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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
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Security forces neutralise two notorious bandits in Benue clearance operation

Security forces neutralise two notorious bandits in Benue clearance operation
By: Zagazola Makama
Security forced have neutralised two suspected notorious bandits during a clearance operation in Ukum Local Government Area of the state.
Sources told Zagazola that the operation followed credible intelligence received on Tuesday at about 1:00 p.m.
The report indicated that a criminal gang led by one Senen Hemen, also known as Orpa, was sighted along the pipeline axis between Gbeji and Igbongom communities in Ukum.
According to the sources, security forces were promptly mobilised to the location, where the gang engaged the operatives in a gun duel.
During the exchange, Hemen and another gang member identified as Mzungweve Ichur, both from Igbongom, were shot dead, while others fled the scene with gunshot injuries.
The sources confirmed that the corpses of the two suspects had been recovered and deposited at a private mortuary in Gbeji, while a manhunt had been launched in the surrounding bushes to track the fleeing accomplices.
The sources assured residents that the operation was part of ongoing efforts to rid Ukum and adjoining areas of violent criminal gangs.
Security forces neutralise two notorious bandits in Benue clearance operation
News
Gunmen abduct worshipper in Oyo community

Gunmen abduct worshipper in Oyo community
By: Zagazola Makama
Gunmen have abducted a worshipper from a mosque in Gbonkan Village, Ipapo, Itesiwaju Local Government Area.
Sources said that the victim, identified as Amadu Usman, was kidnapped on Monday night while praying at the mosque alongside his elder brother, Adamu Usman.
The sources said seven armed men invaded the mosque at about 9 p.m. and whisked the victim away to an unknown destination.
The sources said that a joint team of security forces, Amotekun Corps, vigilantes and local hunters had since launched a search-and-rescue operation, combing surrounding bushes to track down the suspects and rescue the victim.
Gunmen abduct worshipper in Oyo community
News
Troops of Operation FANSAN YANMA repel bandit attack in Malumfashi, Katsina

Troops of Operation FANSAN YANMA repel bandit attack in Malumfashi, Katsina
By: Zagazola Makama
Troops of Operation FANSAN YANMA, in collaboration with the Police, Community Watch Corps and local vigilantes, have repelled a bandit attack in Malumfashi Local Government Area of Katsina State.
Sources said that the incident happened on Tuesday evening when armed bandits launched an attack on a hunters’ camp in Naalma village.
According to the sources, the troops and other security operatives responded swiftly to a distress call and engaged the bandits in a fierce gun battle, forcing them to withdraw.
“During the operation, Usman Lawal, 35, the Commander of the Hunters’ group, sustained fatal injuries. One of the bandits was neutralised while the rifle earlier seized from the hunters’ commander was recovered.
“Other fleeing bandits are suspected to have escaped with gunshot wounds. Troops are currently conducting cordon-and-search operations within the area,”said the sources.
Troops of Operation FANSAN YANMA repel bandit attack in Malumfashi, Katsina
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