatives Aspirants of Numan /Demsa/Lamurde Federal Constituency under the platform of All Progressives Congress (APC) in Adamawa has protested what it described as imposition of candidates in the just concluded primary elections in the state.
Speaking during the peaceful protest in Numan Local Government Area, Adamawa, Vrati Nzonzo, the spokesperson of the Forum said, the committee responsible for the conduct of the exercise and the party officials failed to abide by the rules of the game.
Nzonzo said the rules for electing candidates were through consensus or direct primaries but stressed that none of the rules were observed.
According to him, with what happened, their mandate was stolen and given to someone who did not deserve the candidacy.
“The election was supposed to be Consensus or Direct primaries but we opposed the consensus and there were no direct primaries across the Constituency”, he said.
PNzonzo called on the National Chairman APC and Governor Ahmadu Fintiri to ensure justice and fairness for the victory of the party else they threatened that they won’t vote for the party at the general elections.
Justina Nkon another aspirant also condemned the conduct of the primary election across the constituency.
According to her, the electorate were at the venue of the primaries from 8:00a.m and no officials showed up until 2:00 p.m and later on they said they had conducted the election without seeing any election materials.
She urged Fintiri to live up to the promise he made at the time of his campaign that he would not betray the people in the state.
“It’s now under your watch as the leader of the party we are witnessing the undemocratic process of primary elections by enforcing candidates who have not been elected by the people in the Constituency”, she said.
According to her, the so-called primary elections are unconstitutional, hence the need to conduct a free, fair and credible primary elections.
Usoko ken-Supule, another aspirant, demanded justice and fairness for every aspirant and for the progress of the party in the constituency, state and the country at large.
“We want justice for the progress of the party and without fairness there is no progress, therefore we are respectful party loyalists.
“We are not happy in view of what happened and we are disappointed; we are calling on the party leadership and the state governor to consider the plight of the masses”, he said.
Primaries: Aspirants protest imposition of Reps candidates in Adamawa
News
Zulum Assures Immediate Relief Items, Dignified Resettlement of Displaced Persons in Monguno
Zulum Assures Immediate Relief Items, Dignified Resettlement of Displaced Persons in Monguno
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, has assured displaced communities affected by insecurity that the government is working closely with the Nigerian military hierarchy to provide immediate humanitarian and long-term support.
Governor Zulum gave the assurance when he visited displaced persons in Monguno town on Sunday, reaffirming his administration’s commitment to ensuring dignified resettlement back to their ancestral communities.

While at the IDP camp, the governor interacted directly with displaced families as women, children and elderly residents gathered around him while he listened to their concerns.
“We have examined the situation critically alongside the hierarchy of the Nigerian military, and it has been concluded that we shall provide immediate humanitarian support to these displaced communities, especially in the areas of water, shelter, and sanitation,” Zulum stated.

“Apart from this, we shall also ensure that medium and longer-term sustainable solutions are being adopted, which is acceptable to this community and their ancestral home,” he said.
“We will improve the living conditions of the displaced persons; we will not allow our citizens to endure such hardship without urgent government intervention.”
He also urged residents to cooperate with security agencies by reporting suspicious movements and activities within their communities, noting that sustaining peace and security requires collective responsibility.
“Security is everybody’s business. Communities must continue to support security agencies with timely and useful information,” the governor stated.

Governor Zulum disclosed that there are over 50,000 returnees in Marte, stressing that plans were underway to facilitate the return of more displaced persons to the town as part of the medium and longer-term solution.
He immediately directed the Secretary to the State Government, the Commissioner for Local Government, the Commissioner for Internal Security, and the Chairman of Marte Local Government Area to work out the modalities for implementing the recommendations adopted.
The governor sympathized with the people affected by the recent insecurity and reaffirmed the government’s commitment to supporting them.
As part of the visit, Governor Zulum also met with health workers at the Monguno Eye Hospital, commending them for continuing to provide medical services despite difficult working conditions and limited resources. He announced financial support to improve their welfare and encourage greater commitment to healthcare delivery in the area.
The governor also visited the Commanding Officer of Forward Operation Base (FOB) Mairari for a security brief.
Governor Zulum was accompanied by the Senator representing Borno North, Senator Mohanmed Tahir Monguno; Speaker of Borno State House of Assembly, Rt. Hon. Abdulkarim Lawan, Member Representing Marte, Monguno, Nganzai, Hon. Bukar Talba, Secretary to the state government, Bukar Tijani, Commissioner for Information and Internal Security, Prof. Usman Tar, Commissioner for Local Government and Emirate Affairs, Hon. Sugun Mai Mele, alongside other government officials.
Zulum Assures Immediate Relief Items, Dignified Resettlement of Displaced Persons in Monguno
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