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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 arrest suspected terrorist, recover rifle in Zamfara
By: Zagazola Makama
Troops of Operation FANSAN YAMMA have arrested a suspected terrorist and recovered an AK-47 rifle during a routine patrol in Gusau Local Government Area of Zamfara State.
Security sources said the arrest was made on April 3 at about 11:30 a.m. by troops of 1 Brigade Combat Team deployed at Forward Operating Base (FOB) Kurya.
The suspect was apprehended at Tungan Haki village and found in possession of one AK-47 rifle mounted with a magazine containing 13 rounds of 7.62mm special ammunition.
The sources disclosed that the suspect and the recovered weapon are currently in custody for further investigation and necessary action.
They added that troops have continued to intensify patrols and surveillance operations across the area to curb criminal activities.
Troops arrest suspected terrorist, recover rifle in Zamfara
IED explosion injures two security personnel during patrol in Anambra
By: Zagazola Makama
Two security personnel have been injured following the detonation of an improvised explosive device (IED) during a fighting patrol in Ihiala Local Government Area of Anambra State.
Security sources said the incident occurred on April 3 at about 12:30 p.m. when troops of Sector 5, Operation UDO KA, deployed at Forward Operating Base (FOB) Lilu, conducted a patrol alongside Nigeria Police personnel.
It was gathered that the team sighted the IED within the Lilu general area and attempted to destroy it.
However, the explosive device detonated during the process, injuring an Explosive Ordnance Disposal (EOD) personnel and a police officer.
The injured personnel were immediately administered first aid at the scene before being referred to a medical facility for further treatment.
Authorities said the situation has been brought under control, while operations continue in the area to ensure safety and prevent further incidents.
IED explosion injures two security personnel during patrol in Anambra
Troops neutralise two terrorists, destroy hideouts in Plateau clearance operations
By: Zagazola Makama
Troops of Operation Enduring Peace (OPEP), under Operation Wutan Daji, have neutralised two suspected terrorists and destroyed several hideouts during clearance operations in Wase Local Government Area of Plateau.
Security sources said the operations were carried out in conjunction with local vigilantes across Babangida, Adua and Bokayi villages within the Dutsen Zaki forest.
It was gathered that troops made contact with the terrorists along the Babangida–Adua road, leading to a gun battle in which two of the suspects were neutralised, while others fled with possible gunshot wounds.
No casualties were recorded among the troops, and all equipment was accounted for.
During the operation, troops recovered one locally fabricated gun, a belt containing 105 rounds of 7.62mm PKT ammunition, 30 rounds of 7.62mm special ammunition and a cutlass.
In a related development, troops of CSI Battalion XIV, in collaboration with 332 Artillery Regiment and vigilantes, conducted further clearance and raid operations in Dadin-Kowa and Dada villages.
The operation involved 47 soldiers and four vigilantes, supported with motorcycles, gun trucks, a Mine-Resistant Ambush Protected (MRAP) vehicle and an artillery gun.
The troops established a gun position and carried out fire missions on suspected terrorist locations in Madam Forest to deny them freedom of action.
Subsequent raid operations in Dadin-Kowa village led to the destruction of suspected terrorist hideouts, although no contact was made with the fleeing elements.
Troops neutralise two terrorists, destroy hideouts in Plateau clearance operations
Troops arrest suspected terrorist, recover rifle in Zamfara
Troops recover suspected rustled cattle in Plateau
Troops neutralise kidnapper, rescue victim in Enugu
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