News
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
U.S. president orders deadly strikes against ISIS militants in northwest Nigeria
U.S. president orders deadly strikes against ISIS militants in northwest Nigeria
By: Zagazola Makama
President Donald J. Trump announced that the United States had launched a powerful and deadly military strike against Islamic State (ISIS) terrorist targets in Nigeria, in response to what he described as ongoing attacks on primarily innocent Christians in the region.
In a post on his social media platform, Mr. Trump said the operation was conducted “at my direction as Commander in Chief” and targeted ISIS militants whom he accused of “viciously killing, primarily, innocent Christians, at levels not seen for many years, and even centuries.”
The president said he had previously warned the extremist group to halt attacks on Christians or face consequences, adding: “tonight, there was.”
Mr. Trump described the strikes as “numerous perfect strikes, as only the United States is capable of doing,” and reiterated that under his leadership the U.S. would not allow “Radical Islamic Terrorism to prosper.” He extended Christmas greetings to U.S. military forces and said there would be “many more” such strikes if the killing of Christians continued.
The announcement marks a significant escalation of U.S. military involvement in Nigeria’s complex security landscape. Western and Nigerian officials have long warned that militant groups such as ISIS’s West Africa Province (ISWAP) and Boko Haram pose a persistent threat in northern Nigeria, where attacks on civilians including Christians and Muslims alike have killed thousands over the past decade.
Reactions to the U.S. action are still emerging. The strikes come amid ongoing debates over Nigeria’s sovereignty and the best approach to combat extremist violence in West Africa. Previous statements by the Nigerian government welcomed U.S. assistance in fighting terrorism provided it respects the country’s territorial integrity.
The full military impact of the operation including casualties among militants or its implications for Nigeria’s internal security strategy has not yet been independently verified.
End
News
VP Shettima: Borno Attack Will Not Break Nigeria’s Resolve
VP Shettima: Borno Attack Will Not Break Nigeria’s Resolve
By: Our Reporter
Vice President Kashim Shettima has condemned in strong terms the bomb explosion that claimed about five lives and left several others injured at a Mosque in Gamboru Market, Maiduguri, Borno State, describing the attack as a despicable assault on innocent citizens and the peace of the nation.
The Vice President said President Bola Ahmed Tinubu has ordered an immediate intensification of security operations in Borno State following the incident.
In a statement on Thursday, the Vice President condemned the attack, assuring that the Federal Government is deploying additional tactical teams to the area to track down and apprehend those responsible for the terror attack.
“The Federal Government will not tolerate any attempt to undermine the peace and security of our nation. Our security agencies are working round the clock to ensure that the perpetrators of this heinous crime are brought to justice immediately,” he said.
Senator Shettima expressed confidence that the security architecture currently in place would not only apprehend the perpetrators but also unravel the full circumstances surrounding the incident.
“We sympathize with the Government of Borno State, residents, and families who have lost their loved ones in this attack. The Federal Government is confident that those responsible for this despicable act of terrorism will face the full weight of the law,” VP Shettima said.
He assured Nigerians that the Tinubu administration’s commitment to national security, anchored in constitutional duty, remains unwavering.
“Since President Bola Ahmed Tinubu assumed office in 2023, this administration has consistently reaffirmed its unyielding commitment to safeguarding the security, unity, and stability of our nation.
“This commitment remains steadfast under God and the Constitution of the Federal Republic of Nigeria. We will continue to provide our security agencies with all necessary resources and support to decisively defeat terrorism in all its forms,” he affirmed.
The Vice President added that the Federal Government is working closely with state authorities and local security agencies to ensure protection of vulnerable communities and critical infrastructure across the North East and other regions.
VP Shettima: Borno Attack Will Not Break Nigeria’s Resolve
News
Zulum-“Protect Our Sacred Bond,” Celebrates Peaceful Year in Christmas Message
Zulum-“Protect Our Sacred Bond,” Celebrates Peaceful Year in Christmas Message
By: Our Reporter
With profound gratitude to God for sparing our lives one full year to another Christmas celebration, Borno State Governor, Professor Babagana Umara Zulum felicitate with the Christian community across the state on the occasion of Christmas.
The Governor is currently engaged in a four-day security and resilience building tour across Northern Borno. The tour includes visits to military formations to boost their morale, and to communities affected by the insurgency, where he is working to build their confidence and provide tangible democratic benefits.
In a message by his Spokesperson Dauda Iliya, Governor Zulum expressed gratitude to God Almighty for the return of relative peace in the state.
“For us in Borno State, the period between the 2024 to the 2025 Christmas celebrations has been one full year of celebrating enviable all-encompassing reconstruction and recovery,” Zulum stated.
“The progress is not only in terms of physical infrastructure, but also in terms of the peace and forbearance, mutual goodwill and harmonious coexistence among the Muslim and Christian communities, which our beleaguered state very critically desires to launch itself back to prosperity and glorious past,” he added.
“I feel obliged to express my most heartfelt gratitude to God for enabling me to preside over the state one full year, witnessing a gladdening restoration and maintenance of these required peace, mutual goodwill and harmony between the the Muslim and Christian communities which bonded us tightly together as a solid people, but which the over a decade Boko Haram insurgency threatened to completely destroy.
“A noteworthy part of the Muslim-Christian harmonious coexistence and goodwill reconstruction and maintenance was my recent high-level consultation meeting with the leadership of Jama’atu Nasril Islam (JNI) and Christian Association of Nigeria (CAN), focused on strengthening collaborative efforts between the state government and religious bodies to combat the lingering threat of insecurity and foster lasting peace in Borno State.
“At that meeting, I underscored the critical role of religious leaders in promoting tolerance, unity and peace across the state because Borno, like many states, has unique and beautiful family composition dynamics.
“It is common to find under one roof, brothers and sisters, uncles and aunts, who profess different faiths. We share meals, we celebrate festivities and milestones, we grieve losses together, as one family, bound by blood and love that transcends religious labels. This is our reality.
“I stressed that our enviable strength emanates from this reality. I will still, therefore, stress that we must protect this sacred bond within our homes and allow it to define our individual, as well as intra- and cross-community engagements.
“In sustenance of my tradition of just, fair and equitable treatment of both communities in festive seasons, I have, also, this year, I announced support to the Christian community and non indigenes, which includes free transportation to non-indigenes to different parts of the country, humanitarian support to over 6,000 vulnerable Christians, cash gifts to widows and orphans, sponsorship of Christian pilgrimage and other interventions.
I am always disposed to rendering such support, and even more, whenever the need arises.
Governor Babagana Zulum urge every citizen of the state, irrespective of faith, to come together in the collective search for lasting security, peaceful and harmonious coexistence as the most-critical foundation for true reconstruction, recovery and prosperity.
Zulum-“Protect Our Sacred Bond,” Celebrates Peaceful Year in Christmas Message
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years agoTHE PLIGHT OF FARIDA
-
News8 months agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
